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Permanent Link: http://ufdc.ufl.edu/UF00084249/01153
 Material Information
Title: The Tribune
Uniform Title: Tribune (Nassau, Bahamas)
Portion of title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Place of Publication: Nassau, Bahamas
Publication Date: October 24, 2008
Copyright Date: 2008
Frequency: daily, except sunday
daily
normalized irregular
 Subjects
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
 Notes
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
System ID: UF00084249:01153

Full Text








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The


Tribune


Volume: 104 No.279' FRIDAY, OCTOBER 24, 2008 PRICE 750




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gry contractor


Local man hits
out at Albany*
executives

T


* By LLOYD L ALLEN
Tribune Staff Reporter
SHORTLY after 2pm yes-
terday, at the entrance to the
Albany development site, a
local earth moving contractor
and dozens of his employees,
used five eight wheelers to
block all major entrances to the
site.
Local earth moving contrac-
tor Gus Outten told The Tri-"
bune yesterday that because
Albany executives had excluded
local contractors like himself
from receiving contracts for the
development, he decided to
demand "justice."
According to Mr Outten, he
refused to move any of the
Mack trucks when asked to do
so by security. Mr Outten said
he told the guards that he was
not moving any of the trucks
until he was given an opportu-.
nity to speak with a senior rep-
resentamte of the company.


ipment


THIS VEHICLE blocks an .
entrance to the Albany Thirteen-year-old
development yesterday.
Acc rding to witnesses, with- girl missing since
in 30 minutes of the blockade,
about a dozen police officers Wednesday
arrived at the scene in anticin-


tion of an incident. .
The disgruntled contract
SEE page eight


'.7


A 13-YEAR-OLD Nassau
or girl has been missing since
Wednesday morning.
When last seen the HO
Nash Junior High School stu-
dent was wearing a pair of
Capri pants, blue shoes, and
an aqua, green and blue
striped blouse.
The girl is described as slim
with a brown complexion and
"off-black" hair, Assistant
Supt Walter Evans said.
However, up to the time of
going to press the police did
not have a photograph and
declined to release her name.
"We are making checks to
the whereabouts of this girl.
We hope she will be found
soon, if not, we will step up
our appeal tomorrow."
If you know where the
missing girl is call 919, 911 or
the Central Detective Unit at
322-2561.


* By CHESTER
ROBARDS
Tribune Staff Reporter
THE National Insurance
Board denied claims yester-
day that they are operating
with a $5 billion shortfall, but
did concede that contribu-
tions are outstanding.
An official NIB document
said that even if the institu-
tion had collected outstand-
ing contributions from 1974,
their fund would be nowhere
close to the $7 to $8 billion
mark an NIB insider was
quoted as saying in a Tribune
article last Wednesday.
NIB also said in its state-
SEE page 11


Sir Orville

Turnquest's

eldest grandchild

dies suddenly

OUTGOING, friendly and a-vivid per-
sonality. Those were the words used by for-
mer governor general Sir Orville Turnquest
to describe his eldest grandchild, Lia Alana
Lashley, who died suddenly in Jamaica yes-
terday.
Tears could be heard flowing as an emo-
tional and broken voice came over the tele-
phone from her father, Charles Lashley, a
senior teacher at St Augustine's College, as
he reminisced about his eldest child and -
only daughter.
"She was outgoing, spiritual and vibrant
with a wide circle of friends. She chased
her dreams," Mr Lashley said.
. Mr Lashley said his daughter was very supportive of her younger
brothers, ages 22 and 18.
Sir Orville Turnquest, Lia's grandfather, said he is still over-
SEE page 11
Tanya Cash 'ready to go to
jail for the greater good'


JUSTICE cam-
paigner Tanya Cash
said yesterday that
she is ready to go to.
jail "for the greater
good" in her long
court battle with the
Baptist education
authorities. .
The 41-year-old
mother of five told
The Tribune: "I will -
stand for righteous-
ness because I am in
God's hands."
Her comments
came after Court of Appeal
president Dame Joan Sawyer
ordered her to purge her con-
tempt during an appeal hearing.
Dame Joan also denmanded
that Mrs Cash return to court


,


next Thursday with
evidence she had
purged her contempt
by publishing an
apology in a newspa-
Sper.
But Mrs Cash
asked yesterday:
"How can I apologise
if I don't know what I
am apologising for?"
She added: "I am
willing to go to jail
because I am fighting
not just for myself
and my family but for
this nation and the next genera-
tion. If that is what is needed,
then so be it. God is on my side."
Mrs Cash and her husband
SEE page 11


MP involved in police investigation
is expected to face additional
questions over GB subdivision
A LOCAL PLP MP who is currently being questioned by police
in connection with an alleged multi-million dollar construction
scam, is expected to field additional questions regarding a recent-
ly opened subdivision in Grand Bahama.
It is alleged that the MP awarded three substantial contracts for
the repair of government buildings damaged by Hurricanes Frances
and Jeanne in 2004 to a major party supporter in Grand Bahama.
It is claimed that the contracts did not go out to tender.
In addition to these government buildings, the contractor report-
edly received a significant number of homes to build under the pre-
vious PLP administration's housing scheme.
This subdivision in Grand Bahama will be the second housing
SEE page 11


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Honda Civic rom
To) ota windom rfro 00
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$..3..9 rtn n iron"


Honda Saber irm
$6,80000


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


BAHAMAS EDITION


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11


:, : ,, ,_ ; r,: f-.. T i -,"17-' :. _= ,-v. .. -







THE TRIBUNE


PAGE 2, FRIDAY, OCTOBER 24, 2008


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Oci Service

mn nistr-t ,," -ces


Nassau -T: 242-502-7010
Freeport- T: 242-351-8928
info@cfal.comI www.cfal.com


FAL


Disabled girl's grandmother


criticises the government


-' '.


.... ,L





( 7,.'


* By LLOYD ALLEN
Tribune Staff Reporter
ONE month has passed since a
struggling grandmother made a
public plea for help in transport-
ing her disabled grand-daughter to
and from school, and she says the
government has focused more on
"saving face" in parliament, than
on improving her family's' deteri-
orating situation.
For the past four years, 54-year-
old Denise Rolle, a single parent,
says she has had to take on the role
of mother to her deceased daugh-
ters' seven children. Added to this,
every day she has to take on the
arduous task of pushing her dis-
abled grand-daughter Rickia Rolle,
between their Kemp Road home
and R M Bailey High School.
On Wednesday, St Thomas
More MP Frank Smith slammed
Social Services Minister Loretta
Butler-Turner in the House of
Assembly for not providing trans-
port to the student through the gov-
ernment's disability transport
scheme.
Mrs Butler-Turner responded,
stating that she lihad agreed to assist
the family, but that her ministry
was not prepared to accommodate
the grandmother's request for a
7am pick-up, which is outside the
operating time of the disability
transport vehicle.
According to Mrs Rolle, the
same day the original story ran in
The Tribune, which was Septem-
ber 24, She was approached by Mr
Smith, who is her constituency MP.
"He came to get my pay slip,
and he was suppose to be assisting
me with getting a vehicle for me
and my grandchildren," she said.
Mrs Butler-Turner also raised this
point in the House.
However Mrs Rolle said, this
was the last time she spoke with
Mr Smith, though she made sev-
eral unsuccessful attempts to con-


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tact him.
With regard to Social Services
Minister Loretta Butler-Turner,
Mrs Rolle said the first time she
,,Wer spoke with the minister was
minutes before Wednesdays'
House session.
"I was coming from an appoint-
ment with one of my gran dchil-
dren, and she so happened to pull
up in front of me, and I stopped
her right there." .
Mrs Rolle said the minister once
again said that a pick-up was avail-
able for Rickia, but that it would
have to be made later than 8.30am.
The grandmother says this is
unacceptable because it would
mean her grand-daughter would
be late for school every day.
Mrs Rolle also told The Tribune
that as a single parent with seven
dependents; she is barley able to
pay her bills.
"Right now I in such a problem
with my bills, but it's a good thing
that I'm living in a government'
apartment, because otherwise I
would have been evicted. I'm doing
the best I could in trying to keep
the light on, and keeping food in
the house."
However, Mrs Rolle said, she


r F


.old


has been denied food coupons..
She said that when she went to
the Social Services office, she was
told that because she is a govern-
ment employee, she is ineligible
for assistance.
As far as the educational and
recreational development of her
grandchildren is concerned, Mrs
Rolle says the absence of a family
vehicle, particularly to transport
Rickia, has prevented the seven
children from taking part in any
extracurricular activities.
"My other grandchildren can't
go on any after school programmes
because they have to come .and
*help me with Rickia. They can't go
to band practices, dance, nothing
after school, and that's what is hurt-
ing me and hurting them.
"I think something should have
been done already, it's now almost
a month or more since they've
know about our situation."
In response to these concerns,
Mr Smith said that although he is
making every effort to assist Mrs
Rolle and her familN, there are
numerous factors that'require con-
sideration.
He noted that Mrs Rolle's liv-
ing situation is a problem, as the
home appears to be devoid of stan-
dard appliances. *
Mr Smith said that due to the
severity of the situation, he is
unprepared to go into details but
that remains committed to even-
tually providing some assistance to.
the family..

TOICALI


S ^ Chuck
under
R Ia 5 u









THE TIBUN FRIDY, OTOBER24,C008,NAGES


o In brief

Police investigate
death of baby boy
POLICE on Grand Bahama
are investigating the death of
an 18-month-old baby boy,
whose body was discovered by
his mother Ms Theodora
Dawkins of Lawrence Close
Apartments, floating in the
canal east of Island Seas Resort
at Silver Point shortly after
9am yesterday.
Police went to a houseboat
where they found the occupant
administering CPR to the
child, who was said to have
been pulled from the water a
few minutes,earlier.
Emergency personnel took
the baby to the trauma section
at Rand Memorial Hospital,
where'he was pronounced
dead on arrival.
An autopsy is expected to
be held to determine the cause
of death.

3% -not 10% duty
increase on books
BOOKS thought to have
had an import duty increase of
10 per cent have actually had
just a three per cent rise, Min-
ister of Fifrance Zhivargo
Laing said yesterday.
The 2008/09 budget merged
stamp tax and import duty, and
figures were rounded up to the
nearest five per cent to simpli-
fy the system, Mr Laing said.
Books, whether brought in
by a business or for personal
use, were previously subject to
a seven per cent stamp tax,
while the duty was free.
Now the stamp tax has been
scrapped by way of merging it
with duty, so importers pay
one fee.
The seven per cent figure
was rounded up to 10 per cent
in the simplification process.
Mr Laing said: "The biggest
confusion is the error in think-
ing there was nothing put on
books in the first place.
"I think at the airport, in
many instances, there was no
stamp tax collected.
"Typically, that is what hap-
pened. The tax was down, but
it wasn't collected."
Mr Laiig said there had
been no increase in duty,4r.
itemshifthe last 15 years, wfhibh
is beiow.the rate of minlation, 0'
Merging stamp tax with duty
had given customs officers and
importers a simpler task, Mr
Laing said, as they now col-
lected one tax instead of two,
and it was less likely to go
unpaid..
And the three per cent tax
rise is a result of rounding up
the figures, as Mr Laing said:
"Certainly the five times table
is easier to deal with!"

Man pleads not guilty
to multiple charges
APPEARING in the
Freeport Magistrate Court yes-.
terday morning, 34-year-old
Antonio Hensley McNeish of
Bass Lane pleaded not guilty
to charges of possessing dan-
gerous drugs, using obscene
language, behaving in a disor-
derly manner and resisting
arrest.
Magistrate Andrew Forbes
adjourned the case to the May.
5, 2009 and granted McNeish
bail in the amount of $2,500
with two sureties.,


Global




'could 1

I By CHESTER ROBARDS
Tribune Staff Reporter ..
BAHAMIANS could see a :
rise in crime as global
economies continue to floun-
der and fuel costs rise and fall,
Acting Commissioner of -
Police Reginald Ferguson said
yesterday in his address to the
Rotary Club of West Nassau. T
Mr Ferguson also told
Rotary members, when he
was questioned about illegal
guns, that police are doing all
they can to reduce the number
of them on the island.
He said because the
Bahamas does not manufac-
ture guns, the problem begins Royal Bahama
with weapon smuggling has internatior
through the Bahamas' open assist them in
borders and its proximity to problem and tt
the US. intelligence op
However, he noted, the The Police





Electricity




Snow beer

0 By ALEX MISSICK .
BAHAMIANS can now see a reduc-
tion in their electricity bills as the
Bahamas Electricity Corporation has .V'
come through with the order by Prime
Minister Hubert Ingraham to limit the
surcharge on residential electricity bills .
until December 31. .
Prime Minister Ingraham announced' K .
in parliament last month that BEC had
been instructed to set the fuel surcharge
maximum at 15 cents per kilowatt hour
--.for r~sidetialconsumers-using OO-kilo- -
j arts olelectricirt) or les per month. He said the..
-go'ernment would cover any surcharge above.
this.
General manager of BEC Kevin Basden said
more than 50,000 residential customers will start
to see the changes in their October bills.
Mr Basden said the fuel surcharge went from
24.7 cents in August, to 23.3 cents in September,
and 22.5 cents in October.
"The fuel surcharge was reduced somewhat for
the month of October but in addition to that
reduction, the relief was extended to those cus-
tomers who are using 800 kilowatt hours or less,"
Mr Basden said.
"There were some customers who expressed
their gratitude for the relief provided by the gov-
ernment. I think many customers are aware that
the high cost of the fuel surcharge is directly relat-
ed to the high cost of fuel on the market," he
said.
Mr Basden said Bahamians will also benefit
from the good news that .the price of fuel on the
international market is beginning to drop.
j "Of course there is a delayed reaction in terms
of when we purchase the fuel than what is actually
used weeks later and is actually billed," Mr Bas-
den pointed out.

RM BAILEY CLASS OF 1988 MEETING
THE graduating class of 1988 of R.M. Bailey will h
on Saturday October 25 at the Crown Ball Room Atl
Island beginning at 7:00 P.M. Tickets are available fo
302-2783.


economy, fuel costs


ad to rise in crime'


as Police Force
nal entities who
n fighting the
hey run "potent
operations "
force, he said,


has seen a marked decrease
in the level of crime in certain
areas.
Mr Ferguson pointed.out
that crime in the Grove,
Carmichael and some south-
eastern areas are some of the
areas that have seen crime lev-
els fall.
"We endeavour to put more
police on the street," he said.
Some Rotary members took
Mr Ferguson to task on some
critical issues confronted by
police, including policing of
neighborhoods.
The commissioner assured
members that the police are
ever vigilant within the com-
munities and that though the
Urban Renewal programme
had been disbanded, officers'
presence in neighborhoods
never declined.
Mr Ferguson also spoke


bills have




i reduced

Nancy Clarke, a resident in North
Andros, maybe experiencing this
delayed reaction as she is not feeling
.relief.
^1 "For me I may get -a true feeling of
relief for my November bill. I want a
monthly bill that I am used to. I was
billed for 19 days instead of 30 days.
When I saw the time frame on my bill I
was not happy," Ms Clarke said.
"I think they read my metre early. If
I had gotten a regular bill for the full
month of October, I would know if any
---....- changesawere really made in my bill and
how muclaJ ampaying," Ms Clarke explained.
.''Catherine dson, a New Providence resident,
said she has seen a decrease-in her electricity bill
for this month.
"It was nice to see that BEC made good on
the prime minister's promise because every little
bit helps," she said.
Ms Johnson said even though BEC has decided
to subsidise the fuel surcharge, she does not see it
as a reason for people, to take advantage of it
and not conserve energy.
"I find myself being a little more conscious by
going around and turning off the lights in my
home and I make sure there is only one light on in
the room that I am in. I'm just trying to conserve
and bring my bill down even more," Ms John-
son said
Mr Basden said he would like persons to
emphasise conservation by using energy efficient
light bulbs.
"We' recognize what customers are going
through as a result of this high cost of fuel and the
impact it has had on the customer's bills and it has
had the same impact on the corporation. We are
doing all we can to minimise the cost as best we
can and we want customers to do their part as
well," Mr Basden explained.


about the use of closed circuit
television (CCTV) as a deter-
-.rent to crime and said that the
police force in the new year
would look into expanding the
use of this kind of crime fight-
ing tool.
He said businesses that have
had CCTVs installed have
been important in helping to


bring criminals to.justice.
One of the biggest immedi-
ate problems for the force is
the its lack of patrolling offi-
cers. However, he said, the
Force is constantly working
to recruit new police officers.
"We do have a challenge in
terms of manpower," said Mr
Ferguson.


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old a banquet
antis, Paradise,
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FRIDAY, OCTOBER 24, 2008, PAGE 3


S: f 1 1T I V,!1 :
ITA "'A;>, IB F-i>,.' JH . I. P. .&_.: iL


THE TRIBUNE







THE TRIBUNE


PAGE 4 FRIDAYOCTOBER 24, 2008


,I *k 0, 3TOTHEEDTO


THE other day I had a conversation with a
Beijing friend and I mentioned that Barack
Obama was leading in the presidential race:
She: Obama? But he's the black man, isn't
he?
.Me: Yes, exactly.
She: But surely a black man couldn't
become president of the United States?
Me: It looks as if he'll be elected.
She: But president? That's such an impor-
tant job! In America, I thought blacks were
janitors and labourers.
Me: No, blacks have all kinds of jobs.
SShe: What do white people think about
that, about getting a black president?' Are
they upset? Are they angry?
Me: No, of course not! If Obama is elected,
it'll be because white people voted for him.
(Long pause).
She: Really? Unbelievable! What an amaz-
mg country! .
We're beginning to get a sense of how
.Barack Obama's political success could
change global perceptions of the United
States, redefining the American "brand" to
be less about Guantanamo and more about
equality. This change in perceptions would
help rebuild American political capital in the
way that the Marshall Plan did in the 1950s or
that John Kennedy's presidency did in the
early 1960s, In his endorsement of Obama,
Colin Powell noted that "the new president is
going to have to fix the reputation that we've
left with the rest of the. world." That's not
because we crave admiration, but because
cooperation is essential to address 21st-cen-
tury challenges; you can't fire cruise missiles
at the global financial crisis.
In his endorsement, Powell added that an
Obama election "will also not only electrify
our country, I think it'll electrify the world."
You can already see that. A 22-nation survey
by the BBC found that voters abroad pre-
ferred Obama to McCain in every single
country by four to one overall. Nearly half
of those in the BBC poll said that the election
of Obama, an African-American, would "fun-
damentally change" their perceptions of the
United States. .
Europe is particularly intoxicated by the
possibility of restoring amity with America in
an Obama presidency. As The Economist
put it: "Across the Continent, Bush hatred
.has been replaced by Obama-mania."
Steven Kull, director of the Programme
on International Policy Attitudes, which con-
ducted the BBC poll, -said that at a recent
international conference he attended in
Malaysia, many Muslims voiced astonish-


ment at Obama's rise because it was so much
at odds with their assumptions about the
United States. Remember that the one thing
countless millions of people around the world
"know" about the United States is that it is
controlled by a cabal of white bankers and
Jews who use police with fire hoses to repress
blacks. To them, Obama's rise triggers severe
cognitive dissonance.
"It's an anomaly, so contrary to their expec-
tation that it makes them receptive to a new
paradigm for the U.S.," Kull said.
'Europeans like to mock the vapidity of
American politics, but they also acknowl-
edge that it would be difficult to imagine a
brown or black person leading France or
Germany.
As for Africa, Obama's Kenyan father was
of the Luo tribe, a minority that has long suf-
fered brutal discrimination in both Kenya
and in Uganda (where it is known as the
Acholi). The bitter joke in East Africa is that
a Luo has more of a chance of becoming
president in the United States than in Kenya.
Yet before we get too far with the self-
congratulations, it's worth remembering
something else.
In the Western industrialized world, full
of university graduates and marinated in prin-
ciples of egalitarianism, the idea of electing a
member of a racial minority to the highest
office seems an astonishing breakthrough.
But Jamaica's 95 per cent black population
elected a white man as its prime minister in
1980, and kept him in office throughout that
decade" Likewise, the African nation of Mau-
ritius has elected a white prime minister of
French origin. And don't forget that India is
overwhelmingly Hindu but now has a Sikh
prime minister and a white Christian as pres-
ident of its ruling party, and until last year it
had a Muslim in the largely ceremonial posi-
tion of president.
Look, Obama's skin colour is a bad reason
to vote for him or against him. Substance
should always trump symbolism.
Yet if tiis election goes as the polls suggest,
we may find a path to restore America's glob-
al influence and thus to achieve some of
our international objectives in part because
the world is concluding that Americans can,
after all, see beyond a person's epidermis.
My hunch is that that is right, and that we're
every bit as open-minded about.racial minori-
ties as Jamaicans already were a quarter-cen-
tury ago.
(This article was written by Nicholas D.
Kristof-
c.2008 New York Times News Service).


There are two




ideal places for




a Fast Ferry Port


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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager (242) 502-2352
Circulation Department (242) 502-2387
Nassau Fax: (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608


Rebranding the US with Obama


Several days ago I read an
article in The Tribune about the
stellar growth and need for
expansion of the Fast Ferry
operation. Its growth has been
phenomenal. And it deserves
to be held up as a role model
company.
I've been to Spanish Wells
and Harbour Island many times
on the Bo Hengy and the one
thing not Bahamian about it is
that it is always on time. If the
schedule said it would leave at
eight o'clock, then at 7.58 its
engines were running and at
eight o'clock the lines were
loose and the Bo Hengy was on
its way. Professional. First class.
The first time I heard of an
operation like Fast Ferries was
from Sir Roland Symonette, the
father of both Brent and Craig
Symonette. A group of us were
sitting on the stern of Sir
Roland's boat during a bye-
election campaign in North
Andros. Brent and Craig were
still boys in short pants and not
yet on the rugged out island
election trail. He told us of his
vision for the Family Islands,
and that was to tie the country
together with fast moving boats
where produce and people
could move swiftly and reliably
from island to island. Little did
he know that years later his sons
would, do it, starting with the
Bo Hengy.
The article spoke of the, need
for expansion. And I could
attest to that. When the Bo
Hengy sails in the morning from
the Potter's Cay dock there is
no parking space, hardly room
to move. If they are to expand
..... and expand they must..... a
much larger area is needed to
house the Fast Ferry operation.
Malcolm's Park was given as
an option for the new home of a
Fast Ferry facility. The person
who suggested this area obvi-
ously was not aware of the facts
and story behind it. During the
Parliament of 2002-2007, I
asked for a Committee to inves-
tigate the problems associated
with selling fish, etc. at the Mon-
tagu ramp and to make recom-
mendations to the Government
as to what steps could be taken
to alleviate the problems of traf-
fic, health, congestion, etc,
which existed there. Brent
Symonette was the Member of
Parliament for Montagu and
was put on the Committee.
We had a difficult job ahead
of us. Because it had become a
vibrant economic centre and
people and families relied on it
for their well-being, it could not
just be closed down. It had to be
relocated, and the new facility
would have to be such that
tourists and locals alike could


EDITOR, The Tribune.


enjoy a part of "island living".
After countless hearings and
many hours of deliberation, the
committee finally came to a
decision; move it from Montagu
to the Malcolm Park area;
design the area in such a way
as to make it clean and attrac-
tive for both tourists and locals.
It was suggested that a Bahami-
an town be created with path-
ways of trees, native restaurants,
and interspersed with kiosks for
the sale of fish. In the areas
where fish were cleaned a vac-
uum system to dispose of the
fish entrails, etc. would be
installed.
In short, it would bea
Bahamian town, only carrying
Bahamian products .... food,
fish, straw bags ... you name it.
At last it would let the Bahami-
an "little man" have an oppor-
tunity to be near the market
(namely tourists) which his tax
dollars had helped bring here.
Yes, the Bahamian "little man".
The entire Committee, with
the exception of Brent Symon-
ette, was ready to sign it. Final-
ly the day had arrived when I
was to have the opportunity to
present our findings and make
recommendations to the Gov-
ernment. It seemed that finally
the "little man" would have
something that they could be
proud of, something that would
bring him into the economic
mainstream, and the stench,
unhealthy conditions, and the
traffic congestion would be
moved from the Montagu
Ramp.
Brent refused to sign the
report. He found himself pre-
senting a "minority" report. Just
like the the majority report, the
minority report is supposed to
be written so that it can be


Government must start backing the police
EDITOR, The Tribune.
Security screens, two dogs, an alarm system, mace, high beam-secu-
rity lights, triple dead locks, a gate on the back patio door, locked gar-
den gates, car alarm But I am asked "Please be more vigilant."
I am doing my part to keep myself and (tongue in cheek) my laptop
safe in Cable Beach. When will the Government support both Police
and people by making the criminals responsible for their actions?
There is a lot of talk and there has always been a lot of talk about
crime, but without the courts to prosecute and the means to punish the
criminals is there any wonder the state we are in? People are respon-
sible for themselves, but Government is responsible for the adminis-
tration of the country, not me, and not "the church" or v 'y other'
organisation. Please stop talking about crime as a theory, blaming
this and that, and simply ACT on this very real problem.
S APPLETON
Nassau,
October, 2008.


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entered as a public, record.
Instead Brent decided to pre-
sent a verbal report that would
be recorded in the "Hansard"
which does not go to the gener-
al public.
And so Malcolm's Park,
owned by the Government,
should be completely out of the
question for any operation
which Brent Symonette is asso-
ciated with, unless he' ;shed to
once again be caught in a "con-
flict of interest" situation. I am
sure he would not want that.
But all is not lost for the Fast
Ferry Port. There are t'vo ideal
places on East Bay Street for
it.. I had thought that Sir
Roland's home, which has been
turned info a commercial ven-
ture, could easily be the spot
for a Fast Ferry Terminal. The
house, which is now used as a
restaurant, could be converted
to be the "Sir Roland Symon-
ette Fast Ferry Terminal". The
restaurant, which is now down-
stairs, could be moved upstairs
and an elevator installed, leav-
ing the downstairs for the pas-
sengers going on the Bo Hengy.
The dock is already there
and little renovations would
have to be done. Ample parking
is there and the setting is beau-
tiful. And it would be appropri-
ate. After all, it was his idea;
what a fitting testimony to a
man who was the first Premier
Sof The Bahamas and who loved
the people.
The second spot could be
Symonette's Shipyard. The
building is there; the land is
ample, and the name is there.
What better could you want?
But people never seem to
change or learn. The old Bay
Street Boys are still there. A
few names have been added,
and 'a few dropped, but the atti-
tude is still there. What a
shame.
PIERRE V. L. DUPUCH
Nassau,
October 21, 2008


M ili H n li


Financial Controller

A Bahamian owned group of companies is seeking a
financial controller. Applicants should possess the following
qualifications:

Knowledge and Education:
1) A professional accounting designation (CA or CPA)
2) A minimum of five years industry experience as a
financial controller in managerial capacity.

Skills:
1) Excellent interpersonal skills
2) Excellent managerial skills
3) Strong computer skills
4) Strong analytical skills
5) Strong oral and written skills
6) Able to work in a very dynamic environment

Job responsibilities include the following:

1) Supervising the complete accounting cycle for nine
companies
2) Preparing monthly financial statements for nine
companies
3) Human resources function including payroll for 250
plus employees
4) Co-ordinating all other areas of the business to ensure
optimal efficiency
5) Dealing with all government reporting requirements
6) Dealing with all shareholder inquiries

Interested persons should apply no later than November
3, 2008.
Apply to:

DA 68306R
c/o The Tribune
P.O. Box N-3207
Nassau, Bahamas


Hotel Chief Engineer

Management Employment Opportunity

POSITION AVAILABLE
-HOTEL CHIEF ENGINEER
A leading hotel invites qualified persons in the above mentioned field to
apply for the position of Engineer Manager.
The successful candidate must possess the following:
A minimum of 5 years experience as a Supervisor in the Engineering
Department
Must be proficient in Preventative Maintenance Programs
Must possess a proven record of Team Leadership skills, and ible to
work with little or no supervision
Must possess strong interpersonal, communication, problem solving
and customer service skills
Must possess knowledge of Electrical & Mechanical Systems i.e.
HVAC, Plumbing & Heating
Must possess basic Administrative skills with some knowledge of
Microsoft Excel
*:Must be able to work long and flexible hours
Applicants with supporting documents also including a clean Police
Certificate should be sent to the address below.
Competitive salary and benefits package are commensurate with experience.
Applicants for Hotel Chief Engineering,
DA#68557
c/o The Tribune
P.O. Box N-3207
Nassau, Bahamas


I








FRIDAY, OCTOBER 24, 2008, PAGE 5


THE TRIBUNE


Three expat workers are


diagnosed with tuberculosis


* By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net
FREEPORT Three expatriate
workers have been diagnosed with
tuberculosis as a result of screen-
ings conducted by health, officials
at the Grand Bahama Shipyard, '
Health Minister Dr Hubert Minnis
revealed yesterday.
Dr Minnis said these persons are
receiving treatment for the infec- .,
tious disease, which has not been
detected in any of the 270 Bahami- e,
ans employed at the shipyard.
During a press conference held around noon
at the Rand Memorial Hospital, the 'minister
said that tuberculosis screening of all persons at
the facility has been completed, and all results
have been reviewed by an infectious disease
consultant.
Dr Minnis who visited the island along
with Chief Medical Officer Dr Merceline Dahl
Regis and other senior health officials report-
ed that a total 1,084 persons have taken the
mantoux skin test and 349 have had chest x-
rays.
"The Ministry of Health wishes to advise
that there are no cases of tuberculosis at the
shipyard in Grand Bahama.


"Prophylactic treatment is rec-
ommended for individuals who
have had exposure to tuberculosis
with a follow up at three and six
months," said Dr Minnis.
Last Saturday, Dr Minnis told the
media that only a single case of
tuberculosis was confirmed at the
shipyard, where a majority of the
workers are expatriates.
'i Union officials had expressed
concerns about possible exposure
of Bahamian workers to TB, and
demanded that all workers be test-
ed for the disease.
At the time, there was
speculation that some 14 workers had tested
positive for the disease, however the
minister later reported that these were old
infections.
Dr Minnis said the Ministry of Health is now
reviewing the health requirements for persons
seeking employment in the Bahamas.
"All individuals who come (here to work)
must have a health certificate, however, at pre-
sent protocols are being worked out with the
chief medical officer, and we had discussions
with shipyard personnel and we have been
assured that all individuals coming here will
have chest x-rays done so that we can our-
selves review it," he said.


PLP MP for Fox Hill Fred
Mitchell attacked a Tribune
report which revealed that a PLP
MP who is engulfed in a con-
struction scandal held private
talks with the leader of the party,
Perry Christie, in the Opposition
Room at the House of Assembly.
Highlighting a segment of the
meeting, The Tribune revealed
how the MP explained to Mr
Christie that the police who are
conducting the investigation -
were basing the entire matter
purely on "assumptions".
"They think me and (name
omitted) in cahoots," the MP
said.
When reportedly pressed fur-
ther to explain the situation, the
MP pledged that no money had
changed hands.
In fact, he highlighted thai' fh
had used his father's collateral,
along with that of a developer, to
purchase property on which the
pair have now constructed a
"upscale" subdivision.
"So we didn't have to come up.
with a dollar. Only for legal fees,"
the MP said.
As the news of yesterday's pub-
lication spread throughout Nas-
sau, commentators began asking
and speculating about the source
of The Tribune's information.
This was even the case on the par-
ty's official website: myplp.com.
In a posting entitled "Et Tu.
Brutus", a writer asked how The
Tribune could have a. "blow by
blow" account of the private
meeting. The writer said this
meant one of three things: "(a)
someone in that room (is) leaking
information to The Tribune, (b)
someone in that room is secretly
taping the conversation and pass-
ing the tapes on to The Tribune,
(c) the room has been bugged."
"I think it is time that we slap.
some people up side their heads
and drop kick them. It is a dis-
service to the party and to the
country when we fall prey to this
type of shenanigans, in fact, that is
an outright betrayal. If I were the
leader I would be very careful


what I say and who I say it
aroundfrom hereonin," the.comi
metitsaid. ., .
_ However; Mr Mitchell yester-
day never denied that any such
meeting took place, and took
exception to the fact that the arti-
cle had "no by-line, no named
sources and nothing to substanti-
. ate the facts alleged".
"This is beneath the standards
of acceptable journalism. News-
papers of record cannot continue
to demean themselves and
defame their own reputations by
relying on half truths, innuendoes,
lies and in the absence of any-
thing at all putting two and two
together and making it five, to
suit their own purposes.
"As a PLP member of parlia-
ment, I am deeply disturbed and
offended by this continued biased
and tendentious campaign. My
views in opposition to this cam-
paign were never fully aired by
the perpetrators of the stories
appearing in the press. Someone
in officialdom is seeking to poison


the well of public opinion, pre-
liminary to using the courts and
the police for some malicious,
political objective.
"The FNM and its government
must be careful in all of this lest
they be accused of using the
police as a political tool of
destruction against the PLP in an
attempt to keep tfieir hold on
power in the country. Such acts, if
committed, are dangerous and
illegal and must be condemned
across the political spectrum by
all right thinking Bahamians," he
said.
Mr Mitchell said that the PLP
and the Bahamian public are enti-
tled to know whether or not this
investigation is a "conspiracy",
which is hatched as an "illegal
andi partisan tactic" by the gov-
ernmenitor its FNM'',agents with-
in the police force.


I - -- -


A


Rosetta St. Ph: 325-3336


BIRESORAINI BA
RESORT AND MARINA


Only forty-eight nautical miles east of Miami, Florida, situated on the North end
of North Bimini, Bahamas Bimini Bay Resort & Marina complex .rests on over
740 acres of pristine Bahamian beaches. Long known as a paradise for anglers
and divers alike, Bimini Bay Resort offers a plethora of options for the most
discriminating traveller. Bimini Bay Management Ltd.
owns and operates Bimini Bay Resort & Marina.


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Resort & Marina seeks to hire a professional individual
for the following position:


DI RECTOR OF S SECURITY

Responsible for the safeguarding of hotel property, assets,
guests, visitors. and employees. Develop and maintain a pro-
active loss prevention program designed to ensure a safe
and secure environment for hotel guests and employees.
Responsible for the preparation of schedules and work
standards. Develops and presents training programmes.
Establishes and maintains proper effective communications
and loss prevention surveillance systems. Thorough knowledge
of fire safety & hurricane preparedness.

MANAGER OF HUMAN RESOURCES
at gbullard@biminibayresort.com
or fax to (242) 347.2312


Fred Mitchell hits out at


report in The Tribune


tisiV Yo Neighborh


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








PAGE 6, FRIDAY, OCTOBER 24, 2008 THE TRIBUNE


CREDIT SUISSE



Credit Suisse, Nassau Branch

Private Banking

is presently considering applications for

Head of Treasury & Execution

The position is open to candidates with the following minimum requirements:

Qualifications:
University Degree
Minimum of 10 years well rounded banking experience in treasury/
execution and related departments of an offshore bank
Strong management and leadership skills
Well versed in Swiss banking practices and standards
In-depth knowledge of international Money Market/Forex Exchange
Trading/Securities Operations/Execution, etc.
PC Literacy (MS Word, Access, Excel)
English is the required language; German and French would be an
asset
Proven track record

Duties:
The candidate will be expected to:
Develop, recommend and ensure the implementation of the bank's
trading operation strategy
Monitor/evaluate the bank's position and oversee existing and
V prospective trading activities
Provide advice and guidance in relation to treasury activities.
Provide sales support to relationship managers

Personal Qualities:
Excellent organizational and communication skills
A commitment to service excellence
Ability to work under pressure and with minimum supervision

Benefits provided Include:
*Competitive salary and performance bonus
Pension Plan
Health and Life Insurance

ONLYAPPLICANTS MEETING THE ABOVE REQUIREMENTS WILL
BE CONTACTED. NO TELEPHONE CALLS WILL BE ACCEPTED.

Applications should be submitted to:,
Human Resources Departmer6t
P.O. Box N-4928
Nassau, Bahamas

Via Facsimile 356-8148

DEADLINE FOR RECEIPT OF APPLICATIONS IS OCTOBER 29, 2008


Tourism and,
Aviation is
resuming
the use of
the popular
s.make the slogan a reality.ogan
because
Bahamians
must deter-
mine to
make the slogan a reality.
"I think Bahamians totally
understand why it is important
for that statement to be true," she
said. "Now, what I want Bahami-
ans to do .is to do their part to
make it true." .A
Great emphasis is now being
placed on the visitor experience in
the Bahamas, Ms Walkine said.
She pointed out that the visitor
experience is what causes cus-
tomers to be satisfied. If satisfied,
they will recommend t1he
Bahamas to friends and relatives.


Ms Walkine said the visitor
experience begins even before the
customer arrives in the country.
From the moment a decision is
made to visit the Bahamas, that
customer must be satisfied that
he or she has made the right deci-
sion, she said.
Ms Walkine said the experi-
ence includes ensuring that cus-
tomers pay reasonable prices to
get to the Bahamas, that they
have a good experience while
arriving, and that public trans-
portation, hotels and activities are
up to high standards.
"Notwithstanding the fact that
we have been in this business as
long as we have, we still haven't
gotten it right," she said. "We
have been lucky."
Ms Walkine said the people of
the Bahamas must turn the visitor
experience around, producing ful-
ly satisfied customers.


'Cutting edge ideas' needed, says CARICOM's Carrington


A NEW regional cultural task
force has been charged with pro-
ducing "cutting edge ideas and
approaches" by CARICOM Sec-
retary General Edwin Carring-
ton.
. Speaking at the launch and
inaugural meeting of the Region-
al Task Force on Cultural Indus-
tries, Mr Carrington said CARI-
COM needs to ensure that new
talent and new innovations are
constantly encouraged and devel-
oped.
"We need a co-ordinated
regional approach that will build
on and energise and promote the
development of the CARICOM
Single Market and Economy
(CSME)" he said. '
"Ladies and Gentlemen, we
have sufficient evidence from the
many studies that have been done
over the years, and from the
many successful artists, writers,
performers and festivals that our
region's cultural products are
competitive, important to the
regional economy and central to
our people's identity and
advancement," Mr Carrington
said.
"This task force has therefore
been set up not to rehash what
has been done before, but to
make recommendations for
actions on the part of our mem-


BIMUINI BAy
RESORT AND MARINA

Only forty-eight nautical miles east of Mimi, Florida, situated on the North end of North Bimini, Bahamas- Bimini Bay Resort & Marina complex
rests on over 740 acres of pristine Bahamian beaches. Long known as a paradise for anglers and divers alike, Bimini Bay Resort offers a
plethora of options for the most discriminating traveler. Bimini Boy Management Ltd. owns and operates Bimini Bay Resort & Marina,


Bimini Bay Resort & Marina seeks to hire professional individuals tor the following position


-HEAD CHEF
This individual wil be responsible taor day-to-day operation of
the kitchen, to train, supervise and work with oall cooks and
culinary stqff in order to prepare, cook and present food
according to hotel standard recipes:
Successful candidate must have managed a quOlity resort
kitchen with international cuisine, in.excess of eight hundred
(800) rooms. Foreign language (Spanish) is an attribute
and must have at least 5 years experience and o culinary
degree.


DIRECTOR OF
ACTIVITIES
This position is responsible for managing the Pool. Beach. Kids
Activities Center, Water Sports areas and services provided to
guests. Including special events for incentive groups making
It fun. rewarding In a safe, efficient and cost effective manner
that will result in a positive guest experience. Candidate
must plan. direct and manage all daily events & activities
for the resort, ensuring that rules and sately policies are
implemented and carried out. Ability to train and organize
outside vendors.
Cruise Line or Resort, Fishing Excursions & Kids Summer Camp
experience is o musl.


SYSTEMS
ADMINISTRATOR
Responsible for the ongoing mainlir-rin,:e aorit Operaiicr'i [f.,
Oal of the Information Techinolog, im-rlemer-,e Irfc.. -:
the resort. The position is responsible or ihe ldol, oper :r-,
support, and secure,' of the iechn'lOog, arn.:i dlolo thai
support and enable the busir es; operaiir, CaonCid cie mn
hoave experience in Ine followinrg s\.i-erm N,,orl.i iNeil ...-i.5
PMS. Opera Fidelto. Time &. Alltren,.nce- and .icI.;r,

DIRECTOR OF HUMAN
RESOURCES
Responsible for ,horl and Ic.nr, lerr, plarin,rriri ir,
managemeniof The HurOn Po'e,-:Lr: i, I.rici :. rn F C.:n-,rr rij
the department l budgel an.:t rQan g, '[: -r.. ..ih.ri
approved budget cor. iraoinls .oior 3r c. r..i[,:'rji;y
management include bujt re nio irniled i .: enpl.:.er.i
v.age and saior, i3dm ,ndi 'L..:,r, t.erei t.'ar n[.ml.),ee,
labor relations. organeor nic l ,de.'..pni:, 'erI ai3id.3 l o r,rl
Work Closel A tlIn Gen reral .Iar:iger ,?pr'i.ili.: r, Dire .:..r i ,
implementing. achieving and mnain-oirin.i ihe rihoctel':. acO1
and objectives Participole ir. loiai l hiel nr,.a.,err,nenl
as a member of th-e hr:el Eec'.isi.e C'.rrriiee irojr,,rn.a
e

We-offer an excellent benefits package and compehirive compensation. For fullI C :ri.3ierl:.r,
all interested applicants should forward a copy of their resume to the aoriErrAr, Cf
It' NAGER OF HUMAN RESOURCES
gbullordTctbmrniLo',resort.com or toI- 1 (242) 34i' :'231'


ber states to provide cultural
entrepreneurs and. artists in this
region with the incentives, finan..
cial support, the policies and the
legislation necessary to enable the
sector to grow and thrive."
Mr.Carrington said the meet-
ing was important because it
responds to the persistent call by
artists and cultural entrepreneurs
in the region, for their govern-
ments to address the develop-
mental needs of this innovative
sector.
"This clarion call was most
audible during the recent CAR-
IFESTA X," he said.
The establishment of the
Regional Task Force on Cultural
Industries was mandated by both
the Council for Trade and Eco-
nomic Development (COTED)
and the Council for Human and
Social Development (COHSOD),
and Mr Carrington said the
reports and recommendations of


,this body will be discussed and
acted upon by both ministerial
councils as well as the Council
Finance and Planning (COFAP)
and the wider Caribbean Com-
munity.
He said: "I am especially
pleased to see that this task force
has come to life at this time. And
not a moment too soon. You are
no doubt aware of the enormity
of the challenges we currently
face in the global arena, which is
more than ever, mired in eco-
nomic uncertainty bordering on
chaos. "More especially, for us in
CARIFORUM, (that is CARI-
COM and the Dominican Repub-
lic) we have recently signed an
Economic Partnership Agree-
ment (EPA) with the European
Community, which was justified
to a great degree on the promise
it brings for co-operation in ser-
vices and particularly, in regard to
the cultural industries.


103 MtLRoyalAve. & Talbot St.
P.O.Box N-1546

SFarx 328-4903S CeU4.%9062'
Robert D. Cox, Managing Director





Fanny Louise

Swann, 87


formerly of Grand Turk will be held at
Church of God of Prophecy, Pinedale
Grand Bahama on Saturday, October 25th
2008 at lam, officiating will be Bishop
Cleophas Capron Jr. assisted by Associate
Pastor Stephen Cefort Internment will be at
the Harbour West Cemetery.
She is survived by her children, Yvette Walkin, ,Iris Hudson, Carol
Musgrove, Margaret Bonaby, Eloise Weeks, Ivil Skippings, Mary Durham
and Godwin Adams'(deceased); grandchildren, Barbara, Hugh, Nicola,
Qunicy, Derek, Christopher, Chad, Cashenda Adams and Chrystal Wilson,
Chevette, Anthony, Kevin (Leticia Ewing) Vesco and Recco Bonaby,
Valencia Major, Harriera Cooper, Requel Weeks, Latasha Davis, Shakara
Gardiner, Nikelta Skippings, Tanya and Dominique Durham; 25 great
grandchildren, sons-in-law, Hugh Walkin, Rudley Hudson, Curlin Musgrove,
Wendal Bonaby, Owen Weeks and James Durham; daughters-in-law:
Lucille Adams and Christina Skippings; neices, Louise Propser, Annie
Swann, Gertrude Kelly, Beatrice Ferguson, Malvina Gardiner and Madge
Williams; nephews, Walter, Audley, Carl, William Dick and Andrew Swann;
other relatives and friends including, Bishop Elgarnet Rahming and family,
Bishop Joseph M. Swann and family, Pastor Galy Swann and family, George
Swann and family, Clauduis Sefort and family, Samuel Simmons and family,
Davis Hall and family, Majorie Robinson and family, lanthe Williams and
family, Robert Forbes and family, Pastor Leroy Lightbourne and family,
William Jones and family, Cecil Delancy and family, Vivienne Stubbs and
family, Rev. Lindy Russell and family, Pastor Roosevlet Rolle and family,
Pastor Dwight Jennings and family, Calvary Deliverance Church family,
Pastor CL Capron and family, Pastor Cleophas Capron and family, Minister
Willis Grant and family, Bro. Winston Capron and family, Bishop Rudolph
Arthur and family, Bishop Lionel Douglas, Church of God of Prophecy
family, Hon. D. Shane Gibson M.P. and family, Bishop Hoplin Parker and
family, Pastor Andrew Storr and family, The Hon. Michael Missick and
residents of the Turks and Cacios Islands Especially Grand Turk, Residents
of Freeport, Grand Bahama, friends of the Straw Market, Freeport, Dr.
Pandy, Dr. Gutan, Dr. Cash, Dr. Kavala and doctor and nurses at the Rand
Memorial Hospital in Freeport, doctors and nurses at Myrtle Rigby Hospital
in Provodenciales, Dr. Michael Darville, Dr. Francis, Dr. Judson Eneas, Dr.
Conville Brown and nurses at Doctors Hospital.

Viewing will be held in the State Room of Jones Brothers Morticians from
2pm-6pm on Thursday and in Freeport at Restview Memorial Mortuary East
Coral Road from 1pm -6pm and again at the church on Saturday from 10am
to service time.

DEATH NOTICE

Naomi Isadora Taylor age, 87 yrs
Her husband, Geroge Taylor; two daughters, Cynthia Taylor and Rebecca
Taylor; four sons, Chief Officier Peter Taylor, Paul, Anthony and Hasting
Taylor.
Funeral Arrangements will be announces at a later date.


DIRECTOR general of the
Ministry of Tourism and Avia-
tion Vernice Walkine challenged
all Bahamians to live up to the
country's most famous promo-
tional slogan: "It's Better in the
Bahamas".
Ms Walkine, the special guest
on the programme, You and Your
Money, reminded the public that
the Ministry of Tourism and Avi-
ation suspended the use of the
catch phrase in order to focus on
improving the tourism product
and the delivery of service.
However, the slogan is about
to make a comeback. Ms Walkine
acknowledged that the visitors
themselves challenged the pro-
motion when it was in use. "We
walked away from 'It's Better in
the Bahamas' because it wasn't,"
she said. "The visitor was saying,
'You've got to be kidding.'"
She said the Ministry of


Walkine calls for




a better Bahamas


PAGE 6, FRIDAY, OCTOBER 24, 2008


THE TRIBUNE








OAL


Construction

students learn

about job safety
THE students of the
construction pro-
grammes at Bahamas
Technical and Voca-
tional Institute are well
on their way to becom-
ing "work safe stu-
dents".
For the past few
weeks, the students
have been learning
about work force safety.
This programme, which
is part of BTVI curricu-
lum, aims to educate
students on the impor-
tance of workplace safe-
ty and health habits,
which will aid in pro-
tecting them and their
coworkers at work.
On Tuesday, instruc-
tor Reuben Ogbogbo
and his students wel-
comed guest speaker
Ravi Bhaktha, project
manager at Cavalier
Construction who spoke
on the topic of job safe-
ty in workplace.

Asset
BTVI said hundreds
of students will enter
the construction field
this year and while
these students are an
excellent asset to the
industry, they are also
at risk of being injured
if proper safety training
isn't provided.
Mr Bhaktha said: "As
an employer, we want to
provide tools to keep
our employees safe and
aware."
It is essential that
businesses understand
the importance of safety
and that they recognize
that specific training
heeds to be geared
towards junior crafts-
men entering the work-
force, he said.
"BTVI wants to rein-.
force to our students
that accidents can and
,do happen," Mr Ogbog-
hbp said. "We also want
to provide more work
shops for our students
so that they can see that
industry is taking the
right steps toward their
safety.
"Workplace safety is
our passion, and these
seminars empower our
students to know their
rights and make safe
decisions on the job,"
said Sean Adderley,
public relations officer
at BTVI.


Parents' pride at

super students


* By ALEX MISSICK
PARENTS were bursting with
pride over the achievements of
their children at this week's CV
Bethel recognition ceremony but
- none so much as Raquel Smith,
whose child pulled through despite
a serious medical condition.
Raquel said she is very proud of
her daughter, Yhen Smith, who has
been diagnosed with type'one dia-
betes, for achieving a B grade in
the religious studies BGCSE and
maintaining a 2:90 GPA:-
"I had to move her here from
Eleuthera because of the expense
of going back and forth to the doc-
tor here in Nassau. I told her I am
going to be happy for what ever
she can do," Ms Smith said.
Ms Smith said her daughter
missed 45 days of the school year
last year but was still able to com-
plete the required coursework
needed'for the examination.
"I feel as a parent that she can go
far. It may be one subject, but there
are children who come to school
everyday without any problems.
My daughter has done well even
though she has a sickness," Ms
Smith said.
Yehn said that every night when


Drive It!, Drag It!,



Pull It!, Push It!


E WILL TRADE IT IN.


"El

Oh


she came home, she would plunge
directly into her homework, pro-
jects, studying and coursework.
She said that only God brougfit
her through. "During the time I
was sick I had to carry my books in
the hospital. Even though the doc-
tors did not approve, I still was
determined to do well," Yhen said.
Yhen said she is going to try for
four more BGCSEs and aspires to
become a nurse after graduation.
from CV Bethel.
Ms Smith said she is hoping and
praying that everything goes well SANPIN M
this year so that her daughter can
achieve her dreams.









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PAGE 8, FRIDAY, OCTOBER 24, 2008


. ... ".. ..... ,' .'. . ...'
",. ,-" "'. "


*..' *'.. .... .. .... .. _


THE TRIBUNE


S I..Y GUARDIAN
ir.1 m NCE COMPANY LIMITED


4. ..-


Attend the Family Guardian Insurance

Sales Career Fair

November 1, 2008


If you are:
- Aged 21-50 years
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Achieved at least five (5) or-more BGCSE.,'0O Levels (with grades C and above),
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We welcome you to register by October 30, 2008 at


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~.1e
*8-1


'0.li


FROM page one

said ever since the Albany
development project started
when an initial bidding process
took place, small businesses like
his were overlooked by the
development company.
According to Mr Outten, the
multi-million dollar contracts
were issued to major local and
international companies. Mr
Outten claims that these multi-
million dollar American com-


Contractor blocks development


panies "are taking bread out of
the mouths of the Bahamian
people"
"Only one set of companies
are working out here. I want the
Bahamian people to know that
in these tough economic times,
everybody needs a dollar. All
I'm asking them to do is to share
this pie around, level the playing
field, and give everybody an


and w~nah*rm Znu
FREEPORT NASSAU
11A East Coral Road, Frel .rt, 8., Bahamas Roblionf and Soldier Roads NaaaaaNP..Bahmans
P.O Box F-412 P.O. Box CB-12072
Toelpz m: 242 373 2 373-1471 Tetephom: (22) 394.8043 / {2944047
Pager (2423 340-43Fxte M 373-3005 Pagan (242)340-8043 Fax. (242) 340034


-A


FOR THE LATE
EUCAL HUGH
BULLARD, 66
OF No. 6 WINTERS DRIVE, SEA
BREEZE ESTATES WILL BE HELD ON
FRIDAY OCTOBER 24, 2000 AT 2:
OOPM AT THE BRITISH COLONIAL
HOTEL, BAY STREET. OFFICIATING
WILL BE BRO. GODFREY' GARDINER,
ASSISTED BY LEONARD JOHNSON AND
JOSEPH MAJOR.


HE IS SURVIVED BY HIS WIFE: MYRA BULLARD; 1 SISTER:. CORA
BULLARD; 3 SONS: JAMAL, TAINO AND ELI BULLARD; 1
DAUGHTER: EBONY BULLARD; 2 DAUGHTERS-IN-LAW: DEIDRE AND
DAVINIA BULLARD; 1 GRANDSON: MATEOS BULLARD; 1 ADOPTED
DAUGHTER: KENYA MCKENZIE; 1 ADOPTED SON-IN-LAW: VANCE
MCKENZIE; 2 AUNTS: ELLEN SMITH AND BERNICE; 1 UNCLE:
ERNEST SMITH; 10 COUSINS: CHRISTOPHER, RUTH, LARRY',
MITCHELL AND CORDELL BULLARD, HOPE JOHNSON, TERRANCE,
CLIFTON AND HENFIELD BULLARD AND RAVANA MASON; 12
NIECES: URSULA WEECH, ALLISON BULLARD, CLEO TOWNSEND,
CHERYL GRANT, MICHELLE SAUNDERS, CAROLINE GIBSON,
CHERIE. LARAMORE, DOLYNE SAWYER, ANNALEE WOODSIDE,
KEEVA SWEETING, CYNTHIA SMITH AND OLYMPIA PEARCE;
FRANCES ARNETT; 5 NEPHEWS: SIDNEY SWEETING, CHANDLER
SWEETING, STEPHEN TAYLOR, PEDRO BULLARD AND MICHAEL
GRANT; MANY FAMILY FRIENDS' INCLUDING: SHERYL CLARKE,
SANDRA AND GODFREY GARDINER, SHIRLEY SCAVALLA, DAISY
MIDDLETON, MEBRA EVANS, DOROTHEA AND NORMAN WHITLOCK,
EXCIE AND DONALD ROBERTS, JUNE DEAN, HAZEL .DARVILLE,
WELLINGTON GIBSON, GREG AND TERRY, JOHNSON, EDDISON
BURROWS AND A HOST OF OTHER RELATIVES, STUDENTS AND OLD
FRIENDS.


opportunity to make a dollar."
Mr Outten said after he saw
the unfair conditions at the
development site, and had
failed several times to speak
with Albany executives, he
decided to write and hand deliv-
er a letter to the office of the
Prime Minister requesting some
reconsideration which would
force the company to open dis-
cussions for small or partial con-
tracts for local contractors.
Keith Hamilton, another
small contractor, said he too was
prepared to have his company
vehicles brought to the site if
that was what it would take to
get fair treatment from the com-
pany.
, "I'm a Bahamian, the gov-
drnment says invest in the
Bahamas, and now that I've
invested over a million dollars in
brand new trucks for my com-
pany, here it is now that I can't
even get a job in the Bahamas
where I live."
He said that he was also
among local contractors who
took part in the pre-contractual
bidding, but was also over-
looked by the company.
After hours of waiting, the
men were ultimately addressed
by John Davies, senior Vice
President of construction.
According to Mr Davies
"there was a small misunder-
standing with a few local con-
tractors." However, he said,
"we're going to meet with them
and work things out."
Mr Davies said that after an
offer was made to arrange a
meeting between the men and
company executives, the con-
tractors finally decided to
remove their trucks. It had
delayed work on the site until
6pm, a period of four hours.
Mr Davies said that although
he had guaranteed nothing, "I
told them that we would sit
down and listen to them,
because we.do need to explain
to them how the process
works."
"All the companies that we
have interviewed here, that we
have bid work have been
Bahamian companies," he said.
"We have a policy that unless a
contractor has a Bahamian busi-
ness licence, they cannot bid
work from us."
The meeting, scheduled to be
held -between the contractors
and Albany executives, will be -
held next Wednesday.


-,AwmwmwA~


.. ... W . .....


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Concern over the signing




of the controvsial EPA


* By IAN BETHELL
BENNETT

IRONIES abound on the
eve of signing the
incredibly controversial EPA.
The Bahamas has certainly
decided to liberalise trade in a
strange way, going from not
belonging to the WTO to
agreeing to the EPA which
imposes more onerous regu-
lations on us than even the
Doha Round of negotiations,
a part of WTO liberalisation,
have done; and these again
met with failure on July 29,
2008 because Doha irqed
too much sacrifice of the
developing world and not
enough of the developed
world.
Yet another irony has also
chosen to reveal itself. To the
discredit, but insistent disbelief
of neoliberals, the financial
crisis we are presently expe-
riencing showsthat the 'free'
market will not take care of.
itself. In reality the market is
not free. It is always bound to
something. By heading off
into the sunrise of a new real-
ity under the EPA, the
Bahamas binds itself tighter
to every ill of someone else's
free market disaster.
Ironically, it seems that all
of us who have challenged the
way the EPA presently stands
have been made to seem like
unreasonable, un-nationalist
pessimists; perhaps we are
even seen as backward indi-
viduals. Too bad! What we
have tried to do is simply flag
a number of points of deep
concern to countries that have
done NOTHING to prepare
for singing an agreement that
stipulates that once signed,
changes are extremely: limit--,
ed and, i possible,, costly.-,
As the new dawn neati and


new visa regulations arise for
entry into developed coun-
tries, we developing country
residents simply have to tight-
en our belts and hope for the
best. Free movement from our
islands to their world is a
myth.
But th y can move from
their homes to ours with a lit-
tle piece.of paper. Europe and
the other developed countries
have done all the work they
needed to do to be ready for
the EPA. All the certification
needed to allow free move-
ment, an ideal that is so alarm-
ing to Bahamians that we
chose to stay out of the
CSME, has already been
developed. What has the
Bahamas done to prepare?

The impact of signing
the EPA will proba-
bly not be felt for a while. For
some people the affects may
never be felt as they live in
splendid isolation from this
reality. Others will have quite
a time riding the wave of free
trade. But the decision has
been taken and the boat is in
the water, without any tenders.
Let's hope it will float instead
of sinking to the bottom. If it
were to sink, how many of us
know how to swim?
If there is anything we can
gather from the global finan-
cial crisis of the last few weeks
it is that, because economies
have been so closely linked,
,they are all crashing because
of the disaster in the USA:
connectivity means that we


are no longer isolated from
the disasters in another part
of the world. What does that
tell us about the idea of let-
ting trade do whatever it
wants to do?
In 2000-2002, the Bahamas
tightened our banking regu-
lations while the USA further,
deregulated their industry.
This resulted in the Bahamas
losing a lot of banking busi-


ness and ultimately the ,US's
financial crisis that now affects
all of us.
Bahamians have suffered
twice.
The EPA celebrates the
idea of a free market.
But no market is ever 'free';
it is always connected to or
depends on something. In the
past slavery either directly or
indirectly kept markets going.
Today, another form of
exploitation is bound to devel-
op.
At the end of the day,
Bahamians will suffer more as
we are forced to enjoy the
pleasures of the resultant.
exploitation.


Lipghi up v iiour lile an.d
,.iv en,-rg, too. \ lih
GrollrF-\ Jones' Jde-
.slIed>ticin I,)' Gl: energy\
lal iig i:ullb Long
life c st effective adii
energy saving. No%%
there's no reason to be
let in the ,larkl


S..,, I.
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S &lI-, S FIjll 5-r, i.:- Department
-Poen.s a l.&l':igoner\ Streeis
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Ih il i C.-,liIuriej l 'roiI _-asi Iiu


Accounts Clerk


EYO~UR SAY-


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A well established Company seeks an Accounts Clerk
with the ability to, but not limited to the following
duties:
Maintain Payables System
Maintefiance of Inventory Spreadsheets
Prepare fotr and complete month end inventory
counts
Preparation of bank and other balance sheets
Reconciliations-and various general ledger
accounts to sub ledger
Prepare Schedules to assist in External Audits
Assist in other duties falling within the
Accounts department where necessary
Candidates must possess the following skills:
Associates Degree in Accounting
Experience in Reconciliatiohs
,* Experience in Accounts Payables would be
an asset
Excellent organizational and problem solving
skills
Proficient in Microsoft Office Products
particularly Excel.
Must be a team player and possess people skills
All Applications must be submitted by October 31st
2008. -
Apply to:
DA 68551
c/o The Tribune
P.O. Box N-3207
Nassau, The Bahamas


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the best time to get
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-~~~---


FRIDAY, OCTOBER 24, 2008, PAGE 9


Briht aD ffective


I


THE TRIBUNE


t






r-rtu L. I, rlnilurA,%, IJ IUDo M I 4, /UUO

FRIDAY EVENING OCTOBER 24, 2008
7:30 8:00, 8:30 9:00 9:30 10:00 10:30
Issues Round- Washington McLauhlIn Bill Moyers Journal (N) A (CC) Waking the Dead Woman is ap-
WPBT table discussion. Week (N) A Group N) (CC) pealing for release from prison after
_(CC) serving for murder.
The Insider (N) Ghost Whisperer Melinda stumbles The Ex List Bella reconnects with a NUMB3RS Don and the team assist
0 WFOR l (CC) upon an angry ghost who haunts a free-spirited surfer. (N) ,1 (CC) a veteran FBI agent in his search for
newlywed couple. (N) con man. (N) (CC)
Access Holly- Deal or No Deal Contestants geta Crusoe "Sacrifice' Crusoe loses his Life "Did You Feel That?" Crews
S WTVJ wood (CC) chance to win money. (N) (CC) wedding rin; Friday convinces Cru- and Reese must track down a killer.
soe tohelphim. (N) (N) A (CC)
SDeco Drive Are You Smarter Than a 5th Grad- Don't Forget the Lyrics! Constan- News (N) (CC)
S WSVN er? Nineteen-year-old mayor. (N) tine Maroulis takes the stage for
n (CC) charity. (N) tN (CC)
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I WPLG(CC) woman from the Louisiana bayou family with five children adjust to a
trades places with a ballerina. (N) new way of life. (N) l (CC)

(:00) CSI: Miami CSI: Miami A forensics collector CS: Miami "Innocent" Evidence CSI: Miami "Not Landing" A prop
A&E Dead Woman who stole.a latex glove from the points tothe film distributor in the plane crashes into a Miami beach.
Walking' (CC) crime scene must testify, A (CC) probe of Ashley Anders' murder. ) (CC)
(:00) BBC World BBC News Click BBC News Our World The News
SBCI News Amerca (Latenight). (Latenight). Cold Rush"
BET 106 & Park: Top BET Hip-Hop Awards '08 Top hip-hop artists are honored in the third an- American Gangster (CC)
B E10 Live nual ceremony; host Katt Williams. (CC)
Jeopardy! (N) Air Farce-Final Rick Mercer Re- Doctor Who "The Doctor's Daugh- CBC News: The National (N) 1'
S (CC) Flight (N)(CC) port (CC) te" (N). A (CC) (CC)
CNBC (:00) Wall Street Crisis: Is Your Money Safe? On the Money The Big Idea With Donny Deutsch
(:00 Lou Dobbs CNN Election Center Larry King Live (CC) Anderson Cooper 360 (CC)
CNN tonight (CC) _____ _________
Scrubs J.D. be- The Daily Show The Colbert Re- Chappelle's Chappelle's Comedy Central Comedy Central
COM trays Carla's With Jon Stew- port(CC) Show Music Show(CC) Presents (CC) Presents Comic
trust. n( (CC) art(CC) guest Fat Joe. Kirk Fox.
Hannah Mon- The Suite Life Phineas and * THE HAUNTED MANSION (2003, Comedy) Ed- (:35) The Suite
DISN tana (CC) on Deck (N) Ferb die Murphy, Terence Stamp. A man and his family en- Life of Zack &
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DIY This Old House Ask This Old Sweat Equity Project Xtreme Desperate Land- Desperate Land- Make a Move
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DW Johannes B. Kerer Echt antik Journal: Tages Quadriga Journal: In Euromaxx
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E !ing Hollywood Curses (N) wood Story Heidi Klum. (N) (CC)
EBA Shoot- NBA Preseason Basketball Teams to Be Announced. (Live) (CC) NBA Preseason
ESPN around (Live) Basketball
E PNI NFL Semanal Gol ESPN: Profiles UEFA Champions League Soccer Teams TBA. (Taped) (CC)
SESPNI (N) FueradeJuego
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FOX- C Fox Report- The O'Reilly Factor (CC) Hannity & Colmes (CC) On the Record With Greta Van
FOX-NC Shepard Smith Susteren (CC)
NHL Hockey San Jose Sharks at Florida Panthers. From the BankAtlantic Center in Sun- Panthers Livel Inside the Pan-
FSN FL rise, Fla..(Subject to Blackout) (Live) (Live) there
PGA Tour Golf Champions AT&T Championship First Round. From San Antonio. PGA Tour Golf Frys.com Open -
GOLF (Same-dayTape) Second Round.
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HALL Texas Ranger leams Chief Six Feathers' death son, Donna Mills. Three women work together to remodel a house. (CC)
A (CC) wasn't an accident. A (CC)
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(CC) go clubbing, )n charge. (N) (CC).
MS BC Hardball Countdown With Keith Olber- The Rachel Maddow Show Countdown With Keith Olber-
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TBS stays at home to ter seizes control "DaBoom" n Kline, Beyonc6 Knowles. Premiere. A bumbling Frenchman probes the
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(:00) What Not Real Simple. Real Life "Cheryl" En- What Not to Wear "Mala" A lawyer Say Yes to the Dress "Rocking the
TLC to WearTonya" joying simple things. (N) has a wardrobe of T-shirts and Dress; I Do or I Don't" Committing to
(CC) jeans. (N) (CC) a dress. (CC)
(:00) Law & Or- *** OCEAN'S ELEVEN (2001, Comedy-Drama) George Clooney, Matt Damon; Andy ** SWORD-
TNT der "Empire" f Garcia. A suave ex-con assembles a team to rob a casino vault. (CC) FISH (2001) (CC)
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do volver a la arena.
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USA. EALed' scam artist passes out while work- 14-year-old leukemia patient for a ly's nemesis apologizes for reveal-
(CC) ing a card-playing scheme, bone marrow transplant. (CC) ing her secret identity. (N)
VH1 Rock of Love Charm School Celebrity Rehab With Dr. Drew The Pick Up Artist Charm elderly
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(CC) marooned on an island. (CC)
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WSBK (CC) editions Frasier act as thinks Frasier de-
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HBO-E OF THE YEAR Adam Sandier, Kevin James. Two straight firefighters pose as gay part- asks Vince to bail does a photo
(2006) 'PG-13' ners for insurance purposes. A 'PG-13' (CC) him out. n shoot. ,


(5:15) ** Little Britain The Life & * 300 (2007, Action) Gerard Butler, Lena Headey, David Wenham.
HBO-P GLADIATOR USA Vicky is Times of Tim A Badly outnumbered Spartan warriors battle the Persian army. n 'R' (CC)
(2000) 'R' (CC) caught smoking. (CC)
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iHBO-W Comedy) Martin Lawrence, Luke Changeling: Christopher Walken. A talk-show host becomes president of the United
Wilson. f( 'PG-13' (CC) HBO First Look States. 'PG-13' (CC)
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H BO-S (1996) Uma Thurman. A radio adviser sends a proxy Damon, Jack Nicholson. An undercover cop and a criminal lead double
on her date with a photographer. ( 'PG-13' lives. ,t 'R' (CC)
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MAX-E Radcliffe, Rupert Grint, Emma Watson. Harry prepares a small group of students to fight OFF (1986, Comedy) Matthew
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MOMAX Matt Damon. Afounding member of the CIA places Charize Theron, Jason Patric. A retired Army sergeant probes his son's
duty above family. 'R' (CC). disappearance. n 'R' (CC)
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SHOW tary) iTV. Drug lords invade 1980s Miami. f) 'R' (CC) takes Andyon a Dinner party de- cere proposal. (I (CC)
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( pni 'n i'' ,...; !i. "-'"""" dates. 'NR' (CC)


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Dane Cook, Jessica Simpson. Two store clerks vie for
a coveted award. 'PG-13' (CC)


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THF TRIBUNE


*^-^^H^-IHIHH^I^HH^H^^^I~u^ji^^^^^^^-^^^^^ -- U^HHUUBH


Sir Orville

Turnquest's

eldest

grandchild

dies suddenly
FROM page one
whelmed by the news.
"She was developing
into a person who
expressed her opinion and
she was very much loved
by everyone who knew her
because of her personali-
ty," Sir Orville said.
A second year medical
student at the University
of the West Indies, the 24
year old had suffered from
Sickle-cell anemia most of
her life.
Sickle-cell anemia is a
blood disorder character-
ized by red blood cells that
assume an abnormal, rigid,
sickle shape. Sickling
decreases the cells' flexi-
bility and results in their
restricted movement
through blood vessels,
depriving downstream tis-
sues of oxygen. The dis-
ease is chronic and life-
long: individuals are most
often well, but their lives
are punctuated by periodic
painful attacks and a risk
of various other complica-
tions.
"She had an attack
about two to three days
ago and went into hospital
around 11am yesterday.
First she had renal failure
and about an hour later
she had heart failure. After
that she passed away," Sir
Orville said.
Lia's mother, Carol
"Toni" Lashley, head of
S the Dupuch and Turnquest
law firm, had made
arrangements to go and see
her daughter in hospital
immediately after she was
tpklen ill. Mrs Lashley got
the news of her daughter's
death at the airport while
on her way to be at her
side. Lia's father will fly to
Jamaica early today to be
with his faill, :, : *


FROM page one
development that the MP is
alleged to have been involved
with since leaving office in
2007.
On Wednesday, the MP
held a private meeting with
PLP leader Perry Christie in
the Opposition Room of the
House of Assembly. Here,
sources claim, Mr Christie was
updated on the active police
investigation regarding the
MP's alleged involvement in
what is claimed to have been a
construction scam that dates
back to the MP's tenure as
Minister under the previous
PLP administration.
During the course of the
meeting, the MP assured Mr
Christie of his innocence,
claiming that the investiga-
tions of the officers from the
police force's Special Investi-
gating Branch were based only


FROM page one
ment that it's disappointed that a person who
purports to be an employee of "this great institu-
tion" would suggest that it has a culture of slack-
ness, corruption and incompetence.
"We value the commitment our employees con-
tinue to make to our success and equally value the
public trust that we have to ensure that benefits
continue for not only today's Bahamian, but for
future-generations," NIB said in its release.
An anonymous insider told Tribune reporters,
that employers' failure to make employee con-
tributions to NIB could lead to the nation's pri-
mary pension supplier running out of money in 20
years.
"We acknowledge that there are contributions
outstanding, but to say, as the article said, that the
non-payment of contributions by employers and
self-employed persons is a great' drain on the
Fund, is proof that the informant is uninformed,"
said NIB.


on "assumptions."
At one point in the conver-
sation, according to the source,
the MP is alleged to have told
the party leader that the basis
of the police's investigation
stems from a recent housing
development in which he and
a local developer were
involved.
"They think me and (name
omitted) in cahoots," the MP
said.
When reportedly pressed
further to explain his involve-
ment surrounding the housing
development, the MP pledged
that no money had crossed
hands.
In fact, he said, he had used
his father's collateral, with the
developers to purchase the
property.
"So we didn't have to come
up with a dollar. Only for legal
fees," the MP said.
Senior members within the


PLP have described this latest
fiasco as a major roadblock
that could affect their chances
in the 2012 election if the par-
ty is unable to distance itself
from it.
"We have to remind voters
that this is not acceptable and
it will not be tolerated in the
party," said another source.
Mr Christie himself has
voiced his concern over the
matter during a recent cele-
bratory breakfast held in hon-
our of stalwart councillors of
the party.
"During my time as leader
of the Cabinet I dealt with
every issue of every minister
and all persons who served
with me. The record as to how
I dealt with it, whether to the
satisfaction or not of people
is clear. But at all times, ensur-
ing that I was seen to act in
pursuance of the best interest
of this party," he said.


NIB denies $5

billion shortfall
"Actuarial reports over the years have indicat-
ed that it would be prudent to make a number of
changes to the National Insurance programme...
"At current level, if we do nothing, we do see
challenges by 2029 fdrthe National Insurance
fund."
The statement said the institution has always
sought to remain a transparent company, so that
' Bahamians can keep track of its performance.
It insists that its focus will be on improving col-
lection efficiency and seeing that employer and
self-employed persons do the right thing.
"If we are able to collect all that is due, the
fund may be slightly larger, but we would have
paid out more in benefits and have additional
future obligations," said NIB.


FRIDAY, OCTOBER 24, 2008, PAGE 11


r KIV pgeon


r KuvOM page one
Greg, who was not at Tuesday's
hearing, have been fighting the
Baptists in the courts ever since
he alleges that he was unfairly
dismissed from a school coach-
ing job in 2002.
They have filed several
actions against various parties
alleging, among other things,
defamation and abuse of
human rights.
Mrs Cash said: "I am willing
to go to jail if this is God's will


Tanya Casn
as I can't apologise if I don't
know what I am apologising for.
I am just an ordinary woman
seeking justice in my own coun-
try."
Mr and Mrs Cash are also
taking their case to the Privy
Council and have set up the
Vote for Justice website which
invites people to express their
concern about the Bahamas'
legal system.


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THE TRIBUNE


FRIDAY, OCTOBER 24, 2008, PAGE 12


SPORT


iN



















o
0
-c
0~
0~



a).~ ~-


f


AC MILAN'S Ronaldinho, center left, is fouled by Heerenveen's Myka Vayrynen, right, during
their UEFA Cup group E soccer match at Abe Lenstra stadium in Heerenveen, northern
Netherlands, Thursday, Oct. 23, 2008.


A EURO


AC MILAN'S Filippo Inzaghi, center, reacts after scoring their third goal, as
Heerenveen goalkeeper Brian Vandenbussche reacts, at right, during their
UEFA Cup group E soccer match at Abe Lenstra stadium in Heerenveen, north-
ern Netherlands, Thursday, Oct. 23, 2008.


FROM page 14

ATLANTA FALCONS @

If an actual falcon and an eagle
got into a fight, who would win? Is
this not an important question to
address when considering this
game? In fact I think it's the only
question we should ask. Eagles are
much bigger and according to seal of
the President of the United States, it
can hold a bunch arrows and an
olive branch. There's no way a fal-
con can withstand a barrage of
leaves and arrows.

EAGLES 28
FALCONS 20

ARIZONA CARDINALS @

This game should be dubbed the
2008 "Playing to the Trends" Bowl.
Both teams lead their divisions but
have gone about it in completely
different fashions. The Cardinals
have been anemic on the road this
season, despite boasting one of the
league's most potent offences and
the Panthers have gone undefeated
at home thus far. The Panthers also
face more pressure from the outside,
forced to keep pace with the Bucs in
a heated NFC South race.

PANTHERS 30
CARDINALS 24


AC MILAN'S Andriy Shevchenko, bottom, and Heerenveen's.
Myka Vayrynen, top, vie for the ball during their UEFA Cup
group E soccer match at Abe Lenstra stadium in Heereriveen,
northern Netherlands, Thursday, Oct. 23, 2008. Milan won the
match with a 3-1 score.


IPEAN SOCCER


I,


MILAN player Emerson, left, and Heerenveen player Mika Vayrynen, vie for
the ball during their UEFA Cup group E soccer match at Abe Lenstra stadium
in Heerenveen, northern Netherlands, Thursday Oct. 23, 2008.


Nothing gluttonous



about Long's diet


* FOOTBALL
DAVIE, Fla.
Associated Press
JAKE LONG eats his vegetables. He
seldom snacks. One piece of cake is
sometimes sufficient dessert.
How did he become so enormous?
"I'm not like a huge pig," Long says.
"But I can eat some food."
Even in an NFL locker room, Long
looks large. The Miami Dolphins tackle
is 6-foot-7 and 315 pounds, and he stood
out in the draft last April, when he was
the No. 1 overall choice.
He has drawn praise for his play in
the first six games this season. And with
a five-year contract for $30 million guar-
anteed that's $95,238 per pound -
Long is expected to anchor the Dolphins'
offensive line well into the next decade.
Given such stakes, he must eat a lot of
steaks to keep his strength up, right?
Maybe those 48-ounce porterhouses they
serve at Shula's Steak House?
"No, I can't do that," Long says. "I
probably could, but I would probably
feel sick afterward."
Long says he's content with 24 ounces,
still a big slab of beef. But given the
Michigan native's size, and the energy
he exerts blocking men who are small
only when compared with him, there's
nothing gluttonous about his diet.
It doesn't rival Michael Phelps' 12,000
calories a day, which drew a lot of atten-
tion at the Olympics. "That's a lot," Long
says, studying a list of what Phelps eats.


Long's own list is much shorter.
"'For breakfast I'll have cereal, a cou-
ple of scoops of scrambled eggs, some
bacon and a muffin. I'm not a big break-
fast guy. For lunch I usually make a
sandwich, some type of pasta, salad and
some fruit."
Does he eat two or three sandwiches
at one meal?
"Oh yeah."
Four or five sandwiches?
"I'm sure I could. But I don't do it
regularly."
And for dinner?
"I'll eat whatever steak, chicken,
fish some type of pasta, salad, potato.
Sometimes I go all out, but usually it's
just basic stuff."
Dessert?
"I'll eat some chocolate cake or
cheesecake."
One piece, or more?
"It depends on how full I am after
dinner."
For a snack, he might have a granola
bar at bedtime.
Teammate Justin Smiley says Long's
intake is surprisingly modest given his
size.
"Everybody is looking for him to say,
'I eat two full pizzas,' and all kinds of
.crazy stuff, and he doesn't," Smiley says.
"He's got the room for it, there's no
doubt. But the thing is he's a good-look-
ing 315. He's got a flat stomach, and
he's built the right way. He does a good
job."
Long doesn't count calories, and he


J. Pat Carter/AP Photo
MIAMI DOLPHINS tackle Jake Long
(77) stretches during the second day
of football training camp Sunday,
July 27, 2008 in Davie, Fla.

has never sought advice from a dietitian.
He just eats when he's hungry until he's
full.
His longtime cook confirms the meal
routine is pretty routine.
"I don't think he really eats that
much," says Long's mother, Denise. "I
have three boys that eat like that. He
eats properly lots of protein and veg-
etables and fruits and things like that."
Genetics help explain Long's size.,
Mrs. Long is 5-foot,8. Jake's dad, John,
is almost 6-4 and weighs about 265.
"As we get older, we're shrinking,"
Mrs. Long says with a laugh.
Jake's older brother, John, is 6-5 and
320. Kid brother Joe, a 19-year-old fresh-
man at Wayne State, is 6-6 and 295. Jake
was 6-6 and 305 before he left high
school.


Nalbandian

beats Vlilegen

at Swiss

Indoors

* TENNIS
BASEL, Switzerland
Associated Press
SECOND-SEEDED David
Nalbandian beat Kristof
Vliegen of Belgium 6-4, 5-7,
7-6 (4) Thursday to reach the
quarterfinals of the Swiss
Indoors.
The 26-year-old Argentine
broke the 96th-ranked Vliegen
to take the first set. Nalban-
dian, the 2002 champion and
twice runner-up since, lost his
first match point at 6-5 in the
final set when Vliegen hit a
running backhand winner
from wide of the court.
He clinched when Vliegen
failed to control a strong ser-
vice return.
Juan Martin Del Potro, the
No. 3 seed, made just four
unforced errors as he cruised
past Switzerland's Stephane
Bohli 6-3, 6-3.
The Argentina Davis Cup
teammates are on course to
meet in a semifinal Saturday.
Fourth-seeded James Blake
of the United States had 18
aces as he rallied from a set
down to beat 76th-ranked
Oscar Hernandez of Spain 6-7
(4), 6-2,6-4.
"I was serving well and that
got me out of a lot-of trou-
ble," Blake said.
Simone Bolelli of'Italy beat
Marcel Granollers of Spain 6-
4, 6-2. In the quarterfinals he,
will face either top-seeded
Roger Federer or Jarkko
Nieminen of Finland, who
play later Thursday.


Pumas tops Group B
with win over Dynamo
* SOCCER
HOUSTON
Assocalted Press
JUAN CARLOS CACHO
and Fernando Espinoza
scored first-half goals and
Marco Antonio Palacios
added a second-half goal and
the UNAM Pumas dealt
Houston Dynamo its first
CONCACAF Champions
League loss, 3-1 Wednesday
night.
UNAM is 2-0-3 in the tour-
nament and has nine points
and is in first place in Group B
two points in front of Luis
Angel Firpo, which defeated
San Francisco (Panama), 3-2
Wednesday. UNAM plays San
Francisco in its Group B finale
next Wednesday.
Houston, which clinched the
MLS Western Conference
regular-season title on Sun-
day, is in third in Group B
with a 1-1-2 record and five
points. Houston has two
Group B matches left at Luis
Angel Firpo (2-1-1, 7) Tues-
day and at home against San
Francisco (0-2-2, 2) on Nov.
26.
Cacho put Pumas on top in
the 19th minute with a penal-
ty kick. Cacho The penalty
kick was awarded after Hous-
ton defender Patrick lanni
pushed Cacho down from
behind, but it appeared that
the contact was outside of the
box.
Espinoza made it 2-0 in the
30th minute. On a 3-on-2
breakaway, Espinoza got a
pass on the right box from
Orlando Pineda and sent it
just inside the post.
Houston cut the lead in the
39th minute on an own goal
by Marco Antonio Palacios.
Geoff Cameron sent a pass in
from the right box in front of
the goal. Nate Jaqua came
charging in, but it went by him
and goalkeeper Alejandro
Palacios, who came off his
line, and off Marco Antonio
Palacios and into the net.
Pumas made it 3-1 with
Palacios' goal in the 69th
minute off a corner kick by
Ismael Iniguez. From the left
corner, Iniguez sent the ball
into the left box where Pala-
cios did a jumping back kick
that went into the net.
. The start of the game was
delayed 45 minutes as strong
storms moved through the
Houston area causing light-
ning and some street flooding.


i


i


.CUiP








THE TRIBUNE


PAGE 13. FRIDAY. OCTOBER 24, 2008


Murray beats


Gulbis in


straight sets


E TENNIS
ST. PETERSBURG, Russia
Associated Press
DEFENDING champion
Andy Murray beat Ernests Gul-
bis 6-4, 6-2 Thursday to advance
to the quarterfinals of the St.
Petersburg Open, while eighth-
seeded Marat Safin was upset
in the second round.
Andrey Golubev of Kaza-
khstan.beat Safin 6-4, 6-2 to
advance to his first career quar-
terfinal.
Murr-y, fresh from winning
the Madrid Masters on Sunday
for his fourth title this season,
won his first three games at love
before saving a break point in
the next game that he served.
The fourth-ranked Briton
broke Gulbis in the eighth game
for a 5-3 lead, but the Latvian
broke back in the next game.
Murray immediately broke
again to take the set, and won
four consecutive games in the
second set to close out the
match.
"He (Gulbis) is very unpre-
dictable in his game style," Mur-
ray said. "He had a couple of
good shots to break me, but I
broke him in the next game, so
it wasn't a problem."
It was the ninth consecutive
win for theU.S. Open finalist,
including two victories in
Britain's Davis Cup World
Group playoffs against Austria
in September. Murray's win-loss
record this season is 50-14, mak-


Safin upset in
St. Petersburg
ing him the fifth player this year
to win 50 matches.
"I'm going to try my best to
win the tournament," Murray
said. "When you keep winning,
it gives you a lot of confidence."
Murray, who also won titles
in Doha, Marseille and Cincin-
nati, plays his 10th quarterfinal
this season against Janko Tip-
sarevic.
The Serb advanced to his
fourth quarterfinal this season,
beating Jeremy Chardy of
France 6-4, 7-6 (3).
Safin, the 31st-ranked Russ-
ian who has twice won the tour-
nament, had trouble on his
serve, winning only 15 of 51
returned points.
The 150th-ranked Golubev,
who reached the second round
of the U.S. Open in September,
broke Safin in the fifth game of
the first set but double-faulted
three times-in the next game to
drop serve and stay level at 3-3.
In the ninth game, Safin
saved three break points with
aces but was broken on the
third deuce, and Golubev
served for the set.
. "The second break in the first
set was a decisive one," Safin
said. "He became confident and
it was much more difficult to
play against him. In fact, I didn't
have many, chances in the sec-
ond set."


''NU4D


- ; -.
if


Victor R. Caivano/AP Ph


BRITAIN'S Andy Murray celebrates after winning the final
the Madrid Masters against Gilles Simon from France in
Madrid, on Sunday, Oct. 19, 2008. Murray won 6-4, 7-6.


Ivanovic and Zvonareva


oto
I of


reach quarterfinals in Linz

* TENNIS
LINZ, Austria
Associated Press
TOP-SEEDED Ana Ivanovic and No.
2 Vera Zvonareva had comfortable victo-
ries Thursday to reach the quarterfinals of
the Generali Ladies.
The fourth-ranked Ivanovic downed
Sybille Bammer of Austria 6-4, 6-2, while
Zvonareva routed Nuria Llagostera Vives )W
of Spain 6-2, 6-0.
Ivanovic dropped serve twice in the
opening set, but finally settled in after
breaking Bammer for a third time at 4-4.
"I am happy with the way I played and
beating her in straight sets is a good result,"
said Ivanovic, who improved to 2-1 against Aai
Bammer. "During the first set, I realized I
had to take the ball earlier so I could put
more pressure on her. That made things easier for me."
Ivanovic will play seventh-seeded Flavia Pennetta of Italy, who
defeated Dominika Cibulkova of Slovakia 6-3, 6-1. Pennetta
reached the final of the Zurich Open last week.
Zvonareva dropped serve in the opening set against Llagostera
Vives and saved five more break points, but was in control after-
ward.
The Russian is next up against No. 8 Alize Cornet.
Fifth-seeded Nadia Petrova defeated Katarina Srebotnik of
Slovenia 6-4, 7-6 (7) to set up a quarterfinal match against No. 3
Agnieszka Radwanska.
Petrova, who won the tournament in 2005, was broken twice
while serving for the match at 5-4 and at 6-5, and the Russian
missed four match points in the tiebreaker before finally convert-
ing her fifth chance.
Sixth-seeded Marion Bartoli of France also advanced after beat-
ing Petra Kvitova of the Czech Republic 7-6 (4), 1-6, 6-3.
Bartoli's next opponent will be either fourth-seeded Patty Schny-
der or Alona Bondarenko, who play later Thursday.


OUR LADY'S Deangelo Mackey holds the ball as St. Bede's
clamp down on the defense. St. Bede's won the game 39-5
yesterday at St. Bede's.


KYLE "FLASH" TURNQUEST of St Bede's goes for the lay
up.


Primary school


Iiqht


(Coruna uoona
H~hl qh>


relaxi
responsai ly- ... __. -- ._


.orono


%l


SPORTS


OUR LADY'S Charles Cooper dribbles as they avoided the
defense of St. Bede's. St. Bede's won the game 39-5. The
game was played at St. Bede's yesterday.


OUR LADY'S Joshua Hanna dribbles past the defense of St. Bede's. St. Bede's won the game 39-5 yesterday atSt. Bede's.








THE RIBUE FRDAYOCTOER 2, 208,PPGET1


RENALDO'S RAMBLINGS


~~a' ______


The Ramblings return from hiatus
this week and I've come to the reali-
sation that if I ever want the Dol-
phins to win, I have to pick them to
lose every week. I don't make up the
rules, I just play along, and this is
how it is.
WEEK 1: 8-8
WEEK 2: 11-4
WEEK 3: 7-9
WEEK 4: 9-4
WEEK 5: 7-7
WEEK 6: 8-6
WEEK 7: 10 4


WEEK 8

BUFFALO BILLS @
MIAMI DOLPHINS
For.the Dolphins to win, I must
pick them to lose. I felt I had to issue
that disclaimer first and foremost. It
seems like just yesterday Miami had
reeled of consecutive wins .against
last year's AFC Championship game
participants, but consecutive losses
sent them plummeting back down to
earth. Now in a matchup of the divi-
sion's bottojn feeders against the
division leaders, the Fins need to
revert to the trick playbook for any
hopes of keeping pace in the division.
This game is vital to the division race
for both teams. The Bills will never
feel safe until they solidify a legiti-
mate lead over the Patriots who sit
just a game back, and the Dolphins
i are still in the fight for respectability
looking to build upon a culture that
has returned to expecting wins...or at
least making every game competitive.
Even when the Dolphins were good,
beating the Bills has been a monu-
mental task with the Bills winning
seven of the last eight games. On the
bright side, Joey Porter is having a
career season and is just two sacks of.
his career high total of 10.5 set back
in 2005.


secutive weeks, or the team that lost
to the Rams and beat the Browns by
three? Off topic...I think this week
the NFL should begin the sweep-
stakes to decide who rescues Calvin
Johnson and Roy Williams from
Detroit.

SRESIN&S-34

TAMPA BAY BUCCANEERS
@ DALLAS COWBOYS
This game should be dubbed
"Depends Undergarments Bowl '08".
The quarterbacks in this game are so
old, their combined ages are just
barely more than John McCain. What
started out as a potential dream sea-
son is quickly turning into a night-
mare for the Cowboys. There were
issues even with a healthy Tony
Romo in the lineup, and now with
Romo sidelined until mid-November,
their issues have manifested into a
complete catastrophe. Nothing was
more reminiscent of the Cowboys
woes than an absolute dismantling at
the hands of a paltry Rams team.
Romo never played defence and Dal-
las gave up three rushing touchdowns'
to Steven Jackson. The other old
man, Jeff Garcia, is in a much better
position. He recaptured his starting
job, and at 5-2, he leads a team that
has lost both games by a combined
seven points. We may be looking at a
Jeff Garcia/Kerry Collins Super
Bowl.

; WICW-24


-SNT .ST. LOUIS RAMS @
WASHINGTON REDSKINS ~EW ENGLAND PT:
@ DETROIT LIONS This game should be dubbed the
The Redskins can ill afford 2008 "There. is No Way Anyone Is
another let down this week. They're Going to Figure Out These Teams
in dangerous territory of always play- Until Week 17" Bowl. Are the Rams
ing up or down to the level of compe- legit now that Jim Haslett is at the
tition. Those teams never win cham-a, helm? Is it .safe to say the Pats can
pionships. Will you be able to county rImokeit without nTom Brady now? -
on the Redskins to be the team that .... aw muclkwillthey miss Rodney
beat Dallas and Philadelphia in con-


Harisson? Does Matt Cassell get it
now, does he realise the whole quar-
terbacking thing is much easier if you
just throw it to Randy Moss?
PATRIOTS. 24
RAMS-20
SAN DIEGO CHARGERS @
Drew Brees finally gets his shot.
A chance at redemption. An oppor-
tunity to exorcise the demons of
being cast aside by the franchise that
drafted him. This is the type of game
Disney movies are made of, the
"2008 Revenge Bowl!" This would
have all been great if the Saints
homefield advantage wasn't taken
away by the game being played at
London's Wembley Field. A rapid
Louisiana fanbase will be substituted
for people that will insist on calling
the field a pitch and spend most of
the game letting everyone within
shouting distance know that it's not
really football. Additionally, the
Saints injury plagued offence will
struggle without Reggie Bush, the
loss of which eliminates the "Just
throw it to him and let him run about
until he scores" play from the New
Orleans playbook.
CHARGERS- 31
SAINTS- 23
CINCINNATI BENGALS
The Texans have not been nearly
as good as most expected this season
but at least they have appeared to
have righted the ship and don't start
Ryan Fitzpatrick at quarterback.
Matt Schuab is playing like he's still
searching for a contract behind
Michael Vick again, and the Texans
may have found the most legitimate
running threat since the franchise's
inception in Steve Slaton. There's
nothing good to say about the Ben-
gals; (Although everytime I say
that.,.like clockwbrk...that team wins)
.i !l ;


TEXANS- 23
BENGALS- 13
OAKLAND RAIDERS @
The 2008 "Overwhelming Theme
for This Season" Bowl. Both teams
have quarterbacks that can only be
considered mediocre at best, while
relying on a strong running game,
ball control, and stingy defences. In
retrospect, this has pretty much been
the theme of the entire Ravens' fran-
chise. The similarities will extend
even further on the defensive end
with a sibling rivalry between defen-
sive co-ordinators and twin brothers
Rex (Ravens) and Rob (Raiders)
Ryan. Rex gets the nod, because he is
the only defensive coach to remain
from the Ravens 2000 Super Bowl
winning staff and because, his
Wikipedia widget is much more
extensive than Rob's.
RAVENS.-13 .
RAIDERS-6
CLEVELAND BROWNS @
q This game should be dubbed
"Disappointment Bowl '08." Two of
the most popular preseason picks to
make the playoffs, and in Jack-
sonville's case, make the SuperBowl,
have been reduced to prime exam-
ples of mediocrity. On top of the on
the field trouble, the Browns have a
brewing quarterback controversy and
an ensuing battle between their most
potent offensive weapon (Kellen
Winslow) and the front office. At 2-4
and 3-3 respectively, he loser of this
game could in all likelihood end any
postseason hopes. As it stands now
the Jags have more potential for suc-
cess and if Troy Williamson can ever
live up to his top-20 pick status and
become a legitimate deep threat, the
offence will have balance and it gives
their defence a fighting chance'of "
winning a few games.


A defining week



for NFL teams


SEE page 11
il'ni.r < ., ,, ;,


WORLD


NAWIRA (North

America & West

Indies) World

Cup Qualification

Sevens


Featuring the National

Teams of:

The Bahamas,

Barbados, Bermuda,

Canada, The Cayman

Islands, Guyana,

Jamaica, Mexico, St.
Vincent & The


It-


USA's Ngwenya--
The fastest tgby
player in the ivorld


11 Men's Teams


Grenadines, Trinidad Admission: $10 adults/$3 students
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7 Women's Teams


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JAGUARS-20
BROWNS- 17
NEW YORK GIANTS @
This game should be dubbed
"Overlooked Bowl '08." It may be
near impossible to find another pair
of one-loss teams that most people
have trouble considering amongst the
upper echelon; I'm perfectly fine just
riding out the wave of the Giants
improbable Super Bowl win last year
as a fluke and it's hard to actually
consider the fact that they are an
elite team. Maybe even better than
last year's team. The Steelers are
somehow overcoming the loss of
Willie Parker and the running back
by committee approach has worked
out better than expected. Both teams
have very good run defences, they
get after the quarterback, and rely on
the run to set up the play action ass
for their big play capability. The
major difference between the two
teams, the Steelers can play the cov-
eted "Nobody outside this locker
believes in us" underdog role based
on the fact that the Giants are the
defending champions. (Twenty years
from now, saying that still won't feel
right.)
STEELERS-23
GIANTS -17
INDIANAPOLIS COLTS
@ TENNESSEE TITANS
COLTS-23.
TITANS-21 .. .:
KANSAS CITY CHIEFS
@ NEW : JETS
This game should be dubbed the
2008 "Thank God for the Schedule
Makers" Bowl. This is exactly what
the Jets needed to keep faint division
hopes alive. Nothing solves off the
field issues like winning, and a game
against the Chiefs will prove to be
exactly the key to fixing the Jets' ail-
ments. This should be a good fantasy
day for the Jets, so if you have Thomas
Jones, or the Jets Defense on your ros-
ter, you should play them. The Chiefs
are without their embattled leading
rusher (Larry Johnson) and have the
league's worst run defence.


tn Rugby Centre
(Prince Charles Drive East)


October 25th & 26th, starting at 10am


............................. ......... o......................................................................................................................................................................................................................................................................................................................................................................................


FRIDAY, OCTOBER 24, 2008, PAGE 14


THE TRIBUNE


_t- *








. J4
-- - - - - - - - - - - - - - - .


FRIDAY, OCTOBER 2-1, 200"







SISands ousted as




..B president
B"A" d' tit
^BS^^&^&.^t^;^^x'-. '*T ^ ^^^B ^


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; /


Felip6 Major/Tribune staff
PICTURED is BOA president Wellington Miller posing with his
Mario Vazquez Rana Sports Merit Medal. Miller was one of 15
presidents presented with this award.


Miller receives sports merit

medal for achievement


By BRENT STUBBS ,
Senior Sports Reporter
bstubbs@tribunemedia.net
HE'S only been in office for
about two months as president
of the Bahamas Olympic Asso-
ciation, but Wellington Miller
said he's getting to enjoy every-
thing that comes along with it.
Earlier this month, Miller and
one of his vice presidents David
'Stretch' Morley attended the
Pan American Sports Organi-
zation meeting in Acapulco,
Mexico.
During the meeting, Miller
was one of 15 presidents that
was presented with the Mario
Vazquez Rana Sports Merit
Medal for their achievement to
sports in their particular coun-
tries.
"It happened on the very first
day of the meeting, so you did-
n't have any hint that this was
going to happen," Miller said.
"When they called my name,
David Morley touched me and
told me 'that's you.'" '
Although he was just elected
as the president of the BOA in
July, Miller said he's spent the
past 30-plus years in sports and
has served for a number of
years as president of the Ama-
teur Boxing Association of the
Bahamas.
Accomplished
"This is something that I
cherished. This is the highest
sporting award that any execu-
tive could receive in the
NACAC," said Miller., of Rana,
who has served as president for
more than 30 years.
From the meeting, Miller
said he and Morley brought
back a lot of information that
they will be sharing with the
executive members when they
go into an all-day conclave on
Saturday, November 1 at the
Hilton Hotel.
All six vice presidents,
according to Miller, will be giv-
en a specific task to deal with.
Among the matters to be dis-
cussed is arts and graphics,
another dimension to the
Olympic movement that many
people are not aware exist.
Miller said they will also be
looking at the scholarships for
athletes and the courses for
coaches as they try to improve
on all levels of sports.
"We have to make sure that
the coaches in these federations
are qualified," Miller said. "The
courses are there, so we need
them to be prepared to get their
athletes motivated for an
event."
On November 14, Miller will.
be leaving for Gambia where he
will be attending the Common-
wealth meeting to deal with the
plans for the next four years.
"I'm prepared for the chal-
lenge, I'm prepared for the


travel and I'm prepared to lead
this organisation for the next
four years so that we can be
ready," he said.
Next year, Miller said he will
b'e-attending a conference in
Copenhagen where more infor-
mation will be passed on to del-
egates from each country.
By next month, Miller said
they intend to have their office
opened on a daily basis, once
they have identified the person
to handle the chores.
While they are interviewing
persons now, Miller said who-
ever is selected will have to be
prepared to travel to Lausanne,
Switzerland for six weeks to-
learn the Olympic movement.
"It's a big organisation with a
lot of money," Miller said.
"They are willing to help. Once
you can produce programmes
to say, it's no problem."


* By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net
"I'M extremely disappointed
to say the least, but at the end of
the day the membership have
spoken surprisingly so," said
Mike Sands after he was ousted
as president of the Bahamas
Association of Athletic Associ-
ations.
Although it was a year-long
move to terminate Sands' tenure
before elections are held next
November, the end came on
Thursday night at the Colony
Club after a lengthy monthly
meeting resulted in a 22-19 "no
confidence" vote against Sands.
"I have to accept it for what
it's worth and I wish them all
the best," said Sands, who will
now be replaced by first vice
president Curt Hollingsworth.
Sands, who had completed the
tenure of Desmond Bannister
in 2005 when he resigned to run
for politics, tried to present rea-
son after reason in the closed'
door meeting why he felt what
he did was for the betterment
of the association and the sport
in general during his full three-
year term that started in 2006.
But looking back to what
transpired prior to the meeting,
Sands said there was a "block
from Grand Bahama. They
came with an agenda, they came
with a preconceived motion and
some other things that went
along with it that had an
impact."
This is the first time in the his-
tory of the association that a
president has been ousted from
office and it came right on the
eve of the BAAA's hosting the
North American and Central
American and Caribbean
(NACAC) Congress this week-
end.
"The secretary general (Fos-
ter Dorsett) is still on the board,
so I will pass on the relevant
information to him and hope
that they can arrange everything
and continue the process," Sands
said.
. As he left, he offered two


Move is the first in

association's history


more words: "Good luck.".
In taking over as the new
boss, Hollingsworth also had.
three words when asked how he,
felt: "It's mixed emotions."
But he put the move into per-
spective this way: "Anytime you
get into a situation like this,
there is a difference of opinion
and there's a disconnect
between any number of persons
and the leaders in the organisa-
tion, you end up with this sort of
situation."
He said Sands must be com-
mended for the outstanding role
he played in keeping the sport as
the most vibrant in the country.
However, he said there will
be a lot of "healing that has to
take place" as there will be some
members who may not buy into
the new look executive board
right away.
"I just think that we need to
operate as a fully inclusion club
where we involve coaches,
where we involve members of
the organisation and just make
them feel like they are a part of
the organisation," Hollingsworth
said.
As the interum president,
Hollingsworth said he would
first meet with his executives to
chart the new way forward
before he make any official
statement.


The meeting was jammed
pack with executives, council
members and members, includ-
ing a contingent from Grand
Bahama headed by businessman
Basil Neymour.
"I personally believe that all
of us have the responsibility to
run this organisation and run it
right," Neymour said. "The pres-
ident would not heed to his
executives, nor members of the
council when it comes to doing
things. He became a one-man
band.
"Over the years, I pleaded
with them to get it right and
straighten out this organisation.
But this is a long time coming.
Mike just wouldn't listen. All
they want to do is be a part of it.
This organisation was hurting
because of selfishness."
Neymour said Sands might be
gone, but it's nothing new
because "presidents come and
they go. He just has to move on
and let the association move
on."
Wellington Miller, who con-
ducted the election, said it went
in an orderly fashion. '
"I was happy and proud of
the way they displayed them-
selves," he said. "The motion
was againstMike Sands, and he
lost. It was democracy-at-work."


lThey came
with an agen-
da, they came
with a precon-
ceived motion
and some other
things that went
alon' with it
that had an
impact..

flEESANDS


RUGBY WORLD CUP




NAWIRA (North America, &The West Indies) World Cup
Qualification Sevens
Featuring the Nationa~ Teams or:
The Bahamas, Barbados, Bermuda, Canada, The Caymarn islands, Guyana, ~rn)i,(
Mexico, St. Vincent & The Grenadines, Trinidad & Tobago, The Uniteod Sta. :.,.f AnIr i..


U ~


11 Men's Teams
7 Women's Teams
Winton Rugby Centre
(Prinee Chariles Jfiw t e,
October 25t" & 26th, starting at 10am


Admission: $10 adults/$3 students





IFor PW//vTipa flin.t M, "int m E, "le: 3-1932 Or

S 1i f l it !, i.


tf o 'ts






4 ~ 1


IN I Ib M. 0 1* m *
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PEO E'S NEWSPAPER THE PE -
PEOPLE'S NEWSPAPER THE PEOPLE'S


WISPAPER
NEWSPAPER


Fn












HE F I I B U N E





FRIDAYY, OCTOBER 24, 2008
a I qt. ; .j .


FAMILY GUARDIAN
INSURANCE COMPANY LIMITED


* ,~* '.A~
* ~ 'i*''~*V*'V'~'


E By NEIL HARTNELL
Tribune Business Editor


A leading insurance executive
yesterday urged the Govern-
ment to enact laws to safeguard
Bahamians against "predatory
lending" by some pay-day
lenders and "grey market"
finance houses, as increasingly
desperate consumers turn to
unorthodox methods to make
ends meet.
Chester Cooper, British
American Financial's president
and chief executive, said that
with the Bahamas and world
economy "headed full-steam for
one of the most ,hI Ic n
financial times '. v c L n n ii
perhaps most of our ilk h I-iiiL',
the Government needed to
tighten consumer protection to
ensure Bahamians were not
exploited by a minority of
unscrupulous lenders.
Addressing the Exuma Busi-
ness Outlook conference, Mr
Cooper jd A 0 o.1 ir.i -.ii
tightens, pay-day lending will
become mo:-- app:,in tt.,
Bahamians ,ejrchinp for tfa't
cash.
"This cash will come with
exceptionally high rates and
fees. In some cases, I am told
that the fee is roughly $15 for
every $100'for a two-four week
period. This equates to in excess
of 360 per cent.
"This is usury, and many of
these grey market houses pop-
ping up must be regulated for
the protection of the public."
Mr Cooper also urged the
Government to cap the percent-
age of a civil servant's salary
that could be taken.out in
monthly salary deductions.
"When we see. government
workers earning $3,000 per
month taking home $34 a
month, it's time for the Govern-
ment to step in and say enough
already," he added:
Providing suggestions for how
the Government could stimulate
a faltering Bahamian economy
being buffeted by the global
economic downturn, Mr Cooper
urged it to amend the Hotels
Encouragement Act and extend
the inceni'.es i.trenid Bay ,
Street rtaier in the 2008-2009
Buidgit ti:, oihr Bahamian town
centres, such as George Town.
Apart from stimulating busi-
ness activity, Mr Cooper said
such incentives would allow
Bahamians to use the 'lull' cre-
ated by the economic slowdown
to improve and revamp the
nation's tourism product. This
would provide visitors with a ,
refreshed industry, complete
with new attractions, when the
sector and world economy
rebounded.
Apart from progressing with
the Bahamas Telecommunica-
SEE page 5B


Albany to invest further



$150-$200m in Phase I


* Developer says 60
of 63 construction
firms hired to work
on billion dollar
development are
Bahamian
* Some $150m
invested 'to date',
with 231 workers
employed on site
* Re-routed road
complete, with
vertical construction
on hotel cottages
starting Q1 2009


* By NEIL HARTNELL
Tribune Business Editor
The Albany resort developers
yesterday told Tribune Business
they had spent $150 million "to
date" on the project, with a fur-
ther $150-$200 million set t6 be
invested in a phase one con-
struction process that has.
engaged 60 Bahamian contrac-'
tor firms.
Christopher Anand, Albany's
managing partner, speaking to


Financial sector to


face 'more pressure'

* By NEIL4.ARTNELL ---
Tribune Business Editor
Efforts by European states to ..
revive the OECD's "harmful tax
practices' initiate are con -
tributing to "an uncomfortab e
environment" facing the
Bahamian financial serve ices
industry, with this nauon set to
face "more pressure" as they
seek to push aside demands tor
a 'level playing field'.
Michael Paton. a former
Bahamas Financial Ser ices
Board (BFSB) chairman, said
the French and German-led
meeting held in Paris this w'.eek,
which sought to rethie the
OECD initiative and EU Sa\'-
ings tax Dir active, coupled with h
gress in the US, indicated that
international financial centres
were likely to come under for a better life
renewed pressure.
These developments, Mr .. .
Paton said, showed that the
Bahamian financial services
industry was facing "an uncom-
fortable environment and we
can only expect more pressure.
I'm concerned they're trying to
push the level playing field pre-
condition aside".
The Bahamas and other
international financial centres
were able to stymie the OECD o
'harmful tax practices' initiative
by insisting on a 'level playing
field', where all OECD mem-
ber states met the same stan-
dards for transparency and tax
information exchange.
It quickly became apparent
that manyr OECD member
states were even less-comvpliant
with the standards it was
attempting to push than inter-
national financial centres, forc-
ing the OECD to establish its
Global Forum on Taxation in
a bid to get its way through per-
suasion, rather than coercion.
However, this week's meet-
ing in Paris is attempting to
push aside the 'level playing
field' demand, and instead turn
the focus on to international
financial centre who have not
made good on their commit-
ments to transparency and tax
information exchange.
Eric Woerth, France's minis-
ter for budget, public accounts
and the civil service, even sin-
gled the Bahamas out for spe-
cial attention, naming it along-
side the Cayman Islands, St
Kitts and Nevis and Samoa as a
state that had not implement-
ed its so-called commitments
and "offers zones of opacity that
facilitate fraud".
What is abundantly clear is
that EU states are attempting


this newspaper from Orlando
as several Bahamian contrac-
tors used heavy machinery to
block entrances to the Albany
development, in protest at what
they claimed was their inability
to win project contracts, said 60
out of the 63 construction firms
hired to date were Bahamian.
The foreign construction
companies hired by Albany, he
SEE page 3B


Emerald Bay



resort 'taken


off' the market


* Exuma 'anchor property's' receiver
removes hotel from sale temporarily to
focus on Christmas season
* Festive season bookings 'high', with
resort 'highly unlikely' to close despite lat-
est bid falling through


* By NEIL HARTNELL
Tribune Business Editor
The Four Seasons Emerald
Bay Resort's receiver yesterday'
told Tribune Business it was
"highly unlikely" the property
would be closed after the latest
purchase attempt fell through,
although it would be effectively
taken off the market for three
months to focus on the busy
Christmas season.
Confirming that the bid led by


Bahamas-resident .commodities
dealer, Rami Weisfisch, had
failed, Russell Down, h UK-based
accountant with Pricewater-
houseCoopers (PwC), said:
"We're obviously disappointed
that after considerable effort b\
all stakeholders to find a new
owner to take the resort forward.
we've been unable to do that.
"We need time to take stock,
concentrate on the festive season,
SEE page 2B


'Back to drawing board' on


financial services model

Ex-minister warns EPA deal will allow Europe to

demand TIEAs 'through the backdoor' via MFN clause


M By NEIL HARTNELL
Tribune Business Editor
The Bahamas will have "to
go back to the drawing board"
and revise its international finan-
cial centre's business model to
one that is "non-tax-driven", a
former finance minister said yes-
terday, with a recently-signed
trade deal likely to let European
nations obtain tax information
"through the backdoor".
James Smith, minister of state
for finance in the former
Christie administration, said the
Most Favoured Nation (MFN)


clause in the Economic Part-
nership Agreement (EPA) with
the European Union (EU),
which the Bahamas signed on
to last week, gave EU member
states a route to obtain. Tax
Information Exchange Agree-
ments (TIEAs) with this nation.
The Bahamas already has a
TIEA in place with the US,
allowing Washington to request
information in specific cases -
on US clients of Bahamas-based
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PAGE 2B, FRIDAY, OCTOBER 24, 2008


THE TRIBUNE


Emerald Bay resort 'taken off' the market


FROM page 1B

and once through that, we will concen-
trate on how we go forward. We're at a
time when it's pretty difficult to make
any plans going forward.
"The position we've got to is to focus
on making sure the hotel has got every-
thing it needs to give clients a great expe-
rience leading into the busy season.
Bookings are very high."
Sources close to the resort suggested
yesterday that the London office of the
Japanese insurer, Mitsui, which holds the
Four Seasons Emerald Bay resort's debt
through insuring the initial construction
loan, might close or "mothball" the prop-
erty to save on costs.
Mitsui was said to have walked away
after Mr Weisfisch, who owns a condo at
the Bayroc condominium complex at
Cable Beach, and his group did not deliv-
er what was required to initiate a trans-
action.
Tribune Business had been told previ-
ously that Mr Weisfisch had effectively
taken over the Ambrose Holdings (UK)
bid to acquire Exuma's 'anchor property'
after its initial $125 million offer was
rejected by the Government, due to con-
cerns about whether it had the financial
wherewithal to not only complete the
purchase, but also complete the full build-
out of Emerald Bay and take the resort
property forward.
Prime Minister Hubert Ingraham ear-
lier this year told Tribune Business that


there were two potential buyers at the
table. Apart from Mr Weisfisch's group,
Tribune Business can reveal that the oth-
er was the Miami-based resort developer,
Gencom, who the Prime Minister was
trying to interest in Emerald Bay.
However, Gencom has more than
enough problems of its own following
the collapse of Lehman Brothers, its main
debt financier and 20 per cent equity
partner in the Ritz-Carlton Rose Island
project. It is now engaged in a search for
a Lehman Brothers replacement, and an
Emerald Bay bid will be low on its pri-
ority list.
Mr Downs, though, said it was "highly
unlikely" that the Four Seasons Emerald
Bay resort would close. Hospitality indus-
try sources also added that closure was
unlikely with the peak winter season
approaching, as the property would suf-
fer immense costs and reputational dam-
age from having to compensate pre-
booked customers.
Occupancies at the Four Seasons
Emerald Bay Resort are "pretty low at
the moment and have been for a while,
but we're pleased with what they are for
the festive season", Mr Downs said,
adding that they compared well with pre-
vious years.
Acknowledging that the global cred-
it/liquidity crunch had narrowed the buy-
er field due to difficulties in accessing
debt financing, Mr Downs said the
receivers were still receiving purchaser
interest. .
"We haven't got our door open to let


people [buyers] sit down," he explained.
Notwithstanding the world uncertainty,
people continue to express an interest
in the resort.
"Our position is that now is not the
time to be receiving that interest. We
need an interval of time to take stock of
where we are, an in the New Year we
will review that interest and decide how
to go forward.
"I'm sure a buyer for the hotel is out
there, and we have to find them as quick-
ly as we possibly can. We need a win-
dow of time around the festive season
to do it justice."
Mr Downs added: "We need to get
beyond the busy season and we've spent
a lot of time with Four Seasons recently
to make sure everyone understands the
receiver's position, which is to ensure
the hotel will be open for business much
as it has been from day one of the
receivership.
"We've had a number of serious buy-
ers and reached the final stages with
them, but for one reason or another
we've not been able to get over the line."
Mr Downs said most cost savings with-
in the Four Seasons Emerald Bay
Resort's business structure had already
been found, although staff like most
Bahamas properties were on two and
three-day work weeks.
Chester Cooper, British American
Financial's president and chief execu-
tive, yesterday urged the Government
to "do all in its power" to keep the Four
Seasons Emerald Bay resort open and


assist in finding a new buyer.
He added that its closure would "be a
major blow to the island, plummeting it
back to the 1980s" and undermining the
'anchor property' model, for which it was
the prototype.
The $320 million Emerald Bay resort
has acted as Exuma's main economic
engine, attracting additional foreign
direct investment to the island. It employs
almost 500 staff, and features an 18-hole
Greg Norman Golf Course, two restau-
rants, three pools, spa, six meeting rooms
and 450-person capacity ballroom.
Other investment projects previously
attracted to the Emerald Bay vicinity
include the resort's Pinnacle Entertain-
ment-managed $5 million casino, the
$110 million Grand Isle Villas develop-
ment, plus the 80/50 fractional owner-
ship component.
A shopping complex has also opened
at Emerald Bay, the anchor retailer being
the Emerald Isle supermarket. The com-
plex also includes businesses such as Sco-
tiabank and Mail Boxes Etc.
David Johnson, deputy director-gen-
eral in the Ministry of Tourism with
responsibility for planning, investment
and business development, warned last
year that the Four Seasons needed to
become a sustainable, profitable resort,
and the Bahamas could not afford for it
to fail.
He said then that factors such as build-
ing costs being about 40 per cent higher
per square foot than they are in Nassau,
had retarded Emerald Bay's growth and


kept it from reaching the development its
owners had previously predicted.
Mr Johnson said of Emerald Bay:
"The property was conceived to be a
mixed-use project, with 185 keys under
the,Four Seasons brand. The vast major-
ity of the property was to be for mixed-
use, condos and hundreds of lots sold for
significant family homes.
"After four years of operation, they
have developed very little of the sold
inventory. There's been a lot of trading of
the land by the owners, but the cost of
building is prohibitive.
"The buildings costs, the numbers sug-
gest, are in excess of 40 per cent higher
per square foot to build."
Costs to construct such properties in
Nassau were $500 per square foot, while
in Exuma the price was $800 per square
foot.
Mr Johnson also underlined the impact
the relatively high building costs on Exu-
ma, compared to Nassau, were having
on Emerald Bay's margins. He pointed
out that concrete there cost $200 per
yard, whereas in Nassau it cost $125 per
yard.
"The hotel, with a golf course and spa,
as a 185-room resort' of Four Seasons'
calibre, can only be profitable if it has a
much larger customer base outside those
rooms," Mr Johnson said.
He added that the resort needed to
build out to 700-800 units to get close to
profitability, whereas it was currently
closer to 300-400 units.


FROM page 1B

tax matters law enforcement
authorities are investigating. To
date, the Bahamas has resisted
signing similar TIEAs with Euro-
pean nations.
Yet the Bahamas and CARI-
COM have no formalised bilat-
eral trade deals in place with the
US and, as a result, Mr Smith said
the EU could use its status as
their MFN trading partner to its
advantage.
The EU could demand that the
Bahamas bow to its tax informa-
tion exchange demands on the
grounds that it had given prefer:
ential treatment to.a third party,
namely the US, while ignoring its
MFN partner.
"One of my concerns with the
EPA that was recently signed was
that it was going to be the Euro-
peans' way of getting into tax
information exchange agreements
with the Bahamas through the


backdoor," Mr Smith told Tri-
bune Business.
"I would like to see what will
happen when the Europeans look
at the TIEA between the
Bahamas and the US, and insist
on the MFN clause.
They will say: 'You ought not
to offer them anything you do not
offer to us'.
"We have an exchange agree-
ment with the US for tax now,
and it will be difficult to counter
the same argument from the
Europeans. Europe will get what
the US gets because of the
MFN."
Mr Smith said it was "only a
question of time" before the EU
came knocking at the Bahamas'
door with a TIEA request. *
This, he added, was likely to
come when this. nation and
CARICOM agreed an inevitable
trade deal with the US, as the EU
would exploit its MFN clause to
obtain the same preferences.
"The Europeans will say: 'Now


you have an agreement with the
US, we want the same thing.'
"We let the cat out of the bag
with that one.
"It's just a question of when
CARIFORUM settles an agree-
ment with the US, because the
OECD will have the same thing,"
the former minister explained.
He disclosed that an EU dele-
gation came to see him while in
office and presented him with the
text of a TIEA agreement
between the Bahamas and the
EU.
* This, Mr Smith, said was a
fixed, 'take-it-or-leave-it' pro-
posal, as the EU delegation had
no mandate to negotiate terms.
It was quickly rejected.
However, he pointed out that
the benefits from a TIEA
between the Bahamas and EU
states were likely to be all one-
way in the latter's favour. Unlike
the US, which was able to offer
this nation the convention tax
deduction benefits to aid its


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tourism industry, the EU could
offer no reciprocal terms.
Mr Smith, who is also a former
Ambassador for Trade, said most
nations chose not to include MFN
clauses in trade agreements that
they signed because it acted as a
barrier to getting preferences and
concessions from similar future.
Deals they may sign.
EPA advocates had previously
- told Tribune Business that signing
the trade agreement with the EU
would have no negative conse-
quences for this nation's offshore
centre, as financial services was
not included in the deal or its text.
They acknowledged that the
Europeans had attempted to
include financial services and the
issue of tax information exchange
in the EPA, but opposition from
CARIFORUM countries had
forced its removal at an early
stage.
However, Mr Smith said this
was not a correct assumption.
"We cannot say financial services.
is tot in .the mix because it's one
of the most open sectors we have,
and we have a number of Euro-
* pean'banks here," he'added.
If the Bahamas was forced via
its trade agreements toenter into
TIEAs with EU states, it would
require this nation to provide
them with information, in specif-
ic cases, on EU clients of Bahami-
an financial institutions.


Such a development could
cause a flight of business.from
this nation to other jurisdictions,
such as Hong Kong and Singa-
pore,' as happened in the after-
math of the 2000 blacklisting by
the Financial Action Task Force
(FATF).
As a result, Mr Smith said: "I
guess we're going to have to go,
back to the drawing board in
terms of how we structure the
economy going forward.
"The bulk of the business will
have to be non-tax driven, not
reliant on tax evasion and avoid-
ance.
"'You're going to have to open
the model up and capitalise on
cost, efficiency and innovation.
"That may have a lot of impli-
cations for the Bahamas, because
we still have the reluctance to
allow foreign fund managers in
or specialist legal guys who .can
create the complex structures. "
Mr Smith said the silujanon
would not impact all Bahamas-
based institutions equally, as it
would depend on how much of
their business was tax driven or
dependent on Europe.
One way forward, he suggest-
ed, was to sign double-taxation
agreements with EU states and
then act as withholding tax col-
lectors for them, earning a fee in
return.


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'Back to drawing board' on financial services model


Financial sector

to face 'more

pressure'

FROM page 1B

to use the global financial crisis
as a peg/hook upon which to
renew their assault on interna-
tional financial centres, a com-
munique issued after the Paris
meeting claiming that "investors
located in jurisdictions that pro-
vide an opaque environment"
had "adced-to the current cri-
sis".
The communique again
raised the spectre of EU and
OECD states applying 'defen-
sive measures' against interna-
tional financial centres,/and
demanded that they implement
their previous commitment. It
also forei'hado'wed the expan-
sidoi nf'the EU Sain gs Tai'
Diirected-.
Mr Paton, a partner in the
Lennox Paton law firm and
head of its financial services
practice, told Tribune Business
that any short-term impact on
the Bahamian financial services
industry could depend on the
type of 'defensive measures'
applied.
However, he added that it
would be virtually impossible
to cut Bahamas-based institu-
tions off from the global finan-
cial system, although they could
be subjected to enhanced due
diligence requirements. "
"It's certainly not a good
place for us to be," Mr Paton
said yesterday, adding that the
US was likely to take a much
tougher line on international
financial centres come January
if Barack Obama took office
and the Democrats remained in
control of Congress.
"I think we need to put our
position forth that we are not
harmful to the US tax system,"
. Mr Paton explained. "If any-
thingn we facilitate inward
investment'in the US, and more
than anything now, the US
needs capital inflows.
"I'd argue that we provide a
benefit to the US, and that it
should welcome centres that
collect and flow capital into the
US. If anything, we facilitate
and support the financial sys-
tem of the US.
"We've got to be willing to
stand up and not bow to the
pressure.
"We've got to be more
sophisticated in our'lobbying.
One would hope our govern-
ment will recognize that and get
ready for it, because the envi-
ronment is getting more hos-
tile."
As for the OECD and EU,
Mr *Paton said the Bahamas
needed to make clear that it
would continue to co-operate
in dealing with requests for
assistance via the normal legal
channels in dealing'with finan-
cial crime. '
However, the Bahamas need-
ed "to use our position" on the
OECD Global Forum's work-
ing group to defend itself
because "we cannot be put at a
competitive disadvantage" to
the likes of Hong Kong and Sin-
gapore.
Chester Cooper, British
American Financial's president
and chief executive, also told
the Exuma Business Outlook
Conference that the Bahamian
financial services industry would
be "hardpressed to remain
viable" given its current model
and looming offensive from the
US and EU.


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Sl)UM/li, ) I I UDrti 'e-i, uuU,UU, 1-rL -)uw


m Albany to invest further


Tourism arrivals $150-$200min Phase I


suffer major fall


* By CARA BRENNEN-BETHEL
Tribune Business Reporter
Tourism arrivals declined by almost 10
per cent during the month of July.
Accordir.g to the Ministry of Tourism,
total arrivals for the month of July
dropped from the 377,860 recorded in
2007 to 341,471 this year.
The first seven months of 2008 had 3.2
per cent fewer visitors with 2,717,672 per-
sons visiting the Bahamas for year-to-
date 2008, compared to the 2,807,178
tourists in the same period in 2007.
Nassau/New Providence saw a decrease
of 10.4 per cent for July, and a 6.5 over-
all visitor decline for the year-to-date.


Grand Bahama experienced a similar
decline for the month of July and its over-
all year-to-date numbers, seeing a 14 and
14.5 per cent decline respectively.
On the other side, the Family Islands
saw a 4.9 per cent decline, their. July fig-
ures dropping from 93,342 to 88,732.
Year-to-date, the numbers actually
increased by 9.7 per cent, with 839,003
visitors so far in 2008 as compared to the
764,872 arriving in 2007.
Looking at sea arrivals, Nassau/Par-
adise Island saw a major decline of 30.5
per cent in July, and a 14.9 per cent drop
in the year-to-date numbers.
Grand Bahama's sea arrivals decreased
by 10.5 per cent and 15.8 per cent respec-


tively, while the Family Islands, more
typically used as a first port of entry,
decreased by 3.9 per cent for July and 3.2
per cent year-to-date.
In New Providence air arrivals,
increased by 21.3 per cent in July and by
7.1 per cent year-to-date. In Grand
Bahama, the picture was reversed with
that island seeing the same percentage
decline in July and a 12 per cent decline
year-to-date.
The Family Islands saw a 7.8 per cent
decline in air arrivals for July arid a 5.2
per cent decline in the year to date fig-
ures.


* By SARA KUGLER
NEW YORK
Arguing that New York
needs his financial skill to guide
it through the crisis on Wall
Street, Mayor Michael
Bloomberg persuaded City
Council to amend the term-lim-
its law Thursday so that the bil-
lionaire independent can run
for re-election next year,
according to the Associated
Press.
By a 29-22 vote, the council
agreed to allow officeholders
three consecutive four-year
terms. Existing law limits them
to two terms, and Bloomberg's
second is up at the end of 2009.
The vote dramatically alters
the city's political landscape.
Many would-be mayoral candi-
dates are expected to drop-out
ofthe race rather than run
against a popular incumbent
with unlimited cash to spend.
Bloomberg founded the finan-
cial news service that bears his
name and is worth an estimated
$20 billion.
The former CEO was first
elected as a Republican in 2001,
while smoke was still rising from
the ruins of the World Trade
Center; he later became an
independent.
Bloomberg's announcement
three weeks ago that he would
try to rewrite the term-limits
law led to a bruising debate -
and a politically damaging one
for the mayor, who had previ-
ously backed the term limits law


and even vetoed a 2002 bill to
amend it, saying it was an
attempt by politicians to change
the rules for personal gain.
Scores of New Yorkers came
to testify during 20 hours of
council hearings, and a poll
found that registered voters
overwhelmingly disapproved of
the plan.
After the vote, Bloomberg
issued a statement praising the
council for acting to "give the
people of New York a fuller
choice" next year. He said the
city must turn its focus to soft-
ening the fallout from the finan-
cial downturn.
He was not present for Thurs-
day's vote, but as he left City
Hall shortly afterward, a group
of protesters chased him to his
SUV, shouting that he was a
"sellout."
"You're disgusting!" they
yelled. The mayor's face was
red as he silently got into his
car, surrounded by aides and
his security detail.
During the debate on Thurs-
day, Councilman Charles Bar-
ron, who voted against the bill,
urged his colleagues to say "no
to bullying, no to billions of dol-
lars and yes to the people." And
Councilman Tony Avella said:
"You should all be voted out
of office for voting for this."
Opponents argued that the
mayor was going over the heads
of voters, who approved term
limits twice in the 1990s. Many
critics said they did not disagree
with Bloomberg's goal of


adding a third-term option but
faulted the way he went about
it.
"Everything has been wrong
with this process, and we should
not be party to it," said Coun-
cilman Bill de Blasio.
Council Speaker Christine
Quinn acknowledged the "dif-
ficult" decision each council
member had to make, but
agreed with Bloomberg that the
city needs continuity in govern-
ment to get through the finan-
cial turmoil. The crisis on Wall
Street has done severe damage
to the city's financial fortunes.
"Our city, already in reces-
sion, is headed for a long and
deep downturn," she said. "In
challenging times like these, the
voters should have the choice,
the choice to continue their cur-
rent leadership."
As the measure passed, a
shout came from the spectators'
section on the balcony: "Shame
on you, shame on all of you!"
Several council members who
opposed the Bloomberg plan


made a last-minute push for a
voter referendum on term lim-
its, but their measure was
defeated.
Bloomberg's success at pass-
ing the term-limit proposal
comes after several high-profile
failures for the 66-year-old may-
or. During his first term, he lost
a campaign to put a new foot-
ball stadium on Manhattan's
West Side. The stadium would
have been the centerpiece of,
the city's bid to host the 2012
Summer Olympics.
Earlier this year, he failed to
get the state Legislature to
approve a controversial plan to
toll cars entering the most
crowded parts of Manhattan,
with the goal of cutting traffic
and pollution.
Bloomberg's best-known leg-
islative successes came early in
his City Hall career. He per-
suaded the City Council to back
his campaign to outlaw smoking
in bars and restaurants. He also
took more direct control of the
city's school system.


FROM page 1B

added, were engaged in joint ventures with Bahamian contrac-
tors. For example, Devcon was working with Bahamas Marine on
the marina development, while 15-17 Bahamian companies were
helping Classic Golf excavate the golf course.
"We are active with 60 Bahamian companies, and there's only
three scopes of work that non-Bahamians are doing, so that's pret-
ty good," Mr Anand told Tribune Business.
He said that there were 231 employees working on the devel-
opment, with 68 employed directly by Albany as its project devel-
opment team.
Of those 68, some 56 were Bahamians, which Mr Anand
described as "a pretty strong ratio".
"The long lead-time items for us are the marina, golf course, the
road and the hotel-cottages. All of them are underway," Mr Anand
said.
"The cottages have just started to go vertical. Once that starts to
happen, we will have a real increase in bodies employees, because
there will be an increase in workers Working inside these properties.
The amenities will start before Christmas the water park, spa and
restaurants. It's all systems go."
On the hotel cottages, Mr Anand said the first 14 had their pil-
ings and actual foundations already poured, and the site was being
prepared for another 34.
"They'll start to receive, vertical components by the end of the
year," he added.
"That's started now. We'll have 48 hotel cottages under con-
struction by the 2009 first quarter, and Cavalier Construction is
doing all that work.
"That is the largest single contract we will award in Albany
phase one, and Cavalier got it."
When asked how much the Albany developers, who include
golfers Tiger Woods and Ernie Els, plus Lyford Cay billionaire Joe.
Lewis, had invested to date, Mr Anand said it was "in excess of $150
million".
"That's what we've spent to date, but we've got construction work
in excess of $100 million that's just started. The roads and utilities
we've not done, that's another $20 million. My guess is that there's
another $150-$200 million to be invested."
Mr Anand said that apart from Albany's 90-strong Founders pro-
gramme, the project had closed "a few more" real estate sales for
phase one of the development.
When it came to the marina apartments, which will be con-
structed in phase two and are expected to be the most expensive
segment of the $1.3 billion project, Mr Anand said sales efforts had
not yet begun as the developers prepared all the necessary mate-
rials.
"The environment is a little harder than it was," he said.
"We're still hopeful we will achieve our pre-sales goals. If we can,
we will roll right into phase two as phase one is completed.
"The business environment is a little troubling, but we're incred-
ibly conservatively capitalised. It's a pretty tough environment for
people relying on large amounts of debt and pre-sales. It's virtually
impossible, but we're totally different I'm glad to say."
Meanwhile, Mr Anand said the four-mile stretch of road to re-
route the existing South-West Bay Street around Albany had been
completed in a "first class" fashion and at *an "amazingly quick
pace".
All necessary documents had been submitted to the Government,
and its "sign-off" was now awaited.
Grassing of the gold course was set to begin in February 2009,
with four to five hqles now having a rough shape, and while the
marina channel ha"'taken a bit longer than hoped for", the basin
had progressed welL-.


HtI- i HlUi N-


NYC mayor wins fight




to extend term limits


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before November 16th, 2008.
Contact 322-8396 @ extn. 232
for any additional information.


CARIBBEAN CENTER FOR CHILD
DEVELOPMENT
The Caribbean Center for Child Development would like to
invite applications from qualified and experienced candidates
for the following vacancy, with immediate effect. Candidates
should hold the following qualifications including an
education/teaching certificate.
Teaching specialist in communication disorders: Position
duties include the selection of assessment tools and evaluate
children for speech/language delays and oral motor/feeding
difficulties. Design and implement a treatment plan according
to the needs of the children. Be able to provide training to the
child's family and school-based staff.
Position Requirements: Masters degree or higher in speech-
language pathology, teacher certified, board certified, five years
experience working with disabled children in the school
environment, training in working with children with an autism
spectrum disorder and children who are hearing impaired.
Fluency in sign language a plus!
Teaching specialist in occupational therapy: Position duties
include providing therapy services to children from birth to 21
years of age. This individual performs evaluations, planning,
intervention to a variety of children with disabilities including
developmental delay, sensory integration dysfunction, cerebral
palsy and children with autism spectrum disorders.
Position Requirements: Bachelors degree of higher in
occupational therapy/physical therapy, teacher certified, board
certified, five years experience working with disabled children
in the school environment. Specialized sensory integration
training a plus!
All interested candidates should apply as set out below by
letter, email or fax (364-5427) as soon as possible. Applications
MUST include the following:
* letter of application
* a personal statement
* a full curriculum vitae,
* either the names, addresses, telephone numbers, fax and
email numbers of three people who may be approached for
confidential professional references or the name and address
of the recruiting agency from which the candidate's
confidential dossiers may be obtained.
Information on the position being offered may be obtained from
the undersigned.
Michelle Major-Sanabria, Ph.D., NCSP
Clinical Director
Caribbean Center for Child Development
28 Harbour Bay Shopping Plaza
Harbour Bay Medical Center
Box SS-19407
Nassau, Bahamas
Email: mmajor@childproviderspecialist.org
Applications from unqualified candidates, applications arriving
without the full information requested, or applications received
after November 5th will not be considered.


I I IL- I I lj _wl-


I


BUSINESS


RG









PAGE 4B, FRIDAY, OCTOBER 24, 2008


THE TRIBUNE


Banks borrow record amount from Fed


* By JEANNINE AVERSA
WASHINGTON

Banks borrowed in record
amounts from the Federal
Reserve's emergency lending
facility over the past week,
while investment banks drew
loans at a slightly lower but
still brisk pace, a fresh sign
of the credit stresses bedevil-.
ing the country, according to
the Associated Press.
The Fed's report, released
Thursday, showed commer-
cial banks averaged a record
$105.8 billion in daily borrow-
'ing over the past week.
That surpassed the old
record a daily average of
$99.7 billion from the prior
week. On Wednesday alone,
$107.5 billion was drawn, an
all-time high.


Investment institutions draw loans at slightly lower pace


For the week ending
Wednesday, investment firms
drew $111.3 billion.
That was down from $131
billion in the previous week.
This category was broadened
last week to include any loans
that were made to the U.S.
and London-based broker-
dealer subsidiaries of Gold-
man Sachs, Morgan Stanley
and Merrill Lynch.
The Fed report alsoishowed
that over the last week $114.2
billion worth of loans were
made to money market mutu-
al funds via banks to
help the funds, which have
been under pressure as skit-
tish investors demand with-


drawals. The Fed announced a
new effort earlier this week to
help shore up mutual funds.
Squeezed banks and invest-
ment firms are borrowing
from the Fed because they
can't get money elsewhere.
Investors have cut them off,
moving their money into safer
Treasury securities.-
Financial institutions are
hoarding whatever cash they
have, rather than lend it to
each other or customers. The
lockup in lending has con-
tributed to a sharp slowing in
the overall economy.
The report also showed the
Fed has loaned $90.3 billion
to insurance giant American


International Group. In mid-
September, the Fed said it
would provide the troubled
company a two-year, $85 bil-
lion loan. And, recently the
central bank said it would loan
the company an additional
$37.8 billion.
Also in the weekly report,
the Fed said the portfolio of
certain assets it took over
from Bear Steams is now esti-
mated to be worth $26.80 bil-
lion as of Sept. 30, down from
$29.53 billion as of June 30.
Maiden Lane LLC holds the
portfolio of assets.
The report comes as Wash-
ington policymakers battle the
worst financial crisis since the


stock market crash of 1929.
So far this year, 15 banks
have failed, compared with
three last year.
Last week the Bush admin-
istration announced it would
inject up to $250 billion in
banks in return for partial
ownership stakes.
The government hopes that
banks will use the capital infu-
sions to rebuild their reserves.
and bolster lending to cus-
tomers.
Investment houses in March
were given similar, emer-
gency-loan privileges as com-
mercial banks after a run on
Bear Steams pushed what was
the nation's fifth-largest


investment bank to the brink
of bankruptcy. The identities
of commercial banks and
investment houses that bor-
row are not released. Com-
mercial banks and investment
companies now pay 1.75 per-
cent in interest for the loans.
Since the Bear Stearns
debacle in March, the Fed has
taken a series of unprece-
dented steps to get lending -
the economy's oxygen -
flowing more freely again.
The central bank has
repeatedly tapped its Depres-
sion-era authority to be a
lender of last resort not only
to financial institutions, but
also to other types of compa-
nies.
Critics worry the Fed's
actions could put billions of
taxpayers' dollars at risk.


CARIBBEAN REGIONAL TECHNICAL
ASSISTANCE CENTRE
(CARTAC)
&
CARIBBEAN FINANCIAL ACTION TASK FORCE
(CFATF)


CONFERENCE ON









27TH 29TH OCTOBER, 2008
VWYNDHAM NASSAU RESORT, NASSAU, BAHAMAS


The conference will be officially opened by Hon. Zhivargo Laing, Minister
of State for Finance and will feature fourteen (14) public and private sector
speakers from around the world exploring examination techniques,
investigative practices and legal & regulatory frameworks to prevent money
laundering at casinos and internet gambling venues.

The Financial Actioin TasIk Force (FATF) Working Group for the Prevention
of Money Laundering and,,Terrorist Financing at land and internet-based
casinos will debut the Risk-based Approach Guidelines for the Casino
Sector adopted bythe FATF last week.

Speakers include representatives from the Antigua & Barbuda Financial
Services Commission, AUSTRAC, the Bahamas Compliance Commission,
FinCen, Gaming Associates Group, IIGC Ltd., NFC Global, PartGaming
Plc, Spectrum Gaming Group, the U.K. Gaming Commission, the U.S.
Internal Renevue Service, William Hill Plc and World-Check.


The conference agenda can be found at the
www.cartac.com.bb


For further information, contact:

Therese Turner-Jones
tturnerjones@imf.org

Calvin Wilson
calvinwilson@cfatf.org

Howard Edmonds
hedmonds@imf.org


CARTAC website:


State economists: More


doom and gloom for Florida


* By BILL KACZOR
TALLAHASSEE, Florida

State economists added more
doom and gloom to their out-
look for Florida's economy with
an update Thursday that reflects
the global financial meltdown
and higher-than-previously-
expected unemployment,
according to the Associated
Press.
In July, the economists pre-
dicted Florida's slump would
begin turning around by the
start of 2010. Now, they say it'll
be three months later.
"More important than that,
we've really slowed down the
kind of recovery we're going to
see," said Amy Baker, who
heads the Legislature's Office
of Economic and Demographic
Research.
"Originally we had looked at
having what we call a fast snap-
back, which means that we
would be back to normal pretty
quick," she said.
"Now we're saying it's going
to take awhile."
The economists now say nor-
mal growth won't return until
the 2010-11 budget year, 12
months later than their previ-
ous estimate.


The biggest reason for that is
Florida's unemployment has
risen faster and higher than
forecast in July. The expecta-
tion then was that it would top
out at 6.2 percent but not until
the last quarter of 2009.
It exceeded that level just a
month after that forecast, hit-
ting 6.6 percent in August. It
remained at 6.6 percent in Sep-
tember. That the highest it's
been in 14 years and half a-per-
centage point higher than the
national rate.
The labor market takes
longer to right itself than other
economic indicators, Baker said.
'Florida is experiencing heavy
job loss in construction, manu-
facturing, professional and busi-
ness services, financial services
and transportation.
Construction, auto and light
truck sales and tourism also are
down. Wild fluctuations on Wall
Street and in the credit market
are making it difficult to pre-
dict what's going to happen. in.
the near- and far-term.
"Things are getting murkier'
each day," said Clyde Diao, an
economist in Gov. Charlie
Crist's office.
The new economic forecast
will be the basis of next month's


estimate of the state's general
revenue for the rest of the cur-
rent budget year, which began
July 1, and future years.
The last revenue estimate in
August reduced the forecast by
$1.8 billion for the current $66
billion budget, resulting in a
$1.47 million deficit.
Crist and a special legislative
committee plugged less than
half of that hole by tapping
reserves from the budget stabi-
lization fund.
That still left a $795 million
gap and it'll get bigger when the
November revenue estimate is
completed, Baker said.
The Florida Constitution pro-
hibits deficit spending, so that
leaves the governor and Legis-
lature with a dilemma.
Even before the budget went
into effect Crist ordered agen-
cies to hold spending by 4 per-
cent, so that'll help some.
Officials, though, may need
to make additional cuts, take
more money out of reserves or
bprrow from a tobacco settles
ment trust fund set aside to pay
for children's and health pro-
grams in the future.
The situation is expected to
get even worse in the next cou-
ple of budget years.


New York Times parent



sees 51.4% profits drop


* By RICHARD PEREZ-.
PENA '
NEW YORK

The New York Times Com-
pany reported a 51.4 per cent
decline in third-quarter profit
on Thursday and swung to a
loss on continuing operations
as deeper-than-expected
expense cuts could not keep
pace with declining revenue,
according to the New York
times News Service. The com-
pany said it would consider cut-
ting its dividend and plans to
write down the value of assets in
its New England Media Group,


which includes The Boston
Globe, by as much as $150 mil-
lion.
"Our board of directors plans
to review our dividend policy
before the end of this year to
determine what is most prudent
in light of the overall market
conditions," the company's
chief executive, Janet Robin-
son, said in a statement. Print
newspaper advertising revenue
- the bulk of the company's
revenue fell 18.5 percent in
the quarter as the weak econo-
my and the long-term shift away
from print combine to create
the industry's worst period since
the Depression.
Online revenue rose just 2.5
percent for the company's
newspapers, which include The
New York Times, The Boston
Globe, The International Her-
ald Tribune and 17 smaller
papers. But the company's oth-
er online businesses, including
About.com, increased revenue
by 16.1 percent, despite the eco-
nomic downturn.
The loss on continuing oper-
ations was $2.1 million, or 1 cent
a share, compared with a profit
of $19 million, or 10 cents a
share, in the period a year ear-
lier.
Excluding after-tax severance
costs, the Times Co. had earn-
ings of 6 cents per share last
quarter, slightly ahead of the
average of analysts' projections
on the same basis, at 4 cents.
An unusually large $12.8 mil-
lion tax bill, up from $9 million
in the year-earlier quarter, con-
tributed to the loss. Including


one-time income from the sale
of discontinued operations, the
company posted net income of
$6.5 million, or 5 cents a share,
compared with $13.4 million, or
9 cents a share, in the period a
year earlier.
The company reported oper-
ating profit of $10 million for
the quarter, down 64.5 percent
from $28.1 million in the quar-
ter a year earlier.
It cut operating costs 6.8 per-
cent from the year-earlier quar-
ter, to $677 million. But overall
revenue fell faster, 8.9 percent,
to $687 million.
The company said its annual
expense reductions would be
significantly more than the $130
million this year and $230 mil-
lion for 2008 and 2009 that'it
had predicted earlier, but it
declined to say by how much.
One indication of those cuts was
severance costs, earlier esti-
mated at $40 million to $50 mil-
lion for the full year, which
reached $57. million through
nine months.
In addition, the earlier sav-
ings estimates did not include
the company's recent decision
to shut down its City & Subur-
ban unit, a major wholesale
deliverer of newspapers and
magazines in the New York
metropolitan area. The compa-
ny has declined to say how
much it will save from that clo-
sure, which is scheduled for
completion in January, or from
the consolidation of sections in
its flagship newspaper, which
occurred this month.


FG CAPITAL MARKETS
AMDIE.RAGME&AX.VIISCRH SERVICES

C F A L". (c I. C) "N I A I-
BISa- LISTED & TIRED aECUI'me' As OF:
THURSDAY, 23 OCTOBER 2008
BISX ALL SHARE INDEX: CLOSE 1,810.47 I CHG -4.14 I %oCHG -0.23 I YTD -256.28 I YTD % -12.40
FINDEX CLOSE 870.03 I YTD -0.81o% I 2007 28.29%
WWW.BISXBAHAMAS.COM or 242-394-2503 FOR MORE .DATA & INFORMATION
.., 2.. C.r-L._.'_. CaSee.a nI preco^s Close Todaa, s C.ose Change Da-ly V.1 EPS S PD1. ., F E- Ye..i,
S1 ,1 ,.cco r,la 'e-tL, 1 1 71 000 0 01 r 1 0000-. 2' 1-
11.80 11.60 Bahamas Property Fund 11.80 11.80o 0.00 1.061 0.200 11.1 1.69%
9.68 7.64 Bank of Bahamas 7.64 7.64 0.00 0.643 0.160 11.9 2.09%
0.99 0.85 Benchmark 0.89 0.89 0.00 -0.877 0.020 N/M 2.25/O%
3.74 3.49 Bahamas Waste 3.49 3.49 0.00 0.152 0.090 23.0 2.58%
2.70 1.95 Fidelity Bank 2.37 2.37 0.00 0.055 0.040 43.1 1.69%
14.15 11.00 Cable Bahamas 14.14 14.14 0.00 3.500 1.224 0.240 11.6 1.70%
3.15 2.84 Colina Holdings 2.84 2.84 0.00 0.118 0.040 24.1 1.41%
8.50 4.80 Commonwealth Bank (Sl) 7.27 7.28 0.01 5.100 0.446 0.300 16.3 4.12%
6.88 1.99 Consolidated Water BDRs 2.20 2.28 0.08 0.122 0.052 18.7 2.28%
3-00 2.25 Doctor's Hospital 2.77 2.77 0.00 0.256 0.040 10.8 1.44%
8.10 6.02 Famguard 8.06 7.80 -0.26 1,000 0.535 0.280 14.6 3.59%
13.01 12.00 Finco 12.00 12.00 0.00 0.665 0.570 18.0 4.75%
14.66 11.54 FirstCaribbean Bank 11.60 11.60 0.00 0.682 0.450 17.0 3.88%
6.09 5.01 Focol (S) 5.20 5.01 -0.19 22.000 0.385 0.140 13.0 2.79%/
1.00 1.00 Focol Class B Preference. 1.00 1.00 0.00 0.000 0.000 N/M 0.00%
1.00 0.36 Freeport Corcrete 0.36 0.36 0.00 0.035 0.000 10.3 0.00%
8.20 5.50 ICD Utilities 8.20 8.20 0.00 0.407 0.300 20.1 3.66%
12.50 8.60 J. S. Johnson 11.00 11.00 0.00 0.952 0.620 11.6 5.64%
10 t000 C Pre.-,ie Roai Eslale 10 00 1,C0 G1O 0 0 1860 ,t0 000 I 0 6: :
BISX LISTED DEBT SECURITIES (Bonds trade on a Percenlage Pricing bIseal
52wk-Hi 52wk-Low Security Symbol Last Sale Charnge Daily Vol. Interest Maturity
1000.00 1000.00 Fidelity Bank Note 17 (Series A) + FBB17 0.00 7% 19 October 2017
1000.00 1000.00 Fidelity Bank Note 22 (Series B) + FBB22 0.00 Prime + 1.75% 19 October 2022
1000.00 1000.00 Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00 7% 30 May 2013
1Co-0, 00 10r,.,', .. -ic'l., Ba.-0. N o 1- ,Seres DI - 15 1i o0 0 P.lme 1 -5:. .'. rl a. .~ -
Fidelity Over-The-CcA l"er Saourlllse
5.a :. = .M'e.S.... c.r.c. .... But ____' _asf:e Im., o. 8EPS 5 i. 0 E PE___ Y-e
1.1 -i fi. oa_ ar as Suc.ern-ar 'ets 14i1 1 I 6.,: 1 ea ., 41 'i. 3I .. 5
8.00 6.00 Caribbean Crossings (Pref) 6.00 6.25 6.00 0.000 0.480 N/M 7.80%
0.54 0.20 RND Holdings 0.35 0.40 0.35 0.001 0.000 256.6 0.00%
Colina Over-Then-Counler Semouritl n
. 1 ,.. -a 0t ,C'AB 1s8 -. O 3 085 ; 0 ;s :, co.:, .. :
14.00 14.00 Bahamas Supermarkets 13.80 14.80 14.00 -0.041 0.300 N/M 2.17%
0.55 0.40 RND Holdings 0.45 0.55 0-55 0.002 0.000 261.9 0.00%
BISX Listel Mutual Funds
F,.*,.-.-. 5 *,...d L Fur.- Na-e NA VyTC-:' Lai 1 .r.I r.Ins 0 l. : N*-. ale
1 3:-1 1 '-4 't ira 5-.d r.a 1 33-1 3 3 4 -.1 05 :l'ee,-'-a
3.0250 2.8869 Colina MSI Preferred Fund 3.0250 0.81 4.78 31-Aug-08
1.4226 1.3599 Colina Money Market Fund 1.4226 3.45 4.61 17-Oct-08
3.7969 3.5388 Fidelity Bahamas G & I Fund 3.6090 -4.95 3.62 30-Sap-08
12.4456 11.8192 Fidelity Prime Income Fund 12.4456 4.29 5.78 30-Sep-08
100.0000 100.0000 CFAL Global Bond Fund 100.0000 0.00 0.00 31-Dec-07
100.9600 96.7492 CFAL Global Equity Fund 96.7492 -3.25 -3.25 30-Sep-08
'1.0000 1.0000 CFAL High Grade Bond Fund 1.0000 0.00 0.00 31-Dec-07
10.5000 9.1958 Fidelity International Investment Fund 9.1958 -12.42 -12.42 30-Sep-08
1.0216 1.0000 FG Financial Preferred Income Fund 1.0216 2.16 2.16 30-Sep-08
1 .0282 1.0000 FG Financial Growth Fund 1.0282 2.82 2.82 30-Sep-08
1 0C,44 1 00',,:,, FrZ -i3 in -,.:i7.l Ci ,._rint --,j F,.r.a I OC4.4 .44 2 .14 :'l:,'Sont.tl0
MARKET TERMS
, ..- ,., .,,....,:.....:... : I .,:
52wk-HI Highsl closing price In last 52 weeks oBid $ Buyig prce of Collna and Fidelity
52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity
Pre,.e .C'ls -Preaos days .ih.ed prie .or daily aio-e Last Pr-e .-Cast tr.ded rov.s--cocn-- re
Todays Close Current day's weighted price for dally volum Weeklyw ly Vol. Trading volume of the prior week
Change Ch" in closing price from day to day EPS $ A company's reported earnngs per share for the lst 12 mths
Dally VOl Number of totl sh, res traded today NAV Net A.ssel Value
DIV Dividends per share plad in the Ieat 12 months N/M Not Meaningful
P/E Clotrl, prics divadhd by the Inst 12 month earnings FINDEX The Fidelity Bahamas Stak Index. January 1, 1994 100
() -4for-1 Sltock Spill Efflctiv Dalto 8/8/2007
TO TRADE CALL' COLINA 242-503-7010 I FIDELITY 242-356-7764 F-G CAPITAL MARKETS 242-396-4000 I COLONIAL 242-B02-7525


PUBLIC NOTICE.'
INTENTTO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, SHAQUON
BRANDON FRANCIS of Nassau, Bahamas, intend
to change my name to SHAQUON BRANDON
SEYMOUR. If there are any objections to this
change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, P.O.Box N-
742, Nassau, Bahamas no later than thirty (30) days
after the date of publication of this notice.









THE RIBUE FRDAYOCTOER 2, 208,198,IPGES5
'Pt- ,;,* ,A -4 V - -tin .. M


FROM page 1B
tions Company (BTC) privatisa-
tion, and capital projects such as
the Lynden Pindling Interna-
tional Airport (LPIA) and New
Providence Road Improvement
Project, Mr Cooper suggested
the Government also privatise
the Hotel Corporation and re-
name it as a Tourism Develop-
ment Corporation.
Arguing that the reduction in


foreign direct investment
inflows should be used as a
"breathing space" for a strategic
re-think, Mr Cooper said the
Tourism Development Corpo-
ration would be "the agency
that would seek out develop-
ment ideas".
It would raise financing,
including from small Bahamian
shareholders, obtain Crown
Land, develop the resort prop-
erties and hire a management


Government told to

fight 'predatory lending)


team to run the projects.
"This would diminish the
reliance on foreign direct invest-
ment and spread ownership of
the tourism industry around,"
Mr Cooper said. "While not
eliminating the need for foreign


direct investment, this entity
would promote local ownership,
greater pride in the industry and
improved service standards. The
key is minimal governmental
control in terms of hiring/con-
tracts etc."


Te Biisn hAmericanF inan-
cial chief reiterated the calls
made by other investment
advisers/managers for the Gov-
ernment to bring in legislation
mandating employer-sponsored
pension programmes.
This would increase the
amount of long-term investment
assets within the Bahamian
economy, tackling a culture of
minimal or no savings. Most
adult Bahamians have on aver-


age $ 0iuuuu in outstandig con-
sumer loan debt, compared to
bank account balances of $1,000
or less. Mr Cooper also called
on the Government to reform
its tax system, possibly reducing
import and Excise Tax duties,
and bringing in a nominal 5-10
per cent payroll tax. He added
that the incentives regime for
foreign investors also needed to
be assessed toensure it was hav-
ing the right impact.


Legal Notice
NOTICE


HEWANORRA INC.




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




ARGOSA CORP. INC.
(Liquidator)




Legal Notice
NOTICE


INT'L BLUE STAR INC.




Notice is hereby given that in accordance with Section 138
(8) ofthe International Business Companies Act 2000, the
dissolution of INT'L BLUE STAR INC. has been com-
pleted; a Certificate of Dissolution has been issued and the
Company has therefore been struck off the Register.




ARGOSA CORP. INC.
a *- I "(Lfiquidator)


Legal Notice
NOTICE


SERENDIB ASSET HOLDINGS INC.




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



ARGOSA CORP. INC.
(Liquidator)




Legal Notice
NOTICE


HILLTOP BILLOWS INC.




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




ARGOSA CORP. INC.
(Liquidator) -


Legal Notice
NOTICE


MAPLE SPRINGS LIMITED




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




ARGOSACORP. INC.
(Liquidator)




Legal Notice
NOTICE


LUMIN GLOBAL ASSETS LTD.




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




ARGOSA CORP. INC.
(Liquidator)


44


Wines & Spirits including:
Concha Y Toro
Chateau Ste Michelle /
Perrari-Carano
Stags' Leap
Fontana Candida
Robert Mondavi /
Lindemans .
Cloudy Bay
Moet & Chandon
...and over 30 talented
Bahamian Artists


b


The Retreat,
Village Road
Parking at Queen's College


ADMISSION:
BNT Members $15
General Public $20


Children
Children


U-12 free
over 12 $10


BRISTOL


WINES & SPIRITS
Many of the wines featured will be on
sale for a limited time at selected
Bristol Wine & Spirits stores.

ALL PROCEEDS IN AID OF
THE BAHAMAS NATIONAL TRUST
Tel: 242 393 1317


PUBLIC AUCTION


By Order of
The Bahamas Development Bank
Cable Beach, Nassau, The Bahamas
Commonwealth of The Bahamas


I. G. STUBBS WILL SELL


WHAT:


Eleven (11) assorted used vssels as set out in the
schedule below:


MAKE/MODEL


NAME


1990 34' Offshore Vessel
1977 53' Defender
1992 45' Defender Vessel
1989 48' North Carolina
1979 52' Hatteras Fibre Glass Vessel
1-980 47' Garcia
1981 51' Defender Vessel
80' Custom Steel Hull Vessel
94' Steel Hull Gulf Coast Shrimp Trawler
1980 with two (2) Volvo Diesel Engine


122' Single Screw Steel Hull (1960J


Der Berry's
Shabak
Liminos

M.V. Buddy
Miss Quality
Equality
Lady Kristy


LOCATION


Potters Cay
Potters Cay
Potters Cay
Coral Harbour
Arawak Cay
Potters Cay
Owner/Andros
Owner Possession


Sweet Charlotte Owner Possession,
Morgan Bluff
Andros
M.V. Lisa III Bradford Marine


Freeport

LOCATION: Potters Cay Dock Nassau, The Bahamas

TIME: 11:00am Saturday, October 25th, 2008 Preview and Inspection from 9:00am Until Auction time at
the site.

TERMS: ALL items to be Sold Where Is As Is for Cash, Cashier' Check or current Bank Guarantee Letter.
Purchase will not be released until paid for in full not later than 4:00pm Tuesday, November 4th, 2008. Where
a deposit is required, the same is non refundable. If final payment is not made by 4:00pm Tuesday, November
4, 2008 any and all deposits made will be forfeited.

Any and all Notices or amendments by Auctioneer on said Auction Day whether written or verbal shall supercede
this or any subsequent advertisement.

For further information contact I. G. Stubbs at 322-2028 or Fax: 328-8086 or Email: igstubbs@coralwave.com
or
Bahamas Development Bank
At (242) 327-5780/ 702-5730/702-5724
Or Fax (242) 702-5730 email: BahamasDevelopmentBank.com
I.G. STUBBS

PUBLIC AUCTIONEER LICENSE #0360


Avflll~ III[ DAW SAV~I IIIF AIV SA/F IF RTII YE [HEDA1P


III D IT!- HEDFF


FRIDAY, OCTOBER 24, 2008, 1998, PAGE 5B


THE TRIBUNE


/00"lk










PAGE~,FRIDAY DOCTOR 24, 008ATH


Tribune Comics


JUDGE PARKER


CALVIN & HOBBES
I GET TO S TM OME I
FROA SC-OOL TOWD0'.


DENNIS THE MENACE


APT 3-G


BLONDIE


BOSS, ACCORDING TO MY STATS, I RECOMMEND THAT YOU BOOST DAGWOOD, WHAT HE THREATENED
-YOUR POLL NUMBERS ARE TANKING YOUR RATING WITH "SWEEPING HAPPENED? TO SHUT DOWN
AMONG OUR LOWER- RAISES' AND MASSIVE MY WHOLE
4rjINCOME EMPLOYEES! 'BREAK ROOM CAMPAIGN'


II _'-' -~ Ii' -


MARVIN


TIGER


Sudoku Puzzle
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
Sunday


Difficulty Level **


10/21


Kakuro Puzzle


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 top. No number
may be used in the same block more than once. The, difficulty
level of the Conceptis Kakuro increases from Monday to Sunday.


Yesterday's
Sudoku Answer


61719
151418




9!3 6

7115
ull


Yesterday's
Kakuro Answer


HAGAR THE HORRIBLE


Chess


wlt t Wte t pn~ Z hM>S w
W-ox Owe -*> MWo d. btxf

10ng Khi 2 U6~ wfhai~f b UGP 1-i"
%1, 3 N ,l,=9ih48O4O
UONA8DBlUDE
ouTMBl
tai%w> &


i'
7
6
5
,4
3
2
1


-ahB'h "


-1


A B


- -!


8703
L*J l


11.1

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1 ID i
C D E G M


Target


Across,
1 Having favourites,
relatively speaking (7.)
4 It was abnormally restrict-,
ed in Victorian times (5)
7 Continue being visibly a
stupid person (4)
8 Not rare words of
praise (4,4)
10 Does one have to fight to
get seats on it? (5,5).
12 Make a mistake and throw
6ut the drink (6)
13 They represent a man's
following (6)
15 Still of use to writers,
say? (10)
18 Sign to be careful with the
new coat (3,5)
19 It's bound to secure
advance accommodation
(4)
20 Way to fear or take off
clothes (5)
21 Leaves a just reward (7)


Down
1 It's a different thing after
dark (5)
2 Irritates but turns out to be
all right at heart (8)
3 Gives encouragement to,
drink? (6)
4 Point to one duke or
another (10)
5 A much revered figure (4)
6 The gardener likes to see
it overgrown (7)
9 Source of ghostly light?
(6,4)
11 Popular pro (2,6)
12 Untidy hands creep inside
the ship (7)
14 Attacked for being
drunk? (6)
16 One agreement about
another for couples (5)
17 Wake up cooler (4)


Yesterday's Cryptic Solution Yesterday's Easy Solution


Across: 1 Fire-raising, 9 Theorem, 10
On tow, 11 Anil, 12 Buckshot; 14
Atoned, 16 Howdah, 18 Achieves, 19
Halo, 22 Cells, 23 Stalker, 24 Motley
crowd.
Down: 2 Iceni, 3 Earl, 4 Armour, 5
Stockpot, 6 Notched, 7 Steal.a march,
8 Switchboard, 13 Reversal, 15
Othello, 17 Measly, 20 Askew, 21 Fair.


Across: 1 Minor planet, 9 Upstart,
10 Erupt, 11 Need, 12 On the air, 14
Septet, 16 Assert, 18 Doomsday, 19
Plod, 22 Union, 23 Coinage, 24
Good heavens.
Down: 2 Issue, 3 Oval, 4 Patent, 5
Amethyst, 6 Emulate, 7 Sunny-side
up, 8 Star-studded, 13 Reasoned,
15 Proviso, 17 Gauche, 20 Learn,
21 Kiev.


1 2 3 4 5 6


7 21


20
11
12 1



17



2021


Across
1 Liberate (3,4)
4 Superior (5)
7 Crooked (4)
8 Emergency medical
treatment (5,3)
10 State of intense
excitement (5,5)
12 Humorous ridicule (6)
13 Small reconnais-
sance force (6)
15 Cogent (10)
18 Abandoned (8),
19 Acting gently (4)
20 Permitted by law (5)
21 Quick-tempered (7)


Down
1 Muffler (5)
2 Prosperous (8)
3 Evoke (6)
4 Solitary by nature
(10)
5 Scheme (4)
6 Fundamental (7)
9 Public brawl (4-3-3)
11 Crafty trick (8)
12 Shy (7)
14 Maintenance (6)
16 Pious (5)
17 Pull with difficulty (4)


R



'I

R mmau


Y




w



M


South dealer.
Neither side vulnerable.
NORTH
*K42
V9 74
*AJ94
+AJ 5


WEST
+J 93
VQJ852
*865
4Q4 .


.







0


EAST
*Q 1076
VK 103
*K72
48 7 3


SOUTH
*A85'
VA6
*Q103
4K 109 6 2'
The bidding:
South West North E
14 Pass 1 P
1 NT Pass 3 NT
Opening lead five of hearts.


Assume you're declarer at three
notrump and West leads a heart. You
allow East's king to win the trick,
and take the ten-of-hearts return with
the ace. How would you continue?
You start with six certain winners
- two spades, a heart, a diamond
and two clubs so you need three
inore tricks. There are two different
finesses available, either of which
would produce the three tricks you
need if it succeeded. One is in clubs,
the other in diamonds.


The
Target
uses
words in
the main
body of
Chambers
21st
Century
Dictionary
(1999
edition)


IOW rilautywrds of four letters
or mute can you make tem the
letters show here? In making a
word, each letter may be used
once only Each must contain the
centre letter and there must be at
least one nine-letter word. No
plorals.
TODAY'S TA itET
Good 14; very good 21; excellent
27 (ormore. Solution tomorrow.
SAIUiRDAY & OUImON
ache aeme acne ahem amen
smine azine came cane thez
chime chine cinema each eczema
enema hame haze heme hence.
mace machine maize mane-maze
meanmeanieoMItH IIANIZIl
menace mien mince mine name
nice niche niece


The trouble with both of them is
that if the finesse you attempt loses,
the opponents may be able to cash
enough heart tricks to defeat the con-
tract, leaving you with no opportu-
nity to try.the other finesse. So the
big question is which finesse to take.
The probability of the diamond
finesse working is 50-50; if West has
the king, you're home, but if East has
it, you'll probably go down. Your
chance of success is about the same
in the club suit, where you have to
guess which opponent to finesse for
the queen. Moreover, and this is a
key consideration, if you success-
fully guess which finesse to take, you
have no intention of trying the other
one.
Bearing this in mind, there is a
line of play available that can elevate
your chances to well above 50 per-
cent. It stems from the fact that when
missing the Q-x-x-x-x of a suit, the
queen will be singleton or doubleton
about once in every three deals.
Since you are not planning to
finesse in both clubs and diamonds,
it therefore makes sense to first cash
the A-K of clubs to see whether the
queen falls. If it doesn't, you still
have the diamond finesse in reserve.
The recommended approach will
succeed approximately two-thirds of
the time, whereas relying on just one
finesse wins only about half the time.


Tomorrow: Endplay Charlie.
t '2008 King Fe anI l es S .SS indicate inc.


7 9

6 1 2 5


7 8 '9 3

5

26 17

4 9 5 3

5 9 4 6

1 2


CRYPTIC PUZZLE


T
R
I
B
U
N
E


T.
W
0


I
N


0
N
E


C
R
0
S
S
W
0
R
D


Contract Bridge

by Steve Becker


The Percentage Factor


I .. .. -


"


I


THE TRI, ,.,


PAGE,-, FRIDAY, OCTOBER 24, 2008-









FRIDAY, OCTOBER 24, 2008, PAGE 7B


THE TRIBUNE


THE HEADQUARTERS of the American International Group Inc. is
shown Thursday, March 1, 2007 in New York.

Traders settle Lehman


bets 'without incident'


* By MARY WILLIAMS
WALSH
Hundreds of traders who
placed bets on Lehman Bros.'
creditworthiness before it went
bankrupt have settled their posi-
tions "without incident," accord-
ing to a company that tracks
derivatives contracts, according,
according to New York Times
News Service.
The company, Depository
Trust & Clearing Corporation,
processes large numbers of invest-
ment transactions. It said that
only $5.2 billion had to change
hands for all the traders to close
out their positions, a much small-
er amount than had been pre-
dicted a week ago:
The settlement process had
been seen as a major test of the
market for credit-default swaps,
and whether it could handle the
unprecedented stress of a big
Wall'Street firm going bankrupt.
The overall system appears to
have borne the shock successful-
ly, although individual firms
might have taken painful losses
they have not yet disclosed.
At the same time, the contrastt
between this week's orderly set-
tlement process and last month's
financial turmoil, which also
involved credit-default swaps,
raised anew policy questions over
the market for credit derivatives
and its failure to limit systemic
risk. Because the swaps are pri-
vate contracts between two par-
ties, there is still almost no infor-
mation in the public domain over
who holds which positions, or
who might be left teetering the
next time there is a major default.
The lack of information is
thought to have fueled the gen-

Amazon bucks

profit trends,
* By BRAD STONE
The e-commerce giant Ama-
zon.com posted strong earnings
in a tough climate, reporting
third-quarter profit on Wednes-
day that was up 48 percent from
the same period last year, accord-
ing to the New York Times News
Service.
. But in a sign that the company
is not totally immune from the
slump plaguing the retail world,
Amazon reduced its estimate for
fourth-quarter sales. It said some-
what vaguely that it would earn
$6 billion to $7 billion during the
crucial holiday season, down from
the $7.2 billion it had projected
earlier for the quarter.
'"We have limited visibility, as
all companies have in this envi-
ronment," said Thomas J. Szku-
tak, Amazon's chief financial offi-
cer. The reduced forecast unset-
tled Amazon's already spooked
investors, and its stock fell more
than 14 percent in after-hours
trading.
The stock has fallen by half this
year as investors worry about
prospects amid a global econom-
ic downturn.
"Amazon is just uncertain
about what is going to happen in
the fourth quarter," said Scott W.
Devitt, an analyst at Stifel Nico-
laus. "No one has any idea what
the world is going to look like."
Nevertheless, sales remained
robust over the last three months
in several parts of Amazon's mar-
ketplace.
For the quarter that ended
Sept. 30, Amazon earned $118
million, or 27 cents a share, up
from $80 million, or 19 cents, in
the same quarter last year.
The company's revenue
climbed 31 percent, to $4.26 bil-
lion, which included a strong 29
percent lift in North American
sales.
That largely matched Wall
Street's expectations.
Analysts polled by Thomson
Reuters on average expected
$4.27 billion in revenue, or 25
cents a share.


eral panic in mid-September,
when Lehman Bros. went bank-
rupt and the American Interna-
tional Group came to the brink of
collapse before being rescued by
the Federal Reserve.
As if to underscore the opacity
of the market, AIG said this week
that it had to pay only $6.2 million
to settle all of its credit-default
swaps on Lehman's debt. The
amount was much smaller than
had been expected, given AIG's
big presence in the market for
credit-default swaps, and given
that AIG required an emergency
line of credit worth $85 billion
from the Fed.
A spokesman for AIG,
Nicholas J. Ashooh, said that the
company had needed the big loan
from the Fed because of its high
level of exposure in other areas,
but not on its derivatives trades
on Lehman's debt. He said that
AIG had written many deriva-
tives contracts on Lehman's debt,
but because they took opposing
trading positions they almost
completely canceled each other
out during the settlement process.
"Lehman was not the source
of our problem," Ashooh said.
"Our issue really preceded that.
We were already having prob-
lems when Lehman went under."
He said most of AIG's prob-
lems with the credit derivatives
involved swaps that covered the
financial strength of complex debt
securities linked to the housing
market. Credit-default swaps are
similar to insurance, providing
coverage to investors who hold a
company's bonds or other fixed-
income instruments. In the event
of a default, the one who sold the
protection has to pay the one who
bought it.


.. pension insurer






suffers $2bn loss


* By MARY WILLIAMS WALSH
The federal agency that guarantees pen-
sions has lost $2:1 billion on its investments
so far this year, foreshadowing expected
losses among corporate pension funds, state
retirement systems and others that provide
a financial backstop for an aging population,
according to the New York Times News Ser-
vice.
The loss at the agency, the Pension Ben-
efit Guaranty Corp., was magnified by its
decision in February to invest more aggres-
sively to narrow its deficit.
With unemployment rising and more
companies coming under financial pressure,
the agency will undoubtedly face more
claims from companies that cannot make
good on their pension promises.
The stock portion of the agency's rough-
ly $68 billion investment portfolio fell in
value by $2.2 billion through August. Small
gains in the fixed-income instruments offset
part of the loss. These results do not include
the devastating market swings of Septem-
ber. Rep. George Miller, D-Calif., who spot-
ted the decline, said it stood as a warning
about what could happen to any body of
government if officials decided to invest
the funds backing up a safety-net program
in volatile securities.
"There has only been one guarantee in
this financial crisis, and that is that Social
Security did not lose money in the mar-
ket," said Miller, the chairman of the House
Committee on Education and Labor.
"The .current market turmoil is proof that
we should not subject our basic retirement
security to a riverboat gamble."
The information about the losses came to
light as the committee prepared for a hear-


~i.


S .-- ,


"The current market
turmoil is proof that
we should not subject
our basic retirement
security to a riverboat
gamble."


George Miller
ing on Friday on jobs and the economy.
Miller said he had added to the list of those
who would appear the executive director of
the agency, Charles E.F. Millard, so that
the committee could ask him about the
decision to put more money into equities.
He recalled that Millard had previously
told Congress that switching to more stocks
would not add risk.
Millard said in an e-mail message that
the agency's losses were "well below the
losses suffered by most other investors."
"Our investment managers will contin-.
ue their careful .approach as they diversify'
our portfolio and seek long-term market
opportunities," he added. A spokesman for
the pension guarantor, Jeffrey Speicher,
said that the losses should not alarm the
workers and retirees counting on the agency
for their pensions. "Participants are no
worse off," he said. "We still have plenty of
money to meet our commitments."
The agency maintains its investment pool
to pay the pensions of workers and retirees
whose companies have gone bankrupt.
Some of the money comes from insurance


premiums paid by companies that sponsor
traditional pension plans; that portion of
the pool is invested in Treasury bonds.
The other assets are acquired when the
agency takes over pension funds. Tradi-
tionally, those have been invested heavily in
equities and remained in equities at the
agency. The agency itself has operated at a
deficit almost consistently from the time it
was created in 1974. Its finances took a par-
ticularly severe beating during the bear
market at the beginning of this decade,
when a series of large steel companies and
airlines went bankrupt and sent their pen-
sion funds to it as they struggled to reorga-
nize.
By 2004, the agency decided it was a mis-
take to keep its portfolio so heavily in
stocks, because they tended to lose value
just when stock-laden corporate pension
funds were themselves likeliest to fail -
which was precisely when the insurer most
needed the money.
So the agency announced that it was scal-
ing back on stocks and bolstering its hold-
ings of fixed-income instruments.
Fixed-income securities, like bonds, can
also swing in value, but they can provide a
predictable stream of income that matches
the agency's own payout schedule.
But as memories of the bear market fad-
ed and the leadership of the agency
changed, the bond-based strategy lost favor.
Stocks are thought to yield more over the
long term, and Millard said he thought they
would be a better tool for closing the agen-
cy's deficit, which was $14 billion last year.
Despite the investment loss this year,
Millard said, "we expect our 2008 deficit
will be about $2 billion lower than last
year's."


Legal Notice

NOTICE


BROWN SUGAR GROUP L, .




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


ARGOSA CORP. INC.
(Liquidator)


/ r '.' 'ii 1 [: 1r^ .^; ^ "'?^
..*l ** ^... .: : ,: -?< A ...if . *P ^.. ^-
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Legal Notice
NOTICE


GOOD FORTUNE ASSETS LTD.




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





ARGOSA CORP. INC.
(Liquidator)


1--4


- --d


. --B-4-


ll ..









THE TRIBUNE


Fed working to aid homeowners


* By MARTIN CRUTSINGER
and MARCY GORDON
WASHINGTON
Federal regulators told Con-
gress yesterday they're working
on a plan that could help many
distressed homeowners escape
foreclosure in a global financial
crisis that former Federal Reserve
Chairman Alan Greenspan
warned will get worse before it
gets better, according to the Asso-
ciated Press.
Greenspan called the banking
and housing chaos a "once-in-a-
century credit tsunami" that led
to a breakdown in how the free
market system functions.
Accused of contributing to the
meltdown, but denying that it was
his fault, Greenspan told a House
panel the crisis left him an
unabashed free-market advocate
--in a "state of shocked disbe-
lief."
The longtime Fed chief
acknowledged under questioning
that he had made a "mistake" in
believing that banks in operating
in their self-interest would be suf-
ficient to protect their sharehold-
ers and the equity in their insti-
tutions. Greenspan called it "a
flaw in the model that I perceived
,is the critical functioning struc-
ture that defines how the world
works."
His much-anticipated appear-
ance came as committees in both
the House and the Senate held
competing hearings on the finan-
cial crisis. At one such forum, a
senior Treasury official said the
Bush administration intends to
get a program to help struggling
homeowners revise mortgages up
and running soon.
'Neel Kashkari, who is oversee-
ing the government's $700 billion
financial rescue effort, told the
Senate Banking Committee that
the new plan could include set-
ting standards for changing mort-
gages to make them more afford-
able and giving loan guarantees to
banks that meet them. "We are
passionate about doing every-
thing we can to avoid preventable
foreclosures," he said.
Sheila Bair, chairman of the
Federal Deposit Insurance Corp.,
told the same Senate panel that
the government needs to do more
to help tens of thousands of home.


"Loan
guarantees
could be used as
an incentive for
services to
modify loans.
By doing so,
unaffordable
loans could be
conferted into
loans that are
sustainable over
the long term."

Sheila Bair

borrowers avert foreclosure,
including setting standards for
modifying mortgages into more
affordable loans and providing
loan guarantees to banks and oth-
er mortgage services that meet
them.
"Loan guarantees, could be
used as ah'incentive for services
to modify loans," Bair said. "By
doing so, unaffordable loans
could be converted into loans that
are sustainable over the long
term."
The FDIC is working "closely
and creatively" with the Treasury
Department,on such a plan, she
said.
Greenspan told the House
Oversight Committee he was
wrong in belie ing that banks
would be more prudent in their
lending practices because of the
need to protect their stockhold-
ers.
Greenspan, who stepped down
in February 2006 after serving as
Fed chairman for 18 1/2 years,
was asked to explain his role in
the crisis.
Some critics have blamed him
for contributing to the problem
by leaving interest rates too low
for too long and for failing to reg-
ulate risky banking practices.
Committee Chairman Henry


FORMER FEDERAL RESERVE CHAIRMAN Alan Greenspan testifies on Capitol Hill in Washington, Thursday, Oct. 23, 2008, before the House
Oversight and Government Reform Committee hearing on the roll of the federal government in the financial markets.


Waxman, D-Calif., suggested that
Greenspan contributed to "irre-
sponsible lending practices" by
rejecting appeals that the Fed
intervene to regulate a surging
subprime mortgage industry.
"The list of regulatory mistakes
and misjudgments is long," Wax-
man said of oversight by the Fed
and.other federal regulators.
"My question for you is sim-
ple," Waxman told Greenspan.
"Were you wrong?"
"Well, partially," Greenspan
said. But he went on to assign the
blame on soaring mortgage fore-
closures on overeager investors
who did not properly take into
account the threats that would be
posed once home prices stopped


surging upward: He'said what had
been "a critical pillar to market
competition and free markets did
break down. And I think that. as
I said, shocked me I still do not
fully understand why it hap-
pened."
Committee members accused
present and past federal regula-
tors for not doing more to stop
abusive practices or to go after
wrongdoers. Christopher Cox,
chairman of the Securities and
Exchange Commission, acknowl--
edged to the House panel that
"somewhere in this terrible mess,
laws were broken."
He said the government was
doing the best it could to identify
and pursue lawbreakers,


In the hearing before the Sen-
ate panel, Kashkari, the Treasury
official overseeing the govern-
ment's $700 billion bailout pro-
gram, said the administration was
making "tremendous progress"
in carrying out the bailout pro-
gram enacted earlier this month.
As a result, there have been
"numerous signs of improvement
.in our markets and in the confi-
dence in our financial institu-
tions," he asserted. Still, Kashkari
cautioned that "while there have
been recent positive develop-
ments, the markets remain frag-
ile."
The administration must move
to resolve the deepening finan-
cial crisis, swiftly and aggressively,


said Banking Committee Chair-
man Sen. Christopher Dodd, D-
Conn. Otherwise, "volatility and
paralysis" will reign in the mar-
kets, he warned. So far, the gov-
ernment has dealt only % ith the
symptoms of the debacle, Dodd
argued.
Sen. Charles Schumer, D-N.Y.,
said that by not setting conditions
on banks in return for the gov-
ernment injections of money,
"We're feeding them a little too
much dessert and not making
them eat their vegetables."
Schumer said he's "still not
conu 'ced" that banks receiving
the government money should
* continue paying dividends to their
shareholders


ive





A.



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First Name:

Title: -

Work:

P.O.Box:


Type of Fence/Wall:


Requested Start Date:

ne --
.....wS


Coca-Cola bottler


eyes diversification
* By SHELLEY EMLING
ATHENS, GREECE
When Tony Baynes, director of public affairs for Coca-Cola Hel-
lenic, spoke this month at a United Nations economic summit in
Geneva, he acknowledged that global economic problems have caught
up with one of the most successful bottlers in the world, according to
Cox News Service.
In 2007, the Greece-based distributor sold more than 2 million cas-
es of drinks, reaping about $625 million in net profit. But the firm has
warned that operating profits and earnings in the current year will be
stagnant.
That's troubling news for Atlanta-based Coca-Cola Co. For the
past few years rising profits overseas, where the beverage powerhouse
generates about 70 percent of its sales, have helped offset a lackluster
performance in North America. The company can ill afford a slump by
its second-largest distributor, which holds the franchise to bottle Coca-
Cola products in most of Eastern Europe and parts of Western Europe.
Still, officials of Coca-Cola Hellenic insist that its rough patch is only
a temporary setback, and many analysts agree.
"The company has had double-digit growth in the last seven years,
so this year has hit us a bit hard," Baynes said in a recent interview.
"When the world sorts out its credit crunch problem, we're confident
we'll zoom back into business."
Baynes argued that the company will continue to drive sales by
introducing products that appeal to local palates.
For example, over the summer Coca-Cola Hellenic started produc-
ing a traditional Russian beverage called kvass for the Russian market
under the Krushka & Bochka (Mug and Barrel i label. Targeted at men
and women age 25 to 39, it marks the first time that Coca-Cola has used
a fermentation technique to produce a drink.
The product, which resembles a non-alcoholic beer, has garnered 2.7
percent of the Russian kvass market.
Also unveiled this year in Greece was a line of flavored waters that
contain mastic, a distinctly flavored resin long used in the Mediter-
ranean region to soothe the stomach.
"We have taken that good natural flavoring and put it into the
drink," Baynes said. "It is served in little white bottles so that it looks
like medicine."
Baynes also said that Coca-Cola Hellenic has been smart in that it
branched out early into flavored waters. Non-carbonated drinks,
including water, now account for 37 percent of Coca-Cola Hellenic's
total sales volume. Bottled water continues to be big business in
Europe, with sales in Eastern Europe rising by 17 percent in 2007. Ana-
lysts predict growth to continue, since consumption remains well
below that in the more mature Western Europe market.
Another bright spot is a joint venture signed earlier this year between
Coca-Cola Hellenic and Italian coffee maker illycaffe. The two paired
up in an effort to grab market share by introducing premium ready-to-
drink coffee beverages in 10 European countries this year.
Coca-Cola officials say the products have been "enthusiastically
received," adding that they plan to expand into dozens of other mar-
kets, and possibly even into North America, by 2010.
Experts in the beverage industry say the joint venture was perfect-
ly timed.
"I have for the past year been saying that ready-to-drink coffee is the
sector to watch in terms of product innovation," said Bill Bruce, edi-
torial director for Zenith International Publishing in Bath, England,.
which publishes trade journals with an emphasis on the beverage
industry. "It automatically commands a premium position, which is so
important in these 'credit crunch' times," he said. "The joint venture
with illycaffe was not only brilliantly timed, but unlocked some perfect
markets through Coca-Cola Hellenic's distribution system."
"If you then look at how successfully Coca-Cola Hellenic handled the
almost simultaneous rollout of Coca-Cola Zero in so many markets plus
the timely multi-countrylaunch of illycaffe coffee, you can see that the
Athens-based business has all the ingredients necessary to weather the
coming economic storm," Bruce said.
"Rather than being worried, I would think Atlanta would be delight-
ed with its Greek cousin," he said.
In addition to new product launches, Hope Lee, a non-alcoholic
drinks analyst with Euromonitor International in London, said Coca-
Cola Hellenic's acquisition-led strategy will continue to drive sales
and profits.


AP GE 8B FRIDAY OCTOBER 2008


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