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Permanent Link: http://ufdc.ufl.edu/UF00084249/02900
 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: 5/23/2007
 Subjects
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
 Notes
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
sobekcm - UF00084249_02900
System ID: UF00084249:02900

Full Text









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MORNING
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The


Tribune


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Volume: 103 No.152


WEDNESDAY, MAY 23, 2007


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Revelation on

talk show raises


serious election


questions


I 0


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Engineer denies significant flooding problem


* By BRENT DEAN
Tribune Staff Reporter
A YOUNG man has publicly
alleged that he has voted twice,
and is in possession of several
voters cards, yet he is not a
Bahamian citizen.
The young man made these
statements on the More FM
radio talk-show Real Talk Live
with Jeffrey Lloyd yesterday,
bringing into question the
integrity of the Bahamian elec-
toral process.
The 29-year-old man, simply
identified as Charlo, said that
he was born in the Bahamas to
a Bahamian father and a
Jamaican mother who had per-
manent residence, but they
were unmarried.
As a result, Charlo did not
automatically receive citizen-
ship. He said he had applied
through the department of
immigration for citizenship, but,
after 12 years, he is still wait-
ing for a final reply.
Charlo claims he voted both
in 1997 and 2002, and the only
reason he didn't vote in the
most recent election was
because he was upset that nei-
ther party addressed a national
immigration policy, which
leaves thousands of people in
the Bahamas stateless espe-
cially in the cases of those of
Haitian ancestry.
"The FNM government, and
the PLP government, I voted
for the two of them, but appar-


ently, no-one looks like they
interested in sorting this issue
out.' So, I just decided to stay
home," he said.
When asked by Mr Lloyd
how he was able to register the
first time, without showing a
proof of citizenship, Charlo said
that he was accompanying an
employer, who was getting reg-
istered at the time presum-
ably in 1997 when the employ-
er suggested he register, too.
According to Charlo, the staff
member of the parliamentary
registration department asked
him if.he was Bahamian, to
which he replied, "yes".
He further claims that he
merely showed school identifi-
cation, rather than proof of cit-
izenship, and was able to com-
plete the registration process.
Parliamentary registrar, Errol
Bethel, said he could not com-
ment specifically on the case,
as he has no report, or infor-
mation, on the allegation.
But Mr Bethel assured the
public that first-time voters are
required to show proof of citi-
zenship in order to register to
vote.
Mr Bethel added that he has
not received formal complaints
that non-citizens have, or are,
voting.
If these allegations are true,
then the question arises as to
how many of the thousands of
stateless Haitians are illegally
registering and voting in
Bahamian elections.


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* MOTORISTS had to slow down in the Montagu Beach area as flood waters forced them into one lane a problem which seemed
to be recurring across the island
(Photo:Felip6 Major/Tribune staff)


* By ALISON LOWE
Tribune Staff Reporter
IT would not be "fair"-to say
that there is a significant flood-
ing problem in New Providence,
a chief engineer at the Ministry
of Works said yesterday.
However, engineer Howard
Barrett explained that tide lev-
els and intensity of rain both


outside the ministry's control
- have an impact on how
quickly water can drain off after
rain falls in New Providence.
And despite his reluctance to
admit to the existence of a
flooding problem, he revealed
that there is a ministry study
underway.
"In terms of capital develop-
ment there is a study which is


now ongoing that we are look-
ing at and coming out of that
that will drive the nature of the
development that will take
place," he said.
He could not say when the
study began or when it is likely
to conclude.
Mr Barrett said that the min-
istry is involved in a continuous
effort to maintain the drainage


system, and this will be stepped
up in the lead up to the hurri-
cane season.
Previously, Public Works
Director Melanie Roach has
been reticent about the issue of
flooding in New Providence.
Ms Roach has denied that
there is a serious problem, and
SEE page 10


Ferguson mocks decision

by PLP to contest seats


* By KARIN HERIG
Tribune Staff Reporter
THE PLP made their bed in
terms of constituency cuts and
now have to lie in it, FNM vice-
chairman Johnley Ferguson
said yesterday.
Responding to the PLP's
announcement that it is look-
ing into the possibility of con-
testing up to five seats in elec-
tion court, Mr Ferguson told
The Tribune yesterday:
"If the PLP feel aggrieved,
that's amazing. They are the
ones who set the rules, they are
the ones who cut the bound-
aries, they are the ones who
had half of a polling station in
one constituency and the other
half in the next one," he said.


Mr Ferguson pointed out
that Prime Minister Hubert
Ingraham who was the leader
of the opposition at the time
the boundaries were cut cau-
tioned the PLP and warned
them that the new division of
constituencies "didn't make
good sense and could result in
problems."
"But Mr (Perry) Christie was
the prime minister then and his
advisers, whoever they were,
advised him that this was the
right thing to do. Now for them
it backfired and they are crying
wolf," Mr Ferguson said.
Prime Minister Ingraham in
his first public address after the
election accused the PLP of
SEE page 10


* By PAUL TURNQUEST
Tribune Staff Reporter
PLP national chairman Ray-
nard Rigby defended his par-
ty's awarding of $80 million
worth of contracts in the run-up
to the May 2 general election,
stating that there was nothing
"illegal or improper" about the
issuance of any of them.
Mr Rigby warned the FNM
that they would be setting a
"dangerous precedent" by sus--
pending or cancelling any of
the contracts.
These remarks came as a
direct response to those of
FNM Senator Johnley Fergu-
son, who revealed to the press
yesterday the alarming figures
about which he said the public-


can expect further comment.
Mr Rigby said, however, that
he found it incredible that Mr
Ferguson, who is not a minister
of the newly-appointed FNM
government, had access to the
files of the Ministry of Works.
"The last time I checked, Mr
Ferguson was not one of the
members of Hubert Ingra-
ham's gussiemae cabinet. As a
political novice it is clear that
Mr Ferguson does not have an
understanding of the role that
he plays and the role of those
who are members of the
gussiemae cabinet. This is sim-
ple politics 101. He had better
get up to the mark," Mr Rigby
said.
SEE page 10


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SBAHAiami EDITraION
BAHAMAS EDITION


Rigby defends $80m of

contracts signed by PLP























The President of the B.C.M.C.
offers a personal invitation for persons to attend the
Spiritual Growth Conference

My dear friends:

I write to you just days away from the beginning of our 2007 Spiritual Growth
Conference with my personal invitation for you to attend the sessions of the
Conference as will be outlined below.

The Conference will take place at Ebenezer Methodist Church, East Shirley
Street, Nassau. We are pleased to welcome to our Conference Bishop James
Swanson from the Holston Conference of the United Methodist Church. Bishop
Swanson is very involved in the World Methodist Council and we are privileged
to have him with us. Also joining us will be the Rev. Dr. Dan Johnson from the
United Methodist Church in Gainesville, Florida. Dr. Johnson is a published
author in Old Testament studies and will give the Key Note address on Wednesday
and Thursday nights, May 23 and 24 at Ebenezer Methodist Church. He will
also conduct the Bible Study on Thursday morning, May 24 at 9.30 a.m.
Bishop Swanson will be the Key Note speaker on Friday night, May 25 and the
Bible Study on Friday morning at 9:30 a.m.

I want to stress the fact that the Spiritual Growth Conference is open to everyone.
I know you won't regret it if you come to some of the sessions. On Sunday,
May 27, 2007 all Methodist Churches in the Bahamas Conference will close for
the 11:00 a.m. services. We will all gather at the Queen's College Auditorium
for a United Worship Service. Bishop James Swanson will be the Guest Preacher.
You won't want to miss this event. I expect all of our Methodist Members and
friends to be present.

I invite you to pray with us as we prepare for a fresh anointing of the Holy Spirit.
May God Bless you.

Kenris L. Carey
President






Wednesday, May 23, 2007
1:30 p.m. Business Session Ebenezer Sanctuary
4: 30 p.m. Communion Service
7:30 p.m. Evening Session. Worship Coordinator Rev. Bill Higgs
Preacher: Rev. Dr. Dan Johnson

Thursday, May 24, 2007 Aldersgate Day
9:30 a.m. Bible Study Worship Coordinator: Rev. Godfrey Bethell
Bible Study Leader: Rev. Dr. Dan Johnson
2:00p.m. Workshops. (Workshops end at 4:00 p.m. and will take place at
Epworth Hall)

1. Faith and Healing Rev. Marie Neilly
Spirit Filled Preaching Rev. Mark Carey
Growing a Church John Wesley's Way Rev. Dr. Stephen Hale
4. Practicing Excellence in our Faith and Finances Rev. Philip
Stubbs
5. Relational Evangelism Rev. Diego Flores
7:30 p.m. Evening Session. Worship Coordinator: Rev. Mark Carey
Preacher: Rev. Dr. Dan Johnson

Friday, May 25, 2007
9:30 a.m. Bible Study Worship Coordinator: Rev. Carlos Thompson
Bible Study Leader: Bishop James Swanson
2:00 p.m. Workshops: (Same location as Thursday)
1. Transition and Change: Discerning God's Will For My Life.
Rev. Carla Culmer
2. The Life and Work of Charles Wesley Rev. Charles Sweeting
3. Implementing Changes In Churches To Stimulate Growth
Rev. James Neilly
4. Excellence in Spiritual Leadership Rev. Dr. Laverne Lockhart
5. Foundations For Practicing Excellence Bishop James Swanson
6. Excellence: Act or Attitude? Rev. Bill Higgs
7. Into the Deep: The Truth About Spousal Abuse, Domestic Violence
and Rape Rev. Christopher Neely.
7:30 p.m. Evening Session. Worship Coordinators: Pastors Martin and
Sharon Loyley.
Preacher: Bishop James Swanson

Saturday, May 26 2007
8:00 a.m. Breakfast Epworth Hall
9:00 a.m. Special Seminar on Personal Growth and Leadership
Worship Coordinator: Rev. James Neilly
Presenter: Bishop James Swanson
1:00 p.m. Lunch Epworth Hall
2:00 p.m. Closing Worship
Youth Activity
9:30 a.m. Day Session at Adventure Learning Camp -
Coordinators: Mr. Charles Moss; Rev. Marie Neilly; Mr. Henry
Knowles


7:30 p.m.


SPIRITUAL GROWTH CONFERENCE CONCERT -
EBENEZER
Coordinator: Mr. Maxwell Poitier


Sunday, May 27, 2007
11:00 a.m. UNITED WORSHIP SERVICE Queen's College Auditorium
Worship Coordinator: Rev. Carla Culmer
Preacher: Bishop James Swanson
12:30 p.m. March of Witness immediately following worship- Queen's College
to Village Road Round-About and back to Q.C.



Further Information available from all BCMC Methodist Churches and from
the BCMC Office: Phone 393-3726. Fax: 393-8135


MINISTER of Maritime
Affairs and Labour Dion
Foulkes reiterated the
Bahamas' commitment to the
growth and development of the
port of Nassau during a press
conference at his ministry yes-
terday.
Mr Foulkes remarked that of
the five million tourists that vis-
it the Bahamas annually,
around three million of them
do so via the port of Nassau.
This fact, he said, makes the
port an "invaluable part" of the
socio-economic development of
the Bahamas.
"In addition to the large num-
ber of pedestrian traffic through
Prince George Wharf which
serves as the gateway for visi-
tors to New Providence, Festi-
val Place teems with vendors,
visitors and users alike, creat-
ing an atmosphere here at the
port of Nassau that is very sim-
ilar to that of the port of Palm
Beach.
The press conference was
called to announce a series of
meetings between Mr Foulkes
and officials from various inter-
national ports, the first of which
if being held with officials from
Palm Beach.
"The two ports also share
similarities in terms of their day-
to-day operations which include
those related to containerised
operations, dry, liquid bulk and
break bulk and roll on/roll off
cargo," he said.
"The port of Palm Beach also
acts as an important distribu-
tion centre for commodities
being shipped primarily through
the Caribbean. One of the gov-
ernment's objectives, as out-
lined in Manifesto 2007, is for
the establishment of linkages in
the economic sector.
"It is my belief that the rela-


* DION Foulkes


tionship between the port of
Palm Beach and the port of
Nassau could play a key role in
expanding the economic link-
ages in the economic sector this
government is desirous of, while
allowing officials from both
ports to share expertise and
training in a number of areas
which is paramount to the sur-
vivability of ports worldwide,"
the minister said.
Due to the similarities
between the two ports, Minister
Foulkes said that opportunities
are available to both countries
to share expertise in a number
of areas including cruise ship-
ping, port security and con-
tainerised shipping; all in an
effort to ensure the future
growth and development of
both entry ways.
"I am told that the Port of
Palm Beach ranks as the


fourth busiest port in Florida
and the 18th busiest port in
the United States of America.
This confirms that the port of
Palm Beach is growing a con-
siderable amount of traffic and
we would wish to have the
port of Nassau to be able to
participate from this increas-
ing trade.
"The relationship between
the two ports is nothing new, as
the Port Department, led by
Captain Anthony Aliens, has
engaged in previous discussions
with Port chairman Wayne
Richards and his staff.
"We today, however, wel-
come this renewed commitment
and look forward to a fantastic
relationship between the two
entities and indeed the State of
Florida and the Commonwealth
of the Bahamas in our future
endeavors," he said.


Festival draws performances


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0 COLONEL HILL; Crooked Island Crooked Island High School students Berkley Pinder (left)
and Shanell Moss performing a skit at the E Clement Bethel National Arts Festival adjudication.
Their performance placed them near the top of their division so far


CROOKED
Island High School
student Berkley
Pinder creating
beats, on May 16


* CABBAGE Hill
Primary School
students
performing on May
17.
(Photos: BISEric
Rose


Foulkes stresses




commitment to




developing port


THE TRIBUNE


PAGE 2, WEDNESDAY, MAY 23, 2007


- -








THE TRIBUNEHIWEDNESDAY, MAYH23, 2007CAPAGEW3


OIn brief

Jamaican

admits to

cultivating

marijuana

A JAMAICAN man
pleaded guilty in Magistrate's
Court yesterday to drug
charges in connection with
the discovery of 134 pounds
of marijuana as well as a field
of 191,150 marijuana plants.
Richard Robinson, 34 of
Brown's Town, Kingston
appeared before Magistrate
Renee McKay at court six in
Parliament Street yesterday
on charges of cultivation of
dangerous drugs, possession
with intent to supply, con-
spiracy to cultivate and con-
spiracy to possess with the
intent to supply.
It is alleged that on Tues-
day April 3, 2007, while at
Stafford Creek Andros,
Robinson, being concerned
with others, was found cul-
tivating marijuana.
It was alleged that on the
same date, Robinson, being
concerned with others while
at Stafford Creek, was found
in possession of a quantity
of marijuana with the intent
to supply it to another.
The charges also claim that
between Wednesday, Octo-
ber 4, 2006 and Tuesday
April 3, 2007 while at
Stafford Creek, being con-
cerned with others, Robin-
son conspired to cultivate
marijuana and conspired to
possess a quantity of mari-
juana with the intent to sup-
ply.
Robinson, who pleaded
guilty to all charges, was
remanded to Her Majesty's
Prison and his sentencing has
been deferred to May 29
which is when he is sched-
uled to appear before Mag-
istrate Carolita Bethel.
Seven other persons -
some Jamaican and some
Bahamian have already
been arraigned on similar
charges. They all pleaded not
guilty and are awaiting trial.

St Lucia PM
returns from
US after
treatment
ST LUCIA
Castries
PRIME Minister Sir John
Compton has returned from
the United States where he
received treatment following
a series of strokes, but offi-
cials gave no indication Mon-
day of whether he will be able
to resume official duties,
according to Associated Press.
Compton, 83, flew to the
Caribbean island from New
York on Saturday, said
Stephenson King, the acting
prime minister.
A government statement
said Compton has begun
therapy to improve the co-
ordination of his legs and is
speaking more slowly than
usual, but said he did not suf-
fer any brain damage. It
promised to regularly update
the former British colony of
on Compton's condition.
h l*6]['LIn


Child Protection Act: questions



are raised on its enforcement


* By ASHLEY THOMPSON
CONCERNED Bahamians
are questioning why the Family
and Child Protection Act is still
not being enforced even
though it was passed by parlia-
ment months ago.
Clever Duncombe, president
of Bahamian Fathers for Chil-
dren Everywhere, asked: "Why
is it taking so long for this act to
be implemented?"
For the past few months,
there has been talk about pos-
sible dates to begin enforcement
of the act, but not date has been
announced as yet.
This raises concerns for citi-
zens such as Mr Duncombe,
who stresses that "children and
men are getting hurt" as long
as the old legislation is being
used because it does not offer as
much protection for children as
this new act does, nor does it
guarantee single men the right
to see their children.
The Family and Child Pro-
tection Act was passed by the
House of Assembly and the
Senate in late November 2006.
The main advocate for this act


Campaigner asks why new

law not being enforced


was former Minister of Social
Services and Community
Development, and current MP
for Yamacraw, Melanie Grif-
fin.
The Family and Child Pro-
tection Act incorporates
changes to the law such as
harsher punishments for those
found guilty of child abuse.
The act makes it possible to
prosecute those aware of any
forms of abuse taking place -
be it mental, sexual, physical,
verbal, or emotional who do
not report it to the appropriate
authorities.
It will also allow for the pros-
ecution of those who do not
take proper care of and respon-
sibility for their children.
The act raises the age of crim-
inal responsibility from seven
to 10, as well as raising the age


of criminal detainees from 16
to 18.
Some of these commitments
carried out by the Family and
Child Protection Act arise from
the Bahamas being one of the
nations that signed and ratified
the United Nations' Conven-
tion on the Rights of the Child
in 1991.
This convention outlines the
rights of children, before and
after birth, worldwide. It
requires that a signatory coun-
try's laws be adapted to match
the commitments made by sign-
ing the convention.
This new act also updates
previous legislation, including
the Children and Young Per-
sons (Administration of Justice)
Act, the Maintenance and Emi-
grants Act, the Guardianship
and Custody of Infants Act, the


N CLEVER Duncombe


Affiliation Proceedings Act, and
the Infants Relief Act. It also


created adjustments to other
miscellaneous acts.


Vendor pleased at straw market review



but urges government to consult


* By BRENT DEAN
Tribune Staff Reporter
A STRAW vendor is delight-
ed that the FNM government
is reviewing the contract for the
new straw market.
However, she cautions that
the new government must con-
sult with straw vendors about
their plans unlike the previous
regime.
Marisol Morley expressed her
opinion on the review of the
straw market contract, and sus-
pension of work on the site, in
an interview yesterday with The
Tribune.
Many vendors, she claims, did
not want the planned multi-sto-
ried market, as there is a strong
desire among the group to
remain together on a single lev-
el.
"Everybody just wanted to
be on one level. They (the ven-
dors) don't need anything fan-
cy," she said.
Ms Morley also criticised
what she claims was the lack of
consultation of the vendors by
the previous government.
"We would definitely like the
new government to consult the
vendors, because the vendors
know what they want," she said.
Despite the criticism of the
market by Ms Morley and sev-
eral of her colleagues, a large
number of vendors celebrated
with former Prime Minister
Christie at the contract signing,
declaring how pleased they
were with the proposed plan.
The $23 million structure,
proposed by the PLP, was due
to be completed by August 2008
with work having commenced
a few days before the general
election.
The then minister of works,
Bradley Roberts, hailed the
project as the largest sum of
money any Bahamian govern-
ment has invested in a single
government building.
According to the contract


now under review, the new mar-
ket consists of three levels, and
is expected to house some 600
vendors.
The third level of the market
was to include a five thousand
foot commercial space and a
five thousand foot restaurant.
Another key feature of the
plan was a one hundred foot
observation tower, offering
panoramic views of the city of
Nassau and its historic harbour.
The commercial spaces and
observation tower were to serve
as revenue generators over
time assisting in paying for the
overall capital investment.
At the contract signing, Mr
Roberts criticised the previous
FNM government for their


modest vision a $3.03 million
market. However, with the gov-
ernment back in the hands of
Prime Minister Hubert Ingra-
ham, significant downsizing may
occur to the PLP's plan for an
international show-piece mar-
ket on Bay Street.
Ms Morley added that many
of the vendors are patient
regarding the government's
review of the contract and
would like them to take their
time to ensure that the struc-
ture is properly erected.
In the meantime, she said,
vendors at the temporary mar-
ket need a new tent covering,
as the current material is worn
out, which has led to flooding
problems when it rains.


West Bay St.-Cable Beach

P.O. BOX CB-13270

NASSAU, BAHAMAS

TEL (242) 327-3373

FAX (242) 327-1408

EMAIL:
JCANOE@CORALWAVE.COM


Select from our fabulous collection of
men's fashions and accessories

: a


Harbour Green Shops at Lyford Cay
Telephone: (242) 362-6656
Bayparl Building, Parliament Street
Telephone: (242) 323-8240
Fax: (242) 326-9953
P.O. Box N-121, Nassau, N.P., Bahamas
e-mail: info@colesofnassau.com


Cafe Johnny Canoe will no longer be
serving breakfast as of
Wednesday the 23rd of May, 2007.


We will continue to serve lunch and
dinner from 11:30 a.m. to
11:00 p.m. Sunday to Thursday and
11:30 a.m. to midnight on
Friday and Saturday.


We are sorry for any
inconvenience.


-The Management of
Cafe Johnny Canoe-


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-


mm


THE TRIBUNE


WEDNESDAY, MAY 23, 2007, PAGE 3


i






PAGE WEDNESDAY, MAY 23, 2007


, I **' STITOR


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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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

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


Rigby misses point on contract issue


ALTHOUGH RACE and racial issues are
an acceptable subject for debate, the subject is
not acceptable during an election campaign,
especially if it's used for propaganda purposes
to divide a nation.
So also every administration has the right
and even the duty to issue contracts, but rush-
ing out $80 million worth of contracts just
before an election is certainly an eyebrow-rais-
er and should be questioned by a new admin-
istration.
And this is just what FNM vice chairman
Senator Johnley Ferguson did yesterday in a
statement on behalf of his party, and presum-
ably his government.
Mr Ferguson made his comments in reply to
criticism by PLP chairman Raynard Rigby
about the FNM's decision to put on hold the
construction of the straw market building until
the plans for this structure could be reviewed.
On Sunday, Mr Rigby described the decision
'to review the contract as "an act of betrayal and
the grossest of witch-hunting by the FNM."
In an attempt to deflect the public's atten-
tion from the contracts, Mr Rigby now wants
Mr Ferguson to explain "why he has access to
the files of the Ministry of Works." It is obvi-
ous, Mr Rigby, that to call a press conference to
discuss government contracts, the minister
must have authorised Mr Ferguson to make the
people's business available to them. In fact it is
doubtful that the public is interested in how Mr
Ferguson got his information, they would much
rather have answers to how their money is
Being spent: -
So let's forget about the messenger and
concentrate on the message.
On May 10 we disclosed in this column a
frantic message that we received from a civil
servant about these very contracts, in addition
to rushed promotions and last minute salary
increases for civil servants.
"If Mr Ingraham wins this election," said the
caller about a week or two before the May 2
election, "I feel sorry for him. He'll turn grey
when he discovers what they have been up to.
They have broken the country."
And so, even before the election, smoke
signals were rising to alert certain citizens that
mischief was possibly afoot.
Mr Rigby claims that "Mi Ferguson does
not understand that government has a right
to issue contracts and that a new administration
does not have a legal right to either suspend or
terminate the contracts simply because they
were awarded by the previous administration."
We are certain that Mr Ferguson is aware of


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all of this, but where Mr Rigby misses the boat
is his claim that the contracts are being scruti-
nised because they have been awarded by the
"previous administration." This is not true.
The contracts are being reviewed to make cer-
tain that the previous administration in award-
ing them had the best interest of the public in
mind. Also that the taxpayer is getting his
money's worth and is not paying for a bloated
or unnecessary contract. No one is saying that
this is so. However, if the contract price or the
ability of the contractor to deliver work up to
standard is found wanting, then the Ingraham
government, on behalf of the Bahamian tax-
payer, is duty bound to terminate the contract.
If this should happen it will then be for the
Christie administration to justify its steward-
ship.
Word-twisting Rigby goes even further in
an attempt to make the public believe that Mr
Ferguson is suggesting "that the school children
in Selina Point, Acklins are not worthy to enjoy
a school built at a cost of $3.1 million."
Mr Rigby knows that this is not what Mr
Ferguson was saying or even suggesting.
Mr Ferguson as do all of us believes
that every child in this country is entitled to the
best education that this country can afford.
But spending $3.1 million to build a school for
37 children at a cost equivalent to $80,000
per child cannot be justified. To construct a
smaller building for such a small school popu-
lation would in no way diminish their stan-
dard of education, but, while giving them an
adequate building, would make funds avail-
able for other children in schools where the
need is as great.
We are all aware that this is a small country
with limited resources. But many Bahamians,
with expectations that this nation cannot afford,
seem to think that a government on coming to
power suddenly comes into possession of the
proverbial pot of gold. Many politicians -
especially while in opposition encourage
them in this belief.
These $80 million worth of contracts have to
be revised to make certain that taxpayers are
getting what they are paying for. We hope that
the PLP government bore this in mind and
were responsible in awarding them. If not then
the FNM must do what is in the best interest of
the Bahamian people.
And, Mr Rigby, Mr Ferguson has no
explaining to do. However, if something should
be found amiss, then the former government
might have to justify some of their hurried
decisions. It's all a matter of accountability.


U


EDITOR, The Tribune
Fidel Castro in Cuba is faith-
fully following today the course
of Russian Communism of the
last century. And like the Russia
of the past, Cuba enjoys wide-
spread international sympathy
and support despite the tyranny
it imposes on its own people. For
instance, the recent Bahamian
administration seemed eager to
lend Cuba support; and most
tourists experience the country's
warmth and hospitality without
ever perceiving the reality of
Cuban life. It takes a keen
observer to do this. \
Tony Mendoza, an Associate
Professor of Art at Ohio State
University, left Cuba with his
parents in 1960 and graduated
from both Harvard and Yale
before moving into the arts. In
1997 he returned to Cuba as a
tourist and wrote "Cuba Going
Back". It is based on 200 inter-
views and is an accurate por-
trayal of Cuban reality.
The economic problem.
"While issues dealing with the
absence of the most basic free-
doms came up often in conver-
sations, the problem that con-
tinually grates on people is more
fundamental: it's not possible to
eat two meals a day for one
month with the monthly salary
the state pays. There is food
available... but state employees,
who make up a large majority
of Cuban workers don't make
enough money to buy there."
(All quotes are taken from
"Cuba Going Back" by Tony
Mendoza, University of Texas
Press, 1999).
This situation is created by low
economic productivity and is
seen in the two currency system,
a system where the government
sells in U.S. dollars at its dollar
stores and in Cuban pesos at its
peso stores. In this system the
U.S. dollar is worth 22 Cuban
pesos..as of 1999. A member of
the Communist Party's Central
Committee stated in an inter-
view with Frontline, India's
National Magazine, that "edible
oil, fruits, coffee, fish, eggs and
other essentials are rationed.
These rations may be enough for
just 20 days in a month. Supplies
for the remaining 10 days have
to be bought in the free market."
One should deduce from his
statement that the free market
prices were much higher.
According to a retired doctor,
"what you have to under-
stand...is that there is a very
repressive system...There are
75,000 plainclothes spies in the
streets, and we have the largest
army in Latin America. It costs
money to maintain a repressive
system like this. That is the main


NOTICE

NOTICE is hereby given that ANTOINETTE EDMOND
of MARSH HARBOUR, P.O. BOX AB-20488, ABACO,
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 16th day
of May, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



FREEZEISJEEZEIRSFEEIIES




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5 CUBE $353.00


7 CUBE $445.00

9 CUBE $522.00

15 CUBE $522.00


25 CUBE $995.00






c.ANNoT E II


priority...Before tourism, money
was spent on sugar.. .actually bil-
lions of Soviet dollars in aid was
spent on sugar. And the sugar
industry is in shambles. And
before that, millions were spent
on cattle, and the cattle indus-
try is in shambles. Before that,
money was spent on coffee, and
nothing has worked. We now
produce less sugar, a lot less than
what was produced before the
revolution. We have fewer cattle
than we had in the fifties, and
now we have twice the popula-
tion."
According to a mid-level gov-
ernment economist, "Fidel
ruined everything in 1968 when
he nationalized all the small busi-
nesses. Up to then, only the land
and the big enterprises, like the
sugar mills, had been national-
ized. But the bars, restaurants,
stores, repair shops, small busi-
nesses all those were individ-
ually owned. You could find any-
thing, not as before, but you
could find any kind of food, and
have anything repaired. But Fidel
has a problem. He wants to con-
trol everything. So he national-
ized all the small businesses, even
the vendors who sold food by the
side of the road. When he did
that, he ruined Cuba. This place
has been a mess ever since."
"The only possibility is for us
to produce more by allowing a
free market of goods and ser-
vices to function. Our problem is
simple. We are not producing
food because there are no incen-
tives to produce. Everyone gets
paid the same inadequate wage.
And Fidel won't allow a real free
market. Historically, whenever
farmers in Cuba have been
allowed to sell their own pro-
duce, they've produced plenty
of food. But you can count on
Fidel to resist any attempts to
free the markets. Castro has
always exhibited an irrational
hatred toward market mecha-
nisms, entrepreneurs, capitalism,
small private business, you name
it. There are some free markets,
but they are overloaded with
restrictions to prevent them from
thriving."
Fidel Castro allowed two peri-
ods of economic liberalization,
one in the late 1970s and the oth-
er in the early 1990s. During both
periods production and private
enterprise grew significantly.
"But starting in 1982, Fidel
became disappointed in these
policies and started denouncing
the self-employed workers and
the farmers...He felt too much


capitalism was corrupting Cuban
socialism and what proved to be
the fatal sin, too many self-
employed workers and farmers
were making too much mon-
ey.. Hundreds of self-employed
workers were arrested for
becoming too rich, and the taxes
for independent workers were
doubled. But the Cuban entre-
preneurs persisted. In 1986 Fidel
put an end to it all when he
announced the Process of Recti-
fication of Errors [PR]....The
free farmers' markets were elim-
inated, as well as self-employ-
ment" In the end "it was anoth-
er disaster. The purified socialist
economy was incapable of pro-
ducing the products and services
eliminated by the PR."
In 1991 the Fourth Party Con-
gress again allowed self-employ-
ment with restrictions. "Under-
mining the whole idea of self-
employment is the law of May
1994 that states that any exces-
sive accumulation of riches is
illicit. Thus anyone making too
much money through self-
employment is breaking this law
and can be put in jail and have
their assets seized.
Tyranny. Every Cuban is clear
about human abuses. "If you are
vocal in your opposition to the
regime, you end up in jail. It's
that simple" The Penal Code
prohibits disrespect, insult or
abuse to the dignity or honour of
the authorities, enemy propa-
ganda, resistance to authority
and any special proclivity to
commit crimes as demonstrated
by behaviour that manifestly
contradicts the norms of socialist
morals.
The Cuban people are
watched by the Committees for
the Defense of the Revolution
located on every residential
block. The Singular System of
Vigilance and Protection watch-
es the streets and buses; govern-
ment labour unions watch the>
workers, the Cumulative Dossier'
registers the academic record,
political tendencies and volun-
tary activities of students; the
Ministry of Interior watches and
infiltrates work and play, the
Police and Military Guard are
stationed throughout the coun-
try; and the Rapid Response
Brigades put down illegal activi-
ty without a military appeara ce.
What does the future hold' ,n
the short run no one expects ,
popular uprising..."no one wants
to be a martyr and no one wants
to end up in a Cuban prison."
In the longer run Cuban Marx-
ism will likely collapse as it did in
Russia.
THE NASSAU INSTITUTE
Nassau
May 15 2007


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THE TRIBUNE


Examining





the path





of Castro


I






THE TRIBUNE


WEDNESDAY, MAY 23, 2007, PAGE 5


LOA NW


oIn brief

BTC launches
trade show
and expo in
Freeport

FREEPORT The
Bahamas Telecommunication
Company is launching a
major technology trade show
and expo in Freeport to
showcase the latest products
and services in the telecom-
munications and information
technology industry.
Leon Williams, president
and CEO of BTC,
announced that the Grand
Bahama Technology Trade
Show will be held from May
26 to 29 at the Westin Our
Lucaya Resort.
The trade show is expected
to attract about 400 delegates
from various leading interna-
tional telecommunication
dealers, such as Nortel, Cisco,
Lucent, Tremor Technolo-
gies, and others.
The event, which is being
hosted by BTC, the Ministry
of Tourism, and the Bahamas
Chamber of Commerce, will
officially open on Sunday at
5pm on great lawn at the
Westin Resort.
Mr Williams said: "We
must continue to seek new
and innovative ways to pro-
vide Bahamians with infor-
mation and make telecom-
munication products and ser-
vices readily available to
Bahamian people the 2007
trade show and expo is our
gateway to those opportuni-
ties," he said.
There will be 40 exhibits
by local and international
sponsors, and local and inter-
national seminar presenters.
Henry Romer, BTC vice
president of northern
Bahamas, said featured topics
for this year's event will focus
on: new broadband and busi-
ness solutions that can help
and grow a business; e-com-
merce; the next generation
network (NGN); new tech-
nological innovation in the
hospitality industry and other
topics.
The event will also show-
case automotive Blue Tooth
technology with 2007 vehi-
cles that have been outfitted
with Blue Tooth devices.
BTC will also take the oppor-
tunity to showcase some of
its newest product offerings.
The trade show will begin
with a preview of the expo
hall on Saturday, May 26
from 12pm to 7pm.
Entertainment will be pro-
vided by Bahamian enter-
tainers such as Elon Moxey,
Therez Hepburn and KB,
and other entertainers.
There will also be prize
giveaways to session atten-
dees and participants.

Exuma resort
names
assistant
manager


* SHERVIN Penn


GRAND Caribbean
Resorts, operators of Exuma's
exclusive Grand Isle Resort
and Spa, has announced the
appointment of Inagua native
Shervin Penn as assistant gen-
eral manager.
Penn's promotion at the age
of 30 makes him one of high-
est-ranking and youngest -
Bahamians in the hospitality
sector.
John Shkor, Grand
Caribbean Resort's CEO and
president, said: "As operations
manager, Shervin proved he
was dedicated, willing to pitch
in and do whatever it takes to
provide a satisfying experience
for our guests."
Penn earned a degree in
marketing, worked briefly in
that field, felt drawn to the
hotel industry and spent sev-
en years at the busy British
Colonial Hilton in Nassau
before joining Grand Isle, an
upscale enclave of 78 "con-
dotel" units receiving the
highest guest satisfaction rat-
ing overall of any hotel in the
Bahamas, according to the
company.


Oil spill leads to concerns





over reporting procedure


* By ALISON LOWE
Tribune Staff Reporter

A SENIOR environmental
risk official has expressed sur-
prise that none of the petroleum
companies located at Clifton
admit to knowing about the
nearby spill prior to Monday's
news reports.
Meanwhile, no update on the
source of the oil leak off Clifton
Pier has been issued by any gov-
ernment agency or private com-
pany.
Dwayne Curtis, chief public
analyst with the environmental
monitoring and risk assessment
division and member of the oil
spill committee said he is con-
cerned that the spill was not
brought to the attention of his
division which is mandated to
investigate any significant oil
spill until the aerial pho-
tographs of the large oil slick in
front of the Bahamas Electrici-
ty Corporation compound were
published by The Tribune.
"What ideally happens is that
whenever there is a spill of any
significance, the information
would be referred to that com-
mittee and an investigation car-
ried out within that committee
and a committee report would
be generated. In this particular
case that hasn't happened," he
said.
Mr Curtis said that the Port
Department should be the first
department to be notified, and
added that, according to news
reports, "this appears to have
been done."
However, comments made by
port controller Capt Anthony
Aliens on Monday indicated
this was not thanks to any par-
ticular Clifton based oil han-


Monitoring agency only learnt of slick


through pictures published in The Tribune


. ..









* THE oil spill at Clifton Pier at South West Bay on Saturday. The area to the top of the picture si
where the slick is floating
(Photo: Franklyn G Ferguson)


dling company, but a concerned
member of the public.
BEC deputy general manager
Anthony Forbes said Monday
that the corporation had begun
an investigation into the source
of the spill, which was first
brought to the attention of The
Tribune last week. This fol-
lowed a statement noting that
the corporation was not neces-
sarily responsible.
Mr Curtis and Melanie
McKenzie, director of the
department of environmental


health, said that they were awaitL
ing status reports from BEC.
"We're trying to get informa-
tion of what has transpired and
what is being done," he said.
In the meantime, the oil con-
tinues to spread out into the
ocean for miles along the West-
ern coast of New Providence, a
popular location for divers.
Mr Curtis said he thinks the
best interests of the environ-
ment could be secured if there
was more co-operation between
petroleum-handling companies


at Clifton Pier, such as BEC,
Shell, Texaco and Chevron.
"There's a history of these
releases and we have our sus-
picions as to the source, though
I don't want to point a finger at
any particular entity," he stat-
ed. "But what we would like is
to get all of the agencies out
there to come together and to
recognize that this is a prob-
lem that is not necessarily
caused by one entity but by the
whole Clifton pier conglomer-
ate and they need to get


together as a unit and address
these things."
Action has been delayed by
the fact that no agency appears
willing to take action until they
have been proved culpable.
The environment official said
that this approach needs to
change. "We need to find a way
to immediately respond to these
things rather than wait until an
investigation is carried out," he
said.
It has been noted by agencies
external to the Bahamas that
much of the equipment and
expertise necessary for oil clean
ups is currently in the hands of
the oil corporations, rather than
the government.
One source has noted that
stricter legislation relating to
environmental hazards such as
oil spills, which would entail
fines, would be helpful in clean-
ing up the industry. While it is
currently possible for compa-
nies to be prosecuted under the
Environmental Health Act for
environmental contamination,
the source noted that this does
not happen as often as it
should.
With respect to the possibili-
ty that BEC could be responsi-
ble for the oil release, the
source noted: "You're dealing
with one government agency
taking action against, potential-
ly, another government agency
and I'm sure you can have some
idea of the implications of that."
Attempts to contact BEC for
comment on the matter were
unsuccessful and calls were not
returned up to press time.


Outrage at neglect of suffering dog


* By ASHLEY THOMPSON

ANIMAL lovers are out-
raged at the Canine Control
Unit for leaving a severely
wounded three-legged dog
roaming the streets.
Despite several calls about
the animal including detailed
information about the area it
frequents Canine Control offi-
cers failed to do anything, mem-
bers of the public claim.
When contacted again yes-
terday, an officer said that a
team had visited the area, but
was unable to find the dog.
However when informed the
dog was in the street at that very
moment, he said they could not
capture it then because it was
raining.
"What a preposterous
answer," commented one mem-
ber of the public. "Imagine if
everyone refused to do their job
when the weather was less than
perfect.
"The worst part is that these
people seem to care nothing for
the dog or its suffering yet
they are often the only ones in a
position to give these poor ani-
mals some sympathy."
A week ago, the dog was seen
sitting on Dowdeswell Street
across from the Eastern
Esplanade. One of its hind legs
seemed to have been "ripped
off" according to a concerned
caller.
When first contacted, Canine
Control agreed to go and pick
up the dog, the caller said.
However, throughout the
week many several callers say
they noticed that the dog had
not been removed.
When The Tribune contact-
ed Canine Control for an expla-
nation, an officer acknowledged
that they had been notified -
not just by a caller, but also by
the Humane Society on more
than one occasion over the past
few days.
"It (the dog) was never on
the scene when we arrived,"
claimed the officer.
He said the team had visited
the area more than once since
receiving calls. However, at
least three other people say they
have seen the dog in the very
same spot several times in the
past week.
After being told yesterday
that the dog had just been seen,
again in same spot. the officer
was asked if Canine Control
would go and retrieve the ani-
mal.
The officer refused, claiming
that: "Because of the condition
in the weather we have no one
to really come out and do that.
It's really hard for us to try and
capture a dog in terms of run-
ning after it and even try to go


out in the rain".
He also expressed concern
about officers being out in the
rain for the length of time it
would take to catch a dog,
claiming that it could make the
officers ill and unable to come
into work the following day.
The Canine Control officer
then asked The Tribune to call
them back when it stopped rain-
ing to- remind them about the
dog.
In response to these state-
ments, a concerned member of
the public stated, "If I called an
ambulance because I needed
one, it would still come for me
regardless of the rain".
Another said: "They can't be
serious, The Tribune must
remind them to do their job
because they're scared to go out
in the rain?"
The dog, a small, black and
scrawny potcake, carries an
unhealed, bloody stump for one
of its back legs.
It is wearing a collar with a
broken lead attached and
spends much of its time in the
vacant lot opposite the Eastern
Esplanade on Dowdeswell
Street, callers said.










WEDNESDAY,
MAY 23RD
6:30amCommunity Pg 1540AM
8:00 Bahamas @ Sunrise
9:00amOpening of Parliament
Pre-Show
10:00 Opening of Parliament
1:00 ZNS News Update
1:05 Legends
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 This Week In The Bahamas
6:30 News Night 13
7:00 The Bahamas Tonight
8:00 Opening of Parliament
11:00 News Night 13
11:30 The Bahamas Tonight
12m/n Late Night Movie:
"Scandalous Me: The
Jacqueline Susan Story"
1:30amCommunity Pg 1540AM


When contacted about the
matter yesterday, the Humane


Society pledged to go and col-
lect the dog, despite this being


outside its normal areas of
responsibility.


., -- ... . -



TENDER NO. 638/07

TENDER FOR THE PROVISION OF

THE CONSTRUCTION TWO (2) TRANSFORMER
FOUNDATIONS FOR THE NORTH FEEDER AT
ROCK SOUND POWER STATION,
ELEUTHERA, BAHAMAS

The Bahamas Electricity Corporation Invites tenders from
eligible bidders for the construction of
two (2)transformer foundations at
Rock Sound Power Station in Eleuthera. Bahamas

Bidders are required to collect packages from
Mrs Delmeta Seymour
at the Administration Office
Blue Hill and Tucker Road
or
BEC Office
Rock Sound. Eleuthera

Tenders are to be hand delivered on or before
Wednesday, May 30th by 4pm
and addressed as follows:

The General Manager
Bahamas Electricity Corporation
P.O. Box N-7509
Nassau, Bahamas

Marked: Tender No. 638/07
"Construction of Two (2)
TRANSFORMER FOUNDATIONS FOR
THE NORTH FEEDER AT ROCK SOUND
POWER STATION,
ELEUTHERA, BAHAMAS"

For all inquires regarding this Tender,
contact Melpert Dean at 302-1413.

NOTE: ROCK SOUND POWER STATION
SITE VISIT WILL BE ON FRIDAY,
MAY 25, 2007.


I






THE TRIBUNE


PAGE 6, WEDNESDAY, MAY 23, 2007


tocwh of Agts ffunral (Q!apl

Wulff Road & Pinedale
Tel: 323-3800 or 322-1431 Fax: 328-8852



MR. ANTHONY
ELMORE"TOOKS" CARGILL, 60


s-",,


.9
I-


of Nassau and formerly of Calabash Bay.
Andros. died on Saturday, May 12. 2007.
Funeral services will be held at 9:45 a.m.
on Thursday, May 24,2007 at St. Cecilia's
Catholic Church. Coconut Grove. Nassau.
Bahamas. Officiating will be Father
Simeon Roberts, organist Mr. Edward
Burrows. Interment will follow in St.
Joseph's Cemetery, Tyler Street.


-Left to cherish his memory are four sons,
Dr. Antoine Clarke, Anthony Cargill Jr.,
Marvin Cargill Sr., Angelo Cargill Sr.;
daughter, Lekisha Cargill-Burrows; son-
in-law, Zhivago Burrows; 13 grandchildren, Angelo, Anthony,
Makisha, Alex, Anisha, Marvin, Myesha, Anwar, Adrian, Ayden
Cargill, Zhivago, Neketia and Catherine Burrows; brothers, Ambrose,
Tyrone, Gregory and Dr. Patrick Cargill; sister, Louise Ginger Cargill;
three sisters-in-law, Stephanie, Susan and Ruth Cargill; nine aunts,
Lucine Wilmot, Ulamea Edgecombe, Virginia Mortimer, Jennifer,
Judy and Carmeta Moxey, Velma, Doris and Madge Cargill, Wilbert
Edgecombe and Wendell Moxey; six uncles, Randolph-and Herbert
Minnis, Arnold and Alton Cargill, Wilbert Edgecombe and Wendell
Moxey; 10 nieces, Makeva, Teneekqua, Shantell, Santillia, Andrea,
Keisha, Melveme, Tercell and Tyneisha Cargill and Alexis Davis;
17 nephews, Sean, Tyson, Tremis, Tino, Tyno, TJ, Robin, Desmond,
Ricardo, Kareem, Hillary, Christian, Ondre, Julian, D'Angelo, Avery
and Avard Cargill; grandnieces and nephews, McKeo, Carmon and
Valneisha Cargill, Trenique Spence, Dominique Symonette, Sayid
Godfrey Cargill and Caitlyn and Carlin Bethel and Michael Thompson
Jr.
Other relatives and friends including Mrs. Ethlyn Bowe, Joycelyn
Holbert and family, Janine Bodie and family, Vernetia Sweeting.
Mary Neymour, Adrianna Mackey, Maurice Arthur, Jermaine
Moultrie, kamando Russell, Sheldon Saunders, Theodore Dorsette,
Deodano Collie, Mrs. Marcia Strachan and family, Mr. Livingston
Sweeting and family, Mr. Granville Adderley and family, Mr. Victor
Moxey and family, Donyia McPhee, Chenda Mackey, Claudia and
Tabitha McKinney, Mr. and Mrs. Steven Culmer and family, Mr.
and Mrs. James Cooper and family, Michelle Black and family, the
Ching family, the Scott family, Archie and family, Gillian Demeritte
and family, Mitchell Burrows and family, the Malcolm Allotment
Community, Vincent Rahming, Austin and Charles Minnis, Minez
Cargill, Benedict and Randall Dorsett, St. Cecilia's Lady's Auxiliary,
Miriam, Dennis, Cora and Niece Cargill, Playdell Humes, Donna
McQueen, Shawn Saunders, Marcian Mortimer, Sister Janice Coakley
and family, Patricia and Cheryl Minnis, Alphonso Smith, Elsa
Munnings, Roxanne Ferguson, Genesta Cooper, Joan Turnquest and
family, Dudley, Leander, Ivan and Larry Minnis, Leroy Lewis and
family, Arnold Bain, James Dean, Beverly Smith, Brian Fernander,
Mercena Stuart, the Lundy family, the Evans family, Arnold Bain,
James Dean, Tonya Adderley, Lionel Ferguson, Floyd Wilmot,
Ashley, Marcian, Ephram and Moses Cargill.
Special thanks to the doctors and nurses of I.C.U. and Male Medical
I of The Princess Margaret Hospital, and all those we may have
failed to mention.
Friends may pay their last respects at Rock of Ages Funeral Chapel,
comer of Wulff Road and Pinedale, on Wednesday, May 23, 2007
from 10:00 a.m. to 6:00 p.m. and on Thursday, May 24, 2007 at St.
Cecilia's Catholic Church, Coconut Grove from 8:00 a.m. until service
time.


IS I


Desiree Cox to s


STUDENTS graduating from
the College of the Bahamas this
year and their guests are in for a
special treat as the keynote
speaker at their commencement
ceremony is multi-dimensional
Bahamian "Renaissance
Woman" Dr Desiree Cox.
Dr Cox is a creative talent
and innovative thinker who not
only qualified as a medical doc-
tor but is also a researcher into
the history of medicine, a social
entrepreneur, a professional
musician and singer, a published
writer and a visual artist.
Following an outstanding aca-
demic career at Queen's Col-
lege, Dr Cox attended McGill
University in Canada and, after
graduating with a BSc (Hons),
she became the first Bahamian
and the first woman from the
British Caribbean to win a pres-
tigious Rhodes Scholarship to
attend one of the colleges at
Oxford University.
At Oxford she gained an MB
BS in medicine and then moved
to England's other historic seat
of learning, the University of
Cambridge, where she spent
five years, first gaining an MPhil
in the history of medicine and
then a PhD in the same subject
area.
During her time at England's
most famous universities, this
academic luminary won the
Pembroke College Collection
Prize, a Commonwealth Schol-
arship for Clinical Medicine, the
Radcliffe Infirmary Prize for
Medicine and a Welcome Stu-
dentship for history of medi-


Doctor, musician, artist and the Bahamas'

first Rhodes scholar to address students


* DESIREE Cox


cine.
Dr Cox's love of music began
as a child and included both;
voice and piano training and,
as a nine-year-old, she per-
formed a solo at the funeral of
the first Bahamian Governor
General, Sir Milo Butler.
Her vocal talents were recog-
nised while she was at Oxford
University and she became the
lead singer in the university's
acclaimed Kodaly Choir.
She later joined the Royal
Choral Society in London and
then, when her studies and
research at Cambridge were
over, she formed her own jazz
ensemble and became a fixture
on the London jazz scene.


Since returning to the
Bahamas, Dr Cox has contin-
ued to extend her musical range
and has produced two CDs of
her original material entitled,
Awakenings and Forbidden
Love.
In the last five years she has
shown her versatility by mov-
ing into the realm of visual arts.
Intensive personalised individ-
ualised art training and men-
toring with Stan Burnside have
resulted in a number of recent
exhibitions of her distinctive
and striking paintings and also
some ventures into interdisci-
plinary experimentation
involving dance, music and
painting.


Dr Cox is currently a consul-
tant in human development and
urban renewal to the Prime
Minister of the Bahamas. This
programme has been recog-
nised internationally.
She is also an associate lec-
turer in ethics and humanities at
the University of the West
Indies Medical School (the
Bahamas).
She is well-known to Bahami-
ans through her weekly column
in The Nassau Guardian and is
the founder of the artist organ-
isation, Soul Imagination, and
the founder and CEO of Per-
forming Cures, an international
charity which combines a num-
ber of her considerable abilities
as it brings live music and dra-
matic performances to the pub-
lic spaces of hospitals and
health-care facilities.
"Honoured as one of 33 pio-
neering women nation-builders
in Bahamian history at the 33rd
Independence Celebrations in
July, 2006, Dr Cox is certain to
both challenge and entertain
her audience at the college's
commencement ceremony on
May 31 and the graduation
committee is extremely pleased
to have engaged such a high-
profile, vibrant Bahamian for
the occasion," said the college in
a statement.


Bahamian nursing legend to be the


keynote speaker at pinning ceremony:


THE College of the Bahamas
has managed to secure as
keynote speaker for its Nurses
Pinning Ceremony on May 23
an extraordinary Bahamian
member of the nursing profes-
sion, whose many contributions


to the development of nursing
in the Bahamas and nursing
standards have been recognized
at home an abroad.
Mary Johnson, a native of
Fox Hill, Nassau and third
daughter of the late John and
Lillian Johnson, was educated
at the Sandilands Primary
School and the Government
High School. She is a state reg-
istered nurse, a midwife, holds a
BSc in nursing and an MA in
rehabilitation and counselling.
In 1960, at the age of 17, she
began'nurse training at the
Princess Margaret Hospital and
in 1963 was the first nurse to
complete the previously four
year General Nursing Pro-
gramme in three years.
She was one of the first two
Bahamian nurses to be
deployed as clinical teachers at
the Princess Margaret Hospital


in 1968, and the first Bahamian
female nurse to obtain post
basic certification in Psychiatric
Nursing in 1969.
She was subsequently granted
a PAHO fellowship to complete
the Advanced Nursing Educa-
tion Certificate Programme at
the University of the West
Indies in 1972.
This training equipped her to
become the first Bahamian psy-
chiatric nurse tutor, enabling
her to have a major impact on
the development of psychiatric
nursing in the Bahamas.
Ms Johnson served as nurse
educator in the Bahamas School
of Nursing for 12 years and then
as a part-time lecturer when the
programme was transferred to
the College of the Bahamas in
1983.
In 1973/4 she chaired the
committee to develop and later


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co-ordinate the Post Basic Psy-
chiatric Nursing Programme for
Trained Clinical Nurses and the
programme for registered nurs-
es which commenced in 1983.
From 1989 to 1994, she served
as principal nursing officer at
Sandilands Rehabilitation Cen-
tre where June 25, 1992 was des-
ignated as "Mary Johnson Day"
in appreciation of her outstand-
ing contribution to geriatric
nursing care at the centre.
Ms Johnson was appointed
director of nursing in 1994.
Notable developments in nurs-
ing and nursing education dur-
ing her tenure include: the
establishment of the Nursing
Cadet Programme in 1996, the
establishment of the. Nursing
Research Unit in 1999 and
introduction of the Nursing Pre-
ceptor-ship Programme.
November 2001 saw the launch
of the "Future Nurses of the
Bahamas" programme, target-
ing students in grades five to
nine.
As director of nursing, Ms
Johnson uses every opportunity
to encourage and empower nurs-
es to always strive for excellence
in all aspects of their practice and
to think "outside of the box".
She was instrumental in the
formation of the Nursing Task
Force which was launched
together with the Coalition for
Change and the 100-Day chal-
lenge in 2003.
Ms Johnson's contributions
also include: registrar of the
Nursing Council of the .
Bahamas (1977-1979), member
of the Education and Examina-
tions Committees of the Nurs-
ing Council for many years and
director of the Bahamas Coun-
cil for the Handicapped. i
She has participated in
numerous training programmes
for nurses, focusing on the psy-
chiatric nursing component in
all of the basic and post-basic
programmes and the psycho-
logical aspects of caring for per-
sons suffering from HIV/AIDS.
Ms Johnson has received
numerous awards and recogni-
tions including being honoured
by the Ministry of Health in
1997 for 35 years of dedicated
service, and being named a
Health Hero by PAHO and
Ministry of Health in 1998
Ms Johnson also serves as a
board member of the C W
Saunders Baptist High School
and is an active member of her
community.
At the Macedonia Baptist
Church in Fox Hill, she serves
in many capacities including,
organist, Sunday school teacher,
choir member and Church
Council member.
She enjoys singing, playing
the piano, organ, trombone and
hand bells as well as reading,
walking and travelling. Ms
Johnson is also the proud moth-
er of one son, Jason.


COB commencement


at


A Public Utilities Commission E I I BI TI I




STATEMENT OF RESULTS

Price Regulation of Voice over Internet Protocol (VolP) provided by The
Bahamas Telecommunications Company (BTC) branded as ViBe

The Commission has concluded its public consultation on "Price Regula-
tion of Voice over Internet Protocol (VolP) provided by The Bahamas Tele-
communications Company branded as ViBe." The Statement of Results
as at captioned summarizes, and responds to the substantive issues
raised by respondents to the Public Consultation Document.

The Statement of Results affirms the Commission's position that The
Bahamas Telecommunications Company's (BTC's) VolP service is:

(i) a 'telecommunications service' as defined in Section 2 of the 1999
Telecommunications Act;

(ii) "Voice Telephony" within the meaning of Condition 1.1 of the Interim
Licence issued to BTC dated September 4, 2002;

(iii) 'functionally and commercially substitutable' for conventional switched
voice telephony services; and

(iv) is price regulated under Condition 15 and Schedule 1 of the Interim
Licence.

Because ViBe is beneficial to customers and the national economy, the
Commission will modify Schedule 1 of the Interim Licence to record its
approval of the various ViBe pricing schemes. All other Conditions in and
amendments to the Interim Licence remain in full force and effect.

Copies of the Statement of Results and all responses to the Public Con-
sultation Document may be obtained from the Commission's office, Fourth
Terrace East, Nassau or by downloading the documents from the
Commission's website at www.pucbahamas.gov.bs.

BARRETT A. RUSSELL
Executive Director, Public Utilities Commission
4th Terrace East, Collins Avenue
Facsimile: (242) 323-7288
E-mail: PUC@pucbahamas.gov.bs


I I








THETRIBUNEWEDNESDAYMAY23,2007,PALOCALNEWGES


0 In brief

Study: climate
change may
threaten wild
food crops
* ROME
CLIMATE change could dri-
ve many wild relatives of plants
such as the potato and the
peanut into extinction, threat-
ening a valuable source of genes
necessary to help these food
crops fight pests and drought,
an international research group
said Tuesday, according to
AssociatedPress.
Over the next 50 years, more
than 60 per cent of 51 wild
peanut species analysed and 12
per cent of 108 wild potato
species analysed could become
extinct because of climate
change, according to a study by
the Consultative Group on
International Agricultural
Research.
Surviving species would be
confined to much smaller areas,
further eroding their capacity
to survive, the study said.
The study looked at the dis-
tribution of various species and
predicted their ability to sur-
vive based on current and pro-
jected climate data for 2055.
Farmers and researchers
often depend on wild plants to
breed new varieties of crops
that contain genes for traits such
as pest resistance or drought
tolerance, and that reliance is
expected to increase as climate
changes strain the ability of
crops to continue to have the
same yields as now, the group
said in a statement.
In recent years, genes found
in wild relatives have helped
develop new types of domesti-
cated potatoes that can fight
devastating potato blight and
new varieties of wheat more
likely to survive droughts, the
statement said.
"There is an urgent need to
collect and store the seeds of
wild relatives in crop diversity
collections before they disap-
pear," said Andy Jarvis, an agri-
cultural geographer who led the
study. "At the moment, exist-
ing collections are conserving'
only a fraction of the diversity
of wild species that are out
there."
Jarvis said further research is
needed to identify which wild
relatives are more vulnerable
to climate change.
Plant species like the peanut
are more endangered by global
warming as they grow largely
in flat areas and would have to
migrate over huge distances to
find' cooler climates, while
plants that live on mountain
slopes may only need to gain a
little altitude to find more favor-
able weather, he said.
The study, focusing on plants
in Africa and South America,
was put out by a Rome-based
biodiversity group, one of 15
agricultural research centers
worldwide supported by the
Consultative Group.
The international organisa-
tion is an informal association of
64 countries, public and private
groups co-sponsored by the
World Bank and the UN Food
and Agriculture Organization.
It works toward sustainable
food security and researches
ways to cut poverty in develop-
ing countries through scientific
research.


Potentially
dangerous
toothpaste is
removed

* DOMINICAN REPUBLIC
Santo Domingo
MORE than 10,000 tubes of
Chinese-made toothpaste have
been removed from stores
because they contain a poten-
tially deadly chemical, according
tp Associated Press.
Hundreds of health workers
have been searching for brands
"Excel" and "Mr. Cool" since
Dominican authorities learned
Friday that they are tainted by
the chemical diethylene glycol,
environmental health director
Luis Felix Roa said Monday.
The shipments arrived from


Panama, where last year medi-
cines contaminated by diethylene
glycol killed at least 51 people.
Panama also removed the
toothpastes from stores last
week, but said the chemical lev-
els do not appear to be danger-
ous. Still, officials in both coun-
tries have advised consumers
not to use the product.
The tubes were seized from
supermarkets and corner stores
in the capital of Santo Domin-
go, as well as the provinces of
Jimani. Elias Pina, Barahona,
Azua and Samana.


75 per cent chance of above




normal hurricane activity


* THIS NOAA satellite image taken Wednesday, May 9
shows clouds off the Southeastern coast associated with
subtropical storm Andrea
(Photo: AP/IVeather Underground)

US meteorologists make

predictions for season


* WASHINGTON
US government forecasters
predicted a busier than nor-
mal hurricane season yester-
dayday, according to Associ-
ated Press.
National Weather Service
forecasters said they expect
13 to 17 tropical storms, with
seven to 10 of them becom-
ing hurricanes.
The forecast follows that of
two other leading storm
experts in anticipating a busy
season.
The likelihood of above
normal hurricane activity is
75 per cent, the National
Oceanic and Atmospheric
Administration said.
"With expectations for an
active season, it is critically
important that people who
live in East and Gulf coastal
areas as well as the Caribbean
be prepared," said Bill Proen-
za director of the national hur-
ricane centre in Miami.
After the battering by
storms Katrina and Rita in
2005 there were widespread
fears last summer of another
powerful storm striking, but
the unexpected development
of the El Nino climate phe-
nomenon helped dampen con-
ditions.


If i


The El Nino has ended,
however, leaving the potential
for more tropical storms threat-
ening the Gulf and East coasts.
El Nino is a warming of the
tropical Pacific Ocean that
occurs every few years. The
warm water affects wind pat-
terns that guide weather
movement and its effects can
be seen worldwide. In El Nino
years, there tend to be fewer
summer hurricanes in the
Atlantic Ocean.
Earlier this month Philip
Klotzbach, a research associ-
ate at Colorado State Univer-
sity, and Joe Bastardi, the
chief hurricane forecaster for
AccuWeather, said they antic-
ipate a more active storm
cycle this year.
And, almost as if to under-
score their comments, a sub-
tropical storm formed off the
southeast coast and became
Andrea, the first named storm
of the year, well before the
June 1 official beginning of
hurricane season.
Hurricane season ends
November 30, but the strange
season of 2005 ran over into
late December, as well as
using up all the planned
alphabetical names, forcing
storm watchers to switch to
the Greek alphabet to contin-


I I I


N DIRECTOR of the National Hurricane Center Bill
Proenza speaks during the Florida Governor's Hurricane
Conference in Fort Lauderdale on May 16, 2007
(Photo: AP/Lynne Sladky)
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* ONE of many surfers at Juno Beach, Florida on May 9 taking advantage of the unusually high
waves coming ashore as Subtropical Storm Andrea brewed in the Atlantic Ocean
(Photo: AP/Pat Carter)


ue naming storms.
Last year, there were just 10
named storms in the Atlantic
and none made landfall in the
United States.
Klotzbach and his colleague
at Colorado State University,
William Gray, predict a "very
active" season this year with 17
named storms, including nine
hurricanes.
Bastardi called for fewer
storms but agreed 2007 would
be more active than usual. He
expects 13 or 14 named storms,
six or seven of which will strike
the US coast.
Bastardi said the Texas Gulf
coast is twice as likely to be hit
as in an average year and Flori-
da appears four times as likely.
Katrina easily became the
costliest hurricane in US histo-
ry with damage estimated by
the National Hurricane Center
at more than $80 billion.
Indeed, of the 30 costliest hur-
ricanes US history, four
occurred in 2005.


N SENIOR hurricane specialist Dr Rick Knabb monitors the
development of Subtropical Storm Andrea at the National
Hurricane Center in Miami on May 9
(Photo: AP/Lynne Sladky).


And with a death toll topping
1,500 Katrina is also the third
deadliest in US history, follow-
ing the 1900 hurricane that hit


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to 12,000 people and a 1928
storm that claimed at least 2,500
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WEDNESDAY, MAY 23, 2007, PAGE 7


THE TRIBUNE


r






THE TRIBUNE


AGE 8WEDNESDAYMAY 232 7


The further development of Nassau


FOR ALMOST 20 years
private sector leaders
have been seeking to persuade
successive governments to
sanction, if not lead, the revi-
talisation of downtown Nassau.
And for almost 20 years the
city has steadily decomposed
into a filthy, traffic-choked slum,
overrun with hucksters and
dope peddlers, offering little of
interest even to those notori-
. ously cheap cruise visitors.
In fact, cruise tourism to Nas-
sau was down almost 12 per
cent last year, compared to a 2
per cent drop in air arrivals -
an indication that the seaport
is even more of a disincentive
than the airport.
SAnd it certainly begs the
question of how the Ministry of
Tourism can talk incessantly
about "improving our product"
t'-attract more business while
t66 capital city (and main desti-
iation) remains a big, suppu-
rating mess with no attractions.
: As those of us over 40 can
recall, it wasn't always so. Back
then Bay Street was a big tourist
draw, as this account by archi-
tect Pat Rahming recalls:
: "Within the city, the peculiar
architecture, arranged along
narrow, shaded streets created a
scale, texture and display of
craftsmanship that made the
experience of Nassau unique.
Nightclubs, some of them open
to the sky, shared Bahamian
music, dance and entertain-
ment. Straw vendors made the
ciaft of the Bahamas available
Sto visitors. By being a city of
strong attractions, the city itself
WAs an attraction. But that was
; ysteryear."
:We could add that the colour-
ful history of the town made it
an omnibus attraction from
dColumbus to piracy to the
American Revolution to the US
Civil War to African culture to
bootlegging to small-time colo-
nial pomp to an independent
multiracial democracy. What
more could you ask?

B ut today, history is
;, overlooked, and many
of the best examples of Bahami-
ao architecture have either been
destroyed or are deliberately
left derelict. Bahamian restau-


rants have been replaced by fast
food outlets, nightclubs and
shows are a distant memory,
our culture has been reduced
to a weekly rush-out at the
Marina Village on PI, and his-
toric districts are threatened
by thoughtless development.
The demolished mid-19th
century Royal Victoria Hotel
and its once-stunning tropical
gardens are now just a series of
government parking lots.
Derelict buildings are scattered
throughout the town both on

For almost 20
years the city has
steadily decomposed
into a filthy,
traffic-choked slum,
overrun with
hucksters and dope
peddlers, offering
little of interest
even to those
notoriously cheap
cruise visitors.

and off the main streets. And
the central marketplace is just a
big hole in the ground.
So the question is, why pay
to visit Nassau? The answer is:
Paradise Island. And since Nas-
sau benefits parasitically from
Sol Kerzner's Atlantis Resort
with its clean, safe environment
and well-run attractions and
entertainment, why don't we
just cut our losses and shut Bay
Street down in its present form?
Well, you will be interested
to know that plans have been
in the works for years to do just
that

Over the decades the
government has hired
droves of foreign consultants at
great expense to advise us on
this point. And they have all
concluded that the best solution
is to move the seat of govern-
ment to the remote southwest
tip of the island.
This plan has several advan-
tages. First, it would eliminate
all those blue-plated limousines
and accompanying outriders


TOUGH CALL


from our congested city limits.
Second, it would re-route the
police buses that scream
through rush-hour traffic twice
a day taking prisoners from Fox
Hill to downtown courts for the
further adjournment of their
cases. And third it would reduce
the number of lawyers swag-
gering around town trying to
evade their clients.
We could then complete the
far-sighted conversion of the
city into a freight terminal,
which would enable us to
import more stuff more prof-
itably stuff that will later be
transported to help fill the
dump in the centre of the island,
not to mention the holes where
our hills used to be. Sidewalks
will be removed to allow big-
ger, more emission-producing
trucks to navigate our narrow
streets during daytime hours.
Our architects, engineers and
contractors could then be enlist-
ed to renew the city by razing
those old buildings that are sim-
ply cluttering up the landscape
to erect modern and efficient
freight offices and paved con-
tainer lots. The 19th century par-
liament buildings would become
the headquarters of the Port
Department. And special bus
tours could be arranged to show
tourists how we offload cargo.


M meanwhile, parlia-
ment, the cabinet
office, the courts and govern-
ment ministries would find a
pleasant new home at Clifton,
with easy access to a national
park where our politicos and
lawyers could get back to nature
and reflect on our thousand-year
history. Traffic would naturally
flow from the heavily populated
northern districts out to Clifton,
reducing congestion in the port
area and making it easier for
shippers to get to their jobs.
Serious questions have been
raised about the cost of convert-


ing Nassau to a full-fledged
freight port. Some say it could
raise the cost of living but oth-
ers point to the benefits. For
example, all of our politicians
would be isolated at Clifton while
the more productive sectors of
society get on with the business
of importing more goods.
And by leveling Bay Street,
we could recover the space to
build a modern port facility that
everyone could be proud off.
Retailers would move to new
malls in the centre of the island
- stripping the useless pine
forests. And a new bridge
would be built from the Prince
George Wharf to divert cruise
visitors to Paradise Island. It's
the perfect solution for all of
our development problems.



This picture is not as far-
fetched as it seems.
Modern efforts to plan the
development of Nassau date
back at least to 1971, when an
earlier generation of foreign
consultants recommended the
familiar formulas a pedestri-
an-only Bay Street, preserva-
tion of the city's architectural
character, and designation of
historic landmarks like the Roy-
al Vic and the Public Market
(both of which have since been
destroyed).
That was also the first time
we considered moving the cargo
port from Nassau harbour. In
1995, an earlier Ingraham
administration acknowledged
this priority: "In principle the
government would like the pri-
vate sector to use a substantial
part of Arawak Cay for a ship
facility," the prime minister said
at the time.
The rationale was that by
doing so, shipping-related activ-
ity would be decreased on Bay
Street, making high-priced
waterfront property available


for tourist development.
Arawak Cay is a 95-acre
island created when the harbour
was dredged in 1966 to expand
cruiseship access. It remained
vacant until 1972 when the gov-
ernment built a freight ware-
house which operated as head-
quarters for the Customs
Department until the early
1980s. By then, lack of mainte-
nance led to staff walkouts and
the facility closed soon after. It
remains a garbage-strewn ruin
today, presenting hundreds of
thousands of cruise visitors with
a preview of what they can
expect from their Nassau
stopover.

M meanwhile, the con-
tainer ports have
been allowed to expand along
the eastern half of Bay Street,
destroying other commerce in
the process. Multitudes of heavy
trucks spewing noxious fumes
are the feature attraction.
There have been several pro-
posals over the years to move
the freight port to Arawak Cay.
According to Neil Sealey, author


The broad private
and public sector
consensus is that
little can be
done with the
redevelopment of
Nassau unless the
freight facilities are
removed from the
equation.


of text books on tourism and the
environment, "the port for car-
go has no justification for
remaining downtown and cer-
tainly not for expanding there.
Every aspect of this activity is
in direct conflict with the most
economic use of what is some
of the most valuable real estate
in the Caribbean region."
But Arawak Cay is not the
only proposed site for a new
cargo port. Others have includ-
ed Clifton Cay (now a national
park), Bonefish Pond (a wet-
land east of Adelaide), Coral


Harbour and the current
favourite the area at Clifton
sandwiched between the BEC
power plant and Common-
wealth Brewery. All have tech-
nical and environmental issues
as well as financial risks. A
decade ago the Inter-American
Development Bank put a price
tag of $200 million on a move to
Clifton, and the cost will be
even greater today.
As one recalcitrant shipper
we spoke to said: "Where is the
money coming from to do this?
Moving from a free natural har-
bour to a costly man-made port
would produce a huge rise in
cost of living. And a port in the
southwest would be unusable at
least 10 per cent of the year due
to weather. Moving freight to
Marathon area warehouses
would increase traffic conges-
tion. And if a railway was built
that would only add to the cost."


o the Dutch port con-
sulting firm, Ecorys, was
recently contracted at a cost of
$350,000 (split between the pub-
lic and private sectors) to con-
duct another feasibility study
on moving the container port
to Clifton. Their report is
expected in June.
But the broad private and
public sector consensus is that
little can be done with the rede-
velopment of Nassau unless the
freight facilities are removed
from the equation. It has tak-
en almost two decades of lob-
bying, studying, whining, con-
sulting and pleading to arrive
at this point.
What's the alternative? The
most realistic picture is pre-
sented in the first part of this
column. As Pat Rahming told
Tough Call:
"If it weren't so real, it would
be funny...the need for thought
-about both the function and
meaning of the downtown can't
be overemphasized. That is
where the lagacy of the nation is
recorded. We can't continue to
find excuses, and simply shake
our heads. It is both cultural
and economic suicide."

What do you think? Send
comments to larry@tribuneme-
dia.net. Or visit www.bahama-
pundit.com


4.i.


a "'.


Visit our website at www.cob.edu.bs


Professional Pastry Workshop Series


Register early for these rare development
opportunities in pastry making for professionals,
students, entrepreneurs and pastry enthusiasts!


Featuring Certified Master Pastry Chef Bo Friberg oft alifornia

May 16-25, 2007

ALL sessions 8:30 a.m. 12:30 p.m.


NASSAU, NEW PROVIDENCE
Thursday, May 17
Plated Desserts
CHMI Main Kitchen
Professionals
Max. 24
Fees: $100.00 (Student)
$ 175.00 (BHA)
$200.00 (General Public]

Friday, May 18
Specialty Cakes
CHMI Main Kitchen
Professionals
Max. 24 A
Fees: $100.00gStudent)
$200.00 (BHA]
$225.00 (General)

Monday, May 21
Basic Cake Decoration
CHMI Main Kitchen
General Pu6tic
Max. 24
Fees: $100.00 (Student)
$185.00 (BHA)
$210.00 (General Public)

Thursday, May 24
Marzipan
CHMI Main Kitchen
Students
Max. 60
Fees: $100.00 (Student)
$250.00 (B HA]
$275.00 (General Public]

Friday, May 25
Advanced Petit Fours
CHMI Main Kitchen
Students
Max. 60
Fees: $100.00 (Student)
$225.00 (BHA)
$250.00 (General Public)


GEORGETOWN, EXUMA
Tuesday, May 22
Advanced Petit Fours
Four Seasons Sugar Kitchen
Professionals & General Public
Max. 24
Fees: $100.00 (Student)
$225.00 (BHA)
$250.00 (General Public)

FREEPORT, GRAND BAHAMA
Wednesday, May 23
Plated Desserts
Best Westin Hotel
Students, Professionals & General
Public
Max. 24
Fees: $100.00 (Student)
$175.00 (BHA)
$200.00 [General Public)

10% discount will be granted to
persons who register for three or
more sessions.

Session Details
* Materials witt be provided
* Participants are to bring smatt
pastry tools
* Continuing Education Units wiLL
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* CEU's accepted by the American
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baking and pastry courses to all
Levels of students from beginners
to seasoned professionals since
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him) currently holds the position
of Department Chair of the Baking
and Pastry Programme at the
Professional Culinary Institute in
Campbell, California. He graduated
from the Confectionery Association
School of Sweden and holds a
degree as a Master Confectioner.
He has worked in both small shops
and large retail and wholesale
operations in the United States


and Europe, and was Pas
for Swedish American Lin
Cruise Ships. In addition,
demonstrated his pastry.
on television shows inclu
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WEDNESDAY, MAY 23, 2007, PAGE 9


THE TRIBUNE


T


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Includes Gala Concert & Hors d'Oeuvres
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Student Admission (with COB ID) $25


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Catering by Alexandra (Atexandra Maitlis Lynch)


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Friday, June 15, 2007
7:00 p.m.
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Friday, June 15, 2007
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ia, V NESDAY, MAY 23, 2007


THE TRIBUNE


Rig defends $80m



0 contracts signed


Bahamians and have just as
--much right to a new school as
it any other Bahamian. This is
i's representative of the mean-
n- spirited nature of the FNM.
;a The PLP will not stand and
he allow the FNM to victimise
in the students of Acklins.
ve "It is also obvious that Mr
n- Ferguson does not understand
that a government has a right
at to issue contracts and that a
Ki- new administration does not
b0* have a legal right to either sus-
he pend or terminate the con-
ig tracts simply because they
ie were awarded by the previous
at administration This is% rong
rt. and it is a dangerous prece-
g- dent that is being wet b\ thi,
en government Mr Ferguson has
re a duty to explain to the public
ol why he has access to ihc lies
i? of the Minist r of \% works.
re "He has to explain h\ he


Forces prepare for the


opening of the House


has access to information that
has not been put in the public
domain by the Minister of
Works or a minister of the
government; and certainly he
must explain why a party offi-
cial of the FNM would be
privy to official records of the
government.
"Ministers recently took an
oath of office. Has the Minis-
ter of Works forgotten that
oath already? This is a serious
matter and one that may well
require further investigation,"
he said.
Mr Rigby added that if Mr
Fcrguson had proof of any-
thing tilleal or improper about
the contract j.i.arded b\ the
former PLP government, he
has a right to make that infor-
rmnatIon public
()hcrM s-, "'.he should mind
his buiines' he said.


Ason mocks PLP



iAsion on seats


FRO pt one
having a1kndered"
the boundaa6sjmd Deputy
Prime Mtinitirtent' Symion-
erie, who w d!:representing the
FNM opp ioa- ,on -tbe
boundary e-'ommission,
refused to s4thet ew bound-
aries report. l..
The FNM o'IAc-chairTnin
yesterday emphliasised that the
PLP has theihlt jl cWntest
election re of oslti tn-
cies in the co j'
* He said alftidgh. he does
not want to predlet the out-
come of any Iqlf ese e is
confident that ie that
were won b M i e l In the
election wil m t FNM.'
"-The par]l e. hry com-
missioner a a a-qeci34on
when he delay the election


f ; :


oler (and) declared the FNMN
the winner.
"I behese he %was right when
he did it then and behete he
will nght when it is o'er in the
courts." he said.
Senior PLP strategist \'alen-
tine Grimes told The Tribune
on MondaN that his part mn,\
.be contesting the constituun-
-tes ot Pinevood. Blue Hills
Golden Isles. Sea Breeze ind
Marco Cityi
These constituencies are
represented b\ iwo Cabinet
Ministers Carl Bethel and
SidneN Colle and three Mmin
islers ot State Zhi~argu
Lang, Charles Ma\nard and
Bryan Woodside.
Mr Grimes said his parts \
legal team for the election
court will be headed b\ PLP
MP for Cat Island and Sjan
'


Salvador. Philip --Brave"
Dat is. and is expected to
include Bahamas Bar presi-
dent \\a\ne Munroe. Neville
Adderle. and Gregorv Moss.
FNM ~ ice-chairman Mr
Ferquson said that his party
has not Net selected its legal
representallon because it has
more pressing mailers to
jannd to namel\- "pulling the
c,,untr\ back together "
--The FNM at this time has
made. no plans tor election
court. if it becomes necessary
we will but today\ we are not
looking in that direction at all.
\w are trying to pull the coun-
tri hb:ck together.
"It (he counir\ I was left in
shambles and the Bahamian
people will get the facts as
ihe\ become a\dilable," he
said


* The police honor guard practise for the opening of the Senate and the House
(Photo:Felipi Major/Tribune staff)



Engineer denies flooding:


problem is significant


FROM page one
most recently, not returned Tri-
bune phone calls or, according
to reports, other media houses'
written questions relating to
flooding.
This comes as members of
the public have responded to
the recent stormy weather, indi-
cating that they are fed up with
the state of the roads and want
action to be taken.
Motorists questioned at the
roadside yEsterday, said that
heavy rainfall often created
major problems for drivers and
pedestrians.
Michelle Deleveaux, 32, of
Cable Beach said: "I'm disgust-
ed by the flooding, I think it's
high time the government gets
its act together. This is the third
term in office for the FNM and
they should make this a priority.
Too many people are suffering,
cars are hitting unseen potholes,
houses are being affected by this
it's ridiculous."
Meanwhile, George Cox, said
that the government either does
not listen to the public's con-
cerns about flooding, or does
riot care.
"It's a serious problem. They
need to unclog the drains, they
need to do something change
the drainage system, do some
more engineering on it so the
water actually goes to the drains,
or something!" added Frederick
Coakley, from Fox Hill.
S A mother from Pinewood
complained that her children
often have to wait until they are
, on the school bus before they


put their shoes and socks on
because flooding can be so deep
in the area after heavy rainfall.
"Since the time I was living
there, which is 1990, nothing's
been done," she complained.
According to Mr Barrett, in
some cases, drains were put in
place when there was less devel-
opment in the area.
"One has to realise that with-
in a time when a development
goes in you cater for certain run
off, and then as more develop-
ment takes place you'd have
more run off," he explained.
This means that whereas pri-
or to more buildings going up
water would be absorbed into
the ground, or into the avail-
able drains, as the ground is
concreted over- more run offis'
createdLwhileat the same time
less open ground or drainage is
available to absorb it.
Mr Barrett said that when the
tide is high, the capacity of some
drains is affected, as they are in
certain cases connected to the
ocean.
These are several of the ways,
combined with often intense
rainfall, in which the circum-
stances in New Providence
make it such that collecting
water cannot be avoided, he
suggested.
Asked why other countries
with a lot of rainfall, such as
England, have the capacity to
cope with rain to the extent that
flooding on streets is largely
avoided, Mr Barrett suggested
that if a country does not have
such a problem it is to do with it
not "necessarily having the


same kind of physical charac-
teristics and drainage system"
as New Providence.
"What is it you're comparing"
is it oranges and apples, or-'
apples and apples?" asked Mr
Barrett.
He claimed that,.as he under-
stood it, England has lighter but
more regular rainfall rather'
than the short bursts of intense
rainfall the Bahamas often
experiences, perhaps easing the,.
burden on that country's drains.
When asked whether it would
not be impossible for the
Bahamas to develop a system
that could cope with its heavy
rainfall, Mr Barrett responded,,,,
"We come back to the subject
of what is 'heavy'."
- "One has to expect a certain,
if rain comes, a certain incon-
venience within a period of
time. There's a certain what you
might call 'tolerable' period of
time," he stated.
According to the engineer,,
he personally inspected several.
areas during storms last week
and found flooding to have
occurred, but was subsequently
satisfied that it had "subsided
down within a reasonable peri-
od of time."
Queried as to whether twen-
ty-fours hours was not too long
for flooding to remain, Mr Bar-
rett said that it depends where
the flooding has occurred.
The Tribune was informed
that Director Melanie Roach is
out of office until Thursday.
Attempts to contact Works
Minister Earl Deveaux, were
also unsuccessful yesterday.


A eland GSM

AWireless Airtime Cards













5282 a
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I MINISTRIES : INTERNATIONAL


NOTICE


There will be an urgent

membership meeting with the

Field Director for all

registered members and followers of

FAITH TEMPLE MINISTRIES

INTERNATIONAL

on

Thursday, May 24, 2007

at 7:30pm

at the Family Life Centre,

Prince Charles Drive


PAGE


"O., : .


FRO]


exists in


FE









T T UW S Y 7AS


* KELLY with her calf Runner


U MISSI swims with her mother Michelle


* MISSI and Runner with Kelly


: ,0 ,


(Photo: Tim Aylett)"



New dolphins at Atlantis named.




in memory of Katrina and Butch'


IT'S official 'Missi' and
'Runner' are the names of the
newest members of Dolphin
Cay, the new dolphin interac-
tion and education centre at
Atlantis on Paradise Island.
Born in April, 2007, the dol-
phin calves are the first off-
spring from the famed rescued
"Katrina Dolphins".
Missi and Runner were born
to 32-year-old Kelly and 21-
year-old Michelle. Both parents
and kids are acclimatising well
at their new home at Dolphin
Cay, their handlers say.
The names of the dolphin
calves are significant to Atlantis.
'Runner' represents a passion
of the late Howard 'Butch'
Kerzner, former chief executive
officer of Kerzner International


First calves at Dolphin Cay doing well, report staff"


who loved running.
As a symbol of this, a spe-
cially designed pin featuring a
pair of running shoes was pre-
sented to persons attending a
special memorial in his honour
last year.
"We felt the name Runner to
be symbolic of Butch's love for
running and his passion for
life," said Teri Corbett, vice-
president of marine mammal
operations at Atlantis.
"In addition, the name 'Missi'
is short for Mississippi, the ori-
gin of the Katrina dolphins,
which I am sure will no doubt


offer renewed hope to persons
of the Gulf Coast region who
were adversely impacted by
Hurricane Katrina in August,
2005."
Kelly, Michelle and 14 of
their fellow Dolphin Cay resi-
dents were stranded when their
former home at the Marine Life
Oceanarium in Gulfport, Mis-
sissippi, was destroyed during
Hurricane Katrina.
After being rescued and
nursed back to health, all of the
dolphins were eventually trans-
ported to Atlantis to fully recov-
er and reside in the new state-


of-the-art habitat which features
11 interconnected pools con-
taining nearly seven million gal-
lons of seawater.
Atlantis says the successful
recovery of the Katrina dol-
phins and subsequent births of
the dolphin calves is a testament
of the high level of care and
attention provided to the dol-
phins, who receive round-the-
clock care by more ,than 55
marine mammal specialists.
"The births were very impor-
tant to us. It was a symbol to
us that the animals had adjusted
well to their new home and


were ready to begin their new
lives and continue growing their
families," said Corbett.
The calves are reportedly
developing into strong, healthy
dolphins, who spend their time
nursing and playing. "Just over
a month old Missi appears to
be very independent. She is also
very plump. Runner sticks close
to Kelly's side but both are
developing personalities of their
own," Corbett said.
Dolphin Cay will serve as the
only live marine mammal res-
cue and rehabilitation centre in
the Bahamas. The facility was


recently granted accreditatiL.=
by the Association of Zoos and
Aquariums (AZA) indepen-
dent Accreditation Commis-
sion.
As part of the accreditation
process, Atlantis underwent
thorough investigations to
ensure it has and will contingie
to meet ever-rising standards,
which include animal care, vet-
erinary programmes, conserva-"
tion, education and safety. ,ii
Atlantis, Dolphin Cay, was,
also recently accredited by thfl
.Alliance of Marine Mammal'
Parks and Aquariums. .:


Elderly receive healthy living tips

j THE Department of Public Health visited the Persis Rodgers Home in Oakes Field last Thursday in an effort to promote healthy
lifestyle among the elderly.
(All photos: Raymond A Bethet'

U..A .,W, 'F M .


SNURSING officer Terry Rolle (left) administering a Hepatitis
B vaccine to 80-year-old Enil Hanna, a resident. Gloria Gardner,
principal nursing officer at DPH, observes.


6 q -19


* FROM left, Registered Nurse of the Year Kimberly Josey,
residents Nelly Brown and Dorothy Brown, senior trained
clinical nurse Inetta Butler and trained clinical nurse Erica
Humes


* SHANDERA Smith, DPH nutritionist (far right),
demonstrating some of the simple exercises that the residents
can do daily


7, r .-- "
M'CHARLENE Bain, DPH family care practitioner, exercising
w(th Henry Kemp, 94.


* TRAINED clinical nurse Mildred Sands is shown braiding
73-year-old Pearl Moxey's hair


family guardian's calendar photo contest

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

T2008 CALENDAR PHOTO CONTEST ENTRY FORM
Photo by Tim Higgs
Family Guardian's NAME ..... ......
2007 Calendar TEL BUSINESS......................... .. ...............HOME...........................................
P.O. BOX ........................ STREET ADDRESS........... ...............................................
ISIGNATURE..... ....... ... ............... ....... ........
-r DATE ... ........... ...........NUMBER OF PHOTOS ENTERED................... (maximum of 5)
Guardian Calendar Photo Contest it wil become the property of Family Guardian InsuranCe 0o. Lt].. -d
I assign to Family Guardian all rights pertaining to its use in any way whatsoever I also confirm that the
photos entered in this contest were taken in The Bahamas by the undersigned and have not been
previously published. F Ar
Return with photos to: FAM IL I
Calendar Contest, Family Guardian
Corporate Centre, Village & Eastern Road UARD IAN I
Roundabout, Nassau, Bahamas INSURANCE E
ENTRY DEADLINE: MAY 31, 2007 O M P A N Y

' SALES OFFICES: 'ASSAt, F T, ABACO & ELEUTHERA CORPORATE CENTRE: EAST BAY STREET, NASSAU P.O. BOX SS 6232


4, ".-.


WEDNESDAY, MAY 23, 2007, PAGE 11.


THE TRIBUNE







PAGE 12, WEDNESDAY, MAY 23, 2007


PLPmemersOfALtheW


PLP members of the




Senate are sworn in


THE TRIBUNE


* LEADER of the Opposition Perry Christie congratulating his
new Senate team


* LEFT to right: former Attorney General, Senator Allyson
Maynard-Gibson; husband Maxwell Gibson; Senator Pleasant
Bridgewater; Senator Jerome Fitzgerald; Senator Hope
Strachan; and husband Douglas


N LEFT to right: Shane Gibson, former Minister of Immgration,
N LEADER of the Opposition in the Senate, Allyson Sean McWeeney of Graham Thompson and Co., Emanuel Alex-
Maynard-Gibson, receiving her instruments of appointment ioux of Alexioux, Knowles and Co. and Perry Christie former
from Governor General Arthur Hanna Prime Minister and Leader of the Oppostion


* RICHARD Parker shakes hands with Dr Bernard Nottage,
newly named leader of Opposition business in the House of
Assembly
(Photos: Franklyn G Ferguson)


New York judge kills plea deal for ex-Haitian


strongman on grounds charges too serious


You can find them all in BTC's Yellow Pages


I Fj,|AI


/


a' c 1 ./


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g -irectoqM tjqns.
"22.- 7 .,PREEQRT 352-2336-8
IL.SANDS :1-:242-300-1997
--" w btchahama cornm .-,,


* NEW YORK
A NEW York judge denied a
plea deal for a former paramil-
itary leader on Tuesday, saying
criminal allegations against him
in Haiti were so serious he does
not deserve a break in his local
bank fraud case, according to
Associated Press.
Charges that Emmanuel
"Toto" Constant ordered
killings and torture in the
Caribbean nation in the 1990s, if
true, "are heinous, and the court
cannot in good conscience con-
sent to the previously negotiat-
ed sentence," State Supreme
Court Justice Abraham Gerges
said in a written ruling.
Constant, 50, who has lived
in the United States for more
than a decade, pleaded guilty
earlier this year to second-
degree grand larceny with the
understanding he would be sen-
tenced to one to three years in
prison.
Last week, lawyers for the
state attorney general's office
and the U.S. Department of
Homeland Security had urged
the judge to reduce Constant's
sentence to time served about
10 months to speed his depor-
tation to Haiti.
The Center for Constitution-
al Rights had opposed the deal,
telling the judge that Haiti's jus-
tice system was too chaotic to
ensure Constant would face jus-
tice. The civil rights group also
argued the proposed sentence
in the fraud case was too
lenient, given his history.
The decision by Gerges
means Constant will be forced
to withdraw his plea and stand
trial on charges he defrauded
lenders out of more than $1.7
million. If convicted, he would
face five to 15 years in prison.


* EMMANUEL Constant

"Today's ruling was a victory
for Constant's victims, both in
Haiti and New York," said Jen-
nie Green, a senior attorney
with CCR.
Constant's lawyer, Marie
Pereira, did not immediately
return a phone message.
In court on Monday, Pereira
called the allegations in Haiti
"frivolous" and argued they
should have no bearing on the
fraud case. The defendant also
told the judge there was no evi-
dence that could "link me to
any type of massacre, execu-
tion, kidnapping, rape or any-
thing of that sort."
Constant, the son of a mili-
tary officer, emerged as the


feared leader of the Front for
the Advancement and Progress
of Haiti, or FRAPH, after Pres-
ident Jean-Bertrand Aristide's
presidency was toppled in 1991.
Human rights groups allege
that between 1991 and 1994,
FRAPH terrorized and slaugh-
tered slum-dwellers loyal to
Aristide. When Aristide
returned to power in 1994, Con-
stant fled to the United States.
Despite a 1995 deportation
order, Constant was allowed to
remain because of instability in
Haiti. He kept a low profile, liv-
ing with relatives in New York's
Queens borough until being
jailed last year in the mortgage
fraud case.


* THE Governor General making remarks in front of a
crowded throne room filled with PLP supporters


("sv i A

7' ...' .. .7:4


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If so, call us on 322-1986
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IITH -ETRIBUNE


0


rrr~illi~a,











1L~E~IIh


WEDNESDAY, MAY 23. 2007


SECTION


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


HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE
Tel: (242) 356-7764

FREEPORT OFFICE
Tel: (242) 351-3010


Grand Bahama firm in


China distribution


* By NEIL HARTNELL
Tribune Business Editor
Major Grand
Bahama
wholesaler has
"just signed" a
contract seal-
ing a three-way tie-up with
Mediterranean Shipping Com-
pany (MSC) and a $6 billion
Chinese conglomerate, its pres-
ident and chief executive yes-
terday telling The Tribune it
will pave the way for the com-
pany to distribute the Chinese
firm's electronic and other
products throughout the West-
ern Hemisphere from
Freeport.
Roy Deffler, head of Inter-
national Distributors of Grand
Bahama, a subsidiary of US


deal


* Associated Grocers subsidiary 'just signed' three-way contract with

Mediterranean Shipping Company and $6bn Chinese group, CITIC

Freeport facility to 'surpass our distribution out of Florida'

Architect working on Phase II 200,000 sq ft warehouse expansion


grocery wholesaler Associat-
ed Grocers, said the contract
with MSC and CITIC, the Chi-
nese state-owned company,
could "involve a lot of things".
He added that he was due
to visit China on June 1, and
during his visit would learn
In- i of what we'll do initial-
ly".
The three-way venture is
likely to involve MSC shipping


CITIC's products to Interna-
tional Distributors' Grand
Bahama-based warehouse,
which is located in the Sea/Air
Business Centre. From there,
International Distributors will
turn the products around and
re-export them to clients
throughout the Hemisphere.
CITIC had previously signed
a Memorandum of Under-
standing for the establishment


of a major 50-acre distribution
facility in February 2005,
involving exhibition, show-
rooms and warehousing at the
Sea/Air Business Centre.
These plans were put on hold,
but its interest in Grand
Bahama has not diminished.
The deal is likely to prove a
tremendous boost to the
Grand Bahama economy, and
the efforts of the Grand


Bahama Port Authority
(GBPA) and its major partner,
Hutchison Whampoa, to posi-
tion Freeport as a distribu-
tion/transhipment hub for the
Western Hemisphere, aided by
the absence of import and
export taxes under the Hawks-
bill Creek Agreement.
The success of International
Distributors' venture is also
likely to encourage other


major wholesale and distribu-
tion companies to base them-
selves in the Sea/Air Business
Centre, once they see the suc-
cess of the US-owned firm's
business model.
Mr Deffler told The Tribune
that construction work on
International Distributors' first

SEE page 10


Government to review Banks: Bahamas has 'best tourism growth potential'


M By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
SENATOR Dion Foulkes,
minister of maritime affairs
and labour, said yesterday that
the Government will be exam-
ining the current labour laws
with a view to making amend-
ments and introducing new leg-
islation where needed.
"We are reviewing all of the
five Bills that were put in par-
liament [by the first Ingraham
administration] three were
enacted and two were not," Mr
Foulkes said.
"We are going to look at
them to the extent that the
ones that were enacted may
have to be amended, and look
at the other two to determine
what is the earliest possible
time that we can have them
implemented. We are review-
ing all of the labour laws with
the view of making some
changes."
The five Bills Mr Foulkes is
referring to are the Trade
Union and Labour Relations
Bill, the Industrial Court and
Trade Disputes Bill, the
Employment Act, the Mini-


DION FOULKES

mum Wage Act and the
Health and Safety at Work act.
The first two were shelved
back in 2001 and have never
been revisited, while the other
three were passed by the for-
mer FNM administration.
Shortly after being sworn in
as minister, Mr Foulkes had
told The Tribune he would be
moving to bring about the
implementation of the Inter-
national Labour Organisation's

SEE page 8


Foreign price competition

hits bottled water suppliers


* By NEIL HARTNELL
Tribune Business Editor
BAHAMIAN bottled water
companies yesterday told The
Tribune they were unable to
compete on price with import-
ed foreign-produced water on
smaller-sized bottles, as some
expressed concerns that this
nation could be used as a
'dumping ground' for poorer
quality imports due to the
absence of health regulations
and their enforcement.
Alex Knowles, Aquapure's
managing director, said that
due to the lower operating
costs faced by foreign bottled
water producers, major
Bahamas-based retailers and
wholesalers found it cheaper
to import the smaller-sized bot-
tles from US wholesalers and
suppliers than purchase locally.
He explained that a pack of
24 12-ounce bottles produced
by major brands could be pur-
chased in the US for $3 by a
Bahamian wholesalacr or
major retail chain.
Even paying import duties
at a rate of 72 per cent, it was
cheaper for them to import
these bottled water cases, as


Bahamian firms unable
to compete on smaller
sizes, with some saying
absence of health
regulations and
enforcement could
expose nation to
'dumping' abuse

Bahamian water producers
priced the same-sized case at
between S8.50-S12 per case.
Mr Knowles said that Aqua-
pure was "hopefully going into
the business" of shrink wrap-
ping eight to 12-packs of bot-
tles within the next four weeks.
but pointed out that they went
-head-to-head" with imported
bottled water, and could not
compete on price.
"T hev're in direct competi-
tion with us." Mr Knowles said
of foreign-produced bottled
water, adding that it eroded
the Bahamian bottled water

SEE page 11


* By NEIL HARTNELL
Tribune Business Editor
THE Bahamas has been ranked as the
Caribbean nation with the "greatest
tourism growth potential" by the region's
major financial institutions, a KPMG sur-
vey has revealed, providing a major boost
for the industry at a time when concerns
about its competitiveness persist.
The survey, presented at last week's
Caribbean Hotel & Tourism Investment
Conference (CHTIC) in Curacao, found
that 50 per cent of banking respondents
ranked the Bahamas as having the great-
est growth potential in the Caribbean
tourism and hotel industry, with the Turks
& Caicos Islands close behind.
The KPMG survey said: "Of the local
financial institutions surveyed, half of
respondents agree that the Bahamas, with
its historically strong tourism product, has
significant growth potential.
"As the market for condo hotels in the
region continues to grow, regional lenders
are becoming more optimistic about the


Some 50 per cent of financial institutions in KPMG survey rate
this nation as 'having the most potential for growth in the region'


growth and sustainability of such projects.
"While concerns over the US economy
and the softening of the housing market
increase, the outlook for condo hotels is
even more optimistic than last year, and
multi-use properties continue to grow in
popularity."
The KPMG survey, which was present-
ed at the conference by Bahamas-based
partner and regional director of the com-
pany's corporate finance arm, Simon Tow-
nend, found that while still optimistic
about the increasingly popular condo
hotels, there was now greater focus on
condo ownership, rental pools and frac-
tional ownership options.
While the Bahamas and the Turks &
Caicos Islands were "viewed as having the
most potential for growth in the region",
the KPMG survey added that 44 per cent
of banking respondents rated the Domini-


can Republic as a front runner, just behind
this nation.
Among the banks and institutions that
responded to the survey were Bank of
Butterfield, FirstCaribbean International
Bank, Royal Bank of Canada and Scotia-
bank, all of whom have a significant pres-
ence in the Bahamas. Between all those
surveyed, they had a total tourism sector
exposure of $2.6 billion.
The financial industry's assessment of
the Bahamas' growth potential is likely
to have been influenced by the sentiments
of organizations such as the International
Monetary Fund (IMF), which reported
that some 53 tourism-related projects val-
ued at $13.6 billion are currently at various
stages of construction".

SEE page 9


5"


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,


al trina
Real Estate Agent


vMoneyBack Mortgage


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Iiey,





Choose. Wisely,,ItMore *than* a Bank

ChoeFdeiy asa:t35.74 Freot t3267

CAL FREDERICKWULFF MACEY PARADIE FREEPOR
BEACH SREET RAD STRET ISLN D


all the labour laws


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THE TRIBUNE


PAGE 2B, WEDNESDAY, MAY 23, 2007


PedIiisig I onay


Inagua native named to




hotel executive post


Elected Bes Lo'cl-
P ivateBan
In heBhaa
.LL_____Srve


Exuma's Grand Isle
Resort & Spa have
named Shervin
Penn as the property's assis-
tant general manager.
Grand Caribbean Resorts
said in a statement that Inagua
native Mr Penn's promotion,
at the age of 30, makes him
one of the highest-ranking and
youngest Bahamian executives
in the tourism industry.
"We are pleased to
announce the promotion of
Shervin Penn to assistant gen-
eral manager with responsibil-
ity for administration and oper-
ations," said John Shkor,
Grand Caribbean Resort's
chief executive and president.
"As operations manager,
Shervin proved he was dedi-
cated, willing to pitch in and
do whatever it takes to pro-
vide a satisfying experience for


(Photo courtesy)

our guests.
"We have been so impressed
by the way he inspires staff.
We believe that Shervin truly
understands the meaning of
hospitality."
Mr Penn earned a degree in
marketing, worked in that field
briefly and then spent seven
years atthe British Colonial
Hilton in Nassau before joining
Grand Isle, a resort featuring
78 condotel units.
"Seeing satisfied guests and
learning they can't wait to
return -- that does it for me,"
said Mr Penn in a statement.
"I am happy that we have
an extraordinary product that
is easy to sell, and we have a
great team."
Grand Isle, located at the
highest point of Emerald Bay,
has been ranked number one
of nine resorts in Exuma by
TripAdvisor.com.


"Infor active. I can be sure to read something of value in The Tribune. It is filled with
intbrmation about local news, sports, entertainment and world news subjects that are
----1- - -- - 99


important to me. The Tribune is




The Tribune


y newspaper.


JASON RAHMING
CONSTRUCTION FOREMAN


Purchase The Tribune from your
local store or street vendor.


* SHERVIN PENN


(


^^^^^^^*^^^^^JJJJIJJBUINESS^BBBBHHBHH


THE TRIBUNE
I II













BUSINESS


Wh3e Jiami HcraRlb Y


WEDNESDAY, MAY 23, 2007


INTERNATIONAL EDITION
.- \ -,.,--- :


THE MARKETS
STOCKS, MUTUAL FUNDS, 7B
DOW 30 13,539.95 -2.93 V
S&P 500 1,524.12 -0.98 V
NASDAQ 2,588.02 +9.23
10-YR NOTE 4.83 +.04
CRUDE OIL 64.97 -1.30 V




Stocks


flat as


investors


await


catalysts

BY JOE BEL BRUNO
Associated Press
NEW YORK Wall Street
ended an erratic session little
changed Tuesday as investors
upbeat about the latest round of
takeover activity remained hesi-
tant to take the market higher
ahead of new economic data.
While stocks moved side-
ways, Treasury yields rose to a
three-month high.
Investors have viewed acqui-
sitions as a sign corporate exec-
utives are comfortable with the
economy. However, stocks.
failed to gain much momentum
as several deals were
announced Tuesday, including
billionaire investor Kirk Kerko-
rian's plans to buy the Bellagio
Hotel & Casino in Las Vegas
from MGM Mirage.
Further direction might
come Thursday, when the Com-
merce Department reports on
durable goods for April. The
report could offer insight into
the health of consumer spend-
ing, which accounts for two-
thirds of U.S. economic activity.
With Tuesday bereft of
major economic reports, Wall
Street was watching talks-
between U.S. and Chinese gov-
ernment officials about trade
and foreign exchange policy.
Chinese stocks rose to a fresh
record high for the second day
in a row Tuesday, as investors
there were encouraged by
expectations for a stronger yuan I
and robust housing demand.
The Dow Jones industrials'
fell 2.93," or 0.02 percent, to
13,539.95.
Broader stock indexes were
mixed. The Standard & Poor's
500 slipped 0.98, or 0.06 per-
cent, to 1,524.12. The index, con-
sidered by market professionals
as the best indicator of stock
performance, passed its record
close of 1,527.46 on Monday and
again Tuesday for the lirst time
since 2000. However, the S&P
remains well below its trading
high of -1,552.87, reached in
Mardh 2000.
-The Nasdaq composite
index, which has lagged the
other major indexes in recover-
ing from Wall Street's pro-
longed slump early in the dec-
ade, rose 9.23, or 0.36 percent, to
2,588.02. ,
The Russell 2000 index of
smaller companies set a record
close after rising 6.27, or 0.75
percent, to 839.92, The previous
record was set May :9.
Bonds slipped, with the yield
on the benchmark 10-year Trea-
sury note rising to 4.82 percent
from 4.79 percent late Monday,
in part because of a flood of cor-
porate bonds in the market. The
dollar was mixed against other
major currencies, while gold
prices fell.
'Oil prices backed off their
recent run, with a barrel of light
sweet crude falling $1.30 to
$64.97 on the New York Mer-
cantile Exchange.
Advancing issues outpaced
decliners by a 9 to 7 margin on
the New York Stock Exchange,
where consolidated volume
came to 2.82 billion shares.
Japan's Nikkei stock average
closed up 0.70 percent. At the
close, Britain's FTSE 100 was
down 0.46 percent, Germany's
DAX index rose 0.53 percent,
and France's CAC-40 was
essentially unchanged.


TRADE

IRITH


GERALD HERBERT/AP
CAPTIVE AUDIENCE: Chinese Vice Premier Wu Yi, left, listens as Treasury Secretary Henry Paulson
speaks at the U.S.-China Strategic Economic Dialogue in Washington, D.C., on Tuesday.



China, U.S. start



new round of talks


BY MARTIN CRUTSINGER
Associated Press
WASHINGTON The United
States and China opened a new
round of high-level economic talks
on Tuesday with the leader of Chi-
na's delegation bluntly saying that
any effort to politicize economic
differences between the two
nations was not acceptable.
The Bush administration was
pushing for concrete results to
show to an increasingly restive
Congress, where lawmakers blame
America's soaring trade deficits
and the loss of one in six manufac-
turing jobs since 2000 in part on
China's trade practices in such
areas as currency manipulation and
copyright piracy.
The U.S. delegation also raised
the issue of food safety highlighted
by such incidents as the deaths of
pets who had eaten pet food made
with tainted wheat gluten imported
from China.
U.S. Trade Representative Susan
Schwab, who briefed reporters on
the discussions, said food safety
was raised over breakfast by Agri-
culture Secretary Mike Johanns and
Health and Human Services Secre-
tary Michael Leavitt.
"They know this is an issue that
concerns us and concerns the
American people," said Commerce


Secretary Carlos Gutierrez, who
said the issue would be addressed
more formally in a later session
before the talks conclude on
Wednesday.
In opening remarks delivered in
an ornate government auditorium
decked out in flags from both
nations, Chinese Vice Premier Wu
Yi cautioned the United States
against pursuing a blame-game.
"We should not easily blame the
other side for our own domestic
problems," Wu said, speaking
through an interpreter. "Confronta-
tion does no good at all to problem-
solving."
Wu, who gained a reputation for
tough speaking when she was Chi-
na's top trade negotiator, said that
both sides should "firmly oppose
trade protectionism." She said that
any effort to "politicize" the eco-
nomic relationship between the
two nations would be "absolutely
unacceptable."
Wu and her delegation were
scheduled to meet behind closed
doors on Thursday with key lead-
ers of Congress, including House
Speaker Nancy Pelosi, who has
been a vocal critic of China's
human rights policies. Lawmakers
are pushing a variety of bills that
would impose economic sanctions
on China in the wake of a trade def-


icit with China that last year hit
$232.5 billion, accounting for one-
third of America's total record defi-
cit of $765.3 billion.
Treasury Secretary Henry Paul-
son created the Strategic Economic
Dialogue last year as a way to get
the country's top policymakers
together twice a year to achieve.
results that will ease trade tensions.
The first meeting was held in Bei-
jing last December.
Breakthroughs at this meeting
were expected in the area of cutting
tariffs on sales of American energy
technology products and services
in China and increasing U.S. airline
passenger and cargo flights to
China.
However, success in another
area getting China to boost the
stake that American firms can own
in Chinese financial service compa-
nies seemed less certain. The
current cap on foreign ownership
of Chinese banks is 25 percent.
U.S. officials tamped down
expectations of any big outcomes,
saying the meetings were not
meant to be negotiating sessions.
But Gutierrez said there was
impatience on the U.S. side. He
spoke of the "need to make prog-
ress in all areas as soon as possi-
ble."


TECHNOLOGY


You can design your own cellph(


BY BRUCE MEYERSON
Associated Press
NEW YORK Maybe it's time to
stop grumbling about your cellphone
company and just start your own.
That's what Rod Farthing did, at
2:30 a.m. no less. Oh yeah, it took him
just a few minutes to get Farthing
Mobile up and running, replete with a
selection of national calling plans and
cellphone models.
Business is slow so far: Since the
April launch, Farthing has signed up
two subscribers, himself and his son.
But he has two prospects in his wife
and another son.
Well no, Farthing didn't actually
build a cellular network or develop a
billing system and everything else
that one needs to run a mobile phone
business.
Instead, he created Farthing
Mobile through Sonopia, a new "do-
it-yourself" service that enables
groups and individuals to design
their own cell brands with a healthy
dose of social networking gone
mobile. Sonopia buys air time from
Verizon Wireless to provide service,
a fact hidden by each group's brand
on the phone's screen.
"I don't expect to get rich off of it,"
said Farthing, 50, a self-described
cellphonee junkie" in Toledo, Ohio,
who is tailoring his cell service to
people interested in technology. He's
also using it for a class project in an
e-business course he teaches at a


1


J.D. POOLEY/AP
ALL IN THE FAMILY: Rod Farthing, right, is shown with is son, Kevin, in
Toledo, Ohio. Rob Farthing created Farthing Mobile through
Sonopia, a new 'do-it-yourself' service that enables groups and
individuals to design their own cell brands.


local college. "If I get up to 100 mem-
bers I'll be happy. If I get up to 50 I'll
be happy."
Since Sonopia's public launch in
early April, about 1,000 of these cus-
tomized cell companies have been
created, including about 100 by the
startup's employees.
A handful have been launched by
sizable nonprofit groups such as the


National Wildlife Federation, the
National Parks Conservation Associ-
ation, and the American Medical Stu-
dent Association. Others were
started by sports teams like minor
league baseball's Long Island Ducks
and the Chicago Bandits of the
National Pro Fastpitch women's soft-
ball league.
But the vast majority of Sonopia's


MUSIC PUBLISHING -7 -


Universal


%gets Ofr .


to buy


BMG for


$2.09B
SBY AOIFE WHITE .' ''
Associated Press '. "
BRUSSELS, Belgium EU regula- f
tors gave Universal Music Group
clearance Tuesday to buy BMG .
Music Publishing for about for aboitd"
$2109 billion in a deal that will create ,
the world's largest music publishing .,'
company. 'i.
The EU warned, however, that
"serious doubts". about the deal' i
effect on online music were soothed::".
only by the companies' plan to sell :*'.
the rights to some hits from the '80S.'-'
and'90s by artists such as JustinTim'.-
berlake, Iron Maiden and R. Kelly. -W
Combining the world's No. 3 and
No. 4 music publishing catalogs wil4
give Universal the publishing rigid"h
to artists as diverse as Mariah Car -.
U2, 50 Cent, Elton John and Leonard'
Bernstein. With a 22 percent market
share, it will scrape ahead of current '- '
market leader EMI Group PLC.
EU approval was the last hurdle.
for the deal, which Universal said i
would close shortly. It is separate .
from the merger of the Sony-BMG
music units more than two years ago e "
that the EU is now re-examining. .
Music companies have been
looking to consolidate as the market '
for physical CDs declines rapidly, but .
,risk trouble with regulators if they '. .
pick partners within the industry as' -
the number of major players shrinks,.'
SEM, which has long flirted with
Warner Music Group, tried to skirt --r '"
this problem on Monday by agreeing' '
to a $4.7 billion bid from private.". .'
equity firm Terra Firma a bid that
may yet trigger a higher offer from .-' -.,.
Warner.
Bringing Universal and BMG.-'. "
under one roof "wil create a pdblish-" '.
ing business that is even better suited .t' .-.
to serve our songwriters, composers.',.:
and business partners mn this chWil '---. .
lenging marketplace," said Univeris:..
President Zach Horowitz.
Universal is the world's largest
music company, and its publish ng
arm controls the rights to songs b' .-
artists such as Mary J. Blige a,.
Chamillionaire. That niew enlarged '.' 't"
unit will trade under the Universal' " "
name and will be led by Los-Angeles-: f
based David Renzer, the curreh -
chairman and CEO.
Universal will keep the Americani
hit list of Rondor but must sell t
British arm that owns soags by
bands such as '80s chart toppers Di
Straits. '.




)ne firm

growing roster of wireless communi- .
ties were started by individuals, fani-
.lies and tiny groups with very spe-,j
tialzed interests;' '
There's "Aviation History Mobile" .
with 13 members, the 10-me.inbe.
"Mums in Business," the six-me
"Bitta Irish Phone Club," the 13-mem-
ber "Peninsula Skate Crew Mobile," .
and the five-member "Scrabble.
Mobile" featuring weekly contests t' "
devise the highest-word score with a
set of letter tiles. .
Politics, naturally, aren't off limits. .
There are Sonopias devoted to sup- -
porting the presidential ambitions of ',
Senators Hillary Clinton and Barack ""
Obama. The polls haven't closed, but "
the latest tally shows "Obama For ,'"
President Mobile" leading "Hillary .
Clinton Presidential Campaign" 12 -
members to ten- : .
While every tiny cell company ,'^S' &-
adds to the bottom line, nonprofit .'!
organizations are a major focus. Son- .
opia points to the devotion people .',-
show for favorite charities, commu- '..
nity groups and sports teams as a nat- V -'
Sural selling point. A small percentage .., '
of the monthly phone bill kicks back ". ...
to the organization, providing an easy ... .
way for members rt pad their final' .' "
cial support for a cause. h. -,
Sonopia provides tools for each :"
community to share information,' "
photos and other multimedia content '
on the phone, as well as a dedicated
website. ,.


*J 4.


":4 ",. ,'
S*: .-.

3B ".
?. .'. '

, ."' ,:. ". .


------~B~P4~1 ~ql I








THE MIAMI HERALD I MiamiHerald.com INTERINAlI OINJAL EDITI ION WEDNESDAY, MAY 23, 2007 14B

S&P 500 A NASDAQ +9.23 DOW -2.93 6-MO T-BILLS +.03 30-YR T-BONDS4 +.04 GOLD -3.80 EURO -.0013 CRUDE OIL4 -1.30
1,524.12 v .98 2,588.02 +923 13,539.95 W 4.84% 4.98% $659.10 1.3454 $64.97


Money ,Markets


...................... 2.700 -,


,5 1,54 0- ...................... .... ...... -. .- b
S 1,50 .,..IO... ......................2,600 2540

1,500 1,500, 2,S40
1,4650 ....... ................. ...... .... 2,480 ......... .



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


1,350 .................... ...................... ................... S & P 5 0 0 2,300 ..............
Close: 1,524.12
Change: -0.98 (-0.1%)
1,30 0 ...... ....... ........ ... ................. ............................. 2,20 0 .........
D J F N A M D J


StocksRecap


M6 LOW CLOSE CHG. %CHG.


DOW 13586.68 13528.98 13539.95 -2.93 -0.02%
NYSE NAS DOW Tans. 5207.20 5166.07 5197.19 -5.75 -0.11%
DOW UtiL 537.12 533.43 533.70 -2.02 -0.38%
Vol. (in mil.) 2,820 1,926 NYSE Comp. 9931.32 9891.97 9900.96 +3.50 +0.04%
Pvs. Volume 3,479 1,916 NASDAQ 2593.03 2573.95 2588.02 +9.23 +0.36%
Advanced 1786 1932 S&P 500 1529.24 1522.05 1524.12 -0.98 -0.06%
Declined 1513 1110 S&P 400 909.55 903.13 907.46 +1.90 +0.21%
New Highs 252 174 Russell 2000 841.38 832.16 839.92 +6.27 +0.15%
New Lows 11 41 Wilshire 5000 15418.09 15338.78 15372.80 +16.90 +0.11%


WidelyHeldStocks
Name Last Ch~ Na t Cg Nae Last Chg I
ABB Ltd 20.81 +.43 BostProp 110.97 +2.69
ABN Amro 47.81 +.52 BostonSd 15.61 +.08 EOG Res 77.53 -1.00
ACE Ltd 62.13 +.01 BrMySq 30.22 -.09 EKodak 25.06 -.01
AES Cp If 23.37 -.24 BritATob 64.85 +.42 Eaton 91.48 -.83
AFLAC 52.16 +.37 BritSky 51.16 -.5 EchoStar 48.43 -1.13
AMR 27.68 +1.37 Broadcom 30.92 +.07 Ecolab 43.80 +.05
ASML HId 25.36 +.04 BrkfldAsgs 65.13 +.40 Edisonlnt 59.76 +.34
AT&T Inc 40.44 -.11 BrkfldPrp 39.12 -.28 ElPasoCp 15.92 -.30
AU Optron 15.87 +.11 BungeLt 79.57 +.40 Elan 19.04 +.35
AXA 43.20 -.22 BuriNSF 92.10 -145 ElectArts 48.95 -.26
AbtLab 57.69 -.94 CA Inc 28.13 +.21 EDS 28.43 -.01
AberFitc 80.99 -.34 CB REIlis 37.71 +.01 Embarq 64.90 +.06
Accenture 39.62 -.04 CBOT 196.95 +.95 EmersnEls 46.00 -.17
Adecco 18.06 CBS B 32.82 -.02 EEIChile 44.09 -1.81
AdobeSy 43.59 +34 CDW Corp 78.72 +.73 Enbridge 34.53 +.01
AMD, 15.42 -.01 CH Robins 52.09 -.37 EnCana 61.62 -1.09
Advantst rs 43.41 +.43 CIGNA 163.56 +.01 Endesa 53.78 -.30
Aegon 20.66 +.20, CIT Gp 60.43 +33 Enel 56.54 -.35
Aetna 52.36 -.02 CNA Fn 49.56 +39 EngyTEq 39.86 -.16
Agilent 38.54 +.22 CNH Gbl 45.15 -.97 EngyTsfr 61.00 +.67
Ahold 12.71 -.11 CNOOC 95.42 +1.29 Enersis 17.72 -.64
AFrance 48.96 +1.21 CPFL En 5522 -.85 ENSCO 58.97 -1.23
AirProd 78.27 +.31 CRH 48.85 +1.56 Entergy 116.01 -1.61
AkamaiT 44.66 -.55 CSX s 44.79 -.83 EntPrPt 32.11 -.14
Akzo 81.50 +1.14 CVS Care 37.58 -.22 EqtRes 52.11 -.02
Alcan 81.03 -.07 CablvsnNY 3540 -.02 EqtyRsd 47.19 +.52
AlcatelLuc 13.66 +.?1 CadbyS 54.13 -.32 EdrcsnTI 38.14 +.02
Alcoa 38.95 -.04 Cameco gs 50.61 -69 EsteeLdr 47.26 +.10
Alcon 135.03 -.06 Cameron 6953 -136 EverestRe 106.38 -.01
AIIgEngy 54.56 -.75 CampSp 3956 +.06 Exelon 77.36 -.20
AllegTch 112.65 -1.92 CIBC g 98.04 +1.05 Expedla 25.21 -.05
Allergan 121.05 +32 CdnNRyg 53.17 -.40 EXpdIntls 43.95 -.50
AlliBem .90.14 -.18 CdnNRs g 65.17 -.66 ExpScripts 98.12 -.44
Allianz 21.93 +.20 CP Rwy g 70.70 -33 ExxonMbi 82.77 -.82
Aldlrish 61.00 -.18 Canons 58.56 +24 FPL Grp 66.09 +.57
Allstate 61.92 -.69 CapOne 78.62 +.70 FannieM If 63.43 +14
AlItel 68.78 -.82 CardnlHIth 71.86 +.09 Fastenal 42.99 +.42
AlteraCp If 23.10 +.17 Carnival 49.88 +46 FedExCp 104.49 -1.33
Altria s 71.68 +.83 CamUK 51.01 +.62 FedrDS s 3925 -.64
Alumina 25.01 +.03 CarollnaGp 79.01 +.80 Fiat 2820 -.42
AmBevC 66.94 -.92 Caterpillar 7551 +.66 FidNInfo 50.80 -.22
AmBev 67.62 -.98 Celgene 65.97 +.7 FifthThird 41.44 +.06
Amazon 68.88 +.58 Cemexs 35.57 +23 FirstData s 32.59 -.01
AmbacF 9424 -1.05 Cemlg s 38.25 -.16 FirstEngy 72.14 -.09
Amdocs 37.81 -.13 CenterPnt 19.48 -.08 FIserv 53.23 -27 L
Ameren 53.90 -.17 ChesEng 35.25 -.38 Flextrn 11.35 +.01
AMovilL 58.92 +.06 Chevron 82.18 -.65 Fluor 101.70 +1.21
AMovilA 58.82 +.02 ChlMerc 522.16 +7.16- FEMSA 118.53 -.51
AmCapStr 47.48 +.58 ChlnaLfe s 48.82 -.2 FordM 8.68 -.10
AEagleO s 28.06 -127 ChinaMble 47.15 -.75 ForestLab 51.88 +.09
AEP 48.88 -.82 ChinaNet 52.73 -.08 FortuneBr 79.21 -.70
AmExp 64.27 ChinaPet 103.64 -131 FosterWh 97.41 -1.39
AmlntGp If 71.94 -.05 ChinaTel 53.64 -.73 FranceTel 29.71 +39
AmStand 58.51 -.49 ChinaUnl 14.86 +.01 FrankRes 135.31 -1.31L
AmTower 41.38 +.04 Chubb 54.84 FredMac 67.68 +.18
Ameriprise 61.70 -.48 ChungTel 1930 +.19 FMCG 71.35 -1.03
AmeriBrg 51.30 -.38 CInnFin 46.40 -.13 FresenM 48.62 -.52
Amgen 53.96 -22 Cisco 26.37 -.03 Fujifilm 41.36 +.24
Amphenol s 35.23 Citigrp 55.08 +.24 Gannett 58.50 -.81
Amvescp 2421 -.15 ClearChan 38.11 +.06 Gap 18.41 -.06
Anadark s 48.74 -.67 ClearCh 29.33 +.19 Garmin s 58.34 +.94
AnalogDev 40.42 +.28 Clorox 67.07 -.47 Genentch 78.37 +1.20
AngloAm 28.88 -.23 Coach 49.23 +.65 GenDynam 80.56 -1.40
AnglogldA 42.53 -.69 CocaCE 22.94 -.04 GenElec 37.34 +.24
Anheusr 51.07 +1.42 CCFemsa 40.15 -.25 GnGrthPrp 58.27 +.77
Aon Corp 42.98 -.53 CCHellen 45.06 -1.10 GenMlls 60.90 +.05
Apache 78.40 -31 CocaCI 51.48 -43 GnMotr 31.36 +.08
ApolloG If 48.91 -.08 CogTech 78.9 +.27 GenuPrt 50.65 +.28
Apple Inc 113.54 +1.56 Genworth 36.18 -.22
ApldMatl 19.17 +27 ColgPal 66.95 -.08 Genzyme 6222 -.52
ArcelorMit 58.61 -.51 Comcast s 27.36 -.18 Gerdau 22.09 -.43
ArchDan 36.48 -.32 Comc sps 27.08 -.10 GlleadSci 83.72 +1.02
ArchstnSm 52.02 +.45 Comerica 63.38 +.19 GlaxoSKIn 53.93 +.75
Assurant 59.91 -.17 CmcBNJ 34.44 +.18 GlobalSFe 67.50 -1.03
AstraZen 53.54 -.02 CVRD s 44.52 -.56 GoldFLtd 17.11 -.24
AustNZ 122.02 -101 CVRDpfs 37.21 -.46 Goldcrp g 23.31 -.63
Autodesklf 45.53 +.40 CompsBc 69.63 -.12 GoldmanS 230.71 +1.48
AutoData 49.08 +.17 CompSci 57.74 +.68 Goodrich 58.82 -.52
AutoZone 132.11 -188 ConAgra 2535 +.17 Goodyear 34.33 -.19 h
AvalonBay 118.75 +141 ConocPhil 75.85 -.01 Gogle 475.86 +5.26
Avaya 13.88 ConsolE s 46.62 +.06 Graingr 85.82 +.42 h
AveryD 64.16 +.42 ConEd 50.70 -.30 GrantPrde 57.04 -.83 k
Avnet 42.56 -.42 ConstellEn 94.55 -22 GpoSimec 13.68 -.47
Avon 37.62 -.18 Coopers 51.95 -.10 GpTelevisa 30.36 +.30
BASF 122.81 -.34 Coming 24.61 +.09 HDFC Bk 82.81 +.86
BB&T Cp 42.57 -.33 Costco 55.95 +18 HSBC 92.50 -.27
BCE gn 35.70 -.34 CntwdFn 40.78 +.29 Halllbtn s 36.30 -.41
BG Grp 78.50 +.95 CoventryH 60.01 +.18 Hanson 106.31 +.40
BHP BillLt 50.75 -.84 CredSulss 75.17 +.07 HarleyD 63.49 +.61
BHPBil plc 47.60 -.86 CrwnCstle 35.87 -.44 Harman 118.50
BJ Svcs 30.21 -57 Cummins s 17.56 -.28 HarrahE 85.53 +.08
BMC Sft 31.45 -.09 DJIA Diam 135.16 -.04 HarrisCorp 49.53 +.04
BP PLC 68.18 -1.26 DR Horton 23.75 +.93 HartfdFn 106.02 +.48
BT Grp 62.67 +2.09 DTE 54.20 +.47 HIthCrPr' 31.81 +.42
BakrHu 8221 -.28 DaimlrC 87. +.65 HealthNet 58.06 +.33
BcBilVArg 25.01 -.09 Danaher 7161 +.26 Heinz 46.44 -.60
BcBrades s 2537 -35 Danone 31.58 -.19 HelInTel 15.17 +.03
Bncoltau 45.45 -.62 Darden 45.44 -.23 Hershey 52.29 +.28
BcoSnCH 18.34 -.01 Dassault 59.08 +.93 Hertz n 20.97 -.01
BcSanChile 49.39 -1.87 Deere 11780 -1.01 Hess s 59.31 -1.28
BkofAm 51.50 +.27 Delhaize 9930 +1.42 HewlettP 45.58 +.36
Bklreind 89.66 -.20 Dell Inc If 26.38 +.44 Hilton 3426 +.26
BkMont g 63.44 +.10 DeutschBk 156.92 +24 Hitachi 71.63 +1.05
BkNY 40.30 +.19 DeutTel 17.48 +.46 HomeDp 38.53 -.10
BkNova g 49.57 -.14 DevDv 60.47 +.23 Honda 34.06 -.31
Barclay 56.68 -.39 DevonE 78.32 -.72 HonwIllntl 56.98 -1.32
Bard 83.80 +.89 Diageo 84.64 +.60 HostHotis 23.77 +.22
BarrickG 29.55 -.72 DiaOffs 92.25 -1.92 HuanPwr 43.49 -.56
Baxter 57.11 -.31 DirecTV 23.60 -.19 HudsCity 1338 +.12
BayerAG 71.79 +.30 DiscHoldA 2353 -.14 Humana 63.79 -.36
BearSt 151.66 +.59 Disney 36.27 -.17 HIutchTel 31.18 -.06 N
BectDck 76.91 -.07 DollarG 21.57 +.01 IAC Inter 34.39 -.15
BedBath 40.87 -.35 DomRes 90.27 -.76 ICICI Bk 47.63 -.06
Berkley 32.88 +.19 DonlleyRR 42.83 -.37 ING 45.15 +.20
BerkHa A 109580 +580 Dover 4943 +.28 iShJapan 1439 +.14
BerkH B 3643 +13 DowChm 45.77 -.15 IShDJDv 75.55 +.02
BestBuy 47.91 +.04 DuPont 52.04 -.03 IShSP500 15255 -.26
Biogenldc 47.01 +.11 DukeEgys 2o.29 -.10 IShEmMkt 127.10 +.08
Biomet If 43.55 +.05 ETrade 23.00 +.23 ISh EAFE 80.04 +.07
BlackRock 147.38 -.94 EON AG 50.75 -.10 ISRIKV nya 89.13 -.03
BlockHR 23.32 -.14 eBay 33.06 +A0 iShR2K nya 8333 +.57
Boeing 96.48 -.42 EMCCp 15.82 -.01 ITTCorp 66.65 -.10
ENI 70.64 -.37 ITW s 53.72 +1.76 N


Name Last chg
StarfldReso 130 +.28
LundinMng 12.95 -.17
EldoradoGId 6.14 -.20
RioNarceaGId 5.40 -.05
SthAmerGldo .04 -.01
TeckComBSV 43.70 -1.30
ThompsonCreekl6.76 +.13
WstemOilA 38.70 -.09


Nm Last Chg
LionoreMng 27.25 -39
UrEnergyo 4.80 +.48
KhanReso 4.85 +.29
AurResources 28.3 -.12
ThomsonCorp 46.76 -1.19
PetroCanada 5531 +1.01
EastemPlat 2.45 -
HuskyEngy 8924 -1.04


ICI
ImpOil gs
ImpTob
IndoTel
Infineon
Infosys s
IngerRd
Intel
IntcntlEx
IntCtlHtl rs
IBM
IntlGame
IntPap
IntlPower
Intuit s
Ipsco g
JPMorgCh
lacobsE s
JohnJn
lohnsnCtI
InprNtwk
KLATnc
KPN
KT Corp
Kellogg
Keycorp
KeySpan
KimbClk
Kimco
KindME
KindMorg
Kohls
Kookmin
KoreaEIc
Kraft
Kroger
Kubota
Kyocera
L-3 Comrn
LG Philips
LSI Corp
LabCp
LafargeSA
LamRsch
LVSands I
LeggMason 1
LehmanBr
LeucNatl s
Level
LibGlobA
LibGIobB
LibGlobC
LibtyMlntA
LibtMCapA 1
LillyEli
Limited
LincNat
LinearTch
LloydTSB
LockhdM-
Loews
Lowes s
Luxottica
Lyondell
M&T Bk
MBIA
MEMC
MGMMir
Macerich
Magnal g
Manpwl
Ma1nulif gs
Marathon 1
MarlntA s
MarshM
Marshlls
MartMM 1
MarvellT slf
Masco
MasterCdn 1
Mlatsush
Mattel
Maxim If
McDerml s
McDnlds
McGrwH
McKesson
MeadWvco
Medimun
MedcoHIlth
Medtrnic
MellonFnc
Merck
MerrillLyn
MetLife
Metso
Microchp
MicronT
Microsoft
Millea s
Millicomlnt
Mirant
MitsuUFJ
Mitsui
MizuhoF n
MobileTel
Mohawk
MolsCoorsB
Monsanto s
MonstrWw
Moodys
MorgStan
Mosaic If
Motorola
Murph0O
NCRCp
NEC
Nll HIdg
NIS Grp
NRG Egy
NTTDoCo
NYMEX n 1


1 5cn


125.28 +.19


TorontoStockExchange
Man last Chg Name Last Chg
lamgoldCorp 7.69 -.04 CitadelPremU 11.49 +.03
ErpnMinriso 1.44 +.10 StAndrewRt .01 -.01
EnCanaCorp 66.95 -1.01 AmerBonanzao .27 +.03
Crystallexo 5.38 +.20 HudBayMnrls 23.10 +.10
BreakwaterRes 2.40 -.01 BarrickGold 32.04 -.50
EnergyMetlso 18.42 +1.77 VictoryNklo .81 +.11
CGIGrpASV 11.37 +.37 ImperialOil 52.25 +2.26
BomnbdrBSV 4.77 -.06 UTSEngyCorp 5.35 +.02


batyamsll 24. IU T.




Name Last Chg
EqnoxMnrlso 2.90 +143
Nexen Inc 33.10 -.54
ShiningbankUn 14.40 +.30
TalismanEgy 21.79 -.08
ManulifeFin 39.49 -.15
DenisonMines 14.90 -.02
DomtarCorp 11.60 +.80
BkMontreal 68.88 -.21


Name Last Chg
RogersCommB 44.40 +.16
SXRUraniumJ 16.84 +.26
FirstNickelo 1.54 -.03
Goldcorplnc 25.33 -.57
KCPlncomUn 10.02 +.02
HighRiver 2.70 +.01
PaladinOrdo 8.08 +.15
BCE Inc 38.75 +.03


Interestrates



sAA 7


UE3


NET IYR
TREASURIES YEST PVS CHG WK MO QTR AGO
3-month T-bill 4.78 4.77 +0.01 A V V 4.71
6-month T-bill 4.84 4.81 +0.03 A V V 4.81
1-year T-note 4.97 4.96 +0.01 A A A 4.98
2-year T-note 4.84 4.79 +0.05 A A A 4.95
5-year T-note 4.75 4.71 +0.04 A A A 4.94
10-year T-note 4.82 4.78 +0.04 A A A 5.04
30-year T-bond 4.98 4.94 +0.04 A A A 5.13


Name Last Chg
SchergPI 33.23 -.11
Schlmbrg 79.11 -1.03
Schwab 20.97 -.15
10 DAYS fSeagateT 21.35 +.49
SearsHldgs 178.62 -.97
SempraEn 64.50 +.18
ShawC g 40.15 -.40
Sherwin 67.51 +.11
Shinhan 118.00 +.77
Shire 69.99 +.27
SiderNac 51.65 -1.10
Nasdaq composite Siemens 124.88 +.68
Close: 2,588.02 SimonProp 106.03 +1.85
Change: +9.23 (+0.4%) Smith&N 61.67 -.16
SmithintI 54.90 -.96
F M A M Sodexho 77.20 +.08
SonyCp 59.46 +2.08
SouthnCo 37.16 -.17
WKSthnCopp s 85.68 -.42
WK MO QTR YTD SwstAirl 14.51 +.12
A A A +8.64% SwstnEngy 46.76 +.17
A A A +13.97% SovrgnBcp 23.94 +.33
A A A +16.84% SpectraE n 26.51 -.33
A A A +8.34% SprintNex 21.46 +.06
A A A +7.15% SPDR 152.42 -.12
A A A +7.46% SP Mid 164.91 +.19
A A A +12.82% Staples 25.05 -.62
A A A +6.63% Starbucks 29.01 -.27
A A A +7.82% StarwdHtl 69.20 +.84
StateStr 68.67 -.21
Statoil 27.95 -.11
StoraEnso 19.15 +.12
Last Chg Name Last Chg Stryker 67.37 +.21
Suez 57.01 -.27
"43.59 -.14 NYSE Eur 86.41 -.02 SunLfFn g 47.02 -.28
48.13 +1.61 Nabors 35.60 -.34 SunMicro 5.38 -.01
84.77 -.74 Naspers 27.77 +1.05 Suncor g 86.70 -.86
44.00 +.46 NtAust 175.85 -1.20 Sunoco 78.11 +.81
14.87 +.12 NBkGreece 11.72 +.10 SunTrst .90.61 +.96
50.04 +.05 a dtV MR% S -+ Supvalu 47.05 +.63
48.87 -.03 NOilVarco 92.29 -2.36 Swisscom 35.03 +.41
22.99 +.36 NatSemi 26.53 -.22 Symantec 19.63 -.16
151.40 +5.32 NetwkAp 37.84 -.37 Syngenta 37.54 +.43
26.71 -.08 NewellRub 30.90 +.38 Synovus 33.07 +.50
106.70 -.34 NewfldExp 47.62 -.62 Sysco 32.90 -.05
40.95 +.90 NewmtM 38.77 -.68 TD Ameritr 18.81 +.44
38.81 -.01 NewsCpA 22.39 +.06 TDK 90.28 -.67
93.29 +1.02 NewsCpB 23.80 -.10 TJX 27.97 -.31
30.97 -.24 Nexen gs 30.44 -.36 TNT NV 44.54 +.21
157.03 -.22 NiSource 25.20 +.05 TXU Corp 67.05
52.29 -.27 Nidec 14.49 +.12 TaiwSemi 10.66 +.15
55.76 +.54 NikeB wi 55.13 +.45 TalismE gs 20.04 -.45
63.58 +.06 NippnTT 23.38 Target 58.04 -.10
109.36 -.86 Nissan 22.10 +.19 TataMotors 18.07 +.26
23.85 +.08 NobleCorp 89.86 -2.08 Technip 76.70 +.13
54.05 +.56 NobleEn 62.99 -.66 TeckCm gs 40.25 -1.46
16.44 +.07 NokiaCp 26.43 -.54 TelcNZ 27.64 -.05
23.84 -.27 Nomura 20.31 +.94 Telltalia 29.20 +.08
53.62 +.02 Nordstrm 52.05 -.65 TelltaliaA 23.29 -.07
36.47 -.12 NorflkSo 57.29 -.21 TelBrasH 40.13 +1.11
41.41 -.08 Norsk s 35.44 -.10 TelSPaulo 29.61 +.01
70.94 -.52 Nortel lfrs 25.44 +.19 TelefEsp 67.38 +.37
44.47 +.38 NorTrst 64.21 +.14 TelMexL 40.16 +.46
55.72 +.39 NorthropG 75.83 -1.03 Telenor 57.68 -.14
106.91 -.03 Novartis 55.50 +.03 TelData f 59.11 -.02
73.11 -.74 NovoNdk 103.30 +.44 Telkom 96.19 +.44
90.00 +1.50 Nucor s 65.74 -.65 Telus g 58.90 +.63
22.38 +.14 Nvidia 35.32 +.19 Templeln 62.39 +.34
33.34 +.15 OcciPet s 54.52 -.27 Tenaris 46.73 -.47
29.53 +.01 OffcDpt 35.28 -.02 Terex s 80.64 +1.17
38.70 +.57 Omnicom 103.69 +.14 Tesoro 120.01 -.99
97.15 -.45 Oracle 19.37 +.05 TevaPhrm 40.58 +.02
94.71 +.25 Orix 134.18 +2.50 Texlnst 35.49 -.06
20.77 -.45 PG&E Cp 51.23 -.19 Textron 104.91 -.73
8.20 -.09 PNC 74.16 -.47 ThermoFis 53.69 +.12
78.44 -.35 POSCO 113.21 +1.77 Thomson 43.09 -.07
43.15 +.16 PPG 77.88 -.09 3M Co 87.78 +.72
51.35 -.52 PPL Corp 45.00 -.78 Tiffany 52.45 +.42
80.19 +4.28 Paccar s 86.92 -1.27 TW Cable n 38.52 +.21
101.40 +1.35 ParkHan 97.54 +.88 TimeWarn 21.60 -.15
74.08 +.77 Paychex 40.09 +.11 Trchmrk 69.87 +.05
34.47 +.14 PeabdyE 53.52 -.72 TorDBk g 64.67 -.23
5.80 +.27 Pearson 17.80 +.04 Total SAs 75.59 -.67
38.00 -.29 PennWstgn 34.82 -.. TotalSys 34.06 +1.62
37.61 Penney 78.76 -.11 Toyota 119.31 -1.07
35.75 -.10 PepsiBott 33.81 +.02 TrCda 36.86 +.17
23.99 -.39 PepsiCo 68.67 -.36 Transocn 95.31 -1.90
117.32 -.82 PetroC g 50.85 +.15 Travelers 55.65 -.24
59.53 -.09 PetChina 129.85 -1.35 Tribune 33.01 +.03
25.98 -.18 PetrbrsA 96.32 -.03 Turkcell 15.17 -.06
73.75 -.02 Petrobrs 108.67 -.17 Tycolntl 32.66 +.48
37.13 +.14 Pfizer 27.37 -.05 Tyson 21.78 -.26
46.26 -.01 PhilLD 54.67 +.49 UBS AG s 63.74 -.19
94.22 -4.57 PhilipsEl 41.16 +.25 UPM Ky 25.35 +.12
50.91 +.32 PioNtrl 49.87 -.13 UST Inc 55.46 -.48
31.73 -.15 PitnyBw 47.39 +.32 UltraPt g 62.87 -.89
34.01 -.25 PlainsAA 61.04 +.14 UUniao 112.40 -1.16
36.97 -.16 PlumCrk 40.61 +.55 UnilevNV s 29.81 +.09
113.11 +.17 Polo RL 96.48 +1.04 Unilever s 31.16 +.15
69.46 +.15 PortglTel 13.66 +.02 UnionPac 118.56 -.52
57.43 +.84 Potash 204.54 -2.07 UnBnCal 61.70 -.02
79.98 +17.03 PwShs QQQ 47.05 +.04 UtdMicro 3.32 +.06
86.80 +1.06 Praxair 69.37 +.45 UPS B 70.10 -.21
85.14 +1.29 PrecCastpt 115.42 -1.01 US Bancrp 34.42 -.16
87.24 -.16 PriceTR s 49.25 -.26 US Cellu If 75.15
36.34 +.18 PrinFncl 61.32 -.24 USSteel 106.69 -2.67
116.32 +.25 ProctGam 63.00 -.27 UtdTech 69.21 +.29
45.19 +.45 ProgrssEn 51.94 -.40 UtdUtils 30.55 +.22
31.46 -.01 ProgsvCp 23.23 +.18 UtdhlthGp 53.89 +.39
49.45 -.10 ProLogis 63.80 +.90 UnumGrp 27.30 -.02
151.92 +6.15 Prudentl 102.72 -.45 VF Cp 92.32 +1.08
16.30 -.07 Prud UK 30.54 -.12 ValeroE 75.75 -.03
30.12 +.09 PSEG 91.19 -.65 VeoliaEnv 82.45 +.04
138.73 -.78 PubStrg 85.05 +.44 Verisign 27.10 -.29
20.66 +37 Publicis 46.32 +.32 VerizonCm 42.61 +.07
29.05 +.35 PulteH 27.50 +.93 ViacomB 43.97 +1.22
32.04 +.52 Qualcom 46.38 +.25 VimpelCm 100.00 -2.11
74.03 +.20 QstDiag 48.30 -.43 VirgnMda h 26.26 -.39
52.50 +.23 Questar 106.00 +2.20 Vodafone 28.75 -.10
69.68 +.03 QwestCm 10.00 -.01 Volvo s 20.87 +.33
62.21 -.23 Raytheon 54.32 +.02 Vornado 114.83 +1.73
33.34 +.37 ReedElsNV 39.35 -.14 VulcanM 117.47 +1.64
57.35 +.14 ReedEls plc 53.03 -.25 WPP Gp 75.07 +.18
77.29 +.09 RegionsFn 35.98 -.30 Wachovia 56.25 -.40
50.80 +.23 ReliantEn 27.32 -.08 WalMart 46.54 -.08
43.18 +.20 Repsol 36.16 -.17 Walgrn 44.77 -.35
54.15 +.36 RschMotn 159.06 +7.06 WA Muti 44.08 +1.12
94.01 +.18 ReutrGrp 74.81 -.22 WsteMInc 39.06 +.15
68.85 +.35 ReynAms 66.27 -.44 Wethfdnt 581 -.86
54.04 -.22 Rinker 79.54 +.02 WellPoint 84.59 +.16
40.38 -.07 RioTinto 280.06 -1.99 WellsFgo s 36.00 -.31
11.38 -.07 RockwlAut 64.33 +.04 WstnUn n 21.62 -.14
30.69 -.36 RockColl 68.32 -.49 Westpac 110.09 -.90
38.70 +.23 RogCm gs 40.85 -.15 Weyerh 80.35 -.12
85.95 -.37 RoHaas 53.48 -.47 WhrIpl 113.13 -.35
47.17 -.76 Rostele 55.63 -.63 WmsCos 31.37 +.31
11.45 +.55 RoyalBkg 55.51 +.49 WillisGp 44.66 +.42
393.80 +11.80 RylCarb 42.96 +.75 Windstrm 15.00 +.07
13.76 +.99 RoyDShllB 75.95 -.66 Wipro 16.26 -.19
54.15 -.50 RoyDShllA 74.52 -.32 Wolseley s 26.53 +.60
97.26 +1.44 Ryanairs 41.38 -.10 WooriFn 73.10 -.89
91.15 -.13 SAP AG 47.21 +1.09 Wrigley 58.06 +.50
60.97 -.86 SK Tlcm 26.65 -.36 Wyeth 58.42 +.01
47.25 -2.53 SLGreen 133.82 +1.21 Wyndham n 36.87 +.50
68.04 -.22 SLM Cp 55.36 +.06 Wynn 101.15 +6.96
85.63 +.02 STMicro 20.26 +.38 XL Cap 81.95 +.62
32.27 +.33 Safeco 63.48 +.35 XTO Engy 58.09 -.61
18.92 +.02 Safeway 34.56 +.14 XcelEngy 24.01 -.13
60.11 -.88 Stude 43.25 -.04 Xerox 18.65 +.32
51.83 -.17 SanDisk 43.54 -.73 Xilinx 29.24 +.19
5.25 +.37 Sanofi 47.75 -.01 YPFSoc 42.28 +.36
77.10 -1.77 Santos 42.25 -.07 Yahoo 28.92 -.43
4.72 +.22 SaraLee 17.67 +.06 YumBrds 67.72 +.57
85.93 -1.19 Sasol 36.74 -2.46 Zmmer 9024 +
17 4n -21 ,,,. t 2 ,A +.2 ZionBcp 81.19 -.33


PRIME FED
RATE FUNDS
YEST 8.25 5.21
PREV 8.25 5.22
WKAGO 8.25 5.28


Commodities






Cu


NET IYR
YEST PVS CHG WK MOQTR AGO


Lehman Bros Bond Idx5.01 4.97 +0.04 A A A 5.23
Bond Buyer Muni Idx 4.69 4.68 +0.01 A A A 4.81
Lehman US Inv Grade 5.44 5.45 -0.01 A A A 5.63
Lehman US High Yield 7.41 7.42 -0.01 V V V 8.29
Moodys Bond Index 5.50 5.49 +0.01 A A A 5.88
Bank Index 117.93 117.91 +0.02 A A A 108.95
DJ Corp Bond 198.73 199.23 -0.50 V V A 185.80


COMMODITY CLOSE PVS.
Unleaded Gas (gal) 2.31 2.40
Crude Oil (bbl) 64.97 66.27
Gold (oz) 659.10 662.90
Platinum (oz) 1298.70 1319.70
Silver (oz) 12.92 13.06
Coffee (Ib) 1.12 1.12
Orange Juice (Ib) 1.63 1.65
Sugar (Ib) 0.09 0.09


%CH. %YTD
-3.75 +44.2
-1.96 +6.4
-0.57 +3.8
-1.59 +14.0
-1.07 +0.9
... -11.3
-1.21 -19.0
... -23.4


Foreign >6Mo. 1YL
Exchange COUNTRY CLOSE CHG. %CHG. AGO AGO
j Y Argent (Peso) .3249 -.0002 -.06 .3246 -.0004
Brazil (Real) .5147 -.0004 -.08 .4621 +.0802
Britain (Pound) 1.9751 +.0049 +.25 1.9146 +.0879
Canada (Dollar) .9209 -.0009 -.10 .8765 +.0240
W I Y V Chile (Peso) .001902 -.000017 -.89 .001889+.000014
Colombia (Peso) .000511 +.000008 +1.57 .000437+.000111
Dominican Rep (Peso) .0313 -.0000 -.00 .0296 +.0005
Euro (Euro) 1.3454 -.0013 -.10 1.2936 +.0584
Japan (Yen) .008226 -.000007 -.09 .008562 -.000760
Mexico (Peso) .092785 -.000092 -.10 .091229 +.004242
Uruguay (New Peso) .0420 -.0000 -.00 .0412 +.0002



Global"
INDEX YEST CHG %CHG WK MO QTR YTD
S&P'500 1524.12 -0.98 -0.06% A A A +7.46%
Frankfurt DAX 7659.39 +40.08 +0.53% A A A +16.11%
London FTSE 100 6606.60 -30.20 -0.46% A A A +6.20%
Hong Kong Hang Seng 20843.92 -83.83 -0.40% V A A +4.40%
Paris CAC-40 6089.72 -0.19 ...% A A A +9.89%
*Tokyo Nikkei 225 17680.05 +123.18 +0.70% A A A +2.64%

SOUTH AMERICA / CANADA
Buenos Aires Merval 2193.47 -15.61 -0.71% A A A +4.93%
Mexico City Bolsa 30802.25 +93.52 +0.30% A A A +16.46%
Sao Paolo Bovespa 52208.09 -215.36 -0.41% A A A +17.39%
Toronto S&P/TSX 14112.19 +6.85 +0.05% A A A +9.33%

ASIA
Seoul Composite 1642.88 +14.68 +0.90% A A A +14.53%
Singapore Straits Times 3539.82 +125.33 +3.67% A A A +18.55%
Sydney All Ordinaries 6350.20 -22.30 -0.35% A A A +12.51%
Taipei Taiex 8188.63 +47.04 +0.58% A A A +4.66%
Shanghai Shanghai B 340.47 -25.17 -6.88% A A A +161.68%


Largest Mutual Funds


12-MO
NAV CHG%RTN NAME


12-MO
NAV CHG%RTN


AIM Fidelity Spartan DivrEqlnA m 14.31 +.01 +24.7
ConstellA m 28.85 +.02 +17.3 5001ndxAd 106.01 -.07 +23.0 Russell
American Cent 5001ndxln '106.00 -.07 +23.0 MulStrBdS 10.30 -.02 +5.7
Ultralnv 28.98 -.01 +10.2 USEqlndxl 54.05 -.03+23.0
American Funds First Eagle I Schwab
AmcapA m 21.58 +.01 +17.5 GIbA m 48.95 +.10 +19.7 YIdPIsSel 9.69 ... +53
BalA m 19.86 -.02 +16.2 OverseasA m 27.09 +.06 +19.9 Selected
BondA m 13.34 -.01 +7.2 FrankTemp-Franklin AmerShS b 49.59 +,02 +22.C,
CaplncBuA m 65.21 -.04+25.5 CATFA m 7.31 ... +5.7 T Rowe Price
CpWIdGrIA m 45.88 +.01+27.5 FedTFA m 12.04 -.01 +5.1 BIChpGr 39.09 +.03+22-J
EurPacGrA m 50.96 +.13 +25.5 Income A m 2.82 ... +23.9 CapApprec 22.15 ..+19.9
FundmlnvA m44.11 -.05+23.8 Income C m 2.84 ...+23.1 Eqlndex 40.95 -.03+22.7
GrowAmerA m35.66 +.01+18.7 IncomeAdv 2.81 ...+24.2 Eqtylnc 31.85 -.02 +25.1
GrowAmerB m34.45 +.01 +17.8 SmlMdCpGrA m42.84+.04 +21.2 tyonc 31.85 -.0+2.
HilncA m 12.86 +.01 +13.2 FrankTemp-Mutual GrowStk 34.45 +.04+24.2
IncAmerA m 21.54 -.01+23.3 Discov A m 33.64 +.05 +30.4 IntlStk 18.20 +.05+24.8
InvCoAmA m 35.95 -.02 +20.5 Shares A m 28.25 +.04 +24.0 MidCapVa 28.19 +.07 +27.8
MutualA m 31.79 -.01 +23.5 Shares Z 28.48 +.04 +24.5 MidCpGr 61.60 +.09+21.3
NewEconA m 28.83 ... +23.6 FrankTemp-Templeton NewHoriz 35.40 +.14+14.2
NewPerspA m34.54 ...+24.1 Fgn A m 14.80 +.04 +23.1 SmCpStk 37.10 +.23+15.9
NwWrldA m 54.66 +.12 +38.9 ForEqls 29.46 +.07+35.0 SmCpVal 45.08 +.23+17.2
SmCpWIdA m44.58 .22 +29.9 Growth A m 27.38 +.04 +23.2 Value 29.74 +.02 +25.1
WAMutlnvA m37.71 -.05 +23.7 Growth Ad 27.43 +.04+23.4 Third Avenue
Artisan World A m 20.91 +.04+23.6Value 64.98 .01 +19.8
Intl 31.54 +.07 +26.6 Franklin Templeton edy Bro ne
Baron FndAIIA m 14.83 +.02+23.4 Tweedy Browne
Growth b 53.48 +.41 +15.4 Harbor GlobVal 34.57 +.03+29.3
Bernstein CapAplnst 35.33 +.07 +15.1 Van Kampen
TxMIntl 28.65 +.05 +25.2 Intllnstl 69.14 +.20 +33.7 ComstockA m20.58 ... +21.7
BlackRock Hartford EqlncomeA m 9.64 -.01 +18.1
GlobAlcA m 19.44 -.02 +17.3 AdvHLSIA 24.17 +.01 +17.7 GrowlncA m 23.92 -.02 +23.4
GlobAlcC m 18.34 -.01+16.4 CapAprA m 40.96 -.09+20.6 Vanguard
Calamos CpApHLSIA 58.52 -.15+23.2 500 140.67 -.09+22.9
GrowA m 59.38 +.35 +13.1 DvGrHLSIA 24.99 -.05 +26.6 500Adml 140.69 -.09+23.0
Columbia JPMorgan AssetA 30.92 -.02 +22.0
AcornZ 33.19 +.17 +22.0 IntrAmerS 30.48 -.04 +24.0 EmerMktld m 27.35 +.03 +36.6
DFA Janus E 73.24 -.50 +2
EmgMktVal 39.18 +.12 +53.5 Contrarian 19.92 +.06 +40.5 energy 73,24 -.50 +25.4
IntlSmCap 23.79 +.05 +32.4 Growlnc 41.92 -.02 +17.3 Europeldx 40.27 -.01+35.4
IntlValu 26.10 +.04+36.5 Janus 31.19 -.04 +22.4 Explr 82.97 +.41 +17.3
USLgVal 27.88 ...+25.2 MidCapVal 26.40 +.02+24.2 Extndldx 42.77 +.25+21.6
USSmVal 32.01 +.23 +19.6 Overseas 52.61 +.12+46.2 GNMA 10.15 -.01 +6.4
DWS-Scudder Twenty 60.96 +.32 +28.5 GNMAAdml 10.15 -.01 +6.5
DremHRtEA m54.05 ... +22.2 John Hancock GIbEq 25.75 +.03 +30.4
Davis ClsscValA m 29.92 +.03 +22.6 Growthldx 32.19 ... +19.3
NYVentA m 41.64 +.02 +22.5 LifBal b 15.18 +.01 +17.7 HItCrAdml 66.11 +.04 +21.4
NYVentC m 40.06 +.03 +21.6 LifGrl b 15.84 +.02 +19.7 HlthCare 156.60 +.08 +21.3
NYVentY 42.15 +.03 +22.8 Julius Baer Instldx 139.63 -.09 +23.0
Dodge & Cox IntlEqA b 47.12 -.01 +33.2 InstPlus 139.64 -.09+23.1
Bal 91.51 +.07 +16.9 IntlEql 48.15 -.01 +33.6 InstTBdld 50.04 -.09 +6.5
Income 12.64 -.01 +7.0 Legg Mason InstTStPI 33.27 +.02 +23.0
IntlStk 48.55 +.15 +28.3 Valuelnst 87.18 +.24 +21.9 IntlGr 26.32 +.05 +29.1
Stock 164.80 +.27 +22.2 ValuePr b 78.10 +.21 +20.7 IntVal 44.3 +.10+28.1
Excelsior Langleaf Partners LifeCon 17.31 -.01+14.3
ValRestrA 59.62 +.01 +26.1 LongPart 37.92 +.16+21.7 LifeCon 17.31 -.01+14.3
Fidelity Loomis Sayles LifeGro 25.74 ... +21.7
AstMgr50 16.95 -.01+14.1 Bondl 14.77 -.03 +12.9 LiMod 21.65 -.01 +18.1
Bal 21.08 -.01 +18.7 Lord Abbett MidCp 22.08 +.04+22.8
BIChGrow 47.37 +.02 +15.8 AffiliatA m 16.12 -.04 +18.5 Morg 20.67 +.01 +20.0
CapApr 29.49 +.09 +17.7 MidCpValA m 24.65 + 25.9 MulntAdml 13.23 -.01 +4.7
Caplnc 9.27 ...+16.1 MFS Pacificld 13.13 +.05+11.7
Contra 69.84 -.05+18.3 TotRetA m 17.11 -.02 +17.4 Prmcp 74.13 +.04+17.3
DiscEq 32.31 -.05 +25.1 ValueA m 29.22 -.06 +25.7 PrmcpAdml 76.98 +.05 +17.5
DivGrow 34.14 -.01 +21.9 Morgan Stanley Instl REITIdx 25.23 +.32 +26.6
Divrlntl 40.69 ...+25.7 IntlEqA 22.33 +.01 +23.8 STCor 10.56 .. +5.8
Eqlnc 62.82 -.05+25.8 Oakmark STGradeAd 10.56 .. +5.9
Eqlnc II 25.41 ...+21.8 Eqlncl 27.97 -.10+17.1 SmCapldx 35.90 +.20 +20.4
FF2040 10.00 +.01+21.2 IntlI 27.93 +.04+26.8 Star 22.26 ...+16.8
Fidelity 39.23 -.04 +23.4 Oakmark I 49.42 +.05 +22.5 StratgcEq 26.43 +.09+22.0
Free2010 15.12 ... +14.7 Select I 35.92 +.25 +18.7 Tgtet2025 14.01 ..+20.1
Free2020 16.20 +.01 +18.1 Tgtet2025 14.01 +21
Free2030 16.86 +.01 +20.4 Oppenheimer TotBdAdml 9.93 -.02 +6.6
Govtlnc 9.99 -.02 +5.4 DevMktA m 46.60 +.13+37.8 TotBdId 9.93 -.02 +6.5
GrowCo 76.03 +18 +207 GlobA m 79.57 +.14+22.9 otBdnst 9.93 -.02 +6.6
Growlnc 33.14 +05 +181 MainStrA m 44.02 -.07 +22:.1 TotBdlnst 9.93 -.02 +6.6
IntBond 10.23 -.02 +5.8 RocMuniA m 18.69 -.02 +7.7 Totlntl 19.48 +.01 +28.8
IntlDisc 41.75 +.07 +27.8 StrlncA m 4.43 ...+12.6 TotStlAdm 36.90 +.03+22.8
InvGrdS d 7.33 -.01 +6.5 PIMCO TotStllns 36.90 +.02 +22.8
LevCoSt 34.60 +.03 +33.0 AllAssetl 12.99 -.04 +10.1 TotStldx 36.89 +.02 +22.7
LowPriStk 47.74 +.23 +22.3 ComRIRStI 14.48 -.31 +.3 WellsJ 22.54 -.03 +14.6
Magellan 93.28 -.07+16.6 LowDrls 9.85 -.01 +4.3 Welltn 34.41 -.08+19.3
MidCap 33.48 -.03 +23.1 TotRetA m 10.28 -.02 +4.9 WelltnAdm 59.44 -.14 +19.4
OTC 44.98 +.26 +23.7 TotRetAdm b 10.28 -.02 +5.1 WndsllAdm 68.28 -.01 +26.8
Overseas 49.79 +.09 +27.8 TotRetls 10.28 -.02 +5.4 Wndsr 20.19 +.01 +24.0
Puritan 21.18 -.01 +19.2 Pioneer WndsrAdml 68.15 +.02 +24.1
Reallnv 36.20 +.46+26.1 PioneerA m 52.25 -.10 +22.6 Wndsrll 38.45 -.01+26.7
ShTmBond 8.84 -.01 +4.9 Putnam
USBdIndx 10.82 -.02 +6.4 GrowlncA m 21.69 ... +22.7 Western Asset
Value 90.78 +.06 +25.7 RiverSource CrPlBdIns 10.47 -.02 +8.3


12-MO
NAV CHG%RTN NAME


BONDS







WEDNESDAY, MAY 23, 2007, PAGE 5B


THE TRIBUNE


Stores: Price and




size concern over




eggs made in




the Bahamas


* By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
A although many
Bahamian
food stores are
willing to stock
locally-pro-
duced eggs on their shelves,
some yesterday said price and
size were contributing factors
as to why customers may
choose to purchase foreign egg
products instead.
This comes after a leading
supplier of locally produced
eggs, New Providence-based
Sunshine Farms, announced it
was set to close its doors at the
end of June 2007 with the loss
of 18 jobs and $2 million in per
annum revenues.
Chris Lowe, the farm's rep-
resentative, said it was a com-
bination of "everything" that
led to the decision to close.
"It is a shame that a busi-
ness that has been around for
52-and-a-half years is going to
have to close its doors, but no
one in the Bahamas cares
about agriculture," he told Tri-
bune Business on Monday.
Although some grocers, such
as the Meat Max and Grocery
Store, rely solely on Sunshine
to stock their shelves, others
admit they sell a combination
of Bahamian and foreign egg
products to satisfy customer


demand.
Brad Albury, manager of the
Meat Max, told The Tribune
yesterday that the store only
carries Sunshine eggs, and had
been supporting the company
for quite some time.
"We don't carry other eggs,
and I do not know what we
will do now that the farm is
closing," he added.
An employee at Abaco Mar-
kets' Cost Right store told The
Tribune that the store gets the
bulk of its egg supply from
Grand Bahama. However, he
noted that in some cases,
Bahamians prefer to purchase
foreign eggs because they feel
they are larger.
Similarly, another large store
indicated that while they do


carry Bahamian eggs, they also
provide alternative products
such as organic eggs and
American eggs.
"Our customers say that
price and size is why they pre-
fer US eggs," said an employ-
ee.
It was felt that a major factor
behind Sunshine Farms' clo-
sure has been the flood of
imported eggs into the
Bahamian market, with other
poultry farmers alleging that
some food stores preferred to
stock on their shelves the for-
eign eggs because, as imports,
they were able to get around
price controls. In turn, they
could be sold to consumers at
higher prices, generating bigger
margins for the food retailers.


*1~.


.... 5.






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yg4'


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DELTEC BANK & TRUST LIMITED

Invites applications for the position of

COMPLIANCE MANAGER


Responsibilities will include (but are not limited to):

Maintaining and developing a robust compliance and control regime in Deltec to
ensure compliance with all relevant laws, regulations, guidelines and internal
policies and procedures
Developing, administering and implementing a stringent compliance program that
monitors and reports on key risk indicators
Implementing a comprehensive self-testing program that is derived from risk
assessment
Reviewing KYC documentation for all new and existing clients
Advising and assisting with the training of staff in regulatory and internal policy
compliance requirements
Reporting to Executive Management, Board of Directors and Group Compliance
Ability to work independently and under pressure to meet deadlines
The successful candidate should have the following qualifications:

A thorough knowledge of all applicable legislation, regulations and guidelines
Minimum Bachelors degree in banking or finance along with either CPA, ABIFS
(formerly ACIB), or International Diploma in Anti Money Laundering and
Compliance (BACO)
Legal background would be an advantage
Minimum 3-5 years relevant experience in the Compliance field
Excellent written, oral and presentation skills

Salary will be commensurate with experience.

Interested persons may submit resumes as follows:

Human Resources Manager
Deltec Bank & Trust Limited
P. O. Box N.3229
Nassau, Bahamas

Resumes may also be faxed c/o 362-4623 or emailed to 3. ...e.: f .'-...

ABSOLUTELY NO TELEPHONE CALLS WILL BE ACCEPTED


CREDITSUISSE


Credit Suisse Wealth Management Limited
is presently considering applications for an

OPERATIONS MANAGER

Credit Suisse Private Banking is one of the world's premier private banks, It is setting new standards
which go beyond traditional banking services. Our dedicated and highly qualified staff provides our clien-
tele with comprehensive solutions in individual investment counseling and advisory services. Our total
commitment is always to our clients and we focus without compromise on their financial well-being and
their personal values.

Requirements:

A minimum of five (5) years experience in banking with a large international institution
Knowledge of trading, trade reconciliation, custody business and securities markets with particu-
lar emphasis on emerging market derivative instruments
Ability to speak and write in Portuguese fluently in order to converse with clients directly and
process documentation internally
Deep knowledge and working experience with Microsoft products (including access, excel, etc.)
Must have working knowledge of GLOBUS application

Must be familiar with EUROCLEAR procedures and have deep knowledge of EUCLID applica-
tion,
Significant experience in an extremely active and dynamic operational environment
Comprehensive knowledge of operational and information technology principles, practices and
processes sufficient to interpret/analyze complex issues and develop innovative solutions to the
challenges effecting the business unit
Strong problem solving and decision-making skills
Strong interpersonal, oral and written communications skills
Possess a confident and outgoing personality

Key Duties & Responsibilities will include:
Co-ordinate day-to-day operations functions of the main office
Oversee various Management functions; particularly the Payment, Settlement and Safe custody
areas
Risk Management and liaise with managers to ensure maintenance of standards


Applications should be faxed to:
Human Resources Department
Fax: 302-6398

DEADLINE FOR RECEIPT OF APPLICATIONS IS MAY 25, 2007


^^*^^-II^^^^^H^^H^^I^^^I^^^H^H^^^^BUS^INESS^^^^^^^^^^^^^^^^^^^^^I


-r I













PAGE 6B, WEDNESDAY, MAY 23, 2007


PRICEWATERHOUSECOOPERS f





INDEPENDENT AUDITORS' REPORT
To the Shareholders of RoyalStar Assurance Ltd.

We have audited the accompanying financial statements of RoyalStar Assurance Limited (the Company), which comprise
the balance sheet as of 31 December 2006, and the income statement, statement of changes in equity and cash flow
statement for the year then ended, and a summiiiary 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 these financial statements in accordance with
International Financial Reporting Standards lhis 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 circurnstances.

Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on oui audit. We conducted our audit in

accordance with International Standards on Auditing. I hose standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from
material misstatement

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors' judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the
auditors consider internal control relevant to the entity's p eparation and fail presentation of the financial statements
in order to design audit procedures that are app operate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity's internal control! An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made 'by management, as well as evaluating
the overall presentation of the financial statements.

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

Opinion
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the
Company as of 31 December 2006, and its financial performance arnd its cash flows for the year then ended in accordance
with International Financial Reporting Standards





Chartered Accountants
Nassau, Bahamas
17 April 2007


RoyalStar Assurance Ltd. (Incorporated u'lrfi r the l a .l h e 'ce:li ilt of ihe Bahamasll

l RoyalStar BALANCE SHEET
Assurance AS OF 31 DECEMBER 2006


ASSETS
Cash in hand and at bank (Note 3)
Term deposits (Note 3)
Due from agents (Note 4)
Due from reinsurers
Sundry receivables, prepayments and other assets
Investments in securities fair value through pi ohft o loss (Note 5)
loans and receivables (Note 5)
Property, plant and equipment (Note 6)

TOTAL ASSETS

LIABILITIES
General insurance funds
Unearned premiums reserve
Outstanding claims reserve (Note 7)
Deferred commission reserve


Other liabilities:
Due to reinsurers
Sundry payables and accruals
Cash advance from reinsurers (Note 7)

TOTAL LIABILITIES


Amoums expressed in Bahamian dollars

-iH -oJB

S 3.550,975 '..I'. 'a


''1. ) 1 ,, "u l


I .r: 3J I I 3 23
I1: 1 6413


9,342,618

i tI s
t'9 6n


,'Anii
S 'ant ala
ENtry

I 'Iii"


I 3. .1 2



- -3


EQUITY
Share capital:
Authorized, issued and fully paid:- 10,000,000 ordinaiy shares of $0 30 each .i 'i" I l : .1.1 ii
Authorized, issued and fully paid:- 500,000 preferred shares of $10 09 each (Note 8) i". ni., 5 'i,,,
Contributed surplus ,,,., ,,,n 27, 0..' -
Retained earnings I,, i'i. .1 6 i s
TOTAL EQUITY -

TOTAL LIABILITIES AND EQUITY S


SIGNED AS
APPROVED
ON BEHALF Dietor
OF THE BOARD:

vi a',,',,


/i&tJ-wtwz


INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2006




. INCOME
Premiums written (Note 9)
Premiums ceded to reirisuirer

Net premiums written
Change in unearned premiums res' T:

Net premiums earned

EXPENSES
Net claims incurred (Note 7)
Net commissions incurred (Note 11)
Catastrophe and excess of loss trensuira'


Underwriting gain

OTHER INCOME
Interest, dividends and other income
Net realized gain on investments 11, scuties (rNi ( te l )
Net change in unrealized gains/Inses or, irr-t'- ', ii : *i e )


Total other income

OTHER OPERATING EXPENSES
Personnel expenses (Not" 12)
General and administrative e n-'
Depreciation and anortizlti (' (,
Directors' fees


Total other operating expenses

Net income


Dale 17 April 2007


Aounts expressed: in Baham-an dollars


S 73,634,020
(45,890,977)

27,743,043
193,193


63,797,414
(34,381,096)

29.416,318
(78,329)


-KIit -lis


5,413,483
1,559,067
13,000,512

19,973,062


7,195,790
2,976,395
14,267,038

24,439,223


1,031,251 952,383
68,965
760.862 767.412

1,861,078 1,719,795




2.387,4/ 1,748.486
1 11,,I17 1,431,575
17, 0/6 252,584
65.400 66,600

4.048,440 3,499,245


5-H


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2006


Amounts expressed in Bahamian dollars


r'?f.erer.-. sr.are .jri

t i-t In..." ii


Dr...tn p..t .-. i .


s in uioo I t'" r.o0, a.'.,J ,nr'


1 f1 s/it 4i9i


lot -0 i rf Ii^A^*,t^nA^


Na.T I r,... ,l

*. -2-rd prelfere ,h n ir

Di.d r. c r.'.nar, r.ar-.


*B^^^^^^= =IBfififffM


0, '0 00i 1 ,*R 6 I
3'l""' raliri ] lii's545


Dividends per preference share: $0.75 (2005: $0.46)

Dividends per ordinary share: $0.10 (2005: SNil)


CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2006

CASH FLOWS FROM OPERATING ACTIVITIES
Net income
Adjustments for:
Depreciation
Interest and dividend income
Net realized gain on investments in securities
Net change in unrealized gains/losses on investments in securities


(Increase) Decrease in current assets:
Term deposits .
Due from agents
Due from reinsurers
Sundry receivables, prepayments and other assets

Increase (Decrease) in current liabilities:
Unearned premiums reserve
Outstanding claims reserve
Deferred commission reserve
Due to reinsurers
Sundry payables and accruals
Cash advance from reinsurers

Net cash from (used in) operating activities

CASH FLOWS FROM INVESTING ACTIVITIES
Interest and dividends received
Purchase of investments in securities
Proceeds from sale/maturity of investments in securities
Purchases of property, plant and equipment

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of preference shares
Payment of dividends on preferred shares
Payment of dividends on ordinary shares

Net cash from (used in) financing activities

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents as of beginning of year

Cash and cash equivalents as of end of year (Note 3)


i'r r.rompan ai': o re t r ,ii .: ,''n ,e ,'re. ate.. ,,


Amounts expressed in Bahamian dollars

-iP^B -iH

S 3i 'C 12

I.4-) G 1, 3iL 12613



I Al I I 21 I 6'r 12,


1 I' I I -'-l i
ni5 P 227




51120 1 0, 036 C I

I I 4.ill I-F4 l I




P91 I j2 I i1,

2aE1n ^r t
3 !lit,


1 1 ?i I0 t "I

II 37i 000)l


1 911U L,,
3 31 I'OI


-4.68 211


1537 3921 11 n I716 (9.1 1

I9 10 1 :1' 85 B

3$ 12 -


RoyalStar
Assurance ,

NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2006


1. Incorporation and Principal Activity

RoyalStar Assurance Limited (the Company) is incorporated under the Companies Act, 1992 of the
Commonwealth of The Bahamas and is licensed to operate as a property and casualty insurance
company in The Bahamas under the Insurance Act, 1969- The Company is also licensed to operate
in the same capacity in the Cayman Islands; the Turks and Caicos Islands; and the British Virgin
Islands under the Insurance (Amendments) Law, 2003, the Insurance Regulations, 1990; and the
Insurance Act, 1994 and Insurance Regulations, 1995, respectively.

The Company's registered office is situated at the offices of Messrs. McKinney, Bancroft & Hughes,
Mareva House, 4 George Street, Nassau, Bahamas.

2. Summary of Significant Accounting Policies

The principal accounting policies adopted in the preparation of these financial statements are set
out below. These policies have been consistently applied to all years presented, unless otherwise
stated.

(a) Basis of preparation

The Company's financial statements have been prepared under the historical cost
convention, except as disclosed in the accounting policies below, and in accordance with
International Financial Reporting Standards (IFRS)

The application of amendments to published accounting standards and interpretations that
became effective 1 January 2006 did not result in substantial changes to the Company's
accounting policies With the exception of the amendments to IAS 1 Presentation of
Financial Statements regarding capital disclosures, that become effective 1 January 2007,
the application of new standards and interpretations issued but not yet effective will not
have a material impact on the Company's financial statements in the period of initial
application

The preparation of financial statements in conformity with IFRS requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities as of the date of the financial statements
and the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.

(b) Foreign currency translation
The financial statements are presented in Bahamian dollars which is the Company's
functional and presentation currency. Foreign currency transactions are translated into
the functional currency using the exchange rate prevailing at the time of the transactions.
Foreign exchange gains and losses resulting from settlement of such transactions and from
translation of monetary assets and liabilities at year end exchange rates are recognized in
the income statement.


(c) Cash and cash equivalents

For the purposes of the cash flow statement, cash and cash equivalents comprise cash in
hand and at bank and term deposits with original contractual maturities of three (3)
months or less


(d) Financial assets

The Company has classified itsfinancia
receivables (due from agents and rein .
corporate bonds and preference shah
or loss (investments in equity securities
financial assets at initial recognition a

Non-derivative financial assets with fix
an active market are classified as'loans
for an indefinite period of time, which
changes in interest rates, exchange at-
fair value through profit or loss.

Regular-way purchases and sales of fin
is the date that the Company commits,
initially recognized at fair value plusAtr
value through profit or loss where trar
assets are derecognized when the righ
where they have been transferred and
risk and rewards of ownership.

Financial assets at fair value through pr
based on quoted prices for quotedsinue
arm's length transactions and disEounte
Realized and unrealized gains and losse
these investments are recognized in the
Loans and receivables are carried ht-am.
any provision for impairment.

(e) Impairment of financial assets

The Company assesses at each balances
a financial asset or group of financial as
financial assets is impaired and impairm
objective evidence of impairment as a n
initial recognition of the asset'(a loss evn
on the estimated future cash flows of tI
can be reliably estimated.

If there is objective evidence that-an imi
incurred, the amount of the loss is rheas
amount and the present value of estima
that have not been incurred)cdiscountet
rate. The carrying amount ofrthe asset'
and the amount of the loss is recognize,
amount of loss on financial assets at fair
difference between the asset's carrying
cash flows discounted at the current-ma

(f) Property, plant and equipment

Property, plant and equipment, are carr
and amortization, except landwlrichris
tures that are directly attributable to 'th

Subsequent costs are included in the as!
separate asset, as appropriate, onlywwh(
associated with the item will flow to th
measured reliably. Repairs and maintel
the financial period in which they are. ir

Depreciation is calculated using the-stra
over estimated useful lives, which ranger

Assets that are subject to amortization
changes in circumstances indicatesthat
asset's carrying amount is writteh,dovr
carrying amount is greater thanits'estil
amount is the higher of the asset's fair

Gains and losses on disposals are deter
amount and are recognized in theJncc

(g) General insurance funds
General insurance funds comprise une,
which includes claims incurred but not
Unearned premiums represent the pro
to periods of insurance coverage subse
adjusted by the commission rates apple.
representing deferred acquisition costs

Deferred commission reserve represent
ceded, which relate to periods of insur

Liabilities for unpaid claims are estimate
cases reported to the Company and sta
and to estimate the expected ultimate
external factors (such as court cases). T
unpaid claims other than for disability

(h) Leases

Leases, where a significant portion oft
the lessor, are classified as operating le.
charged to the income statement on a

(i) Revenue recognition
Premiums are recognized as revenue' os
allowing for premiums ceded. Commis,
and commission income received on prc
as premiums.

The Company's net share of claims and
based on the estimated liability for con
damaged by policyholders. They inclid
arise from events that have occurred ur
or not they have been reported

Interest income and expense for all'intt
using the effective interest rate method
the accrual basis, except for commission
contracts, and dividend income, which
or obligation to make, payment has'be

(j) Premium tax

Premium tax is incurred at a rate of 3%
of The Bahamas. Premium tax is charge

(k) Employee benefits

The Company has a defined contribution
by the Company pays contributions to
has no further payment obligations onr
requires participants to contribute 5% ,
10% of basic salary.


The Company's contributions to the def
income statement in the year to which

(1) Corresponding figures
Where necessary, corresponding figures
presentation adopted iii the current ye.


3. Cash and Cash Equivalents


Cash in hand and at bank
Term deposits
Less: accrued interest included in term deposits
Less: term deposits with original contractual
maturities of more than 90 days




Interest rates on term deposits range from 4 0C


4. Due from Agents



Receivable from agents
Less: Provisions for doubtful debts




There was no movement in the provision for dU


560,DO : i'tolooD 1 100 21,42 4,J,94












THE TRIBUNE BUSINESS


WEDNESDAY, MAY 23, 2007 PAGE 7B


. aw


I Is


etinto' the following categories loans and
s, and investments in government bonds,
d financial assets at fair value through profit
management deter ines the classification of its
-evaluates this at each reporting date

r,'determinable payments that are not quoted in
I receivables. Investments intended to be held
y be sold in response to the needs for liquidity or
,r equity prices are classified as financial assets at


'at assets are recognized on the trade date, which
)archase or sell the asset. Financial assets are
action costs, except for financial assets at fair
tions costs are expensed as incurred. Financial
o ceceire cash flows fiom them have expired or
j Company has also transferred substantially all


it or loss are subsequently carried at fair value
ments or valuation techniques, including recent
cash flow analysis, for unquoted securities.
arising from sales and changes in fair value of
income statement in the period in which they arise.

rtized cost using the effective yield method, less




ieet-date whether there is objective evidence that
,ets is impaired. A financial asset or a group of
nt losses are incurred if, and only if, there is
sult of one or more events that occurred after the
?nt) arid that loss event (or events) has an impact
b financial asset or group of financial assets that


iarrment loss on loans and receivables has been
ured as the difference between the asset's carrying
ted futurecash flows (excluding future credit losses
,at the financial asset's original effective interest
.reduced through the use of an allowance account
Lin theincome statement. By comparison, the
value through profit or loss is measured as the
amount and the present value of estimated future
Fket rate of interest for a similar financial asset.



ed at'historical cost less accumulated depreciation
inot depreciated. Historical cost includes expendi-
acquisition of the items.

yet's carrying amount or are recognized as a
nit is probable that future economic benefits
Company and the cost of the item can be
dance are charged to the income statement during
curred. ,

ght-line method to allocate cost to residual values
-from three (3) to ten (10) years.

re reviewed for impairment whenever events or
laocarrying amount may not be recoverable. An
immediately to its recoverable amount if the asset's
rated recoverable amount. The recoverable
alue less costs to sell and value in use.

ined bycomparing proceeds with the carrying
e-statement.



ed premiums reserve, outstanding claims reserve,
ported, and deferred commission reserve.
rtion of the net written premiums, which relate
ent to the balance sheet date. This amount is
ale to the line of insurance business written
.sociated with unearned premiums.

he portion of commissions earned on premiums
ce coverage subsequent to the balance sheet date.

I using-the input of assessments for individual
ticall analyses for claims incurred but not reported,
)st of more complex claims that may be affected by
e Company does not discount its liabilities for
aims. '"



risks and rewards of ownership are retained by
es. Payments made under operating leases are
raight-line basis over the period of the lease.



!r.the periods covered by the related policies after
on expense incurred on gross written premiums
miums ceded are recognized in the same manner


)ssadjustment expenses at,, recognized as incurred
sensation, owed to policyliolders or third parties
direct and indirect claims settlement costs and
to the balance sheet date regardless of whether


-est-beaiing financial instruments are recognized
Other revenues and expenses are recognized on
income and expprses from facultative reinsurance
re recognized when the Company's i eight to receive,
n established.



ofigross premiums written in the Commonwealth
i separately to policyholders.



i pension plan for its Bahamian employees, where
privately administered pension plan The Company
e the contriltinri' hIIve been paid The plan
f thfir bas i' ala'y and the Company contributes


ned ccritrnb.tion pension plan are charged to the
hey.relate


5. Investments in Securities

Securities at fair value through profit or loss

Securities at fair value through profit or loss principally comprise marketable equity secLilties that
are listed on The Bahamas International Securities Exchange, and are stated at fair value
Movements during the year are as follow:


As of beginning of year
Additions
Disposals
Net realized gain
Net change in unrealized gains/losses (see Note 12)

As of end of year


S 2,196,413 l i', r
910,178 21,338
(179,236) -
68,965
760,862 767,41

s EM m=


As of 31 December 2006, the cost of securities at fair value though profit or loss totalled
$2,151,920 (2005: $1,352,013).


Loans and receivables

Loans and receivables are carried at amortized cost and comprise:


The Government of The Bahamas
Bridge Authority bonds


Sunshine Holdings Limited
corporate bonds

Sunshine Partners Limited
preference shares
Consolidated Water (Bahamas) Limited
corporate bonds


Iprfnl,. I i
I....'e i.25%


a -2 I 1

24/03/2029


I I- i 1 i

-P ^ 3 1 1 .


*r,,',c 1' 27/06/2009 253,750 253,750
f.: 28/07/2009 253,750 253,750

Prime + 2.00% 31/12/2010 941,000 1,000,000

Prime + 2.00% 21/06/2015 250,052 250,047


Caribbean Crossing Limited
Series 8 preference shares Prime + 1.50% 30/06/2016 50,000

Total loans and receivables S :

Included in amortized costs are amounts totalling $9,032 (2005: $9,043) representing accrued
interest.


8. Preference Shares

The preference shares outstanding are variable rate cumulative redeemable A preference shares
with a par value of $10 per share. The preference shares are redeemable solely at the option of
the Company and the declaration of dividends is at the discretion of the directors of the Company.
The dividend rate is Bahamian dollar Prime rate plus 2.00% payable semi-annually, and any
dividends undeclared are cumulative and payable before any distribution to ordinary shareholders.


9. Premiums Written

Gross premiums written
Less: Premium tax collected on behalf of
the Government of The Bahamas


10. Change in Unearned Premium Reserve

The amounts reported in the income statement comprise:


Balance as of beginning of yeat
Less: Balance as of end of year

Change in unearned premium reserve


11. Net Commission Incurred



Amounts paid to agents
Less: Amounts recovered from reinsurers


Movement of deferred commission

Net commission incurred


$ 75 n2 114 (5024.622

(1 438 094) 1.227.2381


S9.35.811 9.457482
(9 342 618) 19535,811)


$ 9.910.906 9.90A,202
18 923.2441 014.0 01


1 047662 1.890.192


511.405 1,086.203

S -IL


6. Property, Plant and Equipment


Cost:
As of 1 January 2006
Additions

As of 31 December 2006

Accumulated depreciation/
Amortization:
As of 1 January 2006
Charge for the year

As of 31 December 2006


9'4 41 2J a q ,
-Ie F G' r ..),


J ii. i
if' a11s


12. Related Party Balances and Transactions

Related parties comprise significant shareholders, directors, key management personnel and
entities in which these parties have control or significant influence. The Company's primary
shareholder is SunStar Ensure Limited, which owns 52% of the Company's outstanding shares
and is owned equally by Sunshine Holdings Limited and Star General Holdings Limited. The
financial statements include the following balance and transactions with related parties:


Balances
Due from agents
Investments in securities


Ic -5


$


Transactions
Premiums written
Net commissions incurred (Amounts paid to agents)


Net book value as of Personnel expenses
31 December 2006 S UffliB


Net book value as of
31 December 2005


7. Outstanding Claims Reserve and Net Claims Incurred


Outstanding claims reserve comprise:

Gross provision of claims
Less: Recoverable from reinsurers

Net provision for reported claims
Provision for incurred but not reported claims


S 21,240,106 41,062,385
(14,754,601) (35,999,037)

6,485,505 5,063,348
660,000 580,000

B5fW~BB~ BOjBBB^


As of 31 December 2006, the Company held $1,900,003 (2005: $1,860,059) In cash advances
received from reinsurers to settle claims still being processed.


Net claims incurred comprise:

Gross claims incurred
Less: Recoverable from reinsurers


(1,836,989) 59,703, 134
7,250,4/2 (52.507,344)

S ,, ,P a


Insurance claims other than catastrophe Gross


P:I,,rSe or ,lnmST,
..slam- .O.il .n i i r.n.
..t 3.:c..'enP vyar S 10 01 "_'_HF. e s. .- 1 M ** .ire .1 . 1 na ,, .. i,


'tIi5'iuite ct
any,


day-


10E 7 t 311 4 l(,., 7.l (5 8 1 4-3 II i I : ', "4 "3 .,9,0-


(9,961,841) (7,498,874) (5,587,856) (/,435,125) (3,546,211) (34,029,907)
i


Liability recognized
in balance sheet iv

Liability in respect of prior year, 3,438,1146


Provision for claims incurred but not reported

Total liability included in balance sheet


fGn.n 0


are 'idlLutt(' to nf) 'iii l/i th changes inl


S 3,550,975 5,000,559


22,547,943
(185,047)


16,926,364
(77,462)


(6,941,091) (2,339,289)




% to 5.75 (2005 0 10% to 5 25')





s 18,676,957 17,146,576
(650,000) (650,000)


Insurance claims other than catastrophe Net




Estimate of ultimate
claims cost at end
of accident year S 8,408,762 5,154,592 4,737,697 5,739,628 4,265,850 28,306,529


Current estimate of
cumulative claim

Cumulative payments
to date


8,977,597 5.260,006 5,129,560 6.366,070 4,265.850 29,999,083


(8,725,965) (4,762,136) (4,324,058) (4,41 4'!) 1( 43,'i./1 (24,66u,94)i


Liability recognized
in balance sheet

Liability in respect of prior years 1,156,369
Provision for claims incurred but not reported "G,0 000


Total liability included in balance sheet


-* -

S 12 075.247 108398?7
4.166 ,050 2820 000


9 655 Cr3 26 044.705
4 812 163 a 203 010
1 012 st6 693.054


During 2006, the directors of the Company remeasured an investment in an unlisted related party.
The fair value was determined based on the price of the most recent rights issue of the related
party, and resulted in an unrealized gain of $689,675 (2005: $612,500).


13. Retirement Benefits

The Company's pension plan is administered by Colinalmperial Insurance Limited. The amount
recognized in the income statement in personnel expenses in the current year totalled $85,773
(2005: $77,734).

The total number of staff employed by the Company as of 31 December 2006 was 25 (2005: 24).


14. Commitments and Contingent Liabilities

Commitments

The future minimum rental payments required under operating leases as of 31 December
are as follows:


Not later than 1 year


$ 36,495 36,495


Contingent liabilities

The Company is a defendant in several legal actions involving claims. Management believes that
the resolution of these matters will not have a material impact on the Company's financial state
ments and adequate provision has been made in outstanding claims reserve.


15. Financial Risk Management

The Company engages in transactions that expose it to insurance risk, credit risk, liquidity risk
and interest-rate risk in the normal course of business. The Company's financial performance is
affected by its capacity to understand and effectively manage these risks, and its challenge is not
only to measure and monitor these risks but also to manage them as profit opportunities.

(a) Insurance risk

Insurance risk is the risk under insurance contracts that the insured event occurs and the
amount of the resulting claim is uncertain. In the normal course of business, the Company
seeks to limit its exposure to losses that may rise from any single occurrence. Reinsurance is
primarily placed using a combination of proportional, facultative and excess of loss treaties.
Obtaining reinsurance does not, however, relieve the Company of its primary obligations to
the policyholders, therefore the Company is exposed to the risk that the reinsurers may be
unable to fulfil their obligations under the contracts. The Company seeks to mitigate this
risk by placing its reinsurance coverage with large multi-national companies and syndicates.

(b) Credit risk

Credit risk arises from the potential failure of a counterpart to perform according to the
terms of the contract The Company's exposure to credit risk includes the majority of its
assets. To mitigate this risk, the Company places cash with credit-worthy banks; monitors
the payment history of its agents before continuing to do business with them; places
reinsurance coverage as noted in (a) above; and invests in debt securities of financially
sound companies.

(c) Liquidity risk

The objective of liquidity management is to ensure the availability of sufficient funds
to honour all of the Company's financial commitments including claims. The Company
maintains a level of liquid assets, which mature or could be sold immediately to meet cash
requirements for normal operating purposes.


(d) Interest-rate risk

Fair value interest-rate risk for the Company is the risk that the value of financial assets
may fluctuate significantly as a result of changes in market interest rates. The Company
mitigates this risk by investing in interest-bearing assets with floating interest rates that
frequently reset to market interest rates, or investing for short time periods.


16. Fair Values of Financial Instruments

Financial instruments utilized by the Company are limited to the recorded financial assets and
liabilities included in the balance sheet. Carrying amounts of all financial instruments are
considered to approximate fair value given their short-term nature, except those disclosed in
Note 5, which have interest rates that frequently reset to market interest rates.


F/r


ubtful debts during 2006 and 2005


r~rxm~ia~a~as~i Ic~s~rr~~EB~l~~i~f~


I II IIi








THE TRIBUNE .


PAGE 8B, WEDNESDAY, MAY 23, 2007


Government to review all the labour laws


FROM page 1



(ILO) Convention 87 as soon as pos-
siblo, to bring the Bahamas into line
witHl ILO standards.


The convention establishes the right
of all workers to form and join organ-
isations of their own choosing without
prior organisation, and lays down a
series of guarantees for the free func-
tioning of organizations without inter-
ference by public authorities. The
adoption of the convention is seen as


absolutely essential for the labour
movement by some trade unionists
in the country.
This would be a continuation of
the plans the Ingraham administra-
tion left in place when it demitted
office in 2002.
Mr Foulkes comments came after a


press conference yesterday to
announce a partnership with the Port
of Palm Beach, seeking to strengthen
ties between the city and the
Bahamas.
"The Port of Palm Beach will be
organising meetings with the
Bahamas Maritime Authority to meet


with the ship owners to use their port, ]
and as for those that are not regis-,
tered on the Bahamas ship registry-
and carry the Bahamian flag, we will
try to get them to become part of our
registry. And we are going to do that,
with other ports around the world,"-',
Mr Foulkes said.


Legal Notice

NOTICE


DELLABARDO INC.


(In Voluntary Liquidation)


Notice is hereby given that the above-named
Company is in disolution, which commenced on the
10th day of January 2007. The Liquidator is Argosa
C'rp. Inc., RO.Box N-7757 Nassau, Bahamas.
r,
|.
K:
n


ARGOSA CORP. INC.
(Liquidator)


Legal Notice

NOTICE



WAP ENGINEERING LTD.





Notice is hereby given that in accordance with Section
138 (8) of the I*rnational Business Companies Act 2000,
the dissolution of WAP ENGINEERING LTD. has been
completed; a Certificate of Dissolution has been issued and
the Company 'has therefore been struck off the Register.






ARGOSA CORP. INC.
(Liquidator)




Legal Notice

NOTICE



STRONSAY S.A.





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






ARGOSA CORP. INC.
(Liquidator)


Legal Notice



INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)


EVE INVESTMENTS LIMITED
In Voluntary Liquidation

"Notice is hereby given that in accordance with Section 137 (4) of the
International Business Companies Act (No. 45 of 2000), EVE
INVESTMENTS LIMITED is in Dissolution."

The date of commencement of dissolution is the 8th day of January, 2007.


Epsilon Management Ltd.
Level 2, Nia Mall
Vaea Street,
Apia, Samoa
Liquidator




Legal Notice

NOTICE



CXI HOLDINGS LTD.





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






ARGOSA CORP. INC.
(Liquidator) I




Legal Notice.

NOTICE



MULTIGO VICTORY LTD.
----S--



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






ARGOSA CORP. INC.
(Liquidator)


Legal Notice



INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)


ATLANTIC BLOODSTOCK LIMITED
In Voluntary Liquidation

"Notice is hereby given that in accordance with Section 137 (4) of the
International Business Companies Act (No. 45 of 2000), ATLANTIC
BLOODSTOCK LIMITED is in Dissolution."

The date of commencement of dissolution is the 2nd day of May, 2007.

Robert P. Surcouf
Harbour Reach
Rue De Carteret
St. Helier, Jersey,
Channel Islands
Liquidator











Qualifications
Professional Qualification is Engineering/Architecture
Locally and /or Internationally Licensed
Familiarity and Basic knowledge of Bahamas Building Code
Strong Computer Literacy (i.e. AutoCAD)

General Requirements/Responsibilities
Dynamic, energetic and highly motivated
Team-Player with ability to work with minimal supervision
Study architectural and engineering drawings and specification
Exceptional interpersonal skills, organizational and
administrative skills

A competitive compensation package offered commensurate
with qualification and experience. Send Fax: (242) 327-8126 or
e-mail to forbes.vanessa@gmail.com


WANT
IWJ ?^ d i


well established Media Comnany is


a hard working male


to work as a Pressroom Assistant.
Qualified applicants should be able

to work nights between the hours of

8p.m. to 5a.m. and be prepared to

submit job references and clean police

record.


Interested persons should

send resume to:

c/o DA 18973P

P.O. Box N-3207

or

Fax: 328-2398


It.


Legal Notice


NOTICE


UKRAINIAN NEW EUROPE
OPPORTUNITY FUND LIMITED


(In Voluntary Liquidation)

Notice is hereby given in accordance with Section 137
(4) of the International Business Coihpanies, 2000,
Ukrainian New Europe Opportunity Fund Limited has
been dissolved and struck off the Register according to
the Certificate of Dissolution issued by the Registrar
General.


Dated the Seventeenth day of May 17, 2007

Craig A. Gomez
Liquidator


looking for


C A L"
Pricing Information As Of:
Tuesday. 22 Ma 200 7
IirY A4. l oAEDAtA & 8 0A lI6N
.770O1 Icti -O 5 6-00.01" / YTD 94.76 1 YTD % 05.68
52wk-HI 52wk-LOw Securil y Pre.i.a Cloise To.a s CGrosO Change Da.i, .,01 EPS i 0.D. P E lir
1 85 054 Abaco MarkeLs 1 18 1 18 0 C'O .i 282 0 00 N r.1 ','.
12.05 11.00 Bahamas Property Fund 11.60 11.60 0.00 1.548 0.400 7.5 3.45%
9.05 7.10 Bank of Bahamas 9.05 9.05 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%
2.77 1.30 Bahamas Waste 2.77 2.77 0.00 0.243 0.060 11.1 2.22%
1.49 1.20 Fidelity Bank 1.30 1.30 0.00 0.067 0.020 19.4 1.54%
10.42 9.00 Cable Bahamas 10.42 10.42 0.00 0.949 0.240 11.0 2.30%
2.10 1.67 Colina Holdings 2.10 2.10 0.00 0.245 0.080 8.6 3.81%
14.31 10.60 Commonwealth Bank 14.31 14.31 0.00 1.152 0.680 12.4 4.75%
6.26 4.22 Consolidated Water BDRs 5.16 5.18 0.02 0.112 0.049 46.2 0.95%
2.76 2.40 Doctor's Hospital 2.43 2.40 -0.03 4.000 0.234 0.000 10.3 0.00%
6.21 5.54 Famouard 5.96 5.96 0.00 0.694 0.240 8.6 4.03%
12.49 11.25 FInco 12.50 12.50 0.00 0.779 0.570 16.0 4.56%
14.70 12.22 FiratCaribbean 14.37 14.37 0.00 0.977 0.500 14.7 3.48%
17.18 10.50 Focol 17.18 17.18 0.00 1.657 0.520 10.4 3.03%
1.05 0.54 Freeport Concrete 0.54 0.54 0.00 -0.432 0.000 N/M 0.00%
10.20 7.10 ICD Utilities 7.20 7.20 0.00 0.532 0.100 13.5 1.39%
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 PremierReal Estate 10.00 10.00 0.00 1.167 0.600 8.6 6.00%
_-H....t Jif.t'. ledyOvBr-The-Countefr Sacurt ..s
52wk-HI 52wk-Low Symbol B.d 5 sk 1 LatI Pr.C, V.'eAe, El. i f E'. i EP '*..?i3
14 60 12 25 Bahamas Supermarheis 14 6.'- 15.60 16.00 1 34 1 1 12 1 :
10.14 10.00 Caribbean Crossings (Pref) 8.00 8.25 10.00 0.000 0.640 NM 7.85%
0.54 0.20 RND Holdins 0.45 0.55 0.20 0.034 0.000 26.2 0.00%
Aft-H B f B0;lirmC ol Ov-The-counist eao.rfses. -
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 1.234 1.125 12.6 7.71%
0.60 0.35 RND Holdings 0 45 0 55 0 4d 0.021 0000 26 2 0 O0%
__ _fB -.... .- I ',SXL iated Mutual,,Fwia
52wK-H-I 52wk LOw Funo Name NJ YTC :. LasI 1. r. .:,~ilrn '.. I .-'3
1 3391 1 28I7 CclIna Money Markel Fund 1 i39101"
3.1827 2.8564 Fidelity Bahamas G & I Fund 3.1827-
2.6629 2.3560 Colina MSI Preferred Fund 2.662852-
1.2443 1.1695 Collna Bond Fund 1.2442865..
11.4 992 10 9739 Fiaeli Pr.r.e Inc .rr,. Fur..a 11 4 i....
BALHA I:'.. FIN-DEX: CLOSE 791.62 / YTD 06.67% 2006 34.47%
BISX ALL SHARE IEX 19D02 1,000.oo MARKET TERMS YIELD last 12 month ..: _- ,, r c, -.:-, :0 : L
52wk-HI Highest closing price in last 52 weeks Bid S Buying price of Collna and Fidelity
52wk-Low Lowest closing price In last 52 weekly Ask S Selling price of Colina and fidelity 4 May 2007
Previous Close PrevIous day's weighted price for daily volume Last Price Last traded over-the-counter price
Today's Close Current day's weighted pridc for daily volume Weekly Vol Trading volume of the prior week "" 30 April 2007
Change Change in dosing price from day to day EPS S A company's reported earnings per share for the last 12 mthn
Dally Vol. Number of total shares traded today NAV Net Asset Value 30 April 2007
DIV $ DOhdends per h are paid in the last 12 mronthe N/M Not Meaningful
P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 100 **** 30 April 2007
-.. 30 April12007
7fONCAL-L.242) 394-2503


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-HE TRIBUNE WEDNESDAY, MAY 23, 2007, PAGE 9B


Banks: Bahamas




has 'best tourism




growth potential'


FROM page 1



W, while the financial indus-
try's view of the Bahamas'
tourism potential will be seen
as positive, it does not deal
with the major challenges the
industry faces.
For instance, cruise arrivals
and spending per passenger
have been falling, with
Bahamian-owned businesses
in Naissau and Freeport largely
picking up the 'scraps' from
the sector as the cruise lines
are increasingly using their pri-
vate islands as either their first
or only ports of call in the
Bahamas.
Many of the projects
unveiled under the former
Christie administration, while
having billion and multi-mil-
lion dollar headline valuations
on them, are heavily reliant on
'land speculation' and real
estate pre-sales for their
financing.
While attractive to financial
lenders, as these mixed-use
resorts reduce the developers'
risk and capital outlay through
real estate sales, it means the
total: economic value of these
projects to the Bahamian econ-
omy ,and people is often heav-
ily over-inflated. Much of the
legal and real estate work is
also done by overseas realtors
and attorneys.
Neko Grant, minister of
tourism, said his Ministry was
also' concerned that the
Bahamas was "pricing itself
out of the market" as a result
*


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


of the relatively high room
rates its resorts charged to cov-
er operating costs, hinting that
this nation needed to develop
more mid-market options.
In turn, the high room rates
and cost of a Bahamian vaca-
tion mean that visitors expect -
and will want to receive a
'five star' experience that
exceeds their expectations and
gives value for money. At the
moment, arguably, only Kerzn-
er International's Atlantis and
One & Only Ocean Club prop-
erties do so, leaving many oth-
er Bahamian hoteliers strug-
gling to generate a consistent
annual net profit.
Other concerns lie in the fact
that $0.85 of every tourist $1
spent in the Bahamas is then
spent outside of this nation on
foods and other products need-
ed by hotels, meaning that only
a small fraction or $0.15 is
retained and circulates in the
Bahamian economy a conse-
quence, perhaps, of this
nation's reliance on thte five-
star resort model.
Then there is the fact that
the Bahamian tourism industry
has not developed much
beyond a hotel sector, and
there is a clear need to expose
visitors to more Bahamian cul-
ture and heritage.
Meanwhile, the KPMG sur-
vey found that 10 per cent of
the banks surveyed were "very
positive" about the
Caribbean's tourism outlook
in 2007, with almost another
70 per cent "positive". Just 20
per cent were "negative".
Mr Townend said the opti-
mism was largely generated by


the relative weakness of the
US$, making the region more
attractive for European visi-
tors; US interest rate stability,
the Caribbean's proximity to
the US and "reliable and
affordable airlift".
He said: "The results of the
annual KPMG banking survey
once again support the posi-
tive outlook for tourism
growth in the region. With the
financial commitment of more
than US$2.6 billion in the
Caribbean, lenders are send-
ing a clear message to devel-
opers that, with the right fun-
damentals, they are willing to
continue to finance multi-mil-
lion dollar projects in the
region."
Mr Townend added: "While
the Cricket World Cup did not
necessarily yield the short-term
financial benefits originally
anticipated, it is felt that there
will be a very positive long-
term benefit directly associated
with the significant increase in
international exposure of the
region, and the improved infra-
structure of the participating
islands."
He said there was a new
influx of capital from private
equity and mezzanine lenders,
particularly to larger projects,
attracted by the proven
resilience of the Caribbean
tourism product and the
prospects of strong yields rela-
tive to home markets.
Mr Townend said: "There
was, however, some caution
and reservation expressed by
the banks; the flattening of the
US housing market is on the
radar screen for lenders, but it


NOTICE
NOTICE is hereby given that HENRY EDMOND of MARSH
HARBOUR, P.O. BOX AB-20488, ABACO, 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 16th day of
May, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



NOTICE
NOTICE is hereby given that CHRISTENN DEZONIE ELLORINE
SAMUDA DAVIS OF MCLEAN'S TOWN, P.O. BOX F-3526,
FREEPORT, GRAND BAHAMA, BAHAMAS, is applying to
'the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written and
signed statement of the facts within twenty-eight days from the
23RD day of May, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.


was suggested that this would
not have a major impact on the
short to mid-term prospects for
the region.
"While there are a number
of high-end condo-hotel devel-
opments underway in the
region, banks are expressing
some caution in this sector.
The banks also want to see
projects that represent sus-
tainable tourism initiatives."
The survey found that the
premium to the base lending
rate (LIBOR most commonly
used) ranges from 2 per cent to
4 per cent in 2007. Similarly
debt service coverage ratio
requirements were in the 1x to
2.5x range.
Banks surveyed said condo-
hotels, mixed-use properties,
disposable income levels in the
US and the growth of the
yachting business and yacht
ownership were key opportu-
nities for the Caribbean.
But they added that quality
of service, a lack of skilled
labour, reliance on the US
economy, crime and seasonal-
ity of the tourism product to
be key weaknesses. There was
also some concern over the
fact that the condo-hotel prod-
uct was still untested in terms
of litigation, but banks were
generally more comfortable
with the product.
The softening of the US
housing market, hurricanes,
terrorism, labour shortages, the
increased preference for cruis-
ing, the re-emergence of Mex-
ico, the increased cost of debt
and the opening of the Cuban
market were all noted as
potential threats.


NOTICE
NOTICE is hereby given that NDUBUISI AKAZIE OF
LOT 1 SPINNEY ROAD, YESMONWOOD, P.O. BOX 43669,
FREEPORT, GRAND BAHAMA, BAHAMAS, is applying to
the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written and
signed statement of the facts within twenty-eight days from the
16TH day of May, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.





is looking for


Sales Persons
with knowledge of the Marine Industry.
Must be self driven.
Please fax resume to: 394-3885


NOTICE

NOTICE is hereby given that GIANCARLO MAZZONI OF
DEBDON DRIVE, P.O. BOX F-40091, FREEPORT, GRAND
BAHAMA, BAHAMAS, is applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason, why registration/ naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 16TH day
of May, 2Q07 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.


NOTICE
NOTICE is hereby given that LICIA LINA VALE MAZZONI
OF DEBDON DRIVE, P.O. BOX F-40091, FREEPORT,
GRAND BAHAMA, BAHAMAS, is applying to the Minister
responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 16TH
day of May, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.


NOTICE

NOTICE is hereby given that ENDLEY HONORA OF
PINDER'S POINT, FREEPORT, GRAND BAHAMA,
BAHAMAS, is applying to the Minister responsible for'
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/ naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 16TH day
of May, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.


( TOYOTA


Yis5


Backed by a 3-year/60,000 mile factory warranty

CE ]U TAuto Mall, Shirley Street (opp. St. Matthew's Church)
JEx J U T V Open Mon to Fri 8am 5:30pm
MOTORS T Sat 8am- 12noon ';
MOTORSLTD ei: 397-1700
E-mail: execmotor@batelnet.bs
AUTHORISED TOYOTA DEALER Parts and service guaranteed
Available in Grand Bahama at Quality Auto Sales (Freeport) Queens Hwy, 352-6122 Abaco Motor Mall, Don MacKay Blvd, 367-2916


CU



n c-r ,,
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*>te;



yfU .t



cu .a.

.,' r-,
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,-HrA


May,

Special


$19,495


The superbly balanced proportions of the Toyota Yaris reflect the
inherent intelligence of its design and the spacious comfort that it offers.
Features include: 1.3 litre engine, automatic transmission, ABS brakes,
power steering, power windows, power locks, air conditioning, driver's
side airbag, and CD player.











Daker'5 Pap
GOLF &OCCAIi CLU

Great Guana Cay, Abaco
The Bahamas
Employment Opportunity


STAFF ACCOUNTANT
The successful candidate will meet the following requirements:

Qualifications
BA in Accounting
Experience in dub or resort development

Key Responsibilities
Accounts payable
Cash management
Job cost entries
Preparation of accounting reports
General ledger reconciliation
Journal entries

The successful candidate will have the opportunity to work in a
growing and dynamic organization to be a self-starter, team player,
work at the highest standards of performance, and meet deadlines.

If you are progressive and prepared to advance your career, submit
your resume to the attention Of:

Director of HR & Training
sbowe(bakersbavclub.com
Or by fax at 242-367-0804


FROM page 1


warehouse at the Sea/Air Busi-
ness Centre was about 75-80
per cent complete, and the
86,542 square foot facility was
"tentatively" expected to be
complete by August 31.
"The roof's on. We're doing
work internally in the offices.
We'll be done by mid-August,"
Mr Deffler said. He added that
International Distributors had
not started recruiting Bahami-
an staff for the project, a
process that was expected to


NOTICE


The Broadcasting Corporation of The Bahamas is
seeking a suitably qualified company to provide
Ait-conditioning Maintenance Services for its three (3)
plants located in New Providence.


Interested parties should


contact


Mrs.


Sharnett


Ferguson, Executive Assistant to The General
Manager at 242-502-3945, between the hours of
9a.m.- 5p.m., Monday to Friday to collect a copy of the
Tender documents, from our headquarters located on
Harcourt (Rusty) Bethel Drive, formerly 3rd Terrace,
Centreville, Nassau.


Bids must be returned in a sealed envelope to
Mrs. Ferguson No Later Than Thursday, May 31, 2007.


start by next month or early
July at latest, but it was expect-
ed to employ some 200 peo-
ple.
"Our thought process is that
this Freeport operation, in a
very short period of time, will
surpass our distribution out of
Florida," Mr Deffler said.
He added that the Sea/Air
Business Centre facility had
generated "a great deal of
interest", not just for Associ-
ated Grocers but a number of
other US-based food whole-
salers, cooperatives and buy-
ing groups.
International Distributors is
planning Phase II and Phase


III expansions at its 20-acre
site Grand Bahama site, both
due to involve 200,000 square
feet of warehouse space.
Mr Deffler said "the archi-
tect is working on it as we
speak" in reference to the
design and plan for the second
phase warehouse.
"Obviously, Freeport is the
key," Mr Deffler said of Inter-
national Distributors and
Associated Grocers' plans.
"Mostly everything will be
coming in here, and then will
be funnelled out of Freeport
to different countries apart
from the Bahamas.
"Although we are working


CLOSED FOR STOCKTAKING

Nassau Motor Company's

Parts Department

will be closed for stocktaking...


MAY 2007


JUNE 2007


27 28 29 30 31 1 2



Monday, May 28 and Friday June 1 are holidays

We will be closed from 5:00pm
Tuesday, May 29 through
Saturday, June 2.
We will re-open on Monday, June 4.

We regret any inconvenience
to our valued customers.



NMC
NASSAU MOTOR CO LTD)


on it, we don't at this point
have a business licence to dis-. ,,
tribute in the Bahamas from
Freeport, although we can do it
from Miami."
The Tribune understands
that pressure from some major
Nassau-based wholesale agen-
cies was responsible for the ini-
tial stipulation that the Grand -.
Bahama facility could not
directly supply Bahamians.
They are understood to have
feared that the arrangement
would disrupt the established .
supply chain in the Bahamas,'
and could allow ordinary peo- ,,
ple and 'mom and pop' stores
to purchase their goods direct .
from International Distribu-,
tors.
However, the latter's pro-
duce will be boxed, shipped
and stored in a secure, sterile ,.
warehouse area in Freeport ;
that cahnot be accessed by the,
public. International Distribu- 1 "
tors deals only with bulk'
orders, making it impossible',
for ordinary people to effect', .
purchases, especially if mini-,
mum orders and the produc-
tion of a business licence is, ,-*
required. ;
International Distributors, .
will be exporting wholesale
food products and services to
clients in 46 countries from its
Freeport facilities.
It was attracted to Freeport's
transhipment/logistics/distrib-.
ution potential because of its
tax-free status, and the fact it' ,
was the only port in the West- ,
ern Hemisphere large enough
to take the post-Panamax
ships. In addition, the total
cost of lifting one container off
a ship in Freeport is just $60,- -
compared to the $400, for
instance, charged in Long.
Beach, California.
International Distributors .A'
has a lot of non-US customers,
and found that importing pro- '
duce from China and other
markets to its US distribution
facilities for re-export to other
markets was "knocking the .-
price up" as a result of having
to pay US import duties. ,
Therefore, the Bahamas ('
facility will be used to receive.'*
product from other markets *
that is due to be exported to,
regions such as Latin and'
South America, and provide .
customers with better prices
that they can pass on to con-
sumers.


PAGEINS W


NOTICE

The payment of Long-Term Benefits and Assistances in New Providence
for May 2007 will be made at the Board's Fox Hill, Wulff Road and
Jumbey Village Local Offices beginning Thursday. May 24. 2007.
Cheques may be collected from these offices between the hours of
9:00am and 4:00pm.

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

Acceptable forms of identification for Pensioners are the National
Insurance Registration Card, together with any one of the following:

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

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

Please Note: Pensioners born in June and December are now due
for Verification. Failure to be verified on-time, will result in the suspension
of payments.


ita


THE TRIBUNE


PAGE 10B, WEDNESDAY, MAY 23, 2007








HE TRIBUNE WEDNESDAY, MAY 23, 2007, PAGE liB


Foreign price




competition




hits bottled




water suppliers


FROM page 1


industry's sales volumes, mar-
gins and employment levels. It
was difficult for the smaller-
sized Bahamian products to
get shelf space in many food
stores, too.
He added that he hoped the
Bahamian industry would
come together to meet with
the new FNM government,
outline its concerns, and talk
about "bringing in new regu-
lations and looking at how we
can compete".
"We're not selling the small
packs in the quantities we
should be, even though the
quality of our product is on par
with theirs," Mr Knowles said.
He added that the 12 ounce,
20 ounce, 16.9 ounce and 1.5
ounce bottles was where the
' competition with imported for-
eign water was fiercest.
Another water industry
source, who requested
anonymity, said some foreign
bottled water was imported
duty free, helping to "flood the
market", driving down prices
and sales volumes for Bahami-
an producers.


"You've got a whole flood
of it," the source said. "At the
end of the day, it is not a level
playing field" for Bahamian
bottled water producers.
The source explained that
foreign bottled water produc-
ers faced a much lower oper-
ating cost base than their
Bahamian counterparts, with
electricity costs about "one
third per kilowatt hour what it
is in the Bahamas".
Bahamian water producers
also had to import all their raw
materials, and were faced with
having to pay freight and, in
some cases, import and stamp
duties as well.
The source also highlighted
the discrepancies between US
and Bahamian regulation of
food and drink products. Any
such products being exported
from the Bahamas to the US
had to be inspected, tested and
approved by the Food and
Drug Administration (FDA),
but such goods coming the oth-
er way into the Bahamas did
not have to undergo any test-
ing or inspection.
To supply the likes of the
US Embassy and cruise ships,
Bahamian bottled water com-
panies would have to have
their plant inspected and prod-


uct tested to ensure they met
the required standard, under-
going a full Sanitation Audit,
but there was no such require-
ment for bottled water imports
coming into the Bahamas.
"We don't have the regula-
tions or the enforcement capa-
bility," the source said. "This
has been going on for years
and years."
The absence of health and
safety testing and inspections
on bottled water imports has
raised concerns about the
Bahamas being used as a
potential 'dumping ground' for
low-priced, poor quality prod-
uct that floods the market and
puts local producers out of
business.
Dumping concerns in the
Bahamian context have been
raised most frequently in the
context of chicken leg imports,
and anti-dumping regulations
are a key part of any trade
regime.
Mr Knowles said he had
seen no evidence to suggest
that the Bahamas was being
used as a 'dumping ground' for
low quality imports, but added
that tests his company had
done showed their water was
of a better quality than some
imported bottles.


js I3



l. ^1


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


Director of Rooms
The new, soon-to-be open, Sheraton Cable Beach Resort, Nassau,
The Bahamas is looking for a Director of Rooms. This is a
highly visible position within the hotel's management team.

The qualified candidate must possess at least 6 years hotel experience
in Front Office, Housekeeping and Guest Services with a minimum
4 years of management level experience in these areas. The major
areas of responsibility and management will include: Front Office,
Guest Services, Housekeeping, Security, Gift Shop, Health Club,
Recreation and Tennis. This position is responsible for short and long
term planning and day-to-day operations of the above listed areas.

The ideal candidate must be highly skilled in budget and expense
management, recruitment, training, customer service and has
a superior ability to supervise, motivate and develop staff. The
potential candidate should have excellent working knowledge of
Hotel Property management systems, Opera and must be a detailed
oriented team player, possess strong organizational skills, computer T
literate (Excel a must), and possess excellent written, oral and
interpersonal skills. A Bachelor's degree or equivalent is required.
All qualified applicants should forward a copy of their resume" to in
the Director of Human Resources at bbarnes@radissonbahamas.com
or forward to fax # 327-3037. All resumes will be held in the strictest
of confidence.









CURFEW ELKS CENTRE
~HOSPITAL LANE NORTH
NASSAU, N.P., BAHAMAS "'


Theme: ELKS A VANGUARD FOR THE
ENCHANCEMENT OF ITS MEMBERS


Tuesday, May 23rd
7:30 p.m. Official Opening Session
Guest Speaker: Mr. Lester Cox
Thursday. May 24th

6:30 p.m. Civil Liberties Department Programme
Guest Speaker: Mr. Jamal Davis, Attorney At Law
8:00 p.m. Health Department Programme
Guest Speaker: Dr. Sandra Dean Patterson
Friday. May 25th
7:30 p.m. Fez Department Pagent of Progress
9:30 p.m. FAMILY ISLAND NITE AT THE FSH FRY
Fish Fry, Arawak Cay
Saturday. May 26th


7:30 a.m. Chaplain's Department Prayer Breakfast -
Rev. Clayton W. Hanna, State Chaplain
3:00 p.m. THE DORIS FRITZGERALD NELLIE KNOWLES BERNICE
ENEAS NATIONAL PARADE

Assemble at Christie Park, Nassau Street, parade moves south on Nassau Street, east
on Ponciana Drive, north on Blue Hill Road, ending at Eureka Elks Home.
The Annual Thelma P. Lockheart Pagent sponsored by The Beauty & Talent Depart-
ment
Sunday. May 27th
9:00 p.m. The Devine Worship and Service of Sacred Memory
Speaker: Bishop Delton Femander, New Destiny Baptist Church
Selection by the New Destiny Church's Choir


2:00 p.m.
5:00 p.m
8:00 p.m.


The Annual Youth Jamboree & Talent Extravaganza
The Temple Queens Contest and Glamorous Hats Parade
The Education Department Oratorical Programme & Contest


Monday. May 28th
12:00 noon Joint Closing & Presentations
Presidents' Down Home Luncheon


WEDNESDAY, MAY 23, 2007, PAGE 11B


To our Valued


Customers



Please be advised that all our offices in Nassau will be closed
on Friday, May 25th 2007 between the hours of 9:00am-1:00pm
for the Company's annual Awards Ceremony. Our offices in Freeport,
Exuma & Abaco will be closed for the entire day.


We apologize for

any inconvenience

caused


B. l ritish

m,,nmerican


Nassau 242-461-1000 Freeport 242-352-7209 Exuma 242-336-3035
Abaco 242.367-5601
www. babflnancal cornn

Financial Solutions for Life!"


LM BUSINESS*X.


w6


HE TRIBUNE


A'w


1








THE TRIBUNE


PAGE 12BWEDNESDAY, MAY 23, 2007


Business community




urged to respond as




EPA talks hit 'crunch'


---7


* PHILIP SIMON


* By NEIL HARTNELL
Tribune Business Editor

Chamber of
Commerce's
executive director
yesterday urged
Bahamian businesses to rapid-
ly provide feedback on their
concerns and issues over the
Economic Partnership Agree-
ment (EPA) talks with the
European Union, warning that
this nation was now at
"crunch" time given that the
deadline for the agreement's
implementation was still Janu-
ary 1, 2008.
Philip Simon told The Tri-
bune: "The feedback has been
slower than expected, and that
might be due to persons not
quite understanding what the
EPA is all about, and the
potential impact it can have on
their business."
He added that the Chamber
was likely to seek completion
of the surveys issued by itself
and the Bahamas Financial
Services Board (BFSB) to their
respective communities and
forums and working sessions
they were due to stage on the
EPA in the near future.
"No deadline has been
changed to our knowledge, and
the EPA is still due to come
into effect from January 1,
2008," Mr Simon said,
although areas that the
Bahamas had secured reserva-
tions on might not be impact-
ed.
"We're still in a crunch as
regards deadline and timing.
It's important that we continue
to keep ourselves engaged in
the process, even if the
Bahamas' participation is not
clear from a private or public
perspective.
"We're still in the process of
determining the EPA's impact
on current and future indus-
try, and that's why we need to
get feedback."
The EPA is intended to
come into being on January 1,
2008, replacing the Cotonou
Agreement which currently
governs trade between the EU
and the Bahamas and 76 other
nations who are members of
the African, Caribbean and
Pacific (ACP) groups.
Through the. EPA, the
Bahamas will be exposed for
the first time to a two-way
trading relationship or reci-
procity, where this nation will
have to allow EU companies
and imports the same benefits


Just over $35 million wogh
of sea food products were
exported to the EU from tlel
Bahamas in 2004, and loss of
duty-free access would lead Jo
a 12.5 per cent tariff being
imposed.
Referring to Anthony Mcet-
inney, head of Paradise Fini-
eries, the Ministry of Foreign
Affairs briefing note said tHis
would raise the price of
Bahamian lobster by $2-$2.-0Q: -
per pound, making it uncoin-
petitive.
The loss to the Bahamas
would be the value of the lob-
ster exported, and the income
loss of the Bahamian fish6r-
men who catch the lobster,.,s
well as $649,259 in royalties.
"It is possible that alternative
markets for the lobster wotjd
be found, but there would be
no guarantee that the price
obtained would be as good ts
the European Union prices,"
the Ministry's analysis read.
Polymers is understood to
export about $7 million per
year, or $500,000 worth of
goods per month, to the EU.'
The Ministry of Foreign
Affairs document said: "T'e
document read: "The MFN
tariff on polymers range fron'-
7- 12 per cent, and the prinoi-
pals of Freeport polymers haqe
indicated that if they lose th~ir
duty-free entry into the EU
market, it would not be prdf-
itable for them to continue
their operation in Freeport.
"The loss to the Bahamas,,if
Polymers were to leave, would
be the loss of 83 Bahami4n
jobs in addition to negatively
impacting the activities of 10 --
Bahamian contractors, who
supply services to Polymers, as
well as the loss of approxi-
mately 10 per cent of Freeport
Power's revenue, since Poly-
mers uses approximately 10
per cent of the electricity gen-
erated by Freeport Power."
Jobs at the Freeport Con-
tainer Port and Grand
Bahama-based trucking com-
panies might also be impacted
if Polymers lost its EU busi-.
ness.
The Bahamas exported
$66.315 million worth of goods
to the EU in 2004, and import-
ed $42.93 million, and has
already made one decision to
protect its exporters and
favourable $20 million trade
balance by signing up to the
CARIFORUM offer, and
trade-off the loss of $10-$14
million in taxes imposed on
EU goods per annum.


ON THE CAMPUS OF THE



(JUST OFF TUCKER ROAb)


TO TIE mO.I.GE STUbENTS AND THE 6ENEAL PUBLIC


MOVNAY THURSDAY 7A.M. 9 PAM.

FRIDAY SATURIAY 7AM. 10 P.M.

SWIAY -LOSEb


Public Ultes Commission


JOB OPPORTUNITY

HUMAN RESOURCES MANAGER

The Public Utilities Commission (PUC) was established by the Public Utilities Commission
Act 1993, as amended in 1999 to regulate controlled public utilities. It is currently
mandated to regulate the telecommunications sector. The PUC is inviting suitably
qualified persons to apply for the position of Human Resources Manager. This person
will be responsible for all aspects of human resources and will report to the Executive
Director.
Principal duties and responsibilities of the position
These will include:
* Develop and recommend Human Resources Management (HRM) strategies, policies
and practices that promote employee commitment, team building, competence,
motivation and performance and that facilitate the achievement of the PUC's
business objectives.
* Staff recruitment and administration of workforce planning and employment
activities.
* Develop and facilitate processes for effective labour/management relations and
agreements.
* Administer compensation, benefits, and recognition and performance management
systems.
* Manage the training and development programmes and collaborate with management
in conducting needs analysis, coordinating plans, preparing manuals, and monitoring
and evaluating training.
* Facilitate employee commitment to a culture which embraces the core values of
the organization and foster an understanding of and commitment to diversity.
* Develop and Maintain the Human Resource Information Systems
Qualifications and Experience
The successful candidate will be an experienced leader with:
* A minimum of a university degree in Human Resources Management, Business
Administration, Education or one of the social sciences from a leading university.
* A clear understanding of basic management functions and experience in management
and supervision.
* A minimum of 10 years of progressively responsible experience as human resources
manager in a unionized organization of around 40 persons.
* Professional Certification (PHR, SPHR, CHRP), an asset.
* Good knowledge of legislation affecting employee rights and other employee
related laws, immigration and copyright laws.
* Excellent oral and written communication skills
* Proficiency in Microsoft Office Applications particularly word, excel and power
point.
As a member of the PUC team, the successful candidate will benefit from a comprehensive
benefits package and excellent opportunities for continued development. Starting salary
will be commensurate with relevant experience.
Interested applicants should deliver or submit their resumes to the PUC by 6 June,
2007 to:




E-m i:P C~ubaa a.go. *I


C- V


as European countries provide
to this nation's exporters,
chiefly Bacardi rum, crawfish
and seafoods, and Polymers
International.
A briefing paper prepared
for the Christie Cabinet's sub-
committee on trade by the
Ministry of Foreign Affairs,
which then had responsibility
for international trade, warned
that the Bahamas would lose
"its favourable $20 million
trade balance" with the EU if
it failed to sign the EPA, while
hundreds of jobs would be
jeopardised if Bacardi and
Polymers International shut
their respective operations due
to their exports becoming
uncompetitive.
If the Bahamas lost its duty-
free preferences by remaining
outside the EPA, the Bacardi,
Polymers International and sea
food products would all see
their prices increase and
become uncompetitive.
If Bacardi's exports were
submitted to a $5 per gallon
customs tax by the EU, they
would become uncompetitive,
a situation the company has
warned would cause it to shift
production elsewhere and
close its Bahamian plant, cost-
ing at a minimum more than
$13 million in excise taxes and
180 Bahamian jobs.
The Ministry of Foreign
Affairs document said: "An
additional cost of $5 per gal-
lon would make the Bahami-
an-produced rum uncompeti-
tive, and would likely cause
Bacardi to shift its production
to either Puerto Rico or Mex-
ico, where the MFN tariffs are
not applicable."


BUSINESS


INSIGHT


Fop the slopies

behind the news,

P e a d 1=01

on Monday