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Permanent Link: http://ufdc.ufl.edu/UF00084249/02881
 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: 5/1/2007
 Subjects
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
 Notes
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
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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_02881
System ID: UF00084249:02881

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Volume: 103 No.132 TUESDAY, MAY 1, 2007


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Phenton Neymour claims both
himself and campaign workers
have been threatened


* By MARK HUMES
THE Free National Movemen-
t's candidate in the South Beach
constituency, Phenton Neymour,
has expressed concern for his per-
sonal safety after months of
"political intimidation" culminat-
ed with threats of physical vio-
lence against him and his cam-
paign staff.
In talking with The Tribune
yesterday, Mr Neymour said he
was reluctant about coming forth
and making an issue out of the
various acts of intimidation that
he has experienced since begin-
ning his official campaign earlier
this year.,
However, he had a change of
heart after the threatening calls
were placed to him and his cam-
paign workers.
"I didn't want to appear as
though I was trying to take polit-


ical advantage of a personal situ-
ation," said Mr Neymour, "but
enough is enough."
"The fact that I am now to the
point where I am being threat-
ened physically is the greatest con-
cern of mine right now, because
this is not the Bahamian way of
life," Mr Neymour said.
Mr Neymour, whose home and
vehicle have been broken into in
the months following the launch
of his campaign, attributes the
recent calls of intimidation to sup-
porters of his political rival, PLP
candidate Wallace Rolle, telling
The Tribune that they are being
influenced by "mafia style" cam-
paign tactics.
"On Thursday night past, my
opponent was at a rally where he
was inciting violence," Mr Ney-
mour told The Tribune. "After
SEE page 15


* WITH election day fast approaching, the FNM (above at Clifford Park) and the PLP
(below at Golden Gates) held their penultimate rallies of the season.


Proposed EU treaty

sparks CSME concerns
* By RUPERT MISSICK Jr
Chief Reporter
A PROPOSED trade treaty with the European Union has caused
serious concern among local experts who think the document requires
the Bahamas to enter into a CSME-type agreement with other coun-
tries of the Caribbean.
Sources say they also feel the agreement which will create a free
trade area between the European Union and Africa, Caribbean, and
Pacific, of which the Bahamas is a part draws the country deeper into
the perimeters of the WTO.
Negotiations are expected to be completed in September and are
expected to have a serious impact on the Bahamas.
Concern remains that the country is not adequately prepared and not
enough analysis has been conducted on the treaty and its conse-
quences.
The Tribune has obtained a copy of Economic Partnership Agree-
SEE page 14


Ingraham urges
vigilance at polls
FNM leader Hubert Ingraham
last night urged party voters to
be vigilant at the polls on
Wednesday.
Speaking before a huge crowd
at the party's rally at Clifford
Park, Mr Ingraham said, "We
need to be vigilant. We have
trained our poll workers. But we
will need your eyes and ears to
ensure that this election is fair,
fraud-free and democratic.
"Reports are coming in that
floating ballots may be in play in
New Providence but also in
Grand Bahama and in the Fami-
ly Islands. If you witness any
irregular activities, report them
to the appropriate authorities. Do
not take matters into your own
hands."
SEE page 14


PM promises to 12 questions: majority Wilchcombe files
broaden war on crime of candidates 'opposed lawsuit against
* By PAUL G TURNQUEST to homosexual tourism' Hubert Ingrahain
Tribune Staff Reporter
By KARIN HERIG and U By PAUL G TURNQUEST
PRIME Minister Perry Christie ALISON LOWE Tribune Staff Reporter
rallied hi nartv' cunnnortepr last Tribune Staff Reporters


night at Golden Gates and
promised them that if his PLP
government was given a second
term in office, they would broad-
en the war on crime to ensure
that "every neighbourhood" in
the Bahamas was made safe and
secure.
"I know that we have what it
takes to get the job done. Unlike
others, we have a comprehensive
plan for fighting crime. There are
three major steps to my anti-
crime plan.
"Step one. We're going to send
criminals a message. We're going
SEE page 14


THE majority of candidates
who answered 12 moral and ethi-
cal questions about their political
positions declared they are
opposed to "homosexual
tourism."
Up until yesterday, some 34
candidates five PLPs, 12 FNMs,
16 BDMs and one independent
candidate had participated in the
exercise of filling out a question-
naire to ascertain their political
views in these "morally challeng-
ing times."
Commenting on the effort by
SEE page 15


TOURISM Minister Obediah
Wilchcombe filed a lawsuit in the
Supreme Court yesterday against
former prime minister and FNM
leader Hubert Ingraham.
According to Mr'Wilchcombe's
attorney Wayne Munroe, the suit
could yield payment in damages
and other costs of up to $1 mil-
lion, or at least figures in the high
hundreds of thousands.
According to the document,
Mr Wilchcombe's claim is for
damages for slander relative to
the words attributed to Mr Ingra-
ham in a story written by The Tri-
SEE page 15


Kee y f n o r


#1 PAPER IN CIRCULATION


B AHMiami eTrald
BAHAMAS EDITION


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(Photo: Kris Ingraham)


~SIS~~~i






THE TRIBUNE


PAGE TUESDfAY MAY 1. 2007


I IIVI 1 , . ..I





Minister's stunning response




to vote-buying allegations


HERE have been persis-
T tent reports of vote-buy-
ing in Grand Bahama by PLP can-
didates or their agents and of voters
being asked to swear on the Bible
that they will vote for the PLP.
According to one report, mon-
ey was being given out at a PLP
campaign office and there were so
many people lined up that the
police had to be called to keep
order.
The PLP atididate for the West
End and Bimini constituency,
Tourism Minister Obie Wilch-
combe, was questioned about this
by a reporter friom Cool 96 Radio
and made some extraordinarily
revealingly comments in response.
Said Mr Wilchcotibe: "It's stu-
pid. First of all, you don't buy votes
that way. To purchase votes, let me
just explain, because I'n so embar-
rassed at the iepotters of our coun-
try- actually running such a stupid
story.
"To buy a vote, you have to buy ,
a voter's card and you cannot
ensure what the individual is going
to db in the voter's box and that
does not make sense.
"When you buy a vote you take
the person's card so you try to
avoid them. from voting. That does- I
n't happen and it did not happen. I
made it very clear and I don't apol-
ogise for it, I help people in my i
constituency and I will always help !
people inmy constituency.
"If the individual running against
me does want to or cannot do it or
has never done it, that's his busi-
ness. I take care of my people in my
constituency and I do so every day of
my life, whether they are in hospital or
whether they are having some individ-
ual difficulties, whatever it might be.
"I am there to serve and I assist my
people. So if you want to accuse me of
helping people, go ahead. But that
ridiculous notion is just propaganda
and it is unfortunate that the media is
again allowing itself to be wrongfully
used by an individual who for the most
can only do talk, That's why West End
has an MP and not an MC.


To TWE


POINT


ARTHUR

FOULKES.


"I work for people every day, what
you expect me to be, I be with the peo-
ple every day, it is stupid okay, that's
the word, it's stupid."

The reporter intervened to ask:
"So you're saying no money
was given out at that time?"
Mr Wilchcombe's refusal to confirm
this amounted to a stunning admission:
"No, I don't say that. What I say is
this: we don't buy votes. That's what
you are asking me. I said I assist peo-
ple, no matter what the circumstances


are and I do it every day of my life.
"So if you see me today, I may be
assisting somebody else, or if you
go to Holmes Rock, we're helping
somebody with their home, and we
do that all the time. That's noth-
ing new. But buying votes, that is
stupid."
There is so much wrong with
what Mr Wilchcombe had to say
that it is difficult to know where to
start.
First of all, he began and ended
by making it clear that he thought
the question was stupid, repeating
that word three or four times in his
response, and claiming that he was
embarrassed that reporters would
pursue and run such a story.


It was not stupid at all, of
course, and Mr Wilchcombe,
who lays claim to a background in
journalism, knows better. Any
reporter worth his salt would be
derelict in his duty if on his beat
there, was such a story and he
neglected to follow it up.
If Mr Wilchcombe were a jour-
nalist covering the election and he
discovered such goings-on at an
FNM office does he expect anyone
to believe that he would have
ignored it?
That he would have considered it
so run-of-the-mill that he would
have been embarrassed to report
Sit?.
. More likely he would have been
right there to, cover the story after
calling the police and when the
police swooped down, not to keep
*order, but to make arrests.
. It is astonishing that something like
this can take place in The Bahamas at
this stage in the development of our
democracy and that a Minister of Gov-
ernment sees nothing wrong with it
and attempts to pass it off as "helping
people" and that any suggestion of
wrong-doing is a "ridiculous notion"
and "just propaganda".

T his is very much like the
response given i%'irmer


Immigration Minister Shane Gibson
and Prime Minister Perry Christie
when the minister was accused of fast-
tracking the permanent residency
application of the late Anna Nicole
Smith for personal reasons.


If Mr Wilchcombe
were a journalist
covering the election
and he discovered
such goings-on at an
FNM office does he
expect anyone to
believe that he would
have ignored it?


Mr Christie and his minister tried to
sell the ludicrous idea to the Bahamian
people that this faux pas was just an
example of a new efficiency the PLP
government had brought to Immigra-
tion; and Mr Gibson tried to sell the
equally dubiousstory that his rela-
tionship with Ms Smith was all about
compassion for someone in need.
Mr Wilchcombe must think that not
only the reporters who covered the
story are stupid but also the Bahamian
people if he expects them to believe
that there is nothing wrong with giving
out money at the office of a political
party, or anywhere else for that matter,
in the middle of an election campaign.
Any intelligent person knows that
there are many ways to buy a vote
besides buying a voter's card, but for
the corrupt politician or his agent the
worry is how to make sure that a par-
ticular voter stays bought.

Back in the day, corrupt politi-
cians would require a bought
voter to vote openly on one pretext or
another but the best insurance was the
torn five pound note. The voter was giv-
,en one half of the note and if the candid.


date won he would get the other half. As
late as 1987 the chain ballot a more
elaborate system was very much in use.
Without such guarantees of success,
today's corrupt politician may give out
money and take a chance that the
receivers or enough of them will
honour their corrupt arrangement. Or
they may ask the receiver to swear on
the Bible.
The idea of swearing to do a cor-
rupt thing might seem sacrilegious to
some but apparently does not faze
some-PLPs who make a habit of trying
to recruit God to cloak their dirty
deeds and validate their claim to enti-
tlement.
At best, Mr Wilchcombe's protesta-
tions go to the heart of one of the big
problems that still distorts the Bahami-
an political process and demeans the
people who participate in it.
SIt is the old paternalistic concept of
the member of parliament not as rep-
resentative in a democratic system but
as the source of easy money. It is-iron-
ic that a minister of this "new" PLP
that talks about not going back sees
nothing wrong with that.
More worrying is that the whole lot
of them seem hell-bent on rushing back
into the past with a leader who appar-
ently sees nothing wrong, and, hears
nothing but the sound of his own voice.

O f course, there are politicians
who, like other compassion-
ate human beings, do respond to others
in real need and some do so without
fanfare and without'any expectation
that the persons in need are to be polit-
ically beholden to them. :
But democratic politics must be
about empowering citizens, about pro-
viding them with opportunities and the
means to take advantage of opportu-
nities, and about creating safety nets
that citizens can rely on without sur-
rendering their dignity to any ,politi-
cian.
It should not be about victimisation,
intimidation, vote-buying and other
corrupt and unfair practices; and cer-
tainly not about implicating God.
sirarthurfoulkes@hotmaiLe.com
www.bahamapandit.typepad.com


FRE A S A MV0EN


VOTE


Phenton O.


EYMOUR


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3..1.


r"ea


MON19


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TUESDAY, MAY 1,' D7, PAGE3


THE TRIBUNE


0In brief

BUT claim
government
letting down
AF Adderley
THE inefficiency of the
Ministry of Education may
compromise the ability of stu-
dents of AF Adderley Junior
High School to take their
BJC exams, it was claimed
yesterday.
President of the Bahamas
Union of Teachers, Ida Poiti-
er, told The Tribune that she
is frustrated that the ministry
has broken numerous promis-
es to clear the school's gym-
nasium of a large number of
old desks and chairs.
The gym, she said, has been
transformed in to a'storage
facility denying students and
teachers access.
"The students have not
been able to have PE, they
have not been able to have
assemblies, or any of the
functions that they normally
have within the gym," she
said.
This ordeal has persisted
for seven months, according
to Ms Poitier, and teachers at
the school are at their "wits
end", as every Friday, for
months, they have been
promised that the materials
will be moved.
Ms Poitier told The Tri-
bune that she was assured
that the gym would' be
cleared last Friday. Howev-
er, this was not done.
Yesterday, she was again
assured by an officer of the
ministry, that they gym would
be cleared, but, judging by
the trail of broken promises,
Ms Poitier said that she
doubts that any action will be
taken.
Both the Minister of Edu-
cation, Alfred Sears, and his
Permanent Secretary,
Creswell Sturrup, made
promises that this issue will
be addressed, Ms Poitier
alleges.
This list of broken promis-
es has raised the question as
to whether or not the minister
and permanent secretary
have an interest in resolving
the matter, or the ability to
control their bureaucracy.
"These promises are fast
and furious and nothing is
taking place. There's no res-
olutioq tb anlythidg as of yet,"
Ms Pottier said.
Calls to the Permanent Sec-
retary of Education, Creswell
Sturrup, and Minister Alfred
Sears were not returned up
until press time.

19-year-old
charged with
marijuana
possession

A 19-YEAR-OLD woman
was fined $1,000 yesterday
after pleading guilty to a mar-
ijuana possession charge.
Dericka Rolle was
arraigned before Magistrate
Carolita Bethel, charged with
possession of marijuana with
the intent to supply the drugs
to another.
According to court dock-
ets, Rolle was found in pos-
session of the drugs on Fri-
day, April 27.
According to the prose-
cution, Rolle was found in
possession of two clear plastic
wraps containing two ounces
of marijuana which had been
concealed in her underwear.

Number of
intercepted
Haitians
increased

* MIAMI

NEARLY as many Hait-
ian migrants were intercepted
in April on their way to US
shores as in all of 2006, the
Coast Guard said yesterday.
A total of 704 Haitians
were rescued from vessels in
April, according to the Coast
Guard count. That compares


with just 43 in April 2006 and
769 in all of last year.
The increase was not being
attributed to one single cause,
but the Coast Guard said it
continually watches for Hait-
ian migrarit's
While the number of
migrants was higher, it is a
far cryfrom the early 1990s,
when. tens of thousands of
Haitians fled to the US
About 31,430 came in 1992
alone, the Coast Guard said.
Since 2004, when 3,078
Haitians were intercepted,
the number has been falling.


Workers Party predicts landslide



for FNM after second street poll


A LANDSLIDE victory for
the FNM was predicted yester-
day on the basis of a street poll
taken right in the heart of Prime
Minister Perry Christie's own
constituency.
Voters were declaring their
support for the FNM at a rate of
more than two-to-one over the
PLP, more or less in line with a
similar poll taken in Freeport
last week.
Workers Party leader Rod-
ney Moncur, who conducted the
poll with secretary-general Bri-
an Smith and national polling
commission chairman Peter
Sturrup, said the result was
"phenomenal" considering the
survey's location.
The party set up a stall at
McCullough Corner and Saxon
Way in the Farm Road-Centre-
ville constituency held by Mr
Christie.


* A VOTER takes part in the poll as Rodney Moncur looks on


"This is historically a black
belt area, a bastion of PLP-ism,
but it seems the FNM has deci-
sively burst through that sup-
port in a poll taken just two


days before the election," said
Mr Moncur.
"This is a phenomenal result
and is a clear indication that the
FNM will defeat the PLP in


Wednesday's general election."
Of registered female voters,
60.1 per cent (125) said they
would vote FNM, while only
37.5 per cent (78) opted for the
PLP.
Among men, 70 per cent
(156) favoured the FNM, while
only 26 per cent (58) were PLP
supporters. Four per cent of
those polled supported neither
side.
Of the total of 431 voters
polled, the FNM claimed 65.2
per cent (281) while the PLP
gained only 30.6 per cent (136).
Mr Moncur said that, judged
alongside the Freeport poll,
which recorded similar results,
the figures indicated a national
trend.'
"In fairness, the persons vot-
ing were principally residents
of the constituency, but there
were a number of motorists and


pedestrians passing through,"
he said.
"However, one woman said
she wished she had 10,000 votes
to cast against the PLP. They
were saying they can't wait for
Wednesday to vote the PLP
out."
If correct, the poll reflects
FNM leader Hubert Ingraham's
own claim, which is that the
PLP will be left with parlia-
mentary seats "in single digits"
after the election.
He said reports from all over
the islands indicated a decisive
trend in his party's favour, with
voters expressing open hostility
to the PLP government's poor.
performance since 2002.
Mr Ingraham said at Satur-
day night's rally in Freeport that
Grand Bahama was expected
to deliver all six of its seats to
the FNM.


Wendell Jones launches television station


* By PAUL TURNQUEST
* Tribune Staff Reporter
WENDELL Jones, the CEO
of Jones Communication, Love
97, and the Bahama Journal
yesterday expanded his media
empire commissioning the
official launch of Jones Com-
munications Network (JCN).
At 5pm, the television sta-
tion, which will appear on Cable
Channel 14, was launched,
beginning with a message from
Mr Jones himself.
Mr Jones reminisced on his
35 years in journalism and how
at the start of all his other enter-
prises, there were "doomsay-
ers" who believed the ventures
would not make it.
"On those two occasions
(Love 97, Bahama Journal) we
were emboldened by those
comments and sought the inter-
vention of a good and gracious
God, who empowers and sus-


tains through good times and
bad. Today we are on this red
letter day in the history of
broadcasting, launching the first
private television facility in the
Bahamas.
Mr Jones said television is "a
powerful medium" which must
be used to help inform the
country's "attitudes, its politi-
cal opinions, and social con-
science".

Ambition

Mr Jones said that JCN wants
to play a bigger role in socialis-
ing young Bahamians who are
adrift and engrossed in cultures
that "threaten what is good and
decent" about the Bahamas.
"Right now the nation's cul-
tural centre of gravity is shifting
in the wrong direction. A newly
emergent restless population,
many of them intellectually and


socially insecure, are driven by
money and materialism. JCN
will play its role in focusing this
segment of the society to appre-
ciate the role they ought to play
in our national development,"
Mr Jones said.
"JCN will be a mix of news
and features that will play off
of the news instead of simply
re-capping it. JCN sets out to
create a medium that will sift
through journalistic clutter and
synthesise what is important for
you to know. We want to put
events into context, anticipate
trends, add new insights and
facts, tell the behind the scene
tales, and explore the questions
others forgot to ask."
Mr Jones pledged that JCN
will stick with a formula that
is clear yet demanding -
good reporting, good writing,
and authoritative yet fair
analysis.
"We wouldn't be in this busi-


Police officers are warned to remain

neutral in build-up to general election


.... By.AUSON LOWE .-.....,.
Tribune Staff Reporter
FIVE hundred police officers
received their promotions yes-
terday from police commis-
sioner Paul Farquharson, along
with an admonishment not to
"mix friendship or political par-
tisanship with the execution of
your duties."
Following weeks of delibera-
tions and interviews by the police
promotion board constituted
of a significant number of senior
police officers the officers were
presented their stripes in a cere-
mony at police headquarters.
Assistant commissioner John


Rolle said.that the. board had
gone to "great length to select
the most qualified" candidates.
Commissioner Farquharson
said that the make up of the
board ensured that there was a
great deal of transparency in
the decision about which offi-
cers would be elevated.
"You've been selected
because you've performed at
optimal levels and provided
excellent service to the Bahami-
an people," Mr Farquharson
told gathered police.
However, a police source had
told The Tribune that the recent
wave of promotions, taking in
hundreds of officers, had left


the force with."too many chiefs
and not enough indians."
Countering this claim yester-
day, Mr Farquharson told The
Tribune that there are recruits
coming in at the lower levels.
Mr Farquharson added that
he is always pleased to be able
to promote his officers.
"They have worked hard and
deserve promotion," he said.
During the ceremony, the
commissioner asked that all
newly promoted officers "pro-
vide non-partisan service" to
their communities.
"I implore you to continue
on the path that has propelled
you to this point," he said.


ness if we 'didn't believe that
more information, and more


opinions, would eventually lead
to more truth," he said.


E.!,li.Lshd il 195f by ann lhi Bh.uanini faniii y

*( -a l .'I 16.03
C~r al .imrt at tl. inia Parade l TI; ;',s-4i 2
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Two shot in Arawak Cay violence


TWO people are in hospital
with gunshot wounds one shot
by a police officer after vio-
lence erupted at Arawak Cay
on Sunday night.
The wounds, which have left
the victims listed in a serious
condition, were sustained dur-
ing two separate incidents, said
police.
The first followed a minor
theft, reported by a vendor at
the popular dining area.
According to police press liai-
son officer Walter Evans, a
female vendor reported having
been robbed of some cash and
"candies."
When police arrived, they
found the suspect, who began
behaving 'in a violent manner",
reportedly hitting a police officer.
"The police officer became
fearful and drew his service
weapon. Shots were discharged
and, as a result of that, the male
was hit to the back area," said
Mr Evans.
The victim did not have a
weapon, Mr Evans confirmed.
He was taken to hospital, where
he is being treated for his
injuries.
Later, at around midnight,
two individuals approached
another man in the Arawak Cay
area.
One produced a handgun and
shot a male victim in the
abdomen. He is also recuperat-
ing in hospital, said Mr Evans.
Investigations are continuing.

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PAGE 4, TUESDAY, MAY 1,2007 THE TRIBUN


"HELP and hope are on the way!" was the
rallying cry of then Opposition Leader Perry
Christie five years ago when he led his party
to victory at the polls and himself into the
position of prime minister of the country.
Top of his list at that time was a more ful-
filling way of life for Bahamians and a nation-
al health insurance plan.
"I want to create a system of National
Health Insurance so that poor people will
stop dying simply because they are too poor to
pay for major medical attention," he told the
Bahamian people in April 2002.
Fast forward five years to a second elec-
tion, and still top of his list is a promise to
deliver national health insurance. Having
missed the first term he now promises it in his
second term if the voters give him a second
chance on Wednesday.
"A vote for the PLP is a vote for National
Insurance," his government again proclaims.
In five years all his government has produced
is a plan that doctors, employers yes, and
even union leaders say won't work. And
their opinion is supported by the experience
of countries that have tested the same health
insurance plan and failed.
The Christie government appointed a Blue
Ribbon Commission to investigate the feasi-
bility of implementing such a plan. The Com-
mission spent a long time investigating and
eventually produced a lengthy report, only,.
to, be told by the medical profession that its
plan was doomed to failure. The Medical
Association of the Bahamas gave it a thumbs
down. They made it clear that they did not
support the "NHI plan as currently present-
ed."
"The goals of the Blue Ribbon Commis-
sion and the National Health Insurance plan
are admirable and universally held," said the
doctors. "They will not be achieved with this
plan as currently outlined and will likely cause
far more damage than ever anticipated."
And so, here we are, Mr Christie's second
election and he is still hanging his hat on
bringing help and hope and national health
insurance to the Bahamian people.
The Christie vision was "to steer our nation
towards a fairer, more dignified, more peace-
fill and fulfilling way of life so that we can all
live in harmony in a universe of social jus-
tice, equal opportunity and prosperity for
all."
And then he declared: "We must never
allow petty prejudices and hatreds to lead us
into the temptation to'divide or to victimise."
This was Mr Christie's promise. But since
the beginning of this election campaign petty


prejudices, racism and hatreds have not only
led to threats of victimisation, but still more
serious bodily harm.
In this campaign the PLP's slogan is: "No
Turning Back." However, we have seen this
government take a complete "U" turn right
back to the cradle of the Pindling era scan-
dal, chasing scandal, open talk of vote buying,
victimisation, unfair use of government's air-
waves. And a Prime Minister seemingly inca-
pable of holding back the tide that threatens
to wash away any glimmer of that "help and
hope" that so far he has been unable to deliv-
er.
In 2002 when he was asking Bahamians to
trust him with their future, he promised that
PLP candidates, if chosen for government,
would have to conduct themselves according
to an uncompromising code of complete
integrity and transparency.
What has transpired in five years has made
a mockery of a code that has been so com-
promised that it is no longer included in the
PLP's proposed plan of action if voted in for
another five years.
"If we set the right example at the top,"
said Mr Christie in 2002, "it will filter all the
way down to the bottom, both in the public
sector and in the wider society."
Is this the root cause of our social problems
today? The right example was not set at the
top and so what trickled down was a mes-
sage that if our leaders can get away with it at
the top without facing any consequences, why
should we at the bottom have to toe the line?
When excuses can be made for the folly of
ministers, why shouldn't unruly John Q Pub-
lic expect the same for himself?
Crime is the major challenge of today's
society. After so many hollow promises can
anyone rely on the Prime Minister's word
that his government has a "comprehensive
plan for fighting crime"? Mr Christie claims
that there are three major steps to his anti-
crime plan. If this is so why in view of
today's escalating crime hasn't he imple-
mented them sooner?
Mr Christie, based on the five year per-
formance of his government, is asking too
many Bahamians to take a giant leap of faith
that he will deliver in the second five years
what he promised, but failed to do in the first.
As Mr Christie himself has said. It is all a
matter of trust. The big question is: Do the
Bahamian people still believe him when he
says that his party has "what it takes to get the
job done"?
This question will have to be- answered at
the polls tomorrow.


Naming of bridge should have


been the council's responsibility


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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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

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



Christie falls short of his promises


ernment Act no one in Nassau
was supposed to do this because it
is supposed to be done by Dis-
trict Councils in their respective
districts.
The naming and renaming of
roads is one of the Council's
responsibilities.
I tell you this to show the total
disregard of this government for
any laws, it doesn't matter what
they are.
The people of Spanish Wells
know that the Prime Minister
looked them in the face and told
them a bold faced untruth when
he said he had only learned that
morning that he was to come to
Spanish Wells and what he was
coming for.
They are intelligent people so
they know that if he could deceive
them to their faces he could
deceive them about anything else
just as well.
We had a rally here in Spanish


Turnquest, Foulkes impress


EDITOR, The Tribune.
KINDLY allow me some space
in your paper to express my
thoughts on something that has
been overlooked this election sea-
son.
I have been extremely
impressed with the political matu-
rity of Tommy Turnquest and
Dion Foulkes who lost their
respective bids to retain and win
the leadership of the Free Nation-
al Movement.
Messrs Turnquest and Foulkes
- who collectively won forty per-
cent of the votes in the leadership
race could have broken up the
party and dragged it down to cer-
tain electoral defeat.
Instead, they placed the good
of the party and the needs of the
country above their personal
ambitions. They are young, yet
seasoned men with bright futures.
If the FNM wins they will be
senior Cabinet ministers.
Their maturity stands in
tremendous contrast to the arro-
gance, political immaturity and
selfishness of older heads in the
FNM, particularly Tennyson Wells
and Algernon Allen.
After losing their bids for the
leadership, these FNM "veterans"
threw temper tantrums and basi-
cally walked out of the party.
Blinded by self and business
interests, it appears to me that
they lent their aid and comfort to
a PLP culture of corruption, sleaze
and victimization they once took
principled stands against.
Their blind hatred of Hubert
Ingraham and inability to convince
a majority of the FNM to support
them as leader, led them into
political blind alleys which will
turn into dead ends on May 2nd.
Whereas Tommy and Dion are
the political future Tennyson and
Algernon are yesterday's news.
The biggest loser is Mr. Allen
who is now universally recognized
as a shameless opportunist and
chameleon. He is good at rapidly
changing political colours depend-


ing on the circumstances.
FNMs know who he is and the
PLP, which is temporarily using
him as a mercenary, will dump
him with record speed if they lose
at the polls.
The final histories of Dion and
Tommy are yet to be written. And
that is the point: they have promis-
ing chapters yet to be written.
But at least one chapter will
tell how they helped the FNM to
mature, grow and remain united.
As sons of FNM veterans,
these still relatively young turks
understood how internal divisions
and disunity seriously damaged
the FNM in the 70's and 80's.
Alternatively Tennyson and
Algernon are about to end their
political journeys with a shame-
less ironic twist.
Not only did they try to destroy
an FNM they helped to build, they
also lent their dogged support to a
PLP culture they once fought so
hard against.
This time around it was the
young men (Tommy and Dion)
who had to show those who
should have known better (Ten-
nyson and Algernon) what gen-
uine leadership and maturity is:
service above self; long term vision
over short term gain; and the peo-
ple's business above personal for-
tune.
The FNM and the country will
be glad to see the backs of Allen
and Wells. Thankfully neither man
will ever become Prime Minister.
We look forward to good
things from Turnquest and
Foulkes who have demonstrated
stability, courage and judgment.
Hopefully, one of these men will
eventually become the nation's
Chief Executive.
They have earned the right to
run again.
If the FNM wins on May 2nd,
they must now earn our trust that
they can one day lead the country.

LIVINGSTON GRAY
Nassau,
April, 2007


EDITOR, The Tribune.
ON WEDNESDAY, April 25,
2007 the Rt. Hon. Prime Minister
came to Spanish Wells for his first
visit in over five years.
He came here to name the
bridge between Spanish Wells
and Russell Island, which, if my
memory serves me right, was ded-
icated to the memory of Mr. Rod-
erick Newton Higgs when it was
officially opened when it was
replaced after Hurricane Andrew.
He stood in front of the
microphone and told the people
of Spanish Wells that he did not
know anything about coming to
Spanish Wells until 11 o'clock
that morning when he got a
phone call and he asked what he
was supposed to be coming for.
My-My! I got a call from the
Administrator on April 23 telling
me that the Prime Minister and
Bradley Roberts were coming to
Spanish Wells on .Tuesday the
24th to carry out this exercise,
however, it had to be put off for
some reason to Wednesday, 25th.
I faxed the P.M. a letter telling
him that under the Local Gov-


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Wells on Friday night, April 27th,
and the turn out was very heart
warming.
It won't be long before the lies
which they have been telling at
their rallies are proven to be just
that lies.
To all of you who have any -
political savvy you know that for
Perry to come to Governor's Har-
bour on Wednesday, 25th, after
just having a rally in Rock Sound
four nights before with the busy
schedule that he has it is an
admission that they do not
believe that they are going to win
South Eleuthera, much less
North. I was told that Mr. John-
son said from the platform that
we have the south and "I am try-
ing hard to win the North" that
is an admission of defeat in itself.
Spanish Wells has always been
FNM and it will not change now
no matter how many lies they tell
from their platform.
Thank The Lord It Ain't
Long Now.
ABNER PINDER
Spanish Wells,
April 29, 2007.



Fred Mitchell

'abandoned

Fox Hill people'

EDITOR, The Tribune.
I thought long and hard before
I wrote this letter. I did not want to
allow my deep-rooted feelings to
cloud my good sense and good
manners. But my conscience would
not allow me to sleep until I set
the record straight. What has been
happening and allowed to go
-unchecked was a mission of mean-
spirited, wicked comments about
decent people whose lives are com-
mitted to helping Fox Hill in every
way, and it must stop NOW.
I cannot stand by and watch
anyone, while through the disguise
of bahamasuncensored.com, say
anything about a lady that I defi-
nitely know extended herself at
great sacrifice to her family in help-
ing Fred Mitchell in every way pos-
sible. I personally know about the
enormous planning and contribu-
tions of most events that was exe-
cuted on behalf of Mr. Mitchell
that was done with the greatest
enthusiasm. When someone does
something out of the goodness of
their hearts and they receive noth-
ing but negative returns, ingrati-
tude must be a sin.
My name is Larry Wilmott; I
have been deeply involved with the
present and soon to be former PLP
Member of Parliament for Fox
Hill's campaign from its inception.
I will not blow my own horn, but I
will play an entire orchestra, I was
the campaign. Without my influ-
ence Fred Mitchell could not win
Fox Hill, especially because of his
own sad personality and
demeanour.
George Mackey introduced me
to Mr. Mitchell, if my memory
serves me right, around 1996. Ever
since then I worked tirelessly day
and night, always remaining loyal
to Mr Mitchell. Mr Mitchell relied
heavily on my popularity and the
SEE page 15


Phone: 393-8192


I


PAGE 4, TUESDAY, MAY 1, 2007


THE TRIBUNE


CHWggggmFOm SIn51







TUESDAY, MAY 1, 2007, PAGE 5


THE TRIBUNE


LOA NW


OIn brief

Three accused
of marijuana
possession
and cultivation

THREE people were
arraigned in Magistrate's
Court yesterday on several
-, charges related to marijuana
possession and cultivation.
Michael Sylvira Whitting-
ham, 37; of Jamaica, Levon
Gahart Largie, 24, alias Junial
Surat, also of Jamaica; and
Nora Annyer Marie Hanna,
32, alias Annyer Marie Han-
na of Flamingo Gardens,
appeared before Magistrate
Carolita Bethel at court eight
in Bank Lane.
,, It was alleged that on Fri-
day April 27, the accused con-
spired to posses a quantity of
marijuana.
It is also alleged that on the
same day, they were found in
possession of a quantity of
marijuana which authorities
believed they intended to
supply to another.
Prosecutor Inspector Ercell
Dorsette alleged that on that
date, the accused were found
in possession of 77.5 pounds
of marijuana. They all plead-
ed not guilty to these charges.
It is also alleged that on
Tuesday April 3 while at
Stafford Creek, being con-
cerned together and with
another, the accused were
found cultivating marijuana.
It is also alleged that on the
same date, the accused con-
spired to posses a quantity of
marijuana which authorities
believed they intended to
supply to another.
According to the prosecu-
tion, the accused were found
with $191,150 worth of sus-
pected marijuana plants as
well as seven bales amounting
to 134 pounds of the drug.
The accused also pleaded
not guilty to the April 3
charges.
They were remanded to
Her Majesty's Prison and a
bail hearing has been sched-
uled for May 7.
i rt


Independent may split PLP




vote in St Thomas More seat


A PHARMACIST who
claims he was struck off the PLP
candidates' list in 2002 only 48
hours before nomination day is
expected to split the party's vote
in St Thomas More, the seat
held by the PLP's Frank Smith.
George Hepburn has been
prompted to run by his lifelong
involvement in the Kemp Road
area and his eleventh-hour
rejection by the PLP five years
ago when he had been ratified
as candidate for the St Margaret
constituency.
"After campaigning for
months, I was removed by coun-
cil two days prior to nomination
day. I would like to amalgamate
both factors to give those sup-
porters an opportunity to elect
one of their own to parliament,
to serve and to lead."
Mr Hepburn, who attended
Uriah McPhee School, runs a
pharmacy in the constituency,
and also worships locally, said
he wants to provide "a beacon
of hope" for young residents.
"I would like to provide lead-
ership that would commence by


extending the Kemp Road library
hours and developing communi-
ty tutoring centres through
church assistance, providing after-
school activities and guidance.
"The ultimate goal is to pro-
mote academia as an avenue
towards progress, the hope to
extend the education boundary
beyond high school, encourag-
ing government to reinstate the
scholarship programme for indi-
gent families."


Candidate claims he was struck off party's

list hours before election nominations


Mr Hepburn also said he
would extend constituency
office hours until 7pm to pro-
vide extended advisory services
for those requiring assistance
who work during the day.
He also has a social develop-
ment plan to help the elderly
and disabled through establish-
ment of a wellness programme.
And he wants provision of flu
vaccine for the elderly and
infants in the community during
peak months.
Mr Hepburn said he plans to
initiate dialogue to educate con-
stituents on access to democra-
cy, constitutional rights, and res-
olutions debated in parliament.
In addition, he wants com-
munity committees and boards
to explore ways of raising rev-
enue for beautification projects,
parks maintenance and play-


ground safety.
In promoting "community
togetherness", he wants to see
pageants, tournaments, family
days, health walks, prayer ser-
vices and wellness education.
"The lack of local govern-
ment in New Providence cre-
ates a void evolving to partial
anarchy which now demands
that members of parliament
should provide leadership and
guidance. As each individual
aspires to help others through
voluntary service, we help our-
selves to appreciate the virtue of
giving to build lives."
A political observer said last
night that Mr Hepburn's
involvement in the St Thomas
More race would affect the PLP
more than the FNM.
"Mr Hepburn was properly
ratified as a PLP candidate last


Broadcast outlets plan election coverage


WHEN voters head to the
polls to casts their ballots for a
new administration tomorrow,
the country's broadcast media
outlets will provide extensive
coverage of election-day activi-
ties, keeping voters informed as
returns come in throughout the
evening.
Joy FM, Cool FM AND 100
Jamz will be providing up-to-
date results as each becomes
known, with coverage begin-
ning as soon as the polls close.
Over at Island FM 102.9,
election day coverage will begin
at 7am, with live updates every,
hour from the various con-
stituencies in New Providence,
Grand Bahama, Exuma, and
Eleuthera.
Later in the evening, Cable
12 television will set the tone
for the, election returns, as vet-


eran news personality and for-
mer MP Charles Carter hosts a
political round table with guests
Henry Bostwick and George
Smith.
Beginning at 5pm, Mr Carter,
Mr Bostwick, a former leader
of the Free National Move-
ment, and Mr Smith, himself a
former Progressive Liberal Par-
ty MP, will combine years of
political expertise in providing
commentary on the political cli-
mate leading up to tomorrow's
final returns.
Broadcasting from the top of
the hill in Centerville, featured
guests, political analysts, and
local radio and television talent
from ZNS will keep the public
informed through a live radio
and television simulcast begin-
ning at 6pm.
In addition, throughput the


day, ZNS radio will provide
updates as a part of its regular-
ly scheduled news programmes.
Love 97 and Jones Commu-
nications' newest addition to
the media market, Jones Com-
munication Network (JCN),
like ZNS will have guest ana-
lysts and several of their local
radio and television presenters
in simulcast coverage of the
day's activities.
Jones Communications' cov-
erage of election day results is
scheduled to begin at 5pm.





I 32EE15--


time, so he has quite a lot of
support in the area. He was
nominated by several con-
stituencts, but was then rejected
at the last minute without expla-
nation," said the source.
"As a well-known business-
man in the area, and someone
who grew up there, he clearly
has a following, including a lot
of people who have known him
for many years."
Mr Hepburn, in seeking to
unseat Mr Smith as MP, is also
up against the FNM's Reece
Chipman.



TUESDAY,
MAY 1ST
6:00 Community page 1540am
11:00 Immediate Response
noon ZNS News Update
12:05 Immediate Response
1:30 Legends: Chris Malaikus
2:00 Fast Forward
2:30 Turning Point
3:00 Practical Principles
3:30 Ernest Leonard
4:00 Lisa Knight
4:30 Cybemet
5:00 ZNS News Update
5:05 Andiamo
5:30 The Envy Life
6:00 Literacy Living
6:30 News Night 13
7:00 The Bahamas Tonight
8:00 Political Broadcast: Free
National Movement
8:15 Political Broadcast: Progressive
Liberal Party
8:30 Progressive Liberal Party
Mass Rally
11:00 News Night 13
11:30 The Bahamas Tonight
12m/n Immediate Response
12:30 Community Page 1540AM
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Geographic data being



collected on Abaco


MARSH Harbour, Abaco -
Officials from the Bahamas
National Geographic Informa-
tion Systems Centre and key


government departments and
agencies are nearing comple-
tion of the first week of the first
national spatial data collection


exercise in Abaco with great
expectations for the future of
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* DIRECTOR of the Bahamas National Geographic Informa-
tion Systems (BNGIS) Centre Carolann Albury (left); Vanessa
Francis, Ministry of Financial Services and Investments; and Val-
rie Grant-Harry, GISP, geographic profiles co-ordinator for the
LUPAP 2 Project, review some of the data collected during a
visit to the Great Guana Cay area of Abaco on Tuesday, April


The team, led by Carolann
Albury, director of the BNGIS
Centre, and Valrie Grant-Har-
ry, GISP, geographic profiles
co-ordinator for the LUPAP 2
Project and IDB consultant,
began the data collection
process on Monday, April 23,
in Marsh Harbour and sur-
rounding areas.
Ms Albury and Mrs Grant-
Harry also met with several key
players on the island of Abaco
Monday, with a view to getting
their assistance with the project
and to provide them with details
of the project.
Ms Albury said she was
"quite satisfied" with the
amount of information gleaned
during the initial collection peri-
od.
"The process has gone fairly
well," Ms Albury said. "In addi-
tion to going out into the field
and collecting lots of data, we
had a very good meeting with
some of the agencies and net-
work partners on the ground in
Abaco who were in possession
of maps that we can use to fur-
ther assist us in accomplishing
our goals.
"The meeting with the agen-
cies and our partners was very
important on several levels,
because in addition to providing
us with additional information,
it also gave us the opportunity
to make Abaconians more
aware of what the government's
intention is with regards to
advancing the use of Geo-
graphic Information 'Systems
(GIS) in the Family Islands.
"It also provided our team
with the opportunity to meet
with those who would have
existing data that we can use in
this initiative, (and) on those
two levels it was very benefi-
cial.
"From the responses we
would have gotten from them,
they were also better able to
appreciate what we are doing
because it is to their benefit as
well."

Resources

The data collection exercise
in Abaco is part of the Centre's
mandate to build the country's
digital information resources
under the Land Use Policy and
Administration Project
(LUPAP), Component 2.
It is expected to lead to better
collection, management and
sharing of information on the
country's resources and to facil-
itate an improved land use plan-
ning and administration policy
within The Bahamas.
It will also lead to the devel-
opment of GIS databases or


(Photo: BIS/Patrick Hanna).

had also conducted collection
operations in Great Guana Cay,
Spring City, the Mud, Pigeon
Pea, Cooper's Town, Blackwell
and Hope Town.
"We have collected data
regarding the location of docks,
road networks, blue holes, quar-
ries, buildings, homes, utility
poles, cemeteries and other spe-
cial features during this initial
collection process," Mrs Grant-
Harry said.
"Additionally, we have cap-
tured and will continue to cap-
ture data on everything rang-
ing from infrastructure, to
beaches, hotels, tourism attrac-
tions, heritage sites, sewage
treatment plants, airports, mari-
nas and on and on.
"I am excited about the fact
that we have collected a sub-
stantial amount of information
in our first week here on the
island of Abaco," Mrs Grant-
Harry added.


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


KEMP'S FUNERAL HOME LIMITED
22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas



Ms. Rosemary

Coltilda Ageeb,75


e also repair and "-"',


LARGE SHIPMENT OF USED CARS

IN STOCK

COME CHECK US OUT

NEW SHIPMENTS

ARRIVING MONTHLY


For Easy Financing

Bank And Insurance

On Premises

Check Our Price

Before buying


Bahamas Bus & Truck


Call:


of Nassau, The
Bahamas, who died
peacefully at her
residence on Tuesday,
24th April, will be held
at Sacred Heart
Church, Shirley Street,
Nassau, on Thursday,
3rd May, 2007 at
11:00 a.m.

Father Mel Taylor will
officiate.
Cremation will follow.


r .:*.


Ms. Ageeb is survived by 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, LaVerne and Karen Ageeb; four
nieces, E.J. Maria Ageeb, Lupita Ageeb-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 ll:00am.
Arrangements by Kemp's Funeral Home Limited,
22 Palmdale Avenue, Nassau, The Bahamas.


|B_-




May2nd20 i
We will *be clsigat 1:00pm for the*?"7


^^^?^^fTGenerSTt~Sal'lR^etioni.T

We will re-open on May 3rd at our^^
^K'rTS^egul~S~far ous I Oam to 5p


Geographic Profiles of the
island. While Abaco was cho-
sen as the starting point for the
project, data collection exercis-
es also will be conducted in
Andros and Great Inagua.
"Abaco, Andros and Great
Inagua were chosen as the three
islands to begin the process of
building the country's informa-
tion resources in order to
address the lack of digital data
required for mapping, managing
and monitoring economic devel-
opment and to expand the use
of GIS to the Family Islands.
"This will in turn allow Local
Government officials on these
islands access to modern tools
which will assist them in better
managing the country's natural
resources," Ms Albury said.
Mrs Grant-Harry said the
team has met most of its objec-
tives for the first week. She said
the teams had completed their
work in Marsh Harbour and


THE TRIBUNE


PAGE 6, TUESDAY, MAY 1, 2007







TUESDAY, MAY 1, 2007, PAGE 7


THE TRIBUNE


Ingraham pledges to introduce NHI




during FNM visit to Grand Bahama


By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT National
Health Insurance will be put in
place by the FNM if it wins the
general election tomorrow,
according to party leader
Hubert Ingraham.
Speaking to thousands of sup-
porters in Grand Bahama on
Saturday, Mr Ingraham said:
"When I first talked about
national health insurance and
did something about it, those
words had never been uttered
by Perry Christie that's 20 odd
years ago.
So you can trust us. We are
going to deliver NHI for all in
our Bahamaland," he said.
Mr Ingraham claims that the
PLP government has failed the
country and is now "resorting
to undemocratic means to steal"
the election on May 2.
"Do not be intimidated by
* threats, and don't be provoked
by their dealings we are on
the side of right and truth, and
right and truth will prevail next
Wednesday," said Mr Ingra-
ham, who is confident of an
FNM victory in Nassau and
many of the Family Islands.
"Grand Bahama, last time
you gave us half of the seats.
This time, we are asking for all
six. I assure you that the rest of
the Bahamas is voting FNM,"
he said.
The FNM rally followed by
a lively motorcade procession
to Independence Park was


Former PM focuses on Royal Oasis, PLP land deals and vote-buying allegations


one of the largest turnouts on
the island in the run-up to the
general elections.
Mr Ingraham told supporters
that the PLP government must
go because of its many failures.
He said Grand Bahama has suf-
fered under the PLP.
"They stood by and allowed
Freeport and Grand Bahama
to suffer. They disappointed
you time and again. Now, it is
your time and your turn to dis-
appoint them vote them out,"
he said.
Since the closure of the Roy-
al Oasis, the government has
made several announcements
regarding the sale of the prop-
erty, initially to WHI Group of
Florida, and now to the Irish-
based Harcourt Group.
Mr Ingraham said he intend-
ed to meet with the intended
buyers of Royal Oasis before
leaving the island on Sunday.
"You know, Grand Bahama,
I have lost count of the num-
ber of times that Perry Christie
has announced the sale of the
Royal Oasis. The last time he
announced the sale he said that
was the only thing that the
FNM had to talk about, or
could use against them in this
campaign, and that as the sale
had now been settled, the FNM
would have nothing to cam-
paign on. But, the question still
is: has the hotel been sold?"


* FNM officials in front of the crowd in Grand Bahama on
Saturday night


Mr Ingraham also pointed
to the weak security at Lyn-
den Pindling Airport, where
an airplane recently disap-
peared; the alleged misman-
agement of crown land, and
the questionable land deals
that have been approved by
the government.
Mr Ingraham also claimed
that the PLP has betrayed the
trust of the Bahamian people -
as can be seen in the many scan-
dals involving cabinet ministers,
permitting the abuse of the
environment and damage to the
country's international reputa-
tion.


He said that the PLP are
afraid and desperate to hold
onto power.

Votes

"The governing party is being
accused of buying votes on
Grand Bahama. But take their
money, and vote FNM," Mr
Ingraham said.
"They are desperate; they are
up to their dirty tricks, and des-
perate to hold onto power and
privilege. And so they are
resorting to undemocratic
means in a last ditch effort to


* HUBERT Ingraham is swamped by supporters as he
approaches the stage


steal a victory in the poll next
week, but that won't happen.
We have got the votes, and
come Wednesday, we winning
the election," he said.
Mr Ingraham said it is impor-
tant that young Bahamians in
particular make their vote
count.
He urged voters to: check
their voter's card to ensure they
know where their polling sta-
tion is; ensure that the ballot
they receive from election offi-
cials has no markings on it, oth-
er than the signature of the pre-
siding officer; only use the
indelible pencil provided in the


voting booth.
"Do not make any other
mark on the paper other than
your X. It you do that, it will
be declared to be a spoiled bal-
lot, and your vote won't be
counted, and it will be wasted."
"We are going to eliminate
exchange control when we
become the government during
our term. And we are going to
cause the expansion of Bahami-
an ownership in our economy,
and we will attract investment -
true investment with real mon-
ey, not monopoly money and
we will pick up where we left
off in education and health.


Symonette says Christie and ministers unfit for government


By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT DEPUTY
FNM leader Brent Symonette
has said that Prime Minister
Perry Christie and his scandal-
ridden government ministers
are not the right choice for the
Bahamas.
Mr Symonette says that Mr
Christie owes the Bahamian
people an apology for failing to
deliver "help and hope" during
his five years in office.
"Mr Christie, it is you who
should apologise to the Bahami-
an people for the five years you
have shuffled.
That you have failed to deliv-
er help and hope; that you have
failed the people of the Com-
monwealth of the Bahamas,"
he said.
According to the Nassau MP,
Bahamians are unable to access
basic services, medicines, and
other essential services, such as


garbage collection.
"But, yet at the very last hour
the government starts painting
buildings, paving roads, and
signing contracts as an election
game," said Mr Symonette.
Mr Symonette, who was
speaking at an FNM rally in
Grand Bahama on Saturday,
said former prime minister and
FNM leader Hubert Ingraham
is the right choice for the coun-
try.
He criticised Mr Christie for
his government's failure to build
a new school, and straw mar-
ket in New Providence, in the
past five years.
"What happened to the City
Meat Building? What happened
to the $9 odd million dollars in
Blake Road building? What
happened to Obie Wilch-
combe's own office at the Min-
istry of Tourism? Nothing is fin-.
ished," he said.
"What about the people's
land in Cable Beach that the


* BRENT Symonette addresses the FNM rally on Saturday


government has sold? The
UBP, the FNM, and the previ-
ous PLP did not sell the peo-
ple's land, but this PLP sold the
Cable Beach, and only deposit-
ed $10 million to the Hotel Cor-
poration's account," said Mr


Symonette.
"The other day the Hotel
Corporation went back to the
government to borrow another
$6 million. Where did all the
money go?"
Mr Symonette said that many


PLP ministers are involved in
alleged scandals, which appears
to be of no concern to the gov-
ernment.
"A minister's law firm accept-
ed some $400,000 for an LNG
project, but that's okay; a min-
ister had a bag full of US cash in
his closet for school fees, but
that's okay; a minister enters a
house and repossesses furniture
and a toilet, but that's okay-.''
"A minister/ministers had to
be involved in the Korean boat
scandal, but that's okay' *a min-
ister intimidates the registrar
general, but that's okay. What
about the $2 million contract
that ended up at over $5 mil-
lion?"
Mr Symonette also ques-
tioned the "hundreds of thou-
sands of dollars" in back rent
owed by the PLP and their fol-
lowers to various government
organizations.
He says that the attack on
him by the PLP is a desperate


attempt by Mr Christie to hold
onto power.
"They are attacking me, and
saying that Hubert Ingraham
will step down and I will
become leader.
They sent Obie to attack me,
a man himself who aspires to
be Prime Minister. Why not ask
Mother Pratt if she would stay
the full term if they were elect-
'ed? Ask her how long she
intends to stay, or does Mr
Christie intend, if by chance
they win, to send her to Gov-
ernment House?
Mr Symonette said that there
are a lot of people waiting in
the PLP to take Mr Christie's
job.
"Ask Allison, Fred
(Mitchell), Obie, Vincent Peet,
and Bernard Nottage, but yet
they focusing on Hubert Ingra-
ham and me. The only man that
will be Prime Minister on May 2
is Mr Hubert Ingraham," he
said.


RESORTS-


THE GATEWAY TO THE CARIBBEAN.


SUR MER'


At Ginn ResortssM, we're proud to have Ginn sur Mers"' as our flagship resort community. As the gateway to the
Caribbean, Ginn sur Mer will feature all of the luxurious amenities one would expect from a Ginn resort. But it will
also feature members of our new Bahamian family. When Ginn sur Mer is completed and fully operational, it will
employ more than 7,000 people, most of whom will be Bahamians. In addition to Ginn sur Mer, Ginn Resorts is
creating a number of resort residential communities around the United States. This map provides a look at the Ginn
Resorts family of communities.

Ginn Resorts and Ginn'sur Mer, proud partners with our new family in The Bahamas.







PAGE 8, TUESDAY, MAY 1, 2007


THE TRIBUNE


Credit Sulsse Brazil (Bahamas) Umited


As mel PaAir 1,lOO
poewmmeat. s&ams)


Note 2006 2005


Ma-t
Cash and cash equivalents
Plawmmnt wtl banks
Loans nd advances
Devatve financial Intrument
Receivable from brokers, dealers, clearing
organization and customers
Other asts
Toal assets
ULabltiM
Deposits from customers
Borrowed funds
Derivative financial instruments
DMvdenda payable
Payablas to brokers, dealers, clearing
organization and cutmra
Other lablies
Total Ilabll ea M
Equity
Capital
Retained earning
Total equity
Total Babilities and emquty


4 186,033
5 65,045
6 210,869
10 42,235
2.6 40,028
1,662
545 872

7 107,073
8 261,846
10 42,662

2.6 22,142
1,241
434,964

9 70,000
40908
110,908
545,872


203,943

233



204,176



3,685


300
134,176

70,000

70.,0o
204,716


Thenst


Notes to the Balance Sheet

1 Organization and operations
Credit Suisse Brazil (Bahamas) Limited ("the Company") was originally incorporated on
December 15, 1999 in the British Virgin Islands and licensed under the International Business
Companies Act (Chapter 291).

On October 12, 2004, the Registrar General of The Commonwealth of The Bahamas approved
the Company's domicile transfer and the change of its name from Credit Suisse First Boston
(BVI) Limited to Credit Suisse First Boston Brazil (Bahamas) Limited.

On December 20, 2004, pursuant to Section 4 of the Banks and Trust Companies Regulation
Act, 2000, the Governor of the Central Bank of The Bahamas granted the Company a license
to carry on banking and trust business.

The Company is a wholly owned subsidiary of Banco de Investimentos Credit Suisse (Brazil)
S.A. In Brazil ("the parent company"), which In turn is a wholly owned subsidiary of Credit
Suisse in Zurich, Switzerland (the CS Group'). The Company has extensive transactions
with affiliated companies and operates in conjunction with its parent company. As for Brazilian
banking regulations, its operating limits are consolidated with the parent company's limits.

The Company's registered office is situated at Bahamas Financial Centre, 4h floor, Shirley &
Charlotte Streets In the city of Nassau on the Island of New Providence, one of the Islands of
The Commonwealth of The Bahamas.

2 Summary of significant accounting policies

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

2.1 Basis of preparation

This balance sheet have been prepared in accordance with International Financial Reporting
Standards (IFRS). This balance sheet have been prepared under the historical cost
convention, as modified by the revaluation of financial assets and financial liabilities held at fair
value through profit or loss and all derivative contracts..

The preparation of financial statements In conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise Its judgment In the
process of applying the Company's accounting policies. Actual results could differ from those
estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. In particular,
information about areas involving a higher degree of judgment and where assumptions and
estimates are significant to the financial statements are disclosed In notes 2.3, 2.5 and 11.

A number of amendments to standards and interpretations have been issued and are effective
from 1 January 2006. The application of the amendments and interpretations did not result in
substantial changes to the Company's accounting policies.

In addition, a number of new standards, amendments and interpretations have been issued
which are not effective for accounting periods beginning on 1 January 2006. The Company
has chosen not to early adopt any of the standards, amendments and interpretations.

Management estimates that the adoption of these'new standards, amendments and
Interpretations will not have a significant impact on the Company's financial statements in the
period of Initial application, except for the adoption of IFRS 7, Financial instruments:
Disclosures, which will increase the level of disclosures relating to financial Instruments.

2.2 Foreign currency translation

(a) Functional and presentation currency

The Bahamian dollar is the currency of the country where the Company is domiciled. Items
Included in the financial statements are measured In United States dollars ('USD') which is the
currency of the primary economic environment in which the Company operates.

The financial statements are presented in United States dollars ('USD'), which is the
Company's functional and presentation currency.

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the translation at year-end exchange rates
of monetary assets and liabilities denominated in foreign currencies are recognized in the
Income statement.

2.3 Financial assets

The Company classifies its financial assets In the following categories: financial assets at fair
value through profit or loss and loans and receivables. Management determines the
classification of its investments at initial recognition.

(a) Financial assets at fair value through profit or loss

Financial assets held for trading are measured at fair value through profit or loss. A financial
asset is classified as held for trading if it is acquired or incurred principally for the purpose of
selling or repurchasing In the near term or if it is part of a portfolio of Identified financial
Instruments that are managed together and for which there is evidence of a recent actual
pattern of short-term profit-taking. Derivatives are also categorised as held for trading unless.
they are designated as hedging instruments.

(b) Loans and receivables

Loans and receivables are nonderivatlve financial assets with fixed or determinable payments
that are not quoted in an active market. They arise when the Company provides money
directly to a debtor with no intention of trading the receivable.

Securities purchased under agreements to resell ('reverse repos') are recorded as loans to
other banks or customers, as appropriate. The difference between resale and purchase price
Is treated as Interest and accrued over the life of the agreements using the effective Interest
method.
Purchases and sales of financial assets at fair value through profit or loss are recognized on
the trade-date the date on which the Company commits to purchase or sell the asset. Loans
are recognized when cash is advanced to the borrowers.

Financial assets are initially recognized at fair value plus transaction costs for all financial
assets not carried at fair value through profit or loss. Financial assets are derecognised when
the rights to receive cash flows from the financial assets have expired or where the Compan/
has transferred substantially all risks and rewards of ownership. Financial liabilities are
.derecognized when they are extinguished that is, when the obligation is discharged,
cancelled or expires.

Financial assets at fair value through profit or loss are subsequently carried at fair value.1
Loans and receivables are carried at amortised cost using the effective Interest method. Gains.
and losses arising from changes in the fair value of the 'financial assets at fair value through
profit or loss' category are Included In the Income statement In the period in which they arise.
The fair values of quoted investments in active markets are based on current bid prices. If the
market for a financial asset is not active (and for unlisted securities), the Company establishes ,
fair value by using valuation techniques. These include the use of recent arm's length
transactions, discounted cash flow analysis, option pricing models and other valuation
techniques commonly used by market participants.

2.4 Impairment of financial assets

The Companyeassesses at each balance sheet date whether there is objective evidence that a
financial asset or group of financial assets is impaired. A financial asset or a group of
financial assets is impaired and Impairment losses are Incurred only If there is objective
evidence of impairment as a result of one or more events that occurred after the initial
recognition of the asset (a 'loss event') and that loss event (or events) has an impact on the
estimated future cash flows of the financial asset or group of financial assets that can be
reliably estimated.
For the purposes of a collective evaluation of impairment, financial assets are grouped on the
basis of similar credit risk characteristics (Ie, on the basis of the Group's grading process that
considers asset type, industry, geographical location, collateral type, past-due status and other
relevant factors). Those characteristics are relevant to the estimation of future cash flows for
groups of such assets by being indicative of the debtors' ability to pay all amounts due
according to the contractual terms of the assets being evaluated.

2.5 Derivative financial Instruments

Derivatives are initially recognized at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at their fair value. All derivatives are carried
as assets when fair value Is positive and as liabilities when fair value is negative. Gains and
losses arising from changes in the fair value of these instruments are included in 'net trwi""U
income'.


Fair value is determined using quoted market prices where a price efficient and liquid market
exists. If listed market prices are not available, fair value Is determined based on valuation
techniques. These include net present value techniques, the discounted cash flow method,
price quotations ascertained from brokers, price activity of similar instruments traded In
different markets and pricing models which, where appropriate, take Into account current
market and contractual prices for the underlying securities, as well as time value and volatility
factors underlying the positions.

The value produced by a model or other valuation technique is adjusted to allow for a number
of factors as appropriate, because valuation techniques cannot appropriately reflect all factors
market participants take Into account when entering into a transaction. Valuation adjistnents
are recorded to allow for model risks, bid-ask spreads, liquidity risks, as well as other factors.

Management believes that these valuation adjustments are necessary and appropriate to fairly
state financial instruments carried at fair value on the balance sheet.

2.6 Receivables and payables to brokers, dealers,
clearing organizations and customers

Purchases and sales of financial Instruments are recorded by the Company on a trade date
basis. Amounts due from and to brokers, dealers, clearing organizations and customers
represents receivables for instruments sold and payables for instruments purchased that have
been contracted for but not yet settled or delivered on the balance sheet date, respectively.
These trades are usually settled within the regular period through cleaning organizations.

2.7 Borrowings
Borrowings are recognized initially at fair value net of transaction costs Incurred. Borrowings
are subsequently stated at amortized cost; any difference between proceeds net of transaction
costs and the redemption value is recognized in the Income statement over the period of the
borrowings using the effective interest method.

2.8 Income tax

The Company is not subject to corporate income or capital gain tax in The Commonwealth of
The Bahamas.

2.9 Fiduciary activities
The Company acts as trustee and In other fiduciary capacities that result In the holding or
placing of assets on behalf of Individuals, trusts, retirement benefit plans and other Institutions.
These assets and income arising thereon are excluded from these financial statements, as
they are not assets of the Company.

2.10 Comparatives
Where necessary, comparative figures have been adjusted to conform with changes In
presentation in the current year.

3 Financial risk management

The Company engages In transactions that exposes It to financial risks In the normal course of
business. These risks include liquidity, market and credit risks.
(a) Liquidity risk

Liquidity risk is the risk that the Company is unable to meet its payment obligations associated
with its financial liabilities when they fall due and to replace funds when they are withdrawn.
The consequence may be the failure to meet obligations to repay depositors and fulfill
commitments to lend.

Liquidity risk is minimized through the concentration of high quality and liquid assets at
competitive rates, controlled by monitoring leverage levels.

(b) Market risk

Market risk is the potential unfavorable change in value of a financial instrument caused by
changes in Interest rates, currency exchange rates, Indices, volatilities, correlations, Ilquildity or
the fair values of the securities underlying the instrument.

Interest rate risk

Cash flow interest rate risk Is the risk that the future cash flows of a financial instrument will
fluctuate because of changes in market Interest rates. Fair value interest rate risk is the risk
that the value of a financial instrument will fluctuate because of changes in market interest
rates. Interest rate risks are managed through exposure monitoring techniques, utilizing
numerous Interest rate derivatives available in the market on a consolidated basis by the
Company's parent company.

Foreign currency risk

Foreign currency risk is managed at the parent company level on a consolidated basis. As of
December 31, 2006, after considering the foreign currency balance sheet positions and the
derivative financial instruments, the group did not have any significant net foreign currency
exposures.

Overall, the Company minimizes Its exposure to market risk through various control policies,
including establishment of limits, consolidated currency/indices risk strategies and procedures
of monitoring. the currency and indices risk including Value-at-Risk and Stress-testing
procedures.

(c) Credit risk and concentration of credit risk

The Company takes on exposure to credit risk, which is the risk that u counterpart will cause
a financial loss for the Company by failing to discharge an obligation. Credit exposures arise
principally in lending activities that lead to loans and advances.

Credit risk is minimized through transactions with related parties or "first claas" clients,,
monitoring and determining credit limits based on the clients financial position-and
counterpart diversification. .

The credit exposure associated with derivatives is generally a fraction of the notional value of
the instrument. The Company measures all derivative positions at fair value on a daily basis.
The Company minimizes its exposure to credit risk by dealing with creditworthy counter-parties
and through the use of collateral policies, offsetting arrangements and credit exposure limits,
based on the financial condition of the applicable counter-parties. The Company's mqin
concentration In "over-the-counter" ('OTC') contracts is represented by transaction with
counterparties within the financial services sector, Including banks, brokers and dealers.

4 Cash and cash equivalents

The balance is substantially represented by an Interest bearing demand deposit with an entity
in the CS Group, in the amount of US$ 185,219 (2005 US$ 203,913). Interest on demand
deposits is recorded as "Interest income" in the Income statement.
5 Placements with banks
2006

Time deposit 54,804
Certificate of deposit 10,441

Total 65,045

Period from balance sheet date to contractual maturity date:
3 12 months 10,441
1 5 years 54,604

Total 65,045
The deposits are maintained with related parties and are all subject to variable Interest rate
risk.
6 Loans and advances


Loans to customers
Loans to banks

Gross Loans and advances
Allowance for Impairment

Total


2006

161,627
50,172

211,799,
(930)
210,869


Period from balance sheet date to contractual maturity date:
3 12 months 40,852
1 5 years 170,947
Allowance for impairment (930)

Total 210,869
A substantial portion of the Company's loans consists of short-term collateralized financing
transactions. Loans are denominated in US dollars with maturity periods ranging up to 4
years and bearing variable interest rates.

The allowance Impairment on the Company's lending portfolio was considered appropriate by
management to fairly state the loans on the balance sheet.



7 Deposits from customers


Demand accounts
Time deposit
Certificates of deposit

Total

Period from balance sheet date to contractual maturity date:


2006

3,481
52,779
50,813

107,073


On demand 3,481
Up to 3 months 60,475
3 12 months 43117

Total 107,073
Demand deposits and certificates of deposit are subject to variable Interest rate risk. Time
deposits bear fixed interest rates.
8 Borrowed funds


Borrowed funds with related parties
Credit linked notes

Total

Period from balance sheet date to contractual maturity date:
Up to 3 months
3 12 months
1 5 years

Total


2006

155,662
106,184
261,846

138,444
53,517
69,885

261,846


.4

I,

I






'I










I

I










I


II


I









I
4


a












<*
a
4*
4





I I I








THE TRIBUNE


TUESDAY, MAY 1, 2007, PAGE 9


A substantial portion of the Company's borrowed funds with related parties, in the amount of
US$ 142.032. consists of short-tnrn colateralzed financing transactions, carried at amortized
comt wh ixed interest rates ranging from 5.35% to 5.37% par annum.
Crd IntIad notes m we short and Iongm-tn obligations of the Company. The redemption of
Snote s k bIkedI to one or more debt instnments or loans (Reference Instruments') Issued
by copoals iMums or borrowers (rReference issuerts)'). The Compeanys obligation to
redem the notes is c-ndtioni upon the non-occurrence of a number of events, such as a
payment detuld by a Raterence issuer in respect of a Reference Instrument or certain other
dO,(t obligalons, or a prlbiion or resricion on the convertibllty of the Reference Instrument
The redemption vue of th notes may also be subject to adjustment for, among other things,
changes in a Reaftenc issuer's country. Including tax changes.
The effective itrest on these noes i based on the Reference Instruments and period to
maturity.
9 Shareholder's equity
The authortEd, issued and fuly paid share capital of the Company amounts to US$ 70,000,
dvided into 70 rron common shares of US$ 1.00 each.
On December 31. 2005, .t Board of Directors approved the distribution of dividends in the
amount of US$ 130,191.
10 Derivative financial Instruniits
In tm nornna course of its business, the Company purchases and sells various financial
Instruments with off-balance sheet risks.
A summary of the Company's derivative contracts outstanding as of December 31, 2006 and
2005 is presented in the table below, showing the total of their absolute notional values broken
down by type, period of expected maturity from the balance sheet date and fair values.

A summary of the Company's derivative contracts outstanding as of December 31, 2006 and
2005 Is presented In the table below, showing the total of their absolute notional values broken
down by type, period o( expected maturity from the balance sheet date and fair values.

MONOWml m.M.4d WO ,um.8*i b of _
LmS2 3m am n "Sm S m u nr vae
ai S M IM jIv TOW f LuOmuW


LOA NW



ahi criteed aySoveror Gee-ra


.ina


OTC, mm ,
onTW e."

. e.......


..2
Ml


20MO
4mm


INDEPENDENT AUDITORS' REPORT


17,.140
43.M
MM*a


mam
175,24M


2.864
282
044.211


3.1M6(81
230.051
3AS02


4.045

3.=.014


Prvidaece HoSem
E41 Hill 2Sl
P.O. Bo N-3910
Nuou, Blmi
Webi; www.p,.,mr
E-mail: pwoe@tapm.om
Tei* 1 (242) 302-5300
FKtImile (242) 302-5350


29.W
7,2,
40029


249
249
42X52


28.011
59
12.741
41,611

854
197
1,051
42,062


2mu0


ftdew-m-
OCmcwund


Lm.m. 2 midh M"oxlhn
3 mionS m hl w lm ToWl
207.712 ...._ 10,000 217,.7


Asts LUbllhI
2233 2305


The majority of the foreign exchange contracts above are represented by transactions in
Brazilian reals, United States dollars and Euros.
The positive fair value of the derivatives represents the maximum possible credit exposure If a
counterpart defaults on its contractual obligation.
The notional or contract amounts are not reflected In the Company's balance sheet and are
Indicative only of the Company's degree of use of derivatives.
11 Fair value disclosure of financial Instruments
Fair value estimates are made at a specific point In time, based on market conditions and
Information 'of financial Instruments. These estimates are subjective in nature and Involve
uncertainties and matters of significant judgment and therefore, cannot be determined with
precision. Changes In assumptions could significantly affect the estimates.
Management estimates that the total fair value of financial assets and liabilities carried at
amortized cost do not differ materially from their carrying values givln that average effective
Interest rates approximate the current interest rates available to the Company for loans and
placements and offered by the Company for deposit liabilities with similar maturities.
Management does not consider there to be a significant difference between the fair value of
financial assets and liabilities carried at amortised cost and their carrying value. The method of
determining fair value of financial assets and liabilities is described In notes 2.3 and 2.5.
12 Related parties
Assets, liabilities, Income and expenses arising from transactions with related parties are as
follows:

2006 2005


Asts
Cash and cash equivalents
Placements with banks
Derivativefinancial instruments
Loans and advMncer
Receivables from brokers, dealers, clearing
organizations and customers
Other assets
oteW

UabMies
Borrowed funds
Derivative financial Instruments
Dividends payable
Payes to brokers, dealers, clearing
orgarftlons and customers


I-om Statemlent
Interest income
Interest expense
Fee and commission expense
Net trading Income


185,219
65,045
34,547
49,921


203,913
233


12,750
649 -
347,565 204,212


210,509
39,066 3,520
130,191
16,919
211,647 133,711


10,008
(5,065)
(269)
16,546


9,504
(5,055)
78,526


* THE Governor General Arthur Hanna christens the Lady Rosalind II, by smashing a bottle of
champagne against its bow during commissioning ceremonies last Thursday at Potter's Cay Doclk.-
Shown with the Governor General are his wife Beryl Hanna and Captain Eddins Taylor, owner of-
the Lady Rosalind U.
(Photo: BIS/Tim Aylen)





Sea Hauler victims




renew calls for





compensation as




election nears


* By TAMARA FERGUSON

TWO days before Bahami-
ans are set to cast their votes in
-the general elections, victims of
the Sea Hauler and United Star
collision are once again appeal-
ing to the government for com-
pensation which they say
should have been awarded to
them nearly four years ago.
Four people lost their lives
and a number of others were
injured when the two vessels
collided on the way to a regatta
in Cat Island in 2003. An inde-
pendent commission found the
government partially responsi-
ble for the accident.
During a demonstration held
in Rawson Square yesterday,
the victims said it is time that
justice is served.
Cedric Hanna, one of the vic-
tims, said that he is frustrated
and tired of broken promises.
"This demonstration today is
not an election issue, it is a
human rights issue," he said.
Mr Hanna, who received
spinal injuries in the boat crash,
waved a placard which read:
"Time to close this chapter and
let us get on with our lives."
Tenneson Leslie, who lost his
leg during the collision, said he
has not been able to hold a
steady job because of the acci-


* SEA Hauler victims protest in Rawson Square on Monday
morning, saying they are tired, of government's empty promises.
(Photo: Tim Clarke/Tribune staff)


dent.
According to Mr Leslie, he
and his family have to be taken
care of by his mother.
Mr Leslie's wife, Breunell,
died in the crash, which he said
was an even greater loss for him.
"Life has been hard since the
accident. I want justice, not bro-
ken promises," he said.
Another victim of the crash,


who received injuries to both
her arm and leg said: "Life has-
n't been the same since the acci-
dent. I have to undergo surgery
as a result of injuries sustained
from the crash and need
finances for the surgery," she
said.
"Its almost four years since
the crash, and our lives haven't
been the same."


To the Shareholders and Board of Directors of Credit Suisse Brazil
(Bahamas) Umited
We have audited the accompanying balance sheet of Credit Suisse Brazil (Bahamas) Limited
(the Company) as of December 31,2006 and a summary of significant accounting policies and
other explanatory notes.
Mnagtmerient'a Reaponaslty for the FkWNialSfatements
Management is responsible for the preparation and fair presentation of this balance sheet in
accordance with Iniernational 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 circumstances.
Auwloni'ResponasilMy
Our responsibility is to express an opinion on this balance sheet based on our audit. We
conducted our audit in accordance with Interational 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 heat is free from material misstatement.
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 iernal 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 pro.,ide a
basis for our audit opinion.


in our opinion, the accompanying balance sheet presents fairly, in al material respects, the
fancial position of the Company as of December 31. 2006. In accordance with International
n Reporting Standards.
Emphasis of Ma~er
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 the Company.



Chartored Accountants
Nassau, Bahamas
April 26, 2007


Arts festival judged in Abaco


M SC BOOTLE
teacher Enzil Cooper,
performs a dramatic
piece during the E
Clement Bethel
National Arts Festival
adjudication in
Cooper's Town,
Abaco, on April 23.
Adjudicators and
representatives of the
Cultural Affairs
Division were in
Abaco for three days
adjudicating singers,
dancers, actors and
musicians, in the
schools and
communities there.


if


* MUSIC
adjudicator for the
E Clement Bethel
National Arts F
estival Cleophas
Adderley (second
right) speaks
during the
festival's
adjudication at SC
Bootle High
School.
(Photos:
BIS/Eric Rose)


_ 30000 30.000


PR4MATOUSECOPERS I


I


J







THE TRIBUNE


'AULt 10, 1LESDAY, MAY 10, 2007


I I -


Telephone 242 393 2007
Fax 242 393 1772
Internet www.kpmg.com bs


INDEPENDENT AUDITORS' REPORT

To the Shareholders of Credit Suisse (Bahamas) Limited

Report on the Consolidated Balance Sheet
We have audited the accompanying consolidated balance sheet of Credit Suisse (Bahamas) Limited (the "Bank"),
as at December 31, 2006, and the summary of significant accounting policies and other explanatory notes.
Management's Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of this consolidated balance sheet in
accordance with International Financial Reporting Standards ("IFRS"). This responsibility includes: designing.
implementing and maintaining internal control relevant to the preparation and fair presentation of the consolidated
financial statements that is free from material misstatement, whether due to fraud or error; selecting and applying
appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors' Responsibility
Our responsibility is to express an opinion on this consolidated 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 consolidated
balance sheet is free from material misstatement
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on our judgment, including the assessment of
the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In
making those risk assessments, we consider internal control relevant to the Bank's preparation and fair presentation
of the consolidated 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 Bank'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 consolidated
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the consolidated balance sheet presents fairly, in all material respects, the financial position of
Credit Suisse (Bahamas) Limited as of December 31. 2006 in accordance with IFRS.
Emphasis of Matter
Without qualifying our opinion we emphasize that the balance sheet does not comprise a complete set of financial
statements prepared in accordance with IFRS. Information on results of operations, cash flows and changes in
equity is necessary to obtain a complete understanding of the financial position, performance and cash flows of the
Bank.


Chartered Accountants
Nassau, Bahamas
April 27,2007


CREDIT SUISSE (BAHAMAS) LIMITED
Consolidated Balance Sheet

December 31, 2006, with corresponding figures for 2005
(Expressed in United States dollars)

Note 2006 2005

Assets
Due from banks
demand deposits 9 $ 52,491,394 34,841,959
-time deposits 3 & 9 1,411.143,344 1,432,594,464
1,463,634,738 1,467,436,423

Loans and advances 4 169,128,844 146,731,272
Securities purchased under agreements to resell 6 & 9 14,832,079 158,341,409
Accrued interest and other assets 9 11,965,038 8,745,120

Total Assets $ 1,659,560,699 1,781,254,224

Liabilities
Due to banks
demand deposits 9 $ 16,093,548 4,837,637
time deposits 3 & 9 55,300,000 39,524,088
71,393,548 44,361,725
Customers' deposits 5
demand deposits 9 756,409,515 781,951,660
time deposits 9 682,717,912 708,603,398
1,439,127,427 1,490,555,058

Securities sold under agreement to repurchase 6 & 9 12,041,931 138,849,188
Accrued interest and other liabilities 9 20,731,847 10,919,524
Total Liabilities 1,543,294,753 1,684,685,495

Shareholder's Equity
Share capital:
Authorized, issued and fully paid: ,
12,000,000 shares of $1.00 each 12,000,000 12,000,000
General reserve 15 20,000,000 20,000,000
Retained earnings 84,265,946 64,568,729
Total Shareholder's Equity 116,265,946 96,568,729

Total Liabilities and Shareholder's Equity $ 1,659,560,699 1,781,254,224
Commitments 7 & 8

See accompanying notes to consolidated balance sheet.
This consolidated balance sheet was approved on behalf of the Board of Directors on April 27, 2007 by
the following:


S Director Treasurer



. Notes to Consolidated Balance Sheet

December 31, 2006
(Expressed in United States dollars)



1. General Information
Credit Suisse (Bahamas) Limited ("the Bank"), which is a wholly-owned subsidiary of Credit Suisse,
Zurich, Switzerland (the "Parent"), is incorporated under the laws of The Commonwealth of The
Bahamas and is licensed under the Banks and Trust Companies Regulation Act, 1965 to conduct
international banking and trust services. The Parent and its branches and subsidiaries are referred to
in these consolidated balance sheet as "Affiliates".
The registered office of the Bank is located in the Bahamas Financial Centre, Shirley and Charlotte
Streets, Nassau, Bahamas.
2. Basis, of preparation and summary of significant accounting policies
(a) Statements of compliance
This consolidated balance sheet has been prepared in accordance with International Financial
Reporting Standards (IFRS) and interpretations adopted by the International Accounting
Standards Board.
Financial assets and liabilities and non-financial assets and liabilities are stated at amortised
cost or historical cost.

(b) Basis of consolidation
The consolidated balance sheet includes the accounts of the Bank and its wholly-owned
subsidiaries, CB Administration Limited and Credit Suisse Wealth Management Limited
("CSWM"), all of which were incorporated under the laws of The Commonwealth of The
Bahamas. CB Administration Limited and CR Administration Limited were incorporated on
August 31, 1995 to serve as corporate officers and directors of companies managed by the
Bank. CR Administration was liquidated during 2006. CSWM was incorporated on September
5, 2003 to provide banking services to clients of the Bank and its affiliates.
Subsidiaries are entities controlled by the Bank. Control exists when the Bank has the power
to govern the financial and operating policies of an entity so as to obtain benefits from its
activities. In assessing control, potential voting rights that presently are exercisable are taken
into account. The balance sheet of subsidiaries are included in the consolidated balance sheet
from the date that control commences until the date that control ceases.
Intra-company balances arising from intra-group transactions, are eliminated in preparing the
consolidated balance sheet

(c) Foreign currency translation
The functional and reporting currency of the Bank is United States dollars, as the'Bank's share
capital is denominated in United States dollars, a significant amount of the Bank's transactions
are carried out in United States dollars and the majority of the Bank's assets are held in tt'is
currency.
Assets and liabilities maintained in foreign currencies are translated into United States dollars
at the rates of exchange prevailing at the consolidated balance sheet date.
(d) Assets under management
The Bank is engaged in the provision of corporate management services involving a large


number of clients with substantial funds under administration.
Property in the amount of $3,173 million (2005 $2,810 million) held by the Bank in a
fiduciary or agency capacity for its customers has not been included in this consolidated
balance sheet since such items are not assets of the Bank.

(e) Fir,''f ial instruments
Classification
Cash and cash equivalents are short term "highly liquid investments" which are readily
convertible into known amounts of cash without notice or within three (3) months of maturity
when acquired. Bank overdrafts, which are repayable on demand and form an integral part of
the Bank's cash management are included as a component of cash and cash equivalents.


KPMG
PO Box N 123
Montague Sterling Centre
East Bay Street
Nassau. Bahamas


the funds by repurchasing the instruments at future dates at the same price plus interest at a
predetermined rate. The securities sold under agreements to repurchase are commonly used as a tool
for short-term financing of interest-bearing assets, depending on the prevailing interest rates. At
December 31, 2006 assets sold/pledged under agreements to repurchase were as follows:

2006
Fair value of Carrying amount of
underlying corresponding
assets liabilities


Government bills and bonds $ 10,276,008 12,041,931

2005
Fair value of Carrying amount of
underlying corresponding
assets liabilities


Government bills and bonds $ 128.300,475 138,849,188


Securities sold under agreements to repurchase bore interest at annual rates ranging from 4.60% -
5.10% at December 31, 2006 (2005 1.4% to 4%).


MOON^


,U-I


I I _L -dn I -


Loans and advances are created by the Bank providing money to its customers other than those
created with the intention of short term profit taking. Loans and advances comprise loans and
advances to customers other than purchased loans.
Held-to-maturity financial instruments are financial assets and liabilities with fixed or
determinable payments and fixed maturities that the Bank has the intent and ability to hold to
maturity. These include cash and cash equivalents (except deposits on demand), deposits with
banks, deposits from banks, deposits from customers, securities purchased under agreements
to resell and securities sold under agreements to repurchase.
Financial liabilities that are not at fair value through profit and loss are accrued interest
payable and other liabilities.
Recognition
The Bank recognizes financial instruments on the day that funds are disbursed or received as
applicable.
Measurement
Financial instruments are measured initially at fair value, which normally will be equal to the
transaction price, plus, in case of a financial instrument not at fair value through profit or loss,
transaction costs that are directly attributable to the acquisition or issue of the financial
instruments.
Subsequent to initial recognition all non-trading financial liabilities, loans and advances and
held-to-maturity assets and liabilities are measured at amortized cost less impairment losses,
where applicable. Amortized cost is calculated using the effective interest rate method.
Derecognition
A financial asset is derecognised when the Bank loses control over the contractual rights that
comprise that asset. This occurs when the rights are realized, expire or are surrendered. A
financial liability is derecognised when it is extinguished.

(f) Securities financing arrangements
The Bank enters into purchases (sales) of investments under agreements to resell (repurchase)
substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognized. The Bank,
under the terms of these agreements, has the right to pledge or sell the assets received. The
amounts paid are recognized in securities purchased under agreements to resell. The
receivables are collateralized by the underlying security.
The difference between the sale and repurchase considerations is recognized on an accrual
basis over the period of the transaction.
The Bank may pledge securities received as collateral to secure borrowings under repurchase
agreements. As these securities received and subsequently repledged are not owned or sold
short by the Bank, these securities are not recognized.

(g) Impairment
Financial assets that are stated at cost or amortized cost are reviewed at each balance sheet
date to determine whether there is objective evidence of impairment. Financial assets are
impaired when objective evidence demonstrates that a loss event has occurred after the initial
recognition of the asset, and that.the loss event has an impact on the future cash flows of the
asset that can be estimated reliably.
Objective evidence that financial assets are impaired can include default or delinquency by a
borrower, restructuring of a loan or advance by the Bank on terms that the Bank would not
otherwise consider, indications that a borrower or issuer will enter bankruptcy, the
disappearance of an active market for a security, or other observable data relating to a group of
assets or economic conditions that correlate with defaults in the Bank. If any such indication
exists, the asset's recoverable amount is estimated.
If any such indication exists, the asset's recoverable amount is estimated and the impairment
loss is recognized. If in a subsequent period the amount of an impairment loss recognized on a
financial asset carried at cost decreases and the decrease can be linked objectively to an event
occurring after the write-down, the write-down is reversed.
(h) Offsetting
Financial assets and liabilities are set off and the net amount presented in the balance sheet
when, and only when, the Bank has the legal right to set off the amounts and intends either to
settle on a net basis or to realize the asset and settle the liability simultaneously.

(i) Provisions

A provision is recognized if, as a result of a past event, the Bank has a present legal or
constructive obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are determined by
discounting the expected future cash flows at a rate that reflects current market assessments of
the time value of money and, where appropriate, the risks specific to the liability.

(i) Financial guarantees

Financial guarantees are contracts that require the Bank to make specified payments to
reimburse the holder for a loss it incurs because a specified debtor fails to make payment when
due in accordance with the terms of a debt instrument.

Financial guarantee liabilities are initially recognized at their fair value, and the initial fair
value is amortized over the life of the financial guarantee. The guarantee liability is
subsequently carried at the higher of this amortized amount and the present value of any
expected payment (when a payment under the guarantee has become probable).

At December 31, 2006, there 'were no financial guarantee liabilities recognized in the
consolidated balance sheet (2005 $nil).
(k) Use of estimates
The preparation of balance sheet in conformity with IFRS requires management to make
judgments, estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at
the date of the consolidated balance sheet. The estimates and associated assumptions are
based on historical experience and various other factors that are believed to be reasonable
under the circumstances, and 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 could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision and future periods if the
revision affects both current and future periods. The accounting policies have been applied
consistently by the Bank and are consistent with those used in the previous year.

Key source of estimation uncertainty are described in accounting policy 2(g)
3. Due from/to Banks Time Deposits I
Due from banks time deposits earned interest at annual rates ranging from 1.81% to 7.00% at
December 31, 2006 (2005 0.66% to 6.84%).
Interest was paid on balances due to banks time deposits at annual rates ranging from 0% to 5.41%
at December 31, 2006 (2005 0.09% 4.81%).
4. Loans and Adva-'**

Loans and advances are comprised of secured loans and overdrafts. Secured loans are those which
are either guaranteed by first class financial institutions and companies or are adequately
collateralized. Annual interest rates ranged from 1.09% to 7.12% at December 31, 2006 (2005 -
0.89% to 6.37%). The loan loss provision for 2006 and 2005 is nil.
5. Customers' Deposits
Interest was paid on customers' deposit balances at annual rates ranging from 0.9% to 7.0% at
December 31, 2006 (2005 0.40% to 5.94%).

6. Security financing arrangements
The Bank purchases financial instruments under agreements to resell them at future dates. The seller
commits to repurchase the same or similar instruments at an agreed future date. The securities
purchased under agreements to resell are entered into as a facility to provide funds to customers. At
December 31, 2006 securities purchased under agreements to resell were as follows:
2006
Fair value of Carrying
assets held as amounts of
collateral receivable

Government bills and bonds $17,232,542 14,832,079

2005
Fair value of Carrying
assets held as amounts of
collateral receivable

Government bills and bonds $171,494.305 158,341,409

The Bank has pledged securities received as collateral for securities purchased under agreements to
resell with a fair value of $10,276,008 (2005- $128,300,475) to secure liabilities due under securities
sold under agreements to repurchase as noted below.
Securities purchased under agreements to resell earned interest at annual rates ranging from 4.65% -
5.85% (2005 1.9 % to 4.8%).

The Bank also raises funds by selling or pledging financial instruments under agreements to repay











THE TRIBUNE


TUESDAY, MAY 1, 2007, PAGE 11


7. Finance Instruments

The Bank is party to financial instruments with off-balance sheet risk and other derivative financial
instruments in the normal course of business to meet the financing needs of its customers. Financial
instruments include commitments to extend credit at fixed and floating rates, standby letters of credit
and currency swap agreements. These instruments involve, to varying degrees, elements of credit
and interest rate risk in excess of the amount recognized in the consolidated balance sheet.
However, the Banks credit risk is minimal, since most of the instruments have been entered into on
behalf of clients.

The contract or notional amounts of financial instruments reflect the extent of the Bank's
involvement in particular classes of financial instruments and do not measure the Bank's exposure to
credit or market risks and do not necessarily represent the amounts exchanged by the parties to the
instruments. The amounts exchanged are based on the contractual notional amounts and the other
terms of the instruments. National amounts are not included in the consolidated balance sheet and
generally exceed the future cash requirements relating to the instruments.

Interest rate, liquidity and currency risks

The Bank manages its exposure to interest rate changes, liquidity and currency risk related to its
portfolio of loans and customer deposits by maintaining a matched book of assets and liabilities by
currency and maturity. Its objective is to manage the impact of interest rate changes on earnings.
The notional amount of derivative financial instruments used by the Bank to manage interest rate
and currency risks for clients accounts, forward contracts, at the balance sheet date was
approximately $1,023 million (2005 $3,091 million), comprised of $596 million (2005 $2,667
million) of purchase commitments, and $427 million (2005 $424 million) of sale commitments.
Credit commitments

The Bank has outstanding in the normal course of business, payment obligations and guarantees of
$56,969,567 (2005 $48,858,090). The Bank's maximum potential exposure to credit loss in the
event of non-performance by the other parties to the commitments to extend credit is represented by
the contractual notional amount of those instruments. The Bank uses the same credit policies in
making commitments and conditional obligations as it does for on-balance-sheet instruments.
Management does not anticipate any material loss as a result of these transactions

Credit risk

Credit risk is the risk that a counterpart to a financial instrument will fail to discharge an obligation
or commitment that it has entered into with the Bank. The Bank has a credit policy in place and the
exposure to credit risk is monitored on an ongoing basis. The carrying amounts of financial assets
and the outstanding amounts of credit commitments best represent the maximum credit risk exposure
at the consolidated balance sheet date.

Fair value

Management estimates that the total fair value of loans and deposit assets and liabilities do not differ
materially from their carrying values given that average effective interest rates approximate the
current interest rates available to the Bank for loans and placements and offered by the Bank for
deposit liabilities with similar maturities.

Management does not consider the exposure to certain of these risks to be significant for the
following reasons: (1) the Company's financial assets, for the most part, are comprised of short-term
-deposits with reputable financial institutions (primarily Affiliates), and (2) financial liabilities are
comprised primarily of amounts due to Affiliates and customer demand deposits.

8. Commitments

In 1998 the Bank entered into an initial five year agreement with Bahamas Financial Centre Limited
to lease office space for its operations. The lease was renewed on July 1, 2003 for a further term of
five years. The annual lease rental cost is $710,620 plus service charges.

On June 26, 2006 its subsidiary CSWM Limited entered into an Assignment and Assumption of
Lease whereby the Bank assumed all lease obligations under the terms of that certain Indenture of
Lease dates as of July 1, 2003 between Fincen Limited, as landlord, and Credit Suisse First Boston
(Nassau) Branch (now known as Credit Suisse, Nassau Branch) and at the same time was released
from the lease with its parent previously scheduled to terminate on October 31, 2006. The Bank has
the option to renew its present lease until June 30, 2013.

The Bank has entered into sub-lease agreements with one non-related party and four Affiliates to
sublease portions of the leased premises. The sub-lease agreements are for initial periods of 12
months to 60 months, with options for renewal.

The Bank has entered into service level agreements with Affiliates to provide services including
information technology, operations, accounting and human resources management services. An
Affiliate provides services to the Bank under a service level agreement.

Assuming that options under lease and sub-lease agreements are exercised, future minimum lease
payments, net of sub-lease payments to be received, for premises are as follows:

Not more than one year $ 785,472
Between one and five years 393,649
$ 1,179.121


9. Related Party Transactions

The Bank entered into various transactions with the Parent Company and related parties. The
consolidated balance sheet include the following related party balances and transactions:
2006 2005

Assets
Due from banks demand deposits $ 47,349,981 25,778,001
Due from banks time deposits 1,411.143.344 1,432,594,464
Securities purchased under agreements to resell 12,605,748 129,157,681
Accrued interest and other assets 4,744,274 5,741,818

Liabilities
Due to banks demand deposits 7,262,610 2,405,963
Due to banks time deposits 55,300,000 39,524,088
Customers' deposits demand deposits 99,587 217,156
Customers' deposits ime deposits 3,746,265 501,000
Securities sold under agreement to repurchase 11,675,001
Accrued interest and other liabilities 2,904,009 5,570,441


10. Pension

The Bank participates in a group contributory pension plan for local eligible employees and
reimburses the Parent for expenses associated with the international contracted employees'
participation in their pension plan. The Bank's liability is restricted to the amount of the
contributions.
11. Asset management activities

The Batik provides asset management services for a large number of clients to include individuals,
corporations, trusts and other institutions involving substantial funds, whereby it holds and manages
assets or invests funds received in various financial instruments at the discretion of the customer.
Assets under management are not assets of the Bank and are not recognized in the consolidated
balance sheet. The Bank is not exposed to any credit risk relating to such placements, as it does not
guarantee these investments.


ill


14. Maturities of Assets and Liabilities

The following is an analysis of assets and liabilities in order of maturity:


2006
On demand Up to I Year 1 to 5 years Total

ASSETS
Due ftom banks $ 52.491.394 1.410,143.344 1,000.000 1,463,634,738
Lons andadvauces 24,249.402 144,604,442 275,000 169,128.844
Securities purchased under agreanats 5,694,360 9.137,719 14,832,079
to resell
Accrued ieer-st
andolherassess 6.784,420 4,741,446 439,172 11,965,038
$ 83,525,216 1,565,183,592 10,851.891 1,659,560,699

LIABILITIES
Due tobanks $ 16,093,548 23,300.000 32,000,000 71,393,548
Cust'osas deposits 756,409,514 682,717,913 1,439,127.427
Securities sold under Igeematto 9,728,633 2,313,298 12.041.931
repurc0ne
Accrued intrs 3.787,319 16,944,528 20.731.847
and other liahbllies
$ 776,290.381 732.691.074 34,313.298 1.543.294,753


2005
On demand Up to I Year 1 to 5 years Total

ASSETS
Due from banks $ 1.038,230,202 422,487,221 6,719.000 1,467,436,423
Loasn and advances 14,823,623 131.626,481 281,168 146,731.272
Securities purchased doag reeaets
to resell 4,015.028 154,326,381 158.341,409
Accrued interest
ad other assne 5,800,130 2,804,256 140,734 8,745,120
$ 1,062,868,983 711.244,339 7,140,902 1,781,254,224

LIABILrITIES
DiuetobakS s 4,837,637 39,524,088 44,361.725
Cstonmers' deposits 781,951.660 701.749,094 6,854,304 1.490,555,058
Securities sold under aigreeme n to
repurchase 4,640.263 134.208,925 138,849,188
Accrued interest
andotherliabilities 8,090,435 2,693,785 : 135.304 10,919,524
$ 799,519.995 878,175,892 6,989,608 1,684,685.495



15. General reserve

The general reserve of $20 million has been established for capital adequacy purposes and generally
is not available for the payment of dividends.


16. Regulatory Capital

Guidelines issued by the Central Bank of the Bahamas require a capital level where total
shareholder's equity must be maintained at a minimum of 8% of risk-weighted assets. At December
31. 2006 and 2005, management believes the Bank was in compliance with these capital
requirements.



17 Corresponding figures
The corresponding figures'of due from banks demand deposits has been reclassified to accrued
interest and other assets in the amount of $2,605,473 to conform with the presentation adopted in the
current year.


26


PUB IH11

.'e












ins
I.














TS
66











Call us.a











.5 02m235


12. Taxation
Under the laws of The Commonwealth of The Bahamas, there are presently no income, withholding
or capital gains taxes payable by the Bank.




13. Concentration of Assets and Liabilities
The following is an analysis of selected assets and liabilities by geographical location:
2006:
Bri1ikb' UwUld
Vir'ia Cay-a Sucs of
Bahas hindus CadM Islf Euoops P-osoma Anrica Otlt Totals
ASSMS
D from3k $ S791.Us9.00 259.7U 723.169=, 315,=72.134 333.043.465 1.343 1.463.634.738
tes 635.1236,6666 1.92,13t 9.A02 90,=.t135 1.769.549 5.769.568 2.132.895 1,756.828 169.128,844
.chasd u-ere
asm- uum
esell 2.226.331 5.430.000 7.175.748 14.,832079

Othe6
au e 6,43.389 2.340 232.609 2.67&.547 11.646 1I132.314 1.058.194 11.965,038
$266,053.394 1.92.131 1.249,200 113.401,743 325,150.230 5.781.214 343,484.422 2,816.365 1.659.560,699

LIABrrILITIES
DI..cobkso S 21.=8.Oaa 10,460,S20 39,036.640 71,393,548
depoIts 7953.73.69 94,106,255 19,982,27 32.303,392 73,348,411 100,386.301 18,356.194 299,670.727 1.439,127,427
Secdilos lasd
uaode. sfc-
prhuse 2.313.291 9.728.633 12.041,931
Ac.racd
imerceds l
iilitblies 13,766,221 225,748 40.251 97,736 493,601 61,763 / 1.344.217 4.702.306 20.731.847
S233.941.476 94,332.O3 20.022.33 42.129.761 89.31o,832 100,44,064 58,737,051 304.373,.033 1,543,294,753

2005:
Bdidh Umtcd
Vlrsi Caymo States of
sBahats slBods C&adsa ilad Eurrope Psasmoo Ameca Ober, Touls
ASSETS
Due frombatas 3,074.440 5.,600.000 461.314,915 992,184.243 5,.262,825 1.467,436.423
sdv 42.475.781 6.15=23 3.476.,89 U8.744.010 498.313 799.873 3.616.656 961,225 146.731.272
ched .ad.
retell 12.3a3,01 1 37,788 14.141.178 726.507 1.801,703 128,431,175 158,341.409
lai.l_ ud
o- n
ass 2146.837 102.154 ,605 148.193 4,622,541 17,773 559,020 438,997 8,745,120
S 60.780,116 6,412.467 3,486,494 109.333,381 467,162,276 2,619,349 1,124,791.094 6.663,047 1,781,254,224
LIABILITIES
Do iobu ks 6.169.394 2,124,732 34,069.365 1,998,214 44,361,725
depoits 889.914.946 157.80.969 21.948,33552 32,397,404 97,226.693 70,277.281 27.848.939 193,133,274 1.490,555.058
S.curili old

uh a 124,200.060 11,675.02 2,974.126 1389,49.,18
A0r19ed
aS either
Lubilas 1 9.012.477 456,303 33.334 42.259 370.958 12.239 466,075 525.877 10.919.524
$1.029.296.'77 151,264.274 21,981.986 32.439.663 111,397.405 70.289.520 62,384.,379 198.631.491 1.684,685.495


-j










PAGE 12, TUESDAY, MAY 1, 2007


THE TRIBUNE


PRIc rEATERHOUSEcOPER U
'aT~cfl(~~@


P.O. Ble N-3910
PrlevMde Hore
EMan Hill Sek"t
N~we mnBuwAmous

Tdoi (4 2G)33-500M
Pwesll(242)3022-3M


INDEPENDENT AUDITORS' REPORT

To the Shareholders of Fidelity Bank (Bahamas) Limited

,We have audited he accompanying oolidaed balance sheet of Fidellay Bank (Bhamuas) Limited (the Bank) and it s subidiaries (Fogethr.
the Group) as of 31 December 2006 and a summary of lignifcant accounting policies and other explanatory notes.




Management is reposible fo the peepason and fak presesaMlon of this onsolldated balance sheet in accordance with, Inerr.adonal R-
nandal Reporting Standards. IThis aoillty include designin, implementing and maintaining Internal control relevant to the prepam-
ion and fair presensiaon of imancidl sesements dn ate f ree fn aro aseral missstaement, whether due to frtud or rern selecting and apply-
ing appropriate accounting policle and mald gaccoulnscataaes da areeasoniable In the circumstances.

so Au're j4 aspoaibilfty

SOut responsibility is to capress an opinion o this consolidsed balance sheet band on our audit. We conducted our audt in accordance
with International Standards o Auditing. Iho asatadads require s au we comply with ethial requirements and plan and perform she audit
to obtain reasonable assurance whether the balance sheer t ee froten eueroial .cmiosasaemen.
AM An audit Involves perfimning procedures to obtalo audit evidence about she amounts and disclosure in she financial statements. The proce-

due selected depend on the auditor' judgment including he assessmnst of the ridks of meral mltument of the financial statemen
whether du to fiaud or erro. In umalting thset risk aasemems. he auditors consider internal control relevant so t he cnd/s preparamlon
and fair presentation of the financial staements in order so desin audit procedures hat are appopriac in the cicu mmances. but not for the
purpose of expressing an opinion on the effctlveness of the eny's internal control. An audit abt includes evaluating dAe appropriateness of
accounting policies used and the resonableness ofaccounmtig estimates made by management. as well as evaluating the overall presentation
ea.0 of the financial statements.

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

Opiio n

In our opinion, the accompanying consolidated balanceathet present fairly, in all material respects, the financial position of the Group as of
31 December 2006, in accordance with International Financial Reporting Standardsn

EopharkiofMsnmr *

WIthou further qualifying our opinion, we emphasise that the accompanying consolidated balance sheet does not comprise a complete ma
.of financial setmenrs in accordance wh Intemrnational Financial Reporing Sandad Infornation on esultsofoperaons, cash flows and
S- changes In equity Is neccmary to obtain a complete understanding of te financial position, performance and changes in financial position of
S heGroup.





~A a


Charred Accounals
Nams, Bahamas

13 Mrch2007


Fidelity Bank (Bahamas) Limited

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


Consolidated Balance Sheet

As of 31 December 2006

(Amounts expressed'in Bihamian dollars)


2006


..*." ASSETS A
Cash on hand and at banks (Note 3)
Investment securities:
-financial assets at fair value through profit or loss (Note 4)
Mortgages, consumer and other lous (Note 5)
SProperty, plant and equipment (Note 6)
Prepayments and other assets (Note 7)

TOTAL ASSETS




LIABILITIES
Customer deposits (Note 8)
Loans tom banks (Note 9)
Accrued expenses and other liabilities (Note 10)

TOTAL LIABILITIES



Capital and reserves attributable to the Bank's
a'. equity holders

Share capital ordinary shares (Note 11)
Share capital preference shares (Note 12)
Revaluation surplus
Retained earnings


Minority interest
TOTAL EQUITY

TOTAL LIABILITIES AND EQUITY


7,177,963


2005


10,098,542


19,600,151 22,487,601
113,197,712 101,907,694
9,297,438 7,051,337
593,.00 9 733.57

149A6273 142.278.731






113,711,450 109,774,426
348,251 500,000
1760,824 -130.991

H 116.M 2S H114.40S.417


20,000,001


2,621,619


,000,001
10,000,000
1,695,320


10,424.128 10.289.639

33,045,748 26,984,960
I ~ 888.354
33.045.748 27J73314

.149.66.273 42.278.73 t


Approved on behalf of the Board of Directors:




w^L g.^


Director


Director


13 March 2007


Date


Notes to the Consolidated Financial Statements
31 December 2006







Noteo s the Co mmlldan d Fimadal Staaemem
31 December 2006



L- heepusd adauM
FRddhy Ba..A ,;os--* *:.-nised Whe ash) h lameemand lnda the Com.
piu Aa. 9Md eo& ConwoemuM dM l e Amo -- kad Is h ed modr
che BWmd a-- T"ns .o.aimIkt Iipll 0 Aa. 2M00 n H an bknig
bmsiesa In ike BhasInms. 1Te Baok ioes a fMl a of sebil hbking i-
viem, adding tlmerna and ldllhlr bnlhi% she aneeana of sdqmol.
if ka four brandcs hit Nfans, New l.Pierdoi, tsb Iaak inla Feampua. Gond
Baeham and k bruoa a h Pande iald.


FddW y Bah & D la e summmll LAth d (ihe Puase. a ama ie.
prased ik The Wi- 7W, (2005 7 : 6%) ofimhe aemd o e of tdie
Mek. wiskh the hdiao f 2% (2005;: 32%) being ak byA the Bhmban

lhe seitesd rm of the IBank is suoald as Fredes k Ssr.I Nsmau,
BehmaLs. A of 1I Demmber 2006i. 106 200;: 94) psonm mee empld
byr dteBk.
The Bak is hand on iaml Be" saunas ttieimlatl Sto k ECdlhae (BISX).


2. Sumamury of significant accounting polides
lie principal accounting polities adopted in the preparation of this consoll-
dated balance sheet is set out below. These policies have been consintemly sp-
pald to all years presented, unless otherwise staeed.
(a) Basis ofpreparation

Ihe consolidated balance sheet has been prepared in accordance with Interna-
tional Financial Reporting Standards (IF S). T"he consolidated balance sheet
has been prepared under she hintoical cost convention, as modified by the
revaluation of land and buildings, and financial asseu and financial liabilities
held at fair value through profit or loss.
The preparation of the consolidated balance sheet in conformity with IFRS re.
qures the use of certain critical aounsming estimates. I also requires manage-
ment to enrcise ts judgment in the pomces of applying the Groups accountm-
ing police. The areas involving a higher degree of judgment or complexity.
or areas wheat assumptions and estimates ae significant to the consolidated
balance, share disclosed in Note 13.
(Ik) Consolidation
Sbsidiatrles ae all entitles over which the Bank has the power to govern the fi-
mocial and opening policies generally accompanying a shareholding of more
than one half of the voting rights. The enlence and effect of potential vo-
ing rights that are currently rdm able or convertible are considered when
passing whether the Bak control another entity. Subsidiaries are filly con.
solidated from the date on which control is transferred to the Bank. They are
de-consolldated from the date that control cases.

Inmer-company transactions, balances and unrealised gains on transarions be-
twh group companies are dominated. Unrealiscd losses are also eliminated
unless the transaction provides evidence of ipaimnent of the asset transferred.
Acmounding polkaes of ssubidlerls have been changed where necessary wo en-
me consistency with the policies adopted by the Bank.

ihe consolidated financial stemensu Include the accounts of the Bank and its
subdlary, West Bay Development Company Lited ( iot Bay) (together.
,,e bGroup), after thedlmtnitidondofall significant itr-compapanytransactlon.
Wen Bay is a property holding company incorporated in The Bahamas in
which the Bank has a 100% (2005:66 2/3%) equity Intamt.

(c) Poeaign currency translation
1)0 Fanttoal and prsetatiedon custnacy
hems Inluded in the financial segments of each oftheCroup enrd-
des are measured using the currency of the primary economic eanvi-
ronment In which the entity operates (the fiuncaonal cumency). The
coanolidated financial scmenu are presented in Bahamian dollar,
which is the Bank's functional and presenuion currency.

10) Transactions and falances

Foreign currency transactionsame translated to dshe functional c ean-
cy using the exchange races prevailing at the dale of dthe transactions.
Foreign exchangegains and loses resting from the settlement of such
tranmasons and from the translation of monetary asses and liabilildes
denominated in foreign curencis are recognized in the conalldated
income statement. Trtandtion dilferen a on monetary financial ase
neasared at fair value through profit orloass a Induded as pat ofithe
fair value gains and losses.

(d) Rlnudall assets
The Group dcutlies its financial ttesu in the following catcres: financial rs-
t ast fair value through profit or los an d loams a ndrevables. Management
deltemines the classification ofls investment at initial recognition.
S Roancial uses at fair value through profit or Iom
This category has two sub-categories nanda asseu held for trading.
and those ddagnted a fair value through profit or los atincpdon. A
anodalasueisdssifed In this category Ifequred principallyfor the
purpose selling inathe hort tserm orIftoderlgsnatdbymanMgesoCL
Government tcuriies have been deignated a financial umesat fiilr
value through profit and loa.

0) Loan, ans ad ecvables
Loas an m ai, ru,,v anwm ck 1 ish m or
dcteslmnable payrmnt athat are noe quoced lean s eay naslere. They
arlse when the Group providers money. goods or sd s dired y to a
debtor with no intenion of trading the n ecevable.
Regular purchausa and lks of financial m es re remcognised on trade-
date the date on which the Group commits to purcharsel or l the
assot. Financial asses are initially recognized at fair value plus transa-
dian costs, except financial assess carried at fir value dsorhs profit
or los where suchc ma an enpesed as Incured. Financial-r am
derecognised when the rights to recre cash aows from dir e finudancial
assu have exnined or where the Group has tanifeneld substantially all
riska and rewards ofownership.


~


Financial ss asa fair value through profit or los are subsequendy
carried at fair value. Loan and recvable ae carried at amonised
Com les p visions for ImpalicaLrmn. he monrW lons e mSupported
principally by finst monpages on singicfamly esidene, provide for
monthly repayments and rco intee at variable interest ss ow
periods or up to tmweny-yive yea. Other loams am aered principally









.. ..... . Etl/mated ueft
-.Esftmated useulh


-BuMild in30-S50 yeap
Leasehold iproivemntm U 3- 10 yenas
Fwmiltre and fiftsaes 3-10 y=a
Computer oftwre and office equipment 3 3-10 yeas
Motor vehicles 3 5yeas



ihe sMta' esidual alues and ful uii s are m evie and adjusted if appo- increases o rihe me ases am e ded against revualion mspius diealy in
prlmatesh balance she date. equity; all other deteas re charged to dhe consolidated Incme statement.
Each year the diflerance between depreciation based on the revaluedal carrying
Asses that ae subjeca mornialton a revriwed for impairmemntwhnever amount o the asses drged o the nnsolidated income statement and uepre-
evensta changes in circumsac indicate that the carrying atnoumOr ay ynot n asedon an she iatsets original at is uranlered from revaluation usplus
be recoverable. An asut's carrying amount is written down Immediately o' its to retained earnings.
recoverable amounttre ase's carrying amount is greater than Its estimated
meoveab amount. lThe recoverabsi amount is the higher of the assets far Gains and loam on dliponl ame determined by comparing procids with the
valueless costs to sell and value in use. canyig asmouo and are tooniied In the cnsolidat income saremenait.
When revalued asses are sold, amounts Induded In revaluation surplus are
Increase s inthe carrying amount arising on evaluation of land and building transfiered to struined earnings.
am redked to "revaluatdon surplus" in equity. Decrases that office previous


0) Lsam
1) TheGroup is the l ms

The lease entered Into by the Group are primarily operating
leases. he al payments made under operating lease are
dschged to the consoldated income statement on a straight
line basic over the period of die lease.

When an operating laee is terminated before the lease period
has expired, any payment required to be made to the Iessor by
way of penally is reognied a an eapese in the period In
which termination tikes place.

U) The Group sh.e lessor
eases omprise operating leases. Leare income is recogned
over the term of the ase on a srnght-1ine bassh.
(k) Fee and oanmissioa
Fbe andconmmssin on income remrsopad on the completionofthe underlying
trasactlon, which is generally at the time the custmomcr's account is d Argd.

0) Loass orom banks
Lou from banks are ecoognised Initiallys fair value, being their isu e pro-
ad (fair value of consideration received) net of tran alon mass incurred.
Loansm from hbanlus asre tubequently iated it amonid ol; any differenote be-
tween proceeds net ofntrsnuclion cotr and the redemption value i recognslsd
In dithe consolldatecd Income statement over the period of the borromwing using
th ceffctive Intrest method

(m) Ordinary sharecapital
I) Shu lssue coast
Incremental osta directly auributable to the lssue of new shares or op-
tions or to the equisktlon ofa business are shown In equity as a deduo
don from the proceeds.
H) Dividends ordinary share

Dividends on ordinary shares are recognized In equity In the period in
whkh they ae approved by the Bank's Dircaots.
Dividends for the year that are dedared afre.thce balance thee- date am
death with in the subsquent events note.

(a) Prfereresh..e capital

Preference share on which dividends are payable at the discretion of the
Directors, have Do specific date for redemption and on which te share.
bolder has no option for redemption, ame classified as dure capital and are
included in equity.

I0 Shar Issue cts

loaemnt atsu direcalyattributable tothe issue of new shams orop-
diem or ma the a oqusiion of a business ae shown in equky as deduce
danfrm at hrpmmr d.

6) Divideads on ordinary abrsm

Dividends n ordinary shaia mar recognized in equity in the period in
which they amre approved by the Bank's Dircaors.

Diivdends for dhe year that are declared ter the balance sher duse ate
deak wkh In the subsequent even note.


(o) PNovilons
Provisions for resuiuring costs and legal dms ate recognized when the
Group hats a pn legal or constructive obligation as result ofp t events.,
and It is tore likely than not tha an outflow of isourcm wil be required to
se the obligation and the amount has been reliably estimated.

(p) Employeebesoefics
The Group pardticipates in a defined comribution pension plan of an afliate.
administered by trunstces who include executives of dthe Bank.
The Group peviously had a defined benefit plan. Efflctiv 15 October 2005.
the Group terminated the defined benefit plan and adopted a defined conti-
bution plan. A defined bent plan is a pension plan that defines a mount of
pension benefit that anemployee will receive on retirement, usually dependent
on one or more favors such a aage, yea of vice and compensation.
A defuned contbustion plan isa pension plan under which the Group pays
fixed contributions into a separate enity. Ihe Group has no legal or coansnrc-
tve obllations to pay father coonributionr if the fund docs not hold ms -
denc assets to pay all employees the benefits relinad to employee service in the
current and prior periods. The contributions are recognised as staffbendia
eapensewhen they ats due.

(q) SegmentatnpoIng
A business egment Is a group of asscu and operations cngad in providing
produce" or services that are msubjec to ris u and rmraum that are different from
those of their business segments. A geographical segment is engaged in pro-
viding pmducus or service within a particular economic environment that are
subject to ridsks and returns that are different from tho ofegmenes operating
in other economic envionments.
The vaxn majority tothc Groups aalvities are detail bankingand all of itsu avi-
ties are based in The Bahamas. Therefore the Group has only one business seg-
amew and one gographial segment that require segment reporting. As sudh,
no segment disclosures are made in,dasc consolidated financial staemnts.
0) C-arp iag-fgam

Where nm ssary, conrsponding figures have ben adjocd to conform with
changes in preensation in the current year.


S. Cal aon akid -adbat biaks


Mandatory mamer deposits mae ot an iabio for in the Group's day o day
opeamloma. Cash on hand, adnd dix(0oy 0mee t&poi. and moth depolu
wih Thc Cenoual Bkan at non.lmem-berint Deposis whh banbam
Iomaon rae nging fmro 0.0% (2005: 0.0%) to 4.0% (2005: 4.0%).


5.


I' I


by dchattel mortgages and provide for monthly repayment oe periods
of up to ten years.
Gains or losses arising from sale or changes in fair value of fiandal as-
seu as fair value through promf or loss are presented in the consolidated
Income statement within "non-.nteren income" in the period in which
they aric.
(e) Non-perforning asse
Non-performing assess Indude all loamns on which the status of overdue pay-
menu ofprdncpal and interest are such that management consider it prudent
to dassify them to non-performing stuas. All mortgage loans and mcnamer
lots on which principal and Interest payments are overdue by ina e ss of
ninety days are considered by management ow be non-performing.

(f) lacome and expense mecognition

Interest income and epense are rcognised In the consolidated Income state-
ment for all instrument measured at amoeia sd coo using the e lecalve interest
method.
The trealve Interest method is a method of calculating the amoned cost of
a financial saes or a financial liability and of allocating the Interest Iincome or
Interest expense over the relevant period. The dfcaire interest rate is the rate
that exactly discounts estimated future cash payment or receipts through the
ropeoed life of thce financial Instrument or, when appropriate, a shorter period
to the net carrying amount of the finandal asset or finandal liability. When
calculating the effective Intereat raCe, the Group estimates cash flows consider-
Ing all contractual terms of the financial instrument (for example, pnepay-
menu options) but doa not consider future credit lomes. The calculation
Indudes all fees and points paid or received between panie to the matna thoa
are an Integral pan of the diotive Intenst raie, ansaction costs and all other
premiums or discounu.

Dividend Income s scoSnied In thecomnsolldated income statement when the
Group's right to readve payment has been enablished.

Other Income and enxp aes a re recog d on an acnal basis.
(g) Offetting finaadllistaments

Financial ass and IMaIlilies are offset and the net amo reported in the
consolidated balance them when there s a legally enforceable right m oat the
recognized amounts and there is an Intendon to stdec on a net basis, or realise
the asset and sde the liability simultaneously.

(h) Impairnmem offinancdal sses
Assea cared at anordsed cost
T'he Group asauses a each balance shect date whether them is objeaive evi-
dnce sha a financial asset or group of finandal assets is impaled. A finandal
amue or a group of financial asesa is Impaired and Impairment losses e In-
cusned W, and only If, therem is objective evidence of impalment uas a maled of
one or more events that occurred after the initial recognition ofthe assa (a loss
event) and that lot event (or even) has at impact on the estimated future
cash Sowr of the finandl aasoe or group ofinandl aess that can be rdeliably
estimated.
If there is objecive evidence that an impairment loss on loans and receivables
has been Incurred, the amount ofthe Iless i measured as the diffeence berwn
the astes carrying amount and the present value ofestrimated funurecash flows
(caduding future dit losses that have not been incurred) discounted at he
finandal asses's original effeive Intcr t me. The carrying amount of the as-
set is reduced through the se of an allowance account and the amount of the
loss is recognsed in thde consolidated Income stement. If a loan has available
Intect rate, thediscoun same for measuring any impairment los is tie curnem
efecrvc intacste re determined under the contract. As a practical expedient,
the Group may measure impairment on the basis of an Insuumene fair value
using an observsble market prior.

0) rop"e plt ane d eqapmsm
Property, plant and equipment, other than lad and billdlagi, am carried at
hissos l ascoe ls accumulated depredation and amotisdon. Histical c s
Includes expenditure that Is directly atributamble the acquisition of the Itens.
Land and building are carried at fair value based upon periodic Independent
appraisal, which are commissioned at intervals not exoteding three years.
Lad uand bulddngs campsite mainly branches and offiecsm.
SubsequeM tma are minded ithedm es's carrying amount or atm megnised
as a epanite aset, as ppropriate, only when It is probable that future coa-
notamk benefits amorated with the itnem will aow to the Group md the co
of the item can be measured reliably. Repair and maintenance ame dcloaged to
dithe ansolidoed income nasttemrent during the financial period In which they
am Incurred.
Land is not deprecated. Depredatioon other msses Is clolated using the
straight-line methodro sleca e their cato their residual values oe their
estimated uscfil lives as follows (neat page):


Director


rt










THE TRIBUNE


TUESDAY, MAY 1,2007, PAGE 13
i" "1 .


4. I~msent sriua

inmdacl atus s fair dvalm thodu prod w I










with maturity ranging from 2007 to 2025 and with laItet rat s from the
Bhahmin doll, Primce ate plus 0.125% to the Bahamian dollur Prire rate
pik 1.250%. As of 31 Dt-rmnbt 2006, the BaarmLn dll. Prime rate was
ch-
5.5%0 (2005: 5.5%).




-I=--A=, .--
,sd Ibm aWIM
sO'l ntt nsm irns

















Amdhainl 10.WB m


fa d admsre.


__aim.=ua J.MI


8. Customer deposiu

The maturities of customer deposit are as follows:


~uws**
gems, ~O
v~awm5.


samjr Kmtr. wman
.. ._- zsr s. NjO ._.
~inm ,SJi i.7lias1A" r tats


All customer deposit carry fixed intest ratas ranging from 2.50% (2005:
2.50%) to 6.00% (2005: 4.75%).

9. Loansfrom bankua

a 5





The loan advonced a Wal Bay is supported by a fira mortgage over rit prop-
ertny owned by West Bay, bears interest at 3-month USS LIBOR plus 1.50% per
annum and is repayable in 40 equal quarterly payments of $50,000, plus any
interest accrued as of each payment date, that commenced in August 1998.


10. Amrued penaes and other liabilities


The momensu in provision for loan loss during the yar are as follows:


I* i
a a
mono rurms
owsse -
-47JM
UUlma U U


vm..haeoW


Included in provision for loan losses isa specific loan loss rcacve of$1.065.973
(2005: $1,434,242). The provision for loan losses eprents 1.94% (2005:
2.02%) of the total loan portfolio and 75.18% (2005: 56.77%) of total non-
perforning lons..
As of 31 December 2006, non-performing loans to customers' principal bal-
ances totalled $2,963.896 (2005: $3.679,425).

6. Property, plant sand equipment



&u n- & vs H sa.. u -f t
ai t t a a

toeSrbub Stttot i si- st*r t. t
MaXshs. m .1 A.-0 .I n .AdM
a.ieix-rrtot Wu .M IJ.at iM _muti .15U21 .421- 0






&TnT'MM '" ll V.
mn:iM.S' tas -__ __ -A=








Land and buildings indude revaluation incremen totalling $3,520,543 (2005:
$2,549,134).
If land and building swere stayed on the historical cost basis, the amounts
would be u olllowR
I 0


amt
thesn..ad--


7. Prepayments and other asses




Ia-g1 d -


A- sn-b. dp
AP.ft dhin FhaW4


11. Share capial- ordinary share


%5Ot5 sLaewburuuru


4M4 lo"M
a s
Gassut o,1th





0 s
I,2s!7t 140 04






I -
_i ,_..ttatu


On 14 August 2006, the Bank offered 12,000,000 ordinary shares to its share-
holders in a rights issue. Thc rights issue cnddtled shareholders to 0.72 rights
for each share held. Each right entided the holder to purchase one (1) share at
a subscription price of $1.25 per share. The offering closed on 1 September
2006 and was fully subscribed. The difference between the subscription price
and par value has been credited to share premium.

12. Share capital preference shares


1 a


Aubsb


moonX: 1JOOLSBO)11 ,*s...I ---.- -I ltj


Prefrence shares wre cumulative, non-voting and redeemable at the option
of the Bank, subject to the approval of The Central Bank of The Bahamas.
Dividends were payable quarterly in arran at thie annual rate of the Bahamian
dollar Prime rate plus 0.75%, subject to a minimum rate of 7.50%. The re-
deemable preference shares ranked ahead of the ordlnaty shares In the evat of
liquidation.
All peiemcn sham, along with accumulated dividends, were redeemed dur-
ing 2006 uting the proceeds o:. the rights issue (Note 11). No gain or loss
was recorded on redemption.


13. Cridcal accounting Slessates and judgments in apply
accoundag policies

ma $ The Group makls estimates and assumptions shut affect the reported amounts
a ofs rt and liabilities within the neat flnancal year. Estimates and judgments
are continually evaluated and am based on historical experience and other fac-
si, tors, Including expeations of future events that are believed to be reasonable
a14m 7 a ss under the circumstances.
__a .4_ m
. um


n rI, .,ie














Cal 0225


Geographical concentrations of assets and liabilities

The Group has a concentration of risk in respect of geographical area, as both
austomcr and sccuriised assets are primarily based in The Bahamas,

Cash flow and fair value interest rate risk

Cash Bow intcrcm t rate risk is the risk th.t the future cash flows of a financial
Instrument will fluctuate because of changes in market intereiC rates. Fair value
interest rate risk is the risk that the value ofa financial instrument will fluctuate
because of changes in market interest raes, The Gmoup takes on exposure to the
-iffcd of fluctuations in the prevailing levels of market intrcist rates on both
its fair value and cash flow risks. Interest margins may increase as a result of
such changes but may reduce gains or create losses in the event that unexpected
movements arise.

The Group employs effcaivn techniques and procedures to monitor and con-
trol its exposure to interest rate risk. Mortgage, consumer, and odher loan. gen-
erally have variable rates, linked to die relevant prime rate. Exposure to interest
rate risk, whidi is mainly due so fixed rates both in its term deposits with banks
and savings certificates sold to customers, is minimized by the short-tern, ma-
turities of the majority of these deposits


The maturities of assets and liabiliies and the ability to replace, at an accept-
able etat, intetre-bearing liabilitim as ihey mature ae important facors in
asueing the liquidity of the Group and its cposur to changes In inner latest ra
and exchange rates.

Liquidity requirements to sappoer calls under guarantee and stman by ltter o
credit are considerably less than the amount of the commiunent because the
Group does not generally xspc the third party to draw afnds under the agrae-
memn. The total outstanding contractual amount of comkmimets to extend
credit does not nocsuarily represent future cash requirements, as many of thewe
commitments will capire or terminate without being funded.

The loan portfolio principally comprises long-term mortgage loans, which arm
financed by ahorter-term customer deposits. As such, the Group is exposed to
liquidity risk, which is continuously monitored by management.


20. Fair values of financial instruments

Financial instrument utilised by the Group Include recorded assets and ]i-
abilities, as well as items that principally involve off-balance sheet risk. These
financial instruments are carried at fair value or ar relatively short term i'
nature and accordingly, the animated fair values ame oo significantly diffieet
from the carrying value as reported in the conolidated balance sheet.


PUBLISH




All of your



In Memoriam, In Loving Memory, Death Notices and Obituaries




in






The Tribune's Obituary Section



every Thursday




Call us at







502-2354


/


Impairment lofac on loam and advances 17. Contingent liabilites Pa

Thc Group reviews us loan portfolios to assess impairment a cast on a quar- Love Estsat In 1988, the Bank m the developer of Love Estates certain
tery basis. In docrmining whether an impairment loss should bie recorded in sums of money and also joined in s surety for varo u performance b d
thc consolidated income e statement, the Group makes judgments a to whether aggregating $3,328,043 in favor of the Ministty of Public Works. The lqas
there is any observable data indicaing that there is a meaurablc decrease i te and the bonds were supported by a fiat legal mortgages over the unsold ds
estimated furtur cash flows from a portfolio of loans before the decrease an be in the subdivision. The wots under the bondu were to have bean conplfid
identified with an individual loan in that portfolio. This evidence may Include within 36 months.'lhedeveloper defaulted underethenmonpawith the Bfpk.
observable data indicating that there has been an adverse change in the pay- Through the years, the Bank has been In discussion with theMinistry of Publc
ment status of borrowers in a group, or national or local economic conditions Works and various prospeoaie puriaasers. In 2001, the Ministry obtained a
that corrdae with defaults on asers inthe group. Management ua ctlmata judgment against shedeveloper and theBank forth amount of the bond
based on historical loss experience for assets with credit risk charactaeristics and
objective evidence ofimpairmeni similar so those in the portfolio when ached- The Bank Is being sued for specific performance and damage In connam n
ruling its future cash flows. l The methodology and assumptions uted for i with sa agreement dated 24 Septembher 1997 In espectof the Love Estia
making both the amount and timing of future cah flows are reviewed regularly property. Asall conditions of the sale agreemem have still not been met,d
to reduce any differences between loss esimaies and aual lost operinoa. in order to rsolve this long outstanding mance. The Bank enteed into a Dad
ofSettlement (the Deed) with Rolling Hills Development Corporation Li-.
14. Pension plan iald (Rolling Hills) In April 2005. Under the Deed, Rolling Hills will tucbe
liability for the installation of the infmaruaurc in Phase One and Plhame'o
Effective 15 October 2005, the Bank terminated the British American Bank of the Love Estaes Subdivision and enter into performance bonds, in a fdtn
Employees' Pension Plan, a defined benefit pension plan in whidri the Bank agreed by the Ministry of Works, o guarantee Rolling Hills installation of
and its employes previously parncipated, and adopted the Fidelity Merchant infrastructure and enable the Bank to have the performance bonds entered Io
Bank & Trust Limited Employces Pension Plan (the Plan), a defined contribu- between the Bank and the Ministry of Works dated 30 May 1988, cancellf
dion pension plan. This drange provides a common plan for all employees of
the Parent's Bahamas based operations. Under th Plan, all employees contrib- In change for Rolling Hills entering into the above nosed performa1
ure 5% of gross salary and the Bank matches employee contributions. bonds, the Bank agreed to pay tttlement costs totalling $350,000 to Rol. g
Hills which were expensed In 2004. Should Rolling Hilsit not enter into r
performance bonds, in a form agreed by the Mininry of Works, the Deed m
15. Related party balances become void us if it never ainsed. IThI Bank and Rolling Hills are sill in
process of obtaining all documents required under the Deed of Settlemen.
It is anticipated that all ouutanding documentation isos will be reolvedon
Related parties include those entities and directors that have the ability to con- 2007 and that the associated sale of the Love Estates property will be coll-
mrol or exercise significant influence over the Group in making financial or pleted without any further Io to the Bank.
operational decisions, and entities that are controlled, jointly controlled or sig- O
nificantly influenced by them. Other The Bank is also involved In various other legal proceedings coveringte
range of matters that arise in the ordinary course of business activtles. MA -
Related party balances, not discldosed ldsewhlic in these financial statements, agctent is of the view that no significant Ilone will arise as a result of th*
are as follows: proceedings.


s t 18. Regulatory Capital

So-ta r 3m a Wn The Bank is subject to regulatory capital requirement defined by The Cent
Bank of The Bahamas. Two measures of capital strength are employed: capitol
uJamas (total equity) to asset (total asetms) ratio; and risk-adjusted capital ratios as ds
odr mbbt t, as t s fined in the BASLE ACCORD. w
Dn.s.. (..nsasiau sncsr une ovu) st.aMt sotra sa
The Bank's capital to asse ratio is 22% (2005: 12%) at the end of the
y s substntially above the 5% standard established by The Central Bank
Loans and deposit accounts with directorsand officers amounted to $2,609,575 ThBahamas. the 5% dad esbised The Cntl Ba
(2005: $133,385), and $299,770 (2005: $201,050), respectively.
The BASLE ACCORD and bat standards require the Bank to maintain cam
In September 2006, the Bank purchased the 33 1/3 minority interest in West al to weighted risk asses r ati of at least 8%. As of 31 December 2006, She
Bay from a related party at the net book value of $919,701. Banks capital to weighted risk assets ratio Is 45.21%.
1-

16. Commitminnu h
19. F mscial risk management
Loan commaiiuen rts
Strategy in u ing financial inItrumeans
In the normal course of business various credit-related arrangements are en-
treod into to meet the needs of customers and earn income. These financial in- By their nature, the Groups activities am principally related to die use offinal,
strumcnts are subject to die Group's standard credit policies and procedures. cial inst ments. Thc Group accepts deposits from customers at both fixed al
floating rates, and for various periods, and seeks to am above-average inter9
As of the consolidated balance sheer date, these credit-related arrangements n.arginsbyinvestingthes fundsinhigh-qualityaueuss.ITheGroupsekistoipa
were as follows: crease these margins by consolidting thort-term funds and leading for lon r
periods at higher rates, while maintaining sufficient liquidity to meet all dclai
Ins stS that might fall due. I
The Group also seeks to raise t lanttres margins by obtaining above-va
sLM...cv.ain.jnm T7rants 4,est y margins, net of allowances, through lending to commercial and retail boeo
en with a range of credit standing. Such saposimts involve not jun on-balasan
sheet loans and advances; the Group also eates Into guaranteesi and Other ca *
mismenu such as letters of credit, and performance and other bonds, a
Unae of credit
Credit ri sk
The Bank has pledged $3,000,000 k2005: $3,000,000) of Bahamas Govern- t
met registered sock to secure an overdraft facility h another Bahamian The Group takes ona posurettoaredit risk. which is theridsk that a cunerpl
commercial bank. The facility bears interest at 0.5% above the Bahamian dol- ty will be unable to pay amounts In full when due. Impairment provisions -a
lar Prime rate up to $1 million and 1.25% above the Bahamian dollar Prime provided for losses that have been incurred at the balance thect date. Signkl
rate for amounts in excess of $1I million with a stand by fee of 0,25% on any can changes in the economy, or in the health oft particular indutry segmce
unused portion of the facility, that prePresent a concentration In the Group's porifllo, could modt In lost
that are different from those provided for at the balance sheet date. Manalg.
As of 31 December 2006, unused lines of credit with commercial banks meant therefore carefully manages 1 xposur to credit rls. 1
moued to 3,000,0002005: 3,000,00Bd). hoThe Group structure re levels of cdit risk it undetakes by playing limits ol
Operating lease commitment the amount of ris accepted in rdadtion to one borrower, or groups of bon.r
crs, and to geographical and Industry segments. Such risks ame monitored on;
The future minimum rental payments required under non-cancellable or .rat- reiolving basis and ubje toman annual or more frequent review.
Ing laws is of 31 December am is follows: I
Expoafoll to credit risk is managed through regular analysis of the ability
bormwers and potential borrowers to meet Inaer and capital repayment obA
los s w9 Ilgations and by changing these lending limits where appropriate. Exposure ti
s c credit risk is also managed in paut by obtaining collateral and corporate antO
w a personal guanatef.
met 375,9 n7y9 101.0W
ao 379,9a 2aso The Group's deposits and investment are placed with high aedlt quality fiu
n, n"a.9 am3,0s0 nancial institutions and corporations. Monpige, consumer and other loass
2010 .ii are presented net of provisions for loan losses. Whll the majority of lea4n
Tda5ns.. u las g=.= a sj are secured by fat mortonges upon family esidenris or by adted ameorge
overdrafts advanced in the normal court of businei are geperlly unscaued
ba,
Credit-reltted commitments Liquidity risk

The primary purpose of these instruments is to ensure that funds are available The Group is posed to daily calls on its available cash resources from oveRa
so a customer as required. Guarantees which represent irrevocable assurances night dcposks, current accounts, maturing deposits, loan draw-downs a
that the Group will make payments in the event that a customer cannot meet guarantees. The Group does not maintain cash resources to meet all of th
11 -L1 -.i: .' Z.d .i 1,i ..- .I;. .-b.1; 1 1. 1-V, .. needs as experience shows that a minimum level of reinvestment of maturir
'. *' F' l ib predicted with a high level of certainty. The Board sets limits oW'
Commitments to extend credit represent unaw portions aPfv toriatlionsto h the minimum proportion of maturing funds available to meet such calls a
extend credit in the form of loans, guaran 'ts or lctctto oft-l. yir respect fi h Aeliinimum level ofinicr-bank and other borrowing facilkie that ahouls
to credit risk on conmpen {0 en p 1 ly en- c ipo ov w l"hd s iynap cncdla ofaldemand.
posed to loss In an amount equal to te total unused commitments. However, .
the likely amount of loss is less than the total unused commitments, as most The matching and controlled mismatching of the maturites and interest ra "
commitments to extend credit arm contingent upon customers maintaining of astseu and liablilies is fundamental to the management of the Group. It s
specific credit standards. The Group monitors the term to maturity of credit unusual for banks to be completely matched, as transaced business is ofrier
commitments because longer-term commimenus generally have a greater de- of uncertain term and of different types. An unmatdlcd position potentdall@.
gte of credit risk than shoncr-term commitments. enhance profitability, but also increases the risk oflosses.


~ M= j







IPG 4 USDY A ,00 H RBN


0 LOA0NW


co nfy, but not to The Tribune. The corrected
i ration will be published in The Tribune on
Tuesday, May 1 st, 2007.;

Co s of a full set of the unaudited financialtstatements
n be obtained from Stephen Adderley, Finance
ager, at the Freeport Oil Company, located on
Q ens Highway, Freeport, Grand Bahama, Monday
f through Friday from 8:30 am to 5pm


8
cq
4V


*


FROM page one PM
to make it dear that they're going
to be punished severely for break- to
ing the law, especially in cases of
violence. There can be no com-
promise here. Our streets, our war
neighborhoods and our com-
munities, have to be made safe
and secure once again. increase
"You are sick and tired, I entire c
know, of all the violence and against c
lawlessness in our society. It has tant part
to stop. And it will, through This is b
more severe sentencing laws, ing ourse
stricter conditions for granting win the
bail, harsher penalties for parole tougher p
violations, and a policy of zero- need tou
tolerance on acts of criminal vio- immedia
lence, whether in our schools or as inde
on our streets or in our homes. calls for
"That's the message we have the sami
to send and the measures we when yo
have to take under step one of crime is a
my anti-crime action plan," he down of
said. "We 1
Under step two, Mr Christie selves, th
promised that the PLP will place ing our I
more police on the streets with We also
vehicles and all the necessary our comr
tools to bring about a drastic become t
reduction in crime. responsible
"These technologies will were. W
include electronic ankle bracelets ourselves
to track violent offenders while vice, Urb
they're out on bail. We're also er progrn
going to increase the size of the ian-led
Police Force, including the Police social ou
Reserves. And, we're going to that are
see to it that wherever you live, taming th
you will have highly visible police he said.
patrols 24 hours a day; and that As suc
when you call the police for assis- he is coi
tance, they not only come but step" ani
they come right away. and will
"Step three. We're going to "more sa


FROM page one

ment (EPA) the States comprising the
Caribbean Forum of African, Caribbean and
Pacific Group of States (ACP), which the
Bahamas with 14 other Caribbean states is
joining.
The agreement was established as a
response to continuing criticism that the trade
agreements offered by the EU are incompat-
ible with WTO rules.
The EPAs are a key element of the Coto-
nou Agreement, the latest agreement in the
history of ACP-EU Development Co-opera-
tion, which is to take effect as of 2008.
The objective of the agreement, according
to the document, is to contribute to the reduc-
tion and eventual eradication of poverty
through the establishment of trade partner-
ships between the various countries.
Along with promoting regional integration,
economic co-operation and good governance
in the CARIFORUM region, it is expected to
promote the integration of the CARIFORUM
States into the "world economy".
It is also expected to improve the CARI-
FORUM States' capacity in trade policy and
trade related issues.


0


*


promises

broaden

r on crime

the involvement of the
community in the war
'rime. This is an impor-
of my anti-crime plan.
because we're only fool-
;lves if we think we can
war against crime by
policing alone. Yes, we
gher police action as an
te, short-term solution
ed step two of my plan
- but we must also, at
e time, not forget that
u get right down to it,
a symptom of the break-
values in our society.
have to commit our-
herefore, to strengthen-
families and our faith.
have to re-strengthen
munities so that they can
he social classrooms for
ble behaviour they once
e must also re-commit
s to National Youth Ser-
ban Renewal, big-broth-
ammes, and other civil-
and church-sponsored
treach action initiatives
aimed at tackling and
ie root-causes of crime,"
h, Mr Christie said that
nfident that his "three
ti-crime plan will work
I make the Bahama's
fe and secure".


FROM page one

Mr Ingraham added that free-
dom is a "gift from God" and the
"foundation of our democracy."
"This Free National Move-
ment is determined to preserve
our democracy and to protect it
from a PLP culture that increas-
ingly thrives on victimization,
secrecy and the corruption of
national institutions," he said.
"We thought in 1992 that we had
banished victimization and secre-
cy in the conduct of the public's
business from our land. And we
thought we had tamed corrup-
tion. But much of that old cul-
ture survived.
"Once again the FNM and
your Delivery Boy must rescue
the country from the threat an
unrepentant PLP poses to our
democracy."
He went on to claim that in
the Family Islands, the govern-
ment is using local administrators
as "partisan campaign generals."
Mr Ingraham claimed that one
of the worst abusers was Verge-
neas Alfred Gray, the Minister
responsible for protecting the
integrity of Local Government.
According to Mr Ingraham, Mr
Gray is high up on their "list of
PLP victimisers."
"But don't worry," he added,
"just as Carmichael threw him
out after one term, the good citi-
zens of MICAL have him on the
run. One bad term does not
deserve another."
The FNM leader also com-
mentated on. allegations of vote
buying.
"There is no low to which they


Proposed treaty
The agreement will implement an "effec-
tive, predictable and transparent regional reg-
ulatory framework for trade and investment in
the CARIFORUM region, thus supporting
the conditions for increasing investment and
private sector initiative and enhancing sup-
ply capacity, competitiveness and economic
growth".
However for some observers, this ostensibly
means that the Bahamas would be participat-
ing in a Caribbean free market and economy
such as the CSME offered.
This fear is further advanced by the fact
that the treaty is expected to "support a new
trading dynamic between the parties by means
of the progressive, asymmetrical liberalisa-
tion of trade between them and reinforce,
broaden and deepen co-operation in all areas
relevant to trade".
The Economic Partnership Agreement is
expected to build on the achievements of the
Cotonou agreement and the previous ACP-
EC Partnership Agreements in regional co-
operation and integration as well as econom-
ic and trade co-operation.


I


Ingraham

urges vigilance

at the polls

won't stoop. Now some of them
are being charged with the
offence of openly, undemocrati-
cally and illegally buying votes,"
he said.
"When asked about scores of
people lined up to receive cash
from his campaign office days
before the election, one PLP out
going Member of Parliament did
not deny that money was being
given out. But he assured us that
he was simply helping his con-
stituents.
"What a generous MP! What a
lively imagination! Does he take
us all for fools?"
Yesterday, said Mr Ingraham,
"Franklyn Wilson was overheard
relaying instructions he claimed
came from the Prime Minister for
ZNS to carry a one hour pro-
gramme on the PLP Leader's ral-
lies in Moores Island and in Aba-
co.
"If the FNM hadn't freed the
broadcast media, they may have
succeeded in blocking us from
telling you the truth," Mr Ingra-
ham said.
Information reaching The Tri-
bune late yesterday was that ZNS
has been instructed to broadcast
Mr Christie's tour of Moore's
Island and Abaco in a one-hour
programme just before today's
evening news.


This agreement also has a relationship to
the WTO agreements as it requires the
Bahamas along with other signatories to "reaf-
firm their commitment under Article 39 of
the Cotonou Agreement to co-operate within
the World Trade Organisation".
International experts have said that the new
regional grouping established due to the EPA
scheme creates the problems of how small
countries like the Bahamas, which have special
treatment policies for under developed indus-
tries, can shelter these from the larger coun-
tries with better industries.
Currently, 39 of the 77 ACP countries are
defined as less developed countries by the
United Nations. These LDCs constitute a spe-
cial group among the developing countries
and have usually been treated separately.
The EPAs is expected to provide special
arrangements for this particular group. As
opposed to the other ACP countries, the
group of LDCs will be invited to reject the
EPAs and continue trade relations.
While this provision facilitates the situa-
tion of the LDCs under the new trade scheme,
it has also been said that the EBA initiative
prevents LDCs from opening up their markets
for EU products within the context of an
EPA.


*


I


AIRMAN'S REPORT

FOR THE QUARTER ENDED JANUARY 31, 2007


The Directors of FOCOL Holdings Limited
are pleased to present results for the quarter
ended January 31, 2007. Our earnings
continue to be strong as we ended our first
year of operation since the acquisition of
Shell Bahamas in 2006.

Net income for the six months ended January
31, 2007 was $6,007,193 compared to
$3,681,636 last year. Earnings per share were
up from 43 cents to 70 cents for the same
period last year. During the expansion
process we have been able to continue our
commitment to paying dividends to our
shareholders by paying a dividend of 30
cents per during the period.

Thanks to careful planning and knowledge of
the industry we were able to sustain success-
ful results in our Grand Bahama operations
as well as successfully operating in Nassau
and the Family Islands. The Board of Direc-
tors is confident that we have the capacity
and ability to ensure that the company can
grow while protecting the investment of its
shareholders.


FOCOL HOLDINGS CO. LTD
CONSOLIDATED BALANCE SHEET
(B $000)
January 31, 2007 July 31, 2006
Assets $103,642 111091
Liabilities 49,744 61,470
Total shareholders' equity 53,898 49,621
$ 103,642 $ 111,091



CONSOLIDATED STATEMENT OF INCOME
(B $000)
Six months ended Six months ended
January 31, 2007 January 31, 2006
Sale & revenues $ 132,569 $ 55,996
Cost of sales (113,262) (47,943)
Income from operations 19,307 8,053
Marketing, administrative and (11,354) ( 3,812)
general
Deprecation ( 1,075) ( 521)
Finance cost ( 796) 94)
Other income (expense) ( 75) 56
Net Income 6,007 3,682
Preference share dividends ( 752)-
Net income available to common
shareholders $ 5,255 3,682

Basic earnings per share $ 0.70 $ 0.43
Diluted earnings per share $ 0.61 $ 0.43
Dividends per share $ 0.30 $ 0.28



Copies of a full set of the unaudited financial statements can be obtained from
Stephen Adderley, at Freeport Oil Company on Queen's Highway, Freeport,
Grand Bahama, Monday through Friday from 8:30 AM to 5:00 PM.






FCO iuinngs uo. Ltd


.21


Sir Albert J. Miller
Chairman & President
FOCOL Holdings Co. Ltd.


p


.PAGE 14, TUESDAY, MAY 1, 2007


THE TRIBUNE







TUESDAY, MAY 1, 2007, PAGE 15


TiF TRIRIBNF


* A
UeiI..U WLU~ vI.~rk uuuJ. I thlt filda s 0of the cam-A


FROM page one


the Coalition of Pastors, Angli-
can Archbishop for the West
Indies Drexel Gomez yesterday
told The Tribune that he does
not agree with the concept of the
questionnaire and feels candi-
dates should not be made to dis-
close their private views on cer-
tain issues.
The results, released yester-
day by the Coalition of Pastors,
showed that the majority of par-
ticipating politicians shared sim-
ilar views on many of the issues.
All but one candidate stated
clearly that they are in favour of
a constitutional amendment
defining marriage as union
between one man and one
woman.
FNM deputy leader and can-
didate for St Anne's Brent
Symonette was the only partici-
pant who chose to answer the
question indirectly by stating that
the privacy of a person's home is
sacred and is protected by the
laws of the Bahamas.
The majority of the candidates
also agreed on being opposed to
"homosexual tourism" and were
against "compromising the
Christian values of our nation by
allowing exclusively organised
groups (homosexuals, swingers,
etc) who come under the umbrel-
la of promoting their cause."
Archbishop Gomez said that
while he is also opposed to
"homosexual tourism", he does
not necessarily see it as an elec-


12 questions FROM pa


tion issue.
"It's something that is impor-
tant to me, but I'm not sure I'd
want it to be a national agenda
issue," he said.
The Archbishop has declared
that he is against homosexuals
being harassed and persecuted
and is for the decriminalization
of homosexuality on the grounds
of human rights.
The majority of participating
candidates also said that they
want the constitution amended
to riake the death sentence
mandatory for murder
Among the participants who
took the time to fill out the
Coalition of Pastors' question-
naire were Cabinet Ministers
Leslie Miller and Neville Wis-
dom as well as the PLP's candi-
date for St Anne's, Ricardo Tre-
co.
On the FNM side, participants
included former Cabinet Minis-
ters Earl Deveaux, Tommy
Turnquest, Brent Symonette and
Carl Bethel, as well as-Long'
Island MP Larry Cartwright.
All members of the BDM and
independent candidate for Gold-
en Gates Clever Duncombe also
answered the 12 questions.
"We have also received the
FNM party's response to the
questions, as well as the BDM
party's response. We are still
awaiting the PLP party's
response," the Coalition of Pas-
tors said.


receiving the calls, I walked to the
police station, and from the steps
of the station, I heard my oppo-
nent saying, 'tell Phenton there's
going to be a fight in South Beach.
There's going to be a fight.'"
On another occasion, the
FNM candidate said Mr Rolle was
overheard giving out the license
plate number of his personal vehi-
cle to a group of supporters gath-
ered for the opening of Mr Rolle's
headquarters.
The latest examples of intim-
idation, however, Mr Neymour
said, are not typical of Bahamian
politics, but are isolated incidents
incited by "an individual who is
not politically mature enough to
accept the process and what is

Wilchcombe
FROM page one

bune on February 6, 2007 under
the heading "Ingraham criticizes
Wilchcombe over passport rule
statements".
Mr Wilchcombe is seeking
damages relative to this statement
along with any resulting costs.
According to Mr Munroe, his
client is very serious to see the
matter through.
While Mr Ingraham has yet to
be served the writ, Mr Munroe
said he doubts that Mr Ingraham
will be served before the May 2nd
general elections.


Candidate
acceptable in politics."
"My opponent does not
understand the responsibility thaf
he has as a leader and that it is
important that he guards what he
says and what he does," noted Mr
Neymour. "I think Mr Rolle's
comments are inappropriate and
irresponsible of anyone seeking
political office."
As a result of recent incidents,
including having his headquarters


UdetfUaced with a votULe r or Ue.
slogan, Mr Neymour has been
forced to hire a personal body-
guard and have his family
removed from the Bahamas until
after the elections.
"It is not hindering my cam-
paign," an optimistic Mr Neymour
said, "but my family is not able
to be here with me during a very
important time in my life, and that
concerns me._..--- -
"We cannot become a Jamaica
or Haiti, where violence become
.associated with politics."


Ln ei n unajs y.t uc c %m-
paign, Mr Neymour hopes that
verbal and other acts of intimida-
tion will stop, saying: "Although
almost all of my billboard$Sd
posters have been destroyed Over
the past two days, the reception
from the constituents is what is
most important.
"What my opponent has to
understand is that posters and bill-
boards do not vote, and having
your supporters threatening the
well being of your opponent does
not help you gain votes."


FROM page four Hill He totally abandoned the Fox has been much speculation who
FROM page r Hill people, jetting around the the new Free National Movemen-
world, partying and forgot about t's choice for Fox Hill is, let me
respect I enjoyed from my fellow us. "He used all of us". He ignored give my two cents, Dr. Jacinta'Hig-
Fox Hillians. I literally took over phone calls, avoided constituents gs was urged by myself and others
the consistent and persistent "door and simply could care less about to run in the upcoming elections.
to door" campaign. I personally returning calls. He stuck his head in This was particularly easy because
influenced many friends and fami- the air and went on his merry way. I had seen her operate close up
ly to vote for Mr. Mitchell. This, We were fooled. In my opinion while she was making Fred
along with the en masse vote Fred Mitchell turned out to be a Mitchell look good. So I know for
against the FNM last election, fake, because we thought he was sure that she was an excellent orga-
made it significantly easy for Mr. genuine. But anyone only needs to nizer and a great leader in the com-
Mitchell to win. Many times, I per- be in his company for a fleeting munity. I knew thathertfamily was
sonally campaigned on my own; -moment and-they would see that financially responsible for many
Mr. Mitchell was absent most of he is a selfish man. community events. In fact every-
the times, flying around the world Thank God for good friends like one in Fox Hill knows that. Now I
with his friends, having a fine old Dwight Higgs and through my own am proud to work with my own
time. My influence helped him to hard work, I was able to feed my Fox Hillian.
make serious inroads. I remained family. Now that I have set the record
loyal and committed even after the I was "treated like a dog" by straight, I expect all of the guns to
election. Mr. Mitchell,,if I was like others, I be trained on me next. I expect for
After waiting for four and half would be starving right now. After the most disparaging things to be
years and watching Mr. Mitchell four years he now appears to be said about me on the filthy site,
closely, I realized that Fred Mitchell helping two of his foot soldiers. But bahamasuncensored.com.
was a selfish man, and he did not everyone knows it is only a sham. To further compound every-
appreciate me or anyone in Fox On a more pleasant note, there thing, just recently, Mr. Mitchell
referred to Fox Hillians that attend-
ed one of his functions as "totters".
ENO TII INThere is no limit to what this man
would do or to what lengths he will
NOTICEgo
.11 a' a prupic.%ample~d&6&

fX1IN '0 M OT R t"S The promised th 1, ut-
delivered a group of "all for me
& FRIENDLY FORD baby" who only looked out for
themselves. Now the lies and dis-
THOM PSON BLVD gusting things that are surfacing: .
about highly respected people will
WILL BE CLOSED come back to haunt them later, ,
mark my word:
WEDNESDAY MAY 2nd AT 1 PM Thank you, editor, a weight has
WEDNES Y MAY 2 A 1 P been lifted off my shoulders. I
ELECTION DAY believe I will now be able to rest
well. Tomorrow is a brighter day
WE THANK OUR VALUED CUSTOMERS and it ain't long now.
LARRY WILMOIT
MAY GOD BLESS THE BAHAMAS FNMFoxHill,
April, 2007.


B r1t,.'-r ltn :lt:(lit'111.
B,-eTPUer Pizz,.



Papa John's

Village Road





Will be closed
on Tuesday May 1st, 2007 to
Wednesday May 2nd, 2007
due to minor renovations.



We will re-open
on Thursday May 3rd at our
normal working hours.
Call our other 3 locations

Seagrapes

South Beach

Collins Ave.



Sorry for the inconvenience caused
Signed Management.


family guardian's calendar photo contest


a celebration of nature
14 winning entries will appear in Family Guardian's 2008 calendar.


Winning entries receive a gift certificate valued at $400 each.
Entry deadline is May 31, 2007 :,
RULES ,
1 Family Guardian's Annual Calendar Photo Contest is open to all photographers. The title for the company's 2008 calendar will be-.
"A CELEBRATION OF NATURE." Photographs may be of any subject (animate or inanimate) or a scene which is a striking example of nature as found in -,,
The Bahama Islands. All photographs must be taken in The Bahamas.
2 DEADLINE FOR ENTRIES IS MAY 31, 2007.
3 All entries are to be delivered to Family Guardian's Corporate Centre, Village and Eastern Road Roundabout, Nassau, between 9:00am and 5:09pm
weekdays only. Envelopes should be marked "Calendar Contest."
4 All entries must be accompanied by an official entry form, available at any Family Guardian office or when published in the newspapers.
5 Only colour images in horizontal format will be considered. Images must be provided as 35mm film or digital images on CD. 35mm film can be positive
(slides) or colour negatives. Digital images must be of high quality (2700 x 2100 pixels or larger). Digital--mages sifowing any signs of photo manipulation,
resolution enhancement or compression will be rejected. To ensure the best colour reproduction, digital images should be supplied in RAW, TIFF or high quality JPEG
and in the original colour format the camera uses (LAB or RGB). All entries must be supplied with prints which will be used In the judging process.
(Note: prints submitted without 35mm slides or negatives or CD's will not be eligible). The photographer's name and photo subject should
be written on the reverse of the print.
6 Judging of entries will be based on beauty, interest, composition, colour, originality and quality of photograph. Preference will be given to fauna photographed In its
natural state, rather than in captivity. The photographs selected will appear in Family Guardian's 2008 calendar. The decision of the judges will be final.
7 All entries are submitted at the owner's risk. It is the company's intention to return all entries in their original condition. However, Family Guardian
will assume no liability for any loss, damage or deterioration.
8 A gift certificate valued at $400 will be presented for each of the photographs selected. More than one entry from a single photographer may be selected.
Photographic credits will be given in the calendar. The number of entries per photographer is limited to a maximum of 5 photos.
9 The winning photographs, along with all publication and reproduction rights attached thereto, become the property of Family Guardian and the company
reserves the right to use such in the future.
10 Employees of Family Guardian, its affiliated companies or family members are not eligible.
11 Previously puDlished photos are-not eligible.

byimHt igs N 2008 CALENDAR PHOTO CONTEST ENTRY FORM
a milyl uard an's NA M E ...........................................................................................................................
2 Calendar TEL BUSINESS .............................................. HOM E .....................................................

P.O. BOX ........................STREET ADDRESS ................................................................
SIG N ATU R E .................................................................................................................
DATE ................................NUMBER OF PHOTOS ENTERED ...................(maximum of 5)
I agree that in the event that one or more of my entered photographs is selected as a winner in the 2008 Family
Guardian Calendar Photo Contest it wil become the property of Family Guardian Insurance Co. Ltd., and
I assign to Family Guardian all rights pertaining to its use in any way whatsoever I also confirm that the
photos entered in this contest were taken in The Bahamas by the undersigned and have not been
GIuar diaSs n FAMILY I
Calendar Contest, Family Guardian
Corporate Centre, Village & Eastern Road
Roundabout, Nassau, Bahamas INSURANCE
ENTRY DEADLINE: MAY 31, 2007 M P
A C :L H Rm ETE AT BY i T A A P i O i i 2 im
SALES OFFICES: NAS ,CO & ELEUTHERA CORPORATE CENTRE: EAST BAY STREET, NASSAU PO. BOX SS 62327"-


+
L. I.


I IL- I e.. v.-ML- ,


I -


J


i






PAGE 16, TUESDAY, MAY 1, 2007 THE TRIBUNE






Bl British

.American,
F I N A N C I A L



Dear Valued Clients & Fellow Bahamians,

I take pride in introducing British American Financial,
the new face of the oldest, most trusted Insurance
Company in the Bahamas. I am honored to advise that
"The Best Just Got Better"!

Established in 1920 as British American Insurance Company, we have a rich legacy as a
leader in the community, providing protection for generations past your forefathers and
mine and offering security for future generations. Back then, we dedicated ourselves to
meeting the insurance needs of our clients. Walking door to door and working closely with
our policyholders. Our career agents maintained a personal touch with you and ensured our
sustained success. Today, despite our growth, I am happy to say that we have continued and
will continue to offer the personal touch. You should expect to receive a level of quality service
that is "second-to-none".

As we enter this new phase of our development, the re-energized British American is a 100%
Bahamian-owned, full-service financial company. We are pleased to advise that all rights and
benefits under your policies and contracts will continue and remain unchanged. Building on
our legacy, we continue to offer the best and most flexible Life, Financial Services and Health
Insurance products, designed to suit Bahamians from every walk of life. Our line of products
include Mortgages, Retirement Planning, Personal and Corporate Pension Plans; Savings and
Investments such as Annuities and Mutual Funds. We offer a wide range of Financial Services
to assist with planning for your future, no matter how little or how much you may have. We
believe that discipline and a consistent prudent approach to money management will always
win the day.

We have three offices in Nassau including our head office at Independence Drive and two
branch offices on Rosetta Street and Carmichael Road. Building on the legacy of going where
the people are, we have expanded to George Town, Exuma, Freeport, Grand Bahama and
Marsh Harbour, Abaco. Our career agents on the Family Islands are all fully equipped with the
latest technology including hand-held PDA devices to offer you speedy and efficient service.
As we continue to innovate and grow, we promise to never lose sight of what's most important
you, our valued clients. We will keep our fingers on the pulse of the Bahamas and strive to
provide dynamic and innovative programs that meet your unique needs.

You will continue to feel our presence in your neighborhood through our sponsorships of
Youth Programs, Breast Cancer Awareness and other Community Events that change lives.
With 87 years behind us, and so many more years ahead, you can count on us to always be
there for you and your loved ones.

As we celebrate this important stage in the evolution of our Company, we invite you to feel
free to call us or drop into any of our branches for a free financial consultation.

British American Financial will continue to be the best, offering you innovation excece in
service coupled with the latest technology to meet your individual needs and to contiltisly
provide you with 'Financial Solutions for Life'.

Sincerely,


I. Chester Cooper
President & CEO






Independence Drive, P.O. Box N-4815 Nassau, Bahamas Telephone: 242-461-1000 Fax: 242-361-2525 www.b
,. I .

1 <-






a a


TUESDAY, MAY 1,2007


SECTION -


Sr


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


Bahamas removed from





US copyright watchlist



* Attorney General says move 'sends a very strong message' to the Bahamian

and international business community that nation will protect trademarks

* Removal said to reflect anti-counterfeit enforcement efforts, WIPO standard commitments

* But US still warns on implementation of certain copyright amendments


* By NEIL HARTNELL
Tribune Business Editor
The US govern-
ment yesterday
removed the
Bahamas from its
Special 301 copy-
right watchlist "due to
improvements in enforcement
efforts", something the attor-
ney-general said "sends a very
strong message" to the inter-
national business community
about this nation's commit-
ment to implementing a world-


class regime for protecting
intellectual property rights and
enforcing it.
Allyson Maynard-Gibson
said the US move indicated to
international companies and
artists, as well as their Bahami-
an counterparts, that "there is
a serious commitment by the'
Bahamian government and all
the agencies of government to
protect intellectual property
rights".
The removal of the Bahamas
from the Special 301 watch list,
apart from providing the PLP


ALLYSON
MAYNARD-GIBSON


government with a timely
boost heading into tomorrow's
general election, is also likely
to enhance confidence among
both Bahamian and interna-
tional businesses and investors..
They are likely to feel more
confident that the Bahamas
will be able to adequately pro-
tect and safeguard their
patents, copyrights and trade-
marks, a vital component of
the business environment for
many companies especially
those involved in reserach and
development (R&D) as well


as many international trade
agreements.
The US Trade Representa-
tive's Office said in its 2007
Special 301 report, which was
released yesterday: "The
Bahamas has been removed
from the Watch list due to
improvements in intellectual
property rights (IPR) enforce-
ment efforts.
"The United States contin-
ues to urge the Government
of the Bahamas to implement
the amendments to its copy-
right law."


Mrs Maynard-Gibson said
the US government's decision
reflected two-to-three years of
hard work by various govern-
ment agencies, including the
Attorney General's Office, the
Registrar General's Depart-
ment, and police and law
enforcement authorities work-
ing with the private sector.
Other parties involved in the
effort included the Copyright
Tribunal.

SEE page 8


Bahamians plan inter-island



ferry to boost tourism


* By CARA BRENNEN -BETHEL
Tribune Business Reporter
A FERRY system designed to link dif-
ferent Bahamian islands and transport
tourists to new entertainment destinations
and attractions is expected to come on
stream by mid-summer, The Tribune was
told yesterday, in a bid to increase
Bahamian ownership and employment in
the tourism industry.
Bahamas Island Hoppers Ltd and
Bahamas Festivals Ltd are planning a joint
venture to provide fast and efficient ferry


Business hopes to start by mid-summer, employing 40
and enhancing Bahamian tourism industry ownership


service between various islands on a con-
sistent daily schedule, with affordable
rates.
In an interview with The Tribune, Eld-
win Ferguson, president of Hidden Trea-
sure Bahamas Ltd and Bahamas Island
Hoppers Ltd, explained that the new com-
pany will be using a hydrocruiser a spe-
cialised boat which can accommodate


150 passengers and reach speeds of 35-40
knots.
This speed and service availability, he
said, is what will separate Bahamas Island
Hoppers from Bahamas Ferries' Bo
Hengy fast ferry.


SEE page 7


* By NEIL HARTNELL .
Tribune Business Editor
THE economies of scale and
synergies generated from the
Imperial Life acquisition are
finally beginning to show
through for Colinalmperial
Insurance Company, its BISX-
listed parent yesterday reveal-
ing that net income more than
quadrupled to $7.843 million
in fiscal 2006, driven by
increasing premium revenues
and reduced benefits and
expenses.
Colina Holdings (Bahamas)


Synergies from acquisitions
coming through as profits
exceed $7m, as insurance
company takes 25% stake
in RND Holdings

net income for the 12 months
to December 31, 2006, repre-
sented a major improvement
on the $1.749 million produced
during fiscal 2005, the first

SEE page 5


Butterfield's Bahamian


net income grows 17%


* By NEIL HARTNELL
Tribune Business Editor
BUTTERFIELD Bank's
Bahamian operations generat-
ed a 17 per cent increase in
2007 first quarter net income
compared to last year, due to
revenue growth that was dri-
ven by net interest income and
rising trust and custody fees.
Releasing its results for the
three months to March 31,
2007, the Bermuda-headquar-
tered bank said its Bahamian
operations had increased total
revenues by 29.7 per cent to
$2.7 million during the period,
compared to year-on-year
comparatives.
Butterfield Bank said the
improvements produced by its
Bahamian operations, which
include Butterfield Bank
(Bahamas) and Butterfield
Fund Services (Bahamas),
"reflect strong growth in net
interest income and fees from
trust and custody".
Fees in these two business
categories had increased by
70.5 per cent and 15.7 per cent
respectively during the 2007
first quarter year-on-year.
Meanwhile, client assets
under administration in the
Bahamas had increased by 20.2
per cent year-on-year to $4.7
billion.


The first quarter results fol-
low swiftly behind Butterfield
Bank's 2006 full-year results,
with the Bahamian operations
generating a33.4 per cent rise
'in net income to $2.2 million.
Revenues rose 33.7 per cent to
$9.1 million.
The Bahamas operations
generated a 164.1 per cent
increase in their loan portfo-
lio in fiscal 2006, "reflecting
growth in international mort-
gage products".
The Bahamian operation's
loan book increased to $14 mil-
lion during the year to Decem-
ber 31, 2006, although assets
under administration declined
by 1.8 per cent to $3.89 billion,
something the Bermuda par-
ent attributed to "a number of
redemptions from existing
administered funds".
Customer deposits grew to
66.4 per cent or $140 million,
with total assets up 60.4 per
cent to stand at $155.4 million.
Butterfield Bank added of
the 2006 financial results:
"During the year, the
Bahamas office generated
strong growth, as well as local
and international recognition,
through focused business
development and targeted
marketing of bespoke finan-
cial and fund administration
services."


HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE
Tel: (242) 356-7764

FREEPORT OFFICE
Tel: (242) 351-3010


II


[]~





PAGE 28, TUESDAY, MAY 1. 2007


T I r.


I C


11


F-U 9,3


A


I


THE TRIBUNE BUSINESS


II L~


on*


*I 1 l -T


ri








THE TRIBUNE BUSINESS


THE COLLEGE

Visit our website at www.cob.et


ADVISEMENT AND REGISTRATION
Summer Session II and Fall Semester 2007


Summer Session II, 2007

May 14 Advisement begins.
June 13 14 Registration
June 27 Classes begin
August 10 Last day Session II

Fall Registration, 2007


April 30
May 14
June 4

June 29


Schedule for Fall registration posted to web.
Registration begins.
Registration for students given early acceptance for
Fall
Last day for fee payment early registration.


Online Registration Transition Phase
The College of The Bahamas is transitioning to on-line registration
in phases. For the current registration period (for Fall Semester)
ONLY the following schools will be involved:
* The School of Business (BAST)
* Culinary Hospitality Management Institute (CHMI)
* School of Nursing and Allied Health Professions (SNAHP)
* School of Communication and Creative Arts (SCCA)
* School of English Studies (SES)

For further information, please contact:
Records Department
Telephone: 302-4312/4523/4522
E-mail: recordsdept@cob.edu.bs

The College of The Bahamas
Presents
The UNESCO Travelling Film Showcase
An extraordinary collection of regional films






Monday, May 7
Section 1 Showtime 12noon
RIBBONS OF BLUE, 2003; 112 Minutes; Director: MATHURINE EMMANUEL
Country: St. Lucia
Section 2 Showtime: 3pm
DIA DE LOS MUERTOS (Day of The Dead), 2002; 11 mins;
Director: SUZETTE ZAYDEN Country: Belize
SHOW ME YOUR MOTION: The Ring Play Games of the Bahamas, 2006:
88 Min.
Director: IAN GREGORY STRACHAN; Country: The Bahamas
Section 3 Showtime: 7:00pm
ROBLE DE OLOR- (SCENT OF OAK), 2003: 125 min.
Director: RIGOBERTO LOPEZ Country: Cuba
Tuesday, May 8
Section 4 Showtime: 12noon
STEPS TO FORGIVENESS, 2005: 7 min. Director: PAMELA WHITEHALL
Country: Barbados
WHAT MY MOTHER TOLD ME, 1995: 55 Min.
Director: FRANCES-ANNE SOLOMON;
Country: Trinidad and Tobago
Section 5 Showtime: 3pm
salt in my eyes, 2002: 39.48 Min.
Director: SHAMIRA RAPHAELA; Country : Aruba
VIVA CUBA, 2005: 80 min.
Director: JUAN C. CREMATA; Country: Cuba


Wednesday, May 9
Section 7 Showtime: 12noon
NOSOTROS Y EL JAZZ, 2004: 45 minutes;
Director: GLORIA ROLANDO
Country: Cuba
JUNKANOO: Director: MARIA GOVAN
Section 8 Showtime: 3pm
JAB! The Blue Devils of Paramin, 2006:
47 Minutes;
Director: ALEX D'VERTUIL
Country: Trinidad and Tobago
CALYPSO DREAMS, 2004: 90 min.;
Directors: GEOFFREY DUNN/MICHAEL HORNE
Country: Trinidad and Tobago
Section 9 Showtime: 8pm
RISE UP: 16 Min. Director Luciano Blotta;
Country: Jamaica
Caribbean Gem
THE HARDER THEY COME, 1972: 100 Min.;
Director: PERRY HENZEL
Country: Jamaica
Thursday, May 10
Section 10 Showtime: 12noon
tETE GRENE, 2002: 66 Min.; Director:
CHRISTIAN GRANDMAN
Country: Guadaloupe


OF 7}.ET.E.;" ..

iu.bs FT.EDUCAnTCG '

Section 11 Showtime: 3pm
MEN AND GODS, 2002:52 Min; Director: ANNE LESCOT/ LAURENCE
MAGLOIRE
Country: Haiti
Friday, May 11
Section 13 Showtime: 12noon
El Campeon: 23 minutes; Director: RAFAEL MADERA RODRIGUEZ
Country: Dominican Republic
LIFE AND DEBT, 2001:90 Min.; Director: STEPHANIE BLACK; Country:
Jamaica
Section 14 Showtime: 3pm
LA CARTA (The Letter), 2005: 2.38 min.; Director: FRANCISCO RODRIGUEZ
Country: Dominican Republic
A cien mil, 2006: 10 min.; Director: AMAURIS PERES
Country: Dominican Republic
PORT AU PRINCE SE PAM, 2000: 57 Min.; Director: RIGOBERTO LOPEZ
Country: Haiti
Saturday, May 12
Section 16 Showtime: 12 noon
Children and Youth Focused Films
ZULAIKA, 1990:78 min.; Director: DIEDERIK VAAN ROIJEN; Country: Curacao
THE BAOBAB TREE, 2005: 27 min.; Director: CLEAR SINCE;
Country: Barbados
HERMAN TALES: THE BANANA ROBBER, 2006:16 Min.;
Director: ROGER ALEXIS
Country: Trinidad and Tobago
Section 17 Showtime: 12 noon
Caribbean Gems
LA UJLTIMA CENA (THE LAST SUPPER), 1976:120 min.
Director: TOMAS GUTIERREZ ALEA Country: Cuba
RUE CASES NEGRES (Sugarcane Alley), 1982: 100 Min.
Director: EUZHAN PALCY, Country: Martinique.
Section 18 Showtime 3pm
Caribbean Gems
L'HOMME SUR LES QUAY (Man by the Shore), 1993:100 Min.
Director: RAOUL PECK; Country: Haiti
AVA & GABRIEL, 1990: 110 Min.; Director: FELIX DE ROOY; Country: Curacao
The Public is invited to attend.


The College of The Bahamas


NOTICE





As an important national service, The College of The Bahamas
has agreed to assist the Parliamentary Registrar in providing venues
for polling stations for the General Elections on May 2, 2007.
Members of the general public are asked to note the following:

General Election Day May 2, 2007 Half Day

1. On May 2, ALL campuses and centres of The College will
conduct business as usual up to 12 noon, after which operations
will cease for the rest of the day to permit employees to participate
with ease in the electoral process.

2. Block B (Business Building off Tucker Road), Oakes Field
Campus will be the site of a number of polling stations as announced
by the Parliamentary Registrar.

3. COB employees and students and members of the public who
are not voting at this location are asked to avoid the areas set aside
for the polling stations.

4. All users of COB parking facilities are asked to comply with
the directions of uniformed COB security officers. Your cooperation
is necessary and much appreciated for this important national
event.


Culinary & Hospitality Management Institute
INDUSTRY TRAINING DEPARTMENT

CULINARY COURSES
SUMMER SEMESTER 022007
COURSE CODE BEGINS DUIL DAYS TIME TurtoN IIESOUMCE Ve MaL. IEaeL
R12 MATERIALS
ADDITIONALL
10 APP FrA
roll NEW
1. Bahamian Cuisine COOK 806 May 17 6 weeks Thurs. 6:00-9:00pm $225.00 $10-S2 per week CHMI Main 15
Kitchen
2. Gourmet Cooking I COOK 823 May 14 6 weeks Mon. 6:00-9:00pm $200.00 $20 per week CHMI Main 15
Kitchen
3. Gourmet Cooking II COOK 824 May 14 6 weeks Mon. 6:00-9:00pm $225.00 $20 per week CHMI Main 15
Kitchen
4. Cake & Pastry Making 1 COOK 813 May 15 5 weeks Tues/Thurs 6:00-9:00pm $225.00 S10- $15 perweek CHMI larder 15
Kitchen
5. Cake & Pastrv Making II COOK 814 May 15 5 weeks TuesThurs 6:00-9:00pm $250.00 $10 $15 per week CHMI Pastry 15
Kitchen
6. Bread Making COOK 810 May 14 6 weeks Mon. 6:00-9:00pm $200.00 $5 $10 per week CHMI Larder 15
Kitchen
7. Cake Decorating I COOK 817 May 14 5 weeks Mon/Wed 6:00-9:00pm $225.00 $10- $15 perweek CHMI Larder 15
Kitchen
8. Cake Decoration II COOK 818 May 14 5 weeks Mon/Wed 6:00-9:00pm $225.00 $10 -$15 per week CHMI Pastry 15
Kitchen
For further information please contact the Industry Training Department of the
Culinary & Hospitality Management Institute at 323-5804,323-6804 or fax 325-8175.


=NNW











PAGE 4B, TUESDAY, MAY 1, 2007


THE TRIBUNE BUSINESS


*1 I r r I y ^ 'n ^ -'. f \ ~1 I T T T l' ^


THE COLLEcE OF T1HE BAHAM

Visit our website at www.cob.edu.bs EDUCATING & TRAININGBAHAMIANS


l FI R TMMNUG EDUCATION AMD MWEXTWVCE

PNuL DEVB.OPMIVT SUMIEMB SEVIESTHI


ACCOUNTMW _
ACCA900 01 ACCA FOR BEGINNERS I 6:00pm-8:00pm MonN/Wed 7-May 10 wks $250
ACCA901 01 ACCA FOR BEGINNERS II 6:00pm-8:00pm Mon/Wed 7-May 10 wks $275
ACCAg02 01 ACCA FOR BEGINNERS III 6:00pm-8:00pm Tues/Thurs 8-May 10 wks $300

CUSTWO 02 SUPERIOR CUSTOMER SER. W/S 9:30am-4:30pm Thurs 29-Mar 1 day $170
CUSTJlO 01 SUPERIOR CUSTOMER SER. W/S 9:30am-4:30pm Thurs 31May 1 day $170
BUSan0 01 CREDIT AND COLLECTIONS I 6:00-9:OOPM Thurs 10 May 8 wks $225
BU8s01 01 CREDIT AND COLLECTIONS II 6:00-9:OOPM Tue 8-May 8 wks $250
COMPURS-
COMP901 01 COMPUTER APPLICATIONS I 6:00pm-9:30pm Mon 7-May 9 wks $450
10:00am-
COMP901 02 COMPUTER APPLICATIONS I 30pm Sat 5-May 9 wks $450
COMP902 01 COMPUTER APPLICATIONS II 6:00pm-9:30pm Thurs 10May 9 wks $550
COMP941 01 QUICKBOOKS 6:00pm-9:00pm Tues 8-May 6 wks $330
COMP96S 01 PC UPGRADE & REPAIR 6:00pm-8:00pm Mon/Wed 7-May 9 wks $500
COMPofO 01 EFFECTIVE POWERPOINT 9:30am-4:30pm Thurs 31May 1 day $170
COMP930 01 WEB PAGE DESIGN WORKSHOP 930am-4:30pm Thurs 14-Jun 2 days $550
DECORATIIM
FLOR800 01 FLORAL DESIGN I 6:00pm-9:00pm Thurs 10May 10 wks $225
FLOR801 01 FLORAL DESIGN II 6:00prn-9:00pm Tues 8-May 10 wks $250
FLOR802 01 FLORAL DESIGN III 6:00pm-9:00pm Mon 7-May 10 wks $300
DECO800 01 INTERIOR DECORATING I 6:00pm-9:00pm Wed 9-May 10 wks $225
ENGLISH
ENG 900 01 EFFECTIVE WRITING SKILLS 6:00pm-9:00pm Tues 8-May 8 wks $225
HEALTH AND
FITNESS _
MASG900 01 MASSAGE THERAPY ESSENTIALS I 6:00pm-9:00pm Thurs 10May 10 wks $465
MASSAGE THERAPY ESSENTIALS
MASG901 01 II 6:00pm-9:00pm Mon 7-May 10wks $620
HLTH800 01 GROUP FITNESS INSTRUCTOR I 6:00pm-9:00pm Wed 9-May 10 wks $400
MANAGEMENT
MGMT900 01 HUMAN RESOURCE MGMT I 6:00pm-9:30pm Thurs 10May 9 wks $250
MGMT901 0,1 HUMAN RESOURCE MGMT II 6:00pm-9:30pm Mon 7-May 9 wks $300
SEWING
SEW 800 01 BASIC FREEHAND CUTTING I 6:00pm-9:00pm Mon 7-May 10 wks $225
SEW 802 01 BASIC FREEHAND CUTTING II 6:00pm-9:00pm Thurs 10May 10 wks $250
SEW80S 01 DRAPERY MAKING I 6:00pm-9:00pm Tues 8-May 10wks $225
ENQUIRIES: Contact the Co-ordinator at Tel: (242) 325-5714 (242) 328-0093/328-1936/302-4300 ext
5202 or e-mail: persdev@cob.edu.bs
All fees are included with the exception of the application fee of $40.00 (one time).
CEES reserves the right to change Tuition, Fees, Course Content, Course Schedule and Course materials.
. . .... .... ... . .. ... ...................................................................................................................................

CENTRE FOR CONTINUING EDUCATION AND
EXTENSION SERVICES

Computer Offerings Summer 2007

COMPUTER APPLICATIONS I


Course Description:




Pre-requisite:
Begins:
Duration:
Venue:
Tuition:


This course is for the beginner who knows very little about computers
and does not understand how it works. This course covers the major
computer concepts with extensive hands on practice of various software using:
(1) Microsoft Office Word Processing (ii) Microsoft Excel Spreadsheet (iii)
Microsoft Access Database Management.


None
Monday, 7th May 2007
Saturday, 5'" May 2007
9 weeks
CEES Computer Lab
$450.00


6:00pm 9:30pm Section 01 (CEES)
10:00am 1:30pmSection 02 (CEES)


COMPUTER APPLICATIONS II
Course Description: This course covers the major advanced concepts with extensive hands on practice
of various software using: (I) Microsoft Office Word Processing (ii) Microsoft
Excel Spreadsheet (iii) Microsoft Access Database Management.


Pre-requisite:
Begins:
Time:
Duration:
Venue:
Fees


Computer Applications I
Thursday, 10 May 2007
6:00pm 9:30pm
9 weeks
CEES Computer Lab
$550.00


Pre-requisite:
Begins:
Time:
Duration:
Venue:
Fees:


None
Thursday, 31"' May 2007
9:30am 4:30pm
1 day
CEES Computer Lab
$160.00


PC UPGRADE AND REPAIR


Course Description:


Pre-requisite:
Begins:
Time:
Duration:
Venue:
Fees:

QUICKBOOKS
Course Description:



Pre-requisite:
Begins:
Time:
Duration:
Venue:
Fees:


This course is a hands-on introduction to technology systems for use in information
environments. The course will cover the following topics: Basic Hardware,
Operating Systems, Troubleshooting and Repairs.
None
Monday 7th May 2007
6:00pm 8:00pm Monday & Wednesday
9 weeks
BHTC Computer Lab
$500.00


This course is designed to train new and existing small business entrepreneurs
(fewer than 20 employees) how to organize and manage their accounting
activities using QuickBooks Pro software. Students will learn how to set-up
their company files, chart of accounts, budget, customers, vendors and employees.
None
Tuesday, 8 May 2007
6:00pm 9:00pm
6 weeks
CEES Computer Lab
$330.00


WEBPAGE DESIGN WORKSHOP


Course Description:



Pre-requisite:
Begins:.
Time:
Duration:
Venue:
Fees:


This course, which targets persons who would like to create their personal web
pages will cover Web page creation, Web site management, and HTML. Specific
topics will include Formatting, Graphics, Multimedia, Forms and Tables and
hosting of web pages.
Participants must be computer literate and have a basic knowledge of word-
Thursday, 14'h & 15'h June 2007
9:30am 4:30pm
2 days
CEES Computer Lab
$550.00


EN UImR: CAtdct the Co-coordinator at Tel: (242) 302-4300 ext 5201 5202 5205 or email
fes re In i with the exception of the application fee of $40.00 (one time). When submitting
applcade ylely prvile copies of the first four pages of your passport. CEES reserves the right to
change Tition, Fees, Course Content, Course Schedule and Course


International Conference

Abolition of the Trans-Atlantic Slave Trade: Telling the Story
The College of The Bahamas
February 21-23, 2008
Nassau, The Bahamas

Call for Papers

The College of The Bahamas will host the Conference: "Abolition of The Trans-Atlantic
Slave Trade: Telling the Story, February 21-23, 2008 at the Oakes Field Campus, Nassau.

Abstracts of approximately 200 words are invited on the following topics:
* Language and Oppression
* Religion in Slavery: Agent Provocateur or Opiate?
* Slavery and Human Sensibility
* Power and Enslavement
* Kinship across the Diaspora
* Identity: Culture, Race and Gender
* Enslavement and Liberation: Pedagogy
* Liberation: Ideologies, Contexts and Dynamics
* Liberation: Simple Past or Present Continuous?

Please send abstracts as an attached Word file to Jessica Minnis, Chair of the Conference
Committee at abolitionconference@cob.edu.bs no later than Friday, August 31, 2007.

Conference Structure

The conference will feature 20-minute papers from all disciplines, followed by 10-minute
discussions, presented in concurrent and plenary sessions. Panel and poster proposals
will also be considered. Such proposals should be as complete as possible.

Submissions (an electronic copy) should be directed to:
Jessica Minnis
Associate Professor
School of Social Sciences
The College of The Bahamas
Oakes Field Campus
PO Box N4912
Nassau, Bahamas
E-mail: abolitionconf@cob.edu.bs

Deadline for Submission: Monday, December 31, 2007.
Accommodation for Non-Resident Delegates

Information will be forthcoming.

Registration


Three Days:
Day Rate:
Late Registration Fee:
Student Rate:
Student Day Rate:


$450:00
$150:00
$125.00
$150.00
$ 75.00


For information on the availability of student subsidies, please contact:
Vice president Research, Graduate Programmes and International Relations
Tel: (242) 302 4455

Registration is open and online at http://www.cob.edu.bs/abolitionconf.php.

THE COLLEGE OF THE BAHAMAS
Office of Research, Graduate Programmes & International Relations
In conjunction with the Offices of Academic Affairs and Outreach

Summer Research Workshop Series 2007
30th April- 11th May 2007
Gerace Research Centre, San Salvador

An Exceptional Opportunity for Building Research and Writing Skills
Participants Completing Earn Continuing Education Units (CEUs)

Summer Research Workshop Series 2007 is designed to build research capacity through the
honing of critical research and writing skills as well as grant writing. In addition, the inclusion
of the module on marine pollutants provides a forum in which College/University faculty can
work in concert with governmental and non-governmental agencies on national issues.
Participants will select two of the following three modules:
Module I--Essentials of Technical Writing-(36 hours = 3.5 CEUs)
Facilitator: Dr. Padma T. Venkatraman, Coordinator of Graduate Diversity, University of
Rhode Island
This modules in scientific writing has three main goals: (1) to show participants how to write a
technical manuscript (including, but not limited to a scientific research paper, a proposal to a
funding agency, or a thesis or dissertation) and to make informed choices about its content,
structure, and style; (2) to show how to use the English language to communicate the desired
message clearly, unambiguously, and efficiently; and (3) to show how to use the language to
communicate the message to the widest possible audience.
Module II-Principles of Grant Writing (36 hours = 3.5 CEUs)
Facilitator: Nancy B. Bell Ph.D., Research Image (a worldwide research infrastructure service),
Marble Falls, TX
The goal of Principles of Grant Writing is to enhance the faculty-initiated grant application. The
objectives are to: 1). Determine the grant application requirements, review criteria and organization
required by the RFP; 2). Write integrated goals, hypotheses, objects, and outcome measures for
a scholarly project; 3). Match budget requirements and limitations to the project scope; 4). Prepare
a project summary and project plan draft; 5). Evaluate project design for innovation, importance,
feasibility, and significance; 6). Use tools to streamline and organize the application preparation
process; and 7). Evaluate studies involving human and animal subjects for appropriateness.
Participants will work in groups on interactive assignments to explore academic and scholarly
multidisciplinary strengths for possible future collaborations.
Module III-Introduction to Marine Pollution (3.5 hours = 3.5 CEUs)
Facilitator: Dr. Rainer Lohmann, Assistant Professor, Graduate School of Oceanography,
University of Rhode Island
This module is an introduction to marine pollution emphasizing geochemical aspects of the
sources, transport, fate and effects of pollutants in the coastal marine environment. The pollutants
include oxygen-demanding waste, petroleum, metals, synthetic organic and radioactive/solid
wastes. Risk assessment and specific case histories will also be used to evaluate the environmental
impact of the pollutants.
EXPLANATION OF CEUs (Continuing Education Units)
Contact Hours per Module = 21
Group Contact/Session Collaboration = 5 per Module
Preparation/Individual Work = 10 hours per Module
TOTAL per Module = 36 (3.5 CEUs per Module)
Targeted Audience: The College of The Bahamas faculty, staff and representatives of government and non-
government organizations
Estimated number of participants: 10-15 persons per module
Cost:
$820.00 per internal participant (Includes workshop fees--$300--plus room and board at GRC)
$1,015.00 per external participant (Includes workshop fees--$300--plus and room and board at GRC)
Participants will be accommodated at GRC on a first come first sensed basis (all rooms are double occupancy.
Overflow will be referred to Riding Rock at $145 per night, double occupancy.

For further information and registration, please contact:
Dr Linda Davis, Vice President, Research. Graduate Programmes & International Relations
Tel: (242) 302 4315
E-mail: ladavis@cob.edu.bs
Mr Shan Higgs, Senior Clerk
Tel: Tel: (242) 302 4455
E-mail: shiggs@cob.edu.bs


coum
NO. NO.


TION _TIME DAY START DUR FEE


EFFECTIVE POWERPOINT PRESENTATIONS
This workshop is designed to provide participants with an overview of the fundamentals of Microsoft
PowerPoint. It focuses on developing effective and dynamic PowerPoint presentations.


' --I I


"M


I ' -








TUESDAY, MAY 1, 2007, PAGE 5B


THE TRIBUNE


FOCOL's first half




income hits $6m


* By NEIL HARTNELL
Tribune Business Editor
Freeport Oil Holdings (FOCOL)
yesterday revealed that net income
for the first half of its fiscal year to
January 31, 20o7, had increased by 63.2 per
cent to just over $6 million compared to
the previous year's $3.682 million, a figure
inflated by the Shell (Bahamas) acquisi-
tion.
The comparative with the six months to
January 31, 2006, is relatively meaningless,
given that FOCOL only completed the
Shell Bahamas acquisition in December
2005-January 2006, meaning that it did not
figure in the company's results until the
third quarter and second half of last year.
Going forward, the results for the three
months to April 30, 2007, the period which
closed yesterday, and the second half and
full-year figures, will give a much more
accurate picture and comparison of whether
FOCOL is realising benefits from its Shell
Bahamas purchase.


So far so good seems to be the answer,
given the 2007 first half results, which are
vastly different from the incorrect ones that
were published in the daily newspapers
yesterday.
For the six months to January 31,
FOCOL's revenues stood at $132.569 mil-
lion compared to $55.996 million during
the same period last year, an increase attfib-
utable to the inclusion of Shell Bahamas
for the full period this time around.
With the cost of sales standing at
$113.263 million, FOCOL's gross profits
for the 2007 first half stood at $19.307 mil-
lion, compared to $8.053 million the year
before.
Earnings per share (EPS) rose from $0.43
per share to $0.7 0 per share.
Since the 2006 year-end, FOCOL's total
assets had declined by more than $7 million,
although this was due largely to a beneficial
thing an almost $7 million decline in
accounts receivables to $20.166 million as at
January 31, 2007. Inventories fell by almost
$12 million to $9.777 million.


FOCOL had decreased its total liabilities
by 19.1 per cent during the six months to
January 31, 2007, reducing these to $49.744
million compared to $61.47 million at 2006
year-end.
The decline was largely due to a major
reduction in accounts payables, which fell
by more than a third 39.3 per cent to
$27.025 million from $44.542 million.
In his message to FOCOL shareholders,
Sir Albert Miller, the company's chairman
and president, said: "During the expansion
process we have been able to continue our
commitment to paying dividends to our
shareholders by paying a dividend of $0.30
per share during the period.
"Thanks to careful planning and knowl-
edge of the industry, we were able to sustain
successful results in our Grand Bahama
operations as well as successfully operating
in Nassau and the Family Islands.
"The Board of Directors is confident that
we have the capacity and ability to ensure
that the company can grow while protecting
the investment of its shareholders. "


Clarificati


IN yesterday's Tribune
Business page one story,
headlined Realtors submit
two reports to FlU in six
years, Kenrah Newry, the
Financial Intelligence Unit's
legal counsel, indicated that
this was cause of concern giv-
en that there had been sev-
eral high profile cases involv-
ing real estate assets in recent
times.
The article went on to say
that "two such cases involved
Derek Turner and Victor
Kozeny, who both faced a
number of fraud charges and
had real estate in the coun-
try".
The sub headline said:
Concern, given Turner and


Kozeny purchases of real
estate in that time.
The Tribune wishes to
emphasis that at no time in
her presentation did Mrs
Newry make any reference
to either Mr Turner, Mr
Kozeny or any other individ-
ual. The reference to the men
came during a question and
answer segment, when a real-
tor asked what the implica-
tions of selling property asso-
ciated with the men might be.
It was in response to this
question that Rowena
Bethel, the executive com-
missioner of the Compliance
Commission, advised realtors
in this situation to seek legal
advice.


the news,


n Monday


COLINA, from 1

year after Colina acquired
Imperial Life and merged it
into its existing life and health
insurance subsidiary.
Gross premium revenues
rose by 6.3 per cent to $145.076
million in 2006, compared to
$136.453 million the previous
year, with net premium rev-
enues after reinsurance pre-
miums up 4.4 per cent at
$132.642 million.
Colina Holdings (Bahamas)
total revenues stood at
$162.378 million for fiscal 2006,
a rise of 1.8 per cent, as net
investment income and other
income declined against 2005
comparatives.
On the benefits and expens-
es side, these overall fell by 2
per cent to $154.534 million,
the main drivers being, a
decline in net policyholder
benefits and general and
administrative expenses
(G&A).


The former declined from
$94.453 million in fiscal 2005
to $90.609 million, largely due
to the fact reinsurance recov-
eries came close to doubling
from $5.607 million in fiscal
2005 to $10.583 million last
year.
Meanwhile, G&A expenses
declined by 15.6 per cent to
$29.42 million from $34.867
million, helped by a reduction
in staff salaries and employee
benefits from $13.278 million
to $11.54 million in 2006. The
G&A fall indicates Colinalm-
perial has begun to rationalise
its business following the Impe-
rial Life purchase and subse-
quent integration of four lega-
cy companies Global Life,
Imperial Life, Canada Life and
Colina Insurance Company.
Colina Holdings (Bahamas)
share price, which over the
past year has stood between
52-week highs and lows of
$2.20 and $1.67, closing last
Friday at $2.10 per share, is
also likely to receive a boost


from the Board's decision to
resume dividend payments to
ordinary shareholders.
The company's Board has
approved the payment of a
$0.04 dividend to ordinary
shareholders as of May 7, 2007,
a move likely to boost arid
revive interest in Colina Hold-
ings (Bahamas) shares.
Investors in the Bahamian
capital markets are primarily
attracted to dividends, as
opposed to capital apprecia-
tion stocks, and Colina Hold-
ings (Bahamas) share price has
moved little over the past few
years as investors waited for
dividends to resume and to
gauge whether the Imperial
Life purchase and other acqui-
sitions would work.
Other areas of interest in
Colina Holdings financial
statements for 2006 were that,
as at December 31, 20o6, the
company had accumulated a
24.6 per cent stake in RND
Holdings, the publiclytkuoted
real estate investment-trust
;) .1 :


(REIT) and online ticketing
business that is traded on the
over-the-counter market.
Colinalmperial, via various
investment portfolios and
funds, had acquired 2,177,779
million shares in RND Hold-
ings. The strategy behind the
purchases is unclear, given that
RND Holdings has been one
of the worst-performing public
companies in the Bahamas
over the past Six years.
On related party transac-
tions, Colina Holdings
(Bahamas) received $3.571
million in revenues from group
health and lif6 insurance poli-
cies purchased by its affiliates,
plus rental income. Funds paid
to affiliates by the BISX-list-
ed company's subsidiary
totalled over $3.6 million.
Some $299,000 was paid to


Colina Holdings (Bahamas)
parent company, A. F. Hold-
ings, the former Colina Finan-
cial Group and holder of 63.1
per cent of the BISX-listed
entity's shares, during 2006 for
internal audit services, com-
pared to $941,500 paid out in
2005.
Colina Holdings (Bahamas)
also paid out $415,014 in legal
fees during fiscal 2006 (likely to
have been to Alexiou &
Knowles, the law firm in which
A. F. Holdings principal,
Emanuel Alexiou, is a part-
ner), and $530,088 in property
rental fees to an affiliate.
A further $826,947 was paid
to an affiliate, likely to have
been CFAL, for investment
management services, com-
pared to $780,207 the year
before. Another $183,917 went


to CFAL for registrar and
transfer agency services, and
$521,503 in property and casu-
alty insurance is likely to have
been placedthrough Colina
General Insurance Company.
After the 2006 year-end,
Colinalmperial entered into an
agreement to sell its Village
Road property for $3 million.
A $1.9 million deposit has been
received, some $300,000 of that
being paid prior to year-end,
with the deal set to close this
year.
Colinalmperial also made
principal and interest repay-
ments totalling $2.6 million on
a bank loan that was advanced
to its subsidiary, Goodman's
Bay Development Company,
the holding company for the
Goodman's Bay Corporate
Centre.


THE HONORARY CONSUL OF INDONESIA TO THE BAHAMAS
WELCOMED THE SUPPORT OF THE MANY DONORS WHO
RESPONDED TO THE APPEAL FOR HELP TO THE VICTIMS OF THE
2004 TSUNAMI WHICH DEVASTATED MANY PARTS OF
THE COUNTRY.

THE GOVERNMENT OF INDONESIA, IN EXPRESSING ITS
APPRECIATION TO THE PEOPLE OF THE BAHAMAS FOR THEIR
NOBLE EFFORT, ADVISED THAT THE FUNDS WOULD BE USED
IN THE RE-CONSTRUCTION OF CLASSROOMS IN THE ACEH
REGION, MOST SERIOUSLY AFFECTED BY THE DISASTER.

THE HONORARY CONSUL TAKES THIS OCCASION TO
EXTEND SINCERE APOLOGIES FOR THE UNDUE DELAY
IN ACKNOWLEDGING THE CONTRIBUTIONS RECEIVED.

DAVIDSON HEPBURN


You and us.A wuming prtnerlhli)

for ai outstanding career.


A premier financial firm iike UBS runs on exceptional talent like yours '. i out unique:y g' ed i rd vdduals who can
bring something different to our iganizatic:, ar d offer them superb career opportunities to match their potenta'

Jd ',ea i Management is looking to hre a recent graduate into the UBS',-,, td. '.".t ; ncr'aLes,
:ieferabt;, :' relevant previous work ep-r.ien,: ,'summer ,,-',r-,ihp who have demonstrated outstad ng acrddm.-
and extracurricular achievement, are ,'r. ji i ; n,., possess strong analypca! and nterpe'or'a ,. ar2 a
enthusiastic and committed. Strong work s, and personal integrity are critical. Furthermore, e ceen: language 'i
are an adaritage :e g English, French, German, Spanish or Portuguese). Candidates must have their SA. peferab y w:h
an emphasis in Finance or Economics.

To apply for this fulltime position, please deliver your resume -j :...,' :'t- b, hand to UBS : 'Ad, Hu'a, so .,
East Bay Street, or by e-mail to hrbahamas@ubs.com. The application deadline for th!s Trairee Dos tor is Friday May18, 2007


Wealth Global Asset Investment
Management Management Bank.


UBS


t so 'ioS ? 1 4.- i 'i *'-'N- ..41,' [ -< '-c ,4f4. .* -
^*, illl 1 c'-'*\ w *fV \ t 1i- ,1 **t 0tVt ,;.**''-? f '*"^ / "-* ^'iTf*S M <'** ; -"" H 'i "'..^ >" -<>. *f ',"f *,,


THANK YOU ...
7rY-i


BUSINESS


II


I ,, -






THE TRIBUNE


* By MARTIN CRUTSINGER
AP Economics Writer
WASHINGTON (AP) Consumer
spending rose at the weakest pace in
five months in March as a surge in gaso-
line prices left shoppers with little left
over for other items.
The Commerce Department reported
Monday that consumer spending on all
items was up 03 percent last month, the
slowest increase since a similar rise in
October. That lackluster gain came even
though personal incomes rose by a
healthy 0.7 percent last' month.
The spending performance in March
was even weaker when the effects of
higher gasoline prices were removed.
After adjusting for price increases, con-
sumer spending actually fell by 0.2 per-
cent in March, the poorest showing since
September 2005 when the economy was
suffering the aftershocks of Hurricane
Katrina.


S"People spent more in March but may
be enjoying it less as the rising price of
energy is cutting into what they actual-
ly take home," said Joel Naroff, chief
economist at Naroff Economic Advi-
sors, a private consulting firm.
On Wall Street, the Dow Jones indus-
trial average fell 58.03 points to close
at 13,062.91. But even with the loss on
the final trading day of the month, the
Dow still posted a 5.7 percent gain for all
of April, its best performance since April
2003, as investors put aside worries
about weak economic growth to focus
instead on strong corporate earnings
reports.
The weaker-than-expected consumer
spending report on Monday added to
worries that the economy could be in
danger of stalling out if consumer con-
fidence falters further in the face of ris-
ing gasoline prices and a slumping hous-
ing market.
"Unless spending posts unusually


large gains ia May, the second-quarter
consumption number is practically guar-
anteed to be awful," said Stephen Stan-
ley, chief economist at RBS Greenwich
Capital. He predicted that consumer
spending will rise at an annual rate of
around 1 percent, far below the 3.8 per-
cent rate of spending growth in the Jan-
uary-March quarter.
Stanley said such a sluggish growth
rate for consumer spending, which
accounts for two-thirds of total eco-
nomic activity, will translate into overall
economic growth as measured by the
gross domestic product of slightly above
2 percent in the current April-June quar-
ter.
The government reported last week
that the GDP expanded at an anemic 1.3
percent annual rate in the January-
March quarter, the weakest showing in
four years, raising new worries about
the durability of the current fiveryear-
old economic expansion.


A second report Monday showed that
construction spending edged up a slight
0.2 percent in March. Spending on hous-
ing fell for an 11th month out of the
past 12, but this was offset somewhat
by increases in spending on hotels and
other nonresidential projects and on
government construction. In addition,
construction activity in February was
revised up significantly to growth of 1.5
percent, five times the initial estimate of
0.3 percent growth.
Analysts said this big increase will
contribute to an upward revision in the
GDP for the first quarter to around 1.5
percent or 1.6 percent.
In another sign of the slowdown in
housing, the National Association of
Realtors reported Monday that pur-
chases of second homes for investment
purposes fell by a sharp 28.9 percent
last year to an annual rate of 1.65 million
units while sales of vacation homes man-
aged a 4.7 percent increase to a record


1.07 million units.
Sales of vacation properties and
investment homes accounted for 36 per-
cent of all existing and new home sales
last year, down from 40 percent in 2005,
which was the peak of the five-year
housing boom, the Realtors reported.
A price gauge tied to consumer
spending was unchanged in March, after
excluding the effects of gasoline and
food. This meant that core inflation as
measured by personal consumption
spending is up by just 2.1 percent for
the past 12 months, much better than
the worrisome 2.4 percent jump record-
ed for the 12 months ending in February.
The slowdown in inflation outside of
energy should provide some assurance
to the Federal Reserve, which is hoping
that it has already done enough to slow
the economy and restrain inflation. The
Fed is widely expected to keep interest
rates unchanged when the central bank
meets next week.


Wall Street falls as investors cash in


* By MADLEN READ Street retreated Monday as
AP Business Writer. investors, casting a wary eye
toward upcoming economic
NEW YORK (AP) Wall data, cashed in some profits on


SPECIAL DELIVERY TO THE PLP

"YOU HAVE SAETOO LONG HERE FOR ANY GOOD
THAT YOU MAY HAVE DONE. DEPART, I SAY, AND
LET US HAVE DONE WITH YOU. IN THE NAME OF
GOD, GO!!"
(Oliver Cromwell is dismissing The Long Parliament-1653)
OrTLAND H. BODIES JR.
EXECUTIVE DIRECTOR
COMMON CAUSE
hM ildral *Inr.m aaI a










closed for election
the know how store will dose at 1 pm an election day
WEDNESDAZ MAT2, 2007 to allow our staff to vote


k I bun',f r







TAYLOR INDUSTRIES LTD






at 1:00 P.M.



ON ELECTION DAY

WEDNESDAY, MAY 2nd, 2007


We regret any inconveence

this will cause to our customers








E PERIENCE!

at P.


the last trading day of April -
the Dow Jones industrial aver-
age's best month in more than
three years.
Investors did manage to
send the Dow to a new trading
high before pulling money out
of the market ahead of Tues-
day's manufacturing data from
the Institute for Supply Man-
agement. On Monday the
report's precursor, the Chicago
Purchasing Managers' index of
manufacturing activity in the
Midwest, came in weaker than
expected.
The Dow surged 5.7 percent
in April, the biggest percentage
gain since December 2003,
thanks in large part to first-
quarter earnings that were
stronger than analysts predict-
ed. Quarterly profits released
Monday by companies such as
Verizon Communications,
Wm. Wrigley Jr. Co., Kellogg
Co. and RadioShack Corp.
extended that trend.
Economic data on Monday
was mixed. Investors were
pleased by the Commerce
Department's report that core
inflation, as measured by per-
sonal consumption spending,
was up 2.1 percent for the past
12 months ending in March -
lower than the 2.4 percent rise
in.the 12 months ending in
February. If inflation eases, the
Federal Reserve is more likely
to cut interest rates.
But the data also showed
personal spending increased
only 0.3 percent. That, along
with a slim gain in construc-
tion spending and the weak
reading on Midwest manufac-


turning, caused some restraint
among investors who are con-
cerned about the economy
slowing too quickly which
could eventually hurt corpo-
rate profits.
"What the market is always
going to ask is, what have you
done for me lately?" said Alan
Gayle, senior investment
strategist at Trusco Capital
Management. "The good earn-
ings news has at least to some
degree been reflected in stock
market prices companies
are going to have to continue
generating these good num-
bers to see the market go high-
er."
The Dow fell 58.03, or 0.44
percent, to 13,062.91 after
reaching a new trading high of
13,162.06. The Dow on Friday
hit its 37th record close for the
index since October. It is now
up 4.8 percent on the year.
Broader stock indicators fell
further Monday, as investors
avoided smaller, less estab-
lished companies due to signs
of a cooling economy.
The Standard & Poor's 500
index fell 11.70, or 0.78 per-
cent, to 1,482.37, while the
Nasdaq composite index
dropped 32.12, or 1.26 percent,
to 2,525.09.
Bonds jumped on the data
showing tame inflation and
slow growth, which lower the
chance of a rate hike. The yield
on the benchmark 10-year
Treasury note fell to 4.62 per-
cent from 4.70 percent late Fri-
day.
Gold prices rose. The dollar
recovered slightly from Fri-


Bahanas Ltd.


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.


day's decline, but still hovered
around an all-time low against
the euro.
Fueling the end-of-month
selloff, the National Associa-
tion of Purchasing Manage-
ment-Chicago said its index of
manufacturing activity was 52.9
in April, below the average
estimate and down from a
reading of 61.7 in March its
highest level in two years. A
reading above 50 in the index
indicates growth in Midwest
manufacturing, while a read-
ing below 50 suggests contrac-
tion.
Caution ahead of this week's
economic data ended up over-
shadowing strong earnings
data Monday.
Verizon, one of the 30 Dow
stocks, reported that its first-
quarter profit fell 8.4 percent,
but revenue rose 17 percent
and the results beat predic-'
tions. Verizon rose 29 cents to
$38.18.
RadioShack Corp. and Wm.
Wrigley Jr. Co. also posted
strong first-quarter profits.
RadioShack rose $1.35, or 4.9
percent, to $29.07, while
Wrigley jumped $3.83, or 7
percent, to $58.88.
Corporate growth has been
better than expected but is in
the single digits, slower than
in recent quarters. That has
allowed price-to-earnings
ratios to rise, noted Jeffrey
Kleintop, chief market strate-


gist at LPL Financial Services,
indicating stocks have potential
to rise further.
In other corporate news,
German stock exchange oper-
ator Deutsche Boerse AG con-
firmed it has agreed to buy the
U.S. options exchange Inter-
national Securities Exchange
Holdings for $2.8 billion in
cash. ISE surged $20.97, or 45.9
percent, to $66.69.
Light, sweet crude fell 75
cents to settle at $65.71 per
barrel on the New York Mer-
cantile Exchange.
The Russell 2000 index of
smaller companies fell 15.13,
or 1.82 percent, to 814.57.
Declining issues outnum-
bered advancers by nearly 3 to
1 on the New York Stock
Exchange, where consolidated
volume came, to 2.99 billion
shares, up from 2.7 billion
shares Friday.
Overseas, Japanese markets
were closed fpr a holiday,
while Chinese markets hit
record highs, driven by strong
corporate earnings. But most
other Asian markets fell as
investors worried China may
ramp up efforts to slow its
booming economy after
announcing new credit tight-
ening measures.
Britain's FTSE 100 rose 0.48
percent, Germany's DAX
index rose 0.42 percent ai 4
France's CAC-40 rose 0.49
percent.


NOTICE

NOTICE is hereby given that RONALD OSAIS OF COLONY
CLUB #4, P.O.BOX F-42915, FREEPORT, GRAND BAHAMA,
BAHAMAS, is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of
The Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should send a
written and signed statement of the facts within tWenty-eight days
from the 24TH day of April, 2007 to the Minister responsible for
Nationality and Citizenship, P.O. Box N-7147, Freeport, Bahamas.








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


NOTICE

NOTICE is hereby given that VELOUSE OSAIS OF COLONY
CLUB #4, P.O.BOX F-42915, FREEPORT, GRAND BAHAMA,
BAHAMAS, is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of
The Bahamas, and that any person who knows any reason why
registration/naturalization should not be granted, should send a
written and signed statement of the facts within twenty-eight days
from the 24TH day of April, 2007 to the Minister responsible for
Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.


=NMI


PAGE 6B, TUESDAY, MAY 1, 2007


US consumer spending





pace hits five-month low






TH TRBUESUEDYMAESS07 PGEI


Bahamians plan




inter-island ferry




to boost tourism


FROM page 1




Mr Ferguson explained that
the companies were in the final
stages of organising the busi-
ness, which initially should
employ about 40 persons.
"We have a boat coming in,
and we will be conducting our
time and speed trials. Hope-.
fully, we should be up and run-
ning before the end of the sum-
mer," he said.
Operations
Mr Ferguson said that once
they begin operations, they will
initially use one boat and cov-
er islands such as North and
Central Andros, North &
South Eleuthera, Exuma,
Bimini and the Berry Islands,
South Abaco and Long Island.
While there may not be direct
service between all the islands,
passengers would still be able
to connect their itineraries
through stopovers at another
island.
After six months, Mr Fergu-
son said they would like to see
the business expand to three


boats. He added that he saw a
tremendous need for such a
service, particularly given the
expanding economy, and
pointed out that not all the
focus on the economy should
be on New Providence.
Development
With more development on
the Family Islands, inter-island
transportation will prove very
effective. Mr Ferguson said his
venture received assistance
from the Domestic Investment
Board, adding: "They were
very helpful. Working with
them was a very positive expe-
rience, and as a young Bahami-
an the experience was very
interesting."
Fred Munnings Jr, president
of Bahamas Festivals Ltd, who
is partnering with Mr Fergu-
son, told The Tribune that his
role will be to provide quality
entertainment at the various
island destinations Bahamas
Island Hoppers provides ser-
vice too.
He pointed out that there
was a clear market for tourists
who wished to make quick day
trips to the family Islands.
This market included
tourists who may not have time
for a full day or overnight trip,


NOTICE


KILBANE ENTERPRISES LTD.
In Voluntary Liquidation


Notice is hereby given that in accordance with Section 138
(4) of the Internatiq al Business Cqpani,es.:Act,, 2000,
SKILBANEENTERPRISES LTD. is in dissolution as of
April 20, 2007.,


Scottish Psalms Corporation of 35A Regent Steet,
Belize City, Belize is the Liquidator.



LIQUIDATOR



Legal Notice
NOTICE

MALENA LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) MALENA LIMITED is in voluntary dissolution under the
provisions of Section 137 (4) of International Business
Companies Act 2000.

(b) The dissolution of the said company commence on the 30th
April, 2007 when the Articles of Dissolution were submitted
to and registered by the Registrar General.

(c) The Liquidator of the said company is Credit Suisse Trust
'Limited, Rue de Lausanne 17 bis, Geneva.

Dated this 1st day of May, A.D. 2007

Credit Suisse Trust Limited
Liquidator


Legal Notice
NOTICE

LEA INTERNATIONAL LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) LEA INTERNATIONAL LIMITED is in voluntary
dissolution under the provisions of Section 137 (4)
of International Business Companies Act 2000.

(b) The dissolution of the said company commerce on the 30th
April, 2007 when the Articles of Dissolution were submitted
to and registered by the Registrar General.

(c) The Liquidator of the said company is Credit Suisse Trust
Limited, Rue de Lausanne 17 bis, Geneva.

Dated this 1st day of May, A.D. 2007

Credit Suisse Trust Limited
Liquidator


as well as Bahamians who may
also need to make a quick vis-
it to a Family Island for per-
sonal or business reasons.
Mr Munnings said having
reliable service would elimi-
nate the reliance on Bahama-
sair, which only offered limited
service.
He said that as every island
has a different flavor, different
tours can be offered linking
transportation with a unique
experience.
Significant
Mr Munnings said the
Andros- New Providence was
especially significant. He said
that with a land mass larger
than Trinidad, Andros had the
capacity to accommodate more
than two million persons per
year. Given the traffic situa-
tion on New Providence, he
said it would be very feasible
to have persons live on Andros
and commute to Nassau.
"It takes 20 minutes to get to
Andros, less time than it fakes
to get anywhere in Nassau on a
heavy traffic day," Mr
Munnings said.


MONDAY, May 14, 2007


SESSION b-!.
Opening
9:30 am 10:00 am
Morning
10:30 am 12:00 pm
Luncheon
12:30 pm 2:00 pm

Afternoon
2:30 pm -4:30 pm


Nassau Chambers
Sassoon House
Shirley Street & Victoria Avenue
P.O.Box N-272
Nassau, New Providence,
Bahamas
Tel: (242) 322-4130
Fax: (242) 328-1069


TOPIC


Introduction to Seminar and Welcome Remarks Mr. Nathaniel Beneby Jr.

"Stimulating The Workforce Through Knowledge,
Learning and Opportunities"
"Stimulating and Sustaining Growth In Rnancial :M i. Jams t
Services M James S h


"The Need for Professionals to become diversified
In the Financial Services Industry"
PANEL


Mr. Michael Alien
Ms. Tanya Wright
Mr. Michael FPilds


Freeport Chambers
The First Commercial
3rd Floor, 'Suite 9
P.O.Box-42533
Freeport, Qrand Bahama,
Bahamas
Tel: (242) 351-7474
Fax: (242) 351-7752


" -s . ." .
ADBST: Mo~e*Ic~t:


$50

$60

$50


TUESDAY, May 15, 2007


SESSION
Morning
10:00 am 12:00 pm
Afternoon
2:30 pmr- 4:30 pm


TOPIC


SPEAKER


"Litigious Environment*
SStrategies For Marketing Private Trust
Companies"


Justice John L

AIBT


WEDNESDAY, May 16, 2007


Morning
10:00 am 12:00 pm

Luncheon
12:30 pm 2:00 pm
Afternoon
2:30 pm -,4:30 pm


TOPIC
"International Agreements & Their Impact
on The Bahamas"
PANEL
"Transparency in Company Formation
Activities; Is there a level playing field"
"The Impact of Hague Trust Agreement on
Bahamian Trusts"


THURSDAY, May 17, 2007
"SESSION TOPIC

Morning "Is the Funds Business Dying or Dead?"
10:00 am 12:00 pm PANEL

Lunch "Entrepreneur"
12:30 pm 2:00 pm PANEL

Afternoon "The Link Between Pension & Long Term
2:30 pm 4:30 pm Social Financial Stability"

FPJRDAY, May 18,2007
SES -SI .. IC..... .-.T --- ...... .... - -
"SESSION TOPIC '' "


Morning
, 10:00 am 12:00 pm
Lunch
12:30 pm 2:00 pm


"Harmonizing of the Regulators and The
Power to Work Together"
"The Compliance Officers Role In Risk
Management: Insurance, Credit Unions,
Gaming Board, Accountants, Lawyers etc."


SPEAKER

HE A. Leonard
Mr. Bruce Zag

Ms. Rowena 1


t COST ,o. Tickets

.yons 50

$50


,'
COST Ito. Tickets

dArcher
aris ;$50


Bethel !$60


STEP



SPEAKER
Mr. Antoine Bastian
Mr. Hillary Deveaux
Ms. Pamela Klonaris
Mr. 3ulIan Francis
Mr. Arthur Chase
Mrs. Pauline Allen De
Mr. Larry Gibson


150
.I


No. Tickets


$50


$60


$50


--- -- - '- ,.- -
SPEAKER .COST Wo. Tickets

Ms. Rochelle Deleveaux $50

BACO $60


GRAHAM, THOMPSON & Co.

COUNSEL & ATTORN EYS-AT-LAW NOTARIES PUBLIC


Will be closed

at 12:00 p.m.

on Election Day

Wednesday, May 2,2007


The Bahamas Institute of Financial Services





n a. 1 ; :3ei 0


SPEAKER 1 i".


Miease make ueques payaoie to: Tne Bahamas institute of Financial Services 1 Schedule subject to change
Please fax completed form to: 242-325-5674
'Biaiding Professionalf in the 'inanciaf Services Sector"
www.bifs-ba ham as.com


TUESDAY, MAY 1, 2007, PAGE 7B


To adetis n Th




Tpffmne- th #1newsape


lan


THE TRIBUNE












Bahamas removed from





US copyright watchlist


FROM page 1


The Attorney General, who
had not seen the Special 301
report, said on being informed
of the news by The Tribune:
"I'm delighted to hear that.
For quite some time We've
been working assiduously,
explaining to the relevant US
agencies the commitment of
the Bahamas to the protection
of copyright. We're delighted
to see they have accepted that
commitment.
"They are also aware of our
commitment to the intellectu-
al property rights regime, as
evidenced by the Registrar
General's Department bring-


ing in WIPO [World Intellec-
tual Property Organisation]
software, so the entire intel-
lectual property records regime
is in line with WIPO stan-
dards."
Mrs Maynard-Gibson said
the process of installing WIPO
software in the Registrar Gen-
eral's Department had already
begun, with staff being trained
on it. The software system was
set to be "rolled out over the
next couple of years", bringing
all previously recorded copy-
rights, patents, trademarks and
intellectual property rights as
well as new ones into line
with WIPO standards.
"We're happy they've
acknowledged the Bahamas is
committed to protecting copy-


rights, and committed to pro-
tecting intellectual property
rights generally, as evidenced
by the WIPO regime in place
at the Registrar General's
Department," Mrs Maynard-
Gibson said.
She added that police crack-
downs on roadside sellers of
pirated DVds and CDs, plus
the highly-publicised raids on
warehouses alleged to be sell-
ing counterfeit or 'knock-off'
designer, sportswear and luxu-
ry goods, "undoubtedly"
played "an important part" in
convincing the US that the
Bahamas and its government
agencies were serious about
enforcing copyright laws.
"This sends a strong inter-
national message," Mrs May-


nard-Gibson said. "It also
sends a strong local message, in
the sense that there are many
Bahamian artists that are con-
cerned about the protection of
the copyright in their artistic
productions.
"It's an important message
about law and order in the
Bahamas, and the respect for
creativity and intellectual prop-
erty rights of international and
Bahamian artists alike."
Apart from the US copyright
watchlist, Mrs Maynard-Gib-
son said the Bahamas had fea-
tured on a number of lists, such
as the Financial Action Task
Force's (FATF) continued
monitoring list, when the cur-
rent administration took pow-
er in 2002. A "meticulous and


planned strategy" had taken
the Bahamas off those lists.
She was unable, though, to
comment on what the US
meant by continuing to "urge
the Government of the
Bahamas to implement the
amendments to its copyright
law", although this is likely to
be a reference to the compul-
sory cable television licensing
regime.
An amendment to the Copy-
right Act enacted by the
Bahamian government in 2004
narrowed the scope of the
compulsory licensing regime
for the reception and trans-
mission of copyright works
broadcast free over the air, but
this has yet to be implemented.
The US said that as a result,
the remuneration system for
copyrighted works under the
compulsory licensing pro-
gramme included "less than
fair market value rates for
hotels and other commercial
enterprises".
Anthony Butler, Cable
Bahamas president, said yes-
terday that the Bahamas had
dropped two levels on the US
Trade Representative's watch-
list, coming off it completely.
He explained that below the
'Watch List' level, which the
Bahamas had been on previ-
ously, was a 'concern' level,
but this nation was not on that
either.
"This is a culmination of the
efforts that we have been
working on with the US
Embassy here, the Registrar
General's Department, and the
Bahamian Embassy up in
Washington," Mr Butler said.
"We had a series of meet-
ings in preparation for the US
Trade Representative's review.
We're really pleased that, final-
ly, what the Bahamas has been
involved with has been recog-
nised by the US Trade Repre-
sentative in this review.,W.e're
pleased about the recoghnitidn
: by the USTR.
The pmi oblemni with the comi-
pulsory licensing regime have







INSIGHTL


been exacerbated by the fact
that both the Bahamas and the
rest of the English-speaking
Caribbean are seen as too
small a market by many US
TV programmers and rights
holders, something that has
made them disinclined to nego-
tiate commercial agreements
with Cable Bahamas.
In 2000, an agreement was
made between the Bahamas
and the US. Under the terms
of that agreement, the Motion
Picture Association of Ameri-
ca (MPAA), its members and
other copyright holders were
supposed to enter good faith
negotiations with Cable
Bahamas for a commercial
agreement that would allow
the company to provide Eng-
lish-speaking programmes, but
pay royalty and license fees to
copyright holders.
While many of these pro-
grammes can be picked up in
the Caribbean, the problem
occurs with the premium chan-
nels such as HBO, because the
programme distribution and
royalty rights contracts held by
these networks often do not
allow them to broadcast out-
side the US.
The copyright owners are
reluctant to negotiate with
Cable Bahamas because the
legal fees they would need to
change the royalty contracts
would exceed the revenues
gained from such a small mar-
ket like a Bahamas.
Yet Cable Bahamas, work-
ing with the Government and
the US Embassy, has quietly
made good progress in negoti-
ating commercial agreements
with many copyright holders,
including the likes of MTV and
NBA League Pass.
Mr Butler said yesterday
that "there'll be a few others
next year" signing commercial
deals with Cable Bahamas,
adding that there were "very
few" left" to sign commercial
br-oadcasting deals with the
BISX4isted company.
"The only reason copyright
is in place is because of the
restrictions they have on pro-
gramming outside the US.
With the English-speaking
region next to them, they did-
n't take programming rights
into consideration," Mr But-
ler said. "The region is regard-
ed as small."
Working through the
Caribbean Cable and Televi-
sion Association has brought
the region together as one, and
the group's size some 500,000
English-speaking homes
spread across numerous coun-
tries has begun to interest US
programmers, who like the
idea of dealing with one body.


4UBS




UBS Trustees (Bahamas) Umited is seeking a suitably
qualified individual to join their growing and dynamic team
as a


Client Accountant

The successful candidate will be expected to work
independently, to ensure the timely and efficient preparation
of Client financial statements. Through Strong written and
verbal skills, the candidate will be able to respond accurately
and promptly to internal and external client requests.

In order to satisfy our requirements, the successful candidate
will possess:

* A bachelor's degree in Accounting from a recognized and
accredited educational institution. Preference will be given
to applicants having obtained or in the process of earning
a CPA, or other related proficiency requirement,

* Sound working knowledge of International Financial
Reporting Standards (IFRS);

* A minimum of 2 years experience in Trust Accounting
with a preference given to career experience in an
offshore environment;
* Extensive knowledge of MS Office and related Application
Software products;

Interested? If so, we look forward to receiving your
application documents on or before Thursday May 4, 2007,
attention:
Client Accountant
hrbahamas@ubs.com
or
UBS TRUSTEES (BAHAMAS) LTD. HUMAN RESOURCES,
P.O. BOX N-7757, NASSAU, BAHAMAS


4UBS





UBS (Bahamas) Ltd a leading international private bank is
looking for highly motivated professionals as


Desk Head -European Desk

In this challenging positions you will be responsible for:


s Leading a team of Client Advisors
Advising and servicing existing clients including travelling
Acquisition of new clients
Proposing of investment solutions



We are searching for a personality with extensive experience in
wealth management, specialized in the fields ofiustomer
relations, investment advice and portfolio management.
Excellent sales and advisory skills as well as solidinowledge of
investment products are key requirements. A proven track
record in a comparable position with a leading global financial
institution as well as fluency in English and German, fluency in
another language (Spanish, Italian or French) is a plus.



Written applications by Bahamian nationals only should be
addressed to:



hrbahamas@ubs.com

or

UBS (BAHAMAS) LTD, HUMAN RESOURCES MANAGEMENT
P.O. BOX N-7757, NASSAU, BAHAMAS


"', THE TRIBUNE


Is

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C A L'
Pricing Information As Of:

52wik-H 52wk-Low Secuily Previous Close Today's Close Cnane Daily Vol EPS S Div S PIE 'rield
1 85 054 Abc MarIetS 1 10 1 10 000 -0282 0000 NIM 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 9.02 9.02 0.00 0.737 0.260 12.2 2.88%
0.85 0.70 Benchmark 0.85 0.85 0.00 0.129 0.020 6,8 2.35%
2.60 1.26 Bahamas Waste 2.50 2.60 0.10 1,902 0.243 0.060 10.7 2.31%
1.49 1.20 Fidelity Bank 1.30 1.30 0.00 0.170 0.020 7.6 1 54%
10.41 9.00 Cabe Bahamas 10.41 10.41 0.00 0.915 0.240 11 4 2.31%
2.20 1.67 Coi na Holdings 2.10 2.10 0.00 0.078 0.040 26.9 1.90%
14.26 10.10 Commonwealth Bank 14.26 14.26 0.00 1.084 0.680 13.2 4.77%
6.26 4.22 Consolidated Water BORs 5.18 5.18 0.00 0.118 0.045 43.9 0.87%
2.88 2.40 Doctor's Hospital 2.43 2.43 0.00 0.295 0.000 8.2 0.00%
6.21 5.54 Farnguard 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 FiratCaribbean 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 1.644 0.520 10.4 304%
1.15 0.54 Freeport Concrete 0.54 0.54 0.00 -0.432 0.000 N/M 0.00%
10.20 7.10 ICO 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 15.4 630%
1000 1000 Premier Real Estate 1000 1000 0C00 12689 0795 79 7 95
52wk-li 52wk-Low Symbol Bid $ Ask S Leal Pr.ce Weekly Vol EPS S Do. S PIE Y..nid
1460 12 25 Bahamas Supermarkets 1460 156150 1600 1 234 1 125 'B 6 7 71 -
10.14 10.00 Caribbean Crossings (Pref) 8.00 8.25 10.00 0.000 0.640 NM 7.85%
54 .20 RND Holdings 045 55 020 0021 0 000 262 o r(Al;
4300 2800 ABDAB 4100 4300 4100 2 220 0000 194 C, o00".
14.60 14.00 Bahamas Supermarkets 14.60 15.50 14.00 1 770 1.320 8.3 9.04%
0.0 0.35 RND Holdins 0.45 0.55 0.45 -0070 0.000 N/M 0.00%
52wk-HI 52wk-Low Fund Name NAV Y'ITb Lasl 12 Monir.s Div S Yield
1 3374 1 2850 Colina Money Market Fund 1 337393-
3.1424 2.7451 Fidelity Bahamas G & I Fund 3.1424"-
2.8492 2.3294 Colina MSI Preferred Fund 2.649189"
1.2386 1.1643 Coina Bond Fund 1.238600""
11.4467 10.7674 FkidWlty Prime Income Fund 11.4467.....
BIS AALL SHARE INDEX 19D0c 02 1000 00 MAP iFT trf,,'; ,nIELED as l 12 rcri, ,,1 o.irc 1s.io r, osa price NA. -F'
52Wkt -Highi clo ng prce in l 52 weeks Bid 5 Buying price o Colilna and Fidelity
52wk-Low Lo et cing price In las 52 weeks Ask $ Selling price of Colna and fidelity 20 April 2007
Previous Close Presvous dayis weg-ld prOce for daly volume Last Price Last traded over-io-counter prIce
Today's Close C-urent day' weighted pr"c ordly vokuie Weekly Vol. Trading volume of Ve prior week 31 March 2007
OCange Chalin in d cing prm orn day today EPS S A company's reported earnings per share for the last 12 misia
Delly Vol. Nnumberftotfal eees ailed oDay NAV Net Asset Value 31 MrCnh 2007
oDIV S- VIdil* pOr 0a1,fpaild ink laMt 12 Mon"h NIM Not Meaninglul
PE ClosMng prcedimlId by teilat 12 nonlheanings FINDEX The FIdelity Bahamas Stock Index. January 1.1994= 100 -31 March 2007
""..... 31 Marc' 2007


-/ l m


IBM Bahamas Limited

Career Opportunity

FINANCIAL ANALYST

Duties and Responsibilities Include:
Prepares the Services business actual monthly financial reports
Forecasts and plans
Highlights out of line situation and provides recommendations for corrective actions
to increase effectiveness and efficiencies including utilization rates
Ensures the effective use of the financial systems to monitor and track contract
performance
Works with the extended team to help identify process weaknesses and take
corrective action
--








Minimum Qualifications:
* University Accounting degree or equivalent experience
* Strong leadership and communication skills, both oral and written, coupled with a
controllership mindset
* An analytical approach to challenges; flexible, sound judgment
* The ability to work independently under pressure to meet deadlines and handle
multiple tasks
* Possseses a positive attitude
" Teamwork focused
* Passion for the business

An equal opportunity employer. IBM provides competitive salaries and benefits. Thus,
compensation will be commensurate with experience and qualifications.
Please submit detailed applications or electronic resume to the attention of:
iHuran Resources Administrator
BM Bahaas LUiited
Fourth Hoor
Atlantic IHmse
Second Terrace & Coins Avenue
Nassau, QBaiaas
Se-Ma: j Aoss@bs.Abm.cn

Deadline: May 5th, 2007

All applications will be held in the strictest confidence. Only applicants who are
short-listed will be contacted.


mm


PAGE 8B, TUESDAY, MAY 1, 2007


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TUESDAY, MAY 1, 2007, PAGE 98


THE TRIBUNE BUSINESS


Pm r el Pne 2423832007
PO BSa N 123 Fa 2423931772
Mon Sta n Cab m ImI r www.kpmg.com.tM

NssMu. Beh81


INDEPENDENT AUDITORS' REPORT


To the Shareholders as
Hang Seng Bank (Bahamas) Limted

We have audited the accompanying consolidated balance sheet of Hang Seng Bank (Bahamas)
Limited ("the Bank") as at December 31. 2006, and a summary of significant accounting policies
and other explanatory notes (together "the consolidated balance sheet"). "

Management's Responsibility for the Consolidated Financial Staements

Management is responsible for the preparation and fair presentation of this consolidated balance
sheet in accordance with International Financial Reporting Sandards ("IFRS"). This
responsibility includes: designing, implementing and maintaining nteral control relevant to the
preparation and fair presentation of consolidated balance sheet that is free from material
misstatement, whether due to fraud or errors selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances.

Auditors' Responsibility

Our responsibility is to express an opinion on this consolidated balance sheet based on our audit.
We conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with relevant ethical requirements and plan and perform the audit to
obtain reasonable assurance whether t comolidated balance sheet is free of material
misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the consolidated balance sheet. The procedures selected depend on our judgment,
including the assessment of the risks of material misstatement of the consolidated balance sheet,
whether due to fraud or error. In making those risk assessments, we consider internal control
relevant to the Bank's preparation and fair presentation of the consolidated balance sheet 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 Bank's internal control. An audit also includes
evaluating the appropriateness of accounting principles used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the
consolidated balance sheet.

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

Opinion

In our opinion, the consolidated balance sheet presents fairly, in all material respects, the
financial position of the Bank as at December 31, 2006 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the consolidated balance sheet does not *
comprise a complete set of consolidated financial statements prepared in accordance with IFRS.
Information on'results of operations, cash flows and changes in shareholder's equity is necessary
to obtain a complete understanding of the financial position, performance and cash flows of the
Bank.


Chartered Accountants

Nassau, Bahamas
26 April 2007





HANG SENG BANK (BAHAMAS) LMITrED
Consolidated Balance Sheet

31 December 2006
(with corresponding figures at 31 December 2005)
(Expressed in United States dollars)

,Note 2006 2005

Assets
Cash in hand and balances with banks 2 $ 1.534,771 1,559,116
Money at call and time deposits with
banks 2 and 7(a) 1,877,727,413 1,601,684,905
Certificates of deposit 7(b) 582,007,945 370,925,375
Loan to invested company 3 and 7(c) 576,924 576,924
Interest and other accounts receivable 2 and 7(d) 86,892,719 74,079,061
Amount due from fellow subsidiaries 2 and 7(c) 718,884,706 1,187,211,646
Investment securities 4 and 7(f) and 9 5,231,412,144 4,616.503,608
Furniture, fixtures and equipment 54,041 51,700

Total assets $ 8,499,090,663 7,852,592,335

Liabilities
Amount due to immediate holding
company 2 and 7(g) 7,459,708,351 6,157,291,970
Amount due to fellow subsidiaries 2 and 7(h) 341,468,825 317,796,448
Deposits and current accounts 5 and 7(1) 522,188,286 1,194,726,667
Dividends payable 2 and7(j) 77.850,000 103.160,000
Interest and other accounts payable 2 and 7(k) 18,206,310 19,558,008

Total liabilities 8,419,421,772 7,792.533,093

Equity
Share capital 6 $ 1,000,000 1.000,000
Reserves 12 (4.131,473) (5,797,322)
Accumulated surplus 82,800,364 64,856,564

Total equity 79,668,891 60,059,242
Total liabilities and equity $ 8,499,090,663 7,852,592,335

See accompanying notes to consolidated financial statements.

These consolidated financial statements have been approved by the Board of Directors on 26
April 2007 by the following:

Joe Cheng Director


Sunny Leupm


Director


Notes to Consolidated Balance Sheet

31 December 2006
(Expressed in United States dollars)



1. General information and signiilcant accounting polices
(a) General information
The Group comprises Hang Seng Bank (Bahamas) Limited and its subsidiaries as
detailed in note l(k) below. Hang Seng Bank (Bahamas) Limited, a wholly-owned
subsidiary of Hang Seng Bank Limited, which is incorporated in Hong Kong, is
incorporated under the laws of the Commonwealth of The Bahamas and is licensed
by the Ministry of Finance of the Bahamas Government to conduct offshore banking
business.
(b) Ultimate holding company
The Group's ultimate holding company is HSBC Holdings plc, which is incorporated
in England.
(c) Statement of compliance
This consolidated balance sheet has been prepared in accordance with International
Financial Reporting Standards (IFRS) promulgated by the International Accounting
Standards Board and the requirements of the laws of the Commonwealth of The
Bahamas.
(d) Basis of preparation,
This consolidated balance sheet is presented in United States dollars, and is prepared
on the historical cost basis, except for financial instruments classified as trading and
available-for-sale securities and derivative financial instruments that are carried at
fair value.


(e) Use of estimates and judgmnents
The preparation of financial statements in conformity with IFRS requires
management to make judgments, estimates and assumptions that affect the
application of accounting policies and the amounts reported in the financial
statements and the accompanying notes. These estimates and associated assumptions
are based on relevant information available at the balance sheet date and, as such,
actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the estimates
arc revised and in any future periods affected.

(ft iFreign currency translation
Monetary assets and liabilities denominated in foreign currencies at the balance sheet
date are translated to United States dollars at the foreign exchange rates ruling at that
date. Non-monetary assets and liabilities denominated in foreign currencies, which
are stated at historical cost, are translated to United States dollars at the foreign
exchange rates ruling at the dates of the transactions.


(1) Financial instruments
() Classification
The Group classifies its financial instruments ino different eaegories at
inception, depending on the purpose for which the assets were acquired. The
categories are: financial instruments at fair value through profit and loss,
securities and available-for-sale securities.
Financial instruments at fair value through profit and loss are financial assets
which are acquired or incurred principally for the purpose on trading, or ame
part of a portfolio of identified financial instruments that are managed top har
and for which there is evidence of a recea actual paltern of short-eMm proft-
taking. Derivatives that do not qualify for edge accouing (note (l(b)) ai
accounted for as financial instruments at fair value through proit and loss.
Available-for-sale securities are non-derivative financial assets that are
designated as available-for-sale or are not classified as trading or securities.
They include financial assets intended to be held for an indefinite period of the
time, but which may be sold in response to needs for liquidity or changes in the
market environment.
(ii) Recognition
The Group recognizes financial assets on the date it becomes a party to the
contractual provisions of the instrument A regular way purchase or sale of
financial assets is recognized using trade date accounting. From this dale, any
gains and losses arising from changes in fair value of the financial assets are
recorded.

(iii) Measurement
Financial instruments are measured initially at fair value, which normally will
be equal to the transaction price, plus, in case of a financial asset not financial
instruments at fair value through profit and loss, transaction costs that are
directly attributable to the acquisition or issue of the financial asset.
Transaction costs on financial instruments at fair value through profit and loss
are expensed immediately.
Subsequent to initial recognition, financial instruments are measured as
follows:
Financial instruments at fair value through profit and loss are carried at fair
value.
Available-for-sale securities are carried at fair value. Unrmealised gains and
losses arising from changes in the fair value are recognized directly in the
investment revaluation reserve, except for foreign exchange gains and losses
on monetary items such as debt securities.
When the available-for-sale securities are sold, the difference between the net
sales proceeds and the carrying value, including the accumulated fair value
adjustments in the investment revaluation reserve, are treated as gains or losses
on disposal.

(iii) Fair value measurement principles
The fair value of financial instruments is based on their quoted market prices at
the balance sheet date without any deduction for estimated future selling costs.
Financial assets are priced at current bid prices for securities traded on a
recognized stock exchange, or at prices obtained from a broker/dealer for'non-
exchange-traded financial instruments. Where these are not available, or if the
market for the security is not active, the fair value of the instrument is
estimated using valuation techniques that provide a reliable estimate of prices
which could be obtained in actual market transactions.
Where discounted cash flow techniques are used, estimated future cash flows
are based on management's best estimates and the discount rate used is a
market rate at the balance sheet date applicable for an instrument with similar
terms and conditions. Where other pricing models are used, inputs are based
on market data at the balance sheet date.

(iv) Derecognition
A financial asset is derecognised when the contractual rights to receive the cash
flows from the financial asset expire, or where the financial asset together with
substantially all the risks and rewards of ownership, have been transferred.
A financial liability is derecognised when the obligation specified in the
contract is discharged, cancelled or expires.
(h) Hedging
Hedge accounting recognizes the offsetting effects on profit or loss of changes in the
fair values of the hedging instrument and the hedged item. The Group assesses and
documents whether the financial instruments that are used in hedging transactions are
highly effective in offsetting changes in fair values or cash flows of hedged items
attributable to the hedged risks both at hedge inception and on an ongoing basis. The
Group discontinues prospectively hedge accounting when (a) the hedging instrument
expires or is sold, terminated or exercised; (b) the hedge no longer meets the criteria
for hedge accounting; or (c) the Group revokes the designation.
(i) Fair value hedges
A fair value hedge seeks to offset risks of changes in the fair value of recognized
asset that will give rise to a gain or loss being recognized in the statement of
income.
The hedging instrument is measured at fair value, with fair value changes
recognized in the statement of income. The carrying amount of thehedged item
is adjusted by the amount of the changes in fair value of the hedging instrument
attributable to the risk being hedged. This adjustment is recognized in the
statement of income to offset the effect of the gain or loss on the hedging
instrument.
(ii) Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the variability
in cash flows of a recognized asset, the effective part of any gain or loss on the
derivative financial instrument in relation to the hedged risk is recognized
directly in equity. The ineffective pan of any gain or loss is recognized
immediately in the statement of income.
For cash flow hedges of a recognized asset, the associated cumulative gain or loss
is removed from equity and recognized in the statement of income in the same
period or periods during which the hedged cash flows affect the profit. .

When a hedging instrument expires or is sold, terminated or exercised, or the
Group revokes designation of the hedge relationship but the hedged forecast
transaction is still expected to occur, the cumulative gain or loss at that point
remains in equity and is recognized in accordance with the above policy when the
transaction occurs. If the hedged transaction is no longer expected to take place,
the cumulative unrealised gain or loss recognized in equity is recognized
immediately in the statement of income.
(iii) Hedge effectiveness testing
In order to qualify for hedge accounting, the Group carries out prospective
effectiveness testing to demonstrate that it expects the hedge to be highly
effective at the inception of the hedge and throughout its life. Actual
effectiveness (retrospective effectiveness) is also demonstrated on an ongoing
basis.
The documentation of each hedging relationship sets out how the effectiveness of
the hedge is assessed. The method the Group adopts for assessing hedge
effectiveness will depend on its risk management strategy.
For fair value hedge relationships, the Group utilises the cumulative dollar offset
method as effectiveness testing methodology. For cash flow hedge relationships,
the Group utilises the change in variable cash flow method or capacity test or the
cumulative dollar offset method using the hypothetical derivative approach.
For prospective effectiveness, the hedging instrument must be expected to be
highly effective in achieving offsetting changes in fair value or cash flows
attributable to the hedged risk during the period for which the hedge is
designated. For actual effectiveness, the changes in fair value or cash flows must
offset each other in the range of 80 per cent to 125 per cent for the hedge to be
deemed effective.

(i) Impairment of assets
The carrying amounts of the Group's assets are reviewed at each balance sheet date
to determine whether there is objective evidence of impairment. If any such evidence
exists, the carrying amount is reduced to the estimated recoverable amount by means
of a charge to the statement of income.
(1) Available-for-sale securities
When there is objective evidence that an available-for-sale security is impaired,
the cumulative loss that had been recognized directly in equity is removed from
equity and is recognized in the statement of income. The amount of the
cumulative loss that is recognized in the statement of income is the difference
between the acquisition cost and current fair value, less any impairment loss on
that asset previously recognized in the statement of income.
Impairment losses recognized in the statement of income in respect of
available-for-sale equity securities are not reversed through statement of
income. Any subsequent increase in the fair value of such assets is recognized
directly in equity. Such impairment losses are not reversed.


Impairment losses in respect of available-for-sale debt securities are reversed if
the subsequent increase in fair value can be objectively related to an event
occurring after the impairment loss was recognized. Reversals of impairment
losses in such circumstances are recognized in the statement of income.
(ii) Interest in subsidiaries
The recoverable value of the Group's interest in subsidiaries is calculated based
on net assets valuation and the revenue multiple valuation method.
(j) Furniture, fixtures and equipment
Furniture, fixtures and equipment are stated at cost less depreciation, which is
provided at rates calculated to write off the cost over the estimated useful life of each
asset on a straight-line basis. As the costs involved are not material to the Group, no
separate disclosure is made in the notes to the consolidated financial statements.

(k) Interest in subsidiaries
Subsidiaries are those enterprises controlled by the Group. Control exists when the
Group has the power, directly or indirectly, to govern the financial and operating
policies of an enterprise so as to obtain benefits from its activities.
The financial statements of the subsidiaries are included in the consolidated financial
statements from the date that control effectively commences until the date that
control effectively ceases.







PAGE 10B, TUESDAY, MAY 1, 2007


THE TRIBUNE BUSINESS


Under the group dhes are three wholly-owned subsidiaries. Hang Seng Bank Trustee
(Bahamas) 1Uoied. Hang Seng Insurance (Bahamas) Limited and Silver Jubilee
Limited. All of them are incorporated under the laws of The Commonwealth of The
Bahamas.

(I) Retirement scheme
The Group operates a defined contribution scheme for the benefit of the local staff in
The Bahamas.
The Group also provides retirement benefits to the expatriate staff through a defined
benefit scheme operated by its immediate holding company. The costs of the scheme
are sssed in accordance with the advice of qualified actuaries so as to recognize
the cost of retirement benefits on a systematic basis over employees' service lives.
As the costs involved are not material to the Group, no separate disclosure is made in
the notes to the consolidated balance sheet.
(m) Cash and cash equivalents
For the purpose of the consolidated statement of cash flows, cash and cash
equivalents include highly liquid investments that are readily convertible into known
amounts of cash and which are subject to an insignificant risk of change in value.
Such investments are normally those with less than three months' maturity from the
date of acquisition, and include cash and balances at central banks, treasury bills and
other eligible bills, loans and advances to banks, and certificates of deposit.



2. Transactons with related parties
In the normal course of business, the Group enters into transactions with its intermediate and
immediate holding companies and fellow subsidiaries. The transactions were priced at
relevant market rates at the time of each transaction, and were under the same terms as those
available to other counterparts. Balances with these related parties as at 31 December 2006
and 2005:

2006 2005

Cash in hand and balances with banks $ 187,181 161,931

Money at call and time deposits with banks 105,798,820 124,145,348

Interest and other accounts receivable 3,005,450 4,898,845

Amount due from fellow subsidiaries 718,884,706 1,187,211,646

Amount due to immediate holding company 7,459,708,351 6,157,291,970

Amount due to fellow subsidiaries 341,468,825 317,796,448

Dividend payable 77,850,000 103,160,000

Interest and other accounts payable 7,342,725 7,757,531

Dividend 128,070,000 190,400,000

Interest rate swap contracts 218,490,549 446,180,594


The Oroup leases the office premises under an operating lease with group companies (note
18) and has an option to renew the contract prior to the expiration of the lease. The lease
does not include contingent rental nor impose special restrictions on the operation of the
Group.



3. Low to ivestee company
The loan to invested company is unsecured, interest free and has no fixed repayment terms.
Management does not expect the loan to be repayable within 5 years.


4. Imweasmt a seriti

2006 2005

Available-for-sale securities (notes 12(f)(i)& 14(i)) $ 5,014,168.,502 4,182,853,048
Financial instruments at fair value through
profit or loss (notes 12(f)(ii) & 14(ii)) 217,243,642 433,650,560

$ 5,231,412,144 4,616,503,608


Available-for-sale investment includes a 4.75% (2005 4.75%) investment in
iBusinessCorporation.com Holdings'Limited, an investment holding company. The carrying
value, representing investment cost, amounted to $1,696 (2005 $1,696). There is no market
value for this investment and there have not been any recent transactions that provide
evidence of the current fair value. In addition, discounted cash flow techniques yield a wide
range of fair values due to uncertainty regarding future cash flows based on the high risk
nature of the industry. As such, discounted cash flow techniques do not provide a reliable
measure of fair values.



5. Deposits ad t aots i

2006 2005

Deposits from customers; $ 522,188,286 1.194,726,667



6. Share capital

2006 2005


Auitorised, issued and fully paid -
1.000.000 shares of $1 each


s I 00000 M


7. Maturities of assets and liabilities

2006 2005

(a) Money at call and timedepositswith
banks

Within I month $ 1,646,392,613 1,249,781,476
Between 1- 3 months 221,334,800 346,403,429
Between 3 6 months 10,000.000 5,500.000
$ 1,877,727.413 1,601,684,905

(b) Cficates of deposit

Within 1 month $ 29,896,042
Between 1 3 months 53,451,666
Between 6 months 44,050,300 78,817,265
Between 6 12 months 5,004,995 38,464,003
Between 1 5 years 449,604.942 253,644,107
$ 582,007,945 370,925,375

(c) Loan to Investee company

More than 5 years $ 576,924 576,924


(d) Interest and other accounts receivable

Within 1 year $ 54,218,167 69,521,890
Between I to 5 years 32,219,134 4,557,171
More than 5 years 455.418-
$ 86,892,719 74,079,061


2006 2005

(e) Amount due from fellow subsidiaries

Within 1 month $ 718,884,706 1,187,211,646

(f) Investment securities

(1) Available-for-sale securities (notes 4 & 14(i))
Within 1 month $ 125,744,912 16,541,914
Between 1 3 months 285,551,121 255,120,420
Between 3 6 months 393,298,987 323,094 502
Between 6 -12 months 463,144,206 362,251,741
Between I 5 years 3,692,609,961 3,194,313,054'
More than 5 years 53,819,315 31,531,417
5,014,168,502 4,182,853,048

(II) Financial instruments at fair value through
profit and loss (notes 4 & 14(ii))
Repayable on demand $ 217,243,642 433,650,560
$ 5,231,412,144 4,616,503,608

(g) Amount due to immediate holding company

Within I month $ 7,449,428,351 6,147,011,970
Over years 10,280,000 10,280,000
$ 7,459.708,351 6,157,291,970

(h) Amount due to fellow subsidiaries

Within I month $ 341,468,825 317,796,448


(h) Amount due to fellow subsidiaries

Within I month $ 341,468,825 317,796,448

(i) Deposits and current accounts

Within 1 month $ 495,847.655 1,132.132,729
Between 1 3 months 23,796.688 60,151,128
Between 3 6 months 1,749,878 1,663,428
Between 6 -12 months 794,065 779,382
$ 522.188,286 1.194,726,667


2006 2005


(j) Dividend payable

Within I year $ 77,850,000 103,160,000

(k) Interest and other accounts payable

Within I year $ 18,034,558 17,073,211
Between 1 5 years 171,752 2,484,797
$ 18,206,310 19,558,008




8.Geographical distribution of assets and liabilities

2006 2005
% %

(a) Money at call and time deposits with banks

Americas 2
Asia-Pacific 48 59
Australia 1
Europe 52 38
100 100

(b) Certificates of deposit
Americas 32 30
Australia 49 48
Europe 19 22
100 100

(c) Loan to invested company
Americas 100 100

(d) Amount due from fellow subsidiary
Americas 100 100


2006 2005


(e) Investment securities
(i) Available-for-sale securities
Americas 36 37
Asia-Pacific 9 6
Australia 14 14
Europe 40 42
New Zealand 1 1
100 100

(ii) Financial instruments at fair value through profit or loss
Americas 75 56
Asia-Pacific 13
Australia 6
Europe 25 21
New Zealand 4
100 100


(f) Amount due to immediate holding company
Asia-Pacific 100 100

(g) Amount due to fellow subsidiaries
Americas 1 1
Asia-Pacific 99 99
100 100

(h) Deposits and current accounts
Asia-Pacific 100 100



9. Investment securities

2006 2005

(i) Available-for-sale securities (notes 4 & 7(f)(i))


Listed
Unlisted


$ 59,947,909 59,816,041
4,954,220,593 4.123.037.007


5,014,168,502 4.182,853,048

(ii) Financial instruments at fair value through profit and loss (notes 4 & 7(f)(ii))


Unlisted


$ 217,243,642 433,650,560


The current accounting policy for financial instruments is set out in note l(g) above.


10. Financial risk management
Financial assets of the Group include cash in hand and balances with banks; amount due from
immediate holding company; money at call and time deposits with banks; certificates of
deposit; loan to invested company; amount due from fellow subsidiaries; available-for-sale
securities and financial instruments at fair value through profit and loss. Financial liabilities
of the Group include amount due to immediate holding company; amount due to fellow
subsidiaries; and deposits and current accounts. Accounting policies for financial assets and
liabilities are set out in note 1. The following sets out the risk management policies and
procedures to identify, monitor and control the various types of risks to which the Group's
business is exposed to.


(a) Credit risk
Credit risk is the risk that financial loss arises from the failure of a customer or
counterpart to meet its obligations under a contract. It arises principally from
lending, treasury and other activities.
The Group follows the Hang Seng Bank Group's established policies and systems for
monitoring and control of credit risk. Credit approval and review are governed by
established guidelines and procedures and the application of a standard facility
grading system. The Group does not require collateral in respect of financial assets.
Interest rate swap transactions are with counterparties with whom the Group has a
signed netting agreement as well as sound credit ratings.

At the balance sheet date there were no significant concentrations of credit risk. The
maximum exposure to credit risk is represented by the carrying amount of each
financial asset, including derivative financial instruments, in the balance sheet.

(b) Liquidity risk
Liquidity management is essential to ensure the Group has the ability to meet its
obligations as they fall due. It is the Group's policy to maintain a strong liquidity
position by properly managing the liquidity structure of its assets, liabilities and
commitments so that cash flows are appropriately balanced and all funding
obligations are comfortably met.
The Group has established policies and procedures to monitor and control its
liquidity position on a daily basis by adopting a cash flow management approach.
Analysis of assets and liabilities by remaining maturity is disclosed in note 12.

(c) Market risk
Market risk is the risk that foreign exchange rates or interest rates will move and
result in profits or losses to the Group. The Group's market risk arises from
customer-related business and from position taking.
Market risk is managed within risk limits approved by the immediate holding
company. Risk limits are set by product and risk type with market liquidity being a
principal factor in determining the level of limits set. Limits are set using a
combination of risk measurement techniques, including position limits, sensitivity
limits, as well as value-at-risk (VaR) limits at a portfolio level. VaR is a technique
which estimates the potential losses that could occur on risk positions taken due to
movements in market rates and prices over a specified time horizon and to a given
level of confidence.

(d) Interest rate exposure
Interest rate risk comprises those originating from treasury activities, both trading
and non-trading portfolios, which include structural interest rate exposures. Interest
IrIe il,. i, Int1ma', l I h,, th (i noup under limits approved by the immediate holding
company.
Interest rate swaps have been entered into to achieve an appropriate mix of fixed and
floating rate exposures within the Group's policy. The swaps mature over the next
five years following the maturity of the related investment securities.


I I


;,s I,


IIWmTVm






THE TRIBUNE BUSINESS


TUESDAY, MAY 1, 2007, PAG'11B


The Group's financial assets and liabilities which were exposed to interest rate risk at
31 December 2006 and 2005 were as follows:


Effective Ianre
Interest rate lype Terms Total
$
2006
Financial assets:
Money at call and time deposit
with banks 5.75% Fixed (i) 1.877.727,413
Certificates of deposit 5.34* Fixed (i) 582.007.945
Amount due from fellow subsidiaries 3.38% Fixed (i) 718,884,706
Available-or-sale securities 5.26% Fixed/ (i)/ 5.014,166,806
FlRotn (ii)
Financial imirueas at fair value
through profit ait kio 4.80% Fixed/ (iO 217.243,642
Floating (ii)
Financial Liabiliies
Amount due to immediate
holding company 3.25% Fixed (i) 7,449,428.351
Amount due to fellow subsidiaries 2.18% Fixed (i) 341,468,825
Deposits and current accounts 4.51* Fixed (i) 522.188,286
2005
Financial assets:
Money at catl and time deposits
with banks 5.02% Fixed (i) 1,601,684.905
Certificates of deposit 4.15% Fixed (i) 370,925,375
Amount due from a fellow subsidiary 2.88% Fixed (i) 1,187.211,646
Available-for-sale securities 4.37% Fixed/ (i)/ 4,182,853,048
Floating (ii)
Financial instruments at fair value
through profit and loss 4.97% Fixed/ (i)/ 433,650,560
Floating (ii)

Effective Interest
Interest rate type Terms Total
$
2005
Financial Liabilities:


Amount due to immediate
holding company
Amount due to fellow subsidiaries
Deposits and current accounts


2.75% Fixed (i) 6,147.011,970
2.06% Fixed (i) 317,796,448
4.09% Fixed (i) 1.194.726,667


(i) Maturity profile is set out in note 7.
S(ii) Floating rate is reset regularly.
In addition to the above, the Group also enters into off-balance sheet financial
instruments to manage its interest rate exposure. The following tables give the
contractual or notional amounts of these transactions.
Contratrual amounts
2006 2005

Off-balance sheer financial instruments:


Interest rate contracts:
Interest rate swaps (note 2)


$ 995,847,639 1,173,742,517


The contractual or notional amounts of these instruments indicate the volume of
transactions outstanding at the balance sheet date; they do not represent amounts at
risk.
The maturity profile of the above interest rate contracts categorised by the remaining
period from the balance sheet date to the contractual maturity date is as follows:
2006 2005
Within 1 year $ 550.926,263 217,000,077
Between 1 to 5 years 444,921,376 956.742,440
Total $ 995,847,639 1,173,742,517
(e) Foreign exchange risk
The Group's foreign exchange exposure, which arose from currency exposures
originated by its banking business, is managed within foreign exchange position
limits approved by the immediate holding company.
1. Fair values of financial Instruments
All financial instruments are stated at fair value or carried at amount not materially different
from their fair values as at 31 December 2006 & 2005, except as follows:
2006 2006 2005 2005
Carrying Fair Carrying Fair
Amount value amount value
Available-for-sale securities:
Unlisted equity investment $ 1,696 1.696
At31 December $ 1,696 1,696-
The estimation of fair value was based on quoted market prices at the balance sheet date
without any deduction for transaction costs.
No fair value for available-for-sale investment was disclosed above as there was no market
price quoted for this investment and it is not practical to estimate a fair value for it.
12. Reserves
2006 2005

Investment revaluation reserve $. 489,583 1,016,188
Hedging reserve 3,641,890 4,781,134
At 31 December $ 4,131.473 5,797,322
2006 2005
Investment revaluation reserve:
As at 1 January $ 1,016,188-
Changesinfair value (526,605) 1,016,188
At31December $ 489,583 1,016,188
Cash flow hedging reserve:
As at 1 January S 4,781,134-
Effective portion of changes in fair value (1.139,244) 4,781,134
At 31 December $ 3,641,890 4,781,134

$ 4,131.473 5,797,322
(i) Investmnent revelation reserve,
The investment revaluation comprises the cumulative net change in the fair value of
available-for-sale securities held at the balance sheet date and is dealt with in accordance
with the accounting policies in note I(g) and 1(i).
(ii) Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the
fair value of hedging instruments used in cash flow hedges pending subsequent
recognition of the hedged cash flow in accordance with the accounting policy adopted for
cash flow hedges in note 1 (hXii).
13. Operating leas
Leases as lessee:
Non-cancellable operating lease rentals are payable as follows:
2006 2005
Within less than one year $ 44,000 40,456
Between 1 to 5 years 100,969 -
$ 144,969 40,456


World Bank





defends girlfr




promotic


* By JEANNINE AVERSA
AP Economics Writer

WASHINGTON (AP) -
World Bank President Paul
Wolfowitz on Monday decried
what he called a "smear cam-
paign" against him and told a
special bank panel that he act-
ed in good faith in securing a
promotion and pay raise for
his girlfriend. He reiterated
that he had no plans to resign,
and President Bush gave him a
fresh endorsement.
In a prepared statement to
the panel, Wolfowitz said the
institution's ethics committee
had access to all the details sur-
rounding the arrangement
involving bank employee Sha-
ha Riza, "if they wanted it."
Wolfowitz told the panel, "I
acted transparently, sought and
received guidance from the
bank's ethics committee and
conducted myself in good faith
in accordance with that guid-
ance."
The special bank panel is
investigating Wolfowitz' han-
dling of the 2005 promotion of
bank employee Riza, who was
scheduled to appear later in
the day.
The controversy has prompt-
ed calls for the resignation of


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award.
If so, call us on 322-1986
and share your story.


Wolfowitz, an architect of the
Iraq war in his preceding Pen-
tagon job. The bank's 24-mem-
ber board is expected to make
a decision in the case this
week.
Bush, meanwhile, said Wol-
fowitz "ought to stay. He ought
to be given a fair hearing."
Wolfowitz lamented that the
controversy over the pay pack-
age was part of an effort to
oust him from the office, which
he has held for nearly two
years. The institution's mission
is to fight global poverty.

Smear

"The goal of this smear cam-
paign, I believe, is to create a
self-fulfilling prophecy that I
am an ineffective leader and
must step down for that rea-
son alone, even if the ethics
charges are unwarranted,"
Wolfowitz said.
He vowed to fight for his
job. "I will not resign in the
face of a plainly bogus charge
of conflict of interest," he said.
Bush said Wolfowitz' fate
did not come up during a U.S.-
European Union summit at the
White House. The Europeans,
including a German govern-
ment official, have been critical
of Wolfowitz and the Euro-
pean Parliament has called on
him to resign. There had been
talk that German Chancellor
Angela Merkel, whose coun-
try holds the rotating EU pres-
idency, would bring up Wol-
fowitz.
As part of his defense, Wol-
fowitz, among other things, cit-
ed a Feb. 28, 2006, letter which
he characterized as showing
that bank's ethics committee
had looked at the arrange-
ment.
The panel's chain .,4.A4,.
Melkert, said in the letter that
an allegation relating to "a
matter which had been previ-
ously considered by the com-
mittee did not contain new
information warranting any
further review."
The letter didn't specifically
mention Wolfowitz or Riza by
name.
However, Wolfowitz pointed
to it as proof that ethics offi-
cials were aware of Riza's com-
pensation package.
The bank's executive direc-


chief





'iend's




)n

r.
tors, however, have saicCthe
terms and conditions otthe
package had not been ";)m-
mented on, reviewed or
approved" by the ethics qom-
mittee, Melkert or the bapk's
board. b
Melkert's February 200- let-
ter informed Wolfowitz 4hat
the ethics committee %iad
reviewed two e-mails from an
anonymous whistleblowver
alleging ethical lapses b^Cthe
World Bank's president. Dne
e-mail complained abougthe
size of Riza's pay raise. ,
Riza was working atthe
bank when Wolfowitz arirved
in 2005 and had earned cloge to
$133,000 as a communicatons
adviser in the bank's Middle
East department. She was reas-
signed at the State Department
to avoid a conflict of interest
but remained on the bank's
payroll. Her pay then rose to
$180,000 and eventually to
$193,590. ,
Wolfowitz said the initial
$180,000 she received "was in
line with salaries paid to tlank
employees" holding similar H
level positions. He said the
salary "seemed reasonable to
me" and noted that "many
World Bank employees 'are,
comparatively speaking, gen-
erously paid, and hundreds of
them earn more than the U.S.
Secretary of State."
He also denied accusations
that he sought to hide details of
Riza's pay package.
"I always expected that the
ethics committee could know
the details of how the matter
was resolved if they so
desired," Wolfowitz said. "I
also understood that experts
in the human resources depart-
ment would review the ton-
tract. It never occurred to me
.that they would not, and I
believe that they did."
Wolfowitz said the detaos of
the pay package "were,;not
'dictated' by me but floyved
from the back-and-forth rTgo-
tiating process" betweertthe
bank's vice president of human
resources, Xavier Coll,pand
Riza, who had her own counsel
in the matter, Wolfowitz said.
For World Bank officials to
declare his actions tl be
improper, Wolfowitz argued
would be "unjust and frankly
hypocritical." V


GN 501









OFFICE OF THE DEPUTY PRIME MINISTER &
MINISTRY OF NATIONAL SECURITY

OFFICE OF THE PARLIAMENTARY COMMISSION


ENGLERSTON CONSTITUENCY


RETURNING OFFICER MELONIE ROACH


POLLING DIVISION LOCATION
1 E.P. Roberts Primary School, Balfour Ave.
2 E.P. Roberts Primary School, Balfour Ave.
3 R.M. Bailey Sr. High School, Robinson Rd.
4 E.P. Roberts Primary School, Balfour Ave.
5 R.M. Bailey Sr. High School, Robinson Rd.
6 E.P. Roberts Primary School, Balfour Ave.
7 E.P. Roberts Primary School, Balfour Ave.
8 R.M. Bailey Sr. High School, Robinson Rd.
9 R.M. Bailey Sr. High School, Robinson Rd.
10 R.M. Bailey Sr. High School, Robinson Rd.
11 R.M. Bailey Sr. High School, Robinson Rd.
12 R.M. Bailey Sr. High School, Robinson Rd.
13 R.M. Bailey Sr. High School, Robinson Rd.
14 E.P. Roberts Primary School, Balfour Ave.
15 R.M. Bailey Sr. High School, Robinson Rd.


BUSINESS


-i-








PbishyuIea oie








PAGE 12B, TUESDAY, MAY 1,2007


THE TRIBUNE


omen take direct route


K CRAIG HARRIS
'.2007 Seattle Post-
Intelligencer

SEATTLE -- After a few years of
working as a special education
teacher, Tomika Quigg knew she was
ready for a change.
Teaching children with behavioral
issues had become too stressful, Quigg
said, and she had grown interested in
fashion and the arts. So the Seattle
woman, who also has a master's
degree in social work from the Uni-
versty of Washington, traded the
classroom for the living room.
,iPoday Quigg sells jewelry for Lia
Sophia at in-home events, and the 29-

uiNS lIGHT:


Fbop tesoisbhn


year-old is among a growing number
of entrepreneurs, most of whom are
women, who are involved in direct
selling. "I plan on doing this as a
career, especially when I have my
own kids," Quigg said.
Whether it's jewelry, beauty prod-
ucts or Tupperware, direct selling has
been a part of America's retail scene
for years. One of the country's oldest
direct sellers is Avon, which began in
1886 as the California Perfume Co.
and now has more than 675,000 U.S.
sellers.
Direct selling typically is a part-
time job and nearly 65 percent of all
sales are done in a home, according to
the Washington, D.C.-based Direct
Selling Association, a trade organi-
zation. Another 15 percent of sales
are done by phone, and 12 percent
are done online. Direct selling also
provides flexibility, and it can pro-
duce a steady income.
However, turnover is high and
there are challenges in finding new
customers outside a base of family
and friends, say those in the indus-
try.
Total revenues from direct selling in
the U.S. reached nearly $30.5 billion
in 2005, the most recent data, when


14.1 million people sold products out-
side of a fixed retail location.
Direct selling revenues have
increased 14 percent since 2001, as
the number of sellers has increased by
nearly 2 million, or 16 percent, since
that time.
The Direct Selling Association said
82 percent of sellers are women and
most sales are done in the South,
where one-third of all direct sales
occur. A quarter of all direct sales
take place in the West.
Lia Sophia, named after the daugh-
ters of company president Tory Kiam
and based just outside Chicago, has
grown from 1,000 representatives in
2001 to about 21,000, Kiam said. He
credits the growth to a product that
buyers want and a healthy sales com-
mission of at least 30 percent.
"We have a goal of 40,000 repre-
sentatives by June 2008, and I think
we will do it," Kiam said. "There are
14 million people in this industry and
obviously, Avon and Amway have
lots and lots of people. In this society,
with how busy people are and with
child rearing, you have to have flexi-
bility. That's why this industry will
do well. It provides a great service to
the American economy."


Quigg said that although she only
has been selling jewelry since Sep-
tember 2006, she already had one
month when she brought in $5,000.
She typically shows her jewelry at
events hosted by friends, and she said
incentives for jewelry purchases
offered by Lia Sophia make it enticing
for others to sponsor parties.
Erin Hagens, who recently attend-
ed one of Quigg's events in the Madi-
son Park neighborhood, said the par-
ties are fun and those who come usu-
ally are eager to buy. "Women like to
help other women who are starting a
business," Hagens said. "To the
extent we can help, we want to."
Sharon Hamilton, a former nurse
and loan officer from Everett, said
she began working full time for Avon
a year ago and makes enough so "I
don't have to put my son in day care
and I'm able to work at home."
Sheryl Hildebrand, managing part-
ner of Deloitte's Seattle office, said
she's not surprised with the growth
of direct selling and that the majority
of those involved are women.
"A part of it is very simple. It's an
entrepreneurial issue," said Hilde-
brand, whose professional services
company also tracks employment


trends.
Hildebrand said some women are
not finding satisfaction in the corpo-
rate world and they want to set their
own hours.
Angela Horiuchi-Yvkoff of New-
castle is one entrepreneur who was
fed up with a traditional career.
After working for an advertising
agency in Salt Lake City, Horiuchi-
Yvkoff and a close friend, Karen Var-
deny, decided to start their own
events company, Fusion Factory,
about five years ago. Following the
growth of that business, the women
recently started Tummy Talk, which
makes high-end scrapbooks for preg-
nant women.
Horiuchi-Yvkoff and Vardeny, who
lives in Salt Lake City, use company
Web site to sell scrapbooks 4lrectly to
consumers, but the pro[puct has
become so popular that abput 15
retailers have picked it up. ', .
"I love not working for anyone
else," Horiuchi-Yvkoff said qf the
businesses, which she runs from her
home. "When we were in advertis-
ing, we were working 60 to 70 hours a
week and we saw all the money roll
up to the top and not to the bottom.
We knew we could do it on our own."


'ii(I'-.


Telephone 242 393 2007
Fax 242 393 1772
Internet wwwkpmg.com bs


4


INDEPENDENT AUDITORS' REPORT

To the Shareholder of
Hang Seng Bank Trustee (Bahamas) Limited

We have audited the accompanying balance sheet of Hang Seng Bank Trustee (Bahamas) Limited
("the Company") as at December 31, 2006, and a summary of significant accounting policies and
other explanatory notes (together "the balance sheet").

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 ("IFRS"). 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 circumstances.

Auditors' Responsibility

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 relevant ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the balance sheet is free of material misstatement.

An audit :invdl4is-ef'oiltinng dures io obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on our 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, we consider internal control relevant to
the Company'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 Company's internal control. An audit also includes
evaluating the appropriateness of accounting principles 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 opinion.

Opinion

In our opinion, the balance sheet presents fairly, in all material respects, the financial position of
the Company as at December 31, 2006 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the balance sheet does not comprise a
complete set of financial statements prepared in accordance with IFRS. Information on results of
operations, cash flows and changes in shareholder's equity is necessary to obtain a complete
understanding of the financial position, performance and cash flows of the Company.


Chartered Accountants
Nassau, Bahamas
26 April 2007

HANG SENG BANK TRUSTEE (BAHAMAS) LIMITED
Balance Sheet
31 December 2006
(with corresponding figures at 31 December 2005)
(Expressed in United States dollars)

Note 2006 2005

Assets
Cash and cash equivalents 2 &4 $ 1,813,889 1,898,192
Accounts receivable and other assets 2 and 5(a) 14,796 50,465

Total assets $ 1,828,685 1,948,657


Liabilities
Accounts payable and other liabilities 2 and 5(b) $ 17,470 71,232

Current liabilities 17,470 71,232

Equity
Share capital 3 $ 1,000,000 1,000,000
Accumulated surplus 811,215 877,425

Total equity 1,811,215 1,877,425

Total liabilities and equity $ 1,828,685 1,948,657

See accompanying notes to balance sheet.

This balance sheet has been approved by the Board of Directors on 26 April 2007 by the
following:

Joe Cheng Director

Sunny Leuna Director

Notes to Balance Sheet
31 December 2006
(Expressed in United States dollars)


1. General Information and significant accounting policies
(a) General information:
Hang Seng Bank Trustee (Bahamas) Limited ("the Company'), a wholly-owned
subsidiary of Hang Seng Bank (Bahamas) Limited, which is incorporated under the
laws of the Commonwealth of The Bahamas, is incorporated under the laws of the
Commonwealth of The Bahamas and is licensed by the Ministry of Finance of the
Bahamas Government to carry on trust business.
(b) Ultimate holding company:
The ultimate holding company of the Company is HSBC Holdings plc, which is
incorporated in England.
(c) Statement of compliance:
This balance sheet has been prepared in accordance with International Financial
Reporting Standards ("IFRS") and interpretations promulgated by the International
Accounting Standards Board and the requirements of the laws of the Commonwealth
of The Bahamas.
(d) Basic of preparation:
This balance sheet is presented in United States dollars, and is prepared on the
historical cost basis.


(e) Use of estimates and judgments
The preparation of financial statements in conformity with IFRS requires
management to make judgments, estimates and assumptions that affect the
application of accounting policies and the amounts reported in the financial
statements and the accompanying notes. These estimates and associated
assumptions are based on relevant information available at the balance sheet date
and, as such, actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the estimates
are revised and in any future periods affected.
(f) Cash and cash equivalents
Cash and cash equivalents comprise cash balances on hand and short-term highly
liquid investments with maturities of three months or less when purchased.
(g) Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies at the balance sheet
date are translated to United States dollars at the foreign exchange rates ruling at that
date. Non-monetary assets and liabilities denominated in foreign currencies, which
are stated at historical cost, are translated to United States dollars at the foreign
exchange rates ruling at the dates of the transactions.

2. Transactions with related parties
In the normal course of business, the Company entered into transactions with its intermediate
and immediate holding companies and fellow subsidiaries. The transactions were priced
based on relevant market rates at the time of each transaction, and were under the same terms
as those available to other counterparties. Balances with these related parties as at 31
December 2006 and 2005 are summarized below:

2006 2005

Cash and cash equivalents $ 1.813.889 1,898,192
Accounts receivable and other assets 5,730 5,735
Accounts payable and other liabilities 10,255 45,605


3. Share capital

2006 2005

Authorised, issued and fully paid:
1,000,000 shares of $1 each $ 1,000,000 1,000,000


4. Cash and cash equivalents


2006 2005

Current account $ 1,781,269 1,831,373
Call deposit 32,620 66,819
S $ 1,813,889 1,898,192

The effective interest rate on the call deposit was 0.36 percent per annum (2005: NIL). The
deposits had an average maturity of 2 days (2005: 2 days).

5. Maturities of assets and liabilities

2006 2005

(a) Accounts receivable and other assets
Within 1 year $ 14.796 50.465

(b) Accounts payable and other liabilities
Within 1 year $ 17,470 71,232

6. Geographical distribution of asset

2006 2005

(a) Cash at bank immediate holding company
Americas 100 100

(b) Call deposit due from intermediate holding company
Asia-Pacific 100 100


7. Financial Instruments
Financial assets of the Company include cash and cash equivalents and accounts receivable
and other assets. Financial liabilities of the Company include accounts payable and other
liabilities. The fair values of the financial instruments was not materially different from the
carrying amounts at 31 December 2006 and 2005.
There were no off-balance sheet financial contracts outstanding at the balance sheet date as
hedges of anticipated future transactions.


KPMQ
POB N 123
Monogue Sterlng Centre
Ees say Street
Numu. aharnms


BUSINESS


-t- I











THE TRIBUNE


TUESDAY, MAY 1,2007, PAGEt~ B


Venture capital targets


alternative energy


* By MATTHEW L. WALD
c.2007 New York Times
News Service

MONEY is flowing into
alternative energy companies
so fast that "the warning signs
of a bubble are appearing,"
according to a report on invest-
ment iri'clean technology by a
New Ybrk research firm, Lux
Research.
The report also suggests that
companies that make equip-
ment to cleanse air or water, or
that process waste, have been
overlooked by investors.
Matthew M. Nordan, presi-
dent of Lux, said that the
amount of venture capital put
into clean energy investments
last year was $1.5 billion, up


141 percent from the $623 mil-
lion of 2005, and that in the
same period, initial public
offerings by companies in this
sector rose to $4.1 billion, from
$1.6 billion in 2005.
The initial public offerings
were primarily in companies
involved in solar power or bio-
fuels, according to the report,
to be released Monday.
The investment is driven by
fear that the peak of oil pro-
duction is approaching, he said,
and by the possibility of new
taxes or other restraints in an
effort to curb global warming
gases, principally the carbon
dioxide that is given off by
burning fossil fuels.
Money is "sitting on the
shelf" waiting to be invested,


and investors are now chasing
entrepreneurs, he said, rather
than the other way around.
"When you see venture cap-
ital more than double from one
year to the next, and IPO val-
ues double from one year to
the next, that's the sign of a
bubble in the making," said
Nordan.

Example

As an example of a new par-
ticipant in the booming mar-
ket, he cited DFJ Element, a
venture capital fund formed
last year to invest in clean tech-
nology companies. It had a
goal of $150 million, but was
closed to new investors by the
sponsoring companies, Ele-


ment Venture Partners and
Draper Fisher Jurvetson, last
June when it reached $284 mil-
lion.
Nordan said that his compa-
ny counted about 1,500 clean
technology startups globally,
930 of them in the energy field.
"One hundred ninety-eight
have received some venture
capital funding," he said.
"That's a pretty high share;
generally, we see one out of
10 with some venture capital."
The investors, and the com-
panies they finance, are chas-
ing an enormous market. Nor-
dan pointed out that China
planned to derive 10 percent
of its electricity from renew-
able sources, not counting
large hydro projects, by 2010.


Meeting that goal would
require 6 gigawatts of electric-
ity, which if produced by solar
cells would represent more
than two years' output of all
of the solar-cell factories in the'
world today.
While many and proba-
bly most of the startups are
pursuing technologies that will
not be commercially success-
ful, even some alternative
energy companies using estab-
lished technologies may be on
shaky financial ground, accord-
ing to the report.
For example, the profit mar-
gin for ethanol made from corn
was once a dollar a gallon, but
now it is about 3 cents, accord-
ing to the report. And envi-
ronmentalists have objected to


the approaches of some pm-
panies, like those making new
bioengineered products;-,'
Still, the, promise seems
enormous. "The secular trends
are in place, and that's what's
driving the investor," Nordan
said. ...,
But areas of dean teclffdlo-
gy other than energy $Ave
been overlooked, the rgpprt
said. .
"Air, water and wastetpXg-
ments present hidden o0pr-
tunities that are relat"vely
starved for investment," id.
Waste accounted for 3 r-
cent of merger and acqu on
value in this sector in 2 ut
just 1 percent of initial pu'ic
offering volume and just 4 per-
cent of venture capital, iftaid.


Telephone 2423932007
Fax 242 393 1772
Internet www kpmg.com bs


INDEPENDENT AUDITORS' REPORT

To the Shareholder of
Hang Seng Trustee International Limited

We have audited the accompanying balance sheet of Hang Seng Trustee International Limited
("the Company") as at December 31, 2006, and a summary of significant accounting policies and
other explanatory notes (together "the balance sheet").

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 ("IFRS"). 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 circumstances.

Auditors' Responsibility

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 relevant ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the balance sheet is free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on our 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, we consider internal control relevant to
the Company'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 Company's internal control. An audit also includes
evaluating the appropriateness of accounting principles 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 opinion

Opinion v

In our opinion, the balance sheet presents fairly, in all material respects, the financial position of
the Company as at December 31, 2006 in accordance with IFRS.

Emphasis ofMatter

Without qualifying our opinion we emphasize that the balance sheet does not comprise a
complete set of financial statements prepared in accordance with IFRS. Information on results of
operations, cash flows and changes in shareholder's equity is necessary to obtain a complete
understanding of the financial position, performance and cash flows of the Company.


Chartered Accountants
Nassau, Bahamas
26 April 2007

HANG SENG BANK TRUSTEE INTERNATIONAL LIMITED
Balance Sheet
31 December 2006
(with corresponding figures at 31 December 2005)
(Expressed in United States dollars)

Note 2006 2005

Assets
Cash and cash equivalents 2&4 $ 1,211,596 905,865
Accounts receivable and other assets 2 & 5(a) 164,197 91,910

Total assets $ 1,375,793 997,775


Liabilities
Accounts payable and other liabilities 2 & 5(b) S 193,311 57,877

Current liabilities $ 193,311 57,877

Equity
Share capital 3 $ 1,000,000 1,000,000
Contributed surplus 300,000
Accumulated deficit (117,518) (60,102)

Total equity 1,182,482 939,898

Total liabilities and equity $ 1,375,793 997,775

See accompanying notes to balance sheet.

This balance sheet has been approved by the Board of Directors on 26 April 2007 by the following:

Joe Chenaz Director


Director


1. General information and significant accounting policies
(a) General information:
Hang Seng Bank Trustee International Limited ("the Company"), a wholly-owned
subsidiary of Hang Seng Bank Limited, which is incorporated in Hong Kong, i
incorporated under thelaws of the Commonwealth of The Bahamas and is licensed
by the Ministry of Finance of the Bahamas Government to carry on trust business.
(b) Ultimate holding company:
The ultimate holding company of the Company is HSBC Holdings plc, which is
incorporated in England.
(c) Statement of compliance:
This balance sheet has been prepared in accordance with International Financial
Reporting Standards (IFRS) and interpretations promulgated by the Internatlonml
Accounting Standards Board and the requirements of the laws of the Commonwealth
of The Bahamas.
(d) Basic of preparation:
This balance sheet is presented in United States dollars, and is prepared on the
historical cost basis.
(e) Use of estimates and judgments
The preparation of financial statements in conformity with IFRS requires
management to make judgments, estimates and assumptions that affect the
application of accounting policies and the amounts reported in the financial
statements and the accompanying notes. These estimates and associald
assumptions are based on relevant information available at the balance sheet date
and, as such, actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the estimates
are revised and in any future periods affected.

(f Cash and cash equivalents
Cash and cash equivalents comprise cash balances on hand and short-term highly
liquid investments with maturities of three months or less when purchased.
(g) Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies at the balance sheet
date are translated to United States dollars at the foreign exchange rates ruling at that
date. Non-monetary assets and liabilities denominated in foreign currencies, which
are stated at historical cost, are translated to United States dollars at the foreign
exchange rates ruling at the dates of the transactions.

2. Transactions with related parties
In the normal course of business, the Company entered into transactions with its immediate
holding companies and fellow subsidiaries. The transactions were priced based on relevant
market iates at the time of each transaction, and were under the same terms as those available
to other counterparties. Balances with these related parties as at 31 December 2006 and 2005
are summarized below:
2006 2005

Cash and cash equivalents $ 1,211,596 905,865
Accounts receivable and other assets 46,227 14,525
Accounts payable and other liabilities 138,034 34,484


3. Share capital

2006 2005

Authorised, issued and fully paid:
1,000,000 shares of $1 each $ 1,000,000 1,000,000


4. Cash and cash equivalents

2006 2005

Current account $ 1,132.703 842,289
Savings account 42,722 3,045
Call deposit 36.171 60.531
$ 1,211,596 905,865

The effective interest rate on the savings account and call deposit were 1.18 percent per
annum (2005: NIL).

5. Maturities of assets and liabilities

2006 2005

(a) Accounts receivable and other assets
Within 1 year $ 164,197 90.035
Between 1-5 years 1,875
$ 164,197 91,910

(b) Accounts payable and other liabilities
Within I year $ 193.311 57,877


6. Geographical distribution of asset
2006 2005

Cash and cash equivalents
Asia-Pacific 100 100



7. Financial instruments
Financial assets of the Company include cash and cash equivalents and accounts receivable
and other assets. Financial liabilities of the Company include accounts payable and other
liabilities. The fair values of the financial instruments was not materially different from the
carrying amounts at 31 December 2006 and 2005.
There were no off-balance sheet financial contracts outstanding at the balance sheet date as
hedges of anticipated future transactions.


KPMG
PO Box N 123
Montague Sterlhng Centre
East Bay Street
Nassau. Bahamas


Sunny Le ar


Notes to Balance Sheet
31 December 2006
(Expressed in United States dollars)


I - I -~ I e -r '~ r


L I e ---- I


de




PAGE 14B, TUESDAY, MAY 1,2007


THE TRIBUNE BUSINESS


U


DR JACINTA MACKEY-HIGGS
FNM Candidate
Fox Hill Constituency


u14.1


91


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TUESDAY, MAY 1,2007, PAGE 15B


THE TRIBUNE BUSINESS


MAY 1, 2007


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

Great Romances Nova "Newton's Dark Secrets' Isaac The Mormons Themes of modem LDS Church include missionary work.
WPBT of the 20th Cen- Newton's scientific breakthroughs. (N) ( (Part 2 of 2) (CC) (DVS)
tury (CC) (DVS)
The nider (N) NCIS The team turs to a blind pho- The Unit "Freefall" A parachute mal- CSI: NY Raising Shane" The pri-
WFOR t (CC) tographer to help track down a petty function alters the course of a mis- mary suspect in a bartender's mur-
officer's killer. (N) ( (CC) sion. (N) 1, (CC) der is Sheldon Hawkes. (CC)
Access Holly- Dateline NBC Two different boys Law & Order: Criminal Intent The Law & Order: Special Victims Unit
I V W"VJ wood (N) (CC) confess to the murder of a 12-year- lover of a married astronaut dies in Investigation of Benson's brother
old gir. (N) 1, (CC) their hotel. (N) ft (CC) threatens her career. (N)
Deco Drive American Idol Bon Jovi mentors House "Family" Wilson prepares a News (N) (CC)
WSVN the six remaining finalists. (Live) n 14-year-old leukemia patient for a
(CC) bone-marrow transplant. (N)'
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onship" (N) (CC) tournament.

(:00) Cold Case CSI: Miami "Extreme" Horatio inves- Dog the Bounty Dog the Bounty Driving Force Driving Force
A&E Files (CC) tigates the murder of an adrenaline Hunter An abu- Hunter Tcket to Ashley prepares Brittany crashes.
junkie. n (CC) sive man. (N) Ride" (CC) to go pro. (N) (CC)
Hardtalk BBC News World Business BBC News Kill or Cure BBC News World Business
BBCI (Latenight). Report (Latenight). Measles vaccina- (Latenight). Report
A. tion.
BET College Hill (CC) ** NEXT FRIDAY (2000, Comedy) Ice Cube, Mike Epps, Justin Pierce. College Hill (CC) Run's House N
BETA young man lives with kin who won the lottery. (CC) (CC)
Just for Laughs To Be Announced To Be Announced CBC News: The NHL Hockey
B Gags (CC) National (N)
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CNBC Money chance to win money. f (CC)
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CNN tion Room (CC)

Scrubs Turk's in- The Daily Show The Colbert Re- Chappel e's South Park Mind of Mencia Mind of Mencia
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DISN Zack & Cody Fa- Robert Townsend. Superheroes' ordinary son pretends A former jazz "Sweet Misery" ture Another girl
other visits. 0 to have secret powers. (CC) singer. n (CC) pursues Phil. n
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rDW othema Depth
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E!. and their own children. Door Door
SPN NFL Live (Live) SportsCenter Special (Live) (CC) The Contender Challenge UK Baseball Tonight (Live)
.PN (cC)vs. USA (N)_________
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HALL Texas Ranger to prove that a wrongful arrest was Holly Marie Combs, Linda Dano. A single gal must find the perfect match
"Stolen Lullaby" racially motivated. (CC) to a made-up beau. (CC)
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HGTV A Fresh Start" n School yard. (N) Cheap finishes. Sarah creates a Outdoor yoga Awkwardly "Bringing the
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Ssion. (CC) is pregnant. n (CC) n (CC) (CC)
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LIFE "Still Auctioning" es her driving Jake tries out for Johnathon Schaech. A sheriff finds no evidence after a woman witnesses
ft (CC) test. A (CC) football. n a murder. (CC)
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tent t (CC) medicine.
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MEN (2003) 'PG-13' (CC)
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f_ (CC) young woman. f 'PG' (CC) Meg Ryan. ft 'PG-13' (CC)
(:00) *s EMPIRE FALLS (2005, Drama) (Part 1 of *t* MATCHSTICK MEN (2003, Comedy) Nicolas Cage, Sam Rock-
HBO-W 2) Ed Harris, Helen Hunt. Unfulfilled lives abound in a well, Alison Lohman. A con man bonds with his daughter and plans a
declining New England town. ft (CC) swindle. f 'PG-13' (CC)


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BO-S Comedy Dermot Mulroney. A man introduces his up- Matthew Broderick, Uma Thurman. Two men scheme to swindle investors
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EnjoN Great Food, Prizes and Lots of Fun.


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ANE HOPWOOD Joaquin Phoenix. A hotelier saves 1,200 Tutsi refugees from slaughter. Sedgwick. Premiere. A woman is
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THE TRIBUNE BUSINESS


PAGE 16B, TUESDAY, MAY 1, 2007


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