The Tribune.
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/02884
 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: 5/4/2007
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
sobekcm - UF00084249_02884
System ID: UF00084249:02884

Full Text

MIGHTYWS i'm ovin' it-



Volume: 103 No.135



FRIDAY, MAY 4, 2007



AIte is


Outgoing prime minister

addresses supporters

after day of confusion

Chief Reporter
ADDRESSING scores of
supporters gathered at PLP
headquarters on Farrington
Road, a tired but resolute Perry
Christie said that his party failed
to secure any new seats in yes-
terday's protracted election
Sitting on the steps of the Sir
Lynden Pindling Centre, Mr
Christie, told the crowd that the
party expects to contest several
seats in election court.
After nearly 24 hours of con-
fusion and rumours that the
unofficial results were flawed,
Wednesday's result the FNM,
with 23 of the 41 seats to
. become the next government
of the Bahamas remained yes-
For the entire day the citizens
of the Bahamas were left spec-
ulating, assuming and guessing
who actually won the election
because of baseless rumours
that the FNM had lost the gen-
eral election.
What many observers called a
"potentially dangerous situa-
.ion" arose throughout day
when hundreds of PLP sup-
porters gathered around vari-
ous PLP constituency head-
quarters and Gambier House
to celebrate a victory when
there was no victory to cele-
Hundreds of persons from
Grand Bahama to Inagua called
The Tribune asking for the
results of the election and were
worried about what would hap-
pen if the rumours proved

Minister Perry Christie
untrue and the crowds turned
Further, many people also
expressed concern, claiming
that a mob mentality was form-
ing and PLP supporters were
targeting FNM supporters and
harassing them.
Elections in the Bahamas are
in the purview 'of the Parlia-
mentary Commissioner in
this case Errold Bethel and
only election results coming
from his office are official.
SPerry Christie is still the
prime minister of the Bahamas
until Hubert Ingraham is sworn
in. He did not personally
address the nation or his sup-
porters until 10.30 last night at
his party's headquarters exactly
24 hours after he conceded to
Mr Ingraham.
SEE page 11

Ballot fraud

incidents on

election day
"POLICE! Police!" a woman
screamed. She snatched a pack-
et of ballots from the hands of
another woman and ran scream-
ing to the police station. Startled
onlookers followed her.
"Mr Ingraham told us to be
vigilant," said the FNM observ-
er who was strolling around
Government High School
grounds when she saw some-
thing suspicious Wednesday
afternoon. It was almost an
hour and a half before the 6pm
closing of Mount Moriah's elec-
tion polling station. Several
Mount Moriah polling divisions
were located at the high school
SEE page 11
ON page six of yesterday's
Tribune, the independent can-
didate for Bain and Grants
Town was incorrectly named
as Cedric Moss.
The candidate's name is
actually Carlton B Moss -
the Rev CB Moss.
The Tribune apologises for
inconvenience this error may
have caused.

Sandilands escapee now

in the custody of police

Tribune Staff reporter
AN ADULT male, consid-
ered a threat to himself and
to the general public, escaped
from Sandilands Rehabilita-
tion Centre.
However, he is now in
police custody, and is no
longer a threat to the general

population, said Assistant
Commissioner Ellison
Mr Greenslade said that at
10.30pm on Wednesday, offi-
cers saw Keno Benjamin
Williams. They managed to
arrest him without either the
patient or the officers being
Yesterday, Asst Commis-

sioner Greenslade said he was
unable to offer any further
details on Mr Williams or his
escape at that time.
The Tribune had been
advised previously to contact
Mark Wilson, permanent sec-
retary at the Ministry of
National Security for addi-
SEE page 11

Men safe after four

days adrift on dinghy

Tribune Staff Reporter
FOUR men have made it safely home after
being adrift at sea for four days on a small
The crew of a small steel hull freighter were
on their way to Haiti when they had to aban-
don ship a few miles off Salina Point, Acklins,
after their engine and pumps failed and their
vessel began to sink at 1.30am on Monday,
April 23.
The men captain Brian "Willy" Wilson

and his crew members, John Pintard, John
Wright and Mario Rolle finally made it to
Ragged Island last Friday aboard a small
dinghy after navigating the high seas.
While the crew are accusing the various
rescue services of not coming to their assis-
tance and blaming these organizations for
their prolonged ordeal, BASRA and other
potential rescuers said their assistance was
refused when it was offered.
BASRA operations manager Chris Lloyd
SEE page 11

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C4 357' Ii, Wells


JUBILANT FNMs celebrate their general election victory. The result from Wednesday the FNM winning 23 of 41 seats
- remains after a day of confusion and rumours, and Hubert Ingraham will be the new prime minister of the Bahamas.



PAGE 2, FRIDAY, MAY 4, 2007


Concern for election process after

registered citizens unable to vote

Tribune Feature Writer
THOUGH they presented
valid voters cards, some resi-
dents of the St Cecilia commu-
nity were unable to vote
because their names did not
appear on the white sheet at the
various polling stations yester-
Cynthia "Mother" Pratt, who
as Minister of National Security
is charged with the electoral
process, told The Tribune that a
number of persons in the St
Cecilia community who regis-
tered at The Town Centre Mall
were given voters cards but
when they went to the polling
divisions yesterday were turned
"And that posed a major
problem. I don't know why that
was, but it really concerns me
because these people are really
upset that they actually regis-
tered on time and they have
their cards but still their names
were not on the actual register.
"They were told that they
were not able to vote because


their names were not shown on
the white sheet," she said.
While Mother Pratt said that
the election went fairly smooth-
ly, she believes that the hiccup
in St Cecilia indicates the need

for a more computerised elec-
toral system, which will also be
more convenient for Bahamian
students who are studying


"We are becoming more
modernised and computerised
communications have been
improved tremendously in our
country, particularly in the last
five years," she said.
"And so certainly in a little
while we will be able to even
vote by proxy. I think that peo-
ple are able to do that. Instead
of being here they can vote
wherever they are. I can see
that coming in the future," she
Though implementing an
electronic election process
seems glamorous in theory, Cas-
sius Stuart, leader of the BDM
believes that the Bahamas can-
not accommodate such an elec-
tion process at this time.
"We are in the 21st century,
but our schools don't even have

* CASSIUS Stuart

technology incorporated into
them, so how can our electoral
process then embrace technol-
ogy?" Mr Stuart asked.
But the way forward, said Mr
Stuart, will mean embracing

technology. "If we do not get
on the information super high-
way, we will be stuck on the red
light on the side street of life.
And that is where we are now,"
he said.
According to Mr Stuart, the
"primitive" way of voting used
in the Bahamas is necessary in
order to appease the masses.
He said that the government
can only consider developing a
more advanced voting system
if the voters can understand the
new process.
"Most of the persons who are
voting can't read and write ya'
know. That's the sad thing. And
this is why we put symbols on
the ballot because they can't
understand what the names are.
This is what we are producing,
and these are the people we are
proud to have," he told The Tri-
bune yesterday.
"But we in the BDM cannot
stand for that. We believe that
we have to now invest in people
and produce intellectual, edu-
cated, and sound people so that
our country can move forward,"
he added.

Union president Pinder: PLP government

took far too long to get things done

M JOHN Pinder

Tribune Staff Reporter
THE PLP lost the support of
the public service because they
took too long to get things
done, said Bahamas Public Ser-
vice Union president John Pin-
der yesterday.
Mr Pinder said the PLP had
made too many promises that
they did not live up to.
He claimed public servants
did not receive proper remu-
neration and compensation for
their work under the Progres-
sive Liberal Party.
In 2002, the Progressive

Liberal Party won by a land-
slide, taking 29 seats in par-
According to John Pinder:
"The last time the FNM gov-
ernment was in power, Dion
Foulkes was the minister of
labour and they started a debate
about a tripartite relationship
to involve the entire three sec-
tors of the society: the govern-
ment, the employer and the
employees, which represent
He said the PLP government
did not continue the dialogue
about this proposed tripartite

"Public sector reform does
not only mean changing they
way things are done in the
public service," Mr Pinder


"There is a definite need for
public sector reform and the
BPSU has views that it wants
to put forward to the new gov-
ernment to get a committee
started to look at real public
sector reform."
Secondly, he said, the union
wantssome amendments to be

made to the present labour
"The FNM should be com-
mitted to the principle of con-
sultation and not just calling the
union into the office and telling
the union about the plan and
calling that consultation," said
Mr Pinder.
Asked what qualities the new
minister of labour should pos-
sess, Mr Pinder said: "You
would want somebody who has
some experience in labour and
the public sector and someone
who does not only 'say' labour,
but they must have the real
interest of workers at heart."

oln brief

Two arrested
on marijuana
TWO men were arraigned
in magistrate's court yester-
day on drug conspiracy and
possession charges.
Patrick Anthony Robin-
son, 47, of St Anne's,
Jamaica,and Raynor Samuel
Andrews, 32, of Farmer's
Cay, Exuma, were arraigned
before magistrate Carolita
According to court dock-
ets, between Wednesday
April 18 and Thursday April
26 2007, in the Bahamas and
abroad, the accused being
concerned with others con-
spired to import a quantity
of marijuana.
A second charge stated
that between Thursday April
26, being concerned together
and with others they import-
ed a quantity of marijuana.
A further charge stated
that between Monday April
30 and Tuesday May 1 in
Exuma, being concerned
together and with others,
they conspired to posses a
quantity of marijuana with
the intent to supply.
The accused were also
charged with possession of
dangerous drugs with the
intent to supply. It is alleged
that on Tuesday May 1, the
accused were found in pos-
session of 175 pounds ofmar-
ijuana which authorities
believed they intended to
supply to another.
The men pleaded not guilty
to all of the charges and were
remanded to Her Majesty's
Prison. A bail hearing has
been set for May 10.



TEL: 394-0491 TEL: 394-7470

TEL: 394-8282
TEL: 325-2632


- I ,, I-


OIn brief

Crime named
a 'growing
threat' to

Dion Foulkes set to make court

challenge over MICAL results

San Juan
THE Caribbean needs
international help to stem the
world's highest regional mur-
S der rate, which drives away
investment and forces island
nations to divert scarce
resources to security, the
World Bank and the United
Nations said in a report
released Thursday, according
to Associated Press.
The study says drug traf-
fickers, who use the region
as a transit point, have dri-
ven high crime rates by intro-
ducing firearms and narcotics
with a street value exceeding
the size of the region's legal
The Caribbean has an
annual homicide rate of 30
victims per 100,000 people,
slightly higher than sub-Saha-
ran Africa, the region with
the next highest murder rate,
according to the study.
Caroline Anstey, World
Bank director for the
Caribbean, said the area's
crime levels "require a
response that transcends
national and even regional
The report calls for more
international help to break
up drug- and gun-smuggling
networks and resettle
Caribbean deportees from
Europe and the United
States. Some resort to crime
once they are returned.

'link Posada
to bombing
of airliner'
San Juan
A NEWLY unearthed
document links Luis Posada
S Carriles, a prominent anti-
Castro Cuban who is under
house arrest in Miami, to the
1976 mid-flight bombing of a
Cuban airliner and other
attacks, a r-d'pected US
research institute said Thurs-
day, according to Associat-
ed Press.
The document is a hand-
written surveillance report,
by Posada's employee Her-
. nan Ricardo Lozano, of
S Cuban targets in Barbados,
Colombia, Panama and
Trinidad. The report notes
that a Cubana Airlines flight
arrived in Barbados every
Wednesday from Trinidad.
That flight was blown up
on Wednesday, October 6,
1976, killing all 73 people
Venezuelan authorities
reportedly found the sur-
veillance report in Posada's
office in Caracas, Venezuela,
soon after the plane blew up
in mid-air, according to the
National Security Archive,
which posted the surveil-
lance report on its website.

THE results of the MICAL
constituency may again end up
in the election court as Dion
Foulkes is set to challenge
Alfred Gray's victory.
Mr Gray has been unofficial-
ly declared the winner over Mr
Foulkes, the former deputy
leader of the FNM although
numbers still have not been
If Mr Foulkes follows
through with his threat, this
would be the second consecu-
tive election in which the results
of this constituency have been
tied up in court.
In the 2002 election Johnley
Ferguson was initially declared
the winner of MICAL by 30
votes. However, after the
recount, Mr Gray was declared
the official victor by four votes.
Allegations of ballot stuffing
and election fraud followed, but
the election court challenge was
lost by the FNM, leading to the
party paying some $235,000 cost
to the PLP.
According to a press release
from the FNM, Mr Foulkes'
challenge will be based on evi-

dence of "floating ballots", vot-
ing irregularities and alleged
vote buying.
One challenge stems from a
public allegation made against
the MP-elect Alfred Gray, by
FNM leader, Hubert Ingraham,
surrounding the granting of
election-time contracts with
public money.
Late in the campaign Mr
Ingraham vowed that if elect-
ed, he would launch an investi-
gation into the actions of Mr
Gray surrounding the granting
of three-month election time
contracts with public money for
unnecessary work. In some cas-
es, it was alleged that multiple
contracts were awarded to paint
the outside of buildings, while
others were awarded for the
During a campaign stop in
Crooked Island, Mr Ingraham
said of Mr Gray, "your MP, and
the administration which he is
running in this part of the
Bahamas, is worse than any
place else I have been in the
In another challenge the
FNM alleges that an elderly vot-
er in Lovely Bay, Acklins, was

* VOTERS standing in line to
cast their vote on May 2
(Photo:Tim Clarke/
Tribune staff)

forced to open and display her
folded ballot paper, revealing
her vote.
Regarding this complaint, the
party said that "Mr Foulkes will
lodge an official complaint to
the Attorney General's Office
condemning this blatant disre-
gard of the Parliamentary Elec-
tions Act and the provisions of
the Constitution of the
Bahamas which guarantees a
secret ballot for every citizen of
the Bahamas."
Dion Foulkes is expected to
be a senior minister in Mr
Ingraham's cabinet regardless
of whether or not he makes it
into the House. If his challenges
fail, the prime minister-elect can
still appoint him to the senate
and appoint him to his cabinet.
The stakes are high for Mr
Foulkes as a second consecu-
tive loss at the polls would dam-
age his stock as a potential
leader of the FNM when Mr
Ingraham does leave the post.

* NEW Grand Bahama MPs Zhivargo Laing, Kwasi Thompson and Vernae Grant

Grand Bahama candidates

focus on vote recounting

Tribune Freeport Reporter
PLP candidates were busy all
Thursday at the recounting of
the votes on Grand Bahama,
where residents waited with
anticipation for the official
results of the May 2 elections.
However, parliamentary offi-
cials had not released the official
results up until 4pm on Thursday.
* On Wednesday evening,
many residents on Grand
Bahama celebrated in the
streets after learning that the
FNM had unofficially won five
of the six constituency seats,
here on the island, and had cap-

tured the overall election.
Many waited with great antic-
ipation for the official outcome
in Marco City, where there was
only a difference of 27 votes
between the FNM's Zhivargo
Laing, who had received 1,986
votes, and the PLP's Pleasant
Bridgewater, who had received
1,959 votes.
Kwasi Thompson easily won
the Pineridge seat from Ann
Percentie-Russell, who had lost
a lot of support early on from
the residents in Grand Bahama
amidst allegations of victimisa-
tion and an alleged unpleasant
demeanour as an MP.
Lucaya, High Rock and Eight
Mile Rock were safe seats for

the FNM, which saw the return
of MPs Neko Grant and Ken-
neth Russell, and election of
newcomer Vernae Grant.
West End and Bimini MP
Obie Wilchcombe managed to
retain his seat, beating FNM
candidate David Wallace.
No one in the PLP camp
could be reached for comment
up to press time on Thursday.
The Tribune contacted PLP
official Greg Christie, who said
that all PLP candidates were at
the recounting.
Mr Christie said that a PLP
team on Grand Bahama would
hold an official press confer-
ence, following the official
release of the results.


NEW 1:15 IWA

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KICIN IT TO OLD SKOOL T 1:05 325 WA 6.1 820 10:45
RACTURE C 1:00 320 WA 61 820 1040
VACANCY C 120 3:35 WA 8:15 815 1015
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PERFECTSTRAGER C 1:05 .30 NL/A 825 10:45
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SPIDERMAN3 NEW 1:00 4:0 N/A 7:00 NA 10:00
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FRIDAY, MAY 4, 2007, PAGE 3



PAGE 4. FRIDAY. MAY 4, 2007


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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Christie making a slow exit

AN IRRESPONSIBLE and untrue state-
ment by a talk show hostess over govern-
ment-owned radio station ZNS yesterday
restored the spirits of beaten PLP supporters,
propelling them into the streets in giddy vic-
tory celebrations throughout the Bahamas.
Phillippa Russell, ZNS' afternoon talk
show hostess, had announced that after yes-
terday's election ballot recounts three seats
had been lost by the FNM and added to the
PLP's tally. By the end of the day the word
had gone the PLP rounds that the PLP, rather
than losing had in fact won the election from
the FNM and would continue as the govern-
ment. A reporter told The Tribune that yes-
terday he had seen Steve McKinney, ZNS'
morning talk show host who has been bitter-
ly criticised for his highly emotional, biased
comments throughout the campaign com-
ments that incite his listeners to no good -
was at Gambier House, still adding fuel to
the fire. It is claimed that he was confirming a
PLP victory.
Reports were coming in that defeated Mar-
co City MP Pleasant Bridgewater had
reopened her party headquarters in Grand
Bahama and a PLP victory motorcade had
been organised from West End where
Obie Wilchcombe was returned as MP- to
Freeport. But regardless of how they
whooped it up, the fact remained that the
FNM was the government, and of the six
Grand Bahama seats, the FNM had won five.
Pleasant Bridgewater remained out, and Obie
Wilchcombe remained in.
Jubilant PLPs danced in the streets of Aba-
co, Eleuthera, New Providence and else-
A Tribune editor became so concerned
about reports coming into our newsroom that
he called Philip Galanis, PLP general and
election coordinator, to inform him of the
unruly crowds gathering around the various
PLP headquarters. Already they had started
to interfere with passersby. There was no
police presence and a mob mentality was
building. Our reporters felt that wherever the
prime minister was he was still the prime min-
ister and should take control of the situation.
At 9.50pm The Tribune was notified that
Prime Minister Christie would speak to the
Bahamas at 10.30pm at the Sir Lynden Pin-
dling Centre "as hundreds of persons are
gathered outside the headquarters."
Although Mr Christie had conceded the
election at 10.30 Wednesday night, up until

midnight last night the Governor General
had not sent for Mr Ingraham to swear him in
as prime minister.
However, Mr Ingraham assured The Tri-
bune that he would be sworn in as prime min-
ister of the Bahamas today. Until then Mr
Christie is still responsible as prime minister.
This handover is almost reminiscent of the
1992 handover to the FNM when it won the
government on August 19, 1992. For several
uncomfortable days there was speculation
that after a 25-year reign, Sir Lynden and his
colleagues had grown so comfortable that
they probably saw no need to move on.
Mr Ingraham was forced to call Legal
Affairs to suggest that Sir Clifford Darling
should be reminded of what his duties were
when a new prime minister had to be sworn
in. He also had to call the secretary to Gov-
ernment House to give him a gentle nudge.
Still no movement until the day a letter
arrived from Government House appointing
Mr Inraham prime minister. Although Mr
Ingraham knew that this was not proper pro-
cedure, he went along with their unconven-
tional behaviour.
How different it was when Mr Christie
won the government from Mr Ingraham on
May 2, 2002.
As soon as the polls closed and Mr Ingra-
ham knew he was defeated, he telephoned
to congratulate Mr Christie. He told him that
FNM Leader Tommy Turnquest would be
calling him to concede defeat on behalf of
the FNM government and that he had been in
touch with Governor General Dame Ivy
Dumont who was ready to swear him in ear-
ly the next day. Mr Christie requested to be
sworn in in the afternoon. The election was on
May 2, 2002. Mr Christie was sworn in by the
governor general the next day May 3.
This year's election was held on Wednes-
day, May 2. Mr Christie lost the election and
conceded defeat at 10.30 that night. Mr Ingra-
ham should have been sworn in yesterday -
a slow parliamentary count has nothing to
do with the swearing-in ceremony. But up
until the time of going to press this morning
there has been no word from Government
House. Will Mr Ingraham again have to
remind the governor of his duties?
It's a tragedy that the Christie government
has to dither even when making its exit.
While a decisive Mr Ingraham has
announced: "I expect to be sworn in as Prime
Minister of the Bahamas today."


on ambulance


EDITOR, The Tribune

I FEEL I must respond to the
inaccuracies in a report by your
reporter Karin Herig regarding
the recent Bahamasair crash at
Governor's Harbour Airport.
As the Chairman of the Health
Association of Eleuthera and
volunteer ambulance driver
who attended this emergency
call I feel compelled to correct
some of the statements given
by the anonymous passenger to
your reporter.
I received a phone call from
Governor's Harbour police
station asking for the ambu-
lance to attend "an incident
with Bahamasair". En route to
the airport I noticed that the
engine temperature was rising.
Unaware of what was causing
this problem I made a phone
call to dispatch the second
ambulance to the incident.
Upon our arrival at the airport
we were admitted to the apron
by security staff and proceeded
to drive towards the runway.
Before getting to the runway a
police car returning from the
crash site told us to turn
around and return to the ter-
minal. At that moment ambu-
lance number two arrived and
was allowed onto the apron by
security staff. I directed this
ambulance to leave the apron
area and return to the front of
the domestic terminal area. A
nurse from the Governor's
Harbour Clinic was already on

the scene and evaluating the
situation. Only after it was
determined that there were no
life threatening injuries did I
decide to add more water to
the radiator of the ambulance
parked by the fire shed adja-
cent to the security gate. After
adding water, this ambulance
left the apron and also parked
in front of the terminal. Three
passengers opted to be trans-
ported by ambulance to Gov-
ernor's Harbour Clinic, two in
the reserve ambulance and one
in the primary ambulance.
Both ambulances arrived at
the Levy Clinic in Governor's
Harbour. All were minor
Whilst I understand the con-
cern and shock after such an
incident that any passenger
might experience, I wish to state
categorically that:
1) At no time did any ambu-
lance break down.
2) At no time did any ambu-
lance obstruct the access ramp
and no other vehicle police or
otherwise attempted entry or
exist during this time.
3) At no time did either
ambulance go on the runway
because we were instructed by
the police to the terminal.
4) Water was only added to

the radiator when it was deter-
mined that nobody was seri-
ously hurt.
5) Two working ambulances
were in attendance at the air-
port and as the facts support,
transported three patients to
the clinic.
6) The addition of coolant
prevented long term serious and
expensive engine damage and
as a result the problem was
fixed the next day.
7) It must have been obvious
to your anonymous source that
not one but two running ambu-
lances were parked directly in
front of the domestic terminal
entrance, yet this important fact
was omitted from the newspa-
per article. Furthermore closer
inspection would have con-
firmed that patients requiring
treatment were being treated
inside the ambulance by a qual-
ified nurse.
It saddens me that your
reporter did not take the time to
locate any of three health per-
sonnel who attended this inci-
dent and get the correct facts. It
seems that sensationalism took
place over accuracy and has
done a great disservice to hard
working medical and. emer-
gency staff, be they volunteers
or paid employees.

Governor's Harbour
May 1 2007

A need for investment

to improve Eleuthera

EDPTOR, The Tribune

IT IS incredible to drive on
the state of the roads in Savan-
nah Sound, Eleuthera. Pot holes
cover the entire road surface,
especially the road to the Dis-
trict Superintendent of Educa-
tion's Office. The roads were
always like that.
I am a highly qualified
teacher. I have worked on many
Family Islands. I am a native of
Tarpum Bay. I have lived and
taught students in every settle-
ment on Eleuthera. I asked the
landlords to rent me an apart-
ment on Bay Street, in Tarpum
Bay, and was told that I could
not rent them. These apart-
ments are run down, badly in
need of repair, owned by my
relatives and if you rent them

you must pay the rent or the
landlord tells you to get out.
They charge $500 for these one
bedroom, rundown apartments.
I blame the Government for
this because these landlords
have to get a license from the
Government in order to rent
the apartments and there are
certain standards they must
have in order to get a licence.
Driving in Eleuthera can be
very dangerous. On the high-
way motorists drive at 100 miles
an hour and they drive on more
than the left side of the road.
As one drives on the main high-
way cars drive in front of you
from side roads interrupting the
normal flow of traffic. I was dri-
ving just outside of Savannah
Sound one afternoon going
home from work when a taxi

driver ran his truck into the side
of my car. I reported this to the
police and they did nothing
about it.
Eleuthera has many rich
investors. We have to develop
Eleuthera. You'cannot depend
on other people to build
Eleuthera. We attract tourists
to our island but when they.get
here, there is nothing for fRtm
to do, not even a basketbai!
game, no entertainment, no ctl-
tural activities for our guests to
participate in.
We call Eleuthera the Island
of Freedom; but there is so
much we need to do in order to
define that concept.
Tarpum Bay, Eleuthera
April 13 2007

'98 HYUNDAI ELANTRA Best offer
Very low mileage, very clean
Only 5,000 miles plus very clean
'89 TOYOTA BUS Best offer

EAST SHIRLEY STREET 322-3775 325-3079
Visit our showroom at Quality Auto Sales (Freeport) Ltd for similar deals Queen's Highway 352-6122

We'ie holding a FRAME STYLE SHOW but we really don I ,oant lo cati t
that so I.e-ve deciled to call c a PARTY It's simple, IMPERIAL OPTICAL
:s !nvnt(you to our FRAME PARTY. Get dressed and conm to our PARTY
The BOg-shot from FENDI and CK wilt be here ovith the hollesl and latest
frame styles Get to our PARTY early and you'll get first hoire on frames
t s a t.o-da l affair We start on Friday. May 11 at Imperll Optical,
Rosetta Street and continue on Saturday. May 12 at Matt-at-Marathon,
Imperial Optical Want to talk to us0 Want that personal element We
Sidnrt explain ourselves clearly' tNo problem. that personal touch is a call
away--322-2089 or 393.5959 We re hoping you'll loin us

Co. (Nassau) Ltd

;B apti t Cburtb
South P.O. Box N-7984 Nassau, Bahamas

"Kindness is the oil that takes the
friction out of life."
7:00am, 9:00am, 11:15am
Marriage Officer, Counsellor, Intercessor
Phone: 323-6452 393-5798
Fax: 326-4488/394-4819




Bishop Gloria Redd

May 6th May 11th 1 week revival
Bishop Ervin Hart
Soul Winning Church of God in Christ
Lyon Road

May 13th-May 18th 1 week revival
Bishop Peter Bele
.- Holiness Church



; '

L. .
--$ .





FRIDAY, MAY 4, 2007, PAGE 5



*In brief

jailed for
killing radio

Santo Domingo

member was sentenced to 30
years in prison for gunning
down a Dominican radio
journalist who frequently
denounced crime, according
to Associated Press.
Vladimir Pujols, who
received the maximum sen-
tence on Wednesday, was
arrested last year in the Sep-
tember 2004 slaying of Juan
Andujar outside the Radio
Enriquillo station in Azua,
75 miles west of Santo
Andujar and his colleague
Luis Sencion, who was
wounded in the attack, had
denounced Andujar's gang.
The three-judge panel sen-
tenced another suspected
gang member, Ricardo
Michael Agramante, to five
years in prison for accompa-
nying Pujols during the shoot-
The other suspected shoot-
er, Tejeda Filpo, died in a
gunbattle with police shortly
after the attack.

official tried
to defraud

San Juan

A FORMER chief of envi-
ronmental protection in the
U.S. Virgin Islands was sen-
tenced to four years in prison
for conspiring to defraud the
islands' government of
approximately US$1.4 mil-
lion, authorities said Thurs-
day, according to Associated
Hollis Griffin, 43, was also
ordered to pay more than
US$1 million in restitution
and sentenced to three years
of supervised release, the US
Department of Justice said in
a statement.
He pleaded guilty in
Atlanta on September 26.
The bribery and kickback
scheme in the US Caribbean
territory involved a fictitious
company, Elite Technical
Services. Little or no actual
work was performed on con-
tracts but payments totaling
more than US$1.1 million
were made to Elite and the
other entities, the Justice
Department said.
Two other defendants are
scheduled to be sentenced on
May 11.

6:30 Bahamas @ Sunrise
11:00 Immediate Response
Noon ZNS News Update
12:05 Immediate Response
1:00 Legends: Everette Hart
2:00 One Cubed
2:30 Turning Point
3:00 Fellowship of Christians &
3:30 Walter Thomas
4:00 Lisa Knight.
4:30 Cybernet
5:00 ZNS News Update
5:05 Welcome Home
5:30 The Envy Life
6:00 Caribbean Passport
6:30 News Night 13
7:00 The Bahamas Tonight
8:00 55 Degrees North
9:00 The Envy Life
9:30 Inside Hollywood
10:00 Caribbean Newsline
10:30 News Night 13
11:00 The Bahamas Tonight

11:30 Immediate Response
1:30 Community Page 1540 am

6:30am Community Page 1540AM
9:00 Bahamas @ Sunrise
10:00 Int'l Fit Dance
10:30 Dennis The Menace
11:00 Carmen San Diego
11:30 Little Robots
noon Underdog
NOE ZSTV1 -reeve h
rih t ak as int

Wells: it's time to quit politics

Tribune Staff Reporter

Bamboo Town for 20 years is
likely never to participate in
front-line politics again after his
defeat in the polls, he told The
Tribune yesterday.
"I am 60 years old now and I
don't see myself being involved
in front-line anymore," he said.
The former independent can-
didate, known in recent years
for his tirades against FNM
leader Hubert Ingraham, said
he was shocked and disap-
pointed at his loss to the FNM's
Branville McCartney but ulti-
mately "relieved" that the stress
and headaches of campaigning
are now in the past.
According to unofficial
results, he lost to McCartney by
437 votes, winning 1,516 votes
to the FNM candidate's 1,953.
Adding the caveat that "you
can never say never", he
explained he will be 65 when
the next election is called, and
does not think it probable that
he will be "walking the streets
asking anybody to vote for me
at that age."
Refraining from making any
ominous predictions about the
future of the country with the

Bamboo Town

FNM in power, he congratulat-
ed Mr Ingraham and Mr
McCartney on their success.
Previously, Mr Wells had
stated that the FNM could nev-
er win this year's general elec-
tion with Mr Ingraham at its
helm, and claimed in February
of 2006 that the party is operat-
ing "without regard to philoso-
phy or principle".
However, other commenta-
tors declared that Mr Well's
claims including that if Hubert
Ingraham was elected again as
PM "free elections" would be
threatened were symptomatic
of a case of "sour grapes".
Yesterday, the former FNM
MP who was thrown out of
the party in 2005 pointed out
that Mr Ingraham is only the
second prime minister in the
Caribbean region, next to St
Lucia's premier John Compton,
to return for a non-consecutive
Asked what he might have
done differently in retrospect,
Mr Wells said perhaps he
should have screened his cam-
paign team more scrupulously
for "double-agents".

"People who were closest to
me were telling me (that there
were double agents) for a cou-
ple of weeks... but I don't have
no evidence to prove it so I just
don't bother with it," he said.
The FNM had a lot more
money than he or the PLP to
spend, and this had been evi-
dent in Bamboo Town, he sug-
"They were outspending the
PLP maybe two or three to
He said that, having done
what he felt he needed to do
"in terms of my people to win",
he did not see the need to spend
money on "extravagances."
"If they thought I was a good
representative they would've
voted for me. I was there 20
years and if I had to go and
spend money to do it, well I did-
n't think they want me and I
shouldn't have them."
Mr Wells said he realized
quite early on when vote count-
ing began that he had been
"It appeared to me, from
what I'd seen from the unoffi-
cial results... that I'd lost by

STENNYSON Wells speaking in the House
M TENNYSON Wells speaking in the House

about 400 votes and that's a
swing of about 600 votes against
me, based on the last election,"
he said.
Asked whether he felt his
affiliation with the PLP had hurt
his prospects, Mr Wells denied
he was allied with the party, but
agreed that many people may
have had that impression, and
with the "swing" towards the
FNM, it may have been detri-
"I was not going to turn down

the support offered by the PLP,
I got no financial assistance or
anything from them, I didn't
attend any of their meetings, I
didn't have any agreements or
anything, you know... but a
lot of people felt otherwise," he
Mr Wells said he was partic-
ularly surprised at the outcome
as he thought Perry Christie had
done a good job during his term
in office, which "history will

GBHRA president 'pleased' at election behaviour

Tribune Freeport Reporter

Bahama Human Rights Asso-
ciation president Fred Smith
said he was very pleased with
the overall conduct of Bahami-
ans during the May 2 general
elections, which was reportedly
not marred by bloodshed.
Election officials had not yet
made an official announcement
on the results of the election up
to 3pm on Thursday, and were
stillin the process of recounting
the votes throughout the country.
In the meantime, Mr Smith
extended congratulations to the
FNM on its unofficial victory.
"This is a great day for
democracy in the Bahamas," he
said. "The election was not .,
spoiled by any violence or any ..
intimidation, and we have one
of the highest per capital voting
populations in the world, and it
shows that Bahamians are
proud of their right to vote '
this is not something that we
take for granted, and it is a '
reflection of the fundamental
spirit of freedom and democra-
cy that exist in the Bahamas," i
said Mr Smith.
He also said that a strong
opposition is needed to ensure
accountability in government. \ I-
"I am very pleased that there Thorouihbred
is a sizeable opposition. What
this means is that both political
parties now fully appreciate that
they are very accountable to the
people.I think that this heralds
the dawn of a new political era l
in the Bahamas, and that is, 7
extremely accountable admin-
istration," he said.
When asked what he expects
from the new government, Mr
Smith said the rebirth of
Freeport, and a boom in Grand
"I also hope to see strong
environmental protection leg-
islation, and I look forward to
the reform of the administra-
tion of justice.
"I look to the protection of
Bahamian crown land; the
strengthening of local govern-4
ment structure these are all
of the things that the PLP shot
down while they were in power
and neglected.
"I also look forward to
vibrant foreign and Bahamian
investments, as well as a far
more enlightening and sensible I'
approach to immigration." 0
He hoped that the FNM will
focus on quality, and not quan-
tity when considering invest- Z
ments and economic projects
for the country.
"We don't need mega pro-
jects we just need sufficient
projects so that Bahamians can
be employed. And if there
aren't enough Bahamians to do
the job, then don't approve a
$500-million project."
Mr Smith said he hopes that ,
immigration is used as a tool
for development, promoting
investments, and promoting a
"buy-in" approach by people
who come to the Bahamas.
He also wants to see an end
to spousal permits. The immi-
gration policy that has been
used in the past, he said, has
alienated foreign investors.
"They are made to feel that
they don't belong here; that
they are only here for a short
period, and then it gives them
an incentive to rape and pillage
our community to take as much
as they can while they are here
for the short period." he said.


PAGE 6, FRIDAY, MAY 4, 2007


Voters go to Residents of Grand Bahama
V g turned out to the polls in


in Grand


droves on Wednesday,
returning five of the six
seats to the FNM and
leaving only former tourism
minister Obie Wilchcombe
in his constituency

* NEKO Grant getting instructions on where to mark his X. He
was registered to vote in the Marco City constituency

Serving The Bahamian Community
Since 1978



PHONE: 322-8160 OR 322-8219

...- HydrosalK

* FNM poll workers paying strict attention to the register

* PLP poll workers checking their list of voters

* FATHER Robinson voting at St George's School, which is polling division number 15 for Eight Mile Rock

:" i

* A VOTER with disabilities being assisted by a family member
at one of the Pineridge constituency polling stations

M A VOTER in the West End/Bimini constituency

Take control of
your excessive

Available exclusively at:

* A LONG line of voters await in the sun at the EMR polling

Call 393-SKIN'"6 for more details or
visit our'Boutique at the Harbour Bay Plaza.

* LINES moving quickly in the West End constituency

* VERNAE Grant and Lloyd "Chubby" Grant having fun at
the polls



ki i~B~a~c~


FRIDAY, MAY 4, 2007, PAGE 7


Election night celebration for FNM supporters

* CAUTIOUSLY optimistic FNM supporters watch the general elec-
tion results come in at the party's headquarters on Wednesday night (left),
bel'ore the victory celebrations begin (below).

Al -. A AA"' A.
A '",'-" A" ' ''" '' =- : ''", '"" ; " -. "' ,' "'
' ,' I. "

r : .,



'..,.. : ., ;. : ... ....... .

/ !. '

A' .Al v
-... .." ...'.
-, ":' ,
, .::
,'. ., -.. :

', .

.; '. c,
.' - *, ,,


--- 1.._


PLP voters in shock as election hopes crumble

Tribune Business Reporter

In fact, despite the projec-
tions of local media around

longer Michael Barnett to once
again become the area's MP for
another five-year term.

Minister Perry Christie.
As FNM supporters took to

Golden Isle and Pinewood.
Party chairman Raynard Rig-

Dedicated to

lory of E. Clement Bethel


5th May 2007

I* 8pm

Rainforest Theatre


ckets: $25, $35, $45, $80 C'

Tickets available at: Custom Computers, CS
HG Christie Realty or call: 466 8094 "he Know Hw Store"

prime minister in the country's
history to not be re-elected.

that the civil servant vote might
have made the difference, say-

0upm or an FNM victory, the the streets declaring victory, by refused to make a statement, One PLP supporter described ing that they "can never be
When they first heard the party's main campaign gener- PLP supporters at HQ main- only saying that the recount the defeat as "a crushing blow" underestimated when they want
unofficial polling results on als Philip Galanis, Raynard Rig- tained that their tallies showed would be critical, while another said: "I thought something."
Wednesday night, PLP officials by and Valentine Grimes were a dead heat at 18-18 seats with However, it was slightly after there was no way that the PLP Workers Party leader Rod-
and supporters at party head- unwilling to concede defeat, five seats in particular being 10pm that reports came in that could lose. I just can't believe ney Moncur hailed the FNM
quarters were in a state of instead telling the media to simply too close to call Marco Mr Christie had conceded the this." victory as a triumph for the
sho3c. await a statement from Prime City, Blue Hills, Sea Breeze, election, making him the first Another person suggested Bahamas and democracy.

Sears holds on to Fort Charlotte



WITH an overwhelming
sho' of support from the young
voters 'bf the Fort Charlotte
constituency, PLP incumbent
Alfld Sears scraped by chal-

:1 ,wl~



*i ->r

Fort Charlotte

From the number of sup-
porters who turned out in the
early morning hours to hand


SPastor Lilymae Knowlcs

We the officers and members
Invites you to celebrate with us on our
Pastor's 81h year anniversary.

Starting Fridy 4; 2007 at 7:45 p.m.
ag iSunGday May 6 at 3:00 p.m.

Our dynamic* guest speaker will be
District Elder Dr. Aletha Cushinbury

\e look Dorard to.having you and may God richl hbless you.

For more information you can contact the church on
,Ph: 325-6736/327-6036


Rupert Dean Lane

out tee-shirts and remind voters
that a vote for Mr Sears was a
vote for "education," it was
clear that the former education
minister had been able to
mobilise a workforce that was
very instrumental in his victory.
But whereas the Sears sup-
porters gathered in the parking
lot of the St Joseph polling sta-
tion outnumbered those of his
rival Barnett, many were still
cautious in making predictions
as to the way Fort Charlotte
would go.
In 2002, with 650 more votes
in his favour, Sears (2,126) gar-
nered a decisive victory over
the incumbent FNM candidate
Zhivargo Laing (1469), and
independent Noel T St Claude
However, in this contest, Mr
Sears' victory was not guaran-
teed as many of his constituents
felt that he had become neglect-
ful, with some saying that the
former education minister had
abandoned Fort Charlotte, and
as a result, had become unsuit-
able to represent the con-
"In the last election I voted
with Mr Sears because I thought
he was a leader," said Darren
Hall, a former campaign dele-
gate for Mr Sears in 2002. He
said his vote, yesterday, for Bar-
nett was a vote against the
unfulfilled promises and inef-
fective leadership of Mr Sears.
And even though a great
number of Fort Charlotte resi-
dents may have shared Mr Hal-


A Performance of

I^ The Armed Man: A Mass for Peace'


* ALFRED Sears

l's sentiments, their numbers
were not large enough to pre-
vent the embattled Mr Sears
from regaining his seat for a sec-
ond consecutive term.
"He is naturally sincere," said
Sears supporter Shereka Ward, as
she sat outside the St Joseph
polling station yesterday morning.
"He listens and shows no dis-
crimination," she continued.
"He did a lot, and it would have
been a big loss if he loses
because Barnett is too

As Ms Ward indicated, for
newcomer Barnett, the great-
est challenge that he faced in
the area may not have been Mr
Sears, but public perception that
he was somewhat aloof and
And even though residents
of the area may have warmed
up to Mr Barnett in the end, it
may have been a little to late
for him to secure the victory
over Mr Sears.

PAGE 8, FRIDAY, MAY 4, 2007

albeit with vastly reduced lead



by Karl Jenkins

Performed by

ncr/ O~rcesmra

and Chorus


Employment Opportunit
--Manager, Training & Development

Commonwealth Bank is committed to training and developing its
employees. This is a key management position and the successful
applicant will play an integral role in the development, and training
of the Bank's human resources.

PRINCIPAL DUTIES (Core Responsibilities)
Managing and leading the Training and Development Unit of the
Conferring with management to gain knowledge of work
situations requiring training and conducting needs analysis of
skills to ensure training is provided to address all skill gaps
Developing, writing and coordinating training manuals and
Handling the effectiveness of training programs developed and
administered bank-wide so as to develop higher skills within the
Monitoring and measuring the success of training programs and
development plans in line with the organization's strategic plans
and objectives

Candidates should meet the following criteria:
Bachelors degree or higher in Human Resources Management,
Communications or Teaching
Minimum of five (5) years experience in training, teaching at the
adult education level, or related Human Resources experience at
a large financial institution
Excellent written and oral communication skills
Excellent technical writing skills and creative ability
Excellent PC skills (Microsoft Office suite)
Excellent visual graphics design skills
Strong organizational skills

The position offers an attractive salary and benefits package reflecting
the successful applicant's experience and qualifications, including
pension plan, medical, dental, vision and life insurance coverage,
allowances and performance based incentives.
Interested persons should submit their resumes in WRITING or E-mail
along with copies of their certificates before May 15, 2007 to:

Re: Manager, Training & Development
|i P.O. Box SS-6263
INassau Bahamas
Telefax: 393-8073
E-mail address:HR@combankltd.com

f~B~aaarrrrrrrrta~l~q-~~ ,-i


I I ,

I -







FRIDAY, MAY 3, 2007, PAGE 9


This information is set forth in the Risk Management section
of Item 7 of this Report.



To the Board of Directors and Shareholders of
The PNC Financial Services Group, Inc.
Pittsburgh, Pennsylvania

We have audited the accompanying consolidated balance
sheet of The PNC Financial Services Group, Inc. and
subsidiaries (the "Company") as of December 31, 2006 and
2005, and the related consolidated statements of income,
shareholders' equity, and cash flows for each of the three
years in the period ended December 31, 2006. These financial
statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on
these financial statements based on our audits.

We conducted our audits in accordance with the standards of
the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, such consolidated financial statements present
fairly, in all material respects, the financial position of The
PNC Financial Services Group, Inc. and subsidiaries as of
December 31, 2006 and 2005, and the results of their
operations and their cash flows for each of the three years in
the period ended December 31, 2006, in conformity with
accounting principles generally accepted in the United States
of America.

As discussed in Note 1 to the consolidated financial
statements, the Company adopted Statement of Financial
Accounting Standard No. 158, "Employers' Accounting for
Defined Benefit Pension and Other Postretirement Plans an
amendment ofFASB StatementsNo. 87, 88, 106, and 132(R)"
as of December 31, 2006.

As a result of the transaction discussed in Note 2 to the
consolidated financial statements, the Company no longer

consolidates BlackRock, Inc. ("BlackRock"). Beginning
September 30, 2006, the Company recognized its investment
in BlackRock using the equity method of accounting.

* We have also audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States),
the effectiveness of the Company's internal control over
financial reporting as of December 31, 2006, based on the
criteria established in Internal Control-Integrated Framework
issued by the Committee of Sponsoring Organizations of the
Treadway Commission and our report dated March 1, 2007
expressed an unqualified opinion on management's
assessment of the effectiveness of the Company's internal
control over financial reporting and an unqualified opinion on
the effectiveness of the Company's internal control over
financial reporting.

Is/ Deloitte & Touche LLP
Pittsburgh, Pennsylvania
March 1,2007


December 31
In millions, except par value 2006 2005
Cash and due from banks $3,523 $3,518
Federal funds sold and resale agreements 1,763 350
'Other short-term investments, including trading securities 3,130 -2.543
Loans held for sale 2.366 2,449
Securities available for sale 23,191 20,710
Loans, net of unearned income of $795 and $835 50,105 49.101
Allowance for loan and lease losses (560) (596)
Net loans 49,545 48.505
Goodwill 3,402 3,6 .
Other intangible assets 641 ,
Equity investments 5330 1,323
Other 8929 8,090
Total assets $101.820 S91.954

Noninterest-bearing $16,070 $14,988
Interest-bearing 50.231 45.287
Total deposits 66,301 60,275
Borrowed funds
Federal funds purchased 2,711 4,128
Repurchase agreements 2,051 1.691
Bank notes and senior debt 3,633 3,875
Subordinated debt 3,962 .4.469
Other 2,671 2,734
Total borrowed funds 15.028 16,897
Allowance for unfunded loan commitments and letters of credit 120 100
Accrued expenses 3,970 2,770
Other 4,728 2,759
Total liabilities 90,147 82.801

Minority and noncontrolling interests in consolidated entities 885 590

Shareholders' Equity
Preferred stock (a)
Comnbn stock $5 par value
Authorized 800 shares, issued 353 shares 1.764 1,764
Capital surplus 1,651 1,299
Retained earnings 10,985 9,023
Accumulated other comprehensive loss (235) (267)
Common stock held in treasury at cost: 60 and 60 shares (3,377) (3,256)
Total shareholders' equity 10,788 8,563
Total liabilities, minority and noncontrolling interests, and
shareholders' equity $101;820 $91,954

(a) Less than $.5 million at each date.
See accompanying Notes To Consolidated Financial Statements.

FASB Staff Position No. ("FSP") FAS 13-2,
"Accounting for a Change or Projected Change in the
Timing of Cash Flows Relating to Income Taxes
Generated by a Leveraged Lease Transaction." This
guidance requires a recalculation of the timing of
income recognition for a leveraged lease under SFAS
13, "Accounting for Leases," when a change in the
timing of income tax deductions directly related to
the leveraged lease transaction occurs or is projected
to occur. Any tax positions taken regarding the
leveraged lease transaction must be recognized and
measured in accordance with FIN 48-described
above. This guidance will be effective for PNC
beginning January 1, 2007 with the cumulative effect
of applying the provisions of this FSP being
recognized through an adjustment to opening retained
earnings. Any immediate or future reductions in
earnings from the change in accounting would be
recovered in subsequent years. Our adoption of the
guidance in FSP FAS 13-2 resulted in an after-tax
charge to beginning retained earnings at January 1,
2007 of approximately $149 million.

As described under the Loans And Leases section of the Note
1, we adopted SFAS 155 as of January 1, 2006. As described
under the Loan Sales, Securitizations And Retained Interest
section of Note I, we also adopted SFAS 156 as of January 1,
2006. The adoption of SFAS 155 and SFAS 156 did not have
a material impact on our consolidated financial statements.

In June 2005, the Emerging Issues Task Force ("EITF") of the
FASB issued EITF Issue 04-5, "Determining Whether a
General Partner, or the General Partners as a Group, Controls
a Limited Partnership or Similar Entity When the Limited
Partners Have Certain Rights." EITF 04-5 provides that the
general partners) is presumed to control the limited
partnership (including certain limited liability companies),
unless the limited partners possess either substantive
participating rights or the substantive ability to dissolve the
limited partnership or otherwise remove the general partners)
without cause ("kick-out rights"). Kick-out rights are
substantive if they can be exercised by a simple majority of
the limited partners voting interests. The guidance was
effective for all limited partnerships as of January 1, 2006.
The adoption of this guidance did not have a material impact
on our consolidated financial statements.

On September 29, 2006, Merrill Lynch contributed its
investment management business ("MLIM") to BlackRock in
exchange for 65 million shares of newly issued BlackRock
common and preferred stock. BlackRock accounted for the
MLIM transaction under the purchase method of accounting.

Immediately following the closing, PNC continued to own
approximately 44 million shares of BlackRock common stock

On October 8, 2006 we entered into a definitive agreement
with Mercantile Bankshares Corporation ("Mercantile") for
PNC to acquire Mercantile. Mercantile shareholders will be
entitled to .4184 shares of PNC common stock and $16.45 in
cash for each share of Mercantile, or in the aggregate
approximately 53 million shares of PNC common stock and
$2.1 billion in cash. Based on PNC's recent stock prices, the
transaction is valued at approximately $6.0 billion in the

Mercantile is a bank holding company with approximately
$18 billion in assets that provides banking and investment and
wealth management services through 240 offices in Maryland,
Virginia, the District of Columbia, Delaware and southeastern
Pennsylvania. The transaction is expected to close in March
2007 and is subject to customary closing conditions, including
regulatory approvals. See Note 13 Borrowed Funds regarding
February 2007 debt issuances related to this planned

Effective January 31, 2005, BlackRock closed the acquisition
of SSRM Holdings, Inc. ("SSRM"), the holding company of
State Street Research & Management Company and SSR
Realty Advisors Inc., from MetLife, Inc. for an adjusted
purchase price of approximately $265 million in cash and
approximately 550,000 shares of BlackRock restricted class A
common stock valued at $37 million. SSRM, through its
subsidiaries, actively manages stock, bond, balanced and real
estate portfolios for both institutional and individual investors.
Substantially all of SSRM's operations were integrated into
BlackRock as of the closing date. BlackRock acquired assets
under management totaling $50 billion in connection with this

On January 18, 2005, our ownership in BlackRock was
transferred from PNC Bank, N.A. to PNC Bancorp, Inc., our
intermediate bank holding company. The transfer was effected
primarily to give BlackRock more operating flexibility,
particularly in connection with its acquisition of SSRM. As a
result of the transfer, certain deferred tax liabilities recorded
by PNC were reversed in the first quarter of 2005 in
accordance with SFAS 109, "Accounting for Income Taxes."
The reversal of deferred tax liabilities increased our earnings
by $45 million, or approximately $.16 per diluted share, in the
first quarter of 2005.

We acquired Riggs National Corporation ("Riggs"), a
Washington, D.C. based banking company, effective May 13,
2005. Under the terms of the agreement, Riggs merged into
The PNC Financial Services Group, Inc. and PNC Bank,

A copy of the Annual Report may be obtai
Ansbacher House, Bank Lane, Nassau, Bahamas.

representing an ownership interest of approximately 34% of
the combined company (as compared with 69% immediately
prior to the closing). Although PNC's share ownership
percentage declined, PNC's investment in BlackRock
increased due to the increase in total equity recorded by
BlackRock as a result of the MLIM transaction.,

Upon the closing of the BlackRock/MLIM transaction, the
carrying value of our investment in BlackRock increased by
approximately $3.1 billion to $3.8 billion, primarily reflecting'
PNC's portion of the increase in BlackRock's equity resulting,
from the value of shares issued in the transaction.

We also recorded a liability at September 30, 2006 for
deferred taxes of approximately $.9 billion, related to the
excess of the book value over the tax basis of our investment
in BlackRock, and a liability of approximately $.6 billion
related to our obligation to provide shares of BlackRock
common stock to help fund BlackRock long-term incentive
plan ("LTIP") programs. The LTIP liability will be adjusted
quarterly based on changes in BlackRock's common stock
price and the number of remaining committed shares.
Accordingly, at each quarter-end PNC will.record a charge to
earnings if the market price of BlackRock's common stock "
increases and will record a credit to earnings if BlackRock's'%
stock price declines.

The overall balance sheet impact of the BlackRock/MLIM
transaction was an increase to our shareholders' equity of
approximately $1.6 billion. The increase to equity was
comprised of an after-tax gain of approximately $1.3 billionk
net of the expense associated with the LTIP liability and thwn
deferred taxes, and an after-tax increase to capital surplus of
approximately $.3 billion. The recognition of the gain is
consistent with our existing accounting policy for the sale or
issuance by subsidiaries of their stock to third parties. The itu
gain represents the difference between our basis in BlackRo]c
stock prior to the BlackRock/MLIM transaction and the new;
book value per share and resulting increase in value of our .,
investment realized from the transaction. The direct increase
to capital surplus rather than inclusion in the gain resulted
from the accounting treatment required due to existing ,'^'
BlackRock repurchase commitments or programs.

For 2004, 2005 and for the nine months ended September ,07
2006, our Consolidated Income Statement included our fornfei
approximately 69% 71% ownership interest in BlackRock'lr
net income through the closing date. However, beginning
September 30, 2006, our Consolidated Balance Sheet no
longer reflected the consolidation of BlackRock's balance
sheet but recognized our ownership interest in BlackRock as
an investment accounted for under the equity method. This
accounting has resulted in a reduction in certain revenue and
noninterest expense categories on PNC's Consolidated Income
Statement as oui share of BlackRock's net income is now
reported within asset management noninterest income.

National Association ("PNC Bank, N.A.") acquired
substantially all of the assets of Riggs Bank, National
Association, the principal banking subsidiary of Riggs. The
acquisition gave us a substantial presence on which to build a
market leading franchise in the affluent Washington, D.C.
metropolitan area. In connection withthe acquisition, Riggs
shareholders received an aggregate of approximately $297
million in cash and 6.6 million shares of PNC common stock
valued at $356 million.

On October 11, 2005, we acquired Harris Williams & Co., one
of the nation's largest firms focused on providing mergers and
acquisitions advisory and related services to middle market
companies, including private equity firms and private and
public companies.

We are involved with various entities in the normal course of
business that may be deemed to be VIEs. We consolidated
certain VIEs as of December 31, 2006 and 2005 for which we
Were detnfirfited ttb'e'the phim'ary beneficiary.'

We hold5sl ifiLYfTV' fia-tlfief'stt'ilVIE that have not
been consolidated because we are not considered the primary
beneficiary. Information on these VIEs follows:

Non-Consolidated VIEs Significant Variable Interests :-
Aggregate. Aggregate PNCRi
In millions Assets Liabiliies of Losto
December 31, 2006
Market Street $ 4,020 $ 4,020 $ 6,11 *
Collateralized debt
obligations 815 570 -,
Partnership interests in low
income housing projects 33 30 8
Total $ 4,868 $ 4,620 $6,147
December 31, 2005
Collateralized debt
obligations (b) $ 6,290 $ 5,491 $ 51 ,
Private investment funds (b) 5,186 1,051 13'
Market Street 3.519 3,519 5,0894a)
Partnership interests in low
income housing projects 35 29 2'.'
Total $15,030 $10,090 $ 5,155

(a) PNC's nsk of loss consists of otf-balance sheet liquidity commitment to Muts
Street of $5.6 billion and other credit enhancements of 5.6 billion at Decembalj,
2006. The comparable amounts at December 31, 2005 were $4.6 billion and $A,; ,
billion, respectively. ', '
(b) Primarily held by BlackRock. We deconsolidated BlackRock effective
September 29.2006. See Note 2 Acquisitions for additional information. Includes
both PNC's direct risk of loss and BlackRock's risk of loss, limited to PNC's
ownership interest in BlackRock.

ned from Ansbacher (Bahamas) LimitI3^

PB a

I i _

I _. -


,.. m


I I -




;AGE 10, FRIDAY, MAY 4, 2007


. I

S** ATL (2006, Comedy-Drama) Tip T.I." Harris, (:15) * CLUELESS (1995, Comedy) Alicia Silverstone, Stacey
SHBO-W Lauren London. Premiere. Four Atlanta teens face Dash, Brittany Murphy. Soiled Beverly Hills teens careen through the
S_____hallenges. 'PG-13' (CC) good life. C 'PG-13' (CC)
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makes a comedy mission. C 'PG-13' (CC) politician's family. n 'R' (CC)
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MAX-E TRANSPORTER Natalie Portman. A hit man takes an orphan gir under his wing. 'R' Watts. A beauty tames a savage
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Enjoy Great Food, Prizes and Lots of Fun.

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I ,






> I '

FRIDAY, MAY 4, 2007, PAGE 11


Ballot fraud incidents on electric

SFROM page one

on election day.
It was about 4.40pm, the
woman said, when a truck
pulled up. A man, wearing a
yellow PLP tee-shirt, quickly
jumped dut. He was carrying a
large package wrapped irnplas-
tic. He tore a corner of the

plastic open and handed a
packet to a woman who was
waiting nearby. Curious, the
FNM observer, who does not
want her name used, got clos-
er, saw what looked like a
packet of ballots, grabbed
them from the woman's hands
and ran screaming to the
police station.
When she got to the station

she handed over 130 blank
ballots to the policeman on
duty. Asked if there were
more, she directed the police-
man to the man and the large
plastic package. The police
retrieved the package, still in
the printer's plastic wrapping
and counted another 834 bal-
lots. They detained the man
and the woman.

Men safe after four

days adrift on dinghy

FROM page one

told The Tribune yesterday that the men's
families initially called him last Tuesday
morning requesting assistance and then
refused his offer to collect the crew from the
I In an interview with The Tribune, Mr Wil-
son, the captain of the freighter, said that
after the vessel experienced engine troubles it
suddenly started filling up with water.
He said that the pumps were-quickly-
employed, but failed, forcing him and his
tree crewmen to get into a small dinghy to
save themselves.
' Before the freighter sank, he said, a nearby
yacht that was also experiencing engine prob-
lems helped relay his vessel's calls for assis-
tance. He explained that his freighter's radio
equipment was not capable of long distance
I Mr Wilson said he and his crew meandered
i the small dinghy in the area of the Ragged
Land cays before they drifted for one and a
half days off the mainland of Ragged Island.
' "We drifted back and forth with the tide,
then I set up a drift using five-gallon buckets
and we crossed over to Ragged Island," he
On Ragged Island the men were assisted by
a fisherman and were taken to the settlement
where they were able to contact their families.
: Mr Wilson said he was very disappointed
and hurt by the lack of concern for their
ordeal by the various rescue agencies, espe-
cially BASRA.
Mr Lloyd of BASRA said yesterday that
the entire situation could have been pre-
vented if the family members of the
freighter's crew had accepted the assistance
initially offered to them.

"They (the crew members) did not want
to leave the boat, they wanted to stay with the
boat and have it towed. At that time they
did not know that their pumps would fail and
that they would sink. But when that did hap-
pen they had no way to communicate," he
Mr Lloyd said the freighter did not have the
necessary long-distance-communication and
radio equipment on board and for that reason
should not have been at sea.
"If they had told us that their lives were in
danger and they wanted to leave the boat,
we would have immediately sent a helicopter
for them. But they were asking for what we
considered a commercial tow," he said.
Mr Lloyd explained that BASRA does not
have the capability to tow a vessel the size of
the freighter in question.
He said that he advised the family members
who had contacted him to either hire a private
company to tow the freighter or wait to be
towed by another vessel on that route.
After giving the family members this
advice, he said he considered the matter
"When I heard about the same vessel on
-Thursday I couldn't believe it. I was hoiri-
fied," he said.
According to Mr Lloyd, the family of the
crew members contacted the Defence Force
on Thursday, three days after the vessel expe-
rienced difficulties.
"The family didn't contact anyone for three
days and we can't read minds to know that
the vessel had sunk. The Defence Force then
contacted the (US) Coast Guard and they
were upset that they were being contacted
so late in this matter," he said.

About an hour later Chief
Superintendent Marvin Dames
arrived with PLP chairman
Raynard Rigby and Keod
Smith, who a few hours later
was to lose his Mount Moriah
seat to Mr Tommy Turnquest.
They were joined by an FNM
lawyer stationed at the polling
division, and for a short time
by Mr Turnquest. Mr Dames
contacted Inspector Michael
Moxey, head of the Central
Detective Unit, who wanted
an investigation done imme-
However, Mr Rigby argued
that the lady being held was
the agent of Mr Smith and was
needed at the 6pm closing of
the poll.
The woman, who had raised
the alarm, gave her statement
to the police and it was agreed
that the man and woman who
had the suspicious ballots
would go.to the police station
yesterday morning to give
their statements. In the mean-
time, the evidence was
secured. Police investigations
Police said fraudulent bal-
lots were also found at polling
division 12 in Centreville and
at the CC Sweeting polling sta-
At polling division No. 12, a

man voted with a regular bal-
lot. However, the presiding
officer discovered a fraudulent
ballot in his possession and
took it from him. He left the
polling station. However,
when police were notified they
went in search of him. When
they found and searched him
they discovered-another bal-
lot on him. They then
searched his house, but found
nothing. He was released
pending further investigation.
At the C C Sweeting polling
division Constable Altidor,
who had not been able to vote
in the advance poll for the
police, was casting his ballot
when he noticed a piece of
paper on the floor in the
polling booth. He picked it up
and discovered that it was a
fraudulent ballot, similar to
the one found on the man at
the Centreville station. He
handed it over to his superin-
In MICAL defeated candi-
date Dion Foulkes has
announced that he-will-con-
test the results of Wednesday's
election in his constituency in
the election court.
He is alleging vote buying
and "floating ballots."
All fraudulent ballots now
in police possession were

Outgoing prime minister

addresses supporters

FROM page one

He told supporters that the party will be holding aibig rally
sometime in the future. He did not mention anything about his posi-
tion as leader of the party but said that the defeat would allow him
to travel the streets and gauge the concerns of the people.
The gathered supporters reacted with anger and disappoint-
ment, chanting "We love you Perry" and "let's fight it". Some
called for by-elections. Others alleged that ballot irregularities on
some islands had led to the FNM's win.
Late last night, some commentators were describing the absence
of Mr Christie from the national stage during the day as "simply
proving to the Bahamas what kind of leader everyone said he
"Even after his crushing defeat in 2002 Tommy Turnquest'had
the decency to come to the Bahamian people and admit he lost,"
one FNM general said.

in day

described as being a perfect
facsimile of the genuine balk
lot being used at the polls on
election day.
"It was a perfect facsimile
to the eye," said someone Wh4
had seen them, "but not to tht
touch." One was on card, th;
other on paper.
Although it is early in thei4
investigations, police believe
that the ballots in their pose-
session come from the 41,000
print order contracted byMIf
Valentine Grime for the P'ror
gressive Liberal Party at Mtl
Michael Symonette's PrinI
Shop. The order Invoice
No. 7701 dated April 25, 200
was for 41,000 sample ball
lots at a cost of $7,380.
Mr Grimes explained that
they were printed as trainin-
ballots for their poll workers;
However, another observe
found it interesting that ther4
are 41 electoral constituencies
and the.order was for 41,00q
"sample" ballots.

: j


escapee now

in custodyI

of police

FROM page one`
tional information. Howeyver
Mr Wilson on Wednesd.a
stated that he had a policy" '
of not speaking with The Tri,
bune. I
Mr Peter Deveaux Isaaps
under-secretary, was unavsil-
able yesterday.
No one was available ,oij
commentat Sandiland's Rehaj
bilitation Centre.
Mr Greenslade said that the
"the next logical step" is tia,
Mr Williams could be charges
before the courts, however he
could not say for what offencej
He said that central detec-
tive officers are currently carj
trying out an investigation., ,
. .. .

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

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

(Senior) Investor Relations Administrators

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

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

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

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

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

Credit Suisse (BSahamas)
is presently considering applications for

(Private Banking)

The Private Banking Business Area is accepting applications for a Junior Relationship Managers,
reporting to the Heads of North America & European Desks.

Duties will include:

Management of accounts and relationships of existing clients, i.e.
being responsible for the execution of orders, monitoring of cash positions
and portfolios of the assigned client base
Marketing of private banking and portfolio management services to prospective clients
from Canada and Europe
Acquisition and development of new offshore clients
Management of accounts/relationships with clients originating from Canada and Europe.-

S Applicants should possess a degree (or equivalent) in Business Administration
At least five (5) years banking experience including trading, trade reconciliation,
custody business and securities markets
Marketing experience
Strong communication skills in English, French and German to facilitate
marketing and relationship management within Canada and Europe
Excellent command of the English language
Good computer literacy on PC and host software.

SPersonal Qualities:
S Excellent organizational, interpersonal and communication skills
Ability to work under pressure and with minimum supervision
Enthusiasm and a positive attitude
S- Possess a confident and outgoing personality


Applications should be submitted to:

Human Resources Department
P.O. Box N-4928
Nassau, Bahamas
or via-fax 356-8148



. . f IOIA I IN



PAGE 12, FRIDAY, MAY 4, 2007



FRIDAY, MAY 4, 2007



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

Attorneywarns Resort frustrated on

on CSME threat $57.5 growth plan


Tribune Business
THE new government must
take an aggressive and concise
approach on whether the coun-
try will sign on to the Caribbean
Single Market and Economy
(CSME), a leading attorney said
yesterday, and ensure the true
interest of the Bahamian people
is reflected in whatever deci-
sion is reached.
Brian Moree, sertior partner
iWith McKinney, Bancoft &
'Hughes, said that in his opin-
jon, the CSME was one of the
leading issues that has the
-potential to profoundly affect
the quality of life in the
"It requires very strong polit-
Sical leadership and I hope that
'whoever is given responsibility
for foreign trade, we will see
greater transparency and a
greater level of consultation,"
Mr Moree told Rotarians
attending a West Nassau Club
meeting, in what some might
interpret as a thinly-veiled ref-
erence to ex-minister of foreign
:affairs, Fred Mitchell.
Mr Moree said that in the
past, this was not done.
"What I find distributing is
that our political directorate is
not as forthright and transpar-
ent on this issue as I would like
them to be, particularly given
its importance to our people,"
he added.
Mr Moree further said there
had not been enough consulta-
tion or information disseminat-
ed in the past.
"We have to convince our
leaders that this is a subject that
must be dealt with in a trans-
parent and forthright manner,
and that we cannot be taken
into.it incrementally over a peri-
od of time," he added.
Mr Moree said it would be a
supreme disservice to the
Bahamian people if the CSME
was pushed onto them by "
external forces".
He explained that the end
result of the CSME was the
integration of the Bahamas into
a Caribbean superstate.


Mr Moree said CSME was
not the only option available to
the Bahamas, and contrary to
opinion, was not a required fac-
tor for continued CARICOM
He also questioned why the
Bahamas would sign on to
something that it had reserva-
tions to.
Mr Moree said some CARI-
COM leaders feel it is folly to
suggest that the Bahamas can
fully participate as a full mem-
ber without achieving a high
level of political integration.
He said that while the CSME
was a major plank in the inte-
gration movement, and while it
directly addressed economic
issues, his contention was that it
cannot succeed unless it is
accompanied by a high degree
of political integration as well.
Mr Moree added that the
Barbados Prime Minister,
Owen Arthur, considered to be
the 'father of CSME', had
described the agreement as the
highest level of economic union
known to mankind.
Mr Moree said this refutes
the myth that the CSME is sim-
ply a trade agreement, but
instead seeks to achieve a single
market and economy between
the member states.
He further indicated that the
CSME would require the cre-
ation of a single economic space
and the use of a CARICOM
passport by 2008, which would
subordinate a person's national
passport and create a regional
space as opposed to national

Harbour Island's Romora Bay looking forward to working with new administration,

after election day approvals reinstating marina and condo project a 'non-starter'

Tribune Business Editor

resort is look-
ing forward to
working with
the incoming
FNM administration after one
of the former government's
final actions, reinstating
approval for its proposed $57.5
million 30-slip marina and con-
dominium expansion, failed to
meet expectations.
A spokesman for the Har-
bour Island-based Romora Bay
Club-Hotel, which is proposing
a 40-unit condominium com-
plex to complement the mari-
na, described as a "non-starter"
the approvals received from the
Government on Wednesday,
which overturned a January 19,
2007, decision that rescinded a
previous approval for the
While Wednesday's approval
reinstated permission for the
40-unit condo complex to pro-
ceed, the approvals for the
marina were. amended so that
its construction could not go
beyond 250 feet from the shore.
Now the resort's owner, the
Bonachella Investments con-
sortium, has been left frustrated
and unhappy, as Wednesday's
approval introduced new con-
ditions and omitted others -
that had never been discussed.
The Romora Bau spokesman
said: "It's a non-starter. The
original design that was origi-
nally approved was 450-500 feet
out from the shore. They were
also supposed to get a 50-year
lease on the sea bed, but there
was no nothing on that.
"It is a non-starter as it is, and
not acceptable. It threw some-
thing entirely new at them, con-
ditions that were never consid-
ered before. This was never

even discussed with them."
The Romora Bay spokesman
said that shortening the build-
out of the marina, which the
resort had voluntarily reduced
in size from 50 to 30 slips, was
not a practical option.
This was because it would
make the marina so close to
shore, the larger boats and
yachts would be unable to dock
because the water depth was so
To overcome this, Romora
Bay would have to dredge the
marina, The Tribune was told,
and "they were trying to avoid
dredging because it is not good
for the environment".
The Tribune revealed earlier
this year how Romora Bay's
marina and condo expansion
plans were approved by the
National Economic Council and
Ministry of Financial Services
and Investments in September
The Docks Committee, which
has the final say on marina
approvals, once agreement is
obtained from the Ministry of
Energy and the Environment
and Ministry of Transport, gave
its approval the samd month.
Yet in late January 2007,
Romora Bay received a letter
saying the Ministry of Trans-
port had rescinded its earlier
approval; just at the stage when
the resort was preparing to pick
up its building permits from the
Ministry of Works Building
Control unit.
It was felt at the time that the
approvals were rescinded under
pressure from the Save Harbour
Island Association (SHIA), a
pressure group featuring large-
ly winter residents of the island,
who were opposing further
development on environmental
The SHIA was also responsi-
ble for funding 50 per cent of

the costs of a 'Master Plan' for
Harbour Island, developed by
Philadelphia-based Kiser, Straw
& Kolodner. That firm's princi-
pal, Jim Straw, is a member of
the SHIA group.
Furious Brilanders opposed
the master plan, with a 350-
strong petition signed by local
Bahamians, backing Romora
bay's planned expansion. Bri-
landers argued that Mr Straw
had an obvious conflict of inter-
est, and he subsequently with-
drew both himself and his firm
from the Master Plan efforts.
Since then, beginning in ear-
ly March 2007, The Tribune
understands that Romora Bay
and its principals had received
numerous promises and assur-
ances from a variety of former
government ministers and offi-
cials that the original approvals
would be reinstated.
Romora Bay was repeatedly
promised that the matter would
be dealt with at Cabinet or
National Economic Council
(NEC) level over an eight-week
period, but nothing forma'
arrived until Wednesday's elec-
tion date, and what was
received was far from satisfac-
tory to the developers. As a
result, they are understood to
feel they were the victims of a
string of broken promises.
Bonnachella Investments is
understood to have invested $5
million in Romora Bay already,
after it acquired the property
in November 2004 a purchase
that was approved by the for-
mer government and its NEC.
As a result of the wait for its
marina and condo expansion to
be approved, the developers are
understood to have suffered
"hundreds of thousands of dol-
lars" in operational losses to
keep Romora Bay op -n and its
30 staff employed.
The current loss rat is under-

stood to be about $40,000 per
The expansion project could
have a $57.5 million total eco-
nomic impact over a three-year
period, and create between 90-
100 extra jobs.
Sources have told The Tri-
bune that over a three-year peri-
od, the Romora Bay expansion
would generate about an extra
$9 million in government tax
revenues, and some $27 million
Sin on and off-property addi-
tional guest spending.
The resort's current contri-
bution to the Public Treasury
and Harbour Island economy
is "a fraction" of what it could
be if the marina and condo units
projects went ahead.
The Valentine's marina
appears already to have altered
the character of Harbour
Island's waterfront and appear-
ance, being totally out of kilter
with the island's character. The
development at Romora Bay,
if it goes ahead, would be on a
much smaller scale.
And Romora Bay is set on
some 4.2 acres of land, an area
three times the size of Valen-
tines, meaning that it has one
third the density of its Harbour
Island counterpart. The Envi-
ronmental Impact Assessment
(EIA) and Environmental Man-
agement Plan (EMP) for the
Romora Bay marina had also
been approved by the BEST
Romora Bay is understood
to have proposed that it would
install a reverse osmosis plant as
part of its marina project, in
addition to pumping out the
marina and creating their own
sewage and wastewater treat-
ment plant.
Waste water would be recy-
cled, and th- resort has also
pledged not to sell fuel from the

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SI [ lhllfl I Heallh



Colinalmperial sets 18-month

technology platform target

Tribune Business Editor

COLINAImperial Insurance
Company yesterday said it had
set itself the target of 18 months
to consolidate the three life
insurance platforms it is cur-
rently operating into one, as it
aims to consolidate its systems
and human infrastructure in the
Bahamian market before
"aggressively moving into new
Cathy Williams, Colinalmpe-
rial's chief financial officer, said
the conversion and transfer of
the old Capsule life platform,
inherited from Global
Bahamas, and the USSI plat-
form to Ingenium would gen-
erate further cost reductions
and efficiency savings by elimi-
nating duplication.
Explaining that the technolo-
gy platform situation at the
Bahamian life and health insur-
er, which is a subs liary of
BISX-listed Colina Holdings
(Bahamas), was "not as smooth
as we'd like ot to be", she added
that "the target is 18 months"
for the consolidation.
Because Colinalmperial was
operating three life insurance
technology platforms, staff were
having to do things three times,
with payroll agents, for instance.
having to enter agent payments.
premium payments and pro-
cessing, and reinsurance pay-
ments on three different sys-
"That is the key thing to get
everything on one technology
platform before we get aggres-
sive in terms of where we want
to go" on international expan-
sion," Ms Williams said.
She added that Colinalmper-

Firm's next challenge to
redeem $20m preference
share issue, as 21 conditions
hurt competitiveness on
inter-group dealings

ial was expecting to have its GL
accounting system "in full
process by September, the third
quarter". This would give com-
pany management daily updates
on the company's financial per-
formance, rather than the
monthly ones allowed under the
existing system.
This caused accounting rec-
onciliation and timely report-
ing issues, and acted as a block
to quick management decisions,
Ms Williams explained.
She admitted that the 21 con-
ditions imposed on Colina by
the Government in return for
approving the Imperial Life
purchase, especially the one that
stipulated all inter-group trans-
actions worth more than
$20,000 had to be pre-approved
by the regulators, had harmed
Colinalmperial's competitive-
"The conditions in and of
themselves were quite onerous,
and caused us not to be as flex-
ible as we would have been or
that our competitors would
have been in the marketplace,"
Ms Williams said.
While the relationship with
the regulators had approved
and their response to approval
requests had become quicker,
Ms Williams said this had
caused problems for Colinalm-

SEE page 2

ThJribne t

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



PAGE 2B. FRIDAY, MAY 4, 2007



thene s, 6e-ng

The three steps to

get production rigl







4 Open a Scotiabank Home Savings Plan today.
You save a little every month for your home purchase
and we'll top it up with as much as $2,000.

Life. Money. Balance both:

*Trademarks of The Bank of Nova Scotia. Trademarks used under authorization and control of The Bank of Nova Scotia.
t Conditions apply. Subject to credit approval.

If you are in the business
of production, you will
need to consider carefully
the process of procurement,
inventory and production.
These are not areas that are
easy to get right. Inventory is
expensive to buy and store, and
the administration costs can be
high. Money invested in inven-
tory could also be used for oth-
er things, so make sure you
have a system to manage pro-
duction effectively as follows.
The first system you need is a
system for Procurement. This
is an important first step to
managing your production.
Sourcing your materials and
supplies at the best price and
best quality will pay dividends.
Make sure you have processes
for the following:
Have a process for estimat-
ing demand. This is not easy to
do. If you are a new business, or
are launching a new product,
then you will need to use intu-
ition. If you are in a stable mar-
ket and have historical data,
then you could estimate your
needs on the basis of sales force
forecasts or customer spending
Have separate processes for
purchasing items of low value
and low business impact, such as
office supplies; items of low val-
ue and high business impact,
such as items you need to keep
in stock; items of high value and
low business impact, such as
cars, computers and office fur-
niture; and (d) items of high val-
ue and high business impact,
such as items that are critical
items for business operation.
Each will require a different
Have a process for pro-
curement how you choose
your supplier; how you evaluate
suppliers; how you negotiate the
price; how you issue purchase
orders and manage the receipt
of orders; and how you evaluate
the goods once they are
Once you receive orders,
you will need a process for mak-
ing sure you have the right
materials at the right time.
The second system you need
is a system for Inventory. Inven-
tory is made up of raw materi-
als, work in progress, finished
goods, supplies and compo-
nents. These must be stored and
their 'ins' and 'outs' managed. If
you must have inventory, then

"- Sense

you will need processes for the
following functions:
Have a process that tells
you when to reorder more
inventory, such as an automatic
reorder point if your inventory
is computer controlled, or a
manual reorder point through
regular visual inspections.
Have a process for how
much to order that allows you
to reorder a standard amount
when your reorder point has
been reached, which is useful
for high value or critical item.
With this process, you also need
to reorder a standard amount
when a certain time period has
elapsed, whether the reorder
point has been reached or
not,which is useful for smaller
less expensive items, or items
required for installing larger
Have a process for classify-
ing inventory where you rank
the inventory according to high
value items, moderate value
items and low value items.
Have a system for cleaning
inventory to regularly review
items for obsolescence, those
items no longer needed, and to
write off and dispose of the
Have a system for properly
storing inventory, such as cre-
ating a secure area for high val-
ue items; a system for putting
items in the right place; a system
for ensuring inventory is not
damaged; and the use of labels,
signage, bins, and a storage and
record system that will allow
you to retrieve the items swiftly
and efficiently when required.
Have a process for secur-
ing your inventory through an
alarm system and adequate
insurance cover.
Have a process for stock-
taking, and try to do stock
checks for high value items
more frequently than medium
value items, which in turn
should be done more frequent-
ly than low value items.
Have a process for keeping
accurate accounting records
through a system of regular
counts; through verifying the
records; documenting and rec-
onciling the inaccuracies; and
tracing the cause of the inaccu-

racies and improving processes
so that the errors don't occur
And, last but not least, have
a process for tidiness to ensure
that inventory is dust free, rust
free and that the environment is
clean and tidy.
The third system you need
is a system of Production. If you
are manufacturing, you must
ensure your operation hums
along efficiently. Creating a pro-
duction plan will help you avoid
changes in workforce levels,
minimise inventory investment,
maximise utilisation of your
plant and machinery, and
increase your profitability.
Make sure you have the fol-
lowing processes:
Have a process for work-
ing out your requirements using
your sales forecasts, factoring
in your marketing initiatives
and adjusting for economic con-
Have a procedure for regu-
larly looking at alternative
sources of supply, reviewing
availability, quality and cost, to
best meet your needs at the
lowest operating costs.
Have a process for dealing
with changes in demand by
using one of the following
strategies, such as the Constant
Output Model, where you keep
the workforce steady, produc-
tion steady, and absorb any sur-
pluses and shortfalls; the Vari-
able Output Model, where you
hire and fire depending on
demand; or a mixture of the
There is much to do if you
are in the process of produc-
tion. Don't be an antipreneur
and forget to spend time in this
area. In order to avoid the trap
of antipreneurship, make sure
you spend sufficient time set-
ting up and implementing sys-
tems for managing your pro-
duction, as it could pay divi-
dends for your future.
NB: This column is available
as an eBook at
Mark draws on 20 years of
top-level business, marketing
and communications experience
in London and the Bahamas.
He is chief'operating officer of
www.ezpzemail.com, currently
lives in Nassau, and can be con-
tacted at
Mark Palmer. All rights
This column is available as
an eBook at www.antipreneur-

Where's your money?

COLINA, from Page 1

Fidelity Primre
Income Fund

Call toar an Offerrq MemDrandum
Nassao Man'n-a Ma,nraJ ?. o avl .' :1
Freeport Jrny Bdrr '.. 30j o0 Elt J iO i1



4.91% N]


S i I i i ;
^_____ ~ _,

More than a Bank
valwoatins at n Manh 31. 2u7 St pri:.. : .in .-n .r. .il up i pacri-i-maimce is no ra e n fularc reilts. tcad ic Oftring Mcmoramid.wuJm n r nu r
*Rccme H irades on BIS\ -; i wLl n hi 3firak:h ..c oun 1. 1 DeN: ir. CtN 1 uh.sna Proprt)f FuFnd

perial, especially since its CFAL
affiliate managed some $300
million in net assets for it.
"That put us at a competitive
disadvantage, as we could not
move as quickly as we wanted
to," Ms Williams said.
She added that the "next
challenge" for Colinalmperial
and its parent was to redeem
the $20 million in preference
shares that were issued to
finance its purchase of Imperial
Life in 2005, given that the
quarterly dividends paid at a
rate of 7.75 per cent were
using up cash flow that could
be put to better use, and attract
a greater rate of return, else-
Ms Williams said Colinalm-
perial was "trying to strike a
balance" between international
expansion, and competing with
the likes of Sagicor, CLICO and
Guardian Life by moving into
their markets, and consolidat-
ing its recent acquisitions in the
Bahamas, ensuring it had the
infrastructure systems and staff
- to support such expansion.
The company is still eyeing
expansion into the Turks &
Caicos, and discussing whether
the operation should be an
agency of managing agent oper-
ation, and inherited a book of
business in the Cayman Islands
when it acquired Canada Life
in 2004.
Ms Williams said Colinalm-
perial's 21i i- first quarter finan-
cial performance "looks consis-
tent" with what it achieved dur-
ing the same period in 2006.
She added that the $3 million

purchase of Colinalmperial's
Village Road property, likely
to be its last property disposal,
was "still in the processof being
The acquiring group, which
has paid $1.9 million of the pur-
chase price, was "still deter-
mining how they want to
finance the balance", and Coli-
nalmperial was in touch with
the bank providing the funding,
the closing date now "pretty
Colinalmperial's decision to
increase securities investments
by about $50 million to $173
million at year-end 2006 was
intended to generate a greater
return and better match long-
term assets with liabilities, Ms
Williams said, the portfolio
rebalancing involving switching
short-term deposits inherited
from Imperial Life into better
yielding government stock and
Colinalmperial had also been
able to restructure its mortgage
portfolio, which had previously
contained a lot of loans that
were 90 days overdue with pay-
ments not made for several
months, bringing many current
and enabling the company to
release provisions.
When asked about Coli-
nalmperial's decision to invest
almost $25 million in RND
Holdings shares, the company
having been one of the worst
performers of all Bahamian
publicly-quoted companies, Ms
Williams said the firm's invest-
ment management affiliate,
CFAL, thought the stock was
"under valued" and would gen-
erate future dividends by appre-
ciating over time.

Fidelity Bahamas
Growth & Income

Last 12 months

Average Annual Return
Since Inception
February 1999

I _








Zhe 3fliami Heral fi t FRIDAY, MAY 4,2007


DOW 30 13,241.38 +29.50 A.
S&P 500 1,502.39 +6.47 ,
NASDAQ 2,565.46 +7.62 A
10-YR NOTE 4.67 +3.00
CRUDE OIL $63.19 -.49 V





SAssociated Press
NEW YORK Wall Street
extended its advance Thursday
amid a burst of enthusiasm
-about the economy that gave
the Standard & Poor's 500 index
its first close above 1,500 since
SSeptember 2000.
The S&P 500 made its first
foray past 1,500 shortly after
trading began and rose as high
as 1,503.34 just over a week after
the Dow Jones industrial aver-
age passed 13,000 for the first
The Dow, meanwhile, had its
third straight record high close.
Stocks have soared in recent
weeks as first-quarter earnings
beat reduced expectations, and
upbeat economic news added to
the gains. With the Dow having
piled on more than 700 points
in April alone, there are con-
cerns that investors may be get-
ting a little too enthusiastic
given the uncertainty in the
housing market and other sec-
tors of the economy.
S,::OnTThursday, the good news
;,was about inflation: The Labor
SDepartment said wages, as mea-
Ssured by unit labor costs, rose at
a tepid 0.6 percent rate in the
first quarter. The news fed Wall
Street's hopes for an interest
rate cut later this year.
"You're seeing some vertigo
out there, the fear we're getting
ahead of ourselves," said Arthur
Hogan, chief market analyst at
Jefferies & Co. "There's going
to be natural trepidation at new
levels, but you rationalize these
levels in knowing that we
haven't overextended ourselves
like we were in 1999."
The Dow Jones rose 29.50, or
0.22 percent, to 13,241.38. The
blue chip index has now hit 18
record closes since the start of
the year and 40 since the begin-
ning of October. The Dow's
climb in 22 of the past 25 ses-
sions marks the blue chip aver-
age's longest advance since 1955.
The Nasdaq composite index
rose 7.62, or 0:30 percent, to
Thursday's advance came as
investors grew optimistic about
inflation. Although Wall Street
Shas surged higher over the past
month, concerns about infla-
tion, including that of wages,
still dog the market as investors
try to determine whether an
inflation-wary Federal Reserve
will become comfortable
enough later in the year to
lower short-term interest rates.
The Fed has left rates
unchanged at recent meetings,
in part because of concerns
about inflation.
S Bonds fell Thursday follow-
ing the economic data; the yield
Son the benchmark 10-year Trea-
sury note rose to 4.67 percent
from 4.65 percent.
Light, sweet crude fell 49
cents to $63.19 per barrel on the
New York Mercantile
The dollar was mixed against
other major currencies, while
gold prices felL
Advancing issues outnum-
bered decliners 3 to 2 on the
New York Stock Exchange,
where consolidated volume
came to 2.89 billion shares,
down from 3.14 billion Wednes-
The Russell 2000 index rose
0.41, or 0.05 percent, to 828.87.
Markets in Japan were closed
for a holiday. Britain's FTSE 100
rose 0.82 percent, Germany's
DAX index gained 0.28 percent,
and France's CAC-40 rose 0.24


SALES OF TRUCKS INCREASE: GM reported that it had record vehicle sales of 2.26 million worldwide.
While automotive revenue slipped, the number of cars and trucks sold globally rose 3 percent.

GM's profit slumps, home

mortgage losses blamed

Associated Press
DETROIT The troubled
mortgage market spilled onto Gen-
eral Motors's balance sheet Thurs-
day as first-quarter profits dropped
90 percent from a year ago due
mainly to losses at GM's former
financial arm.
But the fact that the nation's
largest automaker still lost money
on its North American operations
seemed to trouble industry analysts
more than losses at GMAC Finan-
cial Services because GM is more
than a year into a massive restruc-
turing plan that includes cost cuts
and multiple new products.
The net profit of $62 million, or
11 cents a share for the January-
March period, was GM's second
consecutive quarterly profit,
although it was down from $602
million, or $1.06 per share, a year
GM said in Thursday's report it
had record vehicle sales of 2.26 mil-
lion worldwide and showed
improvements in its automotive
operations in the latest quarter.
Its earnings excluding one-time
items fell short of Wall Street
expectations and its shares fell
more ihan 5 percent.
The company attributed the
year-over-year decline to losses in
GMAC's residential mortgage busi-
ness. GM sold a 51 percent stake in
GMAC to private equity investors
last year, but still owns 49 percent
of the business.
Chief Financial Officer Fritz
Henderson attributed the decline
primarily to a $115 million loss from
the company's stake in GMAC. The
financial company on Wednesday
posted a first-quarter loss of $305
million, mainly due to a $910 mil-
j_ ~_ .__. ....__ _~_. __._. ___. .

WANTS DEAL STOPPED: 'This is a historic
decision,' said Peter de Vries of the
shareholders group VEB, shown above in
court. 'Their trick has failed. This is fantastic. I
am absolutely delighted.'

SPILLOVER: General Motors' decline in income was blamed on
subprime loan losses from its GMAC. mortgage division. Above,

a house for sale by Pacific Union,
is advertised in San Francisco.

lion loss from its troubled residen-
tial loan business.
While GM's North American
performance improved, the com-
pany still lost an adjusted $85 mil-
lion on its core operations. A year
ago, GM reported an adjusted loss
of $251 million in North America.
Investors appeared skeptical of
GM's performance, sending its
stock price down $1.75, or 5.3 per-
cent, to $30.69 on Thursday.
Industry analysts focused on
North America, with some ques-
tioning whether GM's earnings
would continue to be dragged
down by GMAC, and whether GM
had cut its costs enough.
KeyBanc Capital Markets ana-
lyst Brett Hoselton downgraded
GM to "Hold" from "Buy" because
of the credit deterioration in

a GMAC real estate company,

GMAC's residential mortgage
operation. He had rated GM favor-
ably because he anticipated cost
savings and better sales from the
launch of new pickup trucks.
Lehman Brothers analyst -Brian
Johnson also questioned his earlier
assumption that GM would see
improvement from the rollout of
new pickups.
"Without substantial labor con-
cessions, meaningful improve-
ments in profitability are unlikely
in our view," he said in a note to
Henderson said the company is
on track to reduce annual costs by
$9 billion this year. By the end of
last year, it had achieved an annual
cost reduction of $6.8 billion
largely through the departure of
thousands of hourly workers.

Associated Press
AMSTERDAM, Netherlands A Dutch court
blocked ABN Amro's planned sale of a Chicago
bank on Thursday, a ruling that makes it more
likely a group led by Royal Bank of Scotland will
capture ABN Amro in the industry's largest take-
over battle.
The court said ABN Amro must seek share-
holder approval before it can sell its U.S. subsid-
iary LaSalle to Bank of America. The ruling was a
major setback for ABN Amro management, which
had planned to sell LaSalle for $21 billion and then
sell the rest of the company to Britain's Barclays
for about $91 billion.
The ruling increases chances that a three-bank
consortium led by Royal Bank of Scotland will win
the bidding war for the Netherlands' biggest bank.
The group has suggested a purchase valued at
$98.5 billion.
Either bid for ABN Amro would be the highest
price paid for a banking buyout.
Barclays' bid is now in limbo, since it was both
preliminary and dependent on the LaSalle sale,
while the RBS consortium has more breathing
room to make its preliminary offer official.




to start




Bloomberg News
Royal Bank of Canada, Bank of
Montreal and five other Canadian
lenders plan a new stock trading sys-
tem to compete with TSX Group,
prompting the biggest drop in shares
of the owner of the Toronto Stock
Exchange in 19 months.
The electronic market, named
Alpha, will begin operating next year
subject to regulatory approvals, the
companies said in a statement.
"It leads to an improvement from
a cost perspective across the board
for everyone, just by having the bene-
fits of competition," Jos Schmitt,
chief executive officer of the closely
held company developing Alpha, said
in an interview.
Alpha adds another competitor for
Toronto-based TSX Group which
runs Canada's main stock exchanges.
Riyal systems are being developed by
Canadian Trading and Quotation
System and Nomura Holdings.
"It looks serious; I don't think the
TSX will stand for it," said Aldo Sun-
seri, head trader-at CI Financial
Income Fund, Canada's second-big-
gest independent fund manager.
"The TSX will aggressively cut
charges to the brokers."
Brokerages in the U.S. and Europe
have raced to create their own auto-
mated markets, spurred by new regu-
lations and investors' growing use of
electronic trading systems. Credit
Suisse Group, Morgan Stanley, UBS
AG and Merrill Lynch are among the
Wall Street firms that have invested
in so-called Alternative Trading Sys-
tems during the past year, seeking to
complete trades anonymously with-
out posting quotes on exchanges.
Bats Trading has grown to become
the third-busiest U.S. equity market
helped by investments from broker-
ages including Credit Suisse and Leh-
man Brothers Holdings. Nasdaq
Stock Market has twice lowered its
transaction fees to fend off competi-
tion from Kansas City, Missouri-
based Bats.
In Canada, CNQ's Pure Trading
platform is being tested Saturday
before its launch. Nomura's Instinet
plans to introduce an alternative
trading system this year, Tal Cohen, a
spokesman for Instinet Canada said.
New technology and a push by
investors for lower costs are fueling
trading in Canada, Cohen said. "We
should invite change and invite com-
petition in the marketplace," he said.
"This is happening all over the
world," TSX CEO Richard Nesbitt
said. "This is just the world of stock
exchanges now, it's a more competi-
tive, more complex world and we're
very confident that the markets are
going to like our products."

The court said the sale of LaSalle was so inter-
woven with the Barclays takeover bid that it
should have been put to shareholders for a vote.
ABN had argued the deal was too small to require
shareholder approval.
Bank of America spokesman Scott Silvestri said
the company has "a binding contract and intend to
take all necessary steps to protect our legal
ABN Amro spokesman Neil Moorhouse said
the bank "notes the judgment of the Enterprise
Chamber and will study the implications of the
ABN Amro revealed the sale of LaSalle to Bank
of America simultaneously with an April 23
announcement that it intended to accept a pro-
posed takeover offer from Barclays of 67 billion
euros ($9L2 billion) in stock.
Shareholders complained that the LaSalle sale
was intended as a poison pill to forestall the
higher bid from a consortium led by RBS, which
wants to break up ABN Amro.
"This is a historic decision," said Peter de
Vries, of the shareholders group VEB, which
appealed to the court to halt the deal. "Their trick
has failed ... I am absolutely delighted."


Dutch court blocks sale of ABN




I 1 e r a rry-~-- -7 11 I I I

A ll rID IY I'1A LMAT UA # I TNI A Ir i A 1 L t 1 ie d -1 i T... .. MIAI.. HE. .


S&P500 +.7 NASDAQ 2 DOW1 +29.50 6-MO T-BILLS +.01 30-YR T-BONDS +.02 GOLD +9.50 EURO -.0044 CRUDE OIL -.49
1,502.39 +647 2,565.46 +7.62 13,241.38 +295 4.82% 4.83% $681.80 1.3554 4 $63.19


1,550 1,520 ....--- 2,700 2,580

1,5 .480 2,600 2,520 .!f I.N. .
1,50... ........2,600
1,44 0 ...... ...... ............1 : 2,460 .......................... .
1,4 5 0 ..... .... ,*......... .. ..;. . .'. ."_',' ........ ...r ...... > 2 ,s oo50 0 **

1,400 .... ............ ................... .5 2,400

1,3so50 .............. ................... ... .. ... ... .. ....... ... S & P 5 0 0 2,300 ................................ ... ...... ........
Close: 1,502.39
Change: +6.47 (+0.4%)
1,3 0 0 ............... .... ..... ..... .... ..... .. .........+... ............... ... .. 2 ,2 0 0 ............ .. ... .. ........... ..... ...

DOW 13246.82 13196.03 1324138 +29.50 +0.22% A A
NYSE N DOW rans. 5196.86 5098.98 5155.10 +68.96 +1.36% V A
DOW Util. 527.83 523.12 525.29 -1.98 -0.38% V A
Vol. (in mil.) 2,885 2,112 NYSE Comp. 9759.67 9713.79 9753.94 +35.94 +0.37% A A
Pvs. Volume 3,143 2.064 NASDAQ 2569.80 2555.84 2565.46 +7.62 +0.30% A A
Advanced 1883 1519 S&P 500 1503.34 1495.56 150239 +6.47 +0.43% A A
Declined 1382 1488 S&P 400 889.91 885.00 888.47 +238 +0.27% V A
New Highs 268 136 Russell 2000 830.87 826.02 828.87 +0.41 +0.65% V A
New Lows 8 45 Wilshire 5000 15170.08 15101.86 15158.85 +56.69 +0.38% A A

Name Last Ch NiNm Lt C
kBB Ltd 20.04 -.09 Boeing 93.85 +.0
WBN Amro 49.90 +.87 BostProp 11727 +.3
CE Ltd 60.17 -.42 BostonSci 16.29 -.0
ES Cp If 2232 -.10 BrMySq 2934 +.6
4FLAC 52.92 +.91 BritAlr 101.42 -2.4
WMR 26.70 -.20 BritATob 62.85 +.3
4SML Hid 27.29 +.07 BritSky 5026 +1.0
MT&T Inc 38.90 +.22 Broadcom 32.93 +2
NU Optron 1630 +.03 BrkfdAs gs 6120 -.4
4XA 46.48 -.15 BrkfldPrp 40.96 +.0
kbtLab 57.41 +22 BungeLt 76.26 +.0
.berFitc 80.92 -.38 BurINSF .89.50 +1.5
4ccenture 39.25 +.29 CA inc 27.75 +.5
kdecco 17.45 -.04 CB REIIIss 37.83 -.5
kdobeSy 4120 -31 CBOT 192.90 +5.3
WMD 13.69 +.06 CBS B 32.06 +2
.dvantst rs 4335 -.04 CH Robins 55.57 +.3
4egon 2131 +.06 CIGNA 158.39 +4.5
etnaa 48.12 -.15 CIT Gp 59.71 -.4
kgilent 36.45 +.07 CNA Fn 47.30
.hold 1339 -26 CNH Gbl 44.55 +.1
,France 50.65 -.41 CNOOC 88.88 +1.0
,IrProd 76.92 +.17 CPFL En 50.15 +.8
4kamaiT 4437 -.24 CRH 48.76 +2.7
4kzo 79.56 +.56 CSXs 45.35 +1.4
klcan 59.69 +.93 CVS Care 36.11 -.2
k.catelLuc 1336 -.01 CablvsnNY 36.19 +.2
,lcoa 35.06 +.18 CadbyS 5323 +.2
l1con 13633 +.05 Cadence 22.50 +.0
411gEngy 5423 -.63 Camecogs 49.22 +1.6
kllegTch 108.38 -1.03 Cameron 67.34 +.8
ilIergan 12134 +3.50 CampSp 39.40 -.0
illiBern 92.22 +.86 CIBC g 89.66 +.62
Mllianz 22.18 -.10 CdnNRy g 50.99 +.5
kldlrish 62.14 -22 CdnNRs g 63.25 +2.4.
Ilstate 63.02 +.17 CPRwyg 64.53 +1.04
,lltel 64.14 +.62 Canons 57.18 ..0
4ltanaAG 66.10 -490 CapOne 74.50 +.3
edteraCp If 23.47 +.05 CardnlHIth 70.8 -.21
4dtria s 69.77 +.66 Carnival 48.15 -.75
Alumina 24.13 -.04 CamUK 49.94 -.6:
.mBevC 59.90 +1.82 CarolinaGp 7852 +.8
NmBev 6223 +1.99 Caterpillar 73.36 -.0
.mazon. 62.19 +1.01 Celgene 61.61 -12
kmbacF 94.55 +128 Cemex s 33.87 .+121
4emdocs 3733 -.07 Cemig 53.81 +.7
kmeren 53.86 CenterPnt 19.61 +2!
WWMovilL 54.49 +1.11 ChesEng 36.14 +.5
.MovilA 54.49 +124 Chevron 79.56 +.92
AmCapStr 46.56 +.95 ChiMerct 21.00 +5.71
4EagleO s 2831 -1.25 ChinaLfe s 47.05 +34
4EP 50.63 +.01 ChinaMble 46.36 +.31
,mExp 63.46 +.72 ChlnaNet 49.90 +.03
,mlntGp If 70.65 +23 ChinaPet 90.11 +131
kmStand 57.22 +1.03 ChinaTel 49.09 +.4!
4mTower 38.14 -.51 ChinaUni 15.03 +.3
4meriprise 6057 +24 Chubb 54.66 +.2
4meriBrg 5153 +.38 ChungTel 19.56 -3
,mgen 63.91 -1.16 CinnFin 45.95 +.2
4mphenol s 35.96 +.09 Cisco 27.70 +.0:
4mvescp 2457 +.60 Citigrp 53.95 +.1!
4nadark s 45.98 +.47 ClearChan 35.95
.nalogDev 39.77 +.52 ClearCh 28.36 +.04
kngloAm 27.82 +.70 Clorox 67.78 -.7T
knglogldA 44.85 -.47 Coach 47.75 -.8!
knheusr 5030 +.41 CocaCE 22.39 +.21
.on Corp 40.02 +.52 CCFeMnsa 39.01 -.14
Apache 74.74 +.64
kpolloG If 46.90 -.75 CCHellen 45.46 +.6
kpple Inc 100.40 +.01 CocaCl 52.91 +.2
kpldMatI 19.50 +.03 CogTech 84.13 -.2
krcelorMit 54.51 +.19 ColgPal 67.46 -.5
.rchDan 36.14 -.79 Comcasts 2724 +.1
.rchstnSm 51.19 +24 Conic sO s 26.86 +.0
.ssurant 60.25 +2.04 CWm 62.29 -.0
,straZen 52.92 J6 CmcBNJ 34.16 +.0
kustNZ 127.39 -1.00 CVRDS 42.77 +1.1
Autodesk If 4153 -.40 CVRDpfs 36.05 +.9
4.utoData 46.45 +.13 CompsBC 68A8 -.0
(utoZone 132.98 +27 CompSC 55.56 -2
WvalonBay 12125 +1.06 ConAga .24.61 -.0
Wvaya 13.74 +26 ConocPil 69M9 +.5
averyD 62.94 +.48 ConsolEs -4281 -0
4vnet 42.18 +122 ConEd 51.58 -.0
avon 40.89 -.13 ConstellEn 92.85 +.1
3ASF 119.14 +33 Cooer s 51.89 +.9
3B&T Cp 42.43 +26 Coming 23.97 +.1
3CE gn 33.87 -.01 Costco 53.14 .2
3G Grp 74.84 +1.42 CntwdFn 37.73 +.4
3HP BillLt 50.03 +39 CoventryH 58.00 -3
3HPBil plc 46.74 +.55 CredSulss 77.58 -12
3J Svcs 29.62 +.16 CrwnCstle 34.17 -1.0
3MC Sft 32.01 +.02 Cummins s 90.95 -.4
3P PLC 68.61 +.65 DJIA Diam 132.39 +-2
3T Grp 62.71 -54 DR Horton 22.77 +.0
3akrHu 82.98 +.2 DTE 51.50 +.1
3cBilVArg 24.04 -.06 DalmirC 80.65 -1.1
3cBrades s 2222 +36 Danaher 73.64 +.8
3ncoltau 40.85 +.91 Danone 33.14 -.1
3coSnCH 17.93 +.13 Dassault 58.37 -.4
3cSanChile 51.15 +.73 Deere 113.69 +.9
3kofAm 51.23 +22 Delhalze 101.30 +4.6
3klrelnd 90.75 +.55 Dell Inc If 25.75 +.6
3kMont g 61.75 +.02 DeltaAir n 20.72 +3
3kNY 41.18 +30 Deutschk 154.56 +3
3kNova g 47.86 +31 DeutTel 17.29 -.0
3arclay 59.13 +1.46 DevDv 64.59 -.0
3ard 82.92 -35 DevonE 75.96 +1.7
3arrickG 3033 +.75 Diageo 85.13 -.0
3axter 57.50 +.16 DiaOffs 87.95 +.6e
3ayerAG 7039 +121 DIrecTV 24.09 -.12
3earSt 15625 +29 Disney 35.69 -.0
3ectDck 8033 -.54 DollarG 21.44 -.0
3edBath 40.69 -51 DomRes 91.14 -.8
3erkley 32.77 +.20 DonlleyRR 41.75 -.9
3erkHa A 108600 Dover 48.43 -.1
3erkHB 3618 -1 DowChm 44.70 +.4
3estBuy 46.70 +.09 DuPont 50.88 +.3
3iogenldc 4728 -.74 DukeEgys 20.73 -.0
3iomet If 43.38 ETrade 22.50 -.4
31ackRock 148.97 +32 E.ON AG 50.73 +.78
31ockHR 22.64 -.02 eBy 34.62 +.9
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Name Last C
.ionoreMng 23.75 +4.80
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)ilexco o 9.80 +35
iqnoxMnrlso 2.5 +.06
4eoMatTech 4.00 +.20
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TVIPacifico 20 +.03
ChariotReso 1.02 +.07
ManulifeFIn 39.85 -.49
Royal Bnk 57.60 +.05
TiominReso .14 -.01
FirstClgryo 5.12 +.34
MirabelaOrdJ 6.40 +.70
FarallonReso .64

h Name Last ig Nme
i ENI 67.75 +28 ICI
4 EOG Res 78.02 +.61 ImpolI
4 EKodak 25.97 +28 ImpTol
2 Eaton 90.73 +.11 IndoTe
5 EchoStar 49.02 +.40 Infinec
8 Ecolab 43.20 +.50 Infosys
0 Edisonint 53.83 +.08 IngerR
4 EIPasoCp 15.35 +.19 Intel
9 Elan 14.80 +.63 Intcntl
3 ElectArts 51.26 -.12 IntCtlH
7 EDS 29.45 +.06 IBM
1 Embarq n 61.11 +.97 IntlGan
6 EmersnEl s 46.67 +.22 IntPap
2 EEIChile 48.30 +.19 lntlPov
5 Enbridge 33.56 +.03 IntntH
1 EnCana 54.94 +1.09 Intuit s
5 Endesa 54.50 -.31 Ipsco g
1 Enel 56.43 -.46 JPMor
EngyTEq 37.64 -.09 Jacobs
5 EngyTsfr 62.42 -.16 JohnJn
8 Enersis 19.15 -.05 Johnsn
9 ENSCO 58.15 +.29 JnprNt
2 Entergy 116.44 +39 KLA Th
1 EntPrPt 32.20 -.03 KPN
2 EqtRes 51.65 -.11 KT Cor
. EqtyRsd 46.16 -.19 Kellogi
8 EricsnTI 38.37 -.44 Keycor
2 EsteeLdr 47.30 -3.70 KeySpa
1 EverestRe 101.09 -.05 KimbC
3 Exelon 76.88 -.20 Kimco
7 Expedia 24.35 KindMI
2 Expdlntl s 45.13 +2.23 KindMc
7 ExpScripts 95.50 +.80 Kohls
2 ExxonMbl 80.68 +.86 Kookm
S FPL Grp 6432 -.18 KoreaE
1 FannieM If 61.10 +1.28 Kraft
5 Fastenal 41.61 -.42 Kroger
0 FedExCp 109.34 +1.63 Kubota
5 FedrDS s 43.43 -.38 Kyocer
1 Fiat 2934 -.43 L-3 Cor
1 FdNInfo 50.83 +.56 LG Phil
4 FifthThird 41.28 +.37 LabCp
S FirstData s 32.54 +.04 Lafargi
6, FIrstEngy 69.64. -.05 LamRs
3 Fiserv' 52.83 -.05 LVSanc
5 Flextrn 11.67 +.18 LeggM
4 Fluor 96.84 -27 Lehma
2 FEMSA 111.74 +1.05 LeucNa
0 FordM 8.19 +.02 Level3
4 ForestLab 53.05 +.17 LibGlol
; FortuneBr 80.81 -1.21 LibGlol
3 FranceTel 29.25 -.18 LibGlol
6 FrankRes 134.62 +1.64 LibMIn
5 FredMac 66.69 +.41 LibMCa
7 FMCG 70.70 +2.03 LillyEll
2 FresenM 50.91 +32 Limited
7 Fujifilm 41.77 +.17 LincNa
7 Gannett 58.20 +.03 Linear'
3 Gap 18.25 -.10 LloydT
9 Garmin s 56.65 -.29 Lockhd
Genentch 8155 -.58 Loews
4 GenDynam 80.47 +.65 Lowes
2 GenElec 37.34 +.03 Luxotti
5 GnGrthPrp 62.90 +35 Lyonde
6 GenMills 59.42 -.45 M&T BI
4 GnMotr 30.69 -1.75 MBIA
GenuPrt 49.87 -.01 MEMC
2 Genworth 35.20 +.23 MGMM
0 Genzyme 66.15 -.05 Maceri
3 Gerdau 20.75 +.45 Magna
4 GileadSci 83.21 -.20 Manpw
0 GlaxoSKIn 57.44 -.24 Manull
8 GlobalSFe 65.69 +.45 Marath
5 GoldFLtd 18.20 -.12 Marint
1 Goldcrp g 24.73 +.04 Marshh
1 GoldmanS 221.56 +2.07 Marshl
8 Goodrich 57.90 +.99 MartM
9 Google 47323 +7.45 Marvel
9 Gralngr 8432 -.14 Masco
4 GrantPrde 54.04 +.57 Master
7 GpoSlmec 13.92 +.72 Matsus
8 GpTelevisa 29.17 +.18 Mattel
9 HDFC Bk 74.43 +.16 Maxim
1 HSBC 9436 +.71 McDern
2 Hallibtn s 3227 +.34 McDni
5 Hanson 102.46 +17.74 McGrw
1 HarleyD 6335 -.60 McKess
7 Harman 120.05 +.35 Medlm
5 HarmonyG 16.21 +.11 Medco
1 HarrahE 85.76 -.08 Medtrr
2 HarrisCorp 48.83 +.98 MelcoF
4 HartfdFn 103.64 +1.14 Mellon
5 HlthCrPr 34.87 +.17 Merck
3 Heinz 46.38 -.23 Merrilli
5 HellnTel 14.90 -.17 MetLifi
9 Hershey 55.27 +.03 Metso
1 Hertz n 21.69 +.21 Microc
7 Hess s 58.23 +1.17 Micron
8 HewlettP 42.83 -.10 Microsc
4 Hilton 34.82 +.15 Millea
8 Hitachi 75.61 +.07 Millicoi
0 HomeDp 39.06 +31 Mirant
2 Honda 33.75 -.01 MitsuU
9 HonwillntI 56.00 +.50 Mitsui
3 Hospira 41.22 -.26 Mizuho
6 HostHotls 25.62 +.12 Mobile
0 HuanPwr 41.36 -20 Mohaw
9 HudsCity 13.34 +.14 MolsCc
9 Humana 63.47 -.76 Monsan
2 HutchTel 31.14 +26 Moody
1 IAC Inter 36.10 -2.49 MorgSt
9 ICICI Bk 41.78 +.59 Mosaic
9 ING 45.87 -.07 Motoro
2 IShiapan 14.38 +.02 MurphC
3 IShDJDv 74.45 +35 NCR Cp
2 IShSPS00 150.49 +.65 NEC
4 iShEmMkt 124.83 +1.10 Nil Hid!
7 iSh EAFE 79.79 +.11 NIS Grp
4 ISRIKV nya 87.43 +.55 NRG Eg
8 IShR2K nya 82.29 +.14 NTTDoC
0 ITT Corp 65.36 -.14 NYMEX
6 ITW s 52.60 +.18 NYSE E

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1 46.25 +3
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s s 53.74 +.02
d 46.11 +.3
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Ex 134.75 +7.4S
Itl rs 24.86 +.3
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Tr 60.41 +.9(
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gCh 52.70 +.1!
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org 106.80 +.10
7320 -.7:
in 91.81 +21
EIc 21.78 +.31
32.83 -.4!
29.71 -.06
a 45.93 -.0'
a 99.15 +.8
m 91.68 +.71
ips 20.92 -.2!
77.88 -1.02
eSA 42.16 +.83
ch 54.92 +.51
Is 84.13 -4.41
ason 10523 +2.83
nBr 75.65 +.11
itl s 31.23 +.51
5.62 +20
bA 37.08 +.03
bB 3620
bC 34.41 +.04
tAn 25.32 -.21
apA n 118.95 +3.50
59.14 -.02
d 28.08 +.5!
t 72.45 +.40
rTch 3820 +.4!
SB 46.93 +.09
IM 96.40 +33
s 48.05 +.3
s 3052 -.16
ca 34.17 -.37
II 34.18 +2.74
k 113.05 +.49
70.78 +1.11
57.78 +.50
Mir 65.38 -2.94
ch 95.18 +.01
1 g 79.26 +.02
wl 81.70 +.66
f gs 35.86 -.5
ion 103.58 +1.24
A s 45.51 -.03
IM 32.14
Is 48.94 +.3
M 150.91 +6.46
IT slf 17.10 +.57
30.00 +23
Cd n 134.82 +8.47
ih 2027 +.02
29.13 +32
If 32.19 -.1!
ml s 56.71 +.8
ds 49.91 -.11
NH 66.5 +.52
son 59.41
un 56.60 -.22
Hith 73.50 +.31
Ic 54.02 -.03
0BL n 17.86 -.62
Fnc 43.74 +.3!
51.55 +.32
Lyn 9228 +1.09
e 68.13 +1.36
55.30 +.06
hp 40.92 -.01
T 11.39 -.06
oft 30.97 +.36
s 3724 -.11
mint 84.40 +.57
45.53 +.0!
FJ 10.60 -.04
375.59 +4.86
F n 12.31 -.08
Tel 56.76 +.10
wk 91.96 +.07
oorsB 96.00 +1.38
nto s 59.50 +.8
S 66.36 +.26
an 85.28 +.92
If 30.82 +124
Ila 17.73 +.17
0 57.67 +1.04
p 51.36 +.44
5.33 +.03
g 79.98 +.05
p 5.31 -.06
7y 81.20 +.99
Co 17.50 -.03
X n 123.24 -1.41
ur 84.59 +1.90

Name Last Chg Name Last Chg
SilverWheaton 13.06 +.40 SNCLavalin 33.27 +.98
SXRUraniumJ 16.81 +.51 RioNarceaGId 5.52 +.08
SaxonEgySrv 4.87 -.03 EnCanaCorp 60.93 +126
Sherrittlnti 15.48 +.55 HudBayMnris 23.48 +1.39
FirstNickelo 1.87 +.18 VirginMtlsIn .81 +.17
Goldcorpinc 2739 '+.02 EasternPlat 2.39 -.02
JaguarNickel 28 +.02 MiramarMng 4.71 +.04
TSXGroup 41.77 -5.67 CGIGrpASV 10.99 -.02

Nam Ladt Ch
Schwab 19.45 +.06
SeagateT 22.18 +.53
.... .......... ..................... SearsHldgs 188.32 -.31
SearsHIdgs 188.32 -.31
SempraEn 63.51 +.27
ShawC g 39.11 -.57
Sherwin 64.63 +.23
Shinhan 115.27 -.03
Shire 69.10 -.42
S ..* SiderNac 43.57 +.01
Siemens 123.55 -.15
SimonProp 115.14 -.10
Nasdaq composite Smith&N 61.34 -1.12
Close: 2,565.46 SmithIntl 52.34 +.08
Change: +7.62 (+0.3%) Sodexho 78.59 -.64
........................ ................ SonyCp 53.66 -.04
F M A N SouthnCo 37.65
SthnCopp s 81.77 +1.31
SwstAiri 14.51 -.05
S m SWStnEngy 43.17 -.01
0 TR YTD SovrgnBcp 24.55 +.04
A +6.24% SpectraE n 26.47 -.16
A +13.05% SprintNex 20.79 +.12
A +15.00% SPDR 150.35 +.81
A +6.73% SP Mid 161.38 +.27
A +6.22% Staples 2533 +.27
A +5.93% Starbucks 31.62 +37
A +10.46% StarwdHtl 69.72 +.77
A +5.23% StateStr 69.89 +.45
A +6.32% Statoil 29.23 +.32
StoraEnso 18.77 +.11
sT Gold 67.49 +.83
Stryker 65.09 -.06
i Name Lat Ch Suez 57.22 +.41
SunLfFn g 45.69 -.69
2 Nabors 3272 +.73 SunMIcro 5.18 +.03
9 Naspers 25.93 -.04 Suncor g 82.01 +.08
0 NtAust 18130 +.25 Sunoco 76.47 -1.23
1 NBkGreece 11.19 -.23 SunTrst 85.39 +.98
4 i A MIn *, Supvalu 46.93 +.43
3 NOIlVarco 89.81 +1.22 Swisscom 35.07 -.13
6 NatSemi 27.03 +.09 Symantec 19.05 +.88
7 NetwkAp 38.42 +.62 Syngenta 37.27 -1.03
9 NewellRub 30.90 +.12 Synovus 32.22 +.39
6 NewmtM 41.90 +.13 Sysco 34.11 +.97
8 NewsCpA 21.66 +.07 TD Ameritr 17.73 +.26
7 NewsCpB 23.44 +.01 TDK 84.68 +.15
0 Nexen g 6133 -.05 TJX 28.09 -.29
3 NISource 25.08 +.08 TNT NV 44.39 -.55
0 Nidec 15.28 +.03 TXU Corp 66.07 +.06
1 NikeB wI 5328 -.20 ThiwSemi 10.71 +.09
4 NippnTT 25.25 -.02 TallsmE gs 19.71 +.21
5 Nissan 20.19 +.07 Target 58.58 -37
8 NobleCorp 88.26 +1.76 TataMotors 18.02 -.28
6 NobleEn 60.75 -.18 Technip 75.82 +.78
7 NokiaCp 25.64 -.07 TeckCm gn 80.25 +1.73
1 Nomura 19.48 -.11 TelcNZ 28.42 -.47
4 Nordstrm 55 1 -.48 Telltalla 28.97 -.45
3 NorflkSo 53.72 +138 TelltallaA 23.58 -.72
6 Norsk s 36.14 +30 TelBrasH 3532 +.23
2 Nortellfrs 25.28 +.16 TelSPaulo 27.40 +.52
6 NorTrst 63.84 +.42 TelefEsp 67.69 -.16
1 NorthropG 73.78 +1.10 TelMexL 35.75 +.94
9 Novartis 58.03 -.49 TAustria 55.61 -1.26
0 NovoNdk 104.41 -.77 Telenor 58.05 +1.69
4 Nucor s 65.50 +.83 TelData If 57.50 +.99
0 Nvidla 33.47 +.62 Telkom 99.98 +.29
3 OcciPet s 51.86 +.54 Telus g 5435 -.30
6 OffcDpt 34.70 +24 Templeln 60.71 +.34
L Omnicom 104.09 -31 Tenaris 4723 +1.03
5 Oracle 19.02 +.16 Terex s 80.10 +.12
6 Orix 139.10 +.12 Tesoro 114.95 -8.88
4 PG&E Cp 51.28 -33 TevaPhrm 39.23 -.35
5 PNC 74.98 +.56 Texinst 35.09 -.02
8 POSCO 107.40 +.41 Textron 103.74 +1.26
5 PPG 75.02 +1.00 ThermoFis 52.90 -.05
2 PPL Corp 44.45 -.40 Thomson 43.73 -.24
I Paccars 86.70 +3 3MCo 84-07 -35
ParkHan 9532 +9 Tiffany 48.50 +.68
1 Paychex 37.91 +.15 TW Cable n 37.86 +.91
3 PeabdyE 4933 +29 TimeWam 21.05 +.11
6 Pearson 17.48 +.14 Trchmrk 6927 +.11
8 PennWst gn 30.80 +39 TorDBk g 6159 +.39
0 Penney 79.19 -31 Total SA s 75.45 +.34
3 PepslBott 33.47 +.21 Toyota 120.40 +.08
PepsiCo 6731 +.29 TrCda g 36.09 +.24
4 PetroC g 46.72 +1.21 Transocn 89.65 +.44
6 PetChina 121.26 -6.49 Travelers 55.00 +.40
0 PetrbrsA 91.20 +.99 Tribune 32.80 +.02
2 Petrobrs 102.65 +.58 Turkcell 15.46 +.64
5 Pfizer 26.87 +27 Tycolntl 32.85 +.01
0 PhlILD 5324 -35 lyson 21.34 +.15
3 PhilipsEl 40.78 -36 UBS AG s 63.43 -2.02
9 PioNtri 51.47 +24 UPM Ky 24.92 +.06
3 PitnyBw 47.54 +.53 USTInc 56.33 -.03
i PlaInsAA 5930 +1.86 UltraPt g 62.50 +1.11
5 PlumCrk 4025 +.15 UUniao 100.16 +1.27
7 Polo RL 90.44 -.66 UnllevNV s 31.23 +.94
4 PortglTel 14.16 -.08 Unilever s 32.06 +1.05
9 Potash 188.20 +632 UnionPac 116.55 +3.13
I PwShs QQQ 4659 +.17 UnBnCal 62.40 +.98
0 Praxalr 66.05 -20 UtdMIcro 3.31
4 PrecCastpt 107.77 +.76 UPS B 70.89 +.15
1 PriceTR s 49.38 -.09 US Bancrp 34.35 -.15
2 PrinFnc 62.56 +.73 US Cellu If 73.10 -.10
6 ProctGam 62.00 -37 USSteel 104.54 +.95
6 PmgrssEn 51.77 +.27 UtdTech 67.93 -.47
4 ProgCp s 23.40 +.10 UtdUtils 29.75 +.17
1 ProLogls 67.50 +.60 UtdhlthGp 53.19 -.60
Prudent 99.65 +2.85 UnumGrp 2733 +2.41
6 Prud UK 31.83 +1.71 VF Cp 86.47 +.21
6 PSEG 87.75 ValeroE 73.32 +.42
7 PubStrg 91.68 +.03 VeoliaEnv 84.55 +.20
3 Publicls 46.55 -1.90 Verlslgn 26.77 -.26
PulteH 26.9 +05 VerizonCm 41.07 +1.47
Qualcom 4428 +401 VlacomB 41.50 -.21
QstDlag 48.60 -.46 VlmpeICm 10223 +38
5 Questar 98.88 -24 VIrgnMda h 24.75 -.10
2 QwestCm 9.43 +.04 Vodafone 28.65 -.25
1 Raytheon 54.02 +.79 Volvo 98.26 -232
2 ReedEsNV 3721 -.42 Vornado 120.48 +.03
ReedEls plc 50.17 -.79 VulcanM 118.61 +1.92
2 ReglonsFn 35.83 +.82 WPP Gp 74.40 -.99
1 RellantEn 22.85 -.06 Wachovia 55.64 +.27
3 Repsol 33.41 -.02 WalMart 48.36 +.08
2 RschMotn 135.50 +2.67 Walgrn 44.55 -.03
9 ReutrGrp 58.92 +.14 WA MutI 43.03 +32
2 ReynAm s 64.96 +.63 WsteMInc 38.24 +.59
S Rinker 77.40 -.02 Weathfdint 53.53 +1.04
RioTInto 253.6 +5.66 WellPoint 8121 +.12
RockwlAut 61.5 -.01 WellsFgo s 35.84 +.15
I RockColl 6639 +.43 WstnUn n 21.51 +.57
6 RogCm gs 39.67 -25 Westpac 112.56 -1.23
RoHaas 51.14 +.04 Weyerh 78.15 -1.18
S Rostele 54.69 +1.49 Whipl 112.82 -.32
S RoyalBk g 52.09 +.18 WholeFd 45.31 -.33
S RylCarb 41.30 -.45 WmsCos 29.20 -.68
S RoyDShlIB 7320 +.98 WllllsGp 4220 +.44
RoyDShlIA 71.45 +.76 Wlndstrm 14.79
S Ryanair s 44.42 -2.98 Wipro 17.01 +.15
SAP AG 47.64 -37 Wolseley s 25.66 +37
S SK Tlcm 26.63 -.02 WooriFn 76.75 +1.25
S SLGreen 14056 -.04 Wrigley 58.99 -.06
SLM Cp 54.48 +29 Wyeth 56.66 +.83
sTMSTech 60.09 +36 Wyndham n 3730 +.60
S STMIcro 19.45 -.09 Wynn 103.63 -3.42
S Safeco 64.4 +86 XL Cap 79.10 +.06
S Safeway 35.99 -.15 XTO Engy 56.05 +.47
S SUtude 44.10 -28 XcelEngy 2420 -.08
S SanDisk 43.78 +1.28 Xerox 18.08 -22
S Sanofl 45.86 -.61 XIIInx 29.63 -27
SaraLee 16.63 -.03 YPF Soc 42.62 +.04
S Sasol 36.85 +14 Yahoo 28.18 +.06
9 Satyam s 25.13 +.04 YumBrds 66.11 -.62
SchergPI 32.11 +.40 Zimmer 90.87 +1.87
1 Schlmbrg 74.77 +.81 ZionBcp 82.60 +20

Name Last Chg
BreakwaterRes 235 +.06
EldoradoGId 6.57 +.17
ISharesCDN60 78.15 +.43
GlobeStarJ 221 +21
PetroCanada 5157 +1.13
Bk NS 53.12 +.42
lamgoldCorp 8.85 ..
NorOriono 5.50 +24

Name Last Chg
YamanaGIdo 15.76 +.36
BombdrBSV 4.85 +.06
TeckComBSV 44.36 +.84
BarrickGold 33.58 +.87
SynencoCIA 16.35 -.20
TalismanEgy 21.82 +20
Dynatec 4.70 +22
RevettMnriso 1.35 +.16


3-month T-bill 4.76 4.75 +0.01 V A V 4.71
6-month T-bill 4.82 4.81 +0.01 V A V 4.82
1-year T-note 4.96 4.94 +0.02 A A 4.99
2-year T-note 4.68 4.63 +0.05 A A V 4.94
5-year T-note 4.58 4.54 +0.04 A V 5.01
10-year T-note 4.67 4.64 +0.03 V V 5.15
30-year T-bond 4.83 4.81 +0.02 v V A 5.24


YEST 8.25 5.23
PEV 8.25 5.23
WKMAO 8.25 5.23


Exchange COUNM


Lehman Bros Bond dx4.85 4.83 +0.02 V V 5.34
Bond Buyer Muni Idx 4.62 4.60 +0.02 A A v 4.86
Lehman US Inv Grade 5.30 5.27 +0.03 A A A 5.66
Lehman US High Yield 7.47 7.48 -0.01 V V 8.12
Moodys Bond Index 5.40 5.40 ... v v A 5.98
Bank Index 117.20 116.64 +0.56 A A A 111.40
DJ Corp Bond 200.27 200.45 -0.18 A A A 184.73

Unleaded Gas (gal) 2.25 2.23 +0.90 +40.4
Crude OIl (bbl) 63.19 63.68 -0.77 +3.5
Gold (oz) 681.80 672.30 +1.41 +7.3
Platinum (oz) 1310.80 1299.10 +0.90 +15.1
Silver (oz) 13.39 13.21 +1.36 +4.6
Coffee (Ib) 1.01 1.02 -0.98 -20.0
Orange Juice (Ib) 1.72 1.69 +1.78 -14.5
Sugar (Ib) 0.09 0.09 ... -23.4


Argent (Peso) .3243 +.0001
Brazil (Real) .4933 -.0012
Britain (Pound) 1.9876 -.0020
Canada (Dollar) .9031 +.0009
Chile (Peso) .001913 +.000008
Colombia (Peso) .000482 +.000002
Dominican Rep (Peso) .0310 +.0001
Euro (Euro) 13554 -.0044
Japan (Yen) .008303 -.000022
Mexico (Peso) .091616 +.000038
Uruguay (New Peso) .0418 -.0000

6MO. 1YR.

+.03 .3244 -.0045
-24 .4675 +.0089
-.10 1.9011 +.1465
+.10 .8854 +.0009
+.42 .001903 -.000022
+.41 .000434+.000062
+.32 .0296 +.0001
-32 1.2716 +.0929
-26 .008474 -.000497
+.04 .092595+.000458
-.00 .0420 +.0001

S&P 500 1502.39 +6.47 +0.43% A A A +5.93%
Frankfurt DAX 7476.69 +20.76 +0.28% A A A +13.34%
London FTSE 100 6537.80 +53.30 +0.82% A A A +5.10%
Hong Kong Hang Seng 20681.58 +293.09 +1.44% A A A +3.59%
Paris CAC-40 6004.28 +14.15 +0.24% A A A +8.35%
Tokyo Nikkei 225 17394.92 +119.94 +0.69% V V A +0.98%

Buenos Aires Merval 2174.77 +17.93 +0.83% V A A +4.03%
Mexico City Bolsa 29752.95 +493.03 +1.68% A A A +12.49%
Sao Paolo Bovespa 50218.22 +746.68 +1.51% A A A +12.92%
Toronto S&P/TSX 13687.00 +108.26 +0.80% A A A +6.03%

Seoul Composite 1559.86 +6.56 +0.42% A A A +8.74%
Singapore Straits Times 3450.64 +32.83 +0.96% A A A +15.57%
Sydney All Ordinaries 6236.90 +12.40 +0.20% A A A +10.50%
Taipei Talex 7926.66 +23.62 +0.30% V V A +1.32%
Shanghai Shanghai B 231.13 ... ...% A A A +77.64%

Largest Mutual Funds





AIM CapDevO 13.45 +.03+15.6 GrowincA m 21.17 +.11 +16.0
ConstellA m 28.15 +.03 +6.9 DivintIA m 24.81 -.01 +10.6 VoyagerA m 19.16 +.04 +8.4
A Cent mMety Spatanverour
Ultralnv 2857 +.08 +3.4 5001ndxAd 104.38 +.48 +17.0 DivrEqlnA m 13.82 +.08 +14.1
American IF s USEqlndxl 5322 +25 +17.0 LgCpEqA m 620 +.02+15.2
AmcapA m 2133 +.04 +12.4 Fest Eagle Russell
BalA m 19.75 +.05+12.8 GIbA m 48.55 -.02 +14.6 MulStrBdS 10.33 -.02 +6.7
BondA m 13.40 -.02 +7.9 OverseasA m 26.96 -.01 +14.4 Scwb
CaplncBuA m 64.65 +.16 +20.7 YIdPsSel 9.69 ...+5.7
CpWIdGrlA m 4529 +.09 +19.0 CA TF A m 732 ... +6.6 9
EurPacGrA m 50.51 +.07+15.7 FedTFA m 12.06 -.01 +5.9 Selected
FundmlnvA m4335 +.18+15.7 HYTFA m 10.95 -.01 +7.5 AmerShS b 48.71 +22+16.4
GrowAmerA m35.13 +.14 +113 Income A m 2.79 +.01+21.1 T Rowe Price
HilncA m 12.81 +.01 +11.8 SmMdCpGrA m4220+.01 +122 BIChpGr 38.49 +.15 +14.9
IncAmerA m 21.40 +.05+19.7 US Gov A m 6.40 -.01 +6.7 CapApprec 21.93 +.07 +16.1
InvCoAmA m 35.39 +.10 +152 Rnklemip-Mitual Eqlndex 40.33 +.19 +16.7
MutualA m 3121 +.11+18.1 DiscovA m 33.17 +.07 +21.9 Eqtylnc 31.43 +.18+19.8
NewEconA m 2851 +.11 +154 Shares Z 28.02 +.09 +18.8 GrowStk 34.06 +.09+17.9
NewPerspA m34.22 15 +22.8165 rlkmp-Templetos IntlStk 18.00 +.04+13.4
ldA m3 +.5 08162 Fgn A m 14.63 +.06+14.7 MidCapVa 27.64 +.07+213
mPIA m43 ForEqis 29.11 +.08 +25.5 MidCpGr 59.64 +.19 +11.6
WAMutnvAm37.05+.16+18 Growth A m 27.21 +.07 +18.1 NewEra 52.56 +.42 +11.9
Arthia World A m 20.63 +.09 +16.5 NewHoriz 34.71 -.02 +4.3
Intl 31.46 +.03+16.9 RanFl Templeton Newlncome 8.94 -.02 +7.5
Doren FndAIIA m 14.65 +.03 +18.7 SmCpStk 36.31 -.02 +6.9
Growth b 53.08 -.15 +10.1 Harber SmCpVal 44.35 -.04 +7.9
01st1 CapAplnst 34.88 +.06 +6.9 Value 29.36 +.10 +20.0
TiMInti 28.46 +.01+15.7 intllnst 67.99 +26 +20.7 Trd Avenue
Ulackilck Hartfori Value 6426 +.47+13.0
GlobAlcAm 1921 +.05+115 AdvHLSIA 23.80 +.06+13.5 Tionimib
Callam CapAprA m 39.99 +23+10.9 IntIValA r m 3128 +.07+18.4
GrowA m 57.89 +.11 +12 CpApHLSIA 57.02 +.36 +12.5
Cohlfbla DvGrHLSIA 24.48 +.11+19.8 weedyBrowne
AcomZ 32.45 +.04 +12.4 JPM anGlobVal 3427 +.06+205
DIFA IntrAmerS 29.97 +.11+17.1 VAUC
EmgMktVal 37.66 +.34+29.5 Janus Stockldx 39.01 +.18 +16.7
IntlSmCap 23.75 -.03 +223 Contrarian 1952 +.10+28.8 VanKampen
IntlSmCo 21.68 -.03 +193 Growinc 40.85 +.16 +7.7 ComstockA m20.32 +.11 +17.7
IntlValu 25.80 +.05+26.2 Janus 30.60 +.05+14.1 EqlncomeA m 9.54 +.04 +14.4
USLgVal 2725 +.19 +18.4 MidCapVal 25.94 +.12 +18.0 GrowlncA m 23.53 +.15 +17.8
USMicro 16.44 -.01 +6.4 Overseas 51.00 +.42 +27.0 Vanguard
USSmVal 31.53 ... +105 1wenty 58.93 +22 +163 500 138.51 +.64+16.9
DWS-Scudder John Hancock AssetA 3051 +.13+16.8
DremHRtEA m52.9 +31+16.0 CisscValA m 29.55 +.17+17.8 CapOp 38.38 +.17 +10.5
Davis LifBal b 15.06 +.03+13.1 EmerMktld m 26.54 +30+16.4
NYVentA m 40.98 +20+16.9 LifGrI b 15.64 +.03 +12.9 Energy 7037.66 +6 +85
Dodge &Cx eJi lair Europeldx 40.02 +.02+26.6
Bal 90.39 +29+13.4 IntlEql 47.75 -.08+20.9 Expir 81.35 +.13 +6.9
Income 12.66 -.01 +735 Legg Mason Extndldx 41.99 +.08+125
IntlStk 47.75 +.06 +18.1 OpportnPr m 20.96 +.07 +14.9 GNMA 1020 -.01 +72
Stock 161.77 +.80 +165 ValuePr b 76.53 +.16 +142 GIbEq 25.27 +.09 +19.6
Excder Longleaf Partners Groinc 3822 +.17 +15.9
ValRestrA 58.22 +33 +14.8 LongPart 37.46 +29 +16.8 Growthldx 31.80 +.09+13.5
FMlity Lomis Sayles HYCor 629 ...+10.0
AstMgrS0 16.83 +.02+11.5 Bondl 14.71 ...+11.0 HIthCare 156.42 +.01+19.4
Bal 20.80 +.04+12.8 Lord Abbett InflaPro 12.03 -.03 +6.3
BIChGrow 46.89 +.19 +95 AffiliatA m 16.00 +.03 +13.6 Instldx 137.48 +.64+17.0
CapApr 28.96 -.02 +8.4 MidCpValA m 24.43 -.02 +193 InstTBdId 50.38 -.07 +75
Capilnc 922 +.02+14.2 MFS InstTStPI 32.75 +.14+163
Contra 68.67 +.28+102 TotRetA m 16.97 +.04+142 IntlGr 26.04 +.05+18.0
DiscEq 31.63 +.08+16.9 ValueA m 28.73 +.14+195 IntlVal 43.76 +.09 +172
DivGrow 33.59 +.15+16.7 M Sl eInsti UfeCon 1722 +.03+11.9
Diwvlntl 40.34 +.04 +15.7 nt 22.18 +. +173 2 +.0 +1
Eqinc 61.63 +334+18.7 IntlEqA 2218 +.06+173 LifeGro 25.43 +.08+15.8
Eqlnc II 25'.05 .09+5 Nembe r emmal UifeMod 21.47 +.06+14.1
FF2015 12.9105 +.03+115 GenessTr 52.47 -.06 +9.5 MidCp 21.80 +.09+14.9
FF2040 10.19 +.03+13.5 Oakma0 k Morg 20.29 +.06 +11.9
Fidelity 38.52 +.23+14.9 EqncI 27.80 +.05+14.5 MulntAdml 1329 -.01 +5.6
Free2010 1539 +.02+10 Intl I 27.80 -.06+22.1 Pacificid 13.11 +.04 +4.3
Free2020 16.53 +.03 +123 Oakmark I 48.90 +.16 +193 Prmcp 73.37 +23 +102
Free2030 17.19 +.04+13.2 Select I 3520 +.13 +14.8 REITIdx 2634 +.06 +28.9
Govtinc 10.06 -.01 +6.6 Oppeinhunr STCor 10.59 -.01 +6.1
GrowCo 73.96 +31 +9.8 CapApA m 4938 +.12 +103 SelValu 22.74 +.11 +23.1
Growinc 32.77 +.13 +11.0 DevMktA m 45.05 +.49 +14.8 SmCapldx 3524 +.04 +112
Intfond 1029 -.01 +6.6 GlobA m 78.76 +.10 +14.5 Star 22.07 +.05 +125
IntlDIsc 4123 +.03 +16.6 InUtBondA m 6.23 -. +8.8 StratgcEq 26.03 +.07+12.8
InvGrdBd 7.38 -.01 +7.5 MainStrA m 4324 +23 +15.1 TgtRe2015 13.14 +.03 +13.9
LevCoSt 33.56 +.19 +19.6 RocMunlA m 18.79 -.01 +8.7 Tgtet2025 13.86 +.04+15.5
LowPriStk 46.79 +.15+13.8 RochNtlMu m 12.81 -.02 +10.0 TotBdld 10.00 -.01 +7.5
Magellan 97.14 +.62 +7.5 StrlncA m 4.40 ... +9.7 Totlnt 1931+.05+18.8
MidCap 33.07 +.11+123 PIMCO TotStldx 3631 +.15+16.1
OTC 4427 +.19+13.1 AIIAssetl 12.99 +.01 +9.9 WellsI 22.47 +.01+13.6
Overseas 4928 +.02 +16.7 ComRIRStl 14.83 +.08 +32 Welltn 34.02 +.10 +15.4
Puritan 20.91 +.06+14.9 LowDrls 9.89 -.01 +4.8Wndr 19.82 +.09+173
Reallnv 37.90 +.09+28.5 RealRet 10.88 -.03 +5.9 Wndsrl 37.69 31 +20.5
ShTmBond 8.86 .. +52 TotRetis 10.36 -.03 +6.5 Wndsrl 37.69 +.31+20.5
USBdindx 10.90 -.01 +7.5 PIoner Western Asset
Value 89.27 +21+17.9 PioneerA m 51.21 +.17+15.9 CrBdinst 11.36 -.02 +9.4
F1elty Adviser Punlai CrPlBdins 10.53 -.01 +92

_____ ~_~~_~ ~~__


aiM miHerald.com I TH D

FRIDAY, MAY 4, 2007, PAGE 5B


Bahamas' CSME

absence reduces

attraction for

labour movement

Tribune Business Reporter
The absence of the Bahamas from the
list of countries that accept CARICOM
skill-certified workers may be the rea-
son why Jamaicans are not taking advantage of
the opportunity, despite their government's
encouragement they do so, a Bahamian attorney
said yesterday.
Only 78 Jamaicans had applied for skills cer-
tificates to work in other countries as at 2005,
Brian Moree, senior partner at McKinney, Ban-
croft & Hughes, told Rotarians of West Nassau.
During a presentation on the Caribbean Sin-
gle Market and Economy (CSME), Mr Moree
explained that a skills certificate replaces work
permits, and allows a skilled worker the freedom
to live and work in other countries under the
free movement of labour clause.
He said the senior director at the ministry
responsible for work permits in Jamaica, Veron-
ica Robertson, told a newspaper that Jamaicans
were not yet leading the pack of applicants in
the ministry's office for these certificates.
When asked what might account for such a
low number, Ms Robertson said the absence of
some countries from the list of CSME coun-
tries was a contributing factor.
"When we tell interested applicants that the
Cayman Islands and the Bahamas are not
included in the list of states participating in the
free movement under the CSME, they are no
longer interested," she said.
Mr Moree said the relatively small number of
skills applications by Jamaicans was in part due
to the popularity of Europe, North America,
the Cayman Islands and the Bahamas.
He added that while opponents of the CSME
were criticised as being xenophobic, due to its
economic development, the Bahamas was
viewed as a desirable state in which to work.
This is not bragging about our country, but


if you look at the GDP per capital of the 15
CCARICOM states, that can tell you much bet-
ter than I can tell you," Mr Moree said.
"We are by far the most developed country in
CARICOM, and naturally if there is a free
movement of labour we are going to have much
more movement moving north than our people
going south. I am not saying whether this is a
good thing or a bad,thing but tlat is a fact."
S': h ,, 0,1 fi1

[I Il- I


Assistant Controller B, Development Accounting
Reporting to the Director of Finance, Development Accounting, the
Assistant Controller, Development Accounting accumulates and monitors
all financial data for smaller, less complex resort development projects
and communicates financial data and information to appropriate
personnel on a periodic basis. The Assistant Controller acts as an
intermediary between the Regional Director of Finance (RDOF), Director
of Finance (DOF) and various financial departments with Marriott
Vacation Club International, e.g., Fixed Assets, Financial Planning and
Reporting, Marketing and Sales, etc., that require financial information
related to specific projects and project components.

Assistant Controller, Joint Venture Sales & Marketing &
The Assistant Controller ensures accurate reporting, accounting, billing,
and forecasting for joint venture projects and activities. The incumbent
interacts with multiple teams and assists site Director of Finance in
providing timely information to joint venture projects and activities.
The incumbent interacts with multiple teams and assists site Director
of Finance in providing timely information to joint venture team in
addition to addressing questions that may arise as partner packages
are completed.

Site Director of Finance, Marketing and Sales
The Director of Finance provides finance and accounting leadership
and support for site marketing and sales efforts and new product to
market initiatives. The incumbent ensures accurate and timely on-site
financial management, reporting, forecasting, and budgeting of all
on-site Ritz-Carlton Club business units (sales & marketing and
development). The Director of Finance safeguards company assets
and maintains and maintains a strong environment of financial control.

Please send resumes to:
Human Resources Director
The Abaco Club on Winding Bay
P.O. Box AB 20571
Marsh Harbour, Abaco
Fax: (242) 367-0392
^^^^^^ ---^^ -- ,. ".--


Supervisor Loan Review & Custodial Services
Location: Freeport

* Five years in Banking at least two years in credit
* Considerable and proven ability to supervise.
* Time management skills sufficient to work in a fast paced environment
on a broad range of activities.
* Knowledge of security documentation sufficiently detailed to verify
security documents.
* Knowledge of the Laws related to the securities of the Bank as well
as the Banking Act
* Interpersonal skills to work effectively with the staff of Government
Agencies, other financial institutions and lawyers
* Ability to manage in a fluid environment while maintaining efficiency
due to constant changes in procedures, charges etc. from government
* Meticulous attention to details to ensure that errors are kept at a
* Good writing and communication skills.
* Knowledge of PC software and mainframe applications sufficient to
enter and access customer information (e.g. ICBS, On Demand, Excel,
Word, PowerPoint, and SSLBD).

General Requirements/Responsibilities:
* To provide overall supervision to the Loan Review and Control
Officers, while ensuring that perfection of securities are in order and
in keeping with the risk management policies of the bank.
* Ensure that the ongoing operation of the Custodial & Support Services
of the LPC Freeport is performed effectively and efficiently.
* Provide guidance and counsel to department staff in the resolution of
difficult or complex problems.
* Participate in and, in some cases, take responsibility for the development
and training of staff in the LPC Freeport, Abaco and Eleuthera.
* The position will require travel to Abaco and Eleuthera.

Applicants are requested to submit their resume with a cover letter via email
by May 4th 2007 to: nicolette.deal@firstcaribbeanbank.com

FirstCaribbean International Bank (Bahamas) Limited thanks all applicants
for their interest, however only those under consideration will be contacted.

. -.

.. .. ,

, 13 *

PAGE 6B, FRIDAY, MAY 4, 2007


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


A leading Law Firm is seeking qualified candidates
to fill the position of Jr. Accounts Clerk. The
successful candidate must:

Hold an Associate's degree or equivalent in
Possess strong organizational skills;
Be able to meet deadlines;
Possess excellent communication skills;
Be computer literate; and
Be able to work as part of a team

Remuneration & benefits are commensurate with
qualifications and experience. Qualifying persons
may send resume to:

Fax 502-5092
Attn: Human Resources Department

Legal Notice



(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in disolution, which commenced on
the 7th day of March 2007. The Liquidator is Argosa
Corp. Inc., P.O.Box N-7757 Nassau, Bahamas.



'Very significant' ruling for

agent, contract workers

Tribune Business Editor

THE Privy Council ruling
that found a former Imperial
Life worker was an 'employee',
rather than an 'agent', is "very,
very significant" for Bahamian
workers hired through an
agency or independent con-
tractor arrangement, as their
status is not just dependent on
their employment contract
Obie Ferguson, the Bahami-
an attorney who was lead coun-
sel for John Hanna in his appeal
to the Privy Council, said the
ruling meant that "all the char-
acteristics and variables that
formed the basis of employ-
ment" had to be taken into con-
sideration when disputes arose
over whether Bahamian work-
ers were employees or agents.
The impact of the Privy
Council verdict in Mr Hanna's
case, Mr Ferguson said, was that
the employment question could
not determine the answer to this
question alone.
"I think this case is very, very
significant in that any agency
contract between a worker and
an insurance company ought
not to be used to classify a
worker as an independent con-
tractor merely because of the
fact that the contract says it is an
agency agreement," Mr Fergu-
son said.
"Imperial Life operated on

Attorney says Privy Council ruling means 'all characteristics' of an employee's
working circumstances, not just contract, have to be accounted for

the premise that because they
had a contract with Mr Hanna,
and the contract said he was an
agent, they failed to deal with
the characteristics that formed
the basis of his employment."
Mr Ferguson successfully sub-
mitted to the Privy Council that
rather than just focus on the
employment contract to deter-
mine the employee/agent ques-
tion, the wider circumstances of
each employee's working terms
and conditions had to be
accounted for, too.
These factors included
whether the employee was sub-
ject to the performance stipu-
lations, regulations and stan-
dards set by the employer, and
whether his working materials
were also supplied by the com-
"All the variables affecting
the employee" had to be
accounted for, Mr Ferguson
said, pointing out that in Mr
Hanna's case his National Insur-
ance Board (NIB) contributions
were also being paid by Imper-
ial Life.
The attorney said the case,
and subsequent ruling, showed
that Bahamian companies hir-
ing agents and independent
contractors to perfOrm work for
them had to be careful when

Sence Integrity

Iltdeupendent Appraisal Practice to bring you

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: ; ... c' .. ,.. .

BISEI innn C
C F A L'
Pricing Information As Of:
0 '00,00 1 %CHG 00.00 I YTD 109.65 1 Y-TD % 06.54
52wvi-Ht 52wk-Low Secunt y Previous Close Toda s Close t Cnar.ge Ca.i .:, EPS -.i.. P E Y.el'.
185 054 Abaco Markets 1 15 1 1 i- ,, 282 0000. N r.1 u 00 .
12.05 10.70 Bahamas Property Fund 11.60 11 60 ,.00 1 89 I 0 .;. 3 41:
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 6.6 2.35%
2.60 1.26 Bahamas Waste 2.60 2.60 0.00 0.243 0.060 10.7 2.31%
1.49 1.20 Fidelity Bank 1.30 1.30 0.00 0.092 0.020 14.1 1.54%
10.41 9.00 Cable Bahamas 10A41 10.41 0.00 0.915 0.240 11.4 2.31%
2.20 1.67 Colina Holdings 2.10 2.10 0.00 0.245 0.040 8.6 1.90%
14.26 10.30 Commonwealth Bank 14.26 14.26 0.00 1.084 0.680 13.2 4.77%
6.26- 4.22 Consolidated Water BDRs 5.08 5.19 0.11 0.118 0.045 43.1 0.88%
2.88 2.40 Doctor's Hosplta: 2.43 2.43 0.00 0.295 0.000 8.2 0.00%
6.21 5.54 Famguard 5.94 5.94 0.00 0.522 0.240 11.4 4.04%
12.49 11.25 Finco 12.49 12.49 0.00 0.779 0.570 15.7 4.58%
14.70 12.00 FirstCaribbean 14.62 14.62 0.00 0.977 0.500 15.0 3.40%
17.11 10.42 Focol 17.11 17.11 0.00 1.657 0.520 10.3 3.04%
1.15 0.54 Freeport Concrete 0.54 0.54 0.00 -0.432 0.000 N/M 0.00%
10.20 7.10 ICD Utilities 7.25 7.25 0.00 0.532 0.100 13.6 1.38%
9.10 8.52 J.S. Johnson 9.05 9.05 0.00 0.868 0.570 10.4 6.30%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 1.269 0.795 7.9 7.95%
52wk-Hi 52Lk-Low Symbol Bid S Ask S L.ti Fi.:e .'ee., .ci EPS tI . i5 P -F,
1460 12 25 Bahamas Supermarkets 1460 15 60 1. i 125 1 71
10.14 10.00 Caribbean Crossings (Pref) 8.00 8.25 10.00 0.000 0.640 NM 7.85%
0.54 0.20 RND Holdings 0.45 0.55 0.20 0.021 0.000 26.2 0.00%
4300 28 00 ABDAB 41 00 13 ,00 4 1 0 0 ,-,,,:- 1t'-J ,', ,, .
14.60 14.00 Bahamas Supermarkets 14.60 15.50 14.00 1.770 1.320 8.3 9.04%
0.60 0.35 RND Holdings 0.45 0.55 0.45 -0.070 0.000 N/M 0.00%
52wk-Hi 52wK-Low Fund Name NA V YTDu. La- 12 1 .:-. r, E.. ,,i *3 :.
I 3383 1 2858 Colina Money Market Fund 1 338308'
3.1424 2.8564 Fidelity Bahamas G & I Fund 3.1424***
2.6492 2.3294 Colina MSI Preferred Fund 2.649189**
1.2386 1.1643 Colina Bond Fund 1.238600 ....
11.4467 10.7674 Fidelity Prime Income Fund 11.4467.....
Py'rp 07.34% '2 2006 4 47%
BIS aLL E.S RIE INDEA I ., ODe 02 = 1 00000 MARKET TERM -:. ... .... '
52wk-HI Highest closing price in last 52 weeks Bid $ Buying price of Collna and Fidelity
52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity 27 April 2007
Previous Close Previous day's weighted price for dalty volume Last Price Last traded over-the-counter price
Today's Close Current day's weighted price for daily voline Weekly Vol. Trading volume of the prior week -31 March 2007
Change Change In closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths
Daily Vol. Number of total shares traded today NAV Net Asset Value "- 31 March 2007
DIV $ Dividends per share paid in the last 12 months N/M! Not Meaningful
P/E Closing price divided by the last 12 month eamlrngV FINDEX The Fidelity Bahamas Stock Index January 1. 1994 = 100 "" 31 March 2007
** 31 March 2007

drafting employment contracts
and terms, taking care to ensure
there was a "clear understand-
ing between the parties of what
the relationship ought to be".
"If you hire someone and the
contract says one thing, and
they are found to be doing
something in addition to that,
you can't just rely on the con-
tract. You have to rely on the
additional work they were
doing and the other factors that
come into play," Mr Ferguson
Mr Hanna had filed a lawsuit
alleging that Imperial Life
breached his employment con-
tract when he was dismissed on
October 1, 2001, without
allegedly being given reason-
able notice, pay in lieu of notice
or the appropriate monetary
The crux of Mr Hanna's argu-
ment was that he was an
employee of the company, not
an agent, meaning that he could
only be terminated with "rea-
sonable notice", not summarily.
The Privy Council ruled that
there was "ample material" to
show Mr Hanna was indeed an
employee, not an agent. It said:
""He was required by his
agreement with the respon-
dent to-devote the whole of
his time, apart from his vaca-
tion time, to the service of the
company. All the resources
which he needed to do this,
including the accommodation
and equipment, were provid-
ed to him by the respondent.
A portion of his national
insurance payments was paid
by the respondent, and he was
given access to retirement
benefits that were available
under the company's pension
""It is plain that while he
held the position of manag-
er-marketing supervising a
staff of six employees, he was
himself an employee of the
"He was not required to
enter into a fresh agreement

with the company during this
"This is a strong pointer to
the conclusion, when taken
with the other evidence, that
he was an employee through-
out and that he remained an
employee when the contract
was terminated."
While the word 'agent' was
used throughout the employ-
ment contract, Mr Hanna was
"was not free to set his own
standards of performance. He
was required to observe the
rules and regulations laid
down by the company.......
"The description of his con-
tract in the letter of 1 Octo-
ber, 2001, while not determi-
native, is at least consistent
with the impression created
by the facts as a whole that
the appellant was working
throughout the period of his
service not on his own
account but as the respon-
dent's employee."
The Privy Council ruling
overturned a previous Court
of Appeal verdict, and Mr
Ferguson said: "If the ruling
of the Court of Appeal had
been allowed to persist, it
would have impacted severe-
ly a number of workers
throughout the country.
"Not just insurance work-
ers, but any workers who are
hired as agents it would have
had far-reaching conse-
Describing the Privy Coun-
cil verdict as victory for
workers", Mr Ferguson said
it had now set legal precedent
and guidelines to govern
agency agreements and rela-
tionships between Bahamian
employers and employees.
Mr Ferguson said he was
"quite willing to go to the
Privy Council" with cases
arising from employers who
hired contract workers for six
months, then terminated them
for two days before re-hiring
them, so they did not have to
pay vacation pay.

The Public is hereby advised that I, RAMONA ELBINA
CULMER of P.O. BOX GT-2449, Nassau,Bahamas intend
to change my name to DARCIA RAMONA CULMER,
If there are any objections to this change of name by
Deed Poll, you may write such objections to the Chief
Passport Officer, P.O.Box SS-742, Nassau, Bahamas no
later than thirty (30) days after the date of publication of
this notice.

Legal Notice



(a) LYCORNE 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 1st
May, 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 4th day of May, A.D. 2007

Credit Suisse Trust Limited

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FAX RESUME TO 326-2824


Legal Notice



(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in disolution, which commenced on
the 7th day of March 2007. The Liquidator is Argosa
Corp. Inc., RO.Box N-7757 Nassau, Bahamas.





I I. toI 1 UOl"C..Oo

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

To the Shareholders of POBT Bank and Trust Limited
Report on the Balance Sheet
We have audited the accompanying balance sheet of POBT Bank and Trust Limited (the "Bank"), and the
summary of significant accounting policies and other explanatory notes.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of this balance sheet in accordance with
International Financial Reporting Standards ("IFRS"). This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of the
balance sheet 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 balance sheet based on our audit. We conducted our audit
in accordance with International Standards on Auditing- Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance whether the balance sheet
, is free from material 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 Bank'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 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 financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
In our opinion, the balance sheet presents fairly, in all material respects, the financial position of POBT
Bank and Trust Limited as at December 31, 2006 in accordance with IFRS.
As more fully described in notes 1 and 2 (basis of preparation) to the balance sheet, the Bank has formal
plans to cease its business. As a result, the Bank has changed its basis of accounting from the going concern
basis to the net realizable (settlement) basis.

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
March 23, 2007

Balance Sheet

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

Notes 2006 2005

Cash and cash equivalents $ 142,350 158,058
Deposits with brokers and clearing houses 3 174,953 395,773
Receivable from customers, brokers and dealers 4 & 16 69,850 562,185
Investments 5 & 16 863,774 1,446,132
Securities purchased under agreements.to resell 6 & 16 62,015 308,581
Loans 7 & 16 119,939 67,311
Fixed assets 616 409
$ 1,433,497 2,938,449

Demand deposits 8 & 16 $ 285,778 672,570
Securities sold under agreements to repurchase 6 & 16 37,882 444,456
Securities borrowed, options written and swaps 9 420,656 803,246
Certificates of deposit and time deposits 10 1,738 78,025
Borrowings 11 88,500 -
Payable to customers, brokers and dealers 12 47,270 545,752
881,824 2,544,049
Shareholders' equity
Share capital 13 5,000 5,000
Contributed surplus 95,000 95,000
Retained earnings 574,282 417,009
Treasury shares 13 (122,609) (122,609)
551,673 394,400

Commitments 14 & 15
$ 1,433,497 2,938,449

See accompanying notes to balance sheet.

This balance sheet was approved on behalf of the Board of Directors on March 23, 2007 by the
following: I I




Notes to Balance Sheet

Year ended December 31, 2006
(Expressed in thousands of United States dollars)

1. Incorporation and background information

POBT Bank and Trust Limited (the "Bank") was incorporated on October 13, 1992 under the laws
of The Commonwealth of The Bahamas ("The Bahamas") and is licensed to carry out banking
and trust business from within The Bahamas. The Bank is a wholly-owned subsidiary of POBT
Holdings Limited ("Parent Company") which owns all of the ordinary shares of the Bank. The
preference shares are owned by POBT Securities Limited. Both of these companies are
incorporated under the laws of The Bahamas and are closely held. Since its inception, the Bank
has been engaged principally in the trading and brokerage of securities and provision of
investment advisory and private banking services.

The registered office of the Bank is located at One Montague Place, East Bay St., 4'h Floor, P.O.
Box N-4838, Nassau, Bahamas. As of December 31, 2006, the Bank had 24 employees (2005 13 0

On May 9, 2006, the Bank has entered into an Account Transfer Agreement with a third party
under which its Private Banking Business will be transferred. Upon transfer of its business, which
is expected to be during the second semester of 2007, the Bank will be able to surrender its Bank
license and cease its operations.

2. Basis of presentation and summary of significant accounting policies

2.1 Basis of presentation

This balance sheet has been prepared in accordance with International Financial Reporting
Standards ("IFRS") and interpretations adopted by the International Accounting Standards Board.

The balance sheet is prepared on a fair value basis for financial assets and financial liabilities at
fair value through profit or loss and derivative financial instruments. Other financial assets and
liabilities and non-financial assets and liabilities are stated at amortised cost or historical cost.

Due to the decision to cease operations as noted in note 1 above, the Bank's management has
determined that the going concern assumption is no longer appropriate. As a result, the Bank has
changed its basis of accounting from the going-concern basis to the net realizable (settlement)

2.2 Financial instruments

(i) Classification

The category of financial assets and financial liabilities at fair value through profit or loss
comprises financial instruments held-for-trading. Held for trading instruments are those that
the Bank principally holds for the purpose of short-term profit taking. These include
investments, derivative contracts and liabilities from short sales of financial instruments. All
trading derivatives in a net receivable position (positive fair value), as well as options
purchased, are reported as "investments". All trading derivatives in a net payable position
(negative fair value), as well as options written, are reported as "securities borrowed, options
written and swaps".

m" B

2.6 Use of estimates
The preparation of the balance sheet in conformity with IFRS requires management to make
judgments, estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the 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 relating to fair values of financial instruments are described
in accounting policy 2.2 (vi).

lloI I I I .

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

Financial assets that are classified as loans and receivables were created by the Bank b3
providing money to a debtor other than those created with the intention of short-term profit
taking. Loans and receivables comprise loans and advances to h-nvc aad riustomers.

(ii) Recognition

The Bank recognizes financial assets and financial liabilities on the date it becomes a party to
the contractual provisions of the instrument.

A regular way purchase of financial assets is recognized using trade date accounting. From
this date any gains and losses arising from changes in fair value of financial assets or financial
liabilities are recorded.

Financial liabilities are not recognized unless one of the parties has performed or the contract
is a derivative contract not exempted from the scope of IAS 39.

(iii) Measurement

Financial instruments are measured initially at fair value (transaction price) plus, in the case
of a financial asset or financial liability not at fair value through profit or loss, transaction
costs that are directly attributable to the acquisition or issue of the financial asset or financial
liability. Transaction costs on financial assets and financial liabilities at fair value through
profit or loss are expensed immediately, while on other financial instruments they are

Subsequent to initial recognition, all instruments classified at fair value through profit or loss
are measured at fair values.

Non-trading financial instruments include deposits with brokers and clearing houses,
receivables from customers, brokers and dealers, securities purchased under agreements to
resell, loans, demand deposits, securities sold under agreements to repurchase, certificates of
deposit, time deposits, promissory notes, and payable to customers, brokers and dealers. They
are measured at amortized cost plus accrued interest as of the balance sheet date, where

(iv) Impairment

Financial assets that are stated at cost or amortised cost are reviewed at each balance sheet.
date to determine whether there is objective evidence of impairment. If any such indication
exists, an impairment loss is recognized as the difference between the asset's carrying amount
and the present value of the estimated future cash flows discounted at the financial asset's
original effective interest rate.

If in a subsequent period the amount of an impairment loss recognized on a financial asset at
amortised cost decreases and the decrease can be linked objectively to an event occurring after
the write-down, the write-down is reversed.

(v) Derecognition

The Bank derecognises a financial asset when the contractual rights to the cash flows from the
financial asset expire or it transfers the financial asset and the transfer qualifies for
derecognition in accordance IAS 39. A financial liability is derecognised when the obligation
specific in the contract is discharged, cancelled or expired.

(vi) Fair value measurement principles

The fair value of financial instruments is based on their last closing execution prices and in
the event of no trades as of the balance sheet date, then the quoted bid price at the balance
sheet date without any deduction for transaction costs. If a quoted market price is not
available, the fair value of the instrument is estimated using pricing models or discounted cash
flow techniques.

Fair value estimates are made at specific point in time, based on market conditions and
information about the financial instrument. These estimates are subjective in nature and
involve uncertainties and matters of significant judgement (e.g. interest rates, volatility,
estimated cash flows, etc) and therefore, cannot be determined with precision.

(vii) Specific instruments

Cash and cash equivalents

Cash and cash equivalents include cash, bank deposits and interest bearing deposits with
banks which have maturities of less than three days.


Loans are originated by the Bank and are not held for trading. They are carried at
disbursement amounts plus accrued interest as of the balance sheet date, net of provisions for
loan losses, if any. The provisions for loan losses are based on an analysis by management of
the outstanding loan portfolio, in order to determine the amount sufficient to cover estimated
losses. The Bank takes into account specific and general risks components of its loan
portfolio. Such approach considers the financial strength of each customer as well as the
political and economic environment and the specific and general portfolio risks of the
countries where customers are located.

Derivative financial instruments

Derivative financial instruments, including futures, forwards, swaps and options, are
measured in accordance with the accounting policy for trading instruments. The Bank's
positions in futures contracts are recorded in off-balance sheet accounts and the daily
adjustments are recorded in "deposits with brokers and clearing houses" in the balance sheet.

Securities purchased under agreements to resell and securities sold under agreements to

The Bank enters into purchases (sales) of investments under agreements to resell (repurchase).
These balances represent short-term collateralised financing transactions. The amounts paid
are recognized in "securities purchased under agreements to resell" and the underlying assets
are recorded in off-balance sheet accounts. These amounts are collateralised by the
underlying securities. Investments -sold under repurchase agreements continue to be
recognized in the balance sheet. The proceeds from the sale of the investments are reported as
liabilities under "securities sold under agreements to repurchase". Such transactions are
entered usually on an open basis and may be terminated by both parties upon demand.

Securities borrowed, options written and swaps

As a result of trading strategies, the Bank may sell securities for which it has no possession.
In order to execute such transactions the Bank may either borrow securities through broker-
dealers or use securities obtained as collateral in the transaction recorded as securities
purchased under agreements to resell. The obligation of the Bank to return securities is
adjusted on a daily basis to the fair value of such securities. Options written are adjusted on a
daily basis to their fair value as reported by the applicable stock exchange. If a quoted market
price is not available, the fair value of the instrument is estimated using pricing models. Swap
agreements are adjusted to fair value in accordance with the valuation criteria of the
underlying assets, which is in accordance with note 2.2 (vi).

2.3 Foreign currency

The Bank conducts the majority of its operations in United States dollars, the functional and
presentation currency of the Bank. Transactions in foreign currencies are translated to United
States dollars at the closing foreign exchange rate at the date of the transaction. Monetary assets
and liabilities denominated in foreign currencies at the balance sheet date are translated to United
States dollars at the closing foreign exchange rate at that date.

2.4 Treasury shares

When share capital recognized as equity is repurchased, the amount of the consideration paid,
including directly attributable costs, is recognized as a change in equity. Repurchased shares are
classified as treasury shares and presented as a deduction from total equity.

2.5 Fixed assets

Fixed assets are stated at cost less accumulated depreciation. Depreciation is calculated on a
straight-line basis over the useful lives of the assets.


PAGE 8B, FRIDAY, MAY 4, 2007


3. Deposits with brokers and clearing houses

Deposits with brokers and clearing houses represent deposits with selected brokers dealers as a
result of settlement and margin requirements resulting from ordinary trading activity of the Bank.
Credit exposure to brokers and clearing houses is subject to daily review by the Bank.

4. Receivable from customers, brokers and dealers

Receivable from customers, brokers and dealers represent amounts of sale transactions which
were settled at the beginning of January 2007 (December 31, 2005: beginning of January 2006).
Such transactions are settled on a delivery/receipt versus payment basis in the main clearing
systems where the applicable securities are deposited.

5. Investments

The balances under this caption comprise:

2006 2005

Securities held for trading
Shares of investment funds:
Funds of investment funds (a) $ 18,021
Hedge funds (b) 366,618 240,342
Total shares of investment funds 366,618 258,363

Private sector investments:
Stocks and ADRs 431,100 507,419
Options 1,179 3,654
Corporate bonds 8,853 248,356
Credit linked notes 10,049
Swaps and Non deliverable forwards NDFs 14,932 60,185

Public sector investments:
Government bonds-Brazil 40,094 54,317
Government bonds-United States 263,554
Government bonds-Other Countries 31,825
Options on bonds-Brazil 998 8,410
Total private and public sector investments 497,156 1,187,769

Total investments $ 863,774 1,446,132

(a) Represented investments in different funds that achieve diversification through acquisition of
several hedge funds or through acquisition of other investment funds with investments
concentrated in hedge funds. In both cases the hedge funds have the investment approach
described in item (b) below.

(b) Represents funds whose investment objective is to provide absolute returns with small or no
correlation to general equity and fixed income markets with high concentration in G-7
securities and markets.

Certain securities with a fair value of $457 (December 31, 2005 $207,503) serve as collateral for
securities sold under agreements to repurchase.

6. Securities purchased tinder agreements to resell and securities sold under agreements to

Securities purchased under agreements to resell represent securities acquired by the Bank subject
to obligations of the seller to repurchase and the Bank to resell the securities on demand by the
buyer or seller. The agreements earn interest at rates varying from 5.00% to 7.25% (December
31, 2005 1% to 6.25%) per annum. Certain securities purchased under agreements to resell were
sold by the Bank and are included in securities borrowed as described in note 9. The Bank
received securities with a fair value of $150,341 (December 31, 2005 $478,339) as collateral for
securities purchased under agreements to resell.

Securities sold under agreements to repurchase represent securities sold by the Bank with a
commitment to repurchase them on demand by the buyer or seller. These agreements bear interest
at rates varying from 4.50% to 5.60% (December 31, 2005 1.5% to 4.75%) per annum. The
Bank pledged securities with a fair value of $41,796 (December 31, 2005 $528,612) as collateral
for securities sold under agreements to repurchase. Of the amounts pledged as collateral, $457
(December 31, 2005 $207,503) was owned by the Bank as disclosed in note 5.

7. Loans

Loans represent short-term and long-term credits offered by the Bank to customers. Their
maturity periods range up to 6 months (December 31, 2005 up to 36 months) and they earn
interest up to 10.37% per annum (December 31, 2005 up to 12.54% per annum). During 2006
the Bank recorded a provision for loss resulting from non-payment of interest and principal in the
amount of US$7,373 (2005: Nil).

8. i Demand deposits

The balances under this caption represent money market deposits. The average interest paid to the
Bank's depositors as of December 31, 2006 was 5% (December 31, 2005 4%) per annum.

9. Securities borrowed, options written and swaps


2006 2005

Stocks and ADRs $ 62,664 422,666
Government bonds Brazil 3,419 43,166
Government bonds United States 13,660
Corporate bonds 45,033
Credit linked notes 18,183 56,643
Options 46 6,474
Options on government bonds 698 8,401
Swap transactions and non deliverable forwards 335,646 207,203
$ 420,656 803,246

Certificates of deposit and time deposits

2006 2005

Certificates of deposit $ 1,738 33,612
Time deposits 44,413
$ 1,738 78,025

Certificates of deposit issued by the Bank bear interest at 10.70% (December 31, 2005 2.57% to
11%), per annuth. In 2005, time deposits issued by the bank bore interest at 4.33% to 4.82% per

11. Borrowings

As at December 31, 2006, the balance under this caption represents a revolving credit facility with
a third party in order to obtain resources for short term purposes with an interest rate at 6.63% per
annum, with maturity of one month and secured by shares of investment funds.

12. Payable to customers, brokers and dealers

The amounts payable to customers, brokers and dealers pertain to the purchase of investments
which were settled at the beginning of January 2007 (December 31, 2005 beginning of January

13. Share capital

Share capital comprises 5,000,000 shares divided into 2,000,000 ordinary shares and 3,000,000
preference shares (1,350,720 preference shares in treasury) with a par value of US$1.00 (one
dollar) each, all of which are fully subscribed and paid.

Ordinary shares rank pari passu with each other and the holders thereof are entitled to dividends
when declared and to one vote per share at general meetings of the Bank. Preference shares rank
pari passu with each other and are preferred over the ordinary shares for return bf capital on
liquidation of the Bank and rank equally with the ordinary shares for payment of dividends. Any
dividends are discretionary at the option of the Board of Directors. They are not entitled to any
voting rights. At any time the Bank may give notice to the holders of preferred shares of its
intention to redeem them at fair value.

14. Commitments

As of December 31, 2006, there are no guarantees granted by the Bank. As of December 31, 2005
the Bank had granted guarantees, primarily comprising of letters of credit, amounting to $3,924.
The Bank's exposure under these transactions was fully secured by liquid assets

15. Derivative financial instruments

The Bank usually engages in a variety of transactions with financial instruments in connection
with its management of market risk and proprietary trading activities. The notional amount of
financial instruments is not recorded in the balance sheet and may indicate only the Bank's degree
of use of derivatives. Premiums paid and received are recorded in the balance sheet in
investments and options written respectively, and adjusted to fair value, in accordance with note
2.2. The Bank's open positions are summarised as follows:

December 31, 2006

Foreign exchange contracts
Interest rate contracts
Commodity contracts

Equity contracts
Government bond contracts
Credit derivative swap
Foreign exchange contracts
Future commodities

Foreign exchange contracts

Credit Derivatives
Government bond contracts
Corporate bond contracts

Notional amount
Long position Short position






Interest rate

Total Return Swap
Government bond contracts
Corporate bond contracts







The fair values of options, forwards, credit derivatives, swaps, deliverable and non deliverable
forward are included in note 5 investments, and in note 9 securities borrowed, options written
and swaps. The fair values of futures and foreign exchange contracts are included in deposits with
brokers and clearing houses in the balance sheet.

16. Related party transactions

The Bank entered into various transactions with the Parent
balance sheet includes the following related party balances:

Company and related parties. The

2006 2005

Receivable from customers, brokers and dealers $ 22
Investments 18,021
Securities purchased under agreements to resell 53,193
Loans 119,458 38,321

Demand deposits 20,757 211,600
Securities sold under agreements to repurchase 22,847

17. Maturities of assets and liabilities

The scheduled maturities of the Bank's assets and liabilities as of -December 31, 2006 and
December 31, 2005 based on the contractual maturity dates are as follows:

2006 2005
Assets Liabilities Assets Liabilities

Less than one month $ 887,582 532,901 2,141,755 2,109,018
One to three months 213,515 15,841 224.600 101.874
Three months to one year 236,168 325,910 391,912 76,009
One to five years 91,562 2,724 102,198 200,975
Over five years 4,670 4,448 77,984 56.173
$ 1,433,497 881,824 2,938.449 2.544.049

Investments in stocks have been classified in the "less than one month" category because the Bank
can sell them at any time in active markets. The classification above, except for investments in
stocks and shares of investment funds, reflects the contractual maturity dates of the Bank's assets
and liabilities and does not represent the liquidity level of the Bank because certain instruments
can be negotiated in the market before their maturity dates.

,18. Exposure to interest rate risk

Cash and cash equivalents, money market funds, fixed income securities, loans, deposits,
certificates of deposit, securities borrowed and securities purchased/sold under agreements to
resell/repurchase have the following weighted average interest rates:


Cash andcashequivalen (1)
Cotrpe bonds (32)
Scusities purchased under
agrcmentis to resell
Demand deposits
Seurities sold under
agreements to repurchase
Securils borrowed -
Govm .ment bonds
Crifica of deposits and


Cash and cash equivalent (1)
Corporate bonds (2)
Ooevmmene bonds (2)
Go-csnee, bonds Ot6,
Counties (2)
Crecd Linked Notes
Securities purchased under
agreements .sell
La-m recivablesk
Demand deposits
S 4c ,ies sold uider
agreement o repurchase
Securities borrowed (3)
Cenirnm of deposits and time

Up to 1 month
including open
S tlNeres.

142,350 5.11%

62.015 6.20%

From I month Fro 3 month From1 year to .
to 3 months to I year 5 years Over 5 years

$ Inte


s Intee

S Intera

5,384 9.00% 3469 8.88%

119,939 10.37%

285.778 5.00%
37,882 5.23% .
3,419 7.88%
88,500 6.63%
1,738 10.70%

I month

From 3 month From 1 year to
to I year 5 years

IfNtr S tnlel $ nes
Rate Ram R

Over 5 years

R e

21.049 6.01% 18,117 6.23% 42,945 8.61%
4.75% 470 10.13% 131 9.0S

10,049 5,65%

26.772 7.49% 20.321 10.85%

672,70 4.00o
444,456 3.90%
'743 17.35%

10,922 2.00%

7,402 12.93% 56.145 ,89%

(1) Excludes non-interest bearing deposits, if applicable
(2) Excludes zero coupon instruments, if applicable
(3) Excludes stocks, zero coupon investments, options and swaps transactions

19. Foreign currency exposure
As of the balance sheet date, the Bank's assets and liabilities were denominated in United States
dollars, except for the following, which were either denominated in or linked to other currencies
as follows:

2006 2005
Assets Liabilities Net exposure Assets Liabilities Net exposure
Brazilian real $ 500.191 177,756 322,435 532,034 255,007 277,027
Euro 15,413 3,157 12,256 32,473 33,908 (1,435)
Canadian dollar 11,704 11,704 802 802
Turkish lira 10,225 550 9,675 31,139 23 31,116
British pound 8.365 191 8.174 7,239 31 7,208
Chilean peso 6,277 2,918 3,359 936 1,866 (930)
Mexican peso 4,659 1,120 3,539 14,356 14,356
Indian rupee 2,290 2,290 1,556 1.556
South african rand 2,209 21 2.188 1.048 521 527
Russian ruble 1,249 426 823 -
Australian dollar 1,208 1.208
Egyptian pound 695 695 -
Thai baht 320 111 209 1,056 1,056
Korean won 256 256 8,676 8.676
Hong kong dollar 51 51 4.616 2 4.614
Taiwan dollar 21 21 955 955
Japanese yen 8 225 (217) 1,394 28,273 (26.879)
Other 1,058 1,058 1,114 376 738
Total $ 566,199 186.475 379.724 639,394 320,007 319,387

The Bank uses derivative instruments to manage its foreign currency exposure.

20. Risk management

Market Risk

Market risk is related to possible losses arising from fluctuations in the prices and rates of assets.
The Bank uses value-at-risk and stress testing to measure its risk; the methodology used is based
on techniques of historical simulation and scenarios construction. The Bank's value-at-risk is
calculated on a daily basis, covering all of its assets. Risk is assessed at three levels: per asset, per
asset category and per portfolio. The historical scenarios used allow the correlation between
assets and asset classes to be preserved, which enables the structuring of hedging strategies. The
stress tests are calculated based on both historical and hypothetical scenarios.

Up to 1 month From
including open to 31
5 Intera, a

154,282 3.89%
9,453 3.88%
.2102 10.25 1.818

308.581 4.97%
2.203 6.25% 18,015 8.66%


I .. I _






















You and Aus.Awinlhiig I)al'lelrship

foir an outstanding career.

A premier financial firm like UBS "L,ns 'x e' cepti nal ial..-r: IIe yours. We seek out inqL : individuals who can
t[.; slcr tini;. .ifer, ri :jr :rgan :3lion ard off-r ,i superb career( o:p:pn.urt; to match [. .

i.': ,r: m,' nr i i,-,c, i c.-. hire a recent graduate into the UE [.En '. ltd, :.I : UBS seeks candidates,
preferably with relevant previous work experience summerr internship who have demonstrated outstanding academic
and extracurricular achievement, are 'le'bie and creative, possess ctron-j ,,.lyi. -,d interpersonal .,. i,
e .r.' ,r,,' q .r.:nmr a-d Strong work ethic and personal integrityare critical. Furthermore, excellent language il-.
are an ; .,e _; English, French, German, Spanish or Portuguese). Candidates must have their BA. .
an emphasis in Finance or Economics.

T-.. a.,pl for this Ili. [.r please deliver your resume and coverletter by hand r .% i.i Ltd., :-. -'
East Bay Street, or by e-mail to hrbahamas@ubs.com. The application deadline ,,t ihi, Trainee position ls Friday May18, 2007.

Wealth Global Asset Investment
Management Management Bank


FRIDAY, MAY 4, '207, PAGE 9B


Credit Risk
Credit/counterparty risk of any entity doing business with the Bank is systematically analysed.
Aspects of a qualitative nature, such as strategic orientation, management quality, busi,'ess sector,
areas of specialisation, efficiency and market share, are added to a comprehensive financial
analysis, focusing on cash flow, asset quality, indebtedness, interest coverage and working capital.
Credit limits for each of the Bank's counterparties are established by the Directors, and reviewed
regularly. The measurement and assessment of the Bank's total exposure to credit risk covers all
financial instruments involving any counterpart risk, considering the total amount of guarantees
given and derivative operations. In order to monitor exposure to credit risk in derivatives, risk
factors are applied to the financial value of the contracts.
Liquidity Risk
The Bank manages liquidity risk by concentrating on high quality and very liquid assets, and
using funding obtained from first class sources at extremely competitive rates. The Bank
maintains a strong capital structure and a low degree of leverage. In addition, differences in tenor
between assets and liabilities are monitored considering the impact of extreme market conditions,
in order to assess its capacity to realize assets.
21. Concentration of assets and liabilities
As of December 31, 2006 and December 31, 2005, the assets and liabilities of the Bank listed
below were distributed in the following geographic areas:
SThe Asia,
Caribbean and North South Africa and
Central America Europe America America Australasia Total

Cash and cash equivalents $ 133,654 8,696 142,350
Deposit with brokers
and clearing houses 44 174,567 216 126 174,953
Investments (1) 332,278 19,252 117,954 388,038 6,252 863,774
Securities purchased under
agreements to resell 35,382 3,731 1,770 21,131 1 62,015
Loans 119,458 481 119,939
Total $ 487.118 156,681 302,987 409,866 6,379 1,363,031
Demand deposits $ 220,248 7,896 22,643 34,647 344 285,778
Securities sold under
agreements to repurchase 665 8,694 28,523 37,882
Securities borrowed, options
written and swaps 340,615 6,870 64,817 7,314 1,040 420,656
Certificates of deposit 1,738 1,738
Borrowings 88.500 88,500
Total $ 563,266 111,960 115,983 41,961 1,384 834.554

The Asia.
Caribbean and North South Africa and
Central America Europe America America Australasia Total

Cash and cash equivalents $ 5 6,815 151,238 158,058
Deposit with brokers
and clearing houses 50,649 187.126 157,998 395,773
Investments (1) 265,510 133,714 314,098 688,421 44,389 1,446,132
Securities purchased under
agreements to resell 204,616 34,353 42,101 27,511 308,581
Loans 38,322 28,989 67,311
Total $ 559,102 362,008 665,435 744,921 44,389 2,375,855
Demand deposits $ 577,674 6,746 18,537 69,004 609 672,570
Securities sold under
agreements to repurchase 59,172 165,343 219,941 444,456
Securities borrowed, options
written and swaps 210,103 19,138 144,547 429,074 384 803,246
Certificates of deposit and time
deposits 78,025- 78,025
Total $ 924,974 191,227 383,025 498,078 993 1,998,297

(1) Includes investments in hedge funds, incorporated in the Caribbean, with a fair value of
$366,618 (2005 $240,342). These funds invest in assets issued by corporations and other issuers
incorporated in G-7 countries.
22. Fair value of financial instruments
As indicated in note 2.2 (iii), many of the Banks's financial instruments are measured at fair value
on the balance sheet and it is usually possible to determine their fair values within a reasonable
range of estimates. The major methods and assumptions used in estimating the fair values of
financial instruments and the determination of fair value for financial assets and liabilities for
which there is no observable market price requires the use of valuation techniques as described in
accounting policy 2.2 (vi).
For certain other financial instruments, including cash and cash equivalents, deposits with brokers,
loans, demand deposits and borrowings, the carrying amounts approximate fair value due to the
immediate or short-term nature of these financial instruments.
The carrying amount of all the Bank's financial assets and financial liabilities at the balance sheet
date approximated their fair values.

23. Capital Adequacy
As of December 31, 2006 and 2005 the Bank was in compliance with the Guidelines for the
Management of Capital and Calculation of Capital Adequacy as required by the Central Bank of
The Bahamas.

Tribune Business Editor
A WALL Street credit rat-
ing agency yesterday reacted
favourably to the Free Nation-
al Movement (FNM) election
victory, saying it would not
cause "any significant devia-
tion" from the previous admin-
istration's "prudent" fiscal poli-
cies or delay major investment
Standard & Poor's (S&P), in
a note that will reassure the
international capital and bond
markets that no major policy
changes are expected follow-
ing the FNM victory, said both
the new government and PLP
"share the same views" on
major economic issues, espe-
cially fiscal discipline and mon-
etary stability.
Both these factors under-
pinned S&P's sovereign debt
ratings of the Bahamas, which
stood at A-/Stable and A-2,
among the highest ratings in
this nation's peer group.


The S&P note will reassure
holders of the Bahamas' inter-
national sovereign debt, main-
ly US$ denominated bonds,
that the value of these notes
will be maintained. It will also
make it easier for the Govern-
ment to issue any further
soverign debt to the interna-
tional capital markets in the
future if it so chooses, and keep
the interest rate coupon
attached to such bonds rela-
tively low.

The greater risk of default
or non-repayment, the greater
the interest rate or compensa-
tion demanded by investors to
match the risk, and the S&P
note will keep the Bahamas'
sovereign debt price low by
indicating there is no risk
attached to an FNM victory.

S&P said: "Given the previ-
ous experience of the FNM's
leader, Hubert Ingraham, who
headed the government of the
Bahamas between 1992 and
2002, Standard & Poor's does
not expect any major delays
related to a 'transition' period,
as all major issues on the polit-
ical agenda are familiar to the
"Any minor delays in
addressing the pending issues -
structural reform privatizationn)
and major investment proposal
approvals will be short-term
and technical in nature. In fact,
the FNM is generally perceived
as being more rapid and aggres-
sive in decision-making than
the ousted PLP, particularly in
dealing with investors.
"Continuation of the
favourable investment climate,
in particular as it relates to
tourism investment, is a cru-
cial, driving force behind ongo-
ing economic expansion," the
Wall Street credit rating agency
"In this light, Mr Ingraham's
previous experience, govern-
ing the country during the
opening and fast expansion of
the Atlantis resort, the current

trademark of tourism in the
Bahamas, is indicative of his;
party's strong support for for-
eign investment.
"While Mr Ingraham
expressed concern during his
election campaign regarding
the PLP's 'too accommodating'
stance toward some of the for-
eign investors in the areas of
land sales and residency
approvals, none of the changes
the new government may
implement in these areas are
expected to hinder the devel-
opment of tourism, where
around $10 billion-$15 billion
of new investment is expected
over next five to seven years."

However, S&P warned that
the new administration "will be
facing the same challenges" as
the outgoing Christie adminis-
tration. It warned that the
Bahamas' future sovereign
credit rating would depend on
the Government's ability to
cope with these challenges.
They included, according to
S&P: "Managing economic
growth, finding new capacities
to accommodate demand stem-
ming from large foreign pro-
jects, addressing social issues
(education, crime, wealth dis-
tribution) as they may become
even more pronounced during
the expected economic boom
of next few years, and control-
ling monetary and external
development in light of increas-
ing pressures connected with
skyrocketing imports and
increasing domestic demand."

S&P boost for

Bahamas on

global markets

Wall Street agency reassures on FNM win, keeping

nation in good standing with investors


Sheraton Cable Beach Resort, Nassau Bahamas
Sheraton will create a 700 room hotel with meeting space at Baha Mar.
The hotel will feature easy access to shopping, gaming and the beach

The new, soon-to-be open, Sheraton Cable Beach Resort is looking for
the following qualified candidates:

Chef De Cuisine

Amici Italian Restaurant is looking for a Chef de Cuisine for its grand
re-opening after an extensive renovation. We are looking for a suitable
candidate who is well-established with 10 years of cooking exp ence
in Northern Italian cuisines, a flexible attitude, enjoys the bier g of
other cultures and the Island lifestyle.

Director of Revenue Management

This is a highly visible position within the hotel management team.
The qualified candidate should possess 7 years of hotel management
experience with a minimum 4 years of revenue management;
being able to successfully maximize overall hotel revenue through
development and implementation of effective transient/ group
inventory and pricing strategies based on future demand forecasts.
The candidate must be a detailed oriented team player, possess strong
organizational skills, excellent working knowledge of Hotel systems
such as Delphi, Crystal & Opera (PMS system) and Microsoft Excel
a must, as well as written, oral and interpersonal skills. A Bachelor's
degree or equivalent is required.

Revenue Manager

The successful candidate will oversee the day-to-day operations
of the Reservation Department. The ideal candidate should have
outstanding customer service skills, experience in selling strategies,
inventory control, superior ability to supervise, motivate, and develop
staff. The successful candidate must also be a detailed oriented team
player, possess strong organizational and computer skills, and have an
excellent working knowledge of Hotel systems such as Delphi, Crystal
& Opera (PMS system) and Microsoft Excel a must, as well as written,
oral and interpersonal skills. A Bachelor's degree or equivalent is
All qualified applicants should forward a copy of their resume' to the
Director of Human Resources at bbarnes@radissonbahamas.com or
forward to fax # 327-3037. All resumes will be held in the strictest of



CALL 502-2351



* I


2 taco 6/)

PAGE 10B, FRIDAY, MAY 4, 2007


Ocean energy moves

towards full reality

(3) Transport Assistant
Drive, park and retrieve guest/visitor vehicles as they arrive and depart
from the hotel, courteously, safely and efficiently according to the hotel's
standards. Provide internal transportation of guest, members and staff as
required within Club estate or as authorized off-property. Maintenance
and cleaning of carts as required. Lateral Service to other departments
as required.
(1) Spa Therapist
Primary responsibility is to deliver excellence in quality Spa services to
guests/visitors/members in a timely, courteous and efficient manner.
r Escorts clients to and from treatment rooms, attending to any immediate
needs throughout Spa visit. Assists in providing information to any inquiries
and helps to coordinate all guest requests for services. Must be certified
with a minimum 2 years experience in a luxury spa environment and
appropriate protocols.

(1) Spa Attendant
Answer all incoming calls I a friendly and efficient manner. Process all
incoming reservations received. Receive guests, and direct to appointments.
Perform treatments when required on the beach or in the spa. Issue
clothing and maintain locker rooms. Responsible for linen supply, stocking,
and product dispensation. Maintain upkeep of spa, gym, and locker room
areas during hours of operation.

(1) Accounts Payable Clerk
Responsible for processing all invoices and authorized check payments
to hotel vendors in accordance with hotel standards. Reconciles daily
statements and month-end balancing of payables.

(1)Linen Room Attendant / Presser
Organize and stock all clean hotel linen in designated areas, shelves and
also removing substandard hotel linens from circulating inventory. Issue
designated table linens to F&B personnel according to departmental
procedures. Machine wash, dry and press linen service for F&B and
Housekeeping as required. Report all shortages, damages, maintenance
requests, problems and linen/uniform availability to manager. Monitor and
" maintain the clean and orderly condition of the linen room; ensure security
' of all hotel property.

(2) Housemen
Clean and maintain all corridors, vending areas, elevators and landings
and service areas on guest room floors, ensuring hotel's standards of
cleanliness. Provide linen supplies for Room Attendants and stock floor
closets. Deliver and retrieve items requested by guests and Floor Supervisor.

(3) Room Attendants
Responsible for assisting the Director of Housekeeping, Assistant Director
of Housekeeping, Housekeeping Manager and all housekeeping supervisors
in the successful ownership and operational execution of the Housekeeping
Department. Responsible for assisting the Housekeeping Team Leader
in' providing genuine care and comfort-to the ladies and gentlemen of the
respective departments and maintaining a sense of urgency in handling
all related matters.

(1) Loss Prevention Officer
Represents the management/supervisors of the company in ensuring the
safety, security and well being of the quests and employees in accordance
with hotel standards and philosophy.

(1) Asst. Housekeeping Manager
A Leadership role responsible for assisting the Director of Housekeeping
and all Managers in the successful ownership and operational execution
of Housekeeping. Responsible for assisting the Director of Housekeeping
in providing genuine care and comfort to the ladies and gentlemen of the
respective departments and maintaining a sense of urgency in handling
all related matters. Minimum 3 years experience in a luxury resort

(1) Pantry Prep-Cook
Plan, prep, set up and provide quality service in all areas of cold food
production to include, but not limited to cold menu items, cold line specials,
displays/ presentations of cheeses, fruits, salads, dressings, compotes,
vegetables, sandwiches and desserts in accordance with standards and
plating guide specifications. Direct, train and monitor performance of
Pantry Persons. Maintain organization, cleanliness and sanitation of work
areas and equipment.

(1) Chief Kitchen Steward
Supervise, train, and inspect the performance of assigned Stewarding
Staff, ensuring that all procedures are completed to the Hotel and R.C.
Standards, while working within the budgeted guidelines. Assist where
necessary to ensure optimum service to guests. Understanding of, and
minimum 3 years experience in, the stewarding processes of a gourmet

(4) Kitchen Steward (Males preferred)
Adhere to hotel specifications and standards in operating the dishwashing
machine to wash designated restaurant and kitchen wares, clean and
maintain equipment and dishwashing/kitchen/cafeteria/compactor/storage
areas. Assist in washing pots, pans and other kitchen utensils/equipment.
Complete other special cleaning projects as assigned. Deep cleaning of
kitchen equipment and designated areas after service hours of operation
as required.

(2) Beach Attendants
To help coordinate a comprehensive program of recreational activities for
children and adults. Responsible for leading all adult and children's activity
programs. Helping guests with the implementation of special activity
events. Promoting guest activities and events. Interfacing with resorts
departments concerning programs which require their assistance.

(4) Golf Course / Greens keepers
The Greens keeper performs a combination of duties as directed to maintain
grounds and turf on the Golf Course in optimum condition, including
operating all types of motorized mowing equipment and hand tools to
cut a variety of areas of turf-grass, identification of stressed and diseased
areas, identification of irrigation problem areas, and preventative
maintenance on all equipment












* U

Cox News Service

sounds like something from a
Jules Verne novel: clean, per-
petually renewable energy
from the oceans that could
power the world.
Scientists at a group of Flori-
da universities are working to
transform the vision from sci-
ence fiction to reality.
"My kids, being 2 and 4,
could certainly see a world
powered by renewable ener-
gy, and probably a significant
portion powered from the
ocean," said Frederick
Driscoll, director of the Florida
Center for Excellence in
Ocean Energy Technology at
Florida Atlantic University.
The first steps could be right
around the corner, Driscoll
Within three years, under-
water turbines could begin har-
nessing the power of the cur-
rent known as the Gulf Stream
to produce commercial elec-
Within three to five years,
deep-ocean cold water could
be used for commercial air
Within seven to 10 years,
scientists could begin com-
mercially harnessing the ener-
gy produced by the differences
in ocean temperatures at vari-
ous depths. They also could
begin producing hydrogen
from the ocean as a fuel
All of these forecasts depend
on overcoming numerous reg-
ulatory, financial and techno-
logical hurdles, Driscoll said,
but they are considered well
within the realm of possibili-


Driscoll and colleagues from
the Florida Solar Energy Cen-
ter at the University of Cen-
tral Florida and the Center for
Advanced Power Systems at
Florida State University
briefed members of Congress
and congressional staffers last
week on their combined efforts
to harness power from the
The briefing was sponsored
by Rep. Ron Klein, D-Fla.,
who said he wanted to show
that there are several alterna-
tive energy sources Congress
should consider besides
ethanol, which is now law-
makers' primary focus.
Klein said he hopes Con-

gress will provide money for
other energy research and
development projects that
would be selected on a com-
petitive basis.
Among the bills he is co-
sponsoring is one that would
earmark $50 million a year for
10 years for ocean-based ener-
gy research.


Meanwhile, the universities
are seeking about $12 million
in federal grants over the next
three years from the Depart-
ment of Energy, the Depart-
ment of Defense and the
National Oceanic and Atmos-
pheric Administration.
In addition, they are working
with the U.S. Navy, Nova
Southeastern University and a
group of industrial partners
including Florida Power &
Light, Lockheed Martin and
the Marine Industries Associ-
ation, who are helping to
finance the research and to
develop the technology and
equipment that would be used.
Florida is ideally situated to
tap into two major sources of
ocean power: mechanical and
thermal, the scientists said.
Mechanical power could
come from the Gulf Stream,
which flows northward off the
southeast Florida coast and
carries more than 8 billions of
gallons of water a minute 30
times the total flow of all the
world's freshwater rivers,
Driscoll said.
He envisions fields of tur-
bines, similar to those now
being used to harness wind
energy, suspended hundreds
of feet beneath the waves and
generating power that could
be directly carried to shore.
Thermal power is produced
by the interaction of warm and
cold water. The greater the
temperature difference, the
more power can be generated.
Florida, where the warm
Gulf Stream overlays cold
water flowing from the Arctic,
has one of the world's great-
est ocean temperature differ-
ences, according to informa-
tion provided by FAU.
Among the by-products of
thermal energy would be fresh
water and hydrogen, which
could be used to augment nat-
ural gas or as a direct source of
energy, Driscoll said.
Another thermal source
would be the direct use of
ultra-cold water for commer-
cial air conditioning. Over 10
years, Driscoll predicted, the

use of cold ocean water could
reduce Florida's demand for
hydrocarbon-based energy by
20 percent.
At the congressional brief-
ing, the scientists were asked
about a thermal energy pro--,
ject off Hawaii in the late 1970s
and early 1980s that did not
prove to be economically fea-
Driscoll said that technolog-
ical advances over the decades
and higher prices for oil have-
made ocean energy production,.
more cost-effective.
Much of the ocean energy-,
technology will be developed
and tested off the Florida coast
near Dania in a cooperative,
effort between FAU and the.
U.S. Navy. .
Scientists say technological,.
breakthroughs are still need-
ed in the mechanics of pro-,
ducing power in harsh under-
sea conditions.
Still to be determined is the.
environmental impact of such
activity on marine life, and,
even on the Gulf Stream's raty.
of flow.


Scientists and engineers are,;
working on a way of sensing,
when a large sea creature such,
as a whale is approaching an,
underwater turbine so the
creature can pass unharmed.,
Aboveground wind turbines
have been blamed for killing
large numbers of birds and
The potential economic and
environmental benefits for
Florida are "huge," Driscoll.
More than 80 per cent of
Florida's power is produced by,
natural gas, coal or other cli-,
mate-warming fossil fuels,;
During periods of peak elec-
trical demand, Florida has to
purchase power from out-of-.
state power grids. If oceant
energy is properly harnessed
Florida could become a net
exporter of energy, Driscoltf
Within a decade, ocean ener-
gy production could mean an
increase of about 35,000 new
jobs in Florida, he said, and
within 20 to 30 years it could
account for about 100,000 new,
"Energy from the ocean is
really a next frontier, both for
Florida and the United States,"
said Larry Lemanski, FAU's
vice president for research andc
graduate studies and president
of the FAU Research Corp.

I Persons desirous of interviewing for theses positions are advised to I
collect and return application to Labour Board or mail application to:
The Abaco Club Ritz Carlton, Ltd, c/o Human Resources Department, I
P.O. Box AB20571, Marsh Harbour, Abaco Bahamas or fax 242-367- I


(with extensive travel throughout The Bahamas, United States and Europe)

An international property development company is seeking a highly qualified Real Estate Director of
Sales to develop the business through sales presentations, client entertainment, industry networking, and
effective channel management in The Bahamas, US and Europe. The developer is based in Nassau, the
Bahamas with a number of projects in various sages of development. The primary project is a mixed
use development, anchored by a five star hotel, at pre-sales stages as well as ready for sale single family

* Develop the sales strategy and processes to attain the determined sales targets
* Maintain and develop relationships with prospective real estate purchase, real estate brokers and
* Assist in the compilation of marketing plans and material for sellable products
* Assist in the day to day control of the sales cycle, including but not limited to cold calling,
financial modeling, database creation and management,
* Creating sales proposals and packages and gathering necessary document from third parties,
* Work with CFO and COO to determine sales objectives and quotes to tie into cash flow projections.
* Work with land development and construction teams to coordinate land lot, condos and home sales
* Assist with market research in targeted sales areas.
* Manage and follow up on sales leads from external sources and company website.

* Experience managing a real estate sales team that has sold at least $50 mil in luxury real estates
within a 12-month seasonal sales cycle
* An existing networking of connections and contacts in the area real estate market
* The ability to work with management in the development of sales strategies for residential real
* A proven track record selling high-end property to include building lots, single family and
condominium residences as well as in orchestrating 'experience selling programs' demonstrating
active luxury lifestyle.
* Prior experience with sales in high-end luxury resorts that include golf, boating, as a portfolio of
activities supporting a luxury life-style.
* An aggressive, ambitious attitude and have an entrepreneurial split, possessing strong sales
development skills.
* Real estate license is preferred
* Ability to address difficult issues and guide team toward the accomplishment of identified goals.
(Lead train, and motivate sales teams and sales channels)
* A solid sales and negotiation experience, closing, organizational and communication skills
* A minimum of 4 years hands on sales experience in the developer and ,or broker arena
* Good process orientation and project management skills from development to implementation
* Proven sales success and experience is essential
* College degree in marketing or related field preferred

I lighly competitive e compensation package-w ith un-caped commission and with on target annual
earning potential in excess of $200,00

Please summit your qualifications to bahamasdeveloper@yahoo.com prior to May 15th, 2007

N FD M 4 I .I0 I







AP Economics Writer
The growth in worker produc-
tivity slowed in the first three
months of this year but so did
wages, providing evidence that
a slowing economy is holding
down inflation.
'The Labor Department
reported that productivity, the
ainount of output per hour of
work, rose at an annual rate
-of 1.7 percent in the January-
to-March quarter, down from a
2.1 percent rise in the final
three months of last year.
-Wages slowed even more
sharply with unit labor costs
rising at a 0.6 percent rate,
compared to a 6.2 percent
surge in the final three months
of last year when year-end
bonuses for high-income work-
ers had inflated the number.
The increase in productivi-
ty was slightly better than had
been expected, while the slow-
down in unit labor costs was
niuch steeper than economists
htad been expecting.
'Wall Street surged on the
news, believing that the lower
wage pressures raised the
chances the Federal Reserve
might start cutting interest
rates later this year.
. The Standard & Poor's 500
i dex climbed above the 1,500-
level for the first time since
September 2000, a move that
came just a week after the
Iow Jones industrial average
closed above 13,000 for the
first time.

Stocks have been soaring in
recent weeks on strong first-
quarter earnings reports from a
number of companies which
have offset reports of a further
slowing in economic growth.
In other economic news, the
Institute for Supply Manage-
ment reported that the service
sector, where 80 percent of
Americans work, expanded at
a faster rate in April than the
previous month with its index
rising to 56 compared to a
reading of 52.4 in March.
Separately, the government
reported that the number of
Americans filing claims for
unemployment benefits fell by
21,000 last week to 305,000, the
lowest.level since mid-January.
It was a bigger-than-expected
improvement and marked the
third straight drop in weekly
jobless claims.
While rising wages are good
for workers, the Fed becomes
worried if wage pressures out-
strip productivity gains, a
development that can send
inflation higher.
The Fed boosted interest
rates for two straight years in
an effort to slow economic
growth enough to dampen ris-
ing inflation. The Fed meets
again next Wednesday and is
expected to keep rates
unchanged, believing it has
done enough to slow the econ-
omy and cause inflation to
The government will report
Friday on unemployment for
the month of April. Analysts
are looking for the jobless rate
to edge up to 4.5 percent, after

Must be...
Honest, Reliable, Dedicated,
Professional, Energetic & ,
Excellent $$$ Bonus Potential


If the answer is YES then take the next step.
FAX RESUME TO 326-2824


9 :

IBM Bahamas Limited

Career Opportunity


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
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
Possesses 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:
iHuan Resources Adminisbtator
BM Bahaiasl Unted
Four FAoor
Atlantic House
Second Terrace & Colns Avenue
Nassau, Bahamas
e-Mal: jmoss@bs.ibn.com
Deadline: May 5th, 2007
All applications will be held in the strictest confidence. Only applicants who are
short-listed will be contacted.

having dipped to 4.4 percent
in March. They also expect
payroll employment to
increase by around 100,000,
down sharply from the 180,000
jobs created in March as the
job market begins to show the
effects of a yearlong economic
Overall economic growth, as
measured by the gross domes-
tic product, rose by just 1.3 per-
cent in the January-to-March
quarter, the slowest pace in
four years as the economy was
battered by a steep slump in
The weak GDP growth in
the first quarter translated into
a slowdown in productivity
growth as well. The 1.7 per-
cent rate of increase was the
slowest quarterly increase since
productivity fell at a 0.5 per-
cent rate in the third quarter
last year.
The 0.6 percent rate of
increase for unit labor costs
was the smallest gain since pro-
ductivity costs fell by 2.5 per-
cent in the second quarter of
last year. For all of last year,
unit labor costs rose by 3.1 per-
cent compared to a gain of 2
percent in 2005.
Productivity for all of last
year was up 1.6 percent, down
from a 2.1 percent rise in 2005.
For two decades beginning in
1973 productivity growth was

weak, but then in the mid-
1990s there was a rebound in
productivity as companies
reaped the benefits of signifi-
cant investments in computers
and other high-technology
products that made workers
more efficient.
The debate now is whether
that surge in productivity was a
one-time event or whether pro-
ductivity gains will continue in
the years ahead. The outcome
of that debate is crucial since
rising productivity is the key
ingredient needed for higher
living standards.


Notice of Final Meeting
Wander (London) of the Bahamas Limited

(In Voluntary Liquidation)

Pursuant to section 249 of The Companies Act 1992 notice is
hereby given, that a general meeting of the members of the
above-named Company,ill be held at the office of Deloitte &
Touche, 2nd Terrace West, Centerville, Nassau, Bahamas on
14th June 2007, at 10:00 a.m. The purpose of this meeting is to
present to the members, the Liquidator's first and final report,
which shows how the winding-up was conducted, and the
Company's property disposed of. A member entitled to attend
this meeting may appoint a proxy to attend and vote instead
of him or her. A proxy need not be a member of the Company.

Anthony S. Kikivarakis


RIGGS late of 499 Riggs Road in Lincoln
Township in,Somerset County in the State
of Pennyslvania, U.S.A., deceased.

persons having any claim or demand against
the above Estate are required to send the same
certified in writing to the undersigned on or
before the 31st May A.D. 2007 and if required
to prove such claim or demand as well as any
debts due and payable to the Estate or in
default thereof shall be excluded from
settlement prior to distribution of the assets
of the Estate. After the aforesaid date the assets
of the Estate will be distributed having regard
only to proven claims or demands or debts of
which the Executors shall have had notice.

NOTICE IS ALSO GIVEN that all persons
indebted to the said Estate are hereby requested
to make full settlement of the same on or
before the 21st May A.D. 2007.

Attorneys for the Executors,
Chambers, Chancery House,
The Mall,
P.O. Box F-42578
Freeport, Grand Bahama

Legal Notice



(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in disolution, which commenced on the
13th day of March 2007. The Liquidator is Argosa
Corp. Inc., P.O.Box N-7757 Nassau, Bahamas.


Legal Notice



(In Voluntary Liquidation)

Notice is hereby given that the above-named.
Company is in disolution, which commenced on
the 17th day of April 2007. The Liquidator is Argosa
Corp. Inc., P.O.Box N-7757 Nassau, Bahamas.




Equity Side No.00028

IN THE MATTER OF ALL THOSE pieces parcels and lots of land
being portions of the original Crown Grant to W.W. Narin and situate
on the eastern and western side of the Main Queen's Highway North
of North Victoria Hill in the vicinity of an area known as Palaris on the
Island of San Salvador one of the Islands of the Commonwealth of The
IN THE MATTER OF the Quieting Titles Act, 1959 (Chapter 393)
Statute Law of The Bahamas revised edition 2001

** *** ** ** ***** ** ***************

BRUCE NIRO, The Petitioner claim to be the owner in fee simple in
possession of the pieces parcels or lots of land hereinbefore described
and have made application to the Supreme Court of the Commonwealth
of The Bahamas under Section 3 of the Quieting Titles Act to have the
title to the said pieces parcels or lots of land investigated and the nature
and extent thereof determined and declared in a Certificate of Title to
be granted by the Court in accordance with the provisions of the Act.
Copies of a diagram or plan showing the position boundaries shape
marks and dimensions of the said pieces parcels or lots of land may be
inspected during normal working hours at the following places:
(a) The Registry of the Supreme Court Bitco Building, East Street in
the City of Nassau, New Providence, The Bahamas.
(b) The Chambers of Messrs. Davis & Co., British Colonial Hilton,
Centre of Commerce, 4th Floor Suite 400, #1 Bay Street, Nassau, New
Providence, The Bahamas, Attorneys for the Petitioner
NOTICE is hereby given that any person or persons having a right of
Dower or an adverse claim or a claim not recognized in the Petition
shall within thirty (30) days after the appearance of the Notice herein
file in the Registry of the Supreme Court in the City of Nassau
aforesaid and serve on the Petitioners or the undersigned a statement
of his claim in the prescribed form, verified by an Affidavit to be filed
Failure of any such person to file and serve a statement of claim within
thirty (30) day herein will operate as a bar to such claim.
Dated this 2nd day of April, A.D. 2007
British Colonial Hilton
Centre of Commerce
4th Floor Suite 400
#1 Bay Street
Nassau, Bahamas

FRIDAY,-MAY 4, 2007, PAGE 11B



PAkL 12B, FRIDAY, MAY 3, 2007



Structural Visualization


4 Sets plans about opening talks (6)
7 Station to which the winner gets a
first-class return (8)
8 There are various ways to get
married in this country (6)
10 Some ladies seem quite wrapped up
in them (5)
13 Petfood? (4)
14 Bound to linkup at the end of the
road (4)
15 Quietmoming, somehowunreal (4)'
16 Everything needed for installation (3)
17 One in whichresidents live at the top
level? (4)
19 Uke a circus horse's back,
perhaps (4)
21 Hel sell you an inexpensive car
accessory (9)
23 Concealing nothing, a policeman will
shut upl (4)
24 Whatcertaindancerswear
repeatedly (4)
26 Talk about singular shark movie (3)
27 Help someoneln a bad way (4)
29 Acontrapuntalpiece worth
avoiding (4)
32 Snack with Romeo at the
seaside (4)
33 A feast mainly vegetarian, but with
duck (5)
34 Norfolk's secondary highways? (6)
35 Electrifiedrouteused by rallmen
going to the West End? (8)
36 Emphasise the pressure that's on (6)'

1 A very big word in an old-time sailor's
vocabulary? (5)
2 Terrible cares can be alarming (5)
3 Nominally a girl's pleasures (4)
4 In grandpa's handbook, a former high
official (5)
5 Once again, can it possibly wane? (4)
6 Voice three times as high? (6)
9 That beast Wat was out to organize
the mob! (6)
11 I'm after a definite objective (3)
12 Name a little house after
a state (5)
13 A body meeting for a bit of
reading? (7)
15 Vast, seamless expanse (3)
16 What Noah said when he heard the
rain (3)
18 Recompensed father in dire
trouble (6)
20 A cut key can be sharply (5)
-21 Moscow'smilk supplier (3)
22 This land saw a naval battle of
prominence (3)
23 Asinine incentive? (6)
25 Soldier, perhaps, from
Germany? (3)
28 Outdoes a good queen holding court,
ultimately (5)
30 Send back into a void area (5)
31 Game associated with
stiffness (5)
32 Walk at speed (4)
33 Run into a half busy politician (4)

Yestterys cryptic solutions Yesterday's easy solutions
ACROSS:1,Culch 7, Eye-pece 8, DAta 10, Prim-Ed 11, ACROSS: 1,Ablaze 7, Desolate 8, Dane 0, Oregon 11,
S-ews 14, Ape 16,Tar-ot 17, Ees 19, Curry 21, Mar-l-e Bereft 14, Sew 16, Moses 17, Asks 19, Dlgit 21,Tonic 22,
22, Had u-p 23, P-an-T26, Divo28, Pa-H 29, Asid-ES 30, Eaten 23, Feet 26, Tacos 28, Six 29, Stunts 30, Manage
Ten-an-t 31, Arab 32, Follower 33, N-early 31, Edam 32, Ravenous 33, Swerve
DOWN: 1, Coup-L-e 2, T-ramps 3, H-E-ad 4, Spectre 5, DOWN: 1, Angora 2, Adages 3, Eden 4, Polemic 5, Hades
Deer 6, Least 8, Dial9, Tee 12, Ray 13, Wo-nen 15, 6, Rests 8, Desk 9, Now 12, Rot 13, Fence 15, Sinew 18,
Du-nrm 18, Elvis 19, Cad 20, Rip 21, Matelot 22, Hod 23, Stoat 19, Dot 20, Gin 21, Tasting 22, Eon 23, Finale
Panama 24, Ahab 25, T-etch-y 26, Da-ff-y 27, Viola 28, Per 24, Exam 25, Twelve 26, Tsars 27, Curve 28, Sad 30,
30, TA-RN Mess

qorth dealer. clubs and led a club to the ace, on
lorth-South vulnerable, which West discarded a heart. Now,
NORTH to get home safely, South had to
*K J5 avoid losing a trick to East's J-9 of
VKQ4 trumps.
A Q 6 5 2 At the tables where the contract
+Q 6 failed, declarer continued by leading
WEST EAST a diamond to the ace and ruffing a
4632 4984 diamond. Then came a spade to the
VJ10 9 5 2 VA76 jack and a heart ruff, the ace of.
K 10 8 3 *J74 spades and a spade to dummy's king.
45 +J 9 8 2 Dummy now had three cards, all
SOUTH diamonds, while declarer had the
A Q 10 7 spade queen and K-10 of clubs. South
S8 3 was thus forced to ruff a diamond at
+ 9 trick 11 and had to concede a trump
4A K 10 7 4 3 trick to East at the end.
he bidding: The only successful declarer rec-
iorth East South West ognized very early that to overcome
NT Pass 2 Pass East's J-9 of trumps, he would have
* Pass 6 """4 ". totbe leading from dummy at the
opening lead jack of hearts. 12th trick, and that this could be
achieved only by risking the loss of a
Declarer must occasionally be trick he didn't have to lose.
killing to risk losing a trick in a suit Accordingly, at trick five he led a
here he has no loser, in order to try diamond and finessed the queen!
) achieve the more important goal of After this held, he cashed the ace,
making his contract. discarding a spade, then ruffed a dia-
Consider this deal from a dupli- mond..The spade ten to the jack, a
ate pair game. Most of the North- heart ruff and the A-Q of spades to
south pairs got to six clubs, but only the king came next.
ne declarer made the slam. Eleven tricks had been played,
The play started the same way at and South was exactly where he
ach table, with East taking dummy's wanted to be in dummy at trick
ueen of hearts with the ace and 12. East's J-9 of trumps then suc-
-turning .a heart to the king. cumbed to the K-10 and earned
eclareprthen cashed the queen of South a top score onthe deal.

4 Subjects (6)
7 Recur (8)
8 Weather map line (6)
10 Hard work (5)
13 Lascivious (4)
14 Trade (4)
15 Walk in water (4)
16 Agent (3)
17 Aid in crime(4)
19 Give out (4)
21 Complained (9)
23 Prophet(4)
24 Corrosion (4)
26 Very warm (3)
27 College head (4)
29 Promise (4)
32 Close (4)
33 Singly (5)
34 Narrows (6)
35 Compelled (8)
36 Container (6)

1 Boasts (5)
2 Trite (5)
3 Location (4)
4 Attempted (5)
5 Poke (4)
6 Swiss villa (6)
9 Confectionery (6)
11 Colour (3)
12 Distress signal (5)
13 Of the side (7)
15 Damp(3)
16 Free (3)
18 Margin (6)
20 Type of element (5)
21 Favourite (3)
22 Star (3)
23 Comfort (6)
25 Boy (3)
28 Artist's stand (5)
30 Register (5)
31 Feeble (5)
32 Groups (4)
33 English river (4)

e a-


ua 1.1 So


Philip Rynd v William Pollock,
Nottingham 1886. Pollock is a
forgotten player, but the serious
Victorian, who defeated the
ex-world champion Wilhdlm
Steinitz at Hastings 1895, was a
dashing attacker who today
would have had his tactical
fantasies compared with the
sacrificial greats. This puzzle is a
good example of his ingenuity.
Black (to move) seems to have a
draw at best. He is a pawn
down, and his opponent
threatens Qxf8+ while offering
to swap queens. Even the half
point looks doubtful after the
apparently forced 1...Qxd6 2
Rxd6+ Rg6 3 Rxg6+ fxg6 4 Rdl
when White's queen's side
pawn majority is a potent
threat. But Pollock had foreseen
several moves earlier that Black

Calvin & Hobbs




has a
and it

Chess solution 8347: 1.
Rxg6+ 3 Rf3 Bxf3 mate) Q
Bxg7+ Rxg7+ and mates.
Be4+ 3 Rg2 Bxg2+ 4 Kgl i
g6 queen remains pinned
Mensa quiz: 72 gallons.
One possible word ladd
firm, form, foam, loam, LO


In "" ... .. .






ARIES Mar 21/Apr 20
Don't let others' unsolved problems
affect your week, Aries. Otherwise,
you could become overwhelmed in a
quest to solve everything rather than
focusing in on yourself.
TAURUS Apr 21/May 21
Don't get frustrated by the things
you cannot control this week,
Taurus. Even though it seems like
everyone is out to get you, you're
really just having a few.bad days. 4
GEMINI May 22/Jun 21 .
Infuse your week with a blast of
unconventional thinking, Gemini. 0
This will prevent you from getting
bogged down when events get a bit
stale by week's end.
CANCER Jun 22/Jul 22
A lot of things are getting under your
skin, Cancer, and you're looking for
any way to have a more positive out-
look. Look no further than your own
family to cheer you up.
LEO Jul 23/Aug 23
When faced with a project early this
week, don't be stubborn and unre-
ceptive to others' ideas. A collabo-
rative effort will make the work go
faster and more enjoyably.
VIR.G Aug,24/Sept 22
Ybur 'emotions 'Wi- be completely
unstable this week, Virgo. One minute
you'll feel fine, and the next you'll feel
like you're bouncing off of walls.
Take a break that's the only cure.
LIBRA Sept 23/Oct 23
You've been all business lately; now
it's time to embrace your creative and
irrational side, Libra. Take a few days
to just kick up your heels and be silly
for a while.
SCORPIO Oct 24/Nov 22
You may want to stay close to home
this week,,Scorpio. Wherever you turn,
you're bound to be met with opposi-
tion. Rather than get frustrated, use this
opportunity for some alone time.
SAGITARIUS Nov 23/Dec 21
You may not feel like you're "click-
ing" with anything this week,
Sagittarius. Make a few subtle'
adjustments to your way of thinking
and things will improve.
CAPRICORN Dec 22/Jan 20
Trust your instincts, Capricorn, even
though redundant extraneous forces
may try to come into play. A friend
has some sound advice. Heed this
person's warnings.
AQUARIUS Jan 21/Feb 18
This is one of those weeks when oth-
ers may not appreciate your bubbly P
disposition and carefree attitude.,
Don't take offense if they're not keen
on your brand of humor. 1
PISCES Feb 19/Mar 20 '
Don't be surprised if things don't g(
exactly according to plan, Pisces
Unexpected events are certainly goinm
to pop up this week.


b c d e f g h
devastating tactic here -
's not the move which will
obvious to regular solvers.


_Be4! 2 Qxf8+ (if 2 Qxg6+
g7! (forced but winning) 3

The obvious 1....Rgl+ 2 Rxgl
less convincing as Black's

er solution is: HIRE, fire,


FRIDAY, MAY 4, 2007, PAGE 13B.

SYZ & Co. Bank & Trust Limited
(Incorporated under the laws of the Commonwealth of The Bahamas)

Consolidated Balance Sheet
As of 31 December 2006
(Expressed in Swiss Francs)



Cash on hand (Note 3)
Due from banks (Notes 3 & 4)
Due from customers (Note 3)
Management fees receivable (Notes 3 & 4)
Performance fees receivable (Notes 3 & 4)
Positive replacement values of derivative financial
instruments (Notes 3, 4 & 6)
Other receivables and assets (Note 3)
Furniture and equipment (Note 3)







134.472.982 107.398.734


Customers' deposits (Note 3)
Investment advisory fee payable (Notes 3 & 4)
Retrocession payable (Note 3)
Negative replacement values of derivative financial
instruments (Notes 3, 4 & 6)
Other liabilities (Notes 3 & 4)





Total Liabilities

Share capital (Note 5)
Currency revaluation reserve
Retained earnings

Total Equity



Director 7- o
A ff:/ 7 ,to "4.



134.472 982




46 ~~1~1-A-

Notes to the Consolidated Balance Sheet

1. Principal Activity and Group Structure

SYZ & Co. Bank & Trust Limited (the Bank) is a limited liability company incorporated in
the Commonwealth of The Bahamas under the Companies Act, 1992. The Bank is
licensed under The Banks and Trust Companies Regulation Act, 2000, as amended, to
carry on banking and trust business from within The Bahamas and is also registered under
The, Securities Industry Act 1999, as amended, as a broker dealer. The address of its
registered office is Bayside Executive Park No. 1, West Bay Street and Blake Road, New
Providence, The Bahamas. The principal activity of the Bark and its subsidiaries
(together, the Group) is providing asset management services which the Group
derives management and performance fees, and commissions.

The total number of staff employed by the Bank as at 31 December 2006 was 6 (2005: 6).

The Bank is a wholly owned subsidiary of Financiere Syz & Co. S.A. (the Parent), a
holding company incorporated in Switzerland. The registered office of the Parent is
located at Baarerstrasse 112, Zoug, Switzerland.

The Bank's wholly-owned subsidiaries are: Alternative Assets Advisors S.A. (AAA), an
International Business Company incorporated under the laws of the Commonwealth of The
Bahamas which specializes in alternative asset management and ISOS Management ILtd
(ISOS), a company incorporated under the laws of the Cayman Islands, '\liich acts as U_
investment advisor. As of 2006, ISOS'is dormant and it will commence its activities in

Companies in which Financiere Syz & Co. S.A. controls 50% or more of the voting shares
are referred to as affiliates. All significant balances with or involving affiliates are
disclosed in Note 4 of these consolidated balance sheet.

2. Summary of Significant Accounting Policies

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

(a) Basis of preparation

The Group's consolidated balance sheet has been prepared in accordance with
International Financial Reporting Standards (IFRS). The consolidated balance sheet
has been prepared under the historical cost convention, as modified by the revaluation
of derivative financial instruments to fair value. The preparation of the balance sheet
in accordance with IFRS requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the balance sheet and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ from
those estimates.

The following standards, amendments and interpretations are mandatory for
accounting periods beginning on or after 1 January 2006 but are not relevant to the
Group's operations:

IAS 21 (Amendment), Net Investment in a Foreign Operation;
IAS 39 (Amendment), Cash Flow Hedge Accounting of Forecast Intragroup
IAS 39 (Amendment), The Fair Value Option;
IAS 39 and IFRS 4 (Amendment), Financial Guarantee Contracts;
IFRS 1 (Amendment), First-time Adoption of International Financial
Reporting Standards, and IFRS 6 (Amendment), Exploration for and
Evaluation of mineral resources;
IFRS 6, Exploration for and Evaluation of Mineral Resources;
IFRIC 4, Determining whether an Arrangement contains a Lease;
IFRIC 5, Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds; and
*- IFRIC 6, Liabilities arising from Participating in a Specific Market-Waste
Electrical and Electronic Equipment.

IAS 19 (Amendment), Actuarial Gains and Losses, Group Plans and Disclosures,
which is mandatory for accounting periods beginning on or after 1 January 2006 did
not result in substantial changes to the Group's accounting policies.

IFRS 7, Financial instruments: Disclosures and Amendments to IAS 1, Capital
disclosures have been published that are mandatory for accounting periods beginning
on or after 1 January 2007 but the Group has not early adopted these standards.
(b) Principles of consolidation

Subsidiaries are all entities over which the Group has the power to govern the
financial and operating policies generally accompanying a shareholding of more than
one half of the voting shares. Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are de-consolidated from the date on
which control ceases.

Inter-company balances between group companies are eliminated.

(c) Foreign currency translation

(i) Functional and Presentation Currency

Items included in the balance sheet of each of the Group's entities are measured using
the currency of the primary economic environment in which the entity operates the
(functional currency). The consolidated balance sheet is presented in Swiss Francs,
which is the Group's functional and presentation currency.

(ii) Balances

Monetary assets and liabilities in currencies other than the Swiss Francs are translated
into Swiss Francs using the rates of exchange prevailing at the balance sheet date. On
consolidation, exchange differences arising from the translation of the net investment
in foreign subsidiaries are recognized as a separate component of equity.

(d) Furniture and equipment

Furniture and equipment are stated at historical cost less accumulated depreciation.
Depreciation of assets is calculated using the straight-line method to allocate their
cost to their residual values over their estimated useful lives of 3 to 5 years.

(e) Due from customers

Due from customers comprises loans and advances that are recognized at fair value
and subsequently measured at amortised cost, less provision for impairment. A
provision for impairment is established when there is objective evidence that the
Group will not be able to collect all amounts according to the original terms of the
loan or advance. The provision is the difference between the carrying amount and
present value of estimated cash flows discounted at the original effective interest rate.

The Group's policy is to extend credit to customers only when the Group is holding
assets on behalf of the borrowers that can be used as collateral to fully support the
loan or advance. Accordingly, the Group does not have any provision for impairment
of loans and advances to customers.

Derivative financial instruments

Derivative financial instruments comprise forward currency contracts, equity options,
futures and warrants which are initially recognized at fair value on the consolidated
balance sheet on the date on which the derivative contract is entered into and are
subsequently remeasured at their fair value. Fair values are obtained from quoted
market prices in active markets, including recent market transactions, and valuation
techniques, including discounted cash flow models and option pricing models, as
appropriate. All derivatives are carried as assets when fair value is positive and as
liabilities when fair value is negative.

For forward currency contracts, estimated fair value is based on the forward rate for
the remaining period to maturity at the balance sheet date and for equity options,
futures and warrants, fair value is based on the market price at the balance sheet date.

(g) Cash and cash equivalents

Cash and cash equivalents consists of cash on hand and demand deposit balances and
precious metals with banks.

(h) Assets under administration

No account is taken in these consolidated balance sheet of assets and liabilities of
customers administered by the Group in a fiduciary or custodial capacity.

(i) Employee benefits

SThe Group makes contributions to the defined contribution pension plan of its

(j) Taxation

The Group is not subject to any income, capital gains or other taxes under the current
laws of the Commonwealth of The Bahamas.

3. Use of Financial Instruments

By its nature the Group's activities are principally related to the use of financial
instruments, including derivatives. The Group accepts deposits from customers at fixed
rates and for various periods and seeks to earn above average interest margins by investing
these funds in high quality assets.
The Group also enters into forward currency contracts, future contracts, equity options and
equity index options as part of its client related, activities agmanages the i ss of these
positions by taking offsetting positions with a fellow subsidiary Bank. '...

(a) Interest rate risk ''. ..- .. ...

The Group takes on exposure due to the effects of fluctuations in prevailing levels of
market interest rates on its financial position and cash flows. The Board of Directors
sets limits on the level of mismatch of interest rate repricing that may be undertaken
which is monitored daily. The table below summarizes the Group's exposure to
interest rate risks. Included in the table are the assets and liabilities at carrying
amounts categorized by the earlier of contractual repricing or maturity dates from the

balance sheet date.

As at 31 December 2006
Cash on hand
Due from banks 9'
Due from customers 1'
Management fees receivable
Performance fees receivable
Positive replacement values of
derivative financial instruments
Other receivables and assets
Furniture and equipment

Total assets 11

Customers' deposits 9
Investment advisory
fee payable
Retrocession payable
Negative replacement values of
derivative financial instruments
Other liabilities

Total liabilities 9

Less than
1 Month




3 to 6 Non-interest
Months bearing





_ a

Total '


1,661 ,
64,884 -


3,053,595 3,053,595
3625 36 625

--- 40.601 40.601

4.552.486 6.678.578 1.673.415 11.568.503 134.472.982

Less than
1 Month


1 to3

3 to 6



- 98,713,689

3,000,000 .3,000,000
847,785 847,785

2,921,158 2,921,158
-2.355.786 2.355.786

8.713.689 9.124.729 107.838.418

Total interest repricing gap 15.838.797

As at 31 December 2005
Cash on hand
Due from banks
Due from customers
Management fees receivable
Performance fees receivable
Positive replacement values of
derivative financial instruments
Oiler receivables and assets

Total assets

Customers' deposits 7
Investment advisory
fee payable
Retrocession payable
Negative replacement values ol
derivative financial inisitruliits
Other liabilities

Total liahilitics

Less than
1 Month


I to 3


3 to 6

2. AA'l't7dA 1 2A A



S 1,850,432

247 ti



61 472

17.532.792 152.478 1.672.507 8.040.957 107,198.734

Less than
I Month

79.19, IX?

19,)I9 I

Total interest repricing gap 17,13,0010

I to3

3 to 6




3,000,000 3,000,000
1.354,561 1.354,561

4.113.505 4,113.505
--1 7 -_2_ M0575S

10.137.824 90.057.006

152,47_, 1,672,507 ,,2,Q 96,87 L.2A.j L72q


I ...,,,wa,. himYY... .. .. -


A 4A0O C0 3 A\1


PAGE 14B, FRIDAY, MAY 4, 2007


The table below summarises the effective average interest rate
for banking assets and liabilities.



For the year ended 31 December 2006
Due from banks 3.,
Due from customers 6.,
Customers' deposits 3.:

For the year ended 31 December 2005
Due from banks 3.
Due from customers 6.

Customers' deposits 3.

by major currencies




(b) Credit risk

Credit risk arises from the failure of a counterpart to perform according to the terms
of the contract. The Group's exposure to credit risk is primarily in the form of
demand balances with banks and loans and advances to customers. The Group
places the vast majority of its demand deposits with a fellow subsidiary Bank. The
loans and advances are short term and are collaterized by assets managed by the
Group on behalf of its customers. The Group also uses other methods, such as credit
monitoring techniques, including collateral and exposure limit policies.

The table below sets out the total credit risk and significant concentrations of assets
and liabilities by geographical location of the counterpart.

,. I

I .





I',. r

W.. S.

', ir,

ci S I

Sb -

Europe America

1,492,677 6,331,397
o -








- 3,053,595

98,239,789 6,331,397 28,162,734 1,739,062 134,472,982

37,641,501 8,208,436 44,788,801 8,074,951 98,713,689
3,000,000 3,000,000
847,785 847,785

2,921,158 2,921,158
2,355,786 2,355,786

40,641,501 8,208,436 50,913,530 8,074,951 107,838,418

Latin The Other
Europe America Caribbean Countries Total

7,624 7,624
70,933,928 52,096 70,986,024
6,464,615 9,049,804 11,842,492 1,014,842 28,371,753
1,617,198 233,234 1,850,432
1,661,743 127,336 1,789,079

4,331,350 4,331,350
62,472 62,472

77,398,543 9,049,804 19,574,975 1,375,412 107,398,734

40,152,181 6,797,784 26,450,970 6,518,247 79,919,182
3,000,000 3,000,000
1,354,561 1,354,561

4,113,505 4,113,505
326,486 Z 1,343,272 1,669,758

43,478,667 6,797,784 33,262,308 6,518,247 90,057,006

Seventy-five percent (2005: fifty-seven percent) of the amount due from customers is
due from three customers (2005: two customers) and the balance due from two
customers (2005: two customers) exceeds 25% of the Group's capital.

(c) Currency risk

The Group takes on exposure due to the effects of fluctuations in the prevailing
'foreign currency exchange rates on its financial position and cash flows. The Board
of Directors sets limits on the level of exposure by currency and in total for overnight
positions, which are monitored daily. The table below summarises the Group's
exposure to foreign currency exchange rate risk. Included in the table are the
Group's assets and liabilities at carrying amounts r.taPnri.ed hv cnrr-pno

uan KURO *

CHF Other *

Total *

As of 31 December 2006

Cash on hand
Due from banks
pue from customers
Management fees receivable
Performance fees receivable
Positive replacement values of
derivative financial instruments
Other receivables and assets
Furniture and equipment

Total assets

Customers' deposits
Investment advisory fee payable
Retrocession payable
Negative replacement values of
derivative financial instruments
Other liabilities

Total liabilities

Net on balance sheet position

CHF equivalent

As of31 December 2005

Cash on hand
Due from banks
Due from customers
Management fees receivable
Performance fees receivable
Positive replacement values of
S derivative financial instruments
Other receivables and assets

Total assets

Customers' deposits
Investment advisory payable
Retrocession payable
Negative replacement values of
derivative financial instruments
Other liabilities

Total liabilities

Net on balance sheet position




'5 28,068,629
I1 3,850,637





20,913 36,625

54,654,488 36,349,936 35,013,462 8,455,096 134,472,982






7,782,438 98,713,689

2,921,158 2,921,158
11,713 2344,073 2,355,786

46,948,162 35,573,488 17,534,330 7,782,438 107,838,418

7.706,326 7761448 17,479,132 672,658 26,634,564





CHF Other Total *

76 19,892,279
38 3,584,948.





35,537,483 37,248,414 27,836,475 6,776,362 107,398,734

30,830,056 36,798,966

1,297,286 57,275

5,535,696 6,754,464 79,919,182
3,000,000 3,000,000

4,113,505 4,113,505
196,021 126,958 1,346,779 1,669,758

32323363 36,983,199 13,995,980 6,754,464 90,057,006

3,21465215 13840,495 21898 1741,728

* CHF equivalent

(d). Liquidity risk

Liquidity risk is the risk that the Group will not have the necessary resources to meet
its contractual obligations as they come due. The Group manages its liquidity by
matching liabilities with assets of similar maturity periods. The analysis of assets
and liabilities disclosed under interest rate risk is indicative of a contractual maturity

(e) Fair value of financial instruments

The non-derivative financial instruments utilized by the Group are either short-term
in nature or have interest rates that automatically reset to market on a periodic basis.
Accordingly, their estimated fair value is not significantly different from their
carrying value. Derivative financial instruments, forwards, futures and options, are
carried at fair value in accordance with the policy described in Note 2 (g).

4. Related Party Balances

Related parties are affiliates, directors of the Group and entities who have directors in
common with the Group.

Balances with other related parties:

Due from banks
Management fees receivable
Performance fees receivable
Positive replacement values of derivative
financial instruments

Investment advisory fee payable
Negative replacement values of derivative
financial instruments
Other liabilities





3,053,595 4,331,350

3,000,000 3,000,000

2,921,158 4,113,505

(a) Investment management agreements

The Bank's subsidiary, AAA has entered into investment management agreements
with several entities for the provision of investment management services. For the
services provided, AAA is entitled to monthly management fees at rates ranging
between 0.0333% (2005: 0.0333%) and 0.1667% (2005: 0.1667%) of the entities'
net asset value at the month end. AAA is also entitled to annual performance fees
at rates ranging between 5% (2005: 5%) and 15% (2005: 15%) of the new
appreciation in net asset- value of the entities. These agreements are for an
indefinite period of time except that either party with 3 months notice may
terminate them.

(b) Investment advisory agreements

(i) As a consequence of entering into the investment management agreements
noted in (a) above, AAA entered into investment advisory agreements with
two affiliates to provide the investment advisory services required under the

As specified in the investment advisory agreements signed in 20p3, AAA
will pay the affiliates a lump sum negotiated every year based on the level
of services demanded during the year. Investment advisory fees payable
under these agreements for the year ended 31 December 2006 totaled CHF
2,000,000 (2005: CHF 2,000,000).

(ii) As a normal part of its operations, the Bank from time to time enters into
investment advisory agreements with affiliates and third parties that enable it
to discharge its responsibilities and obligations under investment
management agreements. Under the terms of these agreements, the Bank
receives assistance in the form of investment recommendations and
guidelines and administration support. As compensation for services
rendered, the Bank pays a lump sum advisory fee that is negotiated every
year and is based on the level of service provided to the Bank.

5. Share Capital



As at 31 December 2006

Cash on hand
Due from banks
SDue from customers
Management fees receivable
Performance fees receivable
Positive replacement values of
derivative financial instruments
Other receivables and assets
Furniture and equipment

Total assets

Customers' deposits
Investment advisory fee payable
Retrocession payable
Negative replacement values of
derivative financial instruments
Other liabilities

Total liabilities

As at 31 December 2005

Cash on hand
Due from banks
Due from customers
Management fees receivable
Performance fees receivable
Positive replacement values of
derivative financial instruments
Other receivables and assets

Total assets

Customers' deposits
Investment advisory fee payable
Retrocession payable
Negative replacement values of
derivative financial instruments
Other liabilities

Total liabilities

Amount ('000)

Commitments to purchase/sell
foreign currencies
Options to purchase/sell foreign currencies


Amount ('000)

Commitments to purchase/sell
foreign currencies
Options to purchase/sell foreign currencies


Fair Values
2006 2006
Assets Liabilities

1,921,984 1,789,547
1.131.611 1,131,611

Fair Values
2005 2005
Assets Liabilities

3,795,186 3,577,341
536.164 536.164

4331.350 4113505

Share capital:
Authorized, issued and fully paid-ir
7,000,000 ordinary shares of CHr each 7.000.000 7,000.000

On 14 September 2004, the Parent as the sole beneficial shareholder ratified the Board of
Directors' proposal on 18 November 2003 to increase the authorized and issued share
capital of the Bank from CHF 3,000,000 to CHF 7,000,000. In 2003, the Bank received
contributions of CHF 4,000,000 from the Parent which were presented as additional paid-
in capital in the Bank's balance sheet. In January 2007, the Bank obtained the requisite
regulatory approval to issue 4,000,000 additional shares in the amount of CHF 4,000,000,
retroactive to 18 November 2003, which the Board of Directors subsequently approved on
2 April 2007. Accordingly, this consolidated balance sheet reflect authorized and issued
share capital of CHF 7,000,000 with restatement of the corresponding figures to recognize
the retroactive effect of the change in the Bank's capital structure.

6. Derivative Financial Instruments

The Group enters into forward currency contracts, equity options and equity index options
solely as part of its client-related trading activities. Forward currency contracts are
contracts to purchase and sell foreign currencies at specific rates of exchange on specific
dates in the future.

Risk arises from the potential inability of counterparties to perform under the terms of the
contracts (credit risk) and from fluctuations in the foreign exchange rates (market risk).
The Group manages' the market risk of client-related positions by taking offsetting
positions with an affiliated bank resulting in minimal market exposure. The credit risk of
client-related positions is managed by applying uniform credit standards maintained for all
activities with credit risk. Collateral held generally includes cash, cash equivalents and
marketable securities.

Equity option contracts confer upon the holder the right but not the obligation to buy or sell
a specified quantity of equities at a specified price (the strike price) during a specified
period. Equity index options are similar to equity options except that they are cash settled.
As a writer of equity and index options, market risk arises from potential unfavorable
movements in the price of equities underlying the options. Collateral held generally
includes cash, cash equivalents and marketable securities.

The replacement value and cost of the Group's client-related derivative trading activities
are included in other receivables and other liabilities, respectively.

As of the reporting date the Group had contractual commitments and fair values under
open forward currency contracts and currency options as follows:


I I-~ II ~-L. -" -

FRIDAY, MAY 4, 2007, PAGE 1511r


7. Staff Costs

The Group operates a voluntary defined contribution pension plan for its employees. The
pension plan is available to all employees and the Group contributes 5% and employees
contribute a minimum of-5% of their annual salaries. Certain employees of the Group
participate in a defined contribution pension plan established by the Parent Company.

8. Operating Lease Commitment
The Group has a commitment under a non-cancellable lease agreement relating to its office
space. Future minimum rental payments are due as follows:

Up to 1 year
1 to 5 years



Providence House
East Hill Street
P.O. Box N-3910
Nassau. Bahamas
Website: www.pwc.com
E-mail: pwcbs@bs pwc.com
Telephone (242) 302-5300
Facsimile (242) 302-5350


To the Shareholders of SYZ & Co. Bank & Trust Limited

We have audited the accompanying consolidated balance sheet of SYZ & Co. Bank & Trust
Limited (the Company) and its subsidiaries (together, the Group), as of 31 December 2006 and a
summary of significant accounting policies and other explanatory notes.

Management's Responsibilityfor the Financial Statements

Management is responsible for the preparation and fair presentation of this consolidated balance
sheet in accordance with International Financial Reporting Standards. This responsibility
includes: designing, implementing and maintaining internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement,-whether
due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the 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 balance sheet 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 internal control. An
audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.

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


In our opinion, the accompanying consolidated balance sheet presents fairly, in all material
respects, the financial position of SYZ & Co. Bank & Trust Limited as of 31 December 2006, in
accordance with International Financial Reporting Standards.

Emphasis ofMatter

Without qualifying our opinion, we emphasise that the accompanying consolidated 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 SYZ & Co. Bank & Trust Limited.

Chartered Accountants

Nassau, The Bahamas
30 April 2007

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Style matches substance

in ABN Amro race

c.2007 New York Times
News Service
LONDON The biggest
takeover battle in the banking
industry, the fight for control
of ABN Amro Holding, the
largest Dutch bank, brings head
to head two very different per-
sonalities atop Europe's bank-
ing world.
There is John S. Varley, chief
executive of Barclays. He is an
Oxford-educated lawyer who is
a fly-fishing enthusiast and has
family ties that go back hun-
dreds of years in British bank-
And there is Frederick A.
Goodwin, the chief executive
of the Royal Bank of Scotland
Group. Goodwin, an electri-
cian's son who repairs old cars
in his spare time, is known to
detractors as Fred the Shred,
for his penchant for gutsy deal-
making followed by job cutting.
At the moment, both want
the same thing: to buy ABN
Amro. Either's offer, if com-
pleted, would result in one of
the world's largest combinations
ever. Both executives have for
years coveted ABN Amro, a
183-year-old bank with an
underperforming share price
but attractive assets in America
and Brazil. But neither made a
move because ABN Amro's
management was not selling.
That changed earlier this year
when, prompted by pressure
from some shareholders to
improve the lagging shares,
ABN Amro's management
invited Varley and Barclays to
start exclusive discussions.
In the meantime, Goodwin,
who mainly wanted ABN
Amro's American unit, LaSalle
Bank in Chicago, began prepar-
ing a higher counterbid for
ABN Amro, together with Ban-
co Santander Central Hispano
of Spain and Fortis of Belgium.
But his plans were dealt a blow
when ABN Amro agreed on
April 23 not only to sell itself to
Barclays for $87 billion but also,
in a separate deal, to sell
LaSalle to Bank of America.

Some ABN Amro share-
holders, unhappy about the lack
of a bidding auction, took man-
agement to court over the sale
of LaSalle. The Dutch court is
to rule Thursday on the legiti-
macy of the LaSalle sale, which
will dictate the next chapter in
the takeover battle.
Royal Bank has not made a
public offer but has indicated
that it would pay $98.5 billion if
LaSalle was included.
To some investors, the choice
is as much about the quality of
the offers as it is about whom
they trust most to deliver on
their promises.
"There are some very big per-
sonalities involved in this situa-
tion, and it will play a role in
how this will all pan out," said
Julian Chillingworth, a chief
investment officer at Rathbone
Brothers in London.
Judging from their deal-mak-
ing track records, Goodwin has
a clear head start.
In 2000, he snatched Nation-
al Westminster Bank from
under the nose of a rival, the
Bank of Scotland, for $33 bil-
lion. The deal was gutsy because
it was the biggest hostile
takeover in British banking his-
tory and NatWest was more
than twice the size of Royal
Perhaps borrowing from the
skills he built from repairing old
cars, Goodwin, who does not
count patience among his
virtues, wasted no time in shak-
ing up the rusty institution. He
laid off several thousand
employees and integrated the
two businesses ahead of sched-
ule, with $3.6 billion in cost sav-
ings and revenue benefits.
Goodwin went on to buy oth-
er rivals, spending more than
$15 billion over the next four
years and turning the once
sleepy and regional Scottish
bank, founded in 1727 in Edin-
burgh, into a global player.
That achievement earned him
a knighthood and a reputation
as a tough and relentless deal-
Goodwin is very sensitive to
criticism, said Rob MacGregor,

a national officer at Amicus, the
trade union that represents
bank employees. He recalled a
meeting with Goodwin when
the chief executive thrust a
newspaper with an article about
union claims toward him and
brusquely asked him to explain
"He doesn't like unsatisfac-
tory press," MacGregor said.
Yet Goodwin was forced to
accept criticism after the acqui-
sition in 2004 of Charter One
Financial in the United States
for more than $10 billion, a deal
that turned out to be badly
timed and started to eat into
group earnings. He moved
acquisitions off his agenda and
returned some money to share-
But the ABN Amro battle
clearly awakened the deal-mak-
er in him. Some analysts said
Goodwin could tap into his
experiences of shaking up
NatWest because ABN Anro
has similarly dusty layers of
Varley's appetite for deals
has been nowhere close to
Goodwin's. Some bankers who
have worked with him said that
reflects Varley's less aggressive
nature, his gentlemanly style
and the urge to reach friendly;
It was no coincidence that
ABN Amro's management,
called Varley and not Goodwin
when it was pushed to consider
a deal.
Varley agreed to help make a
takeover look more like a merg-
er by permitting the headquar-
ters of the combined bank to
be in Amsterdam instead of
London, Europe's financial cen-
It is difficult to picture Varley,
with his trademark suspenders,
high-cut pants, monogrammed
cuff links and British under-
statement, in the Dutch capital.
"He is a very eloquent and calm
man, open to other people's
ideas on how to solve problems
and run things," said Samir
Shah, a banking analyst at
Teather & Greenwood in Lon-

Join the

Bahamas National Trust

as we celebrate the

Caribbean Endemic

Bird Festival

Saturday, May 5, 2007

8am 11am


BNT Headquarters, Village Rd.

Members of the BNT Ornithology Group
will offer bird walks through the Retreat
Garden, a fun and informative Bird Quiz,
an opportunity to view our bird specimen
collection and a chance to socialize over
light refreshments after the walk.




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