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Permanent Link: http://ufdc.ufl.edu/UF00084249/02861
 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: 4/4/2007
 Subjects
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
 Notes
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
sobekcm - UF00084249_02861
System ID: UF00084249:02861

Full Text









FORLEyT mww-

HIGH 81F
LOW 69F

MOSTLY
O SUNNY


The


Tribune


Volume: 103 No.112


WEDNESDAY, APRIL 4, 2007


PRICE 750


omez s


judic


system


Lawyer says country

desperately in need

of quality judges


By KARIN HERIG
Tribune Staff Reporter
UNTIL government solves the
significant problems in the coun-
try's judicial system such as
improving law enforcement
through salary increases and pro-
motions efforts to fight crime
will continue to be simply "elec-
- tion gimmicks", lawyer Damian
Gomez said yesterday.
Throwing his full support
behind Justice John Lyons and
Court of Appeal president Dame
Joan Sawyer in their view of the
state of the judiciary, Mr Gomez
said the country is in desperate
need of quality judges. He criti-
cised Attorney General Allyson
Maynard-Gibson for her treat-
ment of Justice Lyons.
"I'm amazed that we can still
be talking about expending huge
sums of money on the police
force, on the Defence Force on
the prison officers not that they
don't deserve, they do but after
we have arrested the criminal


how is he to be processed, we
know he cannot be convicted if
there is no court. But there is no
attention to providing the courts
with what is necessary to com-
plete the law and order process,"
he said while speaking as a guest
on More94's Real Talk radio
show yesterday morning.
Mr Gomez heavily criticised
what he termed the "most vicious
and vitriolic attack" by Mrs May-
nard-Gibson on Justice Lyons in
the House of Assembly earlier
this year, emphasising that now
is not the time to risk losing more
quality judges.
"As a policy objective in deal-
ing with crime, I can't see how
sensible people can discuss it
without having any regard to the
fact that we have no criminal
court in the modern Bahamas at
the Supreme Court level and in
New Providence, because of the
retirements (of judges), we are
likely to face a greater backlog
SEE page nine


Registered voters

now over 146,000
THE number of registered voters is up to over 146,000 and is
expected to climb by another 2000-3000 in the next few days.
Speaking with The Tribune yesterday, Parliamentary Commis-
sioner Errol Bethel said he believes that at least 148,000 Bahami-
ans will register to vote in time for the next general election.
Voters are still eligible to vote up until the day before the House
of Assembly is dissolved.
At this time it is still unknown when that will be, however, some
observers say that parliament may be dissolved as early as today,
while others are claiming it will take place next Tuesday after
Holy Week.
SEE page nine


Hotel revenues
rise by 4.2%
* By CARA
BRENNEN-BETHEL
Tribune Business
Reporter
THE Central Bank of the
Bahamas said yesterday that
hotel revenues rose by 4.2 per
cent to $370.4 million in the first
two months of the year. The
outlook for the economy, said
the bank, remains positive from
tourism-related investment
inflows, which are boosting both
commercial bank liquidity and
external reserves.
The Central Bank said the
revenue rise was propelled by a
6.3 per cent increase in average
daily room rates, which out-
paced a 2.2 per cent decline in
occupancy rates.
Its report indicated that aver-
age room rates in New Provi-
SEE page nine


Seventeen


NHI Plan could


named storms, be ready'by the
nine hurricanes
are predicted end of the year'


* By BRENT DEAN
AMERICAN forecasters
expect an active hurricane sea-
son this year with 17 named
storms and nine hurricanes, of
which, five are expected to be
intense storms of category three
strength or higher.
These predictions were
released yesterday by Colorado
State University (CSU). Both the
Bahamas and the US were fortu-
nate and received no strikes from
hurricanes last year, despite pre-
dictions of an active season.
Warm sea surface temperatures
and a diminishing El Nifio, are
contributing factors surrounding
the higher than normal predic-
tions, according to CSU
SEE page nine


* By ALEXANDRIO
MORLEY
Tribune Staff Reporter
THE National Health Insur-
ance Plan could be ready for
implementation by the end of
the year according to the pro-
ject's manager Dr Stanley Lalta.
Dr Lalta said government has
hired consultants to assist with
the plan's development and that
employers would be in a better
position to judge the plan after
certain details had been "fine
tuned."
Dr Lalta was responding to
a survey that was conducted by
the National Coalition for
Health-Care Reform.
The coalition is made up of
SEE page nine


DESPITE calls and prayers b
politicians, religious figures an,
civic groups, the murder coun
rose Monday night to 23, whei
28-year-old Lavardo Collie wa
stabbed to death outside hi
home.
The murder occurred in the
vicinity of his apartment on Palm
Tree Avenue around 10pm.
According to Police Press Offi-
cer ASP Walter Evans, Mr Collie
was involved in an argument with
a man, who "was known to him",
when the argument escalated,
resulting in Mr Collie being
stabbed in the chest. Mr Collie
died on the spot, according to
ASP Evans.
An individual is currently
"assisting" the police with the
investigation and ASP Evans
expects that there will be closure
to the investigation shortly.
ASP Evans also expressed sym-
pathy to the Collie family for the
tragic loss of their loved one.
"This is homicide number 23
for the year, which involves
another young man whose life has
been taken away. In this instance,
it's been a person who has a
SEE page nine


#1 PAPER IN CIRCULATION



Bhe Afiami DTeraIl
BAHAMAS EDITION


11


Do Breakfast


-" W ^" .-'- . T,-7 .. ? -. 77 L ,_05






THE TRIBUNE


PAGE 2, WEDNESDAY, APRIL 4, 2007


FNM has 74 per cent




of vote in radio poll




family guardian's calendar Dhoto contest


a celebration of nature
14 winning entries will appear in Family Guardian's 2008 calendar.
Winning entries receive a gift certificate valued at $400 each.
Entry deadline is May 31, 2007


RULES
1 Family Guardian's Annual Calendar Photo Contest is open to all photographers. The title for the company's 2008 calendar will *be
"A CELEBRATION OF NATURE." Photographs may be of any subject (animate or inanimate) or a scene which is a striking example of nature as found in
The Bahama Islands. All photographs must be taken in The Bahamas.
2 DEADLINE FOR ENTRIES IS MAY 31, 2007.
3 All entries are to be delivered to Family Guardian's Corporate Centre, Village and Eastern Road Roundabout, Nassau, between 9:00am and 5:00pm
weekdays only. Envelopes should be marked "Calendar Contest."
4 All entries must be accompanied by an official entry form, available at any Family Guardian office or when published in the newspapers.
5 Only colour images in horizontal format will be considered. Images must be provided as 35mm film or digital images on CD. 35mm film can be positive
(slides) or colour negatives. Digital images must be of high quality (2700 x 2100 pixels or larger). Digital images showing any signs of photo manipulation,
resolution enhancement or compression will be rejected. To ensure the best colour reproduction, digital images should be supplied in RAW, TIFF or high quality JPEG
and in the original colour format the camera uses (LAB or RGB). All entries must be supplied with prints which will be used in the judging process.
(Note: prints submitted without 35mm slides or negatives or CD's will not be eligible). The photographer's name and photo subject should
be written on the reverse of the print.
6 Judging of entries will be based on beauty, interest, composition, colour, originality and quality of photograph. Preference will be given to fauna photographed in its
natural state, rather than in captivity. The photographs selected will appear in Family Guardian's 2008 calendar. The decision of the judges will be final.
7 All entries are submitted at the owner's risk. It is the company's intention to return all entries in their original condition. However, Family Guardian
will assume no liability for any loss, damage or deterioration.
8 A gift certificate valued at $400 will be presented for each of the photographs selected. More than one entry from a single photographer may be selected.
Photographic credits will be given in the calendar. The number of entries per photographer is limited to a maximum of 5 photos.
9 The winning photographs, along with all publication and reproduction rights attached thereto, become the property of Family Guardian and the company
reserves the right to use such in the future.
10 Employees of Family Guardian its affiliated companies or family members are not eligible.
11 Previously punished photos are not eligible.

by Tim Higgs 2008 CALENDAR PHOTO CONTEST ENTRY FORM
Fam ily Guardians fJAM E ....................................................................................................................
O0"7Calendar STEL BUSIN ESS ............................................... HOM E .....................................................
P0 BOY ......................STREET ADDRESS ................................................................

SIG N ATU R E .... .......... : ...................................................................................................
DATE ....................... NUMBER OF PHOTOS ENTERED ...................(maximum of 5)
I ,.m,'a r,.i,, the event that one or more of my entered photographs is selected as a winnerinthe 2008 Family
Cuira',',,le L.ndar Photo Contest it wIl become the properly of Family Guardian Insurance Co. Ltd., and
ii.igrr i Family Guardian all rights pertaining to its use in any way whatsoever I also confirm that the
pno' io e-niered in this contest were taken in The Bahamas by the undersigned and have not been
Sprevici:i published U X
Return wdhphotosto: FA M ILY
CaleiraC contest, Family Guardian G AI
Gorporale Centre, Village & Eastern Road G UARDI AN I
Rounabou, Nassau, Bahamas INSURANCE
,ENTRY DEADLINE: MAY 31, 2007 C OS PA N

SALES 0EFICES: NASS ,ATIACO & ELEUTHERA CORPORATE CENTRE: EAST BAY STREET NASSAU P.O. BOX SS 6232


* HUBERT Ingraham U PERRY Christie


* By RUPERT MISSICK Jr
Chief Reporter
AN INFORMAL poll
launched by the radio station
More 94 FM has the FNM
ahead of the governing PLP
with 74 per cent of the vote.
As of yesterday, 631 persons
had taken part in the poll.
Of that number the BDM got
12 votes, the PLP 151 and the
FNM 469.
The station normally has poll
questions posted on its website,
and a similar question has
appeared there for the past few
months.
However, as station president
and general manager Galan
Saunders explained, the text
messaging poll gives them more
of an opportunity to ensure that
the process is as accurate as pos-
sible.
"We realise that it is difficult
to control things on the internet.
Even though we blocked cer-
tain IP addresses from voting
twice we wanted to find a more
efficient way and a more objec-
tive way for people to vote
through a means that would
cause people to feel more
secure about voting and not feel
like someone is watching what
they are doing," he said.
Receiving regular text mes-
sages, Mr Saunders said, allows
them to do just that as phone
numbers can be blocked from
being allowed to text again.


So, technically, everyone who
has voted so far cannot vote
again, unless they gain access
to another cell phone.
While the station does not
claim that the poll is scientific in
any way, it is still considered a
rewarding exercise and an inter-
esting gauge of the mood of the
station's listeners at the very
least.
"We realise that the margin
of error can be as high as 50 per
cent but even with that, the
results are very eye-opening,"
Mr Saunders said.
The poll continues until next
Monday. To participate, listen-
ers are asked to vote for the
party of their choice by texting
either "Vote FNM" to 242-425-
3005, "Vote PLP" to 242-425-
3005 or "Vote BDM" to 242-
425-3005.
"Every day we are going to
ask people to text in their votes.
So we're going to give these
guys a full seven days to get
their votes in for the party of
their choice," Mr Saunders said.
The poll was launched from
the station's talk show "Real
Talk Live", hosted by Jeff Lloyd
as a way for the show's listeners
to participate.
"We wanted people to have
more ways of participating in
the show instead of listening to
chronic callers and so forth or
just the various topics that come
up on a day-to-day basis," Mr
Saunders said.


N dE .. ''' .....-


ElecOUNN

COUNTDOWN


---oLLARLL


LOCALNEWS I











WEDNESDAY, APRIL 4, 2007, PAGE 3


THE TRIBUNE


LOCL NIW


0 In brief

FNM plans
protest after
radio show
is pulled

THE FNM plans to hold a
protest against victimisation in
Freeport today.
The protest is said to be in
response to the pulling of the
Sunday morning religious radio
show of Rev Frederick
McAlpine following his speech
at the FNM's introduction of
candidates in Nassau last week.
The protest will take place in
front of the ZNS office at the
BTC building in Freeport at
10am.

Warning over
mosquito
from health
professionals

CARIBBEAN health pro-
fessionals spearheading the
health preparedness of the
region for Cricket World Cup
2007 are appealing to visitors
and locals to safeguard them-
selves against the dengue car-
rying aedes aegypti mosquito.
Drawing attention to the
global alert against dengue
fever, representatives of the Pan
American Health Organisa-
tion/World Health Organisation
(PAHO/WHO) have advised
the CARICOM IMPACS
Regional Communications Cen-
tre that at present there is a
global alert against the threat
of dengue fever.
Dengue fever, which is
caused from being bitten by the
disease carrying mosquito, has
been under control in most
Caribbean countries but its
global prevalence places the
region at risk with the thou-
sands of visitors here for CWC
2007.
The appeal is of special sig-
nificance to visitors from crick-
eting nations in Asia where the
aedes aegypti mosquito is
infecting people with a disease
called chikungun.a.
According. health officials
are encouraging visitorss from
that part of the %world to be
imni.u1,utn.i.ap. f fort Lo..
reduce gil ti.j aiding this.
disease in the Caribbean.
In recent years. PAHO and
the Canbbean Epidemiological
Centre hate been working in
partnership \nih public health
officials in Canada and the
European Union to eradicate
the aedes aegypti mosquito and
the spread of dengue disease in
the region.
Sustained control initiatives
include enhanced surveillance
and vector control campaigns
with increased spraying around
air and seaports, hotels, and
other visitor high traffic areas.
There are four distinct. but
closely related \ viruses that cause
dengue.
Recover\ from infection b\
one provides lifelong immunity
against that seroi\pe but con-
fers onl\ partial and transient
protection against subsequent
infection by the other three.

Talk is set
on National
Training
Agency

OUTGOING MP Agatha
Marcelle will discuss the
National Training Agency, a
new initiative from the Ministry
of Youth, at the next meeting of
the Rotary Club of South East
Nassau.
The National Training
Agency is an umbrella organi-
sation set up by the government
to facilitate, co-ordinate, assess
and monitor technical voca-
tional education and training in
the Bahamas.
It aims to increase the capac-
ity of individuals to participate
effectively in the workforce -
thereby improving their pro-
ductivity, employability and
quality of life.
She will outline the benefits
of the NTA, which include a


sustainable, appropriately
trained productive and flexible
labour force that is able to
respond to the demands of the
country's developmental goals
and its efforts to be globally
competitive.
The meeting will take place
today 12.30pm today at the East
Villa restaurant.




3222 --


I'm not looking for


another job in case I lose


Candidate accuses PLP of 'nasty tricks'


the FLP s attempt to trick the
electorate as confirmation that
Ihinles are going extremely well
Im IhIe I:NM because had
they been confident of victory
the governing party would not
need to spread such disinfor-
mation.
Mr Laing further noted that
the only job he is now applying
for is to be the member of par-
liament for Marco City and
that his interview with the vot-
ers of Marco City has been
going extremely well.
The circulated e-mail, under
the title "knowing he will lose,
Laing looks for a job", said:
"Zhivago Laing has reportedly
filled out an application for a
job at a new business opera-
tion in Nassau and has report-
edly already been interviewed.
"Insiders say Laing's long suf-
fering wife has warned him to
find a good decent paying job


because she fears after the gen-
eral elections, they will be back
to square one all over again.
"Meanwhile FNM top gener-
al, Mike Edwards, is still telling
friends how shocked he is over


Laing's ingratitude and unchris-
tian like conduct.
"If Laing gets the job, he will
be shipped off for training at
the company's Nevada head-
quarters in September."


Fabulous Shopping

at


'AIS)N ) -COR


~[ ,[-I I' 1-'1 CI[C F ..1. !2'[ ) [.L H,P. :D II N ,( [. (- I [-


FNM candidate for Marco
City Zhivargo Laing has refut-
ed claims that he has been
seeking a new job because he
expects to be unsuccessful in
the upcoming election.
Mr Laing called it one of the
PLP's "nasty tricks" and put it
down to the enormous pres-
sure the governing party is feel-
ing in the constituency he has
been nominated to contest.
The candidate called the
claim that he has applied for a
job, been interviewed and is
set to be trained in Nevada
"laughable" and "an outra-
geous lie".
Mr Laing says that he is con-
fident of victory and everything
that is happening on the


A POLICE chief has urged
families with grievances over
alleged police brutality to make
their complaints known to him
personally.
Chief Supt John Ferguson,
commanding officer of the
south-eastern division of New
Providence, said: "My door is
always open."
The officer's offer came after
parents in the South Beach
area complained that a "rogue"
policeman was making their
lives a misery. They said he
was beating teenage boys and
drinking on the job.
Chief Supt Ferguson said he


* ZHIVARGO Laing


ground bolsters his confidence.
In fact, he said, he regards


knew of no such behaviour by
any of his men but was always
accessible to people with com-
plaints.
"If there is any complaint of
police brutality in this unit. I
don't know of it," he said. "'But
in this division we run a tight
ship regarding regulations and
the treatment of prisoners.
That goes across the board."
Chief Supt Ferguson said a
police complaints and corrup-
tion branch, which he used to
head, handles public grievances
for the entire force.
But he said he was also will-
ing to hear complaints in his


Easter Baskets

& Crafts

P Bunnies fromrW L9
P Colorful Baskets from$l 99
I Basket Bags 10 for 00


own division. "Any member of
the public can come and see
me. My door is always open,"
he added.
However, he said parents
can often become aggrieved
when their sons are questioned
about break-ins in the area.
"People complain about
crime, but when their own chil-
dren are picked up for ques-
tioning they cry foul," he said.
But he stressed that his was a
community-based police sta-
tion. "They can come in and
speak with me and let me
know what their concerns are,"
he added.


S e l


Bayparl Building on Parliament Street
Telephone: (242) 323-6145
Harbour Green Centre, Lyford Cay
P.O. Box N-121, Nassau, N.P., Bahamas
Telephone: (242) 362-6656, Fax: (242) 326-9953
email:pritcharddesigngroup@coralwave.com


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COUNTDOWN


Police chief: my door is always open

for people to voice their complaints


I I


P,


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THE TRIBUNE


I *0 *


I **


une Limited
TS JURARE IN VERBA MAGISTRI
'ear to The Dogmas of No Master

UCH, Publisher/Editor 1903-1914

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


ditor 1919-1972
g Editor 1972-1991


'ARRON, C.M.G., M.S., B.A., LL.B.
Publisher/Editor 1972-


aily Monday to Saturday


Insurance


Sw







Airpor

LAST WEEK'
ister Glenys Han
the comments of
John Rood about
standards at Lynde
port.
Speaking to t
farewell luncheon
Mr Rood said th
extend its pre-clea
craft until security
the international a
Himself a pilot,
private aircraft pr
his return to the U
However, in th
here he has seen n
Ambassador -
that government a
be given the autho
for the security at
He was also c
tional airport's ma
We understand
the only airport i
Homeland Securit
However, inste
airport was a cont
Hanna-Martin was
ing ambassador "
appropriate to pub
of airport security
he is or ought to be
has been establish
which his office i
seeking to address
weakness in airport
Yes, it is too ba
unless this govern
nothing gets done.
when their doors a
The airport has
years. It is now cos
lars.
It was in 2003 w
ning Phase III at t
made it clear that t
without two things
was an improved i
At the ground
er International's
that same year, an
was forced to res
cism that while th
destination and pos
has "one of the w
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#I A
EAST SHIRLEY
Visdt our showroom ct Quality A'


. Box N-3207, Nassau, Bahamas
ing., P.O. F-485, Freeport, Grand Bahama

ELEPHONES
circulation and Advertising) 322-1986
Manager (242) 502-2352
department (242) 502-2387
Fax: (242) 328-2398
d Bahama: 1-(242)-352-6608
t fax: (242) 352-9348


major embarrassment

in- clear that they would not start the Phase III
d by expansion until government agreed to certain
dor "infrastructural improvements" at the airport.
rity They wanted this not just for Kerzner Inter-
Air- national, "but for the sake of tourism in the
Bahamas."
er a Although Prime Minister Christie called Mr
otel, Kerzner's airport comments a "major exagger-
e to ation", he undertook to do something about
air- the problem. In fact he promised to produce
'd at an airport that would be the "gem of the
Caribbean." A gem that would match Kerzner
ave International's high class resort.
fore In good faith, Kerzner International started
life. Phase III.
ears On March 28 four years later the Cove,
Kerzner International's "all suites" hotel had its
tive soft opening. The official opening will be some-
will time in May.
able Phase III's water park, "Aqua Adventure",
has been opened as has Dolphin Cay and the
ma- nightclub.
1. The convention centre will soon open. The
al is final segment of Phase III the condominium
eets hotel will be finished by December or early
January. This will complete the more than one
the billion dollar development.
Mrs Kerzner International has honoured its
art- agreement. However, the airport still remains
/or one of the "worst airports in the world."
sue Since Prime Minister Christie's promise to
hen deliver a "gem" of an airport, there have been
ere consultations, meetings in lawyers' offices, flights
on to and from Vancouver, break-downs and
h is restarts, until on April 11, 2005 the Airport
ved Authority announced that "in a matter of
months" the airport would be under new man-
that agement pending the "successful outcome of
blic, negotiations" between government and Van-
ing cover Airport Services. That was two years
ago.
for It was only on Friday that government
dol- signed the long-awaited agreement to finalise
the transfer of management, operations and
lan- the responsibility of transforming the airport
hey into a world-class facility to the Canadian com-
ible pany.
iem No one knows what other red tape the new
company will have to go through with govern-
rzn- ment before it can start the transformation exer-
and cise.
ster However, Ambassador Rood echoes the cries
riti- of both Bahamian and visitor when he says:
rful "The number one complaint I get from those
e, it departing the Bahamas is the condition of the
Id." airport and unfortunately that's the last thing a
e it visitor remembers."


EDITOR, The Tribune.
THERE are many issues
facing us as a nation but none
as important as the struggle
between two conflicting world
views. As Charles Colson said
in his book "Faith on the
line":
"On one side are those who
cleave to a Judeo-Christian
understanding of absolute
truth, with a corresponding
view of life and culture based
on -two central command-
ments love for God and
love for people. On the other
side are those who believe
truth can be defined by each
individual, with a correspond-
ing view of life and culture
based on individual choice -
'what's right for me?' These
two diametrically opposed
perspectives face off on issues
like abortion, the militant
homosexual agenda, the cause
and cure for crime, medical
ethics, education, and eco-
nomics."
So the big question for us
as Bahamians is which party
and candidates best supports
us as a Christian nation. At
this point in our nation's his-
tory we as a people have to
decide which course is best for
us. If we choose to follow our
Christian values we will be a
nation that is accountable to
God who alone can meet and
supply our needs. If we go the
route of each person deciding
what is right based on their
own view, we will be a peo-
ple who will experience the
wrath of God rather than his
blessings. We can become the
strongest moral and righteous
nation in the world if we elect
leaders who are willing to
make decisions that are based
on a Judeo-Christian under-
standing of absolute truth.
We* need to ask some hard
questions.
I wguld like to know where
each individual stands on the
following questions that will
help us vote for individuals
who can provide "God fear-
ing" leadership.
When a candidate comes to
your house ask him/her to
explain where they stand on
the following:
Christian Constitution -
Keep enshrined in our consti-
tution that we abide by Chris-
tian values. Not spiritual val-
ues, but Christian values.
Marriage Between a man
and women only. Have it
enshrined in our constitution
as such.
Euthanasia Not try to play
God and decide when some-
one should die.


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Gambling We can have
economic prosperity without
having to resort to gambling
and all of its social ills.
Family Committed to
spouse and kids no sweet-
hearting.
Discipline Greater forms
of discipline allowed in the
home and schools spank-
ing when wrong.
Capital punishment You
do the crime, you pay the
time. You take a life and you
pay with yours.
Pornography Keep from
any public expression.
Sexual offenders Adopt
laws similar to "Jessica's law"
in US.
Church and State Keeping
the state out of the church,
not keeping the church out of
the religious and moral wel-
fare of the country.


Integrity Can we trust you
to stand up for what you say
even if the party says differ-
ently.
Education Whereas Chris-
tian education once permeat-,
ed the public education sys-
tem, today the Christian God, '
prayer, and biblical creation
are slipping away.
Economics Be fiscally
responsible. As a country not
to accumulate such debt that.,
our grandchildren will never.,
be able to repay.
Abortion Make terminat-'
ing pregnancies by abortion-
illegal.
I plan to mail these ques-
tions to each candidate so as
to get their answers and then"'
have the local papers publish
them for all to read.
The nation needs to know
where you stand on these '
most important issues.
ANDY KNOWLES
Nassau,
April 2, 2007.


Experience that


'casts a light on


problems facing


the Bahamas'
EDITOR, The Tribune.
AS A law-abiding citizen in my 60s, I wish to record an expert-.
ence over the weekend which, I feel, casts light on two problems
now facing the Bahamas declining tourism and rising crime, both1,
covered in The Tribune over recent weeks.
My wife and I called at a roadside water depot in Nassau to
collect our fortnight's supply, which amounts to four large bottles. -
The experience proved to be very upsetting, and would have been,
extremely frightening for anyone less robust than ourselves.
We were confronted by a large, uncouth and thoroughly dis-
agreeable character whose job was to sell water from a hut. We had
never seen him before.
This vile creature took our four bottles and then proceeded to
argue that we had given him only three. This blatant theft of what-'
ever the fourth bottle was worth was accompanied by several hos-
tile grunts and a manner which was very intimidating.
During the ensuing argument, he threatened to punch me, moved,
threateningly towards me, and was stopped only by the intervention '
of two other men who said: "If you do that, you'll be locked up." As
they led him away, the thug picked up a chunk of wood and began'
to wave it at us.
I am prepared to accept that this disgusting lout was either high'
on drugs or mentally retarded, but either way he ought not to
have been in charge of a water depot where he has face-to-face deal-',
ings with the public.
The water depot in question is in a tourist area. My wife and I,
though residents, were dressed like tourists in shorts and casual
shirts.
Had we been visitors, we would have taken away this brute's,-
snarling face as our abiding image of the Bahamas.
For the water company, this incident has already proved costly.
We will never visit that depot again, we'll never buy their water
again, and their name is now synonymous in our minds with this foul,
creature and his disgusting behaviour.
With people like him on the loose, it's no wonder that crime fig-'
ures climb while tourism figures drop. He needs to be dealt with
before he hurts somebody.
CONCERNED CITIZEN


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PAGE 4, WED

i


PLP, FNM and a





Christian nation


,2007










THE~LCA TRBNEWDESAWAPIS, 07 PGI


0 In brief

Chavez warns
state may
seize private
hospitals
* VENEZUELA
Caracas
PRESIDENT Hugo
Chavez warned that his gov-
ernment could take over pri-
vate hospitals if they continue
raising prices for care, accord-
ing to Associated Press.
Chavez made the remark
during a speech Monday at
the presidential palace, saying
if private hospitals "keep
speculating, increasing prices,
they will have to be regulat-
ed".
"Any private hospital that
doesn't comply with the reg-
ulations that are made, if nec-
essary, will have to be nation-
alised," Chavez said. "We
cannot allow there to be a
shameless looting using such
important services as health."
A state takeover of certain
private hospitals, if carried
out, could significantly
expand Chavez's nationalisa-
tion drive which already
includes concerns such as
electrical companies,
Venezuela's largest telecom
and lucrative oil projects in
the Orinoco River basin.
Venezuela has a two-tiered
health system under which
wealthier, insured patients
often can afford prompter,
better treatment at private
hospitals. Patients at public
hospitals regularly must wait
weeks or sometimes
months for surgeries.
Chavez has expanded the
public health system, howev-
er, building new clinics, refur-
bishing hospitals and sending
thousands of Cuban and
Venezuelan doctors to live in
poor neighborhoods and
provide free health care.
During his speech, Chavez
called on Cabinet ministers
to study possible price con-
trols for medical services, the
same way his government set
price controls on beef sold by
slaughterhouses.
"It may bother them, but
it's our responsibility,"
Chavez said. "That's called
governing."
Chavez regularly accuses
private hospitals of charging
patients too much and says
state health care is on track to
surpass them in quality of
care.
"We are obligated to pro-
tect all of the population,
including the middle class
and also the rich," Chavez
said.
Previously government
officials had said there were
no particular plans for pri-
vate hospitals to be nation-
alised, although last month
Chavez ordered the expro-
priation of a hospital man-
aged by Venezuela's Anti-
cancer Association, saying
the nonprofit organization
failed to meet its obligations
to the public.
Chavez also warned that
private schools need more
regulation, though he did not
elaborate. "The same thing
happens with education, pri-
vate sectors that according to
their whim raise costs, prices,
tuition... must be watched
over, regulated," he said.












630am Community Page 1540AM
8:00 Bahamas @ Sunrise
9:00 Bullwinkle & Friends
9:30 King Leonardo
10:00 The Fun Farm
11:00 Gospel Video Countdown
noon ZNS News Update
12:05 Gospel Aficionado
1:00 Legends: Vickie Knowles
2:00 Video Gospel
2:30 Turning Point
3:00 Paul Lewis
3:30 Don Stewart
4:00 Lisa Knight


4:30 Cybernet
5:00 ZNS News Update
5:05 Battle of The Brain
5:30 The Envy Life
6:00 A Special Report
6:30 News Night 13
7:00 Bahamas Tonight
8:00 Movie: Joseph Pts. 1 & 2
10:30 News Night 13
11:00 The Bahamas Tonight
11:30 Late Night Movie: Joseph
Pts. 3 & 4
11:30 Immediate Response
1:30am Community Page 1540AM
NOE ZN-V -3reeve-h


Civil servant calls




for 'justice' after




repeatedly being




denied promotion


A SENIOR civil servant is
calling for justice, claiming he
has been denied promotions
and other benefits due to him
for the last 20 years.
He says the government's
failure to promote him has left
him up to $100,000 out of pock-
et.
Alkin Delancy, who regards
himself as a Ministry of Finance
stalwart, claims he has suffered
the indignity of seeing less expe-
rienced staff promoted over him
for reasons he can't explain.
"I have always been a dedi-
cated and committed worker,"
he told The Tribune. "No-one
has ever found fault with my
work, yet I am still denied the
position and salary due to me."
Mr Delancy, a finance and
accounting officer in the trea-
sury, has made repeated
attempts to get senior officials
to review his situation, so far
without success. He claims lost
salary increases have cost him
between $60,000 and $100,000
to date.
Now he has approached The
Tribune in a desperate attempt
to get what he regards as his
due reward for many years of
"sterling" service.
"I want justice," he said, "It is


not just a matter of promotion.
I have lost many other benefits
and opportunities as well."
Under civil service rules, offi-
cials gain promotion on the
basis of certain criteria, includ-
ing academic and professional
qualifications and length of ser-
vice.
Mr Delancy claims he has ful-
filled all that was required of
him and also demonstrated
management skills required at a
higher level.

Colleagues

But he says all his entreaties
have gone unheeded. Now he
has produced a list of younger,
less experienced colleagues who
he claims have been promoted
over him to higher positions.
"I feel I should have been
promoted to a more senior posi-
tion, from finance officer grade
three to grade one, seven or
eight years ago," said Mr Delan-
cy, a family man.
"I am puzzled as to why this
has not happened. I think it's
because I questioned why I am
not being considered. I guess
that has worked against me."
He said junior colleagues had


been granted opportunities
denied to him while he was left
waiting for promotion that was
his by right.
Over the last few years, Mr
Delancy has written repeatedly
to various treasurers. But each
time, he claims he has had no
response.
In one letter, he pointed out
that he had been in the public
service since 1982 and had been
writing to successive treasurers
since the late 1980s about
alleged unfair treatment.
"In July, 2000, I wrote to the
Minister of Public Service, Mr
Tommy Turnquest, and was
promised that he would look
into the matter, but he was
transferred before I received a
response," said the letter.
He then asked what he had
to do to get promoted. "What
do I have to do to get justice
and a fair assessment? Why
can't corrections be made for
me, especially if there was an
oversight?"
Mr Delancy said he had sat in
as officer-in-charge several
times and shown senior man-
agement potential. "At present,
I feel as if I am being victimised
and discriminated against for
whatever reasons I do not


* ALKIN Delancy claims he has been passed up for promotion
in favour of less experienced staff


know, nor have I been told,"
his letter added.
Yesterday, Mr Delancy said
he had been denied his rights
under three treasurers. "The
present treasurer has the right
to correct any wrong by former
treasurers, but she has not done
so," he said.
He also criticised the Ministry
of Public Service, saying: "It is
responsible for seeing that
everything is done correctly
according to general orders to
make sure the public service
works properly.
"But I have never received
anything in writing or verbally
about my situation. Also, the
Public Service Commission
under Bishop Samuel Greene


is supposed to see that justice is
being done, If it was doing its
job properly this would not
have happened."
Mr Delancy said the accounts
system in general was faulty
because he was not the only vic-
tim of injustice. He cited the
case of an officer with an asso-
ciate's degree who had been
promoted over better qualified
staff.
"I have shown proof of offi-
cers who have been favoured
over me," he added, "I have
named the people concerned in
my letters."
Attempts to contact the trea-
surer at the Ministry of Finance
were unsuccessful up to press
time yesterday.


Straw vendors call for evangelists to tackle crime


* By ALEXANDRIO MORLEY
Tribune Staff Reporter
THE president of the Straw
Vendors' Union is calling on
religious leaders to combat
crime in the Bahamas by tak-
ing the fight "to the streets".
According to Diana Thomp-
son, in the past, evangelists
organised nationwide street
meetings where persons would
air grievances in public about
increases in crime.
She said that this is still the
most effective way for crime can
be combatted.
Ms Thompson's appeal came
after police raised concerns that,
at the current rate, the murder
count this year may surpass the
60 homicides recorded in 2006.
The first quarter of 2007 is
coming to an end and there
have already been more than
20 murders since January.
On Sunday, while speaking on
a local radio show, Police Com-
missioner Paul Farquharson said
there has been an almost 50 per
cent increase in the number of
murders compared to the same
period last year. However, he
said, more than 56 per cent of
these have been solved.
The new trend of burning
bodies after a murder has also


become a great concern for
police, the commissioner said.
"Most of the deaths are by
gunshots, that is an increase in
the activity we see centre'd
around murder. The murder
victim profile is the single,
employed Bahamian male
between the age of 16 and 25
residing generally in the black-
belt area between Village Road
and Nassau Street going south."
Police press liaison officer
Assistant Superintendent Wal-
ter Evans pointed out that there
are other deaths, which have
not yet been classified, which
could drive the murder count
up even higher if they are offi-
cially labelled homicides.
"We can't really say exactly at
this point how many cases [are
outstanding] because there are a
number of matters being looked
at. We are waiting for autopsy
reports and also for continued
investigations into several mat-
ters so we will be able to state
whether they will be upgraded.
We don't want to say anything
prematurely so we will await
the results of the autopsy
report," he said.
Meanwhile, Mr Evans said,
police are doing their best to
curb the violence.
Yesterday, Ms Thompson


told The Tribune: "When I was
a little girl and there was one
murder, Sister Lane and others
would go on street meetings.
"Every church from Bethel's


Lt 0


to St John's would send their
evangelists out on street
meetings every different day
and that's the only way that
we can educate the people so


that the violence can stop."
The 87-year-old grandmother
said that her heart is hurt every
time she hears news about
another violent crime.


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----- ----


WEDNESDAY, APRIL 4, 2007, PAGE 5


THE TRIBUNE











THE TRIBUNE


PAGE 6, WEDNESDAY, APRIL 4, 2007


Three men are charged



with double murder


* By DENISE MAYCOCK
Tribune Freeport Reporter
FREEPORT Three Hait-
ian-Bahamian men were
arraigned on Tuesday in the
Eight Mile Rock Magistrate
Court in connection with the
shooting deaths of two men in
the Pinder's Point area.
Appearing before Magistrate
Debbie Ferguson were Allan
Fertile, 29, of Barkentine Drive,
Freeport; Roden Francis, 35, of
Charles Vincent Street, New
Providence; and Dennis Dele-
veaux, 31, of Gold Coin Lane,
South Bahamia.
The men were escorted in
three separate police vehicles
from Freeport, arriving at the
court around 2.30pm for their
arraignment.
Several armed police officers
were positioned strategically
outside the building, where a
small crowd had assembled to
get a glimpse of the accused
men.
The men were charged with
the murders of 30-year-old
Maxwell Nonome, and 24-year-
old Elie Jean, both residents of
Lewis Yard.
It is alleged that the Fertile,
Francis and Deleveaux, being
concerned together, intention-
ally caused of the deaths of Jean
and Nonome on March 29 at


* DENNIS Deleveaux, (centre) a resident of Gold Coin Lane,
South Bahamia, is seen being escorted by police to Eight Mile
Rock Magistrate Court on Tuesday for a his arraignment.


of Westward Villas,
Cable Beach,

Bahamas will be
held at the
Annunciation a
Greek Orthodox
Church West
Street, Nassau on
Thursday, 5th April.
2007 at lam..

Father Theodore Bita, Economos will
officiate and interment will follow in
Woodlawn Gardens Cemetery, Soldier
Road, Nassau.

Mrs. Haines was pre-deceased by her
husband, Thomas Haines and is survived
by three children, Jean Lightbourn, Errol
Haines and Charmaine Hills; two sons-in-
law, Bradley Lightbourn and Barry Hills;
one daughter-in-law, Daphne Haines; six
grandchildren, Sandra, Michelle and Dr.
Jacqueline Lightbourn, Christopher and
Chantal Letts and Dmitri Haines; two step-
grandchildren, Heather and Michael Hills;
two sisters-in-law, Venice Gorsun and June
Glennon; neices, nephews and other
relatives and friends, especially Mary and
Steve Antonas, John and Pevia Antonas,
Roland Burrows, Kendal and Debbie
Munnings, Nina Berdanis, Jackie Sawyer,
Bridget Duncanson, Shirley Francisco,
Christina Moretti, Dejasson Orvil, Terry
Jolly and Barbara Harris.

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


During the arraignment, two
of the accused, Francis and
Deleveaux, who spoke with an
American accent, told Magis-
trate Ferguson that they were
concerned about their safety at


Fox Hill Prison. They said they
had received death threats from
inmates.

Fearful

They said they had been told
by a group of inmates that came
in from Nassau to Central
Police Station in Freeport that
some inmates who are friends of
the victims are waiting to kill
them when they arrive.
They wanted to know what
section of the prison that they
would be remanded to, explain-
ing that threats were mainly
coming from the maximum
security wing, the H block and
the south blocks.
Magistrate Ferguson said that
she did not know where they
would be kept. She then
instructed police to ensure that
no threat or harm come to the
men when they leave Freeport.
"They are in the custody of
the state, and the books will
reflect what they have said to
me and I want to will make sure
the message goes to the (prison)
chief," she said told officers.
Magistrate Ferguson
adjourned the matter to June
28 for a preliminary inquiry to
determine if there is sufficient
evidence against the men for
trial in the Supreme Court.


Retraction of Nautilus



bottled water recall story


THE statements published
in The Tribune on Monday,
April 2, in the article enti-
tled "Nautilus Bottled Water
Recalled from Market," were
incorrect and unauthorised.
The details in the article
that directly referred to the
company's licensing issues


are presently being reviewed
by the requisite government
agencies. As a consequence
there has been no recall of
the Nautilus water products.
It must be emphasised that
at no point has there been
any accusation by any gov-
ernment agency as to Nau-
1' __*


tilus Water Company pro-
viding a sub-standard prod-
uct. "The quality of Nautilus
Water has never been in
question, and Nautilus
Water Company remains
committed to producing
their internationally certi-
fied, world-class product,"


said a statement from the
company.
The Tribune sincerely
apologises for the unautho-
rised release of this article,
and for any unnecessary
damage and confusion
caused to the company and
its customers as a result.


2007



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Merih (Mary)
Haines nee Yohanides


Pinder's Point.
The trio was represented by
K Brian Hanna. They were not
required to enter a plea to the
murder charges. Inspector Wal-
ter Henderson is the prosecutor.












WEDNESDAY, APRIL 4, 2007, PAGE 7


THE TRIBUNE


Bahamas is urged




to call for Haiti




debt cancellation


* By RUPERT MISSICK Jr
Chief Reporter

A LOCAL human rights
organisation is calling on the
Bahamas to use its internation-
al influence to press for the
compete cancellation of Haiti's
debt.
The Bahamas Human Rights
Network, at its most recent
meeting, called for this action
from the Bahamian government
and for the immediate cancel-
lation of Haiti's multilateral
debt in response to a decision
by the Inter-American Devel-
opment Bank to delay debt
relief for Haiti until at. Feast
2009.
The resolution claims that
nearly half of Haiti's debt was
incurred through loans made
during the regime of Dr
Franqois (Papa Doc) Duvalier
and other dictatorships that
used the money to finance "lav-


ish lifestyles and prop up repres-
sive regimes".
Because of this, the group
says that it is "unconscionable"
for the people of Haiti to suffer
under the weight of, a debt
which did not benefit them or
their country.
-*The relief would translate
into a greater amount of
Bahamian public money that
could be spent on reducing our
own national debt given that ai
portion of our national expen-
diture goes into services result-
ing form Haitian migration to
the Bahamas services that
would become increasingly
unnecessary as more Haitian
public money (available
through debt relief) would be
spent on improving the condi-
tions in Haiti that force Haitians
to abandon their home." said
Michael Stevenson, BHRN's
vice-president.
The resolution affirms the


efforts that are being made by
the Inter-American Develop-
ment Bank, World Bank and
International Monetary Fund
to cancel Haiti's debt.
However, it also expressed
concern that the process is mov-
ing too slowly.
"Haiti's continued economic
distress over the next two or
more years will have dire con-
sequences for the Haitian peo-
ple as they wait for the
process... to reach completion
to become eligible for 100 per
cent cancellation.
"'Meanwhile, Haiti will con-
tinue to pay $60 million per year
to service debt, money that
would be better spent tackling
Haiti's dire health and educa-
tional problems," it read.
BHRN member Daniel
Schneissing pointed out that
IlHaitian migration is not a
Bahamian issue but one that
affects the whole region.


* CHILDREN joke with a UN Brazilian peacekeeper as they watch a friendly soccer match
between locals and Brazilian peacekeepers in the Cite Militaire neighbourhood in Port-au-Prince
last week. Human rights activists say that the situation in Haiti would be improved by cancelling
the country's debt.


"If the Bahamas wishes to
stem the flow of Haitian immi-
grants to its shores, it can't
expect to do so by limiting its
efforts to round up and deport
undocumented migrants. It
must work with the interna-
tional community to improve
the economic conditions of
Haiti so that would-be migrants
will be more inclined to remain
at home," he said.


The resolution states that a
failure to address the problem
in Haiti will result in the con-
tinued flight of Haitian migrants
to neighboring countries like
the Bahamas.
"I'd say that this debt relief is
very important for Haiti
because the Haitian people are
in dire need of basic infrastruc-
ture and security so that they
can begin down the road to a


(Photo: AP/Ariana Cubillos)
stable and sustaining economic
model," said Tamico Gilbert, a
BHRN member who helped
draft the resolution.
"Immediate and uncondi-
tional debt relief for Haiti is
really the least that can be done
to attempt to compensate for
the many injustices inflicted
against the beautiful people of
Haiti over the course of their
history," Mr Gilbert said.


Environmental film chosen for international festival


A BAHAMIAN environ-
mental film has been selected
for screening at an internation-
al festival, it was announced yes-
terday.
The film, Conservation
Through Education, by the
Bahamas Reef Environment
Educational Foundation
(BREEF), has been selected for
screening at the 9th annual
Earth Vision International Film
Festival.
The festival runs from April
11 to 14 in Santa Cruz, Califor-
nia and features films focused
on the environment and those


who seek to protect it.
By using films as tools to raise
environmental awareness and
uncover environmental issues,
the festival seeks to mobilise
support for conservation initia-
tives.
BREEF's 10-minute DVD,
directed and produced by local
filmmaker Kareem Mortimer
of Mercury Rising Media, will
be screened at 4pm on April
12.
Kareem recently received the
Audience Award at the
Bahamas International Film
Festival.


BREEF's entertaining and
informative short film has been
screened locally on both Cable
12 and ZNS.

Teachers

It documents the experiences
of Bahamian teachers at a
marine conservation teacher
training workshop which took
place last summer on San Sal-
vador.
The teachers experienced the
coastal environment in a hands-
on manner, looking for ways of


providing similar opportunities
for their students.
They explored coral reefs,
mangrove wetlands, sandy and
rocky shores and seagrass beds,
making links between the
importance of the coastal envi-
ronment and the role that
humans play in protecting it so
that future generations can con-
tinue to benefit.
Viola Johnson of Mabel
Walker Primary School.wrote
"I had a lifelong learning
experience. It was my first
time putting on a snorkel
mask and viewing the great


variety of marine life. It was
breathtaking.
"I got to identify some fish,
the different types of sponges,
mangroves, birds and some
medicinal plants. I had a chance
to make some hands on materi-
als which can be used in the
classroom to stimulate the chil-
dren's interest.
"The BREEF experience
made me more aware of the
coastal environment and how
to help to protect it for future
generations. It was an exciting
week," she said.
This summer, BREEF will


host another workshop from
July 15 to 22. The organisation
invited interested teachers to
contact them at 327-9000.
"This year we plan to pro-
duce a video that teachers will
be able to use to support their
instruction, for this wewill again
partner with Kareem, who has
done us proud," said the group
in a statement.
BREEF is s non-profit foun-
dation that promotes a sustain-
able relationship between
Bahamians, visitors and the
marine environment upon
which they all depend.


Migrant smugglers head to the British Virgin



Islands as part of new Caribbean route to US


* BRITISH VIRGIN
ISLANDS
Norman Island

Abandoned by a smuggler on
a pebbly beach, 49 hungry and
thirsty migrants hid out for days
amid a tangle of trees and
brush. Then a scouting party
returned with devastating news:
they weren't in America,
according to Associated Press.
The illegal migrants 47
Haitians and two Dominicans,
including two babies were
hoping they had reached the US
Virgin Islands, where travelers
can hop on a domestic flight to
Miami without passing through
immigration checkpoints.
Instead, they were dumped
on Norman Island, one of the
British Virgins three miles of
open water short of US soil,
with nothing to get them there
and no population to blend into.
"We gave them food and
water, and over the next four
days more of them came out of
the bush," said Tom Warner,
who usually tends to yachters
at Pirates Bight Bar and
Restaurant, the only business
on uninhabited Norman Island.
"The 1-year-old was definitely
thirsty... I gave him a container
of water and that baby just
wouldn't let go of it."
Once a way-station for pirates.
the British Virgin Islands com-
prised of the main islands of Tor-
tola. Virgin Gorda and Anegada.
as well as more than 50 smaller
islands are increasingly attrac-
tive to Caribbean smugglers car-
rying illegal migrants to the near-
by US Virgin Islands and Puerto
Rico.
From October through Jan-
uary. 126 Cuban migrants used
the new route to reach the US
Virgin Islands more than dou-
ble the number that landed dur-
ing the same period a year ago.
said Captain James Tunstall.
commander of US Coast Guard
for the eastern Caribbean. Bv
comparison, Cubans caught try-
ing to sneak past the cutter
patrolling the Mona Passage
have declined by 40 per cent.
On Saturday. authorities
detained 28 Haitian migrants.
including a baby, who were
wandering in bushes after being
dropped off on St Croix in the
US Virgin Islands by a boat that
a resident saw using a night-
vision scope.


The new route swings deep
into the eastern Caribbean and
runs northwest along the Lee-
ward Island chain before heading
to the British Virgin Islands. The
migrants, mostly from Cuba,
Haiti and the Dominican Repub-
lic, generally fly to the island of
Dominica, then hook up with
smugglers who take them on
chartered sailboats to US terri-
tory under cover of darkness,
according to Chief Inspector St
Clair Amory of the Royal Virgin
Islands Police Force.
Cubans, who often have
access to cash from relatives on
the US mainland, generally pay
US$3,000-US$3,500 for the sea
voyage, while Haitians and
Dominicans pay US$2,000-t
US$2,500, he said.
Authorities are having a hard
time choking off the new route
because the distance between the
US Virgin Islands and the British


Virgin Islands is as little as a mile
in places. A dinghy can cross in
minutes, and smuggling boats
blend in with tourist yachts.
Amory once alerted the
Coast Guard to search a boat
heading into US waters, and
they caught a group of Bolivians
who had flown to the British
Virgin Islands and were trying
to sail to Puerto Rico. Such co-
operation is critical, officials say.
The British territory has tight-
ened immigration regulations
and is building a detention cen-
tre for illegal migrants, aiming
to prevent them from using
their islands as a springboard
to America.
"It's really hard on us because
we know what they're running
from... but we've got our jobs
to do," said Constable Stepphen
Gilbert, who patrols the terri-
tory's 59 square miles of sea and
shore in a new police boat.


* OFFICERS from the Royal Virgin Islands Police have a discussion about a cargo vessel in front
of them while patrolling the waters off Virgin Gorda, in the British Virgin Islands
(Photo: AP/11rennan Linsley)


YOUR CONNECTION TO THE WORLD


TENDER DIRECTORS
AND OFFICERS INSURANCE
The Bahamas Telecommunications Company Ltd.
(BTC) is pleased to invite Tenders to provide the
Company with coverage for our Directors and Officers.


Interested companies/firms in Nassau may collect
a tender package from the Security's Desk located
in the Administrative building on John F. Kennedy
Drive, between the hours of 9:00 a.m. and 5:00
p.m. Monday through Friday.

The deadline for submission of tenders is April
10th, 2007. Tenders should be sealed and marked
"TENDER FOR DIRECTORS AND OFFICERS
INSURANCE" and should be delivered to the
attention of the President and CEO, Mr. Leon
Williams by the above date and time.

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


Good Friday, April 6

ALL LOCATIONS CLOSED



HOLIDAY WEEKEND

Regular Hours: 7 a.m. to 11 p.m.

Saturday, April 15

Easter Sunday, April 16

Easter Monday, April 17 A\


mmmwmp


appy 4 stern frWom Wen4dy /















The benefits of unity as opposed




to the threat of losing sovereignty


"Leave this Europe, where
they are never done talking of
Ma,,wyet murder men every-
wherethey find them, at the cor-
ner of every one of their own
streets, in all the corners of the
slobe." Franz Fanon, the
Wreteh'ed of the Earth, 1963

A n amusing Associat-
A ed Press photograph
caught my eye over the week-
end. It showed the French Pres-
ident, Jacques Chirac, rubbing
noses with the German Chan-
cellor, Angela Merkel, at a cel-
ebration last week marking the
50th! birthday of the European
Uni6n.
The fact that this ceremonial
summit and public show of
affeCtion took place in a new
Berlin the capital of a reunit-
ed Oermany at the centre of an
integrated Europe is the
most powerful reminder yet
that 'the horrors of the first half
of th'e 20th century are behind
us. :
The European Community
- n Union had its start in the
afteqnath of the most destruc-


tive war in human history; a war
that killed 60 million people -
including the murder of some
20 million Jews, gypsies, homo-
sexuals and other unfortunates
in the Holocaust.
An historic reconciliation
began when the two bitterest
enemies on the European con-
tinent the French and Ger-
mans agreed to jointly man-
age their strategic heavy indus-
tries in 1951. A common market


embourg.
This pact ended centuries of
warfare both on and off the


Churchill's argument was that a
united Europe was the best way
to heal the hatreds of the Second
World War, prevent future
wars, and ensure economic
prosperity.


was set up by the Treaty of
Rome six years later, linking
the former battlegrounds of
Germany, France, Italy, Bel-
gium, the Netherlands and Lux-


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European continent. It also
ended succcessive attempts to
unite the continent by force -
the French under Napoleon, the
Germans under Hitler, and the
Russians under Stalin. It
marked the first time that Euro-
peans gave up some of their
sovereignty in the interest of
peace.
But the concept of a "United
States of Europe" had been
talked about for a long time.
According to Victor Hugo, writ-
ing in 1849, "A day will come
when all nations on our conti-
nent will form a European
brotherhood... When we shall
see... the United States of
America and the United States
of Europe face to face, reaching
out for each other across the
seas."

The British wartime
leader Winston
Churchill made similar remarks
in 1946: "It is from Europe that
have sprung that series of fright-
ful nationalistic quarrels, which
we have seen in this 20th cen-


tury wreck the peace and mar
the prospects of all
mankind...We must build a kind
of United States of
Europe...The first step must be
a partnership between France
and Germany."
Churchill's argument was that
a united Europe was the best
way to heal the hatreds of the
Second World War, prevent
future wars, and ensure eco-
nomic prosperity. In that same
year, he also famously coined
the term "iron curtain" to
describe the line separating the
West from Soviet-controlled
Eastern Europe: "The safety of
the world requires a unity in
Europe, from which no nation
should be permanently outcast."
Over the years, the European
enterprise expanded to include
Britain, Denmark and Ireland
in 1973, Greece in 1981, Portu-


fist by the Soviets and their pup-
pets since 1945, was peacefully
reunited with democratic West
Germany.
As the Soviet bloc disinte-
grated, other formerly commu-
nist East bloc nations joined the
European Union, so that now
there are a total of 27 member
states. And next year, the tiny
Caribbean islands of Bonaire,
Saba and Sint Eustatius will
become special municipalities
of the Netherlands, and also be
a part of the European Union.

ironically, Angela Merkel,
the current German
leader, was an East German
who became involved in the
democracy movement and was
appointed a centre-right cabi-
net minister soon after reunifi-
cation. She was elected Ger-
many's first woman chancellor
in 2005.
The Frenchman she rubbed
noses with at last week's summit
was Jacques Chirac. He was a
communist in the 1950s, but lat-
er came to support the Gaullist
centre-right, becoming prime
minister in 1974 and eventually
taking control of France's right-


Some of our politicos like to say
that the Bahamas must integrate
with the Caribbean Community
by joining the single market so
that we can share the kind of
prosperity and solidarity
enjoyed by member states of
the European Union.


gal and Spain in 1986. Then, wing governing coalition. Chirac
after 30 years, the Berlin Wall has been president of France
that symbolised Churchill's Iron since 1995.
Curtain was breached. And in Adding to the twists and
1990 East Germany, which had turns of political fortune is the
been 'cbfitrolled with a mailed current president of the Euro-


A TOG C M


- 'eniii E3411Zi
news rea
Isigh o

I Mndas I


pean Union a former Por-
tuguese prime minister named
Jose Manuel Barroso. As a
young man he was a leader of
the Maoist underground fight-
ing the Portuguese dictatorship.
When he shifted allegiance to
the centre-right in 1980, Bar-
roso helped end wars in former
Portuguese colonies in Africa
and Asia.
"In Europe, 2007 is the year
when the past and the future
meet," Barroso said recently.
And in her speech to the recent
birthday summit, Merkel said
the European Union was a
dream come true. But polls
show that most Europeans
don't feel the same way, and 41
per cent think it should be
stripped of powers.
Euroscepticism is probably
strongest in Britain, where arti-
cles recently recalled the words
of a British diplomat sent to
observe a 1955 conference
preparing the Treaty of Rome.
He told delegates then that the
project was doomed. If the
treaty was agreed it would not
be ratified and, if ratified, it
would have "no chance" of
coming into force, he declared.

And the latest sceptic
is the German Pope
Benedict who has accused the
EU of apostasy for refusing to
mention Christianity in its 50th
anniversary declaration. The
pontiff said Europe could "not
be built by ignoring its people's
identities", and also warned that
the continent's declining
birthrate meant that Europe
was "losing faith in its own
future".
Some of our politicos like to
say that the Bahamas must inte-
grate with the Caribbean Com-
munity by joining the single
market so that we can share the
kind of prosperity and solidari-
ty enjoyed by member states of
the European Union. But the
difference is like chalk and
cheese not just between the
EU and CARICOM, but also
between the Bahamas and our
West Indian counterparts.
Following on the heels of the
failed West Indian Federation
(of which we were never a part),
the Caribbean Community was
formed in 1973. But experts say
the tremendous differences
between regional states in
terms of size and level of devel-
opment make it hard to reach
agreement on substantive
issues.
For example, the income dif-
ference between the richest
(Bahamas) and poorest (Haiti)
CARICOM nations is as high
as 35 to 1. Before its recent
enlargement, the European
Union had an income differen-
tial of just 4 to 1. And, the
experts say, there is a distinct
lack of regional transport and
trade, with the Bahamas hav-
ing virtually no trade with any
CARICOM member.

As the Inter-American
Development Bank
said recently, there has never
been a full cost-benefit analy-
sis of West Indian integration
to assess its net benefit to indi-
vidual economies and to the
region as a whole. In the
absence of such hard evidence,
it is difficult for proponents to
maintain the momentum of the
process.
That's why Foreign Minister
Fred Mitchell said recently that
joining the Caribbean Single
Market and Economy is fin-
ished: "There is no argument
anymore. We have accepted the
wish of the Bahamian people
on this matter and that's the
end of it."
One of the strongest disin-
centives is the fear of losing
national sovereignty. And for
many countries, especially the
Bahamas, the benefits of inte-
gration are intangible and long
term while the costs are real
and immediate.
What do you think? Send
comments to larry@tribuneme-
dia.net.Or visit www.bahama-
pundit.com


THE TRIBUNE


PAGE 8, WEDNESDAY, APRIL 4, 2007


iqknnrA









WEDNESDAY, APRIL 4, 2007, PAGE 9


NHI Plan

could be ready

'by the end

of the year'

FROM page one

employer associations,
unions, and private sector
groups who claim govern-
ment is "rushing" the plan
without proper consultation.
The survey conducted by
the Segal Company, on
behalf of the National Coali-
tion for Health-Care
Reform, found that some 79
per cent of Bahamian
employers surveyed offered
-alternative solutions to
meeting the country's
health-care needs, most
involving a combined pri-
vate-public sector.
The survey also found
that just 21 per cent of
employers believe the gov-
ernment's proposed Nation-
al Health Insurance Scheme
is the best option for
improving health-care quali-
ty, financing and access in
the Bahamas.
Winston Rolle, the former
Chamber of Commerce
president now acting as a
coalition representative, told
The Tribune that these per-
centages were "very signifi-
cant."
Mr Rolle said: "It shows'
that the NHI plan, based on
the information we have on
hand at this time, is not giv-
ing anyone a comfort level."
"This response shows a
genuine desire by the pri-
vate sector to address the
nation's health-care needs
but considerable concern
about having a mandatory
NHI scheme administered
through the National Insur-
ance Board."
But, yesterday Dr. Lalta
said that employers will be
in a better position to con-
sider the plan when all the
details are worked out.
"We told them that we are
a little bit away from provid-
ing all the details because
some of it we are still fine
tuning," Dr Lalta said.
"There are two things
happening," said Dr Lalta.
"We have a group that is
doing the macro-economic
analysis, DAH consulting
out of New York and their
report should be ready by
the end of the April. We
also have another group that
is working along with us to
fine tune the benefits pack-
age and payment system,
Sanigest International out of
Costa Rica and we expect to
have the benefits package by
June."
Dr Lalta said these groups
are consultants the govern-
ment has contracted to assist
his team.
"By September or Octo-
ber we should have the
major part of our work done
and then we will leave it up
to government to decide the
implementation date," Dr
Lalta said.


FROM page one

nce improved by 4.1 per cent,
*mefiting from the 4.5 per cent
i crease in room rates.
Grand Bahama saw an expan-
s n in average room prices of
1 .1 per cent, the result of rev-
iue firming by 5.5 per cent.
lis occurred despite a 12 per
L nt contraction in hotel occu-
ncy on the island.
On the Family Islands, hotel
r venues expanded by 3.2 per
c nt, with a 9.9 per cent increase
i room rates outpacing a 3.2 per
c nt occupancy fall.
The Central Bank report said
i erage consumer price inflation
as measured by the Retail
I *ice Index advanced to 2.13
I r cent for the 12-month period
e ding February 2007, compared
t 1.88 per cent in the corre-
s ending period a year earlier.
The Central Bank said the


Hotels
most significant cost increases
recorded were: other goods and
services (7.54 per cent), food and
beverages (4.36 per cent), med-
ical care and health (2.34 per
cent), housing ( 1.46 per cent),
and clothing and footwear (1.03
per cent).
In addition, preliminary data
for the fiscal year 2006-2007 indi-
cated a narrowing in Govern-
ment's overall deficit by 2.2 per
cent to $69.4 million for the first
seven months to January 2007,
as a 14.2 per cent expansion in
revenues and grants to $749.4
million outstripped the 12.6 per
cent growth in expenditures to
$818.8 million.
Tax revenues firmed by 12 per
cent to $730 million, reflecting
in part gains taxes on interna-
tional trade and transactions (9


"A .. .' ,- ..: .7 ". .:.'.
* THE man's body lies covered at the scene last night.
(Photo: Felipi Major/Tribune staff)


ROM page one


Murder


y ung child and a wife, and perhaps he is the bread-winner within the
h me," he said.
ith the murder rate having eclipsed 20 in the first quarter of the
y r, the Bahamas is on track to possibly exceed 80 homicides in 2007
- number unknown in the Bahamas.
SP Evans once again called on the community to refer matters of
c flict to the police, or to social organizations, such as the church for
n diation, rather than resorting to violence.
he police have announced a significant re-organisation of its forces
t meet the challenge of the country's escalating crime. A new crime
c ef, Senior Assistant Commissioner Elliston Greenslade, is in the
p cess of taking over command from Senior Assistant Police Com-
ssioner Reginald Ferguson.
however, as some commentators have suggested, a cultural shift
s ms to have occurred in the country where violence has become a
p manent fixture, regardless of the efforts of the police.
choing the pessimism many Bahamians feel regarding crime in
t country, a young Bahamian woman on hearing of yet another
rder commented: "The more they pray, the more people get killed."


ROM page one

r earchers.
he CSU report also notes that
t Atlantic has seen a large
i rease in major hurricanes dur-
i the 12-year period of 1995-
2 which averaged 3.9 per year,
i comparison to the prior 25-
y r period of 1970-1994, which
a raged 1.5 per year.
In 2005 there were a record
n mber of tropical cyclones in
t Atlantic 27 named storms,
1 hurricanes and seven major
h ricanes including hurricane
K trina which destroyed large
p ts of New Orleans and Mis-
si 'ippi.
Bahamian Chief Meteorolo-
g t, Arnold King, said that
b ause of the location of the
B hamas, residents should always
b prepared for the possibility of
a irect hit from a major hurri-
c, le, regardless of the projec-
ti is.
"The potential always exists


Hurric
for a major hurrica
Bahamas in any giv
season. Let us not
with hurricane An
cane Andrew was th
hurricane that year.
first hurricane of t]
doesn't matter if yo
just 1. That one cou
Bahamas," he said:
A direct hit on
dence could result
loss of life and prop
tion especially in ti
ian shanty towns spr
out the island;
CSU indicated t
sonal updates fo
Atlantic basin hurr
will be released on
coincide with the of
the 2007 hurricane
June 1st, and agair
3rd, September 4th
2.


The Baha as Environment, Science
and T hnology Commission


The Montreal Proto 1 Act, 2006, requires all Refrigeration and
Air-con itioning technicians to possess
A NATI AL CERTIFICATION CARD.


THE MINISTRY

The Represe
will be on the islands of A


facilitate this process,
UTILITIES & THE ENVIRONMENT
advises that
atives Of The National Ozone Unit
ico, Eleuthera, Exuma and Grand Bahama c


fc lowing dates and times:


George Town, Exuma
Marsh Harbour, Abaco
Govenor's Harbour, Eleut ra
Freeport, Grand Bahama


April 11th, 2007
April 25th, 2007
April 26th, 2007
April 27th, 2007


9:00-5:00]
9:00-5:00f
9:00-5:001
9:00-5:001


anes

ne to hit the
'en hurricane
forget 1992
drew. Hurri-
he only major
That was the
he season. It
>u have 20 or
ld impact the
New Provi-
in significant
lerty destruc-


he large Hait-
read through-
hat new sea-
ir the 2007
icane season
May 31st to
official start of
e season on
n on August
and October



GN 484



















)n the



p.m.
p.m.
p.m.
p.m.


per cent), stamp taxes (11.1) and
property taxes (43.2 per cent).
Expenditures broadened by
12.6 per cent to $818.8 million,
due primarily to the 9.4 per cent
rise in current spending to $706.9
million for consumption and the
purchase of goods and services,
while elevated outlays for asset
acquisitions and capital forma-
tion boosted capital outlays by
35.4 per cent to $76.6 million.
* *
Androsia, the Bahamian
manufacturer of batik fabrics,
clothing and home textiles, has
signed an agreement with Com-
monwealth Fabrics to act as its
distributor in Nassau.



Gomez

FROM page one
of cases simply because we do not
have the judicial personnel," he
said.
With Justice Lyons handling 90
per cent of the commercial mat-
ters at the Supreme Court level,
the country cannot afford to lose
him, Mr Gomez said.
"If Justice Lyons decided 'I'm
gone' and leaves tomorrow, the
civil court would basically shut
down. The Chief Justice is going
to have to find a judge within his
ranks to deal with commercial
matters.
"So a judge who may be doing
criminal matters will be forced
now to address commercial mat-
ters. You are going to have one
less criminal judge and you are
already suffering with a deficien-
cy," he said.
Mr Gomez pointed out that
with the retirements of judges,
which have already taken place,
those that are about to take place,
and the "the threatened expul-
sion" of Justice Lyons, the
Bahamas could soon face major
problems in its judiciary.
The lawyer said that if the lack
of manpower within the judiciary,
and especially the Supreme
Court, is not addressed, court cas-
es in future could drag on for as
long as 10 to 15 years as opposed
to the two to three years it takes
for a case to be heard now.
"We are operating a Supreme
Court with less judges and we are
reducing those numbers seem-
ingly by giving the impression that
we want one of them (Justice
Lyons) to go," he said.
This fact is particularly wor-
rying, he said, at a time when the
country is experiencing a steadily
increasing murder rate and is
faced with more and more sus-
pects who are required to appear
before a court within a limited
amount of time.
"The police force has done a
marvelous job in the apprehen-
sion of alleged criminals, but all of
that is for naught if a person can-
not be tried," he said.


Voter

numbers

FROM page one
If the numbers reach
148,000, there will be 4,000
voters more than in 2002
who will be able to partici-
pate in this year's general
election. Registered to vote
in 2002 were 144,758
Bahamians.
Sherilyn Hall, deputy
permanent secretary at the
parliamentary registrar's
department, had said in an
earlier statement that the
new voters cards are
expected to be ready some
time next week.
The department, he said,
will set up distribution cen-
tres where voters will be
able to collect their cards.


Gag order

FROM page one
Confirming this, Debra
Rose, the attorney for Virgie
Arthur, the mother of Anna,
Nicole, said her client is -
focused on ensuring that what
is in her granddaughter's best
interest prevails.
With her client at her side,
Ms Rose made her way
through the crowd of local and
international press outside the
Supreme Court yesterday
evening.
She said: "My client is cer-
tainly the grandmother of the,
baby, and she is doing every-
thing that is in the child's best
interest."
Other than that, she would *
reveal very little, only reiterat-.
ing that the gag order
remained in place over the :
proceedings.


,- "t SERVICES


Matthes Anglican Church
Shirley Church Streel


MONDAY 2nd April 7:30pm Stations of the Cross

TUESDAY 3rd April 7:00am Mass;
7:30pm Service of Reconciliation

WEDNESDAY 4th April 7:00am & 1:00pm Mass; .
7:30pm Mass of the Chrism, Christ Church
Cathedral.
The clergy renew their vows at this service.

MAUNDY THURSDAY 5th April 7:30pm Holy
Eucharist, Washing of feet and Watch before Altar of
Repose, until midnight

GOOD FRIDAY 6th April 9:00am Liturgy for Good ,.
Friday; 12noon 3:00pm Devotions on the Seven
Last Words

EASTER DAY 8th April 6:00am Easter Vigil & Holy
Eucharist; 10:30am Solemn High Mass,
Procession & Baptism; 7:00pm Solemn Evensong,
Sermon & Benediction


r


selling

Building Materials and

Pressure Treated Lumber


Our NEW Hours will be


MONDAY to FRIDAY 7am 4pm


at the Department of E 'ironmental Health Services Office, to register
ALL REFRIGERATION AND AIR-CONDITIONING TECHNICIANS.
Technicians are required to bring along the following:
1. Drivers license;
2. National Insurance card;
Passport or valid voter's card and
Certification documents.

For more information, please contactt the National Ozone Unit, Best Commission
in Nassau at 22-4546; 356-3067 and 322-2576.


TOPS.


Committed To Helping You Build It Right
In The Bahamas Since 1982!

_ -.-.-


THE TRIBUNE












APRIL 4, 2007


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

Wild Florida In Performance at the White Novel Reflections on the American Dream The characters, plots and
WPBT Forida's Ani- House 20th anniversary of Thelo- themes of seven novels deal with wealth, poverty, success and failure in
mals' ) (CC) nious Monk Institute of Jazz. America; narrator Patrica Clarkson. (N) \ (CC)
The Insider (N) Jericho Gray's decision to make the Criminal Minds The BAU team CSI: NY "Silent Night" A teenager is
WFOR n (CC) refugees leave pushes Roger off the must delve into Morgan's past when shot while protecting her infant sis-
deep end. (N) n (CC) he is arrested for murder. ter. (CC)
SAccess Holly- Friday Night Lights Coach Taylor Crossing Jordan "Faith" Woody Medium Joe's disgruntled co-worker
S WTVJ wood (N) (CC) makes a rash decision that alters and Jordan search for a hijacked forces Joe and his officemates into
his future at Dillon. (N) n (CC) school-bus. (N) t (CC) a hostage situation.
SDeco Drive Bones Boothe suspects an organ- American Idol 'il Death Joy News (CC)
WSVN ized-cnme family when a partial (Lve) n (CC) and Allison go to
skeleton is found in cement. Florida. (N)
Jeopardy! (N) George Lopez George Lopez According to In Case of Emer- Lost Kate must fend for herself in
i WPLG (CC) George and Ang- (N) n (CC) Jim The At-Ba genc A trip to a the jungle when she discovers that
S ie hire a maid. (N)(CC) spa.(N) she was betrayed. (N) (CC)

(:00)CSI: Miami CSI: Miami 'Losing Face" Horatio The Sopranos "House Arrest" Tony is told to take bet- (:17) The Sopra-
A&E 'Golden Para- sets out on a personal mission to ter care of his business. C, (CC) nos 1 (CC)
;chute'" (CC) find his mentor's killer n
Hardtalk BBC News World Business BBC News Fast Track BBC News World Business
BBCI (Latenight). Report (Latenight). (Latenight). Report
T Access Granted Access Granted The Parkers l Girlfriends Girlfriends n Gi girlfriends Girlends
BET (N) (N) (CC) (CC) (CC)(CC) ) (CC)
SCBJust for Laughs CBC Winnipeg Comedy Festival CBC News: the fifth estate (CC) CBC News: The National (CC)
B Gags (CC) "Relative Insanity" (CC)
CNBC ) On the Fast Money Deal or No Deal Contestants geta Business Nation Features, profiles,
CNB Mney chance to win money. n (CC investigative reports. (N)
ICNN .oo) The Situa- Paula Zahn Now (CC) Larry King Live (CC) Anderson Cooper 360 (CC)
C N lon Room ,
Scrubs J.D. talks The Daily Show TheColbert Re- Chappelle's South Park But- South Park (N) HalfwayHome
COM about his feel. With Jon Stew- port(CC) Show (CC) ters' faked death. (CC) Family bonding.
ings. (CC) art(CC) (CC) (N)(CC)
IC r Cops "Coast to Most Shocking Robberies and Forensic Files Forensic Files Domlnick Dunne: Power,Privilege
COU T Coast" e (CC) Hold-Ups 2 (N (N) & Justice "Over the Edge"
TheSuiteLifeof*** MULAN (1998, Musical) Voices of Ming-Na (:35)Kim Possi- Life With Derek Phil of theFu-
DISN Zack & Cody Wen, Lea Salonga. Animated. A Chinese maiden dis- le Steal "Babe Raider" C ture Phil skips a
Class president. guises herself as a man. C 'G' (CC) Wheels" (CC) (CC) family event. C
DIY This Old House Home Again n DIY to the Res- Wasted Spaces Wasted Spaces Finders Fixers Finders Fixers
DIY Mortise lockset (CC) cue ____ _
DW Euromaxx Journal: In In Focus (Ger- Journal: Tages- Made in Ger- Journal: In Euromaxx
_____ Depth man). them many Depth
ETh Dally 10 (N) 101 Juiciest Hollwood Hookups 101 Juiciest Hollyood Hookups Paradise City Child Star Confl-
Celebrity relationships. Celebrity relationships. (N) "Derailed" dental
EC PN NBA Basketball Chicago Bulls at Detroit Pistons. From the Palace of Auburn Hills in Auburn NBA Basketball Sacramento Kings
ESPN Hills, Mich. (Live) C (CC) at Denver Nuggets. (CC)
E DPa l NBA Basketball Chicago Bulls at Detroit Pistons. From the Palace of Auburn Hills in Auburn SportsCenter- International Edi-
ESPNI Hills, Mich. (Live) (CC) tion (Live)
DEWTN Mass: Our EWTN Live Eparchy-Con- Holy Rosary Passion and Resurrection of Our
EWTN Lady bcert e Lord-According to John
FIT T :00) Cardio Ship Out, Shape Up "Sit-Ups At Buff Brides: The Bridal Challenge FitTV's Housecalls A cancer sur-
FT TV CBlast) (CC) Sea" Water aerobics. (CC) "Nadege & Colleen" (CC) vivor. n (CC) -
FOX NC Fox Report- The O'Reilly Factor (Live) (CC) Hannity & Colmes(Live) (CC) On the Record With Greta Van
-" Shepard Smith Susteren (Live) (CC)
FSNFL :30) College Softball Florida The Sports ListBest Damn Sports Show Period Destination Wild The FSN Final
N L State at Flonda. (Live) (Live) (CC) Score (Live)
GOLF (:00) Live From the Masters (Live) Golf Chronicles 19th Hole ive From the Masters
cSN Lingo (CC) Weakest Link n (CC) Gameshow Moments Gone Ba- Chain Reaction Chain Reaction
N _nanas ,n (CC) (CC) (CC)
AT k :00) Attack of X-Play (N) X-Play Copsn (CC) Cops "Jack- Arrested Devel- Ninja Warrior
4Tiech he Showl (N) sonville" n (CC) opment n (CC)
:00) Walker, Walker, Texas Ranger Walker trails LOVE'S ENDURING PROMISE (2004, Drama) Katherine Heigl, Dale
HALL exas Ranger escaped convicts who are robbing Midkiff, January Jones. A mysterious traveler woos a pioneer couple's
"Golden Boy" Texas banks. ( (CC) daughter. (CC)
S Buy Me "Before Great Home Giveaway Contestants Property Virgins Location, Loca- House Hunters Buy Me "John
HGTV and After" arrive at the top-secret location. (N) Man buys first tion, Location Seeking a child- andCara Leigh"
(_CC) (CC) home. (CC) "Wicklow"(N) friendly home.. (N) (CC)
.IMN Morris Cerullo Breakthrough Zola Levitt re- Inspiration To- Life Today (CC) This Is Your Day The Gospel
INPor ___(CC) sents (CC)' day (CC) rith
Reba Van's par- My Wife and.,' ding to -According to Friends Joey Everybo,'ff everybody'
KTLA ents shower the Kids "Graduatio 'Nanny- i)| oms, rn; dedare his Loves Raymond Loves Raymond
______ baby with gifts. Day" (CC)- C (CC) "ooie.'(CC) (CC) i(CC)
Still Standin Reba Cheenne Reba Secretive CIRCLE OF FRIENDS (2006, Suspense) Julie Benz, Chris Kramer,
LIFE Bill and Judyy competes or at- Kyra's e-mail gets Venus Terzo. A woman probes the deaths of her husband and her class-
to get fit. (CC) mention. C (CC) hacked. n mates. (CC)
MSNBC : Hardball Countdown With Keith Olber- Scarborough Country The Confessions of a Serial Killer
MSB C (CC) mann Profiling Jeffrey Dahmer.
e atIC Jimmy Neutron: SpongeBob Drake & Josh Full House 1 Full House A Roseanne A. Roseanne "Bin-
NI Boy Genius SquarePants A (CC) (CC) (CC) (CC) go' (CC)
TU (00)24(N) C' Bones The Killer in the Concrete Crossing Jordan "Faith"(N) News (CC) News
__"_____v (PA)(CC) (N) ,l (PA)(CC) (CC)
SP ED Pinks Street Tuner Street Tuner Pinks Pinks (N) Unique Whips (N)
PorE Du Challenge Challenge
: 00) Billy Gra- Behind the Grant Jeffrey Ancient Secrets Jack Van Impe Praise the Lord (CC)
TBN am Classic Scenes (CC) of the Bible Presents (CC)
Crusades
Everybody Everybody Everybody Everybody Everybody The Kingof The King of
TBS Loves Raymond Loves Raymond Loves Raymond Loves Raymond Loves Raymond Queens ild Queens Ameri-
Italy' (CC) L (CC) (CC) "Fairies"(CC) n (CC) Cards (CC) can Idle" (CC)
:00) AmazIng That's Gotta Hurt "Impalements Untold Stories of the E.R, "Baby Bor Without a Face (CC)
TLC Medical Stories and Crashes" A motorcycle rider Blues" Oxygen deficiency. (CC)
(CC) flies over the hood of a car.
(:00) Law & Or- Law & Order "Locomotion" A com- Law & Order An undercover re- Law & Order "Acid" Van Buren
TNT der Cry Wolf muter train strikes an SUV parked porter is murdered while trying to leads a mission to catch the killer of
C\ (CC (DVS) on the tracks, killing 11. expose a gang of thugs. n a friend's daughter. (CC) (DVS)
TOOM Home for Imagi- BILLY & MANDY'S BIG BOOGEY ADVENTURE (2007, Comedy) Ani- Courage the Futurama C
IV U nary Friends mated. Grim must capture an artifact that makes someone scary. Cowardly Dog (CC)
'TV5 aratata D'un monde a I'autre Vingt quatre Chroniques d'en
5 idees/seconde haut
t r Storm Stories Abrams & Bettes Weather: Evening Edition (CC)
WC,,, (CC) _
:00) Duelo de La Fea Mas Bella Lety es una nia Destilando Amor Don Francisco Presenta
UNIV asones duce, romntica e inteligente, pero Chayanne; Barbara Bar ermnudo.
apenas atractiva. (N)
S :00) Law & Or- Law & Order: Special Victims Unit Law & Order: Special Victims Unit Law & Order: Special Victims Unit
USA der: Criminal In- na (CC) (CC) Cl (CC)
tent n (CC) ___ ___________ ___
VH1 :00) Love New 40 Greatest Internet Superstars Acceptable TV Celebrity Eye
Svnn York _,Cn Candy Cl
S (00) World Bill- World Billfish Series World Billfish Series World Bilifish Series
Vo. fish Series
*. _. (:00) America's Home Improve- Home Improve- Becker Reggie Becker Trying to WGN News at Nine Cl (CC)
WGN Funniest Home ment C (CC) ment "Stereo-typ- lies to Becker avoid the subject
Videos C (CC) ical"n (CC) and Jake. (CC) of sex.
SEverybody America's Next Top Model Contes- Pussycat Dolls Present: The CW11 News at Ten With Kaity
W PIX Loves Raymond tants must create nicknames for Search for the Next Doll Contes- Tong, Jim Watkins (CC)
Cl (CC) their personas. (N) C (CC) tants perform in Las Vegas. (CC)
Jeopardy! (N) Dr. Phil C (CC) Jeopardy! (CC) News Frasier "Three Frasier Frasier
W SBK CC) Dates and a and Niles take an
Breakup" (CC) auto class.

S.. :15***16 ** WAR OF THE WORLDS (2005, Science Fiction) Tom Cruise, Real Time With Bill Maher Comic
HBO-E BLOCKS (2006) Dakota Fanning, Miranda Otto. A man and his children try to survive an D.L. Hughley. n (CC)
Bruce Willis. l alien invasion. C 'PG-13' (CC)
H.B [(6:15) ***< The UCLA Dynasty C (CC) ANGEL RODRIGUEZ (2005, Drama) Rachel Griffiths, **' RICO-
H BO-P FIELD OF Jonan Everett. A New York social worker tries to help a CHET (1991) C
DREAMS (1989) troubled teenager. C 'NR' (CC) 'R' (CC)
.. * THE DUKES OF HAZZARD (2005, Comedy) (:15) * 16 BLOCKS (2006, Action) Bruce Willis, Mos Def, David
IHBO-W Johnny Knoxville. The Duke cousins try to foil a Morse. A world-weary cop protects a witness from assassins. C 'PG-13'
scheme by Boss Hogg. C 'PG-13' (CC) (CC)


(,00) ** FALLING DOWN (1993, Action) Michael ** THE SIEGE (1998, Action) Denzel Washington, Annette Bening, I
H BO-S Douglas, Robert Duvall. Unemployed defense worker Bruce Willis. The FBI attempts to hunt down terrorists in New York. 'R'!
goes on rampage. C 'R' (CC) (CC)
* MYSTIC RIVER (2003, Crime Drama) Sean Penn, Tim Robbins, Kevin Bacon. A *** SLITHER (2006, Horror)
MAX-E detective probes the murder of his fnend's daughter. Cl R' (CC) Nathan Fillion. Alien organisms in-
Sfest a small town. ('R' (CC)
(:00) *s HOPE FLOATS (1998, Romance) Sandra i*** NATIONAL LAMPOONS ANIMAL HOUSE (1978, Comedy)
MOMAX Bullock. A newly divorced single mother finds love in John Belushi, Tim Matheson, Donald Sutherland. Delta House members
her hometown. C 'PG-13' (CC) try to save their repulsive fraternity. 'R' (CC)
This American The Tudors'Episode 1" (iTV) * DOWN IN THE VALLEY (2005, Drama) Edward Norton, Evan
SHOW Life Stubborn- Against counsel, Hen repares for Rachel Wood, David Morse. TV Premiere. A gild falls under the spell of a
ness. (CC) war with France. n (CC) charismatic stranger. C 'R' (CC)


TMC
i--


S Simply the Best


x :n k i 1
HH^ ^^^^<..- _..


PAGE 10, WEDNESDAY, APRIL 4, 2007
I WEDNESDAY EVENING


Fie Gift Certific

make great gifts!


Let C11 c-w'lie fl- e
B alo x ,m ini, T: -- ll l il'l
kis sidekick silDoreK p l t lt
So siles's 111 e c \' r f 11ol
I< i L7 S 's fci -1 C C":.


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MA lbC o, ,l S tf rc\ICI'c'Y Tl \iL-sd y


frOom 3:30po to 4:30pinm during tle
month of \p il 2007,


Enjoy Great Food, Prizes and Lots of Fun.


im I
i'm lovin' it'


THE TRIBUNE .-


















. .. ..


[:45) *** COACH CARTER (2005, Drama) Samuel L Jackson, Robert RFchard, Rob ** AMOS & ANDREW (1993,
Brown. A high-school basketball coach pushes his team to excel. C 'PG-13' (CC) Comedy) Nicolas Cage, Samuel L
Jackson. Cl 'PG-13' (CC)


I_


L ll 1.


i


"14~


! '?"








THE TRIBUNEOCWEDNEWSDAARL4 07AE1
Mis Baams Uivesecrone


11 iK


WEDNESDAY, APRIL 4, 2007, PAGE 11


THE TRIBUNE








'The Bahamas Telecommunications Company Limited


Is the proud


urn^


'4'
I


CALL BTC 225-5282 www.btcbahamas.coi
, *' . :..


,PAGE 12 WEDNESDAY, APRIL 4,2007


THE TRIBUNE









I .1_


WEDNESDAY, APRIL 4, 2007


SECTION


. . . . . . .. . .
," --'. 7 c, -,".*


business@tribunemedia.net


Miami Herald Business, Stocks, Analysis, Wa


______________________ i


Cabinet: We will not co




financial services over



Industry 'taking comfort' from Bahamas position


* By NEIL HARTNELL *
Tribune Business Editor
The Bahamian financial
services industry was
yesterday said to be
"taking comfort" from
the Government's reit-
erated policy position that it would
not allow the European Union (EU)
to use the Economic Partnership
Agreement (EPA) talks to drag the
Bahamas into negotiations on tax
information exchange, a development
that could have dire consequences for
the economy's second largest sector.
Wendy Warren, the Bahamas
Financial Services Board's (BFSB)
executive director and chief execu-


tive, told The Tribune yesterday that
Fred Mitchell, minister of foreign
affairs, had said on M-'ch 14 that the
Government had i,sued "strict
instructions" not to engage the EU
or any of its members on tax-related
issues.
"We do take comfo rt in Cabinet's
clear position, as expressed by Mr
Mitchell on March 14," Ms Warren
said.
On that day, Mr Mitchell had said
in regard to the EPA: "We are con-
sidering our position in conjunction
with our business community, but the
Cabinet has given strict instructions to
avoid any signal of intent in comply-
ing with European tax initiatives in
the absence of a 'level playing field'."


0 WENDY WARREN
(FILE photo)


Ms Warren a
comfort in those
vate sector rem
ensure we defei
financial service(
"We will rer
these matters, a
ued success of
sector
The Bahama
negotiating thi
through CAR:
representing a
and the Domini
tiating this reply
nou Agreemei
December 31,
renewed becau:
with World T


1~.






A.


* AN artist's impression of Bahi Mar's $2.4 billion Cable Beach project


Colina parent asks

for release from

51 per cent share

divestment condition


* By NEIL HARTNELL
Tribune Business Editor
A.F. HOLDINGS, the
largest shareholder and parent
company of BISX-listed Colina
Holdings (Bahamas), has writ-
ten to Bahamian financial ser-
vices regulators asking that it
be released from the condition
stipulating that its stake be
reduced from the current 63.1
per cent to 51 per cent, all oth-
er 20 conditions imposed on it
having been complied with.
Monty Braithwaite, presi-
dent of Colinalmperial Insur-
ance Company. which is
owned by Colina Holdings
(Bahamas), yesterday said his
company and the entire Colina
group which is owned by A.
F. Holdings, the renamed Col-
ina Financial Group (CFG) -
was in compliance with 20 of
the 21 conditions imposed on it
by the Government in return
for approving its late 2004
acquisition of Imperial Life
Financial (Bahamas).
The only condition that has
not been complied with is Con-
dition Five, which stipulated
that Invesco Holdings Ltd the
acquisition vehicle that the
then-Colina Insurance Com-
pany set up to purchase Glob-
al Bahamas in 2002 had to be
renoved as a Colina Holdings
(Bahamas) shareholder, and
the the 20.7 per cent stake it
held divested to individuals


c1 t t


yOtad


and institutions not associated
with any Colina entity or its
principals.
The Group of Financial S, r-
vices Regulators (GFSR),
which in this instance is chiefly
the Securities Commission of
the Bahamas, Central Bank of
the Bahamas and Registrar of
Insurance, has since acknovwl-
edged that Invesco had be n
liquidated, its shareholding
having been transferred to .
F. Holdings.
Subsequent to that, A. I.
Holdings gas reduced its Ccli-
na Holdings (Bahamas) sta, e
from 71.2 per cent at the tir :e
the Imperial Life deal xwas
approved by the Government
in January 2005 to its current
63.1 per cent, some 12.1 p-,r
cent above the level stipulate d
by the Government.
The GFSR has sin:e
received the request to rele: :e
the Colina group from this I st
remaining condition, but it is
understood that the decisi >n
on this has to be taken by tie
Cabinet and Office of te
Prime Minister. as it was t Le
Government that imposed te
original 21 conditions.
These stipulations wc-e
introduced due to the furi're
that Colina's acquisition of
Imperial Life caused in t he
insurance and capital mark ts


(FILE photo)


lot


at
Ri
th
m
tic
to
is
ex
is
tic
se
ist
dc


laoo...


'- *~ ':


I Street


promise




EPA talks



n on EU tax initiatives


dded: "We're taking
e words, but the pri-
ains very attentive to
id the interests of our
:s constituents.
lain very vigilant in
nd ensure the contin-
)ur financial services
s has committed to
e EPA with the EU
FORUM, the body
I CARICOM states
:an Republic in nego-
icement to the Coto-
t, which expires on
2007, and cannot be
;e it is non-compliant
rade Organisation


(WTO) rules.
While the Government is keen to
ensure the Bahamas' main export
industries, chiefly Bacardi's rum, the
seafood and crawfish industry, and
Polymers International, retain their
duty-free market access to the EU
and remain competitive, the EPA has
caused concern in relation to financial
services.
This is because the EU is likely to
see the EPA talks as a prime oppor-
tunity to try and drive the Bahamas
.into signing up to its Savings Tax
Directive and other forms of Tax
Information Exchange, developments

SEE page 15B


Over 300 Baha Mar


taff apply for voluntary


separation plan


By NEIL HARTNELL
Tribune Business Editor
VIORE than 300 employees
Baha Mar's cable Beach
sorts have applied to take
i company's Early Retire-
mnt and Voluntary Separa-
n Package, The Tribune was
yesterday, a number that
;lightly less than 1/8th of the
listing workforce, although it
not certain that all applica-
ns will be approved.
Robert Sands. Baha Mar's
nior vice-president of admin-
ration and external affairs,
scribed the scheme as a


"novel" approach to dealing
with employment and staffing
issues without having to force
employees out and take deci-
sions on their future for them.
The deadline for Baha Mar
to receive Early Retirement
and Voluntary Separation
Packages closed on March 30,
Mr Sands told The Tribune.
He added: "We're still in the
process of completing the pro-
cessing of applications. We
received in excess of 300 appli-
cations, but that does not mean

SEE page 14B


1- .


SEE page 14B


HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE
Tel: (242) 356-7764

FREEPORT OFFICE
Tel: (242) 351-3010


4 \


I


I


!erto










PAG 2, EDESAYUARIL4,00STE RIUN


* GRAND Isle Resort & Spa
(left and below), the Exuma-
based condotel property that
was formerly known as Grand
Isle Villas, said it has been
rated "number one" among
nine hotels on the island by
visitors who reported about
their experiences on website:
TripAdvisor. corn

(Courtesy photos)


Picture above from left to right are: Christopher Benson, Treasury Officer (20 years with the
bank). Verpita Sweeting, Messenger (31 years), Ruby Kerr, Human Resources Manager (22 years),
Fabrizio Tuletta, Head ofBranch, Candace Russell, Administrator (32 years), Patricia Mackey, Head of
Accouning & Payments (32 years)


Banca del. Gottardo is celebrating


its 50th


anniversary on the 4th April;2007, with its


50 YEARS
celebration


year
theme


LOOKING FORWARD. A group
will be held at the bank's Head
*


office in Lugano, Switzerland on 1st June 2007 and
local management is sending 5 of its longstanding
employees to join the Swiss event. Banca del Gottardo
Nassau Branch and the affiliate Gottardo Trust
Company Ltd. will also hold an event in Nassau in
*November 2007.


Website ranks




Exuma condotel


as 'Number


1'


* A p *


Life and Health Insurance


Mortgage Lending


Cayman


Retirement Planning


- -


3 -
S Colinalmperial.
Conrifidence For Life


242.356.8300 Info@Colinalmperial.com


Grand Isle Resort &
Spa, the Exuma-
based condotel prop-
erty that was formerly known
as Grand Isle Villas, said it has
been rated 'number one'
among nine hotels on Exuma
by visitors who reported about
their experiences on the web-
site, TripAdvisor.com.
Three out of four reviews,
some posted as recently as
March 24, gave it a perfect 5.0
rating in all categories, the
highest a property can achieve.
The single lowest rating was a
4.5.
"What can we say about this
fantastic experience," wrote
Robin and Barry from
Ontario, who travelled with a
family of six, including
teenagers.
"We have been to almost all
the out islands in the
Bahamas...Long, Cat,
Eleuthera, Abaco, Nassau. I
guess you could say the best
was saved for last... Gorgeous
waters, a beautiful infinity pool
that was heated, cozy restau-
rant, bar/grill, the magnificent
beach just steps away, free
kayak and snorkel gear, great
snorkelling right off the beach,
great walks around the golf
course, our own golf cart and,
without question, the elegant
new accommodation with all
the latest bells and whis-
tles.. .we were hooked.. .Beau-
tiful..."
A guest named Bentley,
from Boston, posted a review
thanking the reception team


-

Fo 0te 0oie


"that went above and beyond
all expectation to make us feel
welcome and to make our trip
go well".
He praised the captain of
Grand Isle's 35-foot twin
engine Marlago for a day on
the boat fishing, shelling and
exploring, and said the villa,
fitness centre, pool and beach
"all met or exceeded our
expectations".
Another reviewer, who with
his wife had just returned from
a five-day stay, called Grand
Isle "a beautiful property
staffed by the most attentive
and caring folks we have ever
encountered...We are plan-
ning a return trip."
"We were notified by a guest
that they had posted a glow-
ing review, and we went to Tri-
pAdvisor.com and were
thrilled," said Pamela McCul-
lough, senior vice-president of
Grand Caribbean Resorts,
which manages the upscale
condotel resort.
"There was one report after
another praising the property,
the service and the beauty of
our beach. The overall rank-
ing at the top of the page said
No.1 of nine hotels in Exuma.
We are so pleased with the
placement and so proud of our
staff."
Grand Isle Resort & Spa is a
private community of 78 villas
at the highest point of Emerald
Bay, a short walk from the
Four Seasons resort and the
18-hole Greg Norman-
designed championship golf
course.
The one, two and three-bed-
room villas, two-bedroom
penthouses and four-bedroom
grand penthouses range in val-
ue from just under $1 million
to $5.6 million, with owners
earning revenue by allowing
their home to be a home away
from home for hotel guests
when they are not in residence.


-


PAGE 2B, WEDNESDAY, APRIL 4, 2007


THE TRIBUNE


















BUSINESS _
________________________3B


INTERNATIONAL EDITION


Bhe iami MeralbWEDNESDAYAPRIL 4,2007


AUTOMOTIVE
M I'll I .-..'7-7-71


i that lending problems
pill over into the rest of
Inomy have been a major
behind the market's vola-
Stility of the past several weeks.
The tick in home sales was
i EHttut came as a pleasant
to investors who had
jr the-worst.
Y Xar getting
00, ,.|MEpele are buying
oa*sest peops'hve incomes,
ob all that'good:stuff" said
'.Gaughey, equity research
t, at Fort'Pitf Capital
"You'd never ipout and
if 'you tm*.
get laid off. Consu .
aropnmist c about the future,
y iwe kall know, the con-
i'riesthis t economy."
.' Other data Tuesday also sug-
'gested the American consumer
'.is .strig: A report from Red-
. boo. IResearch showed consum-
i. rs pentmore at chain stores in
a ibthan they did in Febru-

f'.-t_ e in crude oil prices,
09i as tensions eased
A wei Britain and Iran, also
-encpuWed investors. High
energy prices contribute to
inflation, which can crimp
s pBdi and hirt the chance of
lower interest rates.
The Dow rose 128.00, or L03
percent, to 12,510.30 its high-
.YWt:ClWose since Feb. 26, the day
.,before it made its 416-point
Iizige. The blue chip index is
,'-back in positive territory for the
R:eft, and 276 points below its
' reord close of 12,786.64,
reached Feb. 20.
-. Bfader stock indicators also
soared. The Standard & Poor's
500 index gained 13.22, or 0.93
r'. cEnt, to 1,437.77, and the
Nasdaq composite index added
,; ".8.07, or U6percent, to 2,450.33.
B Bonds were lower after the
aales data, with the yield
benchmark 10-year Trea-
4.65 percent late Monday.
.-The dollar rose against other
currencies.
L^"ight sweet crude dropped
S, than a dollar to $64.64 a
- I on the New York Mer-

- rle-Advancing issues outnum-
Sered decliners by about 3 to 1
.'on the New York Stock
S. change, where consolidated
p ,jmecame. to 2.90 billion
-arilsup 'from 2.80 billion
S The 'Russell 2000 index of
smaller companies rose 8.55, or
1,06 percent, to 81L77.
: Overseas markets were also
strong. Japan's Nikkei stock
.average rose L27 percent, Brit-
a. .in's FTSE 100 rose 0.80 per- 4
.tcent, Germany's DAX index ,
rose L56 percent, and France's
CAC-40 rose L18 percent


PHOTOS BY DAVID ZALUBOWSKI/AP
CHANGING FORTUNES: General Motors said Tuesday its U.S. auto sales fell 4 percent in March from the prior year, while Toyota reported a
rise in U.S. sales. Weaker demand for GM's light trucks offset growth for its cars. Sales of Toyota's Prius hybrid more than doubled.



Asian carmakers' sales rise, domestics' drop


* Toyota, Honda, and Nissan's
U.S. sales rose in March, while
GM, Ford, and DaimlerChrysler
sales fell.
BY DAVID RUNK
Associated Press
DETROIT Once again, the
Japanese automakers are racing
ahead of the Americans in their
pace of sales.
Toyota's U.S. sales jumped 11.7
percent last month, and Honda and
Nissan both reported solid gains.
But GM's sales fell 4 percent, Ford 9
percent and DaimlerChrysler 4.1
percent.
The numbers Tuesday come as
the domestic automakers have seen
Asian rivals led by Toyota capture
growing shares of the U.S. market.
But Ford still held off Toyota for the


No. 2 U.S. sales spot for the month,
and Ford regained from GM the
claim to having the nation's top-
selling pickup truck.
Toyota's performance was
boosted by record hybrid sales. So
far this year, Toyota has sold 61,635
hybrids in the U.S., up 68 percent
from the first three months of last
year.
"This inonth marks a milestone
eight years in the making," Jim
Lentz, executive vice president of
Toyota's U.S. division, said.
"Record U.S. sales of Toyota and
Lexus hybrids have now topped the
half-million mark."
Detroit-based General Motors
saw its fleet sales drop for the
month as it works to cut low-profit
sales to rental car companies. GM
said sales of its Chevrolet Silverado


and GMC Sierra pickup trucks,
GMC Acadia crossover and Saturn
Outlook sport utility vehicles were
exceeding its expectations.
Ford is also working to reduce
fleet sales. Ford, however, said its
new mid-size cars including the
Ford Fusion, Mercury Milan and
Lincoln MKZ and its new Ford
Edge and Lincoln MKX crossovers
sold well
DaimlerChrysler's results came
out a day before its shareholders
meet in Germany amid intense
speculation about a possible sale.of
the Chrysler division.
"In a flat to slightly down indus-
try, our sales decline ... compares
to a March 2006 that was our best
month of March in four years," Ste-
ven Landry, Chrysler's vice presi-
dent for sales and field operations,


said.
Chrysler Chief Executive Tom
LaSorda has tried to soothe fears -
among employees and its dealers -
about what would happen to the
company. And he noted Tuesday
that Chrysler is working to improve
relationships with dealers.
American Honda, which includes
Honda. and Acura brands, said it's
on track for another record U.S.
sales year. It said it had gains in
hybrid sales, but credited the over-
all increase on public perception
about fuel-efficiency across its line.
Nissan North America, which
includes Nissan and Infiniti, saw car
sales jump 18 percent.
Toyota's surging car sales were
led by Camry, which rose 8.4 per-
cent to 42,254. Toyota's sales
include Toyota and Lexus brands.


Crossovers enter minivan terrain


* Analysts say new crossover vehicles offer the best of both worlds
- the comfort and roominess of a minivan without the soccer-mom
stigma or the hulking presence of a sport utility vehicle.


BY KEN THOMAS
Assocated Press
NEW YORK When minivans
became regulars outside grocery
stores, elementary schools and soc-
cer fields in the 1980s, they were
billed as the convenient and com-
fortable way to shuttle the kids
around town.
These days, the auto industry is
offering more and more alternatives
to the traditional minivan, bringing
the "mommy mobile" into the 21st
century.
This week at the New York
International Automobile. Show,
Ford is to debut its new "people
mover" based on the Ford Fairlane
concept, a boxy crossover that it
first previewed in 2005. The vehicle,
to be announced today, is expected


to be called the Ford Flex.
The new Ford offering will be
the latest entry to a broad number
of crossover vehicles that have
moved into some of the territory
once claimed by minivans.
"We see consumers wanting a
high driving position, wanting that
command view of the road but not
wanting to have a very harsh ride
that you get with an SUV," said
Rebecca Lindland, an auto analyst
with Boston-based Global Insight.
In 2006, minivan sales in the U.S.
fell below 1 million, compared to
about 1.3 million sales in 2000,
according to the Power Information
Network, a division of J.D. Power
and Associates. During the same
span, car-based crossovers have
risen from nearly 700,000 units in


2000 to more than 2.2 million vehi-
cles last year.
General Motors, Ford and Mazda
have left the minivan segment,
focusing instead on crossovers. GM
received a limited response from
"sports vans" like the Chevrolet
Uplander and Saturn Relay and
Ford discontinued the Ford Freestar
and Mercury Monterey last year
after sluggish sales.
But no one is counting out the
minivan yet.
DaimlerChrysler's Chrysler
Group, which first brought mini-
vans to market in 1984, showed its
new lineup earlier this year that
offer second-row seats that swivel
180 degrees.
"Over the last 23 years, we've
kept on refining that recipe with
surprisingly new features," said
Chrysler Group chief executive
Tom LaSorda during a January pre-
view of the minivans.


FORD, 2005
'PEOPLE MOVER': Ford is to debut
today its boxy crossover that it
first previewed in 2005. The
vehicle is expected to be called
the Ford Flex.

Ford officials have declined to
confirm the new vehicle's debut,
but note the importance of the
crossover segment. Ford has heavily
marketed its new Edge crossover
and pointed to the vehicle as a key
factor in its recovery plan.
"Crossovers are where the mar-
ket is headed," said Ford spokes-
woman Marci Williamson.


~I


AUSTRALIA


Wesfarmers leads $16B takeover bid for Coles


* Wesfarmers, Australia's
biggest home-improvement
retailer, and buyout firms led by
Pacific Equity Partners offered
$16 billion for the retailer Coles in
a record takeover for an
Australian company.
MELBOURNE, Australia (AP)
- A group of investors led by indus-
trial conglomerate Wesfarmers Ltd.
on Tuesday made a $16 billion take-
over bid for Australian retailer Coles
Group, the biggest such bid in Aus-
tralia.
Coles, the nation's second-biggest
retailer, said it will enter into talks
with the group, which also includes
Australia's Macquarie Bank and Per-
mira Holdings, a European private


equity firm. Wesfarmers has a 11.3
percent stake in Coles.
Analysts said a bidding war for
Coles with a rival consortium that's
led by U.S.-based Kohlberg Kravis
Roberts and includes another five
global buyout firms can't be ruled
out.
Unveiled after the close of trading
Tuesday, the Wesfarmers offer of
A$16.47 a share is 8 percent above the
cash bid put by the KKR group last
October. KKR's A$15.25 a share bid
was rejected as inadequate by the
Coles board.
Coles said it expects to agree with
the Wesfarmers group on "an accel-
erated timetable for due diligence"
but also indicated it's willing
to consider rival proposals for the


company and its individual busi-
nesses.
"The level of interest in these
assets remains high and we are com-
mitted to maximizing value for our
shareholders by continuing to run a
competitive process," Chairman Rick
Allert said.
Wesfarmers Managing Director
Richard Goyder said the Perth-based
company has the skills to turn around
Coles, citing its ownership of the
Bunnings hardware chain, which
ranks as Australia's third-largest
retailer.
"We believe that a change of own-
ership will provide a catalyst for an
improvement in performance," said
Goyder.
Lured by undervalued assets in a


sophisticated and profitable market,
private equity firms have flocked to
Australia in the past year and have
been at the forefront of multibillion
dollar acquisition sprees in the
media, aviation and retail
sectors.
According to data analysis firm
Dealogic, the latest bid for Coles is
the biggest buyout proposal on
record in the Asia-Pacific region,
beating the $9 billion recommended
offer for Qantas Airways by a group
including Macquarie Bank and TPG,
formerly Texas Pacific Group.
Coles shares last traded at A$1611
and were halted early Tuesday after
Wesfarmers snared its 113 percent
stake.


_I___ _~I~


II

















4B WEDNESDAY, APRIL 4, 2007 INTERNATIONAL EDITION


MiamiHerald.com THE MIAMI HERAL

MiamiHerald.com I THE MIAMI HERALD


BUSINESS


'-I. -
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RESIDENCES


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*at sort & Beach Club Membership Included


V- NEW LUXURY VILLAS
iA-LE FROM $2.5 MILLION


AAMARINARES IDEN CEIS.COM

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LATE TRADING


SAdT E. Re e &


I


RETIREMENT BENEFITS
FEDERAL AGENCY SAYS 32,000
PEOPLE ARE OWED PENSION MONEY
Having trouble making ends meet living on
your retirement nest egg? You might be owed
some pension money.
A total of $133 million in retirement bene-
fits haven't been claimed, the federal agency
that insures private pension plans reported
Tuesday.
The Pension Benefit Guaranty Corp. said
32,000 people are owed money. Individual
benefits range from $1 up to $611,028. The
average unclaimed benefit is about $4,950.
The agency urged people who may have
lost track of a pension earned during their
career and think they may be owed retirement
benefits to conduct a search using PBGC's
online directory www.pbgc.gov/search.
People can search by their last name, com-
pany name or state where the company was
headquartered, the PBGC said.

INSURANCE
HEALTH INSURER STOCKS RISE ON
MEDICARE'S HIGH PAYMENT RATES
Shares of some of the largest health insur-
ers rose Tuesday after the government
announced higher-than-expected payment
increases for companies that operate private
Medicare plans.
The Centers for Medicare and Medicaid
Services said late Monday that preliminary
payments to companies that run Medicare
Advantage programs will rise 3.5 percent for
2008. The payment boost, made to insurers
for each Medicare participant they cover, is
less than last year's 3.9 percent update, but
above Wall Street estimates of a 2 percent to 3
percent increase. The 2008 payment rate
mainly serves as a benchmark against which
companies will offer their services, rather
than a final payment amount.

RECORD LABELS
EU REGULATORS LAUNCH PROBE INTO
APPLE'S ITUNES ONLINE MUSIC STORE
The deals Apple (AAPL) struck with
record labels to stock its European iTunes
stores may violate EU competition rules, reg-
ulators said. Apple and the record companies
were notified of an investigation into their
agreements after regulators built up a "very
strong case," said European Union spokesman
Jonathan Todd.
People can only download singles or
albums from the iTunes store in their country
of residence a policy that amounts to
unlawful "territorial sales restrictions," the
Commission said.

ASIA
IU.S. TRADE PACT WITH SOUTH KOREA
,_ IQUES JAPANESE INTEREST
A free trade pact between the United
States and South Korea has cranked up the
pressure on another top American ally in Asia
to move forward on a similar agreement with
Washington: Japan.
The deal wrapped up in Seoul on Monday,
which still requires legislative approval,
would slash tariffs on South Korean exports to
the lucrative American market putting
many Japanese companies at a potential dis-
advantage. While Tokyo has pursued free
trade deals with other Pacific Rim nations, the
U.S.-South Korean accord spurred fears that
Japan might fall behind in the global race to
cut trade barriers.

GERMANY


AFP-GETTY IMAGES
A SUCCESS: Boeing's 787 Dreamliner jet is
becoming the firm's most successful
aircraft.
* AIRCRAFT
BOEING WINS ORDER FOR FIVE
787 JETS FROM JAPAN AIRLINES
Boeing (BA) won an order for five of its
787 Dreamliner jets from Japan Airlines
(JALSF.PK), bringing the total to 514 and
extending its lead over Airbus SAS.
The contract is valued at as much as
$788 million, based on Boeing's list prices.
The deal boosts JAL's total 787 order to 35, the'
Chicago-based company said. Boeing plans to
put the 787 in service by mid-2008.
Boeing, the world's second-largest com-
mercial-airplane maker, is sold out for the
next six years with a backlog of about $70 bil- *
lion, making the Dreamliner its most success-
ful new aircraft.

* REVENUE
BLOOMSBURY PUBLISHING 2006 PROFIT'
PLUMMETS, BUT OUTLOOK BETTER
Bloomsbury Publishing (BMBYF.PK),
the British publisher of the Harry Potter
books, reported a huge slump in 2006 annual
profit, but forecast improving earnings in
2007 when the final installment of the books
about the boy wizard is due for release.
Bloomsbury said that net profit for the year.
ended Dec. 31 plummeted to 3.7 million
pounds ($7.3 million) from 14.6 million
pounds in 2005. Revenue dropped 31 percent
to 74.8 million pounds ($147.9 million).
Chairman Nigel Newton said "2006 was a
challenging year," but that "2007 has got off to
a good start with a number of books already in
the best-seller lists." Newton said several con-
tracts for reference publishing rights were
currently under negotiation.

* INVENTIONS
EUROPEAN COMMISSION PUBLISHES
PLANS FOR EU-WIDE PATENT SYSTEM ',
The European Commission published
plans for a single EU-wide patent system that
would replace national patent rules, leading tov
large savings for those seeking legal protec-
tion for inventions across the 27-nation bloc.
A company or individual wishing to regis-
ter a patent in 13 EU countries would pay
13 times more than a Japanese company or
individual registering a patent in that country,
according to the commission,.
Different patent litigation systems across
the EU also add to the costs and cause legal
uncertainty as patents have to be enforced
through national courts. Litigation can cost
between $66,830 and $1L33 million, making it
too costly for small and medium enterprises, 4
the EU executive said.
*
*
|
9


Ei~k


I
sold, if ever, Daimler is,
unlikely to make back what it
paid. Analysts value the unit
anywhere from nothing to
$13.7 billion.
Estimates vary with the
value placed on assets such as
brand names, factories and
materials, all weighed against
Chrysler's estimated $19 bil-
lion liability to pay healthcare
benefits for unionized retirees.
Some analysts say the lia-
bility exceeds the value of the
assets, meaning that Daimler-
Chrysler would have to pay
someone to take Chrysler.
Others say the company is
worth more to the right buyer.
So far no clear buyer has
emerged, but Canadian auto-
parts supplier Magna Interna-
tional has reportedly submit-
ted a bid to buy Chrysler for
between $4.6 billion and $4.7
billion. Major Private equity
firms Blackstone Group and
Cerberus Capital Management
are also rumored to be in the .
hunt


BY MATT MOORE
AND TOM KRISHER
Associated Press
FRANKFURT, Germany -
Only one theme is expected to
dominate DaimlerChrysler's
annual shareholder meeting
this week: How soon can the
U.S. Chrysler unit be sold off
and when can the company go
back to being Daimler-Benz?
But despite boisterous calls
by shareholder groups that
want to see the
German-American automaker
carve off its U.S. counterpart
and become completely Ger-
man again, those looking for
the answers are likely to go
away disappointed.
Though the company has
not even confirmed it is in
talks to sell off Chrysler, for
which it paid some $36 billion
in 1998, speculation has run
rampant that a deal is in the
offing. Most analysts, how-
ever, do not believe any
announcement will come at
Wednesday's meeting where
some 8,000 shareholders will
fill the Berlin Messe and pep-
per the board with questions
and comments.
"This is an unlikely venue
for such an announcement,"
said Stephen B. Cheetham, a
research analyst for European
autos with Sanford C. Bern-
stein in London.
"They will not normally be
tied to the timetable. It's
highly unlikely that we will get
an announcement for this
meeting."


In a filing with the U.S.
Securities & Exchange Com-
mission last week outlining
the meeting, there is no
motion to consider the sale of
Chrysler, which has been on
the table since Chief Executive
Dieter Zetsche said Feb. 14
that all options were on the
table.
At least some of the compa-
ny's more-than one million
shareholders have been push-
ing for a divorce from Chrys-
ler both in style and substance.
Ekkehard Wenger and
Leonhard Knoll have put forth
such a motion, calling for the
company to revert back to its
original name, Daimler-Benz.
They argue in the motion
that to "maintain a corporate
name that evokes associations
with the failure of the business
combination with Chrysler is
detrimental to the image of the
corporation and its products."
But the big issue will be
what to actually do with
Chrysler.
No matter when Chrysler is


stock 7. e = d.e a h.
KBRIncn KBR 20.69 20.69 163844
AT&T Inc T 39.74 39.74 80430
NasdlIOOT r QQQQ 44.16 44.16 57003
KBR Inc wi KBR/WI 20.75 20.75 51886
Kraft KFT 30-3 30.18 -.15 51481
SunMicru SUNW 5J9 5.79 47021
SPDR SPY 143.69 143.69 41730
Miro sot MSfT 27.87 27.87 37116
ForM F 8.08 &08 3891
Atas MO 69.65 69.65 30111
ArySq BMY 27.54 27.54 27287
NYSE Gtp NYX 101. 00.28 -.72 27083
Hallibtns HAL 32.76 32.87 +.11 24332


AmrntGp H
Cee rp
GMeOec
QwestCf
Dd Inc If
pfizm
BrcdeCm
CaroinaGp
Quatxom
Newport
Sptn !


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BI
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15144
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14097


For up-to-date stock quotes, go to www.Mimllvrald.com and click on Business


BRIEFS


Possible Chrysler sale to be


hot topic at annual meeting












THE RIBNE WDNEDAY APRL 42007 PAE S


Tropical in joint




shiDDin2 venture


By CARA BRENNEN-
:. BETHEL
' Tribune Business
Reporter
SA new collaboration
between two ship-
J A ping companies
should make it easier for goods
to be shipped between the US,
Bahamas and the Caribbean.
Tropical Shipping and Con-
way Freight have announced
the formation of Tropi-
calDirect, a new service which
will provide seamless door-to-
port shipping from the US to
ports throughout the Bahamas
and the Caribbean.
According to Gary Frantz,
a spokesman for Con- Way
Freight, TropicalDirect will
make it easier for businesses
shipping bulk goods out of the
US by reducing the amount of
handlers their customers have
to face.
He explained: "This creates
a linkage between the two
companies, where we can share
our IT, information, staff and
resources, the result being that
our customers don't have to
worry about multi-holders;
they can make one phone call
and their packages will be
picked up and shipped, and
they only have to deal with one
person and have just one bill. It
is more convenient for them"
In a telephone interview
yesterday, Mr Frantz said the
service had been offered in test
phase and gained favourable
reviews.
"So far, we have gotten very
positive feedback from our
customers," he added.
Mary Udry, spokeswoman
for Tropical Shipping in the
US, told The Tribune that the
benefit to Bahamian customers
is that they can obtain :their
goods without having to travel


to the US.
"They can connect the ship-
pers and have it shipped direct-
ly to the islands," she said,
adding that Tropical Shipping
is seeking to get the word out
about the service.
According to a release issued
by the two companies, services
to more than 30 ports will be
offered.
"Starting today, US shippers
with products bound for the
Bahamas and the Caribbean
can start the export process
with a single toll-free phone
call to Tropical Shipping at
(800) 874-3848. With that call,
Tropical Shipping's customer
service personnel can engage
the Con-way Freight network
of more than 440 service cen-
tres in the United States to
execute US ground delivery to
Tropical's warehouse receiv-
ing locations in New Jersey
and South Florida," it said.
"Tropical Shipping then
oversees ocean carriage of the
shipment to its final island des-
tination. Leveraging each com-
pany's expertise, Tropi-
calDirect offers advantages
including single-carrier
accountability, shipment track-
ing, expert documentation sup-
port, all-inclusive door-to-port
pricing and single-invoice
billing for most shipments."
"Con-way Freight and Trop-
ical Shipping have recognized
the significant need to help US
shippers in the Bahamas and
the Caribbean manage con-
flicting land and sea schedules,
and move freight more effi-
ciently and on time," said
David S. McClimon, president
of Con-way Freight. "Tropi-
calDirect puts an end to the
frustration of dealing with mul-
tiple carriers, pricing structures
.and freight bills, delivering a
more effective service and sin-


gle-provider convenience."
"We are always looking for
new ways to meet the shipping
needs of our customers, and
this collaboration provides an
excellent way to do just that,"
said Rick Murrell, president of
Tropical Shipping.
"Working with Con-way
Freight, we will continue to
provide a superior customer
experience that has been the
foundation of our service for
more than 40 years."
The Con-way Freight/Trop-
ical Shipping collaboration
provides service to ports in the
Bahamas, Eastern Caribbean,
the British Virgin Islands, the
Turks and Caicos Islands, the
US Virgin Islands, the Cayman
Islands and the Dominican
Republic.


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Our client, a bank & trust company, is seeking applications for the following managerial'
positions:

OFFICE ADMINISTRATOR:
Responsible for the profitability and efficiency of the office and providing leadership
and direction in human resources, budgeting, compliance, billing & collections, expense
management, marketing, filing, technology and office services. The Office Manager will
also be responsible for the preparation of financial statements, bank reconciliations and
management accounts.
REQUIREMENTS & PERSONAL ATTRIBUTES FOR OFFICE ADMINISTRATOR:
Candidates must meet the following criteria:
Minimum of three years relevant administrative management experience.
Bachelor's Degree or higher in related field. Masters degree preferred
Proven ability to enhance operational efficiencies
Proficient in the use of the Microsoft range of applications
Knowledge of Quick Books

CLIENT RELATIONSHIP MANAGER:
Responsible for the maintenance and control of client records, payments and
disbursements, the preparation and analysis of monthly client financial and invoices, and
posting and reconciliation of client cash and security trading transactions. The Client
Relationship Manager will also be responsible for preparation, maintenance and analysis of
loan/trust documentation and related fiduciary records.
REQUIREMENTS & PERSONAL ATTRIBUTES FOR CLIENT RELATIONSHIP MANAGER.
Candidates must meet the following criteria:
Minimum of three years relevant IBC/corporate administration
experience.
Bachelor's Degree or higher in Business, Law, Finance, Economics or Accounting
required. Masters degree preferred
Excellent data entry skills
Proficient in the use of the Microsoft Word & Excel
Ability to read and interpret governing instruments and legal documentation
including trust agreements, wills, investment management agreements, custodian
agreements, etc.

Both Candidates should also meet the following criteria:"
Proven ability to enhance operational efficiencies
Experience with compliance and KYC processes and procedures
Strong technical and managerial skills
Excellent communication, analytical and reasoning skills
Excellent organizational and time management skills
Team Player with the ability to add value and strength to the company
Honest, hardworking and possess ability to meet deadlines

Both positions offer attractive salary and benefits package, reflecting the
successful applicant's experience and qualifications, including a pension plan
and medical coverage.

Qualified individuals should submit complete resumes including references before April
10"', 2007 to:
Mark E. Munnings
Partner
Deloitte & Touche
P. 0. Box N-7120
Nassau, Bahamas
or
Email:mmunningsadeloitte.com.bs


Deloitte.


MESSAGE FROM:



THE CLEARING

BANKS ASSOCIATION






The Clearing Banks of the Bahamas

advise that Easter Holidays Banking

hours will be as follows:



Thursday, April 5th

9:30am 4:30pm



Friday, April 6th

CLOSED



Monday, April 9th

CLOSED



Regular Banking hours will resume

on Tuesday, April 10th from

9:30am 3:00pm



















RESORT MARINA
THE BAHAMAS

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 26 acres across the south eastern corner of the island with
docking for 30 boats up to 160 ft in length, a newly refurbished 30
sweater 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
autonomy


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

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

Fax 677 3007
Email: island_developmentl@yahoo.com


WEDNESDAY, APRIL 4, 2007, PAGE 5B


THE TRIBUNE













PAE BWENEDAUPRLIN00STESRIUN


More than


50 firms to exhibit


at hotel sector trade show


M ore than 50
Bahamian compa-
nies will be exhibit-
ing at the Bahamas Hotel
Association's (BHA) upcom-
ing fifth annual Allied Mem-
ber Trade Show and Expo,
which is expected to attract
record numbers of buyers and
sellers when it is held next
Thursday.
Among the developers,
hotels and restaurants who will
',;; represented by buyers will
he the British Colonial Hilton,
I'omfort Suites Paradise
ki ;nd, Graycliff Hotel and
restaurant Cable Beach
R ,.morts, Sunrise Beach Club
:,nd Villas, Four Seasons
Resort. Grand Isle Villas,
Grecn Turtle Club, Anthony's
iBar and Grille, Bakers Bay
(;olf & Ocean Club, Compass
Cay in Exuma, French Leave
in Eleuthera, and the I-Group
in Mayaguana.
The exhibitors will include
Albury's Locksmithing,
Bahamas Degradable Plastics,
Bahamas Embroidery Uni-
form Experts, Bahamas Food
Packaging, Sherwin Williams
Paints, Bahamas Waste, Black-
beard's Cay, Brita Caribbean
Limited, Caribbean Beverage
Systems, d'Albenas Agency
Limited, CITS Group, DHL
Bahamas Limited, Forsythe's
Communications, Global Con-
sultants, Guest Tek, HITS
Wireless, Inter-Chem, Island
Rose Teas, Island Wholesale,


The Mailboat Company, the
Ministry of Tourism's Authen-
tically Bahamian Program,
Passion Tea and Coffee Com-
pany, Prime Bahamas, Purity
Bakery, Scottdale Bedding,
Sun Tee Bahamas Sportswear,
Sundrop Creations, the Work
Centre, Imperial Mattress, the
Ministry of Agriculture and
Fisheries, the College of The
Bahamas Culinary & Hospi-
tality Management Institute,
and the University of West
Indies Centre for Hotel and
Tourism Management.
"This is a premier event for
our Allied members, and an
excellent forum for strength-
ening business linkages
between the hotel sector and
other areas of our economy,"
said BHA president, Russell
Miller. "Since its inception, the
expo has gotten bigger and
better each year, and is prov-
ing to be an excellent forum
to support the creation, of new
businesses, expand existing
business relationships, and
bringing people together".
The expo attracts owners
and managers of hotels and
restaurants, purchasing repre-
sentatives, chefs and other pur-
chasing decision makers. In
addition, exhibitors have pre-
arranged personal one-on-one
meetings with purchasing rep-
resentatives from leading

SEE page 12B


Legal Notice

NOTICE

INTERASIAN RESOURCES GROUP LIMITED
NOTICE IS HEREBY GIVEN as follows:
(a) The above Company is in voluntary dissolution under the
provisions of Section 137 (4) of the International Business
Companies Act 2000.
(b) The dissolution of the said Company commenced on the
29th day of March, 2007 when its Articles of Dissolution
were submitted to and registered by the Registrar General.
(c) The Liquidator of the said Company is George Clifford
Culmer of BDO Mann Judd, P.O Box N-10144, 3rd Floor,
Ansbachcr House, East Street, Nassau, Bahamas.
Dated the 3rd day of April A.D., 2007.

GEORGE CLIFFORD CULMER
Liquidator



TAYLOR INDUSTRIES LTD.
WILL BE CLOSED
FOR THE EASTER HOLIDAY ON


FRIDAY, APRIL 6TH
SATURDAY, APRIL 7TH
MONDAY, APRIL 9TH


WE REGRET ANY
INCONVENIENCE THIS WILL
CAUSE TO OUR CUSTOMERS.






Legal Notice
NOTICE

FORT CANNING LIMITED

NOTICE IS HEREBY GIVEN as follows:
(a) t:ORT CANNING LIMITED is in voluntary dissolution
under the provisions of Section 137 (4) of the
International Business Companies .\ct 2000.

(b) The dissolution of the said company commence on the 28th
March. 2007 when the Articles of Dissolution were submitted
to and registered by the Registrar General.

(c) The Liquidator of the said company is Mark Edward Jackman
of cio 1 Raffles L.ink /105-02, Singapore 039393.

Dated this 04th day of April, A.D. 2007
Mark Edward Jackman
Liquidator


* AMONG the developers, hotels and restaurants who will be represented by buyers will be the British Colonial Hilton (above)
(FILE photo)


A Sales Man Needed Urgently
We are a growing retail company, we are offering:
Base Salary, Bonuses, Pension Plan, Training and lots of
Fun. We are looking for: A young man between the age of
17 and 25, he must be Energetic, Out
Going, Stable, Hard Working, Well Groomed, Honest and
Reliable.
Interested then call for an interview
356-4512 or 356-4514


NOTICE
NOTICE is hereby given that LEONARDO ARITIS OF
PINEWOOD GARDENS, 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 28th day of March, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas.



NOTICE

The public is hereby notified that all entrances to and
exits from the Shirley House and the 52 Shirley Street
Car Parking properties and which are situate on the
southeast corner of the intersection of Shirley Street and
Charlotte Street on the Island of New Providence shall
be closed to the public from 7:00am on Sunday April
8th, 2007 to 7:00am on Monday April 9th, 2007 in
order to preserve the Private Properties Rights and to
prevent the Acquisition by the Public of any Right of
Ways.


Nassau Enterprises
Limited.


Limited, Bahamian Properties


2001 BMW 740IL
Mint Condition Navy Blue
Tan Leather Interior Fully Loaded
Bluetooth Hands free phone system Satellite Radio
Electronic Damping Suspension Control
All Leather
Sunroof
Power Seats
Sport Steering Wheel
Sport Wheel
Rear Head Air bag Restraints
Rear Side Air bag Restraints
Engine Description: 4.4L V8
Headlights: Xenon High Intensity
$41000.00 TEL 356-0372 Days Cell


NOTICE
NOTICE is hereby given that CHRISTOPHER C. HEWITT
OF KEMP'S BAY, SOUTH ANDROS, 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 28th day of
February, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.


NOTICE
NOTICE is hereby given that BASELAIS BIEN-AIME OF
FAITH AVENUE, CARMICHEAL RD., 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 28th day of March, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.


NOTICE
NOTICE is hereby given that CREAMO ANTONIO
CARTWRIGHT OF MATTHEW TOWN, INAGUA, 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 4th day of April, 2007
to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.


NOTICE
NOTICE is hereby given that ELAINE RAHMING OF
KING STREET, MURPHY TOWN, P.O. BOX AB-20774,
ABACO, 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 28th day of
March, 2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



NOTICE

INTERASIAN RESOURCES GROUP LIMITED

Notice is hereby given that the above-named Company is in
dissolution, commencing on the 29th day of March 2007.
Articles of Dissolution have been duly registered by the Registrar The
Liquidator is George Clifford Culmer, CO BDO Mann Judd, PO. Box
N-10144, 3RD Floor, Ansbacher House, East Street, Nassau, Bahamas.
All persons having claims against the above named Company
are required on or before the 7th day of May 2007 to send their
names and addresses and particulars of their debts or claims to the
Liquidator of the Company or, in default thereof they may be excluded
from the benefit of any distribution made before such debt. aie pi ed.


Dated this 3rd day of April 2007.
GEORGE CLIFFORD CULMER
Liquidator


PAGE 6B, WEDNESDAY, APRIL 4, 2007


THE TRIBUNE










THE TRIBUNE BUSINESS


WEDNESDAY, APRIL 4, 2007, PAut /b


We're making all
of your wedding
dreams come true!









THE I HIBUNE.f


PAGE 8B, WEDNESDAY, APRIL 4, 2007


& K COMMONWEALTH "Leader in Personal Banking Services" CONSOLIDATED S1TAI
CLD BANK


Deloitte & Touche
Chartered Accountants


and Management Consultants
2nd Terrace, Centreville
P.O. Box N-7120
Nassau, Bahamas

Tel: +1 (242) 302-4800
Fax: +1 (242) 322-3101
http://www.deloitte.com.bs

INDEPENDENT AUDITORS' REPORT
To the Shareholders of
Commonwealth Bank Limited:

We have audited the accompanying consolidated financial statements of Commonwealth Bank Umited (the "Bank")
which comprise the consolidated balance sheet as of December 31, 2006, and the related consolidated statements
of income, changes in equity and cash flows for the year then ended, and a summary of significant accounting
policies and other explanatory notes.
Management's responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in
accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing
and maintaining internal controls relevant to the preparation and fair presentation of consolidated financial statements
that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors' responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan
and perform the audit to obtain reasonable assurance as to whether the consolidated financial statements are free of
material misstatement.

An audit involves procedures to obtain audit evidence about the amount and disclosures in the consolidated financial
statements. The procedures selected depend on the auditors' judgment, including the assessment of risks of material
misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.
An audit also includes evaluating the appropriateness of accounting policies used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements.

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

In our opinion, the consolidated financial statements present fairly, in all material respects the financial position of the
Bank as of December 31, 2006, and the results of Its operations and its cash flows for the year then ended in
accordance with International Financial Reporting Standards.


COMMONWEALTH BANK LIMITED
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2006
(Expressed in Bahamian $'000s)


J'AIY


2006


ASSETS
Cash and deposits with banks (Note 6)
Balances with The Central Bank of The Bahamas (Note 6)
Investments (Note 7)
Loans receivable (Notes 8, 17 and 20)
Premises and equipment (Note 9)
Other assets


$ 31,380
60,915
86,057
809,606
29,669
1,016


i
$ 18,293,1
42,125- -
75,1791
692,160
25,473
746,


TOTAL $ 1,018,643 $ 853,976-

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES:
Deposits (Notes 10, 17 and 20) $ 798,394 $ 680,331-,
Life assurance fund (Note 11) 13,353 10,816
Other liabilities 15,435 13,383
Total liabilities 827,182 704,539-1

SHAREHOLDERS' EQUITY: ?
Share capital (Note 12) 86,947 62,773-
Share premium 26,429 21,7257
General reserve (Note 13) 10,000 10,00%
Retained earnings 68,085 54,948-


Total shareholders' equity


TOTAL


191,461


149,44 6E


$ 1,018,643 $ 853,976- -


The accompanying notes form an integral part of the Consolidated Financial Statements.

These Consolidated Financial Statements were approved by the Board of Directors on January 29,
2007, and are signed on its behalf by:


Cha an


February 7, 2007


wd,'-


President O


A member firm of
Deloitte Touche Tohmatsu


COMMONWEALTH BANK LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31,2006
(Expressed in Bahamian $'000s)


2006


CASH FLOWS FROM OPERATING ACTIVITIES
Interest receipts
Interest payments
Life assurance premiums received, net
Life assurance claims and expenses paid
Fees and other income received
Recoveries
Cash payments to employees and suppliers


2005


$ 94,687 $ 79,231
(32,194) (25,596)
9,473 9,289
(2,850) (2,621)
17,624 15,762


5,745
(37,547)


4,990
(32,859)


54,938 48,196
Increase in loans receivable (129,202) (112,962)
Increase in deposits 118,063 65,068
Net cash from operating activities 43,799 302

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments (89,573) (88,392)
Interest receipts and redemption of investments 82,637 77,539
Purchase of premises and equipment (Note 9) (6,568) (3,093)
Net cash used in investing activities (13,504) (13,946)

CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid (27,296) (19,091)
Proceeds from common shares issued 5,045 3,866
Redemption of preference shares (1,008)
Issuance of preference shares 24,125 875
Stamp tax paid on share capital increase (300) (120)
Share based payments 8 133
Net cash from (used in) financing activities 1,582 (15,345)


NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


31,877 (28,989)


CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 60,418


89,407


CASH AND CASH EQUIVALENTS, END OF YEAR (Note 6) $ 92,295 $ 60,418



The accompanying notes form an integral part of the Consolidated Financial Statements.


COMMONWEALTH BANK LIMITED 'T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2006 ,
(All tabular amounts are expressed in Bahamian $'OOOs, except per share amounts)
1. INCORPORATION AND ACTIVITIES
Commonwealth Bank Umited (the "Bank") was incorporated in The Commonwealth of The Bahamas and is licensed by The Ministry
of Finance to carry out banking business under the provisions of the Banks and Trust Companies Regulations Act 2000. .
The principal activities of the Bank and its subsidiaries are described in Note 5.
2. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS
In the current year, the Bank has adopted all of the new and revised Standards and Interpretations issued by the Internatiogal
Accounting Standards Board (the IASB) and the International Financial Reporting Interpretations Committee (the IFRIC) of the IAB
that are relevant to its operations and effective for accounting periods beginning on January 1, 2006.
The impact of the adoption of these new and revised Standards has been to expand the disclosure provided in these consolidated
financial statements regarding the Bank's pension fund.
The Bank has elected to present Information regarding its objectives, policies and processes fpr managing capital (see Note 22) as
required by amendments to IAS 1 Presentation of Financial Statements in advance of the effective date for those amendments of
January 1, 2007.
At the date of authorization of these Consolidated Financial Statements, the following relevant Standards and Interpretations were
in Issue but not yet effective:
IFRS 7 Financial Instruments: Disclosures is effective for accounting periods commencing January 1, 2007.
The withdrawal of IAS 14 and application of IFRS 8 Operating Segments is effective for accounting periods commencing January
1, 2009. ti
The Directors anticipate that the adoption of these Standards will have no material impact on the Bank's Consolidated Financial
Statements.
3. SIGNIFICANT ACCOUNTING POLICIES .
Statement of compliance These consolidated financial statements have been prepared in accordance with Internatioqpl
Financial Reporting Standards. ,
Principles of consolidation The consolidated financial statements include tlAe accounts of the Bank and its wholly-owned
subsidiaries made up to December 31, 2006. All intra-group transactions balances, income and expenses have been
eliminated in full on consolidation.
Basis of preparation These consolidated financial statements have been prepared on the historical cost basis except for
the revaluation of certain non current assets and financial instruments. The principal accounting policies are set out below;,
a. Recognition of Income
i. Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate
applicable, except for impaired loans receivable (see Note 3c).
ii. Fee Income is recognized on a cash basis. ,,
iii. Rental Income is recognized on a straight-line basis over the term of the relevant lease.
iv. Life Insurance Income is recognized on the rule of 78 basis over the term of the life policy. The amount taken to income
is adjusted by the amount of any surplus or deficit after an annual actuarial valuation. j
b. Loans receivable Loans receivable are carried at the principal amount outstanding, plus accrued interest receivable less
provision for loan losses.
A loan is classified as impaired whenever, in management's opinion, there is no longer reasonable assurance of timely
collection of the full amount of principal and interest. Whenever principal and/or interest is 90 days contractually past due pn
a loan it is classified as impaired, all uncollected interest and fees are reversed from income. The amount of interest reversed
on impaired loans at December 31, 2006 was $1.0 million (2005: $1.1 million). .
Payments received on loans that have been classified as impaired are applied first to outstanding interest and then to the
remaining principal. ;:
c. Loans receivable provision and write-off policy The Bank makes provision for bad and doubtful debts by way of a charge
to operating expense. The provision is decreased by loans written-off, net of recoveries. The provision reflects the losses
inherent in the loan portfolio at the consolidated balance sheet date. There are two types of provision, specific and general,
which are discussed below. f
Specific provision Specific provisions are made against individual loans and advances where there is no longer reasonable
assurance of timely collection of the full amount of principal and interest due to a deterioration in the credit quality of the
counter party. For the Bank's portfolio of relatively small homogenous advances such as residential mortgage, personal
lending and credit card portfolios, specific provisions are calculated using a formula driven approach. These formulae take
into account factors such as the length of time that payments from the customer are overdue, the value of any collateral held
and the level of past and expected losses in order to derive an appropriate provision.
For other lending portfolios, specific provisions are calculated on a case by case basis. In establishing an appropriate
provision, factors such as the nature and value of any collateral held, the costs associated with obtaining repayment and
realization of the collateral, and estimated future cash flows are taken into consideration. -
General provision General provisions are made to cover bad and doubtful debts that have not been separately identified
at the consolidated balance sheet date, but are known to be present in any loan portfolio. The level of general provision is
determined in light of the Bank's past loan loss experience, current economic conditions and other factors affecting the
business environment.


Deloitte.


^4'':












WEDNESDAY, APRIL 4, 2007, PAGE 9B


$ 104,375
(32,194)


$ 87,548
(25,596)


Net interest income 72,181 61,952
Loan loss provision (Note 8) (11,758) (9,678)


60,423 52,274
LCfe assurance, net (Note 11) 3,534 2,462
Fees and other income (Note 15) 17,680 15,395
Total income 81,637 70,131


NON-INTEREST EXPENSE
General and administrative (Notes 16 and 17) 38,658 35,662
Depreciation and amortization (Note 9) 2,372 2;488
directors' fees 174 178
S Total non-interest expense 41,204 38,328


NFIINCOME 40,433 31,803


PREFERENCE SHARE DIVIDENDS (5,099) (4,861)

NET1NCOME AVAILABLE TO COMMON
SHAREHOLDERS 35,334 26,942

WEIGHTED AVERAGE NUMBER OF COMMON SHARES
thousandss) 32,583 31,567


EARNINGS PER SHARE


1.08


0.85


The accompanying notes form an integral part of the Consolidated Financial Statements.


The Bank has decided that a general provision for losses on loans receivable should amount to a minimum of 1% of
outstanding loan balances that have not been identified as Impaired.
Consumer installment and credit card loans are normally written-off If principal and/or Interest payments become 180
days contractually in arrears.
Life assurance fund All receipts from the life assurance business of Laurentide Insurance and Mortgage Company
Limited ("Laurentide") are credited to a life assurance fund as required by The 1969 Insurance Act, under which Laurentide
is registered. The fund is reduced in respect of expenses of the life assurance business and any surplus disclosed by
actuarial valuation.
Foreign currency translation Assets and liabilities in other currencies have been translated into Bahamian dollars at
tie appropriate rates of exchange prevailing as of December 31, 2006. Income and expense items have been translated
at actual rates on the date of the transaction. Gain and losses arising on foreign exchange translation are Immediately
recognized in the consolidated statement of income.
Premises and equipment These assets are carried at cost less accumulated depreciation and amortization.
Depreciation and amortization are computed on a straight-line basis and are charged to non-Interest expenses over the
estimated useful lives of the assets as follows:


Buildings
Leasehold improvements
Furniture, fittings.and equipment


The shorter of thtestimated useful life or
a maximum of 40 ears
Lease term
3- 10 years


SThe gain or loss arising on the disposal or retirement of an item of premises and equipment is determined as the
difference between the sales proceeds and the carrying amount of the asset and Is recognized in the Consolidated
Statement of Income.
g. Impairment of assets At the end of each balance sheet date, the Bank reviews the carrying amount of tangible and
intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss
'(if any). Recoverable amount is the higher of fair value less costs to sell and value in use. An impairment loss is
recognized as an expense Immediately, unless the relevant asset Is carried at a revalued amount, in which case the
impairment loss is treated as a revaluation decrease to the extent that there is revaluation surplus.
h. Earnings per share Earnings per share is computed by dividing the net Income, after deducting dividends declared on
preference shares, by the weighted average number of common shares outstanding during the year. There is no material
difference between basic earnings per share and fully diluted earnings per share.
i. Retirement benefit costs The Bank maintains a defined benefit plan covering all employees in the active employment
of the Bank who have at least 3 years of service or have reached the age of 25. The plan provides pensions based on
years of service, contributions and weighted average earnings at retirement. The Bank's funding policy is to make monthly
contributions to the plan based on triennial valuations. The Bank pays on demand to the plan such periodic contributions
as may be required to meet the costs and'expenses of the plan.
Investments held by the pension fund are primarily comprised of equity securities, preference shares, bonds and
government stock.
Pension costs for the year are the present value of the current year service cost based on estimated final salaries,
iriterest expense on the liability, expected investment return on the market value of the plan assets and the amortization
of both deferred past service costs and deferred actuarial gains and losses. Amortization is charged over the expected
average remaining service life of employees covered by the plan. Past service cost is recognized immediately to the
extent that the benefits are already vested.
Pension costs are charged to general and administrative expenses.
The retirement benefit obligation recognized in the consolidated balance sheet represents the present value of the defined
I'benefit obligation as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost, and as
reduced by the fair value of plan assets. Any asset resulting from this calculation is limited to unrecognized actuarial losses
and past service cost, plus the present value of available refunds and reductions in future contributions to the plan.
j. Share-based payments The Bank issues equity-settled share-based payments to certain management staff. The Bank
determines the fair value of stock options on their grant date using the Black Scholes Model and records this amount as
compensationn expense. The expected life used in the model has been adjusted, based on management's best estimate,
'for the effects of non-transferability, exercise restrictions and behavioral considerations. The fair value is recomputed over
the period that the stock options vest, with a corresponding increase to share premium. The fair value determined at the
grant date of the equity-settled share-based payments was expensed on a straight-line basis over the vesting period,
based on the Bank's estimate of the shares that will eventually vest and adjusted for the effect of non market-based vesting
-6cnditions. When the stock options are exercised the proceeds are recorded In share capital and share premium. All
ovitstanding options at December 31, 2005, were either exercised or lapsed during the year.
other Stock Based Compensation Plan: The Bank offers non management staff the option of purchasing common shares
'at a 10% discount from the prevailing market rate at the time of the offer. The amount of discount is recorded as
compensation expense with a corresponding increase to share premium. Payments by staff for the shares are credited
to share capital.
'The share based payments expense has been included in staff costs in the general and administrative expenses line of
the Consolidated Statement of Income.


COMMONWEALTH BANK LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY YEAR ENDED DECEMBER 31, 2006
(Expressed in Bahamian $'000s)


2006 2006


SHARE CAPITAL
Preference shares (Note 12):
Balance at beginning of year
Redemption of Class "C" shares
Issuance of Class "C", "H", "I" shares
Balance at end of year


$ 60,858


24,125
84,983


60,991
(1,008)
875
60,858


Common shares (Note 12):
Balance at beginning of year 1,915 1,877
Issued 49 38
Balance at end of year 1,964 1,915


Total share capital 86,947 62,773


SHARE PREMIUM "
Balance at beginning of year 21,725 17,884
Issuance of common shares 4,996 3,828
Stamp tax on share capital increase (300) (120)
Share based payments (Note 14) 8 133
Balance at end of year 26,429 21,725


GENERAL RESERVE
Balance at beginning and end of year (Note 13) 10,000 10,000


RETAINED EARNINGS
Balance at beginning of year 54,948 42,209
Net income 40,433 31,803
Common share dividends: 68 cents per share
(2005: 45 cents) (22,197) (14,203)
Preference share dividends (5,099) (4,861)
Balance at end of year 68,085 54,948


SHAREHOLDERS' EQUITY AT END OF YEAR


$ 191,461


149,446


The accompanying notes form an integral part of the Consolidated Financial Statements.


k. Deposits Deposits are stated at principal plus accrued Interest.
1. Interest expense Interest expense Is accrued on a time basis, by reference to the principal outstanding and at the
effective Interest rate applicable.
m. Investments Investments are classified as held-to-maturity and are stated at cost plus accrued Interest. Investment
income is recorded in interest income in the Consolidated Statement of Income using the effective Interest rate
method.
n. Related parties Related parties include officers, directors and shareholders with shareholdings in excess of 5% of
outstanding common shares, and companies that are controlled by these parties.
o. Equity instruments An equity Instrument is any contract that evidences a residual interest in the assets of the Bank
after deducting all of its liabilities. Equity Instruments are recorded at the proceeds received, net of direct issue costs.

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the Bank's accounting policies, which are described in Note 3, management is required to make
judgments, estimates and assumptions about carrying amounts of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
N\ The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the
revision and future periods if the revision affects both current and future periods.
The following are the judgments and estimates that management has made in the process of applying the Bank's accounting
policies and that have the most significant effect on the amounts recognized in the consolidated financial statements:
a. Provision for credit losses The provision for credit losses represents managements' estimate of Identified credit
related losses in the portfolio, as well as losses that have not yet been identified at the consolidated balance sheet
date. The provision for credit losses is comprised of the specific provision and the general provision. The process for
determining the allowances involves quantitative and qualitative assessments using current and historical credit
information. The process requires assumptions, judgments and estimates relating to i) assessing the risk rating and
impaired status of loans; li) estimating cash flows and realizable collateral values; ill) developing default and loss rates
based on historical data; iv) estimating the changes on this historical data by changes In policies, processes and
credit strategies; v) assessing the current credit quality based on credit quality trends and vi) determining the current
position In the economic cycle.
b. Fair value of financial instruments Fair value is the amount for which an asset could be exchanged, or a liability
settled, between knowledgeable, willing parties in an arms length transaction. The best evidence of fair value is quoted
price in an active market. In most cases, however, the financial instruments are not typically exchangeable or
exchanged and therefore it Is difficult to determine their fair value. In these cases, management's judgment is
required to estimate fair value. Since the calculation of fair value is based on management's estimates, which involve
uncertainties, the actual fair value realized in a sale or immediate settlement of the instruments may differ from the
estimated amount.
c. Pension benefits The Bank maintains a defined benefit plan covering all employees in the active employment of
the Bank who have at least 3 years of service or have reached the age of 25. Due to the long term nature of pension
plans, the calculation of benefit expenses and obligations depends on various assumptions such as discount rates,
expected rates of return on assets, projected salary increases, retirement age, mortality, and termination rates.
Actual experience that differs from the actuarial assumptions will affect the amounts of benefit obligation and
expense.
d. Life assurance fund A surplus on the Life Assurance Fund arising from an actuarial valuation is credited to income.
Due to the nature of actuarial valuations which depend on various assumptions such as discount rates, expected
rates of return on assets, projected mortality, and policy termination rates, actual experience may differ from the
actuarial assumptions.
5. BUSINESS SEGMENTS
For management purposes, the Bank including its subsidiaries Is organized into two major operating units Bank and Real
Estate. The principal business of the Bank is that of providing full service personal banking including the acceptance of
savings, fixed and demand deposits, providing consumer financing through loans, overdrafts and credit cards and
mortgage financing on real estate and the sale of foreign exchange. The Bank also provides credit life Insurance in respect
of the Bank's borrowers through Laurentide. For management purposes, Laurentide activities are reported as part of the
Bank and therefore are not treated as a separate business segment. The Bank also has a real estate company, C. B.
Holding Co. Ltd, that owns and manages real property. The major tenant is the Bank, however there are also several
unrelated tenants renting from the company. C.B. Securities Ltd., which was incorporated as an investment company on
September 2, 1996, had no activity in the reporting period.


BUSINESS


EVENTS FOR THE YEAR ENDED DECEMBER 31, 2006 AND INDEPENDENT AUDITORS) REPORT



r


COMMONWEALTH BANK UMITED
CONSOLIDATED STATEMENT OF INCOME YEAR ENDED DECEMBER 31, 2006
(Exressed in Bahamian $'000s)


INbCME
It


, Interest income (Notes 7 and 17)
Iriterest expense (Note 17)


2006


2005


e.



f. i
I
I


I


I I I


I


I I












PAGE 10B, WEDNESDAY, APRIL 4, 2007 THE TRIBUNE BUSINESS



COMMONWEALTH "Leader in Personal Banking Services" CONSOLIDATED STATEMENT FOR THE YEAR M D1, 2006
| BANK MENPENEADET REPRT


6. BUSINESS SEGMENTS (Continued)
All of the activities of the Bank and its subsidiaries are deemed to be operating within the same geographical area.
Inter-segment revenues are accounted for at competitive market prices. Inter-segment expenses are transferred at cost.
All transactions between segments are eliminated on consolidation.

The following table shows financial information by business segment:


Banking
2006 2005


Real Estate
2006 2005


2 mination
200u 200Mu


Consolidated
2006 2005


Revenue
External $ 81,411 $ 69,804 $ 226 $ 327 $ $ $ $ 81,637 $ 70,131
Internal 511 432 1.131 987 (1.6421 (1.4191 -
Total Revenue $ 81,922 $ 70.236 $ 1,357 $1,314 $ (1,642) $ (1,419) $ 81,637 $ 70,131

Net profit
Segment Net Profit $ 40.251 $ 31,638 $ 182 $ 165 $ $ $ 40,433 $ 31,803

Other Information
Capital Additions $ 2,318 $ 2,132 $ 4,250 $ 961 $ $ $ 6,568 $ 3,093
Depreciation $ 2,221 $ 2.339 $ 151 $ 149 $ $ $ 2,372 $ 2,488

Assets $1,017,953 $853,260 $ 12,570 $ 8,224 $ (11,880) $ (7,508) $1,018,643 $ 853,976

ULiabilities $ 827,604 $704,745 $ 11,458 $7,293 $ (11,880) $ (7,508) $ 827,182 $ 704,530


6. CASH AND CASH EQUIVALENTS
Cash and cash equivalents is represented by cash and deposits with banks plus accrued Interest and non-interest
bearing balances with The Central Bank of The Bahamas as follows:
2006 2005
Cash and deposits with banks $ 31,380 $ 18,293
Balances with The Central Bank of The Bahamas 60,915 42,125

Total $ 92,295 $ 60,418


The Bank is required to maintain a percentage of customers' deposits as cash or deposits with the Central Bank of The
Bahamas. At December 31, 2006, this reserve requirement was $30.7 million (2005: $25.3 million).


7. INVESTMENTS
Investments are as follows:
Term to Maturity 2006 2005
Over 12 to
Within 12 months 60 months Over 60 months 71tal Total
$ Yield % $ Yield % $ Yield % $ Yield % $ Yield %
Bahamas Government
Treasury Bills $ 9,954 1.839% $ $ $ 9,954 1.839% $21,994 0.107%
Bahamas Government
Registered Stock 3,335 6.734% 68,269 6.123% 71,604 6.052% 49,131 6.381%
Bridge Authority 233 7.125% 233 7.125% 233 7.125%
Clifton Heritage 2,009 6.088% 2,009 6.088% 2,009 6.088%
United States
Government Stock 990 6.990% 990 6.990% 989 6.990%
Other Equity 75 75 -
Accrued Interest
Receivable 1,192 823 -

Total $ 9,954 1.839% $3,335 6.734% $71,576 6.138% $86,057 5.613% $75,179 4.513%


Income from investments is included in the consolidated statement of Income as follows:
2008 2005
Interest income $ 3,943 $ 3,327


8. LOANS RECEIVABLE
Loans receivable Is as follows:
2006 2005
Residential mortgage $ 196,795 $ 144,860
Business 23,405 20,097
Personal 567,588 506,062
Credit card 32,288 26,249
Accrued interest receivable 8,471 8,044
828,547 705,312
Less provision for losses 18.941 13,152
Total $ 809.606 $ 692,160

Provision for losses is as follows:

2006
Balance at Provision Balance at
Beginning Loans for Credit End of
_____ of Year Written-off Recoveries Losses Year
Residential mortgage $ 3,463 $ (111) $ $ 283 $ 3,635
Business 582 (18) 113 677
Personal 8,226' (10,849) 5,479 10,549 13,405
Credit card 881 (735) 265 $13 1,224
Total provision
for credit losses $ 13,152 $ (11,713) $ 5,744 $ 11i,758 $ 18,941

Specific provision $ 3,316 $ (11,713) $ 5,744 $ 8,668 $ 6,015
General provision 9,836 3,090 12,926

Total $ 13,152 $ (11,713) $ 5,744 $ 11.758 $ 18,941


Balance at Provision Balance at
Beginning Loans for Credit End of of
Year Written-off Recoveries Losses Year
Residential mortgage $ 1,571 $ (93) $ $ 1,985 $ 3,463
Business 418 (53) 217 582
Personal 10,931 (14,173) 4,843 6,625 8,226
Credit card 487 (604) 147 851 881
Total provision
for credit losses $ 13,407 $ (14,923) $ 4,990 $ 9,678 $ 13,152

Specific provision $ 8,867 $ (14,923) $ 4,990 $ 4,382 $ 3,316
General provision 4,540 5,296 9,836

Total $ 13,407 $ (14,923) $ 4,990 $ 9,678 $ 13,152


The general provision for losses on loans receivable that have not been identified as impaired is 1.58% (2005:1.41 %) of
the non-impaired loans receivable.

Impaired loans receivable is as follows:
2006
roes Specific Net
Impnared Allowance Impaired
Residential mortgage $ 3,883 $ 1,037 $ 2,846
Business 1,060 448 612
Personal 6,261 3,952 2,309
Credit card 897 578 319
Total $ 12,101 $ 6,015 $ 6,086

Percentage of loan portfolio 1.46%

Percentage of total assets 1.19%

2005
Gross Specific Net
Impird Allowance Impaired
Residential mortgage $ 3,877 $ 1,358 $ 2,519
Business 389 322 67
Personal 4,771 1,536 3,235
Credit card 263 100 163
Total $ 9,300 $ 3,316 $ 5,984
Percentage of loan portfolio 1.32%

Percentage of total assets 11.09%


9. PREMISES AND EQUIPMENT
The movement of premises and equipment is as follows:

Furniture,
Fittings
Leasehold and
Land Bulidins kmorovements Eauloment Total
Cost
December 31, 2005 $ 6,004 $ 17,776 $ 3,640 $ 19,639 $47,059
Additions 1,096 3,096 194 2,182 6,568

December 31, 2006 7,100 20,872 3,834 21,821 53.627
Accumulated
Depreciation
and Amortization
December 31,2005 3,454 3,154 14,978 21,586
Charge for the year 479 142 1,751 2,372

E' emhTer 31 200 3,933 3,296 16.729 '23, ,

Net Book Value
December 31,2006 $ 7,100 $ 16,939 $ 538 $ 5,092 $ 29.669
December 31. 2005 $ 6,004 $ 14,322 $ 486 $ 4,661 $25,473


Depreciation and amortization expense is as follows:
Buildings $ 479 $ 479
Leasehold improvements 142 179
Furniture, fittings and equipment 1,751 1.830

Total $ 2,372 $ 2,488


10. DEPOSITS
The composition of deposits is as follows:

Demand deposits $ 60,119 $ 51,076
Savings accounts 90,869 88,978
Certificates of deposit 633.197 527,750
Accrued interest payable 14,209 12,527

Total $ 798,394 $ 680,331


11. LIFE ASSURANCE FUND
An actuarial valuation of the life assurance fund was conducted as of December 31, 2006. The calculation was based on
the greater of the total of unearned premiums and the actuarial reserve which includes provision for mortality, surrender,
expenses and adverse deviations. As a consequence, $3.534 million (2005: $2.462 million) being premiums distributable
otherwise than to policyholders, was credited to income during the year. Assets of Laurentide representing the Life
4 Assurance Fund are maintained as a separate account with the Bank.


12. SHARE CAPITAL
Share capital is as follows:

Preference Shares:


Rates
2006 2005
Beginning of Year


Rat"e
200t6 200
Rate Change


Rate
200End of6 2005 Year
End of Year


Class A 7.0% 9.0% (2.0)% 7.0% 7.0%
Class B 7.0% 8.5% (1.5)% 7.0% 7.0%
Class C 7.0% 8.0% (1.0)% 7.0% 7.0%
Class D 7.0% 9.0% (2.0)% 7.0% 7.0%
Class E 7.0% 9.0% (2.0)% 7.0% 7.0%
Class F 7.0% 9.0% (2.0)% 7.0% 7.0%
Class G 7.0% 9.0% (2.0)% 7.0% 7.0%
Class H 7.0% 7.0% 7.0% 7.0%
Class I 7.0% 7.0% 7.0% 7.0%
Class J 7.0% 7.0%
Class K 7.0% 7.0%
Class L 7.0% 7.0%
Class M 7.0% 7.0%
Class N 7.0% 7.0%


B$ 000's Beginning of Year Increase (Reduction) End of Year
2006 2005 2008 20W 2006 2005
Authorized Par $
Class A 500 $ 15,000 $ 15,000 $ $ $ 15,000 $ 15,000
Class B 500 5,000 5,000 5,000 5,000
Class C 100 5,000 5,000 5,000 5,000
Class D 100 10,000 10,000 10,000 10,000
Class E 100 10,000 10,000 -. 10,000 10,000
Class F 100 10,000 10,000 10,000 10,000
Class G 100 10,000 10,000 10,000 10,000
Class H 100 10,000 10,000 10,000 10,000
Class I 100 10,000 10,000 10,000 10,000
Class J 100 10,000 10,000
Class K 100 10,000 10,000 -
Class L 100 10,000 10,000
Class M 100 10,000 10,000 -
Class N 100 10,000 10,000 -

Total $ 85,000 $ 65,000 $ 50,000 $ 20,000 $ 135,000 $ 85,000


B$ 000's Beginning of Year Issued (Redeemed) End of Year
2006 2006 200 2005 2006 00

Outstanding
Class A $ 15,000 $ 15,000 $ $ $ 15,000 $ 15,000
Class B 4,985 4,985 4,985 4,985
Class C 1,008 5,000 (1,008) 5,000
Class D 10,000 10,000 10,000 10,000
Class E 9,999 9,999 9,999 9,999
Class F 9,999 9,999 9,999 9,999
Class G 10,000 10,000 10,000 10,000
Class H 875 9,125 875 10,000 875
Class I 10,000 10,000
Class J -
Class K -
Class L -
Class M -
Class N -

Total $ 60,858 $ 60,991 $ 24,125 $ (133) $ 84,983 $ 60,858

All classes of Preference Shares are cumulative, non-voting and redeemable at the discretion of the Board. Dividend rates
are variable with Bahamian Prime rate. At December 31, 2006, Prime rate was 5.5% (2005: 5.5%).


Common Shares:


Mo ea-h


Number 000 B-O8 O
Authorized:
December 31, 2005 and December 31, 2006 75,000 $ 4,500

Issued and outstanding:
December 31, 2004 31,283 1,877
Issuance of new shares 633 38

December 31,2005 31,916 1,915
Issuance of new shares 817 49

December 31, 2006 32,733 $ 1,964

On January 29, 2007, the Bank declared a dividend of $0.12 cents per common share payable on April 30, 2007.


13. GENERAL RESERVE
The general reserve is non-distributable and was created In 2003 to allow the Bank to address issues of an unusual or
distress situation should they occur. No such situations have occurred since the reserve was created.


14. EMPLOYEE SHARE BASED PAYMENT PLANS

Stock Option Plan:

On December 14, 1999, the Board of Directors approved an employee stock option plan for certain management staff with
a grant of two million shares on May 1, 2000. Options vested over the period from the date of grant to April 30, 2005.
Vested options not exercised at April 30, 2006 lapsed. There were no outstanding stock options at December 31, 2006.

Other share based payment plan:

Under the Bank's employee share purchase plan, non-management staff may purchase the Bank's shares at 90% of the
closing market price on the date of grant for a restricted period each year. Employees may purchase shares having a value
not exceeding 15% of their salary at the time of the grant. Shares so purchased vest immediately but are released to the
employee on payment for the shares. Pursuant to the plan, the Bank issued 7,712 shares In 2006 (2005: 2,628).

The following table summarises information about the Stock Option Plan:


Number of
Stock
Options


Outstanding at beginning of year
Granted
Expired or forfeited
Exercised


921,190

(117,307)
(803,883)


2006
WeIgMed Wtighted
Average Number of Average
Excise Stock Exercise
Price Options Price


1,515,000


1,515,000
30,000

(623,810)


Outstanding at end of year 921,190 6.14

Of which vested at the end of the year 921,190 6.14

Options available to be granted at end of year 376,000

Outstanding Stock Options as a percentage
of outstanding shares 0.00% 2.89%


The fair value of options at December 31, 2005 were calculated using the following Inputs for the Black Scholes Model:
Weighted average share price: $8.11
Weighted average exercise price: $6.14
Expected life of options 0.33
Sisk fre rate 5.75%
F C.i c',j !l.jllty 13%

Expected volatility was determined by calculating the historical volatility of the Bank's share price over the previous three
years.

The Bank recognized total expenses of $8 thousand (2005: $133 thousand) related to these equity settled share based
m'.uririt transactions during the year.

















WEDNESDAY, APRIL 4, 2007, PAGE 11i


THE TRIBUNE BUSINESS


COMMONWEALTH "Leader in Personal Banking Services" CONSOLIDATED STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2006
C DBANKAND INDEPENDENT AUDIT OR(S) REPORT
BANK


15. FEES AND OTHER INCOME
Fees and other income are as follows:

2006 2005
Fees and commissions $ 11,148 $ 10,531
Service charges 2,893 2,298
Card service revenue .124 911
Net foreign exchange revenue and other income 2,515 1,655

Total $ 17,680 $ 15,395


16. GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses are as follows:

2006 2005
Staff costs $ 27,232 $ 25,158
Other 11 426 10,504
Total $ 38,658 $ 35,662

Staff costs include pension costs of $1.29 million (2005: $1.27 million) (see Note 18).


17. RELATED PARTIES' BALANCES AND TRANSACTIONS
Related parties' balances and transactions are as follows:

2006 2005

Loans receivable $ 8,643 $ 10,635

Deposits $ 67,681 $ 62,611

Loans guaranteed by related parties $ 423 $ 436

Interest income $ 490 $ 462

Interest expense $ 4.421 $ 3,082

Rental expense $ 295 $ 308

General expenses $ 439 $ 447

Commitments under revolving credit lines $ 4,502 $ 4,729


Rental commitments to related parties are as follows:

2007 $ 166
2008 $ 166
2009 $ 166
2010 $ 30


Compensation of Key Management Personnel
The remuneration of Directors and other members of key management personnel, those persons having the authority
and responsibility for planning, directing and controlling the activities of the Bank, in addition to Directors Fees disclosed
on the consolidated statement of income is as follows:

2006 2005


Short term benefits


Post employment benefits


$ 4,595


$ 219


$


$


3,573

215


18. BANK PENSION SCHEME
The following tables present information related to the Bank's defined benefit pension plan, including amounts recorded
on the consolidated balance sheet and the components of net periodic benefit cost:


2006 2005
Change in fair value of plan assets:
Fair value of plan assets at beginning of year $ 23,711 $ 19,868
Actual return on plan assets 3,443 2,682
Company contributions 1,253 978
Participant contributions 753 711
Benefits paid (273) (165)
Withdrawals from plan (742) (363)

Fair value of plan assets at end of year $ 28,145 $ 23,711

Change in benefit obligation:
Benefit obligation at beginning of year $ 22,544 $ 19,927
Employer Service Cost 1,233 1,116
Participant coRtributions 753 711
interest cost,, ., 1,570 1,345
Benefits pajrt (1,015) (529)
Plan amendment si97
Actuarial gain on obligation 2,570 (123)

Benefit obligation at end of year $ 27,655 $ 22,544

Reconciliation of funded status:
Present value of plan assets in excess of obligations $ 490 $ 1,167
Unrecdgnized actuarial gain (590) (1,230)

Accrued pension liability $ (100) $ (63)

Components of pension benefit expense:
Current Employer service costs $ 1,233 $ 1,116
Interest cost 1,570 1,345
Expected return on plan assets (1,513) (1,291)
Past Service Costs Vested Benefits 97

Pension benefit expense included in staff costs $ 1,290 $ 1,267

Movement in prepaid asset (accrued pension liability) recognized
in the consolidated balance sheet:
Balance at beginning of year $ (63) $ 226
Expense as above (1,290) (1,267)
Contributions paid 1,253 978

Balance at end of year $ (100) $ (63)

Actual return on plan assets:
Expected return on plan assets $ 1,513 $ 1,291
Actuarial loss on plan assets 1,930 1,391

Actual return on plan assets $ 3,443 $ 2,682

Assumptions at beginning of year:
Discount rate 6.25% 6.25%
Long term rate of return on plan assets 6.25% 6.25%
Rate of increase in future compensation 4.50% 4.50%

Assumptions at end of year:
Discount rate 6.25% 6.25%
Rate of increase in future compensation 4.50% 4.50%

The Bank administers its own pension fund. The pension fund owns 487,117 (2005: 476,432) common shares and $3.58
million (2005: $3.46 million) preference shares of the Bank.

These shares have a market value of $9.7 million (20.05: $7.8 million) which represents 34% (2005: 33%) of the pension
fund's assets.

The major categories of plan assets and the expected rate of return at December 31, 2006 for each category is as follows:


Expected Return
2006 2005


Fair Value of Plan Assets
2006 2005


Balances at Bank 3.75% 3.75% $ 1,583 $ 611
Equity Instruments 8.75% 7.75% 8,321 7,432
Government Bonds 5.63% 6.13% 9,670 8,670
Preferred Equity 7.00% 7.50% 6.283 6.163
Other Assets 0.00% 0.00% 353 162

Weighted Average on Expected Return 6.75% 6.75% $26,210 $22,938


The overall expected rate of return for 2006 is the weighted average of the expected future returns of the various
categories of plan assets as shown above, less a provision for expenses paid from the pension fund. The expected future
returns for each category are reviewed periodically and may be changed in the future years to reflect developments in
financial markets.

The Bank expects that in 2007 the amount recognized in the income statement in respect of the pension plan will be $1.2
million.

Pension funds held at the Bank and related interest expense are as follows:


2006 2005
Deposits $ 1.320 $ 591
Interest expense $ 33 $ 87


19. MATURITY OF ASSETS AND LIABILITIES
The maturity of assets and liabilities are as follows:



ASSETS
On demand
3 months or less
Over 3 months through 6 months
Over 6 months through 12 months
Over 12 months through 24 months
Over 24 months through 5 years
Over 5 years


2006


S 86.245
89.127
5 699
16.417
39.029
250.470
531 656


Total $ 1,018,643


2005


S 64 352
37.494
9.365
18 069
25.412
228.456
-O 828

S 853.976


2006


LIABILITIES
On demand
3 months or less
Over 3 months through 6 months
Over 6 months through 12 months
Over 12 months through 24 months
Over 24 months through 5 years
Over 5 years


$ 65,585
260,345
101,469
171,641
63,598
147,844
16,700

$ 827.182


20. CONCENTRATION OF LOANS RECEIVABLE AND LIABILITIES
The concentration of loans receivable and liabilities are as follows:

2006
Number of
$ 000's Accounts


Loans receivable:
SUnder $50,000
$50,001 $100,000
$100,001 $150,000
$150,001 $300,000
$300,001 $500,000
$500,001 $1,000,000
$1,000,001 and over
Provision
Accrued interest receivable


$ 585,819
79,248
53,280
65,665
19,078
9,121
7,865
(18,941)
8,471


56,451
1,192
433
334
51
14
5


$ 50,963
233.662
83,708
171,746
73,347
80,531
10,573

$ 704,530


2005
Number of
$ 000's Accounts


$ 511,864
69.637
39,512
43,470
18,475
5,560
8,750
(13,152)
8,044


Total $ 809,606 58,480 $ 692,160

Liabilities:
Under $50,000 $ 155,305 52,892 $ 148,147
$50,001 $100,000 64,484 888 59,578
$100,001 $150,000 47,251 394 40,086
$150,001 $300,000 76,665 356 66,402
$300,001 $500,000 57,735 145 53,185
$500,001 $1,000,000 124,449 166 102,229
$1,000,001 and over 258,656 113 198,177
Accrued interest payable 14,209 12.527
Life assurance fund 13,353 10,816
Other liabilities 15,075 13.383

Total $ 827,182 54,954 $ 704,530


51,355
1,064
321
221
51
9
6



53,027


50,286
832
326
307
134
137
91




52,113


21. COMMITMENTS AND CONTINGENCIES
a. In the ordinary course of business, the Bank had commitments as of December 31, 2006, as follows:


Mortgage commitments
Revolving credit lines
Standby letters of credit
Capital expenditures contracted
Capital expenditure approved but not yet contracted


Total


2006


$ 23,505
27,039
1,607
205
1,400


$ 53,756


2005
$ 25,277
21.354
637
179
2,750

$ 50,197


Revolving credit lines are undrawn lending facilities that have been approved by the Bank to meet the
requirements of customers. They are revocable at the Bank's discretion. The amount shown represents the
maximum amount of additional credit that the Bank could be obligated to extend. In practice many of these
commitments will remain undrawn and the amount is not indicative of future cash requirements.

Standby letters of credit are short-term instruments used to facilitate international trade typically on
behalf of an importer, subject to specific terms and conditions. They are collateralized by the underlying
shipments of goods to which they relate.

b. The Bank is obligated under non-cancelable leases on property, all of which are operating leases, expiring
no later than 2011, and on maintenance contracts for computer equipment and software expiring no later -
than 2009 on which the minimum annual rentals are approximately as follows:


Leases


Minimum Rental Commitments
Computer Equipment
and Software


Year


266


2007

2008

2009

2010 - ... .. --.. .... .,., ;.

2011 .'


328


c. The Bank has an undrawn line of credit with Bank of America, Miami for US$1 million which was established
to service customer transactions. This credit line is secured by United States Government Stock US$990
thousand disclosed in Note 7.

d. The Bank has a line of credit with Bank of Butterfield. The credit line is unsecured and is in the amount of
US$10 million. The line was fully drawn at December 31, 2006. The line was repaid in full on January 12, 2007.

e. The Bank has a standby letter of credit with Citibank N.A. for US$1 million, which was established to secure
settlement transactions with MasterCard. This standby credit line is secured by a time deposit of B$1
million, which is included in cash and deposits with Banks.


22. RISK MANAGEMENT
a. Capital Risk Management The Bank manages its capital to ensure that it exceeds regulatory capital
requirements and will be able to continue as a going concern while maximizing the return to shareholders
through the optimization of the debt and equity balance. The Bank's risk management structu e promotes
making sound business decisions by balancing risk and reward. It promotes revenue generating actiaiies
that are consistent with the risk appetite of the Bank, Bank policies and the iin x Fi utiiin of shilf,i holder
return.

The capital structure of the Bank consists of Preference Shares and equity attributable to tha coirnoii
equity holders of the Bank, comprising issued capital, general reserves, share premium and detained
earnings as disclosed in Notes 12 and 13. The Bank's Board Executive Committee reviews the capital
structure at least annually. As part of this review, the committee considers the cost otl capital mnni 'ie risks
associated with each class of capital. Based on recommendations of the 'oinrnitte" Ith'. R;,n,I villt m.n.t'je
its capital structure through the payment of dividends, new share issues, ,'nnrmi n, ~ -'r n ,.- ini.. he
redemption of preference shares.

The Bank's strategy is unchanged from 2005.

b. Interest rate risk Interest rate risk or interest rate sensitivity results primarily frcn difference's in the
maturities or repricing dates of assets and liabilities. Interest rate risk exposures, ci "gaps' may produce
favcurable or unfavourable effects on interest margins depending on the nature of the gap and the direction
of interest rate movement and/or the expected volatility of those interest rates. When assets have a shorter
average maturity than liabilities, an increase in interest rates would have a positive impj'ct on net interest
margins, and conversely, if more liabilities than assets mature or are reprrced in a partrular timr inter val itien
a negative impact on net interest margin would result.

There is no developed derivative market in the domestic banking sector of the eco;;omy to oss.ist the Bank
in managing interest rate risk The consolidated gap position shows more assets that, liarilities repriceo in
periods greater than one year. This is a typical position for a financial institution with a large personal
customer base. The following table sets out the Bank's interest rate risk exposure as of 'jDc'mn r 31, 20n6.
and represents the Bank's risk exposure at this point in time only:



Maturity or repricing date of interest sensitive instruments Non-interest
As of December 31, 2006 Within 3 Months 3 6 months 6-12 months 1 5 Years Over 5 years rate sensitive Total


Assets
Cash equivalents

Investments

Loans receivable

Promises and equIoment
Other assets


$ 15,700
4.73%
76.796
5 32%
46,343
15 09"


- $ 300 $
1.50%9


226,696
791",


0.00%
5,675 254,999
14.67% 14.82%


76.295 $ 92,295
0.81%
75 86.057
5.65%
809,606
12.73%
29,669 29,669
1,016 1,016

107,0'S" $1,018.643

0 798,394
4..2%
28 778 28.788
84,983
7.00%
1')6,478 106,478

135,2E,6 $1.018.643




$
$___

1 1.53%',

4.20%

7.33',

7.82'


$


9,186

275,893
14 31"


TOTAL $ 138,839 S 226,696 $ 5,975 $ 254,999 $ 285,0fl" $

Liabilities and shareholders' equity
Deposits $ 325,165 $ 99.561 $ 168,622 $ 193,442 $ 11,604
3 41. ro 508% 6.CO": 7 0.
Other liabiles--- -
Preference shares 84,983
7W0. -
COtier equity

TOTAL S 410,148 $ 99,561 $ 168.622 $ 193,442 11.604 $

INTEREST RArE SENSITIVITY GAP .271 300) 127.135 (162 647 ) f6' "/ 7 '

CUMULATIVE INTEREST RATE

SENSITIVITY GAP $ (271,309) $ (144,174) $(306,821) $(245,264) S 28,211 1

COMPARATIVE 2005 S 1193,073) $ (138,361) $(299,839) $(213,240) S 32,163 S

Average Yield Earning Assets 8.51% 791% 14.01% 14.82% '4 1.'

Average Yield Paying Liabilities 4.15:4, 4.80% 5.08% 6.00% 7 0";

Average Margin 2006 .3 36% 3.11% 8.93% 8.82% 7.09'.


Average Margin 2005 4 16-. 4.67% 7.70% 8.73% 642%,


-- -~"~"-


--- ---- '---~----~--------~ ~~---~L---------


--














PAX 12B,


I..


I


L


WEDNESDAY, APRIL 4, 2007



COMMONWEALTHH
. iANK.
A dar in J,,rn.'.nmA Bankmi Services"


THE TRIBUNE


CONSOUDATED STATEMENTS FOR THE YEAR
ENDED DECEMBER 31, 2006 AND INDEPENDENT
AUDITORS) REPORT


o'w


r
a *-
w a
*a^mw>










23. FA.F,'

lheir
( UllS2I
n-l il


lit-.


THE BAHAMAS


The ( ,
has re.
o-7'," I


1.,', '.d USE, POLICY AND ADMINISTRATION PROJECT

CONSULTING SERVICES GIS

LOAN # 1589/OC-BH

r '. ti itf lhe Bahamas, through The Office of The Prime Minister (OPM),
c. k.i rt :i rocll the inter-American Development Bank for the implementation
- i olicy and Administration Project (LUPAP).


OP'M : one (1) G1S Technician for services in the area of Geographic Information
Si : ', t' 1 '
'i. IS Technician will be responsible for collecting geographic data using
Giobi 1'. i; niiqg Systems, performing spatial analysis using ArcGIS, digitizing and
scanni:., iiO '. developing databases and producing maps in support of the development
ofGe ,phici Pofiles (GPs) of three Bahama Islands. The work will be performed
in Tih Bahamas (Nassau and other locations/islands in the Country).

f' tivido, 'oIsultants interested in providing services on the activity listed above should
' r;polo ; is Nolice by sending a letter of interest and a Resume-prior to 4't April 2007
ben ,,* address below:

VANBERT PRATT
Administrative Assistant
[and Use, Policy and Administration Project
Office of The Prime Minister
Cecil Wallace Whitfield Building
P.O.Box CB-10980
Nassau, Bahamas
Tel: (242)327-5826
Fax: (242)-327-5806
vanbertpratt@bahamas.gov.bs


N NOTICE


NUTICE is I.t y clven that ERICA JAQUEL PARKER OF
KWAN Vi! 0 ORIVE, FREEPORT, GRAND BAHAMA,
BAHAMI'. is applying to the Minister responsible for
Nati-mnalty indti. Citizenship, for registration/naturalization
as i citiz oi of I he Bahamas, and that any person who
kiio/,; an:' .-ss.oti why registration/ naturalization should
not be gt.;i i.. should send a written and signed statement
o. the *;f ('i twenty-eight days from the 28TH day of
MI :Ci' H, '.io t. i 111 Minister responsible for Nationality
n Cit i ',,.., PO3ox N-7147, Freeport, Bahamas.
--


'i i. .i
'c,,,., j


,ll

1 .52 2 '
12 1lc '
9 10 6.9
O.E5 0 7,
2.3" 1 2-.
1 40.,,, '.1 .
10.33 y 0O
2. 20.,.. I 1,
14. I9 9 D j
6 2 -1 22
2 PF 40
6.21 '.
12.4 '
14.7c I ,
17 i ,0 I .'J
1.15 0.50
10 20 7.10
9.10 8.52
10 0(0 10 00
52w(- ', -,r'vw,-Lou


S It.
' ,

I
I '-' 'ilc I c'cl;



S cort dayc


I-
I.'


r IB.ilr ahamas






i iw. s owners






face i voluntary






a i ruptcy






petitions


:., ri The B bank's credit policies are designed to maximize the risk/retum trade off. The Bank's credit
incudJirg authorized lending limits are based on a segregation of authority and centralized
S n t approval with periodic independent review by the Bank's Internal Audit Department. Consumer
S,es' an-rd authorized in branches within credit policies established by the Bank. Credit scoring
t .o ren- ure these policies are consistently applied across the Bank. Consumer credit
S:- ...d mrronthly to identify potential failure to perform according to the terms of the contract.
i-i-,k ',!aanaon liquidity and funding risk is essential to maintaining both depositor confidence and

'* tai.ai.iaes liquidity and funding risk by ensuring that sufficient liquid assets and funding capacity are
..* *, to 'meet financial commitments, even in times of stress. The Board of Directors' Executive
C: l itce overs-_cs the Bank's liquidity and funding risk management framework which, includes operating
:*- *lary defined Board limits, regulatory liquidity requirements and strong effective processes to
Sr manage risk, including contingency plans to facilitate managing through a distress situation.
-o: ry lines of credit are a significant part of the contingency plan and are disclosed in Note 21.
., orsl, risk Operational risk is the potential for loss resulting from Inadequate or failed internal
-. or s -, i human error or external events not related to credit, market or liquidity risks. The Bank
i r 1y b, irmainrtaining a comprehensive system of internal control and internal audit, including
S i ilon' nd procedural controls. The system of internal control includes written communication of the
,'. r plicites and procedures governing corporate conduct and risk management; comprehensive
,* 1.*,,- runninging ; effective segregation of duties; delegation of authority and personal accountability;
: :.'r n'd training of personnel and sound and conservative accounting policies, which are
*: p,, -: 7vse controls and audits are designed to provide the Bank with reasonable assurance
', ; is. .. ,gijuarded against unauthorized use or disposition, liabilities are recognized, and the Bank
: iV. nc,'t.: ,'with all regulatory requirements.

. ,A'..-IA. INSTRUMENTS
. . .I r h.iioh an asset could be exchanged, or a liability settled, between knowledgeable, willing
* ;. .,'" transaction. The best evidence of fair value is quoted price in an active market. In most cases,
r ;, *i.:..rljrnents are not typically exchangeable or exchanged and therefore it is difficult to determine
: ,.: i'-- c.aese fair value is estimated to approximate carrying value. Premises and equipment are not
!c : e. be financial assets. The Bank considers that the carrying amounts of financial assets and financial
i. : A. at arnnrtised cost in the Consolidated Financial Statements approximate their fair values.
02. .w C ai.eRo.lalos net


NOTICE

NOTICE is hereby given that ELIANA OSCAR OF
SEVENTH TERRACE CENTERVILLE, P.O. BOX N-8889,
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 knowau
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 4th day of April, 2007
to the Minister responsible for Nationality and C(ii i-n.i.i'
P.O.Box N- 7147, Nassau, Bahamas.


-,: .T _, _ __1'.- ;. 171

L 1SEI & TADEDI SECURItTIIES VISI' WWW.I.lPXBAAMlAS.OM FOiR MORE DAtA & iI lr., ,..'.TIrN
1-?*. l I-. 5H-ARE.JNeX:- CLOSE 1.781.0 4t40oD-.433/%OHG 00.02/ YTD 105.471 / Ti. R 2
Sccurit v Prev:ous Close Today's Close Change Daily Vol. EPS $ r v'S P/E "i'o
'A ..d-M i Larkest:3 0.93 0.95 0.02 1.000 -0.282 .. 0 N-'" /" .
%:,-i- c ,-s FPoporly Fund 11.59 11.59 0.00 1.68'0 ) 010 0 9
c,,k ,..f Bahamas 9.00 9.00 0.00 0.737 0 260 12.2 ',
cuti.! n,lark 0.85 0.85 0.00 0.265 0020 3.2 .3'
,iomei!, Wusle 2.30 2.30 0.00 0.199 0060 11.6 2 ;
dd; ,lv Bark 1.30 1.30 0.00 0.170 C 050 7.0 G '
; .li> 10.35 10.35 0.00 0.91') : 0 11 3 ,
liP;i ',1 .l.lnrn(] 2 10 2.10 0.00 569 0 073 1 0J40 26 9 I 0'
S inw .Itlih Bank 14.19 14.19 0.00 0 99B 680 14 2 a.7y
i ,*s,.dl-dl Water BDRs 4.77 4.80 0.03 1.000 0.118 0.045 40.4 0 94/,
'Oci,co Hospital 2.46 2.46 0.00 0.295 0.000 8.3 0 UO
iuard 594 5.94 0.00 0.552 03 210 10 8 4 l",.
12.45 12.49 0.04 5.000 0.77c1 0 L,70 15.7 4 .
c .c'uc.i 14.61 14.61 0.00 0 977 l 1cO0 15.0 tto
Fool 17.06 17.06 0.00 1.644 0' 10 10.4 2 ,
.er.pcrt Concrete 0 50 0.50 0.00 -0.434 0 000 N/) M c
ICl Utilities 7.25 7.25 0.00 500 0.532 0 100 13 6 1 ,
J. S Johnson 9.05 9.05 0.00 0.588 0 560 1, I
Prenlier Real Estate 10.00 10.00 0.00 1.269 ".70' 7 / ',
Symbol Bid $ Ask $ Last Price Weekly Vol. EPSS L P/E '1


ermarkets 14.60 15.60 16.00
ssings (Pref) 8.00 8.25 10.00
0.45 0.55 0.20
41.00 43.00 41.00
-rnmarkets 14.60 15.50 14.00
0.45 0.55 0.45


,..1.*o* NA V YTD% Last 12 Months Dcv$
.a.., rket Fund 1.333665"
i s,:;ci Bahamas G & I Fund 3.0988""
Clina MSI Preferred Fund 2.625419."
Colna Bond Fund 1.233813-*
1. lity Pnrre Income Fund 11.3945""
S I *M' o ~ARKET TERHMSf YIELD last 12 ronth dvklende divided by closing price
-,.: w B $ eBuying price of Colna and Fidelity
1' , is 52 ekl Ak Selling price of Colina and fidelity
ly' weighted price for daiy voklue Last Pice Las taded over-tte-counler price
s weighted price for daily volume Weekly Vol. Trading volume of the prior week


S' c r t' t prtic from day to day
Sl 'c c' ted ticrday
*, c9 .. 0co c' 12 moic hdming


EPS 5 A company'. reported earnings per share for the last 12 mths
NAV Net Asset Value
N/M Not Meai gfuI
FINDEX The FkideiMy Baharnma Stock Index. January 1. 1994 = 100


1 bS.1 .8


1.766 1 125 8 ;3
0.000 0 L040 NM.t
0.021 0 000 260 :
2.220 0 000 13)'1
1.770 1.320 0.3
-0.070 0 000 14, ;.


. 3 1 ,


.-;. i ,: ; c-L.OC .,'.:, .Lc .:p,: l'*.S.c.4. 4. '1 1. f .:.tL,' f .a ,,'1 DATA & NFORM TIr"r C, c:.I _i'r-2503


n. ss Company (IBC) that they
l lined. pay damages to Ever-
crien Security.
Sudge Briskman ordered the
thie to pay a fine ol $4.889
hictclon, pre-judgement inter-
. of $3.052 million, plus post-
iJ ji.ement interest of 4.76 per
, nt from March 22, 2006.
liriskmnan also entered
idy lenlt of $2.5 million
S.. APAM. Mr lluggins
.l ',Mi Knight had appealed
i ist is. but the initial rul-
. ,. b. k.d by Judge Johnl
iijhoon i1 on March 30, 2007.
Meanwhile, Mr Cuthill
added that he had also filed a
separate lawsuit against the
US law firm Gray Robinson
:; the US bankruptcy Court,
KL ing some $510,169 in legal
i.. d expenses to be paid
*,l. their trust funds. The
aw.v'lit is also seeking pre-
judgemient interest, trebie
djamitges and all costs.
NMr Culthill alleged that the
Bahamnian IBC, Mataeka Ltd,
transferred $1.54 million to
Gray Robinson on November
27, 2002, the funds to be held
in a segregated trust account
by the law firm, named 'J.
Anthony Huggins FBO
Mata'eka'. The T'un'ds were
held here until July 1, 2005,
wlien the money began to be
dlsbutrsed to cover Mr Hug-
gins's legal expenses.
Some $1.096 million was
paid to Evergreen Security by
Gray Robinson last year, rep-
ireCilingl the balance of the
ti ust funds transferred by the
Bal:amkn IBC less the legal
expenses, after Mr Cuthill
brought an action to recover
the escrowed money.
The initial judgement by
Judge Briskman had resulted
Ij om a lawsuit brought by Mr
Cut hill to recover funds which
lie alleged had been illegally
transferred to Mataeka and
!A\AM by Mr Hluggins and
Mr Knight -- urom Evergreen
Security.
Separately, Mr Knight had
ceen sentenced to five years'
probation and a $50,000 fine
uiter pleading guilty during
criminal proceedings, brought
iii Manhattan. He pled guilty
c) charges that he tried to
',teal more than $1 million
ir'cid liilergteen Trust", the
.ili;m-ian tiru-t that acted as
the holding vehicle for the
mutual fund, through Matae-
Lkt. the BLahlmian IBC that he
oV.ned and co.nirolled with Mr
I lug ins.
Similarly, in regard to the
>sime episode, Mr Huggins


litc', atild d. vclopers to dis-
| u-'. \\1;]-, in Vlhi.h they can

\ L- t.re particularly
,,a c 1 ilh the incredibly
i' \ c pic ns; to the one-
i i,..cL, iiiccil ,. We added
... i;iL!it to the expo
. ,. U t o l )ur
i: : d J t .; ) to .-
i ti; ] i. ld i tli c ',c.t liia\c
S-. !i. -,c\ dcIeclopei) s doing
Ic I ellC-o(n-oli's as well"
d... Nh' Ni M ler.
hlcc chiiltltion will last from
'* c i~ 8 ;i nd he heCld at
til \'vyndham Nassau Resort.
"'Just as the hotel sector
,cnctratCs indirect employ-


received.three years' proba-
tion and a $50,000 fine after
pleading guilty to criminal pos-
session of stolen property, a
misdemeanor. That property
belonged to the Evergreen
Trust.
The proceedings against
both men said: "The Ever-
green Trust received invest-
inent management services
from APAM through another
entity owned by Huggins and
[Knight]. called International
Portfolio Analytics (IPA), a
Bahamian corporation.that
managed funds for offshore
clients.
"IPA was affiliated with
APAM through their common
ownership. Matacka executed
a $6.5 million loan agreement
from the Evergreen Trust on
December 11, 1997. The crim-
inal charges....... related to this
loan agreement."
Mr Cuthill's separate law-
suit against Huggins and
Knight, which resulted in the
more than $10 million award
against them, had alleged: "On
or about 11 December, 1997,
Evergreen transferred approx-
imately $6.5 million to or for
the benefit of Mataeka.......
"At'least $2.5' million of the
$6.5 million were transferred
to or for the benefit of Knight
and Huggins. Knight and Hug-
gins then made a loan to
APAM in the amount of $2.5
million. At the time, Huggins
was a director and president
of APAM, and Knight was a
director and vice-president of
jAPAM."
The suit alleged that $5.1
million of the $6.5 million
Mataeka received from Ever-
green Security was transferred
to Surety Bank & Trust, a
Bahamian bank since liqui-
dated.
The lawsuit alleges that on
or about December 18, 1997,
some $3.6 million of the
"Mataeka Transfer" was
transferred to Surety Bank &
Trust. Another $1.5 million
was then allegedly deposited
on or about December 24,
1997.
The lawsuit alleged:
"Through a series of transac-
tions, the funds deposited in
Surety Bank were denoted as
follows: 1) a deposit account in
the name of Castro in the
amount of $1.5 million; 2) a
deposit account in the name
of Boyd in the amount of $1.8
million; and 3) a deposit
account in the name of
Thomas S. Spencer in the
amount of $1.8 million."


Inent as money is circulated
throughout the economy, they
are creators of other entre-
prencurs. This cannot be
understated." Mr Miller said.
"All too often people point
to the concessions which are
granted hotels, but these are
not concessions these invest-
ments would not occur if
inducements did not exist.
Ihe Bahamas is a very high
cot of Business nation, and
without inducements, the
large financial investments
required to build and operate
hotels would not be possible.
Hotel investments clearly
spurn other smaller Bahamian
investments, creating not only
jobs but small and mid-sized
biu sine -css, s."


1,1 1
ill l..c
Oni


L-S4. upe

1i ' r- h .n ro
S c, 'ccj.


~,~J~b~i~~


*


- --


-'-~~


ore than 5 0 firms

"...-to exhibit at hotel



t r trade show


0 By NEIL HARTNELL
Tribune Business Editor

"lhc US courts 'have
approved involuml,:;y
.. bankruptcy pct tio-,
filed againstt two owners, ot ,1
former Bahamas-based fl ,!!-
ci:l services provider by V h,
president of a collapsed ,.". I
..- I ,i investment illnid, \vi o
is see king to collect n ii
enforce $10.442 mnillini i n
judcgements against tilem.
Bill Cuthill, the forni ic
bankruptcy trustee forth l
Evergreen Security mutual
fund, which collapsed amid
allegations it was "Florida's
largest Ponzi fraud", said in a
statement that the US .;::i-
ruptcy Court had ;.iap1 ,v,.:.i
Ihe voluntary hunlic ,i ;;'!:..
peli tions that he 1 .i i!.
agaii:st J. Anthony Hugti!; :.
Jon Knight and their fiFw'.
Atlintic Portfolio AnahllicK
aid Ivianagemnent (APAMI).
Tlie two were well-known ini
the Bahamas as shareholders
and owners of APAM's
Bahamian subsidiary, Inter-
national Portfolio Analytics
(IPA).
Mr Cuthill said in a state-
nment hat the petitions had
been filed to collect the judge-
ments against Mr Huggins, Mr
Knight and APAM, with
Leigh Meininger, of Meininger.
& Meininger, appointed as
interim trustee.
The developments stemmed
from a judgement rendered lv
Judge Arthur Briskman, sit-
ting in the US District Conrt
for the Middle District ol
Florida, who ordered that MNi
Knight, Mr Huggins and
Matacka Ltd, a Bahamian-
registered International B :a,


7:


I










THE TRIBE WY A L 4


Bahama HandPrints




celebrating 40 years




with the launch of




online store


BAHAMAHAND PRINTS
is celebrating its 40th anniver-
sary through launching an
online store and offering a lim-
ited rerun of its classic signa-
ture print, 'Sea Treasures'.
In a press release issued yes-
terday, the company said that
through the website it hoped to
"spread a little bit of
Caribbean sunshine around the
world".
Bahama Hand Prints is
known for its bold and colour-
ful prints depicting varying
aspects of Bahamian fruits, sea
creatures, flowers and trees,
ocean life and native flora and


fauna.
"The company has taken
steps to reach a wider audi-
ence by creating a fun line of
decorative home accessories
that bring the island style to
the most ordinary of homes:
table place mats, napkins
aprons, pillow shams and pot
holders and are available in
their complete assortment of
colors and designs," the com-
pany said in a statement.
"More recently, the compa-
ny partnered with New York
based 'Decorative Things' to
add a range of lively laminated
trays, bowls and salad servers


Legal Notice
NOTICE


TONNEAU STREAMS LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above-named Company
is in dissolution, which commenced on the 26th day of
February 2007. The Liquidator is Argosa Corp. Inc., P.O.
Box N-7757 Nassau, Bahamas.





ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


BLITZ CYRO LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named Company
is in dissolution, which commenced on the 22nd day of
February 2007. The Liquidator is Argosa Corp. Inc., PO.
Box N-7757 Nassau, Bahamas.





ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


OPAH LIMITED



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



ARGOSA CORP. INC.
(Liquidator)


to this list."
According to co-partner Joie
Lamare, more and more
designers are deciding to incor-
porate these materials into
their tropical home decor.
"We like to offer our clients
a sophisticated interpretation
of the Caribbean that will fit
into their setting," the state-
ment said.
Bahama Hand prints have
also released their new collec-
tion for summer 2007, with


three new fresh prints
Seashells, Seashells- featuring
conch shells; Fronds Medley -
featuring palm fronds; and
Fronds Lines an abstract
interpretation of Fronds Med-
ley.
Two new colours are being
offered aqua and chocolate
expresso. The vintage 'Sea
Treasures' circa 1970, featur-
ing coral floating through sea
feathers and whips, is to be re -
released for the anniversary.


PUBLIC NOTICE

P, pi ar an acsr d







Legal Notice
NOTICE


COLVILLE LIMITED

./

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



ARGOSA CORP. INC.
(Liquidator)



Legal Notice
NOTICE


POUPON VALLEY INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named Company
is in dissolution, which commenced on the 8th day of
March 2007. The Liquidator is Argosa Corp. Inc., P.O.
Box N-7757 Nassau, Bahamas.





ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


LUMBERYARD RALLY INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named Company
is in dissolution, which commenced on the 22nd day of
February 2007. The Liquidator is Argosa Corp. Inc., P.O.
Box N-7757 Nassau, Bahamas.





ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


SALGADOS VALLEY INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named Company
is in dissolution, which commenced on the 14th day of
March 2007. The Liquidator is Argosa Corp. Inc., P.O.
Box N-7757 Nassau, Bahamas.





ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


ALMA VALLEY INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named Company
is in dissolution, which commenced on the 30th day of
January 2007. The Liquidator is Argosa Corp. Inc., P.O.
Box N-7757 Nassau, Bahamas.





ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


HIGH SLOPES INC.

(In Voluntary Liquidation)

Notice is hereby given that the above-named Company
is in dissolution, which commenced on the 26th day of
January 2007. The Liquidator is Argosa Corp. Inc., P.O.
Box N-7757 Nassau, Bahamas.





ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


KEAN COURT LTD.


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



ARGOSA CORP. INC.
(Liquidator)


WEDNESDAY, APRIL 4, 2007, PAGE 13B


THE TRIBUNE












PAG 1BWENEDAUPRLIN00STESRIUN


Over 300 Baha Mar staff


apply for voluntary


separation plan


FROM page 1B



that we've confirmed all of them."
The number of applications is close to one
out of every eight staff employed currently at
Baha Mar's Cable Beach Resorts, the work-
force totalling some 2,500 persons.
Mr Sands said staff opted to join the scheme
for a variety of reasons, applications being
receive "across the board" from numerous
departments and ranks.
He said that between 20-25 per cent of appli-
cants had applied for the Early Retirement and
Voluntary Separation Package because they
were aged between 60-65, and wanted to take
early retirement.
Others were looking at new opportunities,
both in terms of employment, starting their own
businesses and becoming entrepreneurs, and
going back to school or college.
"A number of people went into some entre-
preneurial opportunities; I think that represents
5 per cent of the applicants," Mr Sands said.
A further 10 per cent of applications were
submitted because those staff wanted to go back
to school, Mr Sands said. "It was another very
strong reason why people applied for the plan,"
he added.
"We Were encouraged by the response. It met
our expectations in terms of the number of
applicants. I think it was very well received and
very well understood by all. It happened at a
time wlen opportunities for jobs and a lot of
alternatives exist in the market, and at a time
when persons are prepared to retire early or
go into other entrepreneurial opportunities."
Mr Sands said: "We have not heard to any
mater[ degree, any discord with regard to this
particular plan. It was a novel approach and


gave persons the opportunity to make their own
decisions as regards their financial future.
"It certainly takes out of the approach this
mandatory of forced position of separation, and
I think it is certainly a novel way of dealing
with these types of issues within organizations.
"For us, it takes out the volatility. When in a
forced, mandatory situation where persons do
not take their own decisions for their future,
it's a totally different ball game. We are very sat-
isfied that our approach to this was the right
one."
Baha Mar embraked on the Early Retire-
ment and Voluntary Separation Package as a
result of both employee interest and the
inevitable reduction in room inventory and
tourist numbers that would result when its pro-
posed $2.4 billion Cable Beach redevelopment
plan begins.
Relatively few such schemes have been
offered by companies in the Bahamas, but Baha
Mar took this approach to bring employee num-
bers into line with current and projected labour
needs.
On the question of approving applications,
Mr Sands said Baha Mar did not want to "cut off
our nose to spite our face" by letting go staff
members with key skills that its resort operations
would need, given the demand and labour short-
ages facing this nation.
He explained that Baha Mar did not want to
"lose quality skills that may be in short supply in
the market. There are tremendous demands for
skills, especially in food and beverage and culi-
nary departments in this country."
The company is still locked in talks with the
Government over a supplemental Heads of
Agreement, seeking to ensure that its 43 per
cent joint venture equity partner, Harrah's
Entertainment, does not walk away from the
project by exercising a 'walk away' clause in its
contract after the March 15 deadline for closing
was missed.


Colina parent asks for release from


51 % share divestment condition


FROM page 1B


industry's, with the company's
competitors alleging that it
would give it too much domi-
nance in the Bahamian life
insurance market and allow it
to control too large a share of
long-term investment assets.
Many have thought some of
the conditions imposed on the
Colina group, including Colina
Holdings (Bahamas) and Col-
inalmperial Insurance Com-
pany, too onerous, especially
stipulations such as the A. F.
Holdings share divestment,
giver that a number of BISX-
listed equities are owned by
one controlling shareholder
with largest stakes than that.
Mr Braithwaite said yester-
day that the 21 conditions issue
was "just about behind us",
adding that he believed the
regulators and government
would be "reasonably happy
today that all issues have been
addressed".
He said: "I wouldn't describe
it as a significant distraction,
as it does not affect our
results."
Mr Braithwaite said Coli-
nalmperial Insurance Compa-
ny was likely to need another
18 months to complete the
integration of the various poli-
cies and information technolo-
gy platforms inherited from the
four companies it had been
formed from Colina, Cana-
da Life, Global Bahamas and
Imperial Life.
Once that process had been
completed, likely to be around
December 2008, Mr Braith-


waite said Colinalmperial
Insurance Company would
begin to look outwards, rais-
ing its horizons beyond the
Bahamas and seeking to com-
pete with regional giants such
as Sagicor (a 20 per cent share-
holder in its Bahamian rival,
Family Guardian), CLICO,
Guardian Life and Life of Bar-
bados.
He explained that a prime
goal was to "make ourselves
competitive with other insurers
in the region", a major reason
why Colina Insurance Compa-
ny had started out on its acqui-
sition spree in a bid to obtain
the critical mass and
economies of scale needed to
compete with Caribbean rivals
that evolved beyond insurance
companies into major financial
services conglomerates.
"To my way of thinking,
we've not got to where we
need to be," Mr Braithwaite
said. "The game is CLICO,
Guardian Life and Sagicor",
with Colinalmperial needing
to establish a presence in mar-
kets such as Barbados and
Trinidad & Tobago.
Colinalmperial is already
moving internationally, Mr
Braithwaite saying yesterday
that efforts to open a branch in
the Turks & Caicos Islands
through either a partnership
or managing agent structure
with local involvement were
"pretty advanced".
"Everything is in and we're
just waiting for an approval
now, which we've been told
should be forthcoming short-
ly," Mr Braithwaite said.
He added, though, that it
would "take a couple of years"
for Colinalmperial to complete
its internal integration issues,


the company needing "this
year and next to really get our
act together".
Yet Mr Braithwaite said
Colinalmperial would soon
look at resuming regular divi-
dend payments, and establish-
ing policies on this, a move
likely to warm the hearts of its
shareholders and other
Bahamian investors.
"I would certainly expect the
2006 results to be a little bit
better than 2005," Mr Braith-
waite said. "For the first time,
we'll have organic growth. We
should see some progress."
Shareholders will also be
able to compare for the first
time Colinalmperial's results
to the previous year, the com-
pany having only been formed
at the beginning of 2005.
Colinalmperial still has a
presence in the Cayman
Islands as a result of its Cana-
da Life purchase, and Mr
Braithwaite said the company
had made contact with the reg-
ulators there and was looking
to "increase our presence",
exploring options for expanded
representation.
He added that Colinalmpe-
rial hoped to complete the sale
of its former Village Road
property in April, have
received a significant deposit
on it.
The company had also com-
pleted the first phase of its
Internet verification system,
allowing pharmacists to access
the nature of client coverage
and deductibles, having rolled
it out to all major pharmacies.
"I'm cautiously optimistic
about the future," Mr Braith-
waite said. "I'd be surprised if
this is not a much stronger
company."


As part of our commitment to employ 200 Bahamians on
our project we are seeking qualified Bahamians to apply
for the position of:


Yacht Fleet Manager

Responsibilities will include:

0. Must have 5-10 years experience managing five
Sor more yachts
+ Must have diesel and gas engine experience
Must be Computer Literate
* Must be willing to live on an out island
+ Ability to work on own initiative is important
** Ability to work with existing team

Salary and benefits will be based on experience and will
include health benefits. Only qualified applicants need
apply.

Applications can be directed to:
Indira Edwards
P.O. Box AB20766
Marsh Harbour, Abaco
Or iedwards(a)bakersbayclub.com



Baker's. BaytGolf &Ocen l i llon


projct nderdevlopmnt n Grat uan-Cay


Legal Notice


INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

CHIAN CHU INDUSTRIAL CO., LTD.
"Notice is hereby given that in accordanewljwth Secti9 ,. 17h,4),
of the International Business Companies Act (No. 45 of 2000),
CHIAN CHU INDUSTRIAL CO., LTD. has been dissolved and
struck off the Register according to the Certificate of Dissolution issued
by the Registrar General on the 26th day of March, 2007."

WANG, TING-MING
No. 20, Ling 19,
Hou Cou Villiage
San Chih Hsiang,
Taipei, Taiwan, R.O.C.
Liquidator




Legal Notice


INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

BEYSS INVESTMENTS GMBH

"Notice is hereby given that in accordance with Section 137 (4)
of the International Business Companies Act (No. 45 of 2000),
BEYSS INVESTMENTS GMBH has been dissolved and struck off
the Register according to the Certificate of Dissolution issued by the
Registrar General on the 21st day of March, 2007."

Mr. Brian Thomas Wadlow
34, South Hill Road
Gravensend
KENT DA12 1JX, UK
Liquidator





_.S.JOHNSON

INSURANCE AGENTS & BROKERS



NOTICE TO
SHAREHOLDERS



J.S. Johnson and Company Limited hereby noti-
fies all its shareholders that based on unaudited
results for the quarter ended 31st March, 2007
the Board of Directors has declared an interim
dividend of fifteen cents (15) per ordinary share
to be paid on 17th April, 2007 to all shareholders
of record as of 10th April, 2007.


Palmdale Veterinary Clinic

Needs



0M Mtfbe anAnimal Lovef "'

o Excellent Communications Skills Required
SWilling to Learn Veterinary Care
SMust be Client Oriented




Must Be Animal Lover


UJ


o Respectful
o Reliable
0 Hardworking
o Willing to Learn


Duties:
Kennel Hand/Cleaner
Animal Handling, Restraint and Caregiving

Fax Resume to 326-2173 or hand
deliver to Palmdale Veterinary Clinic.


Company

Administrator

ablb to work on own initiative -Must be able to
correspond with clients, must be conversant with
all aspect of company administraton-preparation of
minutes, liquidation of companies, preparation and
filling of annual returns, redomiciliation of companies,
have a sound knowledge of International Business
Companies, Foundations, Protected Cell Companies,
Private Trust Companies, Companies incorporated
unAer the Companies Act 1992-must have Good
accounting background. Must be computer literate.


Qualified Applicants please e-mail:
jsmi1143@hotmail.com


-ii




'-I.


A
r.
-At
'A,-


HUMAN


RESOURCES &

OFFICE MANAGER

Seeking EXPERIENCED
Human Resources & Office Manager.
Salary will be commensurate with experience.
Only persons meeting the requirements
below should apply.


* A Bachelor's Degree in HumanResources

* At least Five (5) years experience in Human
Resources

* Working Knowledge of the Employment
Act, 2001



Please submit your application via email to:

bahamasexecutivesearch @ gmail.com


PAGE 14B, WEDNESDAY, APRIL 4, 2007


THE TRIBUNE











WEDNESDAY, APRIL 4, 2007, PAGE 15B-;:


Credit growth falls





during early 2007


* By CARA BRENNNEN-BETHEL
Tribune Business Reporter
Net foreign currency inflows
boosted excess reserves by $75.9
million for the period January
to February 2007, compared to the $14.9
million expansion experienced in the same
period last year, as domestic credit growth
contracted, the Central Bank revealed in
its monthly report on economic develop-
ments for February.
The Central Bank reported that eco-
nomic growth momentum was maintained,
aided by steady increases in construction-
related tourism investments and moderate
growth in domestic demand.
Excess reserves advanced by $29.6 mil-
lion to $212.1 million during February
2007, compared to a decline of $14.5 mil-
lion in 2006. Likewise, 2006's $17.3 million
drop in excess liquid assets was reversed to
a $25.8 million increase to $84.2 million,
with banks increasing their holdings of
Government securities.
Underlying the improvement was a
more than four-fold -increase in commer-
cial banks' net purchases of foreign cur-


rency from customers to $426.3 million.
which supported a shift in the Central
Bank's transaction with banks to a net
purchase of $65.6 million from a mere $2.3
million.
Total Bahamian dollar deposits rose by
$46.6 million during February 2007, up
$44.7 million in 2006, while oil and non-oil
import payments fell by 69.3 per cent and
29.1 per cent respectively to $10.4 million
and $82.1 million.
Domestic credit contracted, which com-
bined with increased net foreign currency
inflows, reinforced gains in both external
reserves and liquidity.
For the first two months of the year,
the Central Bank revealed that Bahamian
dollar credit fell by $24.9 million com-
pared to the gain $37.8 million experi-
enced a year ago, as the public sector used
loan proceeds to reduce its indebtedness
to the banking system by $51.6 million.
A combination of tightened liquidity
conditions and seasonal borrowing trends,
growth in private sector growth slowed
by 41.7 per cent to $52.6 million.
Mortgages, which accounted for 43.7
per cent of the private sector credit, saw


growth slow by $10 million to $36.7 mil-
lion, overshadowing the slight $1 million
rise in consumer credit growth to $17.7
million.
The decline in net claims on the Gov-
ernment during the first two months of
the year was lower at $25.9 million, com-
pared to the $45.2 million in the previous
year.
Credit to the rest of the public sector
contracted by $9.6 million a turnaround
from last year's increase of $13.9 million -
while net credit to Government, which
fell by $4.6 million in 2006, grew margin-
ally by $0.1 million. Also, the bank said
accretions to Bahamian dollar deposits
rose by $66 million to $78.3 million, as
increases in fixed and savings balances
offset declines in demand deposits.
Fixed deposits firmed by $86 million,
occasioned in part by the favourable inter-
est rate environment, which was more
than double the year's previous expan-
sion. Also, savings deposit growth
strengthened to $17.1 million from $2.5
million in 2006. However, the decline in
demand deposit was slightly reduced at
$24.8 million.


NOTICE

NOTICE is hereby given that DEGRACE PIERRE LEWIS-
CILUEN OF MARSH HARBOUR, P.O. Box AB 20104,
ABACO, 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 4th day
of April, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.






IMIMSSm


Cabinet: We will not compromise


financial services over EPA talks


FROM page 1B

that if they happened could
undermine the economy's sec-
ond largest industry.
However, the sector is likely
to be reassured, at least for the
moment, by the Government's
commitment to maintaining
the position advanced to
counter the Organisation for
Economic Co-Operation and
Development's (OECD)
'harmful tax practices' initia-
tive, namely that any further
tax information exchange
agreements (TIEAs) and talsk
on them are off the table until
the OECD and its members -
including most EU nations -
establish a 'level playing field'
on tax issues.
Ms Warren told The Tri-
bune yesterday that the
Bahamas and its financial ser-
vices industry had to "deter-
mine to what extent we can see
opportunities, to what extent


we can see threats, and to what
extent do we engage in this
process" with regard to the
EPA.
BFSB had formed its own
sub-committee to analyse
EPA-related issues prior to
learning that the Government
had committed to negotiating
with the EU through CARI-
FORUM and signing up to
whatever offer this orgamsa-
tion made.
Ms Warren, who attended
the two-day technical working
group session on the EPA in
Barbados last month along
with representatives from the
Chamber of Commerce and
other private sector groups,
said the BFSB was seeking
input on the process from both
its members and the general
financial services industry.
"From our perspective, the
priority right now is to offi-
cially engage the private sector,
now the Government has said
it will be submitting offers to


NOTICE
NOTICE is hereby given that NICOLA KATHERINE STEWART
PAINE OF 139, SEAGATE LANE, P.O.BOX F-40320,
FREEPORT, GRAND BAHAMA, BAHAMAS, is applying to
the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a. citizen of The Bahamas, and
that any person who knows any, reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days from
the 28TH day of MARCH, 2007 to the Minister responsible for
Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.


NOTICE
NOTICE is hereby given that FANISE SIMON OF
SPANISH WELLS, ELEUTHERA, 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 4th day of
April, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



NOTICE

GOTLAND STEAMSHIP
COMPANY (BAHAMAS) LIMITED


Creditors having debts or claims against the above-named
Company are required to send particulars thereof to the
undersigned cio P. 0. Box N-624, Nassau, Bahamas on or
before 24th April, A.D. 2007. In default thereof they will be
excluded from the benefit of any distribution made by the
Liquidator.

Dated the 3rd day of April, A.D., 2007.


Arthur Seligman
Liquidator
Shirley House
50 Shirley Street
Nassau, Bahamas.


the CARIFORUM process on
the EPA."
Once the Bahamas fully
signs up to the EPA, the Most
Favoured Nation (MFN) prin-
ciple meaning that this nation
has to offer the same trade
benefits and preferences to all
other countries in a non-dis-
criminatory manner kicks-in
when it comes to negotiating
other trade agreements.
These could include, apart
from WTO membership;' tlie
Caribbean Basin Initiative
(CBI) replacement with"the
US, the Caribbean Single Mar-
ket & Economy (CSME) and,
at a stretch, the Free Trade
Area of the Americas
(FTAA), plus all bilateral and
multilateral deals this country
enters into in the future.
. The Bahamas, in these
instances, will have no choice
but to offer other countries in
these talks the same terms it
offered and signed up to in the
EPA.


The Bahamas submitted its
initial market access offer to
CARIFORUM at the meeting
in Barbados, with this nation
facing significant challenges
and opportunities in preparing
its laws and business environ-
ment for this and other rules-
based trading regimes.
Although the Bahamas may
have submitted an initial mar-
ket access offer, much work
remains to be done to bring
this nation's laws, regulations
and policies up to standard and
in line with the demands of a
rules-based trading regime.
For instance, the Bahamas
has yet to develop a competi-
tion or antitrust policy, and
does not have regimes for
Rules of Origin, Anti-Dump-
ing, Countervailing Duties and
Safeguards. These are all areas
that will need to be tackled,
and are likely to require a new
government department or
expanded Customs Depart-
ment to deal with them.


NOTICE


EXXONMOBIL EXPLORATION NEW
RESOURCES AUSTRALIA LIMITED

Pursuant to the provisions of Section 137 (8) of the
International Business Companies Act 2000, notice is hereby
given that the above-named Company has been dissolved and
struck off the Register pursuant to a Certificate of Dissolution
issued by the Registrar General on the 26th day of March,
A.D., 2007.

Dated the 2nd day of April, A.D., 2007.


K.L. Floyd
Liquidator of
EXXONMOBIL EXPLORATION NEW RESOURCES
AUSTRALIA LIMITED




NOTICE
GOTLAND STEAMSHIP COMPANY
(BAHAMAS) LIMITED

NOTICE IS HEREBY GIVEN as follows:
(a) GOTILAND STEAMSHIP COMPANY (BAHAMASI
LIMITED is in dissolution under the provisions of
the International Business Companies Act 2000.
(b) The dissolution of the said Company commenced on the
2nd day of April, 2007 when its Articles of Dissolution
were submitted to and registered by the Registrar General.
(c) The Liquidator of the said Company is Arthur Seligman of
Shirley House, 50 Shirley Street, Nassau, Bahamas.
Dated the 3rd day of April A.D., 2007.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD.
Attorneys for the above-nammed Company


COMMONWEALTH OF THE BAHAMAS CLE/qui/00205/2007
IN THE SUPREME COURT ,
IN THE MATTER OF ALL THAT piece
parcel or lot of land situate on No Name Cay
one of the Abaco Cays in the Commonwealth
of the Bahamas.


AND
IN THE MATTER of Quieting Titles
Act 1959

AND

IN THE MATTER of the Petition of
Arthur H. Lowe


NOTICE

Notice is hereby given that Arthur Havelock
Lowe Jr. is applying to the Supreme Court
of the Commonwealth of the Bahamas to
have his title to the following investigated...
under Section 3 of the Quieting Titles Ace-
1959 and the nature and extent thereof."'
determined and declared in a Certificate oGs
Title to be granted by the Court in accordance=
with the provisions of the said Act. A platir:
of the said land may be inspected during
normal working hours at the following
places:

1. "ALL THAT piece parcel or lot of
land situate on No Name Cay one of the
Abaco Cays in the Commonwealth of the
Bahamas.

Copies of the same may be inspected duringI
normal office hours at the following places:r:
a) The Registry of the Supreme Court of Nassau,;
Bahamas

b) The Chambers of Andrew C. Allen Law.
Chambers, 204 Lagoon Court, Olde Towne;'
Sandyport, Nassau, The Bahamas.

c) The Administrator's Office, Cooper's Town;R
Abaco, The Bahamas
Any person who objects to the granting of the
said Certificate of Title is required to file in the
Supreme Court and serve on the Petitioner or
their attorney a Statement of his, her or its
Claim in the prescribed form verified by an
Affidavit served therewith, by failure of any
such person to file and serve a Statement of
his, her or its Claim as aforesaid non compliance..
with this Notice will operate as a bar to sucfP
Claim.
Andrew C. Allen Chambers
204 Lagoon Court
Olde Towne, Sandyport
Nassau, The Bahamas


II i l BUSINESSES


THE TRIBUNE













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