The Tribune.
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/02864
 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: 4/11/2007
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
sobekcm - UF00084249_02864
System ID: UF00084249:02864

Full Text

For a
FORIffE1 mlovin'it.




Volume: 103 No.115

12Poitca pp I scale

DNA test results

revealed in court

Tribune Staff Reporter
LARRY Birkhead was jubi-
lant yesterday as he
announced outside the
Supreme Court that he is def-
initely the biological father of
Anna Nicole Smith's six-
month-old daughter Dan-
DNA tests were conclusive-
ly in his favour when they
were revealed in court, bring-
ing to an end the 'eLvningly
endless wrangle over the
child's paternity.
Mr Birkhead smiled broad-
ly as he faced the crowd while
his rival, Howard K Stern,
looked downcast and dis-
Mr Birkhead had been bat-
tling the former Playboy Play-

mate's companion over pater-
nity for months. But his confi-
dence in the outcome proved
well founded.
"I told you so!" Mr Birk-
head screamed, as he left the
court of Justice Stephen Isaacs
Immediately, cheers erupt-
ed from the crowd gathered
"What's next for you Lar-
ry? What's next!" onlookers
"There's certain :hiine- I
can't talk about. But this is
one I'm happy to talk about.
Nothing is really determined,
except for parentage. It's a
long journey and I'm just hap-
py to have this behind me,"
he said.
According to Dr Michael
SEE page nine




T-6ugh. Carifta Games

call Swo ing latest


ea is ba

Voters turned

away early from

Collection point
-.CONFUSION led to anger yes-
terday among voters trying to col-
lect their voter's cards in the Mon-
tagu constituency, as they were
turned away from the publicised
collection point by security guards.
Members of the public were
denied access to Queen's College
by security guards after 6pm,
despite statements issued by the
parliamentary registration depart-
S.ments stating that collection could
take place between 10am and 9pm.
The Tribune received numerous
complaints about the situation from
frustrated Bahamians.
However, Errol Bethel, parlia-
mentary registrar said that the clo-
sure of the college was only tem-
porary, due to the large number of
voters already in the school's gym,
where collections were taking place.
Other than this incident, card
collection yesterday appeared to
have gone smoothly, with thou-
0 LARRY BIRKHEAD (left) and Howard K Stern outside of court yesterday sands of voters successfully picking
(Photos: George Smith) up their cards throughout the morn-
ing and into the afternoon.

New crime chief: expect to seeroldMiller
Dard Miller

'No health risks' for homeowners more senior officers on front line
stages one-man

in eastern Shirley Street area
Tribune Staff Reporter
THERE are no health risks for homeowners in the eastern
Shirley Street area despite the occasional and limited petroleum
contamination of the ground water by a service station.
This was the statement of both the operators of the station in
question Chevron Bahamas Ltd and the Department of Envi-
ronmental Health, in view of increasing concerns among the area's
Ron Pinder, parliamentary secretary in the Ministry of Energy
and Environment, explained that the station is currently being
SEE page nine

Never start your
i without us!

Times to
trance C
mart choice is
Out can trust.

'. / Eulleuhro xm [w

"IF YOU are in the business of taking the
lives of other people, the Bahamas is not the
place for you."
This bold declaration was made yesterday
by the new crime chief, Senior Assistant Police
Commissioner Elliston Greenslade, in a press
conference that marked a shift of power in the
Mr Greenslade, who officially took over the
portfolio last Wednesday from his predecessor,
Senior Assistant Police Commissioner Regi-
nald Ferguson, was accompanied by Assistant
Commissioner, James Carey,. and other senior

Tribune Freeport
FREEPORT-- An illegal
,'i ,gIi'liigI, operation ended in
tragedy when four persons -
among them a pregnant Hait-
ian woman --drowned when the
vessel they were on capsized
late Wednesday evening in
rough seas off Eight Mile Rock.
According to reports, a group
of about 47 illegal immigrants of
various nationalities, mostly

police officers, including Chief Supt Glenn
Miller, head of CDU.
Mr Greenslade said the haemorrhaging must
stop, regarding the wave of violent crime that
has gripped the Bahamas over the first quarter
of the year. Currently, the murder rate stands
at 24, as compared to the 13 murders that
occurred over the same period last year. If the
current rate of killings persists, the Bahamas is
on pace for more than 80 murders this year a
dubious record for the country.
In an effort to reverse this trend, Mr
Greenslade said that the public should now
SEE page nine

Haitians, were cramped
onboard a 25ft speedboat head-
ed for Miami when it over-
turned in waters around lOpin.
The victims two women
and two men were all Hait-
ian nationals. Bahamian author-
ities are still searching the sur-
rounding waters for other pos-
sible victims.
In the meantime, four Haitian
women, who were found hud-
dled together on the beach, are
in custody. One of the women
was admitted to hospital for

shock as a result the incident.
Chief Supt Basil Rahming
said the bodies of a pregnant
black woman and a black man,
believed to be Haitians, were
discovered on the shore at
Lovers' Beach, Eight Mile
Rock, around 10.40pm when
police and immigration officials
arrived in the area.
He said a third body, which
was that of a black man, washed
ashore near the eastern end of
SEE page nine

protest outside
of Gems FM

Tribune Staff Reporter
ACCUSED radio broadcast-
er Darold Miller staged a one-
man protest outside the office of
his employer, Gems FM, yes-
terday morning.
The popular radio personali-
ty recently the subject of
complaints of a sexual nature
made to police reportedly
arrived in the parking lot of the
station shortly after 9am, and
proceeded to read passages
from the Bible, sources claimed.
He erected two large signs on
an empty lot opposite the sta-
tion apparently protesting the
claims against him, and his sub-
sequent suspension from the
radio station.
One of the signs read
"Bahamas Loves Darold Miller,
Uplift Him", and the other,
"Thou Shalt Not Bear False
However, the lettering was
fixed onto boards which already
had "Coca Cola" and "Dasani"
SEE page nine

'II I II i. I


hA M:iamSi eTral

Do Breakfast.


Pregnant woman among four

drowned illegal immigrants

I l I' ; '


- -


Website dedicated in honour

of Bahamian cultural icon

FAMILY and friends of the
Bahamian cultural icon Viveca
Watkins, who passed away yes-
terday at the age of 55, have
created a website in her memo-
The website, http://viveca-
watkins.memory-of.com, creat-
ed by Erica Laing, pays tribute
to Viveca as: "A multi talent-
ed actor, comedienne, director,
radio and TV personality."
"Viveca was well known and
loved by many," it said. "Even
those who did not know her by
name often stopped her and
asked her: 'hen you is the Car-
nation lady?'|
It said that Wveca "loved her
country and took great pride in
being a Bahamian and being
able to represent the Bahamas

internationally. She died as she
lived with a smile on her
A number of condolences,
and tributes have been posted
on the website.
Director of Culture Dr Nico-
lette Bethel wrote an official
tribute from the Cultural
Affairs Division describing
Viveca as: "a fixture in the cul-
tural scene of the Bahamas -
actress, comedienne, writer, per-
sonality, celebrity, and all-round
consummate performer.
"We will miss her more than
we can measure at this time,"
the message said.
Eddie Carter of Island FM
wrote: "On behalf of the entire
Island FM family and the Carter
family we send true heart felt
condolences to the entire fami-
ly. Viveca's talents will be

missed by ALL."
Historian and head of the
Department of Archives Gail
Saunders sent a message to the
family which read: "I was
deeply saddened to hear of
Viveca's death. She had such
energy, giving her all on stage.
She made a great contribution
to Bahamian theatre and will
be sadly missed."
Viveca's brother, former
police officer and longtime pub-
lic servant Errington Watkins,
wrote: "You have touched the
lives of so many in this your
short journey on this earth. You
brought joy to all the lives you
touched. May your rest in peace
my dear sister."
Those wishing to add their
own tributes to Viveca can do
so at the aforementioned web

N VIVECA Watkins

Birkhead's former lawyer

sends congratulations

after custody battle victory

LARRY Birkhead's former
1- attorney Debra Opri says she
is happy about the results of
yesterday's paternity hearing.
Opri parted ways with Birk-
head last month and has since
claimed that he has an out-
standing bill of more than half a
million dollars.
She issued a statement yes-
terday which read: "I am very
excited and happy for both Lar-
ry and Dannielynn today. I am
very proud of him and our six-
month legal fight.
"I am proud of our strategies
during the many twists and turns
of this journey which brought
us from California, to Florida,
and finally to the Bahamas. We
sb4may never see the likes of this
I DEBRA Opri kind of case again."

It was announced yester-
day outside the Nassau
Supreme Court that Birkhead
is definitely the biological
father of Anna Nicole Smith's
six-month-old daughter, Dan-
Last week, TMZ reported
that Opri had asked Birkhead
for $620,000 as payment for
her services.
Opri, who had been a con-
stant companion to Mr Birk-
head, often addressing the
media on his behalf in an out-
spoken fashion, allegedly
billed her services at $475 an
The impressive bill was said
to include payments for Ms
Opri's personal publicist, the
time she spent on flights to
and from the Bahamas, and
a $2,467 seafood dinner at

Graycliff, which Mr Birkhead
allegedly did not attend.
According to the break-
down of costs TMZ obtained,
Ms Opri is also billing Mr
Birkhead $4,265 for cellular
phone service while she was
in the Bahamas, and laundry
items for her husband, who
often accompanied her on her
trips to the Bahamas.
Ms Opri reportedly offered
Mr Birkhead a $100,000 dis-
count if he agrees to pay the
bill without further discussion.
The statement issued yes-
terday by Opri continued:
"Dannielynn is quite possibly
the most adorable baby I have
ever seen. My prayers and,
best wishes will forever be
with Larry and Dannielynn
as they travel down the road
of life together."


AlKK x rKneaa emerges Irom court to a sea ot media

on the passing d the CPA Examinations

Uchenna C. Ijeoma is a 1995 graduate )f Queen's College. She studied at The College of
The Bahamas for one year before joining Providence Technology Group (PTG). In 1999,
Ijeoma pursued her Bachelor's degree at Oakwood College, in Huntsville, Alabama.
In 2002 she completed her degree and joined the team at Deloitte & Touche. During this
time she also served as Treasurer at the Living Faith, Seventh Day Adventist Church. In
June of 2005 she gained some experience working at Sentinel Bank & Trust. She then
rejoined the Deloitte team in September 2006.

Uchenna extends special thanks to her parents and family for their continued prayers and
support. She also thanks her Oakwood family especially Antoine Bowe, PTG Sentinel,
Deloitte, and Uving Faith family.

Uchenna expressed that she is "blessed and relieved to be finished."
She also encourages others studying for the CPA exam to "believe that you can achieve
if because it is attainable and at the end of it all you will be very happy."

--- -_"_"_____''_'__________.'___**''*^t^,^ ^

m LAKKx R irKneaa gives interviews to the press after the
results of DNA tests are revealed
(Photo: Mencken Rolle)

* In brief

Judge asked
to reconsider
bond for
Cuban militant
El Paso
asked a federal judge to recon-
sider an order granting bond for
anti-Castro militant Luis Posada
Carriles, who is accused by
Venezuela in the 1976 bomb-
ing of a Cuban jetliner, accord-
ing to Associated Press.
US District Judge Kathleen
Cardone ordered Posada
released from a New Mexico
jail on bond pending a sched-
uled May trial on charges that
he lied to investigators in a bid
to become a naturalized US cit-
In a nine-page motion filed
Monday in El Paso, the gov-
ernment asked Cardone to
either reverse her decision
issued Friday, or hold a hear-
ing about the source of proper-
ty Posada would use as collat-
eral for his $250,000 surety bond
and whether that property
would reasonably "assure the
presence of the defendant at tri-
It was the second bid by pros-
ecutors to delay Posada's
release. On Friday, the govern-
ment filed a motion to stay Car-
done's order while lawyers con-
sidered whether the decision
would be appealed.


Climate change
to affect world
food and water

RISING global temperatures .:,
could make Latin America's -..:
melting glaciers completely dis- '.*
appear within 15 years, send
hurricanes crashing into places 1
that have never seen them, stop '.
wheat from growing in Africa
and change the global face of ,,
tourism, according to a UN
report released Tuesday, '
according to AssociatedPres.: '
The report, written and
reviewed by hundreds of scien- '
tists, outlined dramatic effects of
climate change, including rising
oceans, food and water short- ,
ages, the disappearance of
species, and intensifying natur-
al disasters. It said 30 per cent of 0
the world's coastlines could be :"'1
lost by 2080.
Scientists with the Intergov- ',
ernmental Panel on Climate "
Change provided details of the
report in news conferences ,
around the world Tuesday, four .
days after releasing a written ,.q
summary of their findings. The
report is the second of three .. -
being issued this year; the first
dealt with the physical science
of climate change and the third .
will deal with responses to it.
In Mexico City, scientists pre- ,-.
dicted that global warming .,
could cost the Brazilian rain- .
forest up to 30 per cent of its
species and turn large swaths 'q
into savannah. They said ocean
levels worldwide will creep up *-,
each year, rising 4.3 feet along
Latin American coastlines by
2080 and flooding low-lying ',,z
cities such as Rio de Janeiro .
and Buenos Aires.
Polar ice caps will likely melt, '
opening a waterway at the
North Pole that could make the
Panama Canal obsolete, IPCC )
member Edmundo de Alba
said. Tropical storm seasons will %
spawn bigger and more danger-
ous hurricanes that will threaten "
coastlines not traditionally
affected by them, like in 2005,
when an unusually strong trop-
ical cyclone formed off Brazil's
southern Atlantic coast. Its
70mph winds prompted many
meteorologists to classify it as a ',
hurricane, even though hurri-
canes are not supposed to occur .' ,
in the southern Atlantic Ocean.
Latin America's diverse ,
ecosystems will struggle with
intense droughts and flooding .
and as many as 70 million peo- .l ,
pie in the region will be left .
without enough water, the
report also predicts.
By 2080, water shortages
could threaten 1.1 billion to 3.2
billion people, depending on the
level of greenhouse gases that ,
cars and industry spew into the .d
air. Water supplies will be most
diminished in areas relying on ,
meltdown from mountain ''f
ranges, where one-sixth of the
world's population lives. '
That's especially true in the -
Andean mountains of Peru,
Bolivia, Ecuador,,Colombia and
Venezuela, where glaciers are '
already retreating rapidly, and
are expected to disappear with-
in 15 years.


..,, ". I.. --,
Local News.................... P1,2,3,5,6,7, 1
Editorial/Letters. .............................. .., .
A dvt ............................................... P 1.,
Business ................................ P1,2,3,4,5, 7
Arts ..............................................P1,2,3,5,6,8
Com ics..................................................... P4
W eather...................................................... ,

'4.12PAGES ,.
a. ,:2., ,,A"' G. ." .." |

'.........f... ...... ...... ........ h.. ..
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*In brief

party held
for children

with HIV

FNM proposes to create first

national development plan

FOR the first time ever,
SuperClubs Breezes in con-
junction with the Ministry of
'Health's AIDS Secretariat
hosted an Easter celebration
for the children affected by
The Breezes family fed and
entertained the children and
their families with the sup-
port of the Fat Back Kids
Activities included an East-
er egg hunt, an egg decora-
tion contest, an egg and
spoon race and many more
games, prizes and surprises.
According to Breezes
director of sales Donella
Bethel: "We truly enjoy par-
ticipating in the activities and
interacting with the children
at these events.
"This is certainly the first
of many as we at Breezes
Bahamas have committed
our continued support and
dedication to Ministry of
Health and Bahamas AIDS

Mary Ann
dies after
long illness
MRS Mary Ann Dupuch,
wife of Mr Bernard Dupuch,
died at the couple's
Seabreeze home at 1.30pr
yesterday after a long illness.
Mrs Dupuch is survived by
her husband, their son,
Anthony, daughter-in-law,
Rose, granddaughter, Alina,
her sister, Ms Wanda Bartos,
several nieces, nephews and
Funeral arrangements will
be announced later.

police report
seizure rise
POLICE in Jamaica have
seized more than 20,000 kilo-
grams of marijuana so far this
year, more than half the
amount collected all of last
year, the chief of the nar-
cotics division said Monday,
according to Associated Press.
Superintendent Carlton
Wilson said-marijuana has
gained favour as an export
.due to a decline in the
" cocaine supply in Jamaica,
where suspected major
cocaine traffickers have been
arrested in recent years.
Jamaica is the Caribbean's
largest producer and exporter
of marijuana, according to a
report last month by the US
State Department. Marijuana
plants are grown mostly on
mountain hillsides or hidden
among other crops.
"We have noticed that per-
sons are cultivating it in areas
inaccessible to police," Wil-
son said.

Puerto Rican
Gaspar Roca
passes away

San Juan
GASPAR Roca, a journal-
ist who founded the Puerto
Rican daily El Vocero and
directed it for more than
three decades, has died, his
family said Monday. He was
80,. according to Associated
Roca died of respiratory
failure Sunday at his home
in the Hato Rey section of
San Juan, according to a
statement by his family.
A native of Yauco near the
Caribbean island's southern
coast, Roca founded El
Vocero in 1974 and worked
as its editor until his death.
The newspaper is considered
one of the major dailies in
the US territory, with a cir-
culation of 132,000.
Oscar Serrano, president
of the Puerto Rico Journalists
Association, credited Roca
with improving press free-
dom on the island by pushing
several court challenges
including a 1980s case in

which the US Supreme Court
opened preliminary criminal
hearings in Puerto Rico to
the public.

Chief Reporter
THE FNM is promising that
if elected, they will begin the
task of creating the country's
first ever national development
plan to take the Bahamas into
its 50th year of independence
and beyond.
The party said in its weekly
commentary that if it wins the
government in the May 2 elec-
tion, it will establish a national
planning unit attached to the
Office of the Prime Minister
that will oversee an extensive
collaboration process which will
lead to the creation of this 15-
year plan.
"The collaboration process to
craft our national plan will be as
important as the plan itself. A
robust collaborative process will
enable us to march together to
that common loftier goal men-
tioned in our national anthem,"
the FNM said.
The proposed unit will co-
ordinate the activities of differ-

PROTEST leader Ricardo
Smith, who has been described
by critics as "the ugly face of
the PLP", has allegedly admit-
ted that the only gripe he has
against The Tribune's manag-
ing editor is that he is white.
His confession came during
a conversation with a Bahamian
businessman himself a PLP
supporter who asked him out-
right what he had against vet-
eran journalist John Marquis,
and what evidence had of him
being a racist.
The businessman told The
Tribune: "He replied that Mr
Marquis had done nothing to
justify his claims. He said the
only problem with the editor
was that he was white."
The businessman said he felt
compelled to pass on this infor-
mation to The Tribune "because
I can't stand the kind of fool-
ishness that's going on at the
He was referring to an adver-
tisement placed in the Nassau
Guardian last week by the so-
called "Concerned Citizens of
the Bahamas" group led by
Smith which has been
described by Mr Marquis as "a
crude attempt at character
Guardian readers were so dis-
turbed by the advertisement
that they called the newspaper
asking if it represented their
The Guardian issued a "clar-
ification" on Saturday pointing
out that it was "in no way relat-
ed to this newspaper's editorial

ent working groups who will
study and make recommenda-
tions on issues such as educa-
tion, culture, national security,
land policy, economic develop-
ment and so on.
A primary goal of this process
will be "the cultivation and har-
nessing" of "authentic Bahami-
an Imagination".
The opposition proposes that
the plan will promote human
dignity and secure "the
Bahamian dream for more
Bahamian"; preserve the coun-
try's natural resources and cul-
tural and historical heritage;
develop the country's human
resources; and help the coun-

try achieve the UN's Millenni-
um Development Goals
Among other things, the
MDGs include halving extreme
poverty, halting the spread of
HIV/AIDS and providing uni-
versal primary education, all by
the target date of 2015.


The FNM said that it will
consult all stockholders
throughout the Commonwealth
including civil society groups,
civil servants, co-operatives, the
church, corporate citizens and

talented Bahamians abroad.
"We will realise the dream of
genuine local government by
making them full partners in the
process of national strategic
planning. We will debate our
future not just around the cabi-
net table and in parliament but
also in our homes and commu-
nity meeting places," the party
The objective of the whole
exercise, the opposition said,
will be a Bahamas of greater
justice and equality, freedom
and opportunity, safety and
security, and national pride and
confidence. We can seize
tomorrow if we start planning
"When the sun inevitably sets
for one generation, they should
consider themselves blessed if
they have empowered a new
generation to lift up their heads
to the ever-rising sun.
"Because of their tunnel
vision, dismal record and poor
performance, the PLP wants us
to believe that this election is

just about their selective mem-
ory of the past and the ghosts
that belong to that past," the
opposition said.
By contrast, the FNM said it
understands that this election
is about the Bahamian people
and our shared future.
"In just 16 years 2023 we
will celebrate the 50th anniver-
sary of our independence. No
one knows what the political
landscape will look like at that
timd. However, we know that
on some basic issues we must
fashion a national consensus
and practical plans that aren't
casually tossed aside whenever
a new government is elected,"
the FNM said.
Governments, the party said,
waste time, money and other
resources because of a lack of
"There is too much crisis
management and ad hoc deci-
sion-making. We need to cre-
ate a culture of planning and
forward thinking," the FNM

Businessman Wilson accuses FNM of

manipulating radio show comments

Chief Reporter
WELL KNOWN business-
man and former PLP MP for
Grants Town Franklyn Wilson
hit out at the FNM for what he
described as the "manipulation"
of comments he made during a
radio show.
The comments were later
used to form a significant por-
tion of an advertisement spon-
sored by the FNM.
The radio advertisement has
Mr Wilson praising the FNM
for the establishment of the
Bahamas International Securi-
ties Exchange describing it as
"one of the best things the FNM
did in office".
Mr Wilson said that the oppo-
sition party deliberately took
the remarks entirely out of con-
text, and "manipulated.the
essentials of the points".
"The basic facts are that hav-
ing encouraged the creation of
BISX, the FNM went back on
it's word and did not support it,
as the FNM government had
promised to do. It was the PLP
government that helped to save
BISX through increased finan-
cial support and more impor-
tantly through progressive poli-
cies which have led directly to
investors in companies listed on
BISX having accumulated hun-

dreds of millions of additional
wealth," he said
While he said that the idea
to create BISX was a good one,
the FNM government having
encouraged the formation of
the exchange, then turned and
did a tremendous disservice to
the entire investing communi-
As a part of its efforts to pro-
mote the formation of BISX,
Mr Wilson said that the FNM
made certain promises, in terms
of initiatives it committed to
take to help encourage the suc-
cess of the enterprise.

These promises played a sig-
nificant role in causing various
Bahamian companies to put
money into BISX, he said but
the FNM never fulfilled the key
"As a result, BISX did not
perform as expected and by
May 2002 had come close to
actual failure. It was left to the
PLP government to save the
enterprise and help to keep
BISX alive," Mr Wilson said.
The businessman also
claimed that the PLP caused
BISX to become increasingly
relevant because their overall
economic policies created a cli-
mate in which Bahamians who
had invested in companies listed
on BISX enjoyed unprecedent-
ed levels of economic benefit-
17 per cent in 2004, 26 per cent
in 2005 and 34 per cent in 2006.
These benefits, he said, trans-
late into hundreds of millions
of dollars and have been wide-
spread as 7,000 to 10,000
Bahamians have invested
directly in the companies listed
on BISX and some 15,000 oth-
ers have done so via pension
"This is a phenomenal record
which could only have been
achieved if Bahamian investors
were satisfied with the future
prospects for companies listed
on BISX; a clear manifestation

of Bahamian investor confi-
dence in the management of the

economy under the PLP admin-
istration," Mr Wilson said.



To Keep You

In Style! j

Established in 1956 by an old Bahamian family
Parliament Street (near Bay St.) Tel: 322-8393 or 328-7157
Fax: 326-9953
Crystal Court at Atlantis, Paradise Island Tel: 363-4161/2
Lyford Cay (next to Lyford Cay Real Estate in
Harbour Green House) Tel: 362-5235


However, Mr Marquis said
yesterday that he was briefing
lawyers to take action on what
he called "gross and indefensi-
ble libel."
He added: "It doesn't matter
whether it was an editorial or
advertisement. The Guardian
published this attack on my pro-
fessional standing and they are
going to pay for it in full."
Smith has led two demon-
strations outside The Tribune
calling for Mr Marquis to "go
home" because he has taken
exception to disclosues made in
his weekly INSIGHT column.
The editor, however, says he
has more "exciting" revelations
up his sleeve to be published
over the coming weeks.


Fresh claims emerge in Ricardo

Smith vs John Marquis battle


PHONE: 322-2157




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

LEON E. H. DUPUCH, Publisher/Editor 1903-1914

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Good news for the environment

THE U.S. Supreme Court decision spank-
ing the Environmental Protection Agency
for its refusal to regulate tailpipe emissions
was a tremendous step in the right direction
for this country.
The justices, in a 5-4 vote, held that the
EPA cannot continue to claim it has no
authority to regulate carbon dioxide emis-
sions, one of the greenhouse gases believed
to contribute to global warming.
The EPA still has an out, unfortunately,
under the ruling. The agency may continue
its hands-off approach to regulation if it can
empirically prove that carbon dioxide and
other greenhouse gases don't contribute to
climate change, or explain why it won't make
that decision.
Call me a cynic, but I imagine some smart
agency attorneys might come up with a way
to make that happen.
Nevertheless, the decision speaks volumes
about the role of the federal government in
:addressing the environmental consequences
of our oil-hungry society.
The United States produces a quarter of
the world's carbon emissions. Much of that
comes from hundreds of millions of tailpipes
on hundreds of millions of cars and trucks.
As long as we continue to be "addicted
to oil," to quote President Bush, we'll have to
accept the consequences. ..
That can be worsening air quality, health
problems and potentially catastrophic cli-
mate change, or it can mean a change in the
way we do business.
After Monday's ruling, the dominoes have
started to fall.
Shortly after the decision was issued, the
EPA decided to allow California's request to
set its own fuel economy standards. Until
now, the EPA had argued that only the fed-
eral government had the right to set such
The ruling also could affect a suit against
California by the auto industry arguing
against new standards.
Believing that human activity has a nega-
tive effect on changes in global climate pat-
terns is not necessary to see the value in this
You need only believe that millions of cars
and trucks spewing tons of toxic fumes and
chemicals into the atmosphere isn't good
and that the federal government should have

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a stronger role in forcing industry to cut
Of course, if you are a naysayer of the
change theory, you may find yourself increas-
ingly frozen out of the debate.
Even Exxon Mobil, the granddaddy of oil
production, has begun to change its tune on
the issue.
First, the company's foundation cut fund-
ing to a think-tank highly critical of the con-
cept, the Competitive Enterprise Institute.
Then Kenneth Cohen, vice-president for
public affairs for ExxonMobil, said in a con-
ference that the company has been misun-
derstood on the matter of climate change.
"Many people want to stick us in a bucket
that says we want to deny (climate change).
That is flat wrong," he said.
There are two possible reasons for this
change of heart.
One, Exxon Mobil has realized it can make
a lot of money doing things in a different
And, two, the evidence to support climate
change is irrefutable.
I suspect it's a little of both.
The Intergovernmental Panel on Climate
Change, a United Nations working group.
released the second volume of an important
report on climate change last week. The sci-
entists predict that within 25 years, crop fail-
ure and diarrhea-related deaths will threaten
water-scarce nations. Later in the century.
warm seas may lead to shellfish poisoning
and the destruction of coral reefs.
Sea level surges may also submerge small
islands and prompt tens of millions of people
living in coastal cities to seek refuge on high-
er ground.
In what can only be termed a flash of cyn-
ical optimism, Harvard University oceanog-
rapher James McCarthy who was involved
in a 2001 version of the IPCC report tried
to put a positive spin on the upcoming analy-
"The worst stuff is not going to happen
because we can't be that stupid," McCarthy

(This article was written by Rebeca Chapa
of the San Antonio Express-News- c.2007).

A cautionary

message for

the elections

EDITOR, The Tribune

I WILL appreciate it if you
would give me space in your
paper to publish this letter;
with a hope that some of those
concerned will read it and
maybe it will make a differ-
The election season is here
and both major political par-
ties have announced their can-
didates. Everywhere you go the
topics being discussed are polit-
ical and conclusions are being
drawn in respect to who may
be supporting whom.
So that there is no miscon-
ception, let me say; I have sup-
ported the Progressive Liberal
Party from 1963 and voted for
the candidates of the party in
every election except one,
when I chose to do otherwise. I
make no apology for exercising
my rights of free choice; given
to me by God the Creator and
the Constitution of the
I do not support the PLP
because of any handouts or
special personal favours. I
rather support the PLP because
of the party's philosophy and I
can identify with certain posi-
tions and stance that the
movers and shakers of the par-
ty had taken during years past;
also, because of my real life
experiences during my time of
residence in Nassau and
Freeport. However, while I
support the PLP, I reserve my
free will to agree or disagree
with any individuals) within
the party or any other parties
as my conscience dictates on
the basis of right or wrong.
I am a native Mayaguanian
who after many years, has
recently returned home.
Regrettably, upon my return, I
soon discovered that the
uniqueness of which I often
boasted while I was away, no
longer exists. The once friend-
ly, neighbourly, caring envi-
ronment where people took
genuine interest in the well
being of family and friends had
been replaced with separation,
suspicions, malice, greed and
in many instances just plain
hatred. A people who once
would not have eaten a meal
unless it was shared with a rel-
ative or neighbour; to a great
extent, has lost that concern
and caring disposition; and in
most cases have become selfish,
uncaring and greedy.
Lest I be misunderstood, I
thank God that there are still
some genuinely caring people


NOTICE is hereby given that JOEL RENALDO RUSSELL
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 11th day of
April, 2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.


NOTICE is hereby given that WILSON EDOUARD OF
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 11th day of April, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.

left in this community who
practice good Christian princi-
ples; but, they are so vastly out-
numbered that, that reality
often gets lost.
Just when I thought things
were bad in this regard, it got
worse and from every indica-
tion if something is not done
to reverse this trend, the worst
is yet to come (although I hope
It seems that once the polit-
ical campaigning began and the
politicians started their
rhetoric, life in the Mayaguana
community is like living in two
different worlds. The PLPs and
FNMs seem to have forgotten
that politics in general is not
to be taken personally (unless
you are the subject of a per-
sonal attacked). That everyone
has a right to their political
choice and one's choice should
not be cause for animosity or
hatred. That two people can
choose politically opposing par-
ties and still remain friends or
at the very least recognize that
there are common interests
that require all of us working
together and co-operating with
each other in order to get the
best result for all concerned.
However, supporters on both
sides are displaying hostility
and people who once shared
jokes and laughter are now dis-
playing suspicion, anger; and
in some instances, engaging in
hostile confrontations.
Why can't we as a people
understand that when we
choose opposing parties, right
or wrong, that we are exercis-
ing our God-given free will to
choose which is also enshrined
in our Constitution? That it's
only one's expression of confi-
dence in the individual or par-
ty to provide the best repre-
sentation and ultimately the
best Government for the coun-
try (inclusive of all, regardless
of their political persuasions).
So, instead of getting angry
with each other, we ought to
be carefully scrutinising the
individuals seeking to repre-
sent us and satisfy ourselves
that all things considered, we
are making the most intelligent
and best choice.
I take this opportunity to
* remind my fellow Mayaguani-
ans that after the election
process is over, the politicians
will leave and return to Nas-
sau, (returning to Mayaguana
only for the occasional brief
visits); leaving us still having
to live with each other (in this
small community). We must
always be mindful that others
have a right to choose, a right
to share in the economic
opportunities which the island
has to offer and in general a
reasonable expectation of to
be able to earn a living on this
island where they live. Which is
also a part of our Prime Minis-
ter's stated plan for the Family
We must never lose sight of
the fact that God, our Creator
created us for his purpose, yet
He placed within us a free will
to choose whether we will ful-
fill His purpose or otherwise.
Yet, we who are the creation
are demonstrating anger and
hatred toward each other
because we choose to exercise
that God-given free will to
choose. How ironic.
One may ask, what hap-
pened over the years to cause
Mayaguanians to change so
much and may get several dif-
ferent answers; all of which
might have contributed to
some degree. However, I
believe that the main reason is
because Mayaguanians as a
people have allowed politicians
to put us into little psychologi-
cal tunnels and make us believe
that one cannot have associa-
tion or friendship with others
who may be on politically
opposing sides. That, those in
opposition to your particular
choice, must be regarded as
That's not true. Imagine this
scenario; I support the PLP and
my mother supports the FNM

should I regard her as my 1ne-
my? Or vise versa? No,, God
forbid. Unfortunately, many of
my fellow Mayaguanians are
acting this out and it's tearing
the community apart. We aeed
the politicians and preachers
to come out with genuine. ies-
sages of peace, understanding,
love and mutual respect ifor
each other, which would unite
and strengthen us as a people
(or maybe that does not fit into
their agendas).
I feel that it's necessary that
the message come front the
politicians because, many peo-
ple believe that the separation,
suspicions and hatred is,w'hat
the politicians want. Personal-
ly, I find it hard to believe that
any politician with the people's
best interest at heart would
knowingly or intentionally'ere-
ate or cultivate sich an-efvi-
ronment among the people in a.
community such as Mayaguana
(or any other place).
I invite the politicians to take
the lead.in trying to defus the
tension that exists in Mayigpa-
na. I ask the preachers, because
their messages should always
be inclusive of love and mutu-
al respect. The politician can
start by letting people know
that they are friends with many
of their political opponeblts.
That they sometimes eat
together, party together .and
some of them on both sidle of
the political divide are actually
in business together (and very
successfully, I might add)..,
While I make no apology for
my political choice, Ijwill
accept or reject any suggestion
on the basis of right or wrong.
We are at a time in our nation-
al life when violent crime is tax-
ing our Law enforcement ahd
is seemingly out of coittfol;
especially among our y6udhg
people, who, to a great extentt
seem to be having difficulties
reasoning and understanding
that disputes can be resblved
without violence.
This is a time therefore,
when politicians and all leaders
or persons of influence in our
country should be promoting
peace, love, mutual respect and
understanding: In fact 'thby
should be careful that their
rhetoric does not convety a.
message which may be iintbr--
preted as advocating exblh-
sions, separation or hatred as
such could only serve to fur-
ther irritate people, resulting
in further violence. -
Finally Mayaguanians, theie
is so much happening on this
Island right now which require
all of us working together; to
achieve a result that will"ulti-
mately benefit all concerieid.
Let us therefore strive to xeca-
ture the love and care for 'each
other which we were knpWoyn
for; and learn to appreciate and
respect each other. Let us seek
to make Mayaguana bette f9pr
ourselves, our children, and
their children, now and in years
to come. Don't allow politi-
cians who come today-and
gone tomorrow rob us of the
ability to think for ourselves or
cause us not to demonstrate
love and care for each othdr.'
Let us use the obstacle' that
besets us today as stepping
stones to elevate ourselves'to
bigger-and better things.:,Lt
us meet them together, with
brave hearts, calm minds and
undaunted spirits; for by doittng
so we could realise our',full
potentials and achieve good
success as individuals and'asia
community on the whole. 'I
know for sure, that we"'s
Mayaguanians have it within
us to succeed and by the grae
of God, we shall. f ",
For the love of God, care-
fully scrutinise and evaluate the
messages you receive from the
politicians or those who come
on their behalf. As for men,I
will not heed or support any
suggestion that will deliberate-
ly cause separation from' my
family or friends; or that will
seek to separate us as a peo-

Fellow Mayaguanians,'.you
have a choice. Use it wisely.:

Pirates Well ..
March 27 2007 ,*:





0 In brief
S................ .........

eOB launches

agreement with

University of


,*PRESIDENT of the College
4ftthe Bahamas Janyne Hod-
'tte yesterday launched a part-
nership agreement between
COB and the University of
Johannesburg (UJ), which will
-,led to exchanges of students
'apd faculty between the two
''' The launch was held at
"'COB, and Ms Hodder was
"atceompanied by the Vice-
-, chancellor and Principal of the
e''LUhiversity of Johannesburg,
* ."Dr: Ihron Rensberg, and his
:.icdlleagues Professor John
i.;tLjAiz, Executive Dean, Facul-
t" I 9 IQf Management, and Andre
.,iMynhardt, Executive Direc-
, {p. School of Tourism and Hos
Ms Hodder stated that the
,partnership agreements signed
by'lhe college are not attempts
t@ "seek accreditation by for-
,' eign countries or institutions.
'-'ather, she said, these agree-
'`thents will aid in fostering
.' roass-cultural learning and cul-
:' *ural opportunities.
ii%,',''The partnership with the
-uIni'versity of Johannesburg
,r-glIpws us to forge links in areas
p of, mutual strength; namely
.,hpspitality and tourism, busi-
ness and education. These con-
nections extend to linking our
'a'rtners in major industries
ut'inluding financial services, e-
66riimerce and tourism in both
',;abtintries. This mutually bene-
ficial partnership will create
unique opportunities to foster
excellence in our programmes,
to provide opportunities for
,yaerpss-learning and cross-cul-
4pural experience to enhance
.the learning and research
Opportunities we provide to
students and faculty," she said.
,', Ms Hodder further stated
h~at these exchanges will func-
'tt6n as a means of bench-mark-
ing'the standards at the college
with other international insti-
I tutions.
She said: "When our best
students study abroad for a
'-.,sqrnester, we want to know
..,-t,at they continue to excel in
,,tbeir new.context and .can
.t!.dcapt to differences in culture
.apd, approach of different uni-
tr Rensberg said that agree-
r1ifits such as this aid in facihi-
i1tifg the mandate of the uni-
iveity to "live at the edge of
creativity" and at "the fron-
,tices of knowledge".
SI''Dr Rensberg also noted that
",thej experience the Bahamas
possesseses in the areas of
frQurism and hospitality, make
COQB an attractive institution
L-tp, partner with. In the last 12
o years, he stated, South Africa
-.h seen a rise from 500,000
Foreign tourist arrivals, to near-
"ly, eight million currently.
H,.owever, Dr Rensberg
lamentedd that most of the high
06sition jobs in the South
African hospitality industry are
'itilt held by foreigners or white
South Africans. The time for
;this disparity "is up" he said,
.and in an effort transform the
sectpr, UJ has sought to cre-
,ate partnerships with interna-
i. ional institutions to bolster its
,.programmes to further
empower other South
'When asked what racial
igttmosphere Bahamians should
'expect for when they travel to
'S6uth Africa, Dr Rensberg
ir'tWhen Bahamian students
;do come to South Africa, they
will'find a highly contested and
-dynamic society with signifi-
,cant debate and argument
"a ut where the country
ohuld be heading a and about
'who we are as South Africans,"
studentss selected for the
'new exchanges will pay their
edition and residence fees at
'-Iheir local institutions while
;*they study abroad. And these
I ~ldents will receive full trans-
tiertcredits when they return
.,hqne to complete their studies.
SMs .Hodder stated that the col-
lege is working towards hav-
.jg at least one student go to
.Jouth Africa as early as the
upcoming fall semester.
Dr Rensberg is a former
executive at the South African

Broadcasting Corporation and
he was also an antiapartheid
activist who was imprisoned
without trial under the old
.apartheid regime.
-Currently, UJ has 46,000 stu-
dents enrolled over five cam-
.puses, including nine faculties.

et Contro


BDM will run nineteen

candidates in election

Tribune Staff Reporter

ratic Movement is running
nineteen candidates in the
upcoming general election.
The young political party
presented its slate of candi-
dates to the media yesterday
at their headquarters on
Marathon Road.
BDM leader Cassius Stuart
told his members that they
were not here to play politics
or to get fat off the backs of
Bahamian people.
. "We are here for one pur-
pose only, and that's to secure
the future of the next genera-
tibn of Bahamians," Mr. Stu-
art said.
He said that eventhough the
Progressive Liberal Party and
the Free National Movement
had more campaign money
than the BDM., they had
something that both parties
"We have character. We
have integrity and the willing-
ness to fight this uphill bat-
tle," Mr Stuart said.

N BAHIAMAS DEMOCRATIC MOVEMENT leader Cassius Stuart speaks yesterday.

Mr Stuart said that the
BDM intends to empower the
masses in the l!oiintr.
fIhe B1NI mission, he said,
is to preserve the landthhat the
nation's forefathers had left
be hind.

PLP: anchor project

policy most important

target in the party's

revolutionary wheel

THE fact that Perry Christie's approach to go\ cernance is trans-
forming the Bahamas "is now an easily verifiable fact" according to
the PLP thanks to the prime minister's anchor project policy.
The governing party said in a statement yesterday that Bahami-
ans "are anxiously excited about growing with the PLP into its sec-
ond term as the whole nation unites behind the success and speedy
implementation and progress of the anchor projects".
According to the statement, an anchor project is "an invest-
ment, that may be foreign or domestically owned or jointly owned
with the Bahamas government in a tourism, industrial or manu-
facturing business enterprise on a Family Island which when com-
pleted will re-energise that island's economy, modernise its infra-
structure, create new employment opportunities, stimulate new
spin-off and cottage industries and businesses for Bahamians ..."
It went on to say that persons in Nassau who descended from or
simply wish to move to a Family Island will be able to do so with
confidence that "the living standard will be raised and their reali-
sation of the Bahamian dream of equality and opportunity shall be
Even more important, the party said, persons already living on
that island will have direct access to the new economic opportuni-
"Nassauvians cannot relate to what it is for a 17-vear-old girl or
a 16-year-old boy to have to pack up and leave Landrill Point,
Crooked Island to look for a job in Nassau or to go to school.
Often times these young people become extra burdens to their
extended Nassau family. They are abused and used and some-
times the culture shock of the bright light and fast times of Nassau
sends them into a culture shock from which they never recover."
The party said the policy is "the single most important target in
the revolutionary wheel of the PLP of the 21st century" and that it
will create sustainable development in the Family Islands, and
implement modern infrastructure that connects the nation.
However detractors say the policy was poorly thought out, and
has resulted in approvals for projects that have the potential to dam-
age the environment in effect destroying the \cry assets that
draw visitors to the Bahamas.
It has also been pointed out that the investors who have come to
the Bahamas under the policy have promised much, but so far
delivered little pre-selling much of the land to second home
owners before any construction has begun; doing nothing more, in
effect, than depriving local populations of land on which future gen-
erations would have settled.
Questions have also been raised aboul the sustainability of the
plan, as seen by the stuttering
start of the Emerald Bay resort
in Exuma the flagship of the
anchor project plan.
The statement noted that the
opposition FNM has been among WEDNESDAY,
the critics of the policy, has APRIL 11TH
attacked it as land giveaways, 6:30am Community Pgiqe 1540AM
"and to further confuse the vot- 8:00 Baham.is (' Suniise
ing public they are airing radio 9:00 Bullwinklu & friends
advertisement which seeks to 9:30 King Leonardo
turn this national issue into a 10:00 The Fun Farm
joke." 11:00 Real Moms, Real Stories,
Real Savvy
"The FNM laughed at the 11:30 International Fit Dance
Royal Bahamas Defence Force noon ZNS News Update
when the PLP established that. 12:05 Gospel Aficionado
They laughed at National Insur- 1:00 Legends: Carlton Harriss
ance and National Health Insur- 2:00 Video Gospel
ance when the PLP established 2:30 Turning Point
those important institutions. 3:00 Paul Lewis
3:30 Don Stewart
They called the Cable Beach 4:00 Lisa Knight
Hotel and Casino a pink ele- 4:30 Cybernet
phant when the PLP government 5:00 ZNS News Update
built that to revitalise the tourism 5:05 Battle of The Brain
industry on Cable Beach. 5:30 The Envy Life
"They have the record for 6:00 A Special Report
opposing every single piece of 6:30 News Night13
progressive legislation ever 8:00 Rescue
mounted in post Majority Rule 8:30 My Home
Bahamas," said the statement. 9:00 The Human Senses
"The Bahamian people will judge 10:00 Caribbean Newsline
them harshly for their attack, 10:30 News Night 13
opposition, criticisms and 11:00 The Bahamas Tonight
attempts at derailing the progress 1:30am Community Page 1540AM
of the anchor projects and the
fuller development of this -:NT: " v
nation."rito* lsmu

"The Bahamas will not be
a nation for sale. We will not
sell out land. We will not sell
our country to the highest bid-
der," Mr. Stuart said.
He said that the Bahamas
Democratic Movement was
the only one real option in this
general election.
"The FNM is the PLP and
the PLP is the FNM, because
there is no difference between
the PLP and the FNM." he
He told the candidates that
they were part of the solution
that will mend the fabric of
the nation together.
The BDM leader said that
his party has been the only
political group in the country
which has suggested solutions
and debated on real issues for
the past seven years.
He said that only the BDM
could take the Bahamas to the

promise land.
"Joshua is here," he said.
Mr Stuart said that he is
looking forward to the gener-
al election approaches, and
announced that all of the can-
didates would be victorious.
The list of candidates is as
Dwayne Gibson -
Bain and Grants Town
Omar Smith -
Bamboo Town
Dion Stuart -
Blue Hfills
Tolonus Sands -
Bernard Rolle -
Cortez Turner -
Sidney Carroll -
Fort Charlotte
Kermit Agaro -
Fox Hill

Cassius Stuart -
Garden Hills
Christopher Aaron Cox -
Golden Isles
Omar Archer -
Winsome Miller -
Harry Lewis -
Mount Moriah
Demetrius Frazer -
Laurette Jose-Dean -
St. Thomas Moore
Roderick Brown -
Sea Breeze
Jermaine Higgs -
South Beach
Ural Pratt -
Jeffrey Carroll -
North Andros
and Berry Islands


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Archbishop says development

projects are issues in election

* ARCHBISHOP Patrick Pinder

ADDRESSING voters as the
next general election draws
near, Archbishop Patrick Pin-
der of the Catholic Archdiocese
of Nassau in a letter urged
Bahamians to cast their ballots
carefully and to consider the
consequences of the numerous
development projects happen-
ing in all of the country's
In his pastoral letter in prepa-
ration for the 2007 general elec-
tion issued on Easter Sunday,
Archbishop Pinder expressed
serious concern about the
impact foreign investment pro-
jects could have on the Bahami-
an lifestyle.
"Recently, we heard of leases
being granted to energy com-
panies to explore for oil on the
Bahama Banks, a development
that raises concerns among
those who care about preserv-
ing the quality of our environ-
ment. The fears have been as

great, as we confront the possi-
bility of a liquefied natural gas
plant being established on one
of our northern islands," he
Every other month, the Arch-
bishop said, "we hear of gov-
ernment giving approval for a
new anchor project, which will
inject millions of dollars in for-
eign investment into our econ-
"While we celebrate the job
creation potential of such ini-
tiatives, we are deeply con-
cerned that these massive intru-
sions of foreign lifestyles can do
great harm to the traditions,
social structure and culture of
our Bahaman way of life as we
know it," he said.
Archbishop Pinder further
said that every day seems to
bring news of crimes that are
increasingly devastating.
"Very shortly, thousands of
Bahamian citizens will be going

to the polls to choose the men
and women who will form the
government of the Common-
wealth of the Bahamas for the
next five years. This circum-
stance gives rise to a vital ques-
tion in the minds of many: What
should the role of responsible
citizens be at this dynamic and
life changing time in our histo-
ry? In the face of the many deci-
sions that Bahamians are being
called to make, what criteria
should be the basis of our choic-
es?" he asked.
The Archbishop said that it
is now time for Bahamians to
engage in "the most important
exercise of any democratic
"We must exercise the privi-
lege of electing the men and
women who will form the next
parliament with the mandate to
govern our commonwealth.
"Those whom we elect to
govern us are a true reflection

of the basic values we hold near
and dear to ourselves. This is
an exercise that we dare not
take lightly. We must approach
it with full seriousness, much
thought, much prayer and radi-
cal honesty. Our country is
experiencing great change at.
this time," he said in his letter..
Archbishop Pinder said that
the pastoral letter is being
offered as an aid to clarifying
some of the issues that surround
the general elections. He said
that the Catholic Church con-
siders registration and voting to
be "the moral obligation of a
responsible citizen."
"It is our duty to answer the
call to full, active and conscious
citizenship and thus promote
the common good. That is to
ensure the necessary social con-
ditions that allow people to
reach their full human poten-
tial and to realise their human
dignity," he said.

Police prepare for ballots

Tribune Staff Reporter
THE Royal Bahamas Police
Force has been realigned with
senior officers taking up posi-
tions "in the front line" in
advance of the upcoming gen-
eral elections.
Speaking at Police Head-
quarters, newly appointed
Senior Assistant Commission-
er in charge of crime Elliston
Greenslade said that police
want to ensure that the tradi-
tion of peaceful elections in the
Bahamas is upheld.
"We are preparing for gen-
eral elections in this country and
we want to keep this tradition in
ensuring the people can go
about their business in a safe
manner, that they can have
healthy debate and discussion
without any abuse of privilege
and that it is done in a democ-

ratic framework," he said.
The House of Assembly was
dissolved last Wednesday by
Commissioner of Police Paul
Mr Greenslade said that
police resources have been
directed "onto the streets" at
this time.
He as well as other senior
officers will be seen "pounding
the beat" in the run up to and
during polling, he said.
Speaking more generally, but
equally emphatically, about
changes that have and will take
place within the force subse-
quent to having taken charge
of the crime portfolio last
Wednesday, Mr Greenslade
said that he was there to offer
"assurances" to the Bahamian
'people. .. .
I "We are in the service deliv-
:erybusiness and we shall con-
sistently deliver care, respect

and trust to our people wher-
ever they are in the Bahamas,"
the assistant commissioner told
assembled members of the
"My message is very clear,"
he said. "We have come to you
with clean hands, and a willing-
ness to serve; an ability to serve.
Please call us, test us, and prove
us, we are willing to do the busi-
ness and we are asking you to
then repose your confident and
trust in us."
Mr Greenslade said that he
has "no sympathy for anyone
in law enforcement who breaks
the law," while James Carey,
Assistant Commissioner in
charge of uniformed officers,
said that a recent promotion in
the Complaints and Discipline
unit.will ensure that complaints
against officers are dealt with
even more efficiently.
Greenslade said that he also

hopes the public will become
more confident and forthright
in providing information to the
police about crimes over time.
"I do believe there are per-
centages of our population
who have reservations, but if
we get it right I believe the
floodgates will open, we'll get
the information that we need,
and we'll have the full support
of the Bahamian people," he
"Co-operation will come by
demonstrating that we are say-
ing is not mere rhetoric but that
we are truly serious about the
business and we are in fact
doing it.
"And by proving that you can
repose your confidence and
trust in us as a law enforcement
- agency, and we will not betray
it; people will come to accept
that again," Mr Greenslade
4 *aid.

* ELLISTON Greenslade

2006/20070fficers & Direco
David Slatter, CFA
Fidelity Merchant Bank & Trust
PO Box N-4853, Nassau, Bahamas
Ph: (242) 356 7764
Email: david.slattertfidelitbahamas.com
Kristina M.Fox,CFA
Templeton Global Advisors Ltd.
PO Box N 7759, Nassau, Bahamas
Ph: (242) 362 4600
Fax: (242) 362 4308
Email: kfox(4templeton.com

David Ramirez, CFA
Pictet Bank & Trust Ltd.
PO Box N-4873
Nassau Bahamas
Ph: (242)302 2217
Fax: (242) 327 6610

Christopher DorsetU, CFA
Citigroup Corporate & Investment Bank
PO Box N 8158, Nassau, Bahamas
Ph: (242) 302 8668
Fax: (242) 302 8569
Email: Christopher.a.dorsett66citigroup.com



Topic: "How Much is Your
Management Firm Worth?"




Thursday April 12, 2007

12:00 pm Cocktail Reception
12:30 pm Speaker's Address
Please arrive promptly!

Location: SuperClubs Breezes
Cable Beach

Speaker: Steven M. Levitt


Cambridge International Partners
New York, NY

Members $25.00
Non-Members $35.00
(If paying by cheque, please make cheque payable to:
CFA Society of The Bahamas)

Reservations: PRE-REGISTRATION REQUIRED-by Apr. 1,,2007
Chris Dorsett, CFA
Christopher.a.DorsettM Citigroup.com
*Prepavment required through one of the Board

Mr. Levitt, who joined Cambridge as a partner in 2005, is actively involved
in business development and client advisory work. He rejoined Cambridge
from MilleninmAssociates AG, a Swiss investment banking boutique, where
he focused on strategic advisory work in the asset management and
brokerage industries for North American and European financial
institutions. Prior to that, he spent three years with Putnam Lovell
Securities, also focused on strategic advisory and transactional work with
asset managers and broker-dealers. From 1997 to 1999, Mr. Levitt was an
associate at Cambridge.
Mr. Levitt holds a BA in economics from Stanford University and an MBA
in finance from the Wharton School of the University of Pennsylvania. He is
a General Securities Representative.

"How Much is Your Investment Management Firm Worth?"
This presentation addresses historical transactional activity in the
investment management space. It covers how investment management firms
have historically been priced and the approach an acquirer would take to
valuing a particular asset manager. The presentation addresses deal
structures and trends. It is intended to be practical, with real-life examples.

Under the distinguished patronage of the

Hon. Fredrick A. Mitchell

The Ministry ofThe Public Service

I -IIl-

Singing Competition showcasing over twenty par-

tidpants from the various Government Ministries/

Corporations (choirs and soloists)

Preliminary Round-I I th April,2007 at 7pm
(Soloists Only)
Place: Holy Trinity Activity Centre
(Stapledon Gardens)

Finals-Sunday 22nd April, 2007 at 6.30pm

(Choirs and Soloists)

Place: Golden Gates Worldwide Ministries

(Carmichael Road)
Included are a few of our shinning stars...




icketi for final% are bailable at tte liniotrp of tltP 11.

terbite, pointiana iW Meeting street @ $5.00

tleptone Cotact: 502-7200

CFA Society of The Bahamas

\ x




N \]

CRANESarese working on the c ..

* CRANES are seen working on the cay

M CRANES work on a ramp collecting the boulders

* BOULDERS on the north side of the island

Protest as cranes transport

sand away from Salt Cay

7 CONCERNED residents are
protesting over the removal of
sand from beaches at Salt Cay,
otherwise known as Blue
Lagoon island.
Bargeloads of sand are being
moved every week, creating a
/"hole" which, protesters claim,
will suck sand from Paradise
Island in a few years' time.
A Bahamian environmental-
ist who went out by boat to the
site over Easter said a crane is
hauling sand off the south side
i" of the cay.
"Every day for more than a
I'week, bargeloads of precious
sand have been removed from
-- -" the south side of Salt Cay, a
mile away from the beaches of
Paradise Island," he said.
E THE main dredger loads some sand "History shows that in ten or

* THE view from the clubhouse is marred by piles of rubble

20 years, sand from these beach-
es will be sucked away to fill
the hole being made today. As
examples of this, look at Mon-
tagu Beach and western Cable
The source said a ramp had
been made over the island, and
hundreds of boulders stored on
the north beach.
"I judge that some have
already been taken to the small
bridge joining the two islands,

but I know not why. The first
hurricane will throw them
against the bridge and destroy
it," he added.
This was the second major
sand removal exercise on the
cay in four years, he said.
Yesterday, The Tribune tried
unsuccessfully to find out who is
removing the sand.
As The Tribune was going
press yesterday, the cranes were
reported to have left.

100 new HIV/AIDS cases a year in Grand Bahama

,.r Tribune Freeport Reporter

FREEPORT About 100
new HIV/AIDS cases have
been recorded every year on
Grand Bahama for the last sev-
S.en years.
This was revealed durigthe
: .opening of World Health
.. Month in Freeport last w6z.
Minister of HealtlbirDr
S Bernard Nottage, in his address,
reported that 632 new cases
were recorded on Grand
Al .Bahlama between 1999 and

"That is just around 90 a year
in Grand Bahama, and we all
know that up to December 31,
2005. we had over 10,000 cases
reported in the entire
Bahamas," he said.
Dr Nottage said that the
country's statistics on
77. HIV/AIDS, diabetes, hyper-
Stension, and other preventable
communicable and non-com-
municable diseases, are cause
for great concern.
He noted that the govern-
ment spent in excess of $10 mil-
lion for medication to treat
patients on dialysis, and med-
ication for patients with heart
disease, hypertension, diabetes,
and HIV/AIDS during 2006.
According to Dr Nottage,
about 15 per cent of patients
seen at community health clinics
"' in Grand Bahama suffered from
hypertension and diabetes.
During the same period, the
Rand Memorial Hospital saw
264 admissions and 41 deaths
relating to these diseases.
"Too many are on a collision
course with disease, disability
M BERNARD Nottage and even death, as a result of

Nottage warns Bahamas

must be ready for threats

from outside region

THE Bahamas is vulnerable
to international health threats
that are not endemic lo the
region, according to Minister of
Health Dr Bernard Nottage.
These include tuberculosis.
malaria, HIl V/AIDS, avian
in fluenza, SA RS and other
common nicable diseases.
Dr Nottage noted that at Ihe
recent Bahamas (Outlook 2007, a
major investor emphasised the
need to recruit workers from out-
side of the Blahamas to fill jobs.
"VWhen vwe bring ill wXo Vkers
lioml abroad o the Bahaliiias,
they come with their own health
issues. And we believe that
when we experience the inalar-
ia epidemic ill I xunma that's
llho 'ACe ()1 it1 it S hilr n hlt
in iol m oitside.c
"It is very important for us

to understand how important
being in concert with interna-
tionnal health regtulalions aind
ensuring that we lihave the
means of proltectinrg lite coiin-
try's citizens," he said.
Lynda (Camplell,. Pan Am-ei-
ican Ilealtlh rganisalion/World
Health Organisation represen-
tatlive Ifor lie lB>ahalinas and the
Turks aind ('aicos, said lilt thieii
objective is tlo have all heallh-
care facilities in thie region oper-
ate in taccorddance will inlteria-
tionail health regullatio)ns by
l)r Nottage said Ithat the niin-
istry's )policy on public health is
party guided by the InlIcrin-
tional IHealth Regulation (2l)l )
which tiakcs f1t 'i, on tlub 1
FHe said lthe ni.in iijective of1

the IHR is to protect against,
control and respond to the
international spread of disease
while avoiding interference with
international traffic and trade.
Dr Nottage said that the
Bahamas is among over 140
member countries of WHO that
have already established nation-
al I HR focal points.
He added that the multi-sec-
toral national IHR Working
Group has been established in
tli,. Bahamas and is engaged
in the development of a
national response plan, which
has a strong port health sur-
veillance component and
includes response strategies for
control of aviani influenza, pan-
'i.rc influenza, SARS. yel-
low fever, and other emerging

illnesses that quite often can be
controlled, reversed and altered
by healthy lifestyle changes,"
he said.
Dr Nottage revealed that
Bahamians are now experienc-
ing renal failure on a daily basis.
"We cannot provide access to
.dialysis for Bahamians patients
today in our system," he
In response to these alarm-

ing statistics, the Ministry of
Health has established the
Healthy Lifestyle Initiative to
combat the prevalence of pre-
ventable chronic non-commu-
nicable diseases among Bahami-
ans and healthcare workers.
Dr Nottage said World
Health Day, which is observed
on April 7 each year by the
World Health Organisation,
focuses .on global health issues

and challenges every nation to
embrace progressive solutions
to preserving the future of the
This year's theme, "Invest in
health, build a safer future" is
intended to provoke the busi-
ness community, health work-
. ers, civil society, government,
and people around the worldto
give priority to international
health security," he said.

British Colonial Hilton

The British Colonial Hilton invites applications for dynamic, confident and
assertive individuals to fill the following positions:

Catering Sales Manager: This position is responsible for supervising, managing,
and overseeing all aspects of catering sales in addition to leading and motivating
the catering accounts and maintaining relationships with existing accounts to meet
and/or exceed food beverage revenue goals.

The successful candidate should meet the following minimum requirements:
* 3-5 years hotel industry and management experience with at least 2 years sale experience
demonstrating strong sales, negotiating and closing skills
* Advanced knowledge of sales/hospitality principles and practices
* Excellent people and leadership skills
* Effective communication i.e oral, written and presentation skills
* A professional demeanor and appearance
* Goal-oriented, focused, energetic and self-motivated with the ability to work with little
* Computer literate and proficient in the use of Microsoft Excel and Word
* Open to a flexible work schedule as evenings and weekends are essential at times. Hotel
catering experience would be an asset

Senior Sous Chef/Kitchen Artiste: I Tndcr the direction of the executive chef, this position
ensures cost effective production of the highest quality food appropriate to the market. The selected
individual will primarily be responsible for all artistic creativity within the kitchen including
specialty carvings, show pieces and sculptures. Will train and develop department's team

The successful candidate should meet the following minimum requirements:
* Extensive practical knowledge of cooking styles and various cuisine including Continental,
American, Mediterranean/Italian and Caribbean/Bahamian.
* 10 years experience as a senior chef within operation of at least 4-star designation including
Professional certification/training from a recognized culinary institution
* Demonstrated artistic ability to produce high level culinary show pieces, carvings and
sculptures i.e. ice carvings, fruit and vegetables carvings, chocolate carvings and buffet show
pieces. Industry/professional awards are desirable proof of excellence.
* Proven experience with a successful track record of achievements in leading a culinary team.
* Strong administration and organizational skills with the ability to contain operational costs.
* Computer-literate with a working knowledge of Microsoft Word and Excel.
* Proven ability to train and develop members of the culinary and stewarding teams.

Individuals who meet the above requirements are invited to forward their resumes to:

Director of Human resources
1 bay Street, Nassau, Bahamas
Fax: 242-302-9040
E-mail:recruitment.nassau@ hilton.com

Deadline: April 20, 2007



EComplex history of the Rum Cay dispute

A landmark ruling has
been made in one of
two injunctions filed by promi-
nent Bahamians over the past
year in an effort to stop foreign
speculators from carving up and
selling thousands of acres of dis-
prftd land on the 45-square-
m'ildisland of Rum Cay.
The land wars have fueled a
colitoversy that involves polit-
icalJy connected Nassau lawyers
(orrboth sides of the fence), the
forierly enslaved inhabitants
of:Ai m Cay, wealthy second
hdioim owners, and a bevy of
foreign and local fortune seek-
ers. .
'A"March 26 ruling by
StiupWlne Court Justice Jeanne
Th~ilpson extends one of the
inj _ftions and awards costs to
atrtqley Craig Butler, a grand-
son'of the late governor-gener-
al Sir Milo Butler, who is rep-
resjting the family's claim to
more-than a thousand acres in
the west of Rum Cay.
,he ruling also appears to
validate the Butler claim, mak-
in'4W more difficult for other
claflfiants. Rum Cay has been at
theb"ntre of a maze of com-
* petiTg land claims in recent
yeftr, with several develop-
ments underway some spu-
rieis, some real.

T he American defen-
T dants in the Butler
ififui6tion (Island Acquisitions
alt9"Miami lawyer Jorge Diaz-
CtUf't) were represented by
former attorney-general Carl
Bttliel. They have until mid-
Aprito lodge an appeal against
Justice Thompson's ruling.
4s1iand Acquisitions was
inorporated by the law firm of
D'fTs and Co in 2001, and
Jorge Diaz-Cueto is a director.
Cited as defendants by the
Bulffe injunction are Raymond
ahn!Merrill McDonald, who
wetr "friends and companions"
of 'the late Effie Knowles, a
Florida attorney of Bahamian
dei-e ht who claimed an estate
of-s'ne 12,000 acres in the
." rt.

Bahamas including big chunks
of Rum Cay at the time of
her 1984 death in Miami.
The McDonalds supposedly
inherited these lands from Effie
Knowles, and a few years after
her death they sold all of them
to a Bahamian company called
Newport Harbour which is
also represented by Carl Bethel
- for $180,000. Then, in 2002
the McDonalds resold 2000
acres in the southwest of Rum
Cay (which Effie claimed to
own) to Island Acquisitions for
Island Acquisitions claims to
be a purchaser for value of the

Rum Cay land based on a May
10, 2002 title report by Vincent
Peet and Co, which starts with
the will of Effie Knowles.
The plaintiff in this dispute
is Raleigh Butler Sr, owner of
Butler's Funeral Home and
eldest son of Sir Milo. He traces
his claim all the way back to a
1790 Crown grant to one
Thomas Fraser. The land was
conveyed in 1882 to James Cul-
mer and (an earlier) Milo But-
ler as tenants in common, and
there has been no subsequent
conveyance away of the land.
The plaintiff is the great great
grandson of the original Milo

The Butlers filed for an
injunction in January
2006 to restrain Island Acquisi-
tions from "selling, advertising,
subdividing, trespassing, inter-
fering, excavating and/or deal-
ing with" the Rum Cay land -

which is near the family's orig-
inal home in Blackrock -
pending a title quieting by the
Supreme Court.
Island Acquisitions sought to
have the injunction dismissed,
but the March 26 ruling by Jus-
tice Thompson denies this. Her

ruling also states that docu-
ments produced by the plain-
tiff "on their face show a clear
line of title from the con-
veyance to the first Butler and
Culmer to the plaintiff and oth-
er members of the Butler fami-
Justice Thompson also not-
ed that the defendants "have
not produced any evidence of
having obtained subdivision
approval to do the works on
which they are allegedly
embarked and there is evidence
produced by the plaintiff that
such approval has not been
granted...I note that several lots
have been sold, and, if (Island
Acquisitions) should not suc-
ceed (in the quieting action),
these sales and subsequent
sales, should the injunction be
lifted, could result in much neg-
ative publicity for the
Justice Thompson issued
another injunction last Novem-

ber to stop the sale and/or sub-
dividing of a 67.5- acre piece of
vacant land known as Murray's
Camp, and another 15.5-acre
-tract both to the east of Port
Nelson on Rum Cay.
Richard Lightbourn of McK-
inney, Bancroft & Hughes had
filed for the injunction on
behalf of a Bahamian compa-
ny called Tara Ltd. His appli-
cation was based on Certificates
of Title obtained from the
Supreme Court in 1988,
through descent from one Mary
Dorsett. Tara is owned by the
MacTaggert family of Nassau.

The judge's order pro-
hibits the defendants
from trespassing on the land,
or holding themselves out as

having an interest in the prop-
erty. Among those restrained
by this injunction are Mike
Fothergill, Rum Cay Ventures,
Billy Wayne Davis, Newport
Harbour, Bobby Little and Bob
Pope (former owners of the
Sumner Point Marina on Rum

Rum Cay Ventures filed a
counterclaim seeking to have
Tara's 1988 Certificates of Title
set aside, on the ground of
fraud& A ruling on this dispute is
still pending.
At least two of the specula-
tors have been in financial trou-
ble with the law in the United
States. It is difficult to under-
stand how the government can
allow such persons to enter the
Bahamas and do business, par-
ticularly when the business is
the sale of disputed Bahamian
land to unsuspecting foreign
buyers, which as Justice
Thompson says can only
damage the country's reputa-

A according to lawyer
Craig Butler, the
speculators are engaged in a
process called flipping: "They
are trying to claim title by sell-
ing lots as rapidly as possible,
but the basis from which they
all start is simply wrong."
And that basis is Effie
Knowles, whose grandfather -
James Alexander Knowles -

was born on Long Island in
1839 and moved to Key West.
Her mother Julia Dorsett -
was born in Nassau and also
moved to Key West, but her
father was Joseph Lake Dorsett
- who was a prominent
landowner on Rum Cay.
Effie began tracing her estate

in the early 1960s. Her starting
point was the will of an uncle -
Percival Dorsett who was
supposedly the last white
Bahamian on Rum Cay when
he died in 1940. The lawyers
who worked on Effie's project
in the early years included
Carey Leonard, William
McPherson Christie, Jerome
Pyfrom, William Holowesko,
Useph Baker and Dawson
In a 1962 letter to one of her
relatives Effie wrote about the
project: "I have made five trips
to Nassau...We are getting
ready to clear the title to 1400
acres of land inherited from the
Dorsetts on Rum Cay, also
lands inherited from my father's

In another letter she dis-
cussed the value of Rum
Cay property: "The salt pans
were built at great cost and
lined with solid flint rock, and
even though now in bad repair
even a small acreage is worth
money. My great grandfather
built them at a cost of $1000 an
acre and developed some 200
of the 900 acres...He also had a
cattle ranch on some 1400 acres.
But many experts are scepti-
cal of Effie's complex title
chain, pointing out that she was
an American citizen and that
lots of things could have hap-
pened over the years to affect
her claims such as non-pay-
ment of taxes. It is this uncer-
tainty that has fueled the con-
flicting claims of foreigners on
Rum Cay.
The last major title quieting
legislation in the Bahamas was
passed 47 years ago and
although there has been talk of
a new land law to provide for
absolute title, nothing has been
done to achieve this by any gov-

What do you think? Send
comments to larry@tribuneme-
dia.net. Or visit www.bahama-

Effectiveness of diplomacy in freeing British hostages




Pursuant to
-Act, 2000,

Section 15(2) of The Financial Intelligence Unit
the public is hereby notified that, the revised

Suspicious Transactions Guidelines Relating to the
Prevention of Money Laundering and the Financing of
Terrorism (The "2007 Guidelines") for financial institutions
within The Commonwealth of the Bahamas have been issued
:and are effective as of 19th March 2007.

The 2007 Guidelines replace those Guidelines issued in
December 2001.

Copies of the 2007 Guidelines can be obtained between the
hours of 9a.m. to 5p.m. Monday through Friday, from the
Administrative Offices, The Financial Intelligence Unit, 3rd
Floor, Norfolk House, Frederick Street, Nassau, The Bahamas.

:- Anthony M. Johnson
,1. Financial Intelligence Unit
P.O. Box SB 50086
"" Nassau, The Bahamas


THE ending of the standoff
over Iran's arrest and detention
of 15 British sailors and marines
has inevitably provoked fierce
debate about how a satisfactory
outcome without bloodshed was
achieved. It has also focused the
world's attention again on the
whole issue of US and British
military involvement in the Per-
sian Gulf region and, in partic-
ular. the disastrous venture in
It is clear that skilful, behind-
the-scenes diplomacy (with no
obvious concessions being
made) worked effectively in
defusing a volatile and danger-
ous situation. Contrast that with
the bellicose noises from hard-
liners in Washington and else-
where advocating the 'nuking'
of Iran. Their idea of diplomacy
seems to be to bludgeon an
adversary into submission with-
out heeding the likely adverse
reaction and consequences. We
can all be grateful that the inci-
dent did not create the spark
that widened, irretrievably, the
current conflict in the Middle
Some of those calling for an
apparently tougher response
from the British government
cite Lord Palmerston's gunboat
diplomacy of the 19th century
and the many instances of ruth-
less British responses to rebel-
lion, mutiny and hostile resis-
tancc to colonial rule. The tales
are legion thile Indian mutiny.
the Boer war, the Boxer rebel-
lion, the reaction to the murder
of General Gordon of Khar-
toum, punitive expeditions
against the old kingdom of
Benin in Nigeria and during the
Zulu wars, to name but a few.
However, these were from a dif-
ferent era when Britain's power
was at a peak and she had the
will and means to dominate in
countries where, in many cas-
es, she already exercised con-
trol. Critics also cite the reac-
tion of the Iron Lady, Margaret
Thatcher, to Argentina's inva-
sion of the Falkland Islands in
1982 and contrast that with
prime minister Tony Blair's sup-
posed pusillanimous response
to the Iranians.
These comparisons are wide
of the mark. Britain is not at
war with Iran and that nation
has not invaded British territo-
ry as Argentina did. The Royal
Navy is operating in the Gulf
legally under a United Nations
mandate with careful rules of
engagement; and, even though


the sailors were correctly in
Iraqi waters, it is well known
that there are uncertainties and
disputes about the territorial
waters in the area.
Nonetheless, the unprovoked
hostile action of the Iranians
was unacceptable. In order to
solve the immediate problem
of securing the hostages'
release, it was essential to avoid
inflaming the situation by blus-
tering, overreacting and threat-
ening the use of force. What
was needed was a calm and
measured approach of patient
dialogue: in other words, the
exercise of diplomacy to pro-
vide the Iranians a ladder down
which to climb while at the
same time implying that there
was sterner international action
(sanctions and other restric-
tions), short of military force,
which could be taken.
Some say that that amounted
to appeasement which, since the
Munich crisis of 1938, has
become a pejorative term
meaning craven weakness. But,
in the right context, appease-
ment defined by noted
British historian AJP Taylor as
an attempt at conciliation and
agreement can be an appro-
priate response. In this case, the
Iranians were in control of the
situation and the use of armed
force rather than diplomacy
would have been counterpro-
ductive and disproportionate.
That does not mean that
Britain should treat lightly, in
the wider context, the threat
Iran poses to world peace by its
intervention in Iraq and its
declared intention to destroy
Israel. Nor can the West sit by
and ignore Iran's development
of nuclear power which could
lead to nuclear weapons being
in the hands of an unstable and
divided regime. lran must com-
ply with UN Security Council
resolutions and suspend urani-
um enrichment.
Now that he has achieved
the release of the hostages, Mr
Blair has reiterated publicly that
there are elements at least of
the Iranian regime that are
backing, financing and arming
terrorists in Iraq. The US and
Britain need to react strongly
and the military option will

remain in the back of every-
one's mind. However, follow-
ing the calamitous failure in
Iraq, does anyone now believe
that an invasion of Iran, an oil
rich nation of some 70 million
people, would be anything but
extreme folly? Firm and sus-
tained diplomatic pressure in
relation to Iran's involvement
in Iraq and its possible devel-
opment of nuclear weapons is
the only way forward.
Controversy over the
hostage incident will continue.
A row has developed over the
hostages selling their stories to
the media, and their public
demeanour has been ques-
tioned in particular, whether
they were too enthusiastic,
cooperative and grateful to their
captors instead of sticking to
the traditional "name, rank and
number" response; though it
has become clear from their
own evidence that they were
put under considerable duress.
What will surely now follow will
be an investigation of the Roy-
al Navy's operations in the Gulf
and its rules of engagement in
order to try to avoid any repe-
Far from Britain being
humiliated, it was the Iranians
who backed down relatively
quickly in the face of diplomat-
ic pressure. This was in marked
contrast to the prolonged US
embassy hostage crisis in
Teheran in 1979. In the words
of one commentator, Iran has
shown itself again to be ambi-
tious, dangerous and menda-
cious with a divided leadership.
This is all the more reason for
treating it with extreme care
while recognizing Churchill's
famous dictum that to jaw-jaw is
always better than to war-war.
In the aftermath, let us hope
that there will also be a hard-
headed review of Britain's role
in the region and, in particular,
whether the presence of her
troops in southern Iraq is exac-
erbating a perilous and unsus-
tainable situation. Such a
reassessment is surely overdue.

(Peter Young is a former
British High Commissioner to
the Bahamas).

Rum Cay has been at the cen-
tre of a maze of competing
land claims in recent years,
with several developments
underway some spurious,
some real.

It is difficult to understand
how the government can allow
such persons to enter the
Bahamas and do business,
particularly when the business
is the sale of disputed
Bahamian land to
unsuspecting foreign buyers.

1 -




Darold Miller

stages one-man

protest outside

of Gems FM

FROM page one

water logos on them, and
a representative from the
Coca Cola company -
which also owns Dasani
water later arrived in the
area and forced their
removal, according to
Reports of sexually-relat-
ed complaints made against
Mr Miller were published
in The Tribune on Satur-
day, March 24.
Police confirmed that the
complaints were made by
three women.
Subsequently, Mr Miller
delivered a letter to The
Tribune in which he stated
that he is "innocent of any
suggestions of impropri-
Mr Miller went on to
state that he was "mysti-
fied" by the reports pub-
lished in the newspaper.
"Obviously whatever
complaints have been
brought against me are
false," Mr Miller said yes-
terday, when asked to com-
ment on the significance of
his protest..
Meanwhile, another
radio show, "The Way For-
ward", presented by
Michael Pintard, was
broadcast today in the
llam-lpm slot which Mr
Miller's boisterous talk-
show previously occupied.
"He did say he is only sit-
ting in," said Mr Miller of
his replacement. "It is my
wish that within the next
eight days or so that this
matter will be resolved and
I will be back on air."
Mr Miller said he is "con-
fident that with God's
help" he will be vindicat-
"I am lifting my eyes to
the hills from whence
cometh my help, my help
cometh from the Lord," he

New crime

chief: more

senior officers

on front line

FROM page one

expect to see more senior
officers on the front line
of the fight against crime.
*. Additionally, the new
crime chief stated that
under his watch, retired
and former officers in
good standing, will be con-
sulted in order to use their
expertise in creating
strategies to reduce the
crime rate.
"We are also bringing
on board former officers,
wherever they are in the
Bahamas, who still have
an interest and are police
officers for life. We are
bringing them on board
and we're listening to
what they have to say," he
The tough talking crime
boss also said he "will
have no sympathy for any-
one in law enforcement
that breaches the law, and
is not a part of what is pos-
itive and good in this
Mr Carey, head of the
New Providence district,
assured the public that the
police have currently
realigned their resources
to create a new synergy
and commitment to crime
Mr Carey also stated
that he, Mr Greenslade
and the new crime team
will be accountable to the

public, while noting that
scourge of violent crime
can ultimately threaten
the livelihood of the coun-
"If it continues,
undoubtedly, it's going to
have a negative impact on
the economy, it's going to
have a negative impact on
the society as a whole, and
we want to say 'we are
here' to you, to make rep-
resentation to members of
the public that we will do
our best to address these
issues," he said.

'No health risks' for homeowners

in eastern Shirley Street

FROM page one

refurbished and that during this
process some spillage of petro-
leum into the ground water has
and may again occur.
"We are aware that on occa-
sion there has been some petro-
leum product that may have
spilled into the ground water,
but they (Chevron) have moved
immediately (to absorb) the
petroleum chemical and con-
tain it and remove it safely as
"There is no danger for the
residents in the area," he said.
Concerned members of the
public have contacted The Tri-
bune in the past week express-
ing fears regarding the refur-
bishment of the Chevron sta-

tion on Shirley Street, stating
that "strong odours" were ema-
nating from the site and that
they witnessed workers wear-
ing protective clothing resem-
bling "Hazmat suits" attending
to the station.
Some callers said that they
were afraid that gasoline from
the station's underground stor-
age tanks was leaking into the
ground water.
"People in that area have
wells, they should be told what
is going on. That area floods
easily when it rains, if you have
contamination in the ground
when it floods that contamina-
tion is in the water that you
walk in, the water you drive in,
it splashes on your cars. The
Bilney Children's Home is only
a block away," one concerned

Baird, the DNA results confirmed, with 99.9 per cent
accuracy, that Mr Birkhead was, in fact, the father of
"Larry was determined to be the biological father based
on the DNA testing. He had a combined paternity index
of over 11,515,000. Or a probability paternity of over
99.999 per cent," Dr Baird said.
Obviously upset at the announcement. Howard Stern
slumped to the platform some minutes later to address the
"I want to say that I am obviously very disappointed.
But my feelings for Dannielynn have not changed. I am
not going to fight Larry Birkhead on custody. We are
going to do what we can to make sure that the best inter-
ests of Dannielynn are carried out. And I'm going to do
whatever I can to make sure that he gets sole custody," he
Mr Stern said that he hopes there will be a gradual
transition of stewardship of Dannielynn so there is no
harm to the child.
"As far as me staying in the Bahamas, I will stay in the
Bahamas regardless. I will not leave Anna or Daniel
alone," he said.
Mr Stern said the whole event had been "very diffi-
cult" for him, claiming the media had been very irre-
sponsible, even at times malicious. This, he said, would be
dealt with at another time.
Virgie Arthur, Anna Nicole's mother and the grand-
mother of Dannielynn, said she was extremely pleased that
Dannielynn will know who her "real father" is.
"It's been like a rollercoaster. We've lost a grandson,
ya'll please don't forget that," she said.
The custody battle continues before the Supreme Court
on Friday.

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

In a nation of islands it is essential to be
able to navigate over the horizon with
confidence. Prepare for safe voyaging by
enrolling in the Terrestrial Navigation
Course offered by The Bahanmas School
of Marine Navigation. Plan to attend the
free first class on Monday, April 16, at
7 p.m. at BASRA Headquarters on
East Bay Street. Details: 364-2861 or
(242) 535-6234

resident said.
Other callers complained
about the "toxic" smell that was
coming from the station, which
could reportedly sometimes be
detected as far away as "Star
Bucks in Palmdale."
Speaking with The Tribune
yesterday, Armando Vegas,
retail district manager for
Chevron Bahamas, explained
that an environmental clean-up
- authorised by the Department
of Environmental Health is
currently taking place at the
Shirley Street station.
"We are replacing the tanks,
we're cleaning up any haz-
ardous materials that need to
be removed," he said.
Chevron, Mr Vegas said, is
removing the existing under-
ground tanks which are used for

storing gasoline and diesel and
replacing them with new tanks.
"Before putting in new tanks
we have to make sure the place
is clean," he said.
Mr Vegas emphasised that
the clean-up presents no dan-
ger to any of the residents of
the area.
He said that work on the sta-
tion is expected to be complet-
ed within the next month.
Mr Pinder added that the
exercise is being supervised by
the Department of Environ-
mental Health Services and
explained that the odour detect-
ed by some residents may be
emanating from soil removed
from the station's underground
storage tanks.
He said the soil will soon be
removed from the site and
properly disposed of, at which
time the odour is expected to
"(The work) is being done in
accordance with our standard
operating procedures as well as
the standard operating proce-
dures of Texaco International
(Chevron Bahamas was for-
merly Texaco Bahamas)," he
Mr Pinder said that any
petroleum product that could
spill into the ground water is
immediately cleaned up and
"So you're not dealing with
a situation where there is leak-
age over an extended period of
"We are aware of (the occa-
sional leakage). It happens all
the time and every precaution is
being taken, not only to min-
imise the degree to which there
is potential damage, but also in
the event that there is in fact
actual spillage," he said.
Mr Pinder said that his
department understands the
residents' concerns, but empha-
sised that the people can be
assured that all the involved
government agencies are ensur-
ing that "every possible pre-


caution is being taken Vp as to
minimise any hazard,to the
environment." -"
Responding to the complaint
by residents that no announce-
ment of the potentially haz-
ardous work was maderprior to
the station's refurbishment
exercise, Mr Pinder said that
there is no requirement for such
a notice.
"I don't know that we
require them to give any public
notice beyond (the signs at the
station), such as newspaper and
radio infomercials, I don't think
that is an requirement,", he said.


FROM page one
Lovers' Beach around lam
Thursday. And a fourth body
of a young woman later sur-
faced around 2am "asofficers
attempted to salvage the cap-
sized vessel from the water.
According to three Haitian
women in custody, the group
had arrived on Grand Bahama
from Nassau aboard a larger
vessel two days earlier. They
said they had stayed at a housee
with a Bahamian man, be'eved
to be the captain of the capsized
boat. -
The women were among a
group of Haitians,. and
Jamaicans, and two Chinese
nationals, who were passengers -.
on a black and white speedboat
with twin 200 horse pow.er. out-
board engines.
Mr Rahming said sjrtly
after setting out on the tip the "
boat overturned somewhere
near Freeport Harbour. He said
some persons were ableto swim
to shore.
Police and immigratipp offi-
cers are being assisted hbyBOR-
CO in the search for other pos-
sible victims. Aerial searches
were also conducted Friday
morning along the nearby
southern coastline. 7

5 Scotiabank*

Scotiabank (Bahamas) Ltd. is seeking the services of:


With over 55,000 employees in over 50 countries, Scotiabank places great importance on
recognizing and rewarding strong performance. We offer room for advancement, a stimulating
work environment and the resources to help you make the most of your career. Together,
we continue to make Scotiabank a great place to work.


As the Senior Manager, Human Resources, you are a member of the senior management
team of Scotiabank (Bahamas) Ltd., with a focus on dealing with the strategic and tactical
Human Resources needs of a growing and profitable organization. This will include but
not be limited to: developing the HR strategy for the organization; working with the Bank's
support groups in the head office on the development of the annual total rewards program;
maintaining and developing a dynamic employee relations strategy; ensuring the effective
recruitment and orientation of new employees; managing the relationship between the
Bank and third-party service suppliers; and the identification of training needs and the
evolution of the training and development curriculum. You will need to be capable of
working in a highly cross-functional environment and be capable of managing tight time
lines and conflicting priorities. You are an exemplar of communication and relationship-
building skills, an excellent coach, and can effectively establish and maintain an open, co-
operative work environment.

Key accountabilities for this role:

Contribute to the achievement of the overall business objectives of Scotiabank ,
(Bahamas) Ltd.
Ensure the recruitment, development and maintenance of an engaged workforce.,
Support people through and act as an agent of change in the environment.
Be prepared to liaise with a wide variety of Departments, balancing the needs of.all
against the objectives and strategies of the Optimization program


Ten years of experience as a Human Resources professional.
A minimum of an undergraduate university degree, while a graduate degree or a
major in Human Resources is an asset.
Experience in the financial industry is an asset.
Proven experience managing people.
Excellent and proven negotiation and conflict resolution skills are essential.
Ability to learn quickly, adapt to an ever changing environment and adapt to ever
changing priorities are essential.


Frequent travel to the Family Islands
Occasional travel internationally.
Spanish Language is a bonus in an organization that is expanding rapidly in Spanish-
speaking countries.

The Scotiabank Group is an equal opportunity employer and welcomes applications from
all interested parties. We thank you for your interest, however, only those candidates
selected for an interview will bie contacted.

Qualified candidates only should submit applications in writing marked Private and
Confidential by Monday, April 30, 2007 to:
Manager, Manpower & Succession Planning,
P. 0. Box N-7518, Nassau, Bahamas or email scotlabank.bs

i-- - '.. ^ ^ -- I


APRIL 11, 2007

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

Wild Florida Secrets of the Dead Evidence that Fat: What No One Is Telling You (N) (CC) Fat: Issues Spe-
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CRASHERS'R' with a white man. C 'PG-13' (CC) with a bank robber. 'R' (CC)
(:20) **k THEY LIVE (1988, Science Fiction) Roddy *, KING'S RANSOM (2005, Comedy) Anthony An- (:40) * THE
MOMAX Piper, Keith David. A drifter uncovers an alien plot to derson, Jay Mohr. A businessman plots his own kid- HARD WAY
control mankind,. 'R' (CC) napping to foil his wife. C 'PG-13 (CC) (1991) 'R'
This American The Tudors "Episode 2" (iTV) Henry ** A ELIZABETHTOWN (2005, Comedy-Drama) Orlando Bloom,
SHOW Life (iV) God. considers an alliance with Spain. Cl Kirsten Dunst, Susan Sarandon. TV. A flight attendant helps a man get
__(CC) (CC) back on track. C 'PG-13'(CC)


(1994) 'PG' (CC)

__________ _________________________________________________________________ I- _______________________________________________________________


* 4


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*:5 *t MAD HOT BALLROOM (2005, Documentary) Premiere. I A NIGHT AT THE ROXBR
(CC) lKattan. 1) 'PG-13' (CC)



Reggae All Stars

rock Arawak Cay



TUFF Gong Promotions
Nassau's annual Reggae All
Stars Concert held at Arawak
Cay last week was again a huge
success according to attendees.
Now in its fourth year, Reg-
gae All Stars boast of bringing
the creme de la creme of artists
on their ticket.
Legendary artist Ken Boothe
got things started with hits from
the 1960s straight through the
1990s. He spoke briefly with the
audience about where the music
came from and how it had
evolved through the years.
At a press conference on the
eve of the concert, he remi-
nisced about performing' at' The

* RITA Marley

Cat and Fiddle on Nassau
Street. There were artists on the
card who had never performed
in The Bahamas before like
Half Pint, whose much-antici-
pated arrival was welcomed.
He was overwhelmed by the
love shown to him by the
Bahamian people. He is respon-
sible for such hits as 1 Am Not a
Substitute Lover, Level The
Vibes, Landlord and many oth-
ers over the years.
Barrington Levy and Wayne
Wonder, no strangers to the
Bahamian crowd, was also well
Of course, when the undis-
puted Dance Hall King of The
World stepped into the place
the mood changed. As he likes

to say, he took the people to a
higher level.
Elephant Man fans were not
in any way disappointed by his
high-energy performance. He
and Ninja Kid rocked the audi-
ence and had them waving and
jumping to all of the latest dances.
Rita Marley, also known to
many around the world as Nana
Marley, widow of legendary
reggae artist Bob Marley, also
graced the stage to sing the tune
One Love.
Kymani Marley and TOK,
who were also slated to per-
form, were no-shows.
One Hundred Jamz radio
personality. The Natural
Empress, did an excellent job
hosting the show.



April 2, 2007

Chairman's Statement

Net Sales for the 28-week period ending January 10, 2007 totalled $75 million, about
one-half of one percent below those for the same period last year. Despite physical constraints
at two locations, increasing competition in Grand Bahama and transition of product lines leaving
a temporary absence of promotional support, the results were satisfactory and within
projections. Specifically, cramped parking and the physical condition of our old Cable Beach
store during construction of the replacement facility hampered performance at that location
while road works at Tonique Williams-Darling Highway (Harrold Road) negatively impacted the
store at Independence Shopping Centre. In Grand Bahama, competitor stores that had suffered
major hurricane damage began to come back on stream.
During this period Bahamas Supermarkets Limited underwent a significant transition,
shedding not only Winn-Dixie ownership, directorships and products, but also its operating
support systems. The new flagship Cable Beach store was opened two weeks after the period
ended, new information technology and scanning introduced and new IGA-branded product
range sourced to replace Winn-Dixie's proprietary brands. Thanks in large part to absolute
dedication on the part of key employees and executive management who worked tirelessly to
ensure a smooth transition, sales were largely unaffected.
However, transition related expenses, escalating insurance premiums and dramatically
higher utility costs negatively impacted profitability. The transition also attracted extraordinary
costs including substantial fees paid to Winn-Dixie under the Transition Service Agreement.
This agreement, executed at the time of purchase and applicable for up to one full year, was
terminated in February 2007, after period end but prior to another contract quarter that would
have led to more fees. Early-termination allowed for a savings of $500,000 that will be reflected
in future net earnings results.
While these factors have created temporary setbacks in results, we have the utmost
confidence in the direction and future of Bahamas Supermarkets Limited, one of the country's
oldest and most respected businesses. We have embarked on long-term measures that will
improve operations and profitability. We are continuing to introduce new and expanding product
lines and a better shopping experience for our customers.

In late January, 2007, we opened the first new store in more than a decade and
response to Cable Beach City Market has been so positive and strong in sales and satisfaction
that it reinforces our commitment to upgrade all 11 other stores over the next 18 months, a
major investment and undertaking. Upon completion, every store will have point of sale
scanners to speed the check-out process and aid in inventory management. Some stores will be
elevate to 'signature' store status.
The 700 employees who continue to operate our warehouse and 12 City Market stores
under one banner after 40 years of split identity between Grand Bahama and Nassau are united
in sharing this commitment to take City Market to a new level. Changes are taking place within
the work force, too. Energetic leadership isintroducing new, recruitment methods ,targeting
persons we believe can grow with the company. Greater attention is being devoted to human
resource development and a program of ongoing training has begun. Staff in all 12 stores will be
outfitted with smart new uniforms in the coming months. Excellent benefit packages will
continue to attract staff.
Prior to the results being published, Abaco Markets Limited decided to sell its stake in
BSL Holdings, the majority shareholder of the company. These shares were willingly taken up
by the existing shareholders of the holding company, a clear demonstration of their confidence
in the future of this Bahamas Supermarkets Limited.
I would like to take this opportunity to thank all of our loyal customers, our staff and our
shareholders for their trust as we steered diligently through eventful times before we reached
calmer grounds from which to nurture the development of this company.

Bahamas Supermarkets Limited operates 12 supermarkets in The Bahamas.



QUARTER (unaudited)

Second Quarter
or the 16 Weeks Ended
nuary 10, January 11,
2007 200

First Qurter
For the 12 Weeks Ended
Spember 20, Sepiamber21,
2W6 2005

Bahamas Bus & Truck Co.Ltd

Montrose Avenue

Phone: 322-1722/Fax:326-7452

Net sales B$ 43,152,608 44,082,824 31,526,781 30,955,824
Total cost of sales and expenses B$ (41,900,110) (40,976.260) (30,533,964) (29,390.120)
Net earnings B$ 1,252,498 3,106,564 992,817 1,565,704

Earnings per share B$ 0.27 0.68 022 0.34
Dividends per share B$ 0.60 0.24 0.24

YEAR TO DATE (unaudited)
For the 28 Weeks Ended
January 102007 ary11. 200
Net sales B$ 74,679,389 75,038,648
Total cost of sales and expenses (72,434,074) (70,366.380)
Net earnings B$ 2,245,315 4,672,268

Earnings per share B$ 0.49 1.02
Dividends per share B$ 0.60 0.24

January 10, 2007 June 28, 2006
(unaudited) (audited)

Total assets B$ 29,949,762 34,982,214
Total liabilities B$ 7,232,259 11,773,907
Total shareholders' equity B$ 22,717,503 23,208,307

Copies of a full set of the unaudited Interim financial statements can be obtained from:
Bryan C.S. Knowles
Vice President, Treasurer, Chief Financial and Administrative Officer
Bahamas Supermarkets Limited
Headquarters Office
East-West Highway
P.O. Box N-3738
Nassau, Bahamas
Hours: 8:30 a.m. to 5:30 p.m. Monday through Friday, excluding public holidays
Phone: (242)-393-2830

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The Bahamas Telecommunications Company Limited

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The Bahamas Telecommunications Company Limited
was the proud Platinum Sponsor for the Track
& Field Team and the Exclusive Sponsor ".
for the Swimming Team.

CALL BTC 225-5282 www.btcbahamas.com


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,,iusinestribu,,(ia.t Miami Herald Business, Stocks, Analysis, Wall Street


parties called

out on



Attorney warns 'the Bahamas would suffer a negative economic impact', with

minimal trade benefits accruing and CARICOM businesses coming here

* BRIAN MOREE, senior partner at McKinney, Bancroft & Hughes

(FILE photo)

Tribune Business Editor
A prominent Bahamian
attorney yesterday
reiterated his call for
both major political
parties to publicly
state their positions on whether this
nation should join the CARICOM
Single Market & Economy (CMSE)
during the election campaign, warning
that "the Bahamas would suffer a
negative" economic impact if it signed
on to the agreement.
Brian Morce, senior partner at
McKinnev. Bancroft & Hughes, who
also heads the Financial Services Con-
sultative Forum, was responding to
little-noticed comments by Leonard
Archer, the Bahamas Ambassador to
CARICOM, who said the issue of
whether the Bahamas joined the
CSME was not dead, but merely
Describing this comment as "inter-
esting", Mr Moree told The Tribune:
"It does cause me some concern as
to whether or not the Bahamian peo-
ple can regard the CSME as a dead
issue from the point of view of this
country, or whether it is still, in the
view of the CARICOM Ambassador,
an issue which can be resurrected at a
future date."
His greatest concern, he said, was
that any party that won the May 2
general election if signing the
Bahamas on to the CSME was their
plan all along could interpret this
as a mandate for them to do just that
without further reference to the
Bahamian people.
Mr More said he personally

believed that if the Bahamas signed
on to the CSME and committed itself
to full integration with the rest of
CARICOM, this nation's economy
and businesses would be impacted
"It continues to be my view that
we in the Bahamas would suffer a
negative impact," he added.
The Bahamas is seeking four main
reservations from the CSME's pro-
visions, in the areas of free movement
of labour, the Common External Tar-
iff, the Caribbean Court of Justice
and monetary union.
Mr Archer and Fred Mitchell, min-
ister of foreign affairs, have repeat-
edly said that the Bahamas would be
able to obtain reservations from those
four aspects of the CSME.
Still, Mr Moree yesterday said that
if the Bahamas signed up to the
CSME, it "would have to contribute
to the extremely high costs of institu-
tions associated with the CSME.
including the Regional Secretariat
and all the other parts of the bureau-
cracy which are part and parcel of the
The Financial Services Forum
chairman added: "We would derive
no discernible trade benefits with oth-
er CARICOM states, as we have no
significant trade with those countries."
Currently, less than 1 per cent of
this nation's trade is conducted with
CSME member states, leading many
business and private sector leaders to
argue that ths country's future lies
northwards with the US, its largest
trading partner, as opposed to south-
wards and the Caribbean.
"Certainly, there would be a sig-
nificant move from individuals, busi-

nes s, companies, and persons look-
ing become involved in commercial
enterprises to come to the Bahamas
with their businesses under the Right
of Establishment, which exists under
the CSME," Mr Moree added.
"I think that would certainly result
in the involvement of many
Caribbean businesses and companies
in areas of the economy which they
are not allowed to participate in
[under the National Investment Poli-
cy], and this will have a significant
effect on our local businesses."
What the Right of Establishment
means for the Bahamas has been dis-
puted, with Mr Mitchell arguing that
self-employed persons would only
come to this nation to participate in
foreign exchange earning enterpris-
es, such as hotels, which are already
open to foreign-owned businesses.
The Right of Establishment, which
would allow nationals from CARI-
COM states to establish businesses
in the Bahamas on the same terms
and benefits as their Bahamian coun-
terparts, the minister has argued, does
not apply to sectors such as retail and
wholesale, which are presently
reserved for Bahamians only. This
argument, though, has been disput-
Mr Moree said yesterday: "Bahami-
an businesses could look to expand
into other countries which they cur-
rently don't have access to, but all
you have to do is look at the cases of
other member states their economies
and their GDP.
"It's pretty clear where the busi-

SEE page 2B

Hilton marina project

part of 'PM's vision'

Tribune Business Editor
THE Government is mov-
ing at "as fast a pace as we
can" given the upcoming gen-
eral election to ensure the pro-
posed marina/resort project
adjacent to downtown Nas-
sau's British Colonial Hilton
proceeds, The Tribune was told
yesterday, with the develop-
ment part of "the Prime Min-
ister's vision" for a revitalised
f-.2 Bay Street.
Vincent Pcet. minister of
financial services and invest-
S ments, said the Government
was not concerned about The
Tribune's revelations that,
from the developer's point of
view, the project was "in lim-
bo" after the British Colonial
Hilton's new majority owner
attempted to alter the original
terms of their joint venture
agreement yesterday.
Questioned by The tribune
on the Government's position
relating to the Island Global
Yachting development, Mr
S Pet said: "There's no concern
as far as we're concerned. The
- project is moving. It's very
important for the downtown
area to have the energy the
Government is committed to
bringing to it."
The l(;Y project, which will
feature a 72-slip marina, bou-
tique hotel of about 150-20()
rooms, several restaurants.
retail and a parking structure
for over 300 cars, would pro-
vide aiiollhcr 'anchor' for
(dowltoiwn Nas'all's revit;liisa-
lion l ;111(1 i'Il'_t eri(.'l ; sc' lion

Government moving
at 'as fast a pace as we
can' on IGY deal, but
minister's assertion on
the project's progress
contradicts company's

of West Bay Street that is look-
ing increasingly rundown.
Mr Peet told The Tribune
yesterday: "As far as the Gov-
ernment is concerned, we're
proceeding and at as fast a
pace as we can in the circum-
stances. We're satisfied the
investors are serious and will
allow the process to take its
"Of course it's important.
That's why it's been part of the
Prime Minister's vision for the
development of downtown. It
brings life and vibrancy to that
part of downtown."
Mr Peet's assertion that the
project is "moving", though,
does not square with the views
of Andrew Farkas, IGY's
chairman and chief executive.
IHe told 7he Tribune in Tues-
day's edition that his company
was not going to wait "much
longer" to achieve an agree-
ment with the Hilton's hold-
ing company, the British Colo-
nial Development Company,
which is now majority-owned
by Adurion Investment Man-
agement, a boutique Swiss/UK

SEE page 8B


Tel: (242) 356-7764

Tel: (242) 351-3010

-I~-- -' -

cr~n~n~~rv? I .- I --v P I R I r I


BISX firm's

challenge' ca


ish flow


Freeport Concrete's operating costs fall eight per cent,

with accounts payable down $ 1m since 2006 year-end

Tribune Business Editor
report Concrete's
chief executive has
indicated that once it

resolves its "main challenge"
of cash flow and acquiring
enough product to meet cus-
tomer demand at its Home
Centre retail subsidiary, the
BISX-listed entity will be well

on the way to turning its finan-
cial performance round.
In a letter to shareholders
on the company's fiscal 2007
second quarter results, Ray
Simpson said Freeport Con-
crete had suffered a minor
$14,000 loss for the three
months to the end of Febru-
ary on sales worth $3.88 mil-
He acknowledged that
Freeport Concrete's main
obstacle was generating
enough cash flow to purchase
the required amount of stock
from suppliers to meet cus-

tomer demands, the previous
high level of accounts payables
acting as an obstacle to this.
Describing the Home Centre
as the right business model, its
$214,000 loss in the 2007 first
quarter having declined to
$101,000 in the latest financial
reporting period, Mr Simpson
said inventory turns at the
retail operation were "the best
the company has ever seen".
He added: "Our main chal-
lenge is cash flow and once we

can resolve this, so we can
maintain sufficient inventory
levels to meet our customers
demands, we are confident that
our sales revenues will increase
Sales at the Home Centre
during the second quarter fell
slightly, from $3 million the
previous year to $2.75 million
this time, due to the closure of
its Seahorse Plaza location and
the transfer of stock to the new
Freeport Concrete's
accounts payable had declined
by about $1 million since the

fiscal 2006 year-end, with sec-
ond quarter operating costs
about 8 per cent lower than in
the 2007 first quarter.
Meanwhile, Mr Simpson
said Freeport Concrete's con-
crete plant generated an
$87,ooo net profit during the
2007 second quarter.
He added: "We are delight-
ed at the operating results of
the concrete plant and based
on our order book for the com-
ing months this division will
continue to be profitable
through to the end of this fiscal


Political parties called out on CSME intentions

FROM page 1B

ness is likely to move to, as it seeks more
buoyant markets and those countries
enjoying greater economic prosperity."
Mr Mitchell abandoned his seeming
one-man campaign to take the Bahamas
into the CSME in 2005, in the face of over-
whelming opposition.
However, Mr Moree said yesterday:
"My primary concern is that if either polit-
ical party has any intention of... taking the
Bahamas into the CSME within the next
five years, this is not the time nor the issue
to play hide and seek with the Bahamian
people on.

"It does cause me some
concern as to whether or'
not the Bahamian people
can regard the CSME as a
dead issue from the point
of view of this country, or
whether it is still, in the
view of the CARICOM
Ambassador, an issue
which can be resurrected
at a future date."
Brian Moree

"If any such intention exists within any
political party, an obligation exists, in my -
view, to state that position in the cam-
paign, so the Bahamian people know "
where the political parties stand on the
"It would not be legitimate for either
party to stay mute on this issue and then, .
if they win, as a newly-elected govern- .
ment claim they have a mandate to join
the CSME without further reference to
the Bahamian people.
"That, in my view, would be deceptive
and bad governance. Given the impor-
tance of the issue, we should ask our polit-
ical leaders and those who aspire to high-
er office to be very straight and not eqiv- '
ocate or play any games with us."

FirstCaribbean International Bank is a member of the CIBC Group. We are the region's
over 800,000 active accounts, with over 3,500 staff, 100 branches and centres.

Are you a proven, results oriented leader?
Do you thrive on a challenge?
Then here's your opportunity to become one of four Regional Sales Managers who will lead the
growth and development of FirstCaribbean's Retail Lending business in each of the following
four operating companies:
* Barbados, Belize and the OECS
* The Bahamas and Turks & Caicos Islands
* The Cayman Islands, Curacao, St. Maarten, British Virgin Islands
* Jamaica

As the Regional Sales Manager, you will be accountable for the business performance of
Retail Lending Business within your operating company, leading a sales team across a
diverse geography.

* Delivery of Retail Sales performance across all aspects of the retail business (Financial, Risk,
People and Customer Experience)
* Responsibility for working with Managing Director and Country Management Committee to
achieve overall operating company performance
* Direct leadership responsibility for the management and financial performance of the
Lending business
* Lead the development and achievement of agreed objectives, developed through effective
stakeholder and partner engagement
As a seasoned professional, you will have demonstrated success In the following areas:
* Building and leading teams
* Effective Sales Management
* Business management, both financial and operational
* Leading change
* Stakeholder management
Relevant experience in Retail Banking will be a significant asset.
This is an exciting opportunity to join the Caribbean's leading bank and be a part of delivering
market-leading performance for our customers and shareholders.
So, if this is for you and you're up to the challenge...
You will have a challenging, diverse experience. There are opportunities for professional
growth. Our compensation and reward package is attractively structured and performance
bonuses are offered.
Please complete your r6sum6, matching your skills and experience to the role and highlighting
your professional qualifications or equivalent.
Applicants are requested to submit their r6sume with a cover letter by 23rd April 2007 to:
Lisa Prescod
Manager Retail, Competency Development
FirstCaribbean International Bank
Head Office
Warrens, St. Michael
Email: Lisa.Prescod@flrstcaribbeanbank.com

2001 BMW 7401L
Mint Condition Navy Blue
Tan Leather Interior Fully Loaded
Bluetooth Hands free phone system Satellite Radio
Electronic Damping Suspension Control
All Leather
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 424-2173



A vacancy exists in the Corporation for Internal Auditor in the Internal Audit
The job executes various audit and investigation assignments as stipulated in the
Schedule of Activities formulated by the AGM Chief Internal Auditor; supervises
and directs the activities of the Audit Clerks, and offers technical assistance to the
Assistant Internal Auditors, The internal auditor trains subordinate staff; assists the
External Auditors with joint audit efforts for the year-end audit; produces audit
programs; produces audit and investigation reports as well as monthly and quarterly
reports; assists the AGM-Chief Internal Auditor with annual plans and corporate
The duties and responsibilities for this job is as follows, but not limited to:
Produce audit programs and submit for approval of the Chief Internal Auditor
Conducts complete risk assessment for areas being audited
Conducts financial, operational and ITS audit assignments in accordance with
established audit programs
Produces complete file of audit working papers
Produces audit reports on audit concerns and recommendations in accordance
with the IIA Standards
Conducts some confidential audit investigations, evaluate finding & produce
reports; exercising the IIA's ethical standards
Conducts reviews of budgetary systems (including variances analysis), policies,
manpower efficiency and new computer applications
Discusses audit concerns with the relevant Department/Section head and seek
agreement to implement recommendations
Supervises work of Audit Clerks and conduct review of work done
The incumbent should also have:
A Bachelors degree in Accounting or other closely related discipline and a
professional accounting qualification e.g. CPA, CA or ACCA
Obtaining the CIA would be highly desirable
Five years post certification experience in auditing and general accounting
with experience in interviewing, producing reports and making verbal

Interested persons may apply by completing and returning an Application
Form to:
The Manager-Human Resources & Training,
Bahamas Electricity Corporation,
Blue Hill & Tucker Roads,
P.O. Box N-7509 Nassau, Bahamas
on or before: April 20, 2007.


* ..=
*. .





* 4




Ehie MliamiM Heral WEDNESDAY, APRIL 11, 2007



1 j-~ Mu

0 0 China's surplus drops; U.S. complain
NASDAQ 2,477.61 +8.43 A
10-YR NOTE 4.72 -.03 V N China's trade surplus almost and allow its currency to appreciate appealed for patience, Washington's
i .i i th first quarter more muicklv. Last month. Washing- seems to be running out.



oUUUIIU III n I, 1r tell i.,l
61.89 +0.38 adding to friction as the U.S. took
complaints against its
second-largest trading partner to
.1 the WTO.


edge up;



Associated Press
NEW YORK Stocks edged
higher Tuesday as investors
refrained from major moves
ahead of first-quarter earnings
reports that began with Alcoa's
-results after the closing bell. A
:-modest increase in the Dow
'Jones industrials marked the
eighth-straight win for the blue
chip index, its longest such
streak since 2003.
Q Aluminum producer Alcoa
reported a better-than-expected
first-quarter profit, pleasing
investors who bid the compa-
ny's stock up in after-hours
trading. Wall Street was looking
" for results from the Dow com-
ponent to not only gauge the
pace of earnings for the quarter
but as a proxy for the health of
the overall economy.
'. Tuesday was the second day
in a row that stocks showed lit-
Ste overall movement as inves-
tors.awaited news of how com-
'panies fared during the first
quartberand also their expecta-
tions brthe cQmig quarters In
Sthe fourh-quarter, StAndard &'.
Poor's Ima oapanievBanappedr
an 1S-quarter streak of double-.,
digit profit gains, and Wall
Street expects profit growth to
remain in the single digits for
the first three months of the
"A lot of people ard going to
be' watching earnings very
closely and not just the num-
bers, but the guidance that they
give going forward," said J.
S Michael Barron, chief executive
of Knott Capital. "It think that
will be crucial.'
The Dow rose 4.71, or 0.04
percent, to 12,573.85.
Broader stock indicators'
edged higher. The S&P 500 rose
3.78, or 0.26 percent, to 1,44839,
.aand the Nasdaq composite
index advanced 8.43, or 0.34
percent, to 2,477.61.
Bonds continued their recov-
ery, with the yield on the bench-
mark 10-year Treasury note fall-
ing to 4.72 percent from 4.75
percent late Monday.
Oil prices rose after selling
off Monday following doubts
about Iran's comments about its
uranium enrichment achieve-
ments. A barrel of light, sweet
crude for delivery on the New
York Mercantile Exchange rose
38 cents to settle at $61.89,
As they awaited earnings
news, investors examined com-
ments from Fed governors but
appeared unmoved.
Fed Gov. Frederic Mishkin
said Tuesday that inflation
expectations remain "well
anchored" and said inflationary
pressure have been "falling
ack agaiWn."
"- Dallas Fed President Richard
Fisher said the U.S. economy
has been growing but that its
expansion is slowing. He also
said inflation remains stub-
*bornly high.
Investors were also awaiting
minutes due Wednesday from
the Fed's most recent meeting.
Advancing issues outnum-
Sbered advancers by about 5 to 3
,on the New York Stock
Exchange, where consolidated
volume came to 2.49 billion
shares, compared with 2.32 bil-
lion traded Monday.
The Russell 2000 index of
smaller companies rose 2.87, or
.0.35 percent, to 814.51.
Overseas, Japan's Nikkei
stock average closed down 0.45
percent. Britain's FTSE 100 rose
'. 0.32 percent, Germany's DAX
index rose 0.94 percent, and
France's CAC-40 advanced 0.43

Associated Press
BEIJING China reported a
sharp monthly drop in its ballooning
trade surplus Tuesday and angrily
rejected two U.S. complaints filed
with the World Trade Organization
over product piracy and market
access for American movies, music
and books.
The exchanges threatened to add
tension to one of the world's biggest
- and thorniest trading relation-
ships already strained by U.S. pres-
sure on Beijing to close its trade gap

ton also imposed higher tariffs on
Chinese paper in a dispute over sub-
China's trade surplus in March fell
to $6.9 billion from $23.7 billion in
February, according to figures
released by the Chinese customs
But economists said the drop was
probably only temporary.
"Our expectation is that the
monthly trade surplus will stay above
$20 billion," said Citigroup's Shen
Beijing says it is trying to cut its
trade gap, which is growing amid
surging exports of everything from
consumer electronics to toys and
While Chinese leaders have

On Tuesday, the United States
filed two complaints against China at
the World Trade Organization over
its lax enforcement of copyright pol-
icy and alleged barriers on the sale of
U.S. movies, music and books in the
China's Commerce Ministry
expressed "great regret and strong
dissatisfaction" with the complaints,
which U.S. Trade Representative
Susan Schwab announced Monday.
China is one of the world's biggest
sources of illegally copied goods
ranging from movies, music and
designer clothes to sporting goods
and medications. U.S. companies
contend they are losing billions of
dollars a year in lost potential sales to


MADE IN JAPAN: Workers assemble a vehicle at Nissan Motor's plant, above, in Yokosuka, southwest
of Tokyo. New plants are being opened in Japan for the first time in decades. Below, workers add
parts to a vehicle in front of a parts chart on an assembly line.

Japanese automakers

create more jobs at home

* While many American car
makers are slashing U.S. jobs,
the Japanese are taking
advantage of strong demand
for their vehicles and using
production strategies
developed at home to open
more plants there.
Associated Press
TOKYO At a time when
Detroit's "Big Three" are closing
plants and slashing jobs to revive
their ailing business, their Japanese
counterparts are busy opening
plants in Japan for the first time in
That's because there's strong
demand for fuel-efficient small cars
such as the Toyota Yaris and
Honda Fit all of which are made
in Japan as well as luxury models
and hybrids, most of which are
made here.
But there's also a shift away
from the conventional wisdom that
automakers are best off making
cars in the same region where they
Toyota, Nissan and Honda real-
ize that the roots of their success lie
in the management and production
strategies developed and honed at
home from outstanding quality
control to their extensive supplier
networks and that expanding in
Japan may be the smartest way to
meet demand for certain types of
"It doesn't make sense to pro-
duce everything abroad," said Tsu-
yoshi Mochimaru, auto analyst
with Deutsche Securities in Tokyo.
"The idea is that rethinking quality
begins in Japan."
Among the recent boosts in pro-
duction here:
Honda Motor is planning its

first plant opening in Japan in 30
years. The new car-assembly and
engine plants will be running by
2010, creating 2,200 jobs.
Toyota Motor is adding a
new line at a plant in southwestern
Japan to double production of
engines for luxury models. The
engine plant, which opened in 2005,
marked Toyota's first plant open-
ing in Japan in about 20 years; the
new line, starting in 2008, will add
500 jobs.
Nissan Motor completed a
second engine facility last year to
make engines for luxury cars and
other models. It's expanding
another engine plant in Yokohama,
southwest of Tokyo.
Thierry Viadieu, a Nissan execu-
tive who has overseen alliances,
said the plant openings in Japan
mark a new stage of growth from
earlier decades when the main goal
was simpler: Get out of Japan to
produce cars where they're being
These days, he said, multina-
tional manufacturers need to be

sophisticated in their production
strategies, coordinating output
among their far-flung plants, amid
increasingly intense competition.
Nissan, for example, imports all
of its Infiniti luxury models sold in
North America from Japan and
for now, that make sense, said Nis-
san Chief Operating Officer Toshi-
yuki Shiga.
"We don't start out with the idea
that we need plants in Japan," Shiga
said. "Each plant taking up the chal-
lenge leads to Nissan's overall com-
Kazuo Aoki, general manager at
the Union of Japanese Scientists
and Engineers, an organization that
promotes technology, said the fun-
damentals of ensuring quality are
based in Japan, which boasts top-
notch parts suppliers and steelmak-
"It's still best to produce domes-
tically those cars with extra value,"
Aoki said. "But what you want to
avoid is friction with nations,
where the cars get exported."

its rejected

But China's top intellectual prop-
erty official criticized the U.S. move,
appealing for cooperation and dia-
logue, the official Xinhua News
Agency reported.
"It's not a sensible move for the
U.S. government to file such a com-
plaint," Tian Lipu, commissioner of
the Intellectual Property Office, was
quoted as saying. "To do a better job
in combating piracy, we need dia-
logue and cooperation, not confron-
tation and condemnation."
Senior officials from two countries
are to meet in May in Washington for
the latest round of a "strategic eco-
nomic dialogue" led by U.S. Treasury
Secretary Henry Paulson and Chi-
nese Vice Premier Wu Yi. The dia-
logue is meant to address issues rang-
ing from market access to complaints
about Chinese currency controls.



hits a



The euro gained against the
Japanese yen and the U.S. dollar
as investors were bullish that
borrowing costs would rise soon.
Bloomberg News
The euro advanced to a record
against the yen and a two-year high
against the dollar as signs of faster
economic growth in Europe
prompted traders to boost bets on
higher interest rates.
The euro gained as investors
added to wagers the European Cen-
tral Bank will lift borrowing costs
from 3.75 percent as soon as this
week. Futures trading signaled
increased anticipation of higher rates
after economic data today showed
German exports rose for the first
time in four months and French
industrial production was stronger
than forecast.
"You have to buy euro," said
Paresh Upadhyaya, who helps man-
age $29 billion in currency assets in
Boston at Putnam Investments. "It is
very difficult for the ECB to pause."
The euro rose 0.59 percent to
$1.3433 against the dollar at 4:10 p.m.
in New York after touching $1.3455,
the highest since March 2005. The
euro gained 0.40 percent to 159.99
yen, touching an all-time high of
160.10, as the Bank of Japan left its
benchmark rate unchanged at 0.5 per-
cent, the lowest among major econo-
mies. The European currency began
trading in January 1999.
The yield on September interest-
rate futures contracts has gained 21
basis points, or 0.21 percentage point,
since the start of March to 4.25 per-
cent, indicating bets have risen on
two more European rate increases.
The contract settles to the three-
month interbank offered rate for the
euro, which has averaged about 16
basis points above the ECB's bench-
mark rate since 1999.
The ECB will raise borrowing
costs 25 basis points to 4 percent by
November, according to the median
forecast of 18 economists surveyed
by Bloomberg News. All 37 econo-
mists surveyed expect the central
bank's policy makers to hold rates
steady at their meeting April 12.
The dollar fell against the euro
and yen after the U.S. government
said it will file complaints against
China to the World Trade Organiza-
tion, raising concern a dispute
between the two will escalate and
slow growth in both economies.
The dollar declined 0.22 percent
to 119.06 yen. The dollar also dropped
1.24 percent against the New Zealand
currency, 0.72 percent versus the
Swiss franc and 0.43 percent against
the British pound.
The dollar today wiped out its
gains from a Labor Department
report on April 6 that showed U.S.
employers last month added more
jobs than economists forecast and the
unemployment rate fell to 4.4 per-
cent, matching its lowest level in six


I L -I ,aRPuara~arrr~~:P~j~.:~

MiamiHerald.com I THE MIAMI HERALD




$1.9-BILLION DEAL French luxury goods group PPR said
Tuesday it made a friendly takeover offer for German
sporting goods company Puma.

Luxury goods maker

PPR bids for Puma

From Herald Wire Services

PPR, the French luxury goods maker behind the Gucci and
Yves Saint Laurent brands, said Tuesday it is buying a 27.1
percent stake in Puma (PMMAY.PK) and plans to make an
offer for the rest in a deal that values the world's third-largest
sporting goods maker at $7.1 billion.
Herzogenaurach-based Puma welcomed the offer and said
management would recommend it to shareholders.
FPR said it was paying $1.9 billion for the stake in Puma
held by the Mayfair investment company.
Following that deal, PPR said it plans to launch a "friendly
takeover offer" for Puma's remaining shares at the same price
of $44111 per share. It said it expects to complete the offer in
early July.
Puma shares soared 9.4 percent to close at $46L76 -
above PPR's offered price in Frankfurt. The shares had
risen more than 10 percent on Thursday, the last trading day
before the Easter weekend, on talk of a possible bid. PPR
shares rose 3.2 percent to close at $178.61 in Paris.


Aluminum producer The head of the Canadian
Alcoa (AA) kicked off the Auto Workers says he will
first quarter earnings period try to thwart billionaire
on Tuesday by posting an investor Kirk Kerkorian's
almost 9 percent rise in bid for Chrysler (DCX).
profits on favorable metal CAW President Buzz
prices and strong sales. Hargrove said Tuesday that
,- The Pittsburgh-based "= 1aerkorian'&Tracinda .
company earned $662 mil- Corp., as well as private
lion, or 75 cents per share, equity investors who are
during the first three studying Chrysler, have a
months of the year com- history of hurting workers.
months of the year corn- "We don't have much
pared with $608 million, or confidence or trust in Mr.

69 cents per shodare, durieang Kerkorian," Hargrove said.
the same period last year. "He's made billions by corn-
Revenue climbed U per- ing in, buying low, cutting
cent to $7.9 billion, from $7.1 jobs and throwing people
billion a year earlier, out of work, then selling."

CUT 17,000 JOBS
Citigroup (C), the big-
gest U.S. bank, may cut
5 percent of its workforce,
or almost 17,000 jobs, as the
company seeks to lower
annual expenses by more
than $1 billion, said a person
with knowledge of the com-
pany's plans.
The reductions follow a
three-month review by
Chief Operating Officer
Robert Druskin, said the
person, who declined to be
identified before today's

Tate & Lyle (TATE.L),
one of the world's largest
sugar producers, said Tues-
day it filed a case with the
U.S. International Trade
Commission alleging patent
infringement against three
Chinese manufacturers and
18 importers and distribu-
tors to the U.S. over the
technology it uses to make
"Our sucralose manufac-
turing technology is pro-
tected by a robust and
sophisticated patent estate,
which we will defend rigor-
ously," said Robert Gibber,
general counsel of London-
based Tate & Lyle.

Smart phone maker Palm
(PALM) said Tuesday it will
use a new platform based on
Linux to help the company
compete better.
Palm officials announced
the new operating system
platform during a meeting
with analysts in New York,
where they refused to talk
about recent rumors of a
possible buyout.
Palm has long used its
cornerstone Palm operating
system and last year broad-
ened its customer base by
debuting Treo smart phones
based on Microsoft's
(MSFT) Windows Mobile

AlrTran Holdings
(AAI), parent of AirTran
Airways, said its first-quar-
ter revenue per available
seat mile should beat previ-
ous estimates of a mild
decline and help the com-
pany to earn a "small profit."
The company said sales
per available seat mile will
be "slightly better" than pre-
vious guidance of a 1 percent
to 2 percent decline.
Shares of AirTran added
18 cents to close at $11.12 on
the NYSE.

4= 6Uc35p= Late 4m 65p. Late
Stod ar. d Chg. a him Stc air. s cs
Nasdl0OTr 00I 0 44.68 44.68 151701 Hallibtn s HAL 32.86 32.86 13500
IShR2Knya IM 800O 80.80 81119 Nvidia NVDA 30.03 30.07 +.04 13327
FMCG FCX 7046 70.66 +.19 69803 PNC PNC 72.88 72.88 12853
Kraft KFT 31.24 31.24 49935 ChartCm CHTR 2.84 2.84 '11697
Dell Inc I DELL 23.91 23.91' 43246 KBR Incn KR 21.30 21.30 11623
CellThera CTIC 1.62 1.62 35350 CVS Care CVS 35.00 35,00 10328
SPDR SPY 144.61 144.61 32855 ProctGam PG 63.21 63.21 10240
TimeWam TWX 21.01 21.01 27932.0
Microsoft MSFT 28.40 2838 -.02 24939 A 2A 53.93 53.93 9480
Emdeo HLHn 15.9 15.69 16674 Texlnst TXN 31.26 31.12 .14 8597
MS 0.28 80.28 5917 Altia s MO 70.16 70.21 +05 8241
BRCOD 10.22 10.22 15091 Akta AA 34.90 35.69 +.9 7563
SunMIro SUNW 5.93 5.93 14744 NikeB wi NKE 54.01 54.01 7440
For up-to-date stock quotes, go to wwwJa.Mdanerald.com and click on Business


Yahoo to provide search ads

for Viacom's Internet sites

Associated Press
com has picked Yahoo as its
online advertising partner in a
multiyear deal that could help
Yahoo become a more formi-
dable challenger to Google -
Viacom's foe in a legal squab-
ble over video copyrights.
Financial terms of the alli-
ance announced Tuesday
weren't disclosed.
New York-based Viacom
probably will get 70 percent to
80 percent of the revenue gen-
erated from the Yahoo ads,
based on the prevailing com-
missions in the Internet indus-
The small, text-based ads
will appear alongside search
results and other relevant con-
tent on 33 websites owned by
Viacom, including popular
destinations like MTV.com,
VH1.com, ComedyCen-
tral.com, Nickelodeon.com

and BET.com. Viacom previ-
ously had been selling most of
the ads themselves.
The friction that apparently
helped bring together Viacom
and Yahoo adds an intriguing
twist to the marriage.
Viacom sued Google last
month for $1 billion in dam-
ages, alleging the online
search leader's video-sharing
site, YouTube.com, has been
repeatedly violating copyright
law by showing clips from
Viacom's shows without per-
Google, which bought You-
Tube for $1.76 billion in
November, insists the video
site has obeyed the law by
removing copyrighted mate-
rial whenever asked.
Meanwhile, the competitive
tensions between Yahoo and
Google have been building for
Although it became one of
the Internet's first success sto-

ries, Yahoo has since been
eclipsed by its younger rival's
phenomenal success.
Propelled by the Internet's
largest advertising network,
Google last year earned $3.1
billion, quadrupling Yahoo's
$751 million profit. With a
market value of $145 billion,
Google is currently worth
three times more than Yahoo.
Google's growth has been
bolstered by advertising alli-
ances with some of the Web's
most trafficked sites, including
Time Warner's AOL.com,
News Corp.'s MySpace.com
and IAC/InteractiveCorp's
Ask.com. The Ask contract is
set to expire at the end of this
Yahoo hopes to close the
gap with a recently introduced
advertising formula, named
"Panama" because it is sup-
posed to open new corridors
in e-commerce, much like the
Panama Canal created new

opportunities in international
The Viacom contract repre-
sents Yahoo's first major dis-
tribution agreement since Pan-
ama's early February debut.
"We couldn't be more
pleased to have them as a part-
ner and we look forward to
growing our relationship even
more over time," said Philippe '
Dauman, Viacom's chief exec-
utive officer.
Yahoo Chairman Terry
Semel described the Viacom
deal as "the beginning of a
powerful and engaging part-
nership between our two com-
Viacom's Class B shares fell
40 cents Tuesday to close at
$40.60 on the New York Stock
Exchange. Yahoo shares rose 5
cents to finish at $31.69 on the
Nasdaq Stock Market, where
Google shares shed $1.71 to .
close at $466.50.

Associated Press
DALLAS The peak
spring home-selling season is
off to a slow start, builder D.R.
Horton said Tuesday, another
sign that bad times in the
housing market may last lon-
ger than expected.
Horton, the nation's largest
homebuilder by deliveries,
said Tuesday that its sales
order in the most recent quar-
ter fell 37 percent, led by even
steeper declines in California
and the Southwest.
The grim report trumped
recent indications that sales of
homes, especially existing
houses, had been improving.
"It appeared demand had
stabilized, but this throws that
into question," said Bernard
Markstein, an economist for
the National Association of
Home Builders.
Horton's founder and chair-
man, Donald R. Horton, said
that conditions for selling
homes "continue to be chal-
lenging in most of our mar-
kets," as the supply of unsold
new and existing homes
remained high.
"We continue to sell more
homes than any other builder,
even though the spring selling
season has not gotten off to its
usual strong start," he said.
The Fort Worth-based
company said net sales orders
for the quarter ended March 31
totaled 9,983 homes, down
from 15,771 a year ago. The
value of the orders dropped 40
percent, to $2.6 billion from
$4.4 billion a year ago.
The decline in orders was
sharpest in California, plung-
ing 59 percent to 1,107 from
2,697 a year earlier. Orders in
the Southwest fell 39 percent.


EVEN STEEPER DROP IN SOUTHWEST: D.R. Horton said Tuesday that its second-quarter
sales orders fell 37 percent. Above, workers toil on the roof of a new home being
constructed by Horton in the north Denver suburb of Thornton, Colo.

The smallest decline: 21 per-
cent in the Northeast.
The weak quarter followed
a 23 percent drop in orders
during the last three months of
Horton and other builders
have been forced to throw in
incentives to generate sales.
They have also reduced the
number of homes under con-
struction, dumped lots and
backed out of options for new
Shares of Horton .were
traded down 34 cents or, 1.54
percent, to close at $21.70

Tuesday on the New York
Stock Exchange. They have
traded in a 52-week range of
$19.52 to $35.
Experts said some of the
factors that overheated hous-
ing markets in the past several
years especially easy
financing for buyers with mar-
ginal credit and growing use of
zero-down loans to afford
pricey houses were coming
back to haunt builders.
People who bought homes
at low teaser interest rates are
now seeing their monthly pay-
ments soar. Many of them

can't afford the new payments
nor can they refinance under
today's tougher underwriting
"These people are now put-
ting those homes back on the
market. Most of them are
nearly new homes, and they're
competing with the builders,"
said Bruce Norris, a longtime
real estate investor in River-
side, Calif.
"This is not a solvable prob-
lem anytime soon," Norris
said. "It's going to run its
course," which he predicted
won't be over until 2010.

Cuomo: Student loan corruption widespread

Associated Press
arrangements between col-
leges and the companies that
lend their students billions of
dollars are far more wide-
spread than anticipated, New
York Attorney General
Andrew Cuomo told The
Associated Press Tuesday, just
as two more college financial
aid officers were suspended
amid a probe into the $85 bil-
lion industry.
Cuomo would not divulge
where the burgeoning investi-
gation is headed next, includ-
ing whether more subpoenas
are on the way. But he said the
investigation could lead to
criminal charges against high-
ranking officials at both lend-
ing companies and universi-
"This is like peeling an
onion," Cuomo said. "It seems
to be getting worse the more
we uncover. It's more wide-
spread than we originally
thought.... More schools and
more lenders at the top end.
"We have demonstrated
this is not just the exception,"
he said. "This is the rule."
Cuomo is investigating

alleged kickbacks to school
officials who steered students
to certain lenders. His investi-
gators say they have found
numerous arrangements that
benefited schools, financial aid
officers and lenders at the
expense of students.
Investigators found that
many colleges have estab-
lished "preferred lender" lists
and entered into revenue shar-
ing and other financial
arrangements with those lend-
ers. Some colleges have
"exclusive" preferred lender
agreements with the compa-
So far, six schools, includ-
ing the University of Pennsyl-
vania and New York Univer-
sity, have agreed to reimburse
students a total of $3.27 million
for inflated loan prices caused
by revenue sharing agree-
ments, Cuomo said. The
schools will return money to
students who took out loans
during the time the revenue
sharing agreement was in
effect. Students will be
refunded based on the amount
they were loaned.
On Monday, a loan com-

pany that has been at the cen-
ter of the investigation, CIT
Group, placed three top exec-
utives at its Student Loan
Xpress division on paid leave
following allegations of stock
transactions with a high-level
U.S. Department of Education
official and college financial
aid officers.
The Department of Educa-
tion official who oversaw
parts of the student loan
industry was also placed on
leave after it was reported that
in 2003 he owned at least
$100,000 worth of stock in
Education Lending Group, the
former parent of Student Loan
Xpress. The company was
acquired by CIT in 2005.
A number of student loan
officials at different schools
have also been placed on leave
pending the investigation.
On Tuesday, Widener Uni-
versity in Pennsylvania placed
Walter Cathie, the dean of
financial aid at Widener on
leave. Cuomo's office said
Cathie was paid $80,000 by
Student Loan Xpress since
2005. Investigators said they
believed Cathie had an agree-
ment with the company to
market its services to graduate

schools, receiving fees based
on loan volume.
Also on Tuesday, Capella
University, a Minneapolis-
based online school, said it
suspended its director of
financial aid after he acknowl-
edged accepting consulting
fees from Student Loan
Financial aid director Tim- a
othy Lehmann was put on paid
administrative leave after
Cuomo's office said he
received more than $13,000 in
fees from the company.
Capella President Michael
Offernan says Lehmann dis-
closed the payments last Fri-
The school is cooperating
with Cuomo's office and doing
an internal investigation as
well, Offernan said.
"No one is even defending
the situation anymore," he
Cuomo said he suspects
"dozens" of financial aid
officers around the country
have similar arrangements
that he has called decep-
tive, unethical and at times,


D.R. Horton 20 net sales orders decline


I ,


Solar power


way to


dS' of,


line lo

Tribune Business
C conservation initiatives
such as those devel-
C oped by the Cape by -_es
Eleuthera Institute can gener-
S ate ideas to help the Bahamas 03
Electricity Corporation (BEC) -- p
save money on large line loss-
es in the Family Islands, The d e e
Tribune was told yesterday.
Christian Henry, chief finan-
'cial officer at the Cape "B
Eleuthera Institute, explained
that although the law prohibits
individuals from generating
their own electricity, the Foun-
dation has been granted special
leave as a research facility to power back to the grid.
prove that its engineering is Mr Henry said this co
safe and effective, and can a great cost saving to
devise ways in which Eleuthera BEC. "Every bit of elec
and the Bahamas can be less produced by these solar
2 ,dependent on foreign oil. keeps a gallon of diesel
The Cape Eleuthera Insti- the BEC tanks," he expl
tute has completed a research "Because there are lar
campus that boasts one of the losses on an out-islan
most ecologically-responsible Eleuthera, where BE(
facilities in the Caribbean, duction costs are high
designed and engineered by local revenues, the sma
the Cape Systems team. tribution of electricity b
The Cape Eleuthera Insti- the grid will tend to savi
tute's solar-panelled roof gen- money in the long run
rates electricity for all on-site because the sun only :
needs, and even sends surplus half the day, we purchase



Tery ito

uld be
ol for
fuel in
ge line
d like
C pro-
r than
11 con-
ack to
. And

electricity at night. So it's got
benefits to both sides, and we
want BEC to know that we
appreciate their openness to
this project.
"When developers have a
choice to build an eco-resort
either in Barbados or the
Bahamas, it's this kind of grid-
intertie policy that will make a
big difference in where they
choose to invest."
BEC's general manager
Kevin Basden was in meetings
for most of the day and unable
to speak with Tribune Business
on the matter.




A vacancy exists in the Corporation for the post of Network Support Assistant in
the Information Technology Services Department Finance Division.
The duties and responsibilities for this job is as follows, but not limited to:
Assisting with the continuous operation and maintenance of
the Corporation's Local and Wide Area Networks (New
Providence & Family Islands)
Troubleshooting and resolving network hardware/software conflicts
Ensuring that all network devices are properly configured and
Providing end-user support for hardware, software and network
access issues
Network performance monitoring and the maintenance of
corresponding statistical data
Maintaining network architecture documentation
Repairing Personal Computers and peripheral equipment
Monitoring and maintaining computer equipment inventory/supplies
Identifying and recommending Information Technology solutions
The incumbent should also have:
A minimum of an Associate Degree with concentration in Computer
A minimum of 1-2 years experience in LAN/WAN environment
Network + and/or A+ Certification (Cisco (CCNA a plus)
Sound technical knowledge of network and computer operating
Demonstrates knowledge of the operation and function of standard
networking equipment
Excellent written and verbal communication skills
Knowledge of effective user support services
Interested persons may apply by completing and returning an Application
Form to: The Manager Human Resources & Training,
Bahamas Electricity Corporation, Blue Hill & Tucker Roads,
P.O. Box N-7509, Nassau Bahamas,
on or before April 20, 2007.

Our client, a bank & trust company, is seeking applications for the following managerial
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 accotuts.
Candidates must meet the following criteria:
Minimum of three years relev ant administrative management experience.
Bachelor's Degree or higher vi lrlned i'di Nlasters degree preferred
Proven ability to enhance ope'ratnonal emricienlcies
Proficient in the use of the icitosoft range of applications
Knowledge of Quick Books
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 A lmager will also be responsible tor preparation, maintenance and analysis of
loan/trust documentation and related dfiuciary records.
Candidates must meet the following criteria.
Minimum of three years relevant IBC/corporate administration
Bachelor's Degree or higher in Business, La,\; 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 KI'YC 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
1 longest, hardworking and p ssess abthilitv 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 compleic resumes including references before April
10'', 2007 to:
Mark E. Munnings *
Deloitte & Touche
P. 0. Box N-7120
Nassau, Bahamas
limail: miiiniiiinii gs(a)deloitte.com.bs







NOTICE is hereby given that ELIANA OSCAR OF
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.

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
Interested then call for an interview
356-4512 or 356-4514



Tribune Business Editor
T he National Health
Insurance (NHI) Act
"places an unrealistic
obligation on employers" by
prohibiting Bahamian compa-
nies from modifying their exist-
ing private group health insur-
ance plans for employees with-
out first obtaining the minis-
ter's permission, a leading
member of the National Coali-
tion for Healthcare Reform


J Barrie Farrington, a senior
Kerzner International execu-
tive and head of the Bahamas
Hotel Employers Association
(BHEA), said Section 14 of
the NHI Act "removes the
right of choice" by preventing
employers from amending
group health insurance plans
for employees without obtain-
ing the prior approval of the
minister of health and national
The Government had previ-
ously explained that this part
of Section 14 was intended to
protect the rights of both
employer and employee,

ensuring that neither party was,
worse off once NHI was imple-
mented and became the pri-
mary healthcare insurance and
financing provider in the


For employees, this stipula-
tion was designed to prevent
employers from dropping or
modifying existing private
health insurance plans to such
an extent that the combination
of benefits this provided with
NIll was less than they previ-
ously received.
In turn, for employers this
clause was intended to ensure
they were not constrained by
industrial agreements or trade
unions from adjusting private
group health insurance plans
to take account of NHl1's
This, the Government said,
would enable employers to
avoid making 'double play-
ments' on services covered by
NHI and reduce the impact
from making mandatory con-
tributions to the scheme.
In an address to a sympo-
sium on health care and the
Government's proposed NHI
scheme. Mr Farrington said

devising a benefits package for
the scheme "seems to have
become a moving target with
no transparent documented
systems as to what will be
included and why".
He added: "The resources
required to provide cradle to
the grave coverage of all the
comprehensive benefits allud-
ed to will never be readily
"It is extremely important
that the proper expectation
level is established with the
public from the outset. It is not
feasible that every member of
the public will receive the
desired medical attention,
within their timeframe and at
their particular comfort level.
"It is important that realistic
expectations are set as there
will be a heightened culture of
entitlement once funds are
being deducted from employ-
ees salaries. A detailed listing
of benefits will also afford the
private insurance companies
the opportunity to offer sup-
plemental insurance for per-
sons who desire a higher
degree of coverage and com-


Mr Farrington suggested
that when it came to freedom
of choice, the Bahamas fol-
lowed the Cayman Islands
model. Here, while health
insurance was made mandato-
ry through legislation, employ-
ers and employees still had the

ability to choose who their
insurance provider was.
"Concerns regarding the sus-
tainability of the proposed sys-
tem continue to absorb our
attention," Mr Farrington
added. "The challenge of
implementing a cost effective
yet comprehensive system is a
daunting if not an impossible
The Government had
already indicated the NHI cost
projections would have to be
revised upwards, Mr Farring-
ton added, the Ministry of
Health having asserted that
increasing salaries will result
in increased contributions to
the scheme.


Yet he pointed out that
salaries only rose in line with
company profits, yet the Min-
istry had criticised those firms
that had expressed concern
about NHI's impact on their
bottom line.
"We assert that improved
profits lead to increased
salaries which lead to increased
NHI revenues. A matter of
simple economics," Mr Far-
rington said. "It is important
that long-term projections be
presented with several scenar-
ios, while also giving consider-
ation for economic growth or
retrenchment. A thorough eco-
nomic impact assessment is
essential to the decision mak-
ing process before implemen-
tation of a NHI plan."


NOTICE is hereby given that CREAMO ANTONIO
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 is hereby given that DEGRACE PIERRE LEWIS-
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.


NOTICE is hereby given that FANISE SIMON OF
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 is hereby given that FEDNA PETIT-BEAU OF
P.O. BOX SB-41300, 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 11th day of April, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,


No. 45 OF 2000


Notice is hereby given that in accordance with Section 137
(4) of The International Business Companies Act. 2000,
LANDL GROUP HOLDINGS S.A. is in dissolution. The Date
of commencemenieut of dissolution w as 27th day of 'March 2007.
D. Gilbert Cassar of Nassau, l-ahuamas is the Liquidator of

D. Gilbert Cassar

. *'.

. .-
f ,t .


* p
f ,
' *

' t

-^ *
'- *

* S

t, .


4 -


Pricing Information As Of:
Tuesday, 10 April 200 7
.L-SHARE INDEX: CLOSE 1,781 82/ CHG 00.00 /%CHG 00.00 / YTD 106 63 / 1TD ., 06.36
52wk-Hi 52wk-Low Securit y Previous Close Today's Close Change Daily Vol. EPS $ Div $ P/E Yield
1.85 0.54 Abaco Markets 0.98 0.98 0.00 -0.282 0.000 N/M 0.00%
12.05 10.70 Bahamas Property Fund 11.59 11.59 0.00 1.689 0.400 6.9 3.45%
9.00 7.10 Bank of Bahamas 9.00 9.00 0.00 3,207 0.737 0.260 12.2 2.89%
0.85 0.70 Benchmark 0.85 0.85 0.00 0.265 0.020 3.2 2.35%
2.30 1.26 Bahamas Waste 2.30 2.30 0.00 0.199 0.060 11.6 2.61%
1.49 1.12 Fidelity Bank 1.30 1.30 0.00 0.170 0.050 7.6 3.85%",,
10.33 9.00 Cable Bahamas 10.35 10.35 0.00 0.915 0.240 11.3 2.32%
2.20 1.67 Colina Holdings 2.10 2.10 0.00 0.078 0.0,10 26.9 1.90%
14.19 9.99 Commonwealth Bank 14.19 14.19 0.00 1.084 0680 13.1 4.79%
6.26 4.22 Consolidated Water BDRs 4.72 4.83 0.11 0.118 0.045 40.4 0.94%
2.88 2.40 Doctor's Hospital 2.46 2.46 0.00 0.295 0.000 8.3 0.00%
6.21 5.54 Famguard 5.94 5.94 0.00 0.552 0.240 10.8 4.04%
12.49 10.99 Finco 12.49 12.49 0.00 0.779 0.570 15.7 4.58%
14.70 11.50 FirstCaribbean 14.61 14.61 0.00 0.977 0.500 15.0 3.40%
17.06 10.42 Focol 17.06 17.06 0.00 1.644 0.510 10.4 2.99%
1.15 0.50 Freeport Concrete 0.50 0.50 0.00 2,000 -0.432 0.000 N/M 0.00%
10.20 7.10 ICD Utilities 7.25 7.25 0.00 0.532 0.100 13.6 1.38%
9.10 8.52 J. S. Johnson 9.05 9.05 0.00 0.588 0.560 15.4 6.19%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 1.269 0.795 7.9 7.95%
: P &ver-Itii,('ihter Seourities
52wk-Hi 52wk-Low Symbol Bid Ask $ Last Price WeeH, V.i,,1 EPS .. P/E Yield
11.30 12.25 Bahamas Supermarkels 14.60 15.60 16 u07 1 '. 1 i'-,. 8.8 7.71%
10.14 10.00 Caribbean Crossings (Pref) 8.00 8.25 10.00 0.000 0.640 NM 7.85%
0 54 0.20 RND Holdings 0.45 0.55 0.20 0.021 0.000 26.2 0.00%
S- '' Co Iha Gve-Tllec6&nter Securites
43.00 28.00 ABDAB 41.00 43.00 41.00 2.220 0.000 19.4 0.00%
14.60 14.00 Bahamas Supermarkets 14.60 15.50 14.00 1.770 1.320 8.3 9.04%
0.60 0.35 RND Holdings 0.45 0.55 0.45 -0.070 0.000 N/M 0.00%
,.V 4,4 ',: BISX Listed Mutual Funds
52w*k-H. 52wk-Low Fund Narre NA V ','TD.: Laji 12 kMorluh- D,. Yield %
1.3347 1.2816 Colina Money Market Fund 1.334677*
3.0988 2.7451 Fidelity Bahamas G & I Fund 3.0988***
2.6492 2.3294 Colina MSI Preferred Fund 2.649189**
1.2386 1.1643 Colina Bond Fund 1.238600****
11.3945 10.0000 Fidelity Prime Income Fund 11.3945"***
,. .;i'..i-...:., ... FINDEX CLOSE 793 36 / YTD 06 91% / 2006 34 .7":,
BISX ALL SHARE INDEX 19 Dec 02 = 1,000.e0 MARKET TERMS YIELD last 12 ionth dividends divided by closing pri(t NAV KFY(
52wk-Hi Highest closing price In last 52 weeks Bid $ Buying price of Colina and Fldolily
52wk-Low Lowest closing price In last 52 weeks Ask $ Soiling price of Colina and fidelity 0 Much :00,
Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-countor price
Today's Close -Current day's weighted price for daily volume Weekly Vol. Trading volumni of the pilor wuk 31 M. i'h 2l007
Change Change In closing price from day to day EPS $ A company's reported iariinlqrg per sharir for Iho l,- 1I iniflt;
Daily Vol. Number of total shares traded today NAV INt Asset Valueo *" .loitiniy 2007
DIV $ Dividends per share paid In the last 12 months N/M Not Meaningful
P/E Closing price divided by the last 12 month eamings FINDEX The Fidelity Bahamas Stock Index. January 1, 199.1 100 31 M.irchI :'007
- r obiu.riy 2007
TO TRA biB' .'.COLINA 242-502-7010 1 FIDELITY 242-356-7764 / FOR MORE DATA & INFORMATION CALL (2421 39-1-2503

I _

National'Health Insurance,

Act pl'a'ces an unreafistic

obhgation, oo employers

* a




Dividend funds can

offer more than just

reliable income

AP Business Writer
dend funds once held an image
of a reliable teammate not a
player languishing on the
bench but also not the one
drawing accolades from fans.
But dividend funds can be
more than a reliable invest-
ment paying dividends even
when stocks themselves are
'sputtering; not only do their
*underlying stock prices offer
the chance for appreciation,
the dividends themselves may
S.also be on the rise.
Companies that pay divi-
dends and the funds that track
them have grown more attrac-
tive" to some investors since
lawmakers reduced taxes divi-
dends face in 2003.
Judith Saryan, a portfolio
manager at Eaton Vance
Investment Management, said
'dividends are also now seen as
a more wise use of a compa-
ny's cash.
"One of the best things a
. board of directors can do to
Show a company is healthy is to
pay and to grow a dividend,"
she said.
"Companies were just chas-
.ing capital appreciation at all
costs. They really did not focus
on dividend growth, so we had
a decade in the 1990s where
dividends didn't really con-
tribute much to total return."
Saryan, who helps run the
Eaton Vance Tax-Managed
Dividend Income Fund, con-

tends some investors now look
at dividend funds as a partial
substitute to bonds.
While she cautioned that
stocks are naturally more
volatile than bonds, she notes
that more companies in the
Standard & Poor's 500 have
begun paying dividends and
have more readily increased
the amount of the payments
since the tax-law changes.
"If you're a dividend-
focused fund, your hunting
ground tends to be the kind of
companies that are in the S&P
500," said Christopher Davis,
an analyst at investment
research provider Morningstar
Inc. ,
The large companies of the
S&P 500 are different from,
say, startup technology com-
panies that often choose to
reinvest their money in the
company rather than make a
payment to shareholders.
Not all small companies are
overlooked by dividend funds,
however. Some funds concen-
trate on dividend growth
rather than the current size of
the payments.
"If you can find companies
that you think have a high like-
lihood of consistent and sig-
nificant dividend increases for
a long time to come then
you've got some real poten-
tial," said Donald Taylor, a co-
portfolio manager at the
Franklin Rising Dividends

He contends, for example,
that a company with a dividend
yield of two per cent and with
sizable potential could be a
better bet than a company with
a four per cent yield but with
less hope for growth.
"I'll sacrifice some current
yield for confidence in long-
term dividend growth
Traditionally, dividends were
favored by retirees who
depended on them to supple-
ment their income. Taylor not-
ed that investors not soon fac-
ing retirement perhaps would-
n't immediately need the
income brought by bigger div-
idends but that doesn't
mean these aren't good invest-
ments for them. Even if retire-
ment isn't nearby, investors
uneasy about the economy's
direction might find some secu-
rity in them, he said.
"In weaker markets there
generally is a focus on divi-
dends and in periods of volatil-
ity they have held up pretty
well," Taylor said.
Davis noted that because
many mutual funds incorpo-
rate the word "dividend" into
their names, investors "have
to look under the hood" to
determine whether a fund is
appropriate for them.
"A dividend going from two
cents to five cents is an
increase but it's not going to
yield much. It's not going to
pay the rent."
Davis said investors should

also be careful about choosing
a dividend fund simply because
it has a high yield.
"You want to make sure the
fundamentals underlying that
fund are sound. Don't be bam-
boozled by a high yield, or a
high star rating or by flashy
short-term returns because
they may not tell the whole
story," he said.
Dan Genter, president and
CEO of RNC Genter, said
when considering whether to
invest in a dividend-paying
stock he focuses on the com-
pany's balance sheet, its com-
mitment to maintaining and
increasing a dividend as well
as the strength of company's
growth prospects.
He said that while many
investors once simply debated
what mix of stock and bond
funds to hold, some are
increasingly looking to shoe-
horn dividends funds alongside
other investments as the pos-
sibility of a lengthy retirement
"Where 15 years ago pulling
in the horns would've meant
going to fixed-income, now it
means you just go a more con-
servative asset class."

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

Private Client Document Specialist

The main duties of this position are:

Review of client documentation
Account opening and maintenance
Addressing client advisors' requests and queries
Handling client correspondence
Management reporting

Candidates must possess:

Strong organizational skills
Strong written and verbal communication skills
Ability to multi task
Strong knowledge of "know your customer" requirements
High level of self-motivation and ability to work independently
Attention to detail, accuracy and commitment to service excellence
Proficiency in MS Office Applications
Bachelors degree or above in Business Administration or Accounting

Prior experience performing similar duties at a supervisory level in a private bank or trust
company is an asset.

Please send your written application to:

UBS (Bahamas) Ltd.
Human Resources
P.O. Box N-7757
Nassau, Bahamas
Attn: Private Client Document Specialist

m I

* sm..sj-



, .-'In


Bahamas Electricity Corporation



A vacancy exists in the Corporation for a Staff Accountant in the Finance

The Staff Accountant is responsible for ensuring, the proper accounting for
all projects related activities, which includes proper billing, and monitoring
of receipts of miscellaneous receivables and managing the fixed asset register.

The duties and responsibilities for this job is as follows, but not limited

Assist in the management of the Finance Department which primarily
include: the preparation of disbursements; management of vendor
accounts; and management of payroll

Analyzes monthly financial information and reports

Evaluate and summarize the Corporation's current and projected financial

Ensure timely reporting on specific and general departmental
responsibilities; and any other duties as assigned

Monitors compliance with generally accepted accounting principles

The incumbent should also have:

A Bachelors degree with certification in Accounting ACCA/CPA or
equivalent qualifications
Excellent written and verbal communication skills
Strong analytical abilities and skills
Effective leadership skills
Good time management, and
Strong interpersonal and human relation skills

Interested persons may apply by completing an returning an Application
Form to: The Manager Human Resources & Training, Bahamas
Electricity Corporation, Blue Hill & Tucker, P. 0. Box N-7509 Nassau
Bahamas on or before April 20, 2007.

The Government of The Bahamas (GOB) has secured a loan from the Inter-American Development
Bank (IDB) in the form of the Support Programme for Transforming Education and Training
to facilitate the development of a dynamic education and training system that is aligned with the
demands of the economy for skilled human resources. The objective of the operation is to contribute
to the internal and external efficiency of the education system through a series of targeted interventions
that: (i) prepare young Bahamian children for early academic success and social integration; (ii)
facilitate the seamless transition of Bahamian youth from school to work; and (iii) strengthen the
capacity of the system to effectively use technology through the identification and implementation
of core competencies in E-Literacy for both teachers and students.
The Support Programme for Transforming Education and Training (SPTET) requires to fill
the following positions:
The ICT Specialist will provide leadership and support to the Department of Education on the use
of technologies to enhance learning from a pedagogical perspective.
Minimum Qualifications
Bachelors degree. a Masters degree preferred in Instructional Design, Educational Technology or
equivalent; at least four years experience in the instructional.use of technology for the improvement
of teaching and learning.
The Web Administrator is responsible for supporting websites, intranets and related web
technology projects throughout the organization. This position is responsible for multiple aspects
of website administration and support including development, testing, monitoring, vendor relations
and the underlying hosting infrastructure.
Minimum Qualifications
Bachelors degree in Computer Science or Computer Information Systems including Professional
Certifications and 5 6 years experience; Associate's degree in Computer Science or Computer
Information Systems including Professional Certifications and 7 8 years experience; Appropriate
certifications based on the tools required to be used.
The Database Administrator provides technical support, centralized control, implementation, and
monitoring of the organization's databases. Coordinates changes to computer databases, test and
implements the database applying knowledge of database management systems. Plans, coordinates,
and implements security measures to safeguard computer databases,
Minimum Qualifications
Bachelors degree in Computer Science or Database Administration and a minimum of four years
experience in database administration.
The Network/Security Administrator will manage the LAN performance and maintain the LAN
security which includes installation, maintenance and monitoring the operation of the local area
Minimum Qualifications & Experience
Associates degree in Computer Informalion Systems or Computer Science including Professional
Certifications, MCSE or CAN and 6 7 years applicable experience; Bachelor's degree in Computer
Information Systems or Computer Science including Professional Certifications, MCSE or CAN
and 4-5 years applicable experience
The Information and Communication Technology (ICT) Helpdesk will receive calls from users and
ensure that those calls are logged and provide technical assistance and maintenance to the schools
and organization's hardware and software.
Minimum Qualifications
Bachelors degree in Information Technology or Computer Information Systems including Professional
Certifications and 2 3 years experience; Associate's degree in Information Technology or Computer
Information Systems including Professional Certifications and 4 5 years experience.
All interested persons must submit Curriculum Vitae/Resumes so as to arrive no later than
Friday, April 27, 2007 and addressed to:
The Permanent Secretary
Ministry of Education, Science & Technology
P. 0. Box N 3913/14 *
Nassau, The Bahamas
Attention: John Haughton
Telephone: (242) 325-5200/4748
Fax: (242) 325-4660
Email: jhaughtonidbproject@ yahoo.com
& gmajoridbproject@yahoo.com




Developers accepting reservations

for pre-sales of residences

Tribune Business
: he developers for Port
Terra Nova, a bou-
tique, upscale residen-
tial development planned for
Grand Bahama, are accepting
reservations for pre-sales of
residences, The Tribune was
told yesterday.
Shannon DeFries, of Aqua-
marine Realty, said pre-sales
were going well, with poten-
tial homeowners showing a lot

of interest in the property.
Port Terra Nova is a newly-
proposed 29-unit residential
complex, which is to feature
penthouses, garden residences
and town houses, with 35-80
boat docks.
It will be located one mile
east of Freeport's Port Lucaya
destination, and will be devel-
oped by Port Terra Nova
Development Company at a
location called Smith's Point.
Ms DeFries said the mini-
mum $700,000 per unit asking
price, which includes boat
docking is considered, very

affordable and attracting inter-
She explained that the ten-
tative starting date for Port
Terra Nova was June 1, but
added that there could be
some delay pending the results
of the May 2 general election.
Ms DeFries described the
project as unique in that it was
very rare to have the contrac-
tor, developer and architect all
being the same person.
The project is being devel-
oped by Bahamian Donald
Dean, of The Architects Incor-
porated, a Grand Bahama-

based architectural, planning
and interior design firm, and
US developer Paul Kalomaris.
Ms DeFries said it was hard
to predict the impact the pro-
ject will have on the Grand
Bahamian economy, but
added: "I can only see it having
a big impact."
She added that many clients
were interested in buying vaca-
tion investments in Grand
The phase one 'founders'
programme will offer units
n.,in. iii price from $764,000
0 $1.I.ni' million. That pro-

gramme is to be launched this
week, with the developers
intending that it allow prospec-
tive buyers an early opportu-
nity to become involved at
"pre-construction prices, 50 per
cent below the current
Bahamian market compara-
development aims to
e- t Freeport's and Grand
B aima's proximity to Florida,
especially areas such as West
Palm Beach, where a large
number of wealthy, high-net
worth United States residents
live the ideal target market

for second home residences in
the Bahamas.
In common with the Grand
Bahama Port Authority.-
(GBPA) and Grand Bahama.'."
Development Company (DeV-'.',
co), Port Terra Nova Devel-:
opment Company views Grand
Bahama as an ideal second
home location, given that most
coastal areas in Florida are
now fully-developed and there
is no to little room left for con-
Up to press time last night,
The Tribune was unable to
reach Mr Dean for comment.

Hilton marina project part of 'PM's vision',

FROM page 1B investment house.
Mr Farkas indicated that lGY was
looking at alternative sites for its
project, in case Adurion did not
return to the "original terms" of the joint venture agreement with the
British Colonial Development Company.
The Government's chief investment negotiator, Sir Baltron Bethel,
who is also the Hotel Corporation's deputy chairman and managing
director, is understood to have met with Adurion executives over
their Hilton investment and the IGY project while in London last
month for his knighthood.
As reported previously, it is understood that while Sir Baltron
communicated the Government's eagerness to see the IGY project
move forward, it was reluctant to intervene in negotiations between
two private sector parties on a commercial transaction.
Contacts familiar with the situation said that both CCWIPP and
Adurion wanted the IGY project to happen, and all three parties
were agreed on the end objective.
The only difference currently was over how to get there, with Adu-
rion wanting to redraft the joint venture IGY agreement to ensure the
deal made sense to all sides and was the most efficient, effective way
of working things.
An economic impact study predicted that the downtown Nassau
IGY project would generate "very substantial employment", creating
700 direct full-time jobs and another 400 indirect permanent jobs for
Bahamians. The indirect jobs will be created at suppliers of goods and
services to the development, and through services provided to yachts. U MINISTER OF FINANCIAL
The study also forecast that the IGY development would create 200- SERVICES & INVESTMENTS
250 full-time jobs during construction, and has a total economic VINCENT PEET
impact of $222.8 million over a 20-year period. (FILE photo)

Credit Suisse Nassau


is presently considering applications for a

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

Main tasks:
* Ensuring that the Branch's books and records are accurately recorded on a timely
* Reconciling profit and loss for various product types covering loans, derivatives,
structured notes and subordinated debt
* Preparing all Branch, Group and Regulatory reporting to specific reporting
deadlines under US GAAP and Swiss GAAP
* Preparing of reports for Senior management in London and New York
* Ensuring that all Balance Sheet accounts are substantiated
* Involvement in various investment banking and Group accounting issues and
* Advising front office on structuring trades for the Branch
* Managing the assistant controller and influencing peers both in Bahamas and
other offices

* CPA or equivalent qualification
* A minimum of 7 years' post qualification experience in the banking industry
with at least 3 years experience in investment banking essential
* Knowledge of US GAAP especially for derivatives and structured products
* Experience with working with multicurrency trial balances and a full understanding
of foreign exchange risk management

Personal Qualities:
* A commitment to service excellence
* Ability to work under pressure and with minimum supervision
* Good organizational and interpersonal skills
* Ability to work independently
* Good IT skills

Benefits provided include:

* Competitive salary and benefits

Persons not meeting the minimum requirements need not apply.

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



U m


A vacancy exists in the Corporation for a Database Administrator in the
Finance Division.

The Database Administrator is responsible for planning, designing,
implementing and maintaining efficient operations of corporate databases and
preparation of logical data base design for in-house application development.

The duties and responsibilities for this job is as follows, but not limited

To participate in Information Systems development and implementation
Defines and implements data level security for all corporate databases.
Manages data migration/conversion issues during system installations.
Defining, establishing and operating databases for executive information
Develops procedures for the integration of corporate systems.
Defines, establishes and operates a database to serve Document Management
System requirements.
Leading and participating on committees assessing business information
technology needs.
Manages installation of release upgrades to installed RDBMD products.
Facilitates smooth transition of all business systems vendor upgrades.

The successful candidate should also possess:

A Bachelors degree in Computer Science or equivalent qualifications
*'Sound working knowledge of relevant database management systems
Sound knowledge of computer programming
Strong analytical skills and time management skills
Ability to communicate effectively both orally and in writing
Five years computer experience in a technology/data processing

Interested persons may apply by completing an
returning Application Form to:

The Manager-Human Resources & Training,
Bahamas Electricity Corporation,
Blue Hill & Tucker Roads, P. O. Box N-7509 N ssau, Bahamas
on or before April 20, 2007.