The Tribune.
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/02878
 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: 4/27/2007
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
sobekcm - UF00084249_02878
System ID: UF00084249:02878

Full Text

iPm lovin' It.



Volume: 103 No.129

FRIDAY, APRIL 27, 2007



W. min, at U .lastH^^^



missing' from


Insiders allege more

than half disappeared

in last two months

NEARLY $1.5 million is miss-
ing from the Bahamas Electricity
Corporation, insiders claimed last
More than half of it around
$800,000 has disappeared in the
last two months, according to
well-placed BEC sources.
Two accounts clerks have been
dismissed, but furious staff say
the real cause of the thefts is
"slack control" at management
The disclosure will deal a mas-
sive blow to the PLP in the run-
up to next week's general elec-
tion. Inefficiency and lax attitudes
are two of the main charges laid
at the government's door by its
But alleged theft of this scale
over a period of months suggests
major management failure within

Last night, a government
source confirmed unofficially that
"a lot of money" had vanished
from BEC. But no figure was
However, BEC insiders say the
total loss is close to $1.5 million,
with more than half of it vanish-
ing in recent weeks.
"Low level people are being
fired, but this raises questions
about higher ranking officials
within the BEC and their over-
sight procedures," said one
"It seems that they (manage-
ment) are not following up as dili-
gently as they should."
Minister of Energy and Envi-
ronment Dr Marcus Bethel said
he is aware that there is an ongo-
ing investigation into allegations
that money is missing from BEC.
However, he could not say how
dpIWimni? 'I- I*

0 THE drier ofr
Hubert this Central Gas
Hubert Ingraham rumour untrue truck survived this
,accident yesterday
As Opposition leader Hubert Ingra- six-island tour of the southern acidentr his vehirdleay
ham sat on the platform at an FNM Bahamas. confirmed that Mr Ingra- turned over ncle
rally in Matthew Towlsn, lna1ua. last ham was sitting in front of him on the ur 11 oer
night waiting to take the microphone, platform. "He's in good form," our John F Kennedy
a rumour had started to circulate in reporter said. I)rive. The man
Nassau that he had suffered a heart Mr Ingraham returns to Nassau was taken to
attack. today. The Mathew Town rally was hospital and is in
A call to Tribune reporter Brent carried live on the FNM's website stable condition.
Dean, who is with Mr Ingraham on his Ireenationaliovcment.org -____

Tribune Staff Reporter
CAMPAIGN workers at the FNM Montagu headquarters fear they
have become the target of election violence after a windshield of one
of their supporter's cars was smashed yesterday morning.
The damaged vehicle was parked at the Montagu constituency
office and is owned by a known FNM supporter.
According to the supporter, her windshield was smashed by persons
who then sped off in a white Nissan Maxima with tinted windows.
Speaking with The Tribune yesterday, FNM candidate for Mon-
tagu Loretta Butler-Turner described the act as "absolutely despicable."
Mrs Butler-Turner said she believes that the act was politically
"I strongly believe that it had a political reason. The car was parked
on the premises of the Montagu constituency office which is clearly
SEE page 13

POLICE are following a "significant lead" in the
case of the missing Western Air aircraft and are
hoping to bring the matter to an early close.
Acting General Manager of the Airport Author-
ity Mervin Hutchinson told Tie' Trihine yesterday
that although he has no.details on the investigation
into the disappearance of the missing 19-seater
commuter plane, police have informed him that a
lead has crystallised.
Meanwhile. the US has expressed concern over
the sudden and mysterious disappearance of the
aircraft from Ilie Lynden lPindling International
Airport (I.PIA) on I ....l, i morning.
SEE page 13

THE TRIBUNE received reports yesterday after-
noon that a number of police officers showed up to
vote yesterday, only to find that their names were
not on the official election register.
A source on the scene at the Kendal ls;acs Gym.
where law enforcement officers were to vote yes-
terday ahead of the general population, said that at
around 1.30pm. as many as 30 officers found them-
selves unable to vote.
fHe said that election officials told the officers
to go to the Kei ndal saacs GyVniIasiuIm, btt most
found that their names were not recorded on the list
there either,
"Many of these officers work on the Family
SEE page 13

I ~'] I [~ IJ~ ~ 1~I I'] ~ ~] ~ I hill B] 1W] ~ I I%~I!LITh

Tribune Staff Reporter
POLICE. Defence Force ofli-
cers and Parliamientlirv stall cast
their votes yesterday in the
advance polling of the May 2
general elections.
Three stations were created,
one at the Michael Eldon C(om-
plex opposite the College of the
Bahamas, the second at the Col-
lege of the B3ahanlis' Culinary
and Hospitality centre, and the
third and largest station was the
Kendal G L Isaacs Stadium.
At the Michael Eldon build-
ing. the constituencies of
Pinewood, Elizaheth, and Blue
Hills were housed. At the
school of' Culinary and I-hospi-

lality. Golden Isles, South
Beach, Golden Gates,
Carmichacl and Bamboo Town
were held. And finally, in the
stadium, the constituencies of
Kernnedy, Marathon, Montagu,
Mt Moriah, St Cecilia, St
Annes, St Thomas More, Sea
Breeze, Bailn and Grants 'own,
lillarney, Clif(on, :linglerston,
Farm Road and Centreville,
Fort Charlotte, Fox Hill, and
Garden Hills.
At all the stations, the various
PLP, FNM, BDM, or Indepen-
dent candidate as in the case of
Bambloo Town, were predomi-
nately present to oversee and
gauge their respective support
SEE page 13

H- J
AN FNM and a PLP sup-
porter show some unity outside
of the advance polling station
(Photo: Tim Clarke/
Tribune staff

Christian Council
president voices
concern over
ad linking vote
for PLP to a vote
for Jesus Christ
ONLY days after criticising the
lack of accountability in politics,
the newly elected president of the
Bahamas Christian Council, Bish-
op John Humes, expressed con-
cern about a local advertisement
that suggestively links a vote for
the PLP to a vote for Jesus Christ.
In an interview with The Tri-
bhune yesterday, Bishop Humes,
who is also the national overseer
of the Church of God, said that
any attempts to link the PLP to
Jesus Christ was "bordering on
"'A vote for the PLP is not a
vote for Christ," said Bishop
Humes. "It is only a vote for Per-
ry Christie and his party. It has
nothing to do with Jesus Christ,
and I think whoever is responsi-
ble for putting that ad out should
be ashamed of themselves."
Without having personally seen
SEE page 13

Ingraham says
his govt would
3,000 homes
in five years
COCKBURN Town, San Sal-
vador In one of the most robust
proposals during the election
campaign, FNM leader Hubert
Ingraham declared that his gov-
ernment would facilitate the con-
struction of 3000 homes in five
years, an average of 600 per year,
if he is re-elected prime minister
of the Bahamas.
Mr Ingraham made this pledge
ont Wednesday during a tour of
San Salvador.
The FNM plan is to a mixed
model proposal in which the gov-
ernnment sells lots to Bahamians
at a nominal fee, allowing indi-
viduals to use the contractor of
their choice in the construction
of homes. Or, if needed, the gov-
ernment would assist in the erec-
tion of the building. as is current-
ly the case in many new subdivi-
"Those persons who need the
government, the government can
build some for them. But most
SEE page 13

-7 *WVTi i LI*


'he Tribune


:he fiani Ieralb

thecorporatSignificant lead' in Reports of police unable
Campaign workers' fears missing aircraft case to vote due to names not

after windshield smashed *ByKARINHE:RG on election register
afte winshied smshed Tribune Staff Reporter

,. ..._


A. L

,V07 I. -


- --



Rally fever comes to the Family Islands

* FNM supporters at their party's rally in Hooper's Bay, Exuma on Wednesday

* ABOVE: Prime Minister Perry Christie speaks at the PLP rally in Eleuthera on Wednesday night
* BELOW: PLP supporters in Spanish Wells at their party's rally this week
(Photos: Felipe Major/Tribune staff)

* FNM leader Hubert Ingraham speaks in The Bight, Cat Island on Wednesday

S"' A FNM leader Hubert Ingraham is greeted by party supporters in Hooper's Bay

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PAGE 2, FRIDAY, APRIL 27, 2007




FRIDAY, APRIL 27, 2007, PAGE 3


o In brief

Moss pledges
to hold
on crime

THE Rev C B Moss has
pledged to stage a special con-
ference on crime if elected as
MP for Bain and Grants Town.
Within 100 days of his elec-
tion, he would convene talks to
devise a crime-beating plan for
the area, he says in his election
Rev. Moss, who entered the
race as an independent after
claiming he was betrayed by the
PLP, has also promised to set
up a food bank as part of a "No
Child Should Go Hungry" pro-
"Needy residents will be able
to get food for themselves and
their families in emergencies,"
he said.
Rev Moss has picked crime
as a major campaign issue
because "crime and the fear of
crime is of tremendous concern
to residents."
Of his conference plan, he
said: "I have successfully done
this before with Hands Across
the Bahamas, and I will do it
Rev Moss also plans to
launch a website for the area to
feature the culture and history
of the Bain Town and Grants
Town communities.
And he wants a radio prb-
gramme to promote the people
and places of the community
with a view to building collec-
tive pride and a strong sense of
The ideas are part of a wide-
ranging policy statement from
the pastor, whose manifesto
theme is "A New Vision".
The main planks of his plat-
form are strong families, quali-
ty education, reduced crime and
violence, community building
and economic empowerment.
He will also tackle substance
abuse, legal aid matters and
environmental improvement as
part of his community aims.
A day care centre would also
be provided so parents can
leave children in a safe envi-
ronment while they go out to
Rev Moss also wants to
revive and expand the commu-.
nity's youth development pro-
gramme, which teaches young
people personal and civic pride.
The pastor is running against
the PLP's Dr Bernard Nottage
and the FNM's David Jordine.

Man fined as
he admits to



A MAN was fined $1,000
after pleading guilty to a mari-
juana possession charge yester-
Dedrick Bethel, 20, appeared
before Magistrate Carolita
Bethel on the charge of posses-
sion of marijuana.
According to the prosecution,
Bethel was found in possession
of 20 grams of marijuana on
April 24.
Failure to pay his fine will
result in a six month prison sen-

Moss outlines plan to cut down

on number of school drop outs

A PLAN to stop students
becoming school "drop outs" has
been devised by Rev C B Moss,
who is contesting Bain and
Grants Town as an independent.
The pastor claims the pro-
gramme, to be held in primary
and high schools if he is elect-
ed, would "greatly impact"
children's education.
"A committee will work
jointly with the schools and
other government agencies as
well as with private organisa-
tions to ensure that, as much
as is possible, no student will be
allowed to drop out of school,"
says Rev Moss in his election
The plan is part of a wide-
ranging community pro-
gramme which Rev Moss has
pledged to implement if he
wins a seat.
The pastor, a community
activist for many years, is also
proposing a literacy project for

residents over school age.
And he wants two scholar-
ships to be granted one aca-
demic, one vocational to
qualified high school students
in the community.
A computer lab programme
would, he pledges, also be
introduced to equip "every
willing resident,.old or young"
with basic computer skills.

This, he believes, will
increase local people's chances
in the workplace, and their
earning power.
Apart from education, Rev
Moss has ideas in several other
areas, including sports, eco-
nomic empowerment and
youth development.
His 10-page manifesto lists
several projects he hopes to tack-

le, including a small business
development centre, a museum-
gallery, youth choir, marching
band and sports association.
As part of his economic
empowerment scheme, Rev
Moss wants a tourism project
to lure visitors over-the-hill.
"Bain and Grants Town are
old communities and are
extremely rich in history and
culture, exactly what the visitors
want to experience," he says.
"In addition, the close loca-
tion to the main tourism centres
of Bay Street and Cable Beach
makes the area ripe for touristic
development," he adds.
Rev Moss's scheme would
create jobs for tour guides,
refreshment stand operators,
craft and souvenir stallholders,
entertainers and others.
"This project, once opera-
tional, will turn Bain and
Grants Town into one of the
most successful financial areas

in New Providence," says his
Rev Moss claims his five-
year plan for the area, which
he calls a contract with the peo-
ple, is "within my personal abil-
ity to do" but he says the gov-
ernment needs to improve
There is urgent need for
improved housing, poverty
reduction, new and better-
maintained parks, improved
potable water supply, training
and retraining of residents, and
better police services, he said.
"I pledge to work very hard
in conjunction with the gov-
ernment to ensure that these
items of need be adequately
addressed and resolved as
quickly as possible," he added.
He said he wanted to forge a
strong partnership with the
community to make Bain and
Grants Town "a model for the

Christie accuses FNM of holding Eleuthera back

THE FNM government
deliberately stood in the way
of Eleuthera's development
according to Prime Minister
Perry Christie.
Speaking at a rally in Gov-
ernor's Harbour on Wednes-
day, Mr Christie said that
because of the PLP, the island
is now poised for the most
prosperous stage in its modern
He told the crowd that FNM
government didn't just neglect
them. "They deliberately
denied you. In fact, they pun-
ished you."
Mr Christie said the FNM
stood in the way of a number
of developments, including pro-
posals by Franklyn Wilson and
the late Albert Sands, "when
they tried to bring the economy
of South Eleuthera back from
the dead".
"The FNM outright vic-
timise4tEAqutthew..They inflict-
ed economic .painaupon you.
They made'yourstrffer: They

denied you jobs. They denied
you business opportunities,"
the prime minister claimed.
Mr Christie told the crowd
that they had gathered in "in
mighty numbers to proclaim
that you are standing strong
with Oswald Ingraham and the
He said the PLP has only
had five years, but has already
laid the foundation for a new
"Your PLP government has
been working hard on great
economic plans for all of the
Eleutheras from Harbour
Island and Spanish Wells in the
north to Bannerman Town in
the South, and all of the set-
tlements in between.
"Our aim is to systematically
restore all of Eleuthera to its
former status as one of most
prosperous islands in our entire
He said the government has
prepared a master plan to the
guide the development of

* PERRY Christie

Eleuthera, making it the first
island in the Bahamas to be
developed in such a way.
"Already we have anchored
the 'deep south' with the land-
mark major Bahamian invest-
ment project of Eleuthera
Properties. They are creating
the upscale Cotton Bay Estates

and Villas. Tarpum Bay.
"Also, in the south, is the Mr Christie said these pro-
Cape Eleuthera Properties jects collectively represent over
Development Limited project $2 billion of new development
in the vicinity of the settlement and over time will generate
of Deep Creek. This develop- thousands of jobs and count-
ment is destined to contribute less business opportunities for
in a major way to the econom- Eleutherans.
ic revival of South Eleuthera. He also spoke about the
"The north has been development of agriculture,
anchored by the world class which he said should be poised
Royal Island resort project. to benefit from access to new
"Here in Governors Har- markets that are being creat-
bour, work has started on the ed by the resorts.
Skybeach project at Hut Point. He said that the government
"My government is also in will fully cover the cost of land
advanced negotiations with clearing, reduce lease payments
major investors on three of the to $15 on land already being
largest resort/residential mixed farmed, and ensure the avail-
use projects ever to be under- ability of the necessary materi-
taken in Eleuthera, at Half als for growing pineapples.
Sound, at Winding Bay, at "Additionally, as it takes a
Governor's Harbour Airport, minimum of three to five years
and in the vicinity of Hatchet for a farm to become prof-
Bay. itable, the next PLP govern-
"We have also just approved ment will waive the lease pay-
projects with respectovaorawAtnr ent on agricultural land for
Bougainvillea outside Palmet-; .'Ihe first five years," Mr Christie
to Point, and Isla 'neal said.

PLP accused of victimising Cat Islanders as major employer


SAN Salvador The gov-
ernment has used its position
as the major employer to "vic-
timise", "threaten" and "con-
trol" the people of Cat Island
according to Gladys Sands.
Ms Sands, the FNM candi-
date for Cat Island, Rum Cay
and San Salvador, was speak-
ing a rally on Tuesday night in
United Estates, San Salvador.
"In Cat Island there is hard-
ly no economy," she said.
Echoing the remarks of one of
her Cat Island constituents. Ms
Sands told her attentive sup-
porters that the PLP has
erased almost all the develop-
mental gains on that island.
This constituent, she said,
feels as if he is living in a
"communist country" -;afraid
to speak freely out of fear that
PLPs will take away his only
possible source of income.

The lack of economic oppor-
tunity in Cat Island has also
led to a diaspora, as young
people are forced to leave
their homes like nomads in
search of opportunity else-
where, Ms Sands declared.
"People have to see their
children leave because there
is not sufficient employment;
there is not sufficient develop-
ment; there is not sufficient
security; and we want to see
that changed," she said.
Ms Sands described the
alleged atmosphere of victim-
isation and intimidation as "a
sad situation for men who
claim that they want to see the
development of a people."
Regarding San Salvador, Ms
Sands said that Club Med
alone is not enough to sustain
the entire island economy.
In addition to economic
diversification, the FNM can-
didate added that proper

schools fully serviced with
the necessary equipment and
skilled teachers are crucial
to making people in this part
of the Bahamas more compet-
itive in the modern world.
Ms Sands also revealed that
there are no storage facilities
for mail-boat deliveries of essen-
tial goods in her constituency -
especially in Cat Island.
Consequently, items are
dumped on to the dock where
they sometimes disappear
before residents can retrieve
them, she said.
Ms Sands, who served as a
senator in the last parliament,
is the daughter of Oscar John-
son, a former representative
for Cat Island.
She told The Tribune that
her father is on the ground
assisting her campaign, and
that she is confident that she
can deliver the seat for the


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PAGE 4, FRIDAY, APRIL 27, 2007

ITOR 0"' 1=S T O E IT

BAHAMIANS were scandalised in the
eighties when a PLP cabinet minister took to
the podium to declare that God had given
this country to the PLP.
However, not only has the "New" PLP
dragged us back to its party's scandal-ridden
years, but it has taken us a leap further it
is now displaying messianic dreams.
It is difficult to know how to interpret
the party's latest pamphlet, which first sur-
faced in Freeport. It set off frantic phone
dialling by scandalised Bahamians' who
called friends throughout the islands to get
their opinion on the sanity of the governing
party. Before we had seen the pamphlet,
we received calls asking our opinion.
According to each caller, the pamphlet read:
"A vote for the PLP, is a vote for Jesus."
When a pamphlet eventually arrived on
our desk, we discovered that "a vote for the
PLP, is a vote for Jesus" were not the actu-
al words used. However, what was printed
was even more troubling. Had Prime Min-
ister Perry Christie suddenly been trans-
formed into Jesus Christ?
"Vote for Jesus Christ as the Lord and
Saviour or your life," was what the pam-
phlet said. (We believe that the word 'or'
must have been a typographical error. What
was probably intended was the word 'of'.
In other words 'Vote for Jesus Christ as the
Lord and Saviour of your life").
As Bahamians are going to the polls next
Wednesday to elect either Perry Christie or
Hubert Ingraham as prime minister, are we
now to believe that the name on the ballot is
not really Perry Christie's, but that of Jesus
Christ, son of the Living God?
"Thus by this vote," the pamphlet con-
tinues, "we are to let the People of God
Live the life that Promotes peace and har-
mony amongst all faithful and noble mem-
bers of the church." (A copy of the pam-
phlet is published on page 13 of today's Tri-
bune. Our readers can interpret it for them-
This suggests that only the PLP are the
people of God who can promote peace
among the faithful. Of course, this leaves
the rest of us possibly the majority in
the barbaric wilderness. Obviously, if the
"people of God" are returned on May 2,
the rest of us will be left to rot in the wilder-
ness. Bahamians would do well to give this
.matter great consideration before they cast

their ballot.
This pamphlet is really no trifling matter.
It is scandalous! It is blasphemous! It is sac-
At last the Bahamas Christian Council
has put its right foot forward in the person of
newly-elected Bishop John Humes. On
learning of the pamphlet, Bishop Humes
condemned it as "bordering on sacrilege."
"A vote for the PLP is not a vote for
Christ," said Bishop Humes. "It is only a
vote for Perry Christie and his party. It has
nothing to do with Jesus Christ, and I think
whoever is responsible for putting that ad
out should be ashamed of themselves."
The Bishop then took half a step back.
He said that although he had not seen the
pamphlet/advertisement he wanted the pub-
lic to know that his comments only reflected
his personal views and were not the views of
the Christian Council.
We do not understand why the Bishop is
qualifying his statement. The Christian
Council with one voice should condemn the
The church has always been a shrinking
violet about getting into the political arena
- all but Bishop Neil Ellis, who, in the 2002
election scandalised the church by telling
his congregation that those who did not vote
PLP could take their "backsides" elsewhere.
However, the politicians have now tres-
passed on the church's territory. If church-
men are indeed representatives of God, and
not Mammon, they cannot take to the hills
and hide under the nearest dilly tree. They
have to put on their spiritual armour and
fight the good fight.
And if they have any doubts about God's
commandments and their duty, they should
turn to Exodus 20:2-7 and Deuteronomy
Briefly put God tells his people: "I am the
Lord your God. You shall have no other
gods before me. You shall not make yourself
an idol. You shall not make wrongful use of
the name of your God."
The PLP should beg God's forgiveness
for dragging him into the Bahamas' political
mud. and breaking his commandments. They
should also apologise to the citizens of this
country who call themselves Christian.
On Wednesday Bahamians go to the polls
to vote for fellow Bahamians to represent
them. Jesus Christ should not be insulted.

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

LEONE. H. DUPUCH, Publisher/Editor 1903-1914

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

EDITOR, The Tribune.
WORLD class health care
or world class chaos?
During the ten days that I
recently spent in Ireland I was
hearing a lot about their
National health plan so I gath-
ered as much information as I
could. Ireland is now one of
the richest countries in the
world and their Government
is many years into their exper-
iment in health care and the
system is now in total chaos
and they are asking them-
selves: "How did we get it so
wrong and how can we put it
One of the books that I ref-
erenced was "Emergency -
Irish hospitals in chaos" by
Marie O'Conner.
Most of the health stories
make for difficult reading -
the account of the inquest into
the death of a baby born pre-
maturely by Caesarean sec-
tion, repeated attempts by the
mother to get her dues dates
corrected in her file having
There was another mother
who was about to give birth
and was being driven to
another hospital. She gave
birth on the side of the road
with no oxygen available. The
baby died within three hours.
Then there are the two and
three day waits in Accident
and Emergency (A & E) and
the four and five day waits for
public patients to see a spe-
cialist and the interminable
wait for surgery 22,000
operations in public hospitals
cancelled at the last count.
There are some hospitals
that have had patients on trol-
leys in the halls, on either side.
end to end and blocking emer-
gency doors and fire hoses.
Some have been there for two
and three weeks and are often
examined in the open effec-
tively stripping them of what-
ever measure of dignity they
had left.
Overcrowding is an open
invitation for infection and it is
a constant battle in the hospi-
tals in Ireland. We already
have our own version at the
PMH in the dialysis unit
where catheters have been lit-
tle more than a water slide for
the transfer of bacteria.
There is the chronic short-
age of beds, consultants, nurs-
es, physiotherapists the list
is endless.

Yet, money is being poured
into the system as never
before 14 billion euros at
the last count, and rising. Yet
the system seems to stagger
from one crisis to another
without any sign of improve-
ment. (Just a week ago I heard
a report on the BBC that in
the past year 150 million had
been pumped into the British
health care system with no vis-
ible improvement).
History has shown that in
every case, without exception,
where the health care of a
country is a Government
monopoly, it has been an
abject failure. Yet our Gov-
ernment is rushing in that
If this Government is given
the mandate to continue I
have no doubt that they will
build a clinic here and there
and maybe an extension to the
PMH. but that will only be
like adding another deck to
the Titanic.
So, why am I so concerned
about this. I cannot be accused
of acting out of self-interest,
dentistry is not included in the
plan. I simply believe that it

is my patriotic duty. I know
that this particular plan that
has been the subject of so
much rosy rhetoric would
reach a point, sooner rather
than later of patients realiz-
ing that the system will be
more important than they are
- cost-effectiveness will rule.
So, what this Government
is pushing forward as a cher-
ished dream will be a health
care nightmare and we will be
asking, like the Irish, "How
did we get this so wrong and
what can we do to make it
How much better to get it
right by simply putting the
proper infrastructure in place,
work with the insurance com-
panies and determine that
everyone has access to health
care without going to a Soviet
style system everyone to
have care but at lower stan-
Most of all, let's take poli-
tics out of this very important
subject. Let us not look for
the politician who thinks of
the next election but let us
search for the statesmen who
think of the next generation.

April 24, 2007.

Appalled by 'lack of

coverage' of FNM on ZNS

EDITOR, The Tribune.
I AM absolutely appalled at the lack of coverage being giv-
en the FNM in relation to the PLP by ZNS. No one in the out-
side world would believe the way this radio and TV station is
operated. Darrold Miller told us how the news was manipulated
by Fred Mitchell and others when he was there.
Can you imagine when a live FNM rally is going on that ZNS
would replay at the same time a PLP rally from the night
before? On Saturday morning ZNS radio had 10 minutes of
reports on the PLP activities of the day before with two minutes
of FNM activities. Is this fair?
I appeal to Perry Christie if he has any decency in him to give
equal time to the FNM. If he cannot control ZNS then I have
to agree with Algernon Allen that he is a "do nothing, lazy
April 22, 3007

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7:00am, 9:00am, 11:15am
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Phone: 323-6452 393-5798
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FRIDAY, APRIL 27, 2007, PAGE 5



0In brief

Police and
poll workers
turn out to
vote on GB

FNM supporters converged
at the Pro-Cathedral of Christ
the King yesterday, where
hundreds of police officers
and poll workers on Grand
Bahama turned out to vote
in the Advance Poll.
Cecil Thompson the
Returning Officer, said the
voting went very well at the
church hall, but expressed
some disappointment that the
names of some officers were
not on the advance register.
"The staff was well pre-
pared, and the agents repre-
senting the major parties, the
PLP and FNM, and the inde-
pendent candidate for Mar-
co City, were on top of their
game. They had their best
persons, their A-teams rep-
resented, and there was no
argument," he reported.
Mr Thompson said that
police officers at the polls did
an outstanding job of main-
taining order and peace.
"The one disappointment
is that not all of the police
officers who came to the six
polling stations were able to
vote because their names
were not on the advance reg-
ister. And, the Parliamentary
Department and the Royal
Bahamas Police Force would
have that matter corrected for
the general election, to ensure
that those officers are allowed
to vote," he said.
Mr Thompson explained
that some reconfiguration
would have to be made
because some officers in
Grand Bahama travel all over
the northern Bahamas.
"I am sure Mr (Eugene)
Cartwright will deal with that,
and would make sure those
officers whose names did not
appear on the advance regis-
ter will be allowed to remain
out of work in Grand
Bahama at the polling divi-
sions that they are going to
vote at (on May 2)," he said.
'Tents were erected outside,
the church premises, an'd
members of the FNM and
PLP assembled just outside
the hall to watch the pro-
"There is no question that
hundreds of officers, as well
as poll workers such as pre-
siding officers, assistant pre-
siding officers and clerks,
came out today," Mr Thomp-
son said.
He said those persons
whose names were not on the
advance register, and those
who did not show up to vote,
will have an opportunity to
vote on May 2.


hopes to
leave 'soon'
for States

ANNA Nicole Smith's ex-
boyfriend said Wednesday
that efforts were under way to
change his seven-month-old
daughter's birth certificate to
list him as the father, accord-
ing to Associated Press.
Larry Birkhead was
revealed as the father by
DNA tests earlier this month.
He and other participants in a
private custody hearing
Wednesday said they could
not discuss the proceedings,
but Birkhead said he was
"I guess all I can say really
is that it was a good day for
me in court," he said.
Virgie Arthur, the mother
of the dead reality TV star,
has been trying to reach a vis-
itation agreement with him
that would end her legal chal-
lenge for custody of the girl.
After the Supreme Court
hearing, she left in a taxi with-
out speaking to reporters.
The judge scheduled anoth-
er hearing in the custody case
for June 8.
Birkhead, a 34-year-old
photographer based in Los
Angeles, California, said
efforts were "in the works"

to obtain a passport for Dan-
nielynn and change her birth
certificate to remove the
name of Howard K Stern,
Smith's last companion. He
said he hoped to leave the
Bahamas for the United
States with her "pretty soon".
Birkhead left the court-
house in a black Cadillac
sport utility vehicle with
Stern, who has been caring
for the infant since her moth-
er died in February, and sup-
ports Birkhead in the custody

Bastian says both FNM and PLP

have failed in South Andros

Tribune Staff Reporter

DESPITE the best efforts of
both the PLP and the FNM, the
people of South Andros have
decided to move in a different
direction, it is being claimed.
On Wednesday night, The
Tribune attended a rally in
Fresh Creek, Andros where
dozens of lime green T-shirt-
wearing supporters came out to
listen to their incumbent, South
Andros MP Whitney Bastian.
The independent member of
parliament predicted that he
would win the South Andros
seat by more than 300 votes this
time around.
The South Andros seat has
historically been a PLP strong-
hold. Before 1967, the people
of Kemp's Bay voted for the
late Cyril Stevenson.
In 1953, Mr Stevenson was
one of the founders of the Pro-
gressive Liberal Party with Sir
Henry Taylor and William
But it was in the 1956 gener-
al election, under the umbrella
of the newly-formed PLP, that
Mr Stevenson was first elected
to the House of Assembly.
Former Prime Minister Sir
Lynden Pindling won South
Andros in 1967 and remained
its member of parliament until
Then, in 2002, longtime PLP
campaigner, turned indepen-
dent candidate, Whitney Bast-
ian, won the South Andros seat.
According to his supporters,
under Mr Bastian's representa-
tion among other things -
.BTC introduced the Digital
Subscriber Line (DSL) and the
internet in South Andros. the
roof of the Congo Town Inter-

* WHITNEY Bastian chats with supporters

national Airport was repaired,
renovation work was done at
both primary schools, and secu-
rity personnel were hired to
guard the Congo Town Inter-
national Airport.
Before Mr Bastian took the
stage on Wednesday night, the
people of Fresh Creek were told
that Mr Bastian was a "freedom
fighter because he is not oblig-
ated to a political party."
"He is obligated to his con-
stituents," said Pastor Keith
Robertson, a fiery clergyman
from Mangrove Cay.
Mr Bastian warned the peo-
ple of the Central Andros dis-
trict not to waste their vote on
May 2.
"The FNM and the PLP have
been spreading lies and saying
that they are going to win this
seat," Mr Bastian said.
Referring to the PLP's can-
didate, Picewell Forbes. Mr
Bastian alleged that the former
popular radio host was having

problems funding his campaign.
In fact, he claimed, Mr
Forbes resorted to asking a PLP
minister for $400 to assist with
According to Mr Bastian, the
PLP minister told Forbes:
"Don't you know that am sup-
porting Whitpey Bastian?"
Mr Bastian also spoke about
the opposition, noting that in
1997, the entire FNM cabinet
visited Andros.
"They promised the people
of the South Andros con-
stituency everything, and guess
what; absolutely nothing hap-
pened for the people in South
Andros." Mr Bastian said.
He said that both the FNM
and the PLP had failed to deliv-
er on their promises and he told
voters not to be fooled again.
"What has she (FNM candi-
date Majorie Nairn-Johnson)
done in the last three months
to show that she has any interest
in the people of South Andros?

Absolutely nothing. A vote for
Majorie Johnson is a vote for
Picewell Forbes. A vote for
Majorie Johnson is a wasted
vote. Do not throw away your
vote. Vote for the clock," he
The South Andros MP said
that if re-elected, it would be
his last term serving as a mem-
ber of parliament.
He promised to spend the

next five years creating a
farmer's union and fisherman's
On May 2, South Androsians
will have to decide between
three candidates the indepen-
dent Whitney Bastian, Picewell
Forbes, who is running for the
Progressive Liberal Party, and
Majorie Nairn-Johnson, the
candidate for the Free National

Woman frustrated in police complaint

Tribune Staff Reporter

SA WOMAN trying to lodge
an official complaint against a
police officer, was frustrated
by the bureaucracy of the Com-
plaints and Corruption Unit
yesterday all witnessed by The
The lady, who did not want to
have her name published, filed
the report against Assistant
Superintendent of Police Oscar
Sands, who she claims verbally
harassed her over the weekend.
Reportedly the lady was dri-
ving with her lights out behind a
group of friends, all heading to
a local nightclub. The lady
admitted that she did not know
that her lights were off as she
had just left a very lighted area,
and was following closely
behind her friends.
It was at this time that the offi-
cer pulled her over and ordered
her from her car, she claims.
The lady, who said she was
dressed appropriately for a
nightclub, was forced to stand in

the road while the officer wrote
up his forms, becoming the
brunt of lewd and inappropriate
remarks from drivers as they
When she tried to get tle offi-
cer's name or identification
number as he was not wear-
ing an official uniform only a
black outfit she claims she
was told to "shut up" as she
"didn't know her rights".
Yesterday The Tribune
accompanied the lady to Police
Headquarters. After filing the
complaint, she was then encour-
aged to sign the document. How-
ever, before doing so, the lady
asked if she would be given a
copy of the complaint to ensure
that there was no tampering.
Even after explaining to
Woman Sergeant Hanna. the
officer taking the report, that it
would be "most foolish" of her
to sign a document that later
could be manipulated and still
show her signature, she was told
that it was "normal operating
procedure" to deny persons a
copy of their actual complaint.

Suspicious of the proceedings,
the lady asked to speak to
Superintendent Franklyn
Dames or Assistant Commis-
sioner Kirkland Hutchinson. the
new head of the CCU. She was
told that both men were out of
Speaking next with Inspector
Felix Beneby, the lady pleaded
with him for half an hour to
understand that without a cer-
tified copy, the document could
be manipulated.
"Ma'am, that's the system we
have," is all he would say.
Deputy Commissioner John
Rolle said that the only course
of action that the lady had open
to her was to write to Commis-
sioner of Police Paul Farqhar-
son for his authorization for a
copy to be released to her.
However other senior police
officers have said that she
should have been given a copy
as it is her report that is being
filed and signed by her.
At last report, the lady in
question was seeking legal

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PAGE 6, FRIDAY, APRIL 27, 2007

Anger as graves are left exposed

to the elements and desecration

Tribune Freeport Reporter

cerned Grand Bahama resi-
dent expressed dismay over
the condition of the Holmes
Rock Cemetery, where graves
continue to lay exposed and
vulnerable to further dese-
Alice Rolle, a long-time resi-
dent of Grand Bahama, fears
that the graves of her Bahamian
husband's family and other res-
idents at Holmes Rock would
be washed out to sea should a
major storm threaten the island.
The cemetery, which is situ-
ated only feet from the shore-
line, was destroyed during Hur-
ricane Wilma.
The storm surge unearthed
many graves, and residents say
their loved ones' plots have
become unrecognisable.
Mrs Rolle, who recently vis-
ited the cemetery, said she was
shocked and saddened by the
condition of the graves.
"It is so sad. I honestly, cried
when I seen it again today," she
told The Tribune. "You have to
go out there to know what I am
talking about. Honest to God,
you can't even tell one person's
grave out there."
"It is just terrible and the next

* SEEN are photos of the Holmes Rock Cemetery, which was destroyed by a hurricane.

hurricane that comes this way
the graves will be washed
away," she said.
Although Mrs Rolle said she
made her concerns public in a
local newspaper last June, noth-
ing much has been done to pro-
tect graves from possible tides
or surge.
"I feel that Holmes Rock is a
forgotten town," said the elder-
ly woman. "They fixed the road
to the cemetery, but work at the
cemetery has not been com-

When The Tribune visited the
Holmes Rock Cemetery, it
appeared that some work had
been carried out at the site.
Northern and eastern perime-
ter walls had been constructed,
however, there was no wall on
the west or south side of the
cemetery which are the sides
exposed to the ocean.
With the hurricane season
approaching, Mrs Rolle said
that something must be done
before the storms begin.
"They put up cement blocks,
but the cemetery is open to the
ocean, and the caskets are lying
on top of one another and you
can't even tell hardly who is
who in there."
"I feel like our government
should be the one to take care
of this. Two years is too long
for bodies to be out of the
ground." said Mrs Rolle.

She said that her husband's
mother, grandmother, sister,
and brothers, are buried at the
"I will soon be 82. 1 am from
Texas, and 1 married a
Bahamian and have been here
since 1991 doing volunteer
work on Grand Bahama for
many years.
"I had always tried to help
the Bahamian people for years,
and I feel like this is my family
too. My husband's people are
my family and there are other
people who have families there
"I don't know the represen-
tative for this area because I
don't know politics that well..
. I hope to God we can get them
to fix it. 1 am getting old and
before 1 die. I love to see my
husband's people back in the
ground," she said.
The government had signed

millions in contracts for the
restoration of cemeteries in
southern settlements that were
destroyed by hurricanes. It has
also announced plans for the
relocation of some cemeteries
and graves from southern side
of the island.
As Minister of Works
Bradley Roberts was in a meet-
ing, The Tribune was referred to
the director of works, Melanie
When questioned about the
works to Holmes Rock Ceme-
tery, Ms Roach refused to
answer questions over the tele-
phone. She seemed to become
annoyed and instructed the
reporter to send the questions
to her by e-mail.
When asked why she could
not provide information over
the telephone, she replied, "I
don't do that on the phone."
When asked why, she said,

"Ask your boss at The Tri-
Mrs Roach responded to the
e-mail yesterday, explaining that
a contract to fix the cemetery
was awarded to WG&S Con-
struction on September 13,
The scope of work included
clearing the site of debris and
rubble, demolition of the exist-
ing walls, structures and other
obstacles, erection of perime-
ter and sea walls, installation of
access gates and a final clean-
Mrs Roach said the work
remains incomplete because the
site conditions were challeng-
ing for the contractor to work
in, as some of the cemetery
walls are located in a swamp.
"Thus a greater level of care,
as well as a different approach
to the work was required after
the initial attempts proved inef-
She said delays were experi-
enced as a result of the untime-
ly delivery of rental equipment
and that weather conditions also
had an impact.
"Theft of materials left on site
has had to be repurchased,
resulting in loss of productivity,"
Mrs Roach added.
She said that during the exca-
vation process, it was discov-
ered that there were coffins
buried outside the originally
defined perimeter of the ceme-
"After this was realized,
exploratory work was required,
so that the final position of the
cemetery walls could be located,
-ensuring that the existing coffins
were all captured within the
boundary walls of the ceme-
tery," she said.

Poll on Grand Bahama predicts FNM victory

THE FNM looks set to get
nearly 70 per cent of the vote in
Grand Bahama, beating the
PLP by more than two-to-one,
according to a street poll con-
ducted this week.
The Workers Party poll, car-
ried out in Freeport town cen-
tre, showed male support for
the FNM at 69.5 per cent, easi-
ly outstripping the PLP's 30.5
per cent.
Among women, the FNM

scored almost as well, with 68.6
per cent vowing to support the
opposition party, leaving the
PLP trailing at 31.4 per cent.
The results accorded with a
media observer's prediction yes-
terday that the FNM nationally
"will sweep home with at least
24 seats."
"The poll result in the
nation's second city means that
Mr Ingraham's leadership is for-
midable and is welcomed

throughout the Bahamas," said
the party's secretary-general
Brian Smith.
"Bahamians in their thou-
sands are grateful and happy
that he has sacrificed his pri-
vate life to return to rescue the
The poll, 'conducted in the
Winn Dixie Shopping Centre
on Wednesday, sought response
from 320 voters, 167 of them
men. A total of 221 registered

voters surveyed supported the
FNM, with only 99 backing the
Overall, said Mr Smith, the
poll suggested that the FNM
"holds a decisive advantage" in
Grand Bahama among males
and females.
And he felt it showed that the
FNM holds "a dominant lead"
over the PLP heading into next
week's general election.

Businessman expresses confidence in GB economy

businessman is expressing opti-
mism in Grand Bahama's eco-
nomic future, predicting many
spin-offs from the Ginn Corpo-
ration's multi million dollar
He pointed out that as a
result of the commitment by
Ginn at West End, many cur-
rent businesses are poised to
"reap great economic bene-
fits" by offering goods and ser-
Sheldon Collie, president and
CEO of Arising Courier Ser-
vices at the International Build-
ing in Freeport, said that while
many people are complaining

about a decline in a certain sec-
tor of Grand Bahama's econo-
my, many other areas such as
construction, are "in a state of
Mr Collie, who is in his early
30s, has been working on his
own for six years, having
worked in all areas of another
major courier for a decade.
He said that he is doing
exceptionally well running his
business along with 10 employ-
Pointing out that Ginn's pro-
ject will eventually transform
the western portion of Grand
Bahama into an upscale multi
functioning resort, Mr Collie
urged other Freeport-based
business owners to start prepar-
ing to get their shaie of the eco-
nomic pie.

He said persons with entre-
preneurial skills, should begin
putting them to use now in
order to reap economic rewards
"that are sure to come, once the
project reaches fever pitch."
"Personally," he said, "I have
set both short and long term
goals for our company, adding
that one of them is to acquire
our own space."
Eventually, Mr Collie said his
long term goal is to construct a
full service modern building
that will house postal, air freight
and shipping branches of his
"At present business is
good," said Mr Collie, who also
operates a subsidiary public
relations business.
"As a licensee of the Grand
Bahama Port Authority

(GBPA). I am looking forward
to bigger and better progress in
"Grand Bahama is about to
experience one of the biggest
business booms in our history
with many other projects cur-
rently coming out of the pipe,"
he predicted. "I am ready to
take advantage of all of them
by providing our company's ser-
Mr Collie mentioned Pega-
sus Wireless, the International
Grocers Distributors and Grand
Bahama Brewery as examples
of investor confidence in
"Many of the shipping needs
of these investors must be
moved by air or sea, he said,"
and I am sure that economic
conditions here is improving."


Bu sines.Wll9 known9 and

repete w rlwie rachse

22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas


of Nassau, N.P., The Bahamas died peacefully
at home on Tuesday, 24th April, 2007.
Ms. Ageeb is survived by one son. Bernard
Franklin Ageeb; one daughter-in-law, Jennifer
Ageeb; two grandsons, Joshua and Zachary
Ageeb; two brothers, George and Charles Ageeb:
one sister. Kathleen Winchell; three sisters-in-
law, Gloria, LaVcrne and Karen Agccb; four
Snieces, E.J. Maria Ageeb, Lupita Agccb-Rolle,
Angelique Priore and Michaelene Ageeb; ten
nephews, Jose, Thomas, Antonio, John. Gregory, Ashley, Mark, Edward, Brian
and Christopher Ageeb; nine great-nieces, Jazmin and Isabella Ageeb-Rolle; Lizbeth
Ageeb, Heather Priore, Sephanie, Rebecca, Dana, Erin and Jenna Ageeb; eight
great nephews, Shelton and Jonathon Ageeb Rolle, Thomas, Joseph, Daniel, Andrew
and Jordan Ageeb and Michael Priore.
She was predeceased by her parents, John and Mary Ageeb; two sisters, Gloria
and Theresa Ageeb and two brothers Anthony and Arnold Ageeb.
A funeral service will be held at Sacred Heart Roman Catholic Church, East Shirley,
Nassau on Thursday, 3rd May, 2007 at 11:00am.
Arrangements'by Kemp's Funeral Home Limited, 22 Palmdale Avenue, Nassau,
The Bahamas.

SLocated: ThompsonBlvd
Tel: 325-0881/2 Open: on.-Fri. 8a ^m.-5,:00p

FRIDAY, APRIL 27, 2007, PAGE 7


* SEA hauler victims surround Glenys Hanna-Martin's vehicle on Wednesday in an effort to pre-
vent her leaving
(Photo: Tim Clarke/Tribune staff)

BDM 'hijacking' Sea

Hauler tragedy claim

Tribune Staff Reporter
MEMBERS of the Bahamas
Democratic Movement and
independent candidate Paul
Rolle are being accused of
hijacking the plight of the Sea
Hauler victims to gain political
Men and women who
became the victims of the trag-
ic collision at sea in 2003 said
they are upset that their situa-
tion is being bandied about by
politicians as part of their elec-
tion campaigns.
Spokesperson for the Sea
Hauler victims, Lincoln Bain,
and several of the victims them-
selves contacted The Tribune
yesterday emphasising that their
situation and their quest for
compensation and assistance
from the government is not a
political issue.
They said that neither Mr
Rolle nor any member of the
BDM party is speaking for
One Sea Hauler victim,
Stephen Rose, said he feels that
independent candidate Mr
Rolle is speaking out about

their grievances, at least par-
tially because he is running
against Transport and Aviation
Minister Glenys Hanna-Martin
in the upcoming election.
Earlier this week, Mr Rolle
criticised the local churches for
being "unconcerned" about the
poor in the community. He
named the Sea Hauler victims
as an example of those poor.
"For instance", he said, "the
Sea Hauler boat tragedy victims
have not been taken care of
despite the efforts of me and
my colleagues to assist them."
The Sea Hauler victims said
that they were concerned that
some politicians were inadver-
tently giving the public incor-
rect information about their sit-
They said that they fear these
politicians will ultimately hurt
their cause.
Cedric Hart, who has been
reduced to begging on the
streets due to his inability to
work following the collision,
said that he feels some politi-
cians are spreading "propagan-
da" about the Sea Hauler vic-
"I appreciate their helping

hand, but I think that they
should not do or say anything
that would interfere in any way
with what I'm supposed to get,"
Mr Hart said.
Another Sea Hauler victim
said that although members of
the BDM have supported them
and have sometimes sat in on
their meetings, they are in no
way connected to their group.
Spokesperson for the victims,
Mr Bain, said that he does want
the government and Minister
Hanna-Martin to "get the
wrong message" due to the
statements by the alternative
election candidates.
"Personally I don't want it to
be a political thing. I told Paul
Rolle and Omar Smith that this
is not political, that it cannot be
political," he said.
The BDM have in the past
several months advocated the
cause of the Sea Hauler victims,
calling on the government to
make good on its promises.
Just this week, deputy BDM
leader Omar Smith demanded
that the government "step up
to the plate" and follow through
on the assurances of assistance
it gave the victims.

L C NEWS..... .. : .'



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Associates degree or better a plus.


based on experience.






Weekly Freight Service



Now Receiving Oargo
First Sailing May 2nd 2007
Located 3701 NW South River Dr.
Miami Florida 33142

Will Receive Cargo
Bradley St. Palmdale Opp. Kemp's Funeral Chapel
Commencing May 2nd 2007 (Dry Cargo)
May 3rd, 2007 (Refrigerated & Dry)

- U.


Don Mackay Blvd
Marsh Harbour
P.O. Box AB 20116
Abaco, Bahamas
Tel: 1 (242) 367-0593
Fax: 1 (242) 367-0594


East Street North, Kelly's Dock
RO. Box N-351
Nassau, Bahamas
Tel: 1 (242) 322-2142
Fax: 1 (242) 322-6089

___I__ ____ __ __ _


3701 NW South River Dr.
Miami, Fla. 33142
Tel: 1 (305) 635-4650
Fax: 1 (305)635-4651
Located Opposite Dollar Rent A Car
Airport Location)


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PAGE 8, FRIDAY, APRIL 27, 2007


Film series continues at Rawson Square


THE Bahamas International
Film Festival continues its suc-
cessful Monthly Film Series on
Saturday with the showing of
the thriller Chronicle of an
.tscain' at Rawson Square.
Set in Argentina in 1977,
chronicle e of an Escape is the
true story of amateur soccer
goalkeeper Claudio Tamburrini,
who was kidnapped by coun-
try's secret military police and

accused mistakenly of being
an anti-government terrorist.
Taken to a derelict mansion
which serves as a detention cen-
tre, Tamburrini is subject to
continual mental and physical
torture by his captors for
months on end. Seeing no end
to his situation, he decides to
plan an escape with his fellow
This is intense drama of
the highest order with taut
direction and strong perfor-

mancces all round.
By allowing almost no senti-
ment between the captives,
their plight seems all too real.
Often there is little conversa-
tion, just a palpable sense of
dread as they lie on the floor --
handcuffed and blindfolded -
in silence, awaiting their next
torture session.
The captors are also well por-
trayed dressed in civilian
clothes and arguing among
themselves thereby avoiding
caricature and adding to the
And, despite the subject mat-
ter, there is little reference to
politics keeping the focus of
the film on purely on ordinary
human beings surviving in hor-
rendous circumstances.
This all builds up to an
unbearably tense climax, made
all the more powerful with the
knowledge that this is based on
Highly recommended.
C'hronichl' /of an Escape will
be screened on Saturday April
28, 8.00pmr in Rawson Square


-' Il

* THE Bahamas International Film Festival's Monthly Film Series at Rawson Square has proved
to be popular with film lovers in Nassau. It continues this weekend with the showing of Chronicle
of an Escape.

BTC unveils GSM service in Long Island

B''C continued its series of
Family Island roll-outs on
Wednesday with a formal cere-
mony introducing its GSM cel-
lular and BlackBerry service on
Long Island.
Minister of Energy and Envi-
ronment Dr Marcus Bethel and
Lawrence Cartwright, former
MP for Long Island and Ragged
Island, were on hand for the
unveiling. They joined BTC
president Leon Williams and
other senior company officials.
"For Long Island, known as
the fishing and boat-building
capital of the Bahamas, the
launch was a sign of progress,"
said BTC in a statement.
"Hailed as the most beautiful
island Christopher 'olombus
ever laid eyes on. Long Island is
divided by the tropic of Cancer
and consists of contrasting
postercard-perfect coastlines.
Boasting one of the country's
most popular regattas, it is also
known as a land of industrious-

* THE Original, Long Island's most popular band, played strictly Bahamian music: rake n scrape
and goombay to the delight of the crowd

"With so many living on the
sea. BTC's launch of what has
become the world's most popu-

lar form of mobile telecommu-
nications, GSM cellular, along
with BlackBerry... was wel-

come news for Long Island's
3,000 plus residents," the state-
ment said.


Price includes rustproofing, licensing and inspection to birthday, full tank of fuel,
24,000 miles/24 months warranty and emergency roadside assistance.

EAST SHIRLEY STREET 322-3775 325-3079
Visit our showroom at Quality Auto Sales (Freeport) Ltd for similar deals, Queens Hwy, 352-6122
or Abaco Motor Mall, Don MacKay Blvd, 367-2916

Citco Fund Services is a division of the Citco Group of Companies and is
the largest independent administrator of Hedge Funds in the world with
offices in Curacao, Amsterdam, Dublin, London, Luxembourg, Miami, New
York, Toronto, Cayman Islands, the British Virgin Islands, the Bahamas,
Bermuda, San Francisco and Sydney. The division provides full service
administration to over 2,000 Hedge Funds for multinational banks and
international Investment Managers, totaling over $420 billion in net assets.

S, -T .
* ab.-:r-?^ ^r^^iK .|>1 M

As part of our continued expansion in our office in the Bahamas, we are
looking for a number of motivated and pro-active

(Senior) Investor Relations Administrators

who are capable of providing excellent customer service, in an international
and dynamic environment, for our clients who consist of shareholders and
international investment managers within those Hedge Funds. The Investor
Relations Administrator is the main contact for the shareholder, investor,
investment managers, advisors, and third parties, as appropriate.

Your most important tasks and responsibilities are:
perform shareholder record keeping and report shareholder information
to the appropriate parties
maintain contact with shareholders/investors, investment managers,
banks and brokers
supervise and guide the Assistant Investor Relations Administrators
handle payment transactions
liaise with clients and other Citco offices, to ensure that client needs are

The successful candidate should meet the following criteria:
a bachelors degree in administration, economics or business related area
affinity with figures
a team player, able to cope with individual responsibilities
ability to multi-task and operate in a fast-paced working environment
highly accurate with outstanding communication skills
working experience in the financial area is an advantage

We oTfer you: a challenging job in a rapidly expanding international company,
with an informal company culture. You will have the opportunity to broaden
your knowledge with excellent prospects for a further international career.

If you are interested in this opportunity, please send your Curriculum Vitae
and covering letter via e-mail at the latest on May 4, 2007 to: Citco Fund
Services (Bahamas) Ltd., att. Managing Director, Human Resources Manager:
hrbahamas@citco.com You can find more information about our
"organization, on our website: www.citco.com


I, 1''



'I '4
I -'




.* 9


Moving Fund Services Forward"

I StIar1 es

- W i ...


FRIDAY, APRIL 27, 2007, PAGE 9

The scandals and failures of the PLP government

THE present government
has been one of great
promises and little to no action.
Their promised fresh wind went
stale from their first year in power.
Victinmisation, an old PLP trade-
mark, came back in living colour.
The Registrar General debacle illus-
trated just how low this government
will stoop to exert control. The Reg-
istrar General's office no longer had
any credibility as the Supreme
Court ruled that Elizabeth Thomp-
son (former Registrar General) was
improperly dismissed, then denied a
request by the Attorney General's
office for a stay of the ruling, but
yet the government had not taken
any action to resolve the matter.
After much legal wrangling, Ms
Thompson settled with the govern-
ment and resigned.
Today, the public service has
become the hub of political victim-
isation. Political victimisation in gov-
ern'ment ministries has been a gov-
ernmental plague stemming from
the Pindling era. Further, even Sen-
ator Ricardo Whylly said that he
had heard the "complaints of vic-
timisation and undermining" of pub-
lic servants by abusive permanent
secretaries and under-secretaries.
He had promised that the political
victimisers would answer for their
acts. but did they?
Almost immediately after assum-
ing power in May, 2002, the PLP
became scandal-ridden. Certain
PLP ministers did not seem to learn
how to avoid looking as if they were
involved in scandalous behaviour.
The 'Harachji incident' was the
first shameful chapter of the PLP's
book of shame. Here, they initially
denied receiving $10 million in cam-
paign donations from Iranian busi-
nessman Mohammed Harachji. but
then later admitted to receiving
some contributions from Mr
Harachji, whose bank was black-
listed under the FNM administra-
tion. After this scandal broke, the
PM said that he didn't think that it
was significant whether they had
received $10 million or $3 million.
More scandalous events were yet
to come. Soon came the rape alle-
gations and the refusal of a senior
Cabinet minister to resign amidst
these accusations, then the BAIC
debacle, the Sidney Stubbs bank-
ruptcy fiasco, the Korean boat
affair, Neville Wisdom's bleachers
scandal and then the secretive, land
snatching Baha Mar deal.
While Phil Ruffin might have
received his $147 million for the Crys-
tal Palace properties, the government
negotiated and sold the Radisson
Hotel, a contingent of buildings and
beachfront property-an estimated
500 acres-for a mere $45 million.
The developers also stand to receive
concessions such as stamp tax exemp-
tions, customs duties exemptions on
building materials, casino and prop-
erty tax exemptions for several years.
and marketing and promotional assis-
tance from the government. What
was the government thinking?
What's more, Bahamar has yet
to get off the ground. All I see is
about 40 trailers on the side of
Cable Beach (road), presumably
with construction material for
restoration work.
Under this government, there has
been a great giveaway of Bahamian
crown land for a bag of promises
and a plethora of concessions to
land promoters without one verifi-
able investment to show for it.
The PLP says that they have
brought $20 billion to the Bahamas,



but where is it? Could it be in the
The (SME and LNG debates
have vet to be resolved and are still
hotly, disputed .iiong proponents
and opponents ol both matters.
Thein came the Western Air fias-
co, which raised many questions
about lformner Inmnigration Minister
Vincent Peet's motives for reject-
ing the applications of six Argen-
tinian pilots and then deporting
It was speculated that Mr Peet
was upset that Shandrice Rolle, one
of the principals of Western Air,
would have potentially challenged
him as an FNM candidate in the
upcoming general election.
Although Mr Peet's decision was
reversed, was Vincent Peet using
his ministerial portfolio to advance
his personal political agenda'?
What happened to Sir Jack Hay-
ward and Edward St George's one
million dollar donation to the hur-
ricane relief fund?

L ast ve.ar the government
was lurllicr embarrassed
when iKeod Sniilth and Kenyatta
Gibson. two honourablee MPs'.
resorted to schoolyard tactics and
engaged in bullfighting in the Cabi-
net Room. During the fisticuffs, two
windows were smashed and the
glass top of a large mahogany table
in the Cabinet Rloomn was broken.
Even more insulting was what
appeared to be Prime Minister Per-
ry Christie's attempt to hoodwink
the Bahamian public and downplay
this matter as it we are collectively
lMore scandal came to the fore
when former Minister of Immigra-
tion Shane Gibson hurried through
a permanent residency permit for
his friend, the infamous Anna
Nicole Smith.
Mr Gibson attained residency sta-
tus for Ms Smith in three weeks.
although more deserving people had
to wait for montllls and years. Even
more insulting was Mr Gibson's
attempt to fool the public by claiming
that Ms Smith's hasty residency
approval was an example of improved
efficiency in his department.
Earlier this year, The Tribune's
ultra-explosive front-page pho-
tographs of Shane Gibson and the
late Ms Smith stunned thousands
of Bahamians, leaving many with
wide eyes and dropped jaws as they
stared at pictures showing a Cabinet
minister embracing a woman to
whom he had recently granted per-
manent residency status.
In January, legislation passed in
the US requiring all American citi-
zens returning to the states from the
Bahamas and the Caribbean region
to have passports was enforced.
Although the country had two years
to prepare for the implementation
of these new requirements, the gov-
ernment seems to have dropped the
ball as there were unaddressed
questions about whether the coun-
try's tourism market and economy
could remain buoyant, concerns
about whether the country had con-
ducted an effective promotional
campaign and whether or not more
could have been done with regard to


I B S 0 N

folcig lll Cl:llliNs
I1 l e' \el I llti llIl ;ilsI missc'd the
hboat oil s\eve l oe11 ll p 11111oliklm(l or-
cign alTairs iiilltlis. I'hlie \\as the
illndecision i 111 1 111e ( 'lb;iin den-
lists, sccicc l \ lL o it li t LIN iid the
IOvc InilllII"l' Ihiluic to inII dii;llC-
ly engage ill lie I'A'\ negotiations
with the Iluoplein Union. I licil
breakdown\ n in such (1I 1) talks could
possibly lead to lBahamiian goods
that ;are expoistl to lurlope sud-
denly losing their dutly-lice status.
Although thle t'irban Renewal
programine has givcn children in
inlne-cilv cotniiiiilics ain oplpolitu-
nit\ to engage ill c\lit cliuicutlai
activities, oXer lilt' lisl fli\' years
crime hais soinccd ill tic lie rbn ;ircas.
I Indcr I his aiti inistliatioll, the edu-
cation and healtlclll.icn sysltems lave
also been negi'lectl. w'itlh ischooll in
poor condition ;andi not opl'cnill onil
time antd iiicdciniL's :ind otihei essen-
tial items beiiing uinav'il: l at lthel
hospitals aind lcil clinics;. In Ia.cl, the
i lor lalit \' i'llt h;is drtiasl icaI lly
inClCiLasd ol i II ll;ast \\ lw \'c;rs.
Bahlialianlii \\mI no! soon loiget
SuIp]IIIIC ( CouiI I .lJISicC .lliii l.'ons'.I
ruling thal ic Iahli.mia i judiciary
wxis nol inIldtpH.lCtlinl ;inil wvas thcrC-
loic I 0i1n k un kai lh iinh i'gLd IIl)pont
b\ the ilc C t'tlit' I'iiitlh 01 gtove n-
nment. Justice lo\ns rel. iincd that
judges \\Cie iol ILing liiilh icinl-
niertled inid hlhiilnCid thll Jtl a ('onsti-
lution Rc\'ic'\\ conuiiiission's Ie|potI
was not l ollow\\ d b) l III' olI 'i nniCllt.
Following Juisticei I l ns' ruling,
Mis Gib'son icspondt.\l, calling the
ruling a "sctinilous ;ind veIomiiouss
attack" that slihe Iclt \\as "unwar-
ranted". This ci, Mis Gibson qui-
etlv \iitlhdic\ a tnloion thati objcct-
ed to Justice Lons' s ;cntinients.
I'hee ihas also 'tbeei. liiss union
unitest o\ci the past i\c ye ars.
Amidst the scandal, the teaches,
nurses, police, dc tncc forc,c prison
officcis. baggage handles, utility
workers and Baihal msa.ir staff were
a l upset and cillth.'ilt lkCd off their
jobs ol dcltlonsitllcd.
Whi(tc\eI haippecd It)o in c\pla-
nation aboti the ba1 lull ofl IS $100
bills found in \inicnl IPeet's clos-
et? A alianiiin \\l o hIappncl.s to
be the M inisll t ol I itna0iiiClil S'ci-
vices '.lant Iln\ 'slilll' COs 'nl.''sscd
to beingll in possess ii illo Ilnoic t till
$1().(1)000 in I S cliliS .ni 1111d Ile hIs
vet to disclose \\l' c h i or Iotl lie
got CxchIange c tiOl ai'pr\ il!
Since thlc cl i'ctl on i x d \'s .iwa;\.
will theic be claiclic ilion on ainoth-
er bie\\ in c .'us e l 1 il i, li tin' I 'I P is
bu ine \ l.es.'
I pitldict lthi tllic w\\ill be se\-
eFal mnioi l psls, ,ld loth s of scillcss
\\wonldelrs Il \\!ii tllw th M\ eclec-
tionls. I Ih b'o\s wr b.ick in llio n,
billut, hon lic I. .ks ,( lh is, I this
tiniext e\l \wck. hlie\ could he non !
()il\ lim c \\ill Iell




The Clearing Banks of the

Bahamas advise that

Election Day

Banking hours will be as follows:


9:30 a.m.

S1:00 p.m.

Regular banking hours will resume on

THURSDAY, May 3r from

9:30 a.m. 3:00 p.m.







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Bank And Insurance

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PAGE 10, FRIDAY, APRIL 27, 2007

(vi) Spocific inslruilonts

KPMG TulphIonIe 242 393 2007
PO Box N 123 Fax 242 393 1772
Montague Stenlll Contlo Intunliet kprmg corn bh
East Bay Street
Nassau. Bahamas


We have audited the accompanying balance sheet of WESTRUST BANK
(INTERNATIONAL) LIMITED (the "Bank") as of December 31, 2006 This balance sheet
is the responsibility of the Bank's management Our responsibility is to express an
opinion on this balance sheet based on our audit.

We conducted our audit in accordance with International Standards on Auditing as
promulgated by the International Federation of Accountants Those standards require
that we plan and perform the audit to obtain reasonable assurance as to whether this
balance sheet is free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in this balance sheet. An audit
also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall balance sheet presentation. We believe
that our audit provides a reasonable basis for our opinion.

In our opinion, the balance sheet presents fairly, in all material respects, the financial
position of the Bank as of December 31, 2006, in accordance with International Financial
Reporting Standards as promulgated by the International Accounting Standards Board.

Chartered Accountants

Nassau, Bahamas
February 12, 2007

Balance Sheet

December 31, 2006. with corresponding figures tor 2005
(Expressed in United Slates dollars)

2006 2005


Cash and due from banks (notes 3 and 11)
Loans and advances to customers (note 4)
Accrued interest receivable
Other accounts receivable
Prepaid expenses
Investments (notes 5 and 1 )
Foreclosed assets (note.6)

$ 59.971,485 41,268.511
340,024,811 274.243,554
2,677.381 3.110,365



192,215,567 253.312,153



Property, plant and equipment (note 7) 567,380 516.973

Total assets $ 595.932,345 572,787,433

Liabilities and Shareholder's Equity

Customers' deposits (notes 8 and 11)
Accrued interest payable
Accounts payable and other liabilities

$ 534,325,383 517,281,185
6,272,136 5.377,941
5,117,790 3,660,253

Total liabilities 545,715,309 526.319,379

Shareholder's equity:

Share capital (note 9) 33,000,000 33,000.000
Retained earnings 15,376,466 12,229,212
Unrealized gain on available-for-sale investments (note 5) 1.840,570 1.238,842
50.217,036 46,468,054
Commitments and contingencies (note 10)
Total liabilities and shareholder's equity $ 595,932,345 572.787,433

See accompanying notes to balance sheet.

The balance sheet was approved on behalf of the Board of Directors on February 12, 2007
by the following:

Die -
L nLarGuls rRo-lando LDe, sector

Notes to Balance Sheet

December 31, 2006
(Expressed in United States dollars)

1. General information
WESTRUST BANK (INTERNATIONAL) LIMITED ("the Bank") was incorporated
under the laws of The Commonwealth of the Bahamas on October 21, 1991 and is
licensed to carry on banking and trust business.
The Bank finances its operations through its capital and customers' deposits which
generally do not exceed one year in duration.
The Bank is a wholly owned subsidiary of.Banco Industrial, S.A., a bank incorporated
in Guatemala.
The address of the registered office of the Bank is Marlborough House, third floor,
Cumberland and Marlborough Street, P.O Box N-1419, Nassau, Bahamas.
2. Summary of significant accounting policies
2.1 Basis of preparation
The balance sheet has been prepared in accordance with International Financial
Reporting Standards ("IFRS') issued by the Intemational Accounting Standards Board
The balance sheet is prepared on a fair value basis for available-for-sale assets.
Other financial assets and liabilities and non-financial assets and liabilities are stated
at amortized cost or historical cost.
The accounting policies have been consistently applied and are consistent with those
used in the previous year, except that the Bank changed its accounting policy for
S accounting for foreclosed assets as described in notes 2.4 and 6.
2.2 Financial Instruments
(i) Classification
Originated loans and receivables are created by the Bank providing money to a
debtor other than those created with the intention of short-term profit taking.
Originated loans and receivables comprise due from banks, loans and advances
to customers other than purchased loans, accrued interest receivable and other
accounts receivable.
Available-for-sale assets are financial assets that are not held for trading
purposes, originated by the Bank, or held-to-maturity. Available-for-sale
instruments include debt securities and negotiable certificates of deposit, included
in investments.
(ii) Recognition

The Bank initially recognizes originated loans and receivables on the date that
they are originated. All other financial assets and liabilities are initially recognized
on the trade date at which time the Bank becomes a party to the contractual
provisions of the instrument.

(iii) Measurement
Financial instruments are measured initially at cost, including transaction costs.

Subsequent to initial recognition all available-for-sale assets are measured at fair
value, except that any instrument that does not have a quoted Inarket price in an
active market and whose fair value cannot be reliably measured is stated at cost
including transaction costs, less impairment losses
The change in lair value of available-for-sale assets is recognized directly in
equity When the availaJle-for-sale assets are sold, collected or otherwise
disposed of. the cumulative gain or loss recognized in equity is recognized in
profit and loss
All non-trading financial assets and liabilities and originated loans and receivables
are measured at amortized cost less impairment losses Amortized cost is
calculated using the effective interest rate method Premiums and discounts,
including initial transaction costs, are included in the carrying amount of the
related instrument and amotlized based on the effective interest rate of 'he

(iv) Fair value measurement principles
The fair value of financial instruments is based on their last quoted market price
at the balance sheet date without any deduction for transaction costs If a quoted
market price is not available the fair value of the instrument is estimated using
pricing rnodels or discounted cash flow techniques

(v) Ocrecornition
The Bank derecognizos a financial asset when the contractual rights to the cash
flows from the asset expire, or it transfers the rights to receive the contractual
cash flows on the financial asset in a transaction in which substantially all the
risks and rewards of owners hip of Ihi, flii.n ciail assetL are Iransferied Any interest
il transliiled financial .iasels that is cicated or remained by the Bank is
recognized as a separate asset or liability
rThe Bank derecognizes a financial liability when its contractual obligations are
discnarged or cancelled or expire

Cash and cash equivalents
Cash and cash equivalents in the statement of cash flows include cash and due
tioTi banlis and interest bearing deposits with banks which have originally
maturities of less than three months
Loans and advances to customers
Loans and advances to customers are stated at outstanding principal plus
accrued interest, net of provision for loan losses. Interest continues to be
accrued on non-performing loans until such time as management determines that
a provision for loan losses is required, in which case, the provision will cover all
unpaid interest 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
2.3 Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation.
Depreciation is provided on a straight-line basis over a period of five years.
2.4 Foreclosed assets
Foreclosed assets have been assigned to the Bank in payment of loans. The Bank
has legal title to these assets, which primarily represent undeveloped land. These
assets are recorded at fair value determined on the basis of an independent
valuation Undeveloped land is not depreciated. In years prior to 2006, foreclosed
assets were carried at cost less impairment losses, if applicable. Cost was
determined as the lower of the carrying amount of the loan and accrued interest on
the date prior to foreclosure or net realizable value.
2.5 Use of estimates
The preparation of the balance sheet in conformity with IFRS requires management
to make judgments, estimates and assumptions that affect the application of policies
and reported amounts of assets and liabilities. The estimates and associated
assumptions are based on historical experience and various other factors that are
believed to be reasonable under the circumstances, the results of which form the
basis of making the judgments about carrying values of assets and liabilities that are
not readily apparent from other sources Actual results may differ from these
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the estimate
is revised if the revision affects only that period, or in the period of the revision and
future periods if the revision affects both current and future periods.

In particular, information about significant areas of estimation uncertainty and critical
judgments in applying accounting policies that have the most significant effect on the
amounts recognized in the balance sheet is described in the following notes:

Note 4 Loans and advances to customers (reserve for doubtful accounts)

Note 5 Investments (valuation of financial instruments)
2.6 Foreign currency
The Bank's measurement currency is the United States dollar. Transactions In
foreign currencies are translated to United States dollars at the foreign exchange
rates prevailing at the date of the transaction Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are translated to United
States dollars at the foreign exchange rate ruling at that date.

3. Cash and due from banks

Cash and due from banks compose the following:
2006 2005

Overnight deposits $ 41,200,054 6,150,044
Demand accounts 18,771.431 35.118,467
$ 59.971,485 41,268,511

Cash and due from bank balances mature within three months on the balance sheet
date The balances earn interest at rates ranging from 1% to 5% per annum (2005:
1% to 4 17%)
Cash and due from banks includes amounts denominated in Euros equivalent to
$679,233 (2005: $240,637). This is the only amount in the balance sheet
denominated in a currency other than the United States dollar.

The geographical distribution of cash and due from banks is as follows:
2006 2005

United States of America $ 55,489,234 20.015,885
Central America 3,803.018 21,011,989
Europe 679,233 240,637
S 59.971.485 41,268,511

4. Loans and advances to customers
Loans and advances to customers represent amounts due from individuals and
corporations in Guatemala and Central America as summarized below:
2006 2005

Manufacturing $ 124,761.145 80.991,197
Financial 42,338,981 31,813,877
Service 79.161.668 62.957,342
Electrcily 30,868,284 35,203,917
Utilities 19,842,690 22,295.249
Retail 15,860.999 8,949,002
Agriculture 12,796.042 25.912,902
Construction 8.651,537 1,418,000
Tounsm 8,227,281 7.177,021
Other 702,461 -
343,211,088 276,718,507
Less reserve for doubtful accounts (3,186,277) (2,474.953)
$ 340,024,811 274,243.554

The movement in the reserve for doubtful accounts is shown below.
2006 2005

Opening balance $ 2,474,953 1,489.212
Provisions established 712.996 1,202.283
Doubtful accounts written-off (1.672) (216,542)
Closing balance $ 3,186.277 2.474,953

The maturity of loans and advances to customers is as follows:
2006 2005

Up to three months $ 27,593.386 18.562,522
From three to six months 30,181,850 18,399,635
From six months to one year 25,809,384 25.428.473
Over one year 259,626,468 214.327,877
$ 343,211.088 276,718,507

The above summary represents the legal maturities of the loans. The Bank renews
the terms of a significant amount of its loans on an annual basis.
At December 31, 2006, $36,612,575 (2005: $24,983,961) of loans were collateralized
by customers' deposits. $34,003.708 (2005: $27,385,378) were collateralized by
mortgages over property and equipment and the remainder had fiduciary guaranties.
Loans and advances earn interest at rates varying from 4 25% to 12.55% (2005:
3 5% to 10.25%) per annum

As the effective rate for the loan portfolio as of December 31, 2006 and 2005
approximates the prevailing market rate, the Bank has determined that the net
carrying value of the portfolio approximates fair value.
A loan is considered to be non-performing when it becomes delinquent and the
foreclosure process and/or collection by legal means commences. As of December
31, 2006. the loan portfolio included non-performing loans with a carrying value of
$166.023 (2005. $94,292)
5. Investments
Investments represent available-for-sale assets which comprise the following:
2006 2005

Debt securities $ 99,890,997 179,573,311
Negotiable certificates of deposit 90,484,000 72.500,000
190,374,997 252,073,311
Unrealized gain 1,840,570 1,238,842
$ 192,215,567 253,312,153

The investments at December 31, 2006 and 2005 are denominated in United Sates

The geographical distribution of investments, at cost, is as follows:
2006 2005

bltin America $ 180,374.997 212.073,311
United Slates 30,000,000
Balhamas 10,000,000 10,000,000
$ 190.374,997 252,073,311

The maturity of investments, at cost, is as follows.
2006 2005

Up to three months $ 14.000.000 36,200,000
From three to six months 9,004,350 84.000,000
From six months to one year 7.975.000 16,659,100
From one to three years 17,048.826
Over three years 159,395.647 98.165,385
$ 190.374.997 252.073,311

Investments earn interest at rates varying from 5 71% to 10 25% (2005 3 85% to
10 25%) per annumi
6. Forocloseu d asi
At December 31. 2006, this account includes land and buildings located in Guatemala
assigned to the Bank in payment of loans The fair value and the carrying value is
estimated at $402,614 (2005 $513.340 fair value and $245,058 carrying value). The
estimate is based on a real estate appraisal of the market value of the land and
buildings without deduction for selling costs as of April 5, 2006 (2005 December 31,
2004) performed by Avaluos Industrales y Comerciales, SA real estate appraiser
lc'ensed in Guatemala hlese properties do not earn rental income and no significant
expo'n'u.e liivc bui n incuiiod in maintaining them

As described in note 2 4, during the current year the Bank changed its policy for
accounting oi0 foreclosed assets from cost less impairment losses to fair value. The
impact of this change is not considered to be material to the balance sheet and has
Iho'lonoi, I'Ion accounted tor in 2006 and not retrospectively

rnira--Psr~- "'y"rr''i'n.. 'S ,tWnr rmi'enrl~n,. ao

^- *ia'' vf,> .. '\' .'Iff-r.'Tl''.!'! ..U-^'.



FRIDAY, APRIL 27, 2007, PAGE 11


7. Property, plant and equipment
This account comprises the following
'1 Advances (1r
Leasehola Computer Computer asset
improvements equipment software Furniture Equipment Vehicles acquisitions Total

Balance Jainuaiy 1 2005
Bal.niie at December 31 .00b'
Baila. ce t Ja ii.n y i 1, 2006
I r.insleis
Ba.iice al Decembel 31 2006
Balance it January 1, 2005
Balance at December 31 2005
balance at January 1 2006
Balance at December 31 2006
At December 31. 2005
At December 31.2006

8. Customers' deposits

11 786

91 587 170699 311,880
38482 16.000 27.,08
1109081 (118727) (205071

15.409 70304
(2.231) 1369'31


360 466 119161 67 972 319,281 15.157 30 391 912,428
360466 119 161 67,972 319.281 '15,157 30391 912,428
8153 47469 7.407 60.244 13,450 52478 47.209 236410
(16585) (16811) (22,041) (6,891) (31 412) (93.740)
34 548_ _- -_ 34-548)
403,167 150 045 58,568 357.484 21,716 514567 12,661 1,055,098

101,491 30,320 131 122 91,435 8.877 53,968 417.213
70,927 33535 21.217 33.094 3.016 8,887 170.676
._ _(10.9080 118727 (205071 J2,231 1006 ____ 192434
172 418 52,947 33,612 104,022 9.662 22 794 395,455
172 418 52.947 33.612 104.022 9.662 22,794 395.455
74,062 42,327 18.531 33.211 4.109 10.218 182.458
_ 1165851 .1 1822.111 __2_2 1?_ 6t275 L __ 1_90.195)
246.480 78.689 35,332 115,192 6,880 5.145 487.718
5 188.048 66.214 34,360 215.259 5.495 7,597 516.973
$ 156,687 71,356 23.236 242,292 14.836 46,312 12.661 567,380

All of the customers' deposits are due to customers geographically located in Central
The maturity of customers' deposits is as follows
2006 2005
Up to three months $ 255.521,497 267.692.581
From three to six months 93,617.718 89,573,235
From six months to one year 169,830.732 152,085.593
Over one years 15,355,436 7.929,776
$ 534.325,383 517,281,185
Customers deposits bear interest at rates varying from 0.50% to 7 25% (2005 0.75%
to 4 5%). per annum
9. Share capital
The authorized share capital of the Bank comprises 330,000 shares of par value
$100 each. all of which have been issued and paid for
10. Commitments and contingencies
in the normal course of business, the Bank has outstanding contingent liabilities that
involve elements of credit risk These contingent liabilities represent the following'
2006 2005
Letters of credit $ 2,200.178 3.637,125
Management does not anticipate any losses with respect to these contingent
At December 31 2006, the Bank had unused open lines of credit with several
financial institutions up to an amount to $9,846.000 (2005 $5,500,000).
The Bank leases office space in the Bahamas and Guatemala. The leases are
renewable annually. The monthly lease payments as of December 31, 2006 are
$17,182 (2005 $16,230)

11. Related party balances
Related parties include entities and individuals with the ability to control or exercise
significant influence over the Bank in making financial and operating decisions.
These include, but are not limited to. the Bank's shareholder, directors and officers,
and other entities under the shareholder's common control as well as their directors
and officers
The balance sheet includes the following related party balances
2006 2005
Cash and due from banks $ 2.187.638 20.899,148
Investments 69,975.000 30.000,000
Customers' deposits 16,668.089 17,262.690

' 12. Dividends
t During the year ended, December 31. 2006. the Bank paid dividends of $8,200,000
P (2005 S8 075 000)
13. Risk management
Credit risk
Financial assets which potentially subject the Bank to concentration of credit risk
Consist primarily of loans and advances and investments. These assets are
substantially all U S dollar denominated primarily due from companies located in
.Guatemala. Panama. Costa Rica and El Salvador. The Bank maintains a permanent
SCredit Committee which evaluates rates and grants credit limits to all corporate
customers and only approves loans and advances after ensuring that these credit
monitoring techniques are adhered to and that adequate collateral and guarantees
are received whenever necessary.
,' Price risk
1 Price risk comprises currency, interest rate risk and market risk.
1 Currency rins
Currency risk arises from the possibility that the value of a financial instrument will
t flutctuate due to changes in foreign exchange rates. The Bank minimizes this nsk by
* carrying out the major portion of its asset and liability transactions denominated in
US dollars
Interest rate risk
interest rate risk is the risk that the value of a financial instrument may fluctuate
W significantly as a result of changes in market interest rates. The Bank's exposure is
i monitored through ensuring that the asset and liability transactions are contracted
over similar average terms and with a spread which provides the Bank with an
i adequate return
l, Market risk
SMarket risk is the risk that there will be a change in the value of a financial instrument
due to changes in market conditions The Bank tends to minimize this risk through
various control policies, monitoring procedures and hedging strategies.
14. Authorization to Operate in Guatemala
Under the Law of Banks and Financial Groups and the Regulation on the
i Authorization for the Operation of Off-Shore Entities in Guatemala approved by the
Monetary Board of Guatemala, Off-Shore institutions must obtain authorization for
V performing operations within Guatemala from the Superintendence of Banks, which is
,, granted only if the Off-Shore entity is part of an approved Financial Group. The Bank
Obtained this authorization on June 25, 2003 according to the Resolution of the
Monetary Board of Guatemala No. JM-85-2003
16. Formation of the Financial Group
Article 27 of the "Banking and Financial Groups Law" Decree No. 19-2002 stipulates
* the formation of the Financial Group, which must be organized under the common
control of an entity incorporated in Guatemala specifically for that purpose or an entity
comprising the Financial Group
SAt an extraordinary meeting held on July 4, 2003 the Monetary Board of Guatemala
issued Resolution No JM-82-2003 authorizing the formation of Grupo Financiero
SCorporacion BI. Banco Industrial, S A will be the responsible entity of the Financial
The companies comprising the Financial Group are:
Banco Industrial, S A (responsible entity)
Financiera Industrial. S A
Contecnica. S A
4 * Servicios Multiples de Inversion, S A
Mercado de Transacciones. S A
S* Almacenadora Integrada, S A
P Almacenes Generales. SA
4 Seguros El Roble S A
* Fianzas El Roble, S A
Westrust Bank (International) Limited

aS s



plans for farming,

claims URP leader

THE PLP's plans for the agri-
culture industry are "just talk"
according to Bamboo Town
candidate P A Strachan.
Mr Strachan, leader of the
newly formed United Reform
Party (URP), said that the gov-
erning party's plan will not
address the most fundamental
problems of farming in the
"There are approximately 7(X)
islands in the Blahalmas and not
a single island can feed tlhe
Balhamlas for onei single day,"
he noted.
He asked if the PLP has
abandoned the "Feed Our-
selves" philosophy espoused by
Sir Lynden Pindling.
"It appears that this PLP gov-
ernmentit is ot interested in the
welfare of Ihe farmers," lie said.
"This is demonstrated by the
fact that the PLI) has continued
to give farmers a raw deal.
He noted that the first PLP
government allowed farm pro-
duce to rot in the Produce
Exchange, paying farmers "pit-
tance" for the goods.
"The FNM charged the farm-
ers $10 to accept the produce
from farmers for sale in the
packing houses or produce
"When the PLP came to
power they increased the
amount to the poor farmers to
$100, The poor farmers are
unable to afford the $100(. We
must vote them out, vote them
out." Mr Strachan said.
"What are the farmers sup-
posed to do? Who are they to


look to? How are they to sur-
vive? The exchange opens at
7am and closes at 10am. this is
not right and therefore the PLP
must be voted out.
Mr Strachan claimed that
although the PLP claims to be
for the poor man, all its poli-
cies have been "geared towards
helping the middle class or their
friends and families or associ-
"T'lhey have given themselves
or party officials prestigious
jobs, made them consultants
and paid them hefty salaries.
This PLP government has
expanded the size of govern-
ment resulting in more burdens
on the tax payers. If you want
more expanded government
and more consultants and com-
mittees that very seldom report
then vote PLP."
Mr Strachan said the coun-
try's first priority should be agri-
culture, but successive ministers
have ignored the sector.
He pointed to the disastrous
effect of the sale of produce
from Morgan Farms in Miami,
Florida to Bahamians, at prices
local farmers could not com-
pete with.
This, he said, was established
under his current opponent in
Bamboo Town, incumbent inde-
pendent candidate Tennyson
Wells, when Wells was the
FNM's minister of agriculture.
"Mr Wells did not care for
the Bahamian farmers," Mr
Strachan said.
Meanwhile, the PLP's elec-
tion manifesto "Action Agen-

da" does give some attention to
the agricultural sector.
The party said that its vision
for the next five years includes
an increased role for agricul-
ture and fisheries "in the con-
tribution to gross domestic
"We recognize that these sec-
tors are vital to a sustainable
economy and the social stabili-
sation of many Family Islands~"
the manifesto reads.
The party said it would imple-
ment a "Grow Agriculture" ini-
tiative, intended to ensure
improved earnings and quality
of life for small and medium
farmers by providing technical,
financial and marketing sup-
While the PLP goes on to
outline plans for expanding
farming into Andros, ensuring
that agricultural science features
on the school curriculum, and
providing tax concessions, it
does not address Mr Strachan's
concerns about the $100 prd-
duce sale fee, or the ongoing
problems at the struggling PrO-
duce Exchange.
The party did undertake to
ensure that mutton production
will triple by 2010.
"With expert guidance, tax
concessions and subsidies, gov-
ernment policy will be further
reshaped to guarantee results.
The PLP remains steadfastly
committed to the creation of a
national herd programme tha
provides specific breeding pro-
tocols for sheep rearing," the
manifesto said.


reaches semi-finals

FOR the sixth straight year.
Chevron Bahamas will host the
Texaco 6th annual National
Safety Speech Competition.
The semi finals begin tonight
at (pm at 'the British Colonial
Hilton Resort. The finals are
expected to take place May 26
at the Dundas Centre for the
Performing Arts on Mackey
Drawing from a talent pool
that includes students from
throughout the Bahamas, and
from a diverse nLumber of edu-
cational institutions and civic
organizations, the competition is
set to bring exposure to 34
young people who have mas-
tered the art of communication.
Fredricka Hamilton.
spokesperson for the Bahamas
Debutante Cotillion Ball Foun-
dation, one of the organizations
from which the competitors are
drawn, said that in preparing to
become debutantes, the young
women receive training in sev-
eral areas: public speaking,
career choice, cultural aware-
ness, road safety, and spiritual
Earlier this year, 48 debu-
tantes, participated in a prelim-
inary round for the speech com-
petition, "Preparing to make a
positive difference".
Nine were chosen as finallists,
and out of that number, Tiffany
Donaldson, a 17-year-old St
John's student, will participate
in the Texaco Bahalmas speech
"When they finish school
they need to be able to speak
properly in any situation,
whether it is a job interview or
speaking with family and
friends. We teach them how to
use good English, not to use
hand gestures, to look the per-
son in the eye, to stand prop-
erly, and what type of language
to use in different situations,"
Ms Hamilton said.
In existence for over 25 years,
the Bahamas Debutante Cotil-
lion Ball Foundation is a non
profit organisation that looks
to enhance the social skills of
the country's brightest young
women, and encourage them to
further their educational devel-
oplImen. The foundation draws
its membership from bolh pub-
lic and private schools il New
Young women who will be
graduating at the end of the
school term are eligible for
"We encourage famiily sup-

port. and we do that by encour-
aging mothers and fathers to
participate through our activi-
ties." Ms Hamilton said.
In terms of the Texaco
Bahamas competition, Ms
Hamilton said that the founda-
tion has participated in the
speech contest for years and
with great success. "The girls
have done well, we had a win-
ner they've all done well -
they've all placed in the top 10."
Central Andros High will also
be sending a representative to
the Texaco Bahamas Speech
Competition. Sixteen-year-old
Marcel Gibson, an eleventh
grade student, won the local
speech competition and now the
hopes of his district are riding
on his shoulders.
The school's principal Maxine
Forbes said there is little doubt
that Marcel will bring home the
gold. "-He's a natural, deter-
mined, a brilliant young man, a
people person, very talented.
Marcel is definitely focused and
knows what he is doing and
what he wants to do. The
Cougar family is definitely sup-
porting him, and hopefully he

will do nothing but the best,.
we're excited about it."
Ms Forbes said that once
Marcel was selected as the win-
ner of the Central Andros High
speech contest, his language arts
teacher McDonald Leadon, and
the subject co-ordinator for the
Language Department Denis
Nicolls, worked closely with him
in preparation for the district
competition. With that win
behind them, Marcel and his
teachers are now preparing for
the upcoming Texaco Bahamas
national competition.
"Our school is not very big
so we are able to detect gifted
kids quickly and he was one of
them," she said.
The Texaco National Safety
Speech Competition was started
in 2002 as a means of increasing
awareness about Road Safety
among young people and the
wider community.
The competition attracts the
best young speakers from
throughout the Bahamas, who
have already distinguished
themselves as outstanding
speakers and leaders among
their peers.


N SHIREEN Hanna, last year's winner

, s.it 12, FRIDAY, APRIL 27, 2007


(Incorporated under of the laws of the Commonwealth of The Bahamas)

Balance Sheet as of 31 December 2006
(Expressed in thousands Euros)
I 'r~P "." ~ P~- I' ... ..


Due from banks
Loans and advances to cubstume ie
Other assets
Furniture and equipment

Total assets



Due to customers
Accrued expenses aind ,aril i,;Liii.-

Total liabilities

Notes 2006 2005

3 and 4
3 and 4
4 and 5




36,347 36,373

3 and 4 28,725 29,144
3 and 4 52 49

28,777 29,193


Share capital 6 6,!
General banking reserve 7
Accumulated Surplus

Total Equity 7,1

Total Liabilities and Equity 36,:

Signed as approved on behalf of the Board on 22 March 2007:

Director i_ Dv-ectr
Director \ Director



570 7,180

347 36,373

Notes to Balance Sheet
For the Year Ended 31 December 2006

1. General Information

ANDBANC (BAHAMAS) LIMITED was incorporated on 7 September 2000, under
the Companies Act, 1992 of The Commonwealth of The Bahamas and is licensed
under the Banks and Trust Companies Regulation Act, 2000, to carry on banking
and trust business within The Bahamas. The principal activities of the Bank are
providing banking, investment management and financial services. The Bank
commenced operations on 9 July 2001 and it is a wholly owned subsidiary of
Andorra Banc Agricol Reig, SA, (the parent company) which is incorporated in the
Principality of Andorra. All significant balances with the parent company and
companies In which the parent company controls 20% or more of the issued share
capital (affiliates) are disclosed in this balance sheet (see Note 3).

The registered office of the Bank is located at Suite 304, 1 Bay Street, Nassau,

2. Summary of Significant Accounting Policies

The principal accounting policies applied in the preparation of this balance sheet
are set out below. These policies have been consistently applied to all the years
presented, unless otherwise stated.

a) Basis of Presentation

The Bank prepares its balance sheet in accordance with International
Financial Reporting Standards (IFRS) and under the historical cost
convention, except for all derivative contracts which are at fair value. The
preparation of 'the balance sheet 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 balance sheet. Actual results could differ from
those estimates.

b) Cash and cash equivalents

Cash and cash equivalents consist of cash and demand deposit balances
with banks.

c) Loans and advances to customers

Loans and advances to customers are stated at the principal amount
outstanding less any specific provisions for impairment and uncollectibility
which the directors consider necessary. All outstanding loans and advances
are originally granted by the Bank and are recognized when cash Is
advanced to the borrowers. All loans and advances to customers are
adequately collateralized by investment securities and deposits held by the
Bank on behalf of the borrowers. Accordingly, the Bank has not established
a provision for impairment or uncollectibility with respect to loans and

d) Furniture and equipment

All furniture and equipment is stated at historical cost less accumulated
depreciation. Historical cost includes expenditure that is directly attributable
to the acquisition of the items.

Subsequent costs are included in the asset's carrying amount or are
recognized as a separate asset, as appropriate, only when it is probable that
future economic benefits associated with the item will flow to the Bank and
the cost of the item can be measured reliably.

Depreciation is provided on a straight-line basis at the following annual rates:

- Software
-Furniture and fixtures
-Computer equipment


Leasehold improvements are depreciated over a period of 10 years.

The assets' residual values and useful lives are reviewed, and adjusted if
appropriate, at each balance shbet date. Assets that are subject to
amortization are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An
asset's carrying amount is written down immediately to its recoverable
amount if the asset's carrying amount is greater than its estimated
recoverable amount. The recoverable amount is the higher of the asset's fair
value less costs to sell and value in use.

e) Valuation of derivative financial instruments

Forward currency contracts are valued using the forward rate for the
remaining period to maturity as of the last business day of the financial year.

2. Summary of Significant Accounting Policies (Continued)

f) Translation of foreign currencies

Functional and Presentation Currency

The currency of The Bahamas is the Bahamian dollar. However, items
included in the balance sheet are measured using the currency of the primary
economic environment in which the Bank operates ("the functional currency").
The financial statements are presented in Euros, which is the Bank's
functional and presentation currency.


Monetary assets and liabilities in currencies other than the Euros are
traiislated at the iales of exUllajiu prevailing at the year-end

g) Assets under administration

No account is latnu irn Ihtue financial statements of assets and liabilities of
clients admlnistuiiu ly tilh bui1k, thier than those assets and liabilities which
relate to the baikinig services provided by the Bank for its clients. Assets
under administration u' i of 31 Decemrber 2006 are approximately Euros
57,237 thousand (2005 43,962 thousuird)

3. Related Parties

Related parties compose the parent company, its directors, its affiliates and the
Bank's own directors. tie balance lsheet includes the following balances with
related parties:

Due from banks
Other assets
Due to customers
Accrued expenses and other liabilities

2006 2005
000's 000's

35,902 35.732
26 13

4 5
23 21

4. Risk Management

Market risk

The Bank engages In transactions that expose it to market risks in the normal
course of business. These market risks include interest rate, liquidity, currency and
credit risks. The Bank's financial performance is dependent on its ability to
understand and effectively manage these risks.
Interest rate risk

Interest rate risk is the risk that the value of a financial instrument may fluctuate
significantly as a result of changes in market Interest rates. The Bank's exposure
to this is minimal as the relevant financial instruments are usually at fixed interest
rates and are therefore repriced on maturity.

Liquidity risk

This is the risk that the Bank might not have the necessary liquidity to meet its
contractual obligations. The Bank manages its liquidity by matching liabilities with
assets of similar maturity periods. All of the Bank's most significant banking assets
and liabilities mature within three months of the balance sheet date as summarized
in the table below:

As of 31 December 2006

Due from banks

Total assets

Due to customers

Total liabilities

Net liquidity gap

Three months
or less


nm g

Three months
or less

As of 31 December 2005

Due from banks

Total assets

Due to customers

Total liabilities




Net liquidity gap M

Currency risk

Currency risk is the risk that the Bank's financial position and cash flows may
fluctuate significantly as a result of changes in foreign currency exchange rates.
The tables below summarize the Bank's exposure to foreign currency exchange
rate risk.

000's 000's

Due from banks
Loans and advances to customers
Other assets
Furniture and equipment

Total assets

Due to customers
Accrued expenses and other liabilities

Total liabilities

Net exposure

4. Risk Management (Continued)

Currency risk (Continued)

As of 31 December 2005

Due from banks
Loans and advances to customers
Other assets
Fumiture and equipment

Total assets

Due to customers
Accrued expenses and other liabilities

Total liabilities

Net exposure I



32 35,843 43 35,918

3 212 2 217
212 212

35 3a8287 45 38.347

34 28,663 28 28,725
52 52

34 28.715 28 28.777

1 7 552 17 7.57

USD EUR Other Total
Q00' 's 000's 900'

80 35,614 55 35,749
9 9
11 309 6 326
289 289

91 36221 81 38.373

80 29,022 42 29,144
11 36 2 49

91 29.058 44 29.193
7163 17 7180

Credit risk

Credit risk arises from the failure of a counterpart to perform according to the
terms of the contract. From this perspective, the Bank's credit risk exposure is
primarily concentrated in its deposits placed with the parent company. The Bank's
deposit in The Bahamas, has been placed with a high quality international banking

The significant assets and liabilities of the Bank are geographically located as


Due from bank Europe
Due from bank Bahamas

Due to customers Latin America
Due to customers Europe

5. Furniture and equipment

Balance as of
1 January 2006
Balance as of
31 December 2006

Balance as of
1 January 2006
Charge for the year
Balance as of
31 December 2006

Net Book Value as of
31 December 2006

Balance as of
1 January 2005
Balance as of
31 December 2005

Balance as of
1 January 2005
Charge for Ihe year
Balance as of
31 December 2005

Net Book Value as
of 31 December 2005


35,902 35,735
16 14

5,482 6,884
23.243 22,260

Furniture Computer Leasehold
Software Vehicles & Fixtures Equipment Improvement
000's 000's 000's 000's 000's

171 26 31 42

308 578

171 26 31 42 308 578

(124) (11) (21) (42) (91) (289)
(341 (5 ( 61 -(321 (77)

(1581 (16) (27) 142 (1231 (366)

_1_ _- 4 185 212

171 26 29

42 308 576

171 26 31 42 308 578

(90) (6) (15) (36) (60) (207
(34L (5) (61 (61 131) (82

(124) (11 (21) (421 (91 1289

_41g.i .1 .. ... -_ -.... ..._..2. l.- m2

6. Share Capital

In February 2002, the Board of Directors received approval from The Central Bank
of The Bahamas to convert the authorized and issued share capital of the Bank
from US$ 5,000,000, comprising 5,00,00000 of US$1.00 to Euros 6.500,000
comprising 5,000,000 shares of Euros 1.30 each. Each share carries one vote. In
order to effect this conversion, the initial shareholders' capital of US$5,000,000
was returned and simultaneously the initial shareholders reinvested Euros
6,500,000. The authorized, issued and fully paid share capital as at 31 Decumber
2006 and 2005 is Euros 6,500,000.

'dtT~nu~r I -c-~' I - I

g*mr -~-I-- I-. *~ __ I ,,

FRIDAY, APRIL 27, 2007, PAGE 13


7. General Bankinu Reserve
The Bank has appropriated a general banking reserve for unforeseeable risk and
future losses. General banking reserves can only be distributed following approval
from the Board of Directors.
8. Commitments and Continaencies
a) Derivative financial instruments
The Bank enters Into forward currency contracts as part of its client-related
trading activities. Forward currency contracts are contracts to purchase or
sell foreign currencies at specified rates of exchange on specific dates in the
future. Risk arises from the potential inability of counterpartles to perform
under the terms of the contracts (credit risk) and from fluctuations in the
foreign exchange rates (market risk). The Bank manages its market risk of
client-related positions by taking offsetting positions with its affiliates,
resulting In minimal market exposure.
The contract amounts of the 31 December 2006 and 2005 instruments
reflects the extent of the Bank's involvement in forward currency contracts
and do not represent the Bank's risk of loss due to counterpart non-
performance. The replacement value of these client-related derivatives are
included in other assets on the balance sheet. The credit risk is limited to
those contracts with a positive fair value. As of 31 December 2006 and 2005
these commitments are as follows:
2006 2005
000's 000's
Commitments to purchase forward currency contracts 22
-Commitments to sell forward currency contracts 22
As of 31 December 2006 and 2005, the credit risk is limited to those contracts
with a positive fair value that amounted Euros nil thousand and 2 thousand,

8. Commitments and Contingencies (Continued)
L.) Lease
The Bank has a lease agreement for its office space. The basic rent is paid in
equal monthly payments in advance for a period of ten years, commencing
on 1 December 2005 and expiring on 30 November 2015.
9. Taxation
At present, no corporate or capital gains taxes are levied in the Commonwealth of
The Bahamas and accordingly, no provision for such taxes has been recorded.
10. Fair Value of Financial Instruments
Financial instruments utilized by the Bank include recorded assets and liabilities,
as well as items that principally involve off-balance sheet risk. The majority of the
Bank's financial instruments, are either short-term in nature or have interest rates
that automatically reset to market on a periodic basis. Accordingly, the estimated
fair value is not significantly different from the carrying value for each major
category of the Bank's recorded assets and liabilities.

Prodence Hoe
Eas Hill Stree
P.O BoxN-3910
Nu ,uBahu,
Wcbsie www pwe.com
E-mail' pwb@bs .pwc.con
Telephone (242) 302-5300
Ftucmile (242) 302-5350

To the Shareholders of ANDBANC (BAHAMAS) LIMITED
We have audited the accompanying balance sheet of Andbanc (Bahamas) Limited as of
31 December 2006 and a summary of significant accounting policies and other
explanatory notes.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of this balance
sheet in accordance with International Financial Reporting Standards. This responsibility
includes: designing, Implementing and maintaining internal control relevant to the
preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the
Our responsibility is to express an opinion on this balance sheet based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those
standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance whether the balance sheet is free from material
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors'
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the
auditors consider internal control relevant to the entity's preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity's internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.

In our opinion, the accompanying balance sheet presents fairly, in all material respects,
the financial position of Andbanc (Bahamas) Limited as of 31 December 2006, in
accordance with International Financial Reporting Standards.
Emphasis of Matter
Without qualifying our opinion, we emphasise that the accompanying balance sheet
does not comprise a complete set of financial statements in accordance with
International Financial Reporting Standards. Information on results of operations, cash
flows and changes in equity is necessary to obtain a complete understanding of the
financial position, performance and changes in financial position of Andbanc (Bahamas)

Chartered Accountants
Nassau, Bahamas
22 March 2007

SPublish your Legal Notices and

Balance Sheets in The Bahamas

Leading newspaper

The Tribune

Call 502-2352 thru 7 or


FROM page one

the ad in question, Bishop Humes wanted the pub-
lic to know that his comments only reflected his
personal views and not the views of the Christian
He reiterated his call for integrity in the political
process, and joined Catholic Archbishop Patrick
Pinder in calling for Bahamians to reject any candi-
date who seeks to sway public opinion through
With allegations of vote buying mounting daily
against government MPs, Bishop Humes said: "I
think that vote buying is primitive, and I think any-
one who does it should be rejected."
"You don't buy your seat in Parliament," the
Bishop continued, "and I stand by the Archbishop of
the Catholic faith. It is a primitive practice that
should be long gone, and we should be matured
past that stage."
"Democracy is not practised by buying votes.
That is bribery. It is criminal, it is a sin, and it is
wickedness," said the Bishop.
Archbishop Patrick Pinder has advised his parish-
ioners, in an election advisory letter, not to sell their
This recent public outcry by religious leaders for
voters to reject vote buying MPs comes in the wake
of an increasing number of incidents that have sur-
faced in recent weeks where some government MPs,
or their representatives, have been accused of hand-
ing out hundreds of dollars in cash and other gifts.
"There is very little accountability in this country,"
said Bishop Humes in an interview with The Tribune
Wednesday. "When candidates are nominated by
the political parties, these men and women should be
above board. There should never be a question of
anyone's integrity."

'$1.5m missing' claim

FROM page one

much is suspected of being missing.
Dr Bethel noted that BEC general manager Kevil
made the existence of the investigation public earlier t
He said The Tribune would have to speak to Mr Basdi
their information.
However, numerous attempts to contact Mr Basden
ment on the matter proved unsuccessful up to press tin
The Tribune also contacted a senior police office
"We have some reports from BEC about some funds 1
appropriated," Chief Superintendent Glenn Miller sai
Mr Miller could not say exactly how much money
reported missing or over what period, as he did not ha'
immediately available to him.
"We do have some reports coming in as early as this
BEC. In fact there were a number of different scenario
ed to us," Mr Miller said.
Mr Miller attempted to assist with further details by
The Tribune to the officer in charge of the Commercial
tion, however calls were not returned up to press time

I vv

Hubert Ingraham Police, Defence Force

FROM page one

people, when they get land with utilities, can build
their own houses, make their own arrangements and
not be bothered by the government's bureaucracy,"
he said.
As the government is the biggest land owner in the
country, Mr Ingraham's plan seeks to transfer an
adequate amount of state held land to Bahamians,
not only for housing, but also for business and indus-
trial purposes while the state retains ownership of
water bearing land.
"We can house Bahamians: we can provide oppor-
tunities for them to go into business all over the
Bahamas, without depleting the government's vast
land holdings," he said.
To further assist in empowering Bahamians, Mr
Ingraham's plan would make land available to private
contractors to assist in meeting the ever growing
need for housing demand.
The former prime minister also used the occasion
to scold the PLP for not fulfilling its pledge to com-
plete some 10 homes in Cockburn Town. Mr Ingra-
ham, accompanied by the media and FNM support-
ers, toured these home sites, which are still at foun-
dation level, even though construction began late
last year. Residents told The Tribune that no work
has been done in months.

FROM page one

Although US embassy officials
yesterday did not wish to further
comment on the incident until the
circumstances surrounding the
disappearance are better known,
they said that cases like this are
always of concern because the
Bahamas is in easy flying distance
of the US.
Chief political, economic and
public affairs officer Dan O'Con-
nor said that this incident is a very
"unique sort happenstance", and
that the Transportation Security
Administration (TSA) and the
Federal Aviation Administration
(FAA) were immediately advised
on it.
Mr O'Connor could not say if
the Bahamas' Civil Aviation
Department is working together
with American authorities to
locate the missing aircraft using
radar or other tracking technolo-
Neither the Ministry of Trans-
port and Aviation nor Civil Avi-

FROM page one

from members of law enforcement and the
parliamentary department.
The Tribune spoke to each candidate pre-
sent at the various stations, and each in their
own right claimed to have the edge over their
opponent. Some FNM candidates gave them-
selves an 80 per cent winning edge, with their
PLP counterparts claiming this prediction for
Independent candidate for Bamboo Town,
Tennyson Wells said he feels he had a three to
one lead over his FNM opponent Branville
McCartney. Whereas Mr McCartney says that
he is extremely confident that he has beaten Mr
Wells. However, BDM candidate Omar Smith.
claims to be the leader in the three-way race for
Bamboo Town.
In every constituency the reports remain the
same, in the Blue Hills area, incumbent MP
Leslie Miller is already claiming victory over his
FNM opponent Sidney Collie with Mr Col-
lie, who was sitting next to Mr Miller, voicing
the opposite a "comfortable" win over

Missing aircraft case

ation officials returned The Tri-
bune's calls yesterday.
Deputy Prime Minister Cyn-
thia Pratt was also unavailable to
comment on the significance of
this incident to the country's
national security.
On Thursday, Desmond Ban-
nister whose law firm is repre-
senting Western Air said that
the theft validates many of the
concerns raised in recent months,
by persons such as former US
ambassador John Rood, about
security at the airport.
Mr Bannister said that this inci-
dent raises "safety implications
for Bahamians, about the safety
of our airports and the safety of
our skies."
Speaking with The Tribune yes-
terday, Mr Bannister said that
"we are very fortunate that that
plane didn't land in some US
building by now."
According to reports, the West-

FROM page one

marked," she said.
This comes after several reported incidents of
violence, which police are now investigating to deter-
mine if they were politically motivated including a
fire at Tommy Turnquest's Mount Moriah head-
quarters and a bullet shot through the window of a
PLP strategy office on East Bay Street.
The FNM supporter, who is a resident of Blair,
yesterday said that "alarm bells" went off in her
head because two other people in her area also had
their windshields smashed last Friday. In both cases
witnesses saw a white Nissan Maxima with tinted
windows in the vicinity.
The supporter said she noted the Nissan's licence
plate and has passed this information on to police.
She said there is a possibility that she was tar-
geted because she is an avid FNM supporter.
Explaining that although her vehicle is currently
not decorated with any FNM paraphernalia, it was
adorned with red. white and blue pom-poms last

ern Air plane coloured red.
white and blue was discovered
missing from its spot on the tar-
mac, close to the terminal build-
ing, at 6am yesterday by employ-
ees from that company.
So far only one security offi-
cer, who reported having heard
an engine start at around 1.13am,
has come forward claiming to be
aware of how, when, or in the
hands of whom, the plane left
Director of air traffic services,
Joseph Albury, told the media
that Air Traffic Control has no
official record of the plane having
left LPIA.
He explained that "a legal pilot
would call us, file a flight plan,
then when he's ready to fly he
would call us, we'll issue clear-
ance and clear him for take off.
Now a pilot operating illegally -
he'll just enter the runway and
take off."

Campaign workers

"Anyone who saw me driving in the constituency
would have seen that, and plus I've been to every ral-
ly, carrying like eight people in my car," she said.
Mrs Butler-Turner yesterday said she and her
campaign workers have been experiencing prob-
lems with PLP supporters in the past few weeks.
The FNM candidate said that the police had to be
called to her constituency last week after supporters
of her opponent, Senator Yvette Turnquest, took
down her party's posters or covered them up with
their own.

Shooting death reports
REPORTS came in late last night that a man
was shot dead by two men while he sat in his car
at the ESSO gas station on Wulff Road.
This takes the murder total for the year to 31.



_ I I a I


Christian Council





FrAnmuut,A Nor~uEMA5fDS

THE advert which sparked concern

n Voting reports

FROM page one

Islands and have to travel back in
n Basden time for the election, so they won't be
his year. able to vote on May 2 either, and as'a
en for fur result, have been disenfranchised.'
SThe source said he could not be
n for com- sure why the names were left off tlye
e yester- list, but said many put it down to the
confusion caused by the prime min-
ister's decision to call the election
with such short notice.
being mis- However Parliamentary Registrar
ig m general Mr Errol Bethel told The Ti-
had been bune yesterday that this occurrence
ve the file was nothing too out of the ordinary as
sometimes persons' names would not
from be on the advanced polling list
osyer ror due mostly to simple human error:
os report- Despite this, these persons he said,
Directing can rest assured that they will still be
rime sec- able to vote in the May 2 general
C election.

PAGE 14, FRIDAY, APRIL 27, 2007



APRIL 27, 2007

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

Issues Round- Washington McLaughlln Bill Moyers' Journal (N) 1, (CC) May to Decem The Vicar of Di-
WPBT table discussion. Week (N) Group(N) (CC) bar Alec propos- ble "Winter" l
(CC) es to Zoe. (C)
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WFOR n (CC) ers a ghost whisperer's connection Annabeth uncovers possible police wants to reveal the locations of bod-
to professor Payne's wife. corruption and illegal activity. ies he buried. (N) 11 (CC)
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WTVJ wood (N) (CC) strangers with traits. (N) A (CC) that her current husband's death a Russian emigre seems to be ter-
was not an accident. (N) (CC) rorism until a drug is found. n
SDeco Drive House While House works to save Bones A man is killed while driving News (CC)
B WSVN Stacy's husband, he must deal with a car registered to prominent Mid-
his feelings for her. die Eastern man. (CC)
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(;00) Cold Case CSI: Miami A pit crewman is en- CSI: Miami "Big Brother Horatio Intervention "Jessica and Hubert"
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rand Prix qualifier. / (CC) find his brother's killer. (CC)
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BET I Man. Passengers and crew party a oard an airliner. (CC)
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IFE Lauren takes ad- is deprived of Jean's new dog Vincent Corazza. Attending college puts single mom in custody battle.
vantage. (CC) Van's attention. goes missing. (CC)
C :00 ooHardball Countdown With Keith Olber- MSNBC Investigates Brushy Moun- Why They Run Crme suspects
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excel. A 'PG-13' (CC)

' :



FRIDAY, APRIL 27, 2007, PAGE 15

PLP continues rallies with event in Clifford Park

0 THE PLP continued their series of mass rallies on Tuesday night with thousands turning out to an
event in Clifford Park. Tension in mounting in the build-up to the general election on May 2, with
huge crowds turning out to the rallies of both the FNM and the PLP and exchanges between
politicians becoming increasingly rancorous U PERRY Christie address the rally crowd
.............................................................................*..............***********************........................................ ...........".........................................

Only one oil company still to bow to

Venezuela's demands for state control

MAJOR international oil
companies agreed to cede con-
trol of Venezuela's last private-
ly run oil projects to President
Hugo Chavez's government, but
ConocoPhillips resisted,
prompting warnings its fields
could be taken over outright,
according to Associated Press.
Chavez decreed last month
that four heavy-oil projects in
the Orinoco River basin, con-
sidered Venezuela's most lucra-
tive, be brought under govern-
ment control on May 1. The
president has said soldiers will
accompany officials to the fields
un that day
Officials from Chevron Corp.,
BP PLC, France's Total SA and
Norway's Statoil ASA Nsned
memorandums of under stand-
ing Wednesday agreeing to give
state oil company Petroicus de
Venezuela SA a majority stake
in three of the projects. Exxon
Mobil Corp. signed earlier in
private, officials said.
But Venezuelan Energy Min-
ister Rafael Ramirez said at the
ceremony that Houston-based
ConocoPhillips has yet to sign
an agreement.
ConocoPhillips is the most
exposed: It is involved in two
of the four projects, Ameriven
and Petrozuata, and has the sin-
gle largest stake of any compa-
ny a 50.1 per cent interest in
Ramirez said if Cono-
coPhillips does not sign by May
1, the state will take control of
its two projects, but added that
Venezuela remains open to dia-
logue with the company.
"I think (ConocoPhillips) is
willing" to sign eventually,
Ramirez told reporters. "What's
going on is that it is not dealing
with the issue in the best terms."
He declined to say what
would happen with Cono-
coPhillips' assets including
equipment and infrastructure -
if it refuses to sign.
ConocoPhillips spokesman
Charlie Rowton told Associated
Press that "discussions are
"Every company has to
decide for itself," Ali Moshiri,
head of Chevron's Latin Amer-
ican operations, said when
asked if ConocoPhillips had
informed Chevron of why it had
yet to sign. ConocoPhillips and
Chevron are partners in
Ameriven, holding 40 per cent
and 30 per cent stakes respec-
tively. PDVSA has the remain-
ing 30 per cent.
PDVSA will take a minimum
60 per cent stake in the four
Orinoco projects, which
upgrade heavy, tar-like crude
into more marketable oils and
are considered Venezuela's
most promising. As older fields
elsewhere go into decline,
development of the Orinoco is
seen as key to Venezuela's
future production.

The companies have until
June 26 to negotiate the terms
of the takeover, including com-
pensation, their new stakes and
operational control for the pro-
jects, which they have run inde-
pendently until now.
The private companies have
more than US$17 billion in
investments and loans in the

Wednesday's signing cere-
mony also included agreements
giving the state control over
some smaller projects outside
of the Orinoco: Exxon Mobil's

La Ceiba oil field and the Gulf
of Paria East offshore oil field
that Chinese company Sinopec
plans to develop, according to

Ramirez said Italian oil com-
pany Eni SpA also did not sign,
which raises questions about
plans to develop the Corocoro
offshore oil field, where it is




s eew FREE!


BIue r- ) H

partnered with ConocoPhillips.
Eni had another oil field seized
by Venezuela last year and has
taken the matter to interna-
tional arbitration.

Shares of the six oil compS
nies in the Orinoco, as well as-
Eni ended up between 1.4 ari:
1.8 per cent Wednesday on the
New York Stock Exchange. .=


n+ -----



*GET 1



,' Extra

/g* .O00

t3 for $5

..miles away from otrdnart .

I, I ..

PAGE 16, FRIDAY, APRIL 27, 2007









FRIDAY, APRIL 27, 2007



busiess@tribunemedia.net Miami Herald Business, Stocks, Analysis, Wall Street

$867m South

Ocean hotel

gets approval in principle

Tribune Business Editor
The $867 million
South Ocean
resort project has
been approved in
principle by the
Government, The Tribune was
told yesterday, a crucial step
in the hotel's transformation
into a major tourist and enter-
tainment destination that aims
to enliven southwestern New

Roger Stein, of RHS Ven-
tures and the multi-million dol-
lar investment project's man-
aging director, confirmed to
The tribune that he had been
told the Government had giv-
en South Ocean's redevelop-
ment its approval in principle,
after this newspaper contacted
him 4pon being tipped off
about the decision.
"I'Ti thrilled to focus the
next five years of my life on
making this one of the top des-
tinations in the world," Mr

Stein said.
He added that all studies rel-
evant to the project.and its var-
ious components, including its
economic and environmental
impacts, traffic and feasibility,
had been submitted to the
Approval in principle is just
the first step albeit an impor-
tant one for major investment
projects to make in obtaining
all the necessary permits,
approvals and final go-ahead
from the Government.

The South Ocean project
will now have to conclude its
Heads of Agreement with the
Government, and obtain all
necessary construction per-
mits, plus have its environ-
mental impact assessment
(EIA) vetted and approved by
the Bahamas Envrionment,
Science and Technology
(BEST) Commission.
Mr Stein confirmed to The
Tribune yesterday that such
processes were already under-
way, saying: "All my studies

have been done. We'll be
before the BEST Commission
on the environment, and are
just fine-tuning the Heads of
Agreement document itself."
The project to revitalise the
South Ocean Golf & Beach.
Resort is projected to generate
1,358 full-time jobs when fully
open, in addition to 1,200
direct construction jobs dur-
ing peak build-out, according
to a study done by Oxford
Economics, the same consul-
tancy that recently completed

a survey of the financial ser-
vices industry's overall impact
on the Bahamian economy.
Mr Stein said the project
would create "jobs at all lev-
els" during both construction
and full-time operations.
Among the amenities,'creating
employment would be, apart
from the five-star and four-star
hotels, retail, restaurant and,
cafe outlets, the golf course,

SEE page 5

Ministry to tackle

Grand Bahama's

high airport costs

Reducing turnaround fees crucial
to attracting airlift and tourist
numbers to fill Ginn, Morgan
Stanley and re-opened Royal Oasis

Tribune Business Reporter
THE Ministry of Tourism is set to holds meetings with Grand
Bahama International Airport's management to discuss ways
the burden of the airport's high turnaround costs can be eased,
The Tribune was told yesterday, as this could present an obstacle
to attract airlift and tourists to the island's investment projects.
Grand Bahama International Airport, Which is owned in a
50/50 joint venture by the Grand Bahama Port Authority's affil-
iate, Port Group Ltd, and Hutchison Whampoa, has one of the
highest turnaround costs in the
region, making it a huge imped-
iment to the growth of tourism SEE page 6

Banks to decide on ACH software 'by early May'

Process 'several months' behind schedule, but working group head

says 'new dynamics' mean it wants to get selection right first time

Tribune Business Editor
THE Clearing Banks Association's
(CBA) working group on the Automated
Clearing House (ACH) is expected to
make a decision on the project's software
provider "by the early part of May', The
Tribune was told yesterday, the group's
head acknowledging that the process was
"several months" behind schedule.
But Paul McWeeney, who is also Bank
of the Bahamas International's managing
director, said that while the selection
process was running slightly behind his
"latest" timetable, this was because several
unexpected issues had arisen and the
group wanted to make sure it got it right
first time.
Describing the process as "moving", Mr
McWeeney said: "Some new dynamics
entered the equation, which required re-

evaluation of some positions we'd previ-
ously taken."
He declined to detail what these dynam-
ics were, but added: "We're still several
months behind my latest schedule, but
we're confident a decision will be made by
the early part of May."
Mr McWeeney had told The Tribune
in early March that the software provider
for the ACH had been selected, with the
working group's choice only awaiting rat-
ification by the full CBA and Wendy
Craigg, the Central Bank of the Bahamas
Providence Technology Group, the
Bahamian IT services and solutions
provider, has already been selected as the
ACH project manager and started to
make preparations needed for its role.


SEE page 7

health insurance
are you comparing apples to oranges?
All health care plans are not created equal.
With most plans you're on your own after 70!
But with BahamaHealth you can enjoy coverage for life.
Call for information on individual and group coverage,
or log on to www.bahamahealth.com today!

Call us: 242-396-1300
Visit us: Harbour Bay Shopping Plaza
E-mail us: info@bahamahealth.com

4,; ,


Business licence,

bond woes hit

firm's Bahamas

based earnings

Tribune Business Editor
A NASDAQ-listed compa-
ny yesterday attributed "diffi-
culties" in obtaining bid bonds
and temporary business
licences, as a foreign compa-
ny doing busines-s in the
Bahamas, for a 10.5 per cent
or $4.1 million decrease in its
construction division's rev-
enues during fiscal 2006.
Devcon International, which
has since agreed to sell its con-
struction division, after failing
'to conclude the unit's sale to
Craig Symonette's Symonette
Group, said it had also suffered
an $2.6 million decrease in
gross profit recognized on an
unnamed construction project
in the Bahamas due to prob-
lems with a "non-perforaming"
In its form 10-K. filed with
the Securities & Exchange
Commission (SEC). Devcon
attributed the revenue decline
suffered by its construction
division "primarily" to "diffi-
culties in obtaining bid bonds
and temporary business licens-
es, as a foreign corporation, in
the Commonwealth of the
The company added that for
the year to December 31, 2(X)6,
'the construction, division's
operating loss rose to $7.6 mil-

lion from $2.9 million the year
before, a more than 100 per
cent increase.
Devcon said: "There was a
$2.6 million comparative
decrease in gross profit recog-
nised on a project in the
Bahamas due primarily to
delays and costs associated
with a non-performing sub-
contractor, and costs associat-
ed .with securing final accep-
tance of our underground util-
ity work......
"Lastly, there was a $1.1 mil-
lion comparative decrease in
gross profit recognized on
another project in the
Bahamas due to it being sub-
stantially complete in 2005."
However, Devcon had
rediced the backlog of unful-
filled construction contracts
from 18 projects and $17 mil-
lion in 2005 to 14 projects and
$7.1 million at year-end
December 31, 2006. One pro-
ject in the Bahamas represent-
ed 17 per cent of the remaining
Revenues earned from its
Bahamas-based operations fell
by more than one-third during
fiscal 2006, declining to $17.565
million compared to $26.917
million the year-before. Total
Bahamas-based assets also
declined by almost 50 per cent,
from $5.414 million to$2.773

Insurance & Investments
to Build a Better Life
Telephone 242-393-1023

- I



" L-

--------~-~----.--,------------- ------------




Isn't it time for a change?
A new FNM government will construct new schools
and school additions to meet the demand of communities
and prepare Bahamian children for the future.

Vote NM
OOiWiW ~t~siy m iJf ct ik |kx*-L


he Jiliami tleralb o FRIDAY, APRIL 27, 2007 INTERNATIONAL EDITION

TUIAL FUN c 'i i ;.','


13,105.50 $9.3B earnings an
2,554.46 +6.57 A

10-YR NOTE 4.70 .05 Exxon 1 record
CRUDE OIL 65.06 -.78 V1e


fail to,,


Aisocioated Press
NEW YORK Wall Street
paused Thursday, with stocks
little changed as strong profit
reports from names like Apple
and 3M Corp. failed to galvanize
the market a day after the Dow
Jones industrials crossed 13,000.
Still, a modest advance in the
Dow gave the, blug -chips
another record close.
Beyond the Dow's move,
investors were also keeping
watch over the Standard &
Poor's 500 index, which has in
recent sessions crept closer to
its high of 1,527.4.6, reached in
March 2000. - !-
Better-than-expected profit
news, which helped vault the
Dow into record territory
Wednesday and to a new trad-
ing high Thursday, continued
but with less effect than in the
previous session.

At*matter- Fork aptpyit.U
pleased inestors.
"Once you go through wlt. .
people consider a milistonei q.^
are often going to have a lim1
rest," said Ron Kiddoo, chief
investment officer at Cozad
Asset Management
The Dow rose 15.61, or 0.12
percent, to 13,10550 after hitt* "
a fresh trading highof 13,132.80.
Thursday marked-the ADws
18th rise in the pait 20 sessionss
and its 36th record close since
the start oef-9toI~ean.y .. --
Broader" inderes 'n edh
mixed Thursay, Thni Standard
& Poor's 500 index Slipped L17i.
or 0.08 percent, to 1,494.25,
while the Nasdaq composite
index rose 6.57, or 0.26 percent,
to 2,554.46.
Bonds fell amid the continua-
tion of strong earnings reports.
The yield on the 10-year note
rose to 4.69 percent from 4.65
percent late Wednesday.
The Dow swept past its latest
milestone Wednesday amid bet-
ter-than-expected earnings and
economic data. But the question
on investors' minds is whether
upcoming data will prove the
market's recent rally was justi-
fied, or overdone.
While the economic calendar
is busier next week, Kiddoo
contends earnings will continue
to drive stocks until midweek or
so when investors begin to
focus on the governments
employment report, due May 4.
In other corporate news,
Apple's profit report beat ana-
lysts' estimates, and the stock at
times surpassed $100 a share.
Apple closed up $3.49, or 3.7
percent, at $98.84.
A light flow of economic
news Thursday didn't appear to
hold much sway over stocks.
Among the reports, the Labor
Department said applications :
for jobless benefits fell last
week by 20,000, the biggest
decrease in nearly two months.
Gold fell on Thursday, while
the dollar was mixed against
other major currencies.,
Declining issues outpaced
advancers by about 9 to 7 on the
New York Stock Exchange,
where consolidated volume
totaled 3.14 billion shares, com-
pared with 3.17 billion traded
Overseas, Japan's Nikkei
stock average rose L12 percent.
Britain's FTSE 100 closed up
0.12 percent, Germany's DAX
index rose 0.60 percent, and
France's CAC-40 ended down
0.05 percent.

* Exxon Mobil said earnings
climbed 10 percent to a
first-quarter record after rising
gasoline and diesel prices
Increased refining profit.
Associated Press
NEW YORK Exxon Mobil, the
world's largest publicly traded oil
company, said Thursday its net
income grew 10 percent in the first
quarter, as higher refining, marketing
and chemical profit margins over-
came lower crude oil and natural gas
prices from a year ago.
The earnings of $9.3 billion were
the company's highest ever for the
first quarter and beat Wall Street
expectations, but revenue slipped
and fell well short of analysts's

Investors pushed Exxon Mobil
shares to a new 52-week high of
$80.49 a share in morning trading on
the New York Stock Exchange. By
early afternoon, the shares were up
23 cents to $80.15 a share. They've
traded as low as $56.64 in the past
Net income amounted to $1.62 per
share for the January-March period.
That was up from $8.4 billion, or $1.37
per share, a year ago. Analysts polled
by Thomson Financial were looking
for a profit of $1.52 per share.
Revenue fell to $87.2 billion from
$88.9 billion a year earlier, well below
the $100 billion analysts had forecast.
Like other major oil companies,
Exxon Mobil was hurt by lower oil
and natural gas prices to start 2007
compared with a year ago.

SPURT: Exxon Mobil said Thursday its net income grew in the first
quarter, as higher refining, marketing and chemical profit margins
overcame lower crude oil and natural gas prices.

Last year, the Irving, Texas-based
company posted the largest annual
profit by a U.S. company $39.5 bil-
lion. That result topped the previous
record, also by Exxon Mobil, of $36.13
billion set in 2005.
Last month, Exxon Mobil said it
will spend some of that money on
more than 20 new global projects in
the next three years, investments
expected to add I million oil-equiva-
lent barrels a day to the company's
volumes at peak production.


STRUGGLING: Ford's new vehicle sales in the United States fell more than 13 percent for the quarter
however, the Edge performed well. Above, George Harabedian looks over a Ford Edge at Royal
Oak Ford in Royal Oak. Michigan. Below, the Ford logo is shown on the wheel of a new vehicle
Ford's loss narrows to

$282M as revenue rises

* Plunging sales of big pickup trucks and
sport-utility vehicles increased losses in North
America for Ford. But the loss was less than
expected as redesigned autos boosted profits in
A :., a t*.?.:) r e.
DEARBORN, Mich. At $282 million, Ford
Motor's first-quarter loss was much improved over the
$L4 billion in red ink it posted during the same quarter
last year.
Company officials touted the results as a sign that
its restructuring plans were taking hold, but Ford still
is struggling to make money on its core business -
selling cars and trucks in North America.
The first-quarter loss, announced Thursday, was
Ford's seventh consecutive negative quarter, but the
automaker said the smaller deficit reflected its efforts
aimed at cutting costs and rolling out new products to
compete with Asian automakers.
Ford's revenue rose 5 percent, its loss excluding
special items was smaller than Wall Street expected
and its shares rose more than 4 percent on the New
York Stock Exchange.
CEO Alan Mulally said in a conference call with
reporters and industry analysts that Ford was making
"Although these first-quarter results are encourag-
ing, we still have a long way to go to turn around this
business," he said. "The basics of our business are
improving," he said.
Ford's new vehicle sales in the United States fell
more than 13 percent for the quarter and its market
share dropped from 17.2 percent in the first quarter of
2006 to 15.1 percent.
The Ford Edge and Lincoln MKX crossover vehicles
were performing well, but sales fell in the company's
flagship F-Series pickup truck line and its Explorer
sport utility vehicle. Both had been huge profit centers
for the company in the past.
Revenue rose to $43 billion from $40.8 billion a year
Although Ford's cash flow improved in the first
quarter, it is still on track to burn up $17 billion through
2009 to cover losses and restructuring costs, Chief
Financial Officer Don Leclair said.
Although the new crossovers and heavy-duty


pickup trucks are off to a good start. Healy attributed
Ford's sales decline to its plan to reduce low-profit
sales to rental car companies and to sluggish sales of
its older models.
Despite the overall improvement, Ford said its core
business in North America lost $614 million on auto-
motive operations before taxes for the quarter, wider
than the $442 million it lost in the first quarter o0 last
year. North American automotive revenue dropped
from $19.8 billion in the first quarter of last year to
$18.2 billion.
Ford also posted a pretax loss in its Asia Pacific and
Africa operations, but it made a pretax profit in Europe
and South America, and in its financial services sector.
"We continue to take the necessary steps to imple-
ment our turnaround plan and remain committed to
our goal of achieving profitability no later than 2009,"
Mulally said.
Ford is trying to fend off Toyota Motor to keep the
title of the nation's No. 2 automaker. The Dearborn-
based company lost $12.7 billion last year and is ma the
midst of slashing thousands of jobs, closing plants and
rolling out new products in an effort to return to prof-
Ford said Thursday that it shed 18,000 hourly and
salaried workers in the first quarter, mainly through
early retirement and buyout offers. The separation
programs cost the company $874 million for the quar-
ter in North America.
Ford shares rose 32 cents, or 4.1 percent, to close at
$8.20 on the New York Stock Exchange. They have
traded in a 52-week range of $6.06 to $9.48.

The company said its spending tab
for capital and exploration projects in
the first quarter was $4.3 billion and
that its plans to spend roughly $20
billion this year on such projects
were on track.
"In the first quarter, Exxon Mobil
continued to actively invest, bringing
additional crude oil, finished prod-
ucts and natural gas to market,"
Exxon Mobil Chairman and Chief
Executive Rex Tillerson said in a


Vista sales

help boost



Microsoft said third-quarter
earnings rose 65 percent on sales
of Its new Windows and Office
Associated Press
SEATTLE Microsoft fiscal
third-quarter profit jumped 65 per-
cent, buoyed by sales of its new ver-
sions of Windows and Office and by
upgrade coupons for the operating
system issued over the holidays.
Earnings for the quarter ended
March 31 rose to $4.93 billion, or 50
cents per share, from $2.98 billion, or
29 cents per share in same period last
Results included legal charges
amounting to 1 cent per share, but tax
benefits boosted profit by 2 cents per
Analysts surveyed by Thomson
Financial forecast a profit of 46 cents
per share.
Revenue for the quarter rose 32
percent to $14.4 billion. Wall Street
was looking for $13.89 billion in sales.
Microsoft started selling its new-
est operating system, Windows Vista,
to consumers at the end of January.
Its "client" division, responsible for
Windows, brought in $5.27 billion in
sales, 67 percent higher than a year
Analysts estimate Microsoft
deferred $1 billion to $1.5 billion in
Windows Vista revenue to the third
quarter, to account for upgrade cou-
pons given to PC buyers during the
holiday season, before the consumer
launch of the new operating system.
Microsoft Chief Financial Officer
Chris Liddell said the "excellent
quarter" was because of better-than-
expected sales of Vista and Office.
Liddell said Vista beat internal
forecasts by $300 million to $400 mil-
lion, and Office 2007 sales were $200
million better than expected.
The client division sales "are sur-
prisingly ahead of where we thought
they would come in," said Sid Parakh,
an analyst at McAdams Wright
Ragen. "They might indicate Vista is
doing fine."
Microsoft's entertainment and
devices division, which includes the
Xbox 360 game console and the Zune
music player, posted a 21 percent
drop in sales to $929 million.
Liddell said the company is still on
track to sell 1 million Zunes this fiscal
year, and reach the 12 million mark in
Xbox 360 units sold since the product
hit store shelves.
Microsoft trails Google and Yahoo
in making money from Web searches,
but online services revenue edged up
11 percent to $653 million in the quar-
ter. Online advertising revenue grew
23 percent year-over-year, Liddell
Shares of Microsoft jumped $1.05,
or 3.6 percent, to $30.15 in after-hours
electronic trading, after adding 11
cents to close at $2910 on the Nasdaq
Stock Market

DOW 30
S&P 500

a~b~b_ I r I I r re ---cpra ~sam


S&P 500 1.17 NASD +6.57 D +15.61 6-MOT-BI +.01 30-YRT-BONDS +.03 GOLD -9.20 EURO -.0039RU -.78
1,494.25 2,554.46 13,105.50 4.84% 4.86% $674.90 1.3601 -$65.06


1,5 0 1,46 ... .......... .. ............................ 2, 00 2,500 .... .. ..

1,500 ............ ............u 2,600
1,4 2 0 ............................. ... ....... ... .. 2,44 0 ............... .., ... . '
1,450 *. ...***-* ......*** ... . 2,500 ....... -

1,400 -- *?- --- * --*J*^*** .** ..* 2,400 - --- V ...-- ..l.....

1,350o .. ...................................... ......... ... ...... ... ... S P 50 0 2,300 .. ..... ............ ................ .. ....... -N a
Clse: 1,494.25
SClta-g: -1.17 (-0.1%) ChI
1,3 0 0 ................ .... ... .... ....... ..... .. ... ... ... .. 2 ,2 0 0 ... ............................... ....... .............


DOW 13132.80 13068.12 13105.50 +15.61 +0.12%
NYSE NASD DOW Itans. 5245.65 5174.54 5176.17 -67.43 -1.29%
DOW Utll. 532.03 527.17 527.33 -3.75 -0.71%
Vol. (in mil.) 3,136 2,365 NYSE Comp. 9746.57 9693.35 9715.49 -31.08 -0.32%
Pvs. Volume 3,166 2,578 NASDAQ 2560.64 2544.12 2554.46 +6.57 +026%
Advanced 1524 1463 S&P 500 1496.02 1491.17 1494.25 -1.17 -0.68%
Declined 1739 1593 S&P 400 890.86 884.03 890.06 +2.06 +0.23%
New Highs 337 167 Russell 2000 835.17 827.00 833.80 +1.73 +021%
New Lows 18 57 Wilshire 5000 15139.85 15064.68 15108.03 -2.38 -0.02%

Name Last Chg
.BB Ltd 2030 +.83
.BN Amro 49.53 -33
4.CE Ltd 60.03 -125
.ES Cp If 22.90 -.12
.FLAC 51.16 -29
.MR 27.69 -133
kSML Hid 27.53 -.19
T&T Inc 38.96 -.18
.U Optron 16.19 -.17
VXA -46.19 -33
.btLab 56.91 -.65
4berFitc 8436 +1.46
.ccenture 38.72 -.62
.decco 16.42 -.22
kdobeSy 43.26 +.55
kMD 14.50 -.15
.dvantst rs 45.29 -1.61
4egon 20.86 -.08
etnaa 47.22 +2.22
kgilent 35.07 -.10
hold 12.62 -.09
WFrance 51.00 -1.06
4drProd 77.94 -.25
kamaiT 46.55 -2.42
.kzo 79.96 -.47
4ican 58.91 -57
MlcatelLuc 13.38 -.08
kMcoa 35.81 +.05
Mcon 141.90 +.95
MIgEngy 53.64 -36
MllegTch 114.59 +1.70
kdlergan 120.98 +.19
dlliBem 92.38 -.60
Mlianz 22.46 -.11
idlrish 62.07 -31
state 6331 +.03
AItel 62.88 +124
kdtanaAG 72.26 +.46
.IteraCp If 23.09 -.02
i1trias 6933 -1.14
klumina 23.76 -26
4mBevC 57.59 -.40
.mBev 59.33 -.48
.mazon 62.78 +5.97
ambacF 92.65 +.07
emdocs 37.82 +88
.meren 5227 -.06
.MovilL 5420 +2.05
.MovllA 54.15 +1.99
.mCapStr 4852 +35
.EagleO s 30.46 +.53
UEP 5025 -.46
kmExp 62.14 -.18
4mIntGp If 69.79 -.19
tREst 109.00 -125
4mStand 5633 -.43
tmTower 38.58 -.49
.meriprise 6129 +.09
kmeriBrg 50.79 -1.53
tmgen 62.55 +.86
kmphenol s 35.73 +.15
,mvescp 23.95 +.64
knadark s 47.47 -31
.nalogDev 39.85 -.25
kngloAm 26.64 -.60
knglogIdA 4536 -.94
knheusr 50.60 -30
4on Corp 39.48 +1.03
Apache 74.42 -1.98
4polloG If 48.78 +.12
kpple Inc 98.84 +3.49
plIdMatI 19.30 -.19
krcelorMit 53.60 -.65
krchDan 39.03 -.49
krchstnSm 53.45 -.41
kssurant 5827 -35
kstraZen 54.94 -.64
kustNZ 128.41 -231
kutodesk If 41.76 +.72
kutoData 44.50 -.41
kutoZone 133.88 -1.61
,valonBay 128.99 -221
.veryD 63.43 -.57
.von 39.96 +.10
3ASF 116.60 -3.17
3B&T Cp 41.88 -.11
3CE gn 34.58 -.54
3G Grp 73.04 -.66
3HP BillLt 49.23 -1.02
3HPBII plc 45.96 -.95
3J Svcs 29.59 -.12
3MC Sft 32.90 +.40
3P PLC 68.02 -.98
3T Grp 63.75 -.01
3akrHu 80.82 +231
3cBilVArg 24.42 -35
3cBrades s 21.57 -.24
3ncoltau 39.54 +.10
3coSnCH 18.08 -.17
3cSanChile 5022 -.57
3kofAm 50.72 -.51
3kIreInd 88.41 -1.40
3kMont g 63.53 -.88
3kNY 40.83 -.07
3kNova g 4820 -.30
3arclay 57.18 -1.40
3ard 84.17 -.24
3arrickG 2837 -.47
3axter 57.86 +.46
3ayerAG 68.45 +.15
3earSt 157.74 -.65
3ectDck 77.91 -.62
3edBath 4128 -35
3erkley 32.67 -.33
3erkHa A 109400 +650
3erkH B 3628 +8
3estBuy 48.16 -.18
3iogenldc 48.11 +.11
31omet If 43.13 -.13
31ackRock 152.91 +.09
31ockHR 22.98 +20
3oeing 9426 -A43

Name Last Chg
3abrielReso 4.03 -.16
'orrienteo 4.03 +22
:dnOIISndsT 30.14 -.04
)ynatec 4.45 +.06
.astemPlat 2.40 +.07
tuinscoReso .50 -.04
2amecoCorp 50.73 -1.66
'aclficStrts 12.80 +1.00

Name La Chm Ne Last C
BostProp 117.47 +.25
BostonSci 15.89 +.08 Eaton 88.63 +.23
BrMySq 2923 -AT EchoStar 46.65 -.02
BritAIr 101.85 -.8 Ecolab 44.10 -.07
BritATob 61.65 -.79 Edbonlnt 53.57 -.46
BritSky 45.60. -.18 EIPasoCp 15.38 -.14
Broadcom 34.86 +57 Elan 14.34 -.03
BrkfidAs gs 56.71 -.72 ElectArts 52.35 -.12
BrkfldPrp 40.99 +39 EDS 29.89 +.25
BungeLt 77.79 -.91 Embarq n 59.96 +2.41
BuriNSF 87.8 -1.72 EmersnEls5 47.47 +2.02

CA Inc 27.51 +.25
CB REIIis s 3552 -.16
CBOT 189.20 -2.51
CBS B 32.05 +.05
CH Robins 552 -1.24
CIGNA 153.79 +37
CIT Gp 60.02 +.67
CNAFn 46.63 -.24
CNHGbI 44.26 -.56
CNOOC 87.28 +.10
CPFL En 48.04 +.39
CRH 44.59 +.52
CSX s 43.26 -1.49
CVS Care 36.86 +.18
CabivsnNY 32.54 -.29
CadbyS 52.95 -1.18
Cadence 22.75 -.19
Camecogs 4534 -1.73
Cameron 66.85 +31
CampSp 39.93 -.04
CIBC g 87.90 -.90
CdnNRy g 50.47
CdnNRs g 59.58 -.84
CPRwyg 64.11 -55
Canons 57.11 -1.09
CapOne 75.49 +1.54
CardnlHIth 71.15 -3.93'
Carnival 48.47 -.08
CamUK 50.03 -.34
CarollinaGp 76.55 -.63
Caterpillar 73.00 -.23
Celgene 61.99 +.21
Cemexs 33.06 -23
Cemig 524 -.22
ChesEng 33.60 -.14
Chevron 78.18 -.14
ChiMerc 518.75 -1195
ChinaLfe s 48.26 -.41
ChinaMble 46.59 -.73
ChinaNet 51.02 -.07
ChinaPet 89.36 +.06
ChinaTel 48.75 -.40
ChinaUni 15.19 +.11
Chubb 54.35 -.60
ChungTel 19.89 -.20
CinnFin 45.84 -.51
Cisco 26.55 -23
Citigrp 53.56 -.24
ClearChan 35.80 -.09
ClearCh 29.78 +1.02
Clorox 66.42 -.14
Coach 5128 +.53
CocaCE 22.40 +.13
CCFemsa 38.80 +1.05
CCHellen 44.02 +30
CocaCI 52.08 +34
CogTech 89.17 -.41
ColgPal 66.56 -.A8
Comcast s 27.10 -.99
Comc sp s 26.82 -.77
Comerica 62.87 -28
CmcBNJ 33.93 -.17
CVRDs 41.49 -.94
CVRDpf s 34.86 -.86
CompsBc 68.91 -.51
CompSci 55.83 -.14
ConAgra '24.82 -.27
ConocPhil 70.73 -.09
ConsolE s 4235 -.68
ConEd 52.22 -.41
ConstellEn 91.13 .2.12
Coopers 50.27 +27
Coming 24.91 -.07
Costco 54.04 -23.
CntwdFn 38.92 +1.20
CoventryH 57.94 +.12
CredSuiss 78.61 -.42
CrwnCstle 35.11 -.05
Cummins s 85.99 +1.64
DJIA Diam 131.2 +.58
DR Horton 23.49 +.84
DTE 51.46 +.02
DalmlrC 82.14 +LOO1.00
Danaher 70.13 -.69
Danone 32.70 -2.76
Dassault 54.84 -.65
Deere 113.61 -.05
Delhaize 96.56 -.24
Dell Inc If 24.91 -.06
DeutschBk 154.75 -1.21
DeutTel 18.33 +.18
DevDv 66.13 -.01
DevonE 73.56 -125
Diageo 83.65 -.19
DiaOffs 86.95 +1.45
DirecTV 23.89 -26
Disney 35.17 -.15
DollarG 21.42 +.02
DomRes 9233 -.09
DonlleyRR 41.95 -.03
Dover 49.01 +32
DowChm 45.60 -A47
DuPont 49.58 -39
DukeEgys 20.68 -32
ETrade 21.93 +.13
E.ON AG 48.82 -.49
eBay 34.22 +45
EMC Cp 15.57 -.17

CAEE hIe 49.17 +.59
Enbridge 33.26 -.16
EnCana 53.34 -.91
Endesa 54.51 -.48
End 5680 -.86
EngyTEq 37.80 -.26
EngyThfr 62.92 +38
Enersis 18.78 +.12
ENSCO 55.75 +.07
Energy 115.10 -136
EntPrPt 32.60 -.07
EqtRes 52.75 +1.18
EqtyRsd 47.35 -.44
EricsnTI 38.54 -1.43
Esteedr 51.01 -.47
EverstRe 101.99 -.97
Exelon 76.45 +.81
Expedia 23.93 +.19
Expdlntls 42.71 -.60
ExpScripts 96.46 -.60
ExxonMb 80.55 +.63
FPLGrp 64.31 -.20
FannieM If 59.10 +.56
Fastenal 41.57 -.39
FedExCp 10827 +.15
FedrO5 s 45.23 +.15
Flat 29.61 -.12
FIdNinfo 50.79 +2.22
FifthThird 40.67 +.26
FirstData s 32.45
FirstEngy 70.63 -.60
Fiserv 53,34 -1.51
Flextrn 11.26 +.10
Fluor 9658 +.92
FEMSA 106.22 -1.88
FordM 8.20 +.32
Forestlab 54.46 -22
FortuneBr 80.02 -1.76
FranceTel 29.34 +.65
ftankRes .130.66 -35
FredMac 65.50 +.10
FMCG 68.46 -1.54
FresenM 50.04 -.18
Fujliflm 41.80 -.23
Gannett 57.22 -.03
Gap 1837 -23
Garmins 57.96 +1.67
Genentch 81.02 -.38
GenOynam 79.10 -.29
GenElec 35.84 +.43
GnGrthPrp 64.62 -.15
GenMifls 60.01 +.11
GnMotr 32.45 +1.38
GenuPrt 5030
Genworth 35.79 +.17
Genzyme 6#.66 -.41
Gerdau 20.15 -26
GlleadSci 83.98 -.24
GlaxoSKIn 58.42 -37
GlobalSFe 64.18 +.02
GoldFLtd 1&34 -.45
doldcrpg 24.51 -.86
GoldmanS 224.81 -.79
Goodrich 56.12 +2.19
Google 481.18 +3.19
Graingr 84.02
GrantPrde 53.23 +.35
OpTelevisa 2884 -.50
HOFC Bk 74.66 -26
HSBC 92.73 -.71
allibtn s 31.63 +.09
Hanson 86.38 +.83
HarleyD 65.34 -21
Harman 122.50 +19.94
HarmonyG 16.12 -.46
HarrahE 85.44 +.04
HarrisCorp 52.47 +.47
'HartfdFn 100.66 -.71
HithCrPr 35.94 -.01
HealthNet 56.95 +1.00
HSkardDvn 25.77 -.04
HSDIag n 25.67 +.02
HSECancn 26.75 -.58
HSETechn 26.86 -.39
NHSPatCre n 27.68 +.15
HeNt 47.03 -.61
HellftT 15.02 -.12
Hershey 54.80 -.31
Hertz n 22.13 -1.13
Hess s 57.47 -1.57
HewlettP 42.04 +.17
Hilton 35.19 -.07
Hitachi 76.47 -1.63
HomeDp 38.99 -.51
Honda 34.20 +.08
HonwillntI 53.69 -.30
Hospira 41.04 -.14
HostHotIs 26.41 -.02
HuanPwr 41.54 +.17
HudsCity 13.33 -.12
Humana 65.02 +.86
HutchTel 30.74 +.37
IAC Inter 38.70 +.31
ICICI Bk 46.45 -.07
ING 46.03 -.19
IShJapan 14.47 -.07
IShDJDv 74.36 -.09
IShSP500 149.88 +.17
IShEmMkt 123.84 -20

ENI 66.65 -.80 Sh EAFE 79.62 -37
EOG Res 74.50 -.90 ISRIKV nya 86.96 -.11
EKodak 2520 -1.03 iShR2K nya 83.17 +.64

Nam Last Chg
Wireless o 1.12 +.02
lamgoldCorp 8.90 +39
EnCanaCorp 59.70 -.62
HighRiver 2.49 -.06
BreakwaterRes 2.09 -.03
XllIIxTech .03
LionoreMng 18.71 -.14
EqnoxMnrlso 2.25


Name Last Ch

ITT Corp 62.97 -.03
ITW s 51.46 -21
ICI 42.50 -.48
ImpOl gs 38.35 -.78
ImpTob 85.49 -1.52
IndoTel 46.70 -27
Infineon 16.33 +35
Infosys s 53.10 -.49
IngerRd 46.06 +.52
Intel 22.09 -.17
IntcntlEx 129.17 -1.34
IntCtlHti rs 24.48 -.18
IBM 100.90 -.56
IntlGame 39.20
IntPap 38.21 +.40
IntlPower 86.01 -.29
IntntHTt 59.91 +1.53
Intuit s 29.16 -.21
Ipsco g 148.64 -2.61
JPMorgCh 52.94 +.12
JohnJn 64.24 -.44
JohnsnCti 103.90 +.78
JnprNtwk 22.31 +.74
KLA Thc 55.58 +.78
KPN 17.15 +.29
KT Corp 22.14 +.11
Kellogg 52.76 -.14
Keycorp 36.08 -.38
KeySpan 41.46 -.15
KimbClk 71.71 -.17
Kimco 49.18 -22
KindME 56.06 +.19
KindMorg 106.41 -.12
Kohls 77.14 -59
Kookmin 91.16 +2.60
KoreaEIc 20.69 -.08
Kraft 33.56 +.09
Kroger 29.49 -.42
Kubota 47.49 +.17
Kyocera 98.70 +.01
L-3 Cornm 89.89 -1.06
LG Philips 20.52 +.58
LabCp 78.95 +6.47
LafargeSA 39.71 -.26
LamRsch 54.91 +.90
LVSands 90.61 +.40
LeggMason 100.03 -.67
LehmanBr 76.68 -.50
LeucNatl s 31.08 +.08
Level3 5.73 -.45AS
LibGlobA 36.60 -.04
LIbGIobB 36.40 -.46
LIbGIobC 34.20 -.20
LIbMIntA n 25.60 +.13
LIbMCapA n 11321 -2.04
LillyEII 59.73 +.22
Limited 28.81 -.49
LincNat 71.75 +.57
LinearTch 38.74 +.03
LloydTSB 46.66 -.47
LockhdM 93.50 -2.00
Loews s 46.94 -21
Lowes s 30.97 -.18
Luxottica 34.66 -.66
lyondell 32.74 +.05
M&T Bk 112.42 -.65
MBIA 70.93 +1.68
MEMC 67.15 -28
MGMMir 70.53 +.91
Macerich 96.56 -.15
Magnal g 79.77 +.20
Manpwl 79.61 -.19
Manulif gs 35.78 -.48
Marathon 103.20 +.65
MarlntAs 46.19 -.69
MarshM 32.13 +.08
Marshlls 48.48 +.45
MartMM 145.11 +1.68
MarvellT sIf 16.70 -.05
Masco 28.14 +.50
MasterCd n 108.56 -.78
Matsush 19.62 -.13
Mattel 28.67 +.17
Maxim If 32.81 -.10
McDnlds 49.23 +.60
McGrwH 66.71 +.28
McKesson 58.98 -1.65
Medlmun 56.51
MedcoHIth 78.60 -.78
Medtmic 54.07 +.49
MelcoPBL n 18.26 +.06
MellonFnc 43.30 -.08
Merck 52.43 +.04
MrkSerono 22.72
Merrllllyn 91.00 -.65
MetLife 65.84 +.27
Metso 57.01 -1.11
Microchp 38.75 +37
MicronT 11.97 +.20
Microsoft 29.10 +.11
Millea s 37.49 -1.15
Millicomint 85.46 -.94
Mirant 44.82 -.76
MitsuUFJ 10.73 -.25
Mitsui 354.18 +1.53
MizuhoF n 12.01 -.19
MobileTel 56.45 -.71
Mohawk 93.42 +.34
MolsCoorsB 96.56 +2.75
Monsanto s 59.97 -.12
Moodys 67.94 -.52
MorgStan 84.38 -.14
Mosaic If 31.77 +1.21
Motorola 17.90 -.01
MurphO 56.42 -1.85
NCR Cp 50.25 +.45
NEC 5.41 -.03
Nil HIdg 81.07 +2.77
NIS Grp 5.21 -.04
NRG Egy 80.31 +.64
NTTDoCo 17.04 -.47
NYMEX n 129.01 +2.38

Name Last Chi Name Last Chg
PetroCanada 49.14 -.45 Loblaw Co 52.85 +2.60
AbitlbiCons 3.13 +.01 SXRUraniumJ 16.68 -.17
HudBayMnris 21.38 -20 Nexen Inc 66.50 -2.00
MilagroEnergy .17 +.02 CalderaReso .08 +.01
BCE Inc 38.65 -.42 MDS Inc 21.24 -.23
MIramarMng 4.99 +.42 TallsmanEgy 21.46 -27
CharlotReso .94 +.05 SprottMolybdn 5.86 +.14
FlrstClgryo 4.21 +.01 CanWestUn 8.49


Name Last Chg
KinrossGold 14.84 -.34
TiominReso .15 -.01
TransCdaCorp 39.99 -.15
GlobalAlumUS 1.70 +.13
PaladinOrdo 9.00 -.23
BirchcliffEng 4.60
Royal Bnk 58.75 -.18
CelesticaSV 7.23 -.02

Name Last Chg
Crystallexo 4.30 -.10
Goldcorpinc 27.43 -.86
TVIPacifico .17 -.01
FirstNickelo 1.49 -.08
GreatBasino 2.56 +.16
CGIGrpASV 10.40 -.15
BombdrBSV 4.65 +.05
EldoradoGId 6.45 -.23




3-month T-bill 4.81 4.82 -0.01 V V V 4.69
6-month T-bill 4.84 4.83 +0.01 V V 4.78
1-year T-note 4.95 4.91 +0.04 A A V 5.02
2-year T-note 4.64 4.61 +0.03 A A V 4.99
5-year T-note 4.58 4.53 +0.05 A A V 5.06
10-year T-note 4.68 4.64 +0.04 A A V 5.11
30-year T-bond 4.86 4.83 +0.03 A A A 5.19


YEST 8.25 5.23
PREV 8.25 5.25
WK AGO 8.25 5.20




Lehman Bros Bond Idx4.88 4.84 +0.04 A A A 5.29
Bond Buyer Muni Idx 4.61 4.59 +0.02 A V 4.85
Lehman US Inv Grade 5.28 526 +0.02 V A V 5.65
Lehman US High Yield 7.47 7.47 ... V V V 8.18
Moodys Bond Index 5.42 5.39 +0.03 A A V 5.93
Bank Index 117.04 117.20 -0.16 A A A 10855
DJ Corp Bond 199.83 200.40 -0.57 A A 184.44

Unleaded Gas (gal) 2.29 2.28 +0.44 +42.9
Crude Oil (bbl) 65.06 65.84 -1.18 +6.6
Gold (oz) 674.90 684.10 -1.34 +6.3
Platinum (oz) 1303.60 1317.20 -1.03 +14.4
Silver (oz) 13.32 13.75 -3.13 +4.0
Coffee (Ib) 1.04 1.04 ... -17.6
Orange Juice (Ib) 1.59 1.61 -1.24 -21.0
Sugar (Ib) 0.10 0.10 ... -14.9

Name Last Chg
Schwab 19.73 +.30
SeagateT 22.45 +.38
........ .............. .............. SearsHIdgs 189.20 -.57
SempraEn 64.81 -1.48
ShawC g 39.12 -.83
.. ........ .. .Sherwin 65.01 +.28
Shinhan 114.75 +2.25
Shire 71.20 +.38
SiderNac 43.64 -.66
Siemens 121.40 +3.65
SimonProp 115.84 +.14
sdaq composite Smith&N 62.66 -.11
Close: 2,554.46 Smithintl 52.14 -.13
alge: +6.57 (+0.3%) Sodexho 78.88 +3.34
...... .. ........ ....... SonyCp 54.20 -1.02
F N A SouthnCo 38.49 -.16
SthnCopp s 81.68 -1.78
SwstAlrl 14.51 -.04
SwstnEngy 43.30 -.77
QTR YD SovrgnBcp 24.49 -.02
A +5.15% SpectraE n 26.60 -.52
A +13.51% SprintNex 20.27 -.14
A +15.45% SPDR 149.65 +.17
A +6.31% SP Mid 162.10 +.91
A +5.76% Staples 25.79 -.25
A +5.36% Starbucks 31.82 -.02
A +10.65% StarwdHtl 69.29 +.25
A +5.86% StateStr 69.34 -.38
A +5.97% Statoll 28.15 -.65
StoraEnso 18.09 +.64
Stryker 66.08 -.64
Suez 56.60 -.43
Nome last Cil SunLfFn g 47.61 -.37
SunMicro 5.25 -.02
NYSE Eur 84.51 -1.92 Suncor g 80.86 -1.01
Nabors 32.60 -.15 Sunoco 77.16 +2.23
Naspers 25.70 -.47 SunTrst 84.75 +.55
NtAust 178.76 -3.76 Supvalu 46.24 +.84
NBkGreece 11.78 +.04 Swisscom 35.48 -.03
NatlCity 37.85 -.05 Symantec 17.71 +.10
NatGrid 78.20 -.82 Syngenta 40.43 -.35
NOilVarco 82.81 +1.40 Synovus 32.22 -.01
NatSeml 27.11 -.10 Sysco 34.69 +1.19
NetwkAp 37.24 +1.12 TD Ameritr 16.83 +.25
NewellRub 31.22 +.17 TDK 87.43 -1.07
NewmtM 43.18 -1.05 TJX 28.17 -.15
gfIo ,'4M TNT NV 45.39 -.17
Nexen g 59.25 -2.32 TXU Corp 64.85 -.38
NISource 24.92 TaiwSemi 11.03 +.08
Nidec 15.74 +35 TalismE gs 19.15 -.38
NikeBwl 53.84 +.22 Trget 60.95 +.43
NippnT 25.23 -.27 TataMotors 19.09 +.24
Nissan 20.57 +.02 Technip 79.91 -.95
NobleCorp 86.28 +.55 TeckCm gn 76.32 -2.04
NobleEn 59.15 .52 TeicNZ 28.31 -.77
NoklaCp 25.68 +33 Telltalla 30.79 +.31
Nomura 19.28 -.69 TelltallaA 23.87 -.06
Nordstrm 56.15 +27 TelBrasH 3525 -.34
NorflkSo 53.28 .-234 TeISPaulo 26.42 +.42
Norsk s 34.94 -.45 TelefEsp 6848 -52
Nortel frs 24.05 -.12 TelMexL 35.62 +.76
NorTrst 64.43 -.43 TAustria 57.76 +2.11
NorthropG 73.69 -.96 Telenor 56.56 +.06
Novartis 58.76 +.39 TelData 58.74 -.87
NovoNdk 98.61 -1.14 Telkom 99.51 -2.26
Nucor S 66.18 -.68 Telus g 56.32 +.48
Nvidla 33.52 +.41 Templeln 60.97 -.33
OcciPet s 51.19 -1.00 Tenarls s 46.48 -.91
OffcDpt 34.75 .1:75 Terex s 78.53 -1.88
Omnicom 106.30 -.81 Tesoro 118.86 +2.31
Oracle 18.95 +.05 TevaPhrm 39.10 +1.38
Orix 13325 -.0 Texlnst 35.16 -.10
PG&ECp 51.55 -56 JTextron 102.67 -.44
PNC 74.76 -.08 ThermoFis 53.60 +3.28
POSCO 106.58 -1.35 Thomson 44.08 +.70
PPG 74.40 .58 3M Co 80.45 +3.48
PPG 74.4 Tiffany 48.98 +.l1
PPL Corp 44.78 .. 4 a9l, 3 -.4
Paccars 84.9 -9 TW Cable n 36.77 -.42
ParlHan 90.57 +.63 TimeWam 20.98 -.17
Paychex 36.37 -.68 Tchmrk 68.18 +.15
PeabdyE 4929 40 TorDBk g 60.85 -.43
Pearson 17.14 -.10 Total SA s 73.82 -.73
PennWst gn 30.00 -2 TotalSys 31.74 -21
Penney 82.32 -.11 Toyota 122.35 -.58
PepslBott 32.54 +.06 fTCda g 35.68 -.26
PepsiCo 66.41 -.57 ansocn 6.41 +.72
PetroC 43.84 -.82 avelers 53.92 -.83
PetChina 116.28 -28 ITbune 32.81 +.03
PetrbrsA 91.84 -2.46 8rkcell 14.78 -.24
Petrobrs 103.61 -2.02 Tcolntl 32.52 -.03
Pfizer 26.72 +.40 Tyson 21.20 -.20
PhIILD 54.17 -.44 UBSAGs 66.15 +.59
PhilipsEl 41.90 -.47 UPM Ky 25.00 -.04
PitnyBw 48.41 -25 USTInc 58.28 -1.41
PlainsAA 59.28 -.15 UltraPt g 57.90 -.05
PlumCrk 4033 +.07 UUniao 99.57 +.67
UnilevNV s 30.91 -.01
Polo RL 94.53 -.64 UnilevNV s 30. -.0
PortgiTel 14.22 -.08 Unilevers 31.76 +.02
Potash 189.14 +1.25 UnionPac 114.77 -1.59
PwShs QQQ 4655 +24 UnBnCal 61.62 +.01
Praxalr 66.20 +26 UtdMicro 3.29 +.04
PrecCastpt 104.80 +23 UPS B 71.91 -1.09
PrceTR s 50.02 -53 US Bancrp 34.55 -.02
PrinFncl 63.87 +.08 US Cellular 73.42 -1.27
ProctGam 62.99 -54 USSteel 103.93 -.90
ProgrssEn 51.70 -.52 UtdTech 67.65 -.39
ProgCps 23.19 -.20 UtdUtils 29.81 -.26
ProLogis 66.20 -.09 UtdhlthGp 52.71 -.23
Prudentl 95.41 .33 UnumGrp 24.90 -.46
PrudUK 29.94 .60 VF Cp 88.49 -.58
PSEG 88.56 -1.95 ValeroE 71.74 +1.42
PubStrg 95.83 -.42 VeollaEnv 79.87 -.63
Publcls 4827 -.33 Verlslgn 26.90 -.08
PulteH 28.82 +.92 VerizonCm 37.97 +.32
Qualcom 4530 -.04 ViacomB 42.50 -.25
QstDiag 5020 +.73 VimpelCm 96.40 +.05
Questar 98.70 +2.37 VirgnMda h 25.99 +.07
QwestCm 8.93 -.10 Vodafone 28.60 -.08
s -t &9 .10O Volvo 95.01 -1.87
Raytheon 53.42 -1.58 Vonalvo 12195.01 -1.8720
ReedElsNV 37.35 -.11 VornadonM 121.504 +1.20
ReedEls plc 50.15 VulcanM 12154 +177
ReglonsFn 35.40 -.09 WPP Gp 74.62 -.76
RellantEn 23.44 -.17 Wachovia 55.87 +.13
Repsol 34.00 -.31 WalMart 48.70 -.11
RschMotn 135.26 -27 Walgrn 45.83 -.15
ReutrGrp 57.22 -1.06 WA Mutl 42.25 +.50
ReynAm s 6525 +.3 WsteMInc 35.35 -.06
Rinker 77s.55 .35 Weathfdlnt 51.99 +.31
RIoTInto 246.15 -5.10 WellPoint 79.02 +18
RockwlAut 59.12 -.81 WellsFgo s 36.07 -.21
RockColl 67.40 -.02 WstnUn n 21.69 +.10
RogCmgs 38.37 -.45 Westpac 113.10 -1.18
RoHaas 52.37 -.13 Weyerh 81.25 +3.90
Rostele 59.27 -.03 Whrlpl 107.05 -.35
RoyalBk g 52.39 -.44 WholeFd 47.41 -.50
RylCarb 4239 +23 Wmscos 29.98 -.23
RoyDShIB 71.44 -.65 WillsGp 41.20 +1.00
RoyDShllA 70.05 -.51 Wlndstrm 14.82 -.06
Ryanair s 47.95 -1.61 Wpro 16.74 +.25
SAP AG 495 -.92 Wolseley s 24.53 +.11
SATIm 24. +.92 WooriFn 75.63 -.85
SK Tlcm 24.63 +.53 Wrigley 55.44 +.13
SLGreen 141.45 -.09

sT MSTech 59.77 +.29 Wyndham n 35.49 -24
STMicmro 19.72 -.49 Wynn 105.93 +.46
Safec 66.91 29 XL Cap 78.19 -.36
Safewayco 66.91 -.29 XTO Engy 55.29 -1.29
Safeway 36.99 -1.01 XcelEngy 24.60 -.12
SUude 43.61 -.13 Xerox 18.47 +10
SanDisk 4520 +127 Xilnx 30.18 +.98
Sanofl 46.12 -.16 YPF Soc 42.85 +.23
SaraLee 16.46 -.35 Yahoo 28.49 +.43
Sasol 34.76 -.66 YumBrds 62.40 +39
Satyam s 25.03 -.35 zlmmer 91.87 +3.10
SchergPI 31.85 -.02 ZlonBcp 82.39 -.09
Schlmbrg 75.54 -.33 ZiBcp 8239 -09

6MO. 1YI.
%CHg. A60 AGO
-.15 3238 -.0050
-.39 .4683 +.0214
-.55 1.8907 +.2059
-.50 .8905 +.0058
-.00 .001907 -.000036
-.21 .000430+.000051
-.65 .0299 -.0005
-.29 1.2693 +.1148
-.79 .008447 -.000359
+.04 .093227+.001806
+.48 .0420 +.0001


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AIM Fidelity Advisor Putaam
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American Cent DivintIA m 24.74 -.09+11.7 VoyagerA m 19.06 +.01 +7.4
Ultralnv 28.50 +.04 +2.3 Fidelty Spartan RIverSowc
American Funds 5001ndxAd 103.77 -.07+16.6 DivrEqInA m 13.67 -. +14.2
AmcapA m 21.28 ...+11.6 USEqIndxl 52.91 -.03+16.6 LgCpEqA m 6.18 +.01 +15.1
BalA m 19.67 -.01 +12.3 First Eagle Russel
BondA m 13.41 -.02 +8.1 GIbA. m 48.41 -.04 +14.9 MulStrBdS 1037 -.02 +6.8
CapincBuA m 64.36 -.09 +21.0 OverseasA m 26.89 ...+15.5 Sdnub
CpWIdGrIA m 45.06 -.09+19.7 FrankTemp-Frankli nSw e ab +5
EurPacGrA m 50.41 -.13+17.1 CATFA m 7.34 +6.4 YdPisSel 9.69 .+5.8
FundmlnvA m43.11 -.07+16.0 FedTFA m 12.10 -.01 +5.8 Sele
GrowAmerA m34.99 -.06+11.1 HYTFA m 10.95 -.01 +72 AmerShS b 48.50 -.18+17.1
HiincA m 12.81 -.01+12.1 Income A m 2.79 .. +212 T Rewe Price
IncAmerA m 21.30 ... +19.9 SmMdCpGrA m4220+.21 +11.2 BIChpGr 38.33 +.17 +13.6
InvCoAmA m 35.24 -.05 +15.2 US Gov A m 6.43 ... +6.6 CapApprec 21.76 -.01+15.4
MutualA m 30.99 -.03 +18.0 FankTemp-Mutual Eqindex 40.10 -.02 +16.3
NewEconA m 28.51 -.02 +15.4 Discov A m 33.00 -.03 +21.0 Eqtylnc 31.03 -.03 +19.1
NewPerspA m34.07 -.07 +16.6 Shares Z 27.93 +.02 +18.0 GrowStk 33.97 +.16 +172
NwWrldA m 53.37 -.19 +25.3
SmCpWldA m43.36 -.08+17.6 FrankTemp-Tempteton IntlStk 17.96 -.05+14.4
aEBdAmA m12.48 .01 Fgn A m 14.61+.06 +15.8 MidCapVa 27.47 -.02+20.8
WAMutinvA m36.81 -.0 +18.5 ForEqls 29.09 +.10 +26.6 MidCpGr 5958 +35+10.8
WAMutnvA m36.81 -.03+18.5 Growth A m 27.14 +.05 +18.6 NewHoriz 34.82 +.11 +3.7
Artisan World A m 20.56 +.04 +17.0 Newincome 8.94 -.02 +75
Intl 31.51 -.16 +18.6 Franklin e mpleton SmCpStk 3637 +.08 +7.8
Baron FndAIIA m 14.62 +.08 +18.7 SmCpVal 44.44 -. +8.4
Growth b 52.97 +.11 +9.7 Harbor Value 29.00 -.04 +19.0
Bernstein CapAplnst 35.13 +.01 +7.2 Third Avenue
TxMIntI 28.35 -.17 +16.5 IntlInstl 67.56 -.52 +21.1 Value 63.84 +.04 +13.0
BlackRock Hartford T bur
GlobAIcA m 19.14 -.06+12.2 AdvHLSIA 23.74 -.02+13.0 ntValA m 3117 +11+19.7
Calamos CapAprA m 39.88 -.10+11.8 ValA m 31.17 +.11 +19.7
GrowA m 58.04 +.30 +1.6 CpApHLSIA 56.79 -.21 +13.3 TWeedy Browne
Columbia DvGrHLSIA 24.31 -.05 +19.8 GlobVal 33.90 +.06+195
AcornZ 32.52 +.11+12.9 JPMorgan VALIC
DFA IntrAmerS 29.91 -.07 +17.3 Stockldx 38.78 -.03+16.2
EmgMktVal 37.41 -.33 +31.6 Janus Van Kanmpos
IntlSmCap 23.65 -.18 +23.9 Contrarian 19.46 +.15+29.3 ComstockA m20.18 -.08 +183
IntlSmCo 21.59 -.12 +21.0 Growinc 40.84 +.02 +7.4 EqlncomeA m 9.49 -.01 +14.6
IntlValu 25.68 -.17 +26.9 Janus 30.73 ... +14.2 GrowlncA m 23.35 -.04 +18.0
USLgVal 27.16 -.07 +19.1 MidCapVal 25.93 +.01 +18.3 Vanguard
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DWS-Scudder John Hancock CapOp 38.42 -.03+10.7
DremHRtEA m52.44 -.07 +16.0 ClsscValA m 29.27 -.05 +172 EmerMktld m 26.39 -.15+17.7
Davis LifBal b 15.02 -.02 +13.1 Energy 69.31 -.32 +92
NYVentA m 40.78 -.14 +17.5 LlfGrl b 15.61 -.02 +13.1 Europeldx 39.91 -.24 +27.5
Dodge & Cox JuHus Baer ExpIr 81.54 +27 +6.9
Bal 90.14 -.24 +13.8 IntlEqi 47.88 -.26+22.8 Extndidx 42.07 +.07 +13.0
Income 12.65 -.01 +7.5 Legg Mason GNMA 10.20 -.02 +6.9
IntlStk 47.77 -.06 +20.5 OpportnPr m 21.19 +.20 +16.2 GIbEq. 25.11 -.14 +20.2
Stock 161.24 -.57 +17.3 ValuePr b 76.46 +.79 +12.8 Groinc 38.01 -.06 +15.7
Excelsior Longleaf Partners Growthldx 31.69 -.02 +123
ValRestrA 57.93 +.08+14.6 LongPart 37.01 -.28+16.3 HYCor 6.29 ...+10.0
Fidelity Loomis Sayles HithCare 156.60 -.45+193
AstMgr5O 16.81 -.01 +11.7 Bondl 14.64 -.05 +11.5 InflaPro 12.00 -.04 +6.4
Bal 20.72 +.01 +13.2 Lord Abbett Instldx 136.67 -.10+16.6
BIChGrow 46.67 +.03 +8.4 AffiliatA m 15.97 -.01 +14.1 InstTBdId 5036 -.09 +73
CapApr 29.05 -.10 +9.9 MidCpValA m 2435 +.04+20.2 InstTStPI 32.60 -.01+16.1
Caplnc 9.21 ... +14.6 MFS IntIGr 25.95 -.18+19.1
Contra 68.45 .. +10.2 TotRetA m 16.92 -.01 +14.3 IntiVal 43.56 -28+18.1
DiscEq 31.59 -.01 +17.4 ValueA m 28.54 -.11 +19.8 LIfeCon 17.16 -.02 +11.8
DivGrow 33.28 -.19 +16.0 Morgan Stanley Insti LifeGro 2533 -.03 +15.8
Divrintl 40.19 -.10 +16.8 IntlEqA 22.17 -.13 +18.0 LifeMod 21.39 -.03 +14.0
Eqlnc 61.10 -.07 +19.2
Eqlnc I 24.841 -.0 +15.2 Neuberger Bermnnan MidCp 21.76 +.02 +15.2
FF2015 12.88 ... +11.6 GenesisTr 52.20 +.04 +8.9 Morg 20.26 -.01+11.4
FF2040 10.17 +.01 +13.9 Oakmark MulntAdmI 13.28 -.01 +5.4
Fidelity 38.35 -.04 +14.5 EqIncI 27.67 -.09 +14.9 PacificId 13.06 -.10 +5.9
Frec2010 15.36 ... +11.0 Intl I 27.65 +.08 +23.2 Prmcp 73.48 -.05+10.1
Free2020 16.49 ... +12.5 Oakmark I 48.73 -.09+19.7 REITIdx 26.77 -.06+29.8
Free2030 17.15 ... +13.5 Select 1 35.01 +.05 +14.6 STCor 10.59 -.01 +62
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Growlnc 32.65 +.03 +11.2 DevMktA m 44.98 -.18 +16.9 Star 21.99 -.04+12.4
IntBond 10.29 -.02 +6.7 GlobA m 78.57 -.13 +14.2 StratgcEq 26.05 +.04 +13.0
IntlDisc 41.09 -.11 +17.6 IntlBondA m 6.24 -.03 +10.3 TgtRe2015 13.10 -.02+13.9
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MidCap 33.03 +.10+12.8 PIMCO WellsI 22.40 -.05+13.9
OTC 44.27 +.21 +11.8 AIIAssetl 12.96 -.04 +9.9 Welltn 33.81 -.08+15.3
Overseas 49.23 -.18 +17.6 ComRIRStI 14.62 -23 +1.7 Wndsr 19.66 -.03+17.7
Puritan 20.81 -.02 +15.3 LowDrs 9.91 -.02 +5.1 Wndsrli 37.25 -.05 +20.3
Reallnv 38.48 -.09 +30.2 RealRet 10.88 -.03 +6.2
ShTmBond 8.86 -.01 +5.3 TotRetis 10.38 -.03 +6.7 Western Asset
USBdIndx 10.89 -.02 +7.3 pioneer CrBdinst 11.35 -.03 +93
Value 89.10 +.37+18.6 PloneerA m 51.13 -.11+15.8 CrPIBdIns 10.53 -.02 +9.3

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4Br i-rrO AV A nnil 1 7 7on7 Tl- ITrI^ATI/CMAI Ir).TI('I


MiamiHerald.com I THE MIAMI HERALD


Six areas that can

cause catastrophe

Getting control over
your corporate
issues is more
important than you think.
There are many areas you
need to keep an eye on. Fail-
ure to address one of the fol-
lowing six areas can cause dis-
ruption to your business.
The first system you need is
a system for Drafting and
Negotiation of Contracts.
Whether you are going to be a
partnership, a limited compa-
ny or some other entity, you
will need to document your
business arrangement to avoid
any issues down the line.
Things invariably go wrong in
any business arrangement, so
prepare yourself for the fol-
lowing eventualities and give
yourself a method for resolv-
ing them.
When you draft your docu-
ment, make sure you include
the purpose and duration of
the arrangement; the respon-
sibilities, contributions, remu-
neration and performance
standards of those involved; a
process for admission and
withdrawal of new
partners/directors; financial
and accounting arrangements,
such as cheque signing and
drawing money; conflict reso-
lution and arbitration where
deadlock occurs; and the
method of dissolution, buyout
processes and valuation.
The second system you
need is a system for Protecting
Intellectual Property (IP).
Regardless of what product
your business makes, or what
service it provides, it is likely
that it is regularly using and
creating a great deal of intel-
lectual property, such as your
name, domain name, trade
name, trademarks, valuable
confidential business informa-
tion, customer lists, sales tac-
tics, original designs, publica-
tions, inventions and improve-
ments of products or services.
You need a system of protect-
ing, managing and enforcing
your IP, so that others will not
be tempted to steal it or pass it
off as their own.
Have a process for patenting
your intellectual property. A

FROM page 1

marina and family estate resi-
He added that he was "just
getting ready to close on the
land" purchase required to
make an expanded South
Ocean viable, and putting
together a team of Bahamas-
based and foreign personnel
to start on the utilities and
infrastructure build-out as
soon as possible once all nec-
essary approvals were in place.
"It'll have a significant
impact by really putting on the
map the other side of the
island, which until now has not
had much attention," Mr Stein
said of his South Ocean plans.
"It will have cafes, restaurants,
retail, a marina, a high level
golf course that will be open to
everyone, and should be open
by the final quarter of this
He added that the new
South Ocean would help cre-
ate "a vibrant, energetic"
southern side of New Provi-
dence, complementing the
$1.4 billion Albany project,
which is focused more on a
high-end, upscale residential

I, Business
S '" Sense

patent is an exclusive right
granted for a product or
process that provides a new
way of doing something, or
offers a new technical solution
to a problem. In some coun-
tries, inventions may also be
protected by less stringent
patents called utility models,
so check out what the situa-
tion is by talking to a compe-
tent patent attorney.
Have a process for trade
marking your intellectual
property. A trade or service
mark is a distinctive sign,
which identifies your product
or service, allowing the con-
sumer to distinguish them
from goods or services sup-
plied by others. There are sev-
eral online services, such as
legalzoom, that can do this
cheaply for you.
Have a process for copy-
righting your intellectual prop-
erty. Copyright protection cov-
ers original creations in the lit-
erary, 'musical and artistic
domain (including software).
Copyright protection is usual-
ly automatic once your work is
fixed in some material form.
The third system you need
is a system for Insurance for
Business. Whether you run
your business out of your base-
ment or have corporate
offices, a disaster could wipe
you out. Make sure you pro-
tect yourself by getting cover
for the following:
You should have insur-
ance cover for buildings and
content, as this will cover you
against damage to your build-
ings and your contents, such
as furniture, equipment, stock,
fixtures and fittings within
those buildings.
You should have business
interruption insurance cover,
as this will cover you against
loss of income as a result of
any catastrophe that stops the
operation of your business. It

community as opposed to a
resort. All shipping facilities
are supposed to be relocated
to southwestern New Provi-
dence also, paving the way for
Bay Street and downtown
Nassau's revitalisation.
The draft economic impact
study performed for the South
Ocean project by Oxford Eco-
nomics had projected that the
development, scheduled to
open in 2010 with construc-
tion hopefully beginning this
year, would inject $172 mil-
lion in visitor spending into
the Bahamian economy dur-
ing its first full operational
Hard construction spending,
which would involve the con-
struction of new buildings and
renovations to others, would
total $541 million by 2015,
with the total investment by
Mr Stein, RHS and their part-
ners via the New South Ocean
Development Company
reaching $867 million by that
Construction employment,
Mr Stein said, would average
877 persons over the 2007-
2010 period, peaking in 2009.
The $541 million construc-
tion spending had been fore-
cast to inject $217 million into
the Bahamas' GDP over nine
years, and generate $105 mil-
lion in wages. On the opera-

can even pay for the cost of
operating out of temporary
You should have liability
protection cover, as this will
cover you for any bodily injury
or property damage that your
business operation or employ-
ees may cause due to defec-
tive products, poor services,
or if something goes wrong.
The fourth system you need
is a system for Auto Insurance.
It is a legal requirement that
your vehicles are covered by
auto insurance, which can cov-
er injuries caused to someone
else; treatment of injuries;
property damage; damage to
your car; damage to your car
other than through collision;
and cover if you are hit by an
underinsured driver. Make
sure you get sufficient cover-
age for your purposes.
The fifth system you need
is a system for Employee
Insurance Cover. This is a
wide area, so make sure you
meet with an insurance spe-
cialist to advise you on the fol-
You should consider
health insurance cover, as this
will cover your employees for
private medical, surgical and
hospital expenses and, in some
cases, dental.
You should consider life
insurance coverage, as this will
cover them in the event of
dying. You can purchase
either term policy, which cov-
ers them for a particular time,
or whole life.
You should consider key
man insurance, as this will cov-
er vou against the deatN of
your key employees, with the
beneficiary being the business.
You should consider
worker's compensation insur-
ance, as this will cover your
employees against workplace
And, finally, you should
also consider disability insur-

tional side, South Ocean was
forecast to produce a $3.7 bil-
lion GDP impact over its first
20 years, generating $1.5 bil-
lion in direct wages and
salaries for its employees.
In addition, the project was
forecast to generate $1.8 bil-
lion in revenues for the Gov-
ernment in the 23 years to
Mr Stein indicated to The
Tribune that the projected
economic impact from South
Ocean's redevelopment and
revitalisation could be more
than the initial drafts had pro-
jected, as it did not account
for all the facilities that could
be constructed.
South Ocean's redevelop-
ment will take place in two
phases, the first involving util-
ities and infrastructure such
as the installation of roads,
sewerage, telephone, electric-
ity, reverse osmosis and water
storage facilities.
That is likely to cost "a little
over $200 million", with the
second phase, involving the
construction of the 400-room
four-star hotel; 140-room five-
star hotel; fractional villas; 180
timeshare units; second
homes; 40,000 square foot
casino; convention centre;
marina; tennis facilities; spa
and other facilities set to cost
Around $500 million.

ance, as this will pay your
employees an income if they
are unable to work because of
an accident or illness.
The sixth system you need is
a system for Data Protection.
If you are subject to a Data
Protection Act, you will need
to find out what your respon-
sibility is regarding the per-
sonal information in your pos-
session. The Act will normally
cover how you process that
information; what you use it
for; how accurate it is; how
long you keep it for; where
you keep it; how securely it is
kept; and who you intend to
transfer it to.
Whatever business you are
in, there will be a lot of things
you need to do to keep on top
of corporate issues. I know of
several successful businesses
that failed because they for-
got to renew their insurance,
or had insufficient cover.
Don't be an antipreneur and
forget to implement systems
for this important area. In
order to avoid the trap of
antipreneurship, make sure
you spend sufficient time set-
ting up systems for managing
corporate issues, as it could be
the best insurance policy you
can buy for your business.
NB: This column is available
as an eBook at
Mark draws on 20 years of
top-level business, marketing
and communications experi-
ence in London and The
Bahamas. He is Chief Oper-
ating Officer of www.ezpze-
mail.com, currently lives in
Nassau, and can be contacted
at markalexpalmer@mac.com
Mark Palmer. All rights

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Film Festival


Bahamas International Film Festival
is please to show the 2006 BIFF Grand Jury

Saturday, April 28th @ 8:00pm
Free of charge
Location: Rawson Square, Downtown Bay

Saturday, April 28th @ 8:00pm

*Directed by Israel Adrian Caetano
*Starring: Rodrigo De la Serna, Pablo
Echarri, Nazareno Casero
*Runtime: 103 mins
*Rated PG
*English subtitles

The goalkeeper of a little-known soccer team is
kidnapped by a Argentinean government squad and
sent to a detention center. After months of torture, he
plots his escape with three other young men.

For More information on BIFF please visit our website
at www.bintlfilmfpft.comn ..
at w" 4 .9 i 't.r "C ; .

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in principle,"



Development Bank in

new financing initiative

Tribune Business Reporter
The Bahamas Development
Bank (BDB) yesterday
unveiled a new initiative
designed to assist Bahamian entre-
preneurs in gaining the capital they
required to finance business ventures,
with the funding ceiling placed at
The BDB's chairman, K Neville
Adderley, explained that the Youth
Entrepreneurial Programme is

designed for Bahamians aged
between 18-30 years-old, and who
are recommended by an educational
institution or community-based ser-
Once approved, these persons can
receive funding up to the ceiling of
$50,000. However, a vital component
of the programme is that all recipients
must have completed specific training
in business management with a part-
ner learning institute. This training
will include: specified formal busi-
ness training; assistance with devel-

hoping their business plan; funding for
their business; mentorship during
implementation and initial opera-
tions; as well as networking opera-
tions to support growth.

The Bahamas Chamber of Com-
merce is assisting with the mentor-
ship aspect of the programme.
With 80 per cent of businesses fail-
ing in their first year of operation,
Mr Adderley said the BDB wanted to

ensure young Bahamians they assist
have a thorough understanding of
exactly what it takes to make a suc-
cessful business. He said that hope-
fully the BDB will be able to aid in
the creation of a new breed of suc-
cessful entrepreneurs.
Mr Adderley added that the BDB
will be open to innovative business
ideas, particularly since they are com-
ing from young people. They will also
be flexible in repayment plans and
the level of capital required on an
individual basis.

Each case will be considered on its
own merit, with the BDB relying
heavily on government guarantees.
Both Mr Adderley and Calvin
Knowles, the BDB's managing direc-
tor, stressed the timing of the
announcement was purely coinci-
dental with respect to the looming
May 2 general election.
Mr Adderley said the initiative had
been approved last month, and the
announcement simply was held until
the next Board meeting, which was

Ministry to tackle Grand

Bahama's high airport costs

(FILE photo)

FROM page 1

on Grand Bahama.


Speaking with The Tribune
yesterday, David Johnson,
deputy director-general at the
Ministry of Tourism, said he
will be holding meetings with
the airport's management in
the next few days to discuss
ways they can work together
to increase passenger volume
while decreasing turnaround
At present, the privately-
owned airport charges airlines
$34 per passenger more to
operate than at Lynden Pin-
dling International in Nassau.
At last year's Grand
Bahama Business Outlook
Seminar, Mr Johnson used this
example to detail the impact
of the turnaround cost.

"On a 50- seat aircraft, with
average loads of 75 per cent,
Grand Bahama's cost is $1,275
more to turn around a Dash 8
like Bahamasair than in New
Providence. On a jet with a
125-seat capacity and a 75 per
cent load factor, Grand
Bahama cost $3,187 more per
turn around, or well over $1
million if the aircraft operat-
ed a daily service," he said.
Mr Johnson told The Tri-
bune yesterday that the Min-
istry and the airport "are on
the same page" when it comes
to addressing the issue.


He noted that reducing the
turnaround cost would be a
hugegotivating factor to
encourage more airlines to fly
into G and Bahama, which
would boost the island's econ-

Low cost carriers such as Jet-
Blue and Spirit have already
expressed a hesitation to pro-
vide service to Grand Bahama
because of the prohibitive


In addition to the turn-
around costs, airlines are also
faced with ever increasing fuel
costs. Mr Johnson said that last
year, for example, between Air
Tran and US Airways, the two
most important jet carriers ser-
vicing Grand Bahama, are
faced with a combined $10 mil-
lion increase in flight costs as a
result of the two factors.
Mr Johnson said the Royal
Oasis's two-and-a-half year
closure had negatively impact-
ed visitor arrivals and airlift to
Grand Bahama. The island lost
a great deal of exposure, mar-
keting thrust and room inven-

tory when the resort closed,
reducing the island's attrac-
tiveness as a tourism destina-
It is crucial that airlift to
Grand Bahama be addressed,
given the investment projects
slated for the island, including
the $4.9 billion Ginn Clubs &
Resorts project in West End,
Morgan Stanley's 2,000-acre
Barbary Bay resort, retail, res-
idential and commercial com-
plex, and the possible sale of
the Royal Oasis to Harcourt
Developments and Isle of
Capri extending its stay in
Grand Bahama by two years.


Without airlift, tourists will
not Je able to travel to Grand
Bahama, and the high turn-
around costs may be passed on
to travellers; again reducing
the island's attractiveness.

pahmrmn *""*a" m 0Vh I MO.
PMii, B X- .

0 aw an.H rfyit car oiuda & tudl
FcrW At q&8MJ* WmwrluunfP DiM SiwBeq ul,
4a5-4rDPstareha~am __


Julius Baer, a leading global wealth manager is
seeking to employ an experienced professional to
join their team as:

Portfolio Specialist

The main tasks of this position are:

Monitor and implement global investment
templates and systems for wealth management
Execute trades and control procedures to portfolio
managed client base across fixed-income, equity
and FX markets;
Implement Portfolio Management policies,
procedures from head office:
Market Portfolio Management services to
prospective and current clients.

The successful candidate will have:

Minimum three years experience in portfolio
management or product specialist function in a
wealth management context;
Bachelors Degree in Finance or Economics, further
education is plus (e.g. Series 7 or CFA:)
Strong analytical skills

Interested person meeting the above criteria should
apply in writing, on or before May 10, 2007 enclosing
a full resume with cover letter to:

Personal & Confidential
Resident Manager
P.O. Box N-4890
Nassau, Bahamas

Personal & Confidential
Resident Manager
Julius Baer Bank & Trust (Bahamas) Ltd.
Ocean Centre, Montagu Foreshore
Nassau, Bahamas


at 1:00 P.M.


WEDNESDAY, MAY 2nd, 2007

We regret any inconvenience

this will cause to our customers


In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138
(4) of the International Business Companies Act, 2000,
KILBANEENTERPRISES LTD. is in dissolution as of
April 20, 2007.

International Liquidator Services Inc. situated at 35A
Regent Street, PO. Box 1777, Belize City, Belize is the


siS allmTM"a C
C F A L"-
Pricing Information As Of:
Thursday, 26 April 200 7
"=" I :CI 0C.00( I %CHG 00.00 1 YT' 10G.37 / YTD % 06.52
52,k-HI 52vwk-Lov Securit y Previous Close Toda,'s Close Changea tDa, '. EPS i. DI, $ E Yield
1.85 0.54 Abaco Markets 1.10 1.10 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%
9.02 7.10 Bank of Bahamas 9.00 9.02 0.02 1,500 0.737 0.260 12.2 2.88%
0.85 0.70 Benchmark 0.85 0.85 0.00 0.265 0.020 3.2 2.35%
2.50 1.26 Bahamas Waste 2.50 2.50 0.00 0.243 0.060 10.3 2.40%
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 Collna Holdings 2.10 2.10 0.00 0.078 0.040 26.9 1.90%
14.26 9.99 Commonwealth Bank 14.26 14.26 0.00 600 1.084 0.680 13.2 4.77%
6.26 4.22 Consolidated Water BDRs 5.13 5.19 0.06 0.118 0.045 43.5 0.88%
2.88 2.40 Doctor's Hospital 2.43 2.43 0.00 0.295 0.000 8.2 0O00%
6.21 5.54 Famguard 5.94 5.94 0.00 0.522 0.240 11.4 4.04%
12.49 11.25 Finco 12.49 12.49 0.00 0.779 0.570 15.7 4.58%
14.70 12.00 FirstCaribbean 14.62 14.62 0.00 0.977 0.500 15.0 3.40%
17.11 10.42 Focol 17.11 17.11 0.00 257 1.644 0.510 10.4 2.98%
1.15 0.54 Freeport Concrete 0.54 0.54 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 7.9 7.95%
,- g.. - e.l; ""g ". F ida tty Over-The-Counter Securities
,..nk Hi 52w.K-Low Symbol BI81.3 T ;k i L ssl r,._ .'P- ekl . 1 EFP '. D-. 1 P E iel
1.1 30 12 25 Banamas Supermartels 14 60t 1. tr' t '' tI .- : 1 1. 6t -1:.
10.14 10.00 Caribbean Crossings (Pref) 8.00 8.25 10.00 0.000 0.640 NM 7.85%
0.54 0.20 RND Holdings 0.45 0.55 0.20 0.021 0.000 26.2 0.00%
"'> 0 "28.00"ABDAB 1 O ver-The-Counter Securities
.1 ts,, 28 00 ABDAB 1 0) A 3 ut-' 1 .l '" 't I. .4 '4
14.60 14.00 Bahamas Supermarkets 14.60 15.50 14.00 1.770 1.320 8.3 9.04%
0.60 0.35 RND Holdings 0.45 0.55 0.45 -0.070 0 000 N/M 0.00%
"i *~" ..a'.....A.16MI BtSX Llisted Mutual Funds
S.kuk-.H 52wk-Low Fund Name N4 v TD L[.1 I I ., n11. I-' -
1 334 1 2850 Colina Mor.ey Markel Fund 1 3-7393"
3.1424 2.7451 Fidelity Bahamas G & I Fund 3.1424**
2.6492 2.3294 Colina MSI Preferred Fund 2.649189"*
1.2386 1.1643 Collna Bond Fund 1.238600*""*
11.4467 10.7674 Fidelty Prime Income Fund 11.4467"...
?'.ku 04640i LC(SlPA '' JP tL( Los8 706 14 /YTD 07 28% 2006 34.47%
'1i '-L 3nO E tOE 1 ': I ir,: 0 tl..'ET TEtfl ,.1 1 i E i i. '1 ' pii NAV EY
52wk HI Highest closing price In last 52 weeks Bid $ Buying price of Colirnn rd Fidolity
52wk-Low Lowest closing price In last 52 weeks Ask $ Selling price of Collna nnd fldolity 20 April 2007
Previous Close Previous day's weighted price for dally volume Last Price Last traded over-tho-counter prico
Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week 31 March 2007
Change Change in closing price from day to day EPS $ A company's reported earnlrng per share for the last 12 mths
Daily Vol. Number of total shares traded today NAV Net Asset Value "' 31 March 2007
DIV $ Dividends per share paid In the last 12 months N/M Not Meaningful
P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamnas Stock Indox Jnuary 1, 1994 = 100 "" 31 March 2007
.. 31 March 2007


Siemens alert on

bribery allegations

AP Business Writer

(AP) Siemens AG said
Thursday it faces a widening
investigation into bribery alle-
gations that have spurred both
its chief executive and the
chairman to say they would
step down, and warned that
the money in question could
be bigger than earlier thought.
The disclosure came as
Europe's biggest engineering
company by sales said all of its
units either met or exceeded
their profit targets on the back
of stronger sales, particularly
for factory and medical equip-
ment. It had previously said its
earnings rose 36.5 percent for
the second quarter.
"We are firing on all cylin-
ders now there is not one
single cylinder anymore that is
stuttering," said CEO Klaus
Kleinfeld, who announced
Wednesday that he would not
renew his contract expiring
Sept. 30 with Siemens.
"We significantly strength-
ened our strongest businesses,
better aligned the company to
take full advantage of global
demographic and urbanization
trends and reached or exceed-
ed our margin targets at all
groups," he added.
Kleinfeld, who has not been
a target of any of the corrup-
tion inquiries at the industrial
and engineering conglomerate,
had pledged to restore the

company's reputation.
But after reports that some
members of the supervisory
board which is the equiva-
lent of a U.S. board of direc-
tors wanted to oust him, he
said Wednesday that he would
leave after his contract expires.
No successor has been named
for the 49-year-old, who has
been with the company for 20
years and CEO since January
Former board Chairman
Heinrich von Pierer, who also
has not been accused of any
wrongdoing, stepped down at
Wednesday's board meeting.
Siemens which makes
products ranging from cell-
phone network components to
trains has been rocked by
investigations in Germany.
Italy and Switzerland over
whether money totaling hun-
dreds of millions of dollars was
taken from corporate accounts
and used to pay bribes to help
land telecommunications deals.
The scandal has enveloped the
company. a pillar of the Ger-
man corporate world.
Munich-based Siemens said
Thursday that the SEC and the
Department of Justice are also
investigating the allegations of
bribery. It said the SEC had
upgraded its informal inquiry
into possible bribery into a for-
mal investigation. The U.S.
Justice Department is already
investigating possible criminal
Siemens also said it was

widening its internal investiga-
tion into suspicious payments
made under what are known
as business consultants agree-
ments, or BCAs.
"An analysis of BCAs and
related payments at the other
groups will begin," the compa-
ny said as it released its com-
plete second-quarter results.
"As a result, the company
expects a significant increase
in total amount of BCA pay-
ments under review."
So far, Siemens has identi-
fied 420 million euros ($572.9
million) in suspicious payments
made at its telecommunica-
tions unit in recent years, but
warned the amount could grow
and, possibly, affect its
finances. The company warned
that the investigations could
lead to what it called "sub-
stantial uncertainties" but
added that so far it has not
affected its bottom line.
"There is a risk that the com-
pany will have to make (such)
changes ... including by record-
ing additional tax charges in
respect of prior periods,"
Siemens said. "Such changes,
as well as further results from
the ongoing investigations,
could be material."
Siemens reiterated figures it
released earlier this week that
it earned 1.26 billion euros
($1.71 billion) in the second
quarter compared with 923
million euros in the same peri-
od a year earlier. That was bet-
ter than what analysts had

Banks to decide on ACH

software 'by early May"

forecast. Sales rose 10 percent
to 20.63 billion euros ($28.16
billion), also beating expecta-
The growth came at all the
company's major units, includ-
ing its industrial automation,
medical, power transmission
and automotive units.
Kleinfeld also dismissed
speculation that Siemens
would sell its VDO Automo-
tive auto parts unit. "Our mes-
sage is clear. We will continue
to pursue an IPO in any case,"
he said. Siemens shares rose
nearly 2 percent to 90.09 euros
($122.96) in Frankfurt. Since
Kleinfeld took over as CEO,
they have risen by some 40

(No.45 of 2000)


We, Sovereign Managers Limited, Liquidator of
AGAPE UNITY LIMITED, hereby certify that
the winding-up and dissolution of AGAPE UNITY
LIMITED, has been completed in accordance with
the Articles of Dissolution.

Dated the 24th day of April, 2007.

Sovereign MN Limited

l SWisS
financial *
Swiss Financial Services (Bahamas) Ltd. is a leading investment funds x
administrator in The Bahamas seeking a professional, reliable,
hardworking, and motivated individual to join our staff.
Manage a diverse portfolio of funds with varying complexities to include:
1. Understanding assigned portfolio of funds (PPM, Agreements,
Due Diligence, Resolutions)
2. Trade processing (subscriptions, redemptions, etc.) X
3. Execution of trade confirmations I
4. Liaising with fund partners (investment managers, third party '
administrators, private bankers, etc.)
5. Proper Reporting to the Securities Commission of The Bahamas
6. Preparation of annual fund audits ^
7. Preparation of reports and special projects
8. Other miscellaneous duties
Skills & Qualifications: x
Bachelors degree in a business related subject
Minimum 3-5 years experience in similar position
Team player with the ability to function with minimum supervision "
Computer proficiency in MS Office Word, Excel, Outlook
Professional written and oral communication skills
Excellent time management and organizational skills x
Detailed analytical and problem solving skills
Benefits include competitive salary commensurate with experience, "I
pension and group medical insurance.
If you meet the requirements specified above, pleased send cover letter '
and resume with reference: FASWISS, by May 11th, 2007 to:
Swiss Financial Services (Bahamas) Ltd, Human Resources,
P.O. Box EE-17758,
Nassau, Bahamas X
Fax: (242) 394-9250 Email: vking@swiss-financiaLbs
11 Y -V N 'NNV l IV""N- N",W N'V VY, '' N''' N'Y N VN'N

FROM page 1

Explaining why the process
appeared to be taking longer
than anticipated, Mr
McWeeney told The Tribune:
"It is a very significant step for-
ward for the financial services
industry, and I want to make
sure all options and all issues
are adequately addressed. I
understand the urgency behind
it, but I don't want to make a
hasty decision."
He said the ACH working
group had a duty to ensure that
whatever decision it made in
regard to the software provider
was reasonable and "in the
best interests of the financial
services sector's future".
The ACH is seen as a "long
overdue" upgrade to the
Bahamian financial services
system's infrastructure, and Mr
McWeeney had originally
hoped to have it implemented
by end-June 2007, with the'
software provider's selection
the,last piece in the jigsaw.
Tanya Wright, the Bahamas
Chamber of Commerce's pres-
ident, and other members of
the Bahamian business com-
inunity, notably Superwash's
Dionisio D'Aguilar, have
repeatedly urged the ACH's
This is because it will lessen
the business community's
reliance on a primarily cash-
based system to pay for goods
and services, reducing the
attractiveness of many compa-
nies as armed robbery targets.
In addition, the ACH will
improve the integrity of the
Bahamian banking system by
enabling businesses to learn
about bounced customer
cheques much earlier, boost
overall cash flows in the econ-
omy, and reduce the time
Bahamians spend in bank
queues waiting to deposit their
Commonwealth Bank said
in its 2006 annual report that it
and other commercial banks
were eagerly awaiting the
ACH's introduction, as it
would provide a platform for
them to launch enhanced deb-
it and credit card services.
The ACH is being viewed as
a mechanism to boost the effi-
ciency and integrity of the
Bahamian commercial bank-

ing and payments system. The
first phase will provide all
Bahamian clearing banks with
an interlinked system for the
electronic processing of
cheques, in addition to direct
debits and credits.
The latter two functions will
enable Bahamians to credit
and debit funds electronically,
and instead of providing
employees with their pay in
the form of cheques, compa-
nies can credit employee
accounts even if they are
housed at a different bank.
The ACH second phase will
involve the development of an
automatic teller machine
(ATM) SWITCH network,

which will allow Bahamians to
access their money at any bank
ATM machine in this nation.
The ACH third phase is
intended to lead to "full trun-
cation", and the potential of
creating a National Archiving
or National Processing Centre
for the entire Bahamian com-
mercial banking system.
Currently, all the commer-
cial banks have their own pro-
cessing centres to deal with the
clearing and settlement of
monetary transactions, and the
creation of one unified centre
via the ACH could lead to
reduced further costs, efficien-
cies and greater economies of

Bahamas Co-operative League Limited
ahamas o-operative League
Bahamas Co-operative League
Insurance Brokerage Limited

will be relocating
to our new office complex at

Russell Road
(Oakes Field across from COB campus through
the corner of McDonald's-we're right next door)

On Monday April 23,2007

Our new telephone number is


We look forward to serving you
at our new location.



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



FirstCaribbean International Bank (Bahamas) Limited is accepting applications for various
entry-level full-time positions. These include:
Customer Service Representatives (Tellers)
Wallets Processing Officers & other Clerical & Administrative positions

If you possess the following skills and qualifications, here's your opportunity to work
with the Bahamas' most dynamic banking organization:

Minimum of 5 BGCSE Certificates inclusive of Mathematics & English Language
(Grades of 'C' or better)
General PC Knowledge Microsoft Excel, Microsoft Word
Fast & Accurate Keyboarding Skills
Prior banking experience, though not required would be an asset
Applicants should also possess excellent:
Written & Verbal Communication Skills
Interpersonal & Organizational Skills
Analytical & Problem Solving Skills

If you believe that you've got what it takes and want to join our team, please submit
a detailed resume, including your email address, along with copies of all *relevant
documents to the address listed below:

Miss Deangelia Deleveaux Business Associate
Human Resources Department
FirstCaribbean International Bank (Bahamas) Limited
P.O.Box N -7125
Nassau, Bahamas
(Important: Please ensure that you include your return email address)

*Relevant Documents must include:

Copies of your high school diploma, certificates, professional qualifications, etc.
Three (3) written character references on your behalf
A copy of your valid police certificate
Two of your most recent (2) passport-sized photos
First 4 pages of your valid passport.
Copy of your valid National Insurance Board Card

Resumes submitted without copies of certificates will not be considered.
Candidates who are contacted for an interview will be requested to provide original
documents/certificates for verification.
FirstCaribbean Bank offers a full range of market-leading financial services in Corporate,
Retail Banking, Credit Cards, Wealth Management, Capital Markets and Treasury. We
are the largest, regionally listed bank in the English-speaking Caribbean, with over 3,500
staff. FirstCaribbean offers a very competitive remuneration package, a medical/health
program, a pension scheme and an Employee Stock Ownership Plan to all of our employees.
Additionally, we have a clear talent management strategy, which ensures to prepare you
effectively to take on a leadership role within the business and provide a solid foundation
for your future career.

FirstCaribbean International Bank is an affiliate of CIBC


to Rusell oad ,OakesFiel





Citco Bank and Trust Company (Bahamas) Limited

Balance sheet as at December 31, 2006
(after appropriation of result)
Note 2006 2005
IUSD 000 USD) 000

Bank balances and caslh
Demand others
Demand related parties
Time others
Time related parties
Other receivables and prepayments
Customer advances
Due from related parties
Derivative financial assets held for clients
Property, plant and equipment


Customer deposits
Demand others
Demand related parties
Time others
Time related parties
Due to banks related parties
Derivative financial liabilities held for clients
Other payables
Due to related parties


Share capital
Authorized, issued and fully paid:
5,000,000 shares of USD 1 each
Retained earnings

173 179
28,154 17,707
180,000 0
41,580 40,346
2,956 2,285
51,607 32,968
2 3,052
704 47
72 110
305,248 76,694

22,114 10,564
6 1
256,627 65,693
1,555 2,467
1,822 0
694 47
297 278
437 332
447 479
283,999 79,861

5,000 5,000
16,249 11,833
21,249 16,833
305,248 96,694

Notes to the balance sheet

1 General

la) General Information

Citco Bank and Trust Company (Bahamas) Limited (the "Bank") was incorporated under the laws of
The Commonwealth of The Bahamas on October 10, 1997 and is licensed by the Central Bank of
The Bahamas to conduct unrestricted banking and trust business from within and in The Bahamas.
The Bank's registered office is located at One Montague Place, East Bay Street, P.O. Box N-4906,
Nassau, Bahamas.

Ib) Activities

The products and services of the Bank are to protect, preserve and enhance assets in a secure and
confidential environment. The Bank offers custodial services for investments in offshore funds,
trading services in global markets and account administration for international banks.

The principle activities of the Bank comprise the provision of banking, custody, fiduciary, corporate
and other professional services to its clients.

Ic) Group Structure

The direct shareholder of the Bank is Citco Banking Corporation N.V. Ultimately the Bank is a
wholly owned subsidiary of Citco III Ltd., located in Grand Cayman, Cayman Islands. All
transactions and balances described in the balance sheet as "related parties" relate to Citco Ill Ltd.
and its subsidiaries and their directors and officers.

As per September 5, 2006 as part of a Debt Restructuring process the parent company has entered
into two loan agreements with a financial institution. In these agreements, the Bank has been
included as obligor for these facilities. The Bank has individually guaranteed up to 10% ofits equity
and a combined guarantee together with its affiliates up to 20% of the combined equity with a
maximum of USD 15 million.

Id) Currency

-The Bank uses the United States dollars as functional currency and reporting currency since that is
the currency in which the majority of the Bank's transactions are denominated.

Ie) Approval of the Board

The balance sheet has been approved for issue by the Board of Directors on February 9, 2007.

2. Principal accounting policies

The balance sheet has been prepared in accordance with applicable International Financial Reporting
Standards (IFRS) and its interpretations adopted by the International Accounting Standards Board
(IASB). The balance sheet has been prepared on the historical cost basis, except for the revaluation
of certain financial instruments. The principle accounting policies adopted are set out below. These
policies have been applied consistently during the year and the preceding year.

2a) Adoption of new and revised International Financial Reporting Standards

In the current year, the Bank has adopted all of the new and revised Standards and Interpretations
issued by the IASB and the International Financial Reporting Interpretations Committee (IFRIC) of
the IASB that are relevant to its operations and effective for accounting periods beginning on January

At the date of authorization of the balance sheet, the following Standards and Interpretations were in
issue but not yet effective:

IFRIC 7 Applying the Restatement Approach under AS 29 Financial Reporting in Hyperinflationary
IFRIC 8 Scope oflFRS 2
IFRIC 9 Reassessment ofEmbaeded Derivatives
IFRIC 10 Interim Financial Reporting and Impairment
IFRIC 11 IFRS 2: Group and Treasury Share Transactions
IFRIC 12 Consolidation Special Purpose Entities

Following amendments to IAS 39 Financial Instruments: Recognition and Measurement in June
2005, the ability of entities to designate any financial asset or financial liability as 'at fair value
through profit or loss' has been limited. These amendments had no impact on the designation of
financial assets and liabilities by the Bank.

Management anticipates that the adoption of these Standards and Interpretations in future periods
will have no material impact on the balance sheet of the Bank.

The Bank will adopt IFRS 7 Financial Instruments: Disclosures as of January 1, 2007. Management
anticipates that the impact of disclosing financial risks will be minor.

2b) Use of estimates In the preparation of the balance sheet

In the preparation of the balance sheet, management is required to make estimates and assumptions
that affect reported income, expenses, assets, liabilities and disclosure of contingent assets and
liabilities. Use of available information and application ofjudgment are inherent in the formation of
estimates. Although these estimates are based on management's best knowledge of current events
and actions, actual results in the future could differ from such estimates and the differences may be
material to the balance sheet.

2c) Foreign currency translation

Transactions in foreign currencies are initially recorded at the rates of exchange prevailing on the
dates of the transactions.

2d) Bank balances and cash

Bank balances and cash comprise cash and short term deposits. The carrying value approximates fair
market value.

2e) Loans and advances to customers

Loans and advances to customers include loans where money is provided directly to the borrower.

Leans and advances to customers are initially recorded at fair value. Interest on loans originated by
the Bank is included in interest income and is recognized on an accrual basis. Fees and direct costs
relating to loan origination, refinancing or to loan commitments are directly recorded in the profit
and loss account due to the short-term nature of the loans. All loans bear floating interest rates,
implying no impairment risk that relates to any potential interest rate movement.

2f) Allowance for credit losses

An allowance for credit losses is established if there is objective evidence that the Bank will be
unable to collect all amounts due on a claim according to the original contractual terms or the
equivalent value. A "claim" means a loan, a commitment such as a letter of credit, a guarantee, a
commitment to extend credit, or other credit product.

An allowance for credit losses is reported as a reduction of the carrying value of a claim on the
balance sheet. Additions to the allowances for credit losses are made through value adjustments.

If the amount of the impairment subsequently decreases due to an event occurring after the write-
down, the release of the allowance is credited as a reduction of tle allowance for loan losses.

AIIowances for credit losses are evaluated at a counlerparty-specific Icvcl.


A claim is considered impaired when management determines that it is probable that the Bank will
not be able to collect all amounts due according to the original contractual terms or the equivalent
value. Individual credit exposures are evaluated based upon the borrower's character, overall
financial condition, resources and payment record, original contractual term, exit possibitlies, ianid,
where applicable, the realizable value of any collateral. The estimated recoverable amount is the
present value of expected future cash flows, which may result from restructuring or liquidation.
Impairment is measured and allowances for credit losses are established for the difference between
the canying amount and the estimated recoverable amount.

2g) Financial instruments

Financial assets and financial liabilities are recognized in the Bank's balance sheet when the Bank
lias become a party to the contractual provisions of the instrument. Financial assets and liabilities ar
offset and the net amounts is reported in the balance sheet only when there is a legally enforceable
Sight to set off the recognized amounts and there is an intention to settle on a net basis, or realize the
net asset and settle the liability simultaneously.

21) Offsetting financial Instruments

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there
is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a
ielt busis, or realize the asset and settle the liability simultaneously.

2i) Impalrment

At each balance sheet date, the Bank reviews the carrying amounts of its tangible assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of
the impairment loss (if any).

If the recoverable amount of an abset is estimated to be less than its carrying amount, the carrying
amount of the asset is reduced to its recoverable amount.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the
revised estimate of its recoverable amount, but so that the increased carrying amount does not exced
the carrying amount that would have been determined had no impairment loss been recognized for
the asset in prior years.

As at December 31, 2006, the Bank suffered no impairment loss.

2j) Property and equipment

Machinery and equipment, leasehold improvements and other tangible fixed assets are stated at cost
less accumulated depreciation and any accumulated impairment.

If an item of properly and equipment is comprised of several major components with different useful
lives, each component is accounted for separately.

Depreciation is charged so as to write off the cost over their estimated useful lives, using the straight-
line method, on the following bases:

Machinery and equipment
Leasehold improvements
Other tangible fixed assets

3-4 years
Term of the lease (maximum 10 years)
3-10 years

The gain or loss arising on the disposal or retirement of an asset is determined as the difference
between the sales proceeds and the carrying amount of the asset and is recognized in income.

2k) Other receivables

Otiler receivables are stated at their nominal value as reduced by appropriate allowances for
estimated irrecoverable amounts.

21) Deposits from banks

The funding of the bank consists of entrusted money as demand deposits and short-time deposits
taken from banks and the fund industry. The nominal value reflects fair market value.

2m) Other liabilities and payables

Other liabilities and payables are stated at their carrying value. The carrying value approximates fair
market value.

2n) Provisions

Provisions are recognized when the Bank has a present obligation as a result of a past event which is
probable and will result in an outflow of economic benefits that can be reasonably estimated.

2o) Comparatives

All comparative figures are now reflected to the nearest thousand, in accordance with group reporting
policies. In addition, the comparative figures for derivative financial assets held for clients and
derivative financial liabilities held for clients have been reclassified to conform to current year
presentation, in accordance with group accounting policies.

3. Financial risk management

3a) Strategy in using financial Instruments

In its operating environment and daily activities, the Bank encounters various risks and constantly
strives to mitigate related risks. The main risks identified by the Bank, related to their activities, ae:

(a) Market risk, which includes two types of risk:

(i) currency risk: the risk that the value of a financial instrument will fluctuate because of
changes in foreign exchange rates;

(ii) interest rate risk: the risk that the value ofa financial instru ent will fluctuate because of
changes in market interest rates;

(b) Credit risk: the risk that one party to a financial instrument will fail to discharge an obligation
and cause the other party to incur a financial loss.

Market risk

The Bank's policy is to reduce market risk to a minimum. Market risk embodies not only the
potential for loss but also the potential for gain. The treasury instruments available to manage and
reduce these risks have been approved by Board of Directors. This policy serves to set a framework
of limits and to ensure clearly defined limits within that framework.

Currency risk

Within the Banking and Custody Services Division, it is the Bank's policy not to actively enter into
currency risk positions and consequently the Bank refinances such positions or transactions in the
same currency with the same maturity. Therefore, the risk position is limited if not entirely

Interest rate risk

Interest rate risk is controlled through the monitoring of deposits and loans with the use of the
interest balance sheet and maturity profile. The Bank does not intentionally run interest rate
mismatches. Funding is short term in nature and placements (exclusive of loans) are generally on an
overnight basis.

Credit risk

The Bank mitigates credit risk by choosing reputable banks as counterpart for forward contracts or

Advances to clients are fully secured, usually by a pledge agreement covering the clients underlying
securities portfolio held by the Bank. Valuations of these underlying securities are made on a regular
basis against industry norms and the provision to make margin calls on the client is available. The
credit risk on liquid funds and derivative financial instruments is limited because the counterparties
are banks with high credit ratings assigned by international credit-rating agencies.

3b) Capital adequacy

To monitor the adequacy of its capital, the Bank uses prudential norms ratios established by the
Central Bank of The Bahamas. These ratios measure the Bank's capital adequacy to oe, as a
minimum, the lower of 5% of total assets or 8% of risk assets. Risk assets are measured by
comparing the Bank's eligible capital with its balance sheet assets, off-balance sheet commitments,
and market and other risk positions at weighted amounts to reflect the relative risk of those asset

The market risk approach covers the general market risk and the risk of open positions in currencies
and debt and equity securities. Assets are weighted according to broad categories of notional risk,
being assigned a risk weighting according to the amount of capital deemed to be necessary to support
them. Four categories of risk weights (0%, 20%, 50%, 100%) are applied; for example, cash and
money market instruments have a zero risk weighting which means that no capital is required to
.'Jpp ,t the holding of these assets. Property and equipment carries a 100% risk weighting, meaning
that it must be supported by capital equal to 8% of the carrying amount.

Off-balance sheet credit-related commitments and forwards and options-based derivative instruments
are taken into account by applying different categories of conversion factors, designed to convert
these items into balance sheet equivalents. The resulting equivalent amounts are then weighted for
i isk using llt sn111e percentages as for on-balance sheet assets.

Notes to specific items of the balance sheet

4. Other receivables and prepayments

ither irccivablehs and prepayments comprise the following:
2006 2005
USD 000 USD 000

Accounts receivable from clients
Disbursements recoverable fiom clients
Accrued custody fees
Other Iceivables
Prepaid expenses

5. Customer advances

Customer advances gross
I ess: risk slihae agreement

521 517
17 18
1,791 1,399
538 286
89 65
2,956 2,285

2006 2005
USD 000 USD000

62,881 44,067
(11,274) (11,099)
51,607 32,968

PI'II.nIl lt o mt II rl!tceli t bertneen the Bank and one of its related parties, the related party agrees to
assume liont the litank a position of the risk of the credit facilities the Bank grants to certain of the
Link's custolmers. The amount assumed by the affiliate is determined on the credit facility extended
by thI I tnik Io its custoincI. '1Ihe risk amount assumed by tie affiliate bears an interest rate of 1.25%
pIi annumi ont lisk-shlaed portion of the drawn down balances. The agreement expires when the
credit flcilitv Ibtwreen the laink and its customer expires. Such facilities are granted for periods of
in1w Illion i Ii ,iii but maIlliiiy he renewed annually if both parties agree to extend for a further one
vccl pi inld AI )rceniibeil 1, 200b, the risk amount assumed by the affiliate is USD 11,274,000
(21005:' Sl) 11,9,099,00) and llie interest amount paid to the affiliate during the year is USD 136,000
(2001. UJS) 219,000). Included in Bank balances and cash demand related parties is USD
11.274.000 (2005: USD 11,099,000) being restricted cash balance held by the Bank against thes
lhbli i a llons.

1, 7- l.1 MY 7-.11.T t?111-- r ap o inrng mi i iiuTmenu we

'UY'tw4WUnrrarC"' ''"'"'r~- -7'~~5 vn~siear.,,~nra wamsnavffss'ssen1Inrtm)) ' 'I5tri? Olin'rl~"




BU .. S

6. Due to/from related parties
The amounts due from related parties are made up as follows:

Amounts due from related parties

2006 2005
USD 000 USD 000
2 3,052
2 3,052

These amounts, which are due from other members of the Citco Group, relate to costs incurred by the
Bank on behalf of these entities. The balances are non-interest bearing and there are no specified
terms of repayment.
The amounts due to related parties are made up as follows:
2006 2005
USD 000 USD 000

Amounts due to related parties

447 479
447 479

7. Derivative financial instruments held for clients
The Bank utilizes the following derivative instruments for both hedging and non-hedging purposes:
Forward exchange contracts represent commitments to purchase foreign and domestic currency,
including undelivered spot transactions. Since all contracts with clients (non-banks) are
collateralized by cash or securities, the credit risk is negligible.

Balance as at December 31, 2006:
Forward exchange contracts

Balance as at December 31, 2005:
Forward exchange contracts

notional Fair value Fair value
amount assets liabilities
USD 000 USD 000 USD 000
92,150 704 694

33,385 47 47

8. Property, plant and equipment
Properly, plant and equipment comprise the following:

As at January 1, 2006
As at December 31, 2006

Accumulated depreciation:
As at January 1,2006
Depreciation charge for the year
As at December 31, 2006

Carrying amount:
As at December 31, 2006

As at December 31, 2005

Machinery Leasehold
and improvements
equipment and others Total
USD 000 USD 000 USD 000

158 165 323
(35) 0 (35)
123 165 288

138 75 213
11 27 38
(35) 0 (35)
114 102 216

9 63 72

20 90 110

9. Provisions

Balance as at January 1
Provisions made during the year
Provisions used during the year

Non current

2006 2005
USD 000 USD 000
278 192
24 86
(5) 0
297 278

273 192
24 86
297 278

10. Other payables
Other payables comprise the following:

2006 2005
USD 000 USD 000
161 88
276 244
437 332

Accounts payable
Payable to clients

11. Maturities of Assets and Liabilities
The scheduled maturities of the Bank's fixed term assets and liabilities from December 31, 2006 to
the contracted maturity are as follows:
Assets Liabilities
USD 000 USD 000

Due within one month

221,580 258,182

The assets comprise due from banks time. Liabilities include customer deposits time. With the
exception of off-balance sheet forward foreign exchange contracts, there are no fixed term assets or
liabilities with maturities of more than eight (8) days.

12. concentrationn of assets and liabilities
As at December 31, 2006, the primary concentration of the Bank's assets is in the United States,
where app oximately 59% of the Bank's assets are invested. At December 31, 2005, the primary
concenlialions of the Bank's assets are in the Netherlands Antilles and The Bahamas, where
approximately 83% of the Bank's assets are invested. More than 23% (2005: 63%) of the Bank's
assets are with related parties.
Tlie limiiary source of the Bank's liabilities as at December 31, 2006 are in The Bahamas and the
Caribbean, where 98% (2005: 97%) of the Bank's depositors are registered, representing 97% (2005:
95%) of total liabilities.

Off-balance sheet information
13. Contingent liabilities
During the reporting period, no legal proceedings were instigated against the Bank. The Bank has no
other contingent liabilities. Therefore, no provisions have been made in this balance sheet.
14. Operating lease arrangements
On May 5, 2001, the Bank entered into an agreement to lease office space for a period of six years
commencing on July 1, 2001, with options to renew the lease for two additional five-year periods.
Pursuant to an agreement dated January 1, 2004 between the Bank and a related party, the related
party agreed to assume the obligations under the lease. The Bank has agreed to pay the related party
its pro-rata share of the usage.
15. Undrawn loan commitments
The contractual amounts of the Bank's off-balance sheet financial instruments that commit it to
extend credit to customers are as follows:

2006 2005
USD 000 USD 000

Commitment to extend credit:
Original term to maturity of one year or less

84,267 107,451

Other note
Signing of the balance sheet
The balance sheet was approved by the Board of Directors and authorized for issuance on February
9, 2007 and are signed on its behalf by:
The Board of Directors:

D, director


Otekte & Touch
Chrnered Accountas
and Managemsntr Ccsuatant
2nd Teace, Ceanrevt
P.O. Box N-7120
Nassau, Bahnms
Tel: 1 (242) 302-4800
Fax: +1 (242) 322-310

Independent Auditors' report
To the shareholders ofCitco Bank and Trust Company (Bahamas) Limited:
We have audited the balance sheet of Citco Bank and Trust Company (Bahamas) Limited (the
"Bank") as at December 31, 2006. This balance sheet is the responsibility of the Bank's
management. Our responsibility is to express an opinion on this balance sheet based on our audit.
We conducted our audit in accordance with International Standards on Auditing. Those Standards
require that we plan and perform the audit to obtain reasonable assurance about whether the balance
sheet is free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the
overall presentation of the balance sheet. We believe that our audit provides a reasonable basis for
our opinion.
In our opinion, the balance sheet presents fairly, in all material respects, the financial position of the
Bank as at December 31, 2006, in accordance with International Financial Reporting Standards.
Without qualifying our opinion, we emphasize that the balance sheet does not comprise a complete
se' of financial statements in accordance with International Financial Reporting Standards.
Information on results of operations, cash flows and changes in equity is necessary to obtain a
complete understanding of the financial position, performance and changes in financial position of
the Bank.

February 9, 2007

A wmbt fsatn o

Computer Company Seeks Person to fill the position of
Receptionist/Sales Clerk.

Applicants should possess the following:-
Good Organization Skills
Be Computer Literate
Be Punctual

Previous experience in computer equipment sales industry a
. plus.

Interested applications should send resumes
and other information to


The Public is hereby advised that I, CLEOPATHRA
LYNETTE GRAY of #14 Abaco Drive Hawksbill, 40941
Freeport, Grand Bahama, Bahamas intend to change
my child's name from ERIN TORI FORBES to ERIN TORI
STUART 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 F-43536, Grand Bahama,
Bahamas no later than thirty (30) days after the date of
publication of this notice.



111 Shirley 'Street

Thursday, April 26

Friday, April 27

Saturday, April 28

We regret any inconvenience this

will cause to our customers.


Please be advised that Prime Bahamas

Ltd. will close at 1pm on Wednesday

May 2nd, 2007 in order to allow our

employees the opportunity to vote.

We sincerely

apologize for any

inconvenience this may cause and thank

you for your patronage and understanding.


N-4013, NASSAU, BAHAMAS, is applying to the Minister
responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/naturalization
should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 20th
day of April, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

Legal Notice



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


PAGE 10B, FRIDAY, APRIL 27, 2007

----- ---&-$A*%

AP Economics Writer
ber of laid-off workers filing claims
for unemployment benefits fell last
week by the sharpest amount in near-
ly two months, indicating the labor
market remains healthy despite the
sluggish economy.
The Labor Department reported
Thursday that applications for jobless
benefits totaled 321,000 last week, a
decline of 20,000 from the previous
That was the biggest decline in
claims in nine weeks and was more
than double what economists had been
expecting. Analysts said part of the

improvement reflected trouble adjust-
ing the weekly claims data around
Easter, which does not fall in the same
week every year.
It marked the second straight week-
ly decline after the claims data had hit
a two-month high, another jump that
was blamed on seasonal adjustment
problems around Easter.
The number of laid-off workers
receiving unemployment benefits
totaled 2.59 million for the week end-
ing April 14, the highest level since
the week of Feb. 17.
The economy has been growing at
sub-par rates for the past year, but
that weakness has not triggered wide-
spread layoffs, in part because con-
sumer demand has remained strong

despite the troubles in housing and
parts of manufacturing.
The government is scheduled to give
its first estimate of economic growth in
the January-March quarter on Friday.
Analysts expect that report will show
the gross domestic product was grow-
ing at an annual rate of just 1.8 percent
in the first quarter, the weakest per-
formance since late 2005, when the
country was struggling to cope with
the devastation from Hurricane Kat-
Even in the midst of the yearlong
slowdown, the unemployment rate
dipped in March to 4.4 percent, match-
ing a five-year low, as employers
boosted hiring by 180,000 workers.
The combination of weak growth

and low unemployment has surprised
economists, who had expected the job-
less rate to be rising at this point, fol-
lowing a script written by the Federal
Reserve which pushed interest rates
up for two straight years in an effort to
slow the economy enough to take pres-
sures off inflation.
The Fed, which has not changed
rates since last June, is expected to
remain on hold at its next meeting on
May 9 as Fed officials continue to sig-
nal that their biggest worry remains
whether inflation will slow enough.
For the week ending April 14, the
seasonally adjusted claims figure
dropped by 2,000.
A total of 37 states and territories
reported decreases in claims while 16

states had increases.
The state with the largest inicilcc;s
was New York, which reported a jump 7
of 16,037 claim filings, which it attr ilf,.r-
uted to higher layoffs in tran-sportwm4 n
tion, trade, services and public adniii. 'w/
istration. .'.b
Other states and territories with I':,h 0
increases were New Jersey, up 2.91l,.' '-
and Puerto Rico, up 1,880.
The state with the biggest declined'
in claims was California. a di op ,oFl'C
5,309, which was attributed to iewel;' '
layoffs in service industries. Other l, '
declines occurred in Penns;lv;laniL. -
down 5,150, and Illinois, down 3.31 )
The state figures, unlike thle Itli,
al data, are not adjusted I r se;,s;:l

Florida medical firm targets Cuban market

Th il1

Associated Press Writer
HAVANA (AP) A Flori-
da medical supply company
opened two days of meetings
with Cuban authorities Thurs-
day, showing off an anesthesia
machine and other equipment
in hopes of whetting the
island's appetite for American
medical goods.
"Cuba appreciates the high
quality of American medical

supplies," said Pedro Alvarez,
chairman of the Cuban food
import company Alimport.
"But the (U.S.) embargo
affects the ability to export
these supplies to Cuba."
Alvarez said at the small
exhibition by Mercury Med-
ical of Clearwater, Fla., that
companies have lost billions of
dollars in sales over the years.
U.S. companies can sell
medicine and medical supplies
directly to the communist

country under the 1992 Cuban
Democracy Act. A law in 2000
authorized U.S. export of food
and agricultural products to
the island.
But the rules and required
paperwork make the transac-
tions tedious. Alvarez did not
offer figures on medical
exports to Cuba, but officials
have said the amount is small.
mostly because of high cost of
U.S. medical goods.
U.S. food and farm goods
have fared better. Earlier this
year, Alvarez said that Cuba
had spent more than $100 mil-
lion during the first quarter to
import American foodstuffs.
Mercury Medical brought an
estimated $100,000 worth of its

own and other U.S. manufac-
turers' goods to display at the
gathering hosted by Alimport
and Cuba's Health Ministry.
Along with the $25,000 anes-
thesia machine, the goods
included devices for monitor-
ing blood pressure and respi-
ratory equipment.
The equipment will be
donated to the Health Ministry
for distribution to hospitals and
clinics after the gathering, said
event organizer Pamela Ann
Martin, of Molimar Export
Consultants Inc. of Ambler,
Martin said it took months
to obtain U.S. government per-
mission to ship the equipment
to Cuba.

The Anglican Centre Education Authority
invites applications from qualified Teachers for the
following positions available in Anglican Schools
for September 2007. The public is advised that
these positions are being advertised in accordance
with the policies of the Immigration Authorities
beforeApplication for the renewalof Work Permits is
submitted. Bahamians are encouraged to apply.

Spanish Teachers
French Teachers
Home Economics Teacher
Commerce/Economics Teacher
Social Studies Teachers
Primary Teachers
Language/Literature Teachers
Mathematics Teachers
Computer Teachers
Chemistry Teachers
Physics Teachers
Physical Education Teacher
Religious Knowledge Teacher
Biology Teacher
General Science Teacher
Music Teacher
Art Teacher

Only qualified Teachers with Bachelor's Degree and
Teacher Training need apply. A minimum of two years
teaching experience is required. Teachers should have a
working knowledge of computers.
For further details please contact the Anglican
Central Education Authority on Sands and East Street
at telephone (242) 322-3015 or write to:

The Director of Education
The Anglican Central Education Authority
P.O.Box N-656
Nassau, Bahamas


Tk Astr Cl b is daieped tie plt tkmakde w of tme C wtk t demt wi
themfthefirelyabisonlmd dtelpe Webithtscuinaeae 3
hi Tih ium cup wiat hrld t ti u ditrrn willte tin
Thibiqeupr*q ikjmila tWle hesnkea taauTkaop will
appeal tostdetb yoanu4hls IMdetr.a It'aI e letimelt
Explore: The Solar System
Discover: The Constellations
See: Jupiter, Venus, Mars and Saturn
Search For Comets, Satellites, Meteors
Where: TheCosmosObservatoy, Has 360 degree pnoraic view of te sy

When: Jilel9toAugust24th,6:30pmto8:30 pm
once weekly for 10 weeks.Monday,Wednesday,or Friday

Fee: $9.90pervisit($99.00paidinadvance)only$89.00 ifpaid byApril28thi
10% off for siblings. Fees include membership fe for the whole year,
($10.00 value)Pickup dropoffservice on equest Make enquires.
Family 3 or more person $250.00
No charge for adults accompanying students under age 7yrs.
To FindOutMore
An Exhibit a The Marathon Mall. Find aoutthe lduband se the
Telescopes we will b using. Saturday April 2th, 10:00 am to 6:00 pm
Opea House at Cosmos Oeratoy. See the Facility and sign up for th camp.
SaturdayMay y121h, 6:30 pm to 8:30 pm
Astro Club at
Cosmos Observatory
The MtdillArtsbBlidit
Dean's Le, Fort Charlotte
P.O. Box N3122, Nuseu,Bahamas
Pb: 323879, Fa: 325-7162, Mobile 4271420, E-mil: suds.dcsgmil.eoa
SClub Director *Dr. David Sands


NOTICE is hereby given that OSARUMWENSE IDAH of
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason lhy
a registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 27th day of April, 2007 to the
Minister responsible for Nationality and Citizenship. P.O.RBo
N- 7147, Nassau, Bahamas.


NOTICE is hereby given that RICARDO LEE SAIN'TIL O
BAHAMAS, is applying to the Minister responsible foi
Nationality and Citizenship, for registration/natui alizntilo
as a citizen of The Bahamas, and that any person \wlho
knows any reason why registration/ naturalization sh ii I
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 20th dayv o
April, 2007 to the Minister responsible for Nationality amI
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE is hereby given that PATRICK SIMON OF
BAHAMAS, is applying to the Minister responsible fo(
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/ naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the'20TH day o!
APRIL, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas


BAHAMAS, is applying to the Minister respolnsiihll I,
Nationality and Citizenship, for registratiolnlnatul III, li, I
as a citizen of The Bahamas, and that any peoisoi wh' 's
knows any reason why registration/ naturalization slIhoIll
not be granted, should send a written and signed staitnmeliit
of the facts within twenty-eight days from the 26th d'v 'i
April, 2007 to the Minister responsible for Natiion i 'i
Citizenship, P.O.Box N- 7147, Nassau, Bahamas

:r '. -



,. a

The Caribbean-Atlantic 21st Century Learning
Conference is being held on May 4th at the New
Providence Community Centre (Blake Road)
Nassau, Bahamas.

At this conference you will have the opportunity to acquire the latest information about Brain
Based Learning, how neuroscience research has been used to improve language, reading and
comprehension skills inn student and how Fast ForWord has had a positive impact on the lives
of struggling readers around the world.
The Key Note speaker at this conference will be Ms. Sherrelle Jiggitts Walker, Chief Education
Officer of Scientific Learning Corporation of Oakland, California. Ms. Walker will host a
workshop entitled 'Brain Based Learning',
Contact: Jennifer Alexiou at The Speech Clinic
Tel: 394-8588 Email: fastforward@bercon.bm
If Paying by Credit Card call: 1-441-238-7534
U.S. Dollar Bank Draft or Money Orders accepted


ploym t laim fall'.]

V em enI I H

_ I~.. ..........1


... I
^ s~ aa "? *





rates edge downwards

AP Economics Writer
Rates on 30-year mortgages
edged down for a second week
as financial markets interpreted
weakness in consumer confi-
dence and home sales as evi-
dence the US economy is still
mired in a period of lackluster
In its weekly survey, mort-
gage giant Freddie Mac report-
ed Thursday that 30-year, fixed-
rate mortgages averaged 6.16
percent nationwide this week,

Associated Press Writer
Federal regulators on Thursday
declared two swaths of the
country critical to the nation's
electricity grid, hoping to spur
construction of major power
lines in southern California and
the mid-Atlantic states.
The Department of Energy
proposed two "national inter-
est electric transmission corri-

down slightly from 6.17 percent
last week.
The decline put the 30-year
rate very close to its low of the
year of 6.14 percent in early
Analysts attributed the slight
decline to reports showing that
consumer confidence dropped
in April to the lowest level in
eight months while sales of
existing homes fell by the
largest amount in 18 years.
"Recent economic data ...
caused the market to pause and
reevaluate the potential growth
of the economy this year," said
Frank Nothaft, chief economist

dors," the first of their kind
under a 2005 law designed to
relieve bottlenecks in the elec-
tricity grid, according to a notice
sent to lawmakers Thursday.
The proposed Southwest cor-
ridor would be composed of
seven counties in southern Cal-
ifornia, three in Arizona and
one in Nevada.
The mid-Atlantic corridor
would run north from Virginia
and Washington, D.C., and
include most of Maryland, all

Legal Notice
dissolution under the provisions of the international Business Companies
Act 2000.
(b) The Dissolution of said Company commenced on April 25th 2007
when its Artcles of Dissolution were submitted and registered by the
Registrar General.
(c) The Liquidator of the said compnay is Shakira Burrows of 2nd
Terrace West, Centreville, Nassau, Bahamas.
(d) All persons having Claims against the above-named Company are
required on or before the day of 4th June, 2007 to send their names and
addresses and particulars of their debts or claims to the Liquidator of the
company or in default thereof, they may be excluded from the benefit of
any distribution made before such debts are proved.

April 26, 2007


EFG 0 Bank & Trust (Bahamas) Ltd

EFG International a global private banking group headquartered
in Zurich is Switzerland's 3rd largest public bank as measured
by Tier One Capital, with over $70 billion in clients' assets
under our care. We operate in over 40 locations around the globe
with more than 400 experienced client relationship officers. EFG
offers a unique and compelling value proposition that is ideally
suited to provide solutions for the sophisticated private and
institutional investors.
EFG Bank & Trust (Bahamas) Ltd, with one full year of operation
in The Bahamas, continues to expand as evidenced by its new
premises at the Centre of Commerce, 1 Bay Street. EFG Bahamas
has over 30 experienced professionals and offers a full suite of
private client solutions for wealthy clients around the globe. Our
unique corporate culture attracts the most entrepreneurial and
most experienced professionals in the industry. To learn more
about our unprecedented growth over the past few years, please
visit www.efginternational.com
We are looking for seasoned financial professionals with at least
10 years of sales and marketing experience in providing financial
solutions to high net worth clients and companies. The candidates
must possess a solid knowledge of investments, banking and
trust services. The ability to service and grow your own client
book is extremely important. EFG provides a unique and
uninhibited global marketing opportunity, an open architecture
platform and multiple booking centres.
The successful candidates must have a university degree and
possess either the Series 7 qualification, CSC, or UK equivalent.
The individuals must have the required qualifications and
accreditations to be registered with The Securities Commission
of The Bahamas. The flexibility to go on frequent business
development trips and work within very tight deadlines is also
a necessity.
EFG offers an attractive compensation plan that includes salary,
benefits and a bonus structure directly related to profitability.
Salary will be determined by experience and qualifications.
Interested and qualified applicants must submit applications by
May 4, 2007, to:
Fax No. (242) 502-5428
Attn: Human Resources Manager (Re: CRO/VP)
Centre of Commerce, 2nd Floor
1 Bay Street
P.O. Box SS 6289
Nassau, Bahamas

at Freddie Mac. "This allowed
all mortgage rates to decline
slightly this week."
He noted that mortgage rates
so far this year have been rela-
tively stable with the 30-year
fluctuating in a narrow range
that saw it go as high as 6.34
percent in early February and as
low as 6.14 percent for the first
two weeks in March.
Other mortgage rates also fell
this week, Freddie Mac said in
its nationwide survey.
Rates on 15-year fixed-rate
mortgages, a popular choice for
refinancing, dipped to 5.87 per-
cent, down from 5.89 percent

last week.
Five-year adjustable-rate
mortgages averaged 5.88 per-
cent, compared with 5.92 per-
cent last week.. One-year
adjustable-rate mortgages
edged down to 5.43 percent
from 5.45 percent last week.
The mortgage rates do not
include add-on fees known as
points. Thirty-year and 15-year
mortgages both carried a
nationwide average fee of 0.5
point. Five-year and one-year
ARMs carried an average fee
of 0.7 point.
A year ago, rates on 30-year
mortgages stood at 6.58 percent

of New Jersey and Delaware, with regional groups to build
and large swaths of New York, new lines. Utilities in New York
Ohio, Pennsylvania and West and other states have long
Virginia. accused state authorities of
The proposed corridors were being reluctant to approve new
announced a day after some lines, often because of local
House Democrats criticized the, opposition.
2005 law's possible effects. Authorities will hold public
The law gave the federal gov- meetings on the corridors in San
ernment greater say on where Diego, Arlington, Va., and New
high-priority transmission lines York City.
should be built. If states and Once the 60-day comment
regional groups fail to build period ends, the law calls for
such lines, the federal govern- state regulators to try to strike
ment could order them built, an agreement on where new
Concerns about congestion lines should be built.
in the electrical grid were If state authorities do not
heightened after a major black- approve any construction after a
out swept from Ohio to Canada year, the Federal Energy Reg-
and New York City. ulatory Commission has the
But local representatives authority to intervene and
fighting proposed towers in approve a grid project if the
their communities were new line is deemed necessary
incensed by the announcement. to satisfy national power needs.
"The federal government is While the two corridors pro-
continuing to try to usurp state" posed Thursday are the first,
authority and override the Con- they may not be the last.
stitution," said Rep. Maurice A report last year identified
Hinchey. D-N.Y., who is fight- several other potential corri-
ing a proposed transmission line dors, including sections of New
through his upstate district. England, the Phoenix-Tuscon
The corridor designations area in Arizona, the Seattle-
could help private industry Portland area in the Pacific
obtain permits from state regu- Northwest, and the San Fran-
lators or to work in conjunction cisco Bay area.

The Public is hereby advised that I, JACKIE GIBSON of
Kenwood St.,Mt Royal Ave. Nassau,Bahamas intend to
change my name to HOSSANA EVE ZION I AM. If there
are a' y 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


Julius Baer Bank & Trust (Bahamas) Limited, a leading
financial institution, is seeking candidates for the following


At least 5 years banking experience
CPA designation or equivalent
A broad understanding of Bahamian laws and regulations
applicable to banking and trust administration
Excellent communication and computer skills
Ability to work with strict deadlines and little supervision
Duties include:
Oversight and review of the Bank's AML/KYC policies,
porcedures and transaction monitoring systems
Liaising with regulators and auditors including follow-
up on findings
Conducting investigations
Regular interaction with the Bank's legal counsel
Reporting on compliance issues to management and the
Board of Directors
Coordinating and administering compliance training for
key regulations
Maintaining the Bank's compliance with Group's standards
Rviewing new products, business relationships and
Interested person meeting the above criteria should apply in
writing, on or before May 4th, 2007 enclosing a full r6sum6
with cover letter to:

Personal & Confidential
Deputy Resident Manager
P.O. Box N-4890
Nassau, Bahamas

Personal & Confidential
Deputy Resident Manager
Julius Baer Bank & Trust (Bahamas) Ltd.
Ocean Centre, Montagu Foreshore
Nassau, Bahamas

while 15-year mortgages were
at 6.21 percent. Five-year
adjustable-rate mortgages aver-

aged 6.21 percent and one-year
adjustable-rate mortgages were
at 5.68 percent.

Two US regions targeted for

power lines development

Common Law and Equity Division

piece parcel or lot of land containing
10,723 square feet situate on the Northern
side of Bernard Road and immediately
West and South of the Ministryof Housing
"Cockburn Street Close" approximately
296 feet Northwesterly from Cockburn
Street, Fox Hill, New Providence.

PETITION of Philip Armbrister and his wife
Carla Armbrister.

Quieting Titles Act 1959 (Chapter 393)


Notice is hereby given that Philip Armbrister
and his wife Carla Armbrister both of the Eastern
District of the Island of New Providence, one of
the Islands of the Commonwealth of The
Bahamas (hereinafter called "the Petitioners")
claims to be the Owners of the unincumbered
fee simple estate in possession of the land
hereinafter described that is to say:-

All that tract of land situate in the Eastern District
of the Island of New Providence one of the
Islands of the Commonwealth of The Bahamas
containing 10,723 square feet bounded on the
SOUTH by Bernard Road and running thereon
Eighty-three and Eighteen Hundredths (83.18)
feet on the WEST by land now or formerly the
property of George Turnquest and running
thereon One Hundred Sixty-two and Fifty-seven
Hundredths (162.57) feet on the NORTH by
land now or formerly the property of Cecil Smith
and running thereon Sixty and Fifty Hundredths
(60.50) feet and on the EAST by land now or
formerly the property of Steven Barr and running
thereon Ninety-eight and Fifty-two Hundredths
(98.52) feet and by land now or formerly the
property of Earlin Humes and a Buffer Zone
Fifteen (15) feet wide running thereon Fifty-two
and Seventy Hundredths (52.70) feet and has
made application to the Supreme Court of the
said Commonwealth of The Bahamas under
Section 3 of the Quieting Title Act, 1959 to have
their title to the said land investigated and the
nature and extent thereof determined and declared
in a Certificate of Title to be granted by the Court
in accordance with the provisions of the said

A Plan of the said land may be inspected during
the hours of 9:30am to 4:30pm, Monday thru
Friday at:

1. The Registry of the Supreme Court,
Nassau, Bahamas;

2. The Chambers of W. E. Olander & Co.,
No. 10 Market Street (South of Bay Steet),
Nassau, The Bahamas.

NOTICE IS HEREBY GIVEN that any person
having Dower or right to Dower or an Adverse
Claim or a claim not recognized in the Petition
shall on or before the 16th day of July, A.D,
2007, file in the Supreme Court and serve on
the Petitioners, or the undersigned, a Statement
of their claim in the prescribed form verified by
an affidavit to be filed therewith. Failure of any
such person to file and serve a Statement of
Claim on or before the said 16th day of July,
A.D., 2007 will operate as a bar to such Claim.

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

W. E. Olander & Co.
No. 10 Market Street North
Nassau, The Bahamas

Attorneys for the Petitioners

FRIDAY, APRIL 27, 2007, PAGE 11B



PAGE 12B. FRIDAY. APRIL 27, 2007

r ,. ~Ba"as~~ans

Contract Bridge

By Steve Becker

You Can Win, But You Can'

:: Tribune

t L' IHoroscope

t Lose y: DA B C
-. M A-

West dealer.
Both sides vulnerable.
+75 +K1
VA2 V7
*J864 Q 1
+AQJ106 +98
VJ 109653
The bidding:
West North East
I + Dble 2+
3 + 4V
Opening lead ace of hearts

In bridge, the participants s
26 cards when the play starts
the 52 cards seen in the di
Naturally, seeing only 26 card
might not play their cards
fectly as if they saw all four
Being human, they might err.
The declarer, and the de
likewise, frequently trade up
deficiency. They sometimes
plays they would not make if
cards were in plain view, and t
this because they might induce
take by the opponents.
Consider this deal where
stole the contract by mak

unnatural play. West led the ace and
another trump. Declarer, after sizing
up his chances, won the second
trump in dummy, cashed the ace of
spades and returned a low spade
toward his hand.
East assumed from this line of
.ST play that declarer had a singleton
0 9 8 spade and therefore played low
instead of going up with the king.
0 3 2 South won with the jack and eventu-
5 3 ally established dummy's fifth spade
as a trick to finish with 11 tricks in
Now let's suppose declarer had
won the heart in his hand at trick two
and led the jack of spades for a
finesse, as most players would do. In
South that case, East would have taken the
2 V king and returned a club to put South
down one.
S. The beauty of South's play is that
it gives him a chance to make the
ee only contract regardless of where the king
and not of spades is located. If West has it,
iagram. the hand is sure to make because
Is, they dummy's queen becomes established
as per- for a vital club discard.
hands. If East has the king, then it is just
as well not to attempt the losing
fenders finesse. In fact, it is much better to
on this cash the ace and lead toward the jack
s make because East has a chance to go
F all 52 wrong.
they do It is true that South might cost
e a mis- himself 30 points if it turns out that,
West has the king of spades, but who
South wouldn't pay a 30-point premium to
ing an ensure a game?










words in
the main
body of

HOW many words of four
letters or more can you make
from the letters shown here? In
making a word, each letter may
be used once only. Each must
_.-_ _w.-- .---_ contain the centre letter and
there must be at least one nine-
letter word. No plurals

4 He wahed his handswith one in
a dish (6)
7 Cover oe, by arngemen, for a
quik ched (4-4)
8 Reject aregionalrandom (6)
10 Forelgnerwithpotential as
n actor(5)
13 Yu mayhave seenthreemeninone
onthe river (4)
14 gh around the houetops? (4)
15 Gvesoundadvicethouglml t only
second4Wnd (4)
16 Porridge vessel? (3)
17 Selposessedwhen out
of control (4)
19 Danger hide? (4)
21 Ittums up witthestopped (9)
23 Can't bear untaible heatl(4)
24 Plays around with bit oTolstoy (4)
26 Catch Inan untenable situation (3)
27 Earlytea colour? (4)
29 Didhis archery givehim a
aore back? (4)
32 ThewoodntheholeIlnthewall(4)
33 Smellikerottentanks(5)
34 Partly'soqueionablength (6)
35 MaytherebenothinglnVermeerto
sua It to etery? (8)
36 A relatively impecunious dealer? (6)

1 Source of a sensation (5)
2 PcIup something e cusive(5)
3 As adjusted by a cany Scot? (4)
4 Doeshe relgiouslytake
precedence? (5)
5 Aual occasion forsomee
Valendnes? (4)
6 Justhappentoarrve?(4,2)
9 Itl Ike a bridge overthe railway (6)
11 The protester's rubbish? (3)
12 Where tochangecoats?(5)
13 Varety of lobster on thebed (7)
15 For cooking, t goodto a point (3)
16 Headpiecewith hinges (3)
18 Stateofapieceof
work gone wrong (6)
20 Plantfresh trees at the second
attempt? (5)
21 Thetransport bureau? (3)
22 Reserved for the commanding officer,
23 Simplyto ca It a stopperwould be
a ropydue (6)
25 Hisdoubleisinprisonforarson(3)
28 Hasheajollybonyhead? (5)
30 Norma'sSpanishboy(5)
31 Is his among the riskier sports? (5)
32 Apoeilywounwlngfellow?(4)
33 The kind type? (4)

Yestsrdycryptic solutions YesTeraysWey u ..uu.I
ACROS:1, Polrds7, W--sea-cre8, Pita 10, A4bd-an 11, ACROSS: 1, Sparta 7, Corrdor 8, Lash 10, Chaste 11,
Greece 14, Se 1, Sedan 17, D-at-a 19, Pedal 21, Facade 14,Toy 16, Tales 17, Seen 19, Valet 21,Timld 22,
H-one-y 22, Baton 23,To-NS 26, LUm-t 28, Lea 29, At Comet 23, Bits 26, Senor 28, Cad 29, Cranny 30, Canopy
once 30, Baker31, Owns 32, Gin-e-Rly.33, Sirens 31, Oral 32, Reindeer 33, Drains
DOWN: 1, Poand 2, No Idea 3, S-wan 4, Hears-ay 5, DOWN: 1, Sauces 2, Reason 3, Aho 4, Created 5, Ideal 6,
Acted 6, S-en 8, Pa-T9, TA-X 12, El 13, Canon 15, Urges 8, Late 9, Sty 12, Cat 13, Debit 15, Camel 18,
Teno-R 18, Adml 19, Po 20, Den 21, Hatchet22, B 23, Ember 19, Vim 20, U 21,Tomado 22, Con 23, Banana
Tener24, (Ih) Oaks 25, Sere 26, Large 27, Mound 28, 24, Idol 25, Styles 26, Score 27, Nadir 28, Car
Law 3, Boys 30,Cord

4 Chopped (6)
7 Mexcanpancak (B)
8 Trepldation (6)
10 tung heep (5)
13 Pool(4)
14 Pitcher (4)
15 Dry (4)
16 Everything (3)
17 Great Lake (4)
19 Catch sigtof (4)
21 Exaggerte (9)
23 Entreaty (4)
24 Painful (4)
26 Shoot(3)
27 Phase(4)
29 Dutch cheese (4)
32 Type of school (2-2)
33 Forest hearing (5)
34 Chant(6)
35 Reticent (B)
36 Stink (6)

1 Musty (5)
2 Felony (5)
3 Lack (4)
4 Vietnam capital (5)
5 Stiff paper (4)
6 Regularly (6)
9 Make beloved (6)
11 Wonder (3)
12 Note value (5)
13 Ironed (7)
15 Manner (3)
16 Mimic (3)
18 Logic(6)
20 Alloy (5)
21 Eldedy (3)
22 Summit (3)
23 Small basket (6)
25 Wicked(3)
28 Molars (5)
30 Fact (5)
31 Intended(5)
32 Monetary disc (4)
33 Stem (4)

Good 21; very good 32; excellent
42 (or more). Solution

baleen bane barn bean been
bran earn elan eleven enable
enabler even lane lean leaner
learn leaven nave navel near
nerve neve never raven renal
vane venal veneer
VENERABLE verbena vernal

English: EARTH

Spanish: TIERRA

Italian: TERRA

French: TERRE

German: ERDE


ARIES March 21/April 20
It will be difficult to know what i:
fact and what is fiction this week
Aries, but one thing is for sure it'!
time to slow down a bit at work. Tht
hectic pace is wearing you down.
TAURUS April 21/May 21
While everyone around you is fussing
and fretting over minor concerns, yoL
will be quietly doing what you have tc
do this week, Taurus. Good for you.
GEMINI- May 22/June 21
Part of you wants to escape you
responsibilities, but rest of you knows
this isn't a good idea this week. What
can you do? For starters, do the job
right the first time. Then, go play.
CANCER June 22/July 22
There's an old saying that knowledge
is power, but secrets are more powerful
still, Cancer. Be true to your nature this
week and don't let on that you have in-
sider information about a family friend.
LEO July 23/August 23
It's usually paid off for you to trust
your lion's instincts, Leo. However,
you're not quite thinking straight
this week, so it may be a better idea
.to avoid making any major decisions
without more evidence.
VIRGO Aug 24/Sept 22
You're in demand this week, Virgo.
Everyone wants something, but they
may not be so willing to give some-
thing in return. No matter how
aggravating this gets for you, don't
give in to your temper.
LIBRA Sept 23/Oct 23
Don't take everything you hear so
seriously this week, Libra. It will only
increase your fears. Have fun with
that special someone on Thursday.
SCORPIO Oct 24/Nov 22
Pretend your enemies don't exist this
week, Scorpio. You're in a good
mood, so don't let anything spoil it.
Instead, take a walk in the park or
visit a museum. Enjoy yourself.
SAGITTARIUS- Nov 23/Dec 21
Romance has muddled your senses a bit
recently, but it's important to take a look
at all the facts. That's not to say that any
thing is wrong -just watch your back.
People aren't always what they seem.
CAPRICORN Dec 22/Jan 20
This appears to be very busy week
for you, Capricorn. Delegate some
of the smaller tasks so that you can
get on with the serious work. Don't
forget to get some rest!
AQUARIUS- Jan 21/Feb 18
Now's the time to take a good, hard
look at your finances, Aquarius. Yod
may want to scale back some of
those luxury items, then invest your
savings for the future.
PISCES Feb 19/March 20 -
Feelings are running high this week.
which may result in an argument with
a close friend. While you both may
say some nasty things, remember the
importance of your friendship.

0 O S b L o 0rB Od

Viktor Korchnoi v Simen
Agdestein, Haninge 1988.
Korchnoi, now aged 76 yet still
an active competitor, has had
the most incident-packed life of
any modem grandmaster. He
survived the siege of Leningrad
in 1941 by collecting ration
books from the bodies of dead
relatives, defected from the
USSR when chess bosses
preferred the young Anatoly
Karpov, then twice qualified to
challenge Karpov for the world
title. His lifestyle of caviar,
jogging, yoga and continual
tournaments inspires other
veterans, and in between taking
on GMs a third of his age he
won the world senior (over-60)
championship at his first
attempt last year. Korchnoi
(White, to move) has level




u b c d c I g h
material in today's puzzle, which
looks a dose call between his
attack and Black's strong d3
knight. How did White force







Chess solution 8341:1 d5! Bxd5 2 Qd4 (threat 3 Qxg7
mate) gE (if Qf7 3 Nh6+ wins Black's queen) 3 Rxd5!
and if xd5 4 Nf6+ wins the queen.
Mensa quiz Knight
One possible word ladder solution is: PUFF, guff,
gulf, gull, bull, bell, BALL











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PAGE 14B, FRIDAY, APRIL 27, 2007




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