The Tribune
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/01170
 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: November 13, 2008
Copyright Date: 2008
Frequency: daily, except sunday
normalized irregular
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
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: UF00084249:01170

Full Text







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blames low



Tribune Staff Reporter
KERZNER international
announced yesterday that it was
forced to layoff 800 employees
due to low occupancy rates
spawned by a poor globalecone
President and managing
director of Kerzner Interna-
tional Bahamas Limited George
Markantonis, broke a long
silence following speculation,
which had lingered for weeks,
that Atlantis would lay off hun-
dreds of people,
He said the layoffs represent
10 per cent of the workforce of
Atlantis and are based on the
fact that the resort has experi-
enced significantly lower occu-
pancy levels.
"This decision is both diffi-
cult and emotional as we are
fully aware of the impact on the
employees affected, the remain-
ing staff and the Bahamian
community in general," said Mr
Markantonis. "Severance and
outplacement services, includ-
ing resume and interview skills
building, and a six month exten-
sion for everyone covered
under the company's health
care programme, will be offered
to all affected employees."
While doing budgets for the
year, the resort found that they
would aim for 74 to 75 per cent
occupancy, however, this was
not realistic, so they budgeted
for 72 per cent occupancy.
Last week that 72 per cent

F9 4111 O


More Meat.... More Flavour

S ATLANTIS WORKERS on Paradise Island after yesterday's layoHs.
"'-- __ '->*.-' ' ______--____"

occupancy was also found unre-
alistic, and was consequently
dropped to 64 per cent, accord-
ing to Mr Markantonis.
"The American people are
just not focusing on travel," he
"It is our sincere hope that
there will be a relatively quick'
turnaround ,in the global mar-
kets and specifically in the US
SEE page 12

Union claims it
didn't learn of
firings 'until late
Tuesday evening'
Tribune Staff Reporter
HOTEL workers union execu-
tive members said they did not
learn of Atlantis' plan to carry
out yesterday's mass firing until
. late Tuesday evening into yester-
day morning.'
However, some union mem-
bers say it is unlikely that the
Bahamas Hotel Catering and
Allied Workers Union's presi-
dent, Roy Colebrooke, had no
knowledge of the layoffs prior to
"It is impossible for the/hotel to
take a great step like this with-
out the union knowing," said
Samantha Gray assistant treasur-
er for the Bahamas Hotel Cater-
ing and Allied Workers Union.
According to Secretary-gener-
al of the union Leo Douglas, Mr
Colebrooke was engaged in con-
versations with Atlantis execu-
SEE page 12

Major Credit Cards Accepted

Tribune Staff
net Minister in the
Christie administra-
tion yesterday went
against the political
line of his own party
by applauding the
efforts of Prime Minister
Hubert Ingraham to apprise
Bahamians of the hard eco-
nomic times that are ahead.
Speaking exclusively with
The Tribune yesterday, presi-
dent of the Bahamas Light
Industry's Development
Council, Leslie Miller, said
that the Prime Minister's com-
ments were "straightforward,
and very objective".
"Prime Minister (Hubert)
Ingraham indicated to
Bahamians that they should

not go to the banks
looking for Christmas
loans as they do every
year. He also called
on the banks to give
some relief in regards
to restructuring their
mortgage loans, and
he urged Bahamians
to not go to the banks
at the eleventh hour,
but to go to the bank
before your house is
in the newspapers.
And he indicated that this
economic crisis is not a mak-
ing of the Bahamas govern-
ment or the people of the
"This crisis is a worldwide
phenomena that the world will
be grappling with for some
time to come. All indications
are that what the world is
dealing with now is expected
to last well into 2009 and well
beyond," he said.
SEE page 15

Staff speak

out after

losing jobs
Tribune Staff Reporters
RUMOUR turned into hard
reality yesterday when Atlantis laid
off 800 employees as its occupancy
figures continued to fall.
Staff were told that they would
be given preference when rehiring
occurs, but some were warned by
* managers'that this was unlikely to
occtir before 2010 at the earliest,
essentially indicating that the suf-
fering resort has designated the
next year as almost a tourism write-
Atlantis executives refused to
comment on any impending mass
lay-offs prior to the exercise: and
some employees who streamed out
of the hotel with severance cheques
and "ham and turkey" coupons said
they were upset at how they had
been handled by the company.
A 24-year-old restaurant worker
said: "I think they should've let us
know in advance so we could be
prepared for what was to come.
They just called me at 8am this
morning and told me to come in.
We were working last night and
SEE page 12

Legal boost for

late Edward St

George's estate
Tribune Business Editor
THE late Edward St George's
estate received a much-needed
legal boost yesterday when the
Supreme Court ordered that the
share registers of two key com-
panies in the Grand Bahama Port
Authority ownership structure be
changed to name it as the benefi-
cial owner of a 50 per cent stake.
Justice Neville Adderley
ordered that the share registers
of Fiduciary Management Ser-
vices (FMS), and Intercontinental
Diversified Corporation (IDC);
be changed to transfer the own-
ership of the 1,735,143 IDC
shares registered in FMS's name
to the estate's three executors.
To achieve this, Justice Adder-
ley ordered that by November 19,
2008, IDC replace FMS on its
share register with the names of
the three executors Lady Hen-
SEE page 12

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What can I do now?

Tribune Staff Reporter

je worked all morning
yesterday before she found out f
that it would be her last day at
Speaking with The Tribuneo
yesterday, still wearing her pink
and white housekeeping uni-
form, Ms Smith, 56, said she is
"heartbroken" at having lost
her job and sole source of
Pointing to the yellow enve- I d
lope containing her severance
package, she said: "It's a slap in the face. I worked in Atlantis
for 26 years and my cheque was $5,500 26 years What
-can I do now. I am 56 years of age. What can I do now? Oh
God, I haven't got far enough to think what I will do."
Ms Smith said she is thankful that all of her children are
grown up and no longer depend on her financially.
"I was fostered to work (yesterday) morning and I did a
day's work. But (yesterday) morning when I got in the man-
ager told me I had to report to the.ballroom at 1pm. So I did
my work and after completing my work I went by the ball-
"This was not an overnight thing. They had this signed,
sealed and delivered down pat. They could've let us know
before. They had this all sorted out," she said.

ATLANTIS workers who were among the 800
employees who were let go yesterday have their say:

"Im depressed. You have children, mortgages,
rent. You ain't gonna get a job the way things are
going. It isn't fair. t They should've given us a warn-
ing that they were going to do it."
,-A 28-year-old woman who worked in the Food'
and Beverage Department and in room service for.
two years.
"We got ham and turkey for Christmas. They
could keep that. I don't need it, it's ridiculous. I
would rather they keep us on for one or two days a
week until things pick up. It's Christmas time, they
should've done it after Christmas."
-A 32-year-old woman whow wolied dsie' Fow
and Beverage Department forfouryears
"It's not really going to affect me. Before I came
over here I was still living, I'll be okay."
-A 18-year-oUd maw who worked irthe dr Foad
and Beverage Department f r 14 namis,.
"Right now people are just pissed off. People
have Ibeen here a lot of years and most of these
people don't deserve it. All I see is the manage-
ment being spiteful with the staff they don't like. I
think it's unjustified."
-.4 23-year-old man who worked as a 8utfter
for three yeas..

"I don't have no bad feelings. God will take care
of me. He promised me all my needs he will take
care of."
-A 48-rear-old woman wSAi worked ift roont
service for three vears.
"I don't think it's the end of the world. Everybody
thinks if you don't work to Atlantis your life is over.
J dp9't feel like that, but .1 think.that they went
about it very bad.
"What they did, they led us to believe we were
having a general meeting with everybody. Not letting
us know that they had our names on a list, had our
cheques ready.
"Then the way they selected the people, it wasn't
by the way you performed, it was by favouritism
more or less. The one they disliked, that's the one
they selected."
-A JS-year-ohld ioman who worked, as a bar-

"The way I look at it, it's not the end of the
world. It's not the only last place to work.
"I'm still young I can go out and do anything
-A iT- rear-Pnd man tsho worked ina ksekeep-
g fo1r 10year.

........................."I was for the FNM, but H........................................................... I was for theFNM, but Hubert Ingraham and
"I think they could've handled it a bit better. the FNM, he caused this.
They picked people they didn't like. "When he came on the TV and said that lay-offs
"I had a feeling within myself it would happen should be expected, he actually gave the people
though. Me, myself, I'm still young, I don't have the power to lay-off.
any kids, but people who have children ... I heard a "If he had held back for a while or told the peo-
husband and wife got laid off, it will be difficult ple to wait and see what happens first, but he actu-
from them." ally gave them the right to do it."
A 25-yeear-ofd bartender who worked at -A 34-year-od woman who worked it Iaose-
Arlanris for two yi'ars. Kepineg for tve years.


Add a Kf C Mini Famous Bowl


It's a slap in the face

Tribune Staff Reporter

A once three-time nominee
for being an outstanding
employee, Sandra Pauline Kemp,
an Atlantis employee of 20 years.
was let go during the mass lay-off
exercise yesterday.
Ms Kemp said she felt the resort
was unjust in letting her go with a
only a $4,000 severance cheque after
she gave 20 years of service to Atlantis.
"This a slap in my face," she said.
Ms Kemp said she began working at Atlantis as a waitress in
the Caf6 Casino. During her time at the caf6, she received her
first nomination as an outstanding employee.
When the hotel expanded, she moved on to the Seagrapes
restaurant, where she spent another 10 years and received anoth-
er two nominations for her service. She had only moved to the
Atlas Bar less than a year ago, before losing her job yesterday.
She said that she is not too worried about her situation,
because.God has a plan for her. However, she said that the peo-
ple who were done the most injustice were the young people who
were let go. "I could live without this. Idone put in my time, but
I feel bad for the young people," she said.
Ms Kemp said that her last child is 39 years old and married
with two children. She said that she might spend more time
with her grandchildren now. "If they want me as.a nanny I will
mind my grands," said Ms Kemp. This 52-year-old grandmoth-
er said she may use her severance pay to start a small food busi-
"My children always tell me, 'mom you should cook', I just
might do that," she said.


God has chosen this for me
Tribune Staff reporter

H U OLDING a bag of kitchen
.L 'L titrisils that she has used
for her job for the last time, Bronell
Humes said yesterday that she
believes that it was God's will that
she was one of two people in her
department of 30 who were let go
from Atlantis.
The 50-year-old Dignity Gardens
resident, who has worked with Kerzner International, and
before that with Resorts International, for 28 years, said she does
not fear what lies ahead.
"I'm not worried about that because my trust is in the Lord
and I am a child of the most high. It's not for me, it's for who I
can help now," said Mrs Humes.
She said that she plans to use the free time she will now have
to counsel those who may be suffering.
"This is now the true life for me. The start which God has
called me for. It just so happened that because of the recession
in the world God say 'Hey, Bronell I'm going to put you among
them, so you can start this recession with me'."
Mrs Humes worked for years preparing banquets for the
hotel's guests. "I honestly enjoyed the job. My shift was 5am to
1pm. I just left some co-workers in there. They were saying, 'Oh
no, not you', but I told them this is about God. God has chosen
this for me," said the now unemployed industry veteran. .
Asked why she thinks she was picked to let go, she said she
does not know. She received "over $10,000 but under $15,000*
in severance pay for her time at the resort.
"We all worked hard. We produced good work. When it
comes to presentation we were the best."
She added: "I think people are mostly angry because right now
most of us weren't taught how to save, so persons have bills and
things, and they are upset. "It's Christmas coming up and we as
Bahamians, we want to celebrate. The holidays are approaching
and that extra money would've helped. That's really what's
frustrating them," she said.

hat t.,hey said


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0 In brief

Waitress laid
off from Atlantis
plans to take
legal action
A COCKTAIL waitress who
was laid off from Atlantis yester-
day after working there for 10
years, told The Tribune that she is
planning to take legal action
against Kerzner International.
The waitress, who wished to
remain anonymous, said that after
working for the hotel for a decade,
the severance package she
received amounted to only $5,083.
"It's disgusting the way they did
this, it was cold how they did it,"
she said.
The former hotel waitress said
she received a telephone call from
Atlantis yesterday morning telling
her to come to one of the hotel's
ballrooms for a "union meeting."
However, she said when she
arrived there she had the shock of
her life.
"It wasn't a union meeting, they
just told me that I had been made
redundant. I was shocked, I imme-
diately got a headache,' she said.
The waitress claimed that
although her work week had been
cut drastically short in the past few
months, her employer never gave
her any indication that she was in
danger of losing her job.
"As of today, I have no job,"
she said adding that she has no
other means to support herself.
The waitress said that before the
economic downturn, when occu-
pancy rates were still relatively
high, she was making around $700
in a good week. In the past few
months, she sometimes only
worked one day a week, taking
home only $80 at week's end.
However, the waitress said that
she is still better off than some of
her former Atlantis colleagues.
Many of the people laid-off yes-
terday, she said, had arrangements
with their banks, where automatic
deductions were made from their
Atlantis salaries to pay for car and
mortgage loans.
The waitress said she fears that
hundreds of Bahamians will lose
their homes and cars over this.
"They're already cutting off peo-
ple's lights left and right," she said.
She also said that in many
instances, Atlantis has left entire
families without income.
"There were husband and wife
teams. Both were laid off, leaving,
them 'ii, n 1ithint. she said.

Bid to set the record
straight on lus oues
THE Ministry of Works and
the Road Traffic Department
yesterday sought to set the
record straight regarding the
uproar over the new bus routes.
Representatives from the
ministry and Road Traffic held
a press conference to correct
what they consider to be the
inaccuracies reported by the
Public Transit Association
(PTAB) and to inform the pub-
lic of its position regarding the
new routes and fares increas-
This comes after the Public
Transport Association of the
Bahamas (PTAB) last week
expressed outrage over the new
bus routes, calling for an alter-
ation of the "non-sensical" new
faze scheme.
Road Traffic Controller Jack
Thompson claimed yesterday
that PTAB misrepresented the
He further said that his
department's role in the trans-
portation industry is misunder-
stood by many.
"The Road Traffic Depart-
ment is the transportation reg-
ulatory agency of the Bahamas.
Its authority is clearly stated in
the Road Traffic Act. It should
be noted that the department
modified eight of its existing
routes and introduced seven
new routes. The department
also incorporated in its new
inventory two recommenda-
tions by the PTAB," he said.
Mr Thompson said that the
department will not implement
PTAB's bus route proposal to a
new business establishment on
Tonique Williams Darling
Highway at this time, and it also
does not support the recom-
mendation of bus routes to Par-
adise Island.
Mr Thompson expressed his
disappointment and surprise
that the matter was brought to
the public during PTAB's press
conferences last week, as it is
still before the department for

"The department will con-
tinue to review bus routes with
a view of ensuring that all areas
of New Providence are fully
and adequately accommodat-
ed by public transportation
providers," he said.



Former Atlantis staff

hit out at government

Tribune Staff Reporter
FORMER Atlantis employees
yesterday hit out at the govern-
ment for "not doing more" to pre-
vent the loss of their livelihoods.
Some 800 employees were yes-
terday let go from their positions
throughout the hotel, and told to
expect to be out of a job until at
least 2010.
In a statement released on
behalf of the Progressive Liberal
Party (PLP), chairman Glenys
Hanna Martin called the events a
"gloomy twist in the lives of hun-
dreds, if not thousands of Bahami-
"We had called upon the gov-
ernment to approach this eco-
nomic crisis in a non-partisan fash-
ion, enlisting the support and ideas
of all stakeholders. This has not
"Today we can only trust and
pray that the government consid-
ered and attempted to negotiate
possible concessions or interven-
tions which could have preserved
the jobs of the many hundreds
who were today sent home. We

do not know," she said.
Scattered across Paradise Island
yesterday morning, hundreds of
former Atlantis workers mulled
over their next move.
Speaking anonymously, a 37-
year-old former food and bever-
age department worker said: "I
think (the government) could have
come up with some kind of solu-
tion to deal with this. I think if
they'd have gotten involved from
the beginning, if the government
had stepped their foot in, all of
this would've been avoided."

A 31-year-old former house-
keeper at the property questioned
how long any financial relief that
the government may offer to the
now-unemployed will last.
"How long could they do that
for? It's only so long they could do
it and it's back to the drawing
board and still no jobs," she said.
A 23-year-old former butcher
said: "I feel like the government
didn't do anything, they just
allowed it."
Raymond Wright, assistant sec-

retary-general with the Bahamas
Hotel Catering and Allied Work-
ers Union (BHCAWU) said he
believes the government should
have "stepped in earlier."
"Meet with the union and the
owners and executives of Atlantis,
and come up with a solution to
this problem and not allow per-
sons to just helter-skelter go ahead
and do some things. This is wreak-
ing havoc on our people and our
"The powers that be are doing
things to help themselves," he said.
On Tuesday, businessman and
PLP member Paul Moss said he
hoped the government would have
examined ways of defraying the
hotel's overhead expenses as a
means of allowing the property to
keep people employed.
According to Atlantis' manag-
ing director George Markantonis,
Prime Minister Hubert Ingraham
and Opposition leader Perry
Christie were informed of the
looming lay-offs last week.
Ms Hanna-Martin said she
"trusts and hopes" that the gov-
ernment made efforts to divert the
course of yesterday's events.
"We don't know if they did, but

COMMITTFEE members of St .
Francis Xavier Cathedral are
putting the final plans together .
as they gear up for their major
fundraiser, the Annual !
Bazaar/Steak-Out/Raffle. This ,
popular event will be held on Sat-
urday, November 15, from 12
noon until. Proceeds will go
towards the new Cathedral Build-
ing Fund. PICTURED ARE Bazaar committee members. Seated from left are Debra
"This promises to be another Wood, secretary and public relations, and Rose Ferguson, co-chairperson.
exciting bazaar," Rose Ferguson, Standing is Father Glen Nixon, rector.
assistant chairperson said. "This culture and fun", is very appro- will be served from 8am. Othe
time we have a whist tournament private as the entire community is attractions include 'West End
during the three days leading up invited to join parishioners for an conch salad, fried fish and pann
to the bazaar, with lots of great evening of good food, fellowship cake, conch fritters, plants an(
prizes up for grabs." and fun! "Something will be there bingo. There will be a dance fo
Rector of the cathedral, Father for persons of all ages", he added, the 'young and young at heart
Th oui d and s*Apar roi usual succulI teIh c usic pi oded by Dion d
Themeousthzaand AfuslnoseIn...t te dinernpe coinn ci- on "

Thousands lose Internet connection

Tribune Staff Reporter
THOUSANDS of internet users across the coun-
try lost connection to the world wide web when
scheduled upgrades carried out by Cable Bahamas
disrupted the system for two days.
Cable Bahamas' spokesman Keith Wisdom said a
major upgrade of the internet core IP system was
due to be completed between 2am and 6am on Tues-
day morning, however, unforeseen technical diffi-
culties caused both businesses and private customers
to 'face problems connecting to the internet until
3pm yesterday.
One Nassau business executive was still off-line at
4pm yesterday after experiencing virtually no con-
nection throughout the day and intermittent con-
nection on Tuesday.
The business executive said her consulting com-
pany risked missing an important legal deadline as a
"This could have significant repercussions and
even affect the share price of a major Bahamian
"In an environment so dependent upon the elec-
tronic transmission of information, lack of an ade-
quate and efficient internet service can cripple the
business economy," the businesswoman said.
Another user of Cable Bahamas Coralwave told
The Tribune his service has been sporadic for over a
week, and he has had no Internet for five days.

"This lack of service proved to me and the thou-
sands who wish to visit here that we are a back-
ward ninth world country," he said.
"We wish to charge the highest price for the worst
service and you can understand why there aren't
visitors coming here."
Chamber bf Commerce chief executive Philip
Simon said his office was one of hundreds of
Bahamian businesses without internet yesterday
and on Tuesday.
"When there is a demand for services and you
don't have alternatives it exacerbates the situation.
Any business that needs communication in real
time, or authorisation and access to information,
will be affected. Just pick a business," he said.
Disgruntled Cable Bahamas customers also post-
ed complaints on www.bahamasissues.com citing
connection problems throughout the week.
Mr Wisdom said any difficulties before Tuesday
morning were unrelated to the upgrade carried out
every two or three years.
"The upgrade is making the whole system more
resilient we will double our capacity and be more
able to receive and deal with new technology and
services," he said.
Mr Wisdom said no warning was issued to cus-
tomers because the upgrade should have taken place
over four hours when businesses were not operating.
Cable Bahamas' contract states compensation will
only be given.to customers who experienced three
days of interrupted service, he said.

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if they have not, then they ought to
have because of the major impli-
cations to the economy," she said.
"We only know that hundreds
of Bahamian workers are today
displaced and their lives sent into
a tailspin."
The PLP chairman "again called
on the prime minister to engage

the full participation of all stake-
holders to ensure we preserve the
interests of all of our people and
that through creative policy inter-
ventions we ensure that the Comrn
monwealth of the Bahamas fares
these turbulent times."

in a selection from our

Fabulous Designer

The Red

Ribbon Ball
Atlantis Paradise Island
Imperial Ballroom

Saturday, 15th November

d Established in 1956 by an old Bahamian family
or Parliament Street (near Bay St.) Tel: 322-8393 or 328-7157
t' Fax: 326-9953
a Cro'sa Court at Atlantis,Pa Wi..i LYr.f .
CayiaHboaufqffiliuLs p l ts'forCay
Tel: 362-5235

Se-mail: info@colesofnassau.com
www.colesofnassau.com P.O. Box N-121

HIGH SCHOOL MUSICAL A :20 3:35 N/A 6:00 N/A 1035

TeI:380-FLIX I





The Tribune Limited
Being Bound to Swear to The Dogmas of No Master

LEON E. H. DUPUCH, Pubti. her/Editor 1903-1914

(Hon.) LL.D., D.Litt.

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager (242) 502-2352
Circulation Department (242) 502-2387
Nassau Fax: (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608
Freeport fax: (242) 352-9348

A tough decision taken by Atlantis

A tough decision taken by Atlantis-
YESTERDAY afternoon George Markan-
tonis, Kerzner International's president and
managing directdir, called together heads of the
Bahamas' various media houses to explain how
difficult it was to have to lay off 800 employees
as occupancy figures kept falling.
"This is one of the toughest things we have
ever had to do," he said. "It is so contrary to
everything that we stand for."
A union member grumbled yesterday that
only Bahamians were laid off. This is not true, in
all Kerzner offices around the world, the same
downsizing exercises were being carried out
Several employees, who received their ter-
mination slips yesterday, blamed the union for
not protecting their jobs. The union cannot be
blamed, nor can Kerzner International be
blamed for a world crisis that has left millions
worrying about their lost homes and jobs with
no loose cash to think of vacationing in the
Bahamas. As sections of Atlantis closed, there
was no way that union officials could force the
hotel, or the hotel could agree to retain staff to
service empty rooms.
The reality of the moment had to be faced.
The reality was that hotel management had to
start downsizing quickly in order to save the
resort and as many jobs as possible. The union,.
convinced there -as no other way out, wisely sat
down with management to make the severance
as easy as possible for those who would have to
leave. All sides recognize that next year will be
what they call in the industry a "soft year."
However, there was a ray of hope. So far group
bookings the hotel's core business -were
"ahead of pace for 2010."
The resort's occupancy figures for November
last year were 70 per cent, this year they had
dropped to 48 per cent a 30 per cent loss.
Up until September this year Atlantis' book-
ings were strong. Suddenly there was a drop.
Hotel management blamed it on Hurricane Ike,
believing that when the hurricane had blown
itself out of our region, visitor arrivals would
pick up and continue as normal, heading toward
the bumper season of Thanksgiving when all
hotel rooms would be booked. However, when
the figures kept falling, Kerzner managers
realized they were dealing with something far
more sinister than a hurricane. They only had to
turn on their television sets to discover the
cause the world's financial markets were col-
lapsing, Americans were losing their homes,
and whole communities were jobless as the one
major employer in each area closed down. Many
small US towns were similar to Inagua with

A leading local wholesaler seeks a qualified person for the position of:

Brand Manager
The Brand Manager will be responsible for planning and
developing the marketing efforts for various brands in
support of the company's overall business strategy.
He/she will be in charge of implementing brand plans
and analyzing their impact for a specific product
Skills & Educational Requirements
/ Bachelor's degree in business administration or
V/ Effective communication and presentation abilities
' Proficiency in time management, planning, and
V/ Proficiency in a variety of computer applications
/ Self-motivated team player
/ Previous sales experience in the wholesale/retail
Candidates should possess a reliable motor vehicle, be
willing to travel to the family islands, to the U.S., and
other foreign countries.
Please send application letter and r6sum6 by
November 14, 2008 to:

,Brand Manager
P.O. Box N-7504
Nassau, Bahamas
Or Fax 393.0440

We thank all applicants for their interest; however, only
short-listed candidates will be contacted.

only one employer to turn to. At Inagua it was
Morton Salt.-In the US, for example, when
DHL announced the closure of its hub in Wilm-
-ington, Ohio, last week 8,000 employees were
out of work. They had no prior warning. DHL,
the town's largest employer provided jobs for
3,000 of Wilmington's 12,000 population. Its
remaining workers were from surrounding com-
Kerzner's top brass faced with its own prob-
lems sat down and crunched figures figures
that kept falling.
Last month, Mr Markantonis told the press
that "rumours of layoffs here are not correct."
At the time he made that statement, he
believed in its truth. "I never believed it would
come to this," he said yesterday. But in the last
five days there was a drastic plunge and from a
projection of 73 per cent occupancy,' projectio6ns
had to be dropped to 64 per cent for 2009.
This meant that staff to cater to an occu-
pancy of 64 per cent would be retained and the
others would have to be given their severance
pay. He hoped that they can hold this figure.
However, the reality is that if occupancy keeps
falling for example to 50 per cent or lower-
employment figures will have to again be
revised. At present the resort will manage with'
7,800 workers.
Kerzner International, in cooperation iuth
the'union, his to be commended for doing
everything possible to cushion the'blow for.
those who had'to leave.
Severance pay was paid immediately, includ-
ing the Christmas bonus, and vouchers for the
Christmas ham and turkey. All those covered
under the company's health care programme
were also assured of six months extension. Taxi
vouchers were provided for those who had come
to work expecting to put in a full day, but had no
transport to take them home. Financial coun-
sellors as well as crisis counsellors were pre-
sent to help all who might need their advice.
Work shops have been arranged at the College
of the Bahamas to train employees how to con-
duct themselves for job interviews. They have
been recommended to support systems to help
them and a hot line has been arranged. Coun-
selling sessions have also been arranged for
those who remain at the resort.
As it was explained, yesterday was a hard, an
emotional day. "This is a human thing," said Mr
Markantonis, "it's about people."
Management hopes that as business picks
up many of those highly trained staff will be
able to be rehired. But, as the resort watches its
figures, unless there is a miraculous change, the
light at the end of the tunnel is not expected
before 2010.

Is Barack Obama

good or bad for

the Bahamas?

EDITOR, The Tribune.

BARACK Obama being
elected to the presidency of
the United States is a mile-
stone. Black people around
the world should be proud of
this, and especially in Ameri-
ca because black people in
America have been oppressed
for so long by white people.
Blacks were told a long time
ago that one day a people of
colour will rise up and lead.
This saying was a part of Mar-
tin Luther King's speech "I
Have a Dream." That's all
good but now the Bahamas
government should be asking
which of his policies are going
to help us and which ones are
not going to help us.
It has been noted that
Barack doesn't want to export
on a large scale, he wants to
only import.
He wants tourists to vaca-
tion in Florida, and he also
wants to shut down offshore
banks which will hurt us- and-
put us on the black list.
Barack Obama has to
change his policies toward the
Bahamas. If he does not then
he is-bad-for us and that's a
The Prime Minister should
make a list of things Barack
needs to be changecdin order.
to help the Bahamas.
It is my view that the fol-
loving should be reviewed
and changes as-necessary be.
1) Barack should continue
to encourage Americans to
vacation in the Bahamas.
2) He should realise the
importance of our banking
practicess instead-of looking to,
place-our country on the black
3) He needs to review the
law and make the necessary
changes when it comes to
allowing the DEA to coine to
our country, and remove
Bahamians. This results in our
weak leaders being forced to
allow persons such as Keva
and Dwight Major, Samuel
"Ninety" Knowles and the
Bag Boys to be removed from
the Bahamas while they still
had cases in the Bahamian
court system. They should be
pardoned and sent home as in
my opinion they were taken
out of this country illegally
while all of them still had cas-
es here in the Supreme Court.
Right is right and wrong is
wrong and they were wrong
in these cases.
4) In the case of Bahamians
getting visas from the Ameri-
can Embassy, changes need to

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be made as the treatment of
Bahamians is too demoraliz-
ing at times when they go for a
visa. Further, Bahamians who
have had problems in the past
with the law should be able to
get a visa.
Their records would have
been expunged by the
Bahamian government and
their police record is clean
after a period of seven years.
They should be able to get a
Our government should
take back some of the privi-
leges we allowed the United
States to have in our country -
like the missile base in
We kiow the US nuclear
sonar testing in our waters is
destroying our marine life.
They should be forced to-
the table to discuss these mat-
ters, but our leaders are too
They put Americans first
and Bahamians second. The
bottom line is this if we are
the US's friends then they
should treat us that way by
-respecting our-nation and the
people of this country.
When they don't our gov-
ernment should take extreme
-measures by cutting back on
the amount of control they
have in terms of using our bor-
ders for their own selfish rea-
They control our borders
from the ocean aspect; and
sometimes it looks like they
control our streets.
A few years ago when there

was a black Ambassador to
the Bahamas Mr Sidney
Williams, there was an inci-
dent that took place where a
DEA agent fired shots at a
Bahamian. The whole incident
was covered up and no one
heard anything about it since.
It's as if nothing ever hap-
pened. We Bahamians need
more respect from the Amer-
icans and the American
Embassy staff. If respect is not
given then privileges should
be taken away.

November, 2008.
(Mr Rolle must remember
that President-elect Obama
was elected by the American
people to govern the United
States, not the Bahamas. His
first concern is what is good
for his country and his peo-
ple. It is hoped that if he can
get his own people back to
work again, they will be able
to afford- to vacation in- the
Bahamas and once more
boost our failing economy and
fill our hotel rooms so that our
people will have full employ-
ment. It is hoped that the
depressed times that we shall
now have to face will impress
upon Bahamians how impor-
tant. tourists--and--foreign--- -
investors are to the well being
of Bahamians.
(Also Mr Obama's colour
has nothing to do with how he
will govern or who lie will
favour. He has not been elect-
ed as a black man, a white
man, or a mixed man. He has
been elected as the President
of the United States of Amer-
ica that. means his con-
stituents are Americans, not
Bahamians. Ed)

It is not leaking information -

it is freedom of information

EDITOR, The Tribune.

IN 1966 President Lyndon Johnson signed into law the Free-
dom of Information Act.
This law obligates the US government to provide a broad
spectrum of information to any party or entity requesting such
- information which up until that time was unavailable to the
The law further places the burden on the government agency
being requested to provide such information or give good rea-
son why it'should not do so.
Over 70 countries have enacted similar laws allowing docu-
ments, records, communications and other data to be exposed
to the light of day.
These legislative measures by responsible and progressive
governments constitute a significant contribution to the process
of democracy by providing the citizenry the wherewithal to
remain well informed about their government's inner work-
ings, both good and bad.
Unfortunately, the Bahamas is not one of these countries. The
next time you read a front page article or listen to a news
broadcast regarding a government official being investigated, a
high level scandal being looked into, but the specific names
are conspicuously missing and sometimes never disclosed -
you will know the reason.
It is not leaking information it is freedom of information.

November 4, 2008.

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Daring to say what once was off-limits

of modern Bahamian
political history is explored in a
new book due out in Nassau
before Christmas.
A Modern Perspective of the
UBP by journalist Fred Sturrup
tells the story of a party that fell
out of favour following the
"bloodless revolution" of 1967,
but nonetheless made a major
contribution to the formation of
the modern Bahamas.
Sturrup's book, which would
have been considered off-limits
40 years ago, dares to say what
has been kept noticeably quiet
since the rise of Lynden Pindling
and the PLP.
It concludes that, for the all the
social divisiveness promoted by
the Bay Street Boys and their par-
ty, there was much to be said in
their favour.
Though clannish and self-serv-
ing, the Bahamian white mer-
chants and lawyers who formed
the local elite of the 1940s, 1950s
and early 1960s were the driving
elements behind Bahamian pros-
They laid the foundations for
the last four decades of relative
wealth, and set the tourism arid
financial services sectors on firm
Since majority rule, the
Bahamas has been seen as a new
black nation on an upward post-
colonial trajectory. Bahamian
whites for three centuries the
economic and political elite have
been largely marginalised in the
However, Sturrup sets out to
balance history, revisiting themes
black radicals would prefer to for-
get, including recognition of the
fact that the UBP, for all its faults,
brought stability, security and
economic success to a land which
"has always been hopelessly lack-
ing in natural resources. -
It was Sir Stafford Sands, the
financial brain behind the UBP,
who gave the Bahamas its tourist
industry. And it was his party -
led by Sir Roland Symonette as
the country's first premier which
introduced internal self-govern-
ment and changed the currency
from sterling to dollars.
Whatever its limitations on the
social and racial front the white
elite favoured black-white demar-
cation right into the mid-1950s -,
the UBP was realistic enough to *
grant female suffrage and allow a
system of democracy that would
ultimately lead to the events of

January, 1967. Though in some
respects the party was consid-
ered bad, it was far from being
all bad.
"It became fashionable for the
ruling Progressive Liberal Party
that won the government in 1967
to perpetually demonise the
UBP," writes Sturrup.
"The PLPs were very good at
that and succeeded at every turn
to highlight the UBP's social and
bigoted shortcomings.
"As the years passed, the name
UBP faded into oblivion and gen-
erations of Bahamians were born
and grew up with little or
absolutely no knowledge of the
first governing political party in
the country."
His book, Sturrup contends,
aims to document some truisms
about "the political entity that
blazed amazing trails of progress
but ended up a national pariah."
To introduce his theme, Stur-
rup quotes Olympic gold medal-
list Sir Durward Knowles, who
was the first white Bahamian to
apologise for the UBP in relation
to the party's racial attitudes.
"I did the right thing when I
apologised," he is quoted as say-
ing, "I'm glad I did. Having said
all that, let me tell the world that
the UBP made great decisions on
behalf of the people of this coun-
"They handled foreign
investors to the benefit firstly of
the Bahamian people. They did
many great things in business and
were proven to be some of the.
best businessmen the world
" He also referred to the Bay
Street Boys' "unwritten rule" that
their business interests must nev-
er interfere with those of black
Bahamians over the hill.
For Sturrup, the UBP's contri-
butions embraced all areas of life
- and its reverence for "the British
way" had served the country well.
"History no\y provides many
inst anis and'circumstances that
prove the UBP wa 'not at all off
base," he writes. those fellows
knew what they were doing."

The Westminster system of
government still in force today is
part of the party's legacy.
Lawyer Godfrey Kelly is of the
last remaining members of the
UBP's initial parliamentary
group, which ruled for nine years
from 1958 before that famous tied
election in which two political
mavericks were able to tilt the
balance of power.
Had the UBP been more inclu-
sive, the author argues, the "rev-
olution" of 1967 might well have
been delayed.
"A strong recruitment of black
intellectuals, a greater under-
standing of the changing times,
and a willingness to mix socially
could have made all the differ-
ence in the world during the late
1960s for the UBP and might
have changed the course of his-
tory or at the very least delayed
the process that would ultimately
see the PLP upend the UBP."
Supported by many fascinating
black and white photographs
from a distant era, Sturrup's book
also pays due respect to the
UBP's contributions to sports,
education and even trade union
Even Governor General
Arthur Hanna, an old political
foe of the Bay Street Boys, is
quoted as conceding their attrib-
"They didn't sell the Bahamian
people out," he said, "They would
never have acted against the
interest of the Bahamas."
Sir Roland 'Pop' Symonette,

says Sturrup, was the second most
popular individual after Sir Lyn-
den Pindling, being "beloved"
throughout the land.
"He had the common touch
that enabled him to connect with
Bahamians of all ethnic back-
grounds," he writes.
All in all, this book helps to
right a wrong and correct an
omission that was a natural by-
product of majority rule.
There is no doubt that the pro-


gressive black movement of the
late 1960s wanted to bury the
colonial past and the UBP with it.
Sturrup has done sterling ser-
vice to a group who, for all their
bigotry and short-sightedness,
actually helped significantly in
creating the success story the
Bahamas has become.
Fred Sturrup will be signing
copies of his book at Kelly's on
Saturday, December 13, at 10am.

F ~

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Man arraigned

on firearm


A 20-year-old man of Millen-
nium Gardens was arraigned in
a Magistrate's Court yesterday
on firearm possession charges.
It is alleged that Adrian Patrick
Cleare on Sunday, November 9,
2008, was in possession of a .22
handgun with the intent to endan-
ger the life of reserve constable
Tanisha Richardson. Court dock-
ets also allege that on the same
day, Cleare was in possession of a
.22 handgun with the intent to
endanger the life of reserve con-
stable Rhonda Martin.
Cleare is further accused to
have been in possession of the
same weapon with the intent to
endanger the life of Kristoff Pin-
der. The accused, who appeared
before Magistrate Renee McKay
in Court No 6 Parliament Street,
pleaded not guilty to the charges.
He was granted bail in the sum'of
$15,000. The case has been
adjourned to February 25, 2009.

Marijuana charge
A man pleaded guilty to a mar-
ijuana possession charge in the
Magistrate's Court yesterday.
Frantz Smith, 46, of Deveaux
Street, appeared before Magis-
trate Renee McKay at Court No
6 Parliament Street yesterday on
the charge of possession of mari-
juana with the intent to supply.
Smith pleaded guilty to the
drug charge. The prosecution
accused Smith of being found in
possession of six grammes of mar-
ijuana.Smith was discharged and
ordered to pay $300 to the
Bahamas Olympic Association.

Drug possession
A man was fined $500 yester-
day after pleading guilty to a mar-
ijuana possession charge in the
Magistrate's Court.
Larry Jason Gardiner, 30, was
arraigned before Magistrate
Renee McKay at Court No 6 Par-
liament Street yesterday on the
charge of possession of marijuana
with the intent to supply. Gar-
diner pleaded guilty to the charge.
The prosecution alleged that Gar-
diner was found in possession sev-
en grammes of marijuana.


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Freeport cabbies struggling

despite fares increase

Tribune Freeport Reporter
FREEPORT Despite the
increase in taxi fares, cab dri-
vers in Freeport are still strug-
gling to make ends meet as
Grand Bahama's tourism indus-
try remains sluggish.
Kenneth Woodside, president
of the Grand Bahama Taxi
Union, said that Grand
Bahama's 600 cab drivers are
barely making a living, even
with the new fares in place.
While the increases in zone
rate fares range from $3 to $10,
cab drivers are not still realizing
much economic benefit, he said.
The union president said that
the fare increase by the Min-
istry of Transport was long
overdue the last rate increase
was in 2001.
"The increase in fares was
good and came at an appropri-
ate time, but we are not faring
extremely well-. in these tough
economic times, especially at
the airport and hotels," he said.
Mr Woodside said that most
drivers are receive only one to
two jobs per day in Grand
At the airport, he said, some
cab drivers earn between $40
and $50 a day, "if they are
Some drivers, he said, end
their work day with empty

"These are tough
economic times
and taxi drivers
are catching
eternal hell here,
especially at the
airport and

Kenneth Woodside

pockets. "These are tough eco-
nomic times and taxi drivers are
catching eternal hell here, espe-
cially at the airport and hotels.
Thank God for one or two
cruise ships coming in, but I
don't know how they making
it, but they catching hell," he

The taxi union president said
there are many other concerns
and pressing issues that need to
be.addressed in the transporta-
tion industry.
Although the duty-free
exemption on new vehicles for
taxi drivers is still in effect, Mr
Woodside said that cab drivers
are unable to take advantage of
this tax concession.
"You can't buy ng car if you
ain't making no money. You
have to make money in order to
purchase a new vehicle, and we
. are not making that type of
money," he said.
Mr Woodside added that the
high cost of gasoline has also
significantly affected the taxi
drivers' livelihood.
"In addition to the fare
increase, we asked the govern-
ment if we can get a lower rate
for gasoline, but they weren't
prepared to do that," he said.

IN an effort to make the
Bahamas more competitive and
successful in the tourism indus-
try in these challenging times, the
Ministry of Tourism and Avia-
tion announced yesterday plans
for the fifth annual National
Tourism Week scheduled for next
Year January.
Undersecretary at the Ministry
of Tourism and Aviation, Lor-
raine Armbrister, said the NTW
will focus on how Bahamians use
natural and developed strengths
to maximize tourism potential
and ensure that guests agree with
the re-adopted tourism slogan -
"It's Better in the Bahamas."
"We envision.identifying and
attracting the kinds of visitors
who will significantly enrich the
economy and the people of the
Bahamas and delivering to them
such delightful experiences that
will compel them to tell their

friends and relatives that it is bet-
ter in the Bahamas," Mrs Arm-
brister said.
She noted that while they
explore all the Bahamas'
strengths and how they should be
fully utilised, special emphasis will
be placed on what she believes
to be the Bahamas' greatest asset
- the talent of the Bahamian peo-
ple. ,-I
I "This is ahn element that truly
will set us apart from other desti-
nations. Therefore we urge all
residents to actively participate
in National Tourism Week. It will
take all of us from various
careers, various islands and dif-
ferent backgrounds to make
tourism the flourishing sector it
ought to be," Mrs Armbrister
Other events during the NTW
include a fun, run and walk, a
national church service and a
national tourism conference -
which, it is hoped, will promote

deeper involvement from those
who are apart of the industry.
"We have attempted to make
this conference even more acces-
sible and relevant to everyday cit-
izens. This is not only a confer-
ence for tourism administrators'
and presidents and directors of
hotels. This is a forum for the taxi
drivers, the bus drivers, house-
keepers,,.garden.ers,, bellmen,
restaurant workers, and everyone
who comes into contact with our
visitors," Mrs Armbrister said.
National Tourism Week will
be held January 25 to 30 at the
Wyndham Nassau Resort and
Crystal Palace.

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Who Should Attend:
Persons seeking a career change; high school graduates; Registered
Nurses; Trained Clinical Nurses; Emergency Medical Technicians and
other healthcare professionals

Certificate Covers:
Introduction and intense training in all aspects of Phlebotomy,
Urinalysis, Drug Screening Skills, Clinical Practicum,
International Certificate Exam
Communication Skills
Introduction to Computers (including Laboratory Information
*All courses are 3-credit, transferable college level courses

Upon Completion:
Graduates will receive membership into The Bahamas Association of
Medical Technologists

$1,800.00 (includes registration, tuition, Phlebotomy, text and
workbook, membership for Bahamas Assoc. of Medical

*1* -'

Economical and convenient, these easy-to-use
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quickly for storm protection. They give everyday
protection from heat and rain, and help prevent
fading of carpets and drapes.

Plans announced for the fifth

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Golden Gates Women's
Department to host a
prayer breakfast
GOLDEN Gates World
Outreach Ministries Wom-
en's Department will host a
prayer breakfast at the
church on Saturday, Novem-
ber 15 at 8am. The breakfast
will be held under the theme,
"Changing a generation
through the power of prayer
for the glory of God", taken
from Isaiah 60:1-9.
Pastor Ann Grant of Ann
Grant Ministry and Agape
House, located in Freeport,
Grand Bahama, is the guest
speaker for the event.
"Pastor Anne Grant is an
end time prophetess, evange-
list, teacher, revivalist, who
has been called by God to
equip the saints for this hour.
Her passionate spirit com-.
municates the truth of God's
word as she confidently
shares the principles of being
a spirit filled woman, God's
woman, wife, mother, and
minister in today's world.
She is a living demonstration
of the power of Jehovah
God. Her burning testimony
will penetrate into the very
core of your spirit," a repre-
sentative for the Women's
Department said.
In addition, members of
the Women's Department,
along with guests and .
friends, will have the oppor-
tunity to fellowship and
share with one another as
they lift their voices in song
and praise and give thanks to
the Lord. "This very special
occasion will bring together
women from every denomi-
nation, family members and
friends who may not regular-
ly have the opportunity to
interact with each other and,
more importantly, those who
may not have the opportuni-
ty to worship as a group,"
organizers told Tribune Reli-
Organisers of the prayer
breakfast look forward to the
public's support, and invite
women from across New
Providence to extend a spe-
cial invitation to their family
and friends to join them on
this prayerful occasion.
Tickets for the event are
reasonably priced.
The prayer breakfast will
be held in the Jubilee Roomn' f i '-
Golden Gaies 4'Aseblh. loat-- .
ed on Carmichael Road 'ahd
Antigua Way.

Bahamians planning to be

part of Obama inauguration

Tribune Staff Reporter

MORE than a week on,
local "Obamania" is still going
strong. Presidential-elect
Barack Obama's local fans,
who remember the civil rights
movement and see his victory
as a leap for their generation,
say they plan to travel to
Washington for the historic
presidential inauguration.
According to Joan Rolle, a
teacher, around 20 Bahami-
ans plan to be a part of what is
expected to be the largest
inaugural crowd in US history.
"I don't know if I'm going
to get close to the site," she
said. "But I want to be there
to experience the moment."
The US media has report-
ed that District of Colombia
area hotels are filling up at an
alarming rate and demand for
rooms has driven prices on
some Internet sites which
typically sell hotel rooms at
discounted prices through
the roof.
The Hyatt Regency Capitol
Hill, which ran a $99 per night
special during the summer, is
now offering that same room
type for $799 per night around
January 20 the day of the
inauguration. Most hotels
have no room to spare on the
However, Ms Rolle said she
and her entourage will not be
depending on hotels, but will
seek room and board with
friends who live in the area.
The Tribune has learned
that some women who plan to
attend the inauguration are
having dresses specially made
for the occasion.
Tickets to the event, which
are quickly being hoarded, are
already being scalped iri the
US for around $40,000.
However,, the 250,000 of
them printed, by ie US gov- ,,
'ernment are free of charge

I"; *^

Barack Obama (AP)

and are disbursed to those
who request them through
their member of. congress.
The US government has
issued a warning that tickets
being sold may not be genuine
and should not be purchased.
While it is likely that many
Bahamians who plan to attend
the inauguration will not have
tickets to stand in the viewing
area closest to the Capitol,
many like Ms Rolle simply
want to be close to what, not
too long ago, was considered
out of the reach of African
"We see this as a dream
come true," she said.
When asked to sum up how
she sees Mr Obama, she quot-
ed the line from Maya
Angelou's famous poem 'Still
I Rise' "I am the dream and
hope of the slaves."
"It is a privilege to be alive
during this time," said MS.

I -

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MS. I p ,m0

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The Bahamas and the next

President of the United States


2Te Inlenmatim.1 Sc-ml if Te ; bm marm

:J world school

St Andrew's School, The International School of The Bahamas, an authorized
International Baccalaureate (IB) World School, invites applications for the
position of a Secondary teacher of Spanish, with effect from January 2009.
Candidates should possess the necessary academic qualifications, at least a
Bachelor's degree, and experience for the position, including experience in the

Information on the teaching post offered may be obtained from the head of the
secondary school.

Frank Coyle, Head of the secondary school:
Email: Frank.Coyle@st-andrews.com
Fax (1 242) 324 0816

Interested candidates should apply to the school's principal, Mr. Robert Wade,
by following the directions on the school's website at www.st-andrews.com.

Mr Robert Wade
St Andrew's School
P O Box EE 17340
Nassau, Bahamas

Email BWade@st-andrews.com
Fax: (1 242) 364 1654

The closing date for applications is 28 November 2006. Applications from
unqualified candidates, applications arriving without the full information
requested or applications received after this date will not be considered.

A FAIR number of Bahamians
have been making considerable
noise regarding the next President
of the United States. The com-
mon complaint seems to go as fol-
lows: 'Obama and the Dems are
going to cut down on tax evasion
and by doing so hurt the Bahami-
an economy.'
First off, tax evasion has been a
concern of the .United States and
its government for a LONG time
now, this is not something that
only Obama or the Democrats
have taken up as a serious issue.
Last year a BIPARTISAN (for
those not familiar with the term, 'a
group composed of members from
both major political parties') effort
was made to implement new gov-
ernment measures designed to
hinder tax dodgers who use off-
shore tax havens such as the
The proposed bill was put
down, but the issue is clearly one
which both parties are concerned
about. In other words: This has
been a long time coming, anyone
who is foolish enough to think that
only Obama and the Dems are
bothered by tax dodgers is neither
logical nor aware of the political
landscape in the USA.
While an Obama -administra-
tion and Democratic Senate may
bring around.regulations pertain-
ing to tax evasion more quickly, it
was something that was bound to
happen sooner rather than later.
Given the current economic situ-
ation in the US it is even MORE
likely that a crackdown on tax eva-
sion would occur regardless of the
next president or majority party
in the Senate.
Secondly: It should be noted
that Obama has stated that, as
President, he would meet with the
appropriate Bahamian officials to
discuss proposed regulations on
tax evasion and try to find a reso-
lution that would limit the losses
our banking sector would suffer.
While this does not mean the
Bahamas shall be shielded from
proposed US regulations, it does
appear that Obama is concerned
about our tiny nation and its rela-
tionship with the US.
Thirdly: The regulations/bill(s)
that everyone is complaining
about have not yet been passed!
They haven't even been put before
the Senate. You would think that
they were slated to be put in place
come January immediately after

Obama was sworn into office by
the way some Bahamians (and
Americans) are talking.
Fourthly: Off-shore investment
in Bahamian banks does not come
only from America. Yes, a size-
able amount of off-shore banking
does involve American money but
not all of it. Many other countries
in the Caribbean will be facing the
same challenges as us if such reg-
ulations are put in place. The US
has to recognize this, and in the
long run they don't want a whole
lot of weak economies springing
up that close to home in nations
which, as a result, will become
more and more anti-American.
They already have Cuba (who
have received substantial recent
investment technologically, finan-
cially, and militarily from China)
to worry about.
So while regulations may be put
in place it is silly to believe that
American money will stop flowing
into Bahamian and Caribbean
banks altogether. The financial
system will surely take a hit if such
regulations are put in place, but
the hit will likely be far softer than
that which the Bahamian masses
are projecting.
Fifthly: This should be a wake-,
up call to the Bahamian govern-
ment and Bahamian banks. It is
always dangerous to be overly
dependent on another nation,
especially when the business you
conduct is so adverse to that
nation's interest. I'm not blaming
Bahamian banks for riding the
wave as long as it lasts; they're
making money as a result and
should, in the capitalist spirit,
utilise any and all opportunities
afforded them. What SHOULD
be in place under such circum-
stances is a sound contingency
plan, as difficult as it may be to
devise one.
I don't think that anyone in the
know really believed that the US
would not eventually crack down
on tax evasion. The recent 'eco-
nomic recession makes such a
crackdown even more likely. This
could in the long run help moti-
vate Bahamian banks and entre-
preneurs to devise new businesses
and business plans that are not so
dependent on the United States.
Finally: Right now the incoming
administration has far bigger fish
to fry than tax dodgers. Yes, tax
evasion regulgions may be part
of a much larger economic plan
but it surely is not at the forefront
of the picture currently before the


next-President or Senate. Two
wars in the Middle East, a floun-
dering world economy, an outdat-
ed healthcare system, dismal for-
eign relations as a result of the last
administration, and the shipment
of millions of jobs overseas to
countries like China., Those are
the major issues which the next
administration will tackle first.
In other words, I feel that the
Bahamas has a grace period
before it needs to, worry about the
US actively going after tax
In addition to having an igno-
rant disdain for the American gov-
ernment trying to make sure its
people pay their taxes (which,,as I
noted, is a concern of both Repub-
licans and Democrats) some
Bahamians are losing sight of what
is really most important to us as a
The Bahamas and the world
suffers if the American economy is
weak. What Bahamians seem to
be forgetting is that our number
one industry by far is tourism. The
very first thing people do when
money gets tight is they stop going
on vacation.
If Obama's economic plan lives
up to its billing then he will be
providing the vast majority of
Americans with tax cuts (every-
one making less than 250k). While
he will increase taxes on wealthy
Americans the likelihood of it
keeping them from going on vaca-
tion is non-existent. Think about it:
if you're making $250,000.00 this
year, next year you only make
$230,000.00, does that mean you
have to cancel your plans to spend
a week at Atlantis in December?
Not exactly.
In other words people making a
ton of money will still be making a
ton of money, just not quite as
much. The middle class and upper
middle class will see more mon-
ey; it should be noted that the
majority of our tourism comes
from middle and upper middle
class Americans. If only the super
rich travelled to the Bahamas we
wouldn't see much tourism at all,
in fact we'd see much of what
we're seeing now because right
now only the wealthy to very
wealthy can afford to go on vaca-
tion. That is why Atlantis is oper-
ating at the capacity it's operating
at presently. People need dispos-
able income before they can spend
it and right now the vast majority
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Female student

shot and killed at

Florida high school
A 15-YEAR-OLD girl was
fatally shot at a Fort Lauderdale
high school Wednesday during an
argument with another female stu-
dent who police were questioning
as a suspect, according to Associ-
ated Press.
The body of sophomore Aman-
da Collette was found on a hallway
floor at Dillard High School
around 11 a.m. She was shot in the
torso during the argument with
the other girl while students were
changing classes, police said.
"This is a situation where we
are more than heartbroken," said
Jim Notter, the superintendent of
schools for Broward County.
The 15-year-old suspect left
campus and walked across the
street.to a restaurant called Cap-
tain Crab's Take-Away where she
called authorities and alerted them
that "she had shot her friend," said
Sgt. Frank Sousa, a spokesman for
the Fort Lauderdale Police. The
suspect, whose name has not been
released, was apprehended at the
restaurant. A gun was recovered.
The discovery of the body start-
ed a confusing series of events.
Police said they did not believe
anyone heard gunshots, and an ini-
tial examination found no major
wound on the girl's body, leading
to questions about whether or not
she was shot.
Authorities later confirmed the
shooting and.Sousa said it was pos-
sible a smaller-caliber gun was
used and the wound closed around
the bullet.
Police said no other students
were believed to have been
involved and the motive was still
being investigated.
"This appears to be an isolated
incident," Sousa said.
Stephan Willis, a sophomore
who said he witnessed the shoot-
ing, said the girls were arguing in
an outside corridor when the sus-
pect suddenly produced a gun and
shot Collette.
"She's a nice girl. She's quiet.
She just keeps to herself," said
Willis, who said he had known the
victim since elementary school.
Another student, 14-year-old
freshman Hermond Davis, said the
outside hallway was crowded after
Collette collapsed and students
screamed and panicked.
"As I am walking to the cafete-
ria, I saw this girl collapsed," Davis
1.fidi "'She jtist'fell, she just fell
right out of the sky,"

dedicate this 'Better in the
Bahamas' exploration to him,"
Mrs Armbrister said.
Mr Solomon's son, Spencer
Solomon, said he feels that his
late father would be proud of
the tribute.

"He put a lot of work into
trying to come up with work-
able plans to improve Bay
Street and with all the other
work he did in trying to
improve the country, he would
be very honoured," he said.
Mr Solomon was a recipi-
ent of the Cacique Lifetime
Achievement Award.
He was a politician, busi-
nessman, social activist and
community leader.
He was also a pioneer for
the redevelopment of Bay
Street over the last four


THE Ministry of Tourism
and Aviation announced yes-
terday that during next year's
fifth annual National- Tourism
Week and the 13th annual
Cacique Awards, tribute will
be paid to the memory of the
late Norman Solomon, in light
of his contribution to the
tourism industry and Bahamas
as a whole.
Pete Johnson, a former
Cacique Award winner, has
created a bronze bust of Mr
Solomon, which will be promi-
nently displayed in downtown
Lorraine Armbrister, under-
secretary at the Ministry of
Tourism and Aviation, said
her ministry is delighted to
dedicate both signature events
to Mr, Solomon's memory. -.
"Mr Solomon's life was ded-
icated to making the Bahamas
Better and it is fitting that we

Bahamians growing their own

food in response to price hikes

Tribune Staff Reporter
WITH most bread basket items subject
to price hikes over the past few months,
and with increasing living costs across the
board, a growing number of Bahamians
are now growing their own food.
Minister of Agriculture Larry Cartwright
said yesterday that over the past 12 months
the total number of registered farmers has"
increased from 1,500 to 2,000.
He said this increase includes a signifi-
cant number of those enrolled in a new
Bahamas Agricultural and Industrial Cor-

More than 500 new farmers have

been registered in the past 12 months

portion (BAIC) programme titled, 'The
Backyard Garden Initiative.'
BAIC director Simeon Pinder said the
well received project was primarily intro-
duced in response to rising food prices.
"The idea was to provide some rudi-
mentary instructions if you are not a gar-
dener, and even, if you were a gardener
we offer further instructions or assistance in

starting and maintaining a personal pro-
duce garden," he said.
Many persons don't have the space or
manpower to start a field of fruits or veg-
etables, Mr Pinder said, so the programme
helps participants maximise their poten-
tial garden space, teaching them to use a
specific selection of vegetable seeds that
have quick harvest turnovers.

Included in the garden kit issued by
BAIC are seeds for: tomatoes, bell pep-
pers, limes, carrots, and cabbage which are
all among imported goods.
With the 140 persons in the capital
already registered for the programme, Mr
Pinder says that the next step is to intro-
duce a similar project throughout the Fam-
ily Islands.
On Monday night, during his address to
the nation on the global economic crisis,
Prime Minister Hubert Ingraham urged
Bahamians to "make maximum use of
locally produced items, beginning with
fruits and vegetables."

,.'..... _e tL -we is proud to announce the
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Turnquest: murder rates a concern B

THE high murder rate not
only in the Bahamas, but in the
entire Caribbean region is an
issue of extreme concern, Min-
ister of National Security Tom-
my Turnquest said.
Returning to the Nassau
from his participation in the
11th Meeting of the Caribbean
Community (CARICOM)
Council of Ministers of Nation-
al Security (CONSLE) this
week, Mr Turnquest said that
the conference addressed an
extensive agenda which is
reflective of the critical crime
and security challenges coun-
tries in the region, including the
Bahamas, are facing.
It was noted during the con-
ference that the majority of
CARICOM states are above
the international benchmark of
five murders per 100,000 of
population. The CONSLE
expressed its concern that
analysis and reporting of the
murder rates was considered as
an indication of whether crime
was, or was not, under control.
This, in turn, could determine
how CARICOM states are por-
trayed internationally, with
implications for their economic
and social growth and develop-


Mr Turnquest agreed that the
murder rate in the region was
cause for serious concern. He
pointed out that in the case of
the Bahamas, most murders
were not random acts, but were
the manifestation of criminal
on criminal violence. Minister
Turnquest also supported
enhanced national and region-
al security responses, including
through the strengthening of
criminal justice systems,
enhancing law enforcement
capacity and cooperation, and
the strengthening and updating
of laws to deal with the'current
crime and security challenges.
During the conference, rep-
Iresentatives from the CARI-
COM states reviewed the for-

i ,3y

S ,.



midable crime and security
threats in the context of an
Intelligence Brief presented by
the Regional Intelligence
Fusion Centre (RIFC).
Violent crime; trafficking in
narcotic drugs and psychotrop-
ic substances and guns; trans-
national organised crime; gang
activity; the impact of criminal
deportees to the region, partic-
ularly from the United States
of America, the United King-
dom and Canada, and poten-
tially terrorism, were consid-
ered to be among the major
security threats to countries of
the region.
CONSLE discussed at length
the disturbing- trends in the
crime of murder and action that
CARICOM States might take
to address these trends.
Conference attendees also
'reviewed the situation in Haiti
from a regional security per-
spective, and what CARICOM
might do to .further assist that
member state to meet its devel-
opment and security challenges.
Mr Turnquest told the CON-
SLE that the situation in Haiti
has continuing national securi-
4j -ime. I .I ion s 9,for -. the
In addition to its detailed dis-

cussion of security threats to
the region, the CONSLE
reviewed the collective system
and responses the region is con-
tinuing to develop to support
CARICOM countries in their
crime and security initiatives.
All CARICOM states may now
participate in the Advanced
Passenger Information System
(APIS), initiated as a security
measure by the CARICOM
states that participated in Crick-
et World Cup in 2007, plus one
other state.
Other regional initiatives in
various stages of development
include an Advance Cargo
Information System (ACIS); a
Regional Investigative Man-
agement System (RIMS), a
Regional Integrated Ballistics
Information Network (RIBIN),
and a secure CARICOM Trav-
el Card (CARIPASS) that
might be used to facilitate entry
into other CARICOM coun-
tries, once such persons have
passed rigid security screening.
Noting that crime is a social
and development issue as well
as a security issue, CONSLE
recognized the importance of
the complementary initiative of
CARICOM, working together
with the United Nations Office
on Drugs and Crime
(UNODC) to prepare a region-
al crime prevention strategy and
plan of action.
Two important summits are
to be held in the CARICOM
region in 2009. Both of these
summits, the Fifth Summit of
the Americas (V SOA), to be
convened from April 17-19,
2009, and the Commonwealth
Heads of Government Meet-
ing (CHOGM), are to be host-
ed by Trinidad and Tobago in
the name of CARICOM.
The CONSLE turned its
attention to the hosting of the
first of these meetings, the V
SOA, in which 34 Heads of
State and Government and
Heads of International Organ-
isations are expected to partic-
CARICOM states have been
requested to provide support

in various security areas, includ-
ing ground, maritime and air
operations. Minister Turnquest
told the CONSLE that, as oth-
er CARICOM States, the
Bahamas would consider how it
might assist the regional secu-
rity efforts for the V SOA, and
that his country will continue
to be an active participant in
the work of the CONSLE.
The CONSLE is the minis-
terial organ of the regional
crime and security system
agreed to by CARICOM
Heads of Government in 2006.
In this security system, stand-
ing committees of commission-
ers of police, military chiefs,
chiefs of immigration, comp-
trollers of customs and heads
of intelligence agencies provide
advice in their specific areas to
a Senior Policy Advisory Com-
mittee (SEPAC).


In turn, the SEPAC, com-
prised of permanent secretaries,
senior policy advisors and heads
of the standing committees pro-
vide policy advice to CONSLE,
which makes recommendations
to Heads of Government on
crime and security issues.
Implementation of crime and
security decisions/management
of the system is the responsi-
bility of the CARICOM Imple-
mentation Agency on Crime
and Security (IMPACS), locat-
ed in Trinidad and Tobago,
together with the CARICOM
The IMPACS has two prin-
cipal agencies, the Regional
Fusion Centre (RIFC) in
Trinidad and Tobago and the
Joint Regional Communica-
tions Centre (JRCC) located in
This year's conference was
held in Georgetown, Guyana,
from November 4-5.
Permanent secretary in the
Ministry of National Security, A
Missouri .Sherman-Peter,
accompanied Minister Turn-
quest to the CONSLE.

throughout the Caribbean region

"jli Itacftdashery for Gentlemen"

Roles in Finance and Accounting
Due to the changed business environment, growth in business operations as well as
significant level of investment in the Company several opportunities exist for seasoned
financial professionals.

Project Controller
Reporting to the Capital Projects Manager, you would have a functional line to the Senior Controller. As
Project Controller you are responsible for the financial accounting and controlling of the Capital Projects.
Managing and balancing budgets, project cash flow and the financial reporting related to the Capital
Projects. You will have a Bachelor'sdegree in Accounting or Finance with a CA or CPA certification.
You will have several years of experience in an accounting and controlling role. You preferably have
experience controlling large projects. You are pro-active, accurate and have an eye for details. You are
a strong communicator and are able to deal with people at different levels in different functions both
inside and outside of the Company.

Roles in Project Management & Engineering
To manage the various significant Capital Projects, Vopak Bahamas is setting up a
professional Project Management department. The department is headed by the Capital
Projects Manager who also is a member of the Vopak Bahamas Management Team.

Project Coordinator
Reporting to the Capital Projects Manager, you are responsible for planning and coordinating all activities
related to the execution of large capital projects and coordinating and expediting all site works carried
out by contractors. The aim is to ensure safe, timely and on budget delivery of these projects. You play
an important role coordinating between the project team and the rest of the organisation as well as with
contractors and sub-contractors. You will have a strong technical background, a BSc engineering degree
with 5 to 10 years of relevant experience, coupled with excellent verbal and written conununication skills.
You will be able to prioritize, manage multiple tasks and lake decisions under pressure. You will have
had experience negotiating.with and managing contractors/vendors and monitoring the execution of large
capital projects. Experience within storage tank construction, marine constructions and/or the (petro)
chemical industry is preferred.

Contract Administrator / Planner
Reporting to the Capital Projects Manager, you are responsible for managing awarded construction
contracts for Capital Projects and safeguarding the company against excessive claims for extra work etc.
You will support the Project Coordinators in managing the logistics of all ongoing projects to ensure all
projects are executed smoothly and mitigate project delays. You will make detailed project plans, measure
progress, and assist in progress reporting. Where required you will also liaise with contractors and other
departments in the company. You will process and manage contractor claims, file counter clams where
appropriate, control change-order process, take minutes of meetings etc. You are likely to have a legal
background or at least have a strong affinity with legal work and probably have worked within claims
management department within larger construction environments. You will also have a sound understanding
of construction projects and related engineering aspects, with several years of relevant experience in
project planning and execution. You are familiar with project planning lools such as Primavera or MS
Project. You will be methodical and precise, taking a pro-active approach to identify and remove potential
'roadblocks' before they occur. You will be outgoing and an excellent communicator both orally and in
writing. You will be punctual and have a strong eye for detail whist maintaining clear sight of the bigger
picture. You will be able to work under pressure and be able to manage and hold your own in difficult
situations. You are a team player and are able to develop creative solutions to balance potentially conflicting

Chief Project Engineer
Reportingto the Capital Projects Manager, you are responsible for ensuring the execution of the
Capital Projects per design and meets required specifications and standards. Furthermore you are
responsible for coordinating with contractors and others on engineering matters. This covers both
mechanical and civil as well as E&I engineering activities. You will have a technical background,
most likely with a Bachelors degree in mechanical and or electrical engineering. You will have
more than 5 years of experience in relevant project work and are both able and comfortable dealing
with contractors and specialists in all areas of construction. Experience in tank construction or
similar industry is strongly preferred. You will lead a team of Quality Control and Assurance (QCA)
Engineers specialised in the various engineering areas for the day to day QC in the field.

Quality Control and Assurance Engineers
Reporting to the Chief Project Engineer, as QCA Engineers you are specialised in a specific area
of mechanical, electrical or civil construction. You are responsible for the day to day monitoring
and supervision of construction activities in the field and the inspection and validation of executed
work, ensuring it meets design and specifications. You will also have a strong eye for safety standards
and safety awareness demonstrated in the execution 'of the activities.You will have a technical
background and will be qualified in one of the three engineering disciplines: mechanical, civil or
electrical & instrumentation. You will have several years of experience in supervising construction
activities and performing quality inspections.

To support the refinrbishinent of our existing facilities and prepare for growth we are also looking
to strengthen the capabilities of our Maintenance department.

Maintenance Manager
Reporting to the Techincal Operations Director, you will be responsible for all technical & engineering
aspects of maintaining the technical integrity of existing facilities (both for land and marine assets).
Besides performing basic engineering tasks, this also entails developing technical scopes for projects
and executing these projects with outside contractors. Additionally you will assist the Maintenance
Manager with development and implementation of long term maintenance strategy, maintenance
plans and maintenance budgets. You will coordinate the execution of maintenance activities with
other departments (commercial and operations) to ensure minimal disruption to ongoing operations.You
will have at least a Bachelors degree in mechanical engineering and have at least 5 years of relevant
experience within industry. You will have a sound understanding of modern maintenance
strategies.You will be a highly energetic individual and able to interact with different departments.
A specialist in your field you still are able to see the bigger picture and prioritise accordingly.

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FROM page one

rietta St George; her brother, Lord Euston; and
attorney Chris Cafferata to show them as bene-
ficial owners of a 50 per cent IDC stake. That, in
turn, translates into 50 per cent ownership of the
Grand Bahama Port Auhority (GBPA) and its Port
Group Ltd affiliate.
Justice Adderley's order yesterday clarifies an
earlier ruling made by Justice Anita Allen when
she decided that the GBPA and Port Group Ltd
ownership was split 50/50 between Sir Jack Hay-
ward's family's trust and the late Mr St George
(now the estate).
It also gives the St George estate some much-
needed cheer after its "oppression" action against Sir
Jack and previously-ousted GBPA chair Hannes
Babak was struck out earlier this week by Justice
However, given that IDC and FMS are both Cay-
man-domiciled companies, questions remain about
whether both have to or, indeed, will recognize
the Order of a Bahamian court and amend their
share registers accordingly.
This is likely to be one ground argued before the
Court of Appeal, with IDC understood to have
already applied for the ruling to be stayed pending
its appeal.
Some observers also pointed out last night that if
this latest ruling by Justice Adderley had been hand-
ed down before his "oppression" case verdict, the St
George estate and its executors would have been
"shareholders" under the definition of Section 280 of'
the Companies Act, and might therefore have won
their case. It was struck out because their names
were not on the share registers.
If the St George estate takes control of its 50 per
cent stake, it is thought likely it might execute its own
exit plan by looking to sell its interest to Hutchison

FROM page one

tives into the late hours of Tues-
day evening and that is when he
learned that the layoffs would
begin the next morning.
Atlantis workers who gathered
in front of Comfort Suites carry-
ing the manilla envelopes that
contained their final pay cheque
were angry that Mr Colebrooke
and his board did not do more to
help them to keep their jobs.
In fact, some members even
alleged that Mr Colebrook was
very much involved in advising
Atlantis on who would go.
Raymond Wright, assistant-

Legal boost
Whampoa. The Hayward family trust is currently
looking to dispose of its stake to British banker
Roddie Fleming for $100 million.
In his share register ruling, Justice Adderley not-
ed that FMS had approved the transfer of the 50 per
cent IDC stake it held in trust to the executors at its
December 17, 2007, Board meeting. Yet IDC had
refused to amend its share register during its Board
meeting that same day.
Referring to Justice Allen's previously unper-
fected Order on the share transfers, Justice Adder-
Icy said this required that "FMS must cause the
shareholding in IDC to reflect that the estate, and
not FMS, is the legal owner of the 1,735,143 shares
by having FMS's name replaced as shareholder on
IDC's Register of Members with that of the names
of the executors.
"I cannot see how Justice Allen could have had
any other intention because the share ownership
was the subject matter of the ownership proceed-
ings," Justice Adderley added.
"This necessarily required the co-operation of
IDC, who was present by counsel when the ruling
was delivered."
As a result, IDC was now stoppede" from object-
ing to the share register change, and "cannot be
said to be acting bona fide in now raising objec-
tions to such registration".
While IDC had give reasons for not registering the
share transfer, Justice Adderley said that under a
court order it would not be exposed to any "tracing
claim" by Caroline St George "if it still exists" or any
other form of liability.
As a result, Justice Adderley found that Justice
Allen's order on the share ownership transfer was "a
substantive order that must be obeyed."

general secretary, said that he was
told by a member that before yes-
terday Mr Colebrook assured him
that his job was safe and that his
name was not on the "list."'
According to Mr Wright, if this
is true, it proves that Mr Cole-
brooke knew well in advance that
the layoffs would take place.
And according to Ms Gray, if
Mr Colebrook knew, he should
have told members what Atlantis
management had proposed to do.
"This was never done," she


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Mr Douglas suggested that the
hotel did not want to upset their
employees by having the talks
between them and the union
broadcast in the media.
"I guess they were getting their
information together and when
they finally finalized they said
well today is. the day they want
to go," he said.
"Kerzner has now come to that
stage to do some layoffs it is
reality -today."
"There were some things we
weren't abreast of until we came
in here this morning."
Mr Douglas also said that man-
agers and supervisors at Atlantis
were responsible for choosing
who would be laid off and that
the union had nothing to do with
the decisions.
He said Atlantis was fair in
offering those who were let go,
along with their severance pay,
their Christmas bonuses and a
voucher for their holiday ham and
"They were given their entitle-
ment," said Mr Douglas.
Mr Wright said he encourages
the government now to stop
Bringing in foreign workers, as
many Bahamians are now in need
of jobs. ",7 ';'" ...

FROM page one

economy which will result in
an upswing in visitor arrivals.
"That will enable us to
recreate some of the employ-
ment opportunities that we are
now eliminating."
The resort, though, is fore-
casting that they are 50 per
cent behind on bookings for
the first three months of 2009
and this November and
December's occupancy rates
are down 30 per cent and 14
per cent respectively.
Mr Markantonis said they
were forced to cut back when
everything was taken into con-
H'e said they had been
working with the Bahamas
Hotel Catering and Allied
Workers Union for about two
months and collectively-
came up with the number to

FROM page one

Atlantis lays

off 800 staff

be laid off.
According to him Prime
Minister Hubert Ingraham
and Opposition Leader Perry
Christie were notified last
week of the resort and union's
Now their normal staff num-
bers are down from 9,200 to
around 7,800.
"These cost cutting mea-
sures have been implemented
throughout the Kerzner orga-
nization," said Mr Markanto-
nis. "It is difficult to predict
when the economy will
improve but we continue to

market all our resorts strongly
and protect our market share."
Before the reduction in
Atlantis' workforce, the resort
began cost cutting across the
board, in all departments, on
things such as lights and water
after their energy costs went
up last year from $40 million
to $60 million.
Before staff reductions they
had already saved around $25
million in the cost of energy,
according to Mr Markantonis.
But this was not enough to
counteract rising costs, and
falling business.

Staff speak out

they didn't tell us a thing. They should've given us As workers were being laid off at Paradise
a week at least." As workers were being laid off at Paradise
Lay-offs representing a total 10 per cent of the Island, they were also being laid off at other
staff at the property occurred in phases through- Kerzner resorts internationally.
out the day yesterday at 10am, 1pm and 3pm. Yesterday some employees speculated that
The Grand Ballroom of Atlantis Paradise some of their co-workers might turn to crime to
Island had been set up for what employees who fund their lifestyles.
arrived to work yesterday thought was to be a This is going to cause heavy damage. There's
departmental meeting. They found out as they a lot of young fellas back on the street. That's
arrived that they were to be fired. going to cause crime to rise. If you put a lot of
Atlantis' security as well as police officersred. women on the street it's going to cause prostitu-
guarded the doors to the ballroom, tion to rise. You can't blame the people, they've
"To have the security now, as if we are in prison got to feed themselves," said a 23-year-old former
like the prisoners are going to come out and do A 36-year-old food and beverage workersaid:
some things that's wrong man," complained "IA 36-year-oding t food and beverage worker said:
general secretary of the Bahamas Catering and It's going to go haywire. Because no one is hir-
Allied Hotel Workers Union, Raymond Wright. ing. Everybody can't take just sitting home, sitting
Other than those older workers who did not Commissioner of Police Reginald Fergusonund.
expect to re-enter the industry, most yesterday Commissioner of Police Reginald Ferguson
talked to the media anonymously about their warned that nobody should use unemployment as
frustrations, as they were concerned about their an excuse tto commit c hristmas alwme.ays
future job prospects. Noting that the run up to Christmas always
future job prospects. sees an upturn in crime figures, robberies in par-
"Some of us worked here for thirty-three years ticular, he said the police "are vigilant and will be
and they paid us two weeks for each year. I don't in
think it's right for all the years we've been here," in a position to respond" in the instance that the
said a 63-year-old man who worked at both rise in unemployment does contribute to a crime
Atlantis and its predecessor hotel, Resorts Inter- spike.
national. Workers accused government and the Hotel
Sandra Kemp, a 52-year-old former waitress Workers Union for not doing enough to defend
said she received $4,000 in severance pay after their jobs or in the case of the union in particular,
working for the Paradise Island property for 20 bring sithem together to alert them of the impend-n.
years, with 10 years of those at Atlantis. ing situation.
Employees expressed disappointment that they Many also blamed President of the union Roy
were given no time to prepare themselves for A gColebroupoke for their layoff.keepers said that they look
the major disruption to their lives. A group of housekeepers said that they look
"This was my bread and butter and now I don't forward to being able to tap into the funds that
aGovernment had indicated would be made avail-
know what I'm going to do," said a 28-year-old able for unemployed people and those seeking
mother of two. "It isn't fair. They should've giv-ahelfarinemortpanes.
en us a warning that they were going to do it." help paying their mortgages.
Older employees speculated that their job The, unemployment relief was announced in
prospectswould be particularly bleak in a sluggish Prime Minister Hubert Ingraham's speech on
pr ospecs Monday, while the mortgage assistance plans was
The traumatic day came after weeks of specu- forecast in October.
lation, fueled by leaks from sources within the Details of who would be eligible to benefit
business that unemployment was in sight for a sig- not included.
nificant proportion of the luxury hotel's work- On Tuesday Minister of State for Finance
ersOn the heels of the financial crisis in the Unit- Zhivatgo Laing said he "couldn't say" whether
ed States, which has left the average American the unemployment relief would be available
hard hit, the hotel's occupancy is down to dis- before year's end, adding: "It requires some logis-
mary low levels, tics to be put into place."
mall low levels.

Moments Of Truth

Vol 5.10

October 2008

"When Times Get

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minal Bahamas is in the final
stages of demolishing and remov-
ing aged facilities at its plant, and
has announced plans to demolish
three of its steel distillation
columns in preparation for addi-
tional storage tanks and other
VOPAK, which provides liq-
uid and gaseous storage capacity,
plans for the exercise to take place.
on Saturday, November 15,
between 1pm and 3pm.
Two controlled blasts will be
used to fall the steel columns,
which have been part of the
Grand Bahama landscape for
almost 40 years.
The exercise will not involve
any of the taller stacks.
The company said in a state-
ment: "VOPAK assures its part-
ners in the industry park, the com-
munities surrounding its facility,
and the general public of its com-
mitment to their safety as plans
are carried out to dismantle. and
remove the old equipment from
the site."
The Cleveland Wrecking Com-
pany out of the US has been
contracted to perform the demo-
The plans for this work have
all been reviewed and final
approvals granted by the relevant
authorities for the work to pro-
The statement said:
"VOPAK'S neighbours and
industry partners, and indeed the
community, should not expect to
be inconvenienced or discomfort-

ed by this exercise.
"The two controlled blasts will
be above ground and would not
create any extended underground
vibrations; the impact area where
the columns will fall will be
padded, water soaked, and pro-
tected to prevent any sound more
than a 'thud' and with a minimum
plume of dust. The entire exer-
cise will last less than five min-
VOPAK said it has met with
the relevant Local Government
authorities in the area and has
also held a town meeting with res-
idents, "to update and assure
them that their safety, health and
welfare, and that of those persons
working within its facility and in
the industrial park are of the high-
est priorities."

Florida Governor announces Everglades restoration deal

A REVISED plan for a historic Everglades
restoration deal will cost the state less and save jobs,
Gov. Charlie Crist said-Wednesday in his first com-
ments on the new agreement, according to Associated
. Details of the revised deal were released earlier in
the week. The state will pay $1.34 billion for land
farmed by U.S. Sugar, the nation's largest producer
of cane sugar, less than the original price tag of $1.75
billion when the plan was announced in June.
"Doing something this big is not easy," Crist said
Wednesday at a press conference at the historic
home of Everglades activist Marjory Stoneman Dou-
glas. "It's hard to envision in the first place, and
then it's hard to work through the details."
The lower price is possible because the state will
not buy the company's high-tech mill, railroad lines

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or citrus processing plant. The company will keep
them and continue production for now, though it
could also later sell those assets. Though the state
won't have access to the land right away, it plans to
use most of the 181,000 acres it is buying to restore
the natural flow of water to the Everglades and to
create a system to clean the water being sent there.
Crist said he was pleased with the $400 million
savings and the fact that U.S. Sugar would continue
to operate plants, saving jobs.
"At a time when the economy is going through
what it's going through, I'm very proud of that,"
Crist said.
The deal is expected to be approved next month by
the South Florida Water Management District and
the board of U.S. Sugar. December will mark 61
years since President Harry Truman dedicated Ever-
glades National Park, a milestone Crist referenced

A leading global, research-based
pharmaceutical company seeks' a qualified
person for the position of:

The medical rep will be responsible for
promoting pharmaceutical brands within the
healthcare community in the Bahamas.
Skills & Educational Requirements
./ Bachelor's degree in medical sciences, allied
health, or business administration
/ Effective communication and presentation skills
/ Effective time management, planning, and
organizing skills
/ Proficiency in a variety of computer
/ Self-motivated team player
/ Previous experience in pharmaceutical detailing
would be an asset
Candidates should possess a reliable motor
vehicle, be willing to travel to the family islands,
to the U.S., and other foreign countries.

Please send application letter and resume by
November 24, 2008 to:

P.O. Box N-7504
Nassau, Bahamas
or Fax: 393-0440

We thank all applicants for their Interest; however,
only short-listed candidates will be contacted.



The Board of Directors of Commonwealth
Bank Limited has declared an Extraordinary
Dividend Payment of 5 cents per share, on
Common Shares, to all shareholders of record
at November 20, 2008:-

The payment will be made on November 28,
2008, through Colina Financial Advisors Ltd.,
the Registrar & Transfer Agent, in the usual

Charlene A. Bosfield
Corporate Secretary

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Miller praises PM for comments

to Bahamians on the economy

FROM page one

When asked of the state-
ments released. yesterday by
PLP leader Perry Christie
who criticised Mr Ingraham's
address to the nation, Mr
Miller said that it was a clas-
sic case of where those who
can, do, "and those who
can't criticise."
In fact, Mr Miller said it is
ridiculous for anyone to sug-
gest that if any other gov-
ernment was in place that
the economic situation the
country now finds itself in
would be any different.
"This is a worldwide reces-
sion that is upon us. The
world has not seen a finan-
cial crisis such as this since
the Great Depression. This
has nothing to do with which
government is running the
Bahamas. This is not a FNM
or PLP problem, this is a

worldwide crisis that people
need to appreciate.
"When over 1.5 million
Americans have lost their
homes, and when I see Mr
(Dionisio) D'Aguilar say
that the PM didn't make any
plans for foreign investment
or alternative energy first
of all, how do you expect the
Americans, or the Canadi-
ans, or the Europeans to
invest in your country when
they catching eternal hell in
their own country?" he
However on this economic
issue, Mr Miller said, MPs on
both sides of the political
divide need to address the
needs of the people instead
of offering simply a lot of
"hot air and rhetoric."
"I have heard no one in
Parliament, including the
former Prime Minister, or
any of my colleagues, or any-
one from the government

FROM page eight

of Americans are finding it more and more difficult to
obtain disposable incomes.
We need a stable American economy and a wealth-
ier American middle class if we want to see tourism
improve in the Bahamas. The rich are going to travel
regardless, take away a couple thousand dollars from
them and they're still going to travel.
On the other side of the coin McCain and the
Republicans were all for maintaining the status quo of:
The wealthy stay wealthy and retain their current tax
breaks while the middle classes continue to suffer
during this economic recession. Essentially the Repub-
licans were looking at doing business almost exactly as
it has been done for the past decade or more. The eco-
nomic plan that is currently in place has clearly failed
and the need for change has never been greater as far
as the American middle class is concerned.
Finally: We.should be applauding the American
people for electing the person they believed to be
the right man for the job.. .a black man! We've seen
this happen in Great Britain with Margaret Thatcher
and more recently in Germany with Angela Merkel.
When a nation ignores the gender of a candidate, or
the colour of a candidate's skin, it is doing democracy
the ultimate justice by electing the candidate believed
to be best for the job. This is the maturation of a
country and should be seen as such.
The American people in this election.have declared
that they don't care if the best person for the most
important job in the free world is black...If he's
believed to be the best candidate he can and will get
the job. .
.We as a nation should recognize that the majority of
the world has'been inspired by the man slated to take
over the White House in January. Statistics show that

side either voice any concern
about the amount of incen-
tives that the government
and the people of the
Bahamas provided to these
hotels to give them sufficient
cushions in times such as
these that it was just neces-
sary to lay off Bahamians in
"And I wonder and I ques-
tion how many foreigners
were laid off in this move-
ment that is afoot now (ter-
minations at Atlantis)," he
To this end, Mr Miller,
through the Bahamas Light
Industries Council, is host-
ing an economic conference
on November 26 and 27 at
the Wyndham Nassau Resort
where experts in the field
will exchange ideas and put
forward suggestions for how
the country as a whole -can
survive this economic down-

90 per cent of Americans under the current adminis-
tration feel that the country is heading in the wrong
What those statistics don't report is the domino
effect that America's direction has on the attitudes of
other nations.
Nations love to hate America, as they did Britain,
France, and the Roman Empire when they were the
superpowers of the World. But the world also wants to
see a strong USA. The US has after all played world
police, world humanitarian, and world marketplace
practically since the end of World War II. Presently
there is no doubt that the United States is in a bad way.
In the past eight years America has seen: 9/11, for-
eign relations mangled, a shrinking middle-class, mil-
lions of jobs shipped overseas, the emergence of a
powerful wild-card in China, oil prices sky rocket
exponentially, and two ongoing wars in the Middle
East which have resulted in the deaths of countless sol-
diers and civilians.
The world can't afford for the United States to spi-
ral out of control for another four years! While Oba-
ma doesn't face something as historical as a 9/11 or a
Vietnam as he enters office, the problems before him
are perhaps more numerous, serious, and complex
than any president has faced in recent history.
Democrat or Republican, pro or anti-American,
Bahamian or Canadian, we should all be rooting for
this man to bring about the change he has.promised.
The world needs Obama and America to succeed.
'* In ihe end we're all going to be just fine. What is
.sfIst important right now for the world, America,
and the Bahamas is unity and a desire to work togeth-
er to achieve a better more stable world.


T he Inlvmntra m dt ,cbwid ofrl/ Baamas

world school

St Andrew's School, The International School of The Bahamas, an authorized International
Baccalaureate (IB) World School, invites applications from qualified and experienced Bahamian
candidates for the following teaching vacancies, with effect from August 2009. Full information
regarding the school may be found at its website: www.st-andrews.com.
Candidates should be qualified teachers who possess the necessary academic qualifications for the
positions) for which they apply, including a teaching qualification and a bachelor's degree, and
normally need to have a minimum of two years successful school-based experience. Desirable
qualifications, in addition to those specified for individual posts, are that teachers have successful
experience in an independent and/or international school and an advanced degree. Applications from
candidates able to coach team sports or advise school clubs and activities are particularly welcomed.
Secondary (i.e. middle and upper) school teachers will be expected to undertake the responsibility
of a homeroom.
Please note that applications received from non-Bahamian candidates will not be considered at this
time, although permanent residents with the right to work are invited to submit their papers for future
consideration. Applications from candidates living outside The Commonwealth of The Bahamas will
not be acknowledged or considered at this stage of the recruiting process. If the school is unable to
recruit any position locally, it will advertise internationally in January.
Physical education: Years pre-school to 13 responsibilities. Candidates must have successful
experience in coaching years 7 to 13 in at least three of the following sports: baseball/softball;
basketball; soccer; track and field; volleyball. Swimming/WSI certification would be welcomed.
The school is authorized to teach the Primary Years Programme (PYP) of the International Baccalaureate
Organization. Candidates for all posts in the primary school should be committed to the principles
of, and preferably trained in, the PYP. Applications are warmly welcomed from teachers who are'
committed to an inquiry-based pedagogy but who have not yet had the opportunity to teach in a PYP
Homeroom teachers: Class sizes range between 15 and 20.
Primary school music: Candidates must be fully qualified and have successful teaching experience
at all years from pre-reception to six. They must also have successful experience in organizing
primary school music and drama performances.
The school offers its own middle years programme in years seven through nine and the BGCSE in
years 10 and 11 (grades 9 and 10). The school is authorized to teach the Diploma Programme (DP)
of the International Baccalaureate'Organization in years 12 and 13 (grades 11 and 12).
Spanish and French: Candidates should be familiar with the ACTFL standards and able to work as
a contributing member of a school-wide team. They must be qualified to teach to pre-university
level and be familiar with the demands of the International Baccalaureate diploma programme.
Biology: Candidates for this post must be qualified to teach biology to pre-university level and be
familiar with the demands of the International Baccalaureate diploma programme. Candidates should
also be able to offer either chemistry or physics at BGCSE/IGCSE level.
Chemistry: Candidates for this post must be qualified to teach chemistry to pre-university level and
be familiar with the demands of the International Baccalaureate diploma programme. Candidates
should also be able to offer either biology or physics to BGCSE/JQCSE level.
Physics: Candidates for this post must be qualified to teach physics to pre-university level and be
familiar with the demands of the International Baccalaureate diploma programme. Candidates should
also be able to offer either biology or chemistry to BGCSE/IGCSE level.
English: Successful experience in teaching English to IB level is required for this post. Candidates
for this post must be qualified to teach to pre-university level and be familiar with the demands of
the International Baccalaureate diploma programme. Successful BGCSE/IGCSE and SAT 1/SAT H
experience is also essential.
Mathematics: Candidates for this post must be qualified to teach to pre-university level and be
familiar with the demands of the International Baccalaureate diploma programme. Successful experience
in teaching calculus to AP and/or IB level is preferred for this post. Successful BGCSE/IGCSE and
SAT l/SAT, II experience is also desirable.
Music: Candidates for this post must be qualified to teach Music to pre-university level and be
familiar with the demands of the International Baccalaureate Programme.
Candidates must also have successful experience in organizing secondary school, choirs, band, music
concerts and drama performances.
Drama: Candidates should be able and willing to teach up to IB theatre arts level and possibly
coordinate musical and. drama productions throughout the secondary school.
Information technology: Years pre-school to 13 responsibilities in integrated technology, promoting
the concept of "computer as.tool" across all ages and curriculum areas, as well as teaching in years
10 through 13. Must be experienced in teaching computer science at IB diploma level.
Middle school home room and core teachers: Middle level educational qualifications, experience
working with early adolescents and a familiarity with the philosophy of middle schools are required
from applicants for these posts. Applicants may also be required to teach BGCSE courses up to year
At least two of the successful applicants will have documented successful experience in teaching
English in years 7 to 9 and will be able to offer English and one of the following PSE; IT & Social
Studies; art; drama possibly to BGCSE level.
Another successful applicant will have documented successful experience in teaching general science
in years 7 to 9 and will be able to offer any combination of biology, chemistry and physics at BGCSE
level. If he/she could also teach mathematics that would be useful.
Mathematics and special needs (part time post): Candidates must have successful experience in
teaching in both areas.
NB: One successful candidate from all the posts offered will be able to offer the teaching of the
Theory of Knowledge course at IB diploma level. Another will be able to offer the teaching of
psychology at IB diploma level
Interested candidates should apply to the school's principal, Mr. Robert Wade, by letter, email or fax
as soon as possible. All applications MUST include the following:
* letter of application
* a personal statement detailing the candidate's educational philosophy
* 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 teaching posts offered may be obtained from the heads of the schools by email
or fax only.
Frank Coyle, Head of the secondary school:
Email: Frank.Coyle@st-andrews.com
Fax (1242)3240816
Allison Collie, Head of the primary school:
Email: Allison.Collie@st-andrews.comrn
Fax (1242)3240816
Bob Wade
St Andrew's School
PO Box EE 17340

Email: Bob.Wade@st-andrews.com
Fax: (1 242) 364 1654
The closing date for applications is 31 December 2008. Applications from unqualified candidates,
applications arriving without the full information requested, applications from outside The
Commonwealth of The Bahamas or applications received after this date will not be considered.

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Lakers beat Mavs, improve to 6-0

AP Sports Writer

after one quarter, two and even
three, the Los Angeles Lakers
found themselves in an unfa-
miliar place.
Yet even with the Dallas
Mavericks getting terrific games
out of Jason Kidd and Erick
Dampier, Kobe Bryant and
friends found a way to pull out
another one.
Trevor Ariza turned an offen-
sive rebound into an emphatic,
go-ahead dunk early in the
fourth quarter and added an
equally emphatic block in the
final minute to help the Lakers
pull out a 106-99 victory over
the Mavericks on Tuesday
night. Los Angeles improved to
6-0, its best start since going 7-0
in 2001-02 which also was
the last time the Lakers won
the championship.
"Nobody panicked," said
Bryant, who scored nine of his
27 points in the fourth quarter.
"We just kept at it."
Despite being without Josh
Howard their second-best
scorer, co-leading rebounder
and a top defender the Mavs
came out with the fire star Dirk
Nowitzki criticized them for
lacking in their previous game,
a loss to the then-winless Clip-
pers. This time, Dallas scored
a season-best 35 points in the
first quarter and a season-best
60 in the first half.
However, the Mavs scored
only 39 points the rest of the
way, with Nowitzki failing to
score after early minutes of the
third quarter. That dropped
them to 0-3 at home for the first
time since the 1993-94 club that
finished 13-69. That's not exact-
ly the kind of change new coach
Rick Carlisle was hired to make.
"You've got to be able to fin-
ish games and you've got to be
able to win at home," Carlisle
said. "We ran great in the first
half. In the second half, they
played better and we didn't get
the same opportunities."
The Lakers went into the
fourth quarter trailing for the
first time all season. But they,
alsq were in the midst of ,a,.
sptrt that would put t'h'UIIf'
ahea&fdr g6bbd Ariza icelelat-

ed his go-ahead dunk before the
ball was even through the cylin-
der and Carlisle was calling a
timeout just as quickly.
Bryant kept the roll going,
but Dallas got back to within
99-97 in the final minutes.
Nowitzki passed up a poten-
tial tying shot, giving the ball to
Stackhouse, who missed. After
a defensive stand, Nowitzki shot
an airball on a 3-pointer. After
yet another defensive stop,
Nowitzki passed to Stackhouse
in the corner and Ariza came
flying in to swat a 3-point try
out of bounds with 1 second left
on the shot clock. The Mavs
wound up with a shot clock vio-
lation, then Pau Gasol scored a
three-point play on the other
end to seal the victory.
"It was a phenomenal block,"
Bryant said. "He's just a
tremendous athlete. Our bench
was incredible. That's the kind
of team we have, We pick each
other up. They came in and
gave us a huge boost."
Lakers coach Phil Jackson
went to his bench earlier than
normal and left them in once
they started rallying.
Ariza scored a season-high
13 points and Lamar Odom
added 12. That was a nice sup-
plement to the 27 points from
Bryant and 22 from Gasol.
Gasol also had 11. rebounds.
Andrew Bynum had 11 points
and 10 rebounds.
"That's what we do, we try
to change the pace of the game,
play with high energy," Ariza
said of the Lakers' second team.
Jason Terry scored 21 points
and Kidd got the 101st triple-
double of his career with.16
points, 11 rebounds and 10
assists. Jerry Stackhouse scored
a season-high 17 points and
played some tough defense, on
Bryant, while Dampier had 11
points and 16 rebounds, includ-
ing a franchise record-tying 12
on the offensive end.
Ironically, it was Nowitzki
who let Dallas down, scoring 14
.points on 5-of-17 shooting.
"Everyone was in it, it was
great," Nowitzki said. "If we
play like that all the time, we'll
have a lot more opportunities
to win."'
Hoivard missed his second
straight. game with' a sprained

JASON KIDD (left) tries to get
around Kobe Bryant during
Y the second hall of Tuesday's
game in Dallas...

left wrist. Gerald Green started
in his place and keyed the
strong start with eight first-quar-
ter points before going to the
locker room with a split lip. He
had big dunks to open the third
and fourth quarters, and fin-
ished with 17 points.
The Mavericks made.only 15-
of-46 shots in the second half.
They also had 22 turnovers, five


more than in any other game
so far.
"We got the stops when we
had to, but we couldn't get the
ball in the basket on the other
end," said Kidd, who was sur-
prisingly aggressive looking for
his shot, scoring 11 points by
This was the most points the
Lakers allowed all season and it

matched their slimmest margin
of victory. Still, they did enough
to head to New Orleans looking
* to get to 7-0 Wednesday night
against Chris Paul and the Hor-
"We know what we're capa-
ble of," Bryant said.)"We feel
better about ourselves than we
did last year. It's early, but
we're on the right track."

Oden ready to return

MIAMI (AP) Greg Oden says he's ready to play.
The Portland Trail Blazers center says he'll play Wednesday
night against the Miami Heat, even though the team is listing him
officially as a game-time decision. Oden has missed the Blazers' last
six games because of a sprained right foot suffered in Portland's sea-
son-opening loss to the Los Angeles Lakers.
"Feels good. I'm ready. I'm excited," Oden said after Wednes-
day's shootaround. "I'll hopefully play the full game tonight."
Oden was the No. 1 pick in the 2007 NBA draft, then missed all
of last season following knee surgery.

AP Sports Writer

.ford was everywhere. Grabbing
rebounds, runnifig the floor,
picking up loose balls and scor-
ing from the inside. It was the
bestperformance of his career,
an effort that kept the Atlanta
Hawks unbeaten through six
On a night when leading scor-
er Joe Johnson had trouble with
his shot, Horford scored a
career-high 27 points, grabbed
17 rebounds and blocked six
shots to lead a 113-108 victory
over the Chicago Bulls on Tues-
day night.
Atlanta's start is its best since
the 1997-98 Hawks won their
first 11 games.
"It shows how deep this team
is and we're all unselfish," Hor-
ford said. "Not every night is
going to be Joe this year like it
was previously. Now he has a
supporting cast."
And a good one.


Mike Bibby added 22 points,
hitting three 3-pointers in the
fourth quarter to fend off a
Bulls rally. The Hawks had six
players in double figures,
including Johnson, who finished
with 17 eight below his aver-
age. He shot 4-for-16.
Atlanta got a lift off the
bench from Maurice Evans,
who scored 17 points including
two late 3-pointers in the final
The Hawks made the most of
their transition game, beating
the Bulls up the floor.
"We knew they were a run-
ning team, and coach just said

to run right back at them and
they weren't getting back, so
we were getting easy points,"
Horford said.
'"Our defense was terrible,"
Chicago's Luol Deng said. "We
did a poor job picking up guys
in transition. We didn't help
each other."


Rookie Derrick Rose led the
Bulls with 26 points to match
his career high and had a
career-best 10 rebounds and
stayed in the game, despite
pulling a muscle in his back in
the first quarter. Andres
Nocioni chipped in 20 points.
The Bulls played without
Kirk Hinrich (thumb surgery),
Larry Hughes (shoulder) and
Drew Gooden (ankle). Atlanta
was without Josh Smith (ankle).
Johnson, averaging 25.2
points, struggled with his shot,
missing eight of his first 10
But the Hawks got 16 first-
half points from Horford and
10 from Zaza Pachulia to take a
55-52 halftime lead.
Horford outplayed Joakim
Noah, his former University of
Florida teammate on two
NCAA championship teams, by
using his strength and leaping
ability on the inside. Noah fin-
ished with two points and eight
"He plays a lot o'f defense.
He ran the floor well and got a
lot of baskets in transition. He
wasn't doing anything he does-
n't do," Noah said.
"He was playing within his
game and things went his way.
... His numbers were incredible
tonight. He really controlled the

* By The Associated


Thursday, November 12
Denver at Cleveland (8 pm
EST). Carmelo Anthony and
the Nuggets will try to stop
Cavaliers star LeBron James,
who has scored 41 points in
three of the last four games.

Stephen Jackson, War-
riors, tied the game late in reg-
ulation and scored six of his
30 points in overtime, leading
Golden State back from a
poor fourth quarter to beat
Minnesota 113-110.
Allen Iverson, Pistons,
had 30 points and nine assists
to win for the first time with
his new team, leading Detroit
to a 100-92 victory over Sacra-
Carmelo Anthony,
Nuggets, scored 18 of his 25
points in the second half to
help Denver held off Char-
lotte 88-80.
Tim Duncan, Spurs, had
23 points, nine rebounds, and
seven assists to carry San
Antonio to a 92-80 victory
over New York in the Spurs'
first game without the injured
Tony Parker.
Al Horford, Hawks, had
a career-high 27 points and 17
rebounds as Atlanta remained
unbeaten through six games
with a 113-108 victory over the

The Lakers' 106-99 win
over Dallas was the 1,400th
career game for coach Phil
Jackson, a milestone reached
.by only 12 other coaches. He
is 982-418, the highest winning
percentage in league history.

Chicago Bulls guard Kirk
Hinrich had surgery to repair
a torn ligament in his right
thumb and could be out for
three months. Hinrich was
hurt last Friday night in
Chicago's 100-83 victory over
Phoenix when he tried to
knock the ball away from the
Suns' Amare Stoudemire.
Bruce Bowen didn't start in
San Antonio's game against
the Knicks. It was the first
time in 550 games with the
Spurs in which he was on-the
active roster that he didn't
start. Bowen checked into the
game with 2:22 left in the first
quarter. He was replaced in
the starting lineup at small for-
ward by Ime Udoka.

Spurs rookie George Hill
started in place of injured
Tony Parker and scored a sea-
son-high 12 points. Parker will
miss about a month due to a
moderate left ankle sprain.
The Spurs' other standout
guard, Manu Ginobili, has not
played this season and isn't
scheduled to be back from left
ankle surgery'until December.

Deron Williams had seven
points and nine assists for
Utah in a 93-70 win over the
76ers after missing the first six
games because of a sprained
left ankle he sustained in a
preseason game Oct. 18
* against Chicago. Williams
averaged a double-double last
season -18.8 points and 10.5
Golden State's Andris
Biedrins finished with 13
points and 15 rebounds before
fouling out in overtime of a
113-110 win over Minnesota,
recording his 15th straight
double-double dating to April.

Atlarita beat Chicago 113-
108 to improve to 6-0, the
Hawks' best start since the
1997-98 season when they won
their first 11 games ... The
Lakers held off the Mavericks
106-99 to improve to 6-0 for
the first time since going 7-0 to
open 2001-02, their last cham-
pionship season.

.Dallas scored a season-best
35 points in the first quarter
and a season-best 60 in the
first half, but couldn't keep up
the pace, scoring just 39 the
rest of the way in a 106-99 loss
to the Lakers.

"You've got to be able to
finish games and you've got
to be able to win at home. We
ran great in the first half. In
the second half, they played
better and we didn't get the
same opportunities."
Dallas coach Rick

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from the



Associated Press Writer

Andy Roddick has with-
drawn from the Masters Cup
after spraining his right ankle
during practice an injury
that he said did not appear
to be serious.
Roddick made the
announcement Wednesday,
hours before he was to play
Roger Federer in a Red
Group match. He was
replaced in the tournament
by 26th-ranked Radek
Stepanek, the first alternate
Roddick said he rolled the
ankle during a warmup drill
for practice Tuesday and ini-
tially hoped treatment would
allow him to play, but he real-
ized during his pre-match
warmup that he couldn't run
or serve well enough.
I came out here and tried
to warm up 45 minutes or so
ago, and it was pretty appar-
ent that my movement was
probably 30 percent or 40
percent," he said.
"Unfortunately that's just
not good enough to get it
done at a tournament like
this,"-Roddick said. ..I didn't
feel like I could go out and
try to compete and win a ten-
nis match. It's definitely a
tough prospect trying-to beat.
-Roger with-no serve and. not
being able to move much.
"The risk/reward wasn't
there. You're risking further
injury where it might cut into
preparation for next year."
Roddick said his trainer
and a doctor told him the
injury didn't appear to be
serious, and he anticipated
being able to do his planned
training during the offseason.
"I don't think we're look-
ing at anything more than a
week or so," he said. "I was
planning on going home any.
way. Basically I'm just start-
ing that process four days ear-
lier by not being able to finish
Roddick lost his opening
round-robin match at the sea-
son-ending tournament to
Britain's Andy Murray, and
Federer fell to Gilles Simon.
Stepanek, of the Czech
Republic, could qualify for
the semifinals but would have
to _win both of his matches
and hope no more than. one
of the other players in his
group finish with two victo-
"I called him this morning
at about 10:00 or 10:30 and
said, 'You should prepare
like you're going to play. I'm
probably 50/50 to play
tonight, and I'll let you know
as soon as I try to warm up,'"
Roddick said.
The 26-year-old Roddick
has been hampered by
injuries this year, twice sit-
ting out a month the first
after retiring from the Rome
Masters in early May after
just three games with a shoul-
der injury.
Hopefully I have all these
nicknack injury things out of
way," Roddick said. "They've
been pretty frustrating. I feel
like I've been playing catchup
a little bit ... as far- as not
being prepared and ready. So
I'm very much looking for-
ward to getting healthy and
actually having some-time to
try to get fit again and be pre-
pared going forward next
One thing the early depar-
ture does is allow him to
focus on acquiring a new
He split with Jimmy Con-
nors earlier this year, and had

since been working with his
brother John.
"There's a short list," Rod-
dick said without naming any
candidates. "I didn't want to
start going through the
process of talking to people
either over the phone or in
person until my season was
finished. That's something
that I'd definitely like to get
taken care of in the next cou-
ple weeks."
Roddick, who was making
his sixth straight Masters Cup
appearance, is a former No. 1
who has been no lower than
12th in the rankings since

CHELSEA players react Wednesday as they lose on penalties to Burnley during English League Cup match at Chelsea's Stamford Bridge Stadium...

Masters Cup: Federer

defeats Stepanek

Andy Murray beats Gilles Simon to reach semifinals

Associated Press Writer

SHANGHAI, China (AP) -
Roger Federer has been
through a tough stretch a
sore back, an openiirg loss at
the Masters Cup, a stomach ail-
ment. On Wednesday, he
caught a break.
Andy Roddick pulled out of
the season-ending tournament
hours before their match
because of a sprained ankle.
Instead, Federer's opponent
was Radek Stepanek, who cut
short his vacation in Thailand
to compete as an alternate. The
26th-ranked Caish had to bor-
row, rackets-:from Novak
Djokovic becarde'his gear
shipped from home didn't clear
Chinese customs in time.
The result was a 7-6 (4), 6-4
victory that was far from vin-
tage Federer, but kept alive his
pursuit of a fifth Masters Cup
Andy Murray of Britain
reached the semifinals by beat-
ing Gilles Simon of France 6-4,
6-2 in the other Red Group
Simon was added to the field
when Rafael Nadal withdrew
last week with a knee injury that
also forced the top-ranked play-
er to pull out of next week's
Davis Cup final between Spain
and Argentina.
In the Gold Group, Nikolay
Davydenko of Russia will face
Juan Martin del Potro, with the
winner assured a semifinal spot.
Djokovic, who is 2-0, already
has advanced and will meet Jo-
Wilfried Tsonga of France, who
has been eliminated after los-
ing his first two matches.
Federer pulled out of the
Paris Masters less than two
weeks ago because of his back.
He still showed some of the rust
that was evident in his opening
loss to Simon. In particular, his
serve was not up to full speed.
The Swiss star said his back
was fine but he developed a
stomach ailment after the Mon-
day night match against Simon
and felt "terrible" when he
woke up Tuesday. He spent the
day in his room, trying to recov-
"It would have been impossi-

FROM page 19

THE families of Bennet
Davis and Torrington Cox
should be proud of their latest
Both players were drafted
by the Utah Flash on Friday
to play in the National Bas-
ketball Association's Devel-
opment League.
The D-League serves as the
pipeline for the NBA and is
the first place that the NBA
teams look to furnish their
teams when they are in need
for players to fulfill their ros-
So while they haven't been
drafted by the NBA where we
have had four players who
participated in the past, it's a
step in the right direction for

TOP SEED Roger Federer waves to
the crowd after his win...

(AP Photo: Bullit Marquez)

ble to play yesterday," he said,
looking-drained at his post-
match news conference.
"Maybe I got lucky that Andy
withdrew. And then Radek is
not playing with his own rack-
ets, so that made it a little bit
more lucky again. I hope with a
day of recovery, I'll make a mir-
acle happen here and get
through into the semis."
Roddick tried to warm up but
said his right ankle, sprained
during a warmup drill for prac-
tice Tuesday, was severely lim-
iting his movement and his
"Unfortunately that's just not
good enough to get it done at a
tournament like this," Roddick
said, adding the injury did not
appear serious. "I didn't feel
like I could go out and try to
compete and win. It's definitely
a tough prospect trying to beat
Roger with no serve and not
being able to move much."
"The risk-reward wasn't
there," he said. "You're risking
further injury where it might
cut into preparation for next
Stepanek won only three
points in the first two games,
then evened the match. Federer
pulled ahead 4-1 in the tiebreak-
er and held on to take the set.
Stepanek was broken while
serving at 4-3 in the second set.
But Federer was broken back

Davis and Cox as they look
forward to making a D-
League roster.
The Bahamas has had a
wealth of talent playing over-
seas, but Davis and Cox are
the first two to be drafted in
the D-League. So whether or
not they go on to make it to
the NBA, they can at least say
that they were considered for
the shot at the top basketball
league in the world.
Mychal 'Sweet Bells'
Thompson set the standard,
having played on three cham-
pionship teams with the Los
Angeles Lakers back in the
1980s. Rick Fox was the last to
play, also playing on three
Lakers championship teams
in the last decade.
It would be good to see the
next Bahamian to suit up in
an NBA uniform.

at love as he served for the
match, netting a forehand after
a long rally on break point.
Stepanek pumped his fist and
hopped on one leg, but his cel-
ebration didn't last long. He
missed a backhand volley to set
up match point, then double-
faulted. The loss eliminated him
from contention for the semifi-
Murray was at his best on the
key points, breaking Simon
twice in each set and fending
off seven of the Frenchman's
eight break opportunities.
"It was one of my best match-
es in recent months," said Mur-
ray, who recently won 14
straight matches.
Murray said he was nervous
before the match, knowing that
if he lost; he would have to beat

Federer in his last round-robin
match Friday to qualify for the
semifinals. He dismissed any
suggestion he might take it easy
now that he's assured of
"I don't try and find a bal-
ance," Murray said. "I try and
beat Federer. Ideally, I'd like ..-
to knock him out of the compe-
tition if I can. I'd rather not
have to play him twice in one,
week. He's the best player
Murray and Simon were
making their debuts at the tour-
nament for the world's top play-
ers. Murray jumped ahead 4-0
in the first set and ran off five
games in a row in the second.'' -
"I just missed all the oppor'-
tunities I had today," Simon
said. "He didn't miss anything."

i _]

ZURICH, Switzerland
(AP) European champion
Spain remained No. 1 in
FIFA's rankings Wednes-
day, followed by Germany,
Italy and the Netherlands.
The United States dropped
to No. 24, tops in its region-
al group.
England advanced to No.
10 among the world's soc-
cer elite, moving up four
places. Coach Fabio Capel-
lo's team fell from the top
10 in July after failing to
qualify for the European
The Americans moved
down three places to No.
24, with CONCACAF rival
Mexico at No. 25.
Germany, which lost the
Euro 2008 final to Spain,
climbed one place to No. 2.
World champion Italy
dropped a place to No. 3
and the Netherlands rose
one spot to No. 4. Brazil
remained the best in South
America despite falling to
No. 5 while Argentina
moved up a place to No. 6:
Euro 2008 semifinalist
Russia was No. 8, its best
ranking since 1997..
Cameroon led African
nations at No. 14, down two
places. Israel was up one to
No. 15, its best ranking.
Paraguay, which leads the
South American World
Cup qualifiers, jumped five
places to No. 17. Australia
tops the Asian confedera-
tion at No. 37, one ahead
of Japanl; whiclrdropped six
Making double-digit
advances were: No. 27
Switzerland, No. 30 Serbia,
No. 31 Ecuador and No.-45
Slovakia. Jamaica vaulted
33 places to No. 86 after
wins in World. Cup quali-
fiers against Mexico and
Hopduras. .,,, : !",
The next ranlkings.are,,
December 17.

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rwt- 10I, 1 MUiMOUAY, NOVEMBER 13, 2008






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Sports Reporter
St Augustine's College
reclaimed its softball suprema-
cy in the junior girls' division
last night, ending the champi-
onship series in thrilling fash-
The Big Red Machine with--
stood a fifth inning comeback
by the St Anne's Blue Waves
to hold on for the series clinch-
ing 14-12 win.
The Big Red Machine fin-
ished as runners up to St
Andrews in 2007, losing the
championship series in three
The Blue Waves took an ear-
ly 4-2 lead after the first inning,
but it was a short-lived advan-
tage, as the Big Red Machine
would soon take control.
SAC responded with a
tremendous seven run effort in
the second inning, nearly plat-
ing the entire lineup on their
way to a 9-4 lead.
The Blue Waves added an
additional run in the bottom of
the second and both teams trad-
ed two runs apiece in the third
to give SAC an 11-5 lead head-

Big Red Machine beat Blue Waves
----------------------------------------------- - - -- - - - - -- - -- - -

ing into the fourth inning.
Cierra Bonamy scored her
third run of the game to give
the Big Red Machine a 14-8
lead heading into the bottom
half of the inning
Playing like a team desper-
ate to force a third and deciding
game the Blue Waves rallied in
the bottom of the fifth inning.
The Big Red Machine strug-
gled defensively in the field as
the Blue Waves worked their
way back into the game.
Brittany Storr, who finished
with three runs, started the scor-
ing spree for the Blue Waves,
who also received' runs from
Melissa Wong, Joyann Carroll
and Janae Lockhart.
The defense stepped up to
force the third and final out
with the tying run at the plate to
give the Big Red Machine their
first junior girls title in three
Bonamy and Shonte Cargill
led the Big Red Machine with
three runs apiece, while
Kenyoka Ingrahm and Rontre

Rolle each added two.
Carroll led the Blue Waves
with four runs.
SAC manager Mynez Sher-
man said her message to the
team as the Blue Waves mount-
ed a comeback, was to remain
posed and continue the funda-
mentals which got them to that
"I reminded them that they
were in charge and they should
not forget that," he said, "I told
them they had to stay patient,
stay calm and in the end I knew
they would do what they had
to do was to hit the ball and
play solid defense."
Sherman said the team grew
in confidence as they matured
from the season's opening game
to the championship series.
"As the season progressed, I
saw the girls progress as well,"
she said, "I became quite posi-
tive in them and as a matter of
fact as a team we became more
positive as time went on, so to
reclaim this; championship is

St Andre Hurricanes fHurriorce gamean

St Andrew's Hurricanes force game 3

FROM page 19
The Saints faltered defen-
sively in the fifth when a series
of pass balls and fielding errors
led to an additional two runs by
Eutener and Butler for the final

A .-- .. ".,..,,.
I .o

What better way

to enhance your

Sow S,-e 'O

culinary creations,

than with

Benjamins Vanilla,
' Jriilas and Colourings

of 10-3.
Hurricanes manager Pat
Chiarello said his team's depth,
particularly on the mound,
played the difference in. game
"We have a great team, we
are solid in every position, we
don't have a weak link on the
team," he said. "Our behch is
very strong, the boys on the
bench, our younger kids, can
start on just about any team, we
are really solid all around, we

have two pitchers and every-
body just stepped up their game
tonight for this win."
"They came out flat in the
first game but they picked it up
tonight. They hit the ball really
well," he said. "They have to
come out, they have to be as
hungry as they were todayiand
they have to want it. If we play
in game three like we did today,

nobody can beat us."
The Hurricanes took a
rebound from runners up fin-
ish to St Augustine's in a 2007
season where the Hurricanes
captured three of the four
championship series.
These same squads met in the
2007 Senior Boys championship
series when the Hurricanes won
in a two-game sweep.
Game three takes play today
at the Freedom Farm Field,
beginning at 4pm.

4. A,.7u 5- I

SS pinM -otors Lt
S: anpln^^tee "'=! ...I-'.

, LALEo SO3 9

softball champions!


ready to


See page 16

Come out

and support

our basketball

Hall of Famers

ON Saturday night
istry of Youth, Sports
ture is expected to
long-time rivalry when
the Kentucky Colone
Beck's Cougars in
National Hall of Fam
ball game.
The Colonels
Cougars were house
in the New Providenc
ball Association u
decade ago when th
started to see a deci
product 'they were o
the public.
Today, the two namn
as ancient as some of
ers, who will probab
lot of Bengay and o
ments to get themsel
for the big game at th
Isaacs Gymnasium.
During a press con:
the ministry last wee
their promote the gam
president Keith 'Belz
said they are doing al
to not only lure the


- Roger Federer
through a tough sti
sore back, an openi
the Masters Cup, a st
ment. On Wedne
caught a break...

Lakers beat
(AP) Down
after one quar-
ter, two and
even three, the
Los Angeles
Lakers found
themsehes in an
See pg16

Marshall sets

Marshall of
the US has
broken the
record in the
See pg18

t, the Min- back, but to STUBBS
s and Cul- generate a
renew a lot more
n they host participation
ils and the from the
the first public.
ne basket- Since tak-
ing over the
and the reigns of the
old names leasg u e ,
ce Basket- Smith has
p until a disbanded
he league the men's
mine in the division II
offering to play, which OPINION
featured a ,-
es are just lot of the
fthe play-, bright young
ly need a stars, and is just concentrating
their oint- on one division.
ves ready It was a move that created
he Kendal some criticism at first, but judg-
ing from what has transpired
ference at since, it was probably the best
ek to fur- decision that the league could
ae, NPBA make.
ee' Smith Most of the teams have taken
11 they can advantage of the youth move-
two clubs ment as a lot of the veteran
or seasoned players have been
fazed out in the sunset.
As a result, the NPBA is
)eat now forced to concentrate on
a vibrant public relations cam-
paign, both from the execu-
tives and the players them-
Smith put it aptly when he
said: "If each player brings
along with them two persons
to the gym. w~e can expect to
see the gym paccked."c
Let's face it, the players
have to be willing to do some
self-promotion if they intend
to see any drastic changes in
hina (AP) fan support.
has been On topof that, we won'thsee
retch a -those days gone by when the
ng loss at gym was packed with fans who
omach ail- didn't have to be coerced into
sday. he coming out to watch a game
night in and night out.
See pg 17 So the players and the exec-
utives have to promote the
Mavs league themselves.
Basketball is still the most
popular sport played in the
country with pick up games
being staged on a daily basis in
just about every community.
A lot of those players, how-
ever, have never played in an
organised league and proba-
bly prefer not to do so.
Maybe one of the ways the
league can attract some more
fans is to go into the commu-
nities and develop more teams
that will attract their own fol-
recorP lowing from within their com-
It will be a good way for the
association to get back to
basics, looking at its own core
of players to market, rather
than relying so much on play-
ers who have already been

.SEE page 17

A St Andrew's Hurricanes player in action yesterday...




force game 3

Junior boys of St Andrew's
blow away Kingsway 10-4
Sports Reporter
he St Andrew's Hurricanes extended their
junior boys' title hopes yesterday, forcing a
third and deciding game in the champi-
onship series.
The Hurricanes rebounded from a game one loss to
take game two with a commanding 10-4 win over the
Kingsway Academy Saints.
Following a hard fought 4-3 loss in game one, the
teams looked on pace to repeat with an evenly played
game early on.
The Hurricanes came out offensive minded, posting
two runs in the top half of the first inning to plate
Leighton Gibson and Yves Reimann.
The Saints responded with runs by Yale Hepburn
and Zachary Albury.
Two more runs by Gibson and Alex Eutener gave St
Andrew's a 4-3 advantage by the end of the second.
The third inning proved to be the breakout frame for
the Hurricanes as they separated themselves with four
runs in the third.
Butler, Eutener, Alex Martinborough. and Matt
Constantakis reached the plate to extend the Hurricane
margin 8-3.

SEE page 18

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visit wwwhbahamaslogistic.com.

- .L


Designer jewellery one of

many Red Ribbon Ball prizes

RED RIBBON BALL co-chairs Sandra Smith (left) and Nicole Henderson-Smith (right), accept the ear-
ring and necklace suite offered by John Bull for the Red Ribbon Ball raffle. Making the presentation are
Inga Bowleg, director of business development at the John Bull Group of Companies (second from left)
and Lily Simms, boutique manager for David Yurman.

One lucky guest of the 15th annual Red
Ribbon Ball will walk away with a designer
necklace and earring ensemble from
John Bull, one of the ball's executive spon-
The David Yurman Citrine'and Sapphire
round necklace and earring suite is one of
several raffle prizes donated by the luxury
retail giant to the annual AIDS awareness
Other raffle prizes will come from Amer-
ican Airlines.
All money raised from the ball will aid in
the work of the AIDS Foundation of the
Organised by volunteers from Colinalm-
perial Insurance Ltd and supported by
planned attendees and executive sponsors
Kerzner International (Bahamas) Ltd,
American Airlines/American Eagle, John
Bull and Sunbound, the Ball is scheduled
for November 15 at the Atlantis Resort, Par-
adise Island.
The Red Ribbon Ball has netted more
than $650,000 since its inception in 1994.
Tickets can be obtained by calling Coli-
nalmperial at 396-2102 or 396-2160.

necklace and earring suite will be won by one lucky
red Ribbon Ball attendee.

~Jll~b~ll~C I I II

the =gi~ft cad'



1T E T R I B U N E '.

usH iness

Suspension Bay Street 'Masterplan' Atlantis
of $300 duty 'millid'


called for

Tourism Board chair
calls for move to
Encourage Bahamians
to shop at home and
stimulate economy
Tribune Business Editor
THE Nassau Tourism and
Development Board's (NTDB)
chairman. yesterday urged the
Government to suspend for one
year the $300 customs duty
exemption Bahamians received
on goods they brought back into
the country in their carry-on
luggage, as a way, to stimulate
the economy by ensuring more
persons shopped at home.
Charles Klonaris told Tribune
Business that the duty exemp-
tion, coupled with inconsistent
collection efforts at Bahamian
ports-of-entry, was effectively
encouraging Bahamians and
residents to shop and purchase
abroad, rather than with local
While appreciative of the
Prime Minister's Monday night
address to the nation and his
assessment of the current eco-
nomic situation, Mr Klonaris
"also felt we need to stimulate
the economy, and that means
more money in circulation".
He explained: "The Govern-
ment is telling Bahamians: 'Go
to Miami' and spend, because .

See DUTY, page 4B

seeks Cabinet backing

Tribune Business Editor
The private-public
sector steering com-
mittee responsible
for overseeing down-
town Nassau's revitalisation is
preparing a White Paper on the
project for submission to the
Government, with Cabinet
approval on a number of issues
hoped for in the next two
weeks, Tribune Business was
told yesterday.
Charles Klonaris, the Nassau
Tourism and Development

* 'If we want to be a first class tourism destination,
we need a city we can all be proud of'
* $140m in private sector investment; $40m in government
spending pumped into downtown Nassau since early 1990s
* Graycliff development, new Wendy's and office/parking
complexes already proposed to revitalise city center

Board's (NTDB) chairman, said
the White Paper was seeking
government approval for the

:creation of a Business Improve- responsible for overseeing and
ment District (BID), an entity
that would be self-financing and See page 18B

Government sets up $200m stand-by credit facility

Tribune Business Editor
THE Government is moving to "put in
place" a stand-by foreign currency credit
facility worth around $200 million, which it
will draw down if needed to boost foreign
exchange reserves, Tribune Business can
Sources familiar with the situation told
this newspaper yesterday that the Ingra-
ham administration was in talks on a "stand-
by arrangement to be called on if foreign
reserve levels are significantly impacted"
by the economic downturn, and drying up of
tourism and foreign direct investment-relat-
ed inflows.
"The facility is more of a stand-by
arrangement," Tribune Business was told. It
would be similar to the $125 million stand-
by credit facility, put together by a syndicate
of Bahamas-based commercial banks, for
the Government in 2001 in the aftermath of.
the September 11, 2001, terror attacks.
The facility, arranged by the first Ingra-

ham administration, was only drawn down
by the Christie government shortly after it
took office in May 2002.
Zhivargo Laing, minister of state for
finance, declined to comment on the stand-
by credit facility when contacted by Tri-
bune Business yesterday.
However, he acknowledged that the Gov-
ernment's twin fiscal goals of reducing its,
annual deficit and lowering the government
debt-to-gross domestic product iatio to
between 30-35 per cent would effectively be
placed on the 'back burner' to cope with the
economic emergency now taking place.
"At this point, we can't say how much
the. Budget is going to be impacted. It is
obviously something we are watching close-
ly, we anticipate will happen. We expect
an impact," Mr Laing said.
The Treasury and Ministry of Finance
had been assessing a host of Budget-impact
scenarios, including best and worst cases
and-4ibetween projections.
See page 4B


20 per cent

staff lay-off

But yesterday's
redundancies closer
to 5-10% of workforce,
as Chamber chief *
says job losses to cost
economy possibly 1%
of GDP and $25m in
direct salaries

Tribune Business Editor
ATLANTIS management at
one point contemplated laying-
off 20 per cent of its 8-9,000-
strong workforce, tourism
industry sources told Tribune
Business, with yesterday's
release of between 600-1,000
staff possibly set to reduce
Bahamian gross domestic prod-
uct' (GDP) by around 1 per
,Dionisio D'Aguilar, the
Bahamas Chamber of Com-
merce's president, said that
assuming the average salary of
an Atlantis employee was
around $25,000 per year, and
around 1,000 workers were let
go, the impact of yesterday's
mass redundancy would be to
reduce incomes and available
spending by $25 million.
And assuming a money mul-
tiplier (how frequently income


Controversial firm's

audit is defended

Tribune Business Editor
A LEADING Bahamian
accountant has defended his fir-
m's audit of a Bahamas-domi-
ciled company at the centre of a
major legal battle, with the liq-
uidators for an "insolvent"
insurance entity alleging it was
created to receive $313 million
in assets and keep them away
from creditors.
Former PLP Senator and MP,
Philip Galanis, told Tribune
Business that HLB Galanis
Bain "stands by" its audit of
Condor Guaranty Iftc, the
Bahamian entity that liquida-
tors Richard Fogerty and
William Tacon allege St Kitts
& Nevis-based Condor Insur-
ance transferred its assets to.

Mr Galanis told Tribune
Business: "We stand by our
audit. We followed all the inter-
national accounting guidelines
[and used] our full professional
"The audit took us a long
period of time, because of all
the information we required.
They [Condor Guaranty] made
all the adjustments we asked
them to make, which were mil-
lions of dollars, and we are con-
fident that a third party review
of the file would come to the
same conclusion we did, which
was to give it an unqualified
audit opinion."
The HLB Galanis Bain audit
of Condor Guaranty's financial
statements for the year ended
January 31, 2008, was signed off
on August 25, 2008.
It listed Condor Guaranty as
having assets worth $103.884
million, a far cry from the $313
million the Condor Insurance
liquidators claimed had been
transferred to the Bahamian
company to keep them away
from themselves and creditors.
Of those $103.884 million in
assets, some $99.115 million
consisted of long-term invest-
ments. Some $60.64 million of
the latter was held in prefer-
ence shares in Petroquest
Resources, a company named
as a co-defendant with Condor
Guaranty by the liquidators.
Condor Guaranty's invest-
ments in oil and gas wells
accounted for $36.3 million
worth of long-term investments,
with Mr Galanis confirming
those assets were valued by an
independent third party with
petroleum industry expertise.
See AUDIT, page 9B

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New car sales down 33% for year-to-date

THE following story,
which appeared in BUSINESS
section on Wednesday, has been
published again due to printing
problems... .
Tribune Business Editor
NEW car sales in the
Bahamas were down by more
than one-third or 33.4 per cent
for the first nine months of
2008, Tribune Business was told
yesterday, with dealerships in
this nation monitoring the US
car manufacturing industry's
woes with concern but not
undue alarm.
Rick Lowe, operations man-
ager for the Nassau Motor
Company (NMC), which is the
General Motors (GM) dealer
for the Bahamas, said it was
"business as usual" for the firm
despite the dire warnings that
GM will plunge into bankrupt-
cy within months if it fails to
receive a US government bail-
Mkr Lowe said that a "worst-
case scenario" for the Bahami-
an dealership would be the non-
arrival or delays in GM vehicle
shipments to the Bahamas, if
the giant US car manufacturer
was forced to close factories
and other production facilities
as part of a cost-cutting drive.
Yet with total new car sales
in the Bahamas having fallen
from 928 in the first nine
months of .2007 to 618 during

the 2008 comparative period, a
fall of just over one-third or 33
per cent, Mr Lowe explained
that the low demand meant
NMC wvould not be impacted
even if new product was
The declining trend in new
car sales continued in Septem-
ber, with a 24.4 per cent drop to
217 sales, compared to 287 dur-
ing the same month in 2007.
Andrew Barr, a sales manager
and director for Friendly Ford,
the Ford dealer, told Tribune
Business that most car dealer-
ships had seen a sales drop in
2008 of "as much as 30-40 per
In the context of GM's woes,
and its focus on cost contain-
ment, Mr Lowe told Tribune
Business: "It may slow down
the arrival of product here for a
while [if factories close], but in
the current circumstances that's
no bad thing.
"The worst-case. scenario at
this stage is that we miss one
or two months of production.
At current inventory and sales
levels, it won't affect us."
*Mr Lowe said NMC had
received no communication
from GM, apart from an e-mail
detailing what the company's
cash flow needs were for 2009
and the internal cost-cutting
measures it was planning:
"If we weren't concerned,
we'd need our heads exam-
ined," Mr Lowe told Tribune
Business, "because it could be a

long shake-out. But at this point
it's business as usual. I'm sure
it's going to be a difficult period
of adjustment, but at the end
of the day, I'd like to think GM
will still be around.
"There's no change in the
day-to-day business, and keep-
ing fingers crossed that-the
impact here will be minimal
compared to the US."
'He added that "the only
thing" Nassau Motor Compa-
ny saw as potentially impacting
its business was if GM was
forced to close factories for an
extended period of time, which

could affect access to parts and
Mr Lowe said that a major
factor impacting new car sales
in the Bahamas was the diffi-
culty many potential purchasers
were having in accessing debt.
He told Tribune Business:
"What we've been experienc-
ing the past few weeks, and it
seems to be the case with the
other dealers, is that the banks
are as tight as they can be. The
process is taking so long to get
approvals for anything.'
Despite possessing more than

$300 million in surplus liquidity,
Bahamian commercial banks
were being judicious about
whether clients qualified for
loans, given the lay-offs,
reduced work weeks and high
debt levels being carried by
many consumers.
Mr Lowe said NMC, Quality
Auto and Executive Motors
had enjoyed "great floor traffic"
at their recent Auto Extrava-
ganza, but everything now
hinged on whether the propos-
als purchasers took to the banks
would materialise into actual

With economic recovery like-
ly to be a year or two away, Mr
Lowe added: "People will
always need cars, so sales will
happen, maybe not at the level
they have been. It's a normal.
business cycle. You get the ups
and downs, and hopefully ride
the downs until the ups come
Mr Barr at Friendly Ford said
his US manufacturer had stated
that it had sufficient cash
reserves to keep going at "the
present rate" until 2010.
The US car industry's woes,
he added, were unlikely to
impact Bahamian dealers, with
their chief problem being the
state of the local economy.
While Ford may cut back on
the production of certain mod-
els and increase production on
others, Mr Barr said he and
other dealers were adjusting
inventory levels to account for
the reduction in sales as a result
of the depressed economy.
"All dealers have seen a
reduction in sales, probably by
as much as 30-40 per cent," Mr
Barr said. "Every business in
the Bahamas right 'now is on
shaky ground."
Friendly Ford has some 140
vehicles sitting on its lot cur-
rently, which Mr Barr said was
sufficient inventory to provide
six to seven months' worth of
He added that Friendly Ford
had no intention of releasing
any of its 35-40 employees.

UBS (Bahamas) Ltd. is one of the world's leading financial
institutions in the Caribbean. Through our Business Area
Wealth Management International we look after wealthy
private clients by providing them with comprehensive,
value enhancing services. Our client advisors combine
strong personal relationships with the resources that are
available from across UBS, helping them provide a full
range of wealth management services.

In order to strengthen our team in Nassau, we are looking
,to fill the following position:

Accounts Payable Clerk

Essential Duties and Responsibilities

Ensure timely and accurate processing of accounts payable
Investigations with vendors
Responsible fqr the department's filing of documents

'Minimum Requirements

Bachelor's degree in Accounting from a recognized %nd
accredited educational institution. ACCA or CAT is a plus.
? Minimum 2-5 years experience in Accounting.
SExtensive knowledge of MS Office and related Application
Software products. Knowledge of SAP based accounting
applications is a plus. ,

In addition, the ideal candidate should be able to prioritize
workload in order to meet deadlines, work on own initiatives With
minimal supervision and communicate effectively to provide and
gain necessary information.

Interested? We're looking forward to receiving your complete
application under hrbahamas@ubs.com

UBS (Bahamas). Ltd., Human

Resources, RO. Box'N-7757. Nassau,

It starts with you.

AK1 6S

Thursdq,. November zot

f'f World Chilcdren's

I'mlovin'it T, ir a i,- .F AA ... i.J, c l i






ULI-r Q kq wMQC Irlq0 0 Srq l



Civil servants union

operating 'at a loss'

Tribune Business
THE Bahamas Public Ser-
vices Union (BPSU) is operat-
ing on its overdraft at a loss, as
it has been granting small loans
to its members at a repayment
rate of 10 per cent.
John Pinder, its president,
said yesterday: "This is not
good business practice, but it is
difficult to say 'no' to your
members when they come to
you and tell you that they can-
not buy groceries or their chil-
dren are about to be put out of
schools because they cannot
afford to buy their books."
In the case of the BPSU,
because its members' salaries
and pensions were paid out of
the Government's consolidat-
ed fund, it was difficult for them
to have a 'rainy day' account
in place similar to the one the
Bahamas Hotel, Catering and
Allied Workers Union used to
give assistance payments to
their members.
Mr Pinder said the BPSU hag
been seeking to work with the
Government to find alternative
pension payment options, so
that those funds would not have
to come out of the consolidated
funds, leaving them free to
establish such a policy.
OCurrently, Mr Pinder said the
BPSU has aggressively stressed
the importance of budgeting to
its members.
However, he pointed out that
government workers have both
benefited and been cursed by
the ease in which they have
been able to receive salary
Mr Pinder said that if the
Government ever wanted to
change the mindset of con-
sumerism in the Bahamas, one.
way would be to stop salary'
deductions. But this would cre-
ate a major problem for both

NOTICE is hereby given that IPHOXSA DULCIO-JEAN
BAHAMA, BAHAMAS, is applying to the Minister
responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that
any per on who knows any reason why registration/
naturalization should not be granted, should send a
written and signed statement of the facts within twenty-
eight days from the 13TH day of NOVEMBER 2008 to
the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Freeport, Bahamas.

NOTICE is hereby given that JOANES JEAN LOUIS of
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person
who knows any reason why registration/ naturalization
should not be granted, should send a written and
signed statement of the facts within twenty-eight days
from the 13TH day of NOVEMBER 2008 to the Minister
responsible for Nationality and Citizenship, P.O.Box N-
7147, Freeport, Bahamas.

Pq" FI RiIiJ

U.S. Bahamas Caribbean Cntral Americ

BAHAMAS Public Services Union (BPSU) president John Pinder...

employees and merchants.
Rather than lay-off civil ser-
vants, Mr Pinder said the
BPSU would ask government
to hold off on promotions and
Luis Carlos Ochoa, chairman
of the Clearing Banks Associa-
tion, told the Bahamas Insti-
tute of Chartered Accountants
(BICA) that in this current
financial climate, banking insti-
tutions must be proactive and
seek alternative forms of capi-
tal, driving their values through
He pointed out that all the
banks operate independentlyV
of each other, and so here is'no'
set formula to assist persons.

Instead, the institutions are
working on an individual basis
to assist persons as much as
Philip Simon, executive direc-
tor of the Bahamas Chamber
of Commerce, and Frank
Comito, executive vice-presi-
dent of the Bahamas Hotel
Association, also explained the
benefits of their organizations
and how in such times they lob-
by to obtain financial assistance
and share resources to assist
their members and other mem-
ber associations.
The four men were a part of
a panel discu: ii',n during
A ..i untmt,i \'LIk being lheld
at ibhe British Colonial Hilton.

Yamaha Outboards

20% Discount Off

List Price

arboursi de marine
,-di ~ '. .. .... "...'. g.. ,


* I





This sale is offered to
Bonefishing Lodges and
Bonefishing Guides only.
S Take advarlnt g of this Naile to 2c powIe.

.* and be prep :.cd for hc urpcoliiiun. ':liSoli.

Sales Ends November 3!-lih


W Marine, Nassau

(242) 393-0262

* Full and Less Than Container Loads
* Refrigerated!Frozen Goods
* Vehicles

The Un


association with

rsity of the
and Research

TI 4'-5

West. Indies School of Clinical
(SCMR), The Bahamas in

the Public Hospitals Authority (PHA) invite

applications for a Refresher Course for the CAMC Examinations.
Applicants must have the following qualifications:

Graduates with undergraduate medical degrees
from non-traditional medical schools, which are NOT recognized
by the Caribbean Association of Medical Councils (CAMC)

The duration of the course is six (6) months consisting of Seminars
and Clinical rotations in specialties of medicine, surgery, child health,
obstetrics and gynecology, family medicine, emergency -medicine
and psychiatry.

Fee for this course is $4,000.00 inclusive of registration fee for the
Examination. For registration and further details contract:

The Office of the Dean
University of The West Indies
School of Clinical Medicine and Research, The Bahamas
Princess Margaret Hospital Compound, Shirley Street
Telephone/Telefax: (242)356-5289 or (242) 328-4934







Mo n SI S wk S



Notice is hereby given that liquidation of the
above company commenced on the 11th day of
November, 2008, Credit Suisse Trust of Bahamas
Financial Centre, Shirley & Charlotte Streets, P.O.Box
N-3023, Nassau, The Bahamas has been appointed
Liquidator of the Company.

Credit Suisse Trust Limited

or c356p-online @ // .of ne
or cal356'-4701 *

EyMi.~~you~ ~tee~

#20 Parliament St. DoWitrn, across from Parliament Sk..

Government sets up

'$200m stand-by

credit facility

FROM page 1B

To calculate the worst possi-
ble impacts, Mr Laing said the
Government had been using
*what happened to the fiscal
position during the Gulf War
and September 11, 2001, after-
maths as a gauge of what hap-
pened to the public finances in
"extreme circumstances".
Mr Laing said institutions
such as the International Mon-
etary Fund (IMF) had urged
governments that "this is the
time to use what fiscal. space
you have to ensure you don't
have a collapse".
"The reason you try to main-
tain the kind of fiscal stance that
keeps the debt-to-GDP ratio
lower it's been around 36 per
cent, and we want to reduce it

to 30-35 per cent, is -so that
when you are in an extraordi-
nary period like the one we are
in now, you have the capacity to
do borrowing to enhance your
situation," Mr Laing said.
"If the circumstances warrant
additional borrowing, you have
to do what you have to do, so
there is that possibility of having
a higher than usual deficit, there
is the possibility of the national
debt increasing."
When it unveiled the 2008-
2009 Budget, the Government
had projected that its debt/GDP
ratio will increase to 35.2 per
cent from 34.7 per cent, with
the GFS fiscal deficit which
strips out debt redemption costs
from the revenue minus spend-
ing calculations forecast to be
2.1 per cent of GDP, compared
to 1.7 per cent in 2007-2008.
In raw terms, the GFS deficit

was expected to increase in size
from $126 million to $165 mil-
While government revenues
for the first four months of the
2008-2009 Budget year were
slightly ahead of the same peri-
od to end-October in 2007, they
- were 10 per cent below projec-
tions. This matched the 10 per
cent revenue fall-off experi-
enced in 2001 and 2002, due to
the September 11, 2001, terror
With the national debt hav-
ing increased to $3.2 billion, as
at end-October 2008, up 5.6 per
cent year-on-year, the Govern-
ment is relying in its relatively
low debt-to-GDP ratio (in com-
parison to the remainder of the
Caribbean) to give it wiggle
room-to increase spending and
borrowing, and run higher fis-
cal' deficits temporarily.

Mr Laing yesterday told Tri-
bune Business that while there
were "levels of deficit spending
that are simply unsustainable",
a balance had to be struck
between keeping the fiscal
deficit and national debt under
control and the exceptional eco-
nomic downturn the Bahamas
was now embroiled in.
The minister added that while
"year-in, year-out" deficit
spending was not sustainable,
the Government would be able
to return to its fiscal targets
once the current emergency had
"The adjustment is expected
to exist in a period of extraor-
dinary economic downturn, and
once past that, with the econo-
my returned to growth again,
we can resume the targets for
lower GFS deficits," Mr Laing

Suspension of $300 duty

FROM page 1B
you.can bring back $300 worth of
goods duty-free twice a year.
"There's an outflow of money
going to the US, and there is very
little left coming into the
Bahamas. I think that the $300
exemption should be suspended
for at least a year until we see the
economy turnaround, so people
spend more at home."
Mr Klonaris added: "I felt this
was an opportune time for people
to spend more money at home,
and that it would be appropriate
to suspend the $300 exemption
and encourage people to spend
more money at home.
"More money in circulation"
would stimulate the economN to
some degree, and employment in

retail, tourism and restaurants. I
felt that should have been part of
the whole plan to help us com-
pete in these tough times."
Mr Klonaris said Bay Street
merchants were already feeling
the chill winds of the economic
downturn. While the "cruise
industry was holding up to some
degree", there was no heavy
spending .by passengers or tourists
in properties owned, by Atlantis
and Baha Mar, so retailers were
By suspending the duty exemp-
tion, Mr Klonaris said it would
give retailers belief and confi-
dence that the Government cared
about their plight, because the
overall economy'was "having a
serious negative effect on retail




Dr. Ilsa Grant Taylor,
Internal Medicine/Nephrologist

To educate the public about
the important health issues,
presented by distiniuislhed

Get your Free Blond
SPnassure,Chulesterrol. and
Glucose tes-ing betqveen
5pm & 6pm.

To ensure available seatin-
Phone: 302-4603

Thursday, November 20th '08 @ 6PM
Doctors Hospital Conference Room
RSVP Seating is Limited 302-4603

Please join us as our guest every third
Thursday of the month for this scintillating
series of the most relevant health issues
affecting society today.


Dr. lisa Grant Taylor

Dr. Michael Neville

Dr. Michelle Major

Heart Disease in Children
Dr. Jerome Lightburne

HHealth for Lit/


JOB TITLE: Financial Analyst
DEPARTMENT: Finance Department

Position Summary:
Overall responsibility for the preparation of timely, accurate, and meaningful
Consolidated Financial Statements and Management Reports, analysis of
various elements of the financial statements, and Statutory Reporting.


The successful candidate will have the following:

, Certified Public Accountant (CPA)
* Strong analytical and problem solving skills, ability to meet deadlines
* Minimum of three (3) years work experience in an accounting or auditing
* Insurance industry knowledge a plus
* Knowledge of general ledger systems.
* Ability to function under pressure and to make decisions within areas
of responsibility and provide recommendations for action to management.
* Excellent organizational skills and leadership skills

Main Responsibilities include but are not limited to:

* Preparation of Consolidated Financial Statements for the Company and
its subsidiaries in accordance with International Financial Reporting
* Analytical-review of the financial statements and qther financial
information to identify & investigate significant variances of actual, vs.
budget and/or prior year on a consolidated basis and on a more detailed
level (line of business, cost centre, geographical region) and
recommending, as needed, appropriate corrective action of financial
performance against plan and projected targets to ensure sustained
* Supervision of the investment accounting team
* Assisting financial managers with development of long-term financial
plans for the Company
* Compiling budgets and preparing forecasts
* Responsibility for ensuring filing of Statutory reports in all jurisdictions
where the Company operates.
* Coordination of internal and statutory financial audits.

Please apply in writing on or before November 14, 2008 to:

Manager, Human Resources
#308 East Bay Street
P.O. Box N-4728 or





T R ES N M 30 A

Accountants take peer review 'lead'

Tribune Business Editor
BAHAMIAN accountants
will become the first profession
in this nation to adopt a "peer
review or practice monitoring
programme" for Bahamas Insti-
tute of Chartered Accountants
(BICA) licensees, it was dis-
closed yesterday, conforming
with other nations when it
comes to assessing quality con-
trol and audit standards com-
Philip Galanis, a partner in
the HLB Galanis Bain account-
ing firm, told accountants
attending the BICA week sem-
inars yesterday that the pro-
posed peer review initiative was

Tribune Business
.THE BISX All Share index
saw a decrease of 11.3 per cent
for the first nine months of the
year, closing at 1836.61 for a
year-to-date decline of 230.14.

of "historic and unprecedent-
ed importance in the
He added: "The accounting
profession will be the first pro-
fession here to adopt a peer
review or practice monitoring
programme for its licensees.
This programme will ensure
that BICA is fulfilling its statu-
tory mandate to regulate its
members in a manner which is
both proactive and progressive.
Perhaps other professions in
the Bahamas will follow
BICA's lead.
"Whether or not they do so,
we can all agree that the pro-
posed practice monitoring pro-
gramme will enhance not only
those firms that are reviewed,

BISX yesterdayannounced
its trading statistics for January
to September 30, 2008. By
comparison, during the nine-
month period ending Septem-
ber 28, 2007, the index experi-
enced an increase of 233.39
points or 13.92 per cent.
BISX reported that for the
three month period from July

but should also greatly improve
the public's confidence in the
quality of service provided by
our colleagues in this noble pro-
Mr Galanis said the Associa-
tion of Chartered Certified
Accountants (ACCA) would
monitor and oversee the BICA
peer review programme.
"The principal reason for
implementing a practice moni-
toring scheme now is to assess
the extent to which accounting
firms comply with auditing
standards and International
Standard on Quality Control
Number 1 (ISQC1)," Mr Gala-
nis said.
"This is accomplished by vis-
its to member firms that will

to September 2008, the All-
Share index increased by 13.64
points or 0.74 per cent to close
at 1836.61, which is compara-
ble with 2007, where the Index
rose by 94-.45 points or 4.95
per cent, closing at 1909.85
Over the same period, BISX
reported that most equity mar-
kets experienced declines.

include a review of the firm's
quality control policies and pro-
cedures and an examination of
a number of completed audits.
"The monitoring approach

that will be adopted is intended
to assist and encourage those
firms that have difficulty in
demonstrating compliance with
standards, to comply in future.

"Consequently, every firm
that is willing to make the nec-
essary efforts to improve has
nothing to fear from the intro-
duction of audit monitoring.

jamperdown Plant Sale!!

Bargains galore!




15TH FROm 10TO1

Soursop Street in Camperdown
, -Follow Sign from either Eastern Road or
Prince Charles Dr. opposite Wendy's


Are you seeking an

Supports the Corporate Finance team in
the origination activities associated with the
development of the Corporate Finance business.


W jj' S '

exciting career opportunity?

For further information on this and

other available positions, please Visit
our website:


Addition Cals fr MC Nasau hiping out


Tjrt Evcrg/.*der


In response to the request for additional calls to Nassau from our customers,
we will extend our service from two calls per week to three calls per week.

The MSC sailing schedule from Port Everglades to Nassau will be;

Sailing Port Everglades Monday, Arrives Nassau, Tuesday

Sailing Port Everglades Wednesday, Arrives Nassau, Thursday

Sailing Port Everglades Friday, Arrives Nassau, Saturday

We thank all clients for their continued support.

0 0.









20 per cent staff lay-off

FROM page 1B

circulated within the Bahami-
an economy) effect of 2x, mean-
ing that every dollar spent by
the laid-off employees changed
hands at least twice, Mr
D'Aguilar said the impact could

easily be a loss of $50 million
in GDP spending,
With the Bahamas estimated
to generate $6 billion in per
annum GDP, and 1 per cent of
GDP being equivalent to $60
million, the Chamber president
said yesterday's lay-offs could

shave that amount off GDP
"It's definitely going to have a
substantial impact," Mr
D'Aguilar said of yesterday's
redundancies. "All those peo-
ple had good-paying jobs. I'm
sure that all of them had a loan

with a financial institution, and
some had children in private
"It's going to affect a num-
ber of households, as the main
breadwinner is now without
bread. It's a pity they [Atlantis
and Kerzner International]
could not hold on until after
Christmas and those persons get
their Christmas bonuses."
The Chamber president said
yesterday's lay-offs, which the
hotel union said numbered 600,
although other sources placed
the number closer to 1,000,
were "going to bring home the
fact that the tourism sector is
really weak and soft.
"This is the first hard core
proof that the dip in the US
economy and US consumer
confidence is coming home to
roost. It's a premonition of
what's to come. Atlantis has
obviously looked at its advance
bookings and seen nothing
there to justify keeping on those
people. We all knew it was com-
ing, but didn't know when."

Well-placed tourism industry
sources yesterday told Tribune
Business that Atlantis manage-
ment had initially looked at lay-
ing-off up to 20 per cent of the
workforce, which would have
taken total lay-offs to a stag-
gering 1,600-1,800. However,
this had subsequently been
reduced to between 5-10 per
The same sources said
Atlantis had been having diffi-
culty in filling the additional
room inventory at its two new
properties, the 600-room The
Cove and the Reef at Atlantis,
and was being left with a surplus
of high-end rooms with no one
to fill them.
In hindsight, the $1 billion
Phase III expansion could not
have been completed at a worse
time, as it coincided with the
start of the US and global eco-
nomic downturn. As a result,
Kerzner International has been
unable to obtain the investment
returns it had projected.
Added to the debt financing

taken on with the Phase III
expansion was the several bil-
lion dollars worth loaded on to
Kerzner International when
chairman Sol Kerzner, and his
private equity partners, took the
' company off the New York
Stock Exchange (NYSE) and
went private.
Atlantis, and the Paradise
Island properties, were sup-
posed to be the key assets ser-
vicing that debt, but with their
financial performance under
stress from external events,
there are understood to have
been concerns about Kerzner
International's ability to service
its debt load.
Financial analysts yesterday
warned that the systemic effects
' of the Atlantis lay-offs was like-
ly to be felt throughout the
Bahamian economy.
Kenwood Kerr, Providence
Advisors chief executive, said:
"In terms of the wider econo-
my, you're going to look at
more mortgage foreclosures, a
spike in arrears on consumer
debt. It just ripples through the
system. It could mean a curtail-
ment in consumption at the
retail level."
Persons laid-off were unlike-
ly to have a high level of sav-
ings, Mr Kerr added, meaning
there was .likely to be some
stress placed on the proposed
unemployment benefit pro-
gramme announced by the
Prime Minister on Monday,
which will be administered by
the National Insurance Board
There were suggestions yes-
terday that Atlantis had held
off on the lay-offs until after Mr
Ingraham's speech, and that the
unemployment assistance ini-
tiative was unveiled in response
to the moves on Paradise Island.

rea -In si g



UP TO 25% off

On Select


---- Outboards


Lightbourne Marine

East Bay Street, Nassau .

The National Museum of The Bahaiml

The Fergusons of Farm Road
@ The !Pompey Museum
Friday November 2ist, 2oo&- 7 p.m.
(Admitasion $15.oo- refireeshnients included)
For bookings please call 356-0495

Ho" ida Events:
Holiday Events:

%*B @, Collin-. House GCrounds- ShLrley Street, p.m.
(opened to the public)

"f*D u 4th.s .- Christnagi Ckuin': Song Competition for Schools
@ Collins House G-rounds, 7 p.
(Admission $-Stdents sy.Adults)
' tDe.onmbe"tr h- Christma nMagixc Holiday Open Houme
@ the ]iBacony House Mrsenum- x Noon- 8 p.m.
Featuring; tours, poetry readings, a mini craft & food fair, lve
entertainment, children's corner featuring- ornament painting, cookie decorating and visits
with Mrs, Clause
(Admission $2-Children $3.General)
" DE)ce Air Sw- Christmas at Fort Charlotte- 6:3o p.m.
featuringg the ~>yal Bahamnas Defense iForce Concert Band
(Admission $4o.0-:. .p: to follow)


Ministry of Labour and Social Development


Please take note that the undersigned
proposes to register a Trade Union of
Employees by the name of "UTILITIES

Anyone wishing to object to the use of the name
should do so in writing and any objection should
be received by the undersigned within thirty (30)
days of the date this Notice first appears.

Josephine Bennons
(for) Director of Labour

U q

Rt. Hon. Hubert A. Ingraham '


WHEREAS, the Council of Legal Education was established by Treaty by members of
the Caribbean Community to undertake and discharge general responsibility for the
practical professional training suited to tht needs of the Caribbean, of persons
seeking to become members of the legal profession;

AND WHEREAS, the Council of Legal Education is empowered to establish, equip
maintain Law Schools in such territories as Council may from time to time determinefor
the purpose of providing post graduate professional legal training suited to needs of the

AND WHEREAS, in September 1998, the Council of Legal Education established the
Eugene Dupuch Law School in Nassau, Bahamas to join the Council's other Law Schools
in Jamaica and Trinidad and Tobago;

AND WHEREAS, the training scheme at the Eugene Dupuch Law School is directed
towards the study of legal subjects having a practical content and emphasis and the
acquisition of the skills and techniques required for thr practice of law;

AND WHEREAS, over the past ten years, the Eugene Dupuch Law School has produced
more than two hundred graduates who are nationals of The Bahamas and other Caribbean
countries as well as North America;

AND WHEREAS, the Eugene Dupuch Law School has gained a reputation as a centre of
excellence for professional legal education;

AND WHEREAS, the Eugene Dupuch Law School is celebrating its 10th Anniversary
with a series of events in recognition of the sterling contribution that it has made to legal
education in The Bahamas,and Caribbean region;

NOW THEREFORE. I Hubert A. Ingraham, Prime Minister of the Commonwealth of
The Bahamas, do hereby proclaim the month of November 2008, as

I have hereunto set my Hand
and Seal this 24th day of
October, 2008




, .i


.. -g


AP poll: Public

seems willing to

wait on tax cuts

* By ALAN FRAM withdrawals from retirement tion results. Another quarter in problem on the public's mind
Associated Press Writers accounts. the GOP said they were nearly a year ago, Obama's
The poll shows trust in Oba- depressed. pledge to set a timetable for
WASHINGTON (AP) ma's ability to succeed is even "I feel let down by the Amer- withdrawing troops from the
People want the tax cuts broader, at least for now. Sixty- ican people that they were so war was his highest-profile
promised during the presidepn- eight percent said they think blind to many things I've seen in issue.
tial campaign, but may be will- when he takes office in Janu- him," said Shelli Pierson, 38, a Half said they wanted nation-
ing to wait while President-elect ary, the new president will be Republican from Elmira, Ore. al health care coverage -
Obama takes on the larger issue able to enact the policies he Pierson says she doubts Oba- another Obama priority to
of fixing the economy. pushed during his presidential ma, a four-year senator from be a No. 1 concern, though few
Eighty percent say trimming campaign. Illinois, has enough experience Republicans agreed. Permitting
personal tax rates should be a for the presidency and said she offshore oil drilling, a major
goal when the new president Estate still questions his patriotism. GOP campaign issue, drew sup-
takes office in January, but only Nine in 10 said Obama's race 'port as a top priority from just
36 percent say the cuts should a "Look at his story," said Juth- would have no impact on his over one-third, mostly Repub-
very top priority, according to a lande Anastase, 34, a real estate ability to get things done. licans.
new Associated Press-GfK poll. agent and Republican from Though Republicans were Nearly three-quarters --
That was less than half the 84 Wellington, Fla. "Out of more negative about the elec- including most Democrats -
percent who cited improving nowhere he's president. If he tion results, they were consis- said they'd like Obama to name
the economy as a No. 1 goal, can do that, anything is possi- tently more upbeat than some Republicans in his Cabi-
and the 80 percent who said cre- ble." Democrats were in 2004 when net, as the Democrat has said
citing jobs should be a para- With Obama ending the their candidate, John Kerry,' he would do.
mount task. GOP's eight-year hold on the failed to unseat Bush. Forty- The AP-GfK poll was con-
".I don't think it's going to White House and about to four percent of Demoprats said ducted November 6-10 and
work in this instance," said become the first black presi- they -were angry and half said involved cell and landline tele-
Ryan Anderson, 31, a Democ- dent, the poll showed three- they were depressed in a phone interviews with 1,001
rat from Bloomington, Minn., quarters saying the election November 2004 AP-Ipsos poll, adults. It has a margin of sanri-
who thinks tax reductions made them feel hopeful, six in double the GOP's rates this piling error of plus or minus 3.1
would have little impact on 10 proud and a half excited. year. percentage points.
most families' budgets. "That's Newly elected presidents often Highlighting anew how the AP News Survey Specialist*
kind of like shooting a BB gun embark on a honeymoon period Iraq war has faded as a para- Dennis Junius conftibuted to this
at a freight train." in which the public has highly mount public concern, only half report.

Obama promised to cut taxes
for working families during the
Even fewer people 29 per
cent said another top priori-
ty should be Obama's plan to
allow.tax cuts to expire for fam-
ilies earning more than $250,000
a year. 'He has said he would
use the revenue that would raise
to help finance some of his pri-
Amid such talk, 72 per cent in
the AP-GfK poll voiced confi-
dence Obama will make the
changes needed to revive the
staging economy. Underscoring
how widely.the public is cowy.-,
.ag-o'4ini.. new .eade, 44 pr.-'
e nt- 6f.RepuiThfians join ed
nearly all Demnocrats and most
independents in expressing that
Obama has called for about
$175 billion in new stimulus
spending, including for public
wQ rks projects, and has said he
woildmake it a top priority, in
Janutiry if it is not enacted by a
lame-duck session of Congress
and President Bush this year.
Besides tax cuts for many mid-
dle-class families, he has also
proposed tax breaks for some
businesses and struggling home
owners, extending unemploy-
ment coverage, and penalty-free

positive feelings about them.
Democrats were more likely
to feel upbeat, yet such feelings
were not limited to them. Half
of Republicans said they were
hopeful, a third proud and near-
ly a fifth excited about the elec-

in Tuesday's AP-GfK poll said
they wanted Obama to make a
U.S. troop withdrawal a top
focus, with far more Democrats
than Republicans saying so.
Until the weakening econo-
my overtook Iraq as the No. 1

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Shopping malls




c.2008 New York Times.
News Service
IN New Jersey home to
more malls per square mile than
any other state retail centers
appear to be uniformly braced
for a hard holiday season to
come. But those in the midst of
opening or upgrading are adopt-.
ing a wide variety of survival
Xanadu, a $2 billion shopping

brace for

and entertainment center rising
in the Meadowlands, simply
went to duck-and-cover mode;
its planned opening this month
was pushed back to next sum-
But other malls are proceed-
ing to open, or reintroduce
themselves, as a recession
unfolds. Their owners and oper-
ators are straining to find the
best strategy to lure consumers
who are themselves increasing-
ly hard-pressed or at least to

find ways to justify the plans
they settled on before the eco-
nomic outlook turned dark.
"Our timing could be better,"
acknowledged David Loventhal
of Garden Commercial Proper-
ties, "but it is not terrible." His
Short Hills-based company is
opening three malls in the state
over the next few months.
"We have not yet seen any
regional malls get into danger-
ous waters," he said, "because
New Jersey has yet to be vic-

Come In And Talk To Us

Members of the Clearing Banks Association of The Bahamas are
urging customers with financial difficulties to visit their financial
services institutions, and together with their bankers, devise a
financial plan that best addresses their changed financial status.

Chairperson of the Clearing Bank Association said that its member
banks are encouraging customers to come in and discuss their
situation. We understand that these are unusual financial times
and we want to work with our customers through this difficult
period. We'are helping on a case-by-case basis. Therefore,
customers who find themselves in a situation where they cannot
meet their financial obligations, arrange to meet with your banker
to discuss your situation, and together, develop a solution
appropriate to your individual circumstance,.

Clearing Banks Association members: Bank of The Bahamas
Limited, Citibank, N.A., Commonwealth B.,k limited Fidelity Bank
(Bahamas) Limited, .FirstCaribbean International Bank (Bahamas)
Limited, Royal Bank of Canada, and Scotiabank (Bahamas)
Limited. ...
U I J -"
rip 1 !' ^ -*


hard time

timized by any large-scale
department store anchors going
out of business."
It is true, he said, that "the
mom-and-pop operations, any
small franchise tenants, are sim-
ply deer in headlights right now.
Maybe they're holding their
own at an existing location, but
they're not going to be expand-
ing at this time."
But Garden Commercial,
which owns and manages more
than 25 million square feet of
retail space, primarily in New
Jersey and elsewhere in the
Northeast, so far has been lucky
to have only one of its mainstay
midsize tenants Linens 'n
Things enter into bankruptcy
The company's new malls in
Raritan, Linden and Edison will'
be anchored with a Wal-Mart
or a Lowe's Home Improve-
ment Center or both to
draw shoppers in large numbers.
''In these difficult times, people
are looking for value," Loven-
thal said, and those two chains
are still doing strong business.
The coming holiday season is
expected to generate the low-
est sales per square foot of store
space since the recession of the
1980s, according to Loventhal.
He, like other retail developers,
referred to the overall retail
market as "fragile." But he said
that it was possible to open new
shopping centers at this time
and have them succeed.
One trend that is helping,
Loventhal said, involves pro-
viding malls-with attached or
adjacent commercial and office
space. Tenant turnover is usu-
ally e&ss rapid in offices than in
retail centers, he said, and near-'
by stores and restaurants are
considered a desirable amenity
for office workers, thus raising
lease values for both classes of
At Raritan Town Square, a
500,000-square-foot complex
being built in Hunterdon Coun-
ty, the space is divided among
stores, restaurants and office

space. The first stores and
restaurants at the center opened
last month, including a Lowe's
and a LongHorn Steakhouse.
Construction is under way on a
145,000-square-foot Wal-Mart.
Mixed uses are also part of
the survival strategy at Prince-
ton Forrestal Village in Plains-
boro, although in this case the
owners (Gale Real Estate) and
managers (Levin Management)
are determinedly sticking to
their plan of creating an upscale
Princeton Forrestal began in
1986 as an upscale mixed-use
shopping center pioneering
for its time with nightclubs
and "lifestyle" services like a
tailor, shoe-repair shop and
express mail shipping service,
in addition to designer clothing
stores, an office building and a
The retail part of the com-
plex, which is off Route 1, was
unsuccessful from the outset,
though, and quickly evolved
into an outlet center.
By the late 1990s, that type
of retailing was not attracting
crowds, either. In fact, shop
space was mostly empty in 2003
when Gale bought Princeton
Forrestal, with the intention of
refurbishing the entire property
and taking its retail offerings
back to upscale.
Over the last four years, Gale
invested $8 million in repairs,
upgrades and tenant recruit-
ment efforts. It is now poised
to take full advantage of this
holiday season, whatever it
brings, the developers said.
The level of affluence in the
Princeton area makes the
upscaling effort a sensible long-
term plan, Matthew Harding,
the president of Levin, said.
He also pointed to a built-in
market among office workers
on site at the mall, and others
who work in medical offices and
corporate buildings along Route
The Westin Hotel and Con-
' feh'nde Ceenter, adjacent to the

shops, draws 600,000 visitors a
year; about 1,400 a week are
overnight guests. The restaurant
space at the Westin was recent-
ly remodeled to create confer-
ence space, as two new upscale
chain restaurants were added to
the mall.
Another, Tre Piani, which
bills itself as part of the ecolog-
ically sensitive "slow food"
movement, opened shortly after
the sale to Gale.
Shoppers and hotel guests will
continue to seek "lifestyle" ser-
vices at Princeton Forrestal, said
Fred Knapp, an asset manager
with Gale, which is a division
of Mack-Cali Realty.
A Can Do fitness center and
an adjacent Koi spa both are
high-end Northeastern fran-
chises as well as the restau-
rants are drawing steady traffic
to Princeton Fprrestal, accord-
ing to Knapp and Harding.
, A Salt Creek Grille restau-
rant, built at the Route 1 edge
of the mall, also gives it a promi-
nent new "face" on the heavily
traveled roadway, Harding said.
Ruth's Chris Steak House, only
the third in New Jersey, draws
customers from a wide area, he
Going into the holidays, the
mall's buffed-up retail space is
75 per cent leased which is
above the national average of
72 per cent for centers that have
opened within the last year,
according to 'retail specialists.
The office building and space
above the shops of the mall's
"Main Street" are 95 percent
A couple of retailers from
Princeton Borough's small, elite
downtown have opened new,
larger stores at Princeton For-
restal, lured by "aggressively
priced rents," Harding. said.
They are the Silver Shop, an
antiques dealer, which opened a
second store and is adding an
adjacent art gallery, and Luxe
Homes, a furnishings store,
which relocated from a smaller
downtown location.i

Park Administrator

Bahamas National Trust

Location: Exuma Cays Land & Sea Park

Primary Responsibilities: Provide day to day and long term
management and administration of the Exuma Cays Land and Sea
Park and enforce the rules and regulations within the parks.

1. Serve as the Liaison between the Exuma Cays Land and Sea Park
and the BNT headquarters in Nassau. Is responsible for overall
supervision and oversight of all activities that occur in the Park.
2. Develop applicable policies, procedures, systems, and proposals
to further the goals of the Exuma Park and the Bahamas National
3. Assist with fund raising and public relations activities in the Park
provide liaison between potential donors in the park and the
Executive Director or Development Office.
4. Plan and execute activities in approved General Management
Plans, Strategic Plans, and operating plans to achieve the goals
of the Park and the Bahamas National Trust.
5. Supervise park staff members and volunteers to ensure protection
of natural resources and maintenance of park assets.
6. Enforce the rules and regulations to protect native species and
the public in the Park.
7. Assist other parks and trust staff as requested.
8. Serve as BNT representative at Park committee meetings.
9. In conjunction with the BNT staff, plan, develop and implement
community outreach programmes, education and public relations
initiatives to promote the goals of the BNT.
10. Provide support to the Royal Bahamas Police and Defence Force
with enforcement of immigration, illegal drug interdiction and
domestic disturbances in the Park.
11. Other tasks as assigned by the Director of Parks

Required Skills:
Strong interpersonal and communications skills.
Advanced degree in environmental science, administration, or
management required.
10 years of progressive experience including extensive supervision
and general management experience.
Law enforcement experience, an advantage.
Willingness to live in a remote location for extended periods of
Willingness to work in difficult and sometimes dangerous
Advanced computer skills including all MS Office applications.
Willingness to work in remote location, receiving directives from
Headquarters in Nassau
Experience handling boats in a variety of sea conditions. Advanced
scuba diving training and experience a plus.
Dedication to conservation of natural resources within national
Experience working with and motivating volunteers, an advantage.

To apply: provide a cover letter explaining why you would like the
position, resume and three references to Bahamas National Trust,
P.O. Box N-4105 Nassau, or bnt@bnt.bs by November 19, 2008

The Bahamas National Geographic Information Systems-
(BNGIS)- Centre
Ministry of The Environment

in collaboration with

Local Government Administration Office

and the

Ministry of Education invites the Public

to the

2nd GIS User Conference

19-21 November, 2008


Abaco Beach Resort

Featuring GIS School Competition
Presentations and Map Gallery

For more information contact BNGIS Centre at
242-326-8536 or
Administration Office,
Marsh- Harbour



Foreclosure 'fix' misses the mark

Globe Staff
c. 2008 The Boston Globe

IT seems as if no one in
Washington can get the fore-
closure fix just right.
In recent days, Fannie Mae
and Freddie Mac, the mortgage
giants that are now run by the
federal government, and giant
lenders such as Citigroup and
JPMorgan Chase said they
would redo loans to keep hun-
dreds of thousands of troubled
borrowers in their homer.
But each nrw proposal draws
a chorus of criticism: Some are
too modest, others unafford-
One prominent critic is Shelia
Bair, chairwoman of the Fed-
eral Deposit Insurance Corp.,
who directed her remarks Tues-
day at efforts by her colleagues
in the Bush administration to
have Fannie Mae and Freddie
Mac adjust loans of delinquent
borrowers to more affordable
Bair said the Freddie and
Fannie effort is too modest,
because it does not include oth-
er important holders in the
mortgage sector and is missing
many critical features.
"This is a step in the right
direction but falls short of what,
is needed to achieve widescale
modifications of distressed

AUDIT, from 1B

"Our adjustments were in the
millions," Mr Galanis said of
the Condor Guaranty audit. He
added that HLB Galanis Bain
did not audit or examine any of
its successor companies,
because that was not within the
scope of the audit engagement.
Meanwhile, the Condor,
Insurance liquidators have filed
an appeal against a US Bank-
ruptcy Court ruling that threw
out their case on the grounds
the court did not have jurisdic-
tion over the Bahamian com-
In their appeal to the US Dis-
trict Court for Southern Missis-
sippi, Messrs Fogerty and Tacon.
said the creation of Condor
Guaranty had effectively 'asset'
stripped' Condor Insurance,
leaving, it Wit, numerous liabil-.
ities and no assets to meet those
"The bulk of Condor Insur-
ance's assets appear to have
been transferred to Condor
Guaranty, with others going to
Petroquest or Finpac," the liq-
uidators alleged. "Still others
may have gone to other persons
and entities.
"Condbr Guaranty has pur-
ported to assume some contin-
gent liabilities of Condor Insur-
ance, but it has by no means
assumed all of Condor Insur-
ance's liabilities.
"In fact, it appears that the

mortgages, particularly those
held in private securitization
trusts," Bair said in a statement.
"As we lend and invest hun-
dreds of billions of dollars to
help institutions suffering lever-
aged losses from defaulting
mortgages, we must also devote
some of that money to fixing
the front-end problem: too
many unaffordable home
The ongoing debate comes
despite numerous other efforts
by the government and lenders
to solve the foreclosure crisis -
one that is predicted to grow if
these plans don't work. An esti-
mated 7.3 million borrowers are
expected to default on their first
mortgages between 2008 and
2010, and 4.3 million are expect-
ed to lose their homes, accord-
ing to Moody's Economy.com.
Freddie and Fannie com-
bined own or guarantee almost
31 million mortgages. The plan
disclosed Tuesday by the Fed-
eral Housing Finance Agency,
which seized the companies in
September, would use a mix of
options, such as reducing inter-
est rates, deferring principal, orf
extending the loan terms, to
bring monthly payments to no
more than 38 per cent of
monthly gross income.
To qualify, borrowers would
have to have missed at least
three mortgage payments, still

'liabilities' assumed were ndt
liabilities, but rather were insur-
ance agreements on which no
claims were pending, but pre-
mium was still owed. The net
effect of the transfers described
above, was to leave Condor
Insurance with many claims and
few assets to satisfy those
The liquidators alleged that
Condor Guaranty and Condor
Insurance had almost exactly
the same officers and directors.
The legal battle has also
embroiled the Grand Bahama-
based Bahamas Film Studios
and its chairman/owner Ross
Fuller, who was alleged to be
"consultant and/or broker" to
the two firms.
In the liquidators' appeal,
they drew on an.October 10,
2006, e-mail between Mr Fuller
and Harvey Milam, the presi-
dent of both entities, in which
the latter described setting up
Condor Guaranty as the mem-
ber of a Bahamian Friendly
In it, Milam said that reverse
merging Condor Guaranty into
Condor Insurance would "real-
ly confuse the heck out of" the
The liquidators alleged that
there were numerous October
November 2006 e-mails
between Fuller and Milam over
Condor Guaranty's creation,
and "Fuller introduced the idea
to Milam, he made the intro-

Applications for the position of

Must have experience in managing people.
Must have excellent organizational skills,
excellent customer service and sales skills.

Please mail
Resume and photograph to:

Assistant Manager Position
P.O. BoxN-523,
Nassau, Bahamas


To: All Members of The Public Workers'
Co-operative Credit Union Limited

Savings Distributions

Dividend Distribution

Surnames Dates

N-Z November 10 November 14, 2008

G-M November 17 November 21, 2008

A-F November 24 November 28, 2008

Thereafter, dividend cheques will be distributed
until January 30th, 2009

Distribution of Christmas Savings cheques
begins Monday, December 1, 2008

live in their homes, and not be
seeking bankruptcy protection.
Distressed homeowners must
also certify that their financial
circumstances have changed
and that they did not purpose-
fully default in order to get a
better loan.
Even the head of the Federal
Housing Finance Agency,
James B. Lockhart, acknowl-
edged the proposal would affect
a fraction of the delinquent
loans in the nation.
Fannie Mae and Freddie Mac
have about 20 per cent of seri-
ously delinquent loans, Lock-
hart said, while 60 per cent of
the delinquent loans are held
by investors who control them
through mortgage-backed secu-
Lockhart Tuesday called on
such investors "to rapidly'
adopt" the Freddie and Fannie
program. "Not only will this
streamlined program assist bor-
rowers, but broad acceptance
and effective implementation
.could stabilize communities and
property values," he said. *
Also on Tuesday, Citigroup
said it would help an estimated
500,000 borrowers avoid fore-
closure and extend a moratori-
um on foreclosures for eligible
borrowers. But separately Citi-
group services an additional five
million mortgages it does not
own. The bank said it would try

ductions between Milam and
the Friendly Society leaders,
and that he assisted with setting
up a new entity to receive Con-
dor Insurance's assets and busi-
Condor Guaranty was incor-
porated in the Bahamas on
November 8, 2006, and a week
later, on November 15, the Pro-
fessional Benefits Association, a
'Bahamian Friendly Society,
granted the company a charter.
Mr Fuller has previously told -
Tribune Business he strenuous-
ly denies the allegations made
against him by the Condor liq-
The liquidators, though,
alleged that Condor Guaranty's
structure was a "manoevere" to
ensure it escaped insurance reg-
ulation by having all its insured
clients become members of a
Friendly Society.
This, though, was rejected by
the Condor Guaranty defen.-.
dants in their arguments to have
the liquidators' appeal dis-
missed. Accusing the liquida-
tors of using "inflammatory lan-
guage", they added: "No-
authority has been presented
showing Condor Guaranty's
activities in the Bahamas are
Drawing on the name of a
well-known insurance fraudster,
the Condor Guaranty defen-
dants alleged: "The liquidators
have attempted to paint Con-
dor Guaranty, Mr Milam and
others as the Martin Frankels
of the Caribbean. Condor
Guaranty is confident that a tri-
al on the merits by a court with
subject matter jurisdiction will
vindicate all Condor Guaran-
ty's actions and those of other
"Despite the liquidators'
improper attempts to paint
Condor Guaranty, Mr Milam
and others as cheats and.frauds,
the defendants have rights,,
including the right to be heard
in a court with proper subject
matter jurisdiction."

to work with the holders of
those loans, typically investors,
to help homeowners.
But like other loan services,
Citigroup does not have unilat-
eral authority to modify trou-
bled loans that have been secu-
ritized, that is, sold off in invest-
ment pools.
"It seems the core problem
is working with securitized loans
and how to,get the services to
have consistent treatment," said
Sharon Price, director of policy
for the National Housing Con-
ference. "That is the question
that is hanging out there."
Because of the key place they
occupy in the mortgage industry
food chain, those investors, and
the loan servicing companies
they hire, are coming under

increasing scrutiny in Washing-
Wednesday, US Representa-
tive Barney Frank, chairman of
the House Committee on
Financial Services, is expected
to detail a measure that would
give loan services authority to
modify mortgages owned by
"We need to pass legislation
totally restructuring this whole
industry of servicing," Frank, a
Massachusetts Democrat, said
"We are going to see more
and more efforts to reduce fore-
closures in various ways."
The Freddie and Fannie pro-
gram was also criticized by
housing activist Bruce Marks,
chief executive of the Neigh-

borhood Assistance Corpora-
tion of America in Jamaica
Plain. He said the plan would
prompt homeowners to default
on their loans to ask for help
and that the 38 percent income
benchmark is higher than that
used by other government agen-
The FDIC, for example, will
rework monthly payments of
loans it controls to 4s low as 31
per cent. of household income.
"The news is,tfiat they have
recognized there is a crisis and
the previous solutions don't
work," Marks said.
"The bad news is this will do
virtually nothing for the at-risk
homeowners. It is just pure pub-
licity in the worst form, raising
false expectations."


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C F A L C. (<0F I is'rrA I i.S

-. : *'. ;v P- FRIDAY., NOVEMBER 200 .
IX : ALL SHARE INiEX; MCLOSE 1 ,e06o23. I)c .--0.48 %CHo -9.O2'j-YTP -2f 0.52 '1 y'rTD -12.61
.' FINDEX: OLOSe 867.54 YTD -.,7% .10- .. ': %".
52wk-H- 2k.h-Lo.v Securil revo.usJ Close Today s Close Change Da'ly Vol EPS S Div S PE aiel
1 95 1 51 AbacoF.arh.els 1 71 1 71 000 0071 01O00 1 1.
11.80 11.60 Bahamas Property Fund 11.80 11.80 0.00 1.061 0.200 11.1 1.69%
9.68 7.64 Bank of Bahamas 7.64 7.64 0.00 0.319 0.160 23.9 2.09%
0.99 0.81 Benchmark 0.81 0,81 0.00 -0.877 0.020 N/M 2.47%
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 11.18 Cable Bahamas 14.15 14.15 0.00 1.255 0.240 11.3 1.70%
3.15 2.83 Colina Holdings 2.83 ,2.83 0.00 0.118 0.040 24.0 1.41%
8.50 4.80 Commonwealth Bank (S1) 7.30 7.30 0.00 3,000 0.446 0.300 16.4 4.11%
6.81 1.99 Consolidated Water BDRs 2.63 2.78 0.15 0.122 0.052 22.8 1.87%
3.00 2.25 Doctor's Hospital 2.77 2.6688 -0.11 3.000 0.256 0.040 10.4 1.50%
8.10 6.02 Famguard 7.80 7.80 0.00 0.535 0.280 14.6 3.59%
13.01 11.89 Finco 11.89 11.89 0.00 8,250 0.665 0.570 17.9 4.79%
14.66 11.54 FirstCarlbbean Bank 11.60 11.60 0.00 1;110 0.682 0.450 17.0 3.88%
6.04 5.01 FOCOI (S) 5.20 5.20 0.00 0.385 0.170 13.5 3.27%
1.00 1.00 Focol Class B Preference 1.00 1.00 0.00 0.000 0.000 N/M 0.00%
1.00 0.33 Freeport Concrete- 0.36 0.33 -0.03 1.000 0.035 0.000 '9.4 0.00%
8.20 5.50 ICD Utilities 6.81 6.81 0.00 0.407 0.300 16.7 4.41%
12.50 8.60 J. S. Johnson 11.10 11.10 0.00 0.952 0.620 11.7 5.59%
10 00 10 00 Premier Real Eslale 10 00 10 00 000 0 10 0 000 .
52k-.... BISX LISTED DEBT SECURITIES ( rndaa trade ofti a.Pr.iriatolSDal PiFriaing bws)
52wk-HI 52wk-Low Security Symbol Last Sale Change Dally 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 Octobor 2022
1000.00 1000.00 Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00 7% 30 May 2013
100000 1000,90 Fidelitv Bank Nole 1 Seriees D'i FBBP 5 10000 000 Prime 1 75'6 289 r,I 2>:'l
S : Fidelty Over-The-utr er-ttl5i.= .": .
552 .-" 2-o.LO S, rr.co, B'-d AS S Lastl Price Weekly VGo EPS % D- S = E kVr.in
140 -14 2E Bar.amas Supe.-mrkels 1.. 6is 15 60 14 6O 0 04 o1, 300 N %1
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 H.,lainns 0 35 0 d0 0 35 0 001 *.:o 0 e 11.. : ..:
Collna Our-Tho-Qaunter urttl:. .
i O 29 O0 ABDAB 38 40 85 2900 4 54 0 000 9 *.' **
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 Hodi.-.gs 0 45 0 55 0 55 0 002 0 :0 261 : '
'* ,* BISX Lieled Mtl f u1sda .
52.'.-H, 52ws-Lo.~ F.und Na-re NA V' YTDp, Last 12 ,Moni Div aYiela N.v. Cl.-
1 3419 1 2794 Col.-a Bond Fur.d 1 3.119 386 5 33 :- ,1I-.I.-
3.0250 2.8869 Collna 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 3.5562 Fidelity Bahamas G & I Fund 3.6090 -4.95 3.62 30-Sep-08
12.4456 11.8789 Fidelity Prime Income Fund 12.4456 4.29 5.78 30-Sep-08
100.2421 100.0000 CFAL Global Bond Fund 100.2421 0.24 0.24 30-Sop-08
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-D0c-07
10.5000 9.1958 Fidelity International Investment Fund 9.1958 -12.42 -12.42 30-Sbp-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-Sop-08
1 0244 1 0000 FO Finar.cial Dire.-sited Ford 1 0244 2 44 2 44 ?*- ..-. *.
. 2. .. S :.d c NO, k- C..: .. St r .,oB-. J., ,iJ. . -,:r.. . : ..
52wk-HI H-ghest closing price In s1et 52 weeks Bid S Buying price of Collna and Fidelity
52wk-Low Lowest closing price In last 52 weeks Ask S Selling phrc of Coll- and fidelity
PrviouL. Close Previous day' weighted prlce for dally volume Last Price Last tmdd over-the--ouser pdri
Tody'. Clos Curnt deay. wlghtted price for dally volum. Wakly Vol. Trading volume of the prior w.k
Change Change In closing price from day to day EPS S A company report .amings per share for the last 12 mths
Dally Vol. Numbar of total shares traded today NAV Nat Asset Value
DIV $ Dividends par share paid in the last 12 months N/M Not Meaningful
P/E Closing price divided by the last 12 month earnings FINDEX Tha Fidelity Bahamas Stock Index. January 1, 194 100
(S) 4-for-1 Stock Split Effeotive Date 0/8/2007
1 TO .ES E CLINA 242-502-7010 DELITY 24 0 CO NAL 220-725
TO RAD CEALL: COLINA 242-502-7010 1 FIDELITY 242--11,1e-771 4 j FQ C4f'J_ IETa a-2-,>ag-4QOO | COLONIAL 242-502-725

THI I HIlt Ulit

I rlUrtoJi, 1 vi4%.jVLI..ILnr i j, .cvuu, i rv%-Au. v-


r"Your Bahamian

The Bahaman Credt Card

48 Oz



5 Ibs.



12 0Z






5 Lb


18 oz.
$ 89



21.6 oz.


36 oz.



64 oz.



30 oz.

10 Pk

48 oz.
$ 59





S 4






. .




i. I










per lb

a rj


I -

* S



* A
S 6



FAYAN, Asst'd. 20 oz.

per lb



Associated Press Writer
federal task force approved vol-
untary guidelines Wednesday
for airlines and airports dealing
with passengers stranded for
hours on the tarmac but pro-
duced no fixed limit on how
long they can be delayed before
being allowed to leave.planes.
Passengers who had hoped
for stronger protections were
left empty-handed by the guide-
"You have to admit that the
game is still heavily weighted to
business as usual," Kate Hanni,
a passenger rights advocate, told
her fellow task force members
before voting against adoption
of the report.
Passenger rights advocates
said the report of the tarmac
task force, as it is .informally
known, reflected demands by
airline members that they have
the flexibility to design their
own response plans and not be
pinned to a time limit for hold-
ing passengers on tarmacs.
Task force member Daniel
Rutenberg of the International
Airline Passengers Association
also expressed disappointment
at the lack of "time-specific trig-
gers" for allowing passengers to

return to gates and appealed to
Transportation Secretary Mary
Peters to address the issue.
Transportation Department
Assistant General Council Sam
Podberesky, the task force's
chairman, said the department is
working separately on a rule
that will require airlines and air-
ports to have contingency plans
and include a time limit.
Federal rulemaking is a
lengthy process, guaranteeing
the issue will be among those
waiting for the Obama adminis-
The report "is a set of best
practices, but there's nothing
enforceable where a passenger
can say, 'I won't be held up for
more than three hours or five
hours or eight hours, or with-
out a glass of water or a sand-
wich,"' said Hanni, founder of
the Coalition for an Airline Pas-
sengers' Bill of Rights.
Task force member Benjamin
DeCosta, the aviation general
manager of Hartsfield-Jackson
Atlanta International Airport,
said that he favors time-limits
but that they need to be tailored
to each airline and each airport.
"This problem is so complex
that one size doesn't fit all,"
DeCosta said.
The task force report recom-
mends that:

.. ... / 1 ^ ...' .

GREEN GIANT, Asst'd, 24 oz.
PASTA ACCENTS.............$6.39

-Airlines update passengers
delayed on tarmacs every 15
minutes even if there is nothing
new to report.
-A secure room be provided
for passengers from diverted
overseas flights so they can
avoid having to go through secu-
rity checks when reboarding an
aircraft to their final destina-
-When practical, refresh-
ments and entertainment should
be made available to passengers
confined aboard aircraft await-
ing takeoff.
-Airlines should make rea-
sonable efforts to be keep air-
plane restrooms usable.
The Transportation Depart-
ment's inspector general last fall
recommended setting a limit for
how long airlines can force pas-
sengers to wait on planes that
have been delayed taking off.
The 36-member task force
was created in December by
Peters to develop model plans
for after several incidents in
which passengers were stuck for
hours before their flight took
off oi blefoirtheywere allowed
to get off the plane.
Task force members said it
quickly became apparent that
the group dominated by air-
line industry and airport repre-
sentatives would be unable
to come up with a model plan
acceptable to a majority of
"The airlines don't want it,
and the airports several of
them major airports believe
they already have plans" to deal
with passengers stuck aboard
aircraft, said task force member
Paul Ruden, a senior vice pres-
ident at the American Society
of Travel Agents.

S,' Sliced, 10 oz. GREEN GIANT, 12s
BES E..................2/$3.00 CORN OB CO B....................$5.1 9

tRLWELIGHT, 64 oz.
1GH .........................$2.99

ICE CREAM.............................$6.39


12 oz.

12 oz.



1 Ib








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$ 99

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A* r I



Little relief

for stuck




Taxable distributions may

shock fund investors

AP Business Writer

about kicking investors when
they're down.
A required year-end practice
by mutual funds is about to
whack many people with capital
gains taxes at the cruelest of
times: when funds already have
declined by as much as 40 per
cent this year.
Even though a fund's value
has declined, it may have real-
ized capital gains over the
course of the year profits
from selling specific securities
in the portfolio. Usually such

1. Lot #39 (2Sxl OO')
w 'hse 1, 104,t. ft., jIk
#35 hse #64.Lincoln
Blvd (AppraIsed
Value 57,7*.000)
Vacjnt lot #302
2. (8,so50q ft.) nrore .--
less-Winon Meadows
Sub #2 (Appralsd
Vatluvee $s5,000.00)
3. Lot #13, ik #,84
(50"x120') w/bultlding
(S9eisq. ft.)-East ST
(AppraiedY Value
4 Lot #6 (7,0aoosq. f)
w/dtliolsx (2,O32_-q.
ft-)-Kool Acres Sub
(Appraised Value
5. Lot (SO'xl0O')
Swibuilding ( t ,9 2s.
ft.)-Deveaux St"
(Appratsed Value
$ 1 9,000.00)o
6. Lot#16 (60'xl07')
w/house-Smith Ave
Ckegs CGaitde m Sub

7. Lot #48. Blk #t
50"O'XI0') with'two, " ,
lt-or-ey 4 unfts l'uidng ,
west of Family St off
Soclder Rd (Appraised
8- Los #29 4 #30,
(50'xlOOW', Slk #47
w/btuidin '"1' 140s. *
ft.)-Marshetw St,.
Nassau Village .,
(Appreased Value
1 =4S,O.00 o)
9. Lot S # #6
( s50'tOO') w/hse
Silver Part Ln imnertil,
Park (Appraised
5313,&N.30 ) !
10,. Lot #t 176(41'xi I 3')
w/hse (90sq. ft.)-Old"
Cedar St Yellow Elder
(AppraMsed Valueh
ots." #3 w #4, ik
1 1./ #47 (SO'xl OO')
W/duplex (1,532srq.
ft.)-Forbes St Nassau
Village (Appraised
$ S f20,000.00)

12. Lot #338
12. (60'x97.24') w/hse.
( l,735sq. ft)-Arawak,
Ave Pyfrom's Additon
(Appraisewad Value
13. Lots#5. Blk#1:.
(7,1tBs04. ft.)-
Yorkshire St Westward
Villas (Appraised
$ 00,000.00)
14. tor # 19 ('22, 500sq.
ft.) w/complex
(3,440sq. ft.)- Sir
Henry Morgan Dr
Andros Beach Colony
Sub Ntchofts's Town
Andros (Appraisedi
Beach front to0.
(9,000 w/bulldlng (2, 1 OOq.
it.) Pinders
Mangrove Cay Andros

gains draw no more than brief
grumbles at most from individ-
ual investors because they know
that's part of the price they pay
for investing in mutual funds.
But when individuals find out
they have to pay taxes for gains
in one of the worst years in
stock market history, it's likely
to stir shock or outrage among
those who pay little attention
to the process. '.
After all, 99.9 percent of all
U.S. equity open-end funds had
negative returns for 2008
through October 31 and the
average fund had lost 35.per
cent, according to Morningstar

"Even though we've experi-
enced a great deal of losses as
investors this year, we could
have fairly sizable distributions
passed through to us," said Tom
Roseen, an analyst with fund
tracker Lipper Inc. "What an
insult on top of injury."
Getting stuck paying capital
gains even when your funds
decline in value is rare but not
unheard of.
Still, how could it happen?
The Internal Revenue Ser-
vice requires mutual funds to
distribute substantially all (at
least 98 per cent) of their
income to their shareholders,
who must then report the dis-

Cable Beach, West Bay Street,
P.O.Box N-3034
Nassau, Bahamas
Tel:(242) 327-5780/327-5793-6
Fax:(242) 327-5047,327-1258


(Akpreased Vaue
16. Lot (4,344s, ft.) .
w/dupfex buildij '
(1,174-.1 fr )-Fit.%
r-Tee Aridros
(Apprahsedd Valu
17. Lo #43 (90'xIOO')
w/buildngARussell St
Matthew Town Ingaua
(Appr ai id Valin
18. Vacant Lot #8 81k
#12 Unks#3
(Ia u1,25es5. f
Henny Ave terty Sub
Grand Bathama
(AppraIed Vatue-
19. CLor#43B
( 01'xt 50') with
house t Duplex-
Nelton tRd Poinclana
Gardens Grand
Bahama (Appraise
Value $94,000.00)
20. Lot #37 (50'xI 50')
with sttf Ptsx 2-storey
apartment building bt
aai undromat
Town, Krnss Sub EliOht
Mie Rock Grand
Balhama s(A;pralsd
$2it 1,200.00)
21 ."Lot wth ten (1tO) unit
Hotel. ( (5,OOOt. ft.)
on 4.99 acre* of
beach frormt-MIgh Rock
Grand Bahama
(Apxraised Value
'22-., Vac. m ot # 1 3, Rik
-. #59. Untk #3
.92,752sq. ft.) 45'
on can4i front-
Dagenhtnl h!Zrcle ea
Ingrave. r eraseralt
Bay Sub Grand`.'.
Bahama (Appraised
$t 10,000.00)
23. Vacant lot #21, 8Wk
#3 (14,161sq. ft.)-
Waterfall Dr Seahorse
Village Sub Grand
Bahama (Appraised
Value $40,000.00)
24. Lot #862 (1 0,000st.
ft,) section # I with
duplex foundation-
Saltash & Tresco Rd
Freeport Ridge Sub
Grand Bahama
(Appraised Value
$ 2,000,00)
Lot #S, Blk #15
25. Unit #3 (90'xl25')-
Derby'Sub Grand
Bahama (ApprAised
Value $23,000.00)
26. Vacant lot #25, Blk
#15 (17,866sq. ft.)
C.rwater Ln Shannon
Country Chub Sub
Grand Bahama
(Appraised Value
27. ,Vacant lot #1 10
Section #1
( 2,S00sq. ft.)-
Boneflsh St et Polaris
Dr, Carvel Beach
Grand Bahama
(Appraied Value
28. $40,000.00)
Lot #59 (17,276sq.
ft.) SecdonA # with
an incomplete
St e Polaris Dr Carvel
Beach Grand Bahama
(Appraised Value
29. Lot #2 (20,000sq.
ft.) w/tdulding
complex ar coin
Highway Holmes Rock
Commnionage Grand

45' (1992) Defender Vessel (Umnos)
:. .. (1.989) North Carlina Hull
* 52' 979).Hatters tessel (MV Buddy)
S 51' (1981 i Defender Vtsel (Equillty)
* 80' Custom Steel Hull Vessel (Lady Kristy)
* 94' Steel Hull.Gulf Coast Shrimp Trawler Vessel
(1980) with (2) Volvo Diesel engine (Sweet Charlotte)
* 122' Stngle Screw Steel Hull (0 960) MV isa J 111t,
vessel has a new engine requiring Installation. And
can be view at Bradford HMarn, Grand Bahama

Veakkt $176,600.00)
30. Vacant lot #5, alk
#31, Section s-Royal
Bahamian Estate Sub
Value $31,000.00)
31. Lot #54 E 6,500sq.
ft.4 w/trtolja<
foundation (2,7S88st.
ft.)-Mtrphy Town
Abaco (Appraised
Vau $24,096.00)>
32. Lot #6 Vacant 2
acrts-Fox Town
Abaco (Apprasd
Val*, S50,000.00)
Lot #51 (15,OOOsa.
33. ft.) w/buldlng
Murphy Town Abaco
(Appraised Value
$t 02,420.00)
34. Portion of lot #69
( 5,000sq. ft)-Front
St Murphy Town
Abaco (Apwraised
Vale $1s,250.00)
35. "t. 9,300sc.-ft-
w/bo;eflsh lodge
4,300sqt .-Sandy'
Poitn Abaco .4 '
(Appraised Value
36. Lot #S5 (6,900*n.
ft.) w/buildilng-
Murphy Town Abaco
(Aprasetzd Value
37. Lot #45 (60'x I60')
-rulnldi (3,900sq. *
ft.)-Sandy Point
Abaco (Appraised
38. $45,700.00)
38- Lot 87,1 20sq. ft.
w/four cottage and
one storage building
totaling (4,1 86sq.
ft.)-Sand Banks
Treasure Cay Abaco
(Appraised Value
39. Property 31'xt I I
w/house Lord St
Taprumn Bay
(AppraMed Value
40. Vacant portion of lot
#7 (50x'xl O')-West
Jamnes Cistem
Eleuthera (Appraised
Value $18,000.00)
41. Property w/tweive
room motel I ,39
acres-Arthur's Town
Cat island
(Appraised Value

42. Lot #8 vacant
(45,200sq. ft.)-Moss
Town EXuma
(Appraised Value
$1 o10, 00.00)
43. Lot (87,30054. ft.)
with small hotel
totaling (6,540sq.
ft-)andt excwusve
beach-Forbes Hill
44. Exurma
Vacant tot #1281
(6,600sq. ft,)-
Oceanic Rd Bahama
Sound Secrtion #3
Exuma (Appraised
Value $ Ia, 150.00)
Vacant lot #95
45. ( 60 'xI25')
Commodore Rd
Elzzabeth Harbour Est.
Exuma (Appraised
Value $45,000.00)

(1) 03 Dodge Caravan
(1) 96 Ford Explorer
(1) 97 Dodge Stratus
11) 01- Hyundai H-.: Van,.
(1)01 Kla Bus.12 Seater
(1) 78 L 800 Ford Boom Truck
(1) 02 Hyundai H-i Van SVX
(1) 06 Hyundai H-1 Van SVX (Silver)
(t) 01 Kitchen Tandem Cherokee Tratler

tributions as income and pay
taxes on them. This year, funds
realized gains from stocks sold
before their value plummeted
this fall.
Then when the financial crisis
hit, investors pulled a record
$46.5 billion out of U.S. mutual
funds in September and anoth-
er $40.5 billion in October,
according to Arcata, Calif.-
based AMG Data Services. The
forced selloff led funds to
record significantly more capital
If your fund investments are
in tax-sheltered retirement vehi-
cles such as 401(k)s or IRAs,
you needn't be concerned
because there are no taxable
distributions. But shareholders
of other funds face what could
be a significant double whammy
with ill-timed distributions on
top of their whopping personal
Investors in buy-and-hold
mutual funds paid a record
$33.8 billion in capital gains tax-
es in 2007 painful but at least
understandable for a year dom-
inated by a bull market.
While 2008 distributions are
not expected to reach last year's
record level, investors could feel
substantial pain from funds that
have been on a roll in recent
years and had built up a lot of
unrealized capital gains. Emerg-
ing market funds, some other
international funds and funds
invested in commodities and
natural resources stocks all fall
into that category.
Long-term capital gains are
taxed, at 15 per cent for most
taxpayers and 0 per cent for

low-bracket taxpayers. Short-
term capital gains, profits on
the sale of securities held less
than a year, are taxed as regular
Individuals can sell funds now
to try to dodge the distributions,
but such moves often are ill-
"In most cases you're proba-
bly not going to be better off
by doing that," said Christopher
Davis, a fund analyst at Chica-
go-based Morningstar. "Most
people really can't game the sys-
tem. Especially if you're a long-
term owner and you've made
money, you're going to pay tax-
es sooner or later."

But there are some steps
investors can take that could

Mutual funds typically make
distributions in early to mid-
December but issue estimates
in November. Many funds will
not make any distributions at
all this year; others might dis-
tribute capital gains amounting
to as much as five per cent of
your holdings. Go to your fund
companies' Web sites or call
them to learn what distributions
might be upcoming.

If you bought your mutual
funds through an investment
adviser, ask them what tax lia-
bilities- you will face and
whether you should take action
to head them off.
"Make decisions in consulta-

tion with your adviser," said
Roseen. "You don't want to go
out there blindly buying and

It may be time to dump an
underperforming fund espe-
cially if you've only held it a
short time and it's about to
make a distribution. You can
take a tax loss to offset capital
gains and even ordinary income
by up to $3,000, and carry any
excess losses forward.
But unless the fund has poor
future prospects, think long and
hard first.
Greg Hinkle, treasurer of
funds for mutual fund company
T. Rowe Price, says investors
should be careful not to let tax
considerations override invest-
ment considerations. He notes
that if an investor with $100,000
in a fund is slapped with a cap-
ital gains distribution of five per
cent, or $5,000, the bottom-line
cost with state and federal taxes
factored in might be $1,000 -
not insubstantial but only part
of the overall picture.
"If you go to extraordinary
lengths to try to eliminate that
cost and then the market goes
up six or seven per cent, you
could save $1,000 and lose out
on $6,000 or $7,000 in appreci-
ation," he said.

If you are ready to buy into a
fund, wait until it goes "ex-div-
idend" meaning it has made
the distribution. That way you
get in at a cheaper price -
because a fund's net asset value
drops by the amount of the dis-
tribution and don't inherit
that tax penalty.

Keep funds that are more tax-
efficient in your taxable account
and hold other, less-tax-advan-
taged ones in your sheltered
Four types of funds are more
tax-efficienit, according to
Roseen: index funds that have
minimal'capital gains because
there's not much turnover;
exchange-traded funds, which
have no capital gains because
of their redemption process;
municipal bond funds and tax-
managed funds.






O 32" TV

DECEMBER 18th, 2008

The putilc Is Invited to submit Sealed bds marked '"Teidr" to Bahamas Development Bank, P.O. Box
N-3034, Nassau, Bahamas attention RFancda Controler, faxed bids will not bI accepted or
telephone 327-5780 for additional Information. Please note that all bki on the aforementioned
properties and assets should be received by or on November 14, 2008. The Bahamas Development Bank
reserves the right to reject any or all offers. All Da are oa d as i.



Pursuant to the provisions of Section 137 (4) (a), (b)
and (c) of the International Business Companies Act,
2000, notice is hereby given that;-

(a) Kestomak Company Ltd. is in dissolution;

(b) The date of commencement of the dissolution
is the 28th day of October, A.D., 2008 and

(c) the Liquidator is C.B. Strategy Ltd., of 308
East Bay St.

C.B. Strategy Ltd.

-e LI

'-* --\ '

^i^ i




-*- -:"~ "'I Lot No. 181, Dorsetteville Bamboo Town
All that piece parcel or lot of land having an area of 5,000 sq
ft, being lot # 181, of the subdivision known as Dorsetteville
which is situated in the southern district of New Providence
located on this property is.an approximately 25yr old single
n '" family residence comprising of approximately 1,162 sq ft &
*. f consisting of 2-bedrooms, 1-bath, kitchen, living, dining room
& carport. The land is on a grade and level; the site appears to
. 1p be sufficiently elevated to disallow the possibility of flooding
during heavy rainy periods. The grounds are fairly kept with
improvements of concrete parking area & concrete walkways
around the premises. The yard has chained linked fencing at the sides and back.

Appraisal: $149,016.00

Traveling East Street South, turn right at porky's service station [Victoria Blvd]. Take the 4th comer on the right (Raynell
Drive) the subject property will be the 4th on the left side.Painted white trimmed light agua..

Eleuthera Island Shores Subdivision LOT
NO. 1, BLOCK NO. 45,


All that piece parcel or lot of land having an area of
9,644 sq. ft. being lot #1 in block 45, Section "E" in
.the subdivision called and known as Eleuthera Island
S c'*S' hores Subdivision, situated in the vicinity of Hatchet
3 -- Bay Harbour, on the island of Eleuthera, one of the
islands of the Commonwealth of The Bahams. This
I _- _: ._._... _....site encompasses a two storey building which is
approximately 14 yrs old and is abandoned. There is
a wooden landing-approximately 7'-4" wide by 20'-0" on the upper level, approximately 1,610 sq. ft. of enclosed living
space, with 3-bedrooms, 2-bathrooms, front room, dining room, den, kitchen, and utility room. The wooden porch
on the upper level is approximately 148sq. ft. There is also a water cistern under the dining room floor area. All utilities
and services available.
Appraisal: $151,007.00
This property is situated in Eleuthera Island Shores.

Lot No. 21 all utilities available 10 year old single story
house, 3 bedroom 2 bathroom, living room, dining area,
family room, kitchen, study, laundry and an entry porch.
Appraisal: $188,406.00
Heading west along Soldier Road take main entrance to
Kennedy Subdivision on the left, then take the 1st corner
on the left then 1st right, house is second on your right
with garage.


3 two bed, 1 bath fourplex 9,000 sq. ft., lot no. 18b
with an area for a small shop. Age 12 years the land
is a portion of one of the Dundas Town Crown Allotment
parcels stretching from Forest Drive to Front Street,
being just under a quarter acre in size and on the
lowside. A concrete block structure, with asphalt
shingle roof and L-shape in design with a total length
of 70x26 ft, plus 50 x 22 ft., 2,920 sq. ft., the interior
walls are concrete blocks, ceiling is sheet rock and
the floors of vinyl tiles.
Appraisal: $265,225.00

All that lot of land having an area of 7,500 sq. ft., being lot
12, of the subdivision known and designated as Millar's
Heights, situated in the Southwestern district of New
Providence, Bahamas. This property is comprised of a 25
yr old single family residence consisting of approximately
2,375 sq. ft of enclosed living space with three 2-bedrooms,
S, 1-bathroom, living/dining rooms, and kitchen apartment
complex. The land is on a grade and level and appear to
--g be sufficiently elevated to disallow the possibility of flooding
during annual heavy rainy periods. The grounds are fairly
kept, with improvements including parking area, walking
pathway and low shrubs. The yard is enclosed with chain linked fencing at the back and southern sides.
Appraisal: $239,500.00
Traveling west on Carmichael Road, enter West Avenue, on the South side immediately after Topps Laundromat. Take
first right which is Wimpole St., go around the curve on the left which is London Avenue, traveling south on London
Avenue the subject property is the 9th building on the right before the T, Junction (high street) the subject building is
an L shape triplex, painted green, trimmed white.


.^ .All that piece parcel or lot of land having an area of 8,300
sq. ft. being lot No. 382 situated in the subdivision known
as Winton Meadows, the said subdivision situated in the
Eastern District of the Island of New Providence, Bahamas.
This property is comprised of a 24 year old single family
residence with an attached efficiency (formerly the carport)
consisting of approximately 2,675 sq. ft. of enclosed living
S' area, front porch-198 sq. ft., back patio-380. The building
'is a two storey house. Besides the efficiency apartment, the
house is comprised of 3-bedrooms, 3-bathrooms, inclusive
of a master bedroom suite upstairs. Foyer, front room, dining
room, family room, powder room, utility room, breakfast
nook and kitchen downstairs. Climate control is provided
by ducted central air conditioning, with air circulation
enhanced by ceiling fans and other amenities. Quality of construction: Average. Standard of maintenance: Average. Effective
age: seven years (7) the land is on flat terrain; however the site appears to be sufficiently elevated to disallow the possibility
of flooding under normal weather condition, including annual heavy rainy periods. The grounds are well kept, with
improvements including neatly maintained lawns with flowering trees, and a concrete garden/storage shed, which is located
in the backyard. The yard is enclosed along the sides with chain-link fencing, and concrete block walls that are topped with
metal railings, and metal gates at the front and back.
APPRAISAL: $365,000.00
Traveling east on Prince Charles Drive, pass the streetlight at Fox Hill Road untilyou get to Meadows Boulevard, turn right
onto Meadows Boulevard, go south and take the 4th left, then 1st right. The subject house is the 2nd house on the left side
painted beige trimmed white.

- ---- ........... .-
-/** '-

Lot No. 186, Coral Harbour Waterways, Coral
All that lot of land having an area of 12,150 sq ft, being lot #
186, of the subdivision known as Coral Harbour Waterways,
situated in the western district of New Providence. Located
on this property is a single family residence comprising of
approximately 2,482 sq. ft. of enclosed living space consisting
of 3-bedrooms with closets, 2 bathrooms, kitchen, living,
dining, family & utility rooms with office (loft), the residence
is also equipped with 2-car garage with electronic doors the
land is on a grade and level; the site appears to bp sufficiently
elevated to disallow the possibility of flooding during heavy

rainy periods.
Appraisal: $427,726.80
Take coral harbour road from the round about, head straight toward the canal, take about the 3rd right, hopkins drive, the
subject property will be the 1st house on the right side painted all white.

Lot No. 3 Yamacraw Beach Estates
All that Ipt of land having an area of 10,000 sq ft, being
lot no. 3 in Yamacraw Beach Estates, in the said subdivision
situated in the eastem district of New Providence Bahamas.
Located on the subject property is a single-storey triplex
Building comprising of 3 units with two 2-bedrooms, 1-
- bathroom, living, dining, kitchen apartments unit and one
unit being used as a barber and beauty salon, the land
.is on a grade and level; however the site appears to be
sufficiently elevated to disallow the possibility of flooding
during annual heavy rainy periods of the year.,
S Appraisal: $313,016.00.
Traveling south on Fox Hill Road, go pass Yamacraw
Hill Road and Joe Farrington Road. The subject property is located on the left hand side of Fox Hill road painted
white trimmed brown.

Dorsetteville, Bamboo Town
Investment Opportunity Must Sell Lot No. 51
All that lot of land having an area of 5,000 sq ft, being lot no. 51,
of the subdivision known as Dorsetteville, the said subdivision situated
. in the southern district of New Providence Bahamas. Located on
- .B the subject property is a structure comprising of an approximately ,.
..::..- 20yr old duplex apartment comprising of approximately 1,641
"- i sq. ft. of enclosed living space which includes two 2-bedrooms, 1-
bath, kitchen, living & dining rooms units. and an approximately
'9yr old one bedroom apartment building comprising of 382 sq.
........ .ft. with bath, kitchen, living/dining room. the land is on a grade
S- and level; the site appears to be sufficiently elevated to disallow
the possibility of flooding during annual heavy rainy periods of the,
year. The grounds are fairly kept with improvements of concrete
parking area & concrete walkways around the premises. The yard is enclosed with chained linked fencing at the side
and back. .
Appraisal: $202,225.40
Traveling south on East Street from Soldier Road, turn right at Porky's Service Station [Victoria Blvd]. Travel pass the third
corner on the left, the subject property will be the 9th on the left side. Painted green trim white.

&* Investment Opportunity Must Sell Lot No,
^ 217 Pinewood Gardens Subdivision
All that lot of land having an area of 5,000 sq ft, being Lot
., No. 217 of the Subdivision known as Pinewood Gardens, the
said subdivision situated in the Southern District of New
7. Providence Bahamas. Located on this property is a structure
a comprising of an approximately 20 yr old single family residence
consisting of 992 sq. ft of enclosed living space with 3-
bedrooms, 1-bathroom, living/dining rooms, kitchen, drive
way and walk way, The land is on a grade and level and
appears to be sufficiently elevated to disallow the possibility
of flooding. The grounds are fairly kept and yard is open.
Appraisal: $127,988.00
Traveling south on East Street to the junction of Soldier Road, make a left at the light then turn right into Kennedy
Subdivision, go all the way to T-junction, turn right then first left then right again toward Mount Tabor Church building,
after passing Mount Tabor take first left sapodillaa blvd), the subject house is about 400 yards on the right painted yellow
trimmed green, with green and white door.

All that piece parcel or lot of land containing 42,616 sq. ft. and being Lot # 90-D on a survey plan situated in the settlement of Lower Bogue on the island of Eleuthera,
this site encompasses a commercial building consisting of a restaurant and disco that is approximately 13 yrs old, with a total sq. ft. of approximately 4,852.12, which
includes male & female rest rooms, stage area, 2-dressing rooms, dining room, commercial kitchen and storage improvements also includes a 660.4 sq, ft, front veranda,
752 sq, ft, concrete walk-ways, and 192 sq, ft, back porch. This building is central air-conditioned.
Appraisal: $490,671.00
This property is situated on the western side of the main Eleuthera Highway & approximately 2,219 ft. northerly of Four-For-Nothing Road, in the settlement of Lower
Bogue North Eleuthera. All utilities and services available.

All that piece, parcel or lot of vacant land containing 44,714 sq. ft., and designated "E" which forms a portion of land known as "Mutton Fish Point" situated about two miles northwestward of the settlement of Gregory Town on the island of
Eleuthera, one of the islands of the Commonwealth of The Bahamas, and is bounded and abutting as follows:- Northwardly by the land now or formerly the property of Coridon Limited, and running thereon for a distance of 393.13 hundredth ft.;
outwardly by a 30' wide road reservation and running thereon for a distance of 402.57 hundredth ft; eastwardly by the main Queen's Highway and running thereon for a distance of 109.73 hundredth ft; westwardly by land now or formerly the
property of Caridon Limited and running thereon for a distance of 110.75 hundredth ft. this property having an area of approximately 44,714 sq. ft. this neighbourhood is zoned commercial/residential development and is quiet, peaceful and has
a topography of approximately 2 ft. with all utilities and services available.
APPRAISAL: $51,421.00

All that parcel or lot of vacant land containing 10,000 (80'X 100') sq. ft. being Lot No. 9, Block 2, Island Harbour
Beach Subdivision situated the western most portion of the Hermitage Estate, Little Exuma Bahamas. The
property is located on an unpaved road known as Stocking Road. The property also has a commanding view
of the ocean.
Appraisal: $80,000.00

All that vacant lot of land having an area of approximately 14,052.59 sq. ft. being lot no. 3, block 27, section
b, of Rainbow Subdivision with residential zoning. This property is bounded about 103.44 ft north by Queens
Highway, and 137.02 ft. East and about 99.94, ft south of Rainbow Hill Circle. 139.91 ft West. All utilities and
services available.
Appraisal: $40,328.00

All that piece, parcel or tract of land containing 1 acre situated about two miles northwestward of the settlement
of Gregory Town on the island of Eleuthera, one of the islands of the Commonwealth of The Bahamas, and is
bounded and abutting as follows:- Northwestwardly by the main Queens Highway and is running thereon for a
distance of 125.462 feet northwestwardly by the land now of formerly the property- of Coridon Limited, and
running thereon for a distance of 390.274 hundredth ft.; southwestwardly by a 30' wide road reservation and
running thereon for a distance of 128.128 hundredth ft; southeastwardly by the land now or formerly the property
of the Venor and running thereon for a distance of 322.955 hundredth ft. This property having an area of
approximately 44,847.76 sq. ft. This neighbourhood is zoned commercial development and is quiet and peaceful
with a topography of approximately 2 ft. with all utilities and services available.
APPRAISAL: $51,421.00
This lot is vacant land and is located in the area known as "Mutton Fish Point"

All that piece, parcel or lot of vacant land containing 9,000 sq. ft., and being Lot No. 10B situated North of
Ingraham's Pond and Eastwardly of North Palmetto Point, on the island of Eleuthera, one of the islands of the
Commonwealth of the Bahamas, and is bounded and abutting as follows:- on the -orth by Lot No. 3B and
running thereon for a distance of (90) ft; on the East by Lot No. 11 B and running thereon for a distance of (100)
ft; on the south by a 20' wide road reservation and running thereon (90) ft on the west by Lot No. 9B running
thereon for a distance of (100) Ft, the said Lot is overgrown with shrubs and is in close proximity of a white sandy
beach. This neighborhood is zoned residential development and is quiet and peaceful with a topography of
approximately 50ft and because of this there is no danger of flooding. The area is approximately 80% developed
with all utilities and services available.
APPRAISAL: $72,000.00

All that piece, parcel or lot of vacant land and improvements containing approximately 44,587 sq. ft. and
designated "F" which forms a portion of land known as "Mutton Fish Point" situated about two miles northwestward
of the settlement of Gregory Town on the island of Eleuthera, one of the Islands of the Commonwealth of The
Bahamas, and bounded and abutting as follows:- Northwardly by the land now or formerly the property of
Coridon Limited, and running thereon for a distance of 383.56 hundredth ft; southwardly by land now or formerly
the property of Caridon Limited and running thereon for a distance of 393-19 hundredth ft. eastwardly by the
main Queen's Highway and running thereon for a distance of 113.40 hundredth ft. westwardly by land now or
formerly the property of Coridon Limited and running thereon for a distance of 113.40 hundredth ft. this
neighbourhood is zoned commercial/residential development and Is quiet, peaceful and has a topography of
approximately 2 ft. with all utilities and services available.
APPRAISAL: $51,276.00

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Lot No. 5, Block 20 Millar's Heights
*" All that lot of land having an area of 7,500 sq, ft, being Lot 5 block 20, of the subdivision known as Millar's, the said subdivision situated in the
southwestern district of New Providence, Bahamas. Located on the subject property is an approximately 19 yr old single-storey duplex apartment
consisting of approximately 1,524 sq. ft. of enclosed living space with two 2-bedrooms 1-bathroom, living, dining rooms & kitchen. Ventilation is by
..--wall air-conditioning units in the bedrooms. Minor repairs needed. The land is on a grade and level; however the site appears to be sufficiently elevated
; ":" ." to disallow the possibility of flooding during annual heavy rainyperiods of the year. The grounds are fairly kept, with improvements including parking
.,. .' area & walking pathway. The yard is inclosed with chain linked fencing at the back & southern sides, with low wall in front
Appraisal: $182,536.00

-. Traveling west on carmichael road, go pass the intersection of faith avenue heading towards Bamboo Shack. Take the corner opposite Bamboo Shack
^. .. where washhouse is located. Heading south all the way through, the subject property will be the 3rd on the left side after passing the 3rd corner
| painted yellow trimmed green.

Lot #4 Jackfish Drive, Golden Gate #1
Lot No. 7, Dick's Point Subdivision
o- All that lot of land having an area of 17,555 sq ft, being
lot # 7, of the subdivision known as Dick's Point
Subdivision, situated in the eastern district of New
Providence.Located on this property is a 40 yr old 1 .
storied residence comprising of approximately 3,368 sq.
ft. of enclosed living space consisting of 4-bedrooms
3-bathrooms, living, room, foyer, dining room, family
room, kitchen, laundry & utility room. special features;
stepped-up master bathtub with coral stone facing' on
=. (.,a'$ wall, marble tiles in foyer & open beam timbered living
building appears to be structurally sound but is only in ....
fair condition with additional repairs needed. Also located
on this property is a 2-storey building under construction
which is about 60% complete. This building will comprise
2-bedrooms, 2-bathrooms, living-dining & kitchen with an enclosed floor area of 2,073 sq. ft. & a 1-storey guest
apartment building also under construction which is 65% complete & comprising of 1-bedroom, 1-bath, living-dining
room & kitchen, their is also a 2nd guest apartment with 1-bedroom & 1-bathroom. floor area is approximately 1,225 0-
sq. ft. of living space. Landscaping includes a grass lawn. other improvements consist of patios partially bordered with ..*
concrete walls, boat ramp, reinforced seawall, & boundary enclosures which includes concrete walls. . .-
Appraisal: $045,000.00 ". .
Heading east going pass the Montaqu Ramp, take the 1st corner left with sign saying Dick's Point. Go around the bend
& the property will be the 2Ad on the left painted white trim white with splash of green in certain areas.

All that piece parcel or lot of land and
improvements situated in the settlement of
Hamilton's in the Island of Long Island, and
comprising of approximately 13,547 sq. ft. and
is elevated approximately 7-8 ft above sea level.
This site encompasses a 35yr structure. A simple
style home consisting of two bedrooms, one
bathroom, kitchen, living and dining room. the
home however is consisted of 2 separate
constructions; 613.60 sq, ft of concrete
construction and 624 sq. ft of wooden construction
all amenities are to the property such as electricity,
water, cable and telephone.

Appraisal: $67,000.00.
The property is accessed by the main Queen's Highway.

-- o--- ESTATES
.. All that lot of land being LotNP.1 A59,,
in the subdivision known as Elizabeth
.. Estates situated in the eastern district of
New Providence, Bahamas & having an
,area of approximately 5,000 sq. ft. located
on the subject property is a 22 year old
single family residence comprising of
approximately 871 sq, ft of enclosed
..: .-*.. , -. living space consisting of 3-bedrooms,
1-'- bathroom, living, dining, kitchen &
laundry room. The land is flat but appears
to be sufficiently elevated to withstand the annual rain fall. The property is landscaped & contains low
shrubs, flowering & fruit trees

Appraisal: $123,425.00
Travelling east on Prince Charles Drive, turn through the main entrance into, Elizabeth Estates -
Commonwealth Blvd, travel all the way to Thelma Gibson Primary School & turn right St. Vincent
Ave. the subject property will be located on the next comer on the right side of Jamaica Ave & St. Vincent
Avenue painted all white.

Lot No. 3, Block 8, Derby Subdivision Freeport
All that lot.of land having an area of .26 acres, being Lot # 3, Block 8, Unit 3, of the subdivision known
as Derby Subdivision, situate on the Island of Freeport, Grand Bahamas.
Appraisal: $65,000.00
This property is located on Henny Terrace & about 500 yards from Casuarina Drive & 150 yards from the
Queens Highway. All service & utilities included. The subdivision is zonned as single family residential.


All that lot of vacant land having an area of 16,000 sq ft, of the subdivision known and designated as Millars Heights,
the said subdivision situated in the southwestern district of New Providence, Bahamas. This property is zonned multi
family / single family. The land is on a grade and level; however the site appears to be sufficiently elevated to disallow
the possibility of flooding during annual heavy rainy periods of the year.
APPRAISAL: $355,000.00

Travelling west on Carmichael Road after passing Bamboo Shack and East Ave, make a left turn onto West Ave. The
subject property will be on the left handside of the street enclosed with chain link fencing just before Wimpole Street

Lot B, Wilson Street, Rock Crusher
All that lot of land having an area of 10,498 sq ft, being lot B, between the subdivision known as Rock
Crusher and in the vicinity of Perpall Tract situated in the western district of New Providence, Bahamas.
This property is zoned multi family/single family. Also located on this property is a structure comprising
of a duplex at foundation level under construction, and consisting of approximately 1,566 sq. ft. of enclosed
living space with a patio consisting of 270, sq. ft. the starter bars are in place and foundation poured.
Appraisal: $97,214.00
Traveling West on Farrington Road take a right after the P.L.P. headquarters, go about midways
through to Wilson Street, go though the corner all the way to the dead end. The property is located
behind the chain linked fence at the back of the yard.

Lot #20 approximately 11,200 sq. ft., and bounded on North by Early Settler Drive and South by Deal
Investment Ltd., this is a single family zoning and 50 ft., above sea level. This site encompasses a foundation'
with plumbing and roughing inplace and well compacked quarry fill. The concrete floor has not been poured
as yet. The foundation is 2,511 sq. ft. Lot #20 situated 1.5 miles east wardly of the Bluff Settlement. The
said lot is vacant and a hill over looking the Atlantic Ocean.
Appraisal: $41,275.00

.-,... . .. LONG ISLAND

. All that lot of land having an area of 30,000 sq
ft, more or less, having a 150 ft of road frontage
S. .. & running back 200 ft at its most is located
S.' ,within the Stella Maris Subdivision in North
Long Island one of the Island of the
Commonwealth of The Bahamas. Located on
this property is a 6yr old split level residence
consiting of approximately 3,058 sq. ft. of
enclosed living space with 2-bedrooms, 2-
bathroms, living, dining & tv rooms, kitchen & breakfast room, also a garage which serves as a laundry
room. There is also attached to the home a 10,000 gallon rain water holding tank & 1,202 sq ft of tiled patio.

Appraisal: $658,000.00


All that piece parcel or lot of land and
improvements, in the settlement of Lower Bogue,
S.North Eleuthera, being No. 62, comprising of
about 34,210 sq. ft., this site encompasses a 12
y ear old single storey homq comprising of 4
S- bedrooms, 3 bathrooms, front room, dining,
,-. ". .' breakfast room, kitchen and laundry room, with
.---- "', .. a total living area of approximately 2,342.06.
S..... Property also includes a double car garage, and
front entrance with a total sq. ft. of approximately
655.75. This homp is approximately 85% completed. The property is well landscaped with crab grass, flascos
and some fruit trees,

Appraisal: $229,426.00
This property is situated on the western side of Eleuthera Highway in the settlement of Lower Bogue.

All that lot of land having an area of approximately 258,064 sq. ft. This property is yet to reach its highest and best use.
It is ideally suited to single or multi-family development as is the nature of surrounding properties within the community.
The site may also serve well as a commercial site as the area remains un-zoned the property remains largely in its original
state. It is covered with low'brush and broad leaf coppice vegetation intersperse with broad strands of mature Yellow
Pine indigenous to the area. The property is well drained and represents no immediate flooding danger under normal

Lot No. 1010 # 1011, Pinewood Gardens Subdivision
All that lot of land having an area of 10,000 sq ft, being lot # 1010 & 1011, of the subdivision known as
Pinewood Garden, situate in the southern district of New Providence, Bahamas. Located on the subject
property is a foundation of a proposed structure, the land is on a grade & level; however the site appears
sufficiently elevated to disallow flooding during heavy rainy periods.
Appraisal: $140,000.00

Travelling from East Street south, take Sappodilla Blvd then turn onto Pigeon Plum St heading south, the
subject property is located on the corner of Pigeon Plum & Cordia Street

Lot No. 1036 Garden Hills Estates
All that lot of land having an area of 5,989 sq ft, being Lot No. 1036 of the subdivision known as Garden
Hills Estates, a said subdivision situated in the southern district of New Providence, Bahamas. This property
is vacant land and is zonned residential single family. The subject property is severely sloping downwards
Appraisal: $65,000.00

Travelling west on the East West Highway, take the 2nd entrance left into Garden Hills Estates next to Hillside
Mission Baptist Church, travel up the hill on Edelweis Ave to Orange blossom ave. mak a right on orange
Blossom Ave & the subject property is the 2nd on the left side.

Eleuthera Lot No. 15, North Palmetto Point
All that piece parcel or lot of land containing 22,316 sq. ft. being a portion of a 25.166 acre tract "A" &
being lot # 15 in a development known as Spanish Main situated in the settlement of Palmetto Point on
the Island of Eleuthera, one of the Islands of The Bahamas. This area is complete with all utilities and
services available.
Appraisal: $65,832.00
This property is situatedat Spanish Main just off the Bank Road North Palmetto Point South Eleuthera

Lot B, Marigold Farm Road Allotment 67
All that lot of vacant land having an area of 1,173 acres and being referred to as the plot. the property is lot No. B and
is situated on Marigold Farm Road in the area known as Allotment 67, a subdivision situated in the south eastern district
of New Providence Bahamas. This property is zoned multi family.
Appraisal: $290,000.00
Traveling from Joe Farrington Road onto Marigold Farm Road heading south. The subject is th 2nd to last property
on the left hand side of the road near the pond.

____loot p

F c t os a t i r o n






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Appraisal: $930,000.00
All that lot of land having an area
of 30000 square feet, being lot
Number 17 of the subdivision
known as Westridge Estates
Addition. Situate in the Western
District on the island of New
Located on the subject property is
a newly con-structed single storey
structure comprising 6,000 feet of
living space with a three Car

The building is 75% completed and comprises five bedrooms, four and a half baths
study, living/dining, family room, kitchen, laundry and generator room.
Location: From SuperValue West Bay, take the road heading west into Westridge, take the first
corner on the Right, Westridge Drive. Subject property will be about the seventh on the right
hand side of the road.


Appraisal: $136,000.00

Located on this 4,200 square feet
single/multi family property is a
20-year-old building of T-111 wood ,'
with concrete floor, consisting
approxi-mately 2,198 square feet
of enclosed space. The structure LJ
was formerly used as a retail
store and storage facility.
Directions: From Golden Gates' '4 .
Shopping Centre, Baillou Hill Road.
Take the third corner on the Right after -
passing Farmer's Market. Take the
second Right then First right (Sun Close) subject is the fourth property on the
Right white trimmed black.

t JtT j it.
r^^^^ ^

Appraisal: $335,000.00

S. Located on this 6,000 square feet
property is a split level single family
amma dwelling.comprising four bedrooms,
two and a half bathrooms, living and
dining rooms, kitchen and TV room.
Attached to the main house is two
one bedroom apartments.
Directions, Take Carmichael Road heading west, turn corner opposite BFM Church, Cedar
Way, then take first corne on the right, Tangerine Street. Subject will be about the second on
the right hand side of the road.


Appraisal: $156,747.50


liN~i K

rst ,.'

Appraisal: $112,105.00
All that piece, parcel or lot of
land 2,743 feet East of the
junction of the Palmetto Point
: road and main Eleuthera
, Highway containing 2.45 acres.
This site encompasses a 28-
year-old single storey concrete
structure of approximately 832
. square feet of enclosed floor
space inclusive of shop space
and rest room facilities.



Located on this property of 5,500 square feet is a 20-year-old
single family residence of approximately 1,635 square feet of
living space. Included in this home is three bedrooms, two
bathrooms, living, dining rooms and kitchen. The house is in heed
of repairs.

EXUMA HARBOUR SUBDIVISION Appraisal: $673,075.00

310 ~

Lot 18, House #7, Malcolm Road
West having an area of 5,000 .
square feet. Existing thereon is -
a 40-year-old split leveled
residence divided into five (5)
one bedroom, one bathroom
apartments, four located on the ---l_
main floor and one on the upper -
portion is made of durock and is -
about 50% complete. The ,' -,.
building is in fair condition and
is in ,serious need of
Directions: From Baillou Hill Road heading South pass S.C. McPherson
School, take Malcolm Road heading East. Pass the first corner on the left to
House #7 painted white trimmed green.


Appraisal: $91,000.00

The property has a total ,*-. -.
area of approximately *
4,550 sq. ft. Located on the ,
subject property are 2
structures. Building 1 "
comprise an approximately '..
25-30 year old single family *

Building 2 comprises a single storey building of poured concrete
foundation approximately 20 years old. Floors are tiled; ceilings are sheet
rock with standard plumbing and electrical fixtures. The building appears to
be occupied as a residence having an area of approximately 283 sq. ft.
DIRECTIONS: Take Kemp Road heading north, turn left on to Cooper's
Terrace go about midway through, subject will be located on the left hand
side of the road.


d.evelo d. "'

The subject property is located on Kingway Road and is
developed with an area of 20,000 square feet. Situated thereon is
a residence comprised of 3,645 square feet of living
accommodations, inclusive of 4 bedrooms, 2 baths, with laundry
and utility spaces and a two bedroom one bath guest cottage of
600 square feet. The property is fenced with white picket fencing
and has a Gazebo at the highest portion of the property.

*.*e**** .C CC*************** CCC*C****

Lots 17663, 17664, 17665

Appraisal: $220,180.00

The subject property is being
developed with a single family
split level residence of CBS
construction with 1956 square -
feet of living space. The top
floor comprises 1496 square ..
feet and the lower- floor .
comprises 460 square feet, All ..
plumbing and electrical rough "-- -
work has been completed. The block work is completed on the
bottom floor with a portion of the upper floor completed.

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Send blidsL !t l Ih il~ t]t I{l toOFax: 356-3851ior 0. BoxEN-7518 Rostta Streeti, Nassaul J,. IBahamasji.


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Lot 23A, Block KN, John Went\.

.. B 3, CrR

K .-- -.. -.- '., ."
Located on this Multi Family lot of 23,564
buildings. Single story Triplex of 3,502 squ
dining area with full service kitchen three
bedroom and two bathrooms per unit.


All that lot of land having an area of 16,53
subdivision known and designated as Bahar
4 Subdivision, Freeport, Grand Bahama.
structure comprising a 3 year old da
approximately (3,058) square feet, Apartmer
2-bathroom with private Jacuzzi in master
room, full service kitchen, a laundry and utili
and storage closet. The property is fully se
chain-link fence runs along the side and rec
wall, with 5 foot pillars at front with electron

Located on the property of 1.08 acres
that has been zoned for multifamily
development are four buildings: A, B,
C and D. Houses A and B are
positioned along the road and they
face each other. Houses C and D are
located to the rear of the building and
are facing each other. The
constructions of Houses A and B are
just about completed, houses C and D
are incomplete. The tot is enclosed
with chain linked fence except along
the front where a concrete wall is
erected. A concrete driveway (also
used for parking and and about the centre
of the lot) leads from the road and
runs through the middle of the yard
separating House A and B.

Each building contains a total area of
two thousand and seventy-two (2,072)
square feet. Inclusive of the entrance
porch with an area of 182 square feet.

Each house contains an entrance
porch, living and dining rooms and
kitchen, three bedrooms, two
bathrooms, a laundry area, adequate
storage and closet space.

approximately 24,O01.56 square feet. It is mL

vorth Avenue, Unit 1
Appraisal: $718,000.00

square feet are two incomplete
are feet inclusive of Living and
Bedrooms inclusive of Master

Appraisal: $337,000. 00
j "

33 sq. ft. being lot No. 37 of the
nia Marina and Bahamia Section
Located on this property is a
uplex structure which covers
nt consisting of two 2-bedrooms,
bath, spacious living and dining
ity room, foyeri/hallway with linen
cured by six foot plastic coated
ir and adjoins the painted 4 foot
iic gate.

Lot 1, Block 8, SEA HORSE VI

ptlt.k ,,l

Appraisal: $290,000.00

-- ...* ,.

. - -t ,
f. ; ,", : :..a..,

Situated on this property of 12,500 square feet is a 36-year-old
quadroplex apartment building containing two 2 bedrooms and 2
bathroom units and two 1 bedroom, one bathroom units. Each unit
contains foyer, living and dining area, laundry and kitchen.

The property has four unequal
sides for a total area of
approximately .38 acres..
Located on the subject
property is a split leveled
structure comprising
approximately 4,427 square
feet of enclosed living space.
The space consist of five
bedrooms, three bathrooms, ,.
kitchen, living room, dining ... '
area, two Bahama rooms, a double car garage a

Lot 13; Block 11, DERBY SUBDIVIl

Appraisal: 348,721.00

and laundry area.

appraisal: $180,300.00


Appraisal: $799,560.00

i . "

--I -----



Appraisal: $54,000.00
Drive and has an area of
ulti-family zoned.

Lot 13 fronts along the northern side of Henny Road at the end of the
cul-de-sac, Its configuration has four unequal sides. The rear
boundary is along the canal. The front boundary has a curvilinear
road frontage of 45 feet. The rear boundary (canal frontage) with one
point of inflection has a total length of 165 feet. The western side
boundary has a length of 146 feet and the eastern side a length of
125 feet. These dimensions result Jn an area of .32 acres.

Erected on this property is an incomplete building of a proposed
single storey house. The living space is approximately 3,228 square
feet; inclusive of foyer, living and dining rooms, kitchen, breakfast
nook; four bedrooms"t, tr' b't'om's,' powder room, den, laundry
area, study and ample closet and storage space.

Lot 14, Block 11
DERBY SUBDIVISION, FREEPORT Appraisal: $112,680.00
Lot 14, Block 11 Derby
Subdivision. Located on the
subject property of 11,250
square feet, is an incomplete
V... ,* .. single storey single family
house of approximately 1,008
S.- square feet of enclosed living
space. The space consist of
one bedroom, one bathroom,
.. . living, dining, kitchen. There
.... : .. are porches at the front and
rear entrances,


HARRY COLLIE @ 502-3034

Sen *bds o ax:35-351: r 0 Bx N758 osetta Street Nasa Baama
I^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ I

3I^mus S3jHBL-





IMPORTED German-rr ade BMW are parked the orth East
Auto Term nal ,n Jersey COv r J Carma:er BMW AG sad ,
Tuesday net proit for the ilird quarter dropped 63 per cent as -
Ihe global economic furrrl.l made corsurners more reluctant to
Sfell U0 0ortIIS sports .,d lu ur.,, :irs arid credit costs made it
difficult for coln~sunmers adld Ire ,:cnpani to borrow
(AP Photo: Mark Lennihan) .

a 2




Lot 12 Block 13 Unit2

Appraisal: $254,355.00

Located on this .35 of an
acre property is a sixteen-
year-old single family
residence comprising four
bedrooms, two bathrooms,
living, dining, storage, utility
and laundry rooms; there is a
foyer, kitchen and den. The
total area of living space is
3,016 square feet.


Appraisal: $116,190.00

-- -! -M. ,
. ^- ., ..... .

,. .. ...&........ . .'fe. ,

includes, a living, dining and laundry room, kitchen, three
bedrooms, two bathrooms, a garage and entrance porch.

FREEPORT GRAND BAHAMA Appraisal: $125,000.00

.7 ..

The unit is a one bedroom flat consisting an open area living and
dining room, bedroom, kitchen, linen closet and bathroom. The total
living area is approximately 660 square feet. The porch has an area of
approximately 75 square feet.

FREEPORT, GRAND BAHAMA Appraisal: $95,000.00



The property, has a total area of approximately .28 acres or 100 by 125
feet. Located on the subject property is a Duplex apartment building.
Apartment 36 A contains a total of approximately 1,526 sq. ft. of living
space. The space consist of 3 bedrooms, 2 bathrooms, kitchen, living
room, dining area, a den and laundry area.

FREEPORT GRAND BAHAMA Appraisal: $62,000.00

... ..
. ** ; ". W" i,

The unit is a one bedroom unit consists of a living and dining room,
bedroom, kitchen, and bathroom. There is a laundry room facility on
each floor, a, common swimming pool, and fencing with an electronic
gate securing the perimeter of the grounds. The rear boundary of the
subject building is the Ruby Golf Course. The total living area is
approximately 897 square feet.

FREEPORT, GRAND BAHAMA Appraisal: $96,000.00
All that piece, parcel or lot land being Block 10, Lot 11 of Derby
Subdivision. The land is vacant, rectangular in shape, on level ground
and is on a canal. Contains approximately 11,250 sq. ft. and is in a
single family residential area.







Legal Notice

(In Voluntary Liquidation)

Notice is hereby given that the above named
Company is in dissolution, which commenced on
the 4th day of November 2008. The Liquidator
is Argosa Corp. Inc., P. 0. Box N-7757 Nassau,


Legal Notice

(In Voluntary Liquidation)

Notice is hereby given that the above named
Company is in dissolution, which commenced
on the 20th day of October 2008. The Liquidator
is Argosa Corp. Inc., P. O. Box N-7757 Nassau,


Legal Notice

(In Voluntary Uquidation)

Notice is hereby given that the above named
Company is in dissolution, which commenced
on the 20th day of October 2008. The Liquidator
is Argosa Corp. Inc., P. 0. Box N-7757 Nassau,


Legal Notice


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


Legal Notice




US bailout will not

buy problem assets

AP Economics Writer
Treasury Secretary Henry Paul-
son said Wednesday the $700
billion government rescue pro-
gram will not be used to pur-
chase troubled assets as origi-
nally planned.
Paulson said the administra-
tion will continue to use $250
billion of the program to pur-
chase stock in banks as a way to
bolster their balance sheets and
encourage them to resume

more normal lending.
He announced a new goal for
the program to support financial
markets, which supply con-
sumer credit in such areas as
credit card debt, auto loans and
student loans.
Paulson said that 40 per cent
of U.S. consumer credit is pro-
vided through selling securities
that are backed by pools of auto
loans and other such debt. He
said these markets need sup-
"This market, which is vital
for lending and growth, has for

Legal Notice

(In Voluntary Liquidation)

Notice is -hereby given that the above named
Company is in dissolution, which commenced
on the 8th day of October 2008. The Liquidator
is Argosa Corp. Inc., P. 0. Box N-7757 Nassau,


Legal Notice

(In Voluntary Liquidation)

Notice is hereby given that the above named
Company is in dissolution, which commenced
on the 6th day of October 2008. The Liquidator
is Argosa Corp. Inc., P. 0. Box N-7757 Nassau,


all practical purposes ground to
a halt," Paulson said.
The administration decided
that using billions of dollars to
buy troubled assets of financial
institutions at the current time
was "not the most effective
way" to use the $700 billion
bailout package, he said.
The announcement marked
a major shift for the adminis-
tration which had talked only
about purchasing troubled
assets as it lobbied Congress to
pass the massive bailout bill.
Paulson said the administra-
tion is exploring other options,
including possibly injecting
more capital into banks on a
matching basis, in which gov-
ernment funds would be sup-
plied to banks that were able
to raise money on their own.
The bailout money also
should be used to support
efforts to keep mortgage bor-
rowers from losing their homes

because of soaring default lev-
els, he said.
A proposal to have part of
the bailout funds used to guar-
antee mortgages that have been
reworked to reduce monthly
payments for borrowers is an
approach the administration
continues to discuss, but Paul-
son did not announce that it
would be adopted. Federal
Deposit Insurance Corp. Chair-
man Sheila Bair has pushed for
that approach.
Speaking of the first-ever
summit of leaders of the Group
of 20 major industrial and devel-
oping countries, Paulson said
this weekend's meeting needs
to focus first on how to repair
the financial system as a way to
bolster the global economy.
Paulson praised a new set of
guidelines issued Wednesday
by the Federal Reserve and oth-
er bank regulators, saying that
they addressed a crucial issue
of making sure that banks con-
tinue to lend at adequate lev-

Bay Street 'Masterplan'

FROM page lB

administering downtown Nas-
sau and Bay Street's re-devel-
"It primarily deals with the
acceptance of the BID to man-
age the city, and to have the
authority to be self-sustaining
by taxing businesses," Mr
Klonaris told Tribune Business
of the White Paper.
Among the revenue options
being considered for the BID,
he added, were parking fees and
a revenue-sharing arrangement
with the Ministry of Tourism to
allow it to 1-enefit from cruise
ship revenues.
"The other things we're dis-
cussing are the hiring of a chief
executive [for the BID],", Mr.
Klonaris added. "We want
approval of the chief executive
to put all this together the BID
- and to start managing and
implementing the short-term
These, Mr Klonaris said,
included landscaping and rede-
velopment of downtown Nas-
sau's side streets.
Finally, the White Paper is.
seeking "acceptance of the
overall MasterPlan for the rede-
velopment of the city, the core
of the city. That's really critical
for the revitalisation".
Mr Klonaris added: "With-
out the revitalisation of Nassau,

tourism will never be at a level
to complement what is taking
place in Atlantis and other
upscale resorts. The City of
Nassau is an integral part of the
whole tourism product.
"If we want to be a first class
tourism destination, we need a
city we can all be proud of."
An October 2008 report,
Revitalisation of Downtown
Nassau, which was produced by
the ministries of the Environ-
ment, Tourism and Works, not-
ed that since the 1990s there
had been some $130 million
worth of private sector invest-
ment pumped into downtown
Nassau chiefly into the British
Colonial Hilton, but also the
Welcome Centre at Prince
George's Wharf, street lighting,
sidewalks, cleaning and land-
Since the same date, some
$40 million in government mon-
ey has been pumped into Bay
Street, with the NTDB raising
$4 million itself for product
improvement and revitalisation.
Among the newly-proposed
private sector projects for
downtown Nassau, the report
said, were the Graycliff Hotel's
retail, restaurant and commer-
cial office complex; a Wendy's
restaurant; a mixed-use devel-
opment and marina; and a vari-
ety of multi-storey parking facil-
ities and office blocks.

Legal Notice

(in Voluntary Liquidation)

Notice is hereby given that. the above named
Company is in dissolution, which commenced
on the 30th day of October 2008. The Liquidator
is Argosa Corp. Inc., P. 0. Box N-7757 Nassau,


Legal Notice

(In Voluntary Liquidation)

Notice is hereby given that the above named
Company is in dissolution, which commenced on
the 30th day of September 2008. The Liquidator
is Argosa Corp. Inc., P. 0. Box N-7757 Nassau,


Legal Notice


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

(Liquidator) -

Legal Notice

(In Voluntary Liquidation)

Notice is hereby given that the above named
Company is in dissolution, which commenced
on the 29th day of October 2008. The Liquidator
is Argosa Corp. Inc., P. 0. Box N-7757 Nassau,


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






Democrats support

auto sector rescue




Associated Press Writer
Democratic congressional lead-
ers want Congress to support a
financial bailout for the trou-
bled U.S. auto industry, which is
suffering under the weight of
poor sales, tight credit and a
sputtering economy.
House Speaker Nancy Pelosi
said Tuesday she was confident
that lawmakers would consid-
er "emergency and limited
financial assistance" for the auto
industry under the $700 billion
bailout measure that passed
Congress in October. She urged
the outgoing Bush administra-
tion to support a compromise.
"In order to prevent the fail-
ure of one or more of the major
American automobile manu-
facturers ... Congress and the
Bush administration must take
immediate action," said Pelosi,
D-Calif. '
Senate Majority Leader lIar-
ry Reid said that Democrats
were "determined to pass legis-
lation that will save the jobs of
millions" as part of a postelec-
tion session. "This will only get
done if President Bush and Sen-
ate Republicans work with us
in a bipartisan fashion, and I
am confident they will do what
is right for our economy," said
.the Nevada Democrat.
The Bush administration has
concluded that the bailout bill
that passed earlier does not
allow loans to the auto industry.
White House spokeswoman
Dana Perino said the compa-
nies had made business deci-
sions "over the years that have
led to this situation, but we have
gone as far as we can with the
authority Congress has given in
order to help industries." But
she said the White House was
open to helping the auto indus-
Lawmakers are expected to
take up the issue when' they
return to the Capitol for a post-
election session 'beginning next
week; .i
Democratic leaders will need
to convince some skeptical law-
makers who question whether a
bailout would cause changes in
the auto industry or simply lead
to more handout requests from
other industries.'
"Once we cross the divide
from financial institutions to
individual corporations, truly,
where would you draw the
line?" asked Sen. Jeff Sessions,
Michigan Gov. Jennifer
Granholm said Wednesday that
the crisis in the auto industry is
urgent, arguing that "'the nation-
al economy rests on this."

DEMOCRATIC congressional leaders want Congress to support a
financial bailout for the troubled US auto industry...

"This industry supports one
in 10 jobs in the country,"
Granholm said Wednesday on
CBS' "Early Show." "If this
industry is allowed to fail, there
would be a ripple effect
throughout the nation."
She added: "This government
decided that it was going to step
in and throw $700 billion at the
financial sector. We're just ask-
ing for a fraction of that."
Pelosi said any assistance to
the industry should include lim-
its on executive compensation,
rigorous government review
authority and other taxpayer
Her request for legislation
came less than a week after
General Motors Corp. andFord
Motor Co. posted bleak third-
quarter earnings reports. GM,
the nation's largest automaker,
posted a $2.5 billion quarterly
loss Friday and warned that it
may run out of money by the'
end of the year without gov-
ernment aid.
"We're in a situation where
there's a great unknown about
what will happen," said Sen.
Debbie Stabenow, D-Mich.
"And a great concern that at
least one of the companies will
find themselves in a situation
where they cannot make it until
January 20,". when President-;
elect Obama is inaugurated..
GM spokesman Greg Martin
said the automaker was "ready
to work with Congress and the
administration to secure the
immediate support we need to
bridge the current economic cri-
Obama has urged the Bush
administration to do more to
help the industry and aides said
he raised the issue with Presi-
dent Bush on Monday in an
Oval Office meeting. Officials
familiar with the conversation
said the president replied he
was open to the idea.
Congress approved legisla-
tion in late September to pro-

vide $25 billion in loans to
domestic automakers and sup-
pliers to upgrade factories to
build more fuel-efficient vehi-
cles. But the funding has stalled
and supporters of the industry
say it will not be sufficient to
help the companies with their
immediate financial problems.
Executives with GM, Ford
and Chrysler LLC and the pres-
ident of the United Auto Work-
ers union pressed Pelosi and
Reid to provide an immediate
$25 billion loan to keep the
companies operating and a sep-
arate $25 billion to help cover
future health care obligations
for retirees and their depen-
Pelosi's statement did not
specify the size of the aid pack-
age. She has tasked Rep. Bar-
ney Frank, D-Mass., chairman
of the House Financial Services
Committee, to draft legislation,
and a companion effort is under
way in the Senate.
Sen. Carl Levin, D-Mich.,
said lawmakers from his state
are crafting legislation that
would allow the auto industry to
receive $25 billion in loans
under the $700 billion bailout
Levin said Reid told him that
a rescue plan to automakers
could be a separate bill or could
be included in legislation to
extend unemployment benefits
to workers.
Pelosi's announcement rais-
es the possibility that the post-
election session could cover
more areas.
The Bush administration has
said the enactment of a free
trade agreement with Colom-
bia is its top priority in Con-
Many Democrats oppose the
proposed agreement as written.
But it's unclear if a compromise
could be reached that would
lead to financial help to the auto
industry and a trade agreement
clearing Congress.

UBS Trustees (Bahamas) Limited is seeking a suitably qualified
individual to join their growing and dynamic team as a

Trust Officer

Essential Duties and Responsibilities
Administration and management of a portfolio of companies
and trusts encompassing a diverse range of assets;
Monitor all client activities, including transactions, and ensure
that an efficient and high quality service is provided;
Liaise directly with the Financial Planner and/or the Client
Advisor and/or professional advisors
Liaise internally as necessary cross-divisionally' and cross-
functionally to ensure optimum (product) service for
Responsible for establishing, maintaining and terminating trust,
or related, structures.
Minimum Requirements
Bachelor's degree in a relevant discipline; ,
Post graduate degree in law and/or a TEP designation;
Minimum five years experience in an offshoretrust company;
Extensive PC knowledge;
Ability to speak a second language is a plus.

In addition the ideal candidate should be able to demonstrate good
analytical, organisational and communication skills. Should be
committed to service excellence and be able to work on own

Interested? We're looking forward to receiving your complete
-application on or before November 21, 2008 to
UBS (Bahamas) Ltd., Human Resources, RO. Box N-7757, Nassau,
It starts with you.



The Ministry of Finance invites Tenders from interested Companies to provide 24-hour
security service for Bahamas Mortgage Corporation partially completed building on
John F. Kennedy Drive.

Interested parties may arrange to view the partially completed building by contacting
Mr. Ian Bullard, Architect, at the Ministry of Public Works at the address below
Monday through Friday 9:00 a.m. until 5:00 p.m.:

Ministry of Public Works and Transport
John F. Kennedy Drive
Telephone No. 322-4830 or 302-9548

All Tenders are to he submitted in triplicate (3) in a sealed envelope marked "TENDER
FOR SECURITY SERVICE" and addressed to:

The Tenders Board
c/o Financial Secretary
Ministry of Finance
Cecil Wallace Whitfield Centre (3rd Floor)
P.O. Box N-3017
Nassau, N.P., The Bahamas
Telephone No. 327-1530

The deadline line for submission of Tenders is Friday, 21st November, 2008 at 5:00

Tenders will be opened at 10:00 a.n. on-Tuesday, 25t November, 2008 at the meeting of
the Tenders Board at the Ministry of Finance.

The Ministry of Finance reserves the right to reject any or all Tenders.




The Ministry of Finance invites Tenders from software houses or individual
programmers with the necessary skills to provide programming assistance for the
Bahamas Customs Department System (CAS) an application suite written using Visual
Age Generator (IBM) in a client environment but compiled to COBOL on the AS/400
using an DB2 database.
Interested parties may collect Tender Specifications from the Ministry of Finance on
Cable Beach or Bahamas Customs Department Headquarters on Thompson Boulevard
Monday through Friday 9:00 a.m. to 5-00 p.m. The Tender Specifications can also be
obtained from website: www.bahamas.gov.bs/finance.

Tenders are to be submitted in triplicate (3) in a sealed envelope marked 'CUSTOMS
PROGRAMMING TENDER' and sent to the addresses below:

The Tenders Board
c/o Financial Secretary
Ministry of Finance
Cecil Wallace Whitfield Centre (34 Floor)
Cable Beach
P.O. Box N-3017
Nassau, N.P., The Bahamas
E-Math mofgeneral@bahamas.gov.bs
E-Maih subrennahimgs@bahamas.ov.bs
The deadline line for submission of Tenders is Friday, 21- November, 2008 at 5:00

Tenders will be opened at 10:00 a.m. on Tuesday, 25th November, 2008 at the meeting of
the Tenders Board at the Ministry of Finance.

The Ministry of Finance reserves the right to reject any or all Tenders.




The Ministry of Finance invites Tenders from software houses or individual
programmers with the necessary skills to provide programming assistance for the
Bahamas Customs Department System (CAS) an application suite written using Visual
Age Generator (IBM) in a client environment but compiled to COBOL on the AS/400
using an DB2 database.

Interested parties may collect Tender Specifications from the Ministry of Finance on
Cable Beach or Bahamas Customs Department Headquarters on Thompson Boulevard
Monday through Friday 9:00 a.m. to 5*00 p.m. The Tender Specifications can also be
obtained from website: www.bahamas.gov.bs/finance.

Tenders are to be submitted in triplicate (3) in a sealed envelope marked 'CUSTOMS
PROGRAMMING TENDER' and sent to the addresses below:

The Tenders Board
Ministry of Finance
Cecil Wallace Whitfield Centre (3 Floor)
Cable Beach
P.O. Box N-ao3017
Nassau, N.P., The Bahamas
E-Mail mofgeneral@bahamas.aov.bs
'E-Mail: subrennahia-s@bahamnas.cov.bs
The deadline linefor submission of Tenders is Friday, 21- November, 2008 at 5:00

Tenders will be opened at 10:00 a.m. on Tuesday, 25th November, 2008 at the meeting of
the Tenders Board at the Ministry of Finance.

The Ministry of Finance reserves the right to reject any or all Tenders.

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