The Tribune.
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/02888
 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: 5/9/2007
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_02888
System ID: UF00084249:02888

Full Text


MIWBfTY WiN G m lovin' It.




Volume: 103 No.140



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Former PM hits

back at allegations

by Hubert Ingraham

Chief Reporter
OPPOSITION leader Per-
ry Christie denied yesterday
that former Cabinet minis-
ter Bradley Roberts and
)- well-known PLP financier
Franklyn Wilson were part
of the group interested in
buying the Bahamas
Telecommunications Com-
The former prime minister
was answering allegations
levelled by Prime Minister
Hubert Ingraham who, at an
FNM celebration rally on
Saturday, said that Mr
Christie was "the head hon-
cho in the attempted rape of
the Bahamas."
Mr Ingraham said that Mr
Christie and his Cabinet
were secretly agreeing to sell
"During the campaign they
were telling the employees
of BTC that Ingraham will
sell BTC and they would lose
their jobs. Well, they agreed
to sell BTC last week," the
prime minister said.
He promised, however,
that the FNM will review
every line of the deal and
there would be no circum-
stance under which BTC can
be sold on credit.
"And you must demon-
strate that you have the mon-
ey, the means and the tech-
nology to do it otherwise
no deal. I say this for the

benefit of all those who now
believe they have a deal
"We are also going to put a
stop to some of these outra-
geous contracts they have
given because it isn't fair to
the Bahamas," Mr Ingraham
However, Mr Christie said
that this was simply not true
and the record clearly
reflects that the process to
privatise BTC was entirely
transparent and led by a
broad negotiating commit-
"Mr Ingraham knows this.
The BTC negotiating com-
mittee was led by the finan-
cial secretary, a public ser-
vant. Mr Ingraham knows
"The negotiating commit-
tee comprised experts from
the private sector and repre-
sentatives of both BTC
unions," the former prime
minister said.
Mr Christie said that the
prime minister made the
allegation to further
demonise the PLP and fur-
ther divide the Bahamian
body politic.
"This is disgraceful and
divisive treatment of an issue
of national importance.
"And let me also com-
pletely deny the published
rumours about Franklyn Wil-
son and/or Bradley Roberts.
That is a complete lie, a mali-
SEE page 11


Never start your

iiid without us

pomes to
mi art choice is
, ou can trust.


Olr 4 l0ls Tl(242) 332,28 62 TEl:h (42) 33.23i04

FORMER Prime Minister Perry Christie shakes hands with Governor General Arthur Hanna during Mr Christie's swearing in as
the leader of the opposition yesterday at Government House.
(Photo: Felipe Major/Tribune staff)

Christie: intensity Attorney accuses the PM of
of opposition
will force another victimisation over radio hosts
general election BBy BRENT DEAN The widespread controversy
g aul rrunlring Mr tioll nd M 1

Chief Reporter
THE intensity of opposition
that will be mounted and sus-
tained by the PLP in parliament
- and outside of parliament -
will force Prime Minister
Hubert Ingraham to call anoth-
er general election within the
year, former prime minister
Perry Christie said yesterday.
Mr Christie made the state-
ment at a PLP press conference
held at party headquarters on
Farrington Road where he
described Mr Ingraham's
speech on Saturday at an FNM
victory celebration as unneces-
sarily divisive, ungracious and
He further accused the prime
minister of seeking to demonise
"Mr Ingraham's comments
about me not being a democ-
rat are too ridiculous to merit a
SEE page 11

ATTORNEY Paul Moss has
lashed out at Prime Minister
Hubert Ingraham for what he
termed the blatant "victimisa-
tion" and "persecution" of radio
talk show hosts Steve McKin-
ney and Phillippa Russell, who
were removed from ZNS air-
waves shortly after the FNM's

unv ll/uilg ViJL nusseuo an xllru VL
McKinney began after Mr
Ingraham alluded to their
removal, or possible dismissal,
last Saturday at the party's vic-
tory rally at Clifford Park
"They had one radio talk
show host, who I assume you
heard for the last time last
SEE page 11

Ministry of Housing aims to

repair homes built under PLP
Tribune Staff Reporter
THE first priority of the Ministry of Housing under the new
FNM government is to ensure homes built during the PLP's
tenure which require repairs due to shoddy workmanship are
brought up to standard.
"I have received so many complaints in the past about the sub-
standard construction of the houses and I think it is my priori-
ty, while continuing the building of new houses, to go back
SEE page 11

killed after
being run over
Tribune Freeport Reporter
FREEPORT A six-year-old stu-
dent was crushed to death after
being run over by a school bus in
Eight Mile Rock on Tuesday after-
Grand Bahama police reported
that the accident occurred around
3.05pm, involving a private sched-
uled school bus that was being driven
by Calvin Martin, 55, of Martin
Town, Eight Mile Rock.
The bus, registered #GB61, is
owned by Sea Side Investment Ltd,
which has a contract to provide
transportation for students in the
public school system.
According to reports, Mr Martin
was travelling east on Queens High-
way when the young boy ran across
the road in the path of the bus. The
accident occurred near the Revival
Temple Fellowship Church of God
in Hanna Hill.
The student suffered severe
injuries. He was taken to the Acci-
dent and Emergency Section of the
Rand Memorial Hospital, where he
was pronounced dead.
Police are investigating the acci-
dent. This is the second traffic fatal-
ity for the year on Grand Bahama.

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Tribune Freeport Reporter
school swim for several young
students ended tragically when
an eight-year-old boy drowned
in an off-limits apartment com-
plex swimming pool.
The victim, Samuel Laing, a
third grade student at Freeport
Primary, went swimming with
three other students on Mon-
day at the Maxim Court Apart-
The trio were on their way

home when they stopped for
the swim. None of the students
lived at the apartment complex.
Police received a report of a
drowning around 5.30pm from
a female tenant at the complex
on Ponce de Leon Drive.
According to Chief Superin-
tendent Basil Rahming, offi-
cers were directed to the swim-
ming pool, which was sur-
rounded by a chain link fence
and a padlocked gate.
The body of a young boy,
who was naked, was floating
face up in the water at the

E DION Foulkes being sworn in as a Cabinet minister on Monday
* DION Fonlkres being sworn in as a Cabinet minister on Monday

western side of the pool.
The victim was pulled from
the water and taken to the
Rand Memorial Hospital,
where he was pronounced
Mr Rahming said police
were informed that the victim,
along with three other young
male students were swimming'
in the shallow end of the pool
when Samuel ventured into
deeper water after spotting a
cellular phone lying on the bot-
tom of the pool.
He said the child drowned

while attempting to retrieve the
Mildred Roberts, principal
at Freeport Primary, said that
students and teachers are sad-
dened by the loss of one of
their third grade students.
Ms Roberts and Ms LaCroix,
the school's guidance counsel-
lor, accompanied Ministry of
Education official Sandra
Edgecombe, district superin-
tendent of schools in Freeport,
to the victim's home at No 20
Bruce Avenue to offer their
condolences to the family.

Tribune Staff Reporter
NEW Minister of Labour
and Maritime Affairs Dion
Foulkes announced that he
will implement tried and true
methods to prevent and solve
any labour disputes that occur
on his watch.
Following a five-year peri-
od during which numerous
unionised labour groups -
including the teachers, the
prison officers, Bahamasair
workers and BEC managers -
took to the streets protesting
issues ranging from salary
adjustments to working con-
ditions, Mr Foulkes said the
FNM will now promote an
atmosphere of ongoing and
open dialogue between all par-
Mr Foulkes, who served as a
Minister of Labour under the
previous FNM government,
said that he is looking to re-
introduce his "tri-partem"
approach to labour.
"During my first stint (as
minister) I created something
called a tri-partem forum,
which brought the labour com-
munity together with the busi-
ness community and the gov-
ernment, and we had those
meetings every quarter, which

"It is just an unfortunate sit-
uation," said Ms Roberts, who
stated that a memorial service
will be held at the school after
this year's GLAT exams are
"We didn't want to interrupt
the students until after the
exams, and then we will have
school psychologist Dr Pamela
Mills consult with the stu-
Ms Roberts said that in the
meantime, another guidance
counsellor has been speaking
with the victim's peers.

I think helped in solving the
problems that existed," he
Mr Foulkes said he thinks
once the three parties address
their concerns in talks with one
another, there will be fewer
"I'm going to focus on dis-
cussions, discussions, discus-
sions," he said.
When it comes to the Mar-
itime Affairs part of his port-
folio, Mr Foulkes said the
FNM will concentrate on
upgrading docking facilities
throughout the islands.
"One of the things we need
to do is improve the ports,
especially here at Potter's Cay
Dock and Prince George
Wharf. In the Family Islands
the majority of our ports need
some kind of improvement;"
he said.
Mr Foulkes added that it is
also one of his ambitions to
make the Bahamas the coun-
try with the largest ship reg-
istry in the world.
At the moment, he said, the
Bahamas ranks third, and is
close to taking second place.
"My job is to have us rank
(second) or first," he said.
Mr Foulkes said he will be
working very closely with the
Bahamas Maritime Authority.

Visit by Canadian judge

* CANADIAN Justice Patrick Moore of the Ontario
Superior Court of Justice and his wife Tamarin Dunnet paid
a courtesy call on Acting Chief Justice Anita Allen at the
Supreme Court last Tuesday. The couple have visited the
Bahamas many times in the past and have particularly
enjoyed this visit, due to the election fever. Shown from left
are Estelle Gray-Evans, registrar Office of the Judiciary;
Justice Allen; Mrs Dunnet and Justice Moore.
(Photo: BIS/Tim Aylen)

Local News ..............P1,2,3,5,6,7,9,10,11,12
Editorial/Letters. ........................................ P4
A d vt ........................................................ P 8
Business ...................P1.2.3,4.5,6,9,10,11,12 ,
A dvts........................................................P7,8 y
A rts ................................... ...........P1,2,3,6,8
C om ics ....................................................... P4
A dvt ...................................... ....... ......
W eather.......................................................P7"


M ain............................................... .....P1-8
Miami Herald Sports .........................P9-13
Local Sports.....................................P14-16

Eight-year-old dies in after

school swimming tragedy

0 In brief

Two men

held after


TWO men are in police cus-
tody in connection with the
alleged seizure of a substantial
quantity of marijuana on Mon-
day morning.
According to police press liai-
son officer ASP Walter Evans,
the men were arrested at the
Lynden Pindling International
Airport at around 8am.
The arrests took place after
police stopped and searched a
In the trunk of the vehicle,
the officers allegedly found five
taped packages containing nine
pounds of marijuana.
One of the men arrested is
reportedly from the Southern
area of New Providence and the
other from Abaco.
Mr Evans said that the public
should be given credit for aiding
the police with information that
led to the arrest.

word on
death soon

PAKISTAN said Tuesday it
expects to hear "conclusive"
word in about two weeks on
how national cricket coach Bob
Woolmer died during the recent
World Cup, according to Asso-
ciated Press.
Jamaican investigators "will
take 10 to 15 days to come out
with a conclusive report" on the
cause of Woolmer's death,
Javed Iqbal Cheema, a senior
Interior Ministry official, told
Woolmer, 58, was found
unconscious in his Kingston
hotel room on March 18 and
pronounced dead at a hospital,
following Pakistan's shock elim-
ination from the World Cup in a
loss to Ireland.
Jamaican police later said
Woolmer had been strangled.
However, one of two Pak-
istani detectives who traveled
to the-West Indies to assist in
the probe told The Associated
Press on Monday that the inves-
tigation was so far "inconclu-
The detective, Mir Zubair
Mahmood, said it was unclear
whether Woolmer was mur-
dered or had died of natural
Cheema confirmed that,
based on a briefing from the
Pakistani detectives, the death
remained "unexplained."
A senior Jamaican investiga-
tor said last week that they were
trying to identify dozens of peo-
ple captured by security cam-
eras at the Jamaica Pegasus
Hotel, where Woolmer was
found dead.
About 80 unidentified peo-
ple were filmed on Woolmer's
floor while he and his team
were staying there, according
to Deputy Police Commissioner
Mark Shields who is heading
the probe into Woolmer's
Police have made no arrests.
Shields said investigators
were looking into the possibili-
ty Woolmer had been poisoned
and were awaiting analysis of
toxicology tests from a British

Foulkes announces plan for ongoing

dialogue to prevent labour disputes

Eric Fox

from the

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Members, Staff, Students, His Wife & Sons,

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Representative Of The Caribbean Centres.



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






OIn brief


finally get

their day

in court
A COUPLE who ha\c
been battling for justice for
five years get their day in
court today.
Greg and Tanya Cash are
claiming damages and com-
pensation from the Baptist
educational establishment as
a result of Mr Cash's dis-
missal as coach from Jordan
Prince William High School
in 2002.
The case will be heard by
Justice John Lyons.
Attorney Mr Edward
Turner has now been
appointed to represent the
Baptists in court. replacing
Mr Sidney Collie, who with-
drew to concentrate on his
candidacy in the general elec-
Yesterday, Mr Turner told
the judge that he was not
ready to proceed. However.
Mr and Mrs Cash are expect-
ing the matter to be heard


in talks on

Key FNM members not


Tribune Staff Reporter
FOLLOWING the second
round of appointments, several
key FNMs are still absent from
the new Ingraham Cabinet.
However they still have one
final chance as the new prime
minister said that he will name
more ministers of state on Mon-
Foremost among these is for-
mer leader of the opposition in
the House of Assembly, Alvin
Smith. Mr Smith held the post
from 2002 until late 2005 when
former prime minister Hubert
Ingraham became the leader of
the FNM.
Mr Smith was said to have
led his party valiantly in the
House at a time when the
FNM's fortunes had fallen bad-
ly, and party retained only sev-
en seats after gaining 35 in the
1997 election.
He was selected for the post,
rather than the then official
FNM leader, Tommy Turn-
quest, as Mr Turnquest was

unable win his seat sitting in
the senate instead.
In the 2007 election, Mr
Smith survived a tough fight to
retain the North Eleuthera seat
by 71 votes and may be con-
sidered for a post such a speak-
er of the House as compensa-
tion for loyalty to his party,
some commentators have spec-
Veteran politician and for-
mer longtime PLP, Edison Key,
was another prominent FNM
noticeably missing from the list
of appointees.
Mr Key secured the South
Abaco seat for the party,
defeating Gary Sawyer by 469
Commentators speculated
that Mr Key would be awarded
the agriculture portfolio. But,
they said, it may have been too
controversial to award a recent
PLP, such as Mr Key, with this
high position ahead of long time
party loyalists.
Mr Key and the new leader of
the opposition, Perry Christie,
had a major public bust-up in


but more to come

2004, with Mr Key alleging that
he was blacklisted by the PLP
after he revealed a multi-mil-
lion dollar scheme to defraud
the government.
Mr Christie countered this
stating that Mr Key's frustra-
tion resulted, in part, from his
"perceived ... loss of personal
and political influence in Aba-
Loretta Butler-Turner is also
yet to receive a ministerial post
despite winning her seat by
1,410 votes the largest mar-
gin of any FNM candidate.
Branville McCartney, who
unseated the longtime Bamboo
Town MP, and irritant to Mr
Ingraham, Tennyson Wells, is
yet to be publicly rewarded for
his win.
Mr McCartney is a political
novice, and if he does not attain
one of the remaining minister
of state positions, he may be
considered for some lesser
appointment, as many perceive
him as having the necessary
charisma and intelligence to be
a future star for the FNM.

* PRIME Minister Hubert Ingraham addressing those gathered
at Government House for the announcement and swearing in of
the new FNM Cabinet on Monday


Freedom of Information Act is urged

THE Bahamas yesterday
continued to take part in dis-
cussions with representatives
from the Caribbean and Cen-
tral America regarding strate-
gies to battle the problem of
money laundering in the
Delegates from the
Bahamas and 29 other coun-
tries from the region are cur-
rently meeting in Panama
City as part of the 25th ple-
nary meeting of the
Caribbean Financial Action
Task Force (CFATF).
The main objective of the
Action Task Force is to
achieve effective implemen-
tation of and compliance with
its recommendations to pre-
vent and control money laun-
dering and to combat the
financing of terrorism.
The Secretariat has been
established as a mechanism
to monitor and encourage
progress to ensure full imple-
mentation of the Kingston
Ministerial Declaration.
Currently members of
CFATF are: Antigua Barbu-
da, Anguilla, Aruba. the
Bahamas, Belize, Bermuda,
Co,ta Rica, Dominica,
Dominican Republic, El Sal-
vador, Grenada, Guatemala,
Guyana, Haiti, Honduras,
Jamaica, Montserrat,
Nicaragua, Panama, Trinidad
Tobago, St Lucia and Suri-
The CFATF is an organi-
sation of 30 states of the
Caribbean Basin, which have
agreed to implement corn-
mon countermeasures to
address the problem of crim-
inal money laundering. It was
established as the result of
meetings convened in Aruba
in May 1990 and Jamaica in
November 1992.


THE new FNM government
was urged last night to intro-
duce a Freedom of Information
Act as one of its urgent priori-
The Grand Bahama Human
Rights Association said such
legislation is vital if the
Bahamas is to progress as an
open democracy.
Its comments came after
online suggestions that the gov-
ernment might "back away"
from its pledge to pass a free-
dom of information law.
Association president Fred
Smith, a Freeport attorney, said
he was "speechless" that a
retreat from this crucial legis-
lation was being considered so
soon after the general election.
And he warned that such a
move could leave the media and
the public at the mercy of a
more secretive government
down the road.
The new government, he said,
was taking the view that a Free-
dom of Information Act was
not necessary because its own
ministers would be open with
the press.


But he said this was not the
same as a guarantee, or an enti-
tlement, to information. And
he felt such a position would
leave no protection against
secretive governments in future.
"The citizens of the Bahamas
need a Freedom of Information
Act to provide them with statu-
tory rights," he said, "It is not
something that should be giv-
en by way of a privilege or sub-
ject to ministerial discretion.
Freedom of information is fun-
damental to an effective democ-
He added: "It is when politi-
ciaris hide behind secrecy that
the country slides into arbitrary
and capricious terrorist govern-
ment, as we have had over the
last five years with the PLP."
Mr Smith said it was a dis-
grace that the new government
should consider back-tracking

* FRED Smith, associate president of the Grand Bahama
Human Rights Assocation

on something "fundamental to
the fourth estate in this coun-
"Citizens don't want to be
begging to ministers for infor-
mation. I want to rely on a right
to information. This is an issue
that affects everyone in the
His association, he said, called
on the FNM to live up to its
promise to pass a Freedom of
Information Act as a matter of
"If they don't there will be
no guarantee or protection

against the return of the secre-
tive and non-consultation
behaviour of the PLP."
To Prime Minister Hubert
Ingraham, he said: "You are
known for saying what you
mean, and meaning what you
say, so please do it."

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

The ZNS talk show issue

THE AIR WAVES yesterday were abuzz
with Bahamians debating whether Prime
Minister Hubert Ingraham's hint at his vic-
tory rally Saturday night that two ZNS talk
show hosts would not be heard again was
victimisation or justice.
"They (also) had a radio talk show host,
who I assume you heard for the last time
last week," said the Prime Minister. "I
assume that she and Steve McKinney will
find their own ZNS."
Since then Steve McKinney's morning
talk show and Phillippa Russell's afternoon
show have been silent. There has been no
explanation, but for anyone who listened to
either show during the election campaign
an explanation should not be necessary.
One radio announcer told his listeners
yesterday that Mr McKinney has reported
for work, but has not been allowed on air.
Another listener claimed that during the
campaign, Ms Russell commented that if the
FNM were victorious, she would be off air.
If true, was this an admission by Ms Russell
that she was fully aware that she had gone
too far in her campaigning on the people's
radio station, and was prepared for the con-
Steve McKinney, as he waded headlong
into the PLP campaign, seemed unaware that
there could be a change of government. He
also seemed oblivious to the fact that if he
lost the protection of his political bosses, he
might have to face the wrath of the Bahami-
an public and a new government.
What both radio hosts forgot was that
they were broadcasting from a government
radio station a station paid for and owned
by all Bahamians FNM, PLP, BDP, inde-
pendents and those who had no vote.
As responsible broadcasters it was their
duty to be impartial. It was their duty to
entertain all political views without those
who differed from the PLP being abused.
We were not a listener to the pro-
grammes, but when we were being bom-
barded by calls of complaint about the two
shows, we tuned in.
What we heard was unprofessional and
shocking. The truth was being ruthlessly
twisted, private citizens were being unfairly
maligned, Mr Ingraham was being
demonised. The two had a political cam-
paign in full swing to re-elect the Christie
government. For a professionally run radio
station, their behaviour should have been in
breach of broadcast rules. Bahamians were
calling for firings. Many wanted to take
their station back.
However, in their arrogance these two
radio personalities ignored the cries of the
public. It seemed they believed that they
had the full protection of a government,

which to them was invincible. However, by
the end of the election their government had
failed, and so had they. As Mr Ingraham
suggested they should now find their own
radio station.
In our opinion, they were both political
hacks neither behaved professionally on
air. Election or no election, PLP or FNM,
they both deserved to be fired.
In our opinion this case is not one of vic-
timisation. Rather it is a case of being fair to
the Bahamian people. Why should Bahami-
ans have to continue to pay the salaries of
people who failed to respect their public sta-
tion? If they had been employed by a private
station, their behaviour would not have been
tolerated for a minute.
Rules about public servants using private
vehicles for the purposes of electioneering
also have to be enforced as have the rules
about treating, intimidation and threats dur-
ing an election.
This election was lost because too many
persons in government broke the rules. We
don't think that this message has sunk in as
yet. The public disgust set in when Mr
Christie, in a crisis of conscience, failed to act
decisively to rein in his colleagues.
Mr Christie seemed to feel that he had to
forgive their transgressions, because to pun-
ish them would be to punish their families.
That's the old trick that law breakers used
to pull on us in our early days as editor of
this newspaper. "Please don't put my name
in the paper because you'll cause me to lose
my job, and I have a wife, and children,"
they would wail.
We quickly learned that their transgres-
sion was not our responsibility. And so the
reply was: "We did not do the crime. We
caused you to do nothing. You should have
thought of your wife, children and job before
you decided to break the law. You knew that
if you were caught, your name would be in
the paper. This is not our responsibility. It is
yours so shoulder it."
Mr Christie failed the public when he
made excuses for the transgressors. Public
morality and standards have fallen. We,
therefore, encourage the Ingraham govern-
ment to bring transgressors before the bar of
justice so such scandals will not happen
Mr Christie also failed when he forgot
that his duty was to the public, not to the
transgressor. This type of punishment is not
victimisation, it is dispensing justice.
Remember even Jesus took the whip to
the money changers who were-violating the
temple. Would any one of our readers accuse
him of victimisation? Rather they would say
that he administered justice to protect the
Jewish people's place of worship.

An agenda

for the new


EDITOR, The Tribune

NOW that the smoke has
cleared and a new government
is being formed, the real con-
cerns of the country must be
addressed. While the matters
discussed during the campaign
are no doubt important jobs,
health insurance, character,
family island development -
they are by no means the critical
issues facing the people of the
Bahamas today. Even among
front-line politicians, it would
not be difficult to get agreement
that the critical issues facing us
today must be Nationhood,
Education, Cohstitutional
Reform and the Built Environ-
Sir Arthur Foulkes, in an arti-
cle several months ago,
explained clearly the difference
between a country and a nation:
A country exists when people
agree to share a space. A nation
exists when they agree to share
a dream. (Forgive my liberal
paraphrase.) To accomplish this
latter purpose, there must be a
sharing of meaningful collective
experiences (like wars, natural
disasters and mass celebration
of meaningful accomplishment),
and there must be the develop-
ment of a common perception
of identity. One of the jobs of a
government is to facilitate expo-
sure to the expressions of com-
mon purpose and common
identity, which it does largely
through its cultural pro-
grammes. It is a mistake for
governments to view cultural
activity as "cultural". It is a fun-
damental part of the job of
Nation-building, and requires
the commensurate attention
and resources of the adminis-
Secondly, there is the need
to address the education of the
Bahamian people. Like our
more industrializedd" friends,
we have lost our way in educa-
tion. There is no clear purpose
for schooling, even in the obso-
lete "industrial" sense, and our
top performers are failing in life
at a surprising rate. Clearly
there is an opportunity for us
to lead the rest of the region as
well as serve ourselves by
redefining for this 21st century,
this Information Age, what we
are preparing our children for.
Unfortunately, this is not just a
"good idea", it is a must. Our
present system does little to pre-
pare them for their world, and
without our urgent attention to
this matter, we will fall con-
stantly further behind the rest of
the world.
Thirdly, it has been obvious

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to politicians for decades that
our Constitution needs to be
"fixed". By that I mean that
with the best of intentions, the
writers of the original document
could not have addressed every
concern we would ever have
about the way we operate as a
country. That is why there is a
mechanism for change. Unfor-
tunately we have approached
the document as sacred, and
refused to make the changes we
know must be made to function
properly. There are at least
three examples of the need for
reform that spring to mind.
The first relates to our gov-
ernmental structure. The
Bahamas operates effectively a
single-level government, per-
haps the only one in the world.
This single-level dynamic
removes the concept of political
checks-and-balances altogeth-
er, and makes the size of the
Opposition, among other things,
moot. The present so-called
Local Government is ineffec-
tive first because it is not self-
determinant and secondly
because it does not exist for
more than two thirds of the
population. Our structure does
not offer us the opportunity to
serve the Bahamian people
effectively, and must be cor-
The second "correction"
relates to the hiring of mem-
bers of the government. It is
just plain insane to continue to
hire political administrators
and offer them five year con-
tracts that cannot be terminat-
ed, regardless of performance
of their job. None of the per-
sons elected would hire a sec-
retary without a clear under-
standing that if the job is not
being performed to their satis-
faction, the employment will
be terminated. Yet they con-
tinue to encourage the Bahami-
an people to let them have a
job without a mechanism for
firing. A recall clause is an
urgent matter, as it is the only
way the Bahamian public can
say its administrators are its
The third change may or may
not require Constitutional
reform, but it has certainly been
addressed as though it does.
Because all funds given to Gov-
ernment must go to the Public
Treasury, governments (PLP
and FNM) have got into the
habit of asking private (often
foreign) developers to do gov-
erriment's work build schools
and clinics, repair roads, etc -
a request that transforms the
developer from the communi-
ty's business partner to its bene-
factor, a condition that has
repeatedly led to social prob-

lems in connection with large
projects. Government must
amend the law, so that a pay-
ment or contribution by a devel-
oper meant for government use
in connection with a particular
community can be earmarked
as such, and government,
through local government
mechanisms, can perform gov-
ernment's role.
The third major issue to be
addressed is the built environ-
ment. A nation's legacy is
recorded in its built environ-
ment. This is especially true in
its urban centres, where the
records of historical and tech-
nological achievement are
recorded in monuments, public
spaces and buildings. How we
address the planning of our
communities and our urban
centres affects more than just
the ease with which we navi-
gate through our streets, it con-
tributes to the nation's vision
for its future and to the identity
shared by its members. The
government's responsibility
must be to protect the built her-
itage, preserve national keep-
sakes and encourage the devel-
opment of approaches to devel-
opment that respect the tradi-
tions and the natural environ-
merit while encouraging a par-
ticipation in global trends in
innovation. In this respect, the
most urgent need is the devel-
opment of the shared vision that
would drive the framing of plan-
ning initiatives throughout the
When I mentioned these
issues to a friend, he smiled and
advised me that these issues
would never get anyone elect-
ed! He was probably right.
They are not the generators of
grand emotional responses we
are accustomed to as the reason
to vote for someone. But they
are, if you will, the infrastruc-
ture that is needed for those
emotive issues to have mean-
ing. After all, what good are
10,000 new jobs for people
whose education dooms them
to exclusion from the wealth-
creation opportunities of their
own country? What good is a
traffic solution through a town
that does not celebrate its pee-
ple? What good is a famil-
island development plan that is
forced by the Constitution to
constantly recreate a plantation
dynamic? And how beneficial is
it to have ethical people in gov-
ernment if there is no pro-
gramme from cradle to
grave for the deepening of
National Identity?
The circus has left town.
There is urgent business to be
done for the Bahamian people.
This is where our new govern-
ment must be told to begin.

May 6 2007.

r ut VVCUII--OL)/IT, IVlIlA 9, ZUU/


OIn brief

workshop, due to begin this
week, has been postponed
until May 29.
The Catholic diocese is
sponsoring the eight-week
workshop at the Emmaus
Centre on Tuesdays (7.30-
The video-based pro-
gramme aims to teach good
communication skills to
enable parents to raise well-
behaved children without
physical, verbal or emotion-
al violence.
Facilitator Vincent Fergu-
son is also available to meet
adolescents whose par-
ents/guardians are in the pro-
More information is avail-
able at 328-4310/2.

Fidel Castro
hijacking on
US attitudes
leader Fidel Castro blamed
an airliner hijack attempt on
the United States, saying in a
statement published Tuesday
that two soldiers who seized a
plane and killed an officer
thought they would escape
punishment if they reached
US soil, according to Associ-
ated Press.
Castro linked the failed
attempt to the recent release
of anti-communist militant
Luis Posada Carriles from
US custody on bond. Cuba's
Foreign Ministry distributed
.Castro's statement to inter-
national reporters by e-mail
late Monday and it was pub-
lished Tuesday in the Com-
munist Party daily Granma.
The hijacking, 80-year-old
Leader declared, was "a con-
sequ6hce of freeing the mon-
ster of terror."
"TIhe impun ty and the
material benefits that have
been rewarded for nearly half
a century for all violent
action against Cuba stimu-
late such acts," he wrote.
Cuba for weeks has
protested a US judge's deci-
sion to release Posada on
bond pending a hearing on
immigration fraud charges
scheduled for Friday. He is
being held under house arrest
at his family's home in Mia-
mi, and is wearing an elec-
tronic monitoring device.
Cuba and Venezuela
accuse him of masterminding
a 1976 Cubana airliner bomb-
ing that killed 73 people, and
Venezuela is seeking his
extradition for trial in that
case. Cuba also accuses him
of orchestrating a string of
1997 Havana hotel bombings,
including one that killed an
Italian tourist.
Posada denies involvement
in both cases.
The elder Castro has been
shown occasionally in official
photographs and videos
since, appearing stronger in
recent images, and since late
March he has penned a series
of columns titled "Reflections
of the Commander in Chief."

6:30amCommunity Pg 1540AM
8:00 Bahamas @ Sunrise
9:00 Bullwinkle & Friends
9:30 King Leonardo
10:00 Dennis The Menace
10:30 International Fit Dance
11:00 Immediate Reponse
noon ZNS News Update
12:05 Immediate Response
1:00 Legends: Chris Malaikus
2:00 One Cubed
2:30 Turning Point
3:00 Paul Lewis
3:30 Don Stewart
4:00 Video Gospel
4:30 Fast Forward

5:00 ZNS News Update
5:05 The Fun Farm
6:00 Fight For Life: India
6:30 .News Night 13
7:00 The Bahamas Tonight
8:00 Close To Home: Turks &
Caicos Experience -Carifta
9:00 Eye On BTC
9:05 Human Mind
10:00 Caribbean Newsline
10:30 News Night 13
11:00 The Bahamas Tonight
11:30 Immediate Response
1:30amCommunity Pg 1540AM

FNM to focus on 'workable'

NHI and disease prevention

Tribune Staff Reporter
THE FNM will move swiftly
to implement new health initia-
tives, including a "workable"
version of the National Health
Insurance plan, newly appoint-
ed Minister of Health and
Social Development Dr Hubert
Minnis said.
Speaking with The Tribune
at Government House right
after he was sworn in to office,
Dr Minnis said that the FNM
will concentrate on educating
Bahamians on how to prevent a
number of diseases.
"In our country, 65 per cent
of our diseases are preventable,
only 35 are catastrophic, there-
fore one must concentrate on
those 65 per cent. So we have to
implement prevention pro-
grammes," he said.
Dr Minnis said that the key
element in preventing more
serious diseases is vaccination.
"We will ensure that the
Bahamas has an excellent vac-
cination programme to help

prevent all the different dis-
eases," he said.
In its manifesto, the FNM
states that it will restore order
to the procurement of vaccines,
medicines and other medical
supplies for the Department of
Public Health's community
health services programmes.
The new health minister said
that the FNM will immediately
start to educate the Bahamian
public on how to prevent cer-
tain diseases.
"We must educate the pub-
lic, and not only at town meet-
ings, but in the school system, at
work places, et cetera. Once we
have excellent prevention then
obviously we would have less
patients," he said.
Dr Minnis said that preven-
tion will ultimately lead to
reducing the work load at hos-
pitals and freeing up beds.
As it concerns an NHI plan,
Mr Minnis said that he could
not comment at this time of on
whether the FNM will lean
more towards a "catastrophic
health national insurance plan."

* DR Hubert Minnis being sworn in as Minister of Health on Monday

Dr Minnis said that the FNM
is of the opinion that the NHI
plan, as proposed by the for-
mer PLP government, still con-
tains many problems that need

to be worked out before it is
"We feel that it has some
problems, some faults, we have
never opposed an NHI, but we

want a workable one, one that
will work for the entire Bahami-
an public, we want to ensure
that no Bahamian is left
(behind)," he said.

Officials still unsure of cause of teacher

protest at Willie Mae Pratt Centre for girls

* By TAMARA FERGUSON "In every organisation there
will be challenges for the staff.
OFFICIALS are still attempt- Willie Mae Pratt has been one
ing to get to the bottom of the of those institutions that has giv-
unrest at the Willie Mae Pratt en us challenges, so we are
Centre for girls following a attempting to hear what the
demonstration by teachers on staff have to say and address
Monday. those concerns," she said.
Sharon Farquharson, direc- Ms Farquharson added that
.tor of rehabilitative services, the staff must be aware that
said: "We are still trying to children don't remain the same
investigate to determine exact- and that they are constantly
ly what went on at the centre changing.
that lead to the staff participat- "Staff at the centre must
ing in the sit-out." always be prepared for whatev-
According to Ms Farquharson, er current practices are taking
a meeting is scheduled to evalu- place and try to address th6se
ate the concerns of teachers. changing behaviours," she said.

Ceremony to mark sinking of

HMBS Flamingo 27 years ago

FAMILY members of the
four marines killed in action 27
years ago during the sinking of
HMBS Flamingo will join offi-
cers and marines of the Royal
Bahamas Defence Force for a
brief ceremony at the base on
Thursday at 8.30am in obser-
vance of the tragic event.
This year the RBDF will add
a gun salute.
Commanding officer of the
Defence Force Commodore
Clifford Scavella will also attend
the special morning colours cer-
emony, after which one of the
Defence Force craft will take
the family members out for the
laying of a wreath at sea in
memory of Flamingo and its
fallen crew.
The Defence Force ensign
will be flown at half mast
throughout the day.
On May 10 1980, after arrest-
ing two Cuban fishing vessels
near the Ragged Island chain,

4.c~l~$~~~t ~


*Betsev Johnson
*Joey 0

Able Seaman Fenrick Sturrup,
Marine Seaman Austin
Rudolph Smith, Marine Seaman
David Allison Tucker and
Marine Seaman Edward Arnold
Williams were killed when
Cuban MIG jets fired upon and
sunk HMBS Flamingo.
Seven of the 15 surviving
crew members of Flamingo are
still serving members of the
They are Captain Anthony
Aliens; Senior Lieutenant Whit-
filed Neeley; Force Chief Petty
Officer Dencil Clarke; Force
Chief Petty Officer Gregory
Curry; Chief Petty Officer
Eugene Thompson; Chief Petty
Officer Anthony Russell and
Petty Officer Leo Kirby.
Observers recognized the
tragic event at the time as not
only a defining moment in the
history of the embryonic
Defence Force, but also for the
newly independent Bahamas.

. ,

* Carlos Santana
*Nine West
*Charles David

Although Ms Farquharson
did not agree with suggestions
that there is a high level of vio-
lence at the centre, she said that
it is not unusual for the girls to
have arguments.
"If the girls were 'goody-
goodies' they would not be in
the centre. They come to the
centre with challenges and this
is one factor that the staff at the
centre must learn to under-
stand," she said.
After the concerns of the staff
are examined, the Department
of Rehabilitative Services plans
to review the security at the
facility and determine if it needs

to be stepped up.
Consideration will also be
given to strengthening rehabili-
tative programmes at the facili-
ty and continuing to provide
training for the staff so that they
can be prepared to meet all
challenges, she said.
Teachers of the Willie Mae
Pratt Centre staged a sit out on
Monday claiming that they were
afraid for their lives and that the
centre should be removed from
the portfolio of the Ministry of
Social Services and placed under
the Ministry of National Security.
But according to Ms Far-
quharson, the centre should

remain under.Social Services
because the girls at the centre
are not criminals.
"We want to continue to
strengthen our rehabilitative
programme and work with the
girls of the centre and their fam-
ilies to address their behaviour
and reunite them with the com-
munity," she said.

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Telephone: 242-394-3802


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L _-



STravelling Film Showcase

remaining film listings

Tickets on sale now at Lowe's Wholesale Soldier Road.
m a&., 1 -



LOT NO. 124
PROPERTY SIZE: Single Storey Residence
(5,400 sq. ft.)
LOCATION: Abaco Drive

PROPERTY SIZE: Incomplete Single Family
Duplex (5,000 sq. ft.)
LOCATION: Main Settlement of Eight Mile Rock

LOT NO. 27 Section 21 Block "D"
PROPERTY SIZE: Single Storey Residence
(10,446 sq. ft.)
LOCATION: Linday Drive

LOT NO. 25 Block 2 Unit 1
PROPERTY SIZE: Single Family Incomplete
Residence (0.34 acres)
LOCATION: 250 Yards West of Midshipman Road

LOT NO. 225 Section 28
PROPERTY SIZE: Single Family Residence -
3 Beds / 2 Baths (21,250 sq. ft.)
LOCATION: Inagua Avenue

LOT NO. 5 Block 17
PROPERTY SIZE: Single Family Residence 4
Beds / 3 Baths (0.28 acres)
LOCATION: Northern Side of Cul-de-sac Called
Churchill Court

LOT NO. 274
PROPERTY SIZE: Single Storey Wooden
Residence (12,000 sq. ft.)


LOT NO. 52 Block 5 Unit 1
PROPERTY SIZE: Multi Family (0.28 acres)
LOCATION: Western Side of Ludford Road

LOT NO. 11 Block 22 Unit 2
PROPERTY SIZE: Single Family (0.35 acres)
LOCATION: South Side of Orlando Drive & Arden
Forest Road

LOT NO. 3 Block 11
PROPERTY SIZE: Multi/Single Family
(0.27 acres)
LOCATION: Eastern Side of Bonito Street

LOT NO. 16 block 23
PROPERTY SIZE: Single Family (0.44 acres)
LOCATION: South Side of Dominica Avenue

LOT NO. 10 Block 32 Section 2
PROPERTY SIZE: Multi/Single Family
(0.33 acres)
LOCATION: Eastern Side of Forest Lane
(Less Than 150 Yards West of Santa Maria Avenue)

LOT NO. 14 Block 10 Unit 2
PROPERTY SIZE: Multi/Single Family
(0.44 acres)
LOCATION: Government Road West of Fortune
Bay Drive


COB Michael Eldon Complex

Showtime: noon
45 minutes
Country: Cuba
Nosotros y el Jazz is the story of
a group of black Havana youths in
the 1940s and 50s who hung out
around jazz clubs. Today, these
dancers of traditional jazz who are
in their 60s and 70s maintain a spe-
cial vitality.

Junkanoo, 2000
Country: Bahamas
Documentary follows the
Bahamian festival Junkanoo that
occurs during the dark hours of
morning on December 26 and
again bringing in its first hours of
light on the first day of the new

Showtime: 3pm
JAB! The Blue Devils of
Paramin, 2006
47 minutes
Country: Trinidad and Tobago
Kootoo is a hillside farmer in the
mountain community of Paramin,
but once a year he becomes the
King of Jab, the Blue Devil of
Paramin. This beautifully made
film depicts the transformation of a
tranquil paradise into a living hell
as the Jab competes to win the
prize for being the worst devil.

90 minutes
Country: Trinidad and Tobago
Film chronicles the rich and
complex cultural roots of calypso

National Art Gallery, West and
West Hill Streets
Showtime: 8pm
16 minutes
Director Luciano Blotta
Country: Jamaica
Preview of the forthcoming doc-
umentary by young Argentinian
director Luciano Blotta that takes
us through the Jamaica uptown
and downtown emerging under-
ground music scene

100 minutes
Country: Jamaica
An aspiring young singer leaves
his rural village for the capital city
of Kingston. Robbed of his money
and possessions his first day in
town, he finds work with a self-
righteous preacher and an
unscrupulous music mogul who
exploits naive hopefuls. In despera-
tion the simple country boy turns
outlaw, at war with both the police
and his rivals in the ganja trade.
Ivan's dream of stardom soon
becomes a reality as he rises to the
top of the pop charts and the most-
wanted lists.


COB Michael Eldon Complex

Showtime: noon
66 Minutes
Country: Guadaloupe

Showtime: 3pm
52 minutes
Country: Haiti
This documentary shot in Haiti
is about homosexuals and Vodou.
The encounter of these two worlds
leads us into a powerful, mystical
and symbolic environment where
freedom of being, of existing, and
of incarnating the gods is expressed
through theatrics and deep emo-

National Art Gallery

Showtime: 8pm
DENTE? (Does the President
Have AIDS) 2006
110 minutes
Country: Haiti
Dao is the star of more cinemas
in Haiti, the "self-named President
of Compass". He has women that
fall to its feet and men that emu-
late him. He feels invincible-living
the life of a star of the stone the
sex, drugs and alcohol only he
can no longer hide the illness that
is threatening to derail his career.


COB Michael Eldon Complex

Showtime: noon
23 minutes
Country: Dominican Republic

90 Minutes
Country: Jamaica
Using excerpts from the award-
winning non-fiction text "A Small
Place" by Jamaica Kincaid, Life
and Debt is a woven tapestry of
sequences focusing on the stories
of individual Jamaicans whose
strategies for survival and parame-
ters of day-to-day existence are
determined by the US and other
foreign economic agendas.

Showtime: 3pm
LA CARTA (The Letter), 2005
2.38 minutes
Country: Dominican Republic
Juan is a rural youth that emi-
grates from the field to the city, in
search of improving his life and
that of his mother.

A CIEN MIL, 2006
10 minutes
Country: Dominican Republic

57 minutes






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6ll~~~~~~Z. ~ ~ l~ll(~~~ 6 - I 6' 6

Country: Haiti
A portrait of the beleaguered
city of Port au Prince, capital of the
Republic of Haiti, today a victim of
overpopulation, lack of urban
infrastructure, and environmental

National Art Gallery

Showtime: 8pm
SANGRE, 2005
Director: Jos6 D G6mez de Var-
gas/ Natalia Cabral
Country: Dominican Republic.
Film examines the life choices
made by Cristiano Bruno, a young
resident of one of Santo Domingo
slums who was raised by his moth-
er as a result of the incarceration
and later disappearance of his
father due to corruption and drug
trafficking, the year before he was

23 minutes
Director: FRANK E FLOW-
Country: Cayman Islands
After the death of his father, a
Floridian High School student
takes assignment as a drug mule to
earn money for his college tuition.
A huge success at the Sundance
Film Festival.

67 minutes
Director: Kareem Mortimer
Country: the Bahamas
Hitch hikers go to Eleuthera,
Bahamas with $150 in search of the
Bahamian dream and adventure.
Director: Kevin Taylor
Country: the Bahamas
Documentary follows Bahamian
middleweight contender, Jermaine
"Chu Chu" Mackey preparing for
his challenge fight against the
Bahamian super middleweight
champion, Marvelpus Marvin


Michael Eldon Complex
Showtime: noon
Youth Focused Films
27 minutes
Director: CLEAR INCE
Country: Barbados
The story of Kirikou and the
Sorceress. Shows Tiny Kirikou, as
a gardener, potter, traveller, and
doctor, who faces up to danger
unflinchingly, with shrewdness,
courage, generosity, and success.
16 minutes
Country: Trinidad and Tobago
Citizens of Poui Village live
their lives in fear. They are bullied
and terrorised by two competing
delinquents. Film tells the story of
Manni, the local beggar, who dri-
ven by hunger uses his cunning
abilities to rid the village of these
two delinquents.

78 minutes
Country: Curacao
Zulaika is a savvy 12-year-old
living on Curacao in the West
Indies. While her mother is trying
to make a living for the family
across the sea in Holland, Zulaika
works with her grandmother in the
small family-run grocery store.
Showtime: noon
120 minutes
Country: Cuba
During Holy Week at the end of
the 18th century, a count visits his
Havana sugar mill on a day a slave
has run away. Twelve slaves are
chosen to re-enact the last supper
with the Count on Good Friday
evening. The 12 later rebel.
cane Alley), 1982
100 minutes
Country:Martinique, in the early
1930s. Young Jos6 and his grand-
mother live in a small village. The
story is about he and his grand-
mother's quest to educate Jose and
fulfill his dreams of becoming a
great writer in spite of his humble

Showtime 3pm
(Man by the Shore), 1993
100 minutes
Director: RAOUL PECK
Country: Haiti
Built on fragments of memory,
the story of a young girl's intuitive
struggle for survival in the malevo-
lent political and social environ-
ment of Haiti under Papa Doc
Duvalier in the 1960s.

110 Minutes

Country: Curacao
Upon request of Father Fidelius,
parish priest of St Anna's, the Suri-
nam painter Gabriel Goedbloed
arrives to paint a mural of the Vir-
gin Mary in St Anna's Church.
Drama unfolds when the artist
decides to paint Mary using a
native model.


OIn brief

makes AIDS
drugs deal


FORMER President Bill
Clinton announced agree-
ments with drug companies
Tuesday to lower the price
of so-called "second-line"
AIDS drugs for people in the
developing world and to
make a once-a-day AIDS pill
available for less than $1 a
day, according to Associated
The anti-retroviral drugs
are needed by patients who
develop resistance to first-
line treatment and currently
cost 10 times as much as first-
line therapy, Clinton said.
Nearly half a million patients
will require these drugs by
"No company will live or
die because of high price pre-
miums for AIDS drugs in
middle-income countries, but
patients may," Clinton said
"I believe in intellectual
property and ensuring that
manufacturers earn the prof-
it margins they need to keep
the discovery and supply of
AIDS drugs sustainable. But
that shouldn't prevent us
from getting essential life-sav-
ing medicines to those who
need them in low and mid-
dle-income countries alike,"
he said.
Clinton's foundation nego-
tiated agreements with gener-
ic drug makers Cipla and
Matrix Laboratories that he
said would mean an average
savings of 25 per cent in low-
income countries and 50 per
cent in middle-income coun-
tries. He said the companies
collaborated with the foun-
dation to lower production
costs, in part by securing low-
er prices for raw materials.
The reduced-price, once-
daily pill combines the drugs
tenofovir, lamivudine and
Clinton said the new price
of $339 per patient per year
would be 45 percent lower
than the current rate avail-
able to low-income countries
and 67 percent less than the
price available to many mid-
dle-income countries
"Seven million people in
the developing world are in
need of treatment for
HIV/AIDS," Clinton said.
"We are trying to meet that
need with the best medicine
available today, and at prices
that low and middle-income
countries can afford."
The Clinton Foundation's
activities are being financed
by UNITAID, an organiza-
tion formed by France and
19 other nations that have
earmarked a small portion of
their airline tax revenues for
HIV/AIDS programs in
developing countries.
UNITAID will provide the
foundation with more than
$100 million to buy second-
line medicines for 27 coun-
tries through 2008.
"Every person living with
HIV deserves- access to the
most effective medicines, and
UNITAID aims to ensure
that these are affordable for
all developing countries,"
French Foreign Minister
Philippe Douste-Blazy,.chair-
man of UNITAID's board,
said in a statement.
Since starting its
HIV/AIDS Initiative in 2002,
the Clinton Foundation has
worked with 25 countries in
Africa, the Caribbean and
Asia to set up AIDS treat-
ment and prevention pro-
The foundation also pro-
vides access to lower-priced
AIDS drugs in 65 countries.
Some 750,000 people are now
receiving AIDS drugs pur-
chased through the Clinton



BDM disappointed at poor

results in general election

Tribune Staff Reporter

THE Bahamas Democratic
Movement yesterday expressed
deep disappointment at their
performance in the general elec-
Party leader Cassius Stuart
discussed the poor showing and
the need for campaign finance
reform at his party's headquar-
ters in Marathon yesterday.
"Its a very anti-climatic feel-
ing. It's a let down," Mr Stuart
began. "Because I'm sure my
candidates who have worked in
the constituencies met thou-
sands of persons I met thou-
sands of persons myself.
"If everyone who said they
voted for me, voted for me I
would have won. However what
we see is the double talk and
we see the double standards.
"But you can't blame the
people. We see that from our
leaders they only learn that
from their leaders," he said.
Mr Stuart added that it is
important not only to have lead-
ership with integrity, but also
an electorate with integrity.
"If you're not going to sup-

BDM 'still


to remove

FNM and

PLP from


Tribune Staff Reporter

HAVING failed to capture a
seat let alone the government
- in the May 2 general elections,
the Bahamas Democratic
Movement remains determined
to remove both the FNM and
the PLP from the governance
of the Bahamas.
Yesterday at the BDM's
headquarters in Marathon, the
party's leader Cassius Stuart
congratulated the FNM and its
leader Hubert Ingraham on
their election victory.
Mr Stuart also thanked his
party's workers, voters and
financial contributors for their
support in the last election.
"We would like to thank you
for your unwavering support
and commitment to our party.
We would like to re-assure you,
our supporters that we will
remain steadfast and commit-
ted to the vision of the BDM,"
he said.
"The next five years will
require much sacrifice and hard
work and we in the BDM will
remain resolute until we
remove both the FNM and the
PLP from the governance of
this country."
Mr Stuart, who was flanked
by a few of his candidates in the
last election said that his party
will be hoping to put forward
at least 40 candidates for the
2012 elections.
Until then, he said, the
Bahamas will remain a country
"adrift, just like it as five years
"We believe that our coun-
try is perishing from the inside
out because the two governing
parties lack vision. As citizens,
we must wake up to the scams,
political tricks, and red-herrings
being played by both the PLP
and the FNM or our children
will suffer in their own country.
"The political game is not
about politics any longer but it's
about money and power. It's
about controlling the economic
purse and facilitating multi-mil-
lion dollar deals for party spon-
sors and cronies. It is time we
wake up," he said.
Mr Stuart reminded the pub-
lic that for years, his party has
been pointing out the similarity
between the PLP and the FNM.
He said that as the days
progress, this similarity
"becomes even more evident".
"Yesterday, the new/old
prime minister appointed most
of his cabinet and it was like
history repeating itself all over
again. Five short years ago, Mr
Perry Christie made his
appointments and instead of
bringing new talent and new

blood to the leadership helm,
he went with much of the same
old same old," said Mr Stuart.

port someone, say you're not
going to support them. The
deception, the lies, that has
been a part of our culture for a
long time, we need to change
that. We need to wake up and
see now that the scams doesn't
get you anywhere.
"We need to bring a new
form of governance but we
need to make sure that we have
a new form of electorate as well.
Because the two go hand in
hand. It was a let down, but we
are resolute and confident that
the day will come when we un-
seat the FNM and the PLP," he
Mr Stuart, along with his
deputy leader Omar Smith
encouraged voters again those
who cast their ballots for them
and those that did not to come
over to the BDM and help to
build a new government for the
Going forward now, the par-
ty said that they will have to use
some of the strategies of the
bigger parties, such as mega ral-
lies, mass T-shirt distribution
and other paraphernalia.
Mr Stuart said: "Our party is
a big party. We just need to

throw the big rallies. And so we
just need to make sure that we
can use many of the same tools
to attract people. Many persons
wanted to support us and per-
haps will support us in the next
election. But it is a process of
growth for us, and it is a learn-
ing process for us as well."
Ml Smith said that the BDM
will continue to push for cam-
paign finance reform stating
that democracy should be some-
thing more than just the party
with the most money winning
an election.
"As a people, not just for the
BDM, because this is for the
Bahamian people, we have to
consider this, do we really want
a country where to the biggest
money goes the government?
And is that really democracy?
So right now, between now and
the next five years, and hope-
fully it won't take five years
hopefully we deal with this right
now, because do you think that
the governing party will make
any changes coming close to the
election if they think they have
an advantage?
"So we have to make sure
that elections are fair. They


* CASSIUS Stuart

always talk a good talk about
deepening, democracy and
about accountability. What type

of democracy do you have when
the money interest controls
your country?" he asked.



The Tribune wants to hear
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making news in their
neighborhoods. Perhaps
you are raising funds for a
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If so, call us on 322-1986
and share your story.



BDO Mann Judd
Chartered Accountants
& Consultants

PO Box N-10144
Ansbacher House, East Street
Nassau. Bahamas
Telephone (242) 325-6591
Fax: (242) 325-6592
Email: info@bdomanniudd.com


We have audited the accompanying balance sheet of Habib Banking Corporation Limited,
as at 31 December 2006 and a summary of significant accounting policies and other
explanatory notes.

Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of this balance sheet in
accordance with International Financial Reporting Standards. This responsibility includes:
designing, implementing and maintaining internal control relevant to the preparation and
fair presentation of 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 are free from material

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the balance sheet. The procedures selected depend on the auditors' judgment,
including the assessment of the risks of material misstatement of the balance sheet whether
due to fraud or error. In making those risk assessments, the auditor considers internal
control relevant to the entity's preparation and fair presentation of the balance sheet in order
to design audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the entity's internal controls. 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 balance sheet.

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 present fairly, in all material respects, the financial position
of Habib Banking C6rporation Limited as at 31 December 2006 and of its financial
performance and its cash flows for the year then ended in accordance with International
Financial Reporting Standards.

BDO Mann Judd
Chartered Accountants
Nassau Bahamas
30 April 2007


(Expressed in US Dollars)



Cash at banks and other financial institutions 4 31,161,222
Investments 250,000
,Bonds --.....--- --5 .. 8,511,952
Loans, advances and overdrafts 6 29,280,098
Prepayments and other receivables 460,706
Fixed assets 7 27,183



$69,691,161 $62,443,736

Demand deposits
Time deposits
Creditors and accrued expenses

8 64,188,564


64,580.747 57,339,089

Share capital
Retained earnings

9 3,750,000




$69,691,161 $62,443,736

The statements were approved by the board of directors and authorised for issue on
30 April2007, and are signed on its behalf by:

SM Havder

Imran Habib

The notes form an integral part of these financial statements.





Habib Banking Corporation Limited ("The Bank") is incorporated in The Commonwealth
of the Bahamas and carries on banking and trust business in accordance with a licence
issued by the Ministry of Finance on 23 March 1987. The Bank's main place of business is
Suite 202, Saffrey Square, Bay Street, Nassau, Bahamas.


These financial statements have been prepared on a going concern basis and in accordance
with International Financial Reporting Standards. The financial statements have been
prepared under the historical cost convention as modified by the available-for-sale financial

The preparation of financial statements in conformity with International Financial Reporting
Standards requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the
date of the balance sheet. Actual results can differ from those estimates.


Due within 30 days
Due after 30 days but within a year








The maturity of bonds is noted below:


More than 6 months





The maturity of loans, advances and overdrafts is noted below:


3 months or less
More than 6 months






o.* TO?


and fixtures

1 January 2006 and 31 December 2006


1 January 2006
Charge for the year

31 December 2006

31 December 2006




31 December 2005


The maturity of time deposits is noted below:


3 months or less
More than 6 months




5,000,000 ordinary shares of$1 each

Issued and fully paid
3,750,000 ordinary shares of$1 each











The concentration of assets and liabilities by industry and geographical region is noted
Assets 7nnf006 M




Geographical Region
North America









Fixed assets

Fixed assets comprising of furniture and fixtures are stated at cost less accumulated
deprecation. Depreciation is recorded on the straight-line basis over the estimated useful
lives of the assets which is five years.

Foreign currencies

Transactions in currencies other than United States dollars have been translated at the rates
of exchange.prevailing on the transaction dates.


Investments are classified as available-for-sale and are measured at fair value.


Bonds are classified as held-to-maturity investments, and are stated at amortised cost, using
the effective interest rate method. Such investments are subject to review for impairment.

Loans, advances and overdrafts

Loans, advances and overdrafts are classified as loans and receivables originated by the
enterprise and not held for trading, are measured at cost or amortised cost, and are subject to
review for impairment.


The maturity of cash at banks and other institutions is noted below:




'* 5

' *4






i I I I ,~rrf~~mL~m~:~nnllF~FLl~?~`l~q~LW::


2007 Young Chef demonstrates skills

Financial Sector

Geographical Region







The bank had outstanding guarantees at the year-end

totalling $4,742,000 (2005:


Cash at banks and other financial institutions accrue interest at rates of approximately
4.53% to 6.75% p.a. (2005: 2.48% to 4.55% p.a.).
Bonds accrue interest at rates of approximately 6.25% to 10.50% p.a. (2005: 6.25% to
11.50% p.a.).
Loans, advances and overdrafts accrue interest at rates of approximately 3.75% to 6.00%/
(2005: 3.75% to 6.50% p.a.).
Customer time deposits accrue interest at rates of approximately 3.53% to 6.00% (2005:
1.43% to 4.8.8% p.a.).

None of the Bank's other financial assets or liabilities carry a significant exposure to interest
rate risk.


All of the Bank's significant financial instruments are considered to have fair values
equivalent to their carrying values.

The Bank has entered into various financial instrument transactions. The execution of these
transactions may result in credit and price risk. The Bank is exposed to credit risk in the
event the counter party is unable to fulfil their contractual agreements on the date of

Price risk is comprised of interest rate, market and currency risk. Interest rate risk is the risk
that the value of financial instruments may fluctuate as a result of changes in the market
interest rates. Market risk is the risk that there will be a change in values of financial
instruments due to changes in market conditions. Currency risk is the risk that the value of
financial instruments may fluctuate as a result of change in foreign exchange rates.

The above risks are monitored on an ongoing basis by the Bank's management and the
Bank's lending and financing activities are adjusted accordingly.


During the year the Director fees.totalled $197,000 (2005: $172,098).
Salaries and other short-term employee benefits paid to key management totalled $196,281
(2005: $229,445).

the Jack Hayward High school,
Grand Bahama 2007 Champi-
on Young Chef, was invited to
demonstrate her winning dishes
at the Bahamas Hotel Associa-
tion's annual trade show.
She was accompanied by her
teacher/coach Katrina Hodge,
Young Chef contest organiser
Sharon Ferguson of the Min-
istry of Education and chief
judge for the contest Chef
Edwin Johnson.
Mr Johnson said: "Although
Mervalette is only 16 years old,
she showed remarkable com-
posure as she demonstrated her
prowess in front of hundreds of
adult professionals at the trade
show. I'm sure that she has a
great future in our profession."
Several weeks earlier, Mer-
valette won the 15th annual
Mahatma Rice and Robin
Hood Dish and was named
overall winner of the contest.
She also took home the $1,750
winner's cheque.
For the Hotel Association
show the Young Chef sported a
specially made chef jacket pro-
vided by Mahatma Rice.

FLORIDA International
University has established its
first university-wide interna-
tional alumni chapter in the
FIU is a Miami public
research institution established
in 1965.
"This is a significant recogni-
tion to the university but also
to the people of the Bahamas
that have contribute to the
growth and success of Florida
International University from
its conception," said FIU in a
Distinguished FIU alumni
throughout the Bahamas gath-
ered on Friday, May 4, at the
Bacardi Plant in New Provi-
dence to celebrate this mile-
Bacardi International spon-
sored the event.
"Since opening its doors in


1972, Bahamians have enrolled
and successfully graduated from
Florida International Universi-
ty," the statement said. "These
alumni have been most suc-
cessful in their distinguished dis-
cipline/fields. Bahamians con-
tinue to enroll at record num-
bers every year.
"The achievement of these
alumni continues to serve the

l. Hood

* MERVALETTE Dean is pictured, centre, at the Bahamas
Hotel Association (BHA) Trade Show, following the production
of her prize-winning dishes: sweet potato and lobster roulade
and roasted vegetable and basmati crowns. With Mervalette, left
to right are: Frank Comito, executive officer, BHA; Mervalette's
teacher/coach, Katrina Hodge; Sharon Ferguson, senior educa-
tion officer, Ministry of Education and Chef Edwin Johnson,
head judge for the annual Mahatma Rice and Robin Hood Flour
Young Chef contest.
(Photo by Keith Parker, PS News/Features)

university long after they com-
pleted their study at the uni-
versity. The university is most
proud of their contribution
which has also favored very well
as the university continues its
international mission."
The university also held its
annual preview sessions at the
British Colonial Hilton hotel on
May 5.

Loans to key management of the Bank (and their families)

Beginning of the year
Loan repayments received
Interest charge
Interest received,

End of year




Loans to key management and their families are secured by property, which the directors
valued at $700,000 (2005: $700,000), the loans are payable on demand.
Other related party loans

Other related party loans totalling $246,591 (2005: $2,235,993) are fully secured, bear
interest at a rate of 5.50% (2005: 4.25%) and have fixed terms of repayment.

Additionauy, related party deposit balances held at the Bank totalled $481,826
(2005:$444,000) bearing interest between 5.00% (2005: 4.75%).


Certain prior year comparative figures have been reclassified to conform with the current
;year presentation.
I I, Ii





New alumni chapter

for Florida institute

Share your news
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1986 and share
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East Ave & 6th Terrace, Opp. Centreville rood Market Tel: )22-1477

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Call 502-2352 thru 7 or






Keeping a sense of humour in

the time of the general election

"Bad humour is an evasion
of reality; good humour is an
acceptance of it."
Malcolm Muggeridge

W e thought you'd like
to see some exam-
ples of bad and good humour
from the recent election cam-
Ingraham: How you could fly
a whole plane out of the airport
and ain't nobody know about
it? .
Rigby: The PLP is not inter-
ested in race.
Symonette: I right here.
Mitchell: Whoever wins Fox
Hill wins the general election.
Wilchcombe: The fat lady
hasn't sung yet but she's
warming up.

Ingraham: He assured us he
was simply helpjng his con-
stituents. This is the same man
who claimed to have single-
handedly delayed the US imple-
mentation of its new passport
Ingraham: If you don't call in
and lavish praise on them, not
only do you not get an immedi-
ate response you simply get
cut off.
Christie: ????
Christie: ????
People with no sense of
humour often take themselves
much too seriously, which leads
inevitably to problems for the
rest of us.
We have searched our mem-
ory and clip files for a genuine-
ly humorous remark by Perry
Christie on the campaign trail,

FEN DI Co. (Nassau) Ltd

but we cannot find one.
In fact, the case could be
made that the PLP generally
lacks a sense of humour,
although perhaps some readers
are thinking at this point: "So
how do you explain Fred
But it is difficult otherwise to
explain how the same mix of
traits turns up repeatedly
among the PLP hierarchy -
greed, narrow minds, and no
sense of humour.
The party's reaction to the
May 2 defeat is a clear case in
point. It was not until late
Thursday that former prime
minister Perry Christie came to
Gambier House "like Nicode-
mus in the night" to tell his
unruly supporters they did not
have the keys to the kingdom.


Since then we have heard
nothing more from any PLP
leader. In fact, at press time the
party's web site still carried the
headline: "FNM Wins. Some

The case could
be made that the
PLP generally
lacks a sense of
perhaps some
readers are
thinking at this
point: "So how
do you explain
Fred Mitchell."

Seats Still In Question." And
Christie is still quoted referring
to "unofficial results".
contrast that with what
happened after the
2002 general election. Back
then Parliamentary Commis-
sioner Errold Bethel certified
the poll as "totally free, fair and
violence-free." That's the same
Errold Bethel, by the way, who
presided over last week's elec-
tion and who has yet to issue a
similar declaration.
In 2002 Perry Christie was
sworn in as prime minister the
very day after the general elec-
tion. His opponents (Hubert
Ingraham and Tommy Turn-
quest) congratulated him at the
same time:
"Clearly Perry Christie and
the PLP message were more
attractive," Ingraham said. "The
people voted for a change, and
that's fine."

And Turnquest added that he
accepted the results "without
resentment or malice."
Not so this time. This time is
more like 1992, when the FNM
ended the 25-year-rule of the
Pindling regime with 55 per cent
of the vote (an 11,000 plus
majority). Back then it took
even longer for Ingraham to be
sworn in as prime minister of
the "interim government" as Sir
Lynden scornfully referred to
And although Pindling could
crack jokes with the best of 'em
and ridicule any opponent
(remember "the shadow" and
"old sore throat" in reference
to the late Sir Kendal Isaacs?
- he certainly had no sense of
humour when it came to his
own self.
We said earlier that some
people look upon Fred Mitchell
as a joke or, if not an actual
joke, at least partly funny. But
that is really not the case.
Experts say Mitchell is almost
too serious for words.

n the 1970s and early
1980s he was a fanatical
Pindling propagandist who
would viciously attack any dis-
sent from the official PLP line.
In fact, yours truly was the sub-
ject of a scurrilous attack by
Mitchell's.PLP Herald newspa-
It seems I was "writing
against and denigrating the gov-
ernment and some of its major
personalities under the cover of
a pseudonym." Ah, the good
old days!
But Mitchell is caught in a
more convoluted predicament
today. A few years ago he
launched a website named after
himself to harangue the FNM
government. After he was elect-
ed in 2002 he removed his name
from that site. But the writing
style and ideas discussed
remained the same despite

disclaimers to the contrary.
More to the point, there is
no contact information pub-
lished on the site despite
the vitriolic articles in the style
of the old PLP Herald that it
regularly presents. We are left
to wonder what will happen
Mitchell has a complex (if
humourless) personality. In
1986 he told a Kiwanis Club
meeting that: "Most of my con-
temporaries have long aban-
doned the PLP as having an
important role in what is going
to happen in the future of the

O f course, that position
has changed today.
This week's post-election edi-
tion of the website that used to
be named after Mitchell was
true to form. It was all about
his favourite subject.
"Something must have gone
terribly wrong. It is important
for there to be a deep huddle to
see how in five years, the sig-
nificant majorities that were
developed in constituencies
turned into the defeats of this
"Now you have one of the
most wicked and insidious
politicians in the use of state
power to bribe voters...now is
the time to regroup and wipe
this crew of UBPs and their
Uncle Toms out of office.
"It is quite incredible that the

This week's
edition of the
website that
used to be
named after
Mitchell was
true to form. It
was all about
his favourite

Bahamian people would be
hoodwinked into electing this
man with the mentality of a
thug to the office of prime min-
ister again.
"There is a great deal of sat-
isfaction, if not singing, among
nationalists in the country that
Fred Mitchell, the former for-
eign minister managed to sur-
vive the most astounding
onslaught on a politician in
the history of Bahamian poli-
"The press of The Bahamas
has simply disgraced themselves
as a bunch of lying, conniving,
crooks who for entertain-
ment and political reasons -
simply spew one set of lies after
the other in pursuit of their
nasty agenda.
"We are right back to where
we started prior to 1967, only
with Uncle Toms at the helm
but the Master in charge...It is
quite an incredible situation that
we have now returned as close
as we can get to the days of
"Naming Brent Symonette
minister of foreign affairs is an
absolute insult to the Bahamian
people. The people of the
world will now think that
Symonette represents what is

And finally, here are a
few memorable
quotes from the 2002 general
Christie: "This is not your
grandfather's PLP we have
an honest reformer and pro-
growth platform."
Mitchell: "There was a large
pool of young, dissatisfied and
intelligent people who were cru-
cial to victory."
Ingraham: "The leadership
fight hurt the party badly. The
referendum saw senior FNMs
campaigning against it."
Christie: "We must demon-
strate our commitment to build
on our diversity and our differ-
ences and not use them to
weaken us."
Well, that's Tough Call's elec-
tion analysis for this week -
all of the head honchos are
locked down in meetings. Look
forward to hearing from you.

What do you think?
Send comments to larry@tri-
bunemedia.net. Or visit

Executive Director

Requirements & Responsibilities:
Management of daily operations as well as future
Background in business with prior experience in
supervising staff, strong organizational skills, and
excellent people and communication skills.
Financial experience would be an asset.

Interested and qualified candidates should send their resume to
"Executive Director Position "
at P. O. Box SS 5256, Nassau, Bahamas or e-mail to
dpaoffice @coralwave. corn.

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r M an ager, Train ing 6 D develop m en t

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, Traning & Development
P.O. Box SS-6263
Nasau Bahamas
E Telefax: 393-8073
E-mail address:HR@combanldtd.com



Attorney accuses the

PM of victimisation

over radio hosts
FROM page one

week. I assume that she and Steve
McKinney will find their own ZNS,"
Mr Ingraham said.
SIn response to these remarks, and
the hosts' removal, Mr Moss said that
the actions of the prime minister are
"shameful, wrong and ought to be con-
demned in the strongest way by every
right-thinking Bahamian."
"Mr Ingraham is the PM for all. He
ought not to abuse his power in this
fashion, especially when it has the
capability to incite others to victimise
Bahamians on the job," he said.
Mr Moss regards Mr Ingraham's
S actions as highly questionable and
"immoral." He further advised that
both hosts should "run to our courts
for relief."
The attorney and political activist
thinks that the removal of the hosts
does not send a message of reconcili-
ation after a very close election.
Rather, he said, the message is either
that you are with Mr Ingraham or you
are against him.
"I urge members of the public to
call on Mr Ingraham to admit his error
S and apologise. He ought to recant his
statements as this has the potential to
be very injurious and divisive in this
society. I ask the church to condemn
"These are Bahamians that have an
inherent right under the UN Charter
and our Constitution to be protected
against abuse from the state. It is a
pity that the question of victimisation
was not one of the questions asked by
the pastors prior to last week's elec-
tions," he said.
Mr Moss ended his remarks by say-
ing he protested the firing of Elisa-.
beth Thompson under the PLP as
wrong, "and today the removal of Mr
McKinney and Ms Russell is also
wrong under the FNM."
Leader of the opposition, Perry
Christie, added to this controversy.
The former PM, who appears poised
to stay on as the leader of his party,
despite claims that he should retire,
described Mr Ingraham's actions as
"rank political victimisation of the
worst kind."
"It is an obscenity. It is also fla-
grantly unconstitutional. It is a nation-
al and international embarrassment
to have the prime minister of a sover-
eign democratic country engaging in
This kind of uncivilised political thug-
gery from a public platform," he said.

Christie: intensity of opposition

will force another general election

FROM page one

reply. His comments are self-evident-
ly false. They are also downright stu-
pid. I will leave it at that," he said.
In his speech on Saturday, the
prime minister said that he was
ashamed that under Mr Christie's
watch there was more political inter-
ference in the electoral process than at
any time, "even under Pindling."
"Let history record that Perry
Christie is no democrat he is out,
he must stay out," he said.
Mr Ingraham also put Mr Christie
and his legal team on notice that if
the appropriate authorities are satis-
fied that reports of illegal activities
by the PLP in buying votes, intimi-
dating voters or interfering with indi-
viduals' rights to exercise their free
will in choosing their MPs on election
day are true, "the chips will fall where
they may."
"Let me say this as clearly and as
slowly as I can: The FNM won the
election. Period. We will defend our
victory against any and all. If the need
arises we will return to you for a big-
ger majority," he said.
Mr Christie saw this particular
remark by the prime minister as a
"threat of another general election."
"I assure him that that is no threat
at all. On the contrary, it is a welcome
prospect. I therefore assure Mr Ingra-
ham that the PLP will be in a state of
maximum readiness whenever he feels
the need to return to the people.
"Indeed, the intensity of the oppo-
sition that will be mounted and sus-
tained by the PLP in parliament and
outside of parliament will oblige Mr
Ingraham to call another general elec-
tion within the year an election that
he is certain to lose if the speech he
made on Saturday night is an indica-
tion of how he intends to govern,' Mr
Christie said.
As for Mr Ingraham's allegations
about electoral abuse on the part of
the PLP, Mr Christie described this
as a "tissue of lies".
"It is calculated to divert attention
away from the fact that the use of
money in this election by the FNM
was on a magnitude unmatched by

I:, '. lv
PLP leader Perry Christie with supporters yesterday in Government House
(Photo: Felipe Major/Tribune stafj}

any previous election in our history.
And Mr Ingraham knows this to be so.
"Further, Mr Ingraham must now
live with the reality that he is the first-
ever prime minister of a government
elected with a minority of the popular
vote 49.8 per cent to be exact. This
has never happened before," Mr
Christie said.
It was "simply unacceptable" that,
with the general election as close as it
was. and"with the electorate almost

evenly divided between the PLP and
FNM, that Mr Ingraham would still
seek to "sow further division and dis-
cord among the Bahamian people,
rather than trying to bring them
"It is clear, however, that Mr Ingra-
ham simply can't help himself. After
all these years, he has still not learned
the first thing about statesmanship.
In contrast to his behaviour on Satur-
day, the public will recall that follow-

ingour landslide victory in 2002, 1 wa;
at pains, as prime minister, to heal
our nation's wounds and t,
foster national healing and reconcili
"I did so over and repeatedly in
each and every statement I made and
I refrained from making the kind ol
provocative and thoughtless coni
ments that were uttered by Mr Ingia-
ham when he spoke on Saturday." M1i
Christie said.

The Ministry of

Housing aims

to repair homes

built under PLP

FROM page one

and revisit those houses and correct problems,"
said Kenneth Russell, the new minister, in his
first formal interview after being sworn in at
Government House.
"Some of them are very bad," he added,
describing a particularly disturbing example
where a Freeport woman said that, in order
for her to cook, she has to turn the power off in
the rest of her house and "every time she flush-
es the toilet it comes up in the kitchen sink."
The new government also plans to simulta-
neously push ahead with its own agenda of
Building 3,000 homes over the next five years.
And Mr Russell, who has been a member of
the Grand Bahama Housing Commission,
chairman of the Town Planning Committee
for New Providence, and held responsibility
for overseeing Public Works in his capacity as
minister during 2001 and 2002, said that "qual-
ity" is the watchword for the Ministry of Hous-
ing which he will now lead.
"Rather than just trying to build houses,
you're going to put up houses so people can live
in them for 20-odd years without having to
undertake major repairs," he explained.
He said that his goal is to ensure that "we are
fair, that we choose contracts without favour,
that we ensure that the contractors that we
have complete the work, and that we have
building inspectors who are trained inspectors
rather than political party members."
It was a perceived lack of these elements
during the previous administration that saw
the Ministry of Housing, overseen first by
Shane Gibson, and more recently by Neville
Wisdom, draw criticism from new home own-
ers, contractors and, consequently, the press.
Despite that government heralding record
numbers of homes built, many occupants com-
plained that they found their houses to be lack-
ing in terms of the calibre of their construction
and finishing work.
Asked what he would do to lift the cloud of
doubt that is seen to be hanging over the Min-
istry of Housing subsequent to allegations of

corruption being made, Mr Russell said that
once the long-awaited police report on the
investigation into those allegations is received,
he will have to consult with Cabinet as to how
Sto move forward.
"Once in their investigation they (the police)
have found corrupt people, then the police will
take action. If they find persons who are being
paid under the table, persons who are being
given money for favour, then the police should
take action.
"But in terms of the overall report, the Cab-
inet of the Bahamas will have to decide where
we go with it and how we proceed in clearing
up the mess as a result of the report."
He added: "Until the report comes in and the
government makes the decision, that's what
we're doing with it. My focus will be on pro-
ducing a better house for the Bahamian peo-


BTC process


FROM page one

cious fabrication." Mr Christie said.
As the PLP makes the transition from gov-
ernment to opposition. Mr Christie said that
the party is determined to perform its new
constitutional role vigorously and responsi-
"We are determined to learn from the mis-
takes of the past and to prove ourselves wor-
thy so that whenever Mr Ingraham calls an
election, the Bahamian people will return
the PLP to power for the good governance of
the Bahamas." the former PM said.

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Carmichael Primary

students pay visit to

BNT Retreat garden

GRADE one students from
Carmichael Primary visited the
Bahamas National Trust
Retreat garden last week.
The students had been study-
ing plants and on their visit they
participated in an environmen-
tal storytelling session featur-
ing the Lorax by Dr Seuss.
The Lorax tells the story of
an imaginary person "Once-ler
" who finds and begins to use
the tufts of Truffala Trees.
As he begins to use more and
more trees "The Lorax" begins
to speak for the trees and ani-
mals as their environment
begins to change.
The story helps younger stu-
dents understand that the envi-
ronment or "ecosystem" is made
up of many different parts that
are all linked together, however
if one part is changed or altered
the entire system can fail.
The students especially
enjoyed a tour of the Retreat
garden where they were intro-

* STUDENTS take a look around The Retreat

* GRADE one students from Carmichael Primary

duced to several different types
of plants.
They were able to view
orchids and learn that they did

not need soil to live but could
obtain their nutrients from the
* air, talk about aloe and its med-
icinal properties and see many

beautiful flowering plants which
provide not only beauty but
nectar for hummingbirds.
According to Ms Stuart of
Carmichael Primary: "This was
just what we wanted for our stu-
dents to experience. It defi-
nitely helped reinforce what
they had learned in the class-
room about plants."

The Retreat garden is the
headquarters of the Bahamas
National Trust located on Vil-
lage Road across from Queen's
The garden is home to a col-
lection of rare palms and native
trees. The BNT offers many
educational presentations for
schools and the BNT Library is

also open from 10am to 4.30pm
from Monday to Friday for stu-
dents needing to research topics
on the environment and
Bahamian natural history.
This presentation was sup-
ported by a grant from the Roy-
al Bank of Canada which assists
in underwriting the cost of edu-
cational programmes.

City Market customers win for speaking their mind

t;, ,- f "i' ",

'- .i S, i t -' *'t ,-' '- s '

You can find them all in BTC's Yellow Pages

Ai -/ .. --"

-. -.' h.' "S--.- _.,

-: 4!..~ aCt 1


TWELVE shoppers, among
the more than 3,500 who com-
pleted surveys at City Market
stores are $100 richer thanks to
their participation and the lead-
ing grocer's interest in creating a
top notch shopping experience.
"We are committed to learn-
ing what's on our customers'
minds and what we can do to
make their shopping experience
the best possible," explained
Ken Burns, CEO of Bahamas
Supermarkets Limited, parent
company of the food retailer.
"We want them to walk in
the store with a smile and out
feeling really good about what
they accomplished, the quality
of food, the variety, the value,"
he said.
In August, the former major-
ity shareholder Winn-Dixie
divested itself of the Bahamas'
operations and a new board of
directors has committed sub-
stantial resources on revitalis-
ing and upgrading stores and
on employee recruitment and
The first new store in more
than a decade opened in Cable
Beach in January and it
received the highest ratings in
almost every category when
they surveys were tallied.
"We conducted the surveys
in nine City Market stores in
Nassau and three City Market
stores in Grand Bahama over
two weekends in order to deter-
mine what we can do to create
the greatest customer satisfac-
tion," said Azaleta Ishmael-
Newry, marketing director.
"This was not about compe-
tition, making one store look
better than another. We wanted
to know what our customers
thought and what was their wish
list or shopping list for their gro-
cery shopping experience. We
called the survey "Tell Us"
because we wanted our cus-
tomers to let us know what was
on their minds.

* SOME of the Nassau winners are shown. Pictured standing, A
winner Sonya Smith; from Bahamas Supermarkets/City Market
Jillian Pennerman, senior accountant inventory management;
Azaleta Ishmael Newry, marketing manager; Vince Sweeting,
imports customs broker; seated, recipients Regia Knowles,
Aliah Pinder (accepting for parent) and Carlton Knowles. Also
shown are and Natalie Wilson

"We asked a range of ques-
tions and gave them an oppor-
tunity to add comments and the
results have helped us focus on
specific areas."

In the 12 City Market stores,
customers could complete sur-
veys anonymously or fill in coR-
tact information to be eligible
for a $100 prize.

'*I -,"K, --- _. -. '* "

.WDre ".or, Pubicatns.,
2`9"1'--" 8 "- '"- -ft 1:-8,35 -3
4... ".2 .-F REEPqRT 5 3

,&..tcahamas o-'.
-, .'2.2,-183-7 .FREEPOT-,5 -3"6A






WEDHIESDAr. MA 9. 2007



Miami Herald Business, Stocks, Analysis, Wall Street

FNM's Convention 87

plan to

give workers union choice

New Minister pledges to obtain Cabinet approval for implementing ILO

convention allowing Bahamian workers to join any trade union they choose

Tribune Business Reporter
Newly-appointed Min-
ister of Maritime
Affairs and Labour,
Senator Dion
Foulkes, has vowed to obtain
Cabinet approval for the full
implementation of International
Labour Organisation (ILO) Con-
vention 87, which would allow
Bahamian workers to join any
trade union they chose.
Mr Foulkes spoke with The
Tribune moments after the swear-
ing-in ceremony for eight Cabinet
ministers and three ministers of
state at Government House on
Monday night.
He said one of his priorities
will be to implement Convention
87, which was left on the drawing
board by the previous Christie
administration, adding that he

hoped to bring this to Parliament
"We have ratified that in Par-
liament, but it hasn't been imple-
mented. It is strongly recom-
mended by the ILO, and that is
something that I will be getting
Cabinet approval for to imple-
ment. It is one of those things that
the unions have been pushing for
quite some time," Mr Foulkes
The ILO Convention 87 estab-
lishes the.right of all workers and
employers to form and join
organizations of their own choos-
ing without prior authorisation,
and lays down a series of guar-
antees for the free functioning of
organizations without interfer-
ence by the public authorities.
Simply put, if implemented by
the Bahamas, all employees
throughout this nation will have
the right to join and be repre-
sented by the union of their


choice, regardless of whether
their company currently has
union representation or not. In
addition, trade union member-
ship will no longer be restricted to
persons from specific crafts,
industries and occupations.
The Bahamas ratified ILO
Convention 87 on June 14, 2001,
but it was never put into law. This
is because the two Bills that

would have replaced the Indus-
trial Relations Act the Industri-
al Court and Trade Disputes Bill
and the Trade Union and Labour
Relations Bill were shelved by
the first Ingraham government
before it passed the three other
labour Bills in 2001.
The labour movement has long
agitated for Convention 87, but
the business community had
expressed concerns. The
Bahamas Employers Confedera-
tion (BECon) had warned that
should the majority of the work-
force choose to be represented
by one bargaining unit, "this very
powerful union could collectively
stop commerce in the nation
through the industrial action of
a general strike that would result
in devastating economic ruin to
the country".
Obie Ferguson, president of
the Trades Union Congress
(TUC), yesterday said he had

personally been agitating for Con-
vention 87 for a long time.
The Convention's implemen-
tation was absolutely critical for
democracy of a civilised and up-
to-date country, Mr Ferguson
said. He added that Bahamians
must be free to exercise their.right
to choose.
Mr Ferguson added that the
labour movement was quite
familiar with Mr Foulkes.
"We are looking forward to
working with him. He is no
stranger to us, because he has
served in that capacity before,"
he said.
Mr Ferguson said the trade
unions had a cordial relationship
with Mr Foulkes in the past, and
hoped that would continue.
He said the Prime Minister
made a good choice, as Mr
Foulkes had what it takes because
he always engaged all sectors in

Mr Foulkes will have quite a
challenge, as he assumes office
following significant labour unrest
in the lead up to the May 2 gen-
eral election.
The new minister vowed to
implement a number of measures
he had previously foreshadowed
to improve labour relations.
Mr Foulkes said: "This is my
second time around as Minister of
Labour. During my first term, I
created something called the 'Tri
For' tripartite forum, which
brought the labour and business
community together and the Gov-
"We had those meetings every
quarter, which I think helped in
solving the problems that exist-
ed. Once we get the labour lead-
ers to talk to the business com-
munity, normally it is not a prob-
lem, and that is what I am going
to focus on -discussions, discus-
sions, discussions."

Convention 87 'disaster' Mid-May meeting aiming to salvage Hilton marina deal

if no reforms made 0 By NEIL HARTNELL Mr Farkas said: "There's a meeting between He did, though, confirm that it "would be

Tribune Business Editor
THE Bahamas Employers
Confederation's (BECon) presi-
dent yesterday told The Tribune
that it would "be a disaster" if
the Government implemented
the International Labour Organ-
isation's (ILO) Convention 87
without either the wholesale'
reform or replacement of the
Industrial Relations Act.
Brian Nutt acknowledged that
Convention 87's implementation
in the Bahamas was "inevitable",
but added that it needed to be
accompanied by either major
--ndments to the Industrial
nationss Act or replacement of
.jat legislation by the Trade
Union and Labour Relations Bill.
That Bill was one of two the
other being the Industrial Court
and Trade Disputes Bill that
were shelved in 2001 by the pre-
vious Ingraham administration,
which instead concentrated on
passing the Employment Act,
Minimum Wage Act and Health
and Safety at Work Act.

Employers chief says
Industrial Relations
Act must be replaced or
substantially amended
to provide for greater
transparency in union

The pledge by new minister of
maritime affairs and labour, Sen-
ator Dion Foulkes, to obtain Cab-
inet approval for the implemen-
tation of ILO Convention 87 (see
story on Page 1B) is thus nothing
more than the FNM returning to
the agenda that it left when
demitting office in 2002.
Yet Mr Nutt urged that Con-
vention 87's introduction be
accompanied by reform of the
Industrial Relations Act to ensure
greater transparency on the

SEE page 6

Attorney calls for

Environmental Health to

regulate investment projects

Tribune Business Editor
A BAHAMIAN attorney yes-
terday said the failure to use the
Department of Environmental
Health Services (DEHS). and
Environmental Health Services
Act, to regulate the environmen-
tal aspects of major investment
projects was "unfortunate", as the
Government had relied on a body
without formal legal standing.
In a presentation to the United
National Commission on Sus-
tainable Development. given on
behalf of the Save Guana Cav
Reef Association and Bimini's
Mangrove Action Project (MAP),
Fred Smith said that since 1994
successive governments had used
the Bahamas Environment. Sci-
ence and Technology (BEST)
Commission to oversee environ-
mental issues and co-ordinate
public policy on them.
Mr Smith said the Government
had used BEST as a "de factor
regulator" on environmental mat-
ters, despite the fact that it "has
no formal legal standing under

Tribune Business Editor
THE developer behind the proposed mul-
ti-million dollar marina/resort development
just to the west of downtown Nassau's British
Colonial Hilton yesterday told The Tribune
that it was due to meet with the resort's new
majority owner in mid-May in a bid to sal-
vage the project.
Andrew Farkas, chairman and chief execu-
tive of New York-based Island Global Yacht-
ing (IGY), said his firm was set to meet with
Adurion Investment Management, the bou-
tique Swiss/UK investment house that
acquired a majority stake in the Hilton earli-
er this year, in a bid to convince it to go back
to the original terms of the joint venture deal.

us that has been scheduled for the middle of
this month." When asked by The Tribune
about whether the meeting would be success-
ful and get the project back on track, he
replied: "Who knows?"
Mr Farkas confirmed that IGY was con-
tinuing to look at alternative sites for its mari-
na and boutique resort project in the
When asked by The Tribune whether he
thought the change in government, and return
of Prime Minister Hubert Ingraham and the
FNM administration to office, would help
move the project forward, Mr Farkas said: "I
wouldn't know. I've had the pleasure of meet-
ing Mr Ingraham, but we've not discussed this

nice" if Adurion agreed to return to the orig-
inal terms of the joint venture agreement
between IGY and the British Colonial Devel-
opment Company, the holding company that
owns the Hilton, and in which Adurion sub-
sequently acquired majority ownership after
the original deal was agreed.
IGY is eager for its marina/resort project to
go forward, the development having been
approved in principle by the outgoing Christie
administration, but it has made it clear that its
patience with Adurion is wearing thin.
"The bottom line here for Ls is that We
remain committed to the Bahamas, and will

SEE page 10

Da yoa tet w4oey back

am yeLar lorfatye?1

we1 6/C
| ^V3do!

Bahamian lawat all", with no
statutory provisions to underpin
its work.
A draft Environmental Plan-
ning and Protection Bill envis-
aged giving BEST statutory pow-
ers. but both FNM and PLP
administrations had thus far failed
to bring the Bill into law.
"The [BEST] Commission has
no formal legal standing under
Bahamian law, and has no legal
authority to make or enforce
environmental decision making,"
Mr Smith said.
"Yet the Office of the Prime
Minister, the NEC and Cabinet
perpetuate a pretence of its exis-
tence and regulatory role by
including it as an oversight body
in Heads of Agreements. Whilst
the Government has in recent
years seemed eager to place the
Commission at the centre of its
environmental regulatory regime,
the Commission's position is (and
unless and until the law is
changed, can only be) an infor-

SEE page 12


Tel: (242) 356-7764

Tel: (242) 351-3010

to legislation


.. I ' I



Take charge and set your 'standards' for security

Crime continues to put us
in fear, as if it is a force
of nature that we have
no control over, and cannot pre-
dict when it will occur. This is a
sorry state of affairs when we are
being held captives by ourselves.
Rest assured, we have control
over this social ill, but if we con-

tinue to treat it and attack it from
one angle, or place responsibility
on one group, then crime will
always win.
There are many elements in
providing successful loss preven-
tion and security services, and the
key component is 'you'. When
one considers the numerous so-

called 'experts' in this area, it is
critical to the success of any secu-
rity programme, whether com-
mercial or residential, to know
who the participants are and what
role they perform. This discourse
is an attempt to assist your in bet-
ter understanding who's who in

L Tel (242) 377-6351 Fax (242) 377-2193
FOW Nassau. Bahamas

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NB: Personnel To Be Hired In Grand Bahama


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Nassau Office
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Po Box Cb 10990
Nassau, Bahamas
Tel: (242) 377-6351
Fax: (242) 377-2193

Freeport Contact
Project Manager
Tel: (242) 424-3697

The Public.
I begin with this group because
they really dictate what crime is
and how much we will tolerate.
How crime is perceived, inter-
preted and the punishment giv-
en is defined by this group. Now
the church, police, government,
schools and, believe it or not, the
criminal all make up this group.
These sub-groups by them-
selves cannot be held totally
accountable for the level of crime.
All are players and have a part
to play, not just in the activities of
life but making and enforcing the
rules. If we are to say crime is out
of control, then what are we going
to do about it?
The Customer
This is the person or group who
is interested in buying security-
related products and services.
This person has decided that
enough is enough. This person is
you or your company. Really and
truly, you are the chief expert as
its relates to your security-specif-
ic needs and budget. It is here
where the customer realises the
important role and power which
they possess. How can a stranger
come into your business or home,
and dictate what security require-
ments you need? You must have
a plan.
Enter the consultant
I highly recommended this per-

son, because he or she is not
attached to any service provider.
This means the advisor cannot be
sent or represent the company
selling the service, which would
create an obvious conflict of inter-
est and lead to questions about
the reliability of their advice.
The consultant must actually
visit your site, sit with you to
obtain a feel for what you want,
and balance it with what you
need. Often it is the fear of crime
that dictates our desires, not nec-
essarily the reality and the risk
associated with criminal events.
Furthermore, efforts to reduce
loss usually focus on outside
threats, when any company doing
business today will admit that
internal loss events cost them the
Guard Service Provider
This is the entity that seeks to
put a body on your property to
protect your assets. There are
many providers out there who
will do anything to secure your
confidence, but do very little to
keep it. After obtaining a con-
tract from you, in many instances
this is the last sight of them unless

something happens.
In the Bahamas, very little has
been done about the quality of
service being provided by guard
companies and their personnel.
In fact, more has been done to
regulate conch vendors and Jet
Ski operators than guard service
providers, allowing some staff to
run wild. Is this to say there are
no quality providers in the market
place? Of course not, but there
high-level service is many times
lost among questionable practices
by some.
Security Guard/Officer
The person who the service
provider sends to protect you.
What is the basic requirement for
guard services in the Bahamas?
Did you know that only
Bahamian citizens are eligible to
work as guards in the Bahamas,
and that no other nationality can
become a security person or work
as a security guard? How many
hours are the guards working per
week/per day? Do you want you
want a guard who cannot read or
write? Do you want someone
who is on their last legs, over-
weight, and has poor hygiene?
Remember, in most instances the
hired guard is the first and last
impression that persons will have
of your business.
Alarms and Intrusion
In the last few years, the elec-
tronic security market has grown
rapidly. Technology has fast
tracked this industry, leaving
many customers behind. I remem-
ber attending a security conven-
tion, 10 years ago and being
'blown away' by the numerous
systems. Today, almost everyone
has access to this technology,
meaning detection os no longer
dependent on manual supervi-
sion. Nevertheless, the principle is
the same, as activation causes
loud audible alerts. But let us con-
sider how many of us pay any
attention to car alarms, outside
of: 'Can some please turn that
noise off?'
NB: Gamal Newry is the pres-
ident of Preventative Measures, a
loss prevention and asset protec-
tion training and consulting com-
pany, specialising in policy and
procedure development, business
security reviews and audits, and
emergency and crisis manage-
ment. Comments can be sent to
PO Box N-3154 Nassau,
Bahamas, visit us at www.pre-
ventativemeasures.net or email

r 1


IndiGO Networks is a growing telecommunications company based in Nassau,
Bahamas. The company has a 16-year history in offering innovative technology and
telecommunications solutions to consumers in The Bahamas and is in the process of
hiring the highly skilled team required to develop the company's present and future
service offerings. The successful candidate must be highly energized and able to take
on the challenges of a fast-paced network rollout.

Job Description
The Network Services team is tasked with the 24/7/365 OA&M of an international
telecommunications network. The principal responsibilities of the Telecommunications
Specialist are:
* Maintaining end-to-end carrier-grade voice telephony over an MMDS wireless
network and an underlying Cisco telephony infrastructure
* Ongoing administration of softswitch, PSTN gateways and SS7 hardware /
* Integration of corporate telephony systems, most specifically circuit-switched
Mitel and Nortel PBX, via Cisco access gateways
* Monitoring and troubleshooting inter-carrier switch-to-switch interconnection
* Network and Subscriber'Capacity Planning

* Determined and independent, but a team-player and a self-starter, with 7+
years of previous telecoms experience in a similar capacity maintaining an
international service provider's network
* Willing to work hands-on 24/7/365 to resolve network or system problems
* University degree preferred. Industry certifications necessary: CCNP / CCSP
* Excellent verbal and written communications skills
S Excellent troubleshooting and analytical skills
S Deep experience with Cisco routers, switches (LAN and WAN), VolP gateways,
SS7 controllers, and BTS10200 softswitch
S Knowledge of the fundamentals of NLOS MMDS wireless systems and wireless
* Solid understanding of telecommunications circuits from DS-0 through
* Broad and extensive knowledge of IP telephony (VolP / VoN), soft-switches,
PSTN gateways, SS7, QoS, SIP, H.323, and MGCP, over a range of broadband
* Fluent in data packet analyzers and expert in IP packet analysis
* Solid PBX (Mitel, Lucent, Nortel) administration, a plus
* Knowledge of carrier class switching systems a necessity (DMS100, DMS250)

IndiGO Networks offers a comprehensive benefits package. Salary is commensurate
with experience and qualifications.
Interested candidates should submit their r4sum6s in writing to:
Attn.: Technical Services Manager; IndiGO Networks;
P.O. Box N-3920; Nassau, Bahamas
Fax: 242-677-1050
E-mail: info@indigonetworks.com

Legal Notice



(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in disolution, which commenced on the
23RD day of April 2007. The Liquidator is Argosa
Corp. Inc., P.O.Box N-7757 Nassau, Bahamas.


Pasche Bank & Trust Ltd
Subsidiary of

Vacancy for:

Account Administrator

Core responsibilities

S Account Opening/Closing (Apsys/Central File).
* Checking and scanning Account Opening documents
ensuring acceptable KYC and adherence to legislation.
* Verification of client signature.
* IBC/Foundation/Trust -Supervision (ordering, Invoicing,
* Documentation controls.
* Review of client accounts and IBCs.
* Payment of annual Government/Incorporation Fees.
* Validation of client input

Knowledge, skills and Abilities

A degree in Banking/Finance/Administration with a
minimum of two years experience with an offshore bank.
Computer literate-Ability to use electronic working papers,
MS Word and Excel

Benefits include: Competitive salary commensurate with
experience and qualifications; Group Medical; (includes dental
and vision) and life insurance; pension scheme.

Interested persons should apply no later than 15th May, 2007 to:

The Chief Operations Officer
P.O. Box AP 59241
Nassau Bahamas
Fax: (242)327-1514
Email: rmullings@pasche.ch




he flhiami Meralb WEDNESDAY, MAY 9, 2007



DOW30 13,309.07 -3. Senate panel OK's higher fuel-economy target
&PNASDAQ 500 1,507.75 +0.8076
NASDAQ 2.571.75 +0.80 A

10-YR NOTE 4.64 .01Associated Press
CRUDE OIL 62.26 +.79 A WASHINGTON A plan to raise
fuel efficiency standards to an aver-
age of 35 miles per gallon by 2020
S t 1 won approval fr6m a Senate panel
SSCO Tuesday in a vote closely watched by
S to l automakers and environmental
-n d f The Senate Commerce, Science
Cei I at and Transportation Committee
approved the measure, which would
Raise the fleet fuel economy average
by about 40 percent from current lev-
Lahd o f els of 25 mpg for cars and trucks. The
bill, approved by voice vote, would
also increase standards by 4 percent
a year from 2020 through 2030.
Sm "This is not a perfect bill, but I
think we have reached a stage where

Associated Press
NEW YORK Wall Street
battled back from sharp losses
Tuesday to close mostly flat as
investors sought buying oppor-
Stunities and adjusted their hold-
ings ahead of the Federal
Reserve's meeting on interest
Stocks were down for most
of the session on concerns
about what central bankers
might say about the economy.
However, this first drop for the
Dow Jones industrials in six ses-
sions did make some prices look
more attractive ahead of the
Wednesday meeting.
Data released Tuesday
showed the economy continues
to sputter. The Commerce
Department reported wholesal-
ers' inventories grew at a
slower rate in March, failing to
meet projections. The National
Association of Realtors lowered
its forecast for the housing mar-
ket this year because of stricter
lending standards and subprime
Economic reports are
expected to wield more influ-
ence on the direction of stocks
as earnings announcements
slow. The latest data did little to
change expectations policymak-
ers will leave rates unchanged,
though Wall Street will really
be looking for further direction
about whether a hoped-for rate
cut is in the offing.
"There's this wait-and-see
pullback with regard to what
.the Fed might do on Wednes-
day," said Janna Sampson, a
portfolio manager for Oakbrook
Investments. "Given the run
we've had, and a pretty strong
start of the year, this might be a
case of investors positioning
their portfolios a little sooner
than usual before the summer
The Dow Jones industrial
average fell 3.90, or 0.03 per-
cent, to 13309.07. The blue chip
average had been up 24 of the
last 27 sessions, and surpassed
the 13300 mark for the first time
on Monday.
Broader stock indicators
were narrowly mixed. The
Standard & Poor's 500 index
was down 176, or 0.12 percent,
at 1,507.72, and the Nasdaq com-
posite index rose 0.80, or 0.03
percent, to 2,571.75.
Fixed-income investors
placed optimistic bets ahead of
the Fed meeting, sending bonds
higher. The yield of the bench-
mark 10-year Treasury note fell
to 4.63 percent from 4.64 per-
cent late Monday.
Meanwhile, the dollar was
mixed against most major cur-
rencies, while gold prices were
Oil prices advanced amid
fears of supply disruptions fol-
lowing the bombing of three
major oil pipelines by the mili-
tants in Nigeria. A barrel of
light, sweet crude rose 79 cents
to $62.26 on the New York Mer-
cantile Exchange.
This lifted major oil compa-
nies. Exxon Mobil rose 68 cents
to $81.38. Chevron picked up 47
cents to $80.05, while Conoco-
Phillips fell 9 cents to $70.25.
There are rising expectations
on Wall Street that a correction
will be needed to sustain the
bull run. The Dow's recent run
has been its best since 1927.
Overseas, Japan's Nikkei
stock average closed 0.07 per-
cent lower. Britain's FTSE 100
gave up 0.81 percent, Germany's
DAX index fell 1.11 percent, and
France's CAC-40 declined 0.61

most parties would say this is fair,"
said Sen. Daniel Inouye, D-Hawaii,

the committee chairman. He said the
bill would be considered before the
full Senate in June.
This was lawmakers' first step in
demanding more efficient vehicles
from automakers amid concerns
about global warming and the
nation's dependence on imported oil.
Gasoline prices have leapt in recent
weeks to a record nationwide aver-
age of $3.07 a gallon, or nearly 20
cents higher than two weeks earlier,
according to the Lundberg Survey.
"Saturday night my husband and I
were in San Francisco and we paused
at a gas station and we literally
couldn't believe our eyes $4.24 a
gallon," said Sen. Barbara Boxer,
Fuel economy standards are virtu-
ally unchanged in 20 years. Passenger
cars arV required to meet a fleetwide

average of 27.5 miles per gallon while
SUVs, pickup trucks and vans must
meet a standard of 22.2 mpg.
Lawmakers said the bill was a
compromise and likely faces a num-
ber of changes on the Senate floor.
Sen. Ted Stevens of Alaska, the com-
mittee's top Republican, and Trent
Lott, R-Miss., said they had concerns
about fairness and how the bill might
affect trucks.
The committee also approved by
voice vote a proposal by Sen. Maria
Cantwell, D-Wash., to create criminal
penalties for price gouging at the fuel
pump if the president declares an
emergency because of high energy
Republicans opposed the plan,
saying it included an arbitrary defini-
tion of price gouging. Sen. Jim
DeMint, R-S.C., said it "creates a new


CONCERN OVER PRICING: U.S.-traded shares in both Reuters and Thomson fell Tuesday after the
companies revealed their combination plans. Above, the Reuters building is seen in New York City.

Reuters chief in line

to run merged service

Associated Press
LONDON Thomson Corp.
said Tuesday that Reuters Chief
Executive Tom Glocer would lead
the combined company if Thomson
succeeds in its $17.5 billion bid for
Reuters Group PLC, creating the
world's biggest financial news and
information provider.
A combined Thomson-Reuters
- the name proposed by Thomson
- would have a market capitaliza-
tion of around $45 billion leapfrog-
ging current market leader
Bloomberg LP in providing real-
time data to traders and investment
The companies outlined details
of the proposed deal for the first
time Tuesday, revealing that sev-
eral issues had already been agreed
- yet stressing that nothing had
been finalized and there was no
certainty a deal would proceed.
Analysts were optimistic, saying
the proposed offer of $7.03 per
Reuters share in cash and 0.16
Thomson shares for each Reuters
share was likely to go ahead with-
out any major roadblocks.
While Reuters said discussions
continue on a number of "material
aspects of the deal," analysts
pointed out that agreement had
already been reached on the major
issues such as management issues.
The companies said in the joint
statement the new company would
retain its primary market listings in
Toronto and London, but would be
controlled by the Thomson family,
which currently owns roughly 70
percent of Thomson Corp.
The companies said that Glocer
would become chief executive of
Thomson-Reuters, while Thomson
Chief Executive and President
Richard Harrington would retire.
"We don't see anyone else top-

WILL RETIRE: Thomson Chief
Executive Richard J.
Harrington. The companies
said they would sustain the
principles which have
protected editorial
independence at Reuters.

ping this offer," said ABN Amro
analyst Paul Gooden.
Numis Securities said a potential
rival bid couldn't be ruled out, but
noted the expected synergies and
that Thomson was "the bidder best
placed to secure Reuters."
In their joint statement, the two
companies said there was a "pow-
erful and compelling logic for the
combination, which would create a
global leader in the business-to-
business information markets."
Projected savings of $500 mil-
lion within three years "is greater
than we would expect to be deliver-
able in a deal with any other
suitor," said Charles Peacock, ana-
lyst at Seymour Pierce in London.
Tuesday's trading was well
below the offer price that Thomson
said valued each Reuters share at

$13.87, based on Thomson's closing
share price of $43.14 U.S. on Mon-
day. The value fell further Tuesday
as Thomson's shares dropped to
$40.83 U.S.
Investors could be worried that
Thomson may be overpaying. Its
U.S. shares fell $1.70, or 4 percent,
to $41.13, in afternoon trading on
Tuesday, and Reuters shares that
trade in the United States fell 35
cents or to $76.15, after plunging 3.5
percent earlier in the morning.
Thomson, based in Toronto but
with its operational head office in
Stamford, Conn., has transformed
itself in the last decade from an
owner of newspapers and other
print media into a leading provider
of legal and financial information.
The company, which had sales
in 2006 of $6.6 billion, has put its
book division Thomson Learning,
which provides a quarter of its rev-
enue, up for sale to concentrate on
providing information to business
and profession markets. Thomson
expects to gain around $5 billion
from the divestment.
While London-based Reuters is
known internationally for its gen-
eral news operation, that is just a
small part of its business. Of the
company's $5.11 billion revenue in
2006, only $3383 million came from
media although its news is a key
selling point for terminals as well
Reuters competes with Thom-
son and Bloomberg in the lucrative
field of providing data terminals to
major banks and brokerages. Reut-
ers led that market for years before
steadily falling behind Bloomberg.
Thomson said that Woodbridge,
the Thomson family holding com-
pany, would own approximately 53
percent of Thomson-Reuters, other
Thomson shareholders would have
23 percent and Reuters sharehold-
ers about 24 percent.

~r~A "r~rq I I I lII ~al------ r I I

playground for the lawyers."
Under the broader bill, large work
trucks and tractor trailers would have
to meet fuel economy requirements
for the first time. The timeline was
unclear; any requirements would first
require a federal study.
Other provisions include letting
the National Highway Traffic Safety
Administration reform passenger car
standards to take into account a vehi-
cle's dimensions and requiring the
government to purchase more fuel-
efficient fleet vehicles.
The Alliance of Automobile Man-
ufacturers, which includes Detroit's
automakers and Toyota Motor Corp.,
have said the proposal would be
unattainable and threaten jobs. Gen-
eral Motors, Ford and DaimlerChrys-
ler have announced thousands of job
cuts in the past two years.






Associated Press
SAN JOSE, Calif. Hewlett-Pack-
ard's turnaround efforts are paying
off as the computer and printer
maker said it is poised to bulldoze its
earlier quarterly earnings targets and
rake in an extra billionn in sales than
previously expected.
The raised outlook sent shares up
2.8 percent Tuesday and underscored
HP's market gains against Dell and
others. It also helped mitigate some
concerns of inventory buildup and
increased competition.
Some analysts think HP, which has
been working to slash costs and
streamline its businesses under the
regime of CEO Mark Hurd, has yet to
reach its financial peak.
"Over the last two years, HP has
been focused on improving itself,
becoming leaner and stronger," said
American Technology Research ana-
lyst Shaw Wu. "And now we're see-
ing the fruits of its work."
HP boosted its second-quarter
forecast on Tuesday, citing strong
results in its personal computer and
server businesses. The company said
sales for the quarter will now range
from $25.5 billion to $25.55 billion,
and net income will be 64 cents to 65
cents per share or 69 cents to 70
cents excluding amortization costs.
In February, the company pro-
jected second-quarter earnings of 57
cents to 58 cents on roughly $24.5 bil-
lion in revenue. Excluding one-time
costs, the company had forecast
profit of between 63 cents and 64
cents per share for the quarter. Ana-
lysts expected earnings, on average,
of 65 cents per share on $24.58 billion
in revenue, according to a Thomson
Financial survey.
Higher levels of share buybacks
during the quarter ending in April
also contributed to the earnings lift,
the company said.
HP has built momentum while
others in the tech sector have been
less upbeat amid an environment of
lackluster information technology
spending, analysts say. HP surged
past International Business Machines
last year to become the world's larg-
est technology company and sup-
planted Dell as the world leader in
PC shipments in the third quarter of
This year, HP continued to steal
share from Dell in the retail and con-
sumer segments. Its worldwide mar-
ket share of computers grew to 19
percent in the first quarter, while
Dell slipped to 15 percent, according
to IDC market research.
The share gains buttressed HP's
outlook for the current quarter as
For the third fiscal quarter, HP
estimated sales of about $23.7 billion
to $23.9 billion and earnings of 63
cents to 65 cents per share, or 59
cents to 61 cents per share excluding
one-time costs. Analysts were pro-
jecting adjusted earnings of 61 cents
per share on sales of $23.6 billion.
Shares of HP rose $1.21 cents to

THE MIAMI HERALD I MiamiHerald.com

Iiil i14uNAL i i,\ Lo IT ON WEDNESDAY, MAY 9, 2007 4B

S&P 50 -1.76 NASDAQ +.80 1DOW D -3.90 6-MO T-BILLS +.03 30-YR T-BONDS +.01 GOLD -2.90 EURO -.0058 CRUDE OIL +.79
1,507.72 2,571.75 13,309.07 4.84% 4.80% $685.10 1.3545 $62.26



' 1,52 ...... 2,580

1,00.1,48 ....o........................ .. 2,00 ,
1,44 0 2 0Y2,460 ......
1,4 50 2,500.................................

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

1,350 ............ ............ .................... S&P 500 2,300 ... .... Nasdaq com posite
Close: 1,507.72 Close: 2,571.75
Change: -1.76 (-0.1%) Change: +0.8 (Flat)
1,300 N D J F M A N D J F


DOW 13314.43 13237.56 13309.07 -3.90 -0.03% A A
NYSE NASD DOW Trans. 5233.97 5139.68 5217.93 +52.92 +1.02% A A
DOW Util. 530.58 526.25 528.16 -2.65 -0.50% A A
Vol. (in mil.) 2,806 1,872 NYSE Comp. 9825.06 9736.93 9788.03 -37.06 -0.38% A A
Pvs. Volume 2,424 1,636 NASDAQ 2571.75 2551.15 2571.75 +0.80 +0.03% A A
Advanced 1321 1247 S&P 500 1509.36 1500.66 1507.72 -1.76 -0.12% A A
Declined 1923 1778 S&P 400 892.87 883.59 892.81 +0.40 +0.04% A A
New Highs 160 117 Russell 2000 830.90 821.74 830.90 -0.97 -0.12% A A
New Lows 16 51 Wilshire 5000 15222.63 15122.02 15203.03 -19.59 -0.13% A A

Name Last Chg
4BB Ltd 19.73 -.44
4BN Amro 48.02 -.81
4CE Ltd 60.67 +.25
4ES Cp If 22.30 -.13
4FLAC 52.79 -.10
4MR 27.50 +.35
,SML Hid 26.79 -.48
MT&T Inc 39.27 -.33
NU Optron 16.43 -.08
XA 46.77 -.20
tbtLab 58.84 -.11
kberFitc 80.09 -.96
4ccenture 38.41 +.11
.decco 17.17 -.38
,dobeSy 41.37 +.06
4MD 13.18 -.10
4dvantst rs 43.66 -.13
tegon 21.61 -.29
tetna 49.95 -.05
4gilent 37.34 +.11
hold 12.89 -.11
4France 50.58 -1.17
4irProd 77.97 +.18
4kamaiT 44.33 -.23
4kzo 80.64 +.16
4lcan 80.28 -1.83
4lcatelLuc 13.26 -.01
,lcoa 39.50 +.87
1con 135.89 +.18
11gEngy 54.99 -.86
,llegTch 113.45 +1.68
kllergan 123.64 +2.43
,lliBern 90.85 -1.57
kllianz 21.90 -.44
4Mdlrish 61.40 -1.37
411state 63.28 -.06
411tel 65.20 +1.02
-l tanaAG 71.73 -1.08
4 teraCp If 23.52 +.19
41tria s 68.66 -.52
Mlumina 25.22 -.78
4mBevC 59.40 +.37
NmBev 61.04 +.45
Amazon 61.83 +1.01
4mbacF 94.65 -.01
4mdocs 36.37 -.67
4meren 54.33 -.11
4MovilL 54.85 -.47
NMovilA 54.70 -.70
4mCapStr 45.87 +.11
4EP 49.82 -.32
4mExp 63.27
4mlntGp If 71.75 +.15
4mStand 56.60 -.28
4mTower 39.64 +.64
4meriprise 60.75 -.51
4meriBrg 51.50 +.13
4mgen 62.66 -1.10
4mphenol s 35.66 -.28
4mvescp 25.10 -.22
,nadark s 45.66 -.44
4nalogDev 39.74 -.34
4ngloAm 28.36 -1.21
NnglogldA 44.06 -.89
,nheusr 50.40 -.01
4on Corp 41.33 -.15
Apache 74.42 -.70
4polloG If 46.84 +.01
4ppleInc 105.06 +1.14
4pldMatl 19.44 -.35
4rcelorMit 56.40 -1.08
krchDan 35.37 -.84
,rchstnSm 50.85 -.45
Nssurant 60.54 -.09
,straZen 53.80 +.02
,ustNZ 126.96 +.27
Autodesk If 42.71 +.81
,utoData 47.28 +.74
,utoZone 132.46 -.06
tvalonBay 119.03 -.99
4veryD 62.57 -.53
,vnet 41.95 +.09
Wvon 40.25 -.50
3ASF 119.35 -1.32
3B&T Cp 42.60 -.14
3CE gn 33.92 -.08
3G Grp 74.27 -.61
3HP BillLt 50.90 -1.10
3HPBil plc 47.90 -1.57
3J Svcs 29.45 +.07
3MC Sft 31.34 -.39
3P PLC 68.37 -.25
3TGrp 63.71 +.05
3akrHu 81.30 -.40
3cBilVArg 24.41 -.07
3cBrades s 22.96 +.11
3ncoltau 41.50 -.02
3coSnCH 18.06 -.15
3cSanChile 51.54 -.48
3kofAm 51.40 -.02
3klrelnd 87.94 -1.80
3kMont g 61.70 -.38
3kNY 41.11 -.29
3kNova g 48.42 -.18
3arclay 87.95 -.53
3ard 82.39 -.38
3arrickG 31.17 +.10
3axter 57.68 +.13
3ayerAG 68.50 -2.70
3earSt 153.39 -2.46
3ectDck 79.28 -.49
3edBath 40.76 -.03
3erkley 33.43 +.04
3erkHa A 108501 -1989
3erkH B 3618 -61
3estBuy 46.42 -.32
3iogenldc 47.37 -.05
3iomet If 43.40 +.05
31ackRock 147.32 -1.10
3lockHR 22.68 -.04
3oeing 94.21 -.35
3ostProp 115.20 -1.01

Name Last Chg
-asternPlat 2.67 +.04
F D Bank 69.30 +.50
iunLifeFin 50.61 +.41
.ionoreMng 23.95 -.09
31uePearlMng 16.73 -.62
JTSEngyCorp 5.46 -.08
'ercisionUn 30.18 +1.49
'aladinOrdo 8.64 -.22

Name Last Chg
BostonSci 16.58 -.09
BrMySq 30.21 +.10
BritAir 100.15 -1.17
BritATob 63.36 -.53
BritSky 49.97 -.62
Broadcom 33.40 +.04
BrkfldAsgs 64.46 +1.09
BrkfldPrp 41.70 +.30
BungeLt 74.95 -.65
BurlNSF 91.46 +1.59
CA Inc 28.21 +.01
CB REllis 37.58 +.27
CBOT 195.06 +2.24
CBS B 31.88 -.01
CH Robins 56.31 +.56
CIGNA 163.51 +2.12
CIT Gp 60.22 -.21
CNA Fn 48.11 -.05
CNH Gbl 43.86 -.38
CNOOC 88.51 -.87
CPFL En 50.85 +.03
CRH 48.04 -1.66
CSX s 46.50 +.60
CVS Care 37.01 +.89
CablvsnNY 35.48 +.03
CadbyS 53.85 +.05
Camecp gs 50.34 -.23
Cameron 67.25 -.43
CampSp 39.07 -.32
CIBC g 92.69 +.66
CdnNRy g 52.40 +1.32
CdnNRs g 64.55 -.01
CPRwyg 66.00 +1.00
Canon s 58.55 -.39
CapOne 75.39 +.11
CardnlHlth 70.39 -.58
Carnival 47.30 -.42
CarnUK 49.23 -.39
CarolinaGp 76.47 -.29
Caterpillar 73.43 +.76
Celgene 63.67 +.82
Cemex s 34.09 -.06
Cemig s 36.05 -.05
Cemig 54.15
CenterPnt 19.87 +.34
ChesEng 35.29 -.32
Chevron 80.05 +.47
ChiMerc 508.75 +.80
ChinaLfe s 47.69 -.80
ChinaMble 45.80 -.14
ChinaNet 49.02 -.33
ChinaPet 92.51 +1.29
ChinaTel 50.09 -.83
ChinaUni 14.90 -.23
Chubb 54.74 +.07
ChungTel 19.33 -.23
CinnFin 47.62 +.81
Cisco 28.36 +.55
Citigrp 53.72 -.16
ClearChan 37.15 -.15
ClearCh 29.53 +.52
Clorox 67.18 -.42
Coach 48.55 +.35
CocaCE 22.35 -.12
CCFemsa 39.37 -.09
CCHellen 45.09 -.91
CocaCI 53.07 -.54
CogTech 80.30 -1.06
ColgPal 67.50 +.08
Comcast s 26.45 -.28
Comc sp s 26.22 -.27
Comerica 62.75 -.07
CmcBNJ 34.05 -.06
CVRD s 42.93 -.52'
CVRD pf s 35.92 -.32
CompsBc 69.01 -.08
CompSci 54.89 -.79
ConAgra 24.91
ConocPhil 70.25 -.09
ConsolE s 43.10 -.31
ConEd 51.86 +.03
ConstellEn 93.19 -.31
Coopers 51.58 -.27
Corning 23.73 -.13
Costco 54.61 +.53
CntwdFn 41.28 +2.77
CoventryH 59.00 -.31
CredSuiss 75.86 -.28
CrwnCstle 34.17 +.14
Cummins s 88.67 -.53
DJIA Diam 133.12 +.08
DR Horton 22.53 +.01
DTE 51.86 +.09
DaimlrC 80.40 -1.68
Danaher 72.67 -.40
Danone 32.69 -.34
Darden 45.63 +.12
Dassault 58.40 -.80
Deere 115.64 +.42
Delhaize 99.88 -.13
Dell Inc If 26.02 +.12
DeutschBk 157.15 -1.66
DeutTel 17.26 -.13
DevDv 64.35 -.19
DevonE 75.40 -.45
Diageo 85.12 -.24
DiaOffs 86.68 -1.03
DirecTV 24.38 -.09
Disney 36.55 +.49
DollarG 21.46 +.01
DomRes 89.70 -.74
DonlleyRR 43.57 +.43
Dover 48.78 +.23
DowChm 45.44 +.06
DuPont 51.56 -.07
DukeEgy s 20.66 -.22
ETrade 21.95 -.48
E.ON AG 50.43 -.41
eBay 34.34 +.36
EMC Cp 15.68 +.07
ENI 67.49 -.67
EOG Res 76.75 -.38

Name Last Chg
BreakwaterRes 2.42 +.07
UraMinlnc J 6.98 -.12
DenisonMines 15.22 +.29
ManulifeFin 39.73 +.33
NorOriono 5.86 +.21
CampbellRes .15
Crystallexo 4.87 +.16
RichviewResJ .14 -.01

Name Last Chg
EKodak 24.75 +.16
Eaton 90.96 +.41
EchoStar 48.51 +.10
Ecolab 42.08 -.84
Edisonlnt 55.02 +.67
EIPasoCp 14.95 -.62
Elan 15.12 -.23
ElectArts 52.94 +1.57
EDS 28.24 +.46
Embarq n 63.81 +.91
EmersnEl s 46.69 -.06
EEIChile 48.57 -.91
Enbridge 33.93 -.09
EnCana 56.95 +.37
Endesa 54.55 -.10
Enel 57.13 +.03
EngyTEq 39.91 +2.86
EngyTsfr 62.61 +.41
Enersis 19.35 -.26
ENSCO 57.55 -.62
Entergy 118.06 -.10
EntPrPt 32.17 +.20
EqtRes 52.36 +.09
EqtyRsd 45.52 -.42
EricsnTI 38.45 -.68
EsteeLdr 47.57 -.23
EverestRe 102.15 +.08
Exelon 77.31 -1.02
Expedia 24.20 -.61
Expdlntl s 45.66 +.18
ExpScripts 97.12 -.28
ExxonMbl 81.38 +.55
FPL Grp 63.56 -.28
FannieM If 62.46 +.78
Fastenal 41.36 -.11
FedExCp 108.72 -.25
FedrDS s 43.54 -.35
Fiat 28.83 -.80
FidNlnfo 50.22 -.42
FifthThird 41.26 -.29
FirstData s 32.53 +.02
FirstEngy 71.14 -.38
Fiserv 52.20 -.14
Flextrn 11.66 +.18
Fluor 100.42 +1.67
FEMSA 112.60 -1.15
FordM 8.37 +.21
ForestLab 52.52 +.24
FortuneBr 80.23 -.31
FranceTel 29.86 +.03
FrankRes 134.61 -.62
FredMac 67.57 +.36
FMCG 71.53 -.62
FresenM 51.56 +.31
Fujifilm 41.98 -.17
Gannett 58.83 +.33
Gap 18.13 -.24
Garmin s 55.72
Genentch 80.60 +.09
GenDynam 80.32 -1.09
GenElec 37.08 -.16
GnGrthPrp 61.97 -.62
GenMills 59.73 +.01
GnMotr 29.98 -.14
GenuPrt 49.40 -.05
Genworth 35.30 -.45
Genzyme 65.78 -.15
Gerdau 20.45 -.18
GileadSci 82.82 -.14
GlaxoSKIn 57.82 -.30
GlobalSFe 64.01 -.08
GoldFLtd 17.81 -36
Goldcrp g 24.59 -.48
GoldmanS 224.95 -2.27
Goodrich 58.90 +.02
Google 466.81 -.46
Graingr 84.18 +.88
GrantPrde 53.29 -.10
GpoSimec 13.99 +.04
GpTelevisa 28.70 -.16
HDFC Bk 72.83 -.34
HSBC 93.86 -.50
Hallibtn.s 32.37 +.11
Hanson 102.35 -3.09
HarleyD 63.63 +.27
Harman 119.96 +.16
HarmonyG 16.18 -.33
HarrahE 85.45 +.24
HarrisCorp 49.41 +.36
HartfdFn 104.03 -.29
HlthCrPr 34.49 +.22
HealthNet 58.20 +.69
Heinz 46.72 +.02
HellnTel 14.88 -.41
Hershey 55.32 -.55
Hertz n 21.49 +.11
Hess s 58.14 +.32
HewlettP 45.01 +1.21
Hilton 34.98 -.13
Hitachi 75.41 +.08
HomeDp 38.63 -.21
Honda 33.95 -.38
HonwillntI 55.79 +.46
Hospira 40.83 -.36
HostHotis 25.19 -.10
HuanPwr 41.51 -.24
HudsCity 13.47 +.01
Humana 63.56 -.37
HutchTel. 31.00 +.17
IAC Inter 35.43 +.06
ICICI Bk 41.57 +.29
ING 45.62 -.64
iShlapan 14.47 -.03
iShDJDv 74.84 -.11
iShSP500 150.95 -.26
iShEmMkt 123.91 -1.63
iSh EAFE 80.00 -.66
iSR1KV nya 87.84
iShR2K nya 82.29 -.30
ITT Corp 66.12 +.16
ITW s 52.60 -.12
ICl 43.66 -.11

Name Last Chg
ImpOil gs 39.83 -.13
ImpTob 86.61 -.63
IndoTel 44.20 -1.44
Infineon 15.43 -.09
Infosys s 51.29 -.63
IngerRd 46.42 +.33
Intel 22.15 +.19
IntcntlEx 134.70 -2.44
IntCtlHtl rs 24.88 -.26
IBM 103.29 +.53
IntlGame 39.83 -.25
IntPap 38.22 -.22
IntlPower 89.04 -3.05
IntntHTr 61.75 +.41
Intuit s 28.25 -.10
Ipsco g 157.78 +.26
JPMorgCh 52.45 -.28
JacobsE s 53.49 +.11
JohnJn 63.70 -.56
JohnsnCtl 108.16 +1.32
JnprNtwk 23.63 +.61
KLA Tnc 56.31 -.47
KPN 16.64 -.47
KT Corp 23.34 -.16
Kellogg 53.60 +.26
Keycorp 36.54 -.01
KeySpan 41.62 -.01
KimbClk 71.19 -.34
Kimco 47.90 -.54
KindME 55.77 +.08
KindMorg 106.72
Kohls 72.88 -1.65
Kookmin 88.11 -.55
KoreaEIc 21.37 +.07
Kraft 32.66 -.34
Kroger 29.31 -.31
Kubota 46.21 -.79
Kyocera 96.50 -2.29
L-3 Cor 93.91 +.12
LG Philips 22.09 +.57
LabCp 78.83 -.20
,LafargeSA 43.11 +.03
LamRsch 54.12 -1.00
LVSands 79.13 -1.11
LeggMason 105.87 +.79
LehmanBr 75.99 -.86
LeucNatl s 33.40 +.35
Level3 5.65 +.11
LibGlobA 37,61 +.20
LibGlobB 37.83
LibGlobC 35.22 +.11
LibtyMlntA 23.81 -1.63
LibtMCapA 116.67 -1.98
LillyEli 59.83 +.11
Limited 27.77 -.56
LincNat 73.22 +.10
LinearTch 37.61 -.50
LloydTSB 46.82 -.38
LockhdM 98.22 +.15
Loews s 48.39 +.05
Lowes s 30.68 -.01
Luxottica 34.21 -.11
Lyondell 33.48 -.18
M&T Bk 112.75 -.73
MBIA 70.58 -.04
MEMC 59.15 +2.16
MGMMir 64.30 +.59
Macerich 93.30 -.89
Magnal g 78.84 -1.14
Manpwl 82.97 -.03
Manulifgs 35.95 +.11
Marathon 105.42 +1.02
MarlntA s 45.43 -.25
MarshM 31.13 -.80
Marshlls 49.18 -.02
MartMM 148.20 -1.91
MarvellT slf 17.74 --.06
Masco 30.37 -.34
MasterCd n 137.05 +2.94
Matsush 20.34 -.11
Mattel 28.66 -.17
Maxim If 31.75 -.40
McDerml s 65.59 +6.56
McDnlds 49.32 -.18
McGrwH 68.85 +.89
McKesson 60.60 +.83
Medlmun 56.82 -.13
MedcoHlth 73.27 -1.58
Medtrnic 53.43 -.23
MelcoPBL n 16.44 -.76
MellonFnc 43.63 -.28
Merck 52.24 +.21
MerrillLyn 91.30 -1.11
MetLife 69.04 +.24
Metso 53.81 -2.74
Microchp 40.67
MicronT 11.86 -.10
Microsoft 30.75 +.04
Millea s 37.45 -.26
Millicomlnt 84.65 -1.30
Mirant 45.56 -.43
MitsuUFJ 10.98 +.13
Mitsui 379.49 -4.50
MizuhoF n 12.87 +.24
MobileTel 55.16 -1.17
Mohawk 92.74 -.04
MolsCoorsB 97.86 +1.80
Monsanto s 58.89 -.82
Moodys 68.23 +2.67
MorgStan 85.65 -.33
Mosaic If 29.74 -.32
Motorola 17.70 -.38
MurphO 57.19 -.03
NCR Cp 51.92 -.32
NEC 5.28 -.06
Nil Hldg 78.63 -1.10
NIS Grp 5.37 -.03
NRG Egy 83.79 -.17
NTTDoCo 17.82 +.02
NYMEX n 124.16 +1.26
NYSE Eur 82.85 +.05
Nabors 33.92 +.53

Name Last Chg Name Last Chg
YellowPgsUn 14.49 +.05 Sherrittlntl 16.18 -.44
BombdrBSV 4.82 +.02 Goldcorplnc 27.12 -.48
CapitolEngy 8.04 +.02 GoldenStar 4.65 -.17
Transitiono 1.65 -.03 TalismanEgy 21.88 +.33
AirlQlnc o .20 -.01 GammonLakeo 17.10 -.35
MilagroEnergy .15 -.03 SXRUraniuml 17.28 -.01
FarallonReso .66 ... PetroCanada 51.19 -.26
BCE Inc 37.50 +.10 IvanhoeMines 13.19 -.28

A +6.79%
A +14.42%
A +15.63%
A +7.10%
A +6.48%
A +6.30%
A +10.99%
A +5.49%
A +6.63%

Name Last Chg
Naspers 26.24 -.16
NtAust 183.45 +.13
NBkGreece 11.16 -.25
NatlCity 36.44 -.10
NatGrid 77.35 -1.51
NOilVarco 90.29 +1.81
NatSemi 26.92 -.43
NetwkAp 38.57 +.66
NewellRub 30.72 -.08
NewmtM 41.78 -.19
NewsCpA 21.75 -.34
NewsCpB 23.65 -.20
Nexen g 60.71 +.03
NiSource 25.10 -.20
Nidec 14.80 -.23
NikeB wi 53.75 -.12
NippnTT 25.85 +.06
Nissan 20.44 +.04
NobleCorp 86.35 -1.06
NobleEn 59.84
NokiaCp 24.84 -.22
Nomura 19.82 -.25
Nordstrm 55.00 -.42
NorflkSo 54.61 +1.25
Norsk s 36.43 -.46
Nortel Ifrs 25.03 +.25
NorTrst 64.10 -.01
NorthropG 74.89 -.03
Novartis 58.14 -.41
NovoNdk 105.07 +.09
Nucor s 65.93 -.51
Nvidia 33.29 +.25
OcciPets 51.12 -.38
OffcDpt 34.54 -.28
Omnicom 104.70 -.32
Oracle 18.95 -.10
Orix 140.81 +1.81
PG&ECp 51.49 -.11
PNC 75.24 -.04
POSCO 111.15 +2.26
PPG 74.85 -.45
PPL Corp 44.97 -.29
Paccar s 87.33 +.31
ParkHan 94.50 -.62
Paychex 38.02 -.08
PeabdyE 48.75 -.46
Pearson 17.59 -.11
PennWstgn 32.54 +.43
Penney 78.44 -1.22
PepsiBott 33.29 -.17
PepsiCo 67.15 -.33
PetroC g 46.44 -.25
PetChina 126.89 -.75
PetrbrsA 88.97 -.11
Petrobrs 100.82 +.47
Pfizer 27.35 -.03
PhilLD 53.99 -.01
PhilipsEl 40.80 -.37
PitnyBw 48.00 -.02
PlainsAA 61.15 +.65
PlumCrk 40.46 +.06
Polo RL 92.00 +1.49
PortglTel 14.20 -.05
Potash 190.41 +.45
PwShs QQQ 46.73 +.10
Praxair 66.20 -.21
PrecCastpt 111.00 +1.73
PriceTR s 49.74 -.25
PrinFncl 61.61 -.99
ProctGam 61.75 -.43
ProgrssEn 52.17 -.18
ProgCp s 23.39 -.05
ProLogis 66.00 -.99
Prudent 101.02 -.23
Prud UK 32.16 -1.08
PSEG 90.16 -1.07
PubStrg 90.06 -.30
Publicis 47.22 -.41
PulteH 26.15 +.10
Qualcom 44.17 +.22
QstDiag 48.99 -.27
Questar 99.43 -.26
QwestCm 9.60 +.09
Raytheon 54.42 -.35
ReedElsNV 38.44 -1.21
ReedEls plc 51.59 -1.43
RegionsFn 35.76 -.32
ReliantEn 24.50 -.17
Repsol 33.77 -.13
RschMotn 146.76 +6.93
ReutrGrp 75.41 -1.09
ReynAm s 63.81 -.45
Rinker 79.33 -.15
RioTinto 264.65 -4.46
RockwlAut 63.46 +.44
RockColl 66.04 -.27
RogCm gs 39.38 -.55
RoHaas 52.92 -.22
Rostele 54.40 -.30
RoyalBk g 53.53 +.13
RylCarb 41.10 +.03
RoyDShllB 73.56 -.24
RoyDShllA 71.99 -.01
Ryanair s 41.04 +.04
SAP AG 47.11 -.43
SK Tlcm 27.32 -.05
SLGreen 136.76 -1.74
SLM Cp 54.02 -.28
sT MSTech 60.47 +.24
STMicro 19.65 -.19
Safeco 65.25 -.23
Safeway 35.62 -.09
Stude 44.48 -.14
SanDisk 44.39 +.43
Sanofi 46.47 -.32
SaraLee 16.99 +.25
Sasol 36.56 +.09
Satyam s 24.20 -.39
SchergPI 32.52 -.53
Schlmbrg 74.63 -.37
Schwab 19.38
SeagateT 22.50 +.16

Name Last Chg
ThomsonCorp 45.77 -1.46
CoalcorpMino .74
Oilexco o 9.27 -.09
EldoradoGId 6.53 -.24
Nexen Inc 33.54 +.20
ShoreGIdo 5.36 -.01
HudBayMnrls 25.04 -.01
CdnNatRail 57.85 +1.63

1 55 0

BkMontreal 68.11 -.26
StarfldReso .45 +.11
ContlPrecious 5.04 -.06

Interestrates NET IYR
A 3-month T-bill 4.75 4.76 -0.01 V V V 4.74
6-month T-bill 4.84 4.81 +0.03 V V 4.83
[ *ES 1-year T-note 4.92 4.94 -0.02 V 5.03
2-year T-note 4.65 4.66 -0.01 A V V 4.96
5-year T-note 4.53 4.54 -0.01 V V 5.00
10-year T-note 4.63 4.63 ... V V V 5.12
30-year T-bond 4.80 4.79 +0.01 V V A 5.19




Name Last Chg
SearsHldgs 178.31 -.80
SempraEn 62.45 -.28
ShawC g 38.88 +.12
Sherwin 64.82 -.38
Shinhan 110.08 -.37
Shire 70.00 -.95
SiderNac 46.44 +.52
Siemens 119.75 -2.44
SimonProp 111.90 -2.02
Smith&N 61.97 -.26
Smithlntl 52.33 -.02
Sodexho 77.68 -1.27
SonyCp 54.46 +.05
SouthnCo 37.69 -.09
SthnCopp s 86.16 +.67
SwstAirl 14.69 -.06
SwstnEngy 43.50 +.38
SovrgnBcp 24.20 -.10
SpectraE n 26.14 -.39
SprintNex 20.55 -.08
SPDR 150.75 -.20
SP Mid 162.03 -.14
Staples 25.09 -.02
Starbucks 30.18 -.17
StarwdHtl 70.63 +.58
StateStr 69.39 -.44
Statoil 28.92 -.51
StoraEnso 18.64 -.45
sT Gold 67.88 -.37
Stryker 65.61 -.35
Suez 58.01 -.76
SunLfFn g 45.74 +.14
SunMicro 5.22
Suncor g 82.98 +.45
Sunoco 75.28 -.22
SunTrst 86.14 -.05
Supvalu 46.90 -.08
Swisscom 35.07 -.41
Symantec 19.73 +.22
Syngenta 37.17 +.06
Synovus 32.50 -.05
Sysco 33.48 -.09
TD Ameritr 18.00 -.24
TDK 84.04 -.95
TJX 27.67 -.47
TNT NV 43.84 -.95
TXU Corp 66.16 +.17
TaiwSemi 10.50 -.20
TalismE gs 19.84 +.24
Target 58.78 -.57
TataMotors 17.94 +.01
Technip 74.81 -.93
TeckCm gn 81.22 -.99
TelcNZ 28.44 -.12
Telltalia 28.74 -.14
TelltaliaA 23.32 -.28
TelBrasH 34.90 -.30
TelSPaulo 27.51 -.50
TelefEsp 67.88 -.69
TelMexL 35.95 +.04
TAustria 54.94 -.95
Telenor 59.31 -1.40
TelData If 59.15 +.39
Telkom 101.05 +.12
Telus g 55.15 -.36
Templeln 61.55 -.60
Tenaris 43.99 -.78
Terex s 79.48 -.51
Tesoro 116.06 -.20
TevaPhrm 38.66 -.24
Texlnst 35.17 -.03
Textron 102.68 -.79
ThermoFis 52.35 -.20
Thomson 41.30 -1.53
3M Co 84.78 -.15
Tiffany 49.91 +.52
TW Cable n 37.35 -.65
TimeWarn 21.91 +.19
Trchmrk 69.12 -.56
TorDBk g 62.75 +.29
Total SAs 74.59 -.99
TotalSys 31.46 -.17
Toyota 120.51 -1.02
TrCda g 35.96 -.28
Transocn 89.08 -.17
Travelers 56.23 +.05
Tribune 32.86 +.03
Turkcell 14.98 -.01
Tycolntl 32.05 -.67
Tyson 21.68 +.24
UBS AG s 62.70 -1.20
UPM Ky 24.79 -.64
UST Inc 55.00 -.84'
UltraPt g 62.55 +.38
UUniao 100.61 +.75
UnilevNV s 32.22 +.55
Unilever s 33.05 +.72
UnionPac 117.54 +1.10
UnBnCal 62.94 -.21
UtdMicro 3.36 -.06
UPS B 70.84 +.06
US Bancrp 34.63 +.01
US Cellu If 74.50 +.32
USSteel 110.63 +4.85
UtdTech 68.34 -.71
UtdUtils 29.85 -.33
UtdhlthGp 53.11 -.14
UnumGrp 27.17 -.19
VF Cp 86.71 -.10
ValeroE 73.66 +1.18
VeoliaEnv 84.50 -1.48
Verisign 26.43 +.19
VerizonCm 40.62 -.21
ViacomB 41.62 -.36
VimpelCm 102.23 -2.98
VirgnMda h 24.69 -.08
Vodafone 28.81 -.23
Volvo 94.62 -6.20
Vornado 119.10 -1.37
VulcanM 118.28 -.46
WPP Gp 74.73 -.92
Wachovia 56.29 -.07
WalMart 48.10 -.51
Walgrn 44.98 -.07
WA Mutl 42.89 +.02
WsteMInc 37.98 -.27
Weathfdlnt 53.56 -.20
WellPoint 81.97 -.09
WellsFgo s 35.81 -.26
WstnUn n 21.34 -.30
Westpac 112.85 -.25
Weyerh 81.86 -.28
Whrlpl 112.33 +.48
WhtMtlns 571.99 +11.39
WholeFd 45.70 +.52
WmsCos 29.22 -.35
WillisGp 43.18 +.16
Windstrm 15.04 +.24
Wipro 16.52 -.06
Wolseley s 25.73 -.35
WooriFn 70.24 -1.97
Wrigley 58.47 -.36
Wyeth 56.90 -.41
Wyndham n 36.59 -.25
Wynn 99.91 -1.94
XL Cap 79.97 -.47
XTO Engy 55.40 -.09
XcelEngy 24.11 -.12
Xerox 18.11 -.04
Xilinx 29.82 +.15
YPF Soc 42.00 -.39
Yahoo 30.41 +.03
YumBrds 66.85 +.14
Zimmer 90.94 +.19
ZionBcp 82.39 -.56

Name Last Chg
TransCdaCorp 39.71 -.21
Alcan Inc 88.70 -1.87
FirstNickelo 1.81 -.04
EqnoxMnrlso 2.57 -.02
TeckComBSV 44.75 -.45

E n Argent (Peso) .3246 -.0001
Brazil (Real) .4943 -.0008
Britain (Pound) 1.9889 -.0042
Canada (Dollar) .9051 -.0023
Chile (Peso) .001924 -.000006
Colombia (Peso) .000485 +.000003
Dominican Rep (Peso) .0310 -.0000
Euro (Euro) 1.3545 -.0058
Japan (Yen) .008337 +.000011
Mexico (Peso) .092210 -.000033
Uruguay (New Peso) .0418 -.0000

6MO. YR.
-.03 .3259 -.0045
-.16 .4666 +.0099
-.21 1.9061 +.1320
-.25 .8849 +.0065
-.31 .001905 -.000019
+.62 .000439+.000057
-.00 .0297 +.0002
-.43 1.2773 +.0841
+.13 .008494 -.000616
-.04 .092112+.000902
-.00 .0419 +.0001


S&P 500 1507.72 -1.76 -0.12% A A A +6.30%
Frankfurt DAX 7442.20 -83.49 -1.11% A A A +12.81%
London FTSE 100 6550.40 -53.30 -0.81% A A A +5.30%
Hong Kong Hang Seng 20706.35 -190.29 -0.919 A A A +3.71%
Paris CAC-40 6034.25 -37.23 -0.61% A A A +8.89%
Tokyo Nikkei 225 17656.84 -12.99 -0.07% A V A +2.50%

Buenos Aires Merval 2131.65 -0.63 -0.03% V V A +1.97%
Mexico City Bolsa 29572.40 -204.17 -0.69% A A A +11.81%
Sao Paolo Bovespa 50277.69 -4.04 -0.01% A A A +13.05%
Toronto S&P/TSX 13915.36 +49.85 +0.36% A A A +7.80%

Seoul Composite 1582.65 -1.81 -0.11% A A A +10.33%
Singapore Straits Times3439.21 -38.38 -1.10% A A A +15.18%
Sydney All Ordinaries 6301.00 -28.40 -0.45% A A A +11.63%
Taipei Taiex 8095.84 -19.43 -0.24% A A A +3.48%
Shanghai Shanghai B 252.60 +21.47 +9.29% A A A +94.14%

Largest Mutual Funds
12-MO 12-MO 12-MO
AIM CapDevO 13.49 -.03+14.9 GrowlncA m 21.28 -.01+15.0
ConstellA m 28.37 +.05 +6.4 DivlntlA m 24.83 -.25 +7.7 VoyagerA m 19.20 -.01 +7.1
American Cent Fidelity Spartan RiverSource
Ultralnv 28.74 -.01 +2.9 5001ndxAd 104.76 -.12 +15.9 DivrEqlnA m 13.93 +.03+13.5
American Funds USEqlndxl 53.41 -.06 +15.9 LgCpEqA m 6.22 ...+14.2
AmcapA m 21.39 -.01+11.4 First Eagle Russell
BalA m 19.85 -.02+12.3 GIbA m 48.58 -.31+12.9 MulStrBdS 10.36 ...+6.8
BondA m 13.42 ... +7.9 OverseasA m 27.03 -.17 +13.1 Scwab
CaplncBuA m 64.73 -.38+19.5 FrankTemp-Franklin YldPIsSel 9.69 +5.7
CpWIdGrlA m 45.35 -.35+17.0 CATFA m 7.33 ...+6.4
EurPacGrA m 50.59 -.40+13.5 Fed TFA m 12.08 +.01 +5.8 Seleted
FundmlnvA m43.52 -.14+14.6 HYTFA m 10.95 +.01 +7.3 AmerShS b 48.68 -.i8 4.!4
GrowAmerA m35.19 -.10+10.0 Income A m 2.80 ...+20.6 TRowe Price
HilncA m 12.82 ... +11.7 SmMdCpGrA m42.12 -.10 +9.6 BIChpGr 38.57 -.06 +13-
IncAmerA m 21.43 -.08 +18.7 US Gov A m 6.42 ... +6.9 CapApprec 21.94 -.06 +14.9
InvCoAmA m 35.49 -.10 +14.2 FrankTemp-Mutual Eqlndex 40.48 -.04 +15.6
MutualA m 31.39 -.03 +17.8 DiscovA m 33.22 -.19 +19.6 Eqtylnc 31.52 -.06+18.7
NewEconA m 28.53 -.13 +13.9 Shares Z 28.12 -.08+17.2 GrowStk 34.09 -.10+16.4
NewPerspA m34.27 -.24 +14.5 FrankTemp-Templeton IntlStk 18.06 -.18 +11.3
NwWrldA m 53.39 -.35+20.9 FgnA m 14.69 -.11+12.9 MidCapVa 27.71 -.08+19.7
SmCpWIdA m43.66 -.23+15.0 ForEqls 29.17 -.27+23.1 MidCpGr 59.90 +.01+10.4
WAMutlnvA m37.24 -.06 +17.5 Growth A m 27.22 -.22 +16.1 NewEra 52.85 -.26 +10.8
Artisan World A m 20.70 -.13 +14.9 NewHoriz 34.84 -.07 +2.8
Intl 31.53 -.28 +14.4 Franklin Templeton Newlncome 8.96 ... +7.6
Baron FndAfIA m 14.69 -.07+17.3 SmCpStk 36.57 -.07 +6.0
Growth b 53.30 +.05 +8.2 Harbor SmCpVal 44.46 -.03 +6.6
Bernstein CapAplnst 35.08 +.01 +6.6 Value 29.41 -.11+18.5
TxMIntl 28.53 -.31+13.2 Intllnstl 68.14 -.65+18.1 Third Avenue
BlackRock Hartford Value 65.15 -.16+13.2
GlobAlcA m 19.27 -.06+10.2 AdvHLSIA 23.93 -.02+12.9 Thomburg
Calamos CapAprA m 40.16 -.06 +9.7 IntlValA m 3133 -.22+16.4
GrowA m 58.05 -.03 -.7 CpApHLSIA 57.32 -.08 +11.2
Columbia DvGrHLSIA 24.60 -.07+18.7 Tweedy Bmwne
AcornZ 32.54 -.06+10.8 JPMorgan GlobVal 34.30 -.14+19.3
DFA IntrAmerS 30.17 -.01+16.3 VALIC
EmgMktVal 38.01 -.15+26.9 Janus Stockldx 39.15 -.04+15.6
IntlSmCap 23.83 -.17 +20.0 Contrarian 19.70 -.01+27.5 Van Kampen
IntlSmCo 21.74 -.14 +16.9 Growlnc 41.02 +.01 +7.3 ComstockA m20.48 -.05 +172
IntlValu 25.90 -.26 +23.4 Janus 30.81 ...+13.2 EqlncomeA m 9.57 -.03 +13.9
USLgVal 27.39 ... +17.5 MidCapVal 26.00 -.02 +16.2 GrowlncA m 23.63 -.11+17.2
USMicro 16.44 -.04 +5.1 Overseas 51.36 -.11+23.4 Vanguard
USSmVal 31.64 -.01 +9.0 Twenty 59.30 +.03+16.4 500 139.02 -.15+15.8
DWS-Scudder John Hancock AssetA 30.61 -.03 +15.8
DremHRtEA m52.95 -.18 +14.9 ClsscValA m 29.64 -.03 +16.5 CapOp 38.49 -.02 +9.4
Davis LifBal b 15.09 -.03 +12.1 EmerMktld m 26.68 -.16+13.7
NYVentA m 40.96 -.14 +14.7 LifGrl b 15.68 -.05 +11.7 Energy 70.48 -.16 +8.5
Dodge & Cox Julius Baer Europeldx 40.08 -.44+23.8
Bal 90.68 -.14 +12.7 IntlEql 47.79 -.56 +17.9 Explr 81.57 -.09 +5.1
Income 12.69 +.01 +7.7 Legg Mason Extndldx 42.11 -.01+10.7
IntlStk 47.96 -.36 +16.2 OpportnPr m 21.22 +.13 +14.0 GNMA 10.22 ... +7.2
Stock 162.42 -.38 +15.5 ValuePr b 76.86 +.26+13.4 GIbEq 25.41 -.11+17.8
Excelsior Longleaf Partners Grolnc 38.40 -.03+15.0
ValRestrA 58.30 -.11 +13.1 LongPart 37.45 -.15 +15.4 Growthldx 31.91 -.02 +12.1
Fidelity Loomis Sayles HYCor 6.30 ... +102
AstMgr50 16.89 ...+11.0 Bondl 14.77 -.01+11.4 HIthCare 157.00 -.48+183
Bal 20.87 -.01 +12.1 Lord Abbett InflaPro 12.04 +.01 +6.0
BIChGrow 46.97 -.07 +8.3 AffiliatA m 16.06 -.04+12.5 Instldx 137.98 -.15+16.0
CapApr 29.12 -.05 +7.0 MidCpValA m24.39 -.08+18.4 InstTBdld 50.48 +.01 +7.6
Caplnc 9.22 -.01 +13.8 MFS InstTStPI 32.86 -.03+15.1
Contra 68.92 -.14 +8.7 TotRetA m 17.02 -.02 +13.5 IntlGr 26.13 -.21+15.6
DiscEq 31.87 -.01+16.4 ValueA m 28.85 -.06+18.5 IntlVal 43.98 -26+14.9
DivGrow 33.70 -.08 +15.8 Morgan Stanley Instl LifeCon 17.26 -.02 +113
Divrlntl 40.42 -.36 +13.4 IntlEqA 22.26 -.19 +15.4 LifeGro 25.52 -.05 +14.7
Eqlnc 61.98 -.08+17.9 Neuberger Berman LifeMod 21.53 -.04+13.1
FF2015 12.65 -.02 +10.6 GenesisTr 52.43 -.14 +7.6 MidCp 21.83 -.02+13.0
FF2040 9.90 -.02+125 Oakmark Morg 20.35 -.01+10.7
Fidelity 38.70 -.06 +13.7 Eqln 27.82 -.04 +13.4 MulntAdml 13.31 +.01 +55
Free2010 15.05 -.02 +10.3 Intl 27.89 -.24+19.9 Pacificld 13.21 -.04 +2.8
Free2020 16.08 -.03 +11.4 Oakmark I 49.05 -.18+17.8 Prmcp 73.59 -.12 +93
Free2030 16.70 -.04 +12.2 Select I 35.28 -.13 +12.9 REITIdx 26.03 -.17 +23.6
Govtlnc 10.08 +.01 +6.7 Oppenheimer STCor 10.60 ... +6.2
GrowCo 74.34 -.07 +8.5 CapApA m 49.50 -.09 +9.1 SelValu 22.79 -.02+21.9
Growlnc 32.81 -.01 +10.4 DevMktA m 45.27 -.28 +12.9 SmCapldx 35.36 -.01 +95
IntBond 10.31 +.01 +6.8 GlobA m 78.95 -.34+13.0 Star 22.14 -.04+11.5
IntlDisc 41.29 -.41 +13.8 IntlBondA m 6.25 -.01 +8.6
InvGrdBd 7.39 ... +7.6 MainStrA m 43.47 .. +143 StratgcEq 26.10 ... +11.2
LevCoSt 33.68 -.05+17.8 RocMuniA m 18.81 +.01 +8.8 TgtRe015 13.18 -.02+13.2
LowPriStk 47.01 -.05 +12.9 RochNtlMu m 12.81 .. +9.6 Tgtet025 13.91 -.02 +14.6
Magellan 92.09 -.15 +5.9 StrlncA m 4.41 ... +9.7 TotBdld 10.02 .. +7.7
MidCap 33.15 +.04 +10.8 PIMCO Totntl 19.38 -.16 +16.3
OTC 44.54 +.12 +12.0 AIIAssetl 13.00 -.02 +9.4 TotStldx 36.43 -.04+14.9
Overseas 49.47 -.54 +14.2 ComRIRStl 14.69 -.06 +1.3 Wellsl 22.53 -.03 +13.2
Puritan 21.00 -.01 +14.3 LowDrls 9.89 ... +4.8 Welltn 34.17 -.05+14.8
Reallnv 37.44 -.26 +22.5 RealRet 10.87 ... +5.7 Wndsr 19.95 -.02 +16.0
ShTmBond 8.86 ... +5.2 TotRetls 10.38 ... +6.6 Wndsrll 37.75 -.11+19.1
USBdlndx 10.92 ... +7.6 Pioneer Western Asset
Value 89.69 -13+16.6 PioneerA m 51.67 +.01+15.2 CrBdlnst 11.39 ... +9.5

Fidelity Advisor


CrPIBdlns 10.55 ... +92

YEST 8.25 5.19
PIEV 8.25 5.23
WKAGO 8.25 5.27


Lehman Bros Bond ldx4.81 4.81 ... V V A 5.30
Bond Buyer Muni Idx 4.60 4.60 ... V V 4.84
Lehman US Inv Grade 5.29 5.30 -0.01 A V V 5.65
Lehman US High Yield 7.45 7.45 ... V V V 8.12
Moodys Bond Index 5.41 5.39 +0.02 A V 5.96
Bank Index 117.40 117.78 -0.38 A A A 112.98
DJ Corp Bond 201.02 200.86 +0.16 A A A 185.31

Unleaded Gas (gal) 2.20 2.19 +0.46 +37.3
Crude Oil (bbl) 62.26 61.47 +1.29 +2.0
Gold (oz) 685.10 688.00 -0.42 +7.9
Platinum (oz) 1343.20 1350.90 -0.57 +17.9
Silver (oz) 13.49 13.53 -0.30 +5.4
Coffee (Ib) 1.02 1.02 ... -19.2
Orange Juice (Ib) 1.73 1.69 +2.37 -14.0
Sugar (Ib) 0.09 0.09 ... -23.4




'j ~'j (b

foreigners in

own land'

Tribune Business Editor

ger of becoming "for-
eigners in their own
local homelands" due
to the overwhelming number of
major investment projects
unveiled by the previous govern-
ment, an attorney warned yester-
day, with many islands lacking
the workforce and infrastructure
to sustain them as locals are
priced out of the real estate mar-
In a presentation to the United
Nations Commission on Sustain-
able Development, Fred Smith,
speaking on behalf of the Save
Guana Cay Reef Association and
Mangrove Action Project, said
the economic development mod-
el pursued by the previous gov-
ernment had involved trading
away "vast tracts" of publicly-
owned Crown Land and tax
incentives in return for the provi-
sion of jobs and growth.
He argued that "this quest for
the 'Holy Grail' of development"
had seen many foreign investors
acquire Crown Land relatively
cheaply, selling oit off "for mil-
lions of dollars" to second-home
owners in a bid to raise cash flow
and funds to finance the build-
out of their projects.
The consequences, Mr Smith
said, of allowing developers to
sell major parcels of Bahamian
land for 'speculative' purposes,
were that the tax incentives given
deprived the Government and
Public Treasury of revenues need-
ed for public works and infra-
structure projects, while many of

the promised jobs had failed to
materialise of been given to expa-
triate workers.
The fact that many investment
projects were weighted towards
residential components, with a
focus on private, all-inclusive gat-
ed-communities, had "produced a
huge social chasm" between
Bahamians and clients of these
developments, the attorney
Other than Freeport, the pris-
tine physical and cultural envi-
ronments being given away for
development do not have the nec-
essary Bahamian tradesmen,
labourers or businesses to sup-

port the billion dollar develop-
ments that are touted," Mr Smith
"The Bahamas has limited
labour, trade, craft, vocational
and professional expertise. The
sizes and intended speed of these
developments outpace any indige-
nous capacity to effect them. Thus
the vaunted developments have
the counterproductive effect of
requiring the importation of vast
numbers of skilled and unskilled
labourers and craftsmen from
Mexico, India, America, Canada,

SEE page 11

Mother's Day Luncheon Cruise

"The Total Package"
Sund.a13th May,,2007

ammfj w
m S; ^" t'*""""

. L ..


Special gifts for:
First 15 Mothers Aboard!
Oldest Mother!
Youngest Mother!
Mother with the largest family

Boarding Form: Prince George Wharf
Boarding Time: 2:00p.m. Menu
Sailing Time: 3:00-6:00p.m.
Peas & Rice

A Relaxing Cruise Through
Beautiful Nassau Harbor

Feast on a
Delicious Bahamian Lunch

Following lunch enjoy a
Native Bahamian show

Then relax and enjoy the view
or dance the day away

Give Mom A Break!
She Deserves It!!

Cole Slaw
Barbecue Chicken
Barbecue Ribs

Unlimited Drinks
(Fruit Punch or Rum Punch)
$35.00 per person
Children 1/2 price

Paradise Ocean Sports
(242) 393-0998

Fathers Get Ready!!!



Technical Analyst


ITIL best practices including IT Service Management essentials
(understanding and meeting customer expectations, maintaining
service levels)
Good working knowledge in many of the technical skills, concepts,
uses and practices of one of the specialized fields: 1. Data storage;
2. Performance/Capacity; 3. Application support; 4. Operations
Experience in related technical field or co-op terms or equivalent
work experience, plus some computer support or application
software courses in the technical specialty.
Basic knowledge in all aspects of technology including LAN/WAN
communications, Client/Server, AS/400, ABM environments

management: Info/Man.
Skill in customer contact and in problem management and

General Requirements/Responsibilities:

To assist in the Support, Monitoring and Maintenance of
production systems, products, and applications on behalf of the
To participate in the procurement, testing, installation, training,
and support of all IT infrastructure needs to support the institution
across the region.
Ensure that all work performed adheres to best practices and
ITIL standards so as to ensure the end-to-end confidentiality,
availability, and integrity of FirstCaribbean's data
Implement a high level of automation in the infrastructure to
meet business needs in a cost-effective and timely manner.
Maintain contact with internal clients and peers in the industry
to improve service levels while containing costs.

Applicants are requested to submit their resume with a cover letter
via email by May 11th, 2007 to:

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




Invites qualified applicants for the following position:-



Strong organisational skills.
Ability to function independently but work as part of
a team.
Ability to function in a high volume, high pressure


Minimum of the STEP Foundation Certificate.
Sound knowledge of trust drafting, reporting and
Ability to read and assimilate complex trust documents.
Familiarity with the relevant local legislation, particularly
the Trustee Act, 1998 and the Financial Transactions
Reporting Act, 2000.
Working knowledge of legislation in competing
Proficiency in Microsoft Word and Excel.
At least five (5) years relevant experience in a Private
Bank or Trust Company.
Knowledge of French or Spanish would be an asset.

ACCEPTED. Please send Resume and two (2) references to:

The Human Resources Manager
Bayside Executive Park
P. 0. Box N-4837
Nassau, Bahamas

Offices in
Florence, Frankfurt, Geneva, Hong Kong, Lausanne, London,
Luxembourg, Madrid, Milan, Montreal, Nassau, Paris, Rome,
Singapore, Tokyo, Turin, Zurich





Convention 87 'disaster' if no reforms made to legislation

FROM page 1

recognition of trade unions as
bargaining agents for a compa-
ny's workforce, and legislation
that would hold unions, their
leaders and members accountable
for their actions such as 'wild cat'
Mr Nutt said the implementa-
tion of Convention 87 was con-

sistent with the Bahamian con-
stitution. which provided for free-
dom of association and the right
to organise.
The ILO Convention 87 estab-
lishes the right of all workers and
employers to form and join
organizations of their own choos-
ing without prior authorization.
and lays down a series of guar-
antees for the free functioning of
organizations without interfer-
ence by the public authorities.

The Account Manager

Commercial Markets

Commercial Banking Centre

The successful candidate should possess the following
* University degree in Commerce or a related field
* Only applicants with a minimum of 3 to 5 years
experience in Commercial Banking will be considered

Responsibilities Include:
Managing relationships between clients & RBC for
an assigned portfolio
Actively identifying & attracting new clients thereby
increasing RBCFG market share
Identifying incremental business opportunities for
existing Business Banking clients and referring to
partners within RBCFG to increase "share of wallet".
Applying marketing techniques in developing new
sources of business
Actively seeking out cross-referral opportunities with
RBCFG partners
Developing, implementing and executing an individual
marketing and sales plan consistent with the Business
Plan to generate profitable asset growth, fees, deposits,
operating services, etc.
Structuring transactions within credit policy,
determining appropriate collateral security
requirements and prices within matrix guidelines.
Monitoring, evaluating and acting on early warning
signals, financial covenants, margins, collateral
security values, business plans etc. Ensuring the
portfolio is effectively administered to minimize risk
of loss and takes corrective action as required (i.e.
collateral securities, offer letters,. authorizations,
expiry dates, excesses, monitoring of compliance)

Required Skills:
* Leadership ; : ..
* Negotiating/Selling Skills
* Financial Analysis. ...
* Critical Thinking .... ,-,
* Relationship building/Planning/Organizing/Closing Sales
* Impact and Influence
* Ability to manage multiple priorities
* Demonstrated written and verbal communication skills
* Microsoft Word, Excel and Outlook Proficiency
* Significant marketing presentation skills and advanced
skills in client relations

A competitive compensation-package (base salary &
bonus) commensurate with relevant experience and
qualification is offered.

Please apply by May 16, 2007 to:
Regional Manager
Human Resources
Caribbean Banking,
Royal Bank of Canada
Bahamas Regional Office
P.O. Box N-7549, Nassau, N.P, Bahamas

Via fax: (242)328-7145
S Via email: bahcayjp@rbc.com

All employees throughout this
nation will have the right to join
and be represented by the union
of their choice, regardless of
whether their company currently
has union representation or not.
Trade union membership will no
longer be restricted to persons
from specific crafts, industries and
Yet Convention 87's imple-
mentation is currently blocked by
the Industrial Relations Act,
which restricts trade unions to
only seeking members from spe-
cific industries, crafts and occu-
pations, preventing the formation
of a 'general union' that would
be able to gain recognition as the
bargaining agent at any company.
Mr Nutt described the Indus-
trial Relations Act as the "only
roadblock in the Bahamas" to
implementing Convention 87,
meaning the Act would have to
be amended.
But he added: "One of my

major concerns is that the Indus-
trial Relations Act, the Act that
blocks Convention 87, in my view
is a very flawed piece of legisla-
tion. It would require, in my opin-
ion, a great deal of amendments."
Mr Nutt explained that the
Government needed to introduce
greater transparency into the
process that saw the responsible
minister recognize a trade union
as the bargaining agent for'a par-
ticular company's employees.


In many cases, the trade union
that was recognized as represent-
ing 50 per cent plus one of a com-
pany's employees was not wanted
as the bargaining agent by those
"There's no transparency at all
in the recognition of a trade union
as the bargaining agent for a com-
pany," Mr Nutt said. "The minis-
ter decides to recognize a union,

NOTICE is hereby given that ISAIAH NATHAN of
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, and that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 2nd day of May, 2007
to the Minister responsible for Nationality and Citizenship,
PO.Box N- 7147, Nassau, Bahamas.

-- Scotiatrust



(Senior Client Relationship Officer)

The Bank of Nova Scotia Trust Company
(Bahamas) Limited invites applications from
qualified Bahamians for the position of Assistant
Manager, Trust Services.

The successful candidate will act as a Senior
Relationship Officer for high net worth clients
of the Trust Company and will be a part of the
Trust Department Management Team. Advanced
knowledge in areas of trust, company, and agency
management is required. As the candidate will
be involved in the administration of complex
trusts, companies and other fiduciary vehicles, a
good level of accounting knowledge is required,
as well as the ability to assimilate legal documents.
The person appointed should hold a Bachelor's
Degree or equivalent and have a professional
qualification such as STEP, ACIB and/or a law
degree. A minimum of ten years trust experience
is required. Analytical and communication skills
as well as familiarity with PC software are
essential. Preference will be given to applicants
with Spanish language skills. Interested persons
should submit applications in writing marked
Private and Confidential to:

Manager, Operations
P.O. Box N-3016
Nassau, Bahamas
or Fax to (242) 326-0991

Applications should be received-no later than
Wednesday, 16th May, 2007.

and the employers have no
recourse, the employees have no
recourse if he or she grants recog-
nition to a union the employees
don't want as a bargaining agent.
"The fact is, it's inevitable that
Convention 87 must be brought
into our laws, but by the same
token there are a lot of flaws in
the Act that need to be
This meant that either the
Industrial Relations Act had to
be reformed, or the Trade Union
and Labour Relations Bill
brought into replace it, Mr Nutt
If the current restrictions that
confined trade unions to just
drawing members from a specific
craft or profession were reformed
through Convention 87, Mr Nutt
said, it would allow a 'general
union' to be formed that could
seek to attract workers from all
"We're going to see unions
fighting between themselves to
gain [members]," Mr Nutt said.
"It's going to be important for
not only employers to ensure the
union selected is the bargaining
agent of choice, but it will be
important for competing unions

to see that transparency as well.
"If they don't, that is going to
be a disaster. Right now, the
Industrial Relations Act as it
relates to providing recognition
to unions to be bargaining agents,
many times it grants recognition
to unions who do not have the
support of employees in the bar-
gaining unit.
"You can't just modify one sec-
tion of the Industrial Relations
Act to allow for recognition of a
general union without revisiting
the entire piece of legislation."
Mr Nutt also called for the
Government to enact the Indus-
trial Court and Trade Disputes
Bill to make trade union officials
"more responsible, and more nar-
rowly define industrial action".
He pointed out that many
industrial actions staged by trade
unions and their members were
illegal, but they had suffered no
Mr Nutt said the Industrial
Court and Trade Disputes Bill
would have "defined what indus-
trial action is, the procedures for
that to take place, and make trade
unions responsible for their
actions and those of their mem-

Security & General, a local Property & Casualty
Insurance Company seeks to employ a mature, ambitious
individual for the role of

* 2-3 years Bookkeeping experience
* At least an Associates Degree in Accounting or
Good oral and written communication skills
Computer literate

The company offers a competitive remuneration package,
salary commensurate with experience.

Resumes should be sent to: The Human Resources
Manager, at P.O.Box N-3540 or faxed to 323-2880 by


NOTICE is hereby given that KENSY PIERRE of
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 2nd day of May, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,

Pricing Information As Of:
Tuesday, 8 May 200 7
BISX ALL SHARE INDEX. CLOSE 1 786 10/ CHG 00 00Ul CHG 00 00 / YTD 109 91 / YTD 08 56
5.'K-H| 5s2t Ak-LO- S ,c:urtl Ir. .... j: .. -1. T :, I . I-: l.-. -.. L-Z, .' EPI ~ i CL PE Yield
1 85 0 54 Abaco Markels 1 i1 1 1- *' O "-' N FL1 0 00'.
12.05 11.00 Bahamas Property Fund 11.60 11.60 0.00 1.548 0.400 7.5 3.45%
9.02 7.10 Bank of Bahamas 9.02 9.02 0.00 0.737 0.260 12.2 2.88%
0.85 0.70 Benchmark 0.85 0.85 0.00 0.129 0.020 6.6 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%
10.42 9.00 Cable Bahamas 10.42 10.42 0.00 0.915 0.240 11.4 2.30%
2.20 1.67 Colina Holdings 2.10 2.10 0.00 0.245 0.080 8.6 3.81%
14.26 10.40 Commonwealth Bank 14.26 14.26 0.00 1.152 0.680 12.4 4.77%
6.26 4.22 Consolidated Water BDRs 5.06 5.08 0.02 0.118 0.045 43.0 0.89%
2.88 2.40 Doctor's Hospital 2.43 2.43 0.00 0.295 0.000 8.2 0.00%
6.21 5.54 Famguard 5.94 5.94 0.00 0.694 0.240 8.6 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%
17.18 10.42 Focol 17.18 17.18 0.00 1.657 0.520 10.4 3.03%
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 1.167 0.795 8.6 7.95%
Fidelity 0,. r-Th -C':Ljur, Ir Secunitie
- I*..-l, ,.' .L', Symbc.l -.3 ; Ask $ Last Pr.: .'..:i,-j :I EPF Ei E PE Yeld
14.60 12.25 Bahamas Supermarkets 14.60 15.60 16.00 1.234 1.125 12.6 7.71%
10.14 10.00 Caribbean Crossings (Pref) 8.00 8.25 10.00 0.000 0.640 NM 7.85%
0.54 0.20 RND Holdings 0.45 0.55 0.20 0.021 0.000 26.2 0.00%
Colina Over-Tr-i-Ceunler Se.-urities '.
43.00 28.00 ABDAB 41.00 43.00 41.00 2.220 0.000 19.4 0.00%
14.60 14.00 Bahamas Supermarkets 14.60 15.50 14.00 1.770 1.320 8.3 9.04%
0.60 0.35 RND Holdings 0.45 0 55 0.45 -0.070 0.000 N/M 0.00%
BISX Listed Mutual Funds ''
52wk-Hi 52wk-Low Fund Name NA V YTD% Last 12 Months Div $ Yield %
1.3383 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""
11.4992 10.7674 Fidelity Prime Income Fund 11.4992"*.
FINDEX: CLOSE 797.29 / YTO 07.44% / 2006 34.47% '"
BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 MARKET TERMS YIELD -las 12 month dtvdcl,.nd divided by closing price NAV KEY
52wk-Hi Highest closing price in last 52 weeks Bid Buyinyg par- of Colin and Fidelity
52wk-Low Lowest closing price in last 52 weeks Ak S Sellng pric if Coln;a .Ind oidllty 27 April 2007
Previous Close Previous day's weighted price for daily volume Last Prnc- La.tI r.ll,,d' ovr-llr -ounter price
Today's Close Current day's weighted price for daily volume Weakly Vol radlnt volunle of the prior week 31 March 2007
Change Change in closing price from day to day EPS S A colipnry':, reported earnings per share for the last 12 mths
Daily Vol. Number of total shares traded today NAV Net A-brt Valu "' 31 March 2007
DIV $ Dividends per share paid in the last 12 months N/M Nr t Mearnngful
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*. 30 April 2007
TO TRADE CALL: COLINA 242-502-7010 / FIDELITY 242-356-;7641 FOP .MOPE DATA & INFORMATION CALL (242) 394-2503



Cemaro Law Divie






First Defendant



Second Defendant


Third Defendant


LETALL PARTIES attend before the Honourable Justice Mrs.

Anita Allen, a Judge of the Supreme Court in Chambers, Bank

Lane, Nassau, Bahamas on Wednesday the 16" day of May

A)., 2007 at 2:30 o'clock in the forenoon on the hearing of an

application pursuant to Order 46, Rule 4 (0,46,r.4) of the Rules of

the Supreme Court and on the part of the Second Debfndant for

leave to issue a Writ of Possession.

AND the cost of this application be awarded to the Second

Defendant to be taxed Ifnt agreed

Dated this 23" day of April, 2007



This Summons was taken out by Messrs. Ferrira & Company,

whoe address for seyic is Kemp Building, #39 East Street

Noth, Nassau Bahamas, Attorneys for the Second Defendant




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


To the Shareholders of Fidelity Merchant Bank & Trust Limited

We have audited the accompanying consolidated balance sheet of Fidelity Merchant Bank & Trust Limited (the Bank)
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 Statemens

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 auditor' judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to ftaud 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


In our opinion, the accompanying consolidated balance sheet presents fairly, in all material respects, the financial
position of the Group 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 the Group.

Chartered Accountants
Nassau, Bahamas

18 April 2007

Fidelity Merchant Bank & Trust Limited
(Incorporated under the laws of the Commonwealth of The Bahamas)

Consolidated Balance Sheet
As of 31 December 2006
(Amounts expressed in Bahamian dollars)

Cash on hand and at banks (Note 3)
Investment in associate (Note 13)
Investment securities:
-financial assets at fair value through profit or loss (Note 4)
Loans and advances to customers (Note 5)
Prepayments and other assets (Note 6)
Property, plant and equipment (Note 7)

Customer deposits (Note 8)
Accrued expenses and other liabilities (Note 9)

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

Approved on behalf of the Board of Directors:


24,233,065 14,510,447

16,539,310 14,619,510
3,984,696 4,388,225
3,078,567 883,647
462,105 603,502

40,024,714 30,725,266
3,286,623 1,149,298
43,311,337 31,874,564

1,000,000 1,000,000
2,000,000 2,000,000
1,986,406 1,019,121
4,986,406 4,019,121
4-- 8.297.743 35.893.6


18 April 2007

Notes to the Consolidated Balance Sheet
31 December 2006

1. Incorporation and activity

Fidelity Merchant Bank & Trst Linited (the Bank) is incorporated under the Companies Act, 1992 of the
Commonwealth of The Bahamas, and is licenced under the Banks and Trust Companies Regulations Act, 2000 to
carry on trust and banking business inThe Bahamas

The Bank, its wholly-owned subsidiaries incorporated in The Bahamas, Fidelity Capital Markets Limited (FCML),
Fidelity Share Register & Tansfer Agents Limited (FSRTAL) and Fidelity Pension & Investment Services Limited
(FPISL) (together, the Group), and its branch office in Freeport Grand Bahama, offer a full range of private banking,
investment management, share registrar and transfer agency, pension, brokerage and investment advisory services.

The Bank is a wholly-owned subsidiary of Fidelity Bank & Trust International Limited (the Parent), a company
incorporated in The Bahamas. The Parent also owns all outstanding preference shares of the Bank as of 31 December
2006. The registered office of the Bank is situated at #51 Frederick Street, Nassau, Bahamas. ,

As of 31 December 2006, the Group employed 30 (2005: 37) persons.

2. Summary of significant accounting policies

The principal accounting policies adopted 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 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 financial assets held at fair value through profit or loss.

The preparation of the consolidated balance sheet in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgment in the process of
applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity,
or areas where assumptions and estimates are significant to the consolidated balance sheet, are disclosed in
Note 16.

(b) Consolidation

Subsidiaries are all entities over which the Bank has the power to govern the financial and operating
policies generally accompanying a shareholding of more than one half of the voting rights. The existence
and effect of potential voting rights that are currently exercisable or convertible are considered when
assessing whether the Bank controls another entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Bank. They are de-consolidated from the date that control ceases.

Inter-company transactions, balances and unrealised gains on transactions between group companies are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of impairment of
the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Bank.

The consolidated balance sheet includes the accounts of the Bank and its subsidiaries, after elimination of
all significant inter-company balances.

(c) Investment In associate

Associates are entities over which the Bank has significant influence but not the power to govern the
financial and operating policies, generally accompanying a shareholding of between 20% and 50% of the
voting rights. Investments in associates are accounted for by the equity method of accounting and are
initially recognized at cost. As of 31 December 2006, the Bank had Nil (2005: 33.33%) ownership interest
in West Bay Development Company Limited (West Bay), a company incorporated in The Bahamas and
whose activities consist of holding investment property for the purposes of rental income and capital

(d) Fiduciary activities

The Group commonly acts as trustee and in other fiduciary capacities that result in the holding or placing of
assets on behalf of individuals, trusts, retirement benefit plans and other institutions. These assets are
excluded from the consolidated balance sheet, as they are not assets of the Group.

(e) 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 Bahamian dollars, which is the Bank's
functional and presentation currency.

11) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies are recognized in the consolidated income statement
Translation differences on monetary financial assets measured at fair value are included in foreign
exchange gains and losses.

(f) Financial assets

The Group classifies its financial assets into the following categories: financial assets at fair value through
profit or loss and loans and receivables. Management determines the classification of its investment upon
initial recognition.

1) Financial assets at fair value through profit or loss

This category has two sub-categories: financial assets held for trading, and those designated at fair
value through profit or loss at inception. A financial asset is classified in this category if acquired
principally for the purpose of selling in the short term or if so designated by management. Fair value
of exchange-traded-securities is determined using the closing market price at the close of trading on
the balance sheet date. The fair value of over-the-counter securities is determined using the average
bid price quoted by local broker dealers. Securities for which no quoted price is available are valued
by directors using valuation techniques, including recent arm's length transactions, discounted cash
flow analysis, and other valuation techniques commonly used by market participants. Government
securities have been designated as financial assets at fair value through profit or loss.

ii) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They arise when the Group provides money, goods or services
directly to a debtor with no intention of trading the receivable. Loans and receivables principally
comprise loans fully collateralised by cash or marketable securities held by the Group on behalf of its

Regular purchases and sales of financial assets are recognized on trade-date the date on which the Group
commits to purchase or sell the asset. Financial assets are initially recognized at fair value plus transaction
costs, except financial assets carried at fair value through profit or loss, where such costs are expensed as
incurred. Financial assets are derecognised when the rights to receive cash flows from the financial assets
have expired or where the Group has transferred substantially all risks and rewards of ownership.

Financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables
are carried at amortised cost less provision for impairment.

Gains or losses arising from sale or changes in fair value of financial assets at fair value through profit or loss
are presented in the consolidated income statement in the period in which they arise.

(g) Non-performing assets

Non-performing assets include all loans on which the status of overdue payments of principal and interest are
such that management considers it prudent to classify them to non-performing status. All loans and advances
to customers on which principal and interest payments are overdue by in excess of ninety days are considered
by management to be non-performing.

(h) Property, plant and equipment

Property, plant and equipment are carried at historical cost less accumulated depreciation and amortisation.
Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset's carrying amount or are recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the
Group and the cost of the item can be measured reliably. Repairs and maintenance are charged to the
consolidated income statement during the financial period in which they are incurred.

Depreciation and amortisation are calculated using the straight-line method to allocate the assets' costs to
their residual values over their estimated useful lives as follows:

useful life

Motor vehicles
Furniture and fixtures
Leasehold improvements

4 years
10 years
5 years
5 years

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet

Assets that are subject to amortisation are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An asset's carrying amount is
written down immediately to its recoverable amount if the asset's carrying amount is greater than its
estimated recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to
sell and value in use.

Gains and losses on disposal are determined by comparing proceeds with the carrying amount and are
recognized in the consolidated income statement.

(1) Leases

The leases entered into by the Group are operating leases. The total payments made under operating leases
are charged to the consolidated income statement on a straight-line basis over the period of the lease.

When an operating lease is terminated before the lease period has expired, any payment required to be made
to the lessor by way of penalty is recognized as an expense in the period in which termination takes olace.

(j) Income and expense recognition

Fees and commission income arising from negotiating or participating in the negotiation of a transaction for
a third party, such as the arrangement of the acquisition of shares or other securities, are recognized on
completion of the underlying transaction, which is generally at the time the customer's account is charged.
Portfolio, advisory, asset management and custody service fees are recognized based on the applicable
service contracts, usually rateably over the period in which the service is provided. Performance linked fees
are recognized when the performance criteria are fulfilled.

Interest income and expense are recognized in the consolidated income statement for all instruments
measured at amortised cost using the effective interest.method.

The effective interest method is a method of calculating the amortised cost of a financial asset or a financial
liability and of allocating the interest income or interest expense over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash payments or receipts through the
expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of
the financial asset or financial liability. When calculating the effective interest rate, the Group estimates
cash flows considering all contractual terms of the financial instrument (for example, prepayment options)
but does not consider future credit losses. The calculation includes all fees and points paid or received
between parties to the contract that are an integral part of the effective interest rate, transaction costs and all
other premiums or discounts.

Dividend income is recognized in the consolidated income statement when the right to receive payment has
been established.

All other income and expenses are recognized on an accrual basis.

- C I I

I I- I I ii

--. u-- vY., -LUIviL.OJMT, VMM-Y U/UU/



Cash on hand and deposits with banks
Mandatory reserve deposits with The Central Bank



Mandatory reserve deposits are not available for use in the Bank's day to day operations. Cash on hand, and
mandatory reservedeposits and other deposits with The Central Bank are non-interest-bearing. Deposits with
banks eam interest rates ranging from 0.0% (2005: 0.0%) to 4.0% (2005: 4.0%).

4. Investment securities

Financial assets at fair value through profit or loss


Mutual Funds:
Fidelity Bahamas Growth & Income Fund Limited
Fidelity Prime Income Fund
Government securities
Listed equity securities
Fixed income securities


Accrued interest



Government securities comprise Bahamas Government Registered Securities with maturities ranging from 2007 to
2024 with interest rates ranging from the Bahamian dollar Prime rate plus 0.15% to the Bahamian dollar Prime
rate plus 1.25%. The cost of investment securities as of 31 December 2006 totalled $14,550,746 (2005:

As of 31 December 2006 the Bahamian dollar Prime rate was 5.50% (2005: 5.50%).

5. Loans and advances to customers

Unsecured advances to customers

Loans and advances to customers supported by:
Marketable Bahamian securities

Less: Provision for loan losses

577,558 6,990




The movements in the provision for loan losses during the year are as follows:


Balance as of 1 January
Provided for the year
Balance as of 31 December


100,000 837,290

Average interest rates on loans and advances to customers range from 6.75% to 13.75% (2005: 7.50% to 14.50%).

Non-performing loans and advances to customers as of 31 December 2006 total $54,523 (2005: $1,300,989).

lop 1"Wr

6. Prepaynents and other assets

Due from the Parent
Due from affiliates
Accrued corporate finance fees

7. Property, plant and equlpnmeii

(k) Offsetting financial Instruments

Financial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when
there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a
net basis, or realise the asset and settle the liability simultaneously. For securities transactions executed
through the Bahamas International Stock Exchange, the Group records a net settlement receivable or
payable with other brokers.

(I) Impairment of financial assets

Assets carried at amortised cost

The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or
group of financial assets is impaired. A financial asset or a group of financial assets is impaired and
impairment losses are incurred if, and only if, there is objective evidence of impairment as a result of one or
more events that occurred after the initial recognition of the asset (a loss event) and that loss event (or
events) has an impact on the estimated future cash flows of the financial asset or group of financial assets
that can be reliably estimated.

If there is objective evidence that an impairment loss on loans and receivables has been incurred, the
amount of the loss is measured as the difference between the asset's carrying amount and the present value
of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the
financial asset's original effective interest rate. The carrying amount of the asset is reduced through the use
of an allowance account and the amount of the loss is recognized in the consolidated income statement. If a
loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective
interest rate determined under the contract. As a practical expedient, the Group may measure impairment
on the basis of an instrument's fair value using an observable market price.

(m) Provisions

Provisions for restructuring costs and legal claims are recognized when the Group has a present legal or
constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be
required to settle the obligation; and the amount has been reliably estimated.

(n) Ordinary share capital

1) Share Issue costs

Incremental costs directly attributable to the issue of new shares or options or to the acquisition of a
business are shown in equity as a deduction from the proceeds.

ii) Dividends on ordinary shares

Dividends on ordinary shares are recognized in equity in the period in which they are approved by
the Bank's Directors.

Dividends for the year that are declared after the balance sheet date are dealt with in the subsequent
events note.

(o) Preference share capital

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

i) Share issue*costs

Incremental costs directly attributable to the issue of new shares or options or to the acquisition of a
business are shown in equity as a deduction from the proceeds.

ii) Dividends on preference shares

Dividends on preference shares are recognized in equity in the period in which they are approved by
the Bank's Directors.

Dividends for the year that are declared after the balance sheet date are dealt with in the subsequent
events note.

(p) Employee benefits

The Group has a defined contribution pension plan administered by trustees, who include executives of the
Bank, in which all full-time employees of the Group are required to participate.

A defined contribution plan is a pension plan under which the Bank pays fixed contributions into a separate
entity. The Bank has no legal or constructive obligations to pay further contributions if the fund does not
hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior
periods. The Group's contributions are recognized as staff benefits expense when they are due.
Participants become fully vested upon completion of ten years of service.

(q) Corresponding figures

When necessary, corresponding figures have been adjusted to conform with changes in presentation in the
current year.

3. Cash on hand and at banks

Year ended
31 December 2006
Opening net book value

Net book value

As of 31 December 2006
Accumulated depreciation

Net book value

As of 31 December 2005
Accumulated depreciation

Net book value









3,078,567 883,647

Equipment Improvements






17,347 164,579 277,175 3,004 4621105

163,547 582,373 1,118,418 516,681 2,381,019
(146,200) (417,794) (841,243) (513,677) (1,918,914)

17,347 164,579 277,175 3,004 462,105


581,048 1,088,485
(359,197) (745,324)

516,681 2,349,761
(510,052) (1,746,259)

31,861 221,851 343,161' 6,629 603,502

8. Customer deposits

Savings certificates
Funds held pending settlement
Accrued interest



14,685,376 4,983,188
145,259 152,764
40,024,714 30,725,266

Average interest rates on customer deposits range from 2.50% to 7.25% (2005: 2.50% to 6.00%).

Funds held pending settlement represent funds received from investors in connection with securities transactions
that were not completed until after year end.

9. Accrued expenses and other liabilities


Dividends payable on preference shares
Due to the Parent
Due to affiliates
Accrued expenses and other liabilities





10. Maturity analysis of assets and liabilities

The maturity analysis of financial assets and liabilities, other than investment securities, based on the remaining
period to the contractual maturity date as of the consolidated balance sheet date is as follows:

Cash on hand
and at banks

As of 31 December 2006
Up to 3 months
3 12 months
Over 12 months

As of 31 December 2005
Up to 3 months
3 12 months
Over 12 months

advances ti




Loans and Customer
o customers deposits
$ S
2,184,696 31,276,266
1,800,000 300,000
3,984,696 40,024,714

4,388,225 23,739,559

14,510,447 4,388,225 30,725,266

11. Share capital ordinary shares


1,000,000 ordinary shares of $1.00 each

Issued an'd fully paid

1,000,000 ordinary shares of $1.00 each

12. Share capital preference shares



2,000,000 preference shares of $1.00 each


Issued and filly paid

2,000,000 preference shares of $1.00 each


Preference shares are cumulative redeemable non-voting preference shares with a par value of $1.00 per share,
which are redeemable at the option of the Bank subject to the approval of The Central Bank of The Bahamas.

The preference shares carry a dividend rate of Bahamian dollar Prime rate plus 0.75%, subject to a minimum rate
of 7.50%, payable quarterly in arrears. Dividends are declared by the Board of Directors in their sole discretion.
The preference shares rank ahead of the ordinary shares in the event of liquidation

13. Related party balances and transactions

Related parties include those entities and directors which have the ability to control or exercise significant
influence over the Bank in making financial or operational decisions, and entities that are controlled, jointly
controlled or significantly influenced by them.

The Bank engages in significant transactions with the Parent and affiliated companies. Business policies and
economic decisions of the Parent affect or dictate, to a substantial extent, the Bank's activities. Because of these
relationships, it is possible that the extent and/or terms of these transactions are'not the same as those that would
result from transactions among wholly unrelated parties.

Significant balances and transactions with related parties included iI the consolidated financial statements, but not
separately disclosed, are as follows:

Balance Sheet
I ash o!I h ull I n ,lt .lnk
Loans and advances to customers
Prepaynents and other assets
Customer deposits
Accrued expciics iid other liabilities



As o' 31 Decccnber 2006, loans with a carrying amount of $716,283 (2005: $Nil) were assigned to the Parent at
the carrying amount.

In September 2006, the Bank sold its interest in West Bay to a related party at the net book value of $919,701.

rnrrl l~!r.:~"'ra~~ 5-4-7







a) Prepayments and other assets

Prepayments and other assets include amounts due from certain directors and/or officers of the Bank
amountuig to S12,104 (2005: $3,265).

b) Accrued expenses and other liabilities

Pursuant to an agreement dated 1 July 2002, the Group and the Parent had entered into a financial guarantee
contract whereby the Group would receive from the Parent the amount by which the return on its portfolio of
Bahamian securities was less than five percent (5%). In exchange for the guaranteed return of 5%, the Group
would pay to the Parent fifty percent (50%) of gains on its portfolio of Bahamian securities in excess of five
percent (5%). The agreement was terminated effective 30 June 2005.

Included in accrued expenses and other liabilities is $262,872 (2005: $120,199) due to an affiliate company.
Pursuant to an informal arrangement, the Group pays certain operational expenses on behalf of the affiliate
entity, whose principal activity includes the rental of investment property. The arrangement is such that the
Group will offset its rental payments owed to the affiliate against the receivable.

c) Technical fees

The Bank entered into an arrangement with the Parent, effective 1 January 2004, under which, in
exchange for corporate finance services rendered on behalf of the Bank by employees of the Parent, the
Bank agreed to pay the Parent a percentage of corporate finance fees earned by the Bank.

d) Common sharing costs

Pursuant to an informal arrangement, the Bank's operational expenses, which are not directly attributable to,
itself or its subsidiaries, are allocated to each affiliated entity based on the directors' estimate of the business
and operating activities of each affiliated entity.

e) Investment securities

Included in listed equity securities as of 31 December 2006, is the Group's investment in an affiliated
company, listed on The Bahamas International Stock Exchange, with a carrying value of$1,412,500 (2005:

14. Employee benefits

The Group's employees participate in a defined contribution plan (the Plan). Assets of the Plan are heldin a
separately administered fund, and employees contribute 5% of gross salary, with the Group making matching

15. Commitments

Lease commitments
The future minimum rental payments required under non-cancellable leases as of 31 December are as follows:


Total minimum payments



Loan commitments
As of 31 December 2006, the Bank had loan commitments of approximately $2,700,000 (2005: $810,000).

16. Critical accounting estimates and judgments in applying accounting policies

The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities within the
next financial year. Estimates and judgments are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Impairment losses on loans and advances

The Group reviews its loan portfolios to assess impairment at least on a quarterly basis. In determining whether an
impairment loss should be recorded in the consolidated income statement, the Group makes judgments as to
whether there is any observable data indicating that there is a measurable decrease in the estimated future cash
flows from a portfolio of loans before the decrease can be identified with an individual loan in that portfolio. This
evidence may include observable data indicating that there has been an adverse change in the payment status of
borrowers in a group, or national or local economic conditions that correlate with defaults on assets in the group.
Management uses estimates based on historical loss experience for assets with credit risk characteristics and
objective evidence of impairment similar to those in the portfolio when scheduling its future cash flows. The
methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed
regularly to reduce any differences between loss estimates and actual loss experience.

17. Financial risk management

Fiduciary risk

The Bank is susceptible to fiduciary risk, which is the risk that the Bank may fail in carrying out certain mandates
in accordance with the wishes of its customers. To manage exposure, the Bank generally takes a conservative
approach in its undertakings.

Strategy in using financial instruments

S By their nature, the Group's activities are principally related to the use of financial instruments. The Group
accepts deposits from customers for various periods, and seeks to earn above-average interest margins by
investing these funds in high-quality assets. The Group seeks to increase these margins by consolidating short-
term funds and lending for longer periods at higher rates, while maintaining sufficient liquidity to meet all claims
that might fall due.

The Group also seeks to raise its interest margins by obtaining above-average margins, net of allowances, through
S lending to commercial and retail borrowers with a range of credit standing. Such exposures involve not just on-
S balance sheet loans and advances; the Group also enters into guarantees and other commitments such as letters of
credit and performance, and other bonds.

Credit risk

The Group takes on exposure to credit risk, which is the risk that a counterpart will be unable to pay amounts in
full when due. Impairment provisions are provided for losses that have been incurred at the balance sheet date.
Significant changes in the economy, or in the health of a particular industry segment that represents a
concentration in the Group's portfolio, could result in losses that are different from those provided for at the
balance sheet date. Management therefore carefully manages its exposure to credit risk.

The Group structures the levels of credit risk it undertakes by placing limits on the amount of risk accepted'in
relation to one borrower, or groups of borrowers, and to geographical and industry segments. Such risks are
monitored on a revolving basis and subject to an annual or more frequent review. Limits on the level of credit risk
by product, industry sector and by country are approved by the Board of Directors.

Exposure to credit risk is managed through regular analysis of the ability of borrowers and potential borrowers to
meet interest and capital repayment obligations and by changing these lending limits where approximate.
Exposure to credit risk is also managed in part by obtaining collateral and corporate and personal guarantees.

The Group's deposits and investments are placed with high credit quality financial institutions and corporations.
Loans are presented net of provisions for loan losses. Whilst the majority of loans are secured by listed equity
securities, advances in the normal course of business are generally unsecured.

Credit-related commitments

The primary purpose of these instruments is to ensure that funds are available to a customer as required.
Guarantees which represent irrevocable assurances that the Group will make payments in the event that a
customer cannot meet its obligations to third parties carry the same credit risk as loans.

Commitments to extend credit represent unused portions of authorisations to extend credit in the form of loans,
guarantees or letters of credit. With respect to credit risk on commitments to extend credit, the Group is potentially
exposed to loss in an amount equal to the total unused commitments. However, the likely amount of loss is less
than the total unused commitments, as most commitments to extend credit are contingent upon customers
maintaining specific credit standards. The Bank monitors the term to maturity of credit commitments because
longer-term commitments generally have a greater degree of credit risk than shorter-term commitments.

Geographical concentrations of assets and liabilities

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

Cash fow and fair value interest rate risk

Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will
fluctuate because of changes in market interest rates. The Group takes on exposure to the effects of fluctuations in
the prevailing levels of market interest rates on both its fair value and cash flow risks. Interest margins may
increase as a result of such changes but may reduce gains or create losses in the event that unexpected movements

The Group employs effective techniques and procedures to monitor and control its exposure to interest rate risk.
Loans generally have variable rates, linked to The Bahamian dollar Prime rate. Exposure to interest rate risk,
which is mainly due to fixed rates on savings certificates sold to customers, is minimised by the short-term
maturities of the majority of these balances.

Liquidity risk

The Group is exposed to daily calls on its available cash resources from current accounts, maturing deposits, loan
draw-downs and guarantees. The Group does not maintain cash resources to meet all of these needs, as experience
shows that a minimum level of reinvestment of maturing funds can be predicted with a high level of certainty. The
Board sets limits on the minimum proportion of maturing funds available to meet such calls and on the minimum
level of inter-bank and other borrowing facilities that should be in place to cover withdrawals at unexpected levels
of demand.

The matching and controlled mismatching of the maturities and interest rates of assets and liabilities is
fundamental to the management of the Group. It is unusual for banks to be completely matched, as transacted
business is often of uncertain term and of different types. An unmatched position potentially enhances
profitability, but also increases the risk of losses.

The maturities of assets and liabilities and the ability to replace, at an acceptable cost, interest-bearing liabilities as
they mature are important factors in assessing the liquidity of the Group and its exposure to changes in interest
rates and exchange rates.

Liquidity requirements to support calls under guarantees and standby letters of credit are considerably less than the
amount of the commitment because the Group does not generally expect the third party to draw funds under the
agreement. The total outstanding contractual amount of commitments to extend credit does not necessarily
represent future cash requirements, as many of these commitments will expire or terminate without being funded.

The Group is exposed to liquidity risk through its investments.in Bahamian securities and its portfolio of loans and
advances to customers, where it may not be feasible to liquidate or exchange such assets for consideration that
approximates carrying value. The Group monitors this exposure by setting limits to its investments exposure and
matching the maturity of its short-term loans with shorter-term customer deposits.

The loan portfolio principally comprises medium-term margin loans, which are financed by shorter-term customer
deposits. As such, the Group is exposed to liquidity risk, which is continuously monitored by management.

18. Fair values of financial Instruments

Financial instruments utilised by the Group include recorded financial assets and liabilities, as well as items that
principally involve off-balance sheet risk. These financial instruments are carried at fair value or are relatively
short term in nature and accordingly, the estimated fair values are not significantly different from the carrying
value as reported in the consolidated balance sheet.

19. Subsequent event

Effective 15 April 2007, Royal Bank of Canada (RBC) and the Parent announced the signing of a joint venture
agreement under which RBC will acquire a 50% interest in the Bank. The joint venture will be called Royal
Fidelity Merchant Bank & Trust Limited (Royal Fidelity). As part of the transaction, RBC's Barbados based
investments and trusts department group will be acquired by Royal Fidelity. This transaction is expected to be
completed by July 2007, pending regulatory approvals in both The Bahamas and Barbados and other customary


L ~~U I ISH!J I-


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-on r-

Mid-May meeting aiming to

salvage Hilton marina deal

(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.
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

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

FROM page 1

find one way or another to devel-
op a Yacht Haven Grande here,
not dissimilar to the Yacht Haven
Grande we have just opened in St
Thomas," Mr Farkas previously
told The Tribune.
"However, to the extent we are
unable to convince Adurion to
stay with the original terms, then
we'll seek an alternative venue."
He indicated that a search for
possible alternative sites to the
Hilton joint venture, which would

be situated on land immediately
to the west of the downtown Nas-
sau hotel, had already begun.
"They want to renegotiate the
price of the land," Mr Farkas had
said. "Price is a fairly fundamen-
tal term."
Sources close to Adurion and
its partner in the British Colonial
Hilton, the Canadaian Commer-
cial Workers Industry Pension
Plan (CCWIPP), had previously
told The Tribune that while no
agreement had been signed with
IGY, they did not believe there

The Public is hereby advised that I, ELEANOR COLLIE.
of Millennium Gardens, c/o P.O.BOX N-3733, Nassau,
Bahamas intend to change my name to ORYNTHIA
ELEANOR COLLIE. If there are any objections to
this change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, PO.Box SS-742,
Nassau, Bahamas no later than thirty (30) days after the
date of publication of this notice.

The Public is hereby advised that I, SAM6N CHANDON
THOMPSON, of #384 Halifax Rd., P.O. Box EE-17780,
Nassau, Bahamas intend to change my name to SAMUEL
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.

was a "deal breaker" issue to be
Failure to conclude a deal with
IGY would be a blow to both the
British Colonial Hilton and the
downtown Nassau redevelopment
initiative, as the proposed project
would both enhance the hotel and
make it a 'magnet attraction' for
visitors and Bahamians, and pro-
vide another 'anchor' to revitalize
that part of Bay Street.
An economic impact study pre-
dicted that the IGY project would
generate "very substantial
employment", creating 700 direct
full-time jobs and another 400
indirect permanent jobs foi
Bahamians. The indirect jobs will
be created at suppliers of goods
and services to the development,
and through services provided to
The study also forecast that the
IGY development would create
200-250 full-time jobs during con-
struction, and has a total eco-
nomic impact of $222.8 million
over a 20-year period.
IGY's proposed marina on
West Bay Street would have 72
slips, catering chiefly to the larg-
er yachts and vessels, those of
between 100-150 feet to 200 feet
and longer.
The development will feature a
boutique hotel of about 150-200
rooms, several restaurants, retail'
and a parking structure for over'
300 cars.
Adurion itself has made a
more-than $30 million investment'
commitment to revitalise the
Hilton, including a $15 million'
refurbishment programmed, after:
taking control of the British Colo-
nial Development Company from
its Canadian pension fund part-

Bank of Hawaii Corporation and Subsidiaries
. Consolidated Statements of Condition
December 31, December 31,
(dollars in thousands) 2006 2005
Interest-Bearing Deposits $ 4,990 $ 4,893
Funds Sold 50,000 -
Investment Securities Available-for-Sale
Held in Ponfolio 1,846,742 2,333,417
Pledged as Collateral 751,135 204,798
Investment Securities Held-to-Maturity
(Fair Value of $360,719 and $442,989) 371.344 454,240
Loans Held for Sale 11,942 17,915
: Loans and Leases 6,623,167 6,168,536
Allowance for Loan and Lease Losses (90,998) (91,090)
Net Loans and Leases 6.532,169 6,077,446
Total Earning Assets 9,568,322 9,092,709
Cash and Noninterest-Bearing Deposits 398,342 493,825
Premises and Equipment 125.925 133,913
Customers' Acceptances 1230 1.056
Accrued Interest Receivable 49,284 43,033
Foreclosed Real Estate 407 358
Mortgage Servicing Rights 19,437 18,010
Goodwill 34,959 34,959
Other Assets 373,909 369.175
Total Assets S 10.571,815 $ 10,187,038
Nonintcrest-Bearing Demand S 1,993,794 $ 2,134,916
Interest-Bearing Demand 1,642.375 1,678,454
Savings 2,690,846 2,819,258
Time 1,696,379 1.274.840
Total Deposits 8,023.394 7.907,468
Funds Purchased 60,140 268,110
Short-Term Borrowings 11,058 9,447
Securities Sold Under Agreements to Repurchase 1,047,824 609,380
Long-Term Debt 260,288 242,703
Banker's Acceptances 1,230 1,056
Retirement Benefits Payable 48,309 71,116
Accrued Interest Payable 22,718 10,910
Taxes Payable and Deferred Taxes 277,202 269,094
Other Liabilities 100.232 104,402
Total Liabilities ,9,852,395 9,493,686
Commitments and Contingencies (Note 16)
Shareholders' Equity
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: December 2006 56.848,609 / 49,777.654;
December 2005 56.827.483 / 51,276,286) 566 565
Capital Surplus 475,178 473,338
Accumulated Other Comprehensive Loss (39,084) (47,818)
Retained Earnings 630,660 546,591
Deferred Stock Grants (11,080)
Treasury Stock, at Cost (Shares: December 2006 7,070,955;
December 2005 5.551,197) (347,900) (268,244)
Total Shareholders' Equity 719,420 693,352
Total Liabilities and Shareholders' Equity $ 10.571,815 $ 10,187,038
The accompanying notes are an integral pan of the Consolidated Financial Statements.
If complete audited accounts required, contact Bank of Hawaii Nassau Branch
P. 0. Box N-3242, Nassau, Bahamas.

Report of Independent Registered Public Accounting Firm

Board of Directors and Shareholders
Bank of Hawaii Corporation
We have audited the accompanying consolidated statements of condition of Bank of Hawaii Corporation and
subsidiaries 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, the financial statements referred to above present fairly, in all material respects, the consolidated
financial position of Bank of Hawaii Corporation and subsidiaries at December31, 2006 and 2005, and the
consolidated results of their operations and their cash flows for each of the three years in the period ended
December 31, 2006, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States), the effectiveness of Bank of Hawaii Corporation and subsidiaries' 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 February 16. 2007
expressed an unqualified opinion thereon.
s/ Ernst & Young LLP
Honolulu. Hawaii
February 16, 2007





Bahamians 'becoming

foreigners in own land'

FROM page 5
Germany and Haiti."
And Mr Smith added: "Build-
ing materials are imported direct-
ly from the US. The majority of
the developments use their own
project managers, market sales
abroad, and use foreign engi-
neers, lawyers, surveyors and
"There are rarely, if ever,
Bahamian equity joint partners.
Because taxes are waived, the
Bahamian Treasury gets very lit-
tle when compared to the vast
fortunes to be derived by the
developers from leveraging the
land sales at the developments.
"Because the investments tar-
get affluent foreigners and the
developers are in the business of
leveraging the land and marine
resources for maximum profit,
Bahamians are having difficulty in
affording land in their own coun-
try in the areas of these develop-
ments, as prices have skyrocket-
ed. In many of these develop-
ments Bahamians have become
foreigners in their own local
While Bahamians in the Fami-
ly Islands welcomed economic
development and growth, Mr
Smith said they did not want it
imposed upon them in a "vision-
less and unimaginative" way by
the central government in Nas-
He argued that many 'anchor
projects' had "been dropped in
most inappropriately in areas that
do not need them or cannot pro-
yide the necessary labour, skills or
"In some instances, the locals
simply want a legitimate role in
participating and visioning the
future of their communities, as
stakeholders," Mr Smith said.
"They want a place at the
negotiating table. They want to

help to mitigate the extent of
damage to the environment. They
wish to reduce social and cultural
disruption; make meaningful con-
tributions to the national devel-

opment debate and process, pro-
tect many of their local and tra-
ditional rights and try to achieve
substantial and real local eco-
nomic benefits."




The Department of Statistics will carry out
its Annual Household Survey during the
month of May. Enumerators with official
identification cards from the Department of
Statistics will visit selected households in
New Providence, Eleuthera, Exuma and
Grand Bahama, and will be calling upon
residents to complete the questionnaires
honestly and accurately. The information
obtained will be handled in the strictest
confidence and will be used to maintain
essential statistical data on our country.


To the Stockholder and Board
of Directors of Harris N.A.
We have audited the accompanying consolidated statements of condition of Harris N.A. (an indirect wholly-
owned subsidiary of Bank of Montreal) and subsidiaries as of December 31, 2006 and 2005, and the related
S.consolidated statements of income, comprehensive income, changes in stockholder's equity and cash flows for each
* bf the years in the three year period ended December 31, 2006. These consolidated financial statements are the
responsibility of Harris N.A.'s management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.
S We conducted our audits in accordance with auditing standards generally accepted in the United States of o.
America. 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
t 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.
S In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,
the financial position of Harris N.A. and subsidiaries as of December 31, 2006 and 2005, and the results of their
operations and their cash flows for each of the years in the three year period ended December 31,2006 in conformity
With U.S. generally accepted accounting principles,

'* Wi

Chicago, Illinois
SMarch 28, 2007

Harris N.A. and Subsidiaries
Consolidated Statements of Condition
December 31
2006 12005
(Ip thqueands except share data)
Cash and demand balances due from banks................. ..... . $ 1,084,959 $ 1,399,4(5
Money market assets:
S Interest-bearing deposits at banks ................................ 944,116 1,007,667
Federal funds sold..... ................ .............. ..... 672,760 258,915
Securities available-for-sale (including $5.15 billion and $3.80 billion of
securities pledged as collateral for repurchase agreements at December 31,
2006 and December 31, 2005, respectively).... ................... 10,713,910 6,573,222
Trading account assets .............. ................... 220,716 181,121
Loan ................... .................................. 25,402,554 24,347,528
Allowance for loan losses ................... .................. (322,742) (331,838
S Net loans ...................................... ... ....... 25,079,812 24,015,690
Loans held for sale .............. . ......................... 34,451 32,364
SPremises and equipment ...... ................................. . 474,073 448,144
,Bank-owned insurance ............... ....... ........ ....... ..., 1,155,925 1,115,172
& Goodwill and other intangible assets ................ .............. 395,140 416,498
Other assets .............. .. .. ................ . .. .... .. . 989,965 810,818
Total assets ................. ........................ ......... $41,765,827 $36,259,026
v Deposits in domestic offices noninterest-bearing ............... .... . $ 6,232,744 $ 6,480,021
,d interest-bearing ....... ....... ....... 22,855,715 17,882,772
,Deposits in foreign offices interest-bearing .... ................. ... 1,030,838 1,270,741
Total deposits ................................ .. ... ..... 30,119,297 25,633,534
'Federal funds purchased ; ........ . . ...... . ..... . 476,000 927,990
-'Securities sold under agreement to repurchase ..... ................ . 3,475,839 2,488,493
Short-term borrowings .......................... ................ 1,261,679 2,037,770
Short-term senior notes....................... ...... .... 100,000 800,000
*Accrued interest, taxes and other expenses. ........................ 205,942 159,854
.'Accrued pension and post-retirement ................................. 170,853 97,577
,Other liabilities ................... .............................. 1,070,554 247,505
>Minority interest -- preferred stock of subsidiary ......................... 250,000 250,000
.Long-term notes senior ................ ........................ 996,500 250,000
.Long-term notes subordinated .................. ............... . 292,750 292,750
Total liabilities. . . . . . . . . . . 38,419,414 33,185,473
STotal liabilities...................... I...................... 38,419,414 33,185,473
'Stockholder's Equity
Common stock ($10 par vaiuej; authorized 40,000,000 shares; issued and
outstanding 14,303,361 and 14,016,361 shares at December 31, 2006 and
S December 31, 2005, respectively .......... .... ............ ...... 143,034 140,164
Surplus. .. ......... ................. .... ............... 1,489,52, 1 1,327,828
Retained earnings ........................................ ..... 1,811,497 1,675,548
.Accumulated other comprehensive loss ............................. (97,639) (69,987)
Total stockholder's equity ..................... .......... . 3,346,413 3,073,553
Total liabilities and stockholder's equity ........................... $41,765,827 $36,259,026
The accompanying notes to consolidated financial statements are an integral part of these statements.

A copy of the Annual Report may be obtained from Ansbacher
(Bahamas) Limited, Ansbacher House, Bank Lane, Nassau, Bahamas.

of the Bahamas Acts and Regulations.
* Computer literate-Ability to use electronic working papers, MS
Word and Excel

Benefits include: Competitive salary commensurate with experience
and qualifications; Group Medical; (includes dental and vision) and
life insurance; pension scheme.

Interested persons should apply no later than 15th May, 2007 to:

The Chief Operations Officer
P.O. Box AP 59241
Nassau Bahamas
Fax: (242)327-1514
Email: rmullings@pasche.ch

I__ 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

Pasche Bank & Trust Ltd
Subsidiary of


Vacancy for:

Internal Auditor/Compliance Officer

Core responsibilities
* Perform operational and compliance audits in finance, operations
and credit areas.
* Preparation of audit reports for review by Management
* Review financial data and reports.
* Assist external auditors during year-end audits and special
* Compliance Committee and Money Laundering Reporting Officer.
* Reviewing procedures and recommending necessary changes
* Maintain a compliance monitoring program that identify risks
& breaches in Control and Procedures.
* Maintaining register of Internal Compliance reports.
* Provide guidance on the proper application and interpretation of
laws, regulations and policies applicable to the bank.
* Assist Senior Management with establishing & maintaining good
relationships with regulators.
* Assist in the development of effective internal compliance culture,
by promoting the benefits of ethical business conduct.
Knowledge, skills and Abilities
* A Certified Public Accountant & /or Certified Internal Auditor
with minimum of three years experience with an international
public accounting firm.
* Detailed understanding of Offshore banking, The Central Bank




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In Beauty Supply Stores & Supermarkets Everywhere.

Chamber chief urges

greater ministerial


Tribune Business Reporter
The Bahamas Chamber of Commerce has
challenged the new Cabinet to make itself
more available to the business community
and foster stronger public-private partnerships.
Speaking with Tribune Business Tanya Wright, the
Chamber's president, said they were encouraged
by the appointments of ministers and ministers of
state on Monday.
"We think the Cabinet structure is suitably aligned
with the composition of the Chamber's existing
structure," she said.
"We hope that that this will provide an easy for-
mat to link our members with the relevant govern-
ment agencies."
She also called on the Cabinet ministers to make
themselves readily available and to give the Cham-
ber access to each ministry's modus operandi. She
added that ministers should seek to facilitate busi-
Mrs Wright said the Chamber has long been agi-
tating for greater public/private partnerships long
before the election took place, and encouraged the
Cabinet to do this as soon as possible.
In naming his Cabinet, Prime Minister Ingraham
eliminated a the Ministry of Financial Services and
Investments, naming Zhivargo Laing as the minister
of state for finance. He also named Larry Cartwright
as Minister of Agriculture and Marine Resources
with an added responsibility for Small Business
Development; Sidney Collie was named Minister

of the newly-created Ministry of Lands and Local
Government; and Kenneth Russell has been given
responsibility for Housing and National Insurance:
Mr Ingraham is expected to announce the port-
folios of the various ministries today.

Attorney calls for Environmental Health

to regulate investment projects

from page 1

mal one."
Mr Smith identified the Envi-
ronmenital Health Services Act
as the main vehicle for environ-
mental regulation in the Bahamas
that had been given statutory
He added: "The Environmen-
tal Health Services Act sets out a

fairly substantial regulatory
regime as regards environmental
health matters in the Bahamas,
and allows for that regime to be
substantially expanded through
the lawful making of regulations
by the Minister.
"It is likely to have a bearing
on any industrial activity in the
Bahamas, and a substantial range
of non-industrial commercial
activities as well. Unfortunately, it

is not used as a regulatory agency
in respect of developments, par-
ticularly those under the Heads of
Mr Smith said the Environ-
mental Health Services Act
imposed requirements on
Bahamas-based developers and
businesses to obtain permission
from the responsible minister if_
pollutants were likely to be dis-
charged during their operations.


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