<%BANNER%>
The Tribune.
ALL ISSUES CITATION THUMBNAILS ZOOMABLE PAGE IMAGE
Full Citation
STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00084249/02870
 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: 4/18/2007
 Subjects
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
 Notes
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
sobekcm - UF00084249_02870
System ID: UF00084249:02870

Full Text






- -
nI 'I \


The Tribune

#1 PAPER IN CIRCULATION


fhe Miami Heralt
BAHAMAS EDITION


Volume: 103 No.121


Tm


WEDNESDAY, APRIL 18, 2007


PRICE 750


arp


UlD l


Claim that loss of weather
warning equipment at
airport has been
'kept quiet' by ministry


* By ALISON LOWE
Tribune Staff Reporter
PILOTS have been flying "at
risk" in and out of Lynden Pin-
dling International Airport for
more than a month without any
of the necessary weather warn-
ings since the meteorological
radar malfunctioned in Febru-
ary.
The loss of this key piece of
equipment at the airport has
been "kept quiet" by Ministry
of Aviation and Transport
authorities, said a concerned
and well-informed source yes-
terday.
The source said he felt
impelled to blow the whistle on
the equipment shortfall as it is
one that has the potential of
endangering the lives of hun-
dreds of visitors, Bahamians
and airline staff entering
Bahamian airspace on a daily
basis.
"People's safety should not
be compromised," he said.
The radar which enables
airport authorities to forecast
local weather conditions was
down last week when a small
plane crashed 20 miles off the
coast of New Providence, killing
two American men, and also
during the tornadoes in the
Andros area, facts which the
source said made the issue even
more "critical" and extremely
worrying.
"Through the radar we can
look at the echoes and deter-
mine the intensity of activities
so we can tell planes to plan
accordingly," explained the
source.


Though word was going
round that the radar was
expected to be up again by yes-
terday afternoon, the source
said it is "ridiculous that it took
so long to repair."
The machine known as a
doppler radar was installed at
the airport in 2005, at a cost of
around $1 million, said the
source.
The malfunction was based
on the failure of a "simple elec-
tronic card", he said. However,
authorities had "no spare parts"
at the time.
The source said it is "going
to be interesting" when the
investigation into the April 10
crash involving a single-engine
Piper Malibu aircraft concludes,
as it may become evident that
the radar's malfunction might
have had some role to play.
The plane, registered to Hap-
py Skies Inc out of Bonita
Springs, Florida, disappeared
from radar at about 5.21pm on
Tuesday.
The US Coast Guard discov-
ered remnants of the plane at
around 8 o'clock that evening.
"The bad weather we experi-
enced last week was really hor-
rible because they couldn't ade-
quately warn pilots," said the
source, who added that the
monitor displaying local mete-
orological information would
normally be checked before
flights take off.
The source said he was aware
that representation had been
made on behalf of US-based
pilots to the director of the
SEE page nine


A HUGE crowd gathered last night at Queen Elizabeth Sports Centre for the PLP rally. Party supporters were out in full force as
the general election set for May 2 draws closer.
(Photo: Felipe Major/Tribune staff)


S


Never start your


ei6m without us!

ofmes to


rance,
art choice is
management.
u can trust.


I MANAGEMENT
). INSURANCE BROKFRS .& AGENTS

IaIEleule r E


I.I'


Atlantis Cove Tower Young voters 'reject Man wanted for
workers receive artisan allegiance' questioning in
salaries after waiting partisan allegiance


5
RilB0st three weeks :
By BRENT DEAN r *168


* By ALEXANDRIO
MORLEY
Tribune Staff Reporter
THE Tribune has learned
that employees of the Cove
Tower at Atlantis did not
receive their salaries for
almost three weeks.
An inside source, who
spoke on the condition of
anonymity, said the employ-
ees did not get paid because
there was a "mix up" with
employee numbers and per-
sonal cheques were sent to the
wrong areas.
However, the source said
the issue was resolved last
week Thursday and now per-
sons have received their full
salaries.
The Tribune contacted the
Bahamas Hotel Catering and
Allied Workers Union, which
confirmed that the incident
had occurred.
SEE page nine


INDEPENDENT and swing
voters will, most likely, deter-
mine the outcome of the May 2
general election. In an effort to
gauge the thinking of this piv-
otal group, The Tribune has
spoken to four young Bahami-
ans, some white and some
black, who have rejected parti-
san allegiance, in order to deter-
mine their perception of the
campaign.
Sarah, 28, said she feels "dis


illusion
what she has seen thus f
"There is no ideolog
policy based difference
can see between the tw
ties. It seems very much
on personality. There's n
SEE page eigh


d" by
ar.
ical or
that I
vo par-
based
o men-
t


Claim that Entrepreneurial

Venture Fund is being

'mishandled and politicized'
* By ALISON LOWE
Tribune Staff Reporter
THE Entrepreneurial Venture Fund established by gov-
ernment to provide start-up capital or expansion funding for
Bahamian entrepreneurs is being "mishandled" and politicised,
to the detriment of the common man, independent candidate
for Golden Gates, Clever Duncombe, claimed yesterday.
Mr Duncombe claims he has had personal experience of
SEE page nine


disappearance
turns himself in
A MAN wanted for ques-
tioning in relation to the dis-
appearance of Canadian, Dar-
rell Coultier, 34, turned him-
self in to police yesterday
afternoon.
According to police press
liaison officer ASP Walter
Evans, Don Diego Cartwright,
32, who police say is a "person
of interest" in their investiga-
tion into Coultier's disappear-
ance, turned himself into
police yesterday.
Mr Evans told The Tribune
yesterday that Cartwright had
merely been wanted for ques-
tioning as the matter is still
under active investigation.
Canadian Darrell Cloutier
disappeared early last week.
He was last seen between
April 10 and 11 at the Sunrise
Beach Villas. Mr Cloutier, 34,
is 5' 9" weighs 180 pounds, of
light complexion, a receding
hairline and dark brown
hair.
He was last seen wearing
black coloured kaki pants, a
beige golf shirt and black
dress shoes.


... Inspired by the sun...


" .; '" ,h'.lvv''i -JaLX. ,c i T .V, FL. L.


S : I ,' I .. .'


Do Breakfast.


pil


ri


Wo


%F~cs~p(pp~d~p~ I Il~r;


i


~'''


~3~~'t '








PAE 2A Y RILI


'Uncaring Ingraham' is PLP call



as rally held in new Clifton


* By RUPERT MISSICK Jr
Chief Reporter
PRIME Minister Perry
Christie saved the historic land
marks of the Clifton area from
destruction by "an uncaring and
non-visionary Hubert Ingraham
government", PLP candidate
for the newly formed Clifton
constituency Jackson Ritchie
told those gathered at the gov-
erning party's mass rally yes-
terday.
Mr Ritchie said that the
dynamic future that has been
facilitated by the Christie gov-
ernment will blossom, bringing
Clifton's people great econom-
ic benefit and security.
"In just a short time, Clifton
will be the location of the first
national historic theme park,
administered by the visionary
Clifton Heritage Authority,
which was established by your
caring and visionary PLP gov-
ernment to save the land for the


I ICOUNTD O


Bahamian people that the pre-
vious Hubert Ingraham gov-
ernment would have sold to for-
eigners in order to make a golf
course and gated community on
our ancestors' graves," he said.
Mr Ritchie predicted that
both tourists and Bahamians
alike will flock to this theme
park every day of the year and
will enrich the Clifton con-
stituency with "many kinds of
employment and educational
opportunities.
"And, in a very short time,
several major developments will
come on stream that will bring


jobs and spin-off businesses and
increased prosperity to West-
ern New Providence. We must
not turn back now as we wit-
ness the transformation of the
island of New Providence and,
especially, the economic
empowerment of Clifton," he
said.
From thl north to the south,
the PLP candidate said, Prime
Minister qhristie's government
has created an economically
rewardin* present and, most
importariy, a promising and
dynamic future for all.
"These anchor properties,


which are investments not only
in the Bahamas but in the
future of the Bahamas, repre-
sent a steady income stream for
many Bahamians in today's
Bahamas, and also a steady
source of employment in the
future as these properties grow
and expand to meet the
demands in the years to come,"
Mr Ritchie said.
The candidate also said that
on the Family Islands, the qual-
ity of peoples' daily lives has
been vastly improved through
infrastructure development of
all kinds.
"Everywhere Bahamians are
being touched by the caring and
compassion of the Christie gov-
ernment, a government that is
truly concerned about every-
one, not just the privileged few
that are trying to bring back the
bad old days when Hubert
Ingraham's FNM took very
good care of that very small
bunch," Mr Ritchie said.


* PERRY Christie


South Beach candidate says FNM have

'diabolical plan' for rule by privileged


* By BRENT DEAN
THE leadership of the FNM
will deliver the Bahamian peo-
ple in to the hands of "a privi-
leged few" declared Wallace
Rolle, the PLP candidate for
South Beach.
Mr Rolle made this statement
last night at the PLP rally at the
Queen Elizabeth Sports Cen-
tre.
He said the opposition has
devised "a diabolical plan to
take us back to the time when
the government fought for a
privileged few in this coun-
try."
The South Beach candidate
again referred to the contro-
versy surrounding Mr Ingra-
ham's entry in to the last FNM
leadership race against then
leader Tommy Turnquest.
"Wasn't it Hubert Ingraham


who said he only wanted two
terms? Wasn't it Ingraham who
told Tommy that he will not run
against him for the leadership of
*the FNM?" he asked.
Recently, the PLP has shied
away from using the alleged
betrayal of Mr Turnquest by Mr
Ingraham as political fodder, in
wake of the controversy sur-
rounding the alleged broken
promise to Rev C B Moss by
Prime Minister Christie and
Bradley Roberts.
Keeping his criticisms of the
FNM at the national level, Mr
Rolle continued his attack
against Mr Ingraham, claiming
he lacks concern for citizens of
the Family Islands and if elect-
ed, will not empower Bahami-
ans.
"Mr Ingraham was not con-
cerned about putting lights on
Family Island airport runways


because he preferred to keep
them in the dark; never thought
about increasing stamp tax
exemption for first time home
owners; never thought about
economic empowerment for
Bahamians. Ask the Bahami-
ans who wanted to establish
cable TV in the Bahamas, but
no, he preferred to give it to
foreigners," he said.
Rather, Mr Rolle said: "It is
this caring Progressive Liberal
Party government that has
made significant and impressive
strides in this country and we
are not done yet.
"There is much land to be
possessed; there are many per-
sons who are still looking for
affordable homes and econom-
ic empowerment; and we will
not rest until each and every
one has had their own piece bf'
the pie."


*In brief

Upgrade of
system
by Cable
Bahamas due
CABLE Bahamas will be
carrying out a three quarter of
a million dollar network
upgrade this month several
months earlier than originally
scheduled after experienc-
ing some major problems
with their e-mail services last
week.
David Burrows, director of
marketing and pay per view,
followed up yesterday on
statements made on Friday
that Internet services would
be up and running again that
afternoon by explaining that a
"post mortem" revealed it
was not fact Internet, but just
e-mail services that were
down that day.
As anticipated, this service
was fully restored that after-
noon, said Mr Burrows.
Complaints were originally
made about Cable Bahamas'
digital television and Internet
services being effected fol-
lowing heavy storms early
Wednesday morning.
Throughout Wednesday, 30
channels were effected, but
three resumed later that day.
Subsequently, it appears
that those who were experi-
encing Internet outtages may
have had their modems
"fried" by the lightning storm,
rather than the service being
down on the provider end.

Stabbing
victim is
identified

POLICE have identified the
man who was stabbed to death
on Monday as Arthur Dorsett,
33, of Fire Trail Road.
Dorsett, who was report-
edly stabbed in his chest, died
at the Princess Margaret Hos-
pital of his wounds shortly
before 3pm the same day.
Police were alerted to the
stabbing, which occurred in the
Rasta Camp on Carmichael
Road, around 2.30pm.
Dorsett is the country's
27th murder victim this year.


eloitte





It ,; .


on the passing of the CPA Examinations
Ashley L Outten Is a 1999 graduate of St. John's College (SJC) with distinction, passing
nine BGCSEs. While attending SJC she was a recipient of the Governor General's Most
Outstanding Bahamian Students Award. a member of the Zonta Club, Governor General
Youth Award, and Key Club. Upon graduation, Ashley furthered her education at the Uni-
versity of Miami and graduated in May 2004 with Bachelor's of Business Administration in
Accounting with a minor in Spanish. While at University of Miami, she served as Vice Presi-
. dent of the Bahamian Students Association, and Assistant VP of Finance for the Interna-
tional Business Fraternity of Delta Sigma Pi, Beta Omega Chapter.
Ashley joined the Deloitte Family In September 2004 as a part of the audit department
and also took the role of an advisor for Junior Achievement Bahamas.
Ashley would like to encourage future and current CPA candidates not to succumb to the
struggles of studying. "The effort and the time you invest will be rewarding and like all
things, this too shall pass," she said.
She extends gratitude and thanks to God who makes all things possible. She also thanks
her grandmother, Roslyn North, her mother, Sharon Toote, her aunts, Paula and Sybil
Toote, Anthony Moseley, and the partners and staff at Deloitte. My heartfelt gratitude to
you all for your words of encouragement.
"It's great to have completed one of the major milestones in my life," said Outten. She
encourages those studying for the CPA never to give up, "It's a hard, long road, but there
is a light at the end of the tunnel, and the time you invest will be rewarding," she added.


-L.c. "-i-, a -. rt act


( "'1

S(2/LLL L. I .


g is 225n5282
YOoft CQNNMtIA TO THE ,.VORLD VI! 11 Vds


PAGE 2, WEDNESDAY, APRIL 18, 2007


THE TRIBUNE


-t


* ;, jR


I







WEDNESDAY, APRIL 18, 2007, PAGE 3


THE TRIBUNE


LOCL EW


*In brief

US official

warns of

declining

influence

* PUERTO RICO
San Juan
THE United States
neglects its Caribbean neigh-
bours and is losing influence
in the region to China and
Venezuela, a US congress-
man visiting the islands said
Monday, according to Asso-
ciated Press.
US Rep Eliot Engel, a
New York Democrat and
chairman of the House Inter-
national Relations subcom-
mittee on the Western Hemi-
sphere, said officials in
Grenada and Trinidad and
Tobago feel Washington
ignores the region and are
looking elsewhere for invest-
ment and aid.
"The people there are beg-
ging us to be engaged. By our
neglect, other countries oper-
ating in their own self-interest
will move in and fill the
void," Engel told Associated
Press by phone from
Trinidad.
During a four-day
Caribbean trip, Engel and
four other congressional
Democrats met with Trinida-
dian Prime Minister Patrick
Manning and toured a
Grenada medical school that
draws a large number of US
students.

Food sent

on ships to

villages in
Suriname

* SURINAME
Paramaribo
SURINAME has begun
sending food to remote vil-
lages where crop failures
have led to shortages in the
South American nation, a
relief official said Monday,
according to Associated Press.
Authorities planned to fly
rice and other staples to 10
to 15 villages, mostly in the
country's south near its bor-
der with Brazil, said Jerry Sli-
jngaard, head of the National
Disaster Relief Co-ordination
Center. The effort was
expected to take several days.

Correction

on missing

Canadian

reward
AN article printed yester-
day about missing Canadian
Darrell Coultier contained
incorrect information about
the reward being offered.
The article stated that
$10,000 has been offered for
"information that would lead
to the arrest of Don Diego
Cartwright" the man police
are searching for in connec-
tion with the Canadian's dis-
appearance.
The money is in fact it is
being offered for informa-
tion regarding Mr Coultier's
whereabouts.
It has been offered by the
missing man's family.
The Tribune wishes to
apologise for any inconve-
nience caused.


Secretary accuses



government of




reneging on offer


THE PLP government was
again accused of "incompetence
and inefficiency" last night, this
time by a woman who was
appointed as a secretary 16
months ago, but has never been
paid.
Monique Thurston, 35, was
originally offered a job with
Bahamas Information Services
in January, 2006.
Since then, she said, she has
been left "dangling" by the gov-
ernment, which has repeatedly
'failed to return phone calls and
deal with her problem.
Ms Thurston claims govern-
ment now owes her $15,400 in
back pay after agreeing to
employ her, then leaving her in
limbo for well over a year.
"This is due to their ineffi-
ciency and incompetence," she
told The Tribune. "They are out
there on the campaign trail
making promises, but they have
matters here that they have not
dealt with."
The story began when Ms
Thurston and two others were
offered jobs at BIS. It was dis-
covered that all three had rela-
tives working in the depart-
ment, so arrangements were
made to have them transferred
to other ministries.
Ms Thurston said: "They told
me I was going to the Ministry
of Housing, but it never hap-
pened. One lady was told she
was going to another ministry
and a third that she was going to
tourism. None of these things
came to pass."
Repeatedly, over the last 16
months, Ms Thurston has been
trying to implement the
appointment formally offered
in a letter from BIS human
resources manager Ms M L
Clare on January 9 last year.
But she has been blocked at
every turn, with officials failing
to return phone calls.
"Now that everyone is out
campaigning, no-one is doing
anything," she said, "but I think
the public has a right to know
about this situation."
Ms Thurston's complaint is
the latest in a long line of griev-
ances against government,
which has repeatedly been
described as "slack, lazy and
incompetent" during the PLP's
five years in power.
Failing to return phone calls
has been one of government's
major failings, in addition to
empty promises from ministers
and senior civil servants.
Ms Thurston said: "In Janu-
ary, I went to see Obie Wilch-


Woman claims she was


given job at BIS


- then


ignored for 16 months


come (Minister of Tourism).
lie said this (job offer) was not
done properly and that certain
procedures were not followed.
He only told mc what went
wrong. but lie did not come up
with any solution.
"1 approached Prime Minister
Perry Christie, but he has done
nothing at all. I sent him a copy
of a letter 1 wrote to Mr Wilch-
combe last November, but
nothing has happened."

Position

In the letter, Ms Thurston
pointed out that she was for-
mally offered a permanent posi-
tion as secretary attached to the
director general's office at BIS.
She and another woman
reported for work on January
11, 2006. After about three
hours, they were sent to Mr
Luther Smith's office.
"Mr Smith explained that
there was an internal problem
that had arisen because of our
appointment as new staff mem-
bers. Mr Smith asked us to go
home and report to work on
Monday, January 16.
"We returned to work on
Monday, January 16, and after
about three hours the same inci-
dent occurred. We went to Mr
Smith's office. This time he told
us that we would be transferred
to another quasi-government
corporation ..
"After several attemptsito
reach Mr Smith, which were
unsuccessful, I decided to speak
to Mr Trevor Whylly, who
informed me that the matter
was in the prime minister's
hands and that it would be
resolved after the reshuffling of
the Cabinet.
todayy this matter has still
not been resolved. Is this the
way the Bahamas government
treats its citizens? It is an uneth-
ical act to gi\ e an appointment
to someone and not honour it."
Ms Thurston said the matter
had been "distastefully pro-
longed to a point where I feel it
is now a mockery of the gov-
ernment system.


Woman charged in relation

to false money declaration


A 35-YEAR-OLD woman
was arraigned in Magistrate's
Court yesterday charged with
making a false declaration and
failing to make a declaration to
a US officer.
Sonia Greenslade of Nassau
Street was arraigned at Court
10 yesterday.
It is alleged that on Friday,
April 13, while at the Lynden
Pindling International Airport,
Greenslade made a false decla-
ration to an officer of the Unit-


ed States purporting that she
was not carrying in excess of
$10,000.
Another charge alleged that
Greenslade failed to declare to
an officer of the United States
that she was carrying $11,336
cash in US and Bahamian cur-
rency.
She pleaded not guilty to the
charges and was granted bail in
the sum of $5,000.
The matter was adjourned to
July 6.


"It is my heart's cry that this
matter be dealt with decently
and in order, whereby the com-
mon statement that this is a
government of the people, for
the people and by the people
would be a true and correct
one."
Ms Thurston also sought an
appointment for all three
women so the matter could be
resolved. That was five months
ago, and she's still waiting for a
response.
"I have done other jobs in the
meantime, but it is still my
ambition to work for the gov-
ernment," said Ms Thurston.
"Senator Whylly told me last
year that I should be getting a
call anytime now. When I spoke
to the lady he mentioned, she
had heard nothing about it.
"This has left me very angry.
Why should I vote for the PLP
government when this is the
way they operate? I have no
confidence in them. No-one is
living up to their word. They
are just passing the buck on to
someone else."
She added: "They just keep
telling me that the way this was
done is not proper. As far as I
am concerned they have a con-
tract with me and they need to
honour it."
Ms Thurston said Mr Wilch-
combe told her in January that
he knew nothing about the mat-
ter, yet he was the one who was
supposed to be making the final
decision.
"It just seems that everyone is
making a mockery of you. No-
one wants to own up to what is
happening," she said.
The Tribune was unable to
reach Mr Wilchcombe for com-
ment up to press time yester-
day, and messages left for the
prime minister's aid Luther
Smith were not answered.



TROICA


E MONIQUE Thurstan
(Photo: Felipi Major/Tribune staff)


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 Shops) Tel: 362-5235
e-mail: www.colesofnassau.com P.O. Box N-121


The Bahamas Telecommunications Company Ltd.
(BTC) wishes to inform its valued customers and
general public that BTC will be repairing telephone
cables on Wednesday April 18th, 2007 in the following
areas: Miller Heights, Golden Isles Road, Cowpen Pen
Road West and Carmichael Road West off Miller
Heights.

During this time, customers in the above mentioned
areas may experience a disruption in
telecommunications services.

These repairs are necessary to ensure that all
customers receive superior telecommunication service.

BTC apologizes for the inconvenience caused, and
assures the public that every effort will be made to
keep the disruption off to a minimum.
_____________________________ I


YOUR CONNECTION TO THE WORLD


PUBLIC NOTICE







I HM I MtlbUNl


PAGE 4, WEDNESDAY, APRIL 18, 2007


p *** STITOR


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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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

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


Tribune didn't predict PLP victory


THE FNM'S campaign, said Prime Minis-
ter Perry Christie, is built on "lies, more lies
and still more lies."
Mr Christie, voice rising to a crescendo
of excitement, was speaking at his party's
rally at the Queen Elizabeth Sports Centre
last week the party's first mass rally at the
opening of its election campaign.
If we were the prime minister we would
tip-toe softly around such accusations.
The Tribune, for example, could say the
same thing about the PLP and give many
examples. But it is sufficient to mention the
most recent twisted PLP exaggeration, which,
by their deliberate twisting, has been turned
into a lie.
Last week Tuesday, April 10 The
Tribune's headline was "PLP election win
'predicted' party will claim 60% of votes
according to data collected by government's
international campaign analysts."
A few days later "PLP Media" sent out an
e-mail announcing "Tribune predicts land-
slide PLP victory."
When "PLP Media" strays so far from the
truth, it ends up lying. The Tribune predicted
no such thing.
The Tribune published the predictions of a
group of foreign analysts, hired by the PLP to
give them an assessment of their chances at
the polls on May 2.
The prediction was the result of the assess-
ment of this hired group.
It was not The Tribune's predictions. The
Tribune published the foreign group's find-
ings.
However, from our own assessment, we do
not agree with these results. And deep down
-judging from the extent to which the PLP
seems to be going to try to silence the voice of
the FNM we believe they also have their
doubts.
According to Mr Christie, the PLP "have
always been the party that looks after the
needy and not the greedy.
"We have always been the party and
the only party to put people over things, to
put social compassion over 'market forces',"
he said, "and to put those who have too little
at the head of the line. That is the heart and
soul of what it means to be a PLP. Never let
anybody ever tell you there's no difference
between the PLP and the FNM."
That is Mr Christie's perception. But it is
not the perception of all Bahamians. Turn
to page 3 of today's Tribune and read the


complaint of 35-year-old Monique Thurston,
who says PLP politicians are "out there on
the campaign trail making promises, but they
have matters here that they have not dealt
with."
Apparently Ms Thurston was given a sec-
retarial job at Bahamas Information Services
and told to report for work on a certain date.
When she arrived for work, there appeared to
be some internal confusion. She and a second
lady, who was in the same predicament, were
sent home and given another date to report.
When they arrived on the new date they
found they were to be transferred to "anoth-
er quasi-government corporation."
For 16 months government ministers and
civil servants have kept her spinning like a
windmill.
They still have not honoured the contract
she claims she had when told to report for
work.
She was never fired. Although told for a
second time to report for work, she was nev-
er put to work. She now claims that govern-
ment owes her $15,400 in back pay.
"This has left me very angry," she told The
Tribune.
"Why should I vote for the PLP govern-
ment when this is the way they operate? I
have no confidence in them. No-one is living
up to their word. They are just passing the
buck on to someone else."
And then there is the claim of Clever Dun-
combe, independent candidate for Golden
Gates, published on page 1 of today's Tri-
bune.
Mr Duncombe alleges that the Entrepre-
neurial Venture Fund, the brainchild of Prime
Minister Christie, set up in 2005 to help
Bahamian entrepreneurs to start small busi-
nesses, is helping only certain Bahamians.
The Fund was meant to reduce the red tape
for Bahamians and provide them with the
same incentives and concessions enjoyed by
foreign investors.
Mr Duncombe tested the fund and con-
cluded that it has been politicised. His
attempts to secure a loan although his
loan met the stricter requirements of two
leading commercial banks were rejected by
a fund, ostensibly created to help small busi-
nessmen like himself.
Although the PLP say "there is no turning
back", it seems they have already turned
back to the days when PLPs believed that
"God gave this country to the PLP."


. --. .. ,... ,- 1


Customer Service Workers

Food Service Workers

Cashiers Utility Workers

Supervisors
Attractive salary with benefits.
Flexible Hours:
Part-time, Full-time & Weekend positions available.
Opportunity to train on the job, and advance in a dynamic company.


APPLY IN PERSON AT:
#12 Bradley Street, Palmdale
Tuesday, April 17th thru Friday, April 20th
Between the hours of 10am 4pm


The false



sympathy of






FNM rebels


EDITOR, The Tribune
PLEASE allow me a little
space in your newspaper to share
a few thoughts on the view that
the Rt Hon Hubert Ingraham
betrayed Senator the Hon Tom-
my Turnquest when he returned
as leader of the Opposition in
November 2005.
What I find most interesting
is that the persons who are mak-
ing the loudest noise on this issue
are to ones who betrayed him
most. Persons like Algernon
Allen, Pierre Dupuch and Ten-
nyson Wells. The latter two have
had the benefit of the Halls of
Parliament to spin their mis-
truths, while the other has taken
to the airwaves to share their
thoughts on the matter.
David Wallace, the FNM's
candidate for West End and
Bimini has been saying it repeat-
edly during the recent FNM ral-
lies that Tommy Turnquest must
be thanked for keeping the FNM
together when everyone aban-
doned it after the 2002 general
elections. He is right. After their
defeat most of the FNM stalwarts
went silent for months. No doubt
the election loss was painful, but
many disappeared. Some are
only now emerging as it appears
that the FNM has a real chance
to win back the government.
My question to persons like
Algernon Allen, Pierre Dupuch
and Tennyson Wells is where
were they after May 2, 2002?
Hubert Ingraham had retreated
and gone into a self-imposed
exile and so the leadership and
control of the party was left to
anyone who wanted it. In fact,
Alvin Smith was elected leader
of opposition in the House. The
FNM was in total disarray!
Where were Mr Wells. Mr
Dupuch and Mr Allen during
the first six months after May,


2002? If they loved Mr Turn-
quest so much, or felt so badly
for Tommy because of what Mr
Ingraham did, where were they
when they could have made a
difference? Why did they not
rally behind Mr Turnquest and
support him and help him
rebuild the party?
Had they supported him, Mr
Turnquest would have gone to
the November, 2005 FNM Con-
vention with the support of the
party and the possibility of Mr
Ingraham coming back would
have been remote or not even
an option. However, would Mr
Allen and Mr Wells have sup-
ported Mr Turnquest or would
their ambitions to be leader have
forced them to truly show their
love for Mr Turnquest?
Those who now claim that
they cannot trust Mr Ingraham
because of what he did to Mr
Turnquest have more blood on
their hands than Mr Ingraham. If
Mr Wells and Mr Allen had
licked their wounds and worked
with Mr Turnquest, Mr Ingra-
ham would have been history.
But they stayed in the back-
ground or on the sidelines and
helped to further erode the little
credibility that the FNM had at
that time.
Hubert Ingraham came back
because of the request of the
rank and file of the FNM. They
needed more and unfortunately
they did not feel that Mr Turn-
quest would have been able to
pull the party back together after
such a crushing defeat. The two
years since his return have
shown that Mr Ingraham was
able to take the FNM out of the


ashes and make it a viable option
to the PLP. Any one of Mr
Allen, Mr Dupuch or Mr Wells
could have done the same if they
had worked with Mr Turnquest.
But all of them had their own
selfish ambitions of destroying
Mr Ingraham and, as a result,
the FNM.
They all talk about the great
party that the late Sir Cecil Wal-
lace Whitfield left behind and
about how Mr Ingraham
destroyed it. If anyone is guilty
of destroying the FNM and
betraying Mr Turnquest, Alger-
non Allen, Pierre Dupuch and
Tennyson Wells are, in my opin-
ion, guilty!
The three of them have aban-
doned the FNM and certainly
have let Sir Cecil down. They
should all do the honourable
thing and stop pretending that
they are FNMs and move on. Sir
Cecil must be rolling in his grave
because I am sure that he never
would have done what these
three men are doing to destroy
the party that he helped start
since the early 1970's.
These three men are now bed-
fellows with the PLP. This is
something that Sir Cecil would
never have considered or con-
doned. All of them should stop
playing games and declare their
hands. FNMs they are not, and
supporters of the ideals of Sir
Cecil they certainly are not. They
should stop the rhetoric and
come clean!
They call Mr Ingraham a trai-
tor, but if there be any traitors in
this scenario, it is my opinion
that the fingers should point
directly at Allen, Wells and
Dupuch!
CONCERNED CITIZEN
'NASSAU-EAST
Nassau
April 15 2007


Wilson's poor showing on radio show


EDITOR, The Tribune
FRANKLYN Wilson, a local
Bahamian businessman, was on
a local radio talk show yester-
day. He and Sir Arthur Foulkes
were the guests. I listened as the
host and Sir Arthur allowed Mr
Wilson an opportunity to explain
his views on the Bahamian econ-
omy, the Rolex watch scandal.
and other pertinent issues with-
out interruption. Mr Wilson on
the other hand was excessively
impolite and refused to allow Sir
Arthur to make even one point
without speaking very loudly and
aggressively to drown out Sir
Arthur's impeccable diction and
exemplary mode of expression.
Mr Wilson tried very hard to give
credit to the PLP for the progress of


initiatives that were implemented
by the FNM to counter the negative
impact of 9/11 on the Bahamian
economy. Let us not forget that
Senator James Smith, Minister of
State for Finance, merely contin-
ued on the path to recovery that
the FNM had set out.
About an hour into the show,
Mr Wilson clearly expressed his
low standard for the conduct of
members of parliament in the
Bahamas. He didn't seem one
bit bothered by the fact that a
former cabinet minister was
brazen enough to offer himself
for re-election although there is
an active police investigation into
the conduct of the former minis-
ter. Moreover, Mr Wilson
sought to deceive the Bahami-
an people into believing that


'98 HYUNDAI ELANTRA Bestoffer
'00 HYUNDAI GALLOPER
'01 HYUNDAI COUPE
'04 HYUNDAI SANTA FE
Very low mileage, very clean
'05 HYUNDAI ELANTRA
Only 5,000 miles plus very clean
'02 SUZUKI GRAND VITARA
'03 SUZUKI BALENO
'04 SUZUKI IGNIS
'05 SUZUKI GRAND VITARA
'89 TOYOTA BUS Best offer
'05 TOYOTA COROLLA


SQUALITYv,,,,
LIMITED
#1 AUTO DEALER IN THE BAHAMAS
EAST SHIRLEY STREET 322-3775 325-3079
Vlslt our showroom at Quallly Auto Solos (Freeport) Ltd to similar doals Quoon's Highway 352-6122


BaTelCo's profits have increased
due to the PLP Government's
expertise and not as a result of
the company's new system of
cutting off telephone services for
balances of one dollar. Further,
Mr Wilson neglected to mention
that BaTelCo's service is the
crappiest it has ever been in spite
of its increase in profits.
Then this blue-eyed boy of the
PLP exposed his hand and bit-
terly expressed his distaste for
the fact that the Right Hon-
ourable Hubert Alexander Ingra-
ham stopped him from selling
homes that were overly prone to
flooding to the Bahamian peo-
ple. He stated that Mr Ingra-
ham's refusal to allow him easy
access to vulnerable Bahamians
encouraged him to seek other
avenues to make money. Oh
well, I suppose that's why some
churches have now gone into the
business of selling box-like
homes to their members. After
all, at a minimum of a five thou-
sand dollar profit per home. it
makes sense to target a mass
market like a church to realise
the kind of returns that Mr Wil-
son would appreciate. On a point
of interest, it may be enlightening
to your readers, if your highly
esteemed and valuable paper
were to investigate how many of
the pastors who are promoting
the boxes to their followers
intend to live among them.
Towards the end of the show.
Mr Wilson lowered the level of
the discussion by creating sto-
ries and putting forth innuen-
does about unidentified people.
It was at that point that the des-
peration of the PLP became
clear. In spite of their glaring
incompetence, indecency, and
offensive behaviour some mem-
bers of the PLP still seem to
think that they have a right to
governance. As a result of this, it.
has become abundantly clear
that the Honourable Perry G
Christie and the PLP have not
placed their trust in God at all,
but in their mistaken notion that
the Bahamas is full of stupid
people with low standards and
virtually non-existent IQ's.
And so, yet again I see that
for the sake of the dignity of our
nation, our people, and future
generations of Bahamians, may
the entire nation of the Com-
monwealth of The Bahamas vote
against the Progressive Liberal
Party in the next general elec-
tion on May 2, 2007.

AN ENLIGHTENED VOTER
Nassau
April 13 2007






WEDNESDAY, APRIL 18, 2007, PAGE 5


THE TRIBUNE


LOCALNW


* In brief

US Embassy
volunteers
to assist in
Earth Day
STAFF volunteers from the
US Embassy in Nassau who
participate in the weekly Wood-
cock Primary reading pro-
gramme will use that time today
to assist the students in com-
pleting artwork as part of this
year's Earth Day observance.
Charge d' Affaires Dr Brent
Hardt will spearhead the
Embassy's volunteers in this
effort.
The embassy has launched
the Earth Day project at Wood-
cock Primary in conjunction
with the Marine Aquarium
Department at Atlantis Hotel
and City Markets Ltd.
The project is part of a world-
wide internet-based effort using
brown paper bags to promote
awareness about the importance
of preserving the earth.
April 22 is celebrated around
the world as Earth Day. It was
founded in 1970 by U S Senator
Gaylord Nelson to address envi-
ronmental degradation, and to
bring public awareness to the
importance of preserving and
protecting our environment.
This year communities
around the world will be com-
memorating the 37th Anniver-
sary of Earth Day with a variety
of activities geared at preserving
and protecting our global envi-
ronment.
City Markets has donated
brown paper bags for the pro-
ject.
On Monday, Ms Krishna
Russell from the Marine Aquar-
ium Department of Atlantis
made a presentation to the stu-
dents about the importance of
marine life to the environment
and talked about what students
can do to help preserve the
earth for generations to come.
Using this information and
with the assistance of art
teacher Margaret Brown, the
students will interpret their ver-
sion of how they can help pre-
serve the earth in art form using
the brown paper bags. The
embassy will donate crayons for
the project.
On April 21 and April 22,
City Markets at Harbour Bay
and Cable Beach will use the
bags to package goods for shop-
pers, and thereby promote envi-
ronmental awareness.

Man admits
to marijuana
charge and
is fined
A MAN has been fined $500
after pleading guilty to a mari-
juana possession charge.
Reginald Taylor, 27, was
arraigned before Magistrate
Carolita Bethel on Monday on
the charge of possession of mar-
ijuana.
Taylor was charged with
being found in possession of the
drugs on Friday, April 13.
According to police, Taylor
was found in possession of four
grams of marijuana.
Taylor was fined $500. Fail-
ure to pay the fine will result in
a six moth prison sentence.










WEDNESDAY,
APRIL 18TH
6:30am Community Page 1540AM
8:00 Bahamas @ Sunrise
9:00 Bullwinkle & Friends
9:30 King Leonardo
10:00 The Fun Farm
11:00 Real Moms, Real Stories,
Real Sawy
11:30 International Fit Dance
noon ZNS News Update
12:05 Video Gospel
12:30 Gospel Aficionado
1:30 Legends: Sweet Tee
2:30 Turning Point
3:00 Paul Lewis
3:30 Don Stewart
4:00 Lisa Knight
4:30 Cybernet


5:00 ZNS News Update
5:05 Fight For Life: Bolivia
5:30 The Envy Life
6:00 A Special Report
6:30 News Night 13
7:00 Bahamas Tonight
8:00 Literary Living
8:30 Caribbean Passport
9:00 Eye On B.T.C.
9:05 The Human Senses
10:00 Caribbean Newsline
10:30 News Night 13
11:00 The Bahamas Tonight
11:30 Movie: "The Parade"
1:30am Community Page 1540AM
NOE N-V13rsre h
rigt o ak- lstmiut


Couple complain against senior



policeman for 'hostile' attitude


A COUPLE who have
waged a determined five-year
battle for justice are lodging
an official complaint against a
senior police officer for his
alleged "hostile and aggres-
sive" attitude.
Greg and Tanya Cash claim
the assistant superintendent
pointed a pen threateningly at
them and yelled "Get out of
my damned office" when they
tried to file a complaint against
the Court of Anneal registrar.


I /


tions who we have been
approaching will not respond
to us.
"We have been told that no
judge will hear our matter.
They refuse to give us a date.
They have said they can't find
the application forms. We went
to the police because we have
tried everything to get this
money back."
But when they were con-
fronted by the assistant super-
intendent, after first talking to


The couple say they paid 0 GREG Cash a more junior officer, they
$600 to file documents in the senior officer." received no help or sympathy,
court, but have repeatedly. A tearful Mrs Cash added: they claimed.
been denied a court date in a "I did not expect this from a "We told him we wanted to
constitutional action against top police official." file a police complaint because
president of the Court of The incident is the latest set- we had been defrauded of hun-
Appeal Dame Joan Sawyer, back in the couple's long fight dreds of dollars. He asked why
the court registrar and the to get justice in a dispute with we didn't go to the government
attorney general. the Baptist educational estab- department. I said we were not
In desperation, they lishment. But both said yester- getting anywhere.
approached the police to lodge day they now feel their fight "He then said if it's in the
a complaint against the regis- for justice is for all Bahamians. court, why were we going to
trar in an effort to retrieve "We will not give up," they the police. I said it wasn't in
their money., said. the court because we could not
But the senior officer at a In their complaint to Assis- get it into court," said Mrs
Nassau police station used tant Commissioner Green- Cash.
threatening behaviour and slade, they will tell how the Mrs Cash said the officer
ordered them out of his office, senior officer in question effec- tried to suggest they had wait-
they claim. tively "assaulted" them ed too long to lodge a com-
Now Mr and Mrs Cash are through his hostile and aggres- plaint. But she told him there
lodging an official complaint sive manner, was no statute of limitation on
against the officer to Assistant "There was no actual bat- such matters.
Commissioner Ellison tery, but it does make you "When I said that there was
Greenslade. wonder what is going on in this no limitation and that we had
Yesterday, they told The Tri- country," said Mrs Cash, "We already contacted head office,
bune: "We are determined to wanted police to investigate he became very aggressive. He
get justice in our own land and why we were charged this said 'I see where you are trying
we are not prepared to tolerate money just for filing docu- to go with this' and got hostile,
this kind of behaviour from a ments. The people in top posi- and I don't know why," said


Politics 'dividing' South Beach


* By ALEXANDRIO MORLEY
Tribune Staff Reporter
POLITICS has divided a
community that was once
based on unity, claimed Jer-
maine Higgs, the BDM can-
didate for South Beach.
During the opening of his
headquarters, Mr Higgs told
The Tribune that he has been
living in South Beach all of his
life.
"These people are not just
voters to me, they are my
neighbours," Mr Higgs said.
He said that South Beach
has declined from being a
community where neighbours
once respected one another
and has become an area where
families don't assist each oth-
er during times of need.
At the moment, he said,
South Beach is divided by pol-
itics and the individual greed
of persons in government and
the community.
"I really do believe that it
is incumbent upon a repre-
sentative to ensure that the
people of the constituency live


in harmony and that's done
by creating cohesiveness
through programmes that are
done with the co-operation of
the citizens in the area."
Mr Higgs' manifesto states
that his headquarters will host
a community day care centre,
a recreation spot for the elder-
ly, an after school programme
for children, and will also be a
transit location for pensioners
who may need assistance to
collect their monthly, pension
contributions.
"I believe that thle name
South Beach itself should be
associated with palm beach
trees, beautiful beaches and
beautiful people and this is
what I envision for South
Beach," he said.
Mr Higgs said he plans to
celebrate an annual South
Beach Day, establish a local
fish fry, and transform the
South Beach coastline into a
prime location for water
sports.
Asked how he plans to raise
funds for such projects, Mr
Higgs said: "Conch fritters built


LARGE SHIPMENT OF USED CARS

IN STOCK

COME CHECK US OUT


NEW SHIPMENTS

ARRIVING MONTHLY


For Easy Financing


Bank And Insurance


On Premises

Check Our Price

Before buying


Bahamas Bus & Truck


Call


the PLP and conch fritters
helped to build most of these
churches around here. We have
to get back to basics. If the com-
munity wants something we
have to organise ourselves and
work hard to get it. It's not about
waiting on the government."
The Bahamas Democratic
Movement recently announced
that it will be contesting 19 seats
in the upcoming general elec-
tion, however the 'party was
unable to maintain their pledge.


Mrs Cash.
Her husband said: "Then he
started to point his pen at my
wife. I said I can't allow you to
point the pen at my wife in that
way and in that tone. I then said
'Come on honey, let's get out
of here'."
Mrs Cash said: "I felt threat-
ened. He was coming out after
us. There was no warning that
this could have happened. What
would have happened if my
husband was not there?"
The Tribune contacted Assis-
tant Commissioner Ellison
Greenslade and he confirmed


that Greg and Tanya Cash
attempted to contact him. How-
ever, he said that he has not
spoken to the couple as yet.
Assistant Commissioner
Greenslade said: "As long as a
member of the public, within
the democratic framework, says
that they have a complaint to
make, then we have an obliga-
tion to take that complaint."
The assistant commissioner
said that he was going to speak
with the officer-in-charge of the
Police Complaints Unit, in an
effort to help the couple lodge a
formal complaint.


54-1 ,- Royal Bahamas

Invites applications for the position of


COST CONTROLLER

The ideal candidate should satisfy the following
minimum requirements:

* A graduate of a recognized tertiary institution
* Computer literate with full knowledge of accounting
systems and controls '
* Able to communicate effectively at all levels
* Able to meet deadlines
* Able to motivate and lead staff
* Experience in hospitality cost management is
definitely an asset.

Please submit resumes to:

COST CONTROLLER
Sandals Royal Bahamas
West Bay Street
P.O. Box CB-13005
Nassau NP 99000-1
Fax: (242-327-6961)
Email: cmajor@srb.sandals.com
Applications close on Friday May 18, 2007

Only suitable applicants will be acknowledged.


'I

-3
'Vt









'4
-(4


Scotiabank*



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

REAL ESTATE MANAGER

POSITION SUMMARY:

As the Real Estate Manager, you are a member of a highly specialized team
providing project management, leasing/property acquisition and other real estate
solutions for the Bank. You have knowledge of design, construction, leasing and
property transactions, and local business practices. You are capable of working
in a highly cross-functional environment, managing tight time lines and conflicting
priorities. Excellent oral and written communication skills, in addition to self-
initiative, resourcefulness, and strong organizational abilities are required. Must
be detail and results-oriented with strong human relations skills. The ability to
work flexible hours and travel frequently within the North Caribbean is required.

Key accountabilities for this role:

Over $1 00M Major Projects Work with the Senior Project Manager to: provide
timely, value effective, design and construction strategies; manage a portfolio of
real estate projects; hire and manage a team of design and construction experts;
negotiate and execute agreements and contracts; undertake other special projects
as assigned; co-ordinate and provide timely and informative feedback on the
status of projects.

Leasing and Property Acquisition Work with the Senior Leasing Manager to:
manage both leased and owned properties to ensure timely, value effective branch
and office space strategies; undertake due diligence review of market and property
conditions, appraisal valuations and the assessment of alternative opportunities;
negotiate and execute real estate transactions and documentation; provide research
support.

Under $100M Minor Projects Manage a portfolio of assigned projects; obtain
and expedite approvals; and manage outside consultants and contractors.

Other Accountabilities Manage response for all emergencies; provide support
for maintenance and facility management issues.

QUALIFICATIONS:
* A' university degree and/or equivalent work experience in the real estate
industry.
* Experience in the financial industry would be an asset.
* Working knowledge of design, construction, leasing and property
transactions, and business practices.
* Excellent and proven negotiation and conflict resolution skills.
* Working knowledge of Spanish or other languages would be an asset.
* Knowledge and experience with personal computers and software.

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 be contacted.

Qualified candidates only should submit application in writing, marked Private
and Confidential, by Wednesday April 25, 2007 to: Manager, Manpower &
Succession Planning, Scotiabank (Bahamas) Ltd., Main Branch, P.O. Box N-
7518, Nassau, Bahamas or e-mail scotiabank.bs


32217.2














Improving the traffic


.co01


F OR YEARS there
have been calls to
restrict vehicle imports in
order to improve Nassau's
traffic congestion and tackle
rising fuel costs and environ-
mental concerns.
Energy & Environment
Minister Dr Marcus Bethel
has drafted the country's first-
ever energy policy, which is
expected to address the trans-
portation sector in terms of
fuel conservation, alternative
energy and pollution control.
But it has yet to be publicly
discussed.
Meanwhile James Smith.
his colleague over at Finance,
says little can be done about
the rising number of vehicles
on our roads that burn ever
more expensive fuel because
the public treasury relies on
import taxes.
Critics say this conflict of
interest underscores the gov-
ernment's astounding incom-
petence in failing to devise
both a sensible long-term tax
policy and an effective traffic
. strategy.
Let's take taxes first. For
the past decade we have
known that our outdated
dependence on import duties
and stamp taxes (they provide
over half of government rev-
enue, with the rest coming
from fees, property rates and a
small payroll tax) was likely
to be doomed in the modern
world of competitive
economies and free trade.
The Bahamas has taken
part in talks to create a Free
Trade Area of the Americas
since 1994, and both the Free
National Movement and the
Progressive Liberal Party have
been going along with CARI-
COM integration since 1989.
In return, our politicos and
bureaucrats get to attend lots
of regional meetings with flags
and VIP protocol.
We applied to join the
World Trade Organisation six
years ago, but we are still
working on the required doc-
uments. And we are now (at
the very last minute, actually)
in the process of negotiating a
reciprocal trade agreement
with the European Union.
The plain fact is that our
politicos are fully aware that
all of these initiatives require a
major overhaul of our tax sys-
tem and business structure.
In 2005 State Finance Min-
ister James Smith said the
completion of feasibility stud-
ies then underway would be
followed by a two-year phase-
in period of a value-added tax
to replace import duties. Well,
those studies (by the IMF and
CARICOM) have already
been done, but the govern-
ment is making no visible
effort to pursue a new tax
regime.


4TO0GHCALL


The CARICOM study says
we will need a 14 per cent val-
ue-added tax to compensate
for the elimination of duty
revenues and warns that
this shift of gears will be a
momentous undertaking.
That's because import duties
are easy to collect: a small staff
of agents can ensure that noth-
ing leaves the dock until duty
is paid. VAT', on the other
hand, will be levied on both
goods and services, requiring
an entirely new and more
complex system of book-keep-
ing throughout the econo-
my, as well as a newly trained
force of tax inspectors to over-
see the change and catch the
inevitable evaders.
According to financial ana-
lyst Dick Coulson, of RC Cap-
iRtal. "What has government
done to prepare our economy
for this radical, and suppos-
edly inevitable, change?
Essentially nothing. Minister
Smith merely says that the
CARICOM figures are not
"hard and fast" and refers
vaguely to others that would
derive different results.

Coulson. 76, is a cor-
porate lawyer and
investment banker with dual
American and Bahamian citi-
zenship. He is a director of
three offshore banks and his
company, RC Capital, has
been involved in a number of
public offerings and private
placements and acquisitions.
"One is entitled to ask
why," he told Tough Call
recently, "the government has
not chosen one of these stud-
ies over the last five years, giv-
en it rigorous analysis, adopt-
ed it as official policy, and
begun to implement the new
training, education and legis-
lation that will be essential to
make it work successfully?"
Well, that's not the way the
public sector responds when
faced with the prospect of dif-
ficult and revolutionary trans-
formations in the way we do
business. Our politicians and
bureaucrats obviously think it
is better to muddle through
until the last possible moment
(as with the European Part-
nership Agreement), and then
make hasty and confusing
adjustments under the gun of
new international rules
imposed on an unsuspecting
public.
As Chamber of Commerce
Executive Director Philip
Simon acknowledged recent-


NOTICE

NOTICE is hereby given that WILSON EDOUARD OF
SEA BREEZE, INSPIRATION RD., NASSAU, BAHAMAS,
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 11th day of April, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N-7147, Nassau, Bahamas.



PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, RALPH ALEXANDER
SEALY also known as RALPH ALEXANDER ANTHONY of
the Eastern District of the Island of New Providence, intend
to change my name to RALPH ALEXANDER SEALY. If
there are any objections to this change of name by Deed
Poll, you may write such objections to- the Chief Passport
Officer, P.O.Box SS-742, Nassau, Bahamas no later than
thirty (30) days after the date of publication of this notice.


PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, EUGENE OMAR
JAMES DAVIS of Malcolm Allotment also of the Southern
District of the Island of New Providence, intend to change
my name to EUGENE OMAR JAMES LUBIN. If there are
any objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box SS-742, Nassau, Bahamas no later than tl-:i.y (30)
days after the date of publication of this notice.


ly, "There's a lot of work to
be done...Any number of laws,
regulations, institutions and
agencies need to be created,
disbanded or adjusted. There
are reforms in just about every
single area that need to be
considered. This is a place we
have not been before."
And consider our approach
to traffic congestion and air
pollution. Nowhere does it
seem to be recognized that
limiting the number and type
of imported vehicles is not the
only, or even the best way, to
solve these problems. Pollu-
tion, for example, can be
reduced by adopting and


enforcing controls on exhaust
emissions and no vehicles
should be allowed into the
country without emission con-
trol equipment installed.
As for traffic, what kind
of congestion do we actually
have? On this 80-square-mile
island there are some 116,000
registered vehicles in a popu-
lation of about 210,000. This
produces a ratio of 552 vehi-
cles per 1000 inhabitants, com-
pared to 775 per thousand in
the US and about 500 in Japan
and Europe.
By comparison, the island
of Manhattan, with about one
third the acreage of New
Providence, has a population
of 1.5 million and 247,000
vehicle registrations. Yet, with
certain frustrations, traffic
manages to flow. But this is
partly due to an extensive
public transport system as well
as to fairly rigorous enforce-
ment of traffic rules in a com-
pact urban environment.
In Nassau we suffer end-
less traffic jams down-town,
and at the various "choke
points" at the edge of town -
such as the notorious merger
of Bay and Shirley Streets
onto Eastern Road. But these
localized problems exist only
because of government inat-
tention during the many years
that Nassau evolved from a
sleepy village into a bustling
urban community.
With few exceptions, our


planners (if that's the right
word) ignored the visible
explosion of commercial
buildings and subdivisions that
have made Nassau an excit-
ing place to live but a night-
mare to navigate by car.
Adjustments to roadways and
land use controls such as
avoiding the siting of a com-
mercial boat ramp, market-
place and slaughterhouse in a
public park at a major traffic
intersection- either did not
occur or came too late to be of
much help.

T here is of
course, much official
hand-wringing about 9ur traf-
fic gridlock, but little is ever
done to improve matters. For
example, when the Christie
government' came to office
they embarked on a project
to rationalise the island's


chaotic bus system, but there
is nothing to show for it after
five long years.
In fact, Dick Coulson can
recall attending meetings in
the prime minister's office in
mid-2005, with officials from
the Road Traffic Department
and the Ministry of Works, as
well as American traffic plan-
ning consultants who had con-
ducted detailed studies of our
road network and made a
series of specific recommen-
dations.
"Some were too visionary,"
he recalled, "such as a light
railway from the airport to the
Paradise Island bridge. But
most were eminently practi-
cal and sensible. Plans were
clearly laid out, for example,
for extending Collins Avenue
further north to Bay Street.
And there were proposals for
covered taxi-parking restric-
tions, parking meters, parking
garages, re-routing of bus
lanes, and so on.
"All present seemed
favourable to these improve-
ments, but to date virtually
nothing has been done in the
key central area of the city.
The only exception is the
modestly improved intersec-
tion of Mackey and Shirley
Streets, which was undertaken
by Atlantis. Again, public sec-
tor procrastination seems the
rule of the day," he said.
Dealers import about 3,000
new cars and trucks a year at


NOTICE
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,
Bahamas.



NOTICE
NOTICE is hereby given that JOEL RENALDO RUSSELL
OF CASCARILLA STREET, PINEWOOD, 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, PO.Box N- 7147, Nassau, Bahamas.



NOTICE
NOTICE is hereby given that ADINA MATHURIN-SAINT-
PHARD OF HOSPITAL LANE, 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 18th day of April, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.


assau


an average retail price of
$22,000. These are price-con-
trolled and taxed by the gov-
ernment at more than 50 per
cent of their cost. There is also
a huge grey market for pre-
owned vehicles, with unli-
censed individuals and used
car lots bringing in an esti-
mated 7,000 vehicles a year.
All these imports produce
tens of millions of dollars a
year for the government from
tariffs and stamp taxes not to
mention business license fees,
payrolls and overheads funded
by the dealers. So clearly -
as the finance minister said -
the auto industry is a major
pillar of the economy and a
key contributor to the nation-
al budget.
But the other side of the
coin is that traffic congestion
causes us to lose tens of mil-
lions of dollars a year in added
fuel costs, lost productivity,
and accidents. Our work day is
continually expanding because
we must spend more than,
20,000 hours in traffic jams
each day. Officials estimate
that if traffic continues to grow
at the current rate, an aver-
age 30-minute commute will
take three hours by 2020.
Experts say the main fac-
tors contributing to traffic con-
gestion are the growth of vehi-


cle ownership, poor or non-
existent land use planning and
a lack of investment in public
transport. Our options
include building new roads
and possibly fly-overs (which
would change the nature of
the island completely), impos-
ing strict limits on vehicle size
and ownership (following
Bermuda's lead), or imple-
menting the kinds of improve-
ments that have been kicked
around by the private and
public sectors for years.
Last June yet more foreign
consultants launched a new
island-wide traffic congestion
study for the Ministry of
Transport. They reported in
January, and "public consul-
tations" are now said to be
underway. But our body
politic just seems to drift along
in rigor mortis.
As Transport Minister
Glenys Hanna-Martin said
recently (in all seriousness):
"There is only so much talking
we can do on this subject."

What do you think? Send
comments to larry@tribune-
media.net bunemedia.net>
Or visit www.bahamapun-
dit.com pundit.com/>


New York politician wrote letter


for students headed to Cuba

E NEW YORK

A TOP New York politician wrote a letter on behalf of
New York City students who traveled to Cuba this month,
not knowing the trip to the communist country may not
have been licensed by the U.S. government, according to
Associated Press.
Lieutenant Governor David Paterson "is concerned and
frankly shocked" about the matter, spokeswoman
Maritere Arce said Tuesday.
"He knew that the Department of Education did not
authorize it, but he did think that federal authorities had
authorized it."
The students and others involved could face thousands
of dollars in fines if they are found to have violated feder-
al laws. The United States has long had restrictions on
travel to the island, and they were tightened in 2004.
Thinking the student group might encounter problems
in Cuba, Paterson wrote a letter on their behalf praising
them as "student ambassadors." It was unclear how many
students went to Cuba.
Paterson's involvement came from his stepdaughter's
participation in a previous trip to Cuba taken by a group
from The Beacon School, which has often sponsored trips
to foreign countries.
City education officials said they denied permission for
the April sojourn because of federal restrictions and were
trying to figure out the circumstances of at least two pre-
vious trips taken by Beacon School students.
What remains unclear is what the education department
can do if the students and the teacher leading the trip,
Nathan Turner, acted independently.
As of Tuesday afternoon, no disciplinary measures were
in the works, education department spokesman David
Cantor said.
The U.S. has long had restrictions on travel to the island
nation, but they were tightened in 2004.
Molly Millerwise, spokeswoman for the U.S. Treasury
Department, which hands out travel licenses for Cuba
trips, declined to confirm or deny if the department was
involved in the Beacon School case.
People who violate the rules can face penalties ranging
from warnings to a $65,000 fine.
During a press event Tuesday featuring Gov. Eliot
Spitzer, Paterson said that under the law, the trip "cer-
tainly seems inappropriate." However, he also questioned
if the federal rules were intended to keep people from
learning firsthand about a Communist regime, saying edu-
cation can be a tool to fight dictatorships.
Paterson said he had not previously told Spitzer of his
letter. Spitzer, however, said he is confident his lieutenant
governor "did what was appropriate at the time."


NOTICE

NOTICE is hereby given that OSARUMWENSE IDAH OF
COLONY CLOSE, P.O. BOX N-7536, 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 18th day of April, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.



NOTICE

NOTICE is hereby given that FRANCOIS SAUVEUR
MATHURIN OF HOSPITAL LANE, 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 18th day of April, 2007 to the
Minister responsible for Nationality and Citizenship, PO.Box
N- 7147, Nassau, Bahamas.


:ion 'in


"Officials estimate that if
traffic continues to grow at

the current rate, an average

30-minute commute will
take three hours by 2020."


PAGE 6, WEDNESDAY, APRIL 18, 2007


THE TRIBUNE














Countdown to launch of first


privt

JONES Communications
Network is counting down
the days until the first
Bahamian private television
station is launched.
On Monday, April 30,
JCN will secure its niche in
the history of journalism as
a unique source of news and
commentary, sports and
entertainment when it goes
on the air.
"Like its sister entities,
Radio Love 97 and The
Bahama Journal, JCN will
seek to educate, inform, and
sensitise the palates of the
viewing public at large on
varying issues that impact us
nationally," said the compa-
ny in a statement issued yes-
terday.
CEO and Chairman of
JCN, Wendall Jones said,
"The entire staff of Jones
Communications is excited
about the new opportunity
to serve the country in the
medium of television."
He said for far too long,


ite TV station in Bahamas


Jones Communications Network

goes on air on April 30


local programming on tele-
vision has been a hit and
miss proposition.
"The TV product that has
been offered to the Bahami-
an public is not what it
should be. It is lacking in
quality, creativity, and diver-
sity. JCN will turn the view-
er into and armchair trav-
eller by exercising newly
developed technological
muscle and our programmes
that will transport the view-
er into remote and exotic
pockets of the Bahamas and
indeed the world."
Mr Jones expressed
appreciation to the business
community for the level of
confidence already
expressed in JCN and its


proposed programming.
"We are heartened that
advertisers are already
booking spots on various
programmes," he said.
JCN will take its place on
the Cable Bahamas lineup
on Channel 14 and on chan-
nel 214 on the Oceans Dligi-
tal Cable.
NTV will be relocated to
channel 46 and on Oceans
Digital channel 230.
E! will be shown on chan-
nel 50, and The Trinity
Broadcasting Channel will
move to channel 54.
"Cable Bahamas is
pleased with the addition of
JCN to our line-up and the
greater depth of quality
local programming it will


bring to our subscribers"
said Tony Butler, president
and COO of Cable Bahamas
Ltd. "For years Jones Com-
munications has brought the
Bahamas quality content
through it's newspaper and
radio broadcasts and we
expect nothing less from
their entry into television
broadcasting."
JCN will be on air from
3pm up until midnight each
day of the week.
There will be three news-
casts per day led by our
well-trained cadre of news
presenters.
Amongst the lineup,
"Bahamian Business Leg-
ends" and "Jones & Co",
hosted by Mr Jones will dis-


cuss the trials and tribula-
tions and successes of
Bahamian businessmen.
The popular radio show,
"Contact", hosted by Mike
Smith will also make its
transition to television.
"Dwellings" is a new and
exciting programme that will
take the viewer inside the
homes of the movers and
shakers of the Bahamas.
"Makeover Madness" will
feature fashion icons who
will transform the attractive
into the beautiful.
"Archives", hosted by Cap-
tain Paul Aranha, will exam-
ine the history of the coun-
try.
Also, "Bahamian Homes",
hosted by Kim Welcome will
showcase available proper-
ties from home for the
wealthy featuring properties
that afford stunning views
to start up properties for the
newly married just getting
their feet on the ground.
"Dr C's Med Files" hosted


by Dr Constantakis will dis-
cuss major health issues and
conduct minor surgeries for
the first time in Bahamian
television.
A special "Learning Tree"
programme has been devel-
oped to educate young view-
ers on various aspects of life
in the Bahamas.
On Sunday mornings, the
religions community in the
Bahamas will dominate JCN
up to mid-afternoon, with
the broadcasting of church
services and shows from all
denominations.
In addition, JCN has
recently welcomed on board
additional news personnel
who are being trained to
bring about freshness and
dynamism to the television
news team, Mr Jones said.
He said he is optimistic
that JCN will be the catalyst
for deepening democracy
and revolutionising local
television broadcasting in
the Bahamas.


,/ .-OF, --
I"N> "* l"' -- ~ U1 f


K?^S^.1 ^8'


A SELECT group of the
Mini-itr\ ol Tourism's
nL ilr m..Ill.iLcis toured the
1i'. C(o' L Al.int1is cand
Atlllntii Concention Ccn-
Ire on P.ir.,disc lIslnd
Th1l group ot managers
Ironi \.iriOu, depJrtmenis
ol the ministry sid the\
\ cr h o lh pl ,sJed and
impressed \ilnli tihe latest
iourilm product, on oiler
i\ k-erznicr International
An eL'L11 mo1e upscale
and pritc r \. rsion of the
Atlantis Royal Towers, the
new Cove appeals to a
modern market of profes-
sionals and vacationers, the
company said in a state-
ment.
Some of the Cove's pri-.
mary features include:
Dolphin Cay, where
rescued mammals from
New Orleans are in habi-
tat
New ballrooms and
multiple meeting rooms in


tour.
According to il i state-
ment, "very contemporary)
features of the Cove suites
promise to attract the most
discerning of visitors: all
five suite plans have ocean
views and the latest tech-
nology including flat screen
televisions, Bose audio sys-
tems and HDTV.
"The suites are impecca-
bly designed and decorat-
ed, from fabrics and fix-
tures, to colors and char-
acter," the statement
said.


Travelling Caribbean film




showcase to visit Freeport


THE Caribbean region's first travel-
ling film showcase will be in the Bahamas
next month, it has been announced.
The showcase is a 12 week Caribbean
film festival bringing together film-mak-
ers from over 15 countries to showcase
short and feature length films and docu-
mentaries produced in the Caribbean.
It is sponsored by UNESCO and sup-
ported by the Cuban Institute of Art and
Cinematographic Industry in collabora-
tion with the Caribbean Community
(Caricom).
"These films tell powerful stories and


DATE NAME


Monday,
May 7th


Tuesday,
May 8th
Wednesday,
May 9th


The Harder they
Come
Life and Debt

Ava & Gabriel

Zulaika

Show me your
Motion: The Ring
Play Games of
The Bahamas


represent the linguistic and cultural diver-
sity of the Caribbean region," said the
organizers in a statement. "Films will be
subtitled in English, Spanish, French and
French Creole."
Local sponsors BTC, the Montague
Group and the Bahamas FilmInvest
International announced that the show-
case will be in Nassau from Monday, May
7 through Saturday, May 12.
More than 30 films will be screened
throughout the week.
Grand Bahama sponsors, the Freeport
Film Society and Galleria 5 Cinema


YEAR
1972


2001

1990

1990

2006


COUNTRY
Jamaica


Jamaica

Curacao

Curacao

Bahamas


announced that six of the films will be
brought to Freeport as a three-
day film festival from May 7 through May
9.
IHighlighting the festival will be the
Bahamian documentary, Show 'l m'oiir
Motion by Bahamian author and director,
lan Gregory Strachan.
Dr Strachan will make a personal
appearance in lFreepolrt on the evening of
May 9.
I 1 will introduce his film and will lead
a question and answer session ilmmedi-
ately following the film's debut.


DIRECTOR
Perry Henzel

Stephanie Black

Felix deRooy

Diderik Vaan
Roijen
lan G(regoryv
Strachlan


TIME
7:00pmn

9:00pin


7:00()p

9:00pmI


GEORGE TOWN


REGATTA




VEHICLE PASSENGER
FERRRY SCHEDULE
(AIR-CONDITIONED PASSENGER CABIN)

WEDNESDAY APRIL 25TH


DEPT. NASSAU
ARRIVE GEORGETOWN


6:30PM
5:15AM


DEPT. GEORGETOWN
ARRIVE NASSAU


7:00AM
5:30PM


RATES


Passenger: One Way $60.
Vehicles: Cars One Way $200.
Thicks & Suv's: One Way $250.


Reund tp $110
Rolnd $384
RBMd $425


WITH DRIVER


Conrad Sweeting: 477-6162

THE ISI AND LINK TICKET BOOTH AT
EASTERN END POTTERS CAY DOCK


SUNDAY APRIL 29TH


WEDNESDAY, APRIL 18, 2007, PAGE 7


THE TRIBUNE






THE TRIBUNE


PAGE 8 WEDNESDAYAPRIL 18, 2007


SAI


PLP supporters gear up


for last night's rally

SUPPORTERS of the PLP got in the rally spirit last night on the way to the party's event at the
Queen Elizabeth Sports Centre.
(Phlotos: ''lip' Major/17rilhum' sta8)





CALL THE


l s|FIRE ENGINE
--' ~ 'SSSiS^^SSA VS 1 A fftflt* : *~f~]H^B~~~
*aMBH~i aui~uu i t B ^H H- Hi'am&w ''I~~S^ K
IN MttMi^^ ^ Arm w k


I m y .Z2'%.


Young voters re


ct


LARGE SHIPMENT OF USED CARS

IN STOCK

COME CHECK US OUT


NEW SHIPMENTS

ARRIVING MONTHLY


For Easy Financing

Bank And Insurance


On Premises

Check Our Price

Before buying


Bahamas Bus & Truck


Call:


isan allegiance


FROM page one


tion of issues, but just more
mudslinging," she said.
The lack of policy discussion
in the debate, and specifics
regarding these policies, is a
major disappointment to
Sarah. For her, the parties
need to move away from the
trivialities of personality dif-
ferences and inform the citi-
zenry of how they will specifi-
cally address long-standing
issues that have spanned
numerous governments, such
as, education reform, crime
prevention and improved ser-
vice delivery in the public sec-
tor.
Fred, 26, agreed that the
campaign has been too focused
on the personalities of Messrs
Christie and Ingraham. He said
he is shocked that National
Health Insurance has not been
a major issue on the campaign
trail so far.
"For me, National Health
Insurance is the biggest issue
of theii all, because it's a huge
step," Fred said.
'I'o gain Fred's vote, he said,
the parties would need to
engage in "an honest attempt
to address the issues more in
depth," placing less focus on
supposed differences of char-
acter between the parties.
When asked if lie perceived


between the PLP and FNM,
Fred said:
"'l honestly don't think that
there is that must difference."
Fred stated that his political
independence results, in part,
from being raised in a family
that was not a rabid supporter
of either party.
Furthermore, Fred suggests
that the percentage of inde-
pendent voters will increase in
the country in the coming
years, significantly affecting
the PLP's supporter base.
"I do expect that as the elec-
torate ages, we'll get less strict
adherence to traditional fami-
ly lines of voting. I mean par-
ticularly in the case of the PLP,
as you may expect, because it
is the party of independence.
Independence is receding a lit-
tle bit in importance to voters
these days," he said.
Marcus, 28, regards the lack
of discussion surrounding edu-
cation and culture as tragic. "I
haven't really heard any sub-
stantive vision for renewing
tlihe whole education system,"
he said.
Rather, the discussion has
been limited to merely build-
ing new schools.
"We can build as many
schools as we want, we still will
have a problem with education
because it is a systemic issue,"
he said.
MN:r,'tliS "u<' o ..... cf d tlh:


Bahamians are becoming
increasingly disinterested with
formal politics and political
tribalism, and other organs of
civil society, such as NGOs and
civic groups, may be required
to affect further social change,
rather than relying on the cur-
rent political structures.
Barry, 27, is completely dis-
interested in what he has wit-
nessed so far.
"As a young person, I don't
think it (the campaign) has
anything to do with my pre-
sent situation, nor does it have
anything to do with my future
situation. I don't think the can-
didates are speaking on issues
that are important to anyv
young person," he said.
Like many young Bahami-
ans, the high cost of real estate
in New Providence is of
extreme importance to Barry.
"1I just know how much of a
struggle it was for my parents
before me to gain access to
build their home and to start
lives in different areas from
where they had grown up," he
said.
Barry fears that the high
price of land will lead many
young Bahamians to live
indebted to banks, renting, or
forced to stay with relatives.
This young voter said he
would like to see live town-hall
style debates within con-
sl'llu'nrk () 11) ll i O.l ii/ 1'^; "':-,


pose direct questions to can-
didates, with these candidates
going on the record before the
entire country as to their vari-
ous positions.
"Public debates or live
debates, that's the only way
that we are going to be able to
force these politicians...to say
something," he said.
Barry suggested that many
Bahamians pledge to specific
parties because their parents
did so, or because they think
they will be personally reward-
ed by that party in some way.
Regarding the current polit-
ical divide, Barry said: "I am in
the middle and frustrated."
These swing voters may not
represent the views of all inde-
pendent members of the elec-
torate.
However, the mediocrity of
the current campaign, and the
paucity of new transformative
ideas into the public sphere,
by either party, has left these
voters uninterested in the mes-
sages of either Prime Minister
Christie or Opposition Leader
Ingraham.
'FiThe sentiments of these
young voters should indicate
to the old and unimaginative
political establishment that a
new group of citizens have
emerged that want creative
leadership, rather than T-
shirts, music and liquor at elec-
I' -


, V V







WEDNESDAY, APRIL 18, 2007, PAGFC 9


THE I-HIBUNE


Claim that Entrepreneurial Venture Fund





is being 'mishandled and politicized'


FROM page one

being "given the run around"
for two months by the Fund,
administered by Jerome
Gomez, before being denied a
loan. He considered the denial
to be for political reasons.
The Entrepreneurial Ven-
ture Fund (EVF), endowed
with $1 million, was the brain-
child of Prime Minister Perry
Christie. It was set-up in 2005
for the express purpose of
helping Bahamian entrepre-
neurs start small businesses.
Since then, several more
millions have been injected
into the fund, according to


FROM page one

"We are aware of the problem, but
those people are being paid as we speak,"
Third Vice President Sidney Rolle said.
"Up to Friday last week they were
making up cheques for these employ-
ees."
Mr. Rolle did not give a reason for the
delay in payment, but said the hotel was
"short" in some areas on pay day.
He said the union became aware of
the employees' condition last week.
"And then we were able to deal with
the issue right away," Mr Rolle said.
Last month, The Tribune reported that
the Nassau/Paradise Island destination


B13ahamnas Information Ser-
vices.
Last October, Minister of
Financial Services Vincent
Peet said that the fund was
designed to "reduce the red
tape that now exists and pro-
vide for them incentives and
concessions we now give to
the foreign investor."
However, Mr Duncombe
claimed yesterday that the
Prime Minister needs to be
made aware that the fund is
not serving its noble purpose.
"I personally applied, to test
the system, to see whether or
not there was some trans-
parency and accountability


involved." said Mr Dun-
combe.
"I've had my proposal vet-
ted by two major league lend-
ing institutions who had given
me the indication that it was in
a better state than 90 per cent
that crossed their desk.
"After the rigorous run
around by that lady I finally
met with, my application was
also rejected outright," he
said.
Mr Duncombe said his pro-
posal was for a loan to fund
the start up of a business that
would fill an under-represent-
Cll niche in the market, par-
licularly as the PLP's "con-


should receive tremendous exposure
when the Cove lower opened, boosting
a hotel industry suffering ltfrom a 2007
first quarter occupancy decline.
Peter Webster, a member of the
Bahamas Hotel Association, said: "The
Cove is a phenomenal product, like noth-
ing the Caribbean has e\ er seen, and I
think there will be a lot of positive PR
from that."
Atlantis employees normally receive
their pay cheques on Thursdays, includ-
ing a portion of the gratuity and their
base salary.
But during this recCent dilemma, it was
said that new employees of the Cove
Tower were not paid for three weeks
and old employees, who were already in


struction boomn" materialisCs.
"I tried to set up the
hydraulic and tyie sealing cen-
tre that would accommodate
this billion dollars of invest-
ment because they don't have
a system set up like this
presently in the Bahamas -
we thought that this would've
been the ideal thing at the
time," said Mr Duncoimbe.
He has reason to believe the
business, in theory, could have
generated between $.(0,()(000
and $40,000 a month.
Having had his proposal
vetted and approved in theory
by both First (Caribbean and
Commonwealth Bank both


the system, did not receive their salaries
for one week.
The Tribune attempted to contact
Atlantis' hotel management for a com-
ment, but no response was received
before press time.
The Cove Atlantis is a new tower.
which opened on March 28.
The 600-suite tower is located on the
ocean, between two beaches. The
Atlantis is a large resort and casino locat-
ed on Paradise Island.
The resort dominates most of the
island and is a major contributor to the
country's economy, employing
some 6.000 persons. Atlantis was built
by South African hotel magnate Sol
Kerzner.


leading commercial lending
institutions. that Mr Dun-
coimbc says would have more
stringent criteria for lending
than the fund Mr Dun-
combe said that the rejection
of his application was without
grounds.
Mr Duncombe claims to
have been in contact with
numerous other Bahamians
who have been victims of the
politicisation of this fund and
its committee.
"They're treating this like
it's their personal money," he
claimed.
The candidate believes that
the committee is creating rules
ad hoc. Although it was not
staled in the fund's website,
he was asked to make a
$20.000 investment into the
business "because a
lady walked away from a


$100,000 loan."
Mr Duncombe said .'w
agreed to this requniem' ni
nonetheless, but was still 1,(.,
rejected.
He also has concerns aboul
the constitution of the coin
mittee itself, as he claims it ,*
made up of individuals with
an insufficiently broad base of
expertise, not lending them-
selves to making inlo:ne'I
decisions on business prf")I
als.
Mr Duncombe allcgetihil
the appointment of- '.1
Gomez, administrator wf. lie
fund, "has more to doh ;ith
politics." In his opinion l
Gomez "needs to- .be:
removed." ;"*
Messages left for Mr G one/
yesterday in connectiorr"with
Mr Duncombe's claims ,-,ew
not answered.


Loss of weather -


warning equipment -t


Lynden Pindling airport



FROM page one

Department of Meteorology, but that this was "to no avail."
Minister for Transport and Aviation Glenys Hanna Martin could
not be reached yesterday for comment as she was in Cabinet, and
her cell phone was switched off.
Messages left for president and CEO Craig Richmond of the Nas
sai Airport Development Company, a subsidiary of Vancouv e Aii
port Services, who took over the daily operation of the airpoi t o'
lMarch 31, were not returned.


Scotiabank celebrates 175th




birthday around the world


SCOTIABANK is mark-
ing its 175 birthday and cel-
ebrating its commitment to
continue to serve its cus-
tomers and to support the
communities where Scotia-
bankers live and work in
Canada and abroad.
"We are very proud of
what Scotiabank and its
employees have achieved
throughout the past 175
years," said Rick Waugh.
president and CEO.
"Our employees' hard
work and commitment to
their customers, communi-
ties and to each other -
have made us the great
bank we are today."
The bank received its
charter on March 30, 1832
in Halifax, Nova Scotia and
shortly thereafter began
operating with four
employees.
The bank now employs
nearly 57,000 people in
2,100 branches in some 50
countries around the
world.
During Scotiabank's 175-
year history, the world has
moved from sailing ships
to computer chips and from
handwritten ledgers to
hand-held devices, but Sco-
tiabank says its fundamen-
tal beliefs and practices
have never changed.
The core values such as
integrity and commitment
- have endured.
"It's not every day that
a company reaches its
175th birthday." added Mr
Waugh.
"This anniversary is
about commemorating our
achievements as much as it
is about looking alihead to
the future."
For well over a century,
international banking has
been a Scotiabank hall-
mark expanding from Hal-
ifax, Nova Scotia. Scotia-
bank was the first Canadi-
an bank to venture outside
the United States or Eng-
land.


In 1889, even bhe orc it
moved to Toronto, where
its executive offices are
now located. Scotiabank
opened its first Caribbean
branch in Kingston.
Jamaica.
Within the past century.
Scotiabank has extended
its international network to
Mexico, the Caribbean,
Central and South America
and Asia.
Today. Scotiabank
Group's presence in Latin
America is increasingly
evident through majorily-
controlled Grupo Scotia-
bank in Mexico. Scotia-
bank Peru. Scotiabank IEl


M DAVID Tait (right) and Philip Cross (left). bollh of
Scotiabank I'urks and Caicos Islands came to Nassaui to
celebrate Scotiabank's 175th anniversary with the team in
the Bahanas. They are pictured sharing a light moment w itlh
Scotiabank Bahalmas's managing director, Minna Islael.


Salvadlor, Scotiabank d e
Costa Rica, and Scotiabank
S u d A m er i c ano i n
Chile.
Scotiabank said in a
statement that its 50-year
history in the Bahamas is
an important part of our
or ganisation's success -
one that is being celebrated
this veal as we mark the
Bank's global 175th
anniversary.


\ utier & Sands
company limited

Butler & Sands
Member of Thi Burnsu House Group of ( companies
presents


3pm 7pm
Saturday, April 21st 2007
Poop Deck, Sandyport, West Bay Street


Artwork and live painting by: Featuring Wines from:

Antonius Roberts, Ruffino, Drouhin,
Malcolm Rae, John Cox Sterling, Black Swan,
Sonia Isaacs 4& MOre! Gallo of Sonoma, Wente


Atlantis Cove Tower workers receive



salaries after waiting almost three weeks


HBHB~i^BiBI -EIIH


l


ii .;


JI.


. I-








PAGE 10, WEDNESDAY, APRIL 18, 2007

WEDNESDAY EVENING 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) n (CC) Fat: Issues Spe-
WPBT Monkeys are helps prove the Turin Shroud's'au- clal Edition Fol-
found all over. thenticity. n (CC) low-Up
The Insider (N) Jericho "A.K.A." Jake confron Criminal Minds "Honor Among CSI: NY "What Schemes May
WFOR n (CC) Hawkins after learningHawkinmy Thieves"Kidnapped Russian immi- Come" (N) (CC)
not have been forthcoming. grant. (N) f, (CC)
Access Holly- Friday Night Lights "State" The Crossing Jordan Macy takes Jor- Medium Michael's work as a tele-
WTVJ wood (N) (CC) Panthers prepare for the state dan to the hospital for risky brain phone psychic leads him to visit a
championship. (N) (CC) surgery. (N) f (CC) murder victim's widow. (N) (CC)
Deco Drive 'Til Death "Webby's Not Happy; American Idol Jennifer Lopez; one News (CC)
WSVN Summer of Love" Allison brings must leave. (Live) [ (CC)
Doug home for summer vacation.
Jeopardy! (N) eorge Lopez George Lopez According to In Case of Emer- Lost "One of Us" An Other accom-
WP (LG (cc) George and Ang.-Max learns to Jim "DinoMite" ency (N) f panies Jack; an illness strikes
e make a bet. play the guitar. 1 (CC) CC) Claire. (N) (CC)

:00) CSI: Miami CSI: Miami "Camp Fear" A girl's TheSopranos Funhouse" Tony is forced to discuss (:19) Interven-
1&E A Horrible Mind" corpse is found near an extremely living arrangements with Livia. A (CC) lon Jacob abus-
St (CC) strict rehabilitation camp.es drugs.
Hardtalk BBC News World Business BBC News Fast Track BBC News World Business
3 B I (Latenight). Report (Latenight). (Latenight). Report
ET Access Granted The Parkers The Parkers t Girlfriends n Girlfriends n Top 25 Dancers of All Time (CC)
t (N) (CC) (CC) (CC) / (CC)
S(:00) NHL Hockey Playoffs -- Teams TBA. (Live) (CC) CBC News: The National (CC)
S:00) On the Fast Money Conversations With Michael Eis- The Big Idea With Donny Deutsch
N BC money ner Elton John. (N)
iN (:00)RThe Situa- Paula Zahn Now (CC) Larry King Live (CC) Anderson Cooper 360 (CC)
C NN tion Room ]
SScrubs Butterfly The Daily Show The Colbert Re- Chappelle's South Park (CC) South Park (N) Halfway Home
fOM affects J.D. and With Jon Stew- port (CC) Show "Pretty (CC) "Hallway Camp-
Turk's fate. art (CC) Woman." (CC) ling" Wilderness.
CU ops Coast to Most Shocking "Under the Influ- Forensic Files Forensic Files Dominick Dunne: Power, Privilege-
U T Coast" (CC) ence"(N) & Justice "Family Betrayal"
1 The Suite Life of * BEETHOVEN'S 4TH (2001, Comedy) Judge (:35) That's So Life With Derek Phil of the Fu-
DISN Zack & Cody Ad- Reinhold. Julia Sweeney. The Newtons et back the Raven "Mr. Per- "Male Code Blue" ture Phil cancels
vice column, wrong dog from obedience school, 'G' (CC) fect" (CC) f (CC) his date.
This Old House Home Again DIY to the Res- Wasted Spaces Wasted Spaces Finders Fixers Finders Fixers
ly nf (CC) (CC) cue Laundry room. Fireplace repair.
Euromaxx Journal: In In Focus (Ger- Journal: Tages- Made in Ger- Journal: In Euromaxx
hv Depth man). them many Depth
SThe Daily 10(N) * THE BIG LEBOWSKI (1998) Jeff Bridges, John Goodman. An Paradise City Child Star Confi-
: L.A. slacker gets caught up in a wacky kidnapping plot. dental
NBA Shoot- NBA Basketball Orlando Magic at Detroit Pistons. From the Palace of Auburn Hills in SportsCenter
N around (Live) Aubu Hills, Mich. (Live) (CC) (Live) (CC)
(MI :00) UEFA Champions League Soccer Quarterfinal, SportsCenter- International Edi- Boxing (Live)
arPNI Leg 2 --Teams TBA. (CC) tion (Live)_
*,a* N Daily Mass: Our EWTN Live Visionaries, Holy Rosary Splendor of the Church
W N Lady Mystics
IH T In Shape "Pi- Ship Out, Shape Up "Puerto Vallar- Buff Brides: The Bridal Challenge FitTV's Housecalls A surfer wants
SV lates/Stretch" ta" Ship stops. (CC) "Manisha & Alison" (CC) to increase his strength.
SMC Fox Report- The O'Reilly Factor (Live) (CC) Hannity & Colmes (Live) (CC) On the Record With Greta Van
AI Shepard Smith ,Susteren (Live) (CC)
N L (:00) MLB Baseball Milwaukee Brewers at Florida Marlins. From Dolphin Stadium in Miami. Destination Wild The FSN Final
F NFL Live) Score (Live)
S:00) LGolf Cen- Big Break VII: Reunion Playing Lessons 19th Hole Top 10 (N) Golf Fitness (N)
GOLF tral (Live) I ____________
N Lingo (CC) Weakest Link f (CC) Dog Eat Dog (n (CC) Chain Reaction Chain Reaction
N I .(cc) (cc)
Te h (:00) Attack of X-Play X-Play Cops "Coast to CoCoa"Coast to Arrested Devel- Ninja Warrior
S tec the Show! (N) Coast" t) (CC) Coasf t (CC) opment (CC)
:00) Walker, Walker, Texas Ranger A former *', LITTLE HOUSE: THE LAST FAREWELL (1984, Drama) Michael
HALL exas Ranger sheriff who swore revenge on Alex Landon, Karen Grassle, Melissa Gilbert. Residents of Walnut Grove may
S "Reel Rangers" is released from prison. (CC) lose their homes.
BV Buy Me n (CC) Great Home Giveaway The con- Property Virgins Location, Loca- House Hunters Bu Me Anne
TV testants find out who's come closest "Damion & rene" tion, Location Two-bedroom and Jim" (N)
to the magic number. (N) n (CC) Bristol. 0 condominium. (CC)
Morris Cerullo Breakthrough Zola LeVtt Pre- Inspiration To- Life Today (CC) This Is Your Day The Gospel
I IrP ____ (CC) sents (CC) day (CC) Truth
Reba Secretive My Wife and Acorling to Acco(ing to i Frinds Rachel Everybody Everybody
I~TLA Kyra's e-mail gets Kids Michael's" Jim Jim grows a Jim Cheryl asks goes into labor. Loves Raymond Loves Raymond
hacked. n brother visits, mustache. n for jewelry. (CC) CC) Big Shots Ray can't sleep.
S Still Standing Reba Cheyenne Reba Van is ** SPEAK (2004, Drama) Kristen Stewart. Michael Angarano. Robert
LEE Brian gets driving kicks Van out of ashamed about John Burke. A 15-year-old keeps her rape at a party a secret. (CC)
S lessons. T the house. (CC) living with Reba.
rV NBC (:00) Hardball Countdown With Keith Olber- Scarborough Country Death in the Hamptons? Interview
1 D (CC) mann with Danny Pelosi.
N K Jimmy Neutron: SpongeBob Drake & Josh Full House Full House n Roseanne'Sis- Roseanne
IN Boy Genius SquarePants ft n (CC) (CC) CC) ters" (CC) (CC)
NV (:00) A24 (N) n Bones (CC) Crossing Jordan "Sleeping Beauty" News f (CC) News
N"T :PA)(CC)_______ (N) n(CC)
Pinks Street Tuner Street Tuner Pinks Pinks (N) Unique Whips (N)
S ED Challenge Challenge
S(:00) Billy Gra- Behind the Grant Jeffrey Ancient Secrets Jack Van Impe Praise the Lord (CC)
T8I ham Classic Scenes (CC) pf the Bible Presents (CC)
& Crusades
S Everybody Everybody Everybody Everybody Everybody The King of The King of
TIS Loves Raymond Loves Raymond Loves Raymond Loves Raymond Loves Raymond Queens "Do Queens "Class
S Ray's jealousy. "Ray's Ring" Mare sculpts. f (CC) No Roll" (CC) Rico' f (CC) Struggle" (CC)
I (:00) Amazing That's Gotta Hurt A motorcyclist Untold Stories of the E.R. "Family Manar's Story: Born With Two
T C Medical Stories crashes into a bulldozer; a lobster- Tragedy" Crash ejects a child from a Heads A delivery reveals a severe
i (CC) man gets a head injury. (N) vehicle. (CC) anomaly. (CC)
(:00) Law & Or- Law & Order "Positive" A gunman Law & Order "Payback" Detectives Law & Order Flaw" Fontana and
TI der "Fioater' f seeks revenge for the death of his investigate the murder of a mob in- Green discover a money-laundering
(CC) (DVS) baby sister. n (CC) (DVS) formant. f (CC) (DVS) scheme. (CC) (DVS)
T, N Home for Imagi- Ed, Edd n Eddy Ed,Edd n Eddy Camp Lazlo My Gym Part- Courage the Futurama n
*Tt" '" nary Friends Power outage. Ed's pen pal. ner's a Monkey Cowardly Dog (CC)
7" PTaratata 'D'un monde A I'autre Vingt quatre Chroniques d'en
T idees/seconde haul t
Storm Stories Abrams & Bettes Weather: Evening Edition (CC)
(:00) Duelo de La Fea Mas Bella Lety es una nina Destilando Amor Don Francisco Presenta Ernesto
iUI'lV Pasiones duice, romantica e inteligente, pero D'Alessio; La Quinta Estaci6n.
apenas atractiva. (N)
a (:00) Law & Or- Law & Order: Special Victims Unit Law & Order: Special Victims Unit Law & Order: Special Victims Unit
USA der: Criminal In- f (CC) (CC) n (CC)
Stent (CC) ,
V n(:00) The 40 Hottest Rock Star Girlfriends... and ** A/K/A TOMMY CHONG (2005, Documentary) Acceptable TV
Wives Musicians have beautiful partners. f\ Premiere. f t
(:00) NHL Hockey Conference Quarterfinal -- Teams TBA. (Live) ft (CC) Hockey Central NHL Hockey Conference Quarterfi-
V nal Teams TBA. (Live) f (CC)
W ~~O(:00) America's RoboCop: Prime Directives Part Two Meltdown A slain police officer WGN News at Nine ft (CC)
WFN Funniest Home who has been rebuilt as a cyborg fights for justice. ft (Part 2 of 4) (CC)
^ Videos ft (CC)
W' x Everybody America's Next Top Model The Pussycat Dolls Present: The CW11 News at Ten With Kaity
SWIOX Loves Raymond models get a crash course in action; Search for the Next Doll "Dancin' Tong, Jim Watkins (CC)
S, Ray can't sleep, past Top Models appear. (N) With the Dolls" n (CC)
eopardy! (N) Dr. Phil f (CC) Jeopardy! (CC) News Frasier "Hal- Frasier Frasier
WSBK (CC loween" (CC) narrates a docu-
mentary. (CC)

H -E THE LIFE AND * THE ICE HARVEST (2005, Comedy-Drama) Entourage Turtle Real Time With Bill Maher Jason
H t-E DEATH OF PE- John Cusack, Connie Nielsen. A mob lawyer and a plans Vince's Alexander. f (CC)
TER SELLERS pornographer steal a small fortune. f 'R (CC) birthday party.
S (16:301 DAY OF *** KINGDOM OF HEAVEN (2005, Historical Drama) Orlando Bloom, Eva Green, Jere- I * THE


HB)-P
all


ECKONING my Irons. A young knight protects Jerusalem frominvaders. 'R' (CC) NEW WORLD
(1994) f (CC) (2005) 'PG-13'


THE TRIBUNE


Best'"


V.


V 6 1 U J I iS U


"' "*-
,, .~ .. ,
.. ,'. .


Sovie Gift Ce rtfic

make great gi !



*g ._.


,/>


keL,' l cS il ,'et.IA l tl





\ 1 li xc,,-e-,l SI tree eeryTIxtwcsJa
P0ri i i \'- 1 V L tI'L





fl,'Oi 1, 3:30|-'ui to 4:30p 01 L ,iL,,, tlei
i1'tl of Tpil 2007.


B(~.:15) *", TREMORS (1990, Horror) Kevin Bacon. *** THE LIFE AND DEATH OF PETER SELLERS (2004, Docudra-
H B0-W Premiere. Monster sandworms devour denizens of a ma) Geoffrey Rush, Charlize Theron, Emily Watson. The comic actor has
-,- Nevada desert town. ft 'PG-13' (CC) a turbulent personal life. n 'NR' (CC)
S (:00) **'; INDECENT PROPOSAL (1993, Drama) *** WAR OF THE WORLDS (2005, Science Fiction) Tom Cruise,
H B )-S Robert Redford, Demi Moore. A man offers a couple $1 Dakota Fanning, Miranda Otto. A man and his children try to survive an
,,, million for a night with the wife. n 'R' (CC) alien invasion. n 'PG-13' (CC)
S (6:15)* * (:15) ** SOMETHING NEW (2006, Romance-Comedy) Sanaa Lathan, * INSIDE MAN (2006) Denzel
MAX-E WEDDING Simon Baker, Mike Epps. A black woman develops a budding romance Washington. A cop matches wits
CRASHERS 'R' with a white man. n 'PG-13' (CC) with a bank robber. 'R' (CC)
O l (:20) *', THEY LIVE (1988, Science Fiction) Roddy *!; KING'S RANSOM (2005, Comedy) Anthony An- (:40) **' ,THE
M OlAX Piper, Keith David. A drifter uncovers an alien plot to derson, Jay Mohr. A businessman plots his own kid- HARD WAY
S ". control mankind. f R'H (CC) napping to foil his wife. fP 'PG-13 (CC) (1991) 'R'
This American The Tudors "E isode 2" (iTV) Henry* *', ELIZABETHTOWN (2005, Comedy-Drama) Orlando Bloom,
SHOW Life (iTV) God, considers an alliance with Spain. n Kirsten Dunst, Susan Sarandon. iTV. A flight attendant helps a man get
f n (CC) (CC) back on track. n 'PG-13' (CC)


Enijo Great Food, Prizes and Lots of Fun.


I'm lovin' it


'.



t-4
4

,.*
-.
a

4








/*






;i
8<




t
I







4
11
5'
a










.0
9
4.'

















:o
*"
"I


ft


ltO:5** 1 :15) * *MAD HOT BALLROOM (2005, Documentary) Premiere. A NIGHiiATiTHER OURY
T(Nw York schoolchildren take part in a citywide dancing contest 'PG'(98,Comedy) Will Farrell, Chris
(194) 'PG' (CC) (CC) _____Kattan.ft 'P5-13' (CC)





THE TRIBUNE WEDNESDAY, APRIL 18, 2007, PAGE 11



The best

just got better!


British American Insurance is now


British
ESTABLISHED 1920A l er iI
F I N A N C I A L
Your choice of:
Life Insurance programs
to protect your loved ones
Health Insurance programs
to fit every budget and ..every

Flexible Annuities to help you
save for retirement, college and
future plans
Innovative investments for small
and large investors
Mortgages with low and flexible terms
on residential andcommercial purchases

Call us today. We provide
Financial Solutions for Wife!

ELDABritish


242-461-1000 I www.babfinancial.com
Freeport 242-352-7209 Exuma 242-336-3035 Abaco 242-367-5601
MORTGAGES MUTUAL FUNDS LIFE INSURANCE HEALTH INSURANCE
ANNUITIES & PENSION PLANS FINANCIAL PLANNING & INVESTMENTS





THE TRIBUNE


4 C
" t1 **
* t, ^.
!?'-
'*s .- .. *' ,:,


A-


11


Sq~~


y/X


lAINI


1'r


!i H


'II H


. 9,




I '


v- H


' 11.H








a p a


WEDNESDAY, APRIL 18, 2007


SECTION


buiness@tribunemedia.et Miami Herald Business, Stocks, Analysis, Wall Street


Fidelity unveils


venture


joint


partnership


Royal Bank of Canada acquires 50 per cent of its merchant bank subsidiary


* ANWER Sunderji, chairman and chief executive of Fidelity Bank & Trust
(FILE photo)



BICA has


reservations


over proposed


amendment to


BISX Rules


* By NEIL HARTNELL
Tribune Business Editor
THE Bahamas Institute of
Chartered Accountants
(BICA) has "reservations"'
about the proposed amend-
ment to BISX Rules that
would reduce the time for fil-
ing audited annual financial
from four to three months
after year-end, although it
believes such a deadline can
be met through close "co-oper-
ation" between the company
and auditor.
A BICA spokesman said the
organisation, which represents
all chartered accountants in the
Bahamas, "welcomed" the
proposed amendments to the
BISX Rules as an attempt to
enhance transparency and
timely material disclosures in
the Bahamian capital markets.
On the proposal to reduce
the timeline for audited interim
(quarterly) financial statements
to be filed from 90 days to 60
days, the BICA spokesman
described this as "a reasonable
one" and an idea the organisa-
tion agreed with.


It was only the proposal to
reduce the time for audited
annual financial to be filed to
just 90 days which was. causing
BICA some concern.
The BICA spokesman said:
"We have reservations about
the move to three months. We
feel it can be met, once there's
co-operation between the com-
pany and the auditor, and the
company realises it has to take
responsibility to ensure the
auditors have the right infor-
mation, have all of the infor-
mation, and that they are
apprised of all the issues -
especially operational and
accounting issues as they
relate to financial statements."
In a separate statement,
BICA added that moving the
year-end audited financial
statements deadline from four
to three months was a "signif-
icant" step, which would
require listed BISX issuers to
provide their auditors with all
the relevant information in a
timely manner.

SEE BICA, page 2


M By NEIL HARTNELL
Tribune Business Editor
F idelity Bank & Trust yes- W e 're
terday unveiled a joint
venture partnership that
has seen Royal Bank of g ing toL
Canada acquire 50 per i n g.t
cent of its merchant bank subsidiary, t i'
a move designed to enable the use thi as a
Bahamian-owned bank to become a
"pan-Caribbean operation" through a
reciprocal transaction in Barbados. platform Lto
As part of the consideration for
Royal Bank's purchase of a 50 per
cent stake in Fidelity Merchant Bank row in the
& Trust, which will now be renamed
Royal Fidelity Merchant Bank & a '
Trust, the new entity has acquired r ibJ L a-' *
'Royal Bank's capital markets opera-
tion in Barbados.
Anwer Sunderji. Fidelity's chair- -Anwer Sunderji
man and chief executive, declined to
reveal any details of the purchase
price and financial considerations
paid. but said the new Royal Fidelity,
"as a group, will be over $1 billion in appl\ ing for a licence there, too.
assets under management and admin- Tjierevlore. Royal Bank will act as a
istration, and will be providing pri- channel to ease Fidelity's entrance
vate banking services to several mar- into other Caribbean markets, making
kets the Bahamas. Barbados. the task much easier than if Fidelity
Trinidad and Jamaica". decided to go it alone.
Mr Sunderji explained that the joint "We're going to use this as- a plat-
venture's attractiveness to Fidelity form to grow in the Caribbean." Mr
was that it could "leverage off" Roy- Sunderji said. "to rapidly grow by
al Bank's financial strength and rep- accessing the resources of a very large
utation to penetrate other markets in Wpartner. From our point of view,
the Caribbean, transforming itself Fidelity has a presence in the
from an institution centred on the Bahamas already, we have established
Bahamas, Cayman Islands and Turks ourselves as a leading corporate advis-
& Caicos into a "a pan-Caribbean er and investment manager, we have
operation". a solid presence here and we need to
The acquisition of Royal Bank's grow outside the Bahamas in other
Barbados capital markets business markets."
will give it an immediate presence in To achieve that goal, a partnership
Barbados, while Royal Fidelity is also with a well-capitalised, world-


renowned institution seemed the best
route, Mr Sunderji added.
One financial source said of the
deal when told by The Tribune:
"That's a good move for
them"[Fidelity]. It has far-reaching
ramifications."
The joint venture agreement was
signed with Royal Bank yesterday,
and is subject to regulatory approval
in both the Bahamas and Barbados,
which Mr Sunderji said should be
obtained by July 2007.
Although unable to speak for Roy-
al Bank, Mr Sunderji said that from its
point of view, the 50/50 Royal Fideli-
ty partnership gave it access to local
market knowledge, expertise and .
capability in the Bahamas and wider
Caribbean when it came to capital
markets, investment and corporate
advisory work.
Fidelity could provide access to
more structured investment and
wealth management products, and
Mr Sunderji pointed out that Royal
Bank did not have a presence in cor-
porate advisory and wealth manage-
ment. The size of many Caribbean
markets is too small to interest Royal
Bank's Canadian head office, mak-
ing a partnership with a regional insti-
tution such as Fidelity an obvious
route to increase business and follow-
on banking fees,.
"They see us as an extension of
their product suite, and we can chan-
nel to them deals we originate," Mr
Sunderji said. "From their point of
view, they saw that we were estab-
lished, that we had a talent pool, we
had a reputation and, certainly in the
Bahamas, that we have a solid repu-

SEE FIDELITY, page 7


HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE
Tel: (242) 356-7764
FREEPORT OFFICE
Tel: (242) 351-3010


I


r I II I i I, I I
















Royal Bank of Canada launches





its new Real Estate Division


* By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
The Royal Bank of
Canada yesterday offi-
cially launched its new
Real Estate Division, which
will allow the bank to take
advantage of the expected
boost in development in the
country.
At a breakfast launch yes-
terday morning, Wayne
Kendall, director of Real


Estate Markets, Caribbean
Banking, RBC Royal Bank of
Canada, introduced the five-
member team that will head
the division.
According to a bank press
release, the Bahamas and the
Caribbean are expected to con-
tinue to experience positive
economic growth over the next
ten years.
"The real estate team will
position RBC to take advan-
tage of real estate development
in the Bahamas and Caribbean
over the next decade. The goal


is to assist developers and end
users in securing financing for
various projects and purchas-
es."
The five-person team
includes: F Wayne Kendall,
Lester Cox (who is stationed in
Toronto, will receive spe-
cialised training and will return
here to head the department),
Jerome Pinder, a manager for
executive banking, Lydia L
Gardiner, an account manager,
and Vanessa Richards, who
serves as an account officer.
Speaking at the launch,


NOTICE

IN THE ESTATE of OLIVER ANTHONY ALEXANDER RAMSOONDAR
Late of Victor Road, Coral Harbour in the Western District of the Island of New
Providence one of the Islands of the Commonwealth of the Bahamas, deceased.

Notice is hereby given that all persons having any claim or demand against the
above Estate are required to send their names, addresses and particulars of the same
certified in writing to the undersigned on or before the 29th day of May, A.D.,
2007 and if required, to prove such debts or claims, or in default to be excluded
from any distribution; after the above date the assets will be distributed having
regard only to the proved debts or claims with the Executrix shall have had notice.
And Notice is hereby given that all persons indebted to the said Estate are
requested to make full settlement on or before the 29th May, A.D., 2007.

Dated the 12th day of April, A.D., 2007


C.Yvette McCartney Chambers
Attorneys for the Executrix
Building No.10,
7th Terrace West Centerville
Nassau, Bahamas








F ID E L ITY^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^


Manager


Minimum Requirements
* 5 years management experience in the
industry


financial service


* 3 years participation in Bahamian capital markets
* Bachelors Degree in finance
* Canadian Securities Course, Series 7 or International Capital
Markets Qualification (ICMQ)
* Excellent analytical skills
* Excellent oral and written communication skills
* Proficient in the use of spreadsheet and database software
* Ability to meet deadlines and work with minimum supervision.



Primary Job functions
* Manage the securities trading business
* Solicit new business and manage client relationships
* Company research and analysis
* New product development
* Business development activities including public speaking
engagements



Remuneration & Benefits
* Attractive salary and commission based incentive program
* Group medical and pension plan
* Interest subsidies on employee loans.

The successful candidate will be offered a competitive
compensation package including benefits and bonuses
commensurate with his/her experience and performance.

Send resume no later than April 26th, 2007 to:

The Human Resource Director
Fidelity
51 Frederick Steet
P.O. Box N-4853
Nassau
f: 326.30000

e-mail: careers@fidelitybahamas.com


Financial Services and Invest-
ment Minister Vincent Peet
said the unprecedented growth
of the economy has had major
impact.
"This impact is felt as 98
Bahamian companies have
been contracted by Baha Mar
Developers to perform spe-
cialised work."
Similarly, Mr Peet said that
Kerzner has utilised the ser-
vices of 33 business companies
in Phase 3 while Ginn La West
Limited has employed the ser-
vices of 18 Bahamian compa-
nies and the Ritz Carlton, Rose
Island, has enlisted the services
of seven Bahamian marine
contractors.
"In dialogue with represen-
tatives of these developers, I
was assured that the services
of additional Bahamian com-
panies will he employed in


BICA, from page 1


future developments."
Mr Peet said the unprecedent-
ed growth is expected to con-
tinue well into 2007 and
beyond with Standard and
Poor, who forecast that the
economy will grow by three
per cent this year, and the
International Monetary Fund,
who predicated that $US15 bil-
lion will be invested in the
Bahamas over the next five
years and the Central Bank
touting the jobs and business
opportunities stemming from
tourism investment projects.
He said that, to date, 50
Bahamian tourist-related pro-
jects are at various stages of
development, with projects as
large as $1.5 million.
In addition, he said that 80
Family Islanders have benefit-
ed from small business semi-
nars hosted by the Bahamas


"There is still an over-reliance on the auditor
to produce financial statements when, in fact,
the company is responsible for preparing the
financial statements," BICA said. "This mis-
perception has to be continually clarified so
that management ensures the timely and accu-
rate completion of the financial statements to
avoid delays in audit timelines.
"Management should also seek to have audi-
tors come in at intervals during the year, rather
than at one point at or near the end of the
year."
The B ICA spokesman. meanwhile, told The
Tribune on the interim financial statements
deadline: "It's a reasonable one in terms of
the interim statements, which brings it down to
60 days, which \Ne agree with."
He also noted the specific reference to Inter-
national Accounting Standard 34, in relation to
the interim statements, as proposed by the
BISX Rules amendments.
This has been included to ensure interim
financial are presented in a consistent manner


Technical and Vocational Insti-
tute and the Department of
Labour.
He added that 479 graduates
have established small and
medium-size businesses and
are benefiting from foreign
direct investment opportuni-
ties.
Also speaking at the break-
fast meeting was Craig Wright,
the bank's chief economist,
who noted that, overall, the
country's economy was in good
standing.
He did point out, however,
that the targeted goal of five
million tourist arrivals was like-
ly to come up a little, short.
Overall, he said that 2006 was
a good economic year and,
barring a severe event like a
major hurricane or world
event, the economy should be
strong for a while.


and format by BISX-listed companies, and the
BICA spokesman said it was necessary to
"ensure that interim statements are released by
companies in an accurate and consistent man-
ner. Sometimes, financial statements released
by one entity differed in terms of format and
what the procedures were from another".
Pointing out that the Central Bank of the
Bahamas has certain expectations regarding
the financial statements of its licencees and
what will be published, the BICA spokesman
said: "Generally BICA feels the guidelines are
a step in the right direction, especially as
regards the release and submission of finan-
cial information, and the publication of that
information to the public."
BICA was still reviewing the proposed BISX
Rules amendments, the spokesman said, and
will be providing its response to the stock
exchange soon, but felt the planned changes
would grant the exchange more robust regula-
tory powers, enhance the timeliness of finafiil
reporting, and aid supervision oflist,dissju.s.


The all-new, bigger and more powerful 2007 Daihatsu Terios fits
perfectly no matter where you go. This versatile and stylish SUV has
solid suspension and a generous interior and luggage compartment.
The new Terios features a 1.5L engine,
automatic trans., AC, power


24-month/30,000-mile factory warranty on all new Daihatsu vehicles.

EX ECU TIV E Auto Mall, Shirley Street (opp. St. Matthew's Church)
Open Mon to Fri 8am 5:30pm
Sat 8am 12noon lip
MOTORS LTD Tel: 397-1700 on
E-mail: execmotor@batelnet.bs
AUTIHORISED DAIIHATSU DEALER Parts and service guaranteed
Available in Grand Bahama at Quality Auto Sales (Freeport) Queens Hwy, 352-6122 Abaco Motor Mall, Don MacKay Blvd, 367-2916


PAGE 2B, WEDNESDAY, APRIL 18, 2007


THE TRIBUNE

















BUSINESS 3


INTERNATIONAL EDITION


THE MARKETS
STOCKS. MUtUAL FUNDS, 7B
.9W3Q 12,773.04 +52.58 A
. 500 1471.48 +3.01 A
.SDAQ 2,16.95 -.38 V
10-YRNOTE 4.68 -.06 V
UDEO. .63.10 -.51 V



CPI data

leaves



stocks


mixed

...ADLYEN"EAD
. r Preiss
fiw'YORK Wall Street
Mostly higher Tuesday,
'y pushing the Dow Jones
into record territory
a ip home construc-
aud'aJ ld reading on con
tiun on encouraged
.-dominated
uite ipdex and
2.00i .Index of
c panies slipped,
hat most of the stock
gains were isolated in
.. companies that are more
to economic stum-
", .
- Many investors were heart-
',neaedby the Commerce Depart-
"-n'ias report that March hous-
r6se q.8 percent a
rise compared with Feb-,
. td'percent advance, but
Ebtter than the drop
.. ,-rns~.- expected. Giving
ts s some.additional relief,
,b'iLabor Department's core
fbr rice index robe.
The Dow traded as high as
12,790.02, passing its closing
S'high of 12,786.64 set Feb. 20, and
approached its trading high of
12795.93, reached the same day.
;*- --The Dow rose 52.58, or 0.41
: cent, to 12,773.04. Gains in
.Coca-Cola Co. and Johnson &
n, which reported earn-
ealie in the day that
expectations, gave the
index its 13th rise out'
1st4 sessions.
stock indicators
.'. The Standard &
.4s00 index rose 3.01, or
.0- O*n to6 1,471.48, while
teai composite index fell
_,,a*4pO( percent, to 2,516.95.
A 'dvancing issues outnum-
: decliners by about 3 to 2
on -theb New York Stock
~.cthazgea where volume came
to 1i 7 billion shares.
B' o ;i6nds 'rose following the
.* i.Alation data, which could give
A'th Fed more room to lower
toes. Also heightening that pos-
sibility, the Federal Reserve
"'epbrted Tuesday that March
Utility production dropped by 7
percentt' offsetting a rise in fac-
tory' production. The yield on
the benchmark 10-year Trea-
Stiy note fell to 4.69 percent
fribi 4.74 percent
.'" .The stock market has been
showing strength heading into
the first-quarter earnings sea-
son. Nearly half the component
companies of the Dow Jones
Sjdustrial average release earn-
S this week.
Tuesday, the financial sector
posted mixed earnings, but
shares fell throughout the sec-
* tor. Mellon Financial's profits
rose and exceeded expectations,
as did those of Wells Fargo &
Co. But TD Ameritrade Hold-
ing's profits dropped and
missed predictions, and so did
U.S. Bancorp's. Mellon fell 2
cents to $44.12; Wells Fargo fell
26 cents to $35.25; TD Ameri-
trade fell $1.56, or 93 percent, to
$15.31; and U.S. Bancorp slipped
34 cents to $3456.
Crude oil prices fell 51 cents
to settle at $63.10 a barrel on the
New York Mercantile
Exchange.
The Russell 2000 index of
smaller companies slipped 2.48,
or 030 percent, to 828.96. The
index reached an intraday high
of 831.71 during the session.
Overseas, Japan's Nikkei
stock average fell 0.57 percent,
SBritain's FTSE 100 fell 0.28 per-


cent, Germany's DAX index
rose 0.15 percent, and France's
CAC-40 fell 0.07 percent.


COLOMBIA


AMY SANCETTA/AP
UNPEELED: Documents filed in federal court provide details about the debate over alleged illegal
payments to Colombian paramilitaries made by Chiquita, a top banana producer.



Despite warnings,




Chiquita paid up


* Strongly worded warnings
failed to dissuade Chiquita
Brands International from
making illegal payments to
right-wing paramilitaries.
BY JANE BUSSEY
jbussey@MiamiHerald.com
Despite warnings about the legal
and ethical dangers of making pro-
tection payments to Colombia's
right-wing paramilitaries from a
member of its board of directors
and one of its outside lawyers, Chi-
quita Brands International pursued
the practice, U.S. court documents
show.
The payments to the United
Self-Defense Forces of Colombia,
or AUC as it's known by its Spanish
acronym, went on for 28 months
after the Bush administration
declared AUC a specially desig-
nated terrorist organization and
vowed to go after anyone who
funded such terrorist groups.
On March 19, Cincinnati-based
Chiquita, one of the largest fresh-
produce companies in the world,
pleaded guilty to engaging in trans-
actions with a specially designated
global terrorist and agreed to pay
the government a $25 million fine
over five years.
A prosecution document filed in
federal court in the District of
Columbia provides intriguing
details about the debate over the
payments that went on inside a
company that owns one of the best-
known brand names in the world.
The details laid out in the docu-
ment show top Chiquita executives
and most board members ignored
the risks involved and even
assumed that violation of the law
would be a civil, rather than crimi-
nal, matter:


In September 2000, Chiqui-
ta's audit committee, composed of
board members, heard about the
payments. The committee took no
action.
The Bush administration des-
ignated the AUC and the leftist
guerrillas as terrorist organizations
in September 2001, making it a
crime to provide support or money
to one of those groups. At that time
stories about the designation
appeared in both the Colombian
and Cincinnati press.
In September 2002, a Chi-
quita employee read an alert about
the designation on a password-pro-
tected subscription service.
In 2003, Chiquita consulted
about the payments with an
unidentified Washington attorney
who shot back e-mails such as this
one on Feb. 26: "Bottom line: CAN-
NOT MAKE THE PAYMENT."
Two months later, when Chi-
quita executives reported to the full
board of directors that the com-
pany was still making payments,
one board member objected and
the directors agreed to disclose the
payments to the U.S. Justice
Department.
Company executives
expected no sanctions and the pay-
ments continued until Feb. 4, 2004.
At one point one Chiquita exec-
utive told the Washington attorney:
"Just let [the U.S. government] sue
us."
Corporate ethics experts said
they had a hard time understanding
why directors took no action.
But Chiquita, in a March 14
statement from its chairman and
chief executive, Fernando Aguirre,
said the company was motivated by
its "good faith concern for the
safety" of its employees and called


the plea agreement a "reasoned
solution to the dilemma" Chiquita
faced.
Aguirre, who was named presi-
dent and CEO of Chiquita in Janu-
ary 2004, said the company volun-
tarily disclosed the payments
"shortly after senior management
became aware that these groups
had been designated as foreign ter-
rorist organizations."
Under its plea agreement, Chi-
quita agreed that it would cooper-
ate with any continuing investiga-
tion of the company executives or
officers involved.
The prosecution document lists
10 individuals as "relevant per-
sons," identified only by letters of
the alphabet.
But the name of one individual is
known. The Sun-Times Media
Group's Chief Executive and Presi-
dent Cyrus J. Freidheim Chiqui-
ta's CEO from 2002-2004 was
forced to disclose to his current
firm that he is part of a group of
current or former Chiquita employ-
ees targeted for investigation.
Prior to 1997, Chiquita had made
protection payments to the Revolu-
tionary Armed Forces of Colombia
and the National Liberation Army,
but this was before such payments
were a crime.
It was not the first time that Chi-
quita's operations in Colombia had
run afoul of U.S. laws. In 2001, the
company agreed to pay a $100,000
fine to settle U.S. Securities and
Exchange Commission charges that
it improperly concealed a $30,000
payment made to a Colombian cus-
toms official in 1996. The company
had discovered the payment in a
1997 audit and fired several
employees, but it did not notify the
SEC.


CURRENCY


British


pound


rallies


above $2

* The pound leapt above $2 for
the first time in almost 15 years as
a U.K. report showed inflation
unexpectedly quickened,
prompting traders to bet the
Bank of England will raise
interest rates twice more this
year.
BY JANE WARDELL
Associated Press
LONDON The last time the
British pound was worth more than
$2, the elder George Bush was waging
a losing U.S. presidential campaign
against Bill Clinton and the Eurotun-
nel linking Britain to Europe was still
under construction.
It took almost 15 years for the
pound to again touch $2, the level it
breached Tuesday after figures
showing an unexpected surge in
inflation led economists to conclude
that multiple interest-rate increases
were likely. The prospect of higher
rates can boost a currency by promis-
ing bigger returns on certain invest-
ments denominated in it.
While the currency has been flirt-
ing with the $2 level for several
months, hitting it marks a key psy-
chological notch in trading that ana-
lysts expect to hold.
The pound reached a high of
$2.0074 before dropping back to
$2.0040 in afternoon European trad-
ing, up from $1.9900 late Monday in
New York. The last time the cur-
rency traded above $2 on Sept. 16,
1992 marked the end of Britain's
membership of the European
Exchange Rate mechanism, which
pegged the pound to the currencies
of other EU members.
"We believe that sterling could
well remain above $2 for an extended
period," said Howard Archer, chief
economist at Global Insight.
Tourism operators expect the new
round figure to jog interest in book-
ings to the United States, with shop-
ping breaks in New York proving
popular last time the pound threat-
ened $2 in November.


BERTRAND LANGLOIS/AFOP
1=$2: The U.K. pound reached
the strongest since September
1992, climbing above two U.S.
dollars on Tuesday.


U.S. ECONOMY


Consumer prices rise on higher energy costs


* The Consumer Price Index rose
in March, but outside of gasoline
and other energy products,
inflation was well contained
according to the CPI report.
BY MARTIN CRUTSINGER
Associated Press
WASHINGTON Energy prices
surged in March at the fastest pace
since Hurricane Katrina, but other
consumer costs eased, providing
relief from worries that inflation was
getting out of hand.
The Consumer Price Index was
up 0.6 percent last month, the big-
gest jump in 11 months, the Labor
Department reported Tuesday.


Prices had risen 0.4 percent in Feb-
ruary.
The March increase was driven
by a 5.9 percent spike in energy
costs, the largest gain in this area
since September 2005, when Katrina
shut down Gulf Coast refineries.
Gasoline prices shot up 10.6 per-
cent with another big increase
expected in April given that pump
prices have continued to rise.
The nationwide average for regu-
lar hit $2.88, the Energy Department
reported this week, up 71 cents over
the past 11 weeks.
But outside of gasoline and other
energy products, inflation was well


contained in March, the CPI report
showed.
Food costs slowed after two
months of big gains triggered by
crop damage in winter growing
areas, while clothing costs plunged
by 1 percent, the biggest drop in six
years.
The cost of prescription drugs
was also down, helping to restrain
medical costs.
Core inflation, which excludes
volatile energy and food, posted a
tiny 0.1 percent rise last month, the
smallest increase in three months.
That was better than the 0.2 per-
cent rise that Wall Street had been
expecting and eased fears that this


year's jump in energy prices could
become embedded in higher prices
for other products.
In other economic news, the
Commerce Department reported
that construction of new homes and
apartments edged up 0.8 percent to a
seasonally adjusted annual rate of
1.518 million units in March, reflect-
ing a huge rebound in the Midwest
that offset construction declines in
the rest of the country.
Activity was heavily influenced
by the fact that it was the second
warmest March on record. Con-
struction surged 44.5 percent in the
Midwest while other regions of the
country suffered declines.


I ~ -~ I r I I I II I _~ I I













4B WEDNESDAY, APRIL 18, 2007 INTERNATIONAL EDITION


BUSINESS BRIEFS


* BEVERAGES


PROFITABLE:
Coca-Cola
reported that
its first-quarter
profit jumped
14 percent.
Driver Shawn
Hagerty, left,
makes a
delivery of
Coke in
Sacramento,
Calif.


S RICH PEDRONCELLI/AP




Coca-Cola 1Q profit


jumps 14 percent

From Herald Wire Services

The Coca-Cola Co. (KO), the world's largest beverage
maker, said its first-quarter profit jumped 14 percent on a
double-digit rise in sales, despite continuing problems in its
North America unit.
The results, announced before the market opened, beat
Wall Street expectations.
The Atlanta-based company said it earned $1.26 billion, or
54 cents a share, for the three months ending March 30, com-
pared to a profit of $1.11 billion, or 47 cents a share, for the
same period a year ago.
Excluding one-time items, Coca-Cola said it earned $1.29
billion, or 56 cents a share, in the quarter. On that basis, ana-
lysts surveyed by Thomson Financial were expecting earn-
ings of 53 cents a share.


* DRUG MAKER
JOHNSON & JOHNSON
BEATS EXPECTATIONS


* SALES
IBM MEETS
EARNINGS FORECAST


CANADA



Telephone firm BCE in buyout talks


BY CHRIS FOURNIER
AND FREDERIC TOMESCO
Bloomberg News
BCE, Canada's largest tele-
phone company, may be sold
to three Canadian pension
funds and Kohlberg Kravis
Roberts & Co. in what would
be the country's biggest buy-
out ever.
The Canada Pension Plan
Investment Board, the Caisse
de Depot et Placement du
Quebec, and the Public Sector
Pension Investment Board are
in talks with BCE, whose mar-
ket value is about $27.4 billion.
New York-based KKR would
be a minority partner in the
deal, according to a statement.
A transaction would put the
company in private hands for
the first time in more than a
century. BCE's shares trailed
rivals', including Telus Corp.,


the past five years as Chief
Executive Officer Michael
Sabia's efforts to cut jobs and
shed units failed to win over
investors.
BCE has "been a dreadful
performer for the last several
years," said Gavin Graham,
who helps oversee about
$5.4 billion as chief investment
officer at Toronto-based
Guardian Group of Funds,
including BCE shares. "I
would imagine the pressure"
from investors prompted the
announcement.
The stock rose $1.68, or
5.2 percent, to $33.74 in trading
on the Toronto Stock
Exchange. The Globe and Mail
newspaper has reported the
buyout funds may bid $35 a
share for BCE.
Since taking over in 2002,
Sabia has cut 9,000 jobs and


EARNINGS


sold stakes in CGI, Canada's
biggest comptter-services
company, and B611 Globeme-
dia, now known as CTVglobe-
media and owner of the Globe
and Mail. The executive had
cut costs after losing custom-
ers for land-linesto cable com-
panies such 's logers Com-
munications. About 181,000
wireline subscribers left BCE
in the last quarter. The com-
pany has soughtinstead to rely
on the wireless business for
sales growth, Wtich still lags
behind rivals' Telus and Rog-
ers. '- .
"We're encouraged that the
company ha:, decided to
become opeat' minded to
review alternatives," said Jim
Leech, a senior.vice president
at the Ontario Teachers' Pen-
sion Plan, BCE's largest share-
holder, with a ,5.3 percent
p! .


stake. "We hope to be a partic-
ipant in the process." Leech
declined to elaborate further.
Any transaction would
have to ensure "the company
remains Canadian, to meet
existing foreign ownership
restrictions," BCE said. Cana-
dian law bars foreigners from
owning more than 46.7 per-
cent of a domestic phone com-
pany.
BCE is one of Canada's old-
est publicly traded companies
and also is among the count
try's most widely held stocks.
The company, which started
operations in 1880, has traded
since at least 1905. BCE was
known as Bell Canada before
1983, when the holding com,
pany structure was created.
BCE plans to change its
name back to Bell Canada in
June.


Healthcare products First-quarter earnings at
maker Johnson & Johnson International Business
(JNJ) said its first-quarter Machines (IBM) rose 8 per-
profit fell 22 percent as a big cent and matched Wall
charge for a recent acquisi- Street expectations, as a
tion offset record sales boost from software acquisi-
driven by last year's pur- tions helped overcome mod-
chase of a stable of top con- erate overall growth.
summer health products. In the first three months
Still, J&J roundly beat of this year, traditionally
analysts' expectations, send- IBM's slowest quarter, the
ing its shares up $L53, or 2.4 Armonk, N.Y.-based com-
percent, to close at $64.55,..""..' paf& earnied$1.84 billion,
with trading double their $1.21 per share. In the com-
normal volume on the New parable period last year IBM
York Stock Exchange. showed profits of $1.71 bil-
lion, or $1.08 per share.
* MERGER Analysts surveyed by
MAGNA IN ADVANCED Thomson Financial were
TALKS ON CHRYSLER expecting $1.21 a share for
the first quarter.
Magna International IBM's revenue rose 7 per-
(MGA), a Canadian auto cent to $22.0 billion, slightly
parts maker, is in advanced ahead of the analyst forecast
talks with DaimlerChrysler of $21.9 billion.
(DCX) about a possible pur- "Overall this was a solid
chase of the money-losing quarter," said Mark Lough-
Chrysler unit, a German ridge, IBM's chief financial
newspaper reported. officer.
The Frankfurter Alle- But the real growth in
The Frankfurter Allge- sales was more moderate -
meine Zeitung reported that 4 percent, if not for weak-
Aurora, Ontario-based ness in the dollar. Down-
Magna International is in ns i t d Do
continuing talks with the drafts in the U.S. currency
can inflate the dollar value
German-American auto- of deals done in other cur-
maker about acquiring a rencies.
majority stake in the Chrys-
ler division, but the paper
did not name its sources. e GERMANY
The paper said Daimler- INVESTOR CONFIDENCE
Chrysler would keep a HITS 10-MONTH HIGH
minority stake in the U.S. The sick man of Europe is
division. feeling better, with investor
DaimlerChrysler did not sentiment about the future
comment on the report. of Germany's economy up
for a fifth straight month, its
* NEWS PUBLISHER highest level in 10 months,
DOW JONES REPORTS despite a rising euro and
DROP IN EARNINGS fears of a U.S. slowdown.
The index of German
Financial news publisher sentiment released Tuesday
Dow Jones & Co. (DJ) by the ZEW, or Center for
reported a sharp drop in European Economic
first-quarter earnings from a Research, rose to 16.5 points
year-ago period that in April, from 5.8 points in
included a large accounting March and 2.9 points in Feb-
gain, but the latest adjusted ruary. That was better than
income topped analyst the 10.9 points analysts
expectations on lower costs polled by Dow Jones News-
and higher online ad reve- wires had predicted.
nue. The rise augurs more
The New York company, growth in Germany in the
which publishes The Wall next six months because of
Street Journal, Barron's, an improving labor market
Dow Jones Newswires and and also lower unemploy-
other publications, earned ment that is helping bolster
$22.6 million, or 27 cents per consumer demand for
share, versus $61.5 million, everything from washing
or 74 cents per share, a year machines to clothing to new
earlier, cars.


LATE TRADING


Stock Tr.
Yahoo YHOO
Intel 'NTC
PwShsoQQOQ Q
iShR2K nya IWM
iSh EAFE EFA
ProctGamn PG
SPDR SPY
UnearTch LLTC
Cisco CSCO
GenElec GE
Pfizer PFE
webMeth WEBM
Caterpillar CAT


635 p.
dose
29.48
21.40
45.04
82.23
79.50
63.90
146.84
35.11
26.76
35.18
26.88
9.25
67.60


Stock
ABB Ltd
PwSValL
Citigrp
CocaCI
SeagateT
Maxim II
IBM
Atmel If
TWeisel
Emdeon
ChartCm
BCE gn


6:35 p.m.
dose
18.30
17.53
52.70
51.58
20.85
30.65
96.50
5.20
18.75
16.08
3.27
34.17


PAUL SAKUJA/AP
PROFIT MARGIN: Intel raised its full-year profit margin guidance and said it would spend slightly more on research and
development in 2007 than it had previously forecast.



Intel 1Q profit surges 19 percent


BY JORDAN ROBERTSON
Associated Press
SAN JOSE, Calif. Bene-
fiting from its rapid shift to a
new chip-making process and
a big tax windfall, Intel's first-
quarter profit surged 19 per-
cent as lower production costs
helped the company withstand
another round in a fierce price
battle with rival Advanced
Micro Devices.
Intel also raised its full-year
profit margin guidance and
said it would spend slightly
more on research and devel-
opment in 2007 than the com-
pany had previously forecast.
Meanwhile, AMD has slashed
its revenue forecast and is
expected to post a loss of 48
cents per share when it
reports its own first-quarter
results on Thursday.
Both Silicon Valley compa-
nies make the microproces-
sors that act as the core calcu-
lating engines of computers
and are cutting prices to gain

INTERNET


market share.
Intel, however, has been
able to throw more money at
improving the manufacturing
technology that makes pro-
duction cheaper while boost-
ing performance. Intel also has
been better able to absorb the
price cuts because of its size
advantage its market value
is 16 times that of AMD's.
Intel said after the market
closed Tuesday that it earned
$1.61 billion, or 27 cents per
share, in the first three months
of the year. That compares
with net income of $1.36 bil-
lion, or 23 cents per share, in
the same quarter last year.
The company said the lat-
est profits include a reversal of
$300 million of previously
accrued taxes that were added
back into the company's cof-
fers. It increased the earnings
per share by about 5 cents.
The tax benefit stemmed
from Intel's resolution of a dis-
pute with the IRS over its


method of accounting for cer-
tain export sales The IRS had
wanted to hit Intel with more
than $2 billion in charges for
back taxes from 1999 to 2005,
but the two sidesfesolved the
matter for an undisclosed sum.
Intel said revenues for the
quarter were $8.85 billion,
down slightly from last year's
$8.94 billion. Analysts sur-
veyed by Thomson Financial
were expecting the company
to earn, on average, 22 cents
per share on nearly $9 billion
in revenue. Sales were down
in all of the company's major
divisions, and average selling
prices were lower in the lucra-
tive market for corporate
server processor.
However, Intel was able to
offset the slumping sales with
lower manufacturing costs
because of its shift to a more
advanced manufacturing tech-
nology. ;1..h
Intel had had about a year
head-start overAMD in pro-


Yahoo trails estimates; profit


BY MICHAEL LIEDTKE
Associated Press
SAN FRANCISCO -
Yahoo's first-quarter profit fell
11 percent, disappointing
investors who have been bet-
ting that the Internet icon had
regained its stride after stum-
bling through much of last
year.
The letdown zapped
Yahoo's stock, which plum-
meted more than 8 percent
after the results were released
Tuesday. Management added
to the angst by leaving its
financial outlook for the
remainder of the year
unchanged from its last fore-
cast three months ago.
The Sunnyvale-based com-
pany earned $142.4 million, or
10 cents per share, during the
three months ended in March.
That compared with net
income of $159.9 million, or 11
cents per share, at the same
last year.
The results were a penny
below the average earnings


estimate among analysts sur-
veyed by Thomson Financial.
Revenue for the period rose
7 percent to $1.67 billion.
REVENUE FALLS
After subtracting advertis-
ing commissions, Yahoo's rev-
enue totaled $L18 billion. That
figure fell about $25 million
shy of the average analyst pro-
jection, according to Thomson
Financial.
Yahoo shares shed $2.62, or
8.2 percent, in extended trad-
ing after gaining 48 cents to
close at $32.09 on the Nasdaq
Stock Market.
The first-quarter downturn
may renew concerns about
Yahoo's ability to compete
against Google, whose Inter-
net-leading search engine pro-
pels the Web's most lucrative
advertising network.
Through March, Google
held a 48 percent share of the
U.S. search market compared
with 27.5 percent for Yahoo,
according to comScore Media


Metrix.
The balance of power will
likely come into-even sharper
focus Thursday when Moun-
tain View-based Google is
scheduled to report its first-
quarter results.
Yahoo has pledged to nar-
row the gap with its rival this
year with the recent introduc-
tion of a new marketing plat-
form dubbed "Panama" -
that is supposed to do a better
job of distributing ads that will
spur revenuir-generating
clicks. Meanwhile, Google is
bolstering its arsenal with its
planned $3.1 acquisition of a
major online advertising
placement service, Double-
Click.
Although Yahoo's new ad
system rolled out in the
United States in early Febru-
ary, the company's manage-
ment has repeatedly advised
investors that the financial
benefits are unlikely to
become evident until the sec-
ond half of this year.


during chips using so-called',.
65-nanometer technology,,- .
which shrinks the size of a'
chip's circuitry to 65 billionths
of a meter. The shift allows'
companies to squeeze more'
transistors onto the same slice
of silicon, boosting perfor-
mance while lowering manu-
facturing costs. Both compa-
nies are now shifting to'
45-nanometer technology.
"The market remains com-.
petitive, but we think we're,
starting to see the benefit of'
the new products we rolled
out last year," Andy Bryant,
Intel's chief financial officer,
said in an interview with The
Associated Press. "As we bring
better and better products to
the marketplace, it gives us the
ability to compete on some-,
thing more than price."
Intel shares gained 29 cents,
or 1.4 percent, to close at
$20.98 on the Nasdaq Stock ,
Market. In extended-session
trading, they gained 9 cents.




falls 11%',

Investors nevertheless had
been hoping for more signs of
a comeback in the first quar-
ter, a sentiment that had
helped lift Yahoo's stock price
by 26 percent since the end of
December.
RECOUP LOSSES
The rally recouped some of
the losses registered last year
when Yahoo shares dropped
by 35 percent as the company
struggled to keep up with
Google. The lackluster perfor-
mance culminated in a man-
agement shake-up that
included the departure of
Yahoo's chief operating offi-
cer, Dan Rosensweig.
Some analysts believe
Yahoo Chairman Terry Semel
could lose his job as chief
executive officer if Panama
doesn't accelerate the compa-
ny's earnings growth. Semel,
who is approaching his sixth
anniversary as Yahoo's CEO,
didn't sound worried during
an interview Tuesday.


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


.


I - I '


MiamiHerald.com I THE MIAMI HERALD








THE TRIBUNE


WEDNESDAY, APRIL 18, 2007, PAGE 5B


Some funds see opportunity in quietly




pressing for change at companies


* By TIM PARADISE
AP Business Writer
NEW YORK (AP) High-
profile investors like Carl Icahn
have helped define the image
of activist shareholders by
storming into companies and
pushing for change. A less visi-
.ble type of activism exists
among some mutual funds, one
that employs quiet diplomacy
to press for change and boost a
stock.
With the number of global
investment opportunities only
growing, many fund managers
might simply pass by a stock
they consider a fixer-upper.
Others see opportunity beyond
some blemishes.
"Our approach is we try to
think and act like long-term
owners," said David Winters,
thief executive of Wintergreen
Advisers. "So much of the
activism today is getting an
event to happen, making some
money and selling."
Winters prefers trying to
udge management in a certain
direction rather than going to
battle over changes.
"I've done it the other way,
nd we can do it, but we've
found if we can be a long-term
constructive partner of the com-
pany, we really like that
approach," he said.
In one such example, he hag
pushed Consolidated-Tomoka
Land Co., a Florida real-estate
developer, to reconsider the sale
of some land near Daytona
Beach, Fla., and instead hold
on to some properties to cap-
ture rising values. He contends
that by pushing for change and
sticking with companies that are
open to suggestions, he is more
likely to boost the return of the
Wintergreen Fund, which has
assets of about $721 million.
", "If a company has good man-
agement, oftentimes they're
receptive to good ideas. We're
conscious of the time value of
L . : . :


money, but we really like to find
situations where time is our
friend," he said.
Some funds mainly focus on
companies in need of
makeovers. "We're looking for
undervalued companies with
solid balance sheets and free
cash flow that may have stum-
bled," said Eric Heyman, co-
portfolio manager of the Olstein
Strategic Opportunities Fund,
which began in November.
He said the fund looks for
small companies whose share-
holders could benefit, for exam-
ple, from stock buybacks, pay-
ment of one-time dividends or
the sale of assets that aren't an
integral part of the business.
"A lot of companies hit these
stumbling blocks along the
way," Heyman said, referring
to the growth of small compa-
nies. "We work with manage-
-ment in a cooperative way to
trigger changes that will unlock
shareholder value. I would say
most of the time management
or the board is very willing to
take in our criticism and move
in the way we want to go."
Heyman said shareholder
activism doesn't always require
investors resort to proxy fights
and other high-profile means.
While some of the more
pitched battles for control of a
company attract attention, the
dustups can some lead mutual
fund managers to look for oth-
er stocks. In recent years, Icahn
took part in a well-publicized
battle for control of Time
Warner Inc., while investor Kirk
Kerkorian has been trying to
wrest control of Daimler-
Chrysler AG's Chrysler unit.
Many mutual fund managers
are too busy to bother trying to
bring change to a company and
can simply move on, said Jeff
Tjornehoj, an analyst at Lipper
Inc., which tracks funds.
"It's difficult for a manager
with 20 to 50 stocks under his
purview to spend a great deal of


time to battle a CEO over a
compensation deal," he said.
"Selling is their first option
and much further down the list
is to be an activist shareholder
and in some ways act as a gadfly
on steroids because they do
wield a lot of influence,"
Tjornehoj said.
Some funds hold stakes in
companies that meet specific
investment requirements and
then push for changes at com-
panies that don't pass muster.
The six-month-old Blue
Large Cap Fund and Blue Small
Cap Fund invest alongside
ideals often associated with lib-
eral political views, measuring
companies by 10 criteria such
as their environmental stew-
ardship and the gap between
pay of top executives and
employees.
The funds, which respective-
ly invest in the stocks of Stan-
dard & Poor's 500 index and
the Russell 2000 index of small-
er companies, together own
about 450 stocks.
The omission of the other
stocks in the S&P 500 and Rus-
sell 2000 means those compa-
nies don't meet the fund's stan-
dards, said Daniel Adamson,
chief executive of the Blue
Fund. But instead of ignoring
them, the fund has helped spon-
sor petitions to push for changes
at those companies. Should suf-
ficient changes occur, Adamson
said, the funds would be per-
mitted to invest in them.
"I think you can saber rattle
in any number of ways. We've
sponsored petitions signed by
thousands of people who pledge
not to invest in companies with
poor track records," he said.
Adamson said measures like
petitions don't distract the Blue
Fund from its investment goals
nor does it create significant
expenses. "Activist shareholder
resolutions don't need to pass in
order to affect corporate behav-
ior."


NOTICE

The payment of Long-Term Benefits and Assistance in New Providence
for April 2007 will be made at the Board's Fox Hill, Wulff Road and
Jumbey Village Local Offices beginning Thursday, April 19, 2007.
Cheques may be collected from theses offices between the hours of 9:00
a.m. and 4:00 p.m.

Pensioners and/or their representatives are required to produce proper
identification in order to collect their cheques.

Acceptable forms of identification for Pensioners are the National Insur-
ance Registration Card, together any one of the following:

1. A Passport;
2. A Voter's Card; or
3. Any other document which establishes, conclusively, the identity of the
claimant.

Where the Pensioner is sending a Representative to collect his/her cheque,
the Representative should present an Authorization Form, completed by
the Pensioner, or a letter from Pensioner authorizing the Board to release
his/her cheque. Additionally, the Representative should present any one
of the above-listed items to identify himself/herself. Cheques will not be
released to Representatives who fail to provide satisfactory identifying
documents.


Please Note:


Pensioners born in April and October are now due for
Verification. Failure to be verified on-time, will result in


the suspension of payments.











RESORT MARINA


The exclusive master-planned Rum Cay Resort Marina (www.rumcay.com) currently
in the early stage of planning and development will comprise 100-key condo hotel,
circa 200 residential offerings, a 120-slip mega-yacht marina and marina village as
well as extensive recreational amenities.

Montana Holdings Ltd, owners of the Rum Cay Resort Marina, Rum
Cay, Bahamas are seeking to expand their Nassau based team with the following:

Executive P.A. to the Company Chairman.

This position is within a testing and challenging corporate environment that will
require an individual of the highest caliber to sustain the demands of various
commercial projects and assignments that demand constant early completion.

The successful candidate shall have a least 5 years experience in a senior administrative
position. Assertive and industrious you will have a high level of initiative to ensure
that all executive office matters are dealt with in an expedient and professional
manner.
You will have excellent written and oral communication skills, together with first
class PC skills in Word, Excel and Power Point.
The salary shall be above market rate to reflect the seniority and demands of
this position.

Project Managers and Project Executives in Sales and
Business Development

Responsibilities include:
Compilation of commercial and contractual documentation from management
briefings
Preparation of work schedules, matrices and charts
Monitoring, managing and maintaining the scheduled progress of selected
project activities, staff and contractors
Establishing well defined processes for the control of inter-department work
programmes
Efficiently resolving logistical challenges and supporting areas of delays
Liaising with suppliers, Government Agencies and legal representatives

Applicants must be capable of multi-tasking a range of commercial activities that
require initiative, creativity and organisational skills to complete on time. They shall
be PC literate, have excellent written and oral communicators and be highly productive.
Knowledge and experience of resort development and operation, property sales and
marketing, or construction activities will be an advantage.

The successful candidates will be working in a very busy high-pressure environment
where they will be expected to meet exacting time scales and be recognized as
efficient completer-finishers. The task contents will vary through the range of
business functions related to the Rum Cay development and offer variety, experience
and career development.

Please send your CV to island_developmentl@yahoo.com The closing date for
applications is Tuesday 24th April 2007


-FIDiEISTYi


Assistant Securities Trader


Minimum Requirements
S* 3 years experience in the financial service industry
Bachelors Degree, preferably in Finance, Banking or
Accounting.
Canadian Securities, Series 7 or International Capital
Markets Qualifications.
Excellent oral and written communication skills
Excellent analytical skills
Proficient in the use of spreadsheet and database
software


Primary Job functions
Provide market quotes and market information to clients
Execute security trades
Manage client relationships
Conduct research on various domestic publically traded
companies
Assist manager with the preparation of Newsletter
Cross sell other Fidelity products to existing client base
Monitor Capital Markets and all press releases and
dividend notifications of all listed companies.


Remuneration & Benefits
Attractive salary and performance bonus
Group medical and pension plan
Interest subsidies on employee loans



The person will report directly to the Manager of Fidelity Capital Markets.
The successful candidate will be offered a competitive
compensation package including benefits and bonuses
commensurate with his/her experience and performance.

Send resume no later than April 26th, 2007 to:

The Human Resource Director
Fidelity
51 Frederick Steet
P.O. Box N-4853
Nassau
f: 326.3000

e-mail: careers@fidelitybahamas.com









PAGE 6B, WEDNESDAY, APRIL 18, 2007


THE TRIBUNE BUSINESS


ri I


Banco Votorantim S.A. -

Nassau Branch
Financial Statements at
December 31, 2006
and Report of Independent Auditors


RICEWATERHOUs(COPERS 0


C, ,. in. ii i,.iuuinr ut...,



ri r~e..


INDEPPENDEN AUDITORS' REPORT


To the Directors and Shareholdersn of Hanco Votoranthu S.A. Nassau IBranlch

We have audited the eccompanyng financial statement; at in H cu Votlorantin S.A. -
Nassau Branch, which comporse the balance sheet is of DecLrnhber 31, 20(06, and the
income statement, statement of changes illn equity ind cash flow .tatlemen for the yiar
then ended, ind a s it inilntry of significant accounlir policies and other eptintulior>
sole.

Mler.nagement'l s Respoa bilritiv fbr the F-'ancial S arcrmentrsr

Management is -esponsible for the preparation .md fair plrcuntanion of these financial
statewenrs in accordance with rInematnionia Finanes:al Reporting Stantdards ''ihis
responsibility y includes:n dcsiingig irrplemening and laiutinanirng internal cr roni
relevant to the preparalion ind fair presrtittn of tfinanlcial statcmnents thai are fe flnrorn
material rmissmatement, w.hcther due to Ri and or error; selcting and applying appropriate
accounting policies: and making accounting estimates that are reasonable in ihet
circumstances.

Auditors' Rexponsibility

Our responsibility is to express an opiron on these dnitmcial stitemrents based on our
audit We conducted our audit in accordance with temarahtonal Standards on Auditing.
tsose standards require that we comply with ethical requi rcments and ptlt antd pcrlbnun
tho audit to obtain reasonable assurance whether the financial statements axe free from
material misslatoenclml.

An audit involves performing proc-durlr to obtain audit evidence about the amounts anrd
disclosures in the financial slatantets. The pn)rcedures selected depend on the auditors'
judglroetl, including the assessment of the risks of material misstatemrnc of tlihc financial
statements, whether due to fraud or error. In making those risk assesstments, the auditors
corsid*t internal control rtelovant to the entity's preparation and iuir p peintatiion of the
financial shttemrnnts h r crder to design audit procedures dirat are applroptrunre irhc
circumsltimces, but not for the purposc of expressing an opinion on the efhctiveness ult
the entity's intemal control. An audit also includes evaluating the npproprniateass of
accounting policies used and the ireasonablenes s of accounting estimates made by
management, as well as eoalunaiing the overall presentation of the financial stateulints

We believe that the audit evidence \t,'e have oblaiired is sufficient and appropriate to provide
a basis for our audit opinion.

Opi'iop

in our opinion, tho accompmtying financial statements present lirly, in ail material
respects, thie financial position of Banco Votorantirn S.A. Nassau Branch us of December
31. 2006, and its financial performance anmd its tonisolidntced cash flows for the Vitir Ihen
..tlcd ii accordance with Internationalt Financia Reporting Stanudrids.




Chartered.Accourtanmts
February 6,. 2007i

Banco Votorantim S.A. Nassau Branch
BSanc* Shet at December31
peass to tt-a*a. or u.. deas.


NoW 2006

CO ano rwrsand dpoefts 5nS2

sed&eme areMt 4 511.1
Se otrdhs mretat x 235.41S
Leorwe aderwe, sse sawrrie for "wee
ot hens WMd adveO e- S 1,.148 (200 $S 479) 7 455,429
Otharaaere a _. rra






Demand dI 1t 0
___.. ...2'rrm..ei





*Owand deoses 15t1

Cmnto edenftae r0 -,3,.C
Tar-e eear -I e n e i0 14s0
Tine sepisri --cuito-.. 11 4;.,

Fe.s breread urs ti-s ore
.........." a > s .. .








s.. r.. AktOA iOOP chainare Ott ~ni n............ ...- ...stM e I i) L



- 2 7 V sVice CO airm ne
Yea tos Ended December 31








Red ai islands o US. dollars
Exp...-d In th-sand. of U.S. d.U..r


.I ell
















Ct It




.1















4114







u-s













I-rt
2I 11 1






























rt Wi
.rt

























i











]e
11k




aor











int1
!l/,.


Note 2006


24.160
23,861
2,427
87,324
16.602
21.362
6,383

182,119


835
61,885
19,738
1,041
174,229
13 4.155
34,685

296.568

(114.449)

(469)


12 and 18 187.880
(15,883)
349
19 and 21 (11442)

160,904

45,986


3 23




200625
;1.t35-l













I It 344
uas
aCer.3





i-'i.N I*^

toast2
d3at0'i


2005


10,085
8,419
767
122,660
24.556
12.799


179,286


601
39,124
6.111

70.410
10,420
27,726

154,392

24.894

(202)


30,091
(6.135)
329
148.784)

(24.701)

193


Banco Votorantim S.A. Nassau Branch

Statement of Changes In Equity
Expressed In thousands of U.S. dollars


Balance at December 31, 2004
Net income for the year

Balance at December 31, 2005
Net Income for the year

Balance at December 31, 2006


Due to
head office

250,000


250,000


250,000


Retained
earnings Total

122.679 372.679
193 193

122,872 372,872
45,986 45,986

168,858 418,858


Banco Votorantim S.A. Nassau Branch

Cash Flow Statement
Years Ended December 31
Expressed In thousands of U.S. dollars


Cash flows (used In) from operating activities
Interest received
Interest paid
Other income received
Net trading gain/loss
Other payments from operating activities
Net cash provided by operating activities before
changes In operating assets and liabilities
(Increase) decrease In operating assets
Securities purchased under resale agreements
Securities held-for-trading
Loans and advances
Credit collateral
Other assets
Increase (decrease) in operating liabilities
Demand deposits
Linked deposits
Credit linked notes
Equity linked notes
Time deposits customers
Certificate of deposits customers
Securities sold under repurchase agreements
Global Medium Term Notes
Funds borrowed
Other liabilities
Net cash flows (used In) from operating activities
Cash flows from Investing activities
e Securities held-to-maturity

Ni Increase (decrease) In cash and cash equivalents

Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Cash and cash equivalents are composed of:
Cash and demand deposits
Due from banks Interest Bearing deposits


2006 2005

190,072 166,025
(311,926) (100,653)
298 263
187,880 30,091
_(27.731) (55.045)

38.593 40,681

68,722 (15,908)
663,770 (485,024)
(82,246) (191,493)
(244,250) (320,000)
(10,476) (183,469)

151
569 345
25,033 42,754
14,578
(137,660) 74,563
(32,074) 767,447
(300,315) (145,694)
(96,254) -
(69,966) 430,849
13,633 14,543
__(148,192) 29,594

58,120 57,738
(90,072) 87,332
411,676 324,344
321.604 411,676

5.527 2,393
- 316,077 409.283

321,604 411.676


Banco Votorantim S.A. Nassau Branch

Notes to the Financial Statements
at December 31, 2006
Expressed in thousands of U.S. dollars


1 Incorporation and Background Information

Banco Votornntim S.A. Nassau Branch (the "Branch") has boon registered In the
Commonwealth of Thu Baharnas and is authorinud to operate under a branch banking license
Issued on Fobruany 20, 2002 by tho Central Bank of The Bahamuas Ito Banco Votoranlm
S A,(thoe "liank"), it Bruzillan bank which Is 09.88% owned by Voloranlm Finangas S.A.

lio eBrainich's opolatlons, which complernunl those of anco Volorontllm S.A.. its Head Office,
ir.ludo baiinking services, advisory, Investment l nd trading In Internatilonal financial markets. A
significant portion o fi ll isots of lthi Branch conmpuson investments In Brazilian capital
niurkols,

The registered office of the Branch Is located at Saffrey Square Building, Suite 204. Bay
Street, Nassau, Bahinas. A related party provides administrative and accounting servIces to
tlihe Branch.


2 Summary of Significant Accounting Policies

(a) Statement of compliance

The financial statements have been prepared in accordance with International Financial
Reporting Standards ("IFRS") as promulgated by the International Accounting Standards
Board. The preparation of the financial statements in conformity with IFRS requires
management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and reported amounts of revenues and expenses during the year. Actual results
could differ from those estimates.

(b) Basis of preparation

The financial statements are presented in United States dollars rounded to the nearest
thousand. The financial statements are prepared on a fair value basis for derivative financial
instruments, financial assets and liabilities held-for-trading, except those for which a rollable
measure of fair value is not available. Other financial assets and liabilities and non-financial
assets and liabilities are stated at historical cost.

The accounting policies have been consistently applied by the Bank and are consistent with
those used in the previous year.

(c) Financial assets

(I) Classification

The Bank classifies its financial assets In the following categories: financial assets at fair value
through profit or loss; loans and receivables; held-for-trading and held-to-maturity financial
assets. Management determines the classification of its investments at Initial recognition.

Financial assets at fair value through profit or loss consist of financial assets held-for-trading
and those designated at fair value through profit or loss at inception. A financial asset Is
classified in this category if acquired principally for the purpose of short-term profit taking or if
so designated by management. Derivatives are also categorized as "held-for-trading" unless
they are designated as hedges. All trading derivatives in a net receivable position (positive fair
value) are reported as other assets. All trading derivatives in a net payable position (negative
fair value) are reported as other liabilities.

Loans and receivables are loans and advances created by the Bank providing money to a
debtor other than those created with the intention of short term profit taking.

Held-to-malurity securities are non-derivative financial assets with fixed or determinable
payments and fixed maturities that the Branch has the positive intention and ability to hold to
maturity. These include certain debt Investments.

(11) Recognition

The Branch recognizes financial assets at fair value through profit or loss and held-to-maturity
assets on the date it commits to purchase the assets (trade date).
Loans and receivables are recognized on the settlement date, being the date cash Is advanced
to the borrowers.

(III) Measurement

Financial instruments are measured initially at fair value. including transaction cotb for al
financial assets not carried at fair value through profit or loss.

Subsequent to initial recognition all financial assets at fair value through profit or loss ara
measured at fair value, except that any instrument that does not have a quoted market price in
an active market and whose fair value cannot be reliably measured is stated at cost Indcludng
transaction costs, less impairment losses.

Loans and advances and held-to-maturity assets are measured at amortized cost using the
effective interest method.

Non-trading financial instruments including margin collateral associated with transactions such
as repos. linked deposits, credit linked notes, time deposits-customers. ,rtficates of deposll-
customers, securities sold under repurchase agreements and funds borrowed, are measured
at historical cost plus accrued Interest less impairment losses.

Equity linked notes are funding operations which directly linked with an embedded derivatives
and are measured at fair value.

(iv) Fair value measurement principles

The fair value of financial instruments is based on their last quoted bid price at the
balance sheet date without any deduction for transaction costs. It a quoted market price
is not available, the fair value of the instrument is estimated using pricing models or
discounted cash flow techniques.

(v) Gains and losses on subsequent measurement

The change in fair value of trading secunties and derivative financial instruments., nd
gains/losses from their sales are included in "n'Mrtdrig gain/loss" in the income statement.


(vi) Derecognition

A financial asset is derecognised when the Branch loses control over the contractual rights that
compnse that asset This occurs when the nghts to receive cash flows from the financial asset
have expired or where the Bank has transferred substantially all risks and rewards of
ownership. A financial liability is derecognised when it is extinguished.

Held-for-trading assets that are sold are derecognised and corresponding receivables from the
buyer for the payment are recognized as of the date the Branch commits to sell the assets.
The Branch uses the specific identification method to determine the gain or loss on
derecognition.


villa ) Impairment

Financial assets are reviewed at each balance sheet date to determine whether there is
objective evidence of impairment. If any such evidence exists. the assets' recoverable amount
is estimated and the carrying amount of the asset is reduced to its estimated recoverable
amount either directly or through the use of an allowance account. The amount of the loss is
included in the income statement.

Loans and advances

The recoverable amount of loans and advances is calculated as the present value of the
expected future cash flows, discounted at the instrument's original effective interest rate.
Short-term balances are not discounted.

Loans and advances are presented net of specific allowances for uncollectibility. Specific
allowances are made against the carrying amount of loans and advances that are identified as
being impaired based on regular reviews of outstanding balances to reduce these loans and
advances to their recoverable amounts. The provision for loan losses is based on an analysis
by management of the outstanding loan portfolio, in order to determine the amount sufficient to
cover estimated losses and takes into consideration the political and economic environment
and the specific and general portfolio risks of the countries of origin of the customers.

Increases in the allowance account are recognlsed in the income statement. When a loan is
known to be uncollectible and all the necessary legal procedures have been completed, the
final loss is determined and the loan is written off.

If in a subsequent period the amount of an Impairment loss decreases and the decrease can
be linked objectively to an event occurring after the write-down, the write-down or allowance is
reversed through the income statement.

(viii) Specific Instruments

Cash and cash equivalents

Cash and cash equivalents in the cash flow statement include cash on hand, cash held on
demand with banks and Interest-bearing deposits withlr banks which have maturities of three
months or less.

Loans and advances

The recoverable amount of loans and advances is calculated as the present value of the
expected future cash flows, discounted at the Instrument's original effective interest rate.
Short-term balances are not discounted.

Loans and advances are presented net of specific allowances for uncollectibility. Specific
allowances are made against the carrying amount of loans and advances that are Identified as
being impaired based on regular reviews of outstanding balances to reduce these loans and
advances to their recoverable amounts. The provision for loan losses is based on an analysis
by management of the outstanding loan portfolio, in order to determine the amount sufficient to
cover estimated losses and takes into consideration te political and economic environment
and the specific and general portfolio risks of the countries of origin of tte customers.

Increases In the allowance account are recognized In the income statement. Whenr a loan is
known to be uncollectible and all the necessary legal procedures have been completed, the
final loss is determined and the loan Is written off.

If In a subsequent period the amount of an Impairmont loss decreases and the decrease can
be linked objectively to an event occurring after the write-down, the write-down or allowance is
reversed through the income statement. ,

(vill) Specific Instruments

Cash and cash equivalents

Cash and cash equlvalentrs in the cash flow statement include cash on hand, cash held on
demand with banks and interest-bearing deposits with banks which have matudrities of three
months or less.


Securities sold under repurchase agreements/
purchased under resale agreements

Securities sold under repurchase agreements are treated as collateralized financing
transactions and are carried at their contractual amounts plus accrued interest, as specified In
the respective agreements. It Is the Bank's policy to take possession of securities with market
value In excess of the principal amount loaned, plus accrued interest, in order to collateralize
resale agreements, Similarly. the Branch Is required to provide securities to counterparties in
order to collateralize repurchase agreements recorded as securities sold under repurchase
agrooments. The Branch's agreements with counterparties contain contractual provisions
allowing for additional colnloral to be obtained, or excess collateral returned, when necessary.

The difference bolwoon Ihe rnlvo nnd rnpurchnai consideration is recognized on an accrual
basis over the period of thie ransaclion and is included In "Interest expense-securitles sold
under repurchase agreements" and "Interest Income securities purchased under resale
agreements" in the income statement

Funds borrowed, linked deposits,
credit linked notes and equity linked notes

Funds borrowed, linked deposits and credit linked notes are carried at principal plus accrued
interest using the effective interest rate method.

Equity linked notes are funding linked to embebed derivative where the counterparty has
assured the interest receipt and the principal amount depends on the fair value from the hedge
subject.


Securitisolde short

Securities sad short comprise stock sol A fture dalery recorded a a fair value iMliy.

ULlsbltls

UabWies evidenced by securities Including demand depoets. Imne deposits and cawiftms of
deposit are classified as non-tradlng lablles.


Derivative financial Instrunents

Derivative financial Inatnument. Including futures, forwards and IntereMt and lemin currency
swaps are measured In accordance with the accounting policy for hsld-for-4ading Instrments.

The not amount of derivative financial Instrume nts I Included in "Other assets" nd "Other
liabilities" In the balance sheet.

(d) Foreign curraenoy

Items included In the financial statements of the Bank are measured using the currency of the
primary economic environment In which the entity operate functional currerf). The
financial statements are psented In United States dollars, which Is the Bank's handtaonaland
presentation currency.

Transactions In foreign currencies are translated to Unted States dollars at the foreign
exchange rate prevailing at the date of the transaction. Monetary anets and lablities
denominated in other than United States dollar currency at the balance sheet date are
translated to United States dollars at ti*e foreign exchange rate ruling a that data. Foreign
exchange differences araing on Iranslation are recognslaed in "Other Incomae/expensa" in Ihe
income statemenL

(e) Interest Incorelnterest expense

interest income and Interest expense are recognized in the income statement on the accrual
basis, taking Into account the effective yield of the asset/llablitles or an applicable floating rate.

() TaxIcome

Under the current laws of The Bahamas, there Is no Income, estate corporation, capital gain
or other tax payable by the Branch. However the Branch Is subject to taxation on gains on
financial Instrument operations carried out In other Jurisdictions. This amount Is recognized on
the Income statement.

(g) Net trading gain

Net trading gaini/oss includes gains and losses arising from disposals of securities and
changes In the fair value of securities held-for-trading and derivative financial instruments.

(h) Related parties

Related parties comprise the Head Office and affiliatead entlles which are related on the basis
of coromon managemen/ownership and control, as wall as directors and Oflces of the Head
Office and dilates.


(I) FaIr value estimates

Fair value estimates are made at a specific point In time. based on relevant market intormaton
and Information about the financial instrument. These estimates do not reflect any pramirn or
discount that could result from offering for sale, at one time, the Branch's entire holdings of a
particular financial Instrument. These estimates re subjective In nature and involve
uncertainties and matters of significant Judgement and, therefore, cannot be determined wth
precision. Changes in assumptions could significantly affect the estimates.

The carrying amounts of the Branch's significant financial Instruments, except for securities
held-o-maturity as discosed in note 6. approximate their fair values because of one or more of
the following reasons:

Immediate or short-term maturity.
Canying value approximates market value.
Interest rates approximate current market rates.


3 Oae amee Banks I-tderl-bearing Deposits

Balances included In this caption represent deposits placed wth banks maturing w It trwee
months of the balance sheet date and earn Interest at rates ranging from 5.12% to 5.45%
(2005 4.00% to 5.31%) per annum.

4 CsuIam ualeo

Cr co ral rep ents deposits placement at finmni aand non tricadl countlerperim In
order to guaranty Credit Oeau Swap aivtles. Al December 31.2006 he amount Tihose
deposits were US$ 571,301 (2006 US$ 325.13) and earned Interst rats ranging sM n
4.40% to 5.46% (2005 from 3.57% to 8.27%) per annum.


5 Secsites P d ru n led er Itaseeale Areeemets

The Bra si lent funds by purchasing financial Instumaents under agree nts to real9t e
instruments at future dms at ihe same price ps accrued Intereat aa predetei d rate.
Securities purchased under agreements to rmeal represent pri lnly Brman Federal
Eurobonds, which were purchased by the Branch wth a a minlmeani to masl IWI. At
December 31. 2006 the amount of those agreemes ts ouftendlig were US$ 8,062 (2005-
US$ 76.852) and earned interest rates of 5.20% (2005 3.90% to 4.10%) per anrma.


Securties

20. -28
Held-for-trading
Eurobonds 449,814 18.004
Bank deposit certificate 265.221 383,121
Brazilian government debt securities 276,758 1169,378
Brazilan Brady Bond (BR Exit) 1,751 121,488
Variable income securities 4.56, 10
Treasury Bills 20,592

1,018,702 1692,001

Held-for-trading securities amounting to US$ 48.045 (2005- US$388,204) have been pledged
as collateral for repurchase agreements as described In Note 13.


2006 2005
Held y-
Brauilan Federal Republic- maturity January 2006 52,407
Brziln Federal Republic maturity January 2007 41.887 43,358
Brdilan Federal Republic maturity July 2007 58.86 61,104
Brazilan Federal Republic maturity March 2008 134.630 139.072

235,415

As of December 31. 2006. the fair value of held-to-maturity securities was US$ 239.217 (2005
US$ 302.604).


7 Lease sad A^desee



Customers 456,577 371,714
Allowance for losses (1,148) __ .179)
455,429 371,035

Loans and advances are offered by the Bank to ts customers to fund operations and Import
and export activities. The loans and advances earned Interest ranging from 5.00% to 10.12 %
(2005 4.84% to 9.10%) per annum.

There were no overdue loans in the Branch's portfolio as at December 31, 2006. However, the
Branch recorded a provision for loan loses according to ratings established by Branch Crodit
Management considering the historical experience and characteraistcs of the dent.
8 Other Assets

Other assets comprise mainly receivable from brokers and dealers of US 125.675 (2005 -
US$ 100,021), derivative Instruments recorded at fair value toting US$ 112.212 (2005 -
US$ 99.785), as disclosed In Note 18, margin collateral of US$ 32,864 (2005 59.690)
associated with transactions such as ACDIrs dealing. Margin collateral Is held with other banks
and earns interest at average rate 5.00% (2005 4.33%) per annum.


9 Uked Deposite

Linked deposits represent funds received as guarantees of transactions with third parties. They
bear Interest ranging from 4.00% to 8.00% (2005 4.00% to 8.00%) per annum.


10 CredIt Linked Notes and Equity Linked Notes

Credit linked notes and equity linked notes are fixed Interast rate Instruments ranging from
4.85% to 13.17% (2005 5.50% to 9.50%) and 13.00% to 22.50% (2005 Nil) per annum.
respectively, and their maturitdy periods are up to July 2007 and March 2007, respectively.
Credit inked notes and equity linked note are instruments by which the Branch is obligated to
reMturn at maturity the principal amount plus accrued Interest, unless certain specified events
occur, In which case, the counterparty may choose to receive specified securities as
settement of the amount due or depending on the event, the Branch may not have to return
any amounts to the counterpart and will receive the ful amount of the labilty as Income. At
December 31, 2006 no specified event had occurred.,


11 TIme Depolsits Customers

Balances under this caption represent deposits placed with the Branch, which incur interest at
fixed rates ranging from 5.25% to 7.98% (2005 4.00% to 7.29%) and at the Brazilian
Interbank Deposit Rate (CDI) per annum.

I2 CerMicate of Deposits -. Customers


Global short-term notes
Global medkum-term notes


20a" am

100,949 132.,478
1,188,789 -1,279.460

1,289,738 1,411,936


Certificates of depostll comprise amounts payable under the Branch's Global Short-term Note.
which were issued at face value of US$ 98,830 (2005 US$ 130,275) with annual fixed rates
ranging from 8.00% to 22.00% (2005 0.99% to 19.20%) and CDI per annum and the Global
Medium-Term Note, which were issued at face value of US$ 1,188,009 (2005 -
US$ 1.250.800) with annual fixed rates ranging from 4.50% to 17.10% (2005 4.50% to
18.50%) per annum.

At December 31, 2006, the Branch's management reflected the portfolio of Global Medium-
term noles at market prices which resulted In a loss of US$ 11,583 (2005 US$ 5.747, gain),
being included In "Net trading gan/(loss)" In the Income statement.

13 Securities Sold under Repurchase Agraements

The Branch raises funds by selling financial Instruments under agreements to repay the funds
by repurchasing the instruments at future dates at the sen price plu accrued Inlaret al a
predetermined rate. Repurchase agreements am commonly used as a too for medumterm
financing of Interest-bearing assets, depending on prevailing Interest rates. Securities sold
under agreements to repurchase represent primarily Brazilian Federal Eurobonds, which were
sold by the Branch with a commitment to repurchase them. These agreements bore interest at
rates varying from 8.92% to 6.98% per annum (2005 3.85% to 6.55%) per annum.
Assets sotd under repurchase agreements were as follows

Carying

ase v s a a tes ate
.M"'f"t) Bml'-*(^1^ MINrld-a IqMf 9Ma


Al December 31, 2000
Secutes Ihfor-raeding

AI December 31. 200S
Seouries helor-trading


48,045 32.904 03.12.06 32.019


388.204 336.734 09.15.13 5 .7


Interest Income
Due from banks Interest-bearing deposits
Credit collateral
Securities purchased under resale agreements
Securities held-for-trading
Securities held-to-matunty
Loans and advances
Margin collateral

Total Interest income

Interest expense
Linked deposits
Time deposits customers
Credit linked notes
Equity linked notes
Certificate of deposits customers
Securities sold under repurchase agreements
Funds borrowed

Total interest expense

Net Interest Income (expense)

Provision for loan losses

Non-Interest Income (expenses)
Net trading gain/loss
Administrative expenses
Other Income
Other expenses



Net Income for the year


- it






r









i I

i.t


__












tianco Votorantim S.A. Nassau Branch
N tes to the Financial Statements
* [tecomber 31. 2006
asod In thousands of U.S. doltre

14 Funds Borrowed

Funds borrowed comprise amounts advanced by financial Institutions, which bear Interest at
rates ranging from 3.07% to 8.16% (2005 2.29% to 7.84%) per annum.

15 Other Uabiltiles
Other liabilities comprise mainly payable to brokers and dealers In the amount of US$ 130,356
(2005 Nil), derivative Instruments, recorded at fair value, In the amount of US$ 11,072
(2005 US$ 47,992), as disclosed in Note 18, and other payables in the amount of
US$ 18,885 (2005 US$ 96),

1 Maturity Analysis of Assets and
Liabilities
1 lT following table summarizes maturities of assets and liabilities, which are based on the
,*r,.itning prtiod at the balance sheet dates to the contractual matunty dates:


2006 2005


Cash and cash equivalents
Within three months
1hr eo months to one year


Credit collateral
Within three months
Three months to one year
One to five years
Mo ae than five years


321,604 400,307
-___11.369
321,604 411.676


2.133
285,875
283,293
571,301


-ecurities purchase under resale agreements
Three months to one year

.cunlies held-for-trading
Within three months
three months to one year
One to five years
Mire than five years


cunlies held to-n atunty
Within three months
I Ihie months to one year
.... :o fie ye- a s




Loans and advances
Within three months
three months to one year
One to five years
More than five n ears


'her assets
Within three months
Trree months to one year
One to five years
More than five years


O'nand deposits
Within three months
L :iked deposits
Within three months
Three months to one year
One to live years

Credit linked notes
Within three months
Three months to one year
One to five years

Equity linked notes
Within three months
Time deposits customers
Within three months
S Three months to one year
One to five years


24,352
8,047
276,483
16,257
325,139


8,052 76,852


33.192
4.733
862.276
118,501
988,702

41.887
58.898
134,630
235.415


2006
229.874
147,688
70,310
7,557
455,429

185,996
22.575
57,176
5,307


110,198
127,792
1,010,365
443.646
1.692,001

52,407
243.534
295.941


2005
57,883
168.625
144.527

371,035

217.871
41.081
1,673


271.054 260,625

151

11,873 11,284
794
3,385 3,933
16,052 15,217
34.794-
68.836 11.605
S54.327
103 630 65,932
14 803


97.239
146.063

243,302


219.326
188,172
4,084
411,582


2006 2005


Certificate of deposits
Within three months
Three months to one year
One to five years
More than five years


79.202
130.383
568.806
511,347


60,917
400,194
657,633
293,192


1,289,738 1411936


Securities sold under repurchase agreements
. Wihn.thin atmonths 21.493
Three months to one year
Mrne- thanfiOars -i-' 11.411
Mlre than five years _________


224,945
47.483
32,696
" 31,610


32904 336,734


Funds borrowed
Within three months
Three months tonon one year
One to five years


Other liabilities
Within three months
Three months to one year
One to five years
More than five years


271,243
102.033
228,594
601,870

143.590
293
7,125
9.308


39.773
65.460
567,111
672,344

106.020
1.321
24,560
14,783


160,316 146,684

S Related Party Transactions and Balances
(Banco Votorantim S.A., Votorantim Bank ULimited and
Votorantim International Business Umited)

Related party balances outstanding at the year end and related expenses and income for the
year are as follows:


2006


Assets
Due from banks bearing deposits
Securities held-for-trading
Loans and advances
Derivatives (other assets)
Liabilities
Time deposits customers
Derivatives (other liabilities)
Income statement
Interest income on due from banks Interest bearing deposits
Interest income on securities held-for-trading
Interest income on loans and advances
Interest expense on time deposits customers
Net trading loss derivatives
Administrative expenses


2005


24.601
273.483 -
241,477 160,432
53.962 418


183,416
41,802

1,053
824
432
(4.825)
(46.485)
353


Administrative expenses represent technical services rendered by Raltic S.A., an affiliate.
during the year in accordance with a service agreement.


Financial Instruments
The Branch engages In a variety of transactions with financial Insalrumeants In connection with
the management of market risk and proprietary trading activities. The notional amount of
financial Instruments is not recorded In the balance sheet and may only Indicate the Branch's
degree of use of derivatives. During the year ended December 31. 2006, the Branch recorded
net gain In the amount of US$ 213,523 (2005 US$ 56.,084) from derivative Instruments, which
have been recognized in "Net trading gain" In the Income statement.
The Branch's open positions are summarized as follows:


Notional
amount

484.106
1.330.333
611,000
510.000


Type of Instrument
December 31, 2006
Forward U.S. dollar/reals
Interest rate swap contract
Credit default swap
First to default swap
Premium options Index
Derivative financial assets
interest rate swap contract
Credit default swap
Forward U.S. dollar/reals
Premium options securities
Derivative financial liabilities
December 31, 2005
Forward U.S. dollar/reals
Interest rate swap contract
Derivative financial assets
Forward U.S. dollar/euro
Forward U.S. dollar/reals
Interest rate swap contract
Credit default swap
First to default swap
Premium options securities
Derivative financial liabilities


Fair value

1,485
83,780
4,870
963


124,400 21,114
112.212
817.072 (10,733)
580,000 (69)
125.000 (13)


35.000


(257)


(11.072)

422.309 80,794
1,154.978 18,991


2,835
210,000
265.177
286.000
480,000
35.000


99,785
(51)
(4.249)
(34.117)
(2.290)
(7,028)
(257)
(47,992)


19 Risk Management
(a) Market risk
Market risk Is related to possible losses arising from fluctuations In the market prices of assets
and liabilities. The Branch attempts to minimize its exposure to market risk through various
control policies, including limits, monitoring procedures and through the use of hedging
strategies.
(b) Currency risk and Interest rate risk
The Branch attempts to manage currency and Interest rate risks by monitoring transactions to
ensure that the exposure to particular currencies/rates does not exceed established limits.
These limits are established using the Value at Risk VaR methodology. The Branch also
attempts to reduce interest rate and currency risks by entering into transactions such as
currency forwards,
The Branch's transactions exposure gives rise to foreign currency gains and losses that are
recognized in the income statement These exposures comprise the monetary assets and
monetary liabilities of the Branch that are not denominated In Its functional currency, net of
derivative transactions as of the balance sheet date. These foreign currency exposures
denominated in United States dollars were as follows:
Reals
20" 2005


Eurobonds denominated in reals
Swap denominated in reals
Forward denominated in reals
Total assets denominated in reais
Certificate of deposits denominated in reals
Swap denominated in reals
Time deposits denominated in reasis
Total liabilities denominated in reals
Net exposure denominated in reals





Forward denominated In euro
Total assets denominated In euro
Forward denominated in euro
Total liabilities denominated in eumrs
Net exposure denominated in euro


15,085 9,835
448.704 200,811
196.934 463,989
660,723 674635
515.980 535,368
140,135 19,479
4,023 260,626
660.138 815.473
585 (140,838)

Euro
2006 2005
108_ 2,785
108 2,785
2,716

108 2.716
108 69


Foreign currency loss for the year totalled US$ 165 (2005 US$ 42,905) and is included in
"Other expenses" in the income statement.
As of December 31, 2006, the Branch has no derivative instruments designated as hedge
accounting.
(c) Credit risk
Credit risk arises from the failure qf counter-parties to perform according to the terms of the
contract. The gross notional or contract amounts of these financial Instruments do not
represent the Branch's exposure to credit risk. The Branch's credit risk exposures at any given
time is defined as the gross replacement value of the total receivable balance under
outstanding contracts, which are marked to market on a daily basis. The Branch attempts to
minimize its exposure to credit risk by dealing with creditworthy counter-partles and through
the use of various credit monitoring techniques, Including collateral policies and poetiton and
credit exposure limits which are based on the financial condition of the applicable
counterpartdes.

20 Assets and Usblldes Geographcal Distributon
The fseowing is a classification of assets and ablialtes by geographical location:


2006 2005


Assets
Brazil
Caribbean
Unred States
Europe


Liabilities
Caribbean
United States
Brazil
Europe


51 69
5
33 32
11 3
100 100
Percentage
2006 2005


22
23
20
35
100


31
25
15
29
100


21 Other Information

Other expenses in the income statement comprise mainly commission and fee expenses in the
amount of US$ 2,545 (2005 US$ 2,751), rendered services expenses in the amount of
US$ 1,019 (2005 US$ 216) and tax expenses in the amount of US$ 7,810 (2005 US$ 650).

Tax expenses are mainly represented by withholding tax on financial operations in the
Brazilian financial market, arising from derivative instruments and loans and advances, and
amounting to US$ 5.834 (2005 Nil) and US$ 1.692 (2005 Nil), respectively.

22 Corresponding figures

Prior year figures in the income statement and note 17 have been reclassified to ensure
comparability and consistency with the financial statement presentation adopted for the current
year.


9.





c CF A L."
Pricing Information As Of:
Tuesday 17A nrIl 200 7


52wk-Ii 52wk-Low Securlt y Previous Close Today's Close Change Dally Vol. EPS $ DIv $ P/E Yield
1.85 0.54 Abaco Markets 1.08 1.08 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 9.00 7.10 Bank of Bahamas 9.00 9.00 0.00 0.737 0.260 12.2 2.89%
4 0.85 0.70 Benchmark 0.85 0.85 0.00 0.265 0.020 3.2 2.35%
t 2.40 1.26 Bahamas Waste 2.40 2.40 0.00 0.199 0.060 12.1 2.50%
1.49 1.12 Fidelity Bank 1.30 1.30 0.00 0.170 0.050 7.6 3.85%
10.41 9.00 Cable Bahamas 10.41 10.41 0.00 0.915 0.240 11.4 2.31%
2.20 1.67 Colina Holdings 2.10 2.10 0.00 0.078- 0.040 26.9 1.90%
i 14.26 9.99 Commonwealth Bank 14.26 14.26 0.00 1.084 0.680 13.2 4.77%
S 6.26 4.22 Consolidated Water BDRs 4.94 4.93 -0.01 0.118 0.045 41.9 0.91%
i 2.88 2.40 Doctor's Hospital 2.43 2.43 0.00 0.295 0.000 8.2 0.00%
6.21 5.54 Famguard 5.94 5.94 0.00 0.522 0.240 11.4 4.04%
S 1249 10.99 FInco 12.49 12.49 0.00 0.779 0.570 15.7 4.58%
14.70 11.50 FirstCarlbbean 14.61 14.61 0.00 700 0.977 0.500 15.0 3.40%
17.11 10.42 Focol 17.11 17.11 0.00 1.644 0.510 10.4 2.98%
1.15 0.50 Freeport Concrete 0.50 0.50 0.00 -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 0.570 15.4 6.30%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 1.269 0.795 79 7.95%

S_-_.. 50.. -L., Symbol Bid $ S* Last Pr:ice WeekI Vol EPS $ Di. S PiE Yiela
I 11 25 Bahamas Supermartkes 1460 15 60 16 00 1 234 1 125 126 7Y715,
10.14 10.00 Caribbean Crossings (Pref) 8.00 8.25 10.00 0.000 0.640 NM 7.85%
S0.54 0.20 RND Holdings 0.45 0.55 0.20 0.021 0.000 26.2 0.00%
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 GO60 0.35 RND Holdings 0.45 0.55 0.45 -0.070 0.000 NIM 0 00%

52wk-lt. *2..'. ..: ,... F1Yr.d Nan N TD L 1 onh D $
S I 3368 1 2841 Colina Money Market Fund 1.336817"
S0988 2 7451 Fidelity Bahamas G & I Fund 3.0988-
S2 6492 2.3294 Collna MSI Preferred Fund 2.649189""*
1 .2386 1.1643 Colina Bond Fund 1.238600o***
11.3945 10.0000 Fidelity Prime Income Fund 11.3945*****

Ul f;; AIL S\ IA E INDEX I.* o: ..,: =i 0,:.... '**. MARP ET TERM.5 YIELO 12- r-,-,..r -i 31 d"-] l. iI:,i.g, .. A.. 11
5 >2wk HI I lqihest closing price 1In last 52 weeks Bid $ Buying price of Collna and Fidelity
I 2hwk-Low Lowest closing price In last 52 weeks Ask $ -Selling price of Collna and fidelity 13 April 2007
P '--VlU, Cl1.r 'ro vious day's weighted price for dally volume Last Price Last traded over-the-counler price
S [;y CI C urrnt day's weighted price for daily volume Weekly Vol. Trading volume of the pnor week "" 31 March 2007
.I|r.)I|O Chnrgo in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mth|
,f);l1 V.l, Numboer of total shares traded today NAV Net Asset Value 31 January 2007
I )IV 7 Dlvir.ids Nrr shor paid In the last 12 months N/M Not Meaningful
S I i 1r < i divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1. 1994 = 100 ". 31 March 2007

.... A...... S e Febn.atv 2007
I,:' I RADE rAspC ggb


* By MARILYN GEEWAX
Cox News Service

WASHINGTON After
an Ohio lawmaker warned
Congress on Tuesday about
the "dark and foreboding
cloud" hanging over the econ-
omy as home foreclosures
increase, lending giants Fan-
nie Mae and Freddie Mac said
they are creating new mort-
gage options to help borrowers
avoid losing their homes.
In addition, Federal Deposit
Insurance Corp. Chairman
Sheila Bair urged lenders to
help beleaguered borrowers
restructure their mortgages,
which "would bring them back
to good standing, allow them
to repair their credit histories,
and dampen the impact that
foreclosures may have on the
broader housing market."
The Federal Reserve Board
seconded her suggestion,
releasing a statement urging
lenders to develop "prudent
workout arrangements" to
help homeowners avert fore-
closures.
At a hearing, members of
the House Financial Services
Committee were told that
action is needed quickly in
many parts of the country.
Increasingly unaffordable
"subprime" mortgages are gen-
erating "a flurry of for-sale
signs,"-said Rep. Marcy Kap-
tur, D-Ohio. "This is a situa-
tion that is not getting better."
Kaptur and Rep. Michael
Turner, R-Ohio, were asked
to testify about the impact of
subprime mortgages on their
state, where the foreclosure
rate is three times the national
average. 1-
Kaptur described the fore-
closure problem as a "dark and
foreboding cloud" that has
dimmed other economic
prospects.
Turner said the foreclosure
"crisis" was dragging down
entire communities because so
many lost homes "sit vacant
for long periods of time,"
attracting criminal activity and
harming property values.
Ohio began a programme
this month that allows bor-
rowers to refinance into low-
cost 30-year fixed rate mort-
gages. The bailout is being
funded by state-issued bonds.
The problems spring largely
from subprime loans, made to
borrowers with irregular
income or troubled credit his-
tories. Typically, they have low
"teaser" interest rates that
ratchet up over time. Such
loans went from being rare to
comprising nearly 20 per cent.
of all mortgages during the
peak of the housing bubble
between 2003 and 2005,
according to the FDIC.
Because the initial low rates
are now expiring, an estimated
1.5 million homeowners will
no longer be able to afford





FIDELITY, from 1


their mortgage payments this
year. About 14 per cent of sub-
prime mortgage payments are
60 or more days past due.
Financial Services Chairman
Barney Frank, D-Mass., hopes
to spur his committee to soon
pass legislation that "'stops
abuses, preserves access to
credit, and aids stable home
ownership."
He is preparing a bill that
would set national protections
for all mortgage borrowers,
regardless of where they live,
and establish standards to
make sure borrowers can
afford the mortgage payments
beyond the first year. He also
wants lenders to provide "sim-
ple" disclosure statements.
But Congress could take
months to complete such leg-
islation, and the purpose of
Tuesday's hearing *as to
explore more immediate steps.
Richard Syron, chairman
and chief executive of Freddie
Mac, and Daniel Mudd, presi-
dent and chief executive of
Fannie Mae, said they already
are taking action. The two gov-
ernment-sponsored companies
are the nation's largest buyers
and guarantors of home mort-
gages.
"We are ... working on a
. major effort to develop more
consumer-friendly subprime
products that will provide sta-
ble financing alternatives going
forward," Syron said. "We plan
to have our new offerings in
the market by midsummer."
Syron said the new types of
loans will include 30-year, or
even 40-year, fixed-rate.mort-
gages, as well as adjusable-
rate mortgages with longer
fixed-rate periods. a
Mudd said Fannie Mae is
offering more options to allow
lenders to extend the terms on
the loans to 40 years, up from
the current maximum ;of 30
years. Such a change could
help reduce monthly payments
by five per cent, helping some
borrowers hang on to; their
homes.
Some subprime lenders have
warned that if lawmakers and
regulators go too far in :tight-
ening rules, they could inake
it much harder for people with
poor credit histories to buy
homes. They note that the US
rate of home ownership rose
from about 64 per cent to near-
ly 69 per cent over the past 15
years.
But Frank said Congress
must prevent the subprime
problems from deepening.
"The victims are not just the
individuals but the neighbour-
hoods," Frank said. "Blight can
be increased, and therefore it is
a legitimate public policy prob-
lem." b



Marilyn Geewax's e mail
address is
marilyngcoxnews. com"


station and have been building our business. We bring sbme-
thing to the table, they bring something to the table. Clearly, it's
a happy fit."
Royal Fidelity would focus on the Caribbean only, entering
markets that it understood. When asked whether closerinte-
gration and the CARICOM Single Market & Economy (CSME)
was one of the motivating forces behind the deal, Mr Su4derji
replied that it was not one of the prime ones, just that it madee
sense for us all".
Mr Sunderji said he would remain as Royal Fidelity's phief
executive, with Michael Anderson becoming its president hav-
ing stepped down as the Fidelity group's chief financial officer.
That post will now be filled by ex-PricewaterhouseCoopers
(PwC) partner Tom Hackett, with Gregory Bethel now president
of Fidelity Bank (Bahamas), the retail bank.
Relations between Fidelity and Royal Bank have been strong
for a while, the latter having financed a number of deals and pro-
jects put together by Fidelity, such as last year's $54 million'BSL
Holdings purchase of Bahamas Supermarkets.
The two sides also held negotiations in late 2002 over Royal
Bank's mortgage lending arm, FINCO, acquiring the majority 68
per cent stake that Fidelity held in its then British American
Bank. A deal was never concluded, that bank ultimately Being
renamed Fidelity Bank (Bahamas).


WEDNESDAY, APRIL 18, 2007, PAGE 7B









Lenders offer






steps to tackle






'foreboding'






mortgage






problems'










PAGE 88, WEDNESDAY, APRIL 18. 2007


THE TRIBUNE BUSINESS


Votorantim Bank Limited


Financial Statements at


December 31, 2006







ptM',Ooif lirm ,
r ...... .. ....r

ni' p'tN rip n




INDEPENDENT AUDITORS' REPORTi


ti the Directors and Shareholde s of Votorntim Bak Limited

We have audited the accomrpa inyg financial .statemtn-ts of Votoranitiit asjU. Limited,
which comprise the balance sheet as of' December 31, 2006, and tie come siatemnctl,
statement of changes in equity nld cadsh flow statement ftr the year then ended, and a
summary of significant accuitrtY in policies and other explanatory wites.

Managementz s ReiRponisih hy !r th t in'rrlwI Srtatemr '

Management is respontiblz or ;, pncparation ti nd fair presentation of these fsianciaol
statements in accorilance" wil nhteimahional Financia! Reporting Sitaindards Thl's
responsibility includes: desig]it!g, implerienting and mainlaning utterrali control
relevant to the preparation and air presentation of financial satenmcnts that m e free fuiem
material missttementt whether dle to fraud or error; selecting asid applying iapprrpitite
accounting pohcies; aid rtakin'g .Xci.nourtilg estimates tliat ;,re asrlablct in tho
cicsstnstances

Auditors' Retosnsibihily

Our responsibility is to expriss an opsniop oiln these .kcfit.cal tatlinent.s bu.'atl in o' lI
audit. We conducted owut ,tdit in accoldarce with iterniational S)a ldarls oiln '4 tirtig
Those standards require thai we coimpli w ilt. thica.l qeq;ite rirenrts and prlani amn!' p iI.nr
the audit to obtain remasi'l,',li :isriin.c whether the finlanc'ia st'tlt' ;ntis are firc fIlotri
materialmi sstat.ement.

An audit involves pcrorinnirg piricedures to obtain auili; -'. ildence :to:t the amomiltint li
disclosures in the fintaciat l 'taimnlts The procdlircies sel('ttt diittid otn lth: audiito-'
judgrent, including their assessmnr:t of the nisks of malctiali ltisslaict'alcii of the fisnnci'l
statements, whether due lo fraitu.: or ,tr. In n atKii r th ;eC risk )"ssestsmetit.. !h"e aldituirs
coarsider intcnul control relevant to the eentiiy's pripaurain and fair presctniation of the
financial statements in tordr' (i, design audit pr'xedures laat are ap'rolriate in the
circumstsances, but not lot iire pufix p cs o'" ,ipressoii, at opiticn ont die ete-ctrIverness o
the e-mity'S internal conmttl. Ant i;t:itl sis'., iticuides cerluti:ng the ;ppluoriancei.s il'
accounting policies usCi ar ti r.'asorn'Iblenss i'" scaccouitinig il'.'itales m'de bI
management as well as cvtl .itt;;.; tht vriersai prrcrt'ittioni of th: fii'. .l U iJ.iaten.Vtl'ci.


We believe dit the audit ,,i, ctte w ba'e obtsinreJi is sefficienl and appropriate tor pick.
a basis for our audit opini.'.

Opinion

at out opinion, the acc',mp..ayin'g fina':Ciatl >tlat-inntC s preernt ftaily, in t.l material
.rspclsa the feonacial pusit.rn of Votoianlt.l tr nk limited as of Uke'nhber 31. 2006, and
its financial performance I. is sh mflows foer the year then ended in ,ccotrdace with
Interatonall Financial R cr.itiitg Standards.




Chanired Accountaits
February 16,2007





Votorantim Bank Limitedt

Bala nc4Shot at

EXpr dIoMlun t r of U.s. do _tm


Cats and demand deposits
Due from bankU Int lat lomairrg
Securites for hel-for-trad.ig
Loans and adyrncas
Other assets

Totatla ts

Llabltles

Denran deposits custoriers
Time deposits cuslanters
Other liabilities

Total lablittles

Equity
Shire capital
Retained earrnvis
Toal equity

Total liabilitIes anrd equity


300 258
3 70,181 59.768
4 5,t35 !1.467
5 14 27
U 64 80o

75694. 71.61


7 7.071 6,229
8 13636 14,473
9 tOO 3. 5

2... 0 M 0 ..... '


13 41, 290 -11.240
13.534 9. "53

75,6c4 o. 1, C


SIGNED AND YVED IR iSSUE ON BFHACF OF TW BOARD O; DIRECTORS,




Director Miluas Roberin Perlic Dertor Yt.Ir 'scs .tr, Kui,:ti.4
,DrecbcF Vice, Ch.. iV ;

February 16. 2007






Votorantimn Bank Limitod

income Statement
Years Ended December 31
Expressed In thousands of U.S. dollars


Note 2S6 2005


Interest Income
Securities for held-for-tradiriq
Loans and advances
Bank deposits

Total Interest Income

Interest expense
Time deposits customers
Credit linked notes

Total interest expense

Net Interest Income

Provision for loan losses



Non-Interest Income (expenses)
General and administrative expennos
Net trading gain
Other income
Other expenses


Net Income for the year


900 782
4 t161
3,287 2,129

4,191 3,079


873 496
98

873 594

3.318 2,485

5 39

3,318 2,524


(257) (239)
10 101 458
11 1,131 207
(12) _7)

963 359

4,281 2,883


Votorantim Bank Limited

Statement of Changes In Equity
Expressed In thousands of U.S. dollar


Balances at December 31,
2004

Dividends paid (note 14)

Net income for the year

Balances at December 31,
2005

Net income for the year


Number of Number of
ordinary preference Share Retained
shares shares capital earnings Total


1,000,000 23.785,584


41.290 36,370 77,660


(30,000) (30,000)

S_ ....... 2..... 3 ... 2,3


1,000,000 23,785.584


41,290 9.253 50,54

4,781 4.281


Ralance at December 31,
2006 1.000,000 23.785.584 41,290 3,534 54,824


Votorantim Bank Limited

Cash Flow Statement
Veare Ended Decemnber 31
Expresld in thousands of U.S. dollars


2006


Cash 8o from operating activldes
Interest received
Interest paid
Other Income received
Payment made to service provider
Depreciation
Not trading gain

Nel cash provided by operating activities before
changes In opssating assets and liablitties

Decrease In operating assets
Securities held-for-trading
Loans and advances
Other assets

Increase (decrease) In operating tiablitifes
Demand deposits customers
Time deposits customers
Credit linked notes
Other liabilities

Not cash from operating activities

Cash fows from financing activities
Dividends paid

Net cash used in financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents, beginning of year

Cash and cash equivalents, end of year

Cash and cash equivalents are composed of:
Cash and demand deposits
Due from banks -- interest bearing


2005


4,449 3,672
(939) (753)
1,131 168
(269) (298)
2
101 458


4,7 __3,_247


6,074 39.992
14 25.973
13 13.336


846
(772)

_,_____(205)


2,269
(6,636)
(2.105)
__ (12.636)


10,445 63,440


._ __ __ ... 30.000)

(30,000)

10.445 33.440

60.036 26.596

70.481 6. 0,03


300 2611
70,181 59,76(8
70,.481 60,036


The accomnpnying notes dre all integral part of Ihoso financial staloments


Votorantim Bank Limited

Notes to Finanlnal Statfminrts
December 31, 200eO
Expressed in thousands of U.S. dollars


1 Incorporation and Background Information

Votorantim Bank Limiitd ('the Bank') is incorpordatd uorter theu lws of the Cuonmonwealth of
The Bahamas and was licensed onr March 8, 1995 by lthe Contral Bank o Ihe Bahamas to
conduct unrestricted banking business. BJanco Voloiantmn S .A and Volorantim Finanias SA .
which ate incorporated il Brazil. own 4.03% (rpreseriting 100% of tihu ordinary shares) annd
95 04% respoctivoly, of the sh ouf thu Biink Ihe I inonly sharehokltiris own 0.13% of tthe
irefl'rnce shares.

rihe Bank's business activittrs micloud banking services, advisory and imanugemrent of funds
arid irivestiilen and trading in inlte national financial markets. A significant portion of Hie assets
of the Bank composes investmornts in Brazilian capital markets.

The registered office of the Bank is located at Saffrey Square Building, Suite 204, Bay Street,
Nassau, Bahamas. A related party provides administrative and accounting services to the
Bank.


2 Summary of Significant Accounting Policies

(a) Statement of compliance

The financial statements have been prepared in accordance with International Financial
Reporting Standards ("IFRS") as promulgated by the International Accounting Standards
Board. The preparation of the financial statements in conformity with IFRS requires
management to make estimates and assumptions that affect the reported amounts of assets
and abilities and disclosure of contingent assets and liabilities at the date of the financial
statements and reported amounts of revenues and expenses during the year. Actual results
could differ from those estimates.

(b) Basis of preparation

The financial statements ara presented in Undted States dollars rounded to the nearest
thousand. The financial statements are prepared on a fair value basis for financial assets and
iablitiaes held-for.trading, except those for which a reliable measure of fair value is :ot
available. Other financial assets and liabilities and non-financial assets and liabilities are stated
at amortised cost or historical cost.

The accounting policies have been consistently applied by the Bank and are consistent with
those used In the previous year.


(c) Financial kistrumants

(I) Clasaimcaton

The Bank classifies ito financial assets in the following categories: financial assets at fair value
through profit or loss and Iloa and receivables. Management determines the classfllication of
Its investments at inltl recognition.

Financial assets at fair value through profit or toss consists of financial assets held-for-trading
and those designated at far value through profit or lio&tielnception. A financial asset is
classified In this category if acquired principally for the purpose of short-term profit taking or if
so designated by management.

Loans and receivables are loans arnd advances creSAAy the Bank providing money to a
debtor other than those coated wilh the intention of short term profit making,

(I) Recognition

The Bank recognizes financial assets at fair value through profit or loss ont the date it conrmmits
to purchase the assets (trade date) Loans and receivables are recognized on the settlement
date, being the date cash u ;advanced to the borrowers.

(Hfl) Measurement

Financial assets are measured iniially at fair value plus transaction costs for all financial
assets rinot cared at fair value through profit or loss.

Subsequent to initial recognitioKn all financial assets nt fair value through profit or loss are
measured at fair value, exiopt for any instrument that does not have a quoted market panc in
an active market and whose fair value cannot be reliably measured is stated at cost irciltiing
transaction costs, less impairment losses.


Loans and advances are measured at amortized cost using the effective interest method.

Non-lrading financial anstniments including imailin collatleat associated with transactions such
as repurchase agreements, demand deposits, payable to brokers and dealers and time
deposits-tstomirs ae measured atl iistoncal cost plus accrued interest less impairment
losses.

(iv) Fair value measurement principles

The fair value of financial in strumornt is; based on then quoted bid price at the balance sheet
dafteetlhout any deduction for ItAnsaction cntoF. I a quoted market price is riot available, toe.
fair value of lie instrument is estrimaltid using pacing models or discounted cash flow
techniques.

(v) Gains and losses on subsequent measurement

The change in fair value of trading securities and donvative financial instruments. and
gaina/tosses from their sales are included in "net trading (loss)/gain" in the income statement.

(vi) Deeicognition

A financial asset is derocognised whon the Bank loses tinlol over the contractual rights that
comprise that asset. This occurs when theo rights to receive cash flows from the financial nsset
have expired or where the Bank has transfened substantially all risks and rewards of
ownership. A financial liability is derecognlsed when it is extinguished.

Assets held-for-trading that are sold are derecognilsed and corresponding receivables from the
buyer for the payment are recognized as of the date the Bank commits to seal the assets. The
Bank uses the specific identification method to determine the gain or loss on darecognition

(vti) Impairment

Financial assets are reviewed at each balance sheet date to determine whether there Is
objective evidence of Impalimanl. If any such evidence exists, the assets recoverable amount
Is estimated and carrying amount of the asset is reduced to its estimated recoverable amount
other directly or through the use of an allowance account. The amount of the loss is included
in the income statement.

Loans and advances

The recoverabia amount of loans and advances Is calculated as the present value of thlr
expected future cash flows, discounted at the Instiument's original effective Interest rate.
Short-term balances are not discounted.

Loans arid advances are presented net of specific and generate allowances fur uncollectlbility.
Specific allowances are made against ih carrying amount of loans and advances that are
identified as being impaired based on regular reviews of outstandIng balances Ito reduce thase
loans and advances to their recoverable amounts. General allowances are nalintained to
reduce the canying amount of portfolios of asilmilar loans and advances to their estimated
recoverable amounts at the balance sheet date. The expected cash flows for portfolios of
similar assets are estimated based on previous experience and considering the credit mrting of
the underlying customers and late payments of Interest or penalties. Increases In the
allowance account are recognized in the Income statement. When a loan Is known to be
uncollectible and al the necessary legal procedures have been completed, the final loss Is
determined and the loan is written off.

11 in a subsequent period the amount of an Impairment loss decreases and the decrease call
be linked objectively to an event occurring after the write-down, the wrile-down or allowance is
reversed through the income statement.


(vill) Specific Instruments

Cash and cash equivalents

Cashi aind cash equivalents in the cash flow slatlemnt include cash on hand. cash held on
renmand with banks and irntere'rt-barinrg deipotilrs with b.ihnks, which have maturitis of thice
monthin or loss

I.labliltiss

Llbilikir ovid ncrrjd by .iicuntlies in im'iitriij diirnuld ,inil hinim tlfpouiilts sin clhi'filod .i. nion
tradui l hrilitios.

(d) Foreign currency

items included in the financial statloemninl; of lhe ltnk iare aninsuredl using the curmrncy of the'
prirmarry necnonric etnvironIent in which tlie ntily opelrirt. ("thi functlonriil cuironicy'). I ln(
tinainclal statements are prosentrd in United States dollars, which is rhe Btnk's funcionial asid
presentation currency

Transactions ln foreign cirrrenctos ara translated to United States dollars et the foreign
oxchanige rate prevailing at the date of the transaction. Monetary assets and lIaillitiras
denominated in currencies other then the United Statos dollar al Iho balance shoaeet date arn
translated to United States dollars al the foreign exchange ratn rating at thai dale. Foreign
exchange differences arising on tranalallon are recognized in "other inconaluexpenses" In llm
income statement.


(veil) Spectfic instruments

Cash and cash equivalents

Cash and cash equivalents in the cash flow statement include cash on hand, cash held on
demand with banks and Interest-bearing deposits with banks, which have maturities of three
months or less.

Ui letN s

Llablitles evidenced by securities Including demand and time deposits are classified as non-
trading liabilities.

(d) Foreign currency

Items Included In the financial statements of the Bank are measured using the currency of the
primary economic environment In which the entity operates ("the functional currency"). The
financial statements are presented In United States dollars, which Is the Bank's functional and
presentation currency.

Transactions In foreign currencies are translated to United States dollars at the foreign
exchange rate prevailing at the date of the transaction. Monetary assets and liabilities
denominated in currencies other than the Unted States dollar at the balance sheet date are
translated to United Stales dollars at the foreign exchange rate ruling at that date. Foreign
exchange differences arising on translation are recognized In "other Income/expenses" in the
Income statement.
(a) Interest Income/Interest expense

Interest Income and interest expense are recognized In the Income statement on the accrual
basis, taking into account the effective yield of the asset/liabilities or an applicable floating rate.

Interest income and Interest expense include the amortisatlon of any discount or premium or
other differences between the initial carrying amount of an interest bearing Instrument and its
amount at maturity calculated on an effective interest rate basis.

(01) Net trading (loss)/gain

Net trading (loss)/gain Includes gains and losses arising from the disposal of securities held-
for-trading and changes in their fair value.

(g) Preference shares

Preference shares are non-voting and in a winding up of the Bank, are given priority for
repayment of capital over all other shares. In all other respects, ordinary shares and
preference shares rank "pari passu" and both classes participate in the surplus profits of the
Bank which are from time to time distributed by way of dividends at the discretion of the
directors.

(h) Related parties

Related parties comprise the Bank's shareholders and affiliated entitles, which are related on
the basis of common management/ownership and control, as well as directors and officers of
these entities and the Bank.

(I) Fair value estimates (Continued)

Fair value estimates are made at a specific point in time, based on relevant market Information
and Information about the financial instrument. These estimates do not reflect any premium or
discount that could result from offering for sale at one time the Bank's entire holdings of a
particular financial Instrument. These estimates are subjective in nature and Involve
uncertainties and matters of significant judgement and, therefore, cannot be determined with
precision. Changes in assumptions could significantly affect the estimates.

The carrying amounts of the Bank's significant financial Instruments approximate their fair
values because of one or more of the following reasons:

Immediate or short-term maturity.
Carrying value approximates market value.
Interest rates approximate current market rates.


3 Due From Banks Interest Bearing Deposits

Balances included in this caption, as of 31 December. 2006, represent deposits placed with
banks maturing within three months of the balance sheet date and earning interest at rates
ranging from 5.16% to 5.28% (2005 1.25% to 3.00%) per annum.


4 Securities

2006 2005

Heltd-for-trading


Brazian government debt scurites


S Loans and Advances


5,135 11,467



2006 2005

14 27


Customers


Loans and advances are offered by the Bank tolls customers to fund operations and Import
and export activities. The loans and advances earn interest 5.00 % (2005 5.00%) per annum.

Following a review of the Bank's loan portfolio, management has recorded a provision as of
December 31, 2006 in the amount of USS 0.4 (2005 Nti).


6 OtherAssets

Other assets comprise mainly account receivables In the amount of US$ 51 (2005- NIl). There
was no margin collateral associated with transactions such as repurchase agreements as of
December 31, 2006 (2005 USS 2).


7 Demand Deposits Customers

The balances under this caption represent money market deposits. Interest paid to the Bank's
depositors was 3.67% to 4.00% (2005 1.13% to 1.80%) per annum.


8 Time Deposits Customers

Balances under this caption represent deposits placed with the Bank. which earn fixed rates
ranging from 3.90% to 5.60% (2005 2.75% to 12.50%) per annum.


9 Other ULiablities

Oltfir liabilities comprise account payables in the amount of US$S 160 (2005 USS 365).

10 Net trading gain

Net trading gain comprises mainly gains on mark to market of held-for-trading securities US$
101 (2005 US$S 1,337). There was no stock lending portfolio operation as of December 31,
2006 (2005 US$ 853 (loss)).


11 Other Income

Other income comprises mainly agent fee of US$ 225 (2005 Nil), brokerage of US$ 350
(2005 Nil), commissions and fees of US$ 206 (2005 US$ 207) and custody fee of US$ 335
(2005 Nil).


12 Maturity Analysis of Assets and Liabilities

The following table summarises maturities of assets and liabilities, which are based on
remaining period at the balance sheet to the contractual maturity dates:

2006 2005


Cash and cash equivalents
Within three months

Securities held-for-trading
More than five years

Loans and advances
Within three months
Three months to one year
One to five years


Other assets
WIthin three months

Demand deposits-customers
Within three months





Time deposits customers
Within three months
Three months to one year
One to five years


Other liabilities
WthIn three months


70,481 0,036


5,135 11,467


7
7

14


7
7
13

27


64 80


7,074 6229



2006 2005


12,311
1,325

13, 636


12,641
1,521
311

14.473


160 365


13 Related-party Transactions and Balances
(Banco Votorantim .A., Banco Votontim LS.A.
*Nassau Branch and Votorantinm Fnangas S.A.)

2006 2005

Assets
Cash and cash equivalents 1

Income statement
Interest income on held-for-trading 65
Net trading gain derivatives (72)
General and administrative expenses (106) (95)

General and administrative expenses represent technical services rendered by Raltic S.A.. an
affiliate, during the year in accordance with a service agreement.

14 Share Capital

The Bank has an authorized capital of US$S 41.290 divided Into 23,785,584 preferred shares
and 1.000,000 ordinary shares with no par value. All of the shares have been Issued and fully
paid as follows.

2008 2005


OrdInary shares
Peereomnre sharats


1,419 1.419
39871 _-.391871.


41,290 41,290

Ihe ordinary shares are entitled to one vote per slare. The preference shares are non-voting.
do not have a stated inlorest rate and do not have stated teens of redemption.

During the year of 2006, the Bank did not distribute dividends (2005 US$ 30.000).


-- a -I


__









THE TRIBUNE


WEDNESDAY, APRIL 18, 2007, PAGE 9B


Votorantim Bank Limited
Notes to Financial Statements
December 31, 2006
Expressed In thousands of U.S. dollars

15 Foreign Currency Exposure
The Bank's assets and liabilities were denominated In United States dollars, except for the
following which wore donnminated i n othor cuIliilrr'Ios
2006 2005
Deposits d onimintied in GBP 202
Deposits droniiniiited im tuo 117 103
Deposits dlo iutlritd ii noamis 1 1
Deposits danoinattd in YlEN 2 2
Deposits denominated inl Bahrmiian dollar 24 22
Total assets 164 128
Foreign currency gaini for the year totalled US$ 15 (2005 gain US$ 26) and is included in
"other inIcome" in the income statement
16 Risk Management
(a) Market risk
Market risk is related to possible losses arising from fluctuations in the market prices of assets.
The Bank attempts to minimize its exposure to market risk through various control policies,
including limits, monitoring procedures and through the use of hedging strategies.
(b) Currency risk and interest rate risk
The Bank attempts to manage currency and interest rate sks by monitoring transactions to
ensure that the exposure to particular currencies/rates does not exceed established limits.
These limits are established using the "value at risk" methodology. The Bank also attempts to
reduce interest rate and currency risks by entering into hedging transactions such as currency
forwards
(c) Credit risk
Credit risk arises from the failure of counter-parties to perform according to the terms of the
contract. The gross notional or contract amounts of these financial instruments do not
represent the Bank's exposure to credit risk. Credit risk cases from the failure of counter-
parties to perform according to the terms of the contract. The Bank's credit risk exposures at
any given time is defined as the gross replacement value of the total receivable balance under
outstanding contracts, which are marked to market on a daily basis, The Bank attempts to
minimise its exposure to credit nsk by dealing with creditworthy counter-parties and through
the use of various credit monitoring techniques, including collateral policies and position and
credit exposure limits which are based on the financial condition of the applicable counter-
parties
17 Assets and Liabilities Geographical Distribution
The following is a classification of assets and liabilities by geographical location:
Percentage
2006 2005
Assets
Brazil 7 15
United States 93 85
100 100
Liabilities
Brazil 88 99
Carbbean 12 -
Europe _
100 100

18 Corresponding figures
Prior year figures in notes 13 and 15 have been reclassified to ensure comparability and
consistency with the financial statement presentation adopted for the current year.




















PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, VIJAYAKUMARI
PANAMPILLI of PO. Box N-9428, intend to change
my name to VIJAYAKUMARI BABU, If there are any
objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
PO.Box SS-742, Nassau, Bahamas no later than thirty

(30) days after the date of publication of this notice.

PUB Legal NoticeTICE




INTERNATIONAL BUSINESS COMPANIES ACT

(No.45 of 2000)


SWELLSURE LIMITED

In Voluntary Liquidation
"Notice is hereby given hat in accordance with Section 137 (4)
of the International Business Companies Act (No. 45 of 20(icer),
SWELLSURE LIMITED is in Dissolution."

The date of commencement of dissolution is the 31st day of October,
2006.

Corporate Directors (No.2) Limited
Kleinwort Benson House,
Wests Centre, St. Helier,
Jersey, JE4 8PQ
Liquidator



LEGAL NOTICE
NOTICE

OTS GROUP INC.


International Business Companies Act 2000


* By MADLEN READ
AP Business Writer

NEW YORK (AP) Wall
Street traded mostly higher
Tuesday, briefly pushing the
Dow Jones industrials into
record territory after a rise in
home construction and a mild
reading on consumer inflation
encouraged investors to buy.
The technology-dominated
Nasdaq composite index and
the Russell 2000 index of
smaller companies slipped,
showing that most of the stock
market's gains were isolated in
larger companies that are more
impervious to economic stum-
bles.
Many investors were heart-
ened by the Commerce
Department's report that
March housing starts rose 0.8
per cent a feeble rise com-
pared with February's 7.6 per
cent advance, but much better
than the drop investors expect-
ed. Building.permits also rose.
Stocks have had many tumul-
tuous weeks this year due to
worries about the financial
troubles of the subprime lend-


ing sector spilling into the
already sluggish housing mar-
ket.
Giving investors some addi-
tional relief, the Labor Depart-
ment's core consumer price
index rose 0.1 per cent in
March, less than expected, and
alleviating some anxiety about
the Federal Reserve's need to
raise interest rates to curb
costs. The overall consumer
price index, which takes into
account energy and food, rose
0.6 per cent in March the
largest increase in 11 months
- and was in line with expec-
tations.
Some investors doubt that
Wall Street's optimism will
last.
"I think this is sort of a weak
relief rally," said Ed Peters,
chief investment officer at
PanAgora Asset Management
Inc. in Boston. "It's nice that
the core level of inflation came
in lower than expected, but the
headline rate is what people
live on. ... There are still prob-
lems out there."
The Dow traded as high as
12,790.02, passing its closing
high of 12.786.64 set February
20. and approached its trading
high of 12,795.93, reached the
same day.
The Dow rose 52.58, or 0.41
per cent, to 12,773.04. Gains
in Coca-Cola Co. and Johnson
& Johnson, which reported
earnings earlier in the day that
exceeded expectations, gave
the blue chip index its 13th rise
out of the last 14 sessions.
Broader stock indicators
were mixed. The Standard &
Poor's 500 index rose 3.01, or
0.20 per cent, to 1,471.48, while
the Nasdaq composite index
fell 1.38, or 0.05 per cent, to


2,516.95.
Advancing issues outnum-
bered decliners by about three
to two on the New York Stock
Exchange, where volume came
to 1.57 billion shares.
Bonds rose following the
inflation data, which could give
the Fed more room to lower
rates. Also heightening that
possibility, the Federal Reserve
reported Tuesday that March
utility production dropped by
seven per cent, offsetting a rise
in factory production. The
yield on the benchmark 10-
year Treasury note fell to 4.69
per cent from 4.74 per cent.
Gold prices slipped. The dol-
lar neared all-time lows versus
the euro, and dropped to a 15-
year low against the British
pound. The dollar's weakness
has been brought on by the
United States economy and
interest rates rising less than
in other countries.
The stock market has been
showing strength heading into
the first-quarter earnings sea-
son. Nearly half the compo-
nent companies of the Dow
Jones industrial average
release earnings this week.
Analysts expect the reports to
show corporate growth is slow-
ing, but so far this week, many
companies' financial results
have surpassed forecasts.
Coca-Cola, the world's
largest drink maker and one
of the 30 Dow components,
said Tuesday its first-quarter
profit jumped 14 per cent. The
rise beat analyst expectations,
thanks to a double-digit
increase in worldwide sales
despite its troubled North
America segment. Coca Cola
rose $1.30, or 2.6 per cent, to
$51.57.


United States companies can
benefit from markets abroad,
despite slowing US growth,
market participants say.
"The foreign economies are
now large enough and strong
enough that they'll be able to
help us," said Joe Balestrino, a
portfolio manager at Federat-
ed Investors Inc.
Another Dow component,
health care products maker
Johnson & Johnson, reported a
profit drop of 22 per cent due
to a charge for an acquisition
that more than offset record
sales. But the results beat fore-.
casts and the company rose.
$1.53, or 2.4 per cent, to $64.55.,
The financial sector posted
mixed earnings, but shares fell-
throughout the sector. Mellon
Financial Corp.'s profits rose
and exceeded expectations, as
did those of Wells Fargo & Co.
But TD Ameritrade Holding
Corp.'s profits dropped and
missed predictions, and so did
US Bancorp's. Mellon fell two
cents to $44.12; Wells Fargo
fell 26 cents to $35.25; TD
Ameritrade fell $1.56, or 9.3
per cent, to $15.31; and US
Bancorp slipped 34 cents to
$34.56.
Crude oil prices fell 51 cents
to settle at $63.10 a barrel on
the New York Mercantile
Exchange.
The Russell 2000 index of
smaller companies slipped 2.48,
or 0.30 per cent, to 828.96. The
index reached an intraday high
of 831.71 during the session.
Overseas, Japan's Nikkei
stock average fell 0.57 per cent.
Britain's FTSE 100 fell 0.28
per cent, Germany's DAX
index rose 0.15 per cent, and
France's CAC-40 fell 0.07 per
cent.


NOTICE





PROPOSAL TO SERVE


AS INDEPENDENT AUDITORS


The National Insurance Board (NIB) invited suitably qualified accounting firms to submit a proposal to
serve as independent auditors for the audit of the National Insurance Fund's consolidated financial state-
ments, for the fiscal year ending Decemeber 31, 2007, subject to renewal for an additional two (2) years.
The financial statements are to be completed in April of the following year.

The 2005 Annual Report can be accessed at www.nib-bahamas.com

The proposal should include, but not be limited to:

1. General information on the firm and its local and/or international affiliates.

2. The qualifications and experience of the principals of the firm, including comments regarding other
professional staff members' skills and competence.

3. Information on the firm's audit experience in other financial institutions similar in size or nature of the
N.I.B.

4. The approach and time -line that will be adopted for the audit and related services that the firm can
provide the NIB.

5. Comments with respect to the firm's independence.

6. Estimates of fees and billings.

Proposals should be addressed to:

The Director
THE NATIONAL INSURANCE BOARD
Clifford Darling Complex
Baillou Hill Road
Nassau, Bahamas

and marked Proposal to Serve as Independent Auditors," to arrive at the Director's office no later than
4:00 p.m. on Friday, May 4, 2007. The NIB reserves the right to reject any or all tenders.


Pursuant to the provisions of Section 137
(8) of the international Business Companies
Act, 2000, Notice is hereby given that the
above-named Company has been dissolved
and struck off the Register, a Certificate
of Dissolution has been issued by the
Registrar General on the 3rd day of April,
2007.


Anthony B. Dupuch
Liquidator


US stocks are mixed





after inflation data and





rise in housing starts


















~si~9


*wniydod~edL l.^k
AKm possiawt ky^B
anx -Am~ed
^^aw diL~^^^.wn.is m"-l^W^i5^^^B-


I


b i. " -...... .. 6.


* PLPto sack three MPs
S.r. 'rm not selling visas


W~5 144 1~ ~4
~w~buh. SgI.jmivi.~' -


If you 'ae a memer fte PSerryChistie movement



Kenyatta GifbsT^on ndKdSit bustup"furniturein C~abie.First
FA&71 Per Chisi deie tha a fgh tokplceTenheprmiedaul
report. The~nh rlucaty oktei eigain. o e sak
ingyoug ahaianme an woento otefo Keyata nd eo
these are bad role modes froryun epe
Vincent Peet c^^flaim tht te tn houanddolarsinUS $100 billsl
FACT stle fro hi berom loetwa t py ischlds cholfes
Baham^^ ian ontpycolg esfr hi hlrn yjmigo
^^^^Bahmaar wt Ig fUS.cs.Per ae etMnitro
Financia*^fl SrvicesandInvstmnts
^^^^^^Ba~ffiM~m~ffiB~lH^H~flfl~iaE^41
^iin fShnGibsnssbrig hm oTeBhms.PryCrsirie
MCTI and defense i a go mnad lme ubrtIgrhm o




^dat in Fox HillB8again.
No eente udesae af ro Prr hrstes radffjutie
FAU: ^^Affl~lysonMyaT^ isncnepatdsi ureeCut
for tell^HIingth tuh P^^erry Chistieis no asti Te god peple o


,, i'-,',l" oi-,,w tu f