The Tribune.
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/02854
 Material Information
Title: The Tribune.
Uniform Title: Tribune. (Nassau, Bahamas).
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Publication Date: 3/27/2007
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
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
sobekcm - UF00084249_02854
System ID: UF00084249:02854

Full Text

FOIRLENT mlovmn'It.



The Tribune


o I



Volume: 103 No.105

-i i; t




.-.AN ; -
~~,It-R'iON, IPAGE* 4

der rate at


Commissioner of Urban

Renewal gives warning

Tribune Staff Reporter
THE murder rate in the
Bahamas has reached a "critical
point" and is threatening every
citizen's "basic instinctual need
for survival and security," said
psychiatrist and Commissioner
of Urban Renewal, Dr David
He gave this warning yester-
day at the public launch of a
group, Family Against Murder
(FAM), formed in conjunction
with Urban Renewal to advo-
cate for the interests of, and
emotionally support, murder
victim's family members and
other loved ones.
The group's message is that
relatives and friends of murder
victims need more support from
society, government and their
church leaders, who are.on the
whole not sufficiently sensitised

to their plight.
They hope that the group will
play a part in changing this, and
yesterday announced several
major objectives, the achieve-
ment of which will be signifi-
cant steps forward in that direc-
"FAM are persons who have
been victims of murders and
persons who empathise with
us," explained Maria Scott,
founding member and mother
of 31-year-old policeman Mar-
cion Scott who was shot five
times in the head in front of his
19-year-old sister last June. He
had been due.to testify at a tri-
al, she said.
At the time of her son's mur-
der, Mrs Scott said she "felt
more pain than I've ever felt in
my life," and while she and her
daughter have subsequently
SEE page nine

Four in hospital after

two separate shootings
Tribune Staff Reporter
TWO separate shootings in the early hours of yesterday morning
have left four people in hospital in serious condition, and one in
police custody.
The first incident happened at 2am on Cordeaux Avenue when
a man was approached by another man who pulled out a gun and
shot him in the side, said Assistant Superintendent Walter Evans
In this case, the gunman was picked up by Central Detective Unit
officers patrolling in the area within half an hour.
However, the drive-by assailant of three people a woman
and two men at Sam on Derby Road is still at large.
' According to police, this person shot at his three victims from the
rear seat of a car as it drove by them, hitting the woman in the chest,
and the two men in the back.
Police are investigating both attacks.

THE \irgin Alanlic
flighI al the Lnden Pin-
dling Airporl teslerdas.
Tribune Staff Reporter
THE Ia-t ,chcdule. \ ii
gin .-iAntiic ILli'ht IIOITI il
United Kingdom : >., N.i-,.Au.
- ati Ia t unll til rcLl'. ,:l-
opmcnt of C.ihbl Bc.ich is
completed 'rrr I.d in thl
Bahanimi \LtIs rLd.i\
\\'hal jl'nll in [L.ll\ :j,\i.
us is the ability to get airlift
from another market and
therefore a diversified base
of our airlift," said Mr
Tyrone Sawyer, head of air-
lift at the Ministry of
Tourism yesterday, as he
explained the significance of
the service's withdrawal.
Mr Sawyer emphasised
that the pull out of the ser-
vice which brought 12,366
passengers from the UK to
Nassau in its first year alone
- did not mean that Nas-
sau would have trouble find-
ing enough passengers to fill
its hotel rooms.
Instead, it simply means
some loss of diversity in the
Bahamas' visitor base which
the Ministry would ideally
not have, according to the
ministry official.
When Virgin first
announced that it would
begin flying non-stop to the
Bahamas once a week as of
SEE page nine


Teen in court
accused of
his brother's
stabbing death
A 19-YEAR-OLD accused of
the stabbing death of his older
brother was arraigned before a
local magistrate yesterday after-
noon on the charge of murder.
According to court dockets, Lat-
tario Gaamal Lewis, of Compass
Court off Mermaid Boulevard East,
is accused of causing the death of
Paul Woodside on Thursday,
March 23. According to reports,
21-year-old Woodside was stabbed
during an altercation with his
younger brother outside their
Woodside reportedly died in hos-
pital hours later, becoming the
country's twentieth murder victim
for the year.
SEE page 10

Protest staged

outside of

The Tribune
Tribune Staff Reporter
OVER 20 protesters gath-
ered outside The Tribune yes-
terday demanding that its
managing editor, John Mar-
quis, "cease and desist" his
"terrorist style" criticism of
Bahamian elected officials.
The Concerned Citizens of
the Bahamas (CCB), lead by
Ricardo Smith, petitioned for
Mr Marquis to stop his assault
on the "black leadership of the
Bahamas" and encouraged an
all out boycott of the leading

SEE page 10

PM criticized
for ratifying
Shane Gibson
as candidate
PRIME Minister Perry
Christie should be ashamed of
himself for ratifying former
Immigration Minister Shane
Gibson as an election candidate,
it was claimed last night.
Mr Gibson should recuse
himself until police investiga-
tions into his alleged gift of an
expensive watch from Anna
Nicole Smith are cleared up,
said fathers' rights campaigner
Clever Duncombe.
"The prime minister doesn't
want to run C B Moss, but he
doesn't have a problem running
a political corpse who is now
under investigation allegedly for
SEE page 10

House marks
200th anniversary
of the abolition of
the trans-atlantio
slave trade
AN OFFICIAL moment of
silence was marked yesterday
in the House of Assembly to
commemorate the 200th
anniversary of the abolition of
the trans-atlantic slave trade in
the British empire.
Foreign Affairs Minister
Fred Mitchell spoke in com-
memoration of the anniversary
and noted that the full list of
names, of those slaves that died,
will never be known.
"Millions of African peoples
SEE page nine

Darold Miller
radio show
taken off air
THE Darold Miller radio talk
show has been taken off the air
in the wake of a sexually-relat-
ed complaint being filed against
the well-known media person-
Fifteen minutes after the
show was due to start yester-
day morning it was announced
on GEMS 105.9 that the talk
show will not be broadcast
"until further notice."
The Tribune contacted the
SEE page nine

?ThF 'H,, I.




i _..-E7; ~I~C ~1~1 ry1l1 j:;;



Time to think about the role

of clergymen in our politics

o In brief

Blow to
as Jockey
closes plant

S OMEONE once said that
there is no one more to be
despised than an inconstant saviour,
and there is no more intense hatred
than between comrades turned foes.
In the political arena, it seems, there
is no-one to be more vilified than a
Some politicians tend to see things
in an crstwhile colleague to which
they were previously blind. That may
be so because the defector is seen
as a more dangerous threat than the
regular opponent because he has
inside knowledge of the weaknesses
and bad habits of his former friends.
So in the face of a defection from
a political party the assassins are
likely to pounce with all the sav-
agery they can command. The PLP
is very good at this, perhaps because
they have had a long history of deal-
ing with defectors.
The first thing a defector should
expect is a full force frontal assault
on any perceived weaknesses. But
as devastating as this can be, the
defector siill stands a chance because
he anticipates and is ready to deal
with the onslaught.
What is worse is the sly, covert
attack which usually comes in the
form of a co-ordinated and persistent
whispering campaign designed to
undermine the defector in the eyes
of the public.
This is infinitely more dangerous
because you have to repeat the slan-
der publicly in order to deal with it
and at the same time run the risk of
giving credence to it in the minds of
some. The damage this kind of attack
does can last a lifetime.

The Rev Dr C B Moss must
have anticipated all of this
when he decided to leave the PLP
because he no longer thinks that the
leadership of that party is trustworthy.
The assault was led by no less a per-
son than Prime Minister Perry Christie
himself. He was backed up by Bradley
Roberts who has had much practice
maligning opponents of the PLP and
who took to the attack with finger-
wagging relish, apparently oblivious to
the irony of it.
Dr Moss has conducted his defence



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





with vigour. He has responded to the
frontal attack but he has also gone pub-
lic against the whispering campaign. It
was a risky but courageous thing to do
and his friends can only wish him luck.
But Prime Minister Christie and Mr
Roberts also opened an unusual line of
attack on Dr Moss. After talking about
his lack of support in the party for a
nomination to run for the PLP in the
next election all of which sounded
credible the Prime Minister made this
astonishing statement:
"Further, at an even more profound
level, the party, including myself, had
for a long time been receiving very
firm and very clear representations
from many prominent clergymen that
the idea of having an ordained, prac-
tising member of the clergy serving
simultaneously on the political front-
lines in the House of Assembly was
abhorrent to the principles and prac-
tices of the church."

The statement is cleverly word-
ed to target Dr Moss -
"ordained, practising member of the
clergy" but it clearly opened up the
whole question of ordained ministers
participating in politics, offering as can-
didates and serving in political office.
Both Mr Christie and Mr Roberts
made a telling point when they referred

In the face of a defection from a
political party the assassins are likely
to pounce with all the savagery they
can command. The PLP is very good
at this, perhaps because they have
had a long history of dealing with

to a letter written by Dr Moss in 1986
in connection with the candidacy of
Ruby Anne Darling. Mrs Darling
was at the time host of the Baptist
Radio Hour. Dr Moss said this:
"It is my opinion, however, that
your public confirmation of your can-
didacy in the upcoming general elec-
tions of one of the local political par-
ties made it mandatory that you
immediately withdraw from the pro-
gramme. Your failure to do this has
among other things, placed the Bap-
tist Convention and indeed individual
Baptists in an embarrassing position.
It has also cast a shadow upon your
Christian integrity, or your good
judgment; for surely you will agree
that a partisan speech on national
radio on Saturday, which is divisive
and creates wounds, then return on
Sunday as the voice of the church
which seeks to bridge divisions and
heal wounds is incompatible."

t would be a good thing if Mr
Christie and his colleagues were
sincere, but this looks more like the
same old politics of expediency rather
than the politics of principle. Mr
Christie and Mr Roberts should not
have brought it up in this context
because it looks like just another
excuse to disqualify Dr Moss.
They cannot make a statement of
principle because they have no inten-
tion of applying it across the board.
Mr Christie's Deputy Prime Minster
is an ordained minister of religion, and
she never lets you forget it. The fact
that she is not a pastor of a church is
irrelevant because a member of par-
liament who becomes a minister of
government is required to give up pro-
fessional practice.
In most democratic countries there
has been a debate about whether it is a
good thing to have ministers of reli-
gion in elected political office. For
many years there was a prohibition
against priests running for the British
House of Commons even though bish-
ops sat in the House of Lords.
Most modern democratic constitu-
tions do not exclude ministers of reli-
gion from holding elected political
office but it seems the weight of opin-

Mr Christie's Deputy Prime Minster is
an ordained minister of religion, and
she never lets you forget it. The fact
that she is not a pastor of a church is
irrelevant because a member of
parliament who becomes a minister of
government is required to give up
professional practice.

ion is growing in favour of those who
say it is not a good thing for the church
nor for the state.
Most churches today either frown
on the idea or have disciplinary rules
against members of their clergy run-
ning for office.

Elected clergymen have risen
to great heights in some coun-
tries. Some have become prime minis-
ters and presidents. Archbishop
Makarios of the Greek Orthodox
Church led the independence move-
ment in Cyprus and became the first
president of that country in 1959.
In the United States, Roman
Catholic priest Robert F Drinan,
became involved in the campaign
against the Vietnam War and in 1970
ran for the House of Representatives
as a Democrat. He won and was re-
elected several times.
Fr Drinan, a Jesuit scholar, was so
popular that the Republicans did not
bother to oppose him in the 1978 elec-
tion. But in 1980 Pope John Paul II
decided to invoke canon law against
clergymen running for political office
and Fr Drinan's political career came
to an end. He chose to remain a priest
and to give up politics. One other priest
was affected by the order.
One of the great civil rights leaders
of the 20th century was the Rev Dr
Martin Luther King, a Southern Bap-
tist minister. Dr King led a powerful
non-violent movement against racial
discrimination in the United States and
he is celebrated around the:world.
Although Dr King had a profound
impact on the political and social life of
America he never sat in the Congress.

In The Bahamas the Rev Dr H
W Brown, a Baptist minister,
played a major role in the struggle
against racial discrimination and for
majority rule back in the 1960s but he,
too, never occupied a seat in our par-
liament. Dr Brown was pastor of the
historic Bethel Baptist Church on
Meeting Street.
Other ministers of religion have sat
in, or offered for, election to our par-
liament and they have been nominated
by both parliamentary parties. In 1987
Fr Addison Turnquest, an Anglican
priest, ran for the FNM but was unsuc-
cessful. His superiors were reportedly
not happy about his candidacy but said
nothing publicly.
Nobody would suggest a constitu-
tional bar against any qualified citizen
running for office in.The Bahamas but
it may be a good thing if, as Prime Min-
ister Christie indicates, more church
leaders are now coming around to the
view that practising ministers of reli-
gion should be discouraged from run-
ning for political office.
Leaders of the political parties
should think about it.

Jockey International Inc.
announced it will close a facto-
ry in Jamaica, dealing another
blow to the Caribbean nation's
struggling garment sector and
leaving some 500 people with-
out jobs, according to Associat-
ed Press.
Jockey's Sandy Bay plant in
the western Hanover parish will
close in September and relocate
to an unspecified country in
Central America, plant manag-
er Fayann Evans said on
KOOL-FM radio.
Another factory in Hanover
will remain open, Evans told
Associated Press. Jockey's cor-
porate headquarters in
Kenosha, Wisconsin, could not
be reached Thursday evening
for comment.
Jockey, which has been in
Jamaica for more than 20 years,
is the latest garment company
to close operations in the island
in favor of cheaper labor and
production costs in regions such
as Asia and Mexico. In the past
three years, Hanesbrands Inc.
and China's ARH Enterprises
have also shuttered facilities in
the island nation.
Once a thriving sector with
more than 25,000 employees in
the mid-1990s, Jamaica's gar-
ment industry has declined con-
siderably in the last decade with
the loss of some 20,000 jobs.

Airline to offer
flights from
New York to
Grand Cayman

George Town
CAYMAN Airways will begin
offering direct service between
Grand Cayman Island and New
York City in June, the British
dependency's top tourism offi-
cial said Wednesday, according
to Associated Press.
The national airline will fly
the new nonstop route three
times a week starting June 23
and will be using the carrier's
Boeing 737 planes, Tourism
Minister Charles Clifford said.
The price of the flights to John F
Kennedy International Airport
were not disclosed.
Clifford said the US north-
east is the single largest source
market for the Cayman's
tourism industry, with more than
30 per cent of all American air
visitors coming from the New
York tri-state area.
Cayman Airways currently
has non-stop service between
Boston, Chicago, Houston, Fort
Lauderdale, Orlando, Miami,
Tampa and Grand Cayman, and
jet service to Havana and Cay-
man Brac, Kingston and Mon-
tego Bay in Jamaica.










- )






ln brief Ingraham and Christie clash



appeal is

set for MC


..1 r I / J

* MAX Tido on his way
court last year



y to

'THE appeal hearing of
niurder convict Maxo Tido
has been adjourned to May
11, when his defence is
expected to submit further
arguments on his behalf.
Director of Public Prose-
cutions Bernard Turner
made submissions on behalf
of the prosecution yesterday.
Attorney Shaka Serville of
the law firm Lockhart and
Munroe appeared on behalf
of Tido's attorney Wayne
Tido's defence is appeal-
ing his death sentence and
the conviction upon which it
is based.
In March last year, in a
unanimous decision, Tido
was found guilty.of the mur-
der of then 16-year-old Don-
nell Conover.
Conover reportedly died
as a result of a crushed skull
and lacerations to the brain.
Her partially clothed body,
w,4ich reportedly also had
b is on it, was found in a
quarry pit off Cowpen Road.
tido was sentenced in
April by Justice Anita Allen,
who, after citing that the
heinous nature and circum-
stances surrounding
Conover's death, ruled that
the death penalty was appro-
It was the first time since
the Privy Council had ruled
against the Bahamas' manda-
tory death penalty, leaving
sentencing to the discretion
of the trail judge, that a
Bahamian judge has handed
down the death sentence.
Tido's Appeal Court hear-
ing began last year.

DNA testing
firm to offer
free tests in
IN support of the Supreme
Court ruling in the Anna
Nicole Smith paternity case,
Masterscan DNA Testing
Ltd will be conducting free
DNA testing in the Bahamas
throughout the month of
April, it was announced yes-
Interested persons are
asked to contact the Com-
plete Family Practice on
Robinson Road for further

in House over regulations

A WAR of words erupted
yesterday in the House of'
Assembly between Prime Min-
ister Christie and leader of the
opposition Hubert Ingraham -
foreshadowing the clash that is
expected between these political
heavyweights during the offi-
cial election campaign.
Tension rose in the House as
Mr Ingraham chastised the PM
for not providing copies of the
regulations attached to the res-
olution for the amendment of
the National Insurance Act in a
timely fashion.
Last week when the resolu-
tion was introduced by Mr
Christie, he indicated that the
opposition would receive the
regulations by the end of the
However, Mr Ingraham and
the opposition stated that they
only received this information
yesterday in the House and
were therefore left unaware of
all of the specifics of the reso-
lution they were to debate,
Mr Christie criticised Mr
Ingraham for delaying the
debate on the resolution stat-
ing in reference to Mr Ingra-
ham that it is disgraceful for a
man collecting over $120.000 a
year to attempt to prevent pen-
sioners from getting their mon-
Mr Ingraham responded by
levying a barrage of attacks
against the character and man-
hood of the prime minister.
Mr Ingraham dared the PM
to stop his pension payments.
"Why don't you stop it," he
said. "If you are a man, and the
prime minister, why don't you
stop it?"
Mr Ingraham further

Mr Ingraham retorted that
Mr Christie does not know how
to do the job.
Minister of Transport Glenys
Hanna-Martin intervened in the
criticisms of Mr Ingraham.
"As a matter of conscience, I
cannot sit in this house and
watch what is happening today.
We are endeavoring today to
improve the lot of people in our
country," she said.
Ms Hanna-Martin said that
political posturing should not
impede or delay the pension
increases in any way.
Attorney-General Allison
Maynard-Gibson, also inter-
vened in the debate. She
affirmed that the government
was not in breach of the rules of
the House having not attached
the regulations at the time the
resolution was introduced.
Independent MP for Bamboo
Town, Tennyson Wells, subse-
quently accused Mr Ingraham

of attempting to deny pension-
ers their benefits.
"The member for North Aba-
co is trying to deny these poor
people their increase in pen-

declared to Mr Christie. "don't
complain do something about
The leader of the opposition
further stated on the floor of
the House that Mr Christie is
impotent as a leader: "You are
impotent, impotent," he said.
Mr Ingraham stated that, "we
are tired of incompetence -
promises that can't be kept.
Don't just promise. Deliver.
Deliver. Deliver."
The prime minister respond-
ed by stating that Mr Ingraham
seems to have no sense pf
shame. He also said that there is
no former prime minister in the
region that collects as much
from tax-payers as Mr Ingra-
Mr Christie declared to Mr
Ingraham that his objection to
the proceedings was the most
stupid point that he Mr Ingra-
ham had made in his history
as a member of parliament.

Autopsy results confirm Anna

Nicole died of drug overdose

Tribune Staff Reporter
ANNA Nicole Smith died of
an accidental drug overdose, it
was revealed yesterday.
Just in time for the inquest into
the death of Daniel Smith -
which kicks off today in the
Bahamas with the first of 40 wit-
nesses Florida officials finally
released the full autopsy results
for the former Playboy playmate.
Boward County Medical
Examiner Joshua Perper told the
media yesterday morning that the
former Trimspa spokeswoman
died of a "combined drug intoxi-
cation", which included an over-
dose of the sleeping medication
chloral hydrate a sedative often
used to treat insomnia and a
cocktail of at least eight other
prescription drugs.
Dr Perper emphasised that
Ms Smith did not have a lethal
dosage of chloral hydrate in her
system at the time of her death
and that she did not take
enough for it to be considered a
suicide attempt.
He reported that the former
cover girl was also taking a vari-
ety of drugs, including anti-
depressants and anti-anxiety
drugs, as well as vitamin B-12
and human growth hormones.
The medical examiner further
stated that Ms Smith had
recently suffered from a bacte-
rial infection from injecting

U ANNA Nicole Smith
0 ANNA Nicole Smith

drugs into her buttoclks.
He said that this infection,
which spread into her blood
stream, caused Ms Smith to
have temperature that spiked to

105 degrees on the day she died.
Chief Charlie Tiger of the
Seminole police department
yesterday reiterated that
authorities "found nothing to
indicate any foul play" in the
case of Ms Smith's death.
Ms Smith was pronounced
dead on February 8 after she
was found unresponsive in her
room at the Seminole Hard
Rock Hotel and Casino in Hol-
lywood, Florida.
Just five months prior to her
sudden death, Ms Smith's 20-
year-old son Daniel apparently
died from an overdose drugs at
Doctors Hospital.
Florida police have in recent
weeks been liaising with
Bahamian authorities in their
investigation of commonalties
between the deaths of mother
and son.

sion," he said.
The war of words between
Messieurs Christie and Ingra-
ham ended when the PM
informed Mr Ingraham that it's
not too late for him to go back
to school, in response to his
comments and behaviour.
Mr Ingraham responded by
questioning the prime minister's
intelligence and again handing
Mr Christie incompetent.
Commentators said the con-
frontation between Mr Christie
by Mr Ingraham may indicate
that, during the campaign, the
FNM leader will attempt to
demonstrate to the electorate
that he possesses a greater force
of will as a leader.
"I walked out and allowed
you free hand. I had enough of
it. I will respond to you word
for, pound for pound," Mr
Ingraham said at one point.
Mr Christie responded by
stating that the people of the
Bahamas will soon.determine
who has the intellectual abilii y

Great New


C'ole's of Nssau
Parlianment Street
Parliament Street

C_^&^ .^<^Ma)

Established in 1956 by an old Bahamian family
Parliament Street (near Bay St.) Tel: 322-8393 or 328-7157
Fax: 326-9953
Crystal Court at Atlantis. Paradise Island Tel: 363-4161/2
Lyford Cay (next to Lyford Cav Real Estate n
Harbour Green House) Tel: 362-5235
Se-mail: www.colesofnassau.com P.O. Box N-121


'Lowest Prices On The Island"

Monday-Saturday- 8:30am- 5:30pm



Donafd's JFurniture i

AndAppliance Centre

' Se-w.. ..: ,. ;..P1,2,3,5,6,7,9,10
di to..ia Lettes. ..... :...................... P4
Advts ................................... P8,11,12
Business ......................P1,2,3,4,5,6,7,8,9,12
Comics......................................... ....... P10
Advt ..................................... ............. P 11
Woman.................................... P1,2,3,4,5,6,8
W eather........... ....................................... P... 7
Sports .................................. P1,2,3,4,5,6,7,8


Main ...............................................12 Pages




lUBER lIIrIali-ami
[] ITUBER' Ilngraham

i '




"YOUR DADDY used to be my slave mas-
ter," a small school girl said accusingly to the
shocked surprise of her white school friend.
This exchange took place recently at a private
school in Nassau.
What this little black Bahamian did not
understand is that her daddy might also have
been a slave owner, and her white friend's fam-
ily might have had nothing to do with slavery,
having settled in the Bahamas after the Aboli-
tion of Slavery Act (1807), which eventually
ended all slavery in the Bahamas by August 1,
It is, therefore, wrong to assume that all
white Bahamians are descended from white
slave owners, and that all black Bahamians are
descendants of slaves. It is also wrong to assume
that no black man or woman, having won their
own freedom, never became slave owners them-
We highly recommend the book, "Race
Relations in the Bahamas, 1784-1834", written
by Dr Whittington B. Johnson, history professor
at the University of Miami in Coral Gables. Dr
Johnson's roots are in the Bahamas, having as a
distant relative the Rt Rev Gilbert Thompson.
According to Dr Johnson, "in the British
West Indies colonies, black and coloured slave-
holders were heavily concentrated in the towns,
they seldom owned more than 10 slaves, and
'females outnumbered males." ......
However, in the Bahamas, although most
of the black slave owners were in New Provi-
dence, several lived on the Out Islands.
In New Providence, for example, said Dr
Johnson, "Timothy Cox, who owned 27 slaves at
one time, had reduced his holdings to six in
1834. He owned a head tradesman, but the oth-
er five slaves were domestics. James Rutherford,
overseer of the Wylly plantations, employed
his three slaves (two males and one female),
the total value of whom was 57 as field hands."
And then there was Joseph Rumer. He was
a 42-year-old black, who "supervised 200 slaves
while he himself was a slave. After gaining his
freedom in the early 1820s he continued to
supervise slaves; this time the number was much
smaller, eight. It was not long after becoming a
freeman that Rumer began to prosper eco-
nomically, so much so that he was able to pur-
chase the freedom of his son and in 1834 owned
21 slaves."
Dr Johnson writes that James Weldon John-
son, a leading early-twentieth-century black
civil rights advocate and NAACP. official,
proudly alluded to his grandfather in his auto-
biography, Along This Way, without mentioning
that his grandfather, the tailor Stephen Dillet,
was himself a slaveholder. "Doubtless," wrote

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Dr Johnson, "he was not aware of this."
According to Dr Johnson "owning slaves
helped non-whites in a business, reduced the
workload, increased the output of the operation,
and could result in increased income by hiring
out the slaves."
Non-white women were also slave owners.
Dr Johnson said that "free blacks and persons of
colour acquired their slaves through purchases
from private individuals (whites and non-whites)
and estates, as gifts, inheritances, and bequests,
through purchases from slave traders, and as a
result of their slaves giving birth."
Race using the excuse to celebrate the two
hundredth anniversary of the Abolition of the
Slave Trade Act (1807)- has become a part of
the PLP's election campaign. As we have said
before with the exception of the 2002 cam-
paign which accused the FNM of giving away
Bahamian land to foreigners race has been
used in every PLP campaign to divide Bahami-
Yesterday evening we were told of school-
children who have been so upset by this cam-
paign that they have asked their teacher's per-
mission to write letters to the press. We hope
they got that permission. Maybe this will be
the start of the grand debate that so many
Bahamians seem to want.
An exchange took place outside The Tri-
bune yesterday between a rabble rouser, who
was blocking traffic, and a white woman
Immediately the black man assumed that the
white woman was a former UBP and became
Because race is being used to arouse emo-
tions, some blacks are not seeing their white
compatriots as fellow Bahamians they are
either UBP or descendants of white slave own-
ers who oppressed the blacks.
But what Bahamians on both sides must not
forget is that the slave trade would riot have
flourished as it did, if black Africans were not
going into their villages and capturing their
countrymen to deliver for a price to the white
slave trader.
And, with the passage of time, on winning
their freedom some of these same blacks
climbed to economic success on the backs of
their own black brothers by enslaving them.
And so those who are so quick to point a fin-
ger, take a minute to look into your own fami-
ly tree and see if what you find there might not
embarrass you.
It is about time that we dropped race in this
election and deal with the real issues, the most
important of which is getting to the root of
crime and finding a solution.

Christie administration

has shown 'gross disrespect

for its own people'

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

LEON E. H. DUPUCH, Publisher/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
Freeportfax: (242) 352-9348

EDITOR, The Tribune.
I AM an expat who has been
living here for the full period of
the Christie administration to date.
I am married to a Bahamian; this is
my home because this is where her
children and our grandchildren
live. In my time here I have grown
more incredulous at what the
Bahamian people permit their
politicians to get away with. People
will only disrespect you as much
as you permit them to do so.
This Christie administration has
shown gross disrespect for its own
people, it has treated them like
fools and continues to do so. Don't
get me wrong, I am no FNM sym-
pathizer, nor a supporter of any
other political party. I have no axe
to grind.
Whilst touting that The
Bahamas is a developing nation
and making great strides towards
attaining first world status, the
Christie administration has deliv-
ered nothing short of appalling
third world politics, political inac-
tion and political ineptitude. It is
this administration that is holding
its nation and people back, yet the
eloquent speeches that continue
to be made by Christie belie the
facts of the matter. Christie is
clearly delusional if he believes a
fraction of the things that he
The litany of failures of this
administration grows longer by the
day. Does Christie really think that
the Bahamian people have such
short memories that they cannot
recall the list of screw ups that he,
along with other members of his
administration, has presided over?
The lack of leadership, lack of
decisive action and the adminis-
tration's reliance upon brushing
things under the carpet rather than
fixing problems are unfortunately
the hallmarks of this administra-
tion. Where does one start with a
list of their major mistakes, never
mind the everyday trivia? Where
will it end? With this administra-
tion being given the treatment it
richly deserves at the polls.
Just a few examples: The Sid-
ney Stubbs saga between being
declared a bankrupt, the endless
extensions granted by the admin-
istration whilst he attempted to get
his personal dealings in order,
rather than insisting on his resig-
nation from his government posi-
tionsA*as early in its story. A few
months later, add the shenanigans
that led to the Korean fishing boat
story. The cracks were already
showing back then on how the
administration and its leadership
was not up to the task of good gov-
ernance. What about a few other
things like the condition of the
Nassau airport an absolute sham-
bles by anyone's standards?
Despite great promises ("talk" -
which Christie and his administra-
tion have devalued more each
day), there has been no substantive
change. What about the actions of
his cabinet ministers? The rape
allegation against Bradley Roberts;
the correct procedure under the
Westminster system of gove'n-
ment is to resign one's post stand
aside whilst an investigation is
carried out; if one's name is
cleared, then if the opportunity
arises in the future a cabinet post-
ing is resumed. The rape allega-
tion was quashed.

What about the much hyped
Code of Ethics, once the adminis-
tration finally got around to issuing
one? Have any of its ministers read
the code? If so, how can these
appalling laxes in judgment and
cock-ups continue to occur, if the
code is applied consistently and
governance is carried out correct-
ly? It's the hit and miss approach
of this administration. What about
the saga in respect to the issuance
of a work permit for an editor of
one of the media outlets here? Yes
the permit was eventually issued,
but you can't help but wonder
whether there would have been an
inordinate delay, had the person
in question not been the editor of
a mouthpiece that was correctly
holding the administration
accountable for its actions.
What about the fight that
occurred at the conclusion of a
meeting between various members
of the administration? Kenyatta
Gibson and Keod Smith, for what-
ever reasons behind their differ-
ence of opinion, should have
resigned promptly for their ridicu-
lous actions. The lack of backbone
shown by those two and Christie,
in firstly trying to deny any wrong-
doing had occurred, then trying to
minimize the extent of the wrong,
then finally having to come clean
and finally both resigned form
their posts, was another sideshow
that distracted the government
from getting on with the job at
hand. Christie holds up the situa-
tion as an example of his astute
leadership; rather it is an example
of how much this administration
resembles the keystone cops in the
execution of their duties.
The Anna Nicole Smith/Shane
Gibson saga has been a gigantic
embarrassment for the govern-
ment, its people and the country.
How any government official could
possibly think that Gibson's han-
dling of the matter was appropriate
simply beggars belief. What did
Gibson think that he was doing?
As innocent as any photos might
be, the appalling lack of judgment
and the naivety he displayed by
encouraging the relationship shows
what a lightweight that he really
is. For Christie to then provide
support for Gibson, shows equally
appalling judgment on his part.
Throughout the term of this
administration, Christie has made
no secret of his intention to leave a
legacy something by which he
wants his name recalled with
warm, fuzzy feelings in the future.
A noble aim but one in which
Christie's own ego has been put
ahead of good governance. In time
the administration's so-called
"anchor" projects will be shown
to either anchor economic pros-
perity for their respective family
island communities, or be shown to
be nothing but folly. It is said that
the devil is in the detail. When one
scrutinizes whichever agreement
is tabled, the detail speaks loudly
and clearly to this administration
being deficient in getting the detail
right. These supposed anchor pro-
jects are associated with huge con-
cessions made to foreign entities.
The concessions include access to
large tracts of land with minimal
spending by the foreign entities
and developments being promised
in environmentally sensitive areas.
Time will be the judge, but based
on the wholesale giveaways that
this administration has orchestrat-

ed, these projects are likely to
become "millstones" weighing
down and holding back the com-
munities, rather than anchors on
which to build prosperity.
The Cable Beach redevelop-
ment falls into this category as
well. Oh what a cost to The
Bahamas and its people,. for
Christie to have a "legacy". In sim-
ilar vein is the proposed govern-
ment health scheme. Poor Bernard
Nottage has been given this hot
potato to get right for whose ben-
efit the much sought after
Christie legacy or the benefit of
the Bahamian people? How on
earth does this administration with
its "D" grade performers (at best)
think that it has the skills to get
such a government administered
scheme right, when far more com-
petent governments with much
greater access to revenues, med-
ical facilities, training and account-
ability of these systems, have
failed? Is this to become another
millstone? The history of such gov-
ernment run schemes around the
world tells us this is a millstone
with a capital "M". If you don't
believe this, why do you think that
Nottage/Christie and Co continue
to hold back the details and the
true cost projections for such a
scheme? Detail again this admin-
istration really has problems with
getting it right.
The education system with its
incredible ability to churn out vast
numbers of illiterate graduates
makes the system and all who par-
ticipate in it, a laughing stock. How
can prosperity be assured to a
country when the government sys-
tem fails to teach the basic read-
ing and numeracy? There just
aren't enough walls for all these
unemployed graduates to sit
around and shoot the breeze,
whilst they wait for someone to
tell them what they should do with
their lives. It's not as though they
will make good unskilled labour
for the various anchor projects and
such like because they lack the
work ethic needed to hold onto a
job. Does the administration not
see that screwing up the education
of its youth is setting the nation
toward moral and economic bank-
ruptcy? Without the skills to live
and earn a living, how can these
graduates handle the pressure that
life brings to bear upon them? Is it
any wonder that many lack the
skills to handle conflict resolution
with the result that violence
abounds and the best way of
"earning" an income is to look for
the easy way out of taking that
which doesn't belong to them or
trading in illegal commodities?
This problem is not the sole
responsibility of this administra-
tion, but they have done too little
to arrest the downward spiral dur-
ing their term. Christie takes solace
in his much vaunted Urban
Renewal Project. but typical of this
administration its window dress-
ing rather than dealing with the
real problems in these "over the
hill" communities.
And so on and so forth. When
will it all end for this administra-
tion? That is entirely up to the peo-
ple of this beautiful country. Quite
frankly, I think the person to
whom I am married, those to
whom I am related here, those
with whom I work, those with
whom I attend church and my
neighbours, all deserve something
far better than what the Christie
administration has offered since
May 2002.

March, 2007.

Slavery: Black and white

Serving The Bahamian Community

Since 1978






PHONE: 322-8160 OR 322-8219


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Interested companies/firms in Nassau may collect
a tender package from the Security's Desk located
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p.m. Monday through Friday.

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BTC reserves the right to reject any, or all Tenders.




0 In brief

Events set
to mark

EVENTS that will be held
to commemorate the bicen-
tennial of the abolition of the
transatlantic slave trade:
Friday, March 30
Launch of the Bahamas
Learning Channel at 9am at
Choices Restaurant, the Col-
lege of the Bahamas
Panel discussion with Dr
Gail Saunders (director gen-
eral of heritage) and Dr
Thaddeus McDonald (dean
of the school of education
and social sciences) at
10.30am at Choices Restau-
Luncheon Lecture with
Hon. G. Naledi Pandor (Min-
ister of Education of the
Republic of South Africa) at
1:00 p.m. at the British Colo-
nial Hilton Hotel
Lecture by George Lam-
ming at 6pm at the British
Colonial Hilton Hotel
Saturday, March 31
SCommemorative service
and cultural evening at 3pm
in collaboration with the Fox
Hill Festival Community
Organisation at the Fox Hill

Two people
injured after

TWO persons are in hos-
pital in stable condition after
their vehicle crashed and
overturned in bushes in the
Deadman's Reef area on Fri-
Police say that the accident
occurred around 11.30pm.
According to police,
around that time, a police
jeep was travelling along
West End Highway when
they were overtaken by a
white 1999 Honda Accord,
licence number 3061, upon
reaching the vicinity of
Bahama Beach.
A short time later the offi-
cers came upon the vehicle
in the area of Deadman's
Reef. The vehicle had over-
turned, and was resting on its
roof in bushes. The driver
Julius Green, 26, of Man-
grove Cay Andros and his
passenger Jamaal Grant, 19,
of East Sunrise Highway both
sustained injuries. They were
assisted from the wreck and
transported to hospital. Police
are investigating the incident.



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


6:00 Community page 1540am
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noon ZNS News Update
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prgam chages

New regulations to stop money

laundering after US concern

Tribune Staff Reporter
NEW regulations to prevent
money laundering and the
financing of terrorism have
come into effect just weeks after
the Bahamas was once again
named as a "major money laun-
dering" country by the US.
Earlier this month, in the US
State Department's Interna-
tional Narcotics Control Strat-
egy Report (INCSR) for 2007,
the Bahamas was again placed
on the list of countries that are
of "primary concern" in terms
of money laundering.
However, last week new
guidelines relating to the pre-
vention of money laundering
and the financing of terrorism
which apply to all financial insti-

Updated guidelines introduced by Financial Intelligence

Unit to combat twin threats of crime and terrorism

tutions in the Bahamas were
released by the Financial Intel-
ligence Unit (FIU) and came
into effect on March 19.
The updated guidelines
replace those which were ini-
tially issued by the FIU in July
of 2001.
"These guidelines have been
issued in recognition that the
financial services sector in the
Bahamas, as elsewhere, is
exposed to the risks of assist-
ing in laundering the proceeds
of criminal conduct and involve-

ment in the financing of terror-
ism. They are produced to
accord with the financial laws
and business practices of the
Bahamas," the FIU said.
The FIU said that based on
new developments in worldwide
in anti-terrorist strategies, the
time is now appropriate to
update the guidelines to encom-
pass matters related to the
financing of terrorism and to
re-issue the same rules to the
financial services sector, "but
with a narrower focus on the

processes related to suspicious
transactions reports."
Accordingly, the FIU said,
the revised guidelines attempt
"to explain the requirements of
Bahamian anti-money launder-
ing and anti-terrorism financ-
ing legislation and to provide a
practical interpretation of the
financial intelligence regulations
The updated guidelines are
also aimed at providing an indi-
cation of "good industry prac-
tice" and a basis "for imple-

mentation of policies and pro-
cedures for the handling of sus-
picious transactions and explain
the process for reporting for
suspicious transactions to the
The guidelines were prepared
in consultation with local regu-
lators of the financial services
sector and those financial insti-
tutions and industry organisa-
tions that expressed an interest
in being consulted in the devel-
opment of the regulations, the
FIU stated.

Famed writer to attend abolition celebrations

bean writer and a South African
Cabinet minister will head up
the series of distinguished guests
at the celebrations to com-
memorate the bicentennial of
the abolition of the transatlantic
slave trade.
The Ministry of Education,
Science and Technology in col-
laboration with Ministry of For-
eign Affairs and the Public Ser-
vice, the College of the Bahamas,
the Cultural Commission and the
Fox-Hill Festival Community
Organisation have organised the
celebrations, which will take
place on Friday March 30 and
Saturday March 31.

The Ministry of Education
announced yesterday that
Grace Naledi Mandisa Pandor,
Minister of Education of the
Republic of South Africa, will
give a view of the abolition of
the slave trade from the African
perspective, while George Lam-
ing a Caribbean intellectual,
teacher, poet, novelist, broad-
caster and critic will present
"Reflections on the meaning of
G Naledi Pandor was born in
1953 and at present holds the
positions of member of the
National Executive Committee
of the African National Congress
(ANC) and has been a member

of parliament since 1994.
She holds a bachelor of arts
degree in History from the Uni-
versity of Lesotho, Botswana
and Swaziland; a masters degree
in education from the Universi-
ty of London and a masters
degree in general linguistics
from the University of Stellen-
She has held memberships
and positions in several areas,
including: deputy chair of the
Joint Education Fund of South
Africa (TEFSA), deputy chief
whip of the African National
Congress in parliament and
woman chancellor of Cape

Caribbean marks 200th anniversary of

end of Britain's trans-Atlantic slave trade

THE cries of African slaves
being led to cell blocks pierced
the air as their lives were re-
enacted by Dominicans to com-
memorate the 200th anniver-
sary of the end of Britain's
transatlantic slave trade.
Re-enactors walked in chains
to Roseau's Baraccoon build-
ing, where slaves were held
before being auctioned off to
plantation owners in the former
French and British colony, and
which now houses the City
Dominica's tribute was one
of several across the Caribbean
on Sunday: In Jamaica, sym-
bolic funeral rites were per-
formed in Kingston Harbour
for slaves who died during the
ocean journey. In Guyana, a
tribute was held in the parlia-
ment buildings where slaves
were beaten and sometimes
hanged. In St Lucia, students
re-enacted the slaves' struggles
for freedom.
A regionwide moment of
silence was also held at 12pm.
"We must never forget," said
Ralph Gonsalves, prime minis-
ter of St Vincent and the
Grenadines and chairman of the
Caribbean Community. "We
are collectively engaged in com-
memorating and paying tribute
to all those who triumphed over
the anguish of enslavement, of
injustice and disenfranchise-
ment, and who helped to bring
about the abolition of ... the
trading and transportation of
human cargo across the
Enacted on March 25, 1807,
the Slave Trade Act prohibit-
ed British ships from transport-
ing slaves, although Britain did
not abolish slavery in its terri-
tories until 1833.
Although estimates vary,
researchers say some tens of
millions of Africans were
enslaved and shipped to the


M ISLANDERS perform during a cultural show to mark the
beginning of year-long commemorative activities of the abolition
of the trans-Atlantic slave trade in the British Empire 200 years
ago on Sunday in Bridgetown, Barbados

Caribbean and the Americas,
with millions dying in holding
camps in Africa or during the
"Slavery was based on crimi-
nality, callous greed and mur-
der," said Violet Jean Baptiste,
a spokeswoman for the
Guyana-based African, Cultur-
al and Development Associa-
tion. "Members of royalty,
insurance companies and banks
... politicians, clergymen and
businessmen amassed fortunes
on their human animals."

George Laming was born in
Barbados in 1927 and is the
author of many award winning
publications, including: In the
Castle of My Skin, The Emi-
grants, Of Age and Innocence,
Enterprise of the Indies and
The Pleasure of Exile.
Mr Lamming has been the
recipient of numerous awards,
including: the Somerset Maugh-
am Award for Literature
(1958), a Doctor of Letters
degree from the University of
the West Indies for his contri-
bution to Literature (1980), an
award from Hunter College
(New York) for outstanding lit-
erary achievements in creative

arts (1984), a Martin Luther
King Junior Fellowship in
Michigan (1990) and an hon-
orary doctorate from City Uni-
versity in New York (2000).
In addition Maureen Denton,
vice president and associate
general counsel of Goldman,
Sachs and Company, will be
present and will assist Mr Lam-
ming in his presentations.
Dr Gail Saunders, the
Bahamas director general of
heritage and Dr Thaddeus
McDonald, the dean of social
and educational studies at COB,
who will discuss the impact of
the African presence in
Bahamian history.

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slaves' descendants. Activists
criticised his careful language,
saying it reflected the govern-
ment's fear of paying repara-

I1 I rll

"W t: ,,-




Young women 'increasingly at risk'

YOUNG Bahamian women
are falling prey to "prostitution.
pornography, Internet or cyber
sex crimes and lesbianism,"
according to Social Services
Minister Melanie Griffin.

Mrs Griffin said the only way
families and society can fight
"this onslaught of social war-
fare" other than locking up
children at home is by equip-
ping children with the spiritu-

al, emotional and physical val-
ues they need to make the right
choices in life.
"In the final analysis, we are
the sum total of the choices we
make, whether good or bad,"

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* 3-5 years experience in Senior Accounts Payable position
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Mrs Griffin said, "although this
does not negate the fact that
many persons have situations
forced upon them."
Mrs Griffin also warned that
young girls who become teen
mothers outside of marriage
face a number of dangers -
including HIV/AIDS and other
sexually transmitted diseases.
Addressing a one-day com-
munication and leadership
workshop for teenage girls host-
ed by Toastmasters Club 7178,
Mrs Griffin said teen pregnan-
cies have further socio-eco-
nomic effects on the young
women as research shows that
teen mothers are less likely to
complete school.
She told the young women in
attendance that many of the
men who father the children of
teen mothers often leave the
relationship after learning of
the pregnancy, thereby leaving
the woman to fend for'herself
and the baby alone.
Mrs Griffin said research
from the 2000 Census indicates
that 56.8 per cent of children
born in the Bahamas are born
out of wedlock.
The minister said these fig-
ures, which are more than like-
ly even higher now, further indi-
cate that a large number of
those children are living in a
home with no permanent male
"Some children do not know
their fathers; some fathers sim-
ply do not care to have any

* SUNCHER Johnson, president of Toastmasters Club 7178,
presents Minister of Social Services and Community
development Melanie Griffin with a plaque following Mrs
Griffin's address at the Club's second annual communication
and leadership workshop, held at the Cancer Society of the
Bahamas complex.
(Photo: BIS/Derek Smith)

involvement with their children;
some may be involved in other
relationships (and) in other
instances, the mother and father
may still have unresolved issues
in their relationship which
impact the relationship the
father is able to maintain with
his children," Mrs Griffin said.
The minister further said that
the social ills facing the
Bahamas are indicative of the
fact that there must be "some-
thing wrong with our teaching,
our training as parents."

"A child exposed to stealing
is more at risk to become a thief
than the child who is not," she
said, "a child who is exposed to
prostitution, whether on the
street corner or in relationships
built solely on the exchange of
financial and material upkeep
for sexual favours, is more at
risk of doing the same.
"We need to make a con-
scious decision to get it right.
Our children and our country
depend on it," Mrs Griffin

Haitian-Bahamians encouraged

to pursue citizenship approval

Tribune Freeport Reporter

Bahamians born in the country
who are still awaiting citizen-
ship approval after many years
have a right to pressure the gov-
ernment, according to a local
Rawle Maynard pointed out
that Haitian-Bahamians in this
situation' are entitled to certain
rights under the Bahamas Con-
stitution s
He added that it goes against
the United Nation's Charter to
render a person stateless.
Mr Maynard pointed out that
just as the constitution requires
persons of foreign parentage
born after 1973 to submit appli-
cation for citizenship within one
year of their 18th birthday, those
applicants are also entitled to
receive their citizenship in a
timely and expeditious manner.
"My interpretation of the
constitution is that since they
(government) put in a time
frame which persons must put
in application within a year.
Then, it is something that gov-
ernment should do expedi-
tiously; the government is duty
bound," he said.
Mr Maynard was speaking on
Sunday to a group of Haitian-
Bahamians during a special
meeting held at the Bahamas
Public Services Union Hall in
Grand Bahama to address a
number of concerns relating to

Jetta Baptiste-Polynice, a
Haitian Bahamian community
activist in Freeport, said that
many persons born in the
Bahamas of Haitian descent are
frustrated over how long it takes
for them to get their citizenship.
James Rolle, deputy director
of Immigration in Freeport, was
also present. He said that there
is a huge backlog of citizenship
Mr Rolle explained that the
final decision in terms of citi-
zenship still rests with the Cab-
inet which is where the process
becomes "bogged down."


In the meantime, Mr May-
nard stated that many Haitian-
Bahamians are in a state of lim-
bo and are now experiencing
problems with travel documents
issued by Immigration Depart-
One young woman, who was
born in the Bahamas and made
application at age 18 for citi-
zenship, complained that at age
22 she is still waiting.
Mr Maynard noted that appli-
cants have the right to initiate a
judicial review, in which the
court can make a declaration
for the government to process
their citizenship application. He
said the only ground that the

government can deny citizen-
ship is if there is a real threat to
national security.
Another way to put pressure
on the government, according
to Mr Maynard, is for applicants
to fulfill the application process
He explained that persons
born after 1973 to foreign par-
ents, on reaching the age of 18,
have a right to claim Haitian
citizenship by virtue of their
parents. They also have a right
to claim Bahamian citizenship
because of their birth in the
Mrs Baptiste-Polynice said
that another issue confronting
persons is the law as it relates to
Bahamian men and women
married to foreigners.
"When a Bahamian man is
married to a foreign woman and
they have a child, that child is
immediately registered as a cit-
izen of the Bahamas. For us
Bahamian women, it is not so
and the child automatically
takes the nationality of the
man," she said.
She also said that Haitians
married to Bahamians are enti-
tled to a resident spouse per-
mit, which costs $250, and is
valid for five years. However,
she noted that many are being
issued general work permits
that cost $500, and are only
valid for one year.



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I-- 1


MP visits school in his own constituency

S J Minister of
Financial Services
and North Andros
and the Berrv
Islands MP
Vincent Peel and
pRN Gomez
Ra.seyOvieprincipal Cleveland
SRamsey view a
digital mosaic
artwork piece
created by
students assisted
by volunteer
teacher Elena
( Kalis, right, at the
R N Gomez All
S" Age School's 29th
annual School Fair
on Friday at the
school in Bullock's

Berry Islands.
(Photos: BIS/
_Tim Ayvlen)

'Wellness centre'

planned for COB

A 'WELLNESS centre' is
being constructed at the Col-
lege of the Bahamas in an effort
to promote a healthy lifestyle
among students and faculty.
College officials say the facil-
ity will provide weight loss and
training schemes, as well as oth-
er programmes and amenities
that can be found on any mod-
ern university campus.
COB vice-president for
finance and administration
Denton Brown said the centre,
which will be constructed at a
cost of $788,500, will include
showers for men and women, a
storage room and exercise
room, offices for athletic direc-
tors and an aerobics dance
Mr Brown noted that the cen-
tre, which is being constructed
by ERKE Construction Com-
pany, will also be beneficial to
the PhysicalEducation Depart-
ment, which will have access to
both the new athletic equip-
ment and the shower facilities.
"There will also be a general

wellness centre for the faculty
and staff who may wish to exer-
cise before work or take part in
aerobics early in the morning.
They will have a place to show-
er," he added.
Mr Brown said the centre will
offer wellness programmes such
as weight loss and control, exer-
cise, aerobics and nutrition
management for both the stu-
dents and faculty.
He said the college does not
expect to charge a fee for use of
the centre, explaining that the
cost may be covered by the
activity fee already paid by stu-
dents every semester. He noted
that there may be a fee to rent
The centre, which will cover
5,000 square feet, will be fully
air conditioned, with cushioned
floors for aerobic dance lessons
and karate classes, a storage
room and offices for athletic
It will be located next to the
Portia Bain Building on Poin-
ciana Drive. Construction began
on January 15 and is expected to
be completed by this summer.

According to Mr Brown, oth-
er projects the college intends to
complete this year include a
state-of-the-art performing arts
centre, which is expected to be
completed by May, the renova-
tion of Dorm C and the reloca-
tion of the computer lab.
He said that work on Dorm
C, which is a student housing
facility located on Moss road
and College Avenue, begins in a
few weeks.
"We intend to provide air
conditioning, new furniture and
a new kitchen for that dorm.
We are going to perform a com-
plete renovation of the build-
ing. The block which houses the
computer room is also being
relocated to the C block to pro-
vide the capacity for additional
computers," Mr Brown said.
Students have complained in
the past that the college's com-
puter lab is not big enough fopi;.
the number: o students who
need to use it. Mr Brown said,,
that the new location in the C-
block, which was formerly the
bookstore, should more than
meet the demand.

Receptions organised for COB alumni

COB president Janyne Hod-
der has organised a series of
receptions for college alumni
in an effort to share her vision
for the move to university sta-
The college also announced
that it is developing a new
Alumni Relations and Devel-
opment Department out of the
President's Office, which is
expected to play "an integral
role" in the many changes that
lie ahead:
All the receptions will be
from 7 to 9pm at president
Hodder's home., Seagrape
house, located on Pine Hill

Road off Eastern Road.
Alumni interested in attend-
ing were asked to RSVP by call-
ing 302-4301 or by mailing
The receptions are scheduled
as follows:
Thursday, March 29
President Janyne Hodder has
requested the company of alum-
ni from the Bahamas Hotel
Training College and the Col-
lege's Culinary and Hospitality
management Institute.
Thursday, May 3
President Hodder will wel-
come alumni from the schools
of communication and creative

arts, English and Social Sci-
Thursday, April 26
President Hodder will wel-
come alumni from the school
of business.
Thursday, May 10
President Hodder will host
alumni from the school of sci-
ences and technology and edu-
At each reception, the alum-
ni will be joined by members of
the Alumni Hall of Fame, exec-
utives of the Alumni Associa-
tion, members of the College
of the Bahamas Council, facul-
ty, staff and other friends.


teacher Jay
Cartwright, second
from left, shows off
the school's computer
section to (from left)
Vincent Peet; Harcom t
Davis, district
Maxine Forbes,
principal of Central
Andros High School;
and Cleveland Ran-
sey, principal of
R N Gomez


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S Atlantic Medical is hosting its ninth Annual Fun Walk on Saturday 21st April 2007
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,/ It's another opportunity to work together for a worthy cause, including your own
S. personal Wellness.A fitter you, leads to an improved quality of life and more energy for
work and play.

Funds for the Walk will once again be donated to The Cancer Society of The Bahamas and The
Bahamas Diabetic Association.Your efforts in 2006 helped raise $40,000. Thank you.


"I" Atlantic Medical

Atlantic House, 2nd Terrace & Collins Avenue, Nassau,Tel. 326-8191
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7:30 8:00 8:30 9:00 9:30 10:00 10:30

Great Romances Nova Footage from filmmakers who Disaster Detectives Meteorologist; Frontlne/World The new Arab me-
0 WPBT of the 20th Cen- chased twisters across the Midwest, hurricane hunter; storm chaser; dia; Oh Yeon Ho's online newspa-
tury wn (CC) (DVS) wind tunnel researcher, per. (N Subtitled-English)
The Insider (N) NCIS "Sandblast" A suspected ter- The Unit "Natural Selection" Bob Shark Sebastian hopes a guilty ver-
SWFOR /f (CC) rorist attack kills a Marine colonel at and his translator survive a helicop- dict in his current case will exoner-
a military country club. ter crash in Siberia, n (CC) ate a former client. ) (CC)
Access Holly- Dateline NBC "To Catch an ID Law & Order: Criminal Intent A Law & Order: Special Victims Unit
WTVJ wood (N) (CC) Thief An investigation into identity judge's son is found dead after his "Sin" A preacher is the prime sus-
theft. (N) (CC) father sentences a rap star. pect in a murder case.
Deco Drive American Idol The finalists com- (:07) HouseHouse's newest pa- (:07) News (CC)
WSVN pete after being coached by Gwen tient, an ex-Marine, saved his life in
Stefani. (Live) f (CC) a dream the night before. (N)
Jeoprdy! (N) Dancing With the Stars Highlights Dancing With the Stars Dionne The Great American Dream Vote
I WPLG (CC of the contestants' performances the Warwick; professional dancers per- Eight contestants share their
first two weeks. (N) f form a jive; an elimination, dreams. (N) (CC)

(:00) CSI: Miami CS: Miami The ruthless Mala Dog the Bounty Dogthe Bounty Driving Force Driving Force Fi-
A&E Shattered" Noche gang strikes again and the Hunter Career Hunter Cabin Ashley prepares nal two races. (N)
(CC) team must track them down. (CC) day.(CC) fever.(CC) to go pro. N) (CC)
Hardtalk BBC News World Business BBC News Take Off BBC News World Business
BBCI (Latenight). Report (Latenight). (Latenight). Report
BET College Hill (CC)* THE PLAYERS CLUB (1998, Comedy-Drama) LisaRaye, Bemie College Hill (CC) Run's House f
Mac. A woman works as a stripper to pay her tuition. (CC) (CC)
World Aquatics Rick Mercer Re- This Hour Has The Hour (CC) CBC News: The National (CC)
CBC Championships port(N) (CC) 22 Minutes (CC)
N :00) On the Fast Money Deal or No Deal Contestants get a The Big Idea With Donny Deutsch
CNBC Boney chance to win money. a (CC
(:00) The Situa- Paula Zahn Now (CC) Larry King Live (CC) Anderson Cooper 360 (CC)
CNN tion Room______
Scrubs Elliot pre- The Daily Show The Colbert Re- Mind of Mencia South Park But- Bill Engvall: 15 Degrees Off Cool
COM tends to be er- With Jon Stew- port John Perry Wrestlintouma- ters'sinister alter- The comic performs. (CC)
fect. n (CC) art (CC) Barlow. (CC) ment.(CC) ego. (CC)
COURT Cops (CC) Cops "Palm Cops 'Palm Cops "Palm Cops "Palm Most Shocking "Robberies & Hold-
COURT Beach" n (CC) Beach" n (CC) Beach' f (CC) Beach" (CC) Ups"
The Suite Life of * SMART HOUSE (1999, Comedy) Ryan Meri- That's So Raven Life With Derek Phil of the Fu-
DISN Zack & Cody n man, Katey Sagal, Kevin Kilner. A whiz-kid tinkers with Cory befriends a "Mice and Men" ture Pim isprinci-
(CC) a computer-programmed house. n (CC) bully. fn (CC) pal for a day.
This Old House Home Again DIYtotheRes- Bathroom Reno- Bathroom Reno-10 Things You Trade School (N)
DIY Front yard plan. (CC) cue nations nations Must Know
W Euromaxx Journal: In In Focus (Ger- Journal: Tages- Politik direct Journal: In Euromaxx
D _Depth man). them Depth
E The Daily 10 (N) 40 Smokin' On-Set Hookups Hollywood love affairs. The Girls Next The Girls Next
Door IDoor
ESPN ) Women's College Basketball NCAA Tournament Women's Colege Basketball NCAA Toumament Regional Final -
ESPN regional Final-- Teams TBA. (Live) (CC) Teams TBA. (Live) (CC)
E I Figure Skating: Beach Soccer Pro Tour Highlights. ATP Tennis Sony Ericcson Open Early Round. From SportsCenter -
ESPNI Word Champ. Miami. (Live) (CC) Intl. Edition
T Daily Mass: Our Mother Angelica Live Classic Religious Cata- The Holy Rosary Threshold of Hope
EWTN Lady- Episodes logue
:00) Cardio Blaine's Low Blaine's Low NamasteYoga Namaste Yoga National Body Challenge Six
FIT TV last U' (CC) Carb Kitchen Carb Kitchen Core strength. Energy flow. Americans compete to get fit.
Fox Report- The O'Reilly Factor (Live) (CC) Hannity & Colmes (Live) (CC) On the Record With Greta Van
FOX-NC Shepard Smith Susten (Live) (CC)
:FSN L 00) NHL Hockey Florida Panthers at Tampa Bay Lightning. From the St Best Damn Top 50 Sports Bloop- The FSN Final
FSNFLL ete Times Forum in Tampa, Fla. (Live) ers (Live) IScore (Live)
GOLF Inside the PGA Golf Tavistock Cup Final Round. From Lake None Golf & Country Club in Orlando, Florida.
GSN Lingo (CC) Super Millionaire Contestants vie The Women Who Changed Game Chain Reaction Chain Reaction
GSN for escalating prizes. f (CC) Shows (CC) (CC)
G4Tec (:00) Attack of X-Play(N) X-Play Cops "Atlanta Cops "Virginia Arrested Devel- Ninja Warrior
G4Tech the Showl (N) n (CC) Beach" n (CC) opment n (CC)
:00) Walker, Walker, Texas Ranger Assassins A PLACE CALLED HOME (2004, Drama) Ann-Margret, Matthew Settle,
HALL Texas Ranger vow to take down Alex and Walker Rebecca McFarland. Two drifters learn the meaning of home with an ag-
(__CC) before their wedding. (CC) ing widow. (CC)
Buy Me Enlisted Design Inc. The Style Dept. How Not to Decorate "Hemel Designer Guys Design Rivals
HGTV the help of an "Julie's Kitchen" A bathroom is Hempstead" A house with a bright "Far North Writer's Hip condo re-
agent. f (CC) Julie's kitchen, transformed. ft hallway. ) (CC) Retreat" n design. t (CC)
I Morris Cerullo Breakthrough Christ in Inspiration To- Life Today (CC) This Is Your Day The Gospel
INSP _(CC) Prophecy day (CC) Truth
Reba "Switch" My Wife and According to Accordin to Friends Chandler Everybody Everybody
KTLA Reba tries speed Kids "Bahamas" Jim n (CC) Jim Big client loses the wed- Loves Raymond Loves Raymond
dating. (CC) means trouble, ding film. "The Wedding" Midlife crisis.
Still Standing Reba Reba can- Reba Reba's in THE LAST TRIMESTER (2006, Suspense) A woman thinks her husband
LIFE Judy's book club cels a date. n the middle of a murdered their adopted baby. (CC)
meeting. (CC) legal battle. n
MSN 00) Hardball. Countdown With Keith Olber- Scarborough Country Young Lords of Chaos
NICK Jimmy Neutron: SpongeBob Drake& Josh Full House f Full House Ra- Roseanne n Roseanne A
NICK Boye Genius SquarePants r\ (CC) (CC) dio Days" (CC (CC) (CC)
TV00) Gilmore NCIS Sandblast" f (CC) House "Top Secret" (N) n (CC) News n (CC) News
NTV Girls ) (CC) I
Pinks American Thun- NOPI Tunervl- Super Bikesi Epic Ride V-Twin Motorcy- The Motocross
SPEED der sion r cle TV Files
N Jordan Rubin Behind the Joyce Meyer: John Hagee To- Bill Gaither (CC) LOVE'S LONG JOURNEY (2005,
TBN Scenes (CC) Enoying Every- day (CC) Drama) Erin Cottrell, Logan
day Life (CC) Bartholomew, Dale Midkiff.
Everybody everybody E everybody Sex and the City Sex and the City Friends Personal Friends Phoebe
TBS Loves Raymond Loves Raymond Loves Raymond "Sex and the Samantha's sex habits clash. n helps the Salva-
f (CC) n (CC) ft (CC) City (CC) lie on tape. (CC) ltion Army. (CC)
:00) Miami Ink Miami Ink "Kat and Oliver Quality Miami Ink "Back to Their Roots" Miami Ink "Kats Cooking" A tattoo
TLC Bella Boot Time" Psychic. (CC) Mural project, represents a passion for extreme
Camp" (CC) sports. (N)
(:00) Law & Or- ** THE TRUMAN SHOW (1998, Comedy-Drama) Jim Carrey, Lau- *** ~ THE TRUMAN SHOW
TNT der Mammon" ra Linney, Noah Emmerich. Cameras broadcast an unwitting man's life. (1998) Jim Carrey. Cameras broad-
f (CC) (DVS) (CC) cast an unwitting man's life.
TOON ** THE POWERPUFF GIRLS Ed, Edd n Eddy Camp Lazlo Home for Imagl- My Gym Part- Futurama"Fear
TOOI MOVIE (2002) E.G. Daily nary Friends near's a Monkey of a Bot Planet"
TV5 On n'est pas couches D. (SC)
ITWC Storm Stories Abrams & Bettes Weather: Evening Edition (CC)
f(00)Duelo de La Fea Mds Bella Lety es una nifia Destilando Amor Nuestra Belleza Latina
UNIV Pasiones dulce, romantica e inteligente, pero
apenas atractiva. (N)
(:00) Law & Or- Law & Order: Special Victims Unit * s THE FAST AND THE FURIOUS (2001, Action) Vin Diesel, Paul
USA der: Criminal In- A rape suspect handles his own trial Walker, Michelle Rodriguez. An undercover cop infiltrates the world of
tent A (CC) defense adroitly. (CC) street racing. (CC)
VH1 00) I Love New I Love New York "Momma's Boys" I Love New York "Clip Show" ,f The Agency The Agency Sign
I VHr1 York f Meeting mothers. __"New Faces an model.
SNHL Hockey New Jersey Devils at New York Islanders. From the Nassau Veterans Memori- Hockey Central Boxing: Grigsby
e al Coliseum in Uniondale, N.Y. (Subject to Blackout) (Live) (Live) vs. Soils
(:00) America's Funniest Pets & Funniest Pets & Funniest Pets & Funniest Pets & WGN News at Nine f (CC)
WGN Funniest Home People f (CC) People f (CC) People n (CC) People (CC)
Videos f (CC)
Everybody Gilmore Girls Lorelai forces Jack- Pussycat Dolls Present: The CW11 News at Ten With Kaity
WPIX Loves Raymond son to tell her the reason for Sook- Search for the Next Doll Inspira- Tong, Jim Watklns (CC)
Midlife crisis, ie's odd behavior. f (CC) tional advice; elimination. (N) (CC)
Jeopardy! (N) Dr. Phil f (CC) Jeopardy! (CC) News Frasier t's di- Frasier Daphne's
WSBK (CC) vorce or therapy wedding. (CC)
for Niles.

LIFE SUPPORT (2007, Drama) Queen Latifah, Anna The Sopranos A.J.'s apathy angers * JUST LIKE HEAVEN (2005,
HBO-E Deavere Smith. An HIV-positive woman works for an Tony; Carmela travels to Paris; Vito Romance-Comedy) Reese Wither-
AIDS outreach group. f (CC) returs. n (CC) spoon. n 'PG-13' (CC)
(6:15) **O THE The UCLA Dynasty f (CC) Rome A grain shortage in Rome Rome "De Patre Vostro (About Your
HBO-P RINGER (2005) triggers fresh hostilities. (CC) Father)" Mark Antony returns to
'PG-13' Alexandria. n (CC)

SHBO-W 205, Romance-Comedy) Josh dy-Drama) Amber Tamblyn, Alexis Bledel, America Ferrera. Four teens (2007) Queen
iutcherson. 'PG' (CC) keep in touch by passing along a pair of jeans. ( 'PG' (CC) Latifah. ) (CC)
(:15) ** IMAGINE ME & YOU (2005, Romance- ** TAKE THE LEAD (2006, Musical) Antonio Banderas, Rob Brown,
HBO-S Comedy) Piper Perabo, Lena Headey. A bride is at- Alfre Woodard. Dancer Pierre Dulaine teaches inner-city students. n
traced to another woman. t 'R' (CC) 'PG-13'(CC)
Mx- E (5:50) ** BATTLEFIELD EARTH (2000, Science Fiction) John Travolta, Barry *A HOPE FLOATS (1998, Ro-
MAX-E JARHEAD Peeper, Forest Whitaker. Enslaved humans fight to free the planet from mance) Sandra Bullock, Harry Con-
(2005) 'R' (CC) alien control. n 'PG-13(CC) nick Jr. 'PG-13' (CC)
** A NIGHTMARE ON ELM STREET (1984, Hor- *** THE LOST BOYS (1987, Horror) Jason Patric, (:40) Best Sex
MOMAX ror) John Saxon. Razor-clawed Freddy Krueger kills Corey Haim. A boy's brother falls in with a pack of Ever'Mystery
teens in their dreams. f 'R' (CC) teenage vampires. f 'R' (CC) Writer" n (CC)
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, .
S -I







Claim that politicians
'reluctant' to act on
Haitian slums in
Marsh Harbour

POLITICIANS are reluc-
tant to act on Marsh Har-
bour's increasingly hazardous
Haitian slum settlements
because of the votes they rep-
resent, it has been claimed.
About 200 voters live in
The Mud and Pigeon Pea, the
town's shanty communities,
and they could hold the bal-
ance of power in an
"extremely marginal" seat,
said local campaigner Yvonne
She was commenting on
last week's blaze at The Mud,
when more than 70 people
were left homeless after
flames devoured 20 shacks.
Mrs Key said: "Neither
major party wants to say any-
thing on this matter before
the election because they
' know there are about 200
votes in those settlements.
"Not only are there Hait-
ian-Bahamians living in there,
but also Bahamian-Bahami-
ans who are married to or liv-
ing with Haitians.
"In a constituency where
only a few votes separated the
candidates last time, those 200
votes mean a lot," she said.
Last week's blaze was the
.,third in recent years at the
Sshanty communities. Almost
Stwo years ago, 70 homes went
up in smoke at The Mud,
which locals describe as a
Major safety and health haz-
S Makeshift homes on the
site are so congested that a
small fire can spread quickly.
The danger is made worse
Because power lines hang
Between houses without prop-
Ser support.
S Mrs Key said "pick-ups and
Deportations" of Haitians
S were also likely to be sus-
pended as the election
approaches for fear of alienat-
ing voters with Haitian links.
Meanwhile, it seems fami-
lies displaced by last week's
S fire have found shelter with
other Haitians.
Shelters set up by the Red
Cross and Social Services
Were not needed.
"It seems the Haitian com-
Smunity takes care of its own,"
said a source.
The Mud and Pigeon Pea
have been bones of con-
n'fntion for many years now.
i.4ocals want the immigrants
.eaed into new low-cost sub-
, However, Mrs Key said the
%Iaitians are now so well-
'<4tablished that they sell on
.their shanty properties to
giving Haitians when they
'Paanage to get status in the
m2United States.
; "Those who fly off to Flori-
'da very often sell their homes
,to Haitians coming into the
'"Bahamas for between $3,000
and $5,000 a time," she said.


r 1I
;. -- .

FROM page one


perished in the middle passage also tell them,
the numbers exceed those who tory should n
died in the Holocaust. Their excuse for th
names are not known and nev- rather as a sou
er will be. Even though they are for their succe:
nameless, they must not be for- Mr Mitchell
gotten. Mr Speaker. some want lition of slave
to act as if it (slavery) did not from the En
exist. We cannot do that. Our developing a c
history is our history; and, we a result of you
ought to be sure that the young ing the moral
know their history. We must case against sla

FROM page one
July 2005, company founder Sir Richard Branson
said that the service would "bring increased compe-
tition and better value for money", ending the monop-
oly on non-stop flights to Nassau from the UK held by
British Airways.
Virgin blamed its decision to cut its service less
than a year and a half after its commencement on a
drop in all-inclusive rate rooms, popular with its cus-
tomers, attributed primarily to the property closures
associated with the multi-million dollar Cable Beach
However the way in which the pull out was han-
dled "leaves room that we can re-visit that at some
point in the future and get (the service) to resume
when the opportunity presents itself," Mr Sawyer
Passengers from Britain wishing to visit the islands
can still travel here non-stop with British Airways, or

FROM page one

radio station yesterday for fur-
ther statements on the matter.
but was told that GEMS has
"no comment at this time."
Police confirmed last Friday

though, that his-
ot be used as an
eir failings, but
rce of inspiration
ss," he said.
said that the abo-
cry resulted not
glish suddenly
onscience, but as
ng people press-
rightness of the

'1-nglishmene i1 go ndwvill like
William Willberforce and those
who were leaders in the Angli-
can Church at the time, led the
way to end the practice," he
Mr Mitchell ended his
remarks by admonishing young
Bahamians to remember and
protect the legacy of these
islands. He said:
"We must never forget. This
is our history. Today we aii
free people in a free and sover-
eign nation. As we look our

Virgin Atlantic
through Florida.
The ease of visiting by way of Florida is increased
by relationships between Virgin and Bahamasair, for
example, which allow visitors to book a single ticket
from the UK to Nassau, including the Bahamasair !cg
of the flight, through Virgin, rather than requiring
the purchase of two separate tickets through two
Furthermore, services from Canada and the US
in particular mean that airlift capacity will remain
According to Mr Sawyer, the ministry is "very con-
fident" that when additional all-inclusive rate loomsn
come online Virgin will resume its non-stop flights.
He added that the Ministry is "looking forward" to
when additional rooms will be built, and hope that the
process is "fairly quick."

Darold Miller

that they are investigating a
complaint against Mr Miller,
which was filed by three women
at Central Detective Unit head-

Commissioner of Urban

Renewal gives warning
FROM page one

received a lot of support, from Urban Renewal representatives, and
her pastor, Dale Moss, she questioned how others without this
support network would deal with their loss and its long-term con-
It was this that spurred her to form FAM, she explained, as a
means of addressing this isolation.
Ultimately, FAM aspire not only to offer support, but to lower
the rate of murder in the Bahamas through raising social awareness
of the lastingly devastating aftermath of murder on the lives of fam-
ily members and friends.
According to Dr Allan, relatives can withdraw from society, as
well as experiencing flashbacks, and "arousal" symptoms lead-
ing them to feel permanently on edge and paranoid.
FAM has held weekly support meetings since last December
on Thursday at 7pm at the activity centre of the Church of God of
Prophecy on East Shirley Street.
Additionally, they have established the objectives of ensuring the
creation of a "Victim's Desk" at the Attorney General's office
and the police headquarters to aid those seeking information wvith
regards to the status of their cases and starting a "Speaker's
Bureau" -which will see families going into the community to tlilk
about their experience.
They intend to lobby for certain rights for victim's families,
including the right to testify at sentencing hearings.
Mrs Scott said that many of those in her position have endured
problems seeking information from the police and the AG's office
about their murdered family member's case, both in terms of
inconvenience and the emotional difficulty of dealing with these
more administrative side effects of losing their loved one.
Director of Urban Renewal, Shelton Beneby, Dr Allan, and
several prominent church leaders also made a plea for all church-
es to do more to "silence the violence" in their communities, and
tend to the needs of those who have suffered a loss as a result.
Pastor Rex Major put out a call to all church leaders to attend a
conference organised by the group at the Hilton hotel this Thurs-
day, where relatives of murder victims will speak about their expe-
rience, so that they can gain a deeper appreciation of the suffering
of this sector of their community.
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quarters on Thursday night.
However, as the complaint
encompasses a time period of
many months and covers many
aspects, police said that they
were unable to conmnent any
further on the matter at this
Mr Miller has for many years
been one of the country's most
prominent personalities, attract-
ing large audiences with the var-
ious reincarnations of his talk
Before joining the nic r. illu
station GEMS last \ear, Mr
Miller served as news director at
the radio station L.oe97 before
taking up a similar position at
ZNS, where he also hosted the
successful daily talk show
'Immediate Response.'
He is currently GEMS' chief
operating officer and hosts a
daily morning talk show at
11am on that radio station.

citingg p I.iL in lie lace today,
we say Ihit this is the legacy
which is left to you and it is
yours to protect and guard, even
as it has been left to you from
vour forefathers and foremoth-
ers. In the words of Patrice
I iumumI b: 'Forward ever,
hackward never'."
A series of events will be held
to commemorate the anniver-

sary. Some of these eveii
include, a panel discussion (.,,
Friday at 10am by Dr Gail
Saunders and Dr Thaddeus
McDonald at the College of the
Bahamas; and, on Saturday at
the Fox Hill Parade, there will
be live music, lectures and tra-
ditional plating of the maypole,
along with the climbing of the
greasy pole.

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FROM page one Teenincourt
Teen inl court

Lewis, who appeared before
Chief Magistrate Roger Gomez
at Court One, Bank Lane, did
not have an attorney at his
arraignment. Sergeant Alexan-
der appeared for the prosecu-
The 19-year-old was
informed by the magistrate that
he was not required to plead to
the charge and would be
remanded to Her Majesty's
prison until the start of a pre-

liminary inquiry. The matter
was adjourned to April 2 and
transferred to Court 10, Nassau
On Friday another young
man, Tekoyo McKinney, 22, of
Moore's Avenue was arraigned
on a murder charge. He was
charged with the shooting death
of Tyronne Deveaux at Mon-
tell Heights on Saturday, March






For Easy Financing

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Protest staged outside

of The Tribune office

FROM page one
daily newspaper.
Mr Smith, along with his supporters gath-
ered across from The Tribune on the south-
ern side of Shirley Street chanting "Marquis
gat to go. Marquis gat to go".
"We came to this place almost a week
ago to request of John Marqui# to cease
and desist in his terrorist style of writing
as he continuously take an assault on black
leaders of the Bahamas. We have told Mr
John Marquis to cease and desist, to stop
this assault, and to stop his derogatory
attack on the black leadership of the
"Mr Marquis has responded by saying
that he has made no racist statement, and
that he has made no terrorist statement.
And he has insulted the intelligence of the
Bahamian citizen to demand him to stop it.
Since Mr Marquis is in denial that he is a
racist, and since Mr Marquis is refusing to
apologize to the black decent people of the
Bahamas; and since Eileen Carron, and the
forces of evil, and Brent Symonette, and
Hubert Alexander Ingraham, have come
together with Uncle Toms to attack black
people in this country," he said.
Mr Smith said that it is the plan of this

FROM page one

bribery," said Mr Duncombe.
"Mr Gibson should not be
standing at all. I believe that,
until this investigation is com-
plete, the ex-minister should
recuse himself, and the prime
minister should be ashamed of
himself for even ratifying him."
Mr Duncombe, who is chal-
lenging Mr Gibson for the
Golden Gates seat as an inde-
pendent, lashed out at the ex-
minister while outlining his
plans should he be elected.
He said many PLP voters in
Golden Gates had told him
they were not supporting Mr
Gibson because of his role in
the Anna Nicole saga.
"He is less arrogant than he
used to be," said Mr Dun-
combe, "he is humbler now.
He has changed since all this
happened, but don't be fooled
by this. Remember the arro-

"dark danger force" to impose a "white
leader" in "a black country."
Showing his agreement, one of Mr
Smith's supporters shouted: "Where we are
90 per cent black, and 15 per cent white".
Responding to this claim of a plot involv-
ing Mr Symonette or Mr Ingraham, Mr
Marquis said that as far as he can recall,
he has never met Mr Ingraham or Mr
"I am a free man living in a free soci-
ety," Mr Marquis continued.
"One of my jobs as a professional jour-
nalist is to comment on political affairs,
which I will continue to do without fear or
favour," he said.
Mr Smith, who refused to have his sup-
porters interviewed individually said he will
not allow The Tribune to do what "the old
white racist slave master use to do to
try and divide and conquer."
"We know your mission, we know who
sent you, and we know your master. So
John Marquis you can try every book. My-
brother your days in the Bahamas are num-
bered, and you are going back to the place
from whence you have come.
"The place where you are coming from,
the place where you're hiding from, and
the place where we know you don't want to
do," he said.

In fact, Mr Smith said that the CCB had
photographs of Mr Marquis that they will be
releasing after they had a "general council"
meeting last night. A time, or date for when
the CCB will disseminate its information
has not been set.
However Mr Marquis has affirmed that
his life is "an open book" and is prepared to
discuss it with anyone at anytime.
Despite this, and his continued denial of
being a racist, Mr Smith promised that they
will continue their protest, promising to .4
return to The Tribune with larger numbers.
Following this, a march will take place
where the CCB is expected to head to the
House of Assembly to continue their
protest of Mr Marquis.
."We have taken the position of Presi-
dent George Bush. That we have to amass
a mighty coalition to fight this terrorist. To
fight this evil racist who seek to take us
back to pre-1960s," he said.
A white Bahamian driving by in her vehi-
cle, objected to Mr Smith standing in the
road blocking the flow of traffic.
She voiced her displeasure, to which Mr
Smith responded, "You better go back
where you come from."
"You see that, that's what they are, UBP
people. They are UBP. They have that
white colour skin," he said.

He added: "If the people of
Golden Gates give me the
opportunity to become part of
history, wherever I find peo-
ple's rights being trampled on I
will bring the perpetrators to
their knees."
Apart from children's right
Mr Duncombe said he would
push for land reform, improved
old-age pensions, a new drive
for educational excellence, and
a requirement that MPs should
live in their constituencies.
"When you elect a sheriff for
a county, that sheriff should be
living in that county," he said.
"I find it insulting when some-
one like the former prime min-
ister calls for people to vote for
the torch.
"We need to look at the can-
didates and I think if people
look at what I've brought to
the table over the last four
and a half years, then I
believe I will have a good

gance and lack of judgment he
has been displaying over the
Whatever ministry Mr Gib-
son had been in, he had "left
clouds over it," said Mr Dun-
Outlining his own electoral
priorities, Mr Duncombe said
he hoped to become the
Bahamas' first champion of
children's rights.
As a child's rights advocate,
he would set out to tackle the
"horrendous" child abuse sta-
tistics in the country, he said.
"We have 520 child abuse cas-
es annually, but I could not find
one MP to sponsor a bill to
protect these children and
that includes Shane Gibson.
"Gibson told me he had to
think about it, which I find very
discouraging. 1 had to single-

handedly convince the entire
government. Beating up on this
government is nothing new to
"But Gibson is the last man
standing to prevent me going
where I need to go. I have been
challenging publicly for live
debates in Golden Gates, but
he doesn't respond to those
"I would be the first parlia-
mentarian in the history of the
Bahamas to back up the cause
of children."
Mr Duncombe said he want-
ed to put the government on
notice that if they didn't engage
in constructive live debates, as
opposed to holding rallies, he
would unleash a series of ques-
tions "that will send
shockwaves through this coun-

I .5

|Ut .. ;- |-i-LOCAL -N EWS

PM criticized

Caribbean Bottling Co. (Bah.) Ltd

Is seeking candidates for the position of
Management Trainee

* Candidates must be energetic, highly motivated and eager to learn

* Willing to work in a fast paced multi faceted environment

*Preferably should possess a Bachelor's Degree in Business,
Technical or related fields, but as a minimum, must have an
Associates Degree

* Willing to work throughout the Bahamas and abroad as may
be necessary from time to time

* Ability to make decisions and take ownership for assigned

* Ability to multi-task and communicate effectively

* Must be a "people person" that will never compromise on
providing exceptional customer service

* Be efficient in computer based programs including, Microsoft
Excel, Microsoft Word, Powerpoint, and Publisher

If you are interested in a challenging career, that will bring out the
best in you, in an environment that is ever changing and evolving,
then, send your Resume, on or before April 13th. 2007 to:

Janice Fountain Moss
Human Resources Manager
P.O. Box N-1123
Nassau, Bahamas

Or by Email to:


In Loving Memory of

Deron "Sharky" Bethel

Born: 12th October. 1985

Died: 27th March, 2006

King Solomon w as repuledly the wisest
Man who ever lived.

This brother of ours said that there was
A time for ever thing under heaven.

And so it was with the life that was
Lived by Deron Bethel.

As fate would have it, this young man's
Life was needlessly and brutally taken
Away from him.

Today his family, neighbours and
Friends are still trying to find out why
He died the way he did.

They are convinced that their child,
Their neighbour and their freinds was
RobbFd of a gift that God Almighty
Alone had given; namely his life.

Th'le F-amily thanks everyone for keeping
them in your prayers and support.

I I Bahamas Bus & Truck Co., Ltd
Montrose Avenue
Phone:322-1722 Fax: 326-7452
-,' I


., .,.


TUESDAY, MARCH 27, 2007, PAGE 11

--a .__ _

7, W-
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PAGE 12, TUESDAY, MARCH 27, 2007

MARCH 27, 2007


The Bahamas Telecommunications Company Limited

Fhe Bahamas Telecommunications Compan. Ltd.:
-TC) wishes to advise its valued customers and the
general public that a Mass Disconnection exercise will
commence on April 2nd 2007. The exercise will affect
1 customers whose accounts were suspended during
last Mass Suspension exercise in November 2006
id have .ot yet been reactivated. This Mass
jsconnection and Termination Campaign that %ill
ect customers in New Providence. Grand Bahama and
U the Family Islands with wireless, wire line. paging,
obile trunking, faxes and internet services whose
accounts are currently suspended. All customers who
Unable to pay their bills in full, are asked to visit
TC's Credit & Collections department located on JFK
nd The Mall at Marathon offices or their local BTC
familyy Island Office to make payment arrangements.

or your con'emuence customers can paN their bill online
a the BTC website www.btcbahamas.com through
AZPAY or by using the EZPAY kiosk located at BTC
:JFK. Customers are reminded that once services have.,
been ternmnated their numbers may be reassigned to newr
customers, and a new security deposit and installation
fee will be required when requesting new service. BTC
is committed to serving its customers and thank all for
thek Co oration during this time.
R .., y ......

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is finaiiy Ie

Travel with your Blackberry and roam
In Canada with Rogers Wireless.
In the United States with Cingular.
In all English speaking Caribbean
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You can send and receive emails,
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you are at home.

This is fantastic!
Blackberry... It's my office in my ha

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The Bahamas Teleco Inn-unications
Company Limited. IBTC) i pleased to
inform "ur valued custLomers and the
general publIc that wireless serl\ ies such
as new applications, ESN changes and
addJiie fcatiures Lan nlm, hIe done at tlhe
follow in'-; li, atimns; BITC all at
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Centre and BTC JFK.

BTC encourages the public to use any of
the convenient locati ons for their
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* www.btcbahamas.com


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Miami Herald Business, Stocks, Analysis, Wall Street





damages claim

Leadenhall liquidator concerned Caledonia decided to liquidate fund without his input

Tribune Business Editor
A Bahamian bank
has for the
dodged a $330
million dam-
ages claim, a US court awarding
three plaintiffs just $1.04 mil-
lion because it "had not certi-
fied the case as a class action".
In his latest report to the
Supreme Court, Leadenhall
Bank & Trust's liquidator,
Craig 'Tony' Gomez, said the
US District Court for the south-
ern District of Florida award-

ed the $1.04 million in damages
against the Bahamian bank and
its former credit card processing
partner, Axxess International,
on February 12, 2007.
Former investors in Cash 4
Titles, a fraudulent US-based
Ponzi scheme for which Lead-,
enhall and Axxess had provided
services to, had attempted to
sue the Bahamas-based compa-
nies via a class-action lawsuit
for $100 million. They subse-
quently sought to triple the
damages award after Leaden-
hall failed to enter an appear-
ance before the court.
The investors had sought to

obtain a $330.228 million
default judgement against Lead-
enhall and Axxess, but US Dis-
trict' Judge Adalberto Jordan
awarded damages to just three
of the class-action plaintiffs
named in the lawsuit.
A Philip Madison received
$621,425; Robert Wolff was
awarded $255,520; and Edward
Turner received $168,132,
"which represents treble dam-
ages for each of their respec-
tive claims".
Mr Gomez said nothing was
awarded to the two other plain-
tiffs in the action, Grey Wolf
Holdings and Paul Janssens, "as

the judge felt that no evidence
was produced to show that they
had suffered a loss due to the
actions of the bank and
He added of the court award:
"This is considerably less than
the default judgement of $330
million due to-the fact that the
court had not certified the case
as a class action."
The ruling means that, for the
moment, the Leadenhall liqui-
dation and the bank's creditors
and depositors have effective-
ly 'dodged a bullet' in Mr
Gomez's efforts to recover their

There is no judicial comity
between the Bahamas and the
US, which means that the
judgement in the US District
Court for southern Florida can-
not be enforced here.
As it is in liquidation, Lead-
enhall has no ties to the US or
assets there that could be
frozen, meaning that the for-
mer Cash 4 Titles investors
would have no option to bring
an action against the bank here
if they wanted to pursue their
quest for damages.
The three investors who were
awarded damages by the Flori-
da court will also have to file

claims with Mr Gomez and
stand in line in the queue of
creditors to receive any payout.
Meanwhile, Mr Gomez said
he was concerned that Caledo-
nia Corporate Management
Group, the Bahamas-based
financial services provider, had
decided to liquidate an invest-
ment fund it managed, and in
which Leadenhall had a 78 per
cent stake worth $3 million,
without discussing it with him.
Mr Gomez said Caledonia
Fund Investments Ltd's two

SEE page 2B

Purpose trusts, John S George chief acquires Abaco Markets Turks' outlet


are 'clarified'

Tribune Business Editor.
THE House
of Assembly
passed amend-
ments designed
to "clarify" the
Purpose Trusts
and Founda-
tions Acts, with
the Govern-
ment acknowl-
edging that the 0 PEET
initial versions
of both Acts "didn't make us
as competitive as we thought
we would be".
Vincent Peet, minister of
financial services and invest-
ments, said that in regard to the
Purpose Trusts Act, the aim was
to "clarify how assets are dis-
tributed" from the trust.
This had become necessary
because executives in the
Bahamian financial services
industry had warned that there
had been "a loss of business
coming to the Bahamas".
Clients who had wanted to
domicile their purpose trusts in
the Bahamas had not done so
because of concerns regarding
what they perceived as uncer-
tainties in the Bahamian legis-
Mr Peet said the amendments
to the Purpose Trust Acts were

Earlier Acts
'didn't make us
as competitive
as we thought
we would be'

"to ensure that purpose trusts, a
hybrid instrument, allow trust
capital and income to be dis-
tributed to persons for any pur-
pose, charitable or non-chari-
In addition, the trust instru-
ment can use fixed interests, dis-
cretionaty interests or a combi-
nation of the two.
Mr Peet said of the Purpose
Trusts and Foundations Acts:
"It didn't make us as competi-
tive as we thought we would
Allyson Maynard-Gibson, the
attorney general, said the
amendments to both Acts
would "make the Bahamas
more attractive as a financial
services jurisdiction".
In the case of Foundations,
Mr Peet said the Bahamian
financial services industry was
"continually being made aware"

SEE page 12B

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Tribune Business Editor
JOHN S George's chairman and chief.
executive, Ken Hutton, is part of an investor
group that is acquiring Abaco Markets'
Turks & Caicos-based Cost Right store for
$2.7 million, The Tribune can reveal.
The purchase, which is due to close at
the end of April, is understood to be a com-
pletely separate venture from the John S
George business, which was acquired in
April 2004 via a leveraged buyout that was
led by Mr Hutton.
Multiple sources yesterday told The Tri-
bune about Mr Hutton's involvement.
When contacted by this newspaper, Mr
Hutton replied: "I have no comment at this
Gavin Watchorn, Abaco Markets' presi-
dent, said he could not confirm nor deny the
involvement of Mr Hutton in the deal to
purchase the Abaco Markets store, explain-
ing that the directors of the buying com-
pany had requested confidentiality.
The purchasing vehicle through which

"( I ut yot

Mr Hutton and his as-yet unidentified fel-
low investors are acquiring the Cost Right
store is called Entervant Holdings (TCI)
Ltd, a Turks & Caicos-domiciled I a-
Mr Hutton and his group are already
understood to have paid a deposit, the cru-
cial step in real estate transactions that
allowed Abaco Markets to announce the
sale, which is due to close in April 2007.
The purchase price is due to be paid in
US dollars, with $2.5 million in cash
received by Abaco marketss upfront, and
the remaining $200,000 payable over a
three-year period.
The acquisition by Mr Hutton and his
group means that they will takeover the
mantle from Abaco Markets of providing
Bahamian ownership of commercial assets
in the Turks & Caicos Islands, whose econ-
omy is growing rapidly. They will be one of
the few Bahamas-based groups to own
assets outside this nation.
It is unclear what Mr Hutton, who was
previously chief executive of BISX-listed
Freeport Concrete, is planning for the Cost

Right store once the' acquisition is com-
It is possible that he might look to re-
establish it as a grocery wholesaler/distrib-
utor, as it was when Abaco Markets
acquired it and it was named TC Trading.
The strategy might also involve establishing
it as a wholesaler and agent for a variety of
international named brands.
Mr Hutton has a background in hard-
ware, home furnishings, paint and automo-
tive supplies, having served as general man-
ager of Kelly's (Freeport) before joining
Freeport Concrete.
It was he who led the John S George
buyout through an acquisition vehicle, JSG
Holdings, in which his fellow shareholders
are Benchmark (Bahamas), the Pritchard
and Morley families, Robert Lotmore and
Mr Hutton's relatives.
Mr Hutton and his team have had to
work hard over the past three years to revi-
talise the John S George brand, and retail
observers believe more work remains to be
done, although some objectives have been


Tel: (242) 356-7764

Tel: (242) 351-3010

a lot o l ma..


I !. f -


- I 1 lr3--







Stockman, the former budget
director in the Reagan White
House, was charged in an indict-
ment unsealed Monday with
overseeing a sweeping fraud at a
troubled auto parts supplier that
he led before the company col-
lapsed into bankruptcy.
Stockman, 60, was one of four
former top Collins & Aikman
Corp. executives named in the
federal indictment. Four other
former company employees
including a former treasurer have
already pleaded guilty in the case,
prosecutors said. At a news con-
ference, U.S. Attorney Michael

Garcia said Stockman and his co-
defendants "resorted to lies, tricks
and fraud" from 2001 to 2005 to
hide the truth about his failing
company from investors and cred-
itors. Garcia said Stockman let
the company's employees mislead
creditors about the company's
revenues and the ability of Collins
& Aikman to pay its bills until
the company was forced to enter
bankruptcy proceedings in May
2005. The government said Stock-
man personally decided which of
the company's suppliers and cred-
itors would get paid and person-
ally managed all of C&A's liq-
uidity during the crisis.

* DAVID STOCKMAN, former budget director during President Reagan's tenure exits Manhattan federal court in New York yesterday.
(AP Photo: Louis Lanzano)

Bahamas bank dodges $330m damages claim

FROM page 1B

directors were Matthew
McNeilly, a senior Caledonia
executive, and himself, having
replaced William Jennings,
Leadenhall's managing direc-
tor, on December 15, 2005.
"I received verbal communi-
cation from Caledonia that the

fund was being liquidated," Mr
Gomez said. "This was a matter
of concern for me due to the
fact that as a director of the
fund I had not been invited to.
participate in or co-sign the res-
olution to terminate the fund.
"I met with the principal from
Caledonia on February 6,2007,
to discuss my concerns and oth-
er matters related to the fund. It
was agreed between Caledonia

m BusinFe-- ss WellI known andIi
20yas tsm pieloain


and myself that all minutes, res-
olutions and statements of the
fund would in future be for-
warded to me for my review
"It was also suggested that
Caledonia investigate the pos-
sibility of forwarding proceeds
from the liquidation of the fund
to the liquidadtor of the bank."
Some $3.828 million in assets
are contained in the fund.
In a previous report, Mr
Gomez had questioned whether
there had been "double dip-
ping" by investment managers,
as the $3 million investment in
the Caledonia fund also
appeared on the statement got a
$15 million policy that Leaden-
hall took out with Generali
International, a Guernsey-based
This gave the appearance that
the same asset was being
charged twice for investment
management fees, although
Caledonia said it did not know

whay the $3 million appeared
on the Generali balance sheet.
In addition, Mr Gomez said
previously that the investment
in the Generali policy did not
appear to have been in Lead-
enhall's best interests. Gener-
ali received an annual fee of
$400,000, and the income
earned on the policy by Lead-
enhall in 2005 was less than
those fees.
The liquidator said that he
and his attorney, Sidney Cam-
bridge of Callenders & Co, had
met with Mr Jennings on the
General issue, who had told
them that all investment deci-
sions on it were approved by
the Board of Directors.
Mr Gomez said he was
reviewing Leadenhall's records,
especially minutes of meetings
between the bank's Board of
Directors and shareholders, to
confirm this.
Some $1.431 million in debts
remain owing to Leadenhall on

its former credit card portfolio,
for which it held the issuing
licence, while Axxess handled
the administration.
Mr Gomez said he had con-
tacted about 60 per cent of
those with outstanding credit
card debts, "and was not suc-
cessful in this effort to recover
any substantial amount. How-
ever, we have commitments for
significant receipts from local
debtors over the next few
Some 101 Bahamas-based
card customers owe a collective
$715,731, while 354 interna-
tional customers owe a further
$707,364. Mr Gomez said he
was engaging international par-
ties to assist with the collection
of funds from international card
Mr Gomez said some $3.316
million in loans made by Lead-
enhall remained outstanding,
although one client had sent a
letter outlining a payment

schedule to settle a $1.1 million
In relation to another loan,
Mr Gomez said a Canadian-
based company, Nuvo, former-
ly known as Dimethaid
Research, had sold a property
to raise funds to pay-off the
debt, the monies from which
were placed in an interest-bear-
ing escrow account pending
Court approval of the settle-
Mr Gomez said that despite
this payment, there was likely to
be a shortfall that Leadenhall
may be forced to write-off.
But he added that a dispute
had arisen with Nuvo over the
interest rate applied to the loan,
claiming it should attract a 5 per
cent defaul rate, instead of the 2
per cent per month Leadenhall
had applied to it.
Nuvo has since hired Bahami-
an attorneys to oppose the
release of the funds to the liq-
uidation asset pool.


Public Utilities Commission



The Public Utilities Commission (PUC) in its mandate to
regulate the telecommunications sector is seeking to strengthen
its capacity in regulatory economic analysis. The PUC is
seeking a suitably qualified economist with drive and ambition
to fill the position of SENIOR ECONOMIST. The successful
candidate will provide specialist advice on the economic and
financial performance on regulated utilities. The candidate will
also work as an integral part of a multidisciplinary team of
professionals to ensure effective oversight of the numerous
licensees in The Bahamas. The candidate will perform market
research and other economic studies relevant to the current and
future development of the telecommunications, electricity, and
water and sewerage sectors in The Bahamas.

Qualifications: -Bachelor's Degree in Economics or
Economics and Accounting;
-Master's Degree in Economics or Finance; and
-Minimum of five (5) years relevant experience

The PUC offers a very attractive benefits package and excellent
opportunities for further development including specialist
training via short courses and seminars in The Bahamas and
overseas. Starting salary will be commensurate with relevant
experience. Further information about the PUC can be obtained

from its website:


Applications should be received by March. 30, 2007.

ExecutiveDiretoruictilitiesCo sion
01Terae asClisAeu
Fax N. (22) 32-728
E-mail PUCpucahaiasgovl*





Accounting designation (ACCA, CPA or other similar
Audit experience (Preferred)
Prior experience working in/with financial institutions
Proven analytical skills in reporting modeling and forecasting
Proven team management skills

General Requirements/Responsibilities:

Assist with the preparation of annual financial statements
with IFRS
Assist with the preparation of accurate and timely quarterly
financial statements for publication as required by the
Securities Commission and BISX.
Ensures the integrity of financial information presented for
FirstCaribbean International Bank (Bahamas) Limited
Analyzes financial results and prepare variance explanations
for monthly reporting.
Ensures that financial and management reports are prepared
and distributed within established timdines
Consults with business units of the Bahamas entity, monitors
their performance and provides advice based on analyzed
Assist with facilitating the annual audits and the preparation
of requisite schedules.
Interpret changes in accounting and reporting standards and
recommend changes and enhancements to systems and reports.

Applicants are request! to submit their resume with a cover letter
via mail by April 4t, 2007 to:

FirstCaribbean International Bank (Bahamas) Limited
thanks all applicants for their interest, however only those
under consideration will be contacted.
Vacancies are open to Bahamian residents only.





DOW 30 12,469.07 -11.94

S&P 500

1,437.50 +1.39 A

NASDAQ 2,455.63 +6.70 A
10-YR NOTE 4.61 -.01 V


62.91 +.63




Associated Press
NEW YORK Wall Street
pared steep losses Monday to
end narrowly mixed after a sur-
prise drop in new home sales
for February dimmed hopes for
a rebound in the troubled hous-
ing market.
Economists have been
watching the housing industry
for a hint about where the econ-'
omy is heading. The disappoint-
ing report sent major indexes
down throughout most of the
session, with the Dow Jones
industrials racking up triple-
digit losses. Investors used the
decline to buy some shares
before the second-quarter ends
on Friday, analysts said.
"The market is already wor-
ried more about economic
growth than inflation, so I think
you're going to see reactions
like this," said Todd Salamone,
of Schaeffer's Investment
Research in Cincinnati. "Over-
all, it's impressive from the
.comeback we've had. There's
been a whirlwind ofattention
about housing's effects on the
economy, it isn't anything new
and these pullbacks are buying
The Dow fell 11.94, or 0.10
percent, to 12,469.07. Last week,
the benchmark index posted a
370 point gain, its best weekly
point rise in four years. It
dropped as much as 112 points
earlier on Monday.
Broader stock indicators
were slightly higher. The Stan-
dard & Poor's 500 index rose
1.39, or 0.10 percent, to 1,437.50,
and the Nasdaq composite
index added 6.70, or 0.27 per-
cent, to 2,455.63.
Bonds rose, with the yield on
the benchmark 10-year Trea-
sury note falling to 4.60 percent
from 4.61 percent late Friday.
Bond investors have been hop-
ing that a slowing economy will
cause the Federal Reserve to
lower interest rates.
The dollar traded mixed
against other major currencies,
while gold prices advanced.
Investors also are focused on
a spate of economic data due
this week, including Conference
Board's consumer confidence
survey on Tuesday and the
gross domestic product report
due on Wednesday.
"Investors are looking to fig-
ure out how things are going to
shake out after a big move
higher last week," said Mike
Malone, a trading analyst at
Cowen & Co. "Given the magni-
tude of the move higher we had
last week, I don't find this to be
overly surprising."
Oil prices rose Monday, with
a barrel of light sweet crude up
63 cents to $62.91 on the New
York Mercantile Exchange.
Crude prices have risen steadily
on continued tensions between
Iran and the West following
Iran's detention of British naval
personnel. Recent declines in
U.S. oil inventories also sup-
ported the market.
The Russell 2000 index of
smaller companies was fell 3.26,
or 0.40 percent, at 806.25.
Advancing issues outnum-
bered decliners by about 3-to-2
on the New York Stock
Exchange, where consolidated
volume came to 2.69 billion
shares, up from 2.56 billion Fri-
Overseas, Japan's Nikkei
stock average closed up 0.24
percent. Britain's FTSE 100
down 0.75 percent, Germany's
DAX index was down 1.02 per-
cent, and France's CAC-40 was
fell L04 percent.


WEAK PERFORMANCE: Sales of new homes fell sharply for a second consecutive month in February.
Above, workers unload roof tiles at a KB Home development in Gilbert, Ariz., last week.

New home sales slide to

slowest pace in 7 years

SA government report said
that new home sales
unexpectedly declined,
sparking concern that the
housing market will remain in a
slump this year.
Associated Press
new homes fell for a second con-
secutive month in February, dim-
ming hopes for a rebound soon in
the troubled housing market and
raising fears about the health of
the overall economy.
The Commerce Department
reported Monday that sales of sin-
gle-family homes dropped 3.9 per-
cent last month to a seasonally
adjusted annual rate of 848,000
units, the slowest pace in nearly
seven years.
The decline followed a 15.8 per-
cent plunge in January, the biggest
one-month decline in 13 years.
The weakness in sales was
accompanied by a drop in prices
with the median price of a new
home falling to $250,000 in Febru-
ary, down 0.3 percent from a year
The report was far weaker than
Wall Street had been expecting
and raised concerns that rising
mortgage delinquencies and fore-
closures, especially in the sub-
prime market, would further
depress housing activity in the
months ahead as nervous lenders
tighten their standards.

HOPEFUL: Work continues on a
new home in Sherwood, Ark.,
Concerns about financial diffi-
culties facing many lenders in the
subprime market, designed for
borrowers with weak credit rat-
ings, contributed to a 416-point
plunge in the Dow Jones industrial
average on Feb. 27.
"Lending standards apparently
are tightening not only in the sub-
prime market but in other compo-
nents of mortgage lending as well
and this is creating tremendous
uncertainties regarding the near-
term outlook for home sales and
housing production," said David

Seiders, chief economist for the
National Association of Home
Sales were down in every
region of the country except the
In addition, the government
revised sales information for the
previous three months to show
weaker activity than previously
The number of unsold homes
shot up to 546,000 units. It would
take 8.1 months to eliminate that
backlog of unsold homes at the
February sales pace, the longest
period for this measurement in 16
Economists predicted further
downward pressure on prices in
the months ahead until the num-
ber of unsold homes is lowered to
more normal levels.
Patrick Newport, senior econo-
mist at Global Insight, said he
expected that housing, which has
been a major factor reducing over-
all economic growth, will probably
trim growth rates by about 1 per-
centage point for all of 2007.
"The housing market is weak,"
he said. "Our view is that housing
will not turn around until next
Some analysts see the current
slowdown as a correction from a
period of speculative frenzy in
which investors were buying
second homes in hopes of
reselling them quickly to make


As insurers reap big

profits, consumers

complain of neglect

* Insurance company critics say
that insurers are doing well
financially by shorting the people
who bought their products.
Associated Press
NEW YORK The headline
numbers were eye-popping: Allstate
reported a record $5 billion profit for
2006. State Farm Insurance's profit
climbed 65 percent for the year. St.
Paul Travelers' earnings rose sixfold
in the fourth quarter, American Inter-
national Group's rose eightfold.
A year and a half after Hurricane
Katrina devastated the Gulf Coast,
profits at the nation's major proper-
ty-casualty insurance companies
soared and are expected to be
strong again in 2007, according to
estimates by the A.M. Best Co. rating
Critics charge that the insurers are
reaping big profits at the expense of
their customers including hun-
dreds of consumers who still haven't
gotten settlements for their Katrina
claims. The industry, in turn, denies
taking advantage of consumers, cred-

iting its growing profitability instead
to fewer storms last year and
improved business procedures.
One of the harshest critics, J. Rob-
ert Hunter, director of insurance for
the nonprofit Consumer Federation
of America in Washington, D.C.,
accuses the nation's insurers of using
Katrine, and other major hurricanes
to try to justify overpricingg insur-
ance, underpaying claims and reap-
ing unjustified profits" at the expense
of homeowners and business owners.
Hunter, a former Texas state
insurance commissioner, added that
he expects the industry to continue
to do exceptionally well because it is
pushing more risk and more cost
onto policyholders.
"They're making homeowners and
business owners take on more of the
risk through high deductibles, caps
on replacement costs and other limi-
tations," he said. "And they're refus-
ing to renew tens of thousands of
homeowner and business property
policies, especially along the coasts."
Hunter argues that state regula-
tors "have not done the job to control
excessive prices" charged by the

STILL CAMPING: Joyce Ridgeway poses between her home and her
FEMA trailer in New Orleans earlier this month. Ridgeway's
four-family house in the Esplanade Ridge neighborhood was
damaged when Katrina hit in August 2005.

For consumers, the situation is
both frustrating and financially bur-
Joyce Ridgeway, whose four-fam-
ily house in the Esplanade Ridge
neighborhood of New Orleans was
damaged when Katrina hit in August
2005, is still waiting for a final settle-
ment from British-based insurer
Lloyd's. She's so far received just
$30,000 toward the $85,000 needed
to cover alternative living expenses
and to repair the roof, gutters and
wood siding wrecked by the storm.

Ridgeway, a 52-year-old public
health worker, is frustrated that she's
still living on the property in a trailer
provided by the Federal Emergency
Management Agency. Tenants are
back in just two of the units.
'Tve been doing bits and pieces as
I can to get repairs done," she said. "I
took my savings."
But, she added, "I've waited so
long. It just doesn't seem fair."
A Lloyd's spokesman said that if a
claim couldn't be resolved locally, it
could be referred to the company's
dispute resolution department.

L L I UIUl~i



Intel plans

to build

new chip


in China

* Intel's plan to build a chip factory
in China is a victory for China's
campaign to attract high-tech
investment that it hopes will speed
development of its own technology
McClatchy News Service
BEIJING Intel announced plans
Monday to build a $25 billion computer
microchip plant in China, the largest
single investment by a U.S. company
here ever but one that may face polit-
ical opposition on Capitol Hill.
Intel Chief Executive Paul S. Otellini
said the new plant in the northeastern
city of Dalian would become the low-
est-cost factory the company has ever
The plant will make microchips a
generation behind Intel's most
advanced products, mostly for use in
computers. Since China assembles the
majority of the world's computers, pro-
ducing the chips here "just makes a
whole lot of sense," Otellini said.
Intel, the largest U.S. microchip man-
ufacturer, is likely to run into opposi-
tion on Capitol Hill on a variety of
grounds, including loss of jobs to China,
the export of manufacturing capacity
and national security. Congress has
imposed limits on high-tech exports to
China for fear they could find their way
into military use.
"Given the atmosphere in Washing-
ton and given that there's a new Demo-
cratic sheriff in town, I think the deal
will get a lot of scrutiny," said David
Wolf, head of Wolf Group Asia, a strate-
gic marketing consultancy for high-tech
industries. "It's going to be challenged."
For now, though, Intel has won a
green light from the Commerce Depart-
ment to proceed. At a signing cere-
mony, U.S. Ambassador Clark Randt
called the deal "a milestone in Sino-
United States high-technology coopera-
The Dalian plant will be Intel's first
microchip plant in Asia and the first to
be built by Intel from the ground up in
15 years. It currently operates microchip
plants in Arizona, Oregon and New
Mexico, as well as in Ireland and IsraeL
Otellini described the new plant as
crucial to the company's future.
"China is our fastest-growing major
market, and we believe it's critical that
we invest in markets that will provide
for future growth to better serve our
customers," he said.


(he liami Hcrlb 4





PRICE OF SHARES: Even with good news about earnings,
Walgreen shares fell 47 cents, or 1 percent, to close at
$47.30 on the New York Stock Exchange Monday.

Strong Rx sales boost

Walgreen's 2Q income

From Herald Wire Services

Robust prescription drug sales helped drugstore chain
Walgreen (WAG) earnings increase nearly 25 percent in the
second quarter, company officials said.
The nation's biggest drugstore chain by revenue earned
$651.9 million, or 65 cents per share, for the three months
ended Feb. 28. That's up from $523.5 million, or 51 cents per
share, during the same period last year.
Revenue beat Wall Street expectations by growing
14.6 percent, to $13.93 billion, up from $12.16 billion last year.

Microsoft (MSFT) said it
sold 20 million consumer
copies of the new Windows
Vista operating system
worldwide in February, but
analysts said the data shed
little light on the program's
popularity during its first
month on the market.
By comparison, Windows
XP, Vista's predecessor, sold
17 million copies in the two
months following its 2001
launch, Microsoft said.
But given that the per-
sonal computer market has
nearly doubled since XP
launched, Vista sales "prob-
ably should be more," said
Michael Silver, vice presi-
dent of research at Gartner,
a technology research

Porsche (PSEPF.PK)
said it had moved to
increase its stake in Volks-
wagen to nearly 31 percent
in a move aimed at shielding
Europe's biggest automaker
from hostile takeovers.
The move to increase
Porsche's influence, long
expected by analysts and
markets, triggered a manda-
tory takeover offer under
German law.
SStuttgart-based Porsche
said it paid $134.10 a share
and raised its stake in the
maker of the Jetta, Golf and
Polo by 3.6 percent. The
price per share was about 14
percent lower than Friday's
closing price.
Shares of Porsche rose
0.58 percent to close at
$1,490.25 while Volkswagen
shares fell 3.19 percent to
$151.42 in Frankfurt.

The Japanese broadcaster
Fuji TV (FJTNF.PK) sued
former dot-com luminary
Livedoor (LVDRF) on
Monday for $292 million in
damages over losses it
absorbed after buying a
stake in the since disgraced
Internet portal company.
The lawsuit, filed by Fuji
Television Network in
Tokyo District Court, seeks
compensation for the loss in
value of nearly 134 million
Livedoor shares the Tokyo-
based broadcaster bought in
2005 for $373 million as part
of an alliance.
Fuji took a substantial
loss when it later sold the
shares to Livedoor's new
partner, Usen (UNCTF.PK),
for about $805 million.
Livedoor shares plunged
after the company was
raided by prosecutors last
year, its top executives were
arrested on charges of secu-
rities laws violations,
including falsifying earn-
ings, and the shares were

Rehabilitation chain
HealthSouth (HLS) said it
has agreed to sell its surgery
division for about $920 mil-
lion in cash plus a stake in
the surgery business, its sec-
ond major divestiture this
year as it restructures after a
major financial scandal. Its
shares climbed more than
7 percent in premarket trad-
The sale to TPG, a pri-
vate equity firm, includes an
equity stake in a newly
formed company that will
operate the surgery busi-
HealthSouth estifigigf
the equity interest will be
worth between $25 million
and $30 million in five years,
pushing its estimate of the
value of the deal to $945 mil-

Germany's E.On
(EONAF.PK), fighting to
salvage its proposed take-
over of Spanish utility
Endesa (ELE), raised its
bid by 3 percent to about
$563 billion but Endesa's
two biggest shareholders
said they would team up to
make an even higher offer.
E.On's latest bid of $53.31
a share valuing Endesa at
42.4 billion euros came
after Endesa shareholders
Acciona (ACXIF.PK) of
Spain and Italy's Enel (EN)
had said Friday they were in
advanced talks on a possible
joint bid for Spain's biggest
Endesa's board of direc-
tors recommended Monday
that shareholders accept the
latest German bid, noting it
was up from its previous
offer made in February of
$51.64 a share, or a total of
$54.64 billion.

DHL, the world's leading
express delivery and logis- .
tics company, said it will
open its new international
gateway in Southern Cali-
fornia, to enhance service
quality and meet the grow-
ing needs of DHL customers
shipping to and from Asia-
Pacific and the Western
United States.
To establish the new
International Gateway oper-
ation, DHL has invested
nearly $3 million at its West
Coast Distribution Facility
in Riverside, Calif., adding
on-site offices specifically
for providing customs-pro-
cessing and clearance func-
tions related to DHL inter-
national shipments upon
The newly expanded
operation will come fully
online with the arrival today
of a flight from DHL's Cen-
tral Asia SuperHub in Hong
Kong into the facility.


Partners to develop new cholesterol drug

Associated Press
& Co. and Schering-Plough,
partners looking to grab more
of the $32 billion global cho-
lesterol-drug market, will
jointly develop a new medi-
cine combining their Zetia
with rival Pfizer's blockbuster
The planned drug, meant to
reduce bad cholesterol levels
in two ways, could hit the mar-
ket when Lipitor's patent
expires in a few years, Merck
and Schering-Plough said.
Information on when human
testing would begin was not
News of the deal pushed up
Schering-Plough's shares
more than 2 percent, while
Whitehouse Station, N.J.-
based Merck shares dipped
about 1 percent.
Merck and Schering-Plough
have a seven-year-old joint
venture that markets two cho-
lesterol drugs: Schering-
Plough's Zetia and a combo

pill launched in mid-2004
called Vytorin. It combines
Zetia and Zocor, Merck's for-
mer blockbuster, which lost
patent protection in June
Zetia is the only drug on
sale that limits absorption of
cholesterol in the digestive
tract. Zocor, like other drugs
in a popular class call stations,
limits cholesterol production
in the liver.
The Merck-Schering-
Plough joint venture promotes
Vytorin heavily, stressing that
it fights cholesterol in two
"We anticipate that the Lip-
itor/Zetia combination may be
more effective than Vytorin
on cholesterol reduction and
could capture an even larger
share of the cholesterol-man-
agement market than Vyto-
rin," analyst Joseph Tooley of
A.G. Edwards wrote in a
research note.
Halit Bander, the head of
New York-based Pfizer's Lipi-
tor medical team, said the

Heart disease remains
the country's No. 1

company can't speculate on
how the new combination
would work
Schering-Plough spokes-
woman Mary-Fran Faraji said
combining Zetia with any
station reduces cholesterol
level about an extra 20 per-
cent, roughly three times as
much benefit as just doubling
a station's dose.
"This will present, if it's
approved, an additional option
for physicians and patients,"
she said. "There are really tre-
mendous unmet needs in cho-
lesterol management."
Heart disease remains the
country's No. 1 killer and many
patients are unable to reduce
their level of bad cholesterol
and with it cardiac risk -
as much as doctors recom-
Meanwhile, new studies

reported Monday a comple-
mentary strategy of trying to
stave off heart disease by
boosting good cholesterol
didn't work well and had
safety problems.
Lipitor, the world's top-sell-
ing drug, currently is pro-
tected by two patents, one fac-
ing a legal challenge,
according to Pfizer. It is not
expected to face generic com-
petition until March 2010 or
Last year, Lipitor brought
Pfizer $12.9 billion in revenues
worldwide, more than three
times the combined sales for
Zetia and Vytorin of $3.86 bil-
lion. According to health data
company IMS Health, Zocor
had more than $3.2 billion in
2006 sales, down sharply from
2005 because of generic com-
petition. Prescriptions for a
cheaper generic version of
Zocor, simvastatin, exceeded
14 million just in the second
half of last year and are threat-
ening to erode sales of all the
brand-name cholesterol pills.

Citigroup expects to have
completed its corporate cost
review by mid-April, company
officials said, as published
reports suggested the nation's
largest bank was considering
cutting about 15,000 jobs.
The Wall Street Journal
said the job cuts which
would amount to about 5 per-
cent of Citigroup's worldwide
work force were part of the
New York-based bank's
restructuring plan, which was
disclosed late last year and is
aimed at improving the bank's
financial performance.
Citigroup's chairman and
chief executive, Charles
Prince, has come under heavy
criticism from investors
because its expenses have
been growing faster than its
'revenue; reducing profits.
Prince, who currently is on
a trip to India, told reporters
in New Delhi that he would
not comment on the Journal's
"We are going to announce
the results of our strategic
structural review on or before
our earnings announcement
on April 16," he said.
Earlier, Citigroup spokes-
man Michael J. Hanretta
declined comment on the
report, also saying results of
the cost-cutting study would
be made available "on or
before earnings on April 16."
The review is being led by
Chief Operating Officer Rob-
ert Druskin. The newspaper
said Druskin would report his
recommendations internally
by the end of the week It cited
unidentified people familiar
with the matter.
The newspaper said the
cuts could result in a charge of
more than $1 billion against

Associated Press
already blossomed as a news-
paper, website and book pub-
lisher, The Onion perhaps
the most dominant provider of
fake news anywhere is
bringing its brand of humor to
the hot medium of the
moment: Online video.
The dispatches on the
Onion News Network, which
goes live today, aren't likely to
be causing much missed sleep
over at CNN and Fox News
Channel, unless those outlets
start covering fake news sto-
ries like Civil War re-enactors
being dispatched to Iraq.
But on the Web, The Onion
will be going up against sev-
eral others who have already
established themselves in
comedy video, including Com-
edy Central's The Daily Show
withJon Stewart.
Much of that awareness,
however, came from unautho-
rized clips being viewed on
Google's YouTube, something
that Comedy Central's parent
company Viacom is suing
YouTube over for $1 billion.
Sean Mills, the president of
the closely held company that
runs The Onion, says he has
"some tolerance" for unautho-

COST REVIEW: Citigroup expects to have completed its corporate cost review by
mid-April, company officials said Monday.

Citigroup shares fell 18
cents to close at $51.54 on the
New York Stock Exchange.
Analysts at Standard &
Poor's Equity Research said
the savings from the job-cut-
ting regime "may not be mean-
ingful to near-term operating
results if the cuts come as a
result of attrition."
It added that it will be
important to watch how other
cutbacks are scheduled, since
"the timing of the expected
savings are just as important
as overall size of the cuts."
Charles Prince, the chair-
man and chief executive of
Citigroup, told a company-
sponsored financial services

conference in late January that
the New York-based bank still
intended to grow by focusing
on increasing its existing retail
and commercial businesses
rather than by acquiring other
The Journal reported Mon-
day that one possibility that
Citigroup is considering is not
replacing some of the 30,000
to 50,000 Citigroup employees
who leave the company each
year. The paper said that the
cuts could slice through Citi-
group's global banking empire.
It employs about 327,000 peo-
ple worldwide.
In January, Citigroup said it
earned $5.13 billion, or $1.03 a
share, in the October-Decem-

ber period, down 26 percent
from $6.93 billion, or $1.37 a
share, a year earlier when it
had a $2 billion gain on the
sale of Citi's asset manage-
ment business to Legg Mason
Quarterly revenue rose to
$23.83 billion, up from $20.78
billion in the same period in
2005. But while its revenue
was up 15 percent, expenses
rose an even greater 23 per-
For the full year, profits
totaled $21.54 billion, or $4.31 a
share, down 12 percent from
$24.6 billion, or $4.75 a share in
2005. Revenue was $89.6 bil-
lion for 2006, up from $83.6
billion in 2005.

rized use of clips, and is opti-
mistic that the company will
reach a mutually beneficial
arrangement with YouTube.
Clips from the Onion News
Network will also be available
for free downloads on Apple's
iTunes store, and Mills said
the company is in talks with
other Web companies about
possible distribution deals.
In the meantime, The
Onion wanted to give its audi-
ence as much flexibility as
possible, and will allow fea-
tures that are popular on vid-
eo-sharing sites such as allow-
ing Web publishers to embed
clips into their blogs.
"We want as many people
to see our news reports as pos-
sible," Mills said. "We can
work out a deal with YouTube
when they're ready."
The Onion's network will
start out with two new video
clips per week, supported by
ads. An in-house staff of eight
people will work on the vid-
eos, which have a professional
look to them despite the buf-
foonery being discussed, such
as a top-level technology exec-
utive who is forced to sell his
estate and take a job managing
a TGI Friday's after his job'
goes to an illegal immigrant.
Scott Dikkers, one of the

founders of The Onion who
returned about two years ago
and is now its editor, says the
company is frequently
approached with offers to do
television shows but so far has
turned them all down.
"What makes The Onion
what it is is that it's a totally
uncensored voice. If you go
through a network filter, you
get a totally different vibe,"
Dikkers said.
"I don't need someone to
tell me what I can't do."
While the subject matter of
the videos is sure to be funny,
based on. samples reviewed
ahead of the launch, it's also a
real business that a number of
advertisers have already
signed up for, including Dew-
ar's Scotch, Hyundai and Red
Stripe Beer.
Mills said he expects the

online video operation to
become profitable by the end
of the year.
All this comes as The
Onion's print publications
continue to expand. In early
April it will launch an edition
in Washington, its 11th, bring-
ing its total weekly circulation
to just over 700,000.
The Washington Post is
providing printing, distribu-
tion and help with advertising
sales in the Washington edi-
tion in exchange for a share of
Its print publications
remain profitable, but The
Onion is moving more and
more toward the Web, where
it now draws about 60 percent
of its advertising revenue ver-
sus 40 percent from print,
about the reverse of where it
was four years ago, Mills said.

S635p. Late 4 6:35 p.. Lte
Stock "t. 4cs dose Chg. vokme stock TV. s 6'.35pm violate
Nasd100Tr QQQQ 4430 44.23 -.07 90624 MylanLab MYL 20.22 20.22 28132
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Cepheid CPHD 10.87 11.95 +1.08 75244 UtdhlthGp UNH 56.88 56.88 26413
ClearChan CCU 35.44 35.44 73582 SunMicro SUNW 6.22 6.22 25330
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FannieM II FNM 56.55 5655 28537 Bowatr BOW 23.44 23.44 16117
For up-to-date stock quotes, go to www.MiamiHerald.com and click on Business


Citigroup may cut 15,000 jobs


Satirical newspaper taps into online video


VAT or sales tax

to reduce Bahamas

tax 'regression'

Tribune Business Editor
Value-Added Tax
(VAT) or retail sales
tax would reduce the
regressive nature of the
Bahamas' current import
duties-based tax system, a
study for the CARICOM Sec-
retariat has revealed, through
broadening the tax base and
.shifting the burden to higher-
income households.
The study on the fiscal
impact that trade liberalisation
will have on the Bahamas said
that consumption taxes, such
as VAT or a retail sales tax,
would encompass services as
well as physical goods.
Since higher-income house-
holds tended to devote a high-
er proportion of their monthly
income to services, the study
suggested that the introduction
of VAT or a retail sales tax
would shift the taxpaying bur-
den from lower income to
higher income households.
The paper, authored by Eric
Hutton, Don Augustin and
Lindsay Hodder, acknowl-
edged that consumption taxes
were often perceived as being
regressive, as lower income
households often had to divert
a higher proportion of their
income to goods purchases that
higher income households.
But in the Bahamian con-
text, they said: "In the case
where import tariffs are being

replaced by broad-based con-
sumption tax, the reform might
serve to reduce regressivity in
the tax system.
"Import tariffs are levied
strictly on goods, while a
broad-based consumption tax
might target services as well.
High-income households tend
to devote a greater proportion
of their income to the con-
sumption of services as com-
pared to low-income house-
holds, and so such a tax reform
could shift some of the burden
from low-income households
to high-income households."
The study suggested that
VAT would be a better option
that a retail sales tax, for
although they both targeted
the same tax base, retail sales
taxes might cause 'cascading',
where the tax might end up in
the "intermediate production
stage" and thus create a 'tax-
on-tax' situation in the final
consumption stage.
In addition, the CARICOM
study said VAT could provide
tax administrators with better
audit and assessment informa-
tion, and "better extract tax
from the services sector".
"Also, being a multi-stage
tax, when a taxpayer fails to
collect or submit the tax, some
portion of the taxes due still
have been collected; under a
retail sales tax, the full amount
of the tax would be at risk,"
the study said.
Income tax would require
major reforms of tax policy
and tax administration in the
Bahamas, with this nation hav-

ing to "start from scratch" in
creating an income tax depart-
ment, laws, policies, regula-
tions and staffing.
In addition, "income taxes
tend to exhibit relatively poor
performance in small, island
economies in terms of rev-
enues collected compared to
potential revenue collections".
The study said the bulk of
the tax burden in these situa-
tions traditionally fell on the
middle-salaried employees of
large institutions, such as
hotels, hospitals, teachers and
government employees.
The CARICOM study
added that using Stamp Duties
as a replacement for import
duties was not advisable, as
these would "most likely con-
travene" any trade agreement
that the Bahamas entered into.
Existing Stamp Duties might
have to be reduced, and
although customers fees were
still levied under trade agree-
ments, these were set at rates
just to cover the costs of pro-
cessing trade documents.
The CARICOM study also
hinted that "trade diversion"
might result from the Bahamas
signing up, via CARIFORUM,
to the Economic Partnership
Agreement (EPA).with the
European Union (EU).
Imports from countries such
as the US could be replaced in
favour of EU imports, as the
recprocal nature of tho-EPA
means that the Bahamas will

be required to give these goods
duty-free access to this nation,
making them relatively less
"The fiscal impact of trade
diversion would likely only be
significant in the case where
the United States were exclud-
ed from the trade agreements,
and some other large manu-
facturing centre, such as the
EU, were included in the trade
agreement, due to the pre-
dominant role of the US as a
trading partner," the study
It aldso warned that the rel-
atively "small and closed"
Bahamian wholesale and retail
sector, where only Bahamian
ownership was allowed, could
see companies fail to pass sav-
ings from reduced import
duties on to consumers.
While there were no monop-
olies or oligopolies in the sec-
tor, the study said there had
been allegations of "price col-
lusion" in the past.


14,000 miles, 1 1/2 cabs
AC, CD player, excellent condition.

Tel: 327-8028 Cell: 35-83180


* Safe. tamity-like environment

* Private Elementary, Middle and
Secondary Schools
* New residences

* Small class sizes

* Dedicated faculty

* Beautiful campus near Niagara Falls

* 400 students from 18 countries

* 1/3 international and 2/3 Canadian

* Comprehensive co-curricular and
residential programs
* Distinguished university placements

* listablishedin 1932

* Rich tradition and heritage

About $24,000 USD peryear!

modem residences
health insurance

NCC will be hosting personal

family visits at the British

Colonial Hilton in Nassau on

April 2. Please contact Diane

Kon at NCC directly at

dianek@niagaracc.com or

drop in to the Hilton fora visit

2619 Niagara Parkway
Fort Erie, Ontario CANADA


I AMM=q .,,WA


With origins in The Bahamas since 1978 and in the Cayman Islands and
the Turks and Caicos Islands since 1980, Fidelity is a financial services
~P~ group offering a comprehensive range of insurance services, domestic
and international banking, estate planning, pension services and corporate
S finance as well as other financial products and services. Fidelity is now
inviting applications for a:

Director Corporate Banking

4 Reporting directly to the President, the successful candidate will have the
following minimum requirements:-
Bachelor Degree in Business, Banking or Finance
* An MBA qualification would be an asset
5 years experience in international credit markets
S 10 years commercial credit experience at a managerial level
Comprehensive understanding of structured financing solutions
Strong financial and business analysis skills
Exceptional written and oral communication skills.
Proven record ofdelivery ofpresentations
The successful applicant will primarily be responsible forthe develop-
ment of Fidelity's corporate finance business in The Bahamas and across
a the Caribbean and will be expected to travel on a frequent basis.
An attractive compensation package, including a comprehensive range of
S employee benefits is offered.
Please send applications no later than April 15th, 2007 to:
Director Corporate Banking
Director of Human Resources
P.O. BoxN-4853
Nassau, Bahamas
Tel (242) 356 7764
Fax (242) 326 3000
Email areersi'fidelitvbahamas.com ,



for a

Treasurer Bahamas and Cayman
Operating Companies
Treasury Sales & Trading (TST)

Key Activities and Deliverables:
The Treasurer is a senior member of the TST leadership team that provide best-in-class
Balance sheet management, TST control and TST dealing support for the FirstCaribbean
Group. A key focus for TST is to enhance Group interest income and develop / market TST
products to the countries' largest and most discerning clients. Countries include: Bahamas,
Turks and Caicos, Cayman, British Virgin Islands, St. Maarten, and Curacao.
Successfully manage and extract maximum value from business projects and process
improvement initiatives designed to strengthen the operational infrastructure of FirstCaribbean
Build and improve the organizational structures and delivery platforms that support the
FirstCaribbean TST model and product lines
Manage to successful completion, business projects and process improvement initiatives,
designed to strengthen the operational infrastructure of FirstCaribbean TST.
Develop effective partnerships with all functional groups including Marketing, Finance,
Human Resources and Operations & Technology that directly benefit TST activities, customers
and day-to day operations.
Key result areas include: balance sheet & liquidity management, product sales/marketing
function, product structured support, governance and market risk


Graduate status with minimum of 7 years experience in the business/financial
3 years of specific management experience in a TST environment
Association of Corporate Treasurers (ACT) or equivalent qualification preferred
Understanding of the local Bahamas markets, competition, geographic, macro
economic and global factors impacting TST activities
Seasoned director with a solid track record of success managing and growing
TST / Treasury Products business in international financial institutions
Solid operational experience in both a sales and a trading environment


Salary commensurate with the position's seniority (FC Level 9 the Bank has
11 pay levels)
Benefits- includes a car allowance, variable incentive pay (bonus) and preferred
loan rates
Applicants are requested to submit their resume with a cover letter via email by
March 29, 2007 to: deangelia.deleveaux@FirstCaribbeanBank.com

FirstCaribbean International Bank (Bahamas) Limited thanks
allapplicants for their interest, however only those under consideration
will be contacted.





1ar. ilf
rfn l&



NOTICE is hereby given that JEANRENL JOSEPH OF
EAST STREET, COCO PLUM, Nassau, Bahamas, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why ..
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 27th day of March, 2007 to the.
Minister responsible for Nationality and Citizenship, PO.Box V
N- 7147, Nassau, Bahamas.

S .......0..*...* ........... ....... ....... ......* .......


Reg. Price $50.00 *This coupon Not Valid with any other specials*
Rides Not Included





$2.00 OFF Childrens Ticket
REG PRICE $10.00
I Good Everday. Rides Not Included
Present This Coutpon At Circus Ticket Box
I .............. .......... .. ............................. I

Monday tlu'u Friday 7:00pm & 9:00pmi
Satulrcyv& SindayL5:llUnpm;, ":00pm & 9:30pm


UBS (Bahamas) Ltd. is one of the world's leading
financial institutions in the Caribbean. Our Business
Area Wealth Management International looks 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.

For our team in Nassau we are looking to fill the
following positions:

Client Advisor Assistant-Brazil desk
In this challenging position you will be responsible for:
Supporting the client advisors team in
administrative and organizational arrangements
as well as client related processes for optimal
service delivery support
Your tasks will include processing client orders,
dealing with client queries and requests,
preparing contact schedules and client files
before each visit.
With your specialized transactional process
knowledge you act as a troubleshooter
We are searching for an individual with;
Banking & Commerce experience and
At least 2 years experience in same or similar
Proficient knowledge of Office Program
(Windows, Excel, PowerPoint)
Portuguese and Spanish are essential
Written applications by Bahamian nationals only should
be addressed to:
hrbahamas@ubs.com or UBS (Bahamas) Ltd.
Human Resources
P.O. Box N-7757
Nassau, Bahamas

schedule to be hard on fe 8*day of Febauy AD., 2007 wilt now be head on the
101 day of M i A.D., 207 at 2:3Fp m. in the afternoon before the Chief Justice Sir
Button Hall of the Supreme Court situate Oeorge Stret in the Island of New

The Bahamas Environment Science &

Technology (BEST) Commission,

Ministry of Utilities & Environment

is seeking a


with skills in technical writing, for the production of a public document.
The successful candidate would be able to conduct interviews, gather data
and analyze information. The successful candidate would also be
knowledgeable about global Climate Change (CC) and the United Nations
Framework for climate Change.The successful candidate would be able to
articulate the implications and factors effecting small island states relative
to CC. The position offered is temporary and is contingent on the production
of the document. Interested persons should send their resumes before March
29th, 2007 to the Commission office.All applicants should be available for
interviews during the week of April 3rd 2007. Please contact the Commission
for further details at:

BEST Commission, Ministry of Utilities & Environment
Nassau Court, West Bay Street
Nassau, Bahamas
Tel: 322-4546 or 322-2576
Fax: 325-3509
Email: bestnbs@hotmail.com


w Ed

Reebok gets back into the race

Globe Staff
c. 2007 The Boston
REEBOK, which launched
its brand riding the aerobics
craze, now wants you running
with them.
Over the past few years, the
Canton, Mass. sneaker maker
has reinvigorated its running
division, rolling out a new line
of high-tech sneakers and sign-
ing on more athletes as
endorsers. The company,
which has amassed 15 awards
globally from trade publica-
tions since 2003, is unveiling
next week its most ambitious
marketing campaign yet to win
over runners.
After years of trying to build
its lifestyle and entertainment
reputation, Reebok wants its
running credibility back. More
than that, the company wants
to improve its struggling over-
all brand, which saw United
States sales drop last year.
Running is its biggest category,
followed by basketball and ten-

Running is lucrative because
it is the biggest segment of the
athletic footwear market, with
US sales jumping five per cent
to $4.9 billion between 2004
and 2006 and average prices
increasing 9.5 per cent to
$40.47 over the same period,
according to market research
firm NPD Group in Port
Washington, N.Y. But the
growing popularity of the sport
has attracted more rival sneak-
er brands, forcing companies
to battle to keep their market
"It's very congested now.
We have to come up with
something unique and com-
pelling that will attract people
to the brand," said Mark
Bossardet, Reebok's head of
global running.
Reebok, which German
sportswear firm Adidas Group
bought last year for $3.8 bil-
lion, is attempting to carve a
niche by focusing on comfort
and fit that appeals to the gen-
eral running population, not
just hard-core marathoners.
While other firms focus on the
blood, sweat, and tears of run-

ning. Reebok's global "Run
Easy" campaign will celebrate
the sport's camaraderie and
joy, Uli Becker, Reebok's chief
marketing officer, said earlier
this year.
The company's newest run-
ning technology, Kinetic Fit
System, focuses on the fit of
the entire shoe, rather than just
the ride where competitors
have paid most attention
designing shocks and gels.
Reebok's engineers have
strategically placed synthetic
panels of the upper shoe where
the foot flexes so that the bot-
tom and upper move in har-
Over the past few years,
Reebok has enlisted young
athletes to endorse its running
line from Aries Merritt, a sev-
en-time NCAA All-American
men's champion, to Monique
Henderson, a former
Olympian who ranked third
last year in the nation in 400
The Trinity KFS, launched
last fall, received a coveted
award from the magazine Run-
ner's World USA, and sales of

the $115 sneakers have been
strong, Reebok said but
declined to provide more
details. Its newest sneakers
using the technology, Premier
Ultra KFS, also sell for about
$115 and will debut next
month during the Boston
Marathon Expo at the Hynes
Convention Center.
"I was really skeptical at
first," said Warren Greene,
brand editor at Runner's
World who picked the Trinity
KFS as an Editor's Choice
award last fall. "But when I
put the shoe on I was totally
blown away by it. We heard
from our runners who tried
them out that Trinity KFS fit
great and was as comfortable a
shoe as they ever ran in." k
Reebok's attention to run-
ning comes as other rivals fine
tune their focus. New Balance
Athletic Shoe Inc. recently
launched NBx, an entire divi-
sion dedicated to the elite run-
ning industry. New Balance
chief executive Jim Davis said
the Boston firm used to domi-
nate the shelves of specialty
running stores, but it grew too

February: Sales of new

homes fall sharply for a

second consecutive month

WASHINGTON (AP) Sales of new
homes fell sharply for a second consecu-
tive month in February, a weaker-than-
expected performance that dimmed hopes
for a rebound in the troubled housing mar-
The Commerce Department reported
Monday that sales of new single-family
homes fell-by3.9 per cent last month to a
seasonally adjusted annual rate of 848,000,
,t.he^s9we(f~,at pace in nearly seven

years. All regions of the country except the
West experienced weakness last month.
The February decline followed an even
larger 15.8 per cent drop in sales in Janu-
ary, which had been the largest one-month
plunge-inr l3yearTs. +, '> ..---. ... .
The back-to-baek.declines provided evi-
dence that the hoiusig market isg.ontinu-

ing to struggle with lagging demand and a
glut of unsold homes.
The weakness in sales pushed the medi-
an price of a new home down to $250,000
in February, a drop of 0.3 per cent from a
year ago.
It marked the second straight month
that the median price fell compared with
'he same period a year ago. The median is
the point where half the homes sold for
.moe and half for less.

quickly and took its eye off the
market. Now, the company is
trying to step up its game.
"The running category is
also where you see innovative
technology launches and high-
er average price points, so it is
a very competitive area where
brands look to make a strategic
impact," Davis said.
Executives from Nike Inc.,
which dominates the running
category, declined to comment.
Bob McGee, editor of indus-
try newsletter Sporting Goods
Intelligence, said Reebok's
approach to go after the casu-
al runner will enable it to cap-
ture a bigger market beyond

serious marathoners.
"This softer approach might
play better with younger
demographics of females," said
McGee. It's many of the peo-
ple that wore the aerobics
shoes they're trying to reach
that same demographic."
Reebok's Bossardet said he
doesn't expect to win over the
running public overnight.
"It's an evolution, not a rev-
olution. It takes years to estab-
lish yourself as a credible run-
ning brand," he said. "But at
least we're in the race."
Jenn Abelson can be
reached at:


Applicants must be at least 23 years of age,
self-motivated, disciplined and possess the

* A valid driver's license
* The ability to drive standard shift vehicles

Please visit out Bernard Road office
between the hours of 9:00am and 5:00 pm,
Monday Friday to pick up an application


Ambitious, hardworking and highly motivated Bahamian
couple sought to run established marina and restaurant
on Rum Cay.

Montana Holdings Ltd owners of Rum Cay Resort
Marina, currently under development have just acquired a sister
property, on the island of Rum Cay. Sumner Point Marina extends
over 26acres across the south eastern corner of the island with docking
for 30 boats up to 160 ft in length, a newly refurbished 30 seater
restaurant and guest accommodation for up to 16 persons.

Responsibilities include but are not limited to:-
all marina, restaurant and lodging operations;
Full P+L and budgetary accountability including F+B,
reservations and inventory control.
Oversee all maintenance and repairs
Manage housekeeping of rental villas
Supervision of staff and suppliers.
Co-ordinate Montana client visits to Rum cay
Manage Montana Sales Office on Rum Cay

Skills and Attributes

minimum 5 years prior management in a similar establishment
Excellent marine, general engineering and maintenance skills
Experienced chef or professional qualification in hotel and
catering management
Superb organisational and administrative skills
Extremely computer proficient
Highly motivated self starters who have the will and talents to
operate a challenging business in a remote location with total

Remuneration package commensurate with experience, will include
competitive salary and benefits, return flights to Nassau, fully subsidized

Closing date for applications 04/04/2007.
H.R. Manager
Montana Holdings Ltd
P.O. Box N-9322
Nassau, Bahamas

Fax 677 3007


Invites applications for the position of


Responsibilities will include (but are not limited to):

4+ Creating fiduciary structures that will service the needs of
*: Marketing trust products
o Ensuring that all fiduciary structures are administered at a
high professional standard and in accordance with Policies
& Procedures of Deltec and the laws of The Bahamas
+ Maintaining current knowledge of all issues (law and tax)
affecting fiduciary structures
: Supervising the Company Department

The successful candidate should have the following:

SSTEP Diploma
> 10 years trust experience
(minimum 5 years in a supervisory capacity)
SExcellent written, oral and presentation skills

Salary will be commensurate with experience.

Interested persons may submit resumes as follows:

Human Resources Manager
Deltec Bank & Trust Limited
P. O. Box N.3229
Nassau, Bahamas

Resumes may also be faxed c/o 362-4623 or emailed to





PAV' l !3,, TUESDAY, MARCH 27, 2007


Stocks rebound to end mixed after disappointing

home sales report raises worries about economy

Street pared steep losses yes-
terday to end narrowly mixed
after a surprise drop in new
home sales for February trig-

I. luxurious harbour front Penthouse
Residence with spectacular views of
Nassau and its Harbour:

* 5,000+ sq ft. total area
* 4 Bedrooms with 4.5 baths
* Master bedroom with dressing area, Jacuzzi
and large walk-in closet
A Large balconies
* Elegantly furnished throughout with a
separate study
* Formal dining room
* Private elevator
* Heated pool and spa overlooking the harbor
* Private dock for a yacht up to 75 feet
* Dedicated storage and crew areas
* Exercise room
* Indoor Garage
* Private gated entry
* Lush tropical landscaping


$18,500.00 per month net

For further information and viewing call:

UBS3 (Bahamas) Ltd. is one of the world's leading
fin :icial institutions in the Caribbean, Our Business
Area Wealth Management International looks after
wealthy private clients by providing them with
comprehensive,-value enha gjg 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

In order to strengthen our team in Nassau, we are
l i king .to fill the following positions:

Caribbean Desk Head / Client Advisor

Ilhe position holder will be responsible leading the
caribbean Desk in Nassau, Bahamas or become a
client advisor on the desk. This includes supervising
of day-to-day activities and financial results, monitoring
market conditions, and assessing risk. The position
holder has the task to identify new prospects and build-
up the corresponding relationships. S/he works closely
together with product specialists for analysing client
needs and developing, marketing and implementing
tailor-made investments strategies and solutions. The
; .liisiition of new clients will be a main focus.

SI, rI.tr cdi' late will provide input to senior management
r!yjarding client segmentation and marketing strategy
for his/her region. S/he will assist in the process of
building and developing key accounts, leading this
process where appropriate. S/he maintains a direct
relationship with clients resolves and escalates client
issues arising from the team.

The position holder is accountable for the
implementation of operating policy and standards.

Requirements for this position include:
* Minimum 5 years experience and a proven
successful track record in Wealth Management
Minimum 5 years experience in client acquisition
:11 i relatinship building
'.i i, i iu and personable with great social skills.

In this position, the successful candidate will be
expected to:
* Use communication and negotiation skills to
attract new clients and identify client needs
* Meet with clients and potential clients in social
* Travel to meet with clients and potential clients

Se ior Client Advisor & Client Advisor
A.n iv America

In this challenging position you will be responsible for
acquisition of new and advisory of existing clients, as
well as presentation and implementation of investment
.solutions in the client's mother tongue.

For this position we are searching for an individual who
ilr;I ; ith following requirements:
I -,;i'v- experience and a proven track record
in Wealth Management
Specializing in the fields of Customer relations,
investment advice and portfolio management.
.ll-r!t sl;; and advisory skills as well as solid
i I ,,l, I, investment products are key
I ,1 nllt. FIluioncy in English, Portuguese
and Spanish is essential.
I0,'or-fpr1d? Written applications should be sent to:

',, , : o~ sc,, C I UBS (Bahamas) Ltd.
Human Resources
P.O. Box N-7757
Nassau, Bahamas

gered further concern that eco-
nomic growth is slowing more
than expected.
The Commerce Department
reported that sales of new sin-
gle-family homes fell by 3.9 per
cent last month to a seasonally
adjusted annual rate of
848,000. It was the slowest
sales pace in nearly seven years
and dimmed hopes for a
rebound in the troubled hous-
ing market.
Economists have been
watching the housing industry
for a hint about where the
economy is heading. The dis-
appointing data came amid
Continued concern about the

subprime mortgage market,
which has been slammed by an
increase in delinquencies in
recent months.
This sent major indexes
down throughout most of the
session, with the Dow Jones
industrials racking up triple-
digit losses. Investors used the
decline to buy some shares
before the second-quarter ends
on Friday, analysts said.
"The market is already wor-
ried more about economic
growth than inflation, so I
think you're going to see reac-
tions like this," said Todd Sala-
mone, director of trading at
Schaeffer's Investment

AP Business Writer


Research in Cincinnati.
"Overall, its impressive from
the comeback we've had.
There's been a whirlwind of
attention about housing's
effects on the economy, it isn't
anything new and these pull-
backs are buying opportuni-
According to preliminary
calculations, the Dow fell
11.94, or 0.10 per cent, to
12,469.07. Last week, the
benchmark index posted a 370
point gain, its best weekly
point rise in four years. It
dropped as much as 112 points
earlier on Monday.
Broader stock indicators
were slightly higher. The Stan-
dard & Poor's 500 index rose
1.39, or 0.10 per cent, to
1,437.50, and the Nasdaq com-
posite index added 6.70, or 0.27
per cent, to 2,455.63.
Bonds rose, with the yield
on the benchmark 10-year
Treasury note falling to 4.60
Super cent from 4.61 per cent late
Friday. Bond investors have
been hoping that a slowing
economy will cause the Feder-
al Reserve to lower interest
The dollar traded mixed
against other major currencies,
while gold prices advanced.
Investors also are focused on
a spate of economic data due
this week, including the gross
domestic product report due
on Wednesday.
"Investors are looking to fig-
ure out how things are going to
shake out after a big move
higher last week," said Mike
Malone, a trading analyst at
Cowen & Co. "Given the mag-
nitude of the move higher we
had last week, I don't find this
to be overly surprising."
Oil prices rose Monday, with
a barrel of light sweet crude
up 63 cents to $62.91 on the
New York Mercantile
Exchange. Crude prices have
risen steadily on continued ten-
sions between Iran and the-.
West following Iran's deten-
tion of British naval person-

i M A I 1A,
k I U A (we-trl(l



Executive Pastrv Chef

111 e successful candidate will manage and
coordinate pastry production of a volinne food
operation Nith a Inininium of eight restatirant
otillets and banquet operation in excess of 90,000
s(piare feet indoor/outdoor iith emphasis on
plated and modern buffet set tip techniques. This
Position requires:

Excellent written and verhal communication
Knowledgeable in computer programs, Excel
and Nlicrosoft word;
Exlensii e knowledge and experience in sugar
it(] chocolate work, pastille showpieces and
must be capable of preparing dessert, plated
and bulTO presentations.
Iligh school or equivalent education required.
Culinary degree from an accredited institution

NVe offer exceptional pay and benefits.
Resuines should be forwarded on or before
April 13th, 2007 to:
Human Resources Department
NVestin & Sheraton Grand Bahama Island Our
Lucaya Resort
K0. Box F-42500
Freeport, Grand Bahama

Pricing Information As Of:
n na26 March n2007
11' S esX ALL SHARE INDEX: CLOHE.1,779,3i
wkHI 52iK-Loj SecurlI Previous Close Today's Close Change Daily Vol EPS S Div S PIE YIeld
1.85 0.54 A-- ac .arkeE --0.82 0 90 0.08 2.000 -0 282 0 000 NIM 000%
12.05 10.70 Bahamas Property Fund 11.25 11.25 0.00 1.689 0.400 6.7 3.56%
8.65 6.90 Bank of Bahamas 8.60 8.65 0.05 1.000 0.737 0.260 11.7 3.01%
0.85 0.70 Benchmark 0.85 0.85 0.00 0.265 0.020 3.2 2.35%
2.19 1.26 Bahamas Waste 2.10 2.10 0.00 0.199 0.060 10.6 2.86%
1.49 1.12 Fidelity Bank 1.30 1.30 0.00 0.170 0.050 7.6 3.85%
10.33 9.00 Cable Bahamas 10.35 10.35 0.00 1,100 0.915 0.240 11.3 2.32%
2.20 1.67 Colina Holdings 2.10 2.10 0.00 0.078 0.040 26.9 1.90%
14.15 9.50 Commonwealth Bank 14.15 14.15 0.00 850 0.998 0.680 14.0 4.86%
6.26 4 22 Col slida.,d Wl, HU.),; 5.03 5.04 0.01 0.118 0.045 42.6 0.89%
2.88 2.40 Doctol's Hospilal 2.46 2.46 0.00 0.295 0.000 8.3 0.00%
6.21 5.54 Famguard 5.94 5.94 0.00 0.552 0.240 10.8 4.04%
12.45 10.70 Finco 12.45 12.45 0.00 200 0.779 0.570 15.7 4.58%
14.70 10.90 FirstCaribbean 14.61 14.61 0.00 0.921 0.500 16.0 3.40%
17.06 10.40 Focol 17.06 17.06 0.00 1.644 0.510 10.4 2.99%
1.15 0.50 Freeport Concrete 0.50 0.50 0.00 -0.434 0.000 N/M 0.00%
10.20 7.10 ICD Utilities 7.25 7.25 0.00 0.532 0.100 13.6 1.38%
9.10 8.52 J. S Jolri;oni 9.05 9.05 0.00 0.588 0.560 15.4 6.19%
10.00 10.00 I'tenier H.il E!At.t; 10.00 10.00 0.00 1.269 0.795 7.9 7.95
:., Fidelity Over--
52wk-HI 52wk'LO S.mbol BaB 1 Ask $ Last Price Weekly Vol EPS S Dlv S PIE Yield
14.30 12.25 Banarras Supermiar-.: i !4 60r 1560 1600 1 766 1 125 88 7 71
10.14 10.00 Caribbean Crossings (Pref) 8.00 8.25 10.00 0.000 0.640 NM 7.85
0.54 0 20 RND Holdings 0.45 0.55 0.20 0.021 0.000 26.2 0.00
. C,..ia OCver-The-cOU eL'T
43.00 1?41 Oil iI3,,, s up ..e1300 4100ls 2220 0000 194 000%
14.60 14.00 Bahamallls .itupliikutls 14.60 15.50 14.00 1.770 1.320 8.3 9.04%
0.60 0.35 RND Holdings 0.45 0.55 0.45 -0.070 0.000 N/M 0.00%
M ; BISX Uetedw
52wvKHi 521,-Lo3A F,,,J NNarr, tmeIA '1 YTDco Lasl 12 Monlhs DIv S Yield o
1.3312 1,1273 Colina Monov Market Fund 1.331194|
3.0988 2 6 ,jj: I Itlhly EIldli < H I I I )-d 3 098 **
2.6254 2 .3112' (CoIIl., M:;I Pi' d:l I I i 2 ,1 "'
1.2338 1 1 .592 (- li ti. i t rlI l 1; II 1.1
11.3945 10.0000 I Idc-liy P-'IIIU IIILUIIIU -LFIund 11 3945.....
BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 MARKET TERMS YIELD last 12 month dividends divided by doping price INAV HEY
52wk-H Highest closing price In last 52 weeks Bid $ Buying price of Collna and Fidelity
52wk-Low Lowest onislnl Ipricr In las.t 5i; wv.ok Ask $ Selling price of Collna and fidelity March 2007
Previols I' ln I,' VIIu. I iv i l, i ., I ;t Price Last traded over-the-counter price
Tody'I; r1. -. I .' I . .i i T i I ,VV ll Vol Trading volume of the prior week 8 Febu ry 2007
Ch:llnJo 1h ) 111 I ) .111 i ', ,, I 11 IJI LI' S $ A company's reported earnings per share for the lasl 12 Inthe
Daily Vol. Number of total shares traded today NAV Net Asset Value "" 31 Jenury 2007
DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful
PIE Closing price divided by the last 12 month earnings. FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 100 "" 28 Febuwy 2007
...... i. I i1 I. l....- Feu .lary 20071

nel. Recent declines in U.S. oil
inventories also supported the
Citigroup Inc. fell 18 cents
to $51.54. The Wall Street
Journal reported Citigroup
might reduce its work force by,,
about five per cent. The comn-'
pany has been under pressure';
during the past year to boost.
earnings to fend off rivals from"
eating into its global market;
Dell Inc. rose 79 cents, op'
3.5 per cent, to $23.62 after d
Goldman Sachs analyst said"
the computer maker should:
see benefits from its turn-
around efforts later this year.-:
Walgreen Co. reported secs
ond-quarter profit surpassed"
Wall Street projections as the.
drug store chain posted robust-
revenue from retail prescrip.'
tions. The stock fell 47 cent'l
to $47.30. A
Fiscal fourth-quarter profits:
at Tiffany & Co. remained,
essentially flat as the luxury
jewelry retailer recorded ar.
impairment charge. Revenue,
however, rose 15 per cent to"
$986.4 million. Results came,
in ahead of Wall Street's'
expectations. The stock rose'
13 cents to $45.63 after hitting
a 52-week high of $46.09 at the'
open. .
Kimberly-Clark Corp., the-
maker of consumer brands like
Kleenex and Huggies, on Mon-
day said it still expects to meet>
its full-year profit target. ,
Shares fell 5 cents to $68.94.
Saudi Basic Industries Corp.
is planning a bid worth up to
$12 billion for General Elec-
tric Co.'s plastics unit, the
Financial Times reported Mon- ,
.day. GE rose 18 cents to $36. '
The Russell 2000 index of"
smaller companies was fell,.
3.26, or 0.40 per cent, at 806.25. h;
Overseas, Japan's Nikkei
stock average closed up 0.24"
per cent. Britain's FTSE 1009
down 0.75 per cent, Germany's
DAX index was down 1.02 per.
cent, and France's CAC-40 was'
fell 1.04 per cent.

The Public is hereby advised that I, MELANIE
MAURICE of Nassau, The Bahamas intend to change
my name to MELANIE MAREUS. If there are any
objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
RO.Box SS-742, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.


NOTICE is hereby given that WINDY ST. VIL OF UNCOLN
BLVD, NASSAU, BAHAMAS is applying to the Minister
responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/naturalization
should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 20th
day of March, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau; Bahamas.

- *11 tt"^'TBlWI^-WBfPy^-- -----^--^'-W---




Nasdaq: Applauds at the

opening bell ceremony

* HAN Daqing (right),
President and CEO of
Telestone Technologies
Corporation, attends the
opening bell ceremony at
the Nasdaq stock market on
March 26 in New York. The
Beijing-based company
supplies wireless technology
equipment and solutions to
Chinese telecommunica-
tions companies.

(AP Photo: Mark


FirstCaribbean International Bank (Bahamas) Limited
Chairman's Review
Of the Results
For the first quarter ended January 31, 2007

The consolidated net income of FirstCaribbean International Bank (Bahamas) Limited for the
first quarter of the 2007 fiscal year was $35.9 million, an increase of 24% over last year's restated
net income of $29m. Included in the net income for this quarter was the impact of a change in
policy as described in note 4 to these interim statements which resulted in a gain of $7.2 million.
Last year's net income included fees of $1.7 million which was earned from Barclay' Capital,
with none being earned this year as the fee agreement expired. Earnings per share for the
quarter-was 29.9 cents,.-an increase of 5.8 cents over last year. Excluding the gain from the
change in policy, earnings per share was 23.9 cents for this quarter.

The Bank's net interest income continued to improve and for the three months to January 31,
2007 amounted to $39 million, a 10% increase over the same period last year. This improvement
resulted from a 14% growth in total loans as well as an increase in the level of investments from
thesame period last year.

Operating expenses for the quarter were $8.2 million lower than the same period last year,
mainly because of the favorable adjustment with respect to change in policy, as mentioned
above. Excluding the gain from this change in policy, operating expenses were $15.5 million.

The Bank's total assets at January 31, 2007 stood at $4.7 billion representing a growth of $1.1
billion or 29% from last year. Total loans grew by $315 million to $2.5 billion as residential
mortgages and business loans together increased by $214 million from last year. Cash and
securities increased by 47% or $537 million from last year as additional investments were made
in our securities portfolios.

The return on assets and the return on tangible equity for the first quarter of this fiscal were
3.1% and 34% respectively.

We thank our customers and shareholders for their continuing loyalty and patronage
throughout the quarter and look forward to another successful year.

Michael K. Mansoor
FirstCaribbean International Bank (Bahamas) Limited
Consolidated Balance Sheet

Cash and advances to banks
Fixed assets
Other assets

Total asset

Total deposits
Otherborrowed funds
Other liabilities
Debt securities in issue

Total ltablltles

Share capital & reserves
Retained earnings

Total liablities and equity


FirstCaribbean International Bank (Bahamas) Limitel
Consolidated Statement of Changes in Equity

Balame at October 31,2005
as previously reported
Priorperiod adjustment
Balance at Otober 31, 2005 as restated
Net income for the period
a previously reported
Prior period adjustment
Net Income a restated
Revaluation gains/(losses)
Transfer to Statutory Reserve Fund Turks & Caicos Island
Balance at January 31, 2006

Balance at October 31, 2006
Net income for the period
Revaluation gains/(losses)
Trnsfer to Statutory Reserve Fund Turks & Caicos Islands
T atafer to Statutory Loan Reierve
BIla ceIat January 31, 2007

Unaudited Unaudited
January 31, 2007 January 31.2006



October 31, 2006


4,656,179 3,599,598 4,691,474

3,506,721 2,966,589 3,503,903
142,301 79,694 582,165

4,046,945 3,046,283 4,086,068

432,959 420,464 435,556
176,275 132,851 169.850
M7,.A -..- ..

06 9t234 55
3,315 605,406
656,4 179 3 599 598


Share Capital & R Tot
Reserves Retined Earnlng Toal

417.281 162,439 579,720
(18,481) (18,481)
417,281 143,958 561,239



-28,957 28,957
(36.064) (36.064)
(817) (817)
4,000 (4.000)
420,464 132,851 553,315

435,556 169,850 605.406

35.945 35,945
(30,054) (30,054)
(2,063) (2,063)

(534) 534
432.959 176,275 609234

FirstCaribbean International Bank (Bahamas) Limited
Consolidated Statement of Income


Three Months laded
January31.2007 JammUr31.20


38,772 35347 148,333
6,501 10,99 e "33,536
45,273 4255M 181,869

8,212 10,457 65,873
' : 1,116 .841 5,324
9328 17,298 71,197

3J45 2 7 .. 110.672

Total interest income
Total interest expense

Net interest income
Operating income

Operating expenses
Loan loss expense

Net income

Weighted average number of common
shares outstanding for the period

Earnings per share (in cents)


Year laded




120,216,204 120,216,205


FirstCaribbean International Bank (Bahamas) Limited
Consolidated Statement of Cash Flows


Uuadltod Uaaudited
Three Moaths Ended Three Months Ended
Jam rv 31. 07 January 31. 2006

(1 ,49)


Net cash used In operating activities

Net cash from (used in) financing activities

Net cash used In Investing activities

Net Increase (decrease) In cash and cash equivalents

Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period








3.S43 568,321

FirstCaribbean International Bank (Bahamas) Limited
Notes to Consolidated Interim Financial Statements
Three Months Ended
January 31, 2007

1. Accounting Policies
The accounting policies used in the preparation of these consolidated interim financial statements are consist wih hose mad in the annual financial
statements for the year ended October 31, 2006.

The consolidated interim financial statements include the accounts of the following wholly owned subsidiaries:
FirstCaribbean International Finance Corporation (Bahamas) Limited
FirstCaribbean International (Bahamas) Nominees Company Limited
FirstCaribbean International Land Holdings (TCI) Limited

2. Comparatives
Where necessary, comparative figures have been adjusted to comply with changes in presentation in the cuent yea.

In the prior year, in accordance with IAS 18 Revenue, loan fee income, which would have been condered to e s p oe elective interest rate
of the financial instruments, was deferred and recognized as an adjustment the effective interestyield on thel l. TIVaiwmq plied
retrospectively, and as such, the comparative statements for 2005 were restated The 2006 previously published h o een retted to re
this adjustment.

3. Change In Accounting Estimate
Effective November 1, 2006, the Bank changed its estimate on the useful life of software which resulted in an Incrawes ts d preiaon crhare for the first
quarter of 2007 in the amount of $232.

4. Change in Policy
Effective January 1,2007 certain changes to the Bank's policy re: benefit schemes were made which resulted in the recognition of curtailment ain of S7.2

5. Related Party Transactions
The agreement with Barclays Bank PLC whereby the Bank would receive an annual payment from Barclay Bank PLC ofS10 million as an incentive to retain
deposit placements with Barclays Capital expired on December 31, 2005 Tne comparative period January 31, 2006 would therefore include income for the
final two months in the amount of $1.7 million within operating income.



I I -- I I _





r Ok YOU, Rer66?







8 You don't have to pay fort now (7)
9 Be under no delusions about your
looks? (4,5)
13 Not the gir with the peaches and
cream complexion'? (5)
14 Stroke and toady to (5)
15 Young attendant in the
book shop? (7)
16 Find another explanation for one's
determination (7)
17 He wrote both (5)
18 Wrong to turn the errant son out (3,2)
20 Cuffs are sartorial ettateras (5)
22 Longed to send the vessel into the
bottom of the sea (6)
23 Follow to the last, though it is a bit of
afag (3-3)
25 Not flush, which is a problem (7)
27 Biased and that's not all (7)
30 An inducement to become a
vegetarian? (6)
31 Blue bird flying round the man (6)
32 Look happy, having caught the river
fish (5)
35 Dish it out, pet (5)
36 Change the notice outside the
gents (5)
37 A discourse on dexterity? (7)
39 Fairer with the arsonist? (7)
41 Got in a row for having provided
backing (5)
42 It's a question of location (5)
43 And getting the list back in my
keeping is obligatory (9)
44 Run at the double, dodging the big
stone (7)
ACROSS: 1, Is-a-AC 6, Sin-ce 9, Low-
down 10, SN-obs 11, An-t-on 12,
Plans 13, Pay-roll 15, (you) Bet 17,
Heat 18, Be-Ware 19, In-DI-a 20, S-
Ch.-eme 22, Solo 24, Eat 25, Cleaner
26, Oldie 27, Ze-N-da 28, Mi-No.-r 29,
InFidel 30, S-ain't 31, Terse
DOWM: 2, Sundae 3, Al-Bert 4,CO's
5, Idyl 6, Swan-sea 7, In-NS 8, Cooler
12, Pla-N-E 13, P-H-ase 14,Ya-CH-T
15, Bacon 16, Tenor 18, Bible 19,
Impkrnt 21, Cam-era 22, Sav-l-L-e 23,
Lamons 25, CIVIL 26, Odin 28, Met

1 What teacher does, giving points (6)
2 Equally proficiently, to boot (2,4,2)
3 Cost one, when one drank (7,4)
4 Are rude to, when you check the
attendance (4,5)
5 Trickling, you notice, with a resonant
sound onto (7)
6 On public display when one's
frequenting (7,3)
7 Go mad when stood up (4)
10 With thetribunals, is asikng for (6)
11 In my plant, having complete
control (7)
12 How, verbally, one becomes a
legend? (6)
19 As before, hates working
with me (3,4)
21 So long In the house here
I need to move (7)
24 Found, when one attacked
physically (4,5,2)
26 A state of complete absorption In
the dark room? (5,5)
28 Warning that creates a real panic In
the company (4,5)
29 It's a racket hang around
distributing (7)
30 A man caught and since let out (6)
32 Look promising, though we do set off
an alarm outside (8)
33 Sounds like the wife and the girs (6)
34 Or broken in pieces for the birds 7)
38 They play for time (6)
40 Aim to keep a diary on return (4)

ACROSS: 1, Scrap 6, Brass 9,
Compile 10, Tract 11, Alter 12, Crazy
13, Console 15, Ova 17, Unit 18,
Crater 19, Spars 20, Ethics 22, Peru
24, She 25, Reverie 26, Greed 27,
Vital 28, Sight 29, Genesis 30, Beast
31, Chase
DOWN: 2, Carton 3, Accost 4, Pot 5,
Spare 6, Blazers 7, Rely 8, Swerve
12, Claps 13, Cubes 14, Niche 15,
Other 16, Argue 18, Cried 19, Scarlet
21, Thrice 22, Perish 23, Rights 25,
Refer 26, Gags 28, Sic

South dealer.
North-South vulnerable.
SQ6 4A4
VKQJl108 V7
*QJ952 *8643
47 +1096532
The bidding:
South West North East
1 2 V 24 Pass
Opening lead king of hearts.

Some of the guesses encountered
in the play can be solved by making
necessary assumptions dictated by
the particular circumstances of the
Take this case where South
reaches four spades after West has
overcalled in hearts. Declarer wins
West's heart lead in dummy and
returns the nine of spades, on which
East follows low. Should South play

H manyT osI

HOW many words of
four letters or more
can you make lirom the
letters shown here? In i
making a word, each
letter may be used once
onl. Each must contain
the centre letter and
there must be at least
one nine-letter word. No
plurals or verb forms
ending in "s", no words
with initial capitals and W I
no words with a hyplen
or apostrophe
e first word of a phrase is permitted (e.g. Inkjet in
lnkjet printer).
Good 10; very good 15; excellent 19 (or more),
Solution tomorrow.

V 0 0 m0m2m-a

331 32 8

;39 40 41 42

43 44

8 Divulges (7)
9 Vicious person (9)
13 Film (5)
14 Furious(5)
15 Baggage (7)
16 Risks (7)
17 Stops (5)
18 Forbidden (5)
20 Slightly drunk (5)
22 Heavily
decorated (6)
23 Turkish capital (6)
25 Wine
merchant (7)
27 Ofthe heart(7)
30 Golf club (6)
31 Globe (6)
32 Evidence (5)
35 Sign up for a
course (5)
36 Equine
mammal (5)
37 Cure for all ills (7)
39 Stutter (7)
41 Jumping insects (5)
42 Of the eye (5)
43 .School
punishment (9)
44 Gather together (5,2)

1 Paradise (6)
2 Burialground (8)
3 Candid(5-6)
4 Flannel 4,5)
5 Do away
with (7)
6 Afraid (10)
7 Molten volcanic
rock (4)
10 Amongst (6)
11 Expert,
12 Hat type (6)
19 Swagger(7)
21 Artiste7)
24 Toy weapon (5,6)
26 Prison, slang (3,7)
28 Besides (5
29 Football official (7)
30 Gratify (6)
32 Locate exactly (8)
33 Humiliating failure (6
34 Feelin a desie to
drink (7)
38 Type of strong
coid (6;)
40 Pf ier ending (4)

low, or should he put up the king?
It can be seen that in the actual
deal, playing the king makes the con-
tract, while playing low loses the
contract. The question is whether
South can reasonably be expected to
play East, who did not bid, for the
ace, rather than West, who did bid.
The answer is that the king is the
proper play and there is a very
good reason for it. The fact is that
South has no chance to make the
contract if East has the queen of
spades and West has the ace. This is
because if West wins the nine with
the ace, he will surely continue with
the Q-J-10 of hearts, allowing East to
overruff dummy with the queen and
score the setting trick.
Declarer should therefore
assume, out of necessity, that West
has the queen of trumps and East the
ace. Accordingly, he should rise with
the king at trick two and, when it
wins the trick, play another trump to
make the contract.
The principle that applies is that
it is incorrect to make an assumption
that is certain to lead to defeat In the
present case, it is far better to assume
that East has the ace and West the
queen, because if that assumption
proves correct, the contract is

Alexey Shirov v Radoslaw
Wojaszek, Pamplona, Spain
2006. Elite grandmasters regard
some openings as their home
patch, where lesser lights tread
at peril. An example Is the
English Attack (so called
because our top GMs
popularised it) which starts 1 e4
c5 2 Nf3 d6 3 d4 cxd4 4 Nxd4
Nf6 5 Nc3 a6 6 Be3 followed by
f3, g4 and 0-0-0. White's
subsequent assault on Black's
castled king at g8 has lead to
many victories, and it takes a
high-class player to launch a
successful pre-emptive strike
against White's own bl or cl
king. Here a little-known Pole
caught out Spain's number one
Shirov by a fast advance of
Black's a7 pawn, opening up
squares for his pieces. The



ARIES March, 21/April,20
For too long you've put off dealing
with a particularly emotional issue,
Aries. However, what happens this
week will show you that you can't
avoid it forever.
TAURUS April 21/May 21
Stubborn as ydu are, Taurus, you tend
to prefer the status quo, which is why
you won't be too thrilled by what hap-
pens this week. Nevertheless, don't
fight the tide; go with the flow.
GEMINI May 22/June 21
Your feathers are ruffled and you're
looking for a fight this week,
Gemini. Before you take your best
shot, make sure you're fighting for
something worthwhile.
CANCER June 22/July 22
If you find yourself disagreeing with
a friend this week, it may be wiser to
walk away instead of picking a fight.
It's a good time to learn a new craft
- focus your energy creatively.
LEO July 23/August 23
In all areas, but especially in
romance, you will feel and act with
such intensity that no one can resist
you this week. Use your power
wisely, Leo.
VIRGO Aug 24/Sept 22
Bad things happen, Virgo. You can't
right every wrong in the world.
Instead of ranting, comfort the per-
son wronged. They'll appreciate it.
LIBRA Sept 23/Oct 23
You've been pushing yourself pretty
hard lately and you must take what
happens this week as a sign that you
must slow down. Look for creative
ways to balance your life.
SCORPIO Oct 24/Nov 22
Everyone makes mistakes, Scorpio,
even you, so don't be so hard on
yourself. After all, what's life but a
learning experience. You can grow
from this mishap.
You'll get a rousing reminder that life
truly is worth living this week,
Sagittarius. In fact, this is one of the
most exciting times of the year for
you. Don't let anyone talk you out of
living your dream!
CAPRICORN Dec 22/Jan 20
You have things to do, and can ill
afford to have others waste your
time. You may have to be a bit gruff
with friends and colleagues to get
the point across, but it's worth it.
AQUARIUS Jan 21/Feb 18
Some things can't be taken seriously,
Aquarius, and it's high time you real-
ize that. All of these distractions only
keep you from your goals.
PISCES Feb 19/March 20
Something has piqued your interest
this week, Pisces, but you must ftlly
commit in order to reap the most
benefit. Look for an old friend in
Friday's crowd. Cancer plays a role.

a b c c g n
diagram still looks good for Shirov,
who plans a passed pawn by c5-c6
and will meet d6xc5 by Bxc5 Nxc5
Qxc5 Qxc5 Nxc5 when White's d5
pawn can advance. But Wojaszek's
next Black turn proved crushing,
forcing White's early resignation.
What was Black's winning coup?

Chess solution 8332: 1...Bb6! If 2 cxd6/c6 Bxe3 wins
a piece. Meanwhile Black threatens dxc5 followed by
c5-c4 when his advancing pawns overrun the white
king. The game ended 2 cxb6 Nc3+ 3 Qxc3 (if 3 Kal
Rxa2 mate or 3 Kcl Nxa2+ and Nxb4 or 3 Kb2 Rxa2+ 4
Kcl Nxdl) Qxc3 and White soon resigned the lost

S, A-


( Dennis )

The Guess That Went to School

IC ESSby e on arO=-


16 11 1i- 1 41 E 171 is 1

20 1 1211 1 1221 1 1 f


a i



Is ---


Z ic::EL11:7m



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3 Enter as many times as you wish. All entries must be in The Tribune by 5 pm on Friday March 30, 2007. Winners will be contacted April 3 and winners
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Government's handling of labour

dispute can hurt private sector

SImpact on Budget from public sector disputes 'not likely to be dramatic'

Tribune Business Editor
he Government can cause private
scetor employers and trade unions
to lose faith in industrial agree-
ments and processes to resolve labour dis-
putes if it gives into public sector worker
agitation while deals are in place, the min-
ister of state for finance told The Tribune.
Speaking in the wake of recent industrial
unrest at a number of government agen-
cies, including the Customs Department
and teachers, James Smith said: "It's not
good for the private sector to see the Gov-
ernment resume labour negotiations after
you had an agreement, because it causes
them to question the process."

He added that if
both sides had

then they should
abide by its terms
for the duration of
the contract,
"unless something
changes dramati-
In the context of
recent unrest, with
the public sector
unions looking to 0 JAMES SMITH
impose pressure
on the Government during an election
year when it needs every vote, Mr Smith

said any impact on the public finances
from revised agreements would be felt
more in the 2007-2008 Budget, which is
due to be presented to Parliament in May.
The minister said that if disputes
*occurred, then it was up to one side to file
a grievance, and there were a number of
routes to resolve it, such as the Depart-
ment of Labour.
Mr Smith said of the rer~nt disputes
and worker demands: "While they would
have some impact, taken together they're
not large in relation to a budget of $1.4 bil-
"These things have already been fac-
tored into the Budget. The overall impact
is not likely to be dramatic, but we would
like it to be more predictable."

Purpose trusts, Foundations are 'clarified'

FROM page 1B

of client needs and rival legisla-
tion in other jurisdiction, with
the amendments again needed
to attract business to the
Bahamas through providing
greater clarity and certainty.
The amendments were need-
ed to make the Baharmas more
competitive he added, and had
been developed by his ministry
in consultation with the
Bahamas Financial Services
Board (BFSB), the BFSB's
Working Group on Founda-
tions, the Ministry of Finance
and the Attorney General's
The amendments deal with
the appointment and qualifica-
tions of Foundation agents and
secretaries, the definitions of

foundation agents and legal
guardians, the rights of founda-
tion beneficiaries, record keep-
ing requirements, and agents'
fiduciary duties and liabilities.
Mrs Maynard-Gibson said
the Bahamas was the first com-
mon law jurisdiction to intro-
duce Foundations, traditionally
a civil law instrument, which is
used to estate planning and
asset protection.
She said the introduction of
Foundations increased the
Bahamas' competitiveness, as
these products are especially
attractive to clients from civil
law jurisdictions, such as those
in Latin America and mainland
Europe. Clients from these
areas are more familiar with
Foundations, which also allow
them to have more control over
the assets.
"There was a great response
to the fact that we had common

law Foundations," Mrs May-
nard-Gibson said. "[But] it was
discovered that certain things
needed to be clarified for cer-
Bahamian attorneys advising
their foreign clients needed cer-
tainty, she added, and "bring-
ing a civil law instrument into
common law, certain things
needed to be tweaked to make
it very clear whet we were doing
from the Bahamas".
"There are persons in off-
shore banks waiting for these
amendments to be made so that
business can flourish using
Foundations," Mrs Maynard-
Gibson said.
She added that increased
business also boosted the Reg-
istrar General's Department
.and financial and corporate ser-
vices providers, saying: "It has
an indirect impact that we
should not lose sight of as we

debate this Bill."
Michael Halkitis, parliamen-
tary secretary in the Ministry of
Finance, said the Bahamas
needed to be "ever vigilant to
ensure we in this jurisdiction
remain competitive and comply
with international standards".
He added that the amend-
ments would strengthen and
complete the two Acts, and
said: "At some point, we need
to have a report card so that as:
we introduce legislation and
amendments, we can have some
report on business coming in,
so that we can see the effect of
legislation and Bills that we
"It's an effort to clarify and,
strengthen the legislation and
remove any doubts as far as we
The amendments to both
Acts were passed in their sec-
ond and third readings.

.I ne ri burte