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Permanent Link: http://ufdc.ufl.edu/UF00084249/02907
 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: 6/4/2007
 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_02907
System ID: UF00084249:02907

Full Text









I'm ovin' It.

HIGH 82F
LOW 70F

. SOME SUN,
T-STORM


The Tribune

#1 PAPER IN CIRCULATION


he lMiamni eralb
BAHAMAS EDITION


Volume: 103 No.159


MONDAY, JUNE 4, 2007


PRICE 750


Perry Christie


calls for calm


and restraint

By PAUL TURNQUEST dent a week ago, has widened
Tribune Staff Reporter the obvious political division
following the closely contested
FORMER prime minister May 2 general election.
Perry Christie called for calm Standing outside the complex
and restraint on behalf of PLPs on Saturday night, Mr Christie
everywhere after the party's warned that there will be con-
" "-' ,, .-" .".... Q, f{ee tinned s jpfUla tion as to i he
over the weekend. cause of the fire and urged
More than 200 supporters police and firefighters to in% es-
crowded outside the Lynden tigate the matter expeditiously).
Pindling Centre including par- In a press statement. iMr
ty officials and MPs expressing Christie said the fire, wA which
their anger at what they caused damage to the front roof
believed to be another attack of the Lynden Pindling Cent re
on the PLP. on Farrington Road, was of
This latest fire, at the same "tremendous concern" to him.
building hit by a similar inci- "Obviously the police and
firemen must investigate this I
hope they conduct a very quick
co 1 ies -I and effective investigation
because there will be continued
speculation as to the cause of
in Jn c ih- iwthis.
"I am very concerned about
A YOUNG woman in her that because PLPs will feel t hat
early twenties became the they have been the victims of
country's 19th traffic fatality these unexplained interventions
for the year when her car one the shootings at my mother-
collided with a utility pole in-law's home in the compound
on John F Kennedy High- in which I live; two the event
way yesterday. that took place here that Iu hin k
Assistant Supt Walter the police are now investigat-
Evans said the woman was ing and that appeared to be an
driving west in a Kia Rio attempt at arson and noA this
around 6.15am. evening, where you have this
The woman, believed to fire," he said.
be from southern New The damage at the centre.
Providence, lost control of according to initial reports, a, a
the vehicle and crashed into limited to the front roof area
a pole. While there was naturally ia lot
She was taken to Princess of water and smoke damage. it
Margaret Hospital, where has been reported that most o0
she was pronounced dead
moments later. SEE page eight


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Police investigate

after man is shot
* By DENISE MAYCOCK
Tribune Freeport Reporter
FREEPORT A 23-year-old Freeport man
was shot while walking in the Coral Gardens
area late Thursday evening.
The shooting occurred after 10.30pm when
Tyrad Moss, of Flamingo Drive, was on his
way home after spending several hours with
his friends at Coral Gardens.
Chief Supt Basil Rahming, press liaison
officer, said police received a call at 11.22pm
from a nursing supervisor in the trauma section
at Rand Memorial Hospital who reported that
a man had been admitted with a gunshot
SEE page 10


I,
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4


Tornado leaves three

families homeless
* By DENISE MAYCOCK
Tribune Freeport Reporter
FREEPORT A tornado spawned by
severe weather conditions due to tropical
storm Barry touched down here on Saturday,
leaving three families homeless and causing
major power outages in Grand Bahama.
Fierce winds from the tornado tore off the
roofs of three wooden homes in Lewis Yard
around 8am on Saturday.
Chief Supt Basil Rahming said none of the
families was hurt during the frightening ordeal.
He said two families are being sheltered
at the Church of the Good Shepherd in Lewis
SEE page 10


* ABOVE: Former minister
INeville Wisdom and iorimet
prime minister Perry Christie
look on after the fire on Satur-
day night.
* LEFT: a firefighter at the scene
of the fire damaged building.
(Photos: Felipi Major/
Tribune staff)
THrnquest: full
investigation
into fire will
be conducted
* By PAUL G TURNQUEST
Tribune Staff Reporter
MINISTER of National
Security and Immigration Mr
Tommy Turnquest has assured
the public that a full investiga-
tion will be conducted into the
cause of the fire at the Lynden
Pindling Centre on Farrington
Road.
The blaze which, according
to police, began around 10pm
on Saturday was extinguished
shortly after midnight. Little
damage was caused to the
structure other than the front
roof. There was, however, sub-
stantial smoke and water dam-
age.
Mr Turnquest said that the
newly-elected FNM govern-
ment is concerned about the
matter, especially as it was a fire
affecting the PLP's national
headquarters. However, he
stopped short of calling the
blaze an act of arson.
"I can assure you that a full
investigation will be conduct-
ed," the minister said, "And we
are expecting it to take place
right away, and we are looking
at other avenues in terms of
other investigations."
When asked if the natural
assumption would be that
SEE page eight


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* ABOVE LEFT: The Labour Day march moves through
New Providence on Friday
* ABOVE: The Bahamas Hotel Catering and Allied Workers
Union are all smiles during the Labour Day march.
* BELOW: Minister of Labour and Maritime Affairs Senator
Dion Foulkes (left) participates in the Labour Day march on Fri-
day.
(BIS Photos Patrick Hanna)


PAGE 2, MONDAY, JUNE 4, 2007


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MAIN SECTION
Local News.............PI,2,3,5,6,7,8,9,10,14,16
Editorial/Letters......................................... P4
A dvts ........................... .............P1 1,12.13,15
BUSINESS SECTION
Business ..........P1.2.3,4,5,6,7,8,9,10,14
Advts................................... P1 1,12.13,15,16
INSIGHT SECTION
Insight ..................P1,2,3,4,5,6,10
T.V. G uide ..................................................7....
C o m ic s................................. ......................P 8
W eather..................................................... P9

CLASSIFIED SECTION 32 PAGES

REAL ESTATE GUIDE 28 PAGES

MIAMI HERALD/SPORTS SECTION
Miami Herald Main .................... P1-12
Miami Herald Sports ...............:.........P13-17
Local Sports........................ .......... P18-20


-2---~----~ ------


THE TRIBUNE


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THE RIBUE MODAYJUNE4,C207,NAGES


oIn brief

Phonecard
vendor is
robbed at

gunpoint

POLICE are searching for
a gunman who robbed the
vendor of a Quick Cell booth.
Police say a dark slim-built
man armed with a handgun
approached a Quick Cell
booth on Prince Charles Dri-
ve around 8pm Wednesday.
The gunman robbed the
employee at the booth of a
large sum of cash and several
phonecards.
The robber escaped on foot
in the direction of Foxdale.
Investigations are continuing.

Pair are
charged with
burgling
properties
TWO men were arraigned
in magistrate's court charged
with shopbreaking, stealing
and receiving.
It is alleged that Kevin
Hanna, alias Kevin
Cartwright, 34, of Peardale,
along with Philip Dorsette,
34, also of Peardale, were
arraigned before Magistrate
Marilyn Meeres.
It is alleged that between
8.30pm on Saturday, May 26,
and 3am on Sunday, May 27,
the accused broke into 3S
Bakery in Pinedale Road. It is
alleged they stole $200.
The accused pleaded not
guilty and were granted
5,000 bail. The matter was
adjourned to September 13.


FerilizFungicide,


Labour minister




pays homage to




late Patrick Bain


MINISTER of Labour and
Maritime Affairs Senator
Dion Foulkes, paid homage
to the late Patrick Bain dur-
ing the annual observance of
Labour Day over the week-
end.
Describing him as an
"extraordinary trailblazer
and visionary", Mr Foulkes
noted that Mr Bain devoted
his life to the advancement
of all Bahamians.
"Mr Bain spearheaded the
establishment of the first
Labour College in the
Bahamas. Because of the
Labour College, workers are
exposed to the latest devel-
opments and techniques in
the world of industrial rela-
tions and the institutionali-
sation of the process whereby
this exposure will remain
ongoing.
"Pat will be missed by all
of us who had the good for-
tune to call him friend.
Please be assured that, as
Minister of Labour, I will do
everything in my power to
ensure that his dream lives
on," he said.
Mr Foulkes said that his
ministry had already begun
the process of collaborative
and consultative relations
with the leaders and execu-
tives of local trade unions.
This approach, he said, is to
ensure harmony in the work-
place.
"We must continue to
highlight the importance of
the workers of The Bahamas.
.The creation of wealth for all
is a collaborative effort and
the workers are an indis-


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pensable part of that process.
. "The International Labour
Organisation (ILO), of which
the Bahamas has been a
member since 1976, has
called upon all member
states to institute national
policies, advance the welfare
of workers, redress any vio-
lation of workers' rights, and
offer special help to the most
vulnerable and needy among
us.
"My ministry and I are
committed to strengthen and
improve Labour administra-
tion; further strengthen gov-
ernment's labour relations
through bipartite and tripar-
tite consultation; enhance
trade union recognition;
establish proper and well-
organised labour exchanges;
institute a more effective sys-
tem for the settlement of dis-


putes between employers and
employees; introduce a sys-
tem of apprenticeship in
essential disciplines such as
the building trades, motor
mechanics, appliance repairs,
printing, garment manufac-
ture, and cabinet- and furni-
ture-making.
"Provide incentives for pri-
vate firms to offer profit-
sharing arrangements or
share/stock options to their
employee: promote technical
and vocational training in the
public and private sectors;
expand flexi-time in the pub-
lic sector and encourage its
expansion in the private sec-
tor: and assist unions and
ntho,-1- in the nycr;ltio amll d
management of community
centres and day care facili-
ties for children of working
parents," he said.


PLP is accused of


encouraging strife


after the election


THE PLP was last night
accused of "setting the stage for
violence" by failing to accept
the people's verdict at the May
2 general election.
The weekend fire at the PLP
headquarters in Farrington
Road, and the recent shooting
at the Christie compound on
Cable Beach, were both
described as "extremely suspi-
cious" by the Workers Party.
"The PLP is taking the
Bahamas to the verge of vio-
lence," said leader Rodney
Moncur. "It doesn't make sense
for the FNM, who won the elec-
tion handsomely, to resort to
skulduggery of this kind.
"It is time for the PLP lead-
ership to turn back because they
are on the wrong track. If they
are not careful, they will cause


the Bahamas to go down the
same route as Jamaica. I am
extremely disappointed in the
PLP."
He claimed the Pf 1' was set-
ting the stage for political vio-
lence. In his opinion support-
ers were being incited to cause
trouble.
The PLP was also accused of
continuing its attempts at char-
acter assassination especially
of critics who they believe
helped to bring down the gov-
ernment.


LML-w oInl


KNOCKED UP
PIRATES OF THE CARIBBEAN
PIRATES OF THE CARIBBEAN


?EW I 1:0U I3:u


NEW 1:30 4:3 740 I A
IT 100 I /A N/A 600 N/A 10:00


RATES OF THE CARIBBEAN T NA 3:50 A 70 N IA
BUG C 1:10 3:35 N/A 6:10 8:30 10:55
SHREK THE THIRD B 1:00 3:40 W/A 6:00 8:40 10:55
SHREK THE THIRD B0 2:00 NIA 4:40 7:40 H/A 10:00
28 WEEKS LATER C 1:10 3:40 NA 6:10 8:30 10:55
SPIDERMAN3 T 1:-5 A73[10:30
PERFECT STRANGER C 1:05 3:30 65 8:25 10:45


IE l O R E. 4i flT REC E'. .
M. BROOKS NC"i
PIRATES OF THE CARIBBEAN T


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1:00 4:30 N/A IN/A 8:00 N/A


PIRATES OF THE CAROIBBEAN T 2:00 N/A N/A 6:00 N/A 10:00
BUGS C 1:15 3:35 N/A 6:10 8:30 10:30
SHREKTHE THIRD B 1:10 3:40 NA 6:00 8:25 10:35
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THE TRIBUNE


MONDAY, JUNE 4, 2007, PAGE 3


I U 16: 20 1 IN 1







THE TRIBUNE


PAGE 4 MONDAYJUNE 4, 2007


EDITO RIAULET0R S TO THEEDITOR


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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

EILEEN DUPUCH 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


The $23 million straw market fiasco


"THE FNM has stopped work on the straw
market" read the headline over a May 21 article
on the PLP websaie in which the defeated par-
ty complained that the "FNM government has
unilaterally decided to stop all construction
work on the new straw market."
Although there was a signing ceremony in
February this year three months before the
May 2 election -to start construction on a $23
million straw market to replace the one
destroyed by fire on September 4, 2001, the
real question is: Where are the completed archi-
tectural plans for this market? Although we
have asked many questions, the only answer
so far is that after the February signing con-
struction was started on the foundations of the
new market. As far as is known foundation
plans are the only architectural drawings com-
pleted. Although an artist's sketch is available,
no one knows whether architectural plans for
the whole complex have been finished. If this is
true how was the $23 million construction cost
arrived at?
According to the PLP "this is another act of
betrayal and the grossest of witch hunting by the
FNM."
And said the article: "It also speaks to the
government's hypocrisy. During the campaign
the FNM leader was all over the country talking
about how the PLP could not complete the con-
struction of the straw market in five years. Just
weeks afir A e > AV7i .'r. TI- fyv2 c-A'can'.-ao'i4y
decided to stop all work on the straw market
and have put in jeopardy the future of hard-
working straw vendors."
If construction had not been stopped and a
full investigation not started as to whether there
are plans and if these plans are indeed practical
for a straw market, then Bahamians' taxes
would have certainly been put in jeopardy.
After all $23 million seems an exorbitant sum to
spend on a modern straw market. There has
been no suggestion that a new market will not
be built. However, the FNM government wants
to assure Bahamians, which include straw ven-
dors, that their money is being well spent.
As someone remarked recently: "The his-
tory of the straw market under the PLP has
been of a tractor appearing on site every time
straw vendors raised hell because nothing was
happening to get them from under their crowd-
ed tent."
After the devastating fire, which completely
destroyed the straw market, the Nassau Tourism
Development Board raised about $30,000 to
provide signage and security for the market
and assist the Ministry of Tourism with prize
money in launching a competition for the design
of a new market. Michael Foster of Arconcepts


Limited won the competition.
Members of the tourism development board
were concerned about the triple-level market to
accommodate 600 vendors. In their opinion all
vendors should have been located at ground
level, which meant that no more than 350 a
maximum of 400 vendors could be accom-
modated. However, government had its con-
stituents to satisfy. The PLP government insist-
ed that to satisfy them all they had to locate
600 vendors. Therefore, some vendors had to be
moved upstairs. No vendor wanted this because
it meant that all trade would go to those at
ground level. The question then was: What
could be added to attract tourists to the upper
floors? It was suggested that brand named stores
could be introduced on those floors and possi-
bly even a nightclub and movie theatre.
After those initial meetings, and despite it
being announced in the House of Assembly in
March 2003 that members of the business com-
munity had been invited to serve on an adviso-
ry committee, many never recalled a meeting
being called. "It was sort of 'thank you very
much, good-bye'" after the architectural com-
petition ended, said one businessman, particu-
larly after Works Minister Bradley Roberts
took over the project from Industry Minister
Leslie Miller.
On June 17, 2003, Mr Miller who still had the
market in his ministerial portfolio, announced
ilj. u.iUfl",ULulU, )i'UII wVUUII"Ld il US l' 1 sIkaW 1111i-
ket in August of that year. It would be com-
pleted in 10 months time, he said. Speaking in
the House of Assembly during the budget
debate, Mr Miller told straw vendors that "help
and hope" were on the way, but in the mean-
time they would be provided with "200 fans to
relieve the heat in which they work,"
All that happened for the next four years
were structural repairs to their "temporary"
tent, while promises kept being made and bro-
ken about the start of the hoped-for market.
And then this year three months before
the election in which they were defeated the
PLP finally signed a contract to start construc-
tion. But where are the final architectural plans?
Do they even exist?
There has been so much confusion over this
market, and so many "help and hope" promis-
es that never came, that it is wise for a prudent
government to stop and take stock. It is the
FNM government's duty to find out what has
happened and tell Bahamians exactly where
their tax money is going and what it is paying
for.
It is true that the PLP could not and did not
complete the new market in five years. It is
now up to the FNM government to do so.


The stupid act





of a coward


EDITOR, The Tribune.
IN THE name of the good
Lord and anything sacred,
would someone please
explain what is going on in
our beloved Bahamaland?
Or is Bahamian life now
being reduced to a Reality
Show for some other coun-
try where the tradition of
peace and tranquility in a
democracy is absent? The
Bahamas is fast becoming a
world foreign to most
Bahamians. The rich history
of tradition,'tolerance and
respect for the different
views of others was a quality
that Bahamians could boast
about wherever they go in
the world. Such diverse opin-
ions among Bahamians also
extended to political views.
With a small population of
just around 325,000, it is not
unusual to meet a husband
and wife or a brother and sis-
ter where each support a dif-
ferent political party. Such
political labelling of individ-
uals in the Bahamas was not
extreme to the point where
the people are permanently
divided. Instead, at the end of
the day after a General Elec-
tion, despite the rhetoric and
high emotions during an elec-
tion campaign, the Bahamian
society return to their har-
monious way of life.
The bullets that shattered
the glass windows at the
home compound of former
Prime Minister Perry Christie
will have an everlasting effect
long after the glass is
repaired. Not only was the
glass shattered, but also
almost three hundred years
of peaceful, safe and secure
existence for any members
and by extension their family,
of the Government of the
Rahamn As nwpl1 Ths Ais a-
fact of Bahamian life that has
been taken for granted from
time immemorial. Bahamian
politicians and officials have
always enjoyed a life of
'pressing the flesh' or the
'kissing of babies.' Intermin-
gling with the people and
being a part of the public has
always been their God-given
right!
Now all of this tradition is
at risk of being just a memo-
ry in the minds of the
Bahamians people. Due to
the stupid act of a coward,
the concern now for Bahami-
an politicians and officials
must now be looked at in a
different light. Clearly, this
demented clown(s) does not
recognize the damage he has
done to the security and well-
being of Bahamian politicians
and officials which must be


looked at now in a different
light. Make no mistake about
it, this act of acute dementia
was a sick attempt to send a
message to Perry Christie.
This is most surprising as
Election 2007 was clearly
over and Perry Christie is no
longer Prime Minister.
For those who may not be
familiar with the Christie's
compound, basically there
are two houses side by side
separated just by a little gate.
Obviously there is traffic in
both directions and it is not
unusual to find Perry Christie
or his wife Bernadette with
her mother Trixie Hanna in
the house that was the recip-
ient of the bullets. The only
motive of this senseless act
at this point, appears to be
one of installing fear in the
residence of that compound.
This is nothing short of a bla-
tant act of terrorism! Such an
attack on a Bahamian execu-
tive is no ordinary criminal
act, but may also be consid-
ered sedition or treason, one
that deserves nothing but the
most severe penalty provided
by the laws of the Bahamas.
For those who do not know
Mrs Trixie Hanna, let me just
humbly say that she is one of
the most decent and God-
fearing persons you would
ever meet. She is the elderly
handicapped widow of
Father Howard Hanna (my
uncle), now deceased. She
has truly served the Bahami-
an public by unselfishly giv-
ing her best. In her twilight
years, it is only right that she
he avowedd t- .liy e" r- in
peace. Even though she is the
mother-in-law of Perry
Christie, she doesn't get
involved in politics to the
point where she is a threat to
anyone. Why on earth would
anyone in his or her right
mind try to harm her in such
an unprovoked and malicious
manner?
Being a member of
Amnesty International for
many years, I am well aware
of many countries around the
world that are not as blessed
or as fortunate as the
Bahamas! There are coun-
tries where the leaders sleep
with a machine gun beside
them or sleep in a different
location every night. At times
not even their spouse or fam-
ily know where they are for
safety sake! Some go to the
extreme of having their fam-


ily live in another country.
because of potential threat
to their safety. Or they create
their own secret army to pro-' ,
tect themselves such as the-.
Ton-Ton Macoutes in Haiti.-
But, this isn't the Bahamas '.
that I have boasted about sq
many times in my life.
After enjoying the mega:,,.
rallies of the past election,.;
season, Bahamians might,,.-
have to brace themselves for;',
changes in the next General,
Election. Security of the can-
didates will be a top priority..
In 2004, I campaigned with .
John Kerry and the Democ-','
rats. Outdoor rallies were t
usually only held during day-' a
light. Going to such rallies'.
was like going through secu-'
rity at the airport as"
EVERYONE had to be
screened just like when yotu,
are getting on an airplane'.-,
Prior to the arrival of the.,
Presidential candidate, sharp-
shooters with high powered,",
rifles took up positions on-,
roof tops or other vantage
points prepared for any even--'
tuality. One just has to
remember what happened to.
Governor George Wallace'.
who was shot at a rally in the
1970's in Maryland! Op0
Edward Seaga of Jamaica, -
who on Election Day in 1981.
had to run in fear of his life
due to a hail of bullets! And
yes, the assassination of.-
Robert 'Bobby' Kennedy. At'
the completion of his speech,.'
at a rally in Los Angeles iin
1968, he was gunned down,.',
But, as I have said so many
times, that isn't the Bahamas.,
It is absolutely critical that-,
this psychotic attitude ott
interrupting the status quo inm
the Bahamas not take root
in the Bahamas. It must be

Minister Hubert Ingraham
along with all decent'.
Bahamians and especially the-'
Bahamas Christians must-
condemn this blatant act of
cowardice. 'l
Such a regrettable incident'
must never be allowed to.
repeat itself again.i Should I
the Royal Bahama Police:'
Force apprehend this lunatic,*
this would be one occasion;
when Dr Percentie will no't
be entertaining a complaint
of police brutality! To the,
contrary, I will personally
volunteer to supervise thed.
public whipping of this cul-
prit in the middle of Rawson
Square using the dried pri.,'
vate parts of a bull!

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PERCENTIE
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MONDAY, JUNE 4, 2007, PAGE 5


THE TRIBUNE


LOSCLHS


QIn brief

Pensioner
discovered
dead at
sea in boat


Spending on Prime Minister's



Office cut by more than half


* By DENISE MAYCOCK
Tribune Freeport Reporter
FREEPORT An elderly
man from East End was
found dead at sea in his 14-
foot fishing vessel over the
weekend by US Coast Guard
officials off North Riding
Point, Grand Bahama.
Hayward Bevans, 82, of.
High Rock, was discovered
lying face down inside the
boat shortly after 5pm on
Saturday two days after set-
ting out on a fishing trip on
May 31 from Pelican Point.
Chief Supt Basil Rahming
said that Rev Freddie Laing,
of Pelican Point, told police
that Mr Bevans had left
around 8am on his 14-foot
aluminum boat with a 25hp
Mercury engine, to go fish-
ing at North Riding Point,
also known as 'The Gap'.
Mr Laing said around
8.30pm that same evening,
Mi Bevans had contacted his
wife by cellular phone. He
explained that he was stuck
in the creek and was waiting
fof the tide to rise so he could
return home.
Mr Bevans, however,
failed to turn up around
3.45pm on Friday (June 1),
and could not be reached by
cellular phone.
Mr Laing reported him
missing to police, who alerted
BASRA, the Royal Bahamas
Defence Force, and the US
Coast Guard.
It was shortly after 5pm on
Saturday when the crew of a
US Coast Guard helicopter
spotted a small vessel off
Nbrth Riding Point. Mr
Bevans was lying inside the
boat, apparently lifeless.
'A team of police officers,
along with relatives of the
victim, went to the scene. It
took several hours to retrieve
the boat and Mr Bevans'
body.
Police found no visible
.Although foul play is not
suspected, police are awaiting
the results of an autopsy to
determine the cause of death.

Man faces
charge of
inflicting

il juries
,A MAN, 23, charged with
causing grievous harm to
another man, was arraigned
in'magistrate's court.
According to court dock-
ets, Louine Petit-Jean of
Shellfish Drive on Monday,
May 28, caused grievous
harm to John Burrows.
Jean, arraigned before
Magistrate Marilyn Meeres,
pleaded not guilty and was
granted $4,000 bail. The hear-
ing was adjourned to Sep-
t nber 24.











MONDAY,
JUNE 4
6:30amBahamas @ Sunrise- Live
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2:30 Turning Point
3:00 Dr. Jamal Bryant
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4:00 Video Gospel
4:30 Fast Forward
5:00 ZNS News Update
5:05 The Fun Farm
6:00 Gospel Grooves
6:25 Life Line
6:30 News Night 13- Freeport
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* By KARIN HERIG
Tribune Staff Reporter
EXPENDITURE for the
Prime Minister's Office has
been slashed by more than half
from almost $23 million to just
over $10 million for the fiscal
year 2007/08.


The significant funding allo-
cated to that office under the
Christie administration was
heavily criticised by the FNM
in the past.
While in opposition the
FNM said that the Prime Min-
ister's Office was being finan-
cially over-saturated.


On Wednesday, Prime Min-
ister Hubert Ingraham, in a
comparatively brief communi-
cation, presented parliament
with his government's budget
for the upcoming fiscal year.
One of the noticeable differ-
ences compared to last year's
budget under the former PLP


* PRIME Minister Hubert Ingraham delivers the Free National Movement Government's budget
for fiscal year beginning July 1st, at the House of Assembly on Wednesday, May 30, 2007.
(Photo: BIS/Tim Aylen)


Budget includes salary


rises for the judiciary


* By KARIN HERIG

ALTHOUGH a new judicial
salary review has not yet taken
place, some increases in funding
for the judiciary are already
reflected in the budget for the
fiscal year of 2007/08.
The budget shows slightly
increased salaries and
allowances for the justices of-
appeal, the chief justice, senior
justices and justices of the
Supreme Court.
Expenditures for the various
judiciary departments were also
increased for 2007/08 compared
to the 2006/07 fiscal period.
Funding for the Court
Appeal has increased from $2.5
million to $2.8 million.
The Judicial Department's
expenditure was increased from
$9.9 million to $10.7 million.
The Attorney General's
Office and the Ministry of Legal
Affairs funding was increased
from $10.7 million to $11.6 mil-
lion.
The Registrar General's
Department this year also was
allocated $1.7 million more than
last year, an increase from $3.3
million to $5.1 million.
Presenting the budget com-
munication for 2007/08, Prime
Minister Hubert Ingraham
announced that his government
is taking steps to deal with the
issue of the much-anticipated
judicial salary review "so as to


put that matter to'rest;'N he'saido,
T.heA pate-if.Lthe- ahamdsd"
judiciary has' come undeicfil-e *
repeatedly for the past year and
a half.
Members of the judicial sys-
tem have spoken out about the
critical need for more judges
and the lack of financial incen-
tive to attract qualified profes- *
sionals to the bench.
A few weeks ago Justice John
Lyons warned that the Bahamas
will lose half of its judges by
2008.
He said this could lead to the
country's financial services
industry being undermined and
the Bahamas' competitiveness
within the region being threat-
ened.
The new Attorney General,
Senator Claire Hepburn, has
expressed concern at the cur-
rent state of the country's judi-
cial system. During her swear-
ing-in ceremony she said that
she is "very much concerned"
about the reports of the judges'
working conditions.
Although Senator Hepburn
could give no time-frame for
the resolution of the judicial
remuneration controversy, she
fully expects the matter to be
resolved.
In its 2007 manifesto, the new
government outlined that it will
provide for the financial and
administrative autonomy of the
judicial service and will "sub-
stantially increase funding to


the judicial service to provide
for its adequate staffing and
operation."


government is the significant
decrease of funds allocated to
the Prime Minister's Office.

Increase

Last year, the budget includ-
ed a massive $18 million jump
in expenditure from $5.5 mil-
lion in 2005/06 to almost $23
million in 2006/07 for that office.
The increase of more than
360 per cent in 2006/07 from the
previous year's estimates con-
stituted by far the single largest
increase in any government
agency in last year's budget.
This year the FNM govern-
ment has decreased the expen-
diture of the Prime Minister's
Office by almost $13 million to
just over $10 million.


Increases of the Prime Minis-
ter's Office expenditure which
took place under the former
PLP government came under
fire by the FNM several times.
In 2005/06, the then opposi-
tion leader in the House of
Assembly, Alvin Smith, called
on Mr Christie to explain why
spending in the office had
increased by $3 million over the
course of three years.
"No government should have
the authority to saturate any
ministry," he said then.
In this year's budget there
was also a marked decrease in
funds allocated to the Ministry
of Finance.
The expenditure for the min-
istry was reduced by $3.7 mil-
lion from almost $34 million to
just over $30 million.


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THE TRIBUNE


DArc MfI AnJAY .IIINF 4 2007


ITU V .Iiv *r' r )u- .,r --- -


A new president of the wor.


S


bank or the World Bank?


* By Sir Ronald Sanders
(The writer is a business con-
sultant and former Caribbean
diplomat).

US President George
W Bush has nomi-
nated Robert Zoellick to
replace Paul Wolfowitz as the.
President of the World Bank.
His endorsement by the Board
of'the Bank is likely to be
effortless.
Since the creation of the
World Bank and the Interna-
tional Monetary Fund (IMF),
the convention has developed
that the managing director of
the Fund would come from
Europe and the head of the
Bank would be a nominee of
the US President.
This accounted for why
Paul Wolfowitz was nominat-
ed and accepted even though
several European govern-
ments and many others
around the world lelt that he
was a bad choice, not least
because he had a reputation
as being a hawk in promoting
the invasions of Afghanistan
and Iraq and for the unilat-
eralist style that the adminis-
tration developed in interna-
tional relations.
Countries and regions all


over the world will now be
wondering what Mr Zoellick's
appointment means for them.
He has been a faithful servant
of the US government in vari-
ous capacities, more recently
as a Deputy Secretary under
Condoleeza Rice in the State
Department and before that as


What will be
essential for small
countries like
those in the
Caribbean is that
they should be
part of the many
who will try to see
Mr Zoellick early
to get their ideas
on his agenda for
consideration.


the US Trade Representative
(USTR).
In these last two roles, Mr
Zoellick became well known
to government representativeS
in many parts of the world,
including the Caribbean. Dur-


W R, V --


WORLD VIE- .


ing his stint as USTR, he was
intimately involved in the nego-
tiations at the World Trade
Organisation (WTO), and he
was active in discussions across
the region.
He will, therefore, have some
knowledge of the difficulties
and problems that confront
these countries.

I last encountered him at
a WTO ministerial con-
ference in Cancun, Mexico
when desperate efforts were
being made to get the Doha
round of trade negotiations
back on track after years of
failure. He was active then in
trying to build bridges across
huge divides, and in that con-
nection, he energetically
arranged meetings with every
region.
The talks failed in the end
largely because he, as the US
Representative, and Pascal
Lamy, then the Trade Com-


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* SIR Ronald Sanders


missioner for the European
Union (EU), could not get
their masters to agree policies
on reducing if not eliminat-
ing their subsidies to agri-
culture.
Agricultural subsidies are a
serious bone of contention
between Europe and the US
since governments in the US
and some European nations,
such as France, place consid-
erable importance on the votes
and other support of the farm-
ing community.
And, of course, while these
two giants contend over access
to the world's markets for their


subsidized agricultural projects,
agricultural exports from devel-
oping countries suffer, particu-
larly from Africa in the case of
cotton.
I recall Mr Zoellick at one
point of the Cancun meeting
calling for countries "not to
give up the good for the per-
fect" in terms of the offer that
the US and the EU had
devised to put to the confer-
ence on cotton. The problem
was that few saw the offer as
good. Indeed, I described it at
the time as "derisory".
Nonetheless, if the World
Bank is to have as its head a
former US government official,
Mr Zoellick is a good candi-
date. And, in this case, the
world cannot reject the good
for the perfect.

H e will have many
challenges ahead.
The first will be to pull the
Bank together after the pub-
lic and bitter bruising it has
just gone through over Mr
Wolfowitz. He is likely to
achieve this fairly easily,
because he is instinctively a
bridge builder as was evident
in the WTO negotiations.
And, in this new role, while
he will have to carry the
members of the executive
board of the Bank on any ini-
tiatives that h6 might devel-
op, that task might be easier
than trying to convince politi-
cians to change policies that
suited their supporters.
There will be no shortage of
people in the Bank itself, in
Washington, and from all over
the world who will be trying to


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persuade Mr Zoellick to adopt
one policy or another. What
will be essential for small coun-
tries like those in the
Caribbean is that they should
be part of the many who will
try to see him early to get their
ideas on his agenda for consid-
eration.
In any event, many
Caribbean ministers have met
and know Mr Zoellick, espe-
cially from his term of office
as the US Trade Representa-

There should be
a review of the
Bank's lending
policies to
eliminate the
disqualification
of small and
vulnerable states
from soft
borrowing because
of their per capital
income.

tive. They ought to seek a
meeting with him soon.
Reform of the World Bank
in the interest of the global
community is desperately need-
ed. The glaring example of this
is the fact that Bank's head
must come from the US and
be nominated by the US Pres-
ident. The time has long since
come when the head of the
World Bank should be sought
from around the entire globe
and the very best person
appointed.

In the case of the Bank's
attitude to the Caribbean,
there should be a review of its
lending policies to eliminate
the disqualification of.small
and vulnerable states from" soft
borrowing because of their per
capital income. The criterion is
a false measure of development
and a poor calculation of needs.
More than anything else it has
forced small countries into
commercial borrowing that has
burdened their economies.
Also, in today's world where
small countries are pushed i to
huge investment to beef ip
port security as part of the i-ri r
on terror, and where trade i:b-
eralisation causes dislocatio.
in their economies, the World
Bank should add these to the
areas of priority for which they
lend, and such lending should
be on affordable terms.
Caribbean countries and all
other small states have to hope
that Mr Zoellick will see him-
self as the head of the World's
Bank and not just the World
Bank.
Responses to: ronald-
sanders29@hotmail.com


Mr. William B. Sands, Jr., President & CEO of Commonwealth
Bank is pleased to announce the following appointment:


Mr. Frienderick Dean
Senior Manager, Centralized Collection

Effective April 30th, 2007
Mr. Dean joins Commonwealth Bank with over
10 years experience, having served most recently in
the capacity of Senior Manager Receivables
Management, at a major international commercial
bank. He brings a wealth of experience in the area of
collections.

Mr. Dean holds a Bachelors of Arts Degree in
Administration and management, with Honours, from
Sojourner Douglas College and is presently pursuing
a Masters Degree at Nova Southeastern University.


at the

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THE BAHAMAS TELECOMMUNICATIONS COMPANY LTD.

FIRE EXTINGUISHER TENDER


The Bahamas Telecommunications Company Ltd is pleased to invite qualified
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Interested companies can pick up a specification document from BTC's
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between the hours of 9:00am to 5:00pm Monday to Friday.

Tender should be sealed in an envelope marked
"FIRE EXTINGUISHER TENDER" and delivered to the attention of: -

Mr. Leon Williams
President & CEO
The Bahamas Telecommunications Company Ltd
P.O. Box N-3048
Nassau, Bahamas

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Companies submitting bids are invited to attend the bid opening on Wednes-
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THE TRIBUNE


MONDAY, JUNE 4, 2007, PAGE 7


LOA' EW


* In brief

Shotgun and
ammunition
confiscated
by police

FOUR people were arrested
after police confiscated an unli-
censed shotgun along with six
live rounds of ammunition.
Officers from the Central
Detective Unit, along with offi-
cers from the Internal Security
Division, travelled to a resi-
dence at Marathon Estates
around 8pm last Wednesday.
There they saw an object
thrown outside through a door.
Police discovered that it was an
unlicensed shotgun with six live
rounds of ammunition.

Abaco man

charged

with safe

break-in

A MALE resident of Abaco
was charged in the Marsh Har-
bour Magistrate Court in con-
nection with the recent break-in
and theft of a safe, containing
nearly $40,000 in cash, from a
home at the Pelican Shores Sub-
division.
Benny Lorfils, 22, of Murphy
Town, appeared before Acting
Magistrate Revous Rolle on
Thursday on charges of house-
breaking, stealing from a
dwelling house, and receiving
stolen property.
It is alleged that on May 27,
Lorfils did break and enter the
dwelling house of John Albury
at Pelican Shores, Marsh Har-
bour, and did stole one sentry
safe, containing $37,965 cash,
19 Gold coins, five silver coins,
one gold Lion Head charm, and
one Bahamian passport, togeth-
er valued at $39,435.
Lorfils was not represented
by legal counsel. He pleaded
not guilty to the charges, and
was remanded to Fox Hill
Prison in New Providence until
September 26, for trial.

Police to
announce
cricket coach
not murdered
* LONDON
JAMAICAN police will
reportedly announce next week
that Pakistan coach Bob
Woolmer was not murdered
and died of natural causes,
according to Associated Press.
British newspaper The Dai-
ly Mail reported Saturday that
police now believe the 58-year-
old Woolmer died of heart fail-
ure and are set to make an
announcement.
Woolmer was found uncon-
scious in his Kingston hotel
room on March 18 after the
Pakistan national team he led
lost to Ireland in a major upset
at the World Cup.
A Jamaican pathologist ini-
tially called the cause of death
inconclusive, but four days later
ruled that Woolmer was stran-
gled.
The Mail cited an unidenti-
fied colleague of Mark Shields,
Jamaica's top officer on the
case, blaming the former Scot-
land Yard investigator for the
confusion over the death and
said he should have ordered a
second post-mortem.
"It's enormously embarrass-
ing," the colleague said.
"Instead of saying the death was
suspicious, he rushed out a
statement saying it was murder.
He is going to be a laughing
stock."
Fans and media speculated
that Woolmer had possibly
uncovered a match-fixing scam
or had been targeted by Pak-
istan fans incensed at their
team's performance.


Share

your

news
The Tribune wants to hear
from people who are
making news in their
neighborhoods. Call us
on 322-1986 and share
your'story.


Lawyer voices concern over




port authority losing assets


* By DENISE MAYCOCK
Tribune Freeport Reporter
FREEPORT As Grand
Bahama Port Authority prin-
cipals continue their ongoing
legal battle over share owner-
ship of the company, Freeport
licensees are concerned about
the possibility that the com-
pany's assets are being
siphoned off.
Lawyer Rawle Maynard, a
member of the Freeport
Licensee and Property Owners
Association, said under the
Hawksbill Creek Agreement
the authority cannot transfer
shares in the company with-
out the prior approval of the
government.
Mr Maynard said that if
assets are being siphoned off,
and if utilities are sold and the
proceeds misplaced, then busi-
ness licensees have a right to
inquire.
"Licensees, like franchisees,
have an interest in the health
and well-being of the fran-
chisor your guarantees and
benefits under the agreement
depend upon the existence of
the company," he told
licensees on Wednesday.
He was speaking to business
persons at the Grand Bahama
Chamber of Commerce's
monthly meeting at Ruby
Swiss Restaurant.
He also noted that property
owners have a proprietary
interest in the common prop-
erties and toward which they
pay service charges.
According to the Freeport
attorney, the purpose and
intent of the Hawksbill Creek
Agreement was to create a
community on the island of
Grand Bahama supported by
an immigration policy which
would allow necessary skills
to be brought in to sustain the
anticipated growth and devel-
opment.


Mr Maynard explained that
to give effect to the intended
joint-venture, Wallace Groves
incorporated a limited liability
company called the Grand
Bahama Port Authority, and
engaged the services of Attor-
ney Stafford Sands, to prepare
a draft agreement for submis-
sion to the government of the
Bahamas.
"The agreement was even-
tually approved by the Execu-
tive Council and the House of
Assembly, of which bodies
Stafford Sands was a member,
and executed by the governor
and the company."
He explained that in 1955,
the government of the
Bahamas was a representative
colonial government of a set-
tled colony, having the power
to make laws for its own peace
and order, while the executive
authority vested in the Crown.
Therefore, Mr Maynard
noted that the agreement
could not confer upon the
company any governmental
power, nor could it delegate
any executive authority since
such authority vested in the
Crown.
He stated that the GBPA is
a limited liability company
incorporated under the laws
of the Bahamas, having pri-
vate shareholding but with
public duties and obligations.
"The name implies that it is
a public corporation exercis-
ing the authority of a govern-
ment department, but that is
not the case; its authority to
operate a private harbour
derives from the agreement
and its control over the port
area derives from its owner-
ship of the land, not from
statute, nor the executive," he
said.
He noted that covenants on
the part of government con-
veyed to the company, a very
large acreage of public land


subject to certain conditions
precedent, including the dredg-
ing of a harbour at one pound
per acre, to permit the opera-
tion of the a private harbour for
the duration of the agreement,
exempt licensees of the compa-
ny from the payment of taxes
on income and customs duties


on materials for the purposes
of the licensee's business for the
duration of the agreement.
The company was also com-
mitted to carry out certain
undertakings to build an airport
and utilities and to operate
them for the duration of the
agreement.


He said there was a restric-
tion on the company not to
transfer shares in the company
without the prior approval of
the Government. The agree-
ment may not be amended
without a four-fifths agreement
of the licensees.


* GOVERNOR General Arthur Hanna hosted a lunch in honour of delegates attending the
Association of Caribbean Commissioners Conference at Government House last Thursday.
Pictured are Governor General Hanna and delegates on the steps of historic Government
House.
(Photo: BIS/Derek Smith)


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THE Bahamas will receive a
special group of visitors this
week a line-up of interna-
tional celebrities dedicated to
spreading positive spiritual
messages in the Bahamas and
other countries.
The slate of celebrities
includes gospel and inspira-
tional music favourites such as
Donnie McClurkin, Fred
Hammond, Nicole C Mullen,
T Bone, KJ-52 and the Crabb
Family.
They will be joined by pro-
fessional wrestling superstars
Lex Luger, Ted Dibiase (The
Million Dollar Man), and
Nikita Koloff.
The celebrity gathering is
part of BahamaFest '07, a free
concert and message sharing
event to be held at Clifford
Park tomorrow.
The event, which begins at
6pm, will also showcase
Bahamian talents such as
Shaback, DJ Counsellor,
Vision and the Bahama Brass
Band. The first 5,000 children
at the event will receive gifts of
toys.
While in the Bahamas, the
celebrity guests will also visit
schools and other institutions


desktops & workstations


N-I
* DONNIE McClurkin

such as Her Majesty's Prison.
The visitors to the prison will
include Michael Franzese, the
former New York organised
crime boss who was known as
The Long Island Don.
BahamaFest is a joint pre-
sentation of the Bahamas Min-
istry of Tourism, the Bahamas
Christian Council, the Min-
istry of Education and Praise-
Fest Ministries a non-profit
organisation based in Alaba-
ma.


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PAGE 8, MONDAY, JUNE 4, 2007


THE TRIBUNE


Turnquest: full




investigation




into fIre will




be conducted J` ME.


FROM page one

FNMs were responsible for the
blaze, Mr Turnquest asked if
the same assumption was made
when his headquarters were
burnt down before the elec-
tion.
"Until I have been fully
briefed by all of the relevant
authorities, I cannot say any-
more than that, other than to
say that we don't condone
these types of situations.
"If it turns out to be arson it
is always a concern when fires
take place at high-profile
establishments, like the nation-
al headquarters of a major
political party. Like a fire at a
campaign headquarters during
an election campaign, they're
all causes of concern.
"The same way that the PLP
didn't jump to conclusions
after my headquarters were
damaged by fire during an
election campaign, I'm not
going to jump to any conclu-
sions now," he said.
Opposition leader Perry
Christie said, however, that in


his opinion there was no doubt
that the fire was connected to
the alleged shooting at his
home, another shooting at a
PLP campaign office, and a
failed attempt at burning down
the PLP headquarters a week
earlier.
"I would not be telling you
the truth if I didn't say that I
have felt that there was an
effort to intimidate the Pro-
gressive Liberal Party," Mr
Christie said.
"When we saw and the
police pointed out additional
bullet holes in the walls of the
compound in which I live, and
then found the remnants of the
bullet there, then I knew that it
was very serious. The police
have been investigating that.
They have had as I under-
stand it some leads in the
investigation.
"They have a very serious
investigation going on with
respect to that and to me that
was proof positive that there
was an attempt if only to intim-
idate. The difficulty is that
when you're dealing with
where people live, then that is


also an attempt to do more
than intimidate. It could cause
a loss of life or most certainly
injury. That is why it is very,
very serious," he said.
Mr Christie said that he is
not going to speculate on who
may have caused the fire, and
warned that it would be "diffi-
cult" to persuade his party sup-
porters to believe that it was
not an attack on the PLP.
"I am not going to say that I
know the cai.ise of this fire. I
am not even going to specu-
late. The police will determine
whether it was arson. I will tell
you, though, that all of us here
feel very dismayed over this
and that this is something that
we know it will be difficult for
us to cause our supporters not
to believe that this was an
attack on the PLP. We know
that it is difficult, but as the
leader I have to act responsibly
and call for responsible
responses," he said.
Mr Turnquest could not con-
firm if Any additional security
had been set at both the PLP's
and the FNM's headquarters
up until press time last night.


FROM page one PLP HQ set on fire


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the property inside the complex has been saved.
While initial attention was directed to the FNM,
Mr Christie guarded himself against making such
accusations.
"Clearly it is not a time to react or overreact as
the case might be," he said. "It is obviously time
for concern, but we must not cause there to be a
further deterioration in the obvious divisions that
exist politically in the country today.
"Throughout the election campaign and after
the election campaign, I had purposefully called
for restraint and calm and healing. Obviously it is
my job to continue to do that as leader, but we are
looking to the authorities to help us.
"I felt constrained on Saturday to refer to the
shooting at my home with a view to ensuring that
people understand that these are serious devel-


opments in our country that must be controlled
and must be contained and eliminated if
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"I am thinking that the leadership of this coun-
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responsibility in trying to call for peace and calm
in this country. I continue to do so.
"This is a very, very serious matter for us. And
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will not deter us at all. We will move to continue
with the business of ensuring that the organisation
is seen to be a very strong organisTa.ticoris the
country and that we will not allow this to interrupt
us, not for one day," he promised.


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leader pays visit to



slave settlement


* By DENISE MAYCOCK
Tribune Freeport Reporter
FREEPORT Queen Quet,
Chieftess of the Gullah-
GeeChee nation, visited Grand
Bahama on Wednesday and
was given a tour of the historical
ruins of the first African slave
settlement on the island.
Queen Quet, who is a descen-
dant of African slaves, was offi-
cially welcomed by officials of
the Ministry of Tourism on her
arrival at Lucayan Harbour
onboard the Carnival Victory
Cruise ship.
During her visit, the chieftess
and members of her entourage
were taken on a safari jeep tour,
operated by Grand Bahama
Nature Tours, to Owl Hole, an
inland blue hole that served as a
fresh water resource for the first
freed African slaves in Grand
Bahama.
Erica Gates of Grand
Bahama Nature Tours said that
Queen Quet was very touched
by her visit to the historical site,
which is situated a half mile west
of the old Freetown in East
Grand Bahama, where the first
slaves believed to ancestors of
the GeeChee Nation settled.
In 1807, following the aboli-
tion of slave trafficking, the
British parliament decreed that
all slaves were to be released at
various Caribbean islands with
fresh water.
Grand Bahama, which has an
abundance of fresh water, was
one of those islands.
While at old Freetown, Queen
Quet recognized that the method
of building in the settlement was
identical to the way the GeeChee
nation built their homes.
She toured the fresh water
wells and boundary walls, saw
the foundation of a home built
by slaves, and posed for photos
at the ruins of a slave dwelling.
Q_- Q-.o, (n4o-J--tt I
Goodwine), leads a population
of one million people of the
Gullah-GeeChee nation, which
spreads throughout the Low
Country Sea Islands, from
North Carolina down to Amelia
Island, Florida, on the eastern
seaboard of the United States.
She is a writer, lecturer, histo-
rian, and activist, who has trav-
elled the world telling the story
of the Gullah-GeeChee Nation.
She has addressed the United
Nations in Geneva, Switzerland,
and her focus is on the preser-
vation of the Gullah people's
historic homeland, and the
uniqueness of their language -
which evolved from the combi-
nation of the various African
languages spoken among slaves
in the region.
Queen Quet wants federal
officials in the United States to


* QUEEN Quet tours Freeport
^ I d-J.-^


* CHANTAL Bethel, artist and wife of Dr Marcus Bethel,
Queen Chet and her husband, Erica Gates of Grand Bahama
Nature Tours and Jeritzan Outen from the Ministry of Tourism


bring in Gullah community lead-
ers as partners in creating a her-
itage area, stretching along the
southeastern coast from the
Cape Fear River near the North
Carolina/South Carolina line to
the St John's River near the
Georgia/Florida border. The Sea
Islands area extends 30 miles
inland and encompasses about
12,315 square miles, nearly the
si7e of thp state of Maryland.
The Gullah-GeeChee people
of today are descendants of
enslaved Africans from various
ethnic groups of west and cen-
tral Africa who were forced to
work on the plantations of
coastal South Carolina, Geor-
gia, North Carolina and Florida.
The Gullah-GeeChee people
are survivors unique groups
of African-Americans who lived
near the coast and on barrier
islands that were separated
from the mainland by creeks,
rivers, and marshes.
Queen Quet has been working
tirelessly to bring the culture and
plight of the Gullah-GeeChee to
the forefront in the US.
She has spoken before
UNESCO, and as a result of
her perseverance the Gullah-
GeeChee area is being consid-
ered for designation as a her-


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System in the United States.
Mrs Gates, who said that
efforts are being made to pre-
serve the old Freetown ruins
and site, said that Queen Quet
has offered to bring historians
and archaeologists to help with
this effort.


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THE TRIBUNE


MONDAY, JUNE 4, 2007, PAGE 9


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PAGE 0, MODAY, UNE 4 2007THE TIBUN


Police

investigate

after man

is shot
FROM page one

injury.
When police arrived at
the hospital, they spoke
with Moss, who told them
he was with friends at Coral
Gardens for several hours
drinking and smoking.
; He left around 10.30pm,
walking towards home. As
he passed the basketball
court, leaving Coral Gar-
dens, he heard what sound-
ed like a gunshot, and then
felt a burning pain in his left
thigh.
; After realising that he
hlad been shot, Moss said he
saw no-one in the area. He
telephoned his brother, who
took him to hospital.
Moss was treated for
entry/exit wounds and later
discharged.
: Mr Rahming said investi-
gations are continuing.


c
I
r
h


Attorney claims Larry Birkhead made



millions' selling photos of Dannielynn

ATTORNEY Debra Opri Mr Birkhead's unpaid legal lawyers ate lavishly at Mr Birk
aimed yesterday that Larry fees," she said. head's expense, though restau
Birkhead had made "untold Ms Opri said Mr Birkhead rateur Enrico Garzaroli later
millions" selling photographs of continues to release misleading claimed a $2,500 bill at Gray
his dauahter Dannielvnn information to the media that cliff was not exceptional.


Her comment came as a war
of words continued to rage
between the Californian lawyer
and the man who fought suc-
cessfully through the Bahamas
courts to establish paternity of
his eight-month-old daughter.
She said Mr Birkhead had
now admitted that he was able
to pay the disputed legal fees -
more than $620,000 she
demanded after they split up
two months ago.
Claiming he had made over
$1 million in a media deal, Ms
Opri said: "This does not
include the untold millions he
has received for selling photos
of his daughter."
Birkhead, who engaged Ms
Opri at the start of his long fight
to prove he was father of the


.
I


* DEBRA OPRI pictured with Larry Birkhead on Feb. 22,2007
(AP Photo/J. Pat Carter)


late Anna Nicole Smith's
daughter, is not only challenging
her fee, he is also claiming that
she will end 'ip owing him mon-
ey when their dispute is over.
But Ms Opri said yesterday
that Mr Birkhead must abide
by a binding arbitration proce-


dure agreed upon by both par-
ties when they signed their con-
tract.
"Since he continues to refuse
to take part in the legally bind-
ing arbitration process, a court
hearing on July 9 will discuss
enforcing arbitration regarding


skirts the issue of his unpaid
legal fees."
A statement from Luck
Media, a public relations agency
in Beverly Hills, said: "Ms Opri
will continue to take the high
road and not sling mud back at
Mr Birkhead. Rather, Ms Opri
will allow the arbitration to
resolve any issues regarding this
bill."
What had seemed a solid
attorney-client relationship
between the pair collapsed in
March when Ms Opri said she
could no longer continue act-
ing for Birkhead. The Bahamas
courts finally ruled in his favour.
When Ms Opri's $620,000 bill
became public, debate raged
among lawyers on US cable
television about some of the
items listed including a $2,500
dinner at Graycliff Restaurant
in Nassau.
It was alleged that a group of


There was also a much-dis-
cussed $25 dry-cleaning bill for
Ms Opri's husband's suit.
Mr Birkhead, a Los Angeles
press photographer, was finally
granted a DNA test on Dan-
nielynn which proved he was
her father.
He and Anna Nicole Smith
had a two-year relationship dur-
ing which they had set up home
to await the birth of their child,
he said.
But Ms Smith and her attor-
ney-companion Howard K
Stern arrived in the Bahamas
last summer to escape Birk-
head's paternity claims.
The subsequent death of her
20-year-old son Daniel Smith
last September and the death
of Anna Nicole in Florida last
February led one international
journalist to describe the saga as
"the best human interest story
of all time."


Tornado leaves three families homeless


FROM page one

Yard, and the third family is staying with
relatives.
Grand Bahama weather officials could
not confirm whether a tornado had, in
fact, touched down, but reported that fun-
nel clouds were spotted on Saturday morn-
ing.
A weather official told The Tribune that
the Weather Department had received
reports of a tornado touching down near
BORCO around 10am.
Power company officials, however,
reported that a tornado had touched down
around 9.30am near Grand Bahama Ship-
yard.
"We could not confirm whether it was a
tornado. However, there were a couple of
funnel clouds, or tornado clouds, around
9.04am that lasted for six minutes," said
the official.
Grand Bahama Power Company ss-.
tamined damage to its transmission lines niia'r


BORCO, which resulted in a power out-
age.
Grand Bahama was affected by adverse
weather conditions throughout Saturday
due to feeder bands from tropical storm
Barry the second named storm of the 2007
hurricane season.
There were no thunderstorms, but most
of the day was overcast and rainy with
winds averaging around 18 knots, and wind
gusts at a maximum of 34 knots.
Power company crews were out all day
from 10am working to restore electricity
for some nine hours.
Although power was restored around
noon in some residential areas of
Freeport/Lucaya, other areas had not been
restored until 6pm on Saturday.
Derek King, director of transmission at
GB Power, said a tornado touched down
around 9.30am near Grand Bahama Ship-
care Facility (Shipyard).
He said it moved over to BORCO,
where it damaged three spans of transmis-
cir- N -io -1~r -t< -4iit nr*^ Qnr o


caused damage to BORCO's sub-station.
According to Mr King, the damaged
transmission line at BORCO also feeds the
city of Freeport, central town area, and part
of the Lucaya area.
He also said that the transmission line
that feeds the container port and the ship-
yard, and the distribution line that feeds
West Grand Bahama, were also damaged
by the twister.
"We mobilised crews and initially iso-
lated BORCO, and then began making
repairs we did not get BORCO back until
late yesterday (Saturday) evening, but we
got power restored in most areas after about
two-and-a half to three hours," he said.
Mr King said rain and winds also caused
outages throughout their system. He said
areas affected were Mayfield Park, Lucaya
and West Grand Bahama..
"We completed all repairs last (Saturday)
night, but we still have crews out today
(Sunday) making repairs on spot outages,
which are just isolated cases, to just one or
t"wI c,,ctr~nmrv," he-paid.


Deeply missed by your loving wife, Donna, your children Dylan
and Lauren, Jessica and Robyn and their mother Gloria, sisters,
Jenny and Shirley, brothers, Tony and Paul and numerous rela-
tives, friends and colleagues.

CARD OF THANKS

The family of the late Gordon Lowe expresses its heartfelt thanks to
friends, family, colleagues and members of the public for your kind
words of comfort, flowers, support and prayers, on our bereave-
ment.

In particular, we would like to thank the patrons and staff of
Wendy's Mall at Marathon, especially Sonya Alvino who gave
immediate assistance, Father Walkine and the Parish of St. Anne's,
the Permanent Secretary and Staff of the Ministry of Foreign Affairs,
the ZNS family, students, faculty and staff of Queen's College, the
staff of Commonwealth Bank, the Royal Bahamas Defence Force,
members of Calvary Bible Church, Dr. Clyde Munnings and
Margaret and Dr. Susan Donald.


R eviva-I
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m .A V .'---- 'i.,--_ 3. ....


A Public Uilities Commission FEB1I 1STIS





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


- Fl1


THE TRIBUNE


PAGE 10, MONDAY, JUNE 4, 2007


-


I ..







THE RIBUE MNDAY JUE 4,200, PAE 1


COOPERATIVES MONTH JUNE, 200




"Securing Financial Prosperity Through Co-operatives"


PROCLAMATION


WHEREAS, the Government's vision
through its legislative policies is to create and
S- foster an environment that governs the
K development of co-operative societies to stimulate
the sector;
AND WHEREAS, the co-operative
sector continues to position itself as a vibrant and
viable pillar in fostering the entrepreneurial spirit
/ of all Bahamians, thus creating unlimited
opportunities for social and economic
empowerment;
AND WHEREAS, the Department's Mission "To promote social and
economic prosperity by empowering all Bahamians through ownership of viable,
competitive and adequately supervised co-operative enterprises" is consistent
with and reflects Government's policy;
AND WHEREAS, co-operatives offer benefits for all Bahamians and
especially offer opportunities for Bahamian youth and entrepreneurs;
AND WHEREAS, the Department of Co-operative Development and
the Bahamas Co-operative League Limited are celebrating thirty-three years
(33) of co-operative development in The Bahamas and have organized a calendar
of events to be held throughout the year;
AND WHEREAS, the month of June has been set aside to promote
the benefits of co-operatives under the theme "Securing Financial Prosperity
Through Co-operatives".
NOW THEREFORE, 1, Hubert A. Ingraham, Prime Minister of the
Commonwealth of The Bahamas, do hereby proclaim the month of June 2007
as "CO-OPERATIVE MONTH"


IN WITNESS WHEREOF, I
Have hereunto set my hand
And Seal this 31st day of May, 2007




Honourable Hubert A. Ingraham
Prime Minister


ANNUALLY, THE MONTH OF JUNE IS
CELEBRATED AS CO-OPERATIVE MONTH.
The Department of Co-operative Development in conjunction
with the Bahamas Co-operative League Limited and its affiliates,,;:;
will this year, highlight the values of the Co-operative
Movement. The theme for Co-operative Month 2007 is
"Securing Financial Prospe.rity through Co-operatives".
For the past 33 years, co-operatives throughout the
Commonwealth of The Bahamas have been contributing to
the improvement of the quality of life for members and their
families. Co-operatives are simply persons pooling limited '
resources for the purpose of meeting economic, social or cultural ,12
needs. Co-operatives are owned and controlled by their ::
members and users on the basis of one member, one vote.
Members also share in any profits realized or risk involved.
Financial co-operatives such as credit unions offer good rates
on savings and competitive rates on loans.
Currently, the co-operative membership exceeds 30,000 with
contributed assets of two hundred million ($200,000,000).
During co-operative month the movement will highlight
members with personal testimonies on how they benefited
from their co-operative society. During the month the co-
operative movement will conduct a vigorous marketing
campaign so that many more Bahamians could be educated
on the advantages and benefits of becoming members and
securing financial prosperity through cooperatives.
The Bahamas Co-operative Movement in its 30 years of
existence has never recorded any loss of member savings in
any co-operative. This demonstrates that members' investments
are safe and secure.
The new Co-operative Societies Act of 2005 provides a strong -
legislative platform for registration, supervision, monitoring "
and growth of co-operative societies.
Currently, the co-operative sector includes fifteen credit unions,
three agricultural, one fishing, one livestock and multi-purpose
society. These are located in New Providence, Grand Bahama,
Eleuthera, Cat Island, Abaco and Berry Islands. A vital part
of this family of co-operatives are 'tire (3) youth'co-operatives,
which serve to teachiyoung peoplTe ie unportance u ,
leadership, teamwork skills and to expose them to the
entrepreneurial spirit.
The Department has high hopes and expectations that the
existing and future Youth Co-operatives will provide experiences
that would foster amongst youths a positive attitude towards:__
life, motivating them to strive to make constructive contribution="
to society. Further, this co-operative concept would not only
assist these future leaders of tomorrow in their personal
development but also in the department and building of a
strong co-operative sector with a bright future.
The Department in conjunction with co-operative societies
will seek to develop several school co-operatives encouraging
students to begin securing financial prosperity through co-
operatives. This year a poster competition for cash prizes for
Junior and Senior schools will take place. Also, the concept of
savings through a piggy bank programme introduced last year
will continue for primary school children of co-operative
members and non-members.


Activities planned for Co-operative Month


1. A church service on May 27 at
Holy Redeemer Church, New
Bight, Cat Island at 11:00a.m.
2. During the month of June,
Co-operatives in the Bahamas
will have Open Houses to
showcase product and services
offered.
3. On June 9, 2007 the Annual
Fun/Run/Walk where persons
within the movement and the
general public will compete for
trophies on Goodman's Bay
starting at 6:00a.m.
4. At the conclusion of the
fun/run/walk a Health Fair will
take place testing blood
pressure, cholesterol, sugar


and to promote healthy lifestyle.
5. June 22, 2007, Public Workers
Credit Union's 27th Annual
General Meeting 7:30p.m. at
the British Colonial Hilton Hotel.
6. June 23, 2007, Cooperative
Board of Directors and staff will
have their annual fun day.
7. During June a poster
competition will take place for
cash prizes for Junior and
Senior High School students.
8. Transportation and Service &
Industry Credit Union Health
Fair and Car Show June 28,
2007.
9. June 28, 2007, the official
opening of The Bahamas Co-


operative League building
Russell Road, Oakes Field.
10. June 29, 2007, the Annual
awards luncheon will take place
at the Police Training
Conference Center, East Street
to honor persons within the
movement for outstanding
leadership, dedication or
noteworthy business
achievement.
11. During the month promotion
of co-operatives will take place
through radio talk shows
profiles of product and services
and newspaper supplement at
the end of the month
highlighting 2007 activities.


It is also expected that the co-
operative societies in our
Family Island communities
would also offer programmes
during this month.
All co-operatives and the general
public are welcome to
participate in any/all of the
activities planned. Further,
persons not a part of a co-
operative society are
encouraged to join to that they
could secure financial
prosperity for their families
through this co-operatives
vehicle.


JOIN A CO-OPERATIVE TODAY!

MISSION STATEMENT P
To promote social and economic prosperity by empowering all Bahamians through 0 .
9f.,i ownership of viable, competitive and adequately supervised co-operative enterprises ,

Department of Co-operative Development c
Ministry of Local Government & Consumer Affairs 4
P.O. Box N-3040, East Bay Street, Nassau, Bahamas 7
Tel: 242 356 3152 Fax: 242 356 4622
o d"t*c Email: coopbahamas@hotmail.com


MONDAY, JUNE 4, 2007, PAGE 11


THE TRIBUNE









PAGE 12, MONDAY, JUNE 4, 2007 THE TRIBUNE


* Chartered Accountants
One Montague Place
Third Floor
East Bay Street
P.O. Box N-3231
Nassau, Bahamas


a Phone: (242)502-6000
Fax: (242) 502-6090
www.ey.comn


INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF
BANIF- INTERNATIONAL BANK LIMITED

We have audited the accompanying balance sheet of Banif- Interhational Bank Limited (the Bank)
as at December 31, 2006 and a summary of significant accounting policies and other explanatory
notes.

Management's Responsibility for the Balance sheet

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

Auditors'.Responsibility

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

An audit involves performing procedures to obtain evidence about the amounts and disclosures in
-&e balance sheet. The procedures selected depend on the auditors' judgment, including the
sessment of the risks of material misstatement of the balance sheet, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the balance sheet in order to design audit procedures that are
appropriate for the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity's internal control. An audit aL! ....mics evaluating the: ppropriateness
Ofaccounting policies used and the reasonableness of accounting estimates made by management,
ds'well as evaluating the overall presentation of the balance sheet.

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

Opinion

Iour opinion, the balance sheet presents fairly, in all material respects, the financial position of the
bnk as of December 31, 2006 in accordance with International Financial Reporting Standards.

'4,


May 24, 2007


": BANIF-INTIERNATIONAL BANK LIMITED


BALANCESHBET


Dn "31 1


23 205

ASSBTS
Doqmit with bIhs 628,939 337,902
FlnmWil mrt I bf value rough pmlft oad wo S
LAmn (le3) 946 44,112
Pmopety d equipman (note 4) 1,19 1,192
Oticrtd s "IS2 419
Tudmla Mt735, 383,625

LIALITIES AND.SHARENOLDIRS'WEQUITY

Depoais by utnmms (noo S) 313,310 294,172
DuetobmnkA 321,549 160
-v%, )- ",31Z
Other liabbits I 17
Total BOMlai -,99.M 353,661

SLredaldn' rpa
Shmamof h
AuWlaiud, imiod and ally paid-25,.0060u00 im or
SI.092woh 323 30,230
S~MAbylam nlobrve 947 434
Retandemlp 1$48 63

Foreima aacbme r-maldrn 23,53 (763)
Toal sbaireMId 'rll35lti aS.731l 29.964

Total bfMBto aNW sharebmei' lty. 7et5*.7 383,625


COMMITMNar AND COmTINGENCINS (,e 7)

AppFovd By TIU Bas*:
JOAOU4PILIPeDOS.SAN1S tChainnn


-NOTES TO BALANCE SHEET
December 31, 2006

1. CORPORATE INFORMATION

Banif International Bank Limited (the Bank) is incorporated under the laws of the
Commonwealth of The Bahamas and its principal activities include banking and investment
advisory services. The Bank is owned 99.9% by Banif- Investimentos, SGPS, S.A. and 0.1% by
Banif- Comercial, SGPS, S.A. The ultimate parent Bank is Banif SGPS, S.A., a public registered
-Bank in Portugal.

.iThe registered office of the Bank is located at I Bay Street, Nassau, Bahamas.

This balance sheet has been approved for issue by the Directors of the Bank on March 21, 2007.

,ft_, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

-Statement of compliance

The balance sheet has been prepared in accordance with International Financial Reporting
-Standards (IFRS).

Basis of preparation

-The balance sheet is expressed in United States dollars. The preparation of balance sheet requires
management to make estimates and assumptions that affect the reported amounts and disclosures in
the balance sheet. Actual results could differ from those estimates.

.,'T balance sheet was prepared under the historical cost convention, except for the measurement at
fIilfvalue of financial assets and liabilities and property and equipment.



Loans are stated at the principal amount outstanding adjusted for charge-offs and impairment for
tan-losses. The impairment for loan losses is increased by charges to income and decreased by
charge-offs (net of recoveries). Management's periodic evaluation of the adequacy of the provision
is based on the Bank's past loan loss experience, known and inherent risks in the portfolio, adverse
situations that may affect the borrower's ability to repay, the estimated value of any underlying
collateral, and current economic conditions. No loans were considered impaired at December 31,
2006.

Impairment and uncollectibility of financial assets

a' assessment is made at each balance sheet date to determine whether there is objective evidence
t a financial asset or.group of financial assets may be impaired. If such evidence exists, the
estimated recoverable amount of that asset is determined. The Bank did not record any impairment
adjustments at December 31, 2006.


Property and equipment

Equipment is stated at cost less accumulated depreciation. Depreciation is calculated on the
straight-line basis over the estimated useful lives of the assets as follows:


Property, Premises/installations
Furniture and fixtures
Motor vehicles
E.D.P. equipment
Sound and image equipment


10 50 years
5-8 years
4 years
5 years
5 years


The carrying amounts of the property and equipment are reviewed at each balance sheet date to
assess whether they are recorded in excess of their recoverable amounts, and where carrying
values exceed this estimated recoverable amount, assets are written down to their recoverable
amount. No such write-downs have been recorded by the Bank. Any revaluation surplus is
credited to the revaluation reserve included in the equity section of the balance sheet, except to
the extent that it reverses a revaluation decrease of the same asset previously recognized in profit
or loss, in which case the increase is recognized in profit or loss. A revaluation deficit is
recognized in profit or loss, except that a deficit directly offsetting a previous surplus is directly
offset against the surplus in the asset revaluation reserve.


Accounts payable and accrued liabilities

Liabilities for accounts payable and accrued liabilities, which are normally settled on 30-60 day
terms, are carried at cost, which is the fair value of the consideration to be paid in the future for
goods and services received. Payables to related parties are carried at cost. Accounts payable and
accrued liabilities are reported in other liabilities on the balance sheet.

Provisions

Provisions are recognized when the Bank has a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Statutory loan loss reserve

This amount represents a general provision that is required to meet the Bank's statutory
requirements. Changes to this amount are reflected as appropriations (or increases) of retained
earnings.

Foreign currency translation

Items included in the Bank's balance sheet are measured using the currency of the primary
economic environment in which it operates (the functional currency), which is the Euro. The Bank
has adopted the United States dollar as its presentation currency, as the Bank is incorporated in the
Commonwealth of The Bahamas.

The Bank's financial position are translated from its functional currency to its presentation
currency, as follows:

(i) assets and liabilities are translated at the closing rate at each balance sheet date; and
(ii) share capital was translated at the historic rate.


Foreign currency transaction"

Monetary assets and liabilities denominated in currencies other than United States dollars are
translated at the rates of exchange prevailing at the year end.

Related party balances

All balances with the ultimate parent Bank or its subsidiaries are shown in this balance sheet as
related party.

Assets under management

No account is taken in this balance sheet of assets and' liabilities of clients managed and
armlnisterei.hv thP. aR...nk..c t.nueisA n a i ites
which relate to the banking services provided by the Bank for its clients '

Taxes

There are no income taxes imposed on the Bank in the Commonwealth of The Bahamas.


Adoption of IFRSs during the year

The Bank has adopted the following revised standards during the year. Adontinn of revised
standards does not have any effect on equity as at January 1, 2005.

IAS 19 Amendments Employee Benefits
IAS 21 Amendments The Effects of Changes in Foreign Exchange Rates
IAS 39 Amendments Financial Instruments: Recognition and Measurement

Future changes in accounting policies

Early adoption

The Bank did not early adopt any new standards during the year.

IFRSs and IFRIC Interpretations not yet effective

The Bank has not applied the following IFRSs and IFRIC Interpretations that have been issued but
are not yet effective:

IFRS 7 Financial Instruments; Disclosures, requires, disclosures that enable users to evaluate the
significance of the Bank's financial instruments and the nature and extent of the risks from these
financial instruments. This standard becomes effective for annual periods beginning on or after
January 1, 2007, and as a result, certain amounts and disclosures related to the Bank's financial
instruments may change upon adoption.

IAS 1 Presentation of Balance Sheet includes amendments that require that an entity discloses
information that enables the users of the balance sheet to evaluate the entity's objectives, policies
and processes for managing capital. These amendments are effective for annual periods beginning
on or after January 1, 2007, and as a result, certain amounts and disclosures related to the Bank's
capital may change upon adoption.

IFRIC interpretation 8 was issued in January 2006 and is required to be applied for financial years
beginning on or after May 1, 2006. It requires IFRS 2 Share-based Payment to be applied to any
arrangements where equity instruments are issued for consideration which appears to be less than
fair value. The interpretation is expected to have no impact on the financial position of the Bank.

IFRIC 9 was issued in March 2006, and becomes effective for financial years beginning on or after
June 1, 2006. This interpretation establishes that the date to assess the existence of an embedded
derivative is the date an entity first becomes a party to the contract, with assessment only if there is
a change to the contract that significantly modifies the cash flows. The Bank expects that adoption
of this interpretation will have no impact on the Bank's balance sheet when implemented in 2007


IFRIC 10 was issued in November 2006, and becomes effective for financial years beginning on or
after November 1, 2006. This interpretation addresses the reversal of impairment losses recognized
in an interim period. The Bank does not have interim reporting requirements and expects that
adoption of this interpretation will have no impact on the Bank's balance sheet when implemented
in 2007.

IFRIC 12 was issued in November 2006, and becomes effective for financial years beginning on or
after January 1, 2008. This interpretation gives guidance on the accounting by operators for public-
to-private service concession arrangements. This interpretation is not expected to be relevant for
the activities of the Bank.

The Bank expects that adoption of the pronouncements listed above, with the exception of IFRS 7,
will have no impact on the Bank's balance sheet in the period of initial application.


3. LOANS

At December 31, 2006, there are no loans on which interest is not being accrued, or where interest
is suspended.


P~-13I II I III [. -.PI I L,,.i---. -r-tIl.-.-It--. I II -~.1I U......... .-~- .-........


SfERNST& YOUNG


1


CARLOS DAVID DUARTE D AI.MAEiA E "ve Di""em








THE TRIBUNE


4. PROPERTY END EQUIPMENT

An analysis of activity in property and equipment was as follows:


Beginning


Ending


2006 Balance Additions Depreciation Balance
$'000 $'000 $'000 $'000

Premises / Installations 973 40 30 983
Furniture & Fixtures 66 16' 12 70
Motor Vehicles 72 0 19 53
EDP Equipment 81 5 23 63
Total I1192 61 84 1,169


Accumulated Ending
2005 Cost Depreciation Balance
S'000 $'000 $'000

Premises / Installations 978 5 973
Furniture & Fixtures 67 1 66
Motor Vehicles 74 2 72
EDP Equipment 83 2 81
Total 1,202 10 1,192

5. DEPOSITS BY CUSTOMERS

Deposits by customers are attributable to the following countries:

2006 2005
$'000 $'000
Angola 87
Belgium 1,147 1,234
Brazil 4 4
Chanel Islands 87
Colombia 124
Dutch Islands 2,018 1,318
Finland 20 20
France 16 125
Gibraltar 145 534
Malta 112-
Netherlands 198 -
Panama 5,653
Portugal 301,703 280,074
South Africa 29 25
Spain 2,211 1,142
Sweden 46 40
U.S.A 206 8
United Kingdom 3,170 2,790

Accrued interest 2,074 1,118
313,310 294,172

Composition of customers' deposits at December 31 are as follows:

2006 2005
$'000 $'000

On demand deposits 72,541 108,565
Term deposits 238,695. 184,489
311,236 293,054

6. LOAN PAYABLE

This relates to a debt securities loan (certificate of deposit) with a nominal value of $59 million and
its, corresponding accrued interest, with a maturity date at November 25, 2008, which was fully
su ..m Invst" on November 25, 2005. This loan s a
fixed interest rate of 5.0% per annum. L

It also relates to two unsecured Credit Linked Notes certificates created and issued by Banif
International Bank Limited, with a global nominal value of $5.5 million with an interest rate of
5.0% and a maturity date of July 2007.

7. COMMITMENTS AND CONTINGENCIES

The Bank is a party to certain financial instruments with off-balance sheet risk, in the normal course
of business, to meet the financing needs of its customers. These financial instruments include
acceptance and guarantees, commitments to extend credit under lines of credit, and commitments
to originate loans. Exposure to loss is represented by the contractual amount of those instruments,
however, the Bank uses the same credit and hypothecation criteria when entering into these
commitments and conditional obligations as it does for loans.

Contingent liabilities inder acceptance and guarantees entered into on behalf of customers and
commitments to extend credit under lines of credit, in respect of which there are corresponding
obligations by customers, amounted to $97.2 million at December 31, 2006 (2005: $85.2 million)
and are not included in the balance sheet.
RELATED PARTY BALANCES AND TRANSACTIONS

The following is a summary of related party balances in the balance sheet at December 31:

2006 2005
$'000 $'000

Deposits with banks 628,932 337,902
Total amount due from related parties 628,932 337,902

Due to banks 321,549 160
Loan payable 64,912 59,312
Total amount due to related parties 386,461 59,472

The following is a summary of related party transactions in the statement of operations for the
period ended December 31:

2006 2005
$'000 $'000
Interest income on deposits and loans 18,945 4,487
Interest expense on deposits and loan 6,864 298
9. GEOGRAPHICAL ANALYSIS

2006
S Assets Liabilities
$'000 $'000

Europe 527,390 361,841
South America 128
Caribbean 113,501 335,346
Other 94,696 2,541
735,587 699,856

2005
Assets Liabilities
$'000 $'000


Europe 78,162 285,585
South America 44,112
Caribbean 260,932 59,312
Other 419 8,764
383,625 353,661
Financial risk management objectives and policies

The Bank's financial instruments comprise deposits, money market assets and liabilities, some cash
and liquid resources, and other various items that arise directly from its operations. The main risks
arising from the Bank's financial instruments are credit risk, liquidity risk, interest rate risk and
foreign currency risk. The Board reviews and agrees on policies for managing each of these risks
and they are summarized in the following notes.


MONDAY, JUNE 4, 2007, PAE 13

Credit risk *

Credit risk is the risk that a customer or counterpart will be unable or unwilling to meet a
commitment that it has entered into with the Bank. The Bank manages counterpart credit risk
centrally to optimize the use of credit availability and to avoid excessive risk concentration.
Customer credit risk is monitored on a regular basis by management. The Bank's maximum
exposure to credit risk (not taking into account the value of any collateral or other security held) in
the event the counterparties fail to perform their obligations as of December 31, 2006 in relation to -
each class of recognized financial assets, is the carrying amount of those assets as indicated on the
balance sheet. The Bank has not experienced credit losses.

Liquidity risk

Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or otherwi,
raising funds to meet commitments. The Bank monitors expected cash outflows on a daily basis.
Its policy throughout the period has been to ensure liquidity by maintaining at all times sufficient
high quality liquid assets to cover expected net cash outflows. ,,

Significant monetary assets and liabilities can be classified, based on the period remaining It)
maturity from the balance sheet date, as follows:

2006
Six
Three Four to Months One Year
Months Six To One To
or Less Months Year Five Years Totald
$'000 $'000 $'000 S'000 $'000
ASSETS
Deposits with banks 625,715 625,71A
Loans 24 361 94,665 103,4k8,
625,739 361 94,665 729,2M

LIABILITIES
Deposit by customers 254,206 31,182 25,672 175 311,235
Due to banks 270,010 51,200 321,210
Loan payable 5,562 59,025 64,587'
524,216 31,182 82,434 59,200 697,0327

2005
Six ,
Three Four to Months One Year
Months Six To One To
Sor Less Months Year Five Years Total
$'000 $'000 S'000 S'000 S'Odi
ASSETS 6"
Deposits with banks 337,902 337,902
Loans 44,112 44,112
337,902 44,112 382,014

LIABILITIES
Deposit by
customers 256,735 23,495 13,942 294,172
Due to banks 160 160
Loan payable-- 59,312 59,312
256,895 23,495 13,742 59,312 353,644

Interest rate exposure

Interest rate risk is the risk that arises where there is an imbalance between rate and non-rate
sensitive assets and liabilities. The Bank's exposure to interest rate risk is monitored on a daily
basis and reviewed by management. The Bank does not offer floating rates of interest on customer
deposits, thereby minimizing the impact of changes in interest rates on interest expense as reported
in the statement of operations.

The Bank's exposure to interest rates for significant interest-bearing monetary assets and liabilities
by major currencies was follows:

S. 2006
United States
Dollars Euro

ASSETS
Deposits with banks 4.2% 5.25% 2.31% 3.60%
Loans
Portfolio December 05 7.0%
Portfolio March 06 0.125%
Portfolio December 06 8.25%
LIABILITIES
Deposits by customers 2.0% 4.25% 2.125% 4.25%
Due to banks
Loan payable 5.0%

2005
United States
Dollars Euro

ASSETS
Deposits with banks 4.0% 4.2% 2.0% 2.4%
Loans 7.0%0/

LIABILITIES
Deposits by customers 3.0% 3.5% 2.0% 2.5y
Due to banks
Loan payable. 5.0%

Currency risk ,

Currency risk is the risk that the value of a financial instrument will fluctuate because of change in
foreign exchange rates. The Bank's foreign exchange exposure arises from providing services to
customers. The Bank's policy is to hedge against foreign exchange risk by matching fofrign
currency liabilities with foreign currency assets. Currency exposure is monitored on a daily basis
and reviewed by management.

2006
United States Pound
Dollars Euro Sterling OIWts
$'000 $'000 $'000 $'000

Assets 143,429 587,312 3,394 1,92

Liabilities and
Shareholders' equity 143,514 582,585 3,509 5,979

,?,r.


2g45
United States Pound
Dollars Euro Sterling Others
S'000 $'000 $'000o '000

Assets 79,041 301,648 2,564 11 Ti

Liabilities and n
Shareholders' equity 79,242 301,718 2,561 ,



Net fair value of financial instruments

Financial instruments utilized by the Bank include recorded assets and liabilities, as well as items
that principally involve off-balance sheet risk. The majority of the Bank's financial instruments are
either shorl-term in nature or have interest rates that automatically reset to market on a periodic
basis. Accordingly, the estimated fair value is not significantly different from the carrying vallefpr
each major category of the Bank's recorded assets and liabilities.


t















Police 'Drive to Stay Alive' initiative


VIVIAN Francis
stands with Road Traffic
Controller Jack Thompson
and ASP Larry Ferguson,
as she holds a framed pho-
tograph of her late grand-
son Alonzo Francis, on
JFK Drive on Thursday
May 31, 2007 as part of a
the Royal Bahamas Police
Force's "Drive to Stay
Alive" initiative. The
young man, who she raised
like a son from three years
old, died on June 11, 2006
in a traffic accident on
Prince Charles Drive.
Alonzo died one week
short of graduating from
St. John's College.
(BIS Photo: Tim Aylen)


WANDA BLACK holds a portrait of her late fiance Alvin Campbell while busy rush-hour morn-
ing traffic passes by on JFK Drive on Thursday May 31, 2007 as part of the Royal Bahamas Police
Force's 'Drive to Stay Alive' initiative. The young carpenter was due to marry Wanda in June 2006
but was killed in a traffic accident on Collins Avenue on Jan. 15, 2006.
(BIS Photo: Tim Aylen)


THE team of Royal Bahamas Police Force officers of the Traffic Division, including ASP Lar-
ry Ferguson and Road Traffic Controller Jack Thompson, are shown with the volunteers whose
lives have been affected by traffic fatalities.
(BIS Photo: Tim Aylen)


Stronger Fidel Castro


appears on Cuban TV

* HAVANA t -E- -


Ceeraigth on ekedwihTE ET:AUS els&B


IFI


F ARMFREH DI ry / Q*Ul ri'Kro


L OESEIL VILABLEAT OR 12LOCAION I Iry


TALKING at length,
grinning for cameras and
even cracking jokes, Fidel
Castro looked stronger and
more vibrant Sunday as the
first TV images of the ail-
ing Cuban leader in four
months appeared to confirm
official reports he is feeling
better, according to Associ7-
ated Press.
The two-and-a-half-
minute clip appears to show
Castro in the same red track
suit with black and white
trim that he wore in past
official images. At times,
the 80-year-old shakes his
fist and waggles a finger for
effect while talking to Viet-
namese Communist Party
chief Nong Duc Manh, who
met with him on Saturday.
The pair are later shown
smiling and embracing
warmly. An upbeat Castro
even draws laughs when he
compliments a translator on
how well he speaks Viet-
namese and Spanish.
"Vietnam is a country
that we will never forget,"
Castro says.
Toward the end of, the
meeting, Manh says: "I
don't want to go, but I
want you to rest to get bet-
ter."
Manh also invites the con-
valescing leader to visit
Vietnam's capital of Hanoi.
Castro visited the Asian
country in 1973, when the
U.S. was backing South
Vietnam in a war with the
communist north, which
eventually won.
The clip ends with a
round of applause from
those accompanying Castro
and Manh.
A few seconds later, Cas-
tro is shown enthusiastically
clapping with the others as
the image fades out.
Photos of Castro standing
with Manh also appeared on
the front page of the Com-
munist Youth newspaper
Juventud Rebelde on Sun-
day. Some Cubans lined up
at newsstands to buy a copy.
"He's always animated,
but now he's healthier,"
Havana resident Marvis
Lescay said. "It is very sat-
isfying for me to see him
getting better."
It was the first official
videotape of Castro
released since he met in
Havana with his friend and
ally Venezuelan President
Hugo Chavez in January,
and the first still photos of
him since he met with the
Chinese Communist Party
leader Wu Guanzheng in
/\1p il.
According to an official
slatcment, Castro and Manh
met for two hours.
"I'm very happy, very
happy that during this visit I
ha \c had a meeting, a deep


IN THIS photo released
Saturday June 2, 2007 by
Cuba's Juventud Rebelde
newspaper, Cuba's President
Fidel Castro is seen with
Vietnamese Communist Par-
ty chief Nong Due Manh in
Havana. Convalescing leader
Fidel Castro received visiting
Vietnamese Communist Par-
ty chief Nong Due Manh on
Saturday.
(AP Photo/
Juventud Rebelde)

exchange of ideas of all
kinds, with comrade Fidel
Castro," said Manh, adding
he was excited to see Castro
happy and upbeat.
Castro has not been seen
in public since he
announced on July 31 that
he had undergone emer-
gency intestinal surgery and
was temporarily ceding
power to his brother Raul,
the defense minister.
Raul Castro turned 76 on
Sunday, but it was unclear
how he spent his birthday.
The government did not
say whether he planned to
appear in public.
The elder Castro's exact
ailment and condition
remain state secrets, but he
is widely believed to suffer
from diverticular disease,
which forms sacs in the
colon that can become
inflamed and bleed.
Senior Cuban officials
have repeatedly said Castro
is on the mend, even "prac-
tically fully recovered," and
the government has occa-
sionally released pho-
tographs and videotapes
showing off his progress.
Raul Castro and Manh
signed several accords on
Friday. including one that
makes Vietnam ('uba's lat-
est partner in oil explo-
ration in the (Gulf of Mexi-
co.


-I .'


mO- R31


PAGE 14, MONDAY, JUNE 4, 2007 .


THE TRIBUNE


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THE TRIBUNE


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VENEZUELA'S President Hugo Chavez, centre, wa'es 0
Venezuelan flag during a rally to support his decision to not renew tlh
license of RCTV broadcasting station in Caracas, Saturday, June
2007.
(AP Photo/Fernando Llano2


Chavez threatens to end the


licences of other TV stations
CARACAS,"Venezuela who at times chanted, "It's youf
turn next, Globovision!" in ref-
PRESIDENT Hugo Chavez erence to the only major opposi-
threatened Saturday to terminate tion-aligned TV channel remain-
the broadcast licenses of private ing in the country.
media outlets seen as sowing During a failed 2002 coup
unrest in Venezuela, just days against Chavez, RCTV, Globq-
after he yanked the nation's old- vision and other private channels
est private TV station off the air, broadcast opposition calls for
according to Associated Press. protests to overthrow Chavez
Radio Caracas Television, or while giving scant coverage to his
RCTV, was forced off the air return to power amid protests b
May 27 after Chavez refused to his supporters. ,
renew its broadcast license, cit- Chavez accused the U.S. gow
ing the channel's conduct during eminent, which swiftly recognized
a failed coup in 2002 and alleged the transitional president wh3
violations of broadcast laws. took power at the time, of trying
protests by students warning of a time by using the private media,
threat to freedom of expression the opposition and the students.
erupted after the decision an "I've made a call to the private
outcry that Chavez says is being media ... make no mistake, watch
fomented by government oppo- carefully where you tread,"
nents trying to topple his admin- Chavez said, warning the
istration. "Venezuelan bourgeoisie" it will
Chavez has said other broad- "keep losing its strongholds one
casters, radio stations and news- by one."
papers covering the protests of Although many of Venezuela's
unspecified sanctions if they con- media outlets are still privately
tinue to "incite" instability. Sat- owned and critical of Chavez, the
urday's warning took that a step RCTV case has raised concerns
further warning the private because it was the only opposi-
media he could abruptly end their tion-aligned TV station with
licenses at any moment, nationwide reach.
"In the case of the old bour- The decision has been con-
geois channel (RCTV), we were demned by several foreign gov-
4uite patient and waited for its ernments, press freedom groups
concession to end, but don't any- and international organizations;
body believe that it will always whom Chavez accused of con-
be like that. A concession can end spring to smear his government
before the established time ... for "Go straight to hell, represen-
violations of the constitution, the tatives of the international oli-
laws, for media terrorism, for garchy! We send you straight to
many things," he said. hell from the streets of the free.
The comments were made to free people of Venezuela!" h
thousands of red-clad supporters said to a roaring crowd.
U U


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PAGE 16, MONDAY, JUNE 4, 2007


THE TRIBUNE


OIWI ,-,v,, ,


vl IiUIIVI







he"


MONDAY, JUNE 4,2007


SECTION -


ss


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


ColinaImperial.


Smaller-cap Bahamas firms





'key area of focus' for BISX



Exchange's future inextricably linked to government debt listing, which would provide catalyst

for smaller Bahamian companies to access capital markets and debt financing instruments


* By NEIL HARTNELL
Tribune Business Editor
S4 Providing an avenue" for
small Bahamian companies
valued at between $2-$10
million to meet their capi-
tal needs "is a key area of
focus" for the Bahamas International
Securities Exchange (BISX) in 2007-
2008, its chief executive telling The
Tribune that the catalyst for these
plans will be the listing and trading of
government debt on the exchange.
Keith Davies said current growth
and demands for capital were coming


from smaller-cap Bahamian compa-
nies that either did not want to, or
were not ready for, the demands of a
formal public listing on BISX's
domestic tier.
Many of these firms, which were
either family-owned or controlled by
private equity-type investor groups,
were interested in raising financing
and capital through instruments such
as preference shares and convertible
preference shares, Mr Davies said,
and wanted to peg the interest rates
attached to this debt to what the Gov-
ernment was offering on its govern-
ment-registered stock and Treasury


Bills.
This would
lead to the cre-
ation of a private
debt market in
the Bahamas,
with BISX acting
as a potential
mechanism for
the issuing, trad-
ing and listing of
such issues, but M DAVIES
this will only
come about once
a 'yield curve' or framework for the
formal pricing of such issues is creat-


ed. A 'yield curve' will only come
once government debt is listed and
traded on BISX.
Mr Davies said: "The growth mar-
ket in this country is in the $2-$5-$10
million company range. We as a com-
pany see that. We have to provide an
avenue for those companies; That is a
key area of focus for BISX this year
and next, because that is where the
growth is coming from. We've got to
nurture and grow these companies."
The BISX chief executive said the
exchange had been "talking to a num-
ber of companies, and they want to do
a lot of different things". These firms,


he added, were exploring a variety of
debt financing mechanisms as a way
to generate capital for growth and
expansion, including convertible debt
and convertible paper, and wanted to
link their interest rate coupons to gov-
ernment debt.
BISX had "to get our foot in" when
it come to "fostering and growing"
small business in the Bahamas. Mr
Davies said: "The catalyst must come
from an exchange that has a strong
footing in the community and has a

SEE page 2


Abaco Markets to make early $260k preference share repayment


* By NEIL HARTNELL
Tribune Business Editor
ABACO Markets is plan-
ning to make an early $260,000
repayment to its preference
shareholders this month, pay-
ing back some 25 per cent of


BISX-listed retailer closes $2.7m Cost Right disposal, with proceeds freeing up
$20,000 per month by eliminating Royal Bank debt and reducing overdraft


the principal due in December
2007, having wiped out its bank


term debt through completing
the $2.7 million sale of its Cost


Right outlet in Turks & Caicos.
Gavin Watchorn, Abaco


Markets I
president,
told The
Tribune
that the

would
eliminate
the final j1
$900,000
de bt
owed to EWATCHORN
Royal
Bank of Canada, and also
reduce the BISX-listed retail
group's overdraft, which was
recently increased to finance
Cost Right Freeport's reloca-
tion.
Mr Watchorn said the elim-
ination of the Royal Bank
debt, coupled with paying


down the overdraft, would
save Abaco Mhrkets $20,000
per month in interest costs
from May 2007 onwards,
meaning that an additional
$240,000 per annum was now
freed up to flow into the retail
group's bottom line.
"We have no term debt left
with Royal Bank," Mr
Watchorn said of the impact
of the Cost Right Turks sale,
which completes Abaco Mar-
kets' store divestment pro-
gramme.
"When I joined Abaco Mar-
kets in February 2003, we had
$22-$23 million in term debt
and a $500,000 overdraft. We
owed $36 million in total, some

SEE page 8


New car sales 'flat'


* By NEIL HARTNELL
Tribune Business Editor
NEW car sales in the
Bahamas during the 2007 first
quarter were relatively flat,
The Tribune has been told, the
8 per cent increase to 1,174
vehicle sales having been heav-
ily influenced by several fleet
deals signed by the major deal-
ers.
Figures produced by the
Bahamas Motor Dealers Asso-
ciation (BMDA) showed that
new car sales for the January-
March 31, 2007, period were
slightly ahead of the 1,087 new
vehicles sold during the com-
parative period in 2006, but the
market is facing ever-increas-
ing competition from compet-
itively priced used car imports.
In addition, the commercial
banking sector liquidity crunch
in the latter part of 2006 is also
likely to have impacted the
availability of financing for
some potential new car buy-
ers. The Central Bank of the


Total BMDA 2007
first quarter sales
up 8% to 1,174,
boosted by several
fleet deals

Bahamas also issued an advi-
sory in 2006 informing com-
mercial banks that clients' debt
service ratios should not
exceed 40 per cent of their
monthly income, which again
may have dampened financing
availability for some pur-
chasers.
Rick Lowe, a director and
operations manager for Nas-
sau Motor Company, the Hon-
da and Chevrolet dealer, con-
firmed to The Tribune: "Indus-
try-wise, we're up very slightly,
although it's a minimal
increase. We're [Nassau Motor

SEE page 14


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THE TRIBUNE


PAGE 2B, MONDAY, JUNE 4, 2007


Smaller-cap Bahamas firms 'key area of focus' for BISX


FROM page 1

strong basis and respect. That
basis will come from establish-
ing the Government debt mar-
ket .......
"1 sec the private debt mar-


ket becoming a strong growth
market in this economy,
because it's untapped and is
an area where professional
advice is needed." In the latter
respect, BISX could act as a
conduit to partner issuers with
its members, providing a chan-


nel for them to access such
advice.
"The future of BISX is tied
into the Government debt
market. It gives us the ability
to branch into new areas com-
fortably," Mr Davies told The
Tribune. "The first step has to


be the conclusion of this pro-
ject, which has been going on
for two to two-and-a-half
years. We've turned it around.
We've just got to get on with
the work now."
BISX and the Central Bank
of the Bahamas communicated


their thoughts on how the list-
ing and trading of government
debt securities on the exchange
might work, both from an
operational and transition
standpoint, to the former min-
ister of state for finance, James
Smith.
The project has now been
inherited by the FNM and its
minister of state for finance,
Zhivargo Laing. Preliminary
discussions have already been
held between the minister and
BISX, and Mr Davies said the
outcome was positive.
Becoming a public compa-
ny via an initial public offer-
ing (IPO) can be an expensive
undertaking, Mr Davies said,
and firms choosing this route
to raise capital incur greater
costs through having to comply
with a variety of disclosure,
reporting and corporate gov-
ernance regulations.
Providing a listings facility
for 'smaller cap' companies
that did not want to trade as
one of BISX's primary listings,
but still wanted to be subject to
certain rules that would help
them establish a 'track record'
with investors, could also act
as a stepping stone to a full
IPO at a later date.
BISX and the wider


Bahamian capital markets
have not seen an initial public
offering (IPO) since mid-2001,
some six years ago, when
Freeport Concrete came to
market. Acknowledging that
BISX "would be boosted
tremendously" if it attracted
another IPO listing, Mr Davies
pointed out that this would
eventually come into play once
smaller companies had
exhausted their existing capital
and funding supplies.
"There is a growing market
in private equity," he said. "It's
a very good thing, because it
tells you the economy is broad-
ening and has cash that it
wants to invest. There then
comes a time when these com-
panies have to make a deci-
sion they have to grow,
expand or stagnate.
"To grow, they're going to
have to access the capital mar-
kets, and at that point BISX
and the investing public are
going to experience a boom.
When these companies want
to compete by growing beyond
our borders, amalgamating, or
growing beyond incremental
steps, for the most part private
equity can't sustain them. The
larger public markets come
into play."


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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 rneeJ 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:


_ .. _II Ld r


- -- --- - M


I



















INTERNATIONAL EDITION


WALL STREET


Global catalysts sustain bullish U.S. markets


BY JOE BEL BRUNO
Associated Press
NEW YORK Across the world's
economic capitals, from Shanghai to
New York, stock markets are trading
at record high levels as investors
scarf up equities with an enthusiasm
not seen since the late 1990s.
The run on stocks has been
anchored by a streak of takeover
deals, thriving corporate earnings
and an unprecedented amount of
share buybacks a very different
scenario from the frenzied buying of
tech stocks a decade ago. Investors
also are buying because there's
plenty of available capital thanks to
relatively low interest rates and infla-
tion levels that remain largely in
check.
But there's a twist: The United
States, once the leader in the global
stock market, has bowed to catalysts
abroad that are sustaining the bull
run.
"I definitely think overseas mar-
kets have been a big part in pushing
the United States up, even though


everyone likes to think we're the
leader in the market," said Todd
Leone, managing director of equity
trading at Cowen & Co. "They've
gone much higher than the Dow and
S&P, and the fact that the United
States lags them might make U.S.
stocks look cheap. That's been a
help."
The Standard & Poor's 500
reached a new closing high of 1,536.34
Friday, and the Dow Jones industrials
also set another closing record. The
two indexes have been thriving so
this year, but have failed to reach the
double-digit percentage gains in
many markets abroad.
DAX INDEX
In Europe, Germany's benchmark
DAX index is up about 20 percent
this year, and on Friday reached its
highest level since 2000. The bench-
mark Shanghai composite index has
led Asia with a more than 50 percent
rise since January, and records have
been set in Australia, Singapore,
Malaysia, Indonesia and New Zea-


land in recent weeks.
Some investors are starting to ask
whether this global rally is justified.
The U.S. economy is slowing by all
accounts, the Federal Reserve called
inflation "uncomfortably high" in the
minutes from its last meeting, and
consumers continue to wrestle with
soaring gasoline prices and a slump-
ing housing market.
And China's stock markets -
which former Fed Chairman Alan
Greenspan warned could experience
a significant pullback risk becom-
ing an albatross for global investors.
Since its markets have ballooned this
year, a sharp decline of that nation's
two biggest stock markets on Feb. 27
sent shares sliding in Europe, Asia
and North America as well.
In the United States, investors
have been able to overlook most of
these problems, and for the most part
shrug off rumors of a collapse of the
subprime mortgage industry.
"We're looking at a glass half full,"
said Alfred E. Goldman, chief market
strategist for A.G. Edwards & Sons.


"The reason things haven't exploded
in global markets, despite a number
of potholes, is just called momentum
and state of mind."
Overseas expansion has been
enough to keep financial markets
rolling along. With the U.S. economy
slowing but not collapsing, investors
have been encouraged by robust
overseas economic and business con-
ditions.
GLOBAL ACQUISITIONS
For instance, global acquisitions
hit $2.4 trillion so far in 2007 and
punctured a record set in 2000. U.S..
takeover activity totaled $805.8 bil-
lion representing only 34 percent
of the world's dealmaking.
Credit is also abundant and has
helped fund this acquisition spree -
thanks to low interest rates and a
global liquidity boom.
Markets abroad are also looking
more attractive because the number
of shares available in the United
States, while still massive, has been
shrinking due to the mergers and


acquisitions activity and to an
increasing number of stock buybacks.
Last year, S&P 500 companies
spent $432 billion on buybacks, more
than triple the levels seen at the start
of the decade. And there was an esti-
mated $110 billion in the first three
months of 2007, the sixth consecutive
quarter that buybacks topped $100
billion, S&P data show.
Many observers say these trends
show little signs of abating, but all
acknowledge that booms don't last
forever. There is a widely held belief
on Wall Street that even with all
these elements in play the only
way for stocks to keep chugging
along is that a modest correction
must come so the market can let off
steam. But, how will investors know.
when this is about to happen? Beware
of an overly optimistic mood.
"The party ends when the ner-
vousness goes away," Goldman said.
"The worst time to buy stocks is
when investors are very comfortable
buying them, and right now there is a
degree of nervousness and caution."


STREET VENDORS


FOR SALE: Street vendor Jessica Alvarez hawks Christmas lights made
downtown Mexico City.


JAIME PUEBLA/MCT FILE
in China at her stall in


SWEEPING MEXICO


CITY'S STREETS


MAYOR MARCELO EBRARD WANTS
TO DO AWAY WITH STREET VENDORS

BY JEREMY SCHWARTZ
Cox News Service
MEXICO CITY Aztec warriors spotted an eagle
holding a serpent in its mouth and, struck by the omen,
founded the canal city of Tenochtitlan, precursor to
the Mexican capital.
Seven hundred years later, the momentous location
is hidden at the edge of a huge sea of street vendors.
Tarps crowd sidewalks, techno music blares and cus-
tomers squeeze through narrow openings in the chaos.
It's not just Mexico City's creation story that's
swamped. Street sellers obscure a great swath of Mex-
ico City's colonial history and finest baroque architec-
ture centuries-old churches, armories and muse-
ums.
But that may be about to change.
Six months into his term, Mexico City Mayor Mar-
celo Ebrard is embarking on an ambitious plan to rid
downtown Mexico City of its legion of street vendors.
The plan would tidy up the streets, and what some
consider the most visible symptom of Mexico's dys-
functional economy.
"This is a huge monster, an iceberg," said Victor
Cisneros, president of a group of established down-
town merchants. "The street vendors are just the tip.
The rest is below the surface the corruption, the
bootlegging ... the politics."
As many as 60,000 street vendors crowd Mexico
City's historic downtown, known as the Centro Histo-
rico. They sell everything from $10 jeans, pet turtles
and photocopy machines to pirated DVDs and illegally
imported Chinese knick-knacks.
Throughout Mexico City an estimated 500,000
street vendors account for 40 percent of economic
activity, according to the city's Chamber of Com-
merce.
Nationwide, 19 million workers 27 percent of the
workforce labor in a vast informal sector, paying no
taxes and receiving few if any social services.
Potential tax revenue lost to street vendors repre-
sents 4 percent of the nation's gross domestic product,
a study by Monterrey Technological University found.
Street vendors peddling bootlegs have crippled Mexi-


co's recording industry and stunted its movie industry.
Experts say the vendors, and the millions of
migrants working in the United States, provide a
safety valve for an economy that simply has not pro-
duced enough well-paying jobs..
"Since I came here in 1970, I haven't been able to
find a decent job," said Doroteo Moreno, who sells
hand-knit sweaters and hats in front of the Mexico
City Cathedral in the Zocalo. "There isn't any work.
This is what I have to do to bring bread to my family."
But the street selling plays another, less altruistic,
role in Mexican society.
Well-organized street vendors represent captive
votes for city politicians, can be counted on to fill ral-
lies and provide reliable campaign donations.
According to the Mexico City daily newspaper
Reforma, a handful of major leaders have divided up
the historic downtown into virtual fiefdoms, charging
a rent of about $5 per day for street and sidewalk
space.
With tens of thousands of vendors, that translates
into fantastic profits -,and competition.
Ebrard's decision to move the vendors could set off
political repercussions, observers warn. His Revolu-
tionary Democratic Party (PRD) has historically been
an unofficial supporter of street vendors since coming
into power in 1997, trading votes for official indiffer-
ence as vendors took over entire city blocks. Before
that, vendors pledged their allegiance to the Institu-
tional Revolutionary Party (PRI) when it controlled
the capital.
"And if the PAN (the conservative National Action
Party of President Felipe Calderon) comes to power
then we'll all be PANistas," explains Malena Acuna,
who controls an estimated 500 vendors in the area sur-
rounding Mexico's Supreme Court.
Mexico City is touting its current operation as a
"rescue" of the historic downtown. It is part of a larger
$40 million plan to renovate aging streets. Business
groups are pushing for the government to build -a
megamarket to house the street sellers, a proposal that
vendors largely reject.
"We are willing to come to agreements, but what is
not negotiable is that there is law on the books that
prohibits commerce in the public way in the Centro
Historico," Ebrard has said. "This is not subject to the
whims of [the vendor leaders]."


SUBSIDIES


Cuba struggles to



rebuild infrastructure

BY MIKE WILLIAMS outspoken socialist President Hugo
Cox News Service Chavez recently signed more than
HAVANA Every day the hotel a dozen deals with Cuba valued at
lobby fills with foreign businessmen more than $1 billion. Cuba will con-
and tourists who come with their lap- tinue supplying doctors, social work-
top computers to take advantage of ers and other professionals to Vene-
the wireless Internet service the zuela while Venezuela will assist
hotel provides for a small fee. Cuba in the tourism, energy and tele-
Most of them are not staying over- communications fields.
night in the posh Hotel Melia Cohiba. Venezuela is also helping Cuba
They are here because obtaining rebuild an oil refinery and develop oil
an Internet connection in Cuba reserves that, based on preliminary
where the government strictly con- data, might prove large enough to
trols access can take months of help Cuba reduce its energy costs.
bureaucratic red tape. Meanwhile, Venezuela is supplying
And even in the hotels, the service Cuba with 90,000 barrels of dis-
is often spotty and painfully slow. counted oil per day.
But balky Internet service isn't the Another of Cuba's deals with Ven-
only problem facing Communist ezuela is to install a new fiber-optic
Cuba. undersea cable between the coun-
Decades of neglect and chronic tries in the next two years. The new
budget shortages have left the infra- line should dramatically improve
structure crumbling. Aging power Cuba's antiquated telephone and
plants and an inefficient electricity Internet connections.
grid need updating, sewer and water But at the same time it is increas-
systems suffer frequent breakdowns, ing trade ties with Venezuela and
houses and office buildings are dete- China, Cuba has been scaling back
riorated and many roads are filled the foreign investments it allows in
with potholes. tourism, which since the Soviet
Worst of all for average Cubans is Union's collapse has been an eco-
a woeful public transportation sys- nomic mainstay.
tem. The Cuban state is now running
Workers often wait hours to catch many of the businesses it once relied
a ride, with some routinely arriving on foreign firms to help start, mean-
late for work while others ing Cuba will retain more
complain of nasty condi- Venezuela is of the earnings from those
tions on packed, swelter- ventures that can then be
ing public buses, also helping used for infrastructure
Cuban officials improvements.
acknowledge the prob- Cuba rebuild an "Private partnerships
lems and are scrambling il are not a priority now,"
to solve them, but say it o0 refinery and said Gonzalez.
will take time. develop oil "Instead of joint ven-
"We suffered a serious tures, we are getting
crisis in the 1990s," said reserves that, administrative and pro-
Leonel Gonzalez, a mem- fessional services from
ber of Cuba's National based on foreign firms. But in
Assembly, referring to the relimin ary things like construction of
loss of some $6 billion in Pe m arJ new hotels, we are doing
annual subsidies after the data, might that now ourselves."
collapse of the Soviet Cuba's budget has also
Union. prove large been helped by high
"The crisis caused a lot nickel prices. The island
of problems with energy, enough to help has large nickel deposits,
transportation, food pro- Cuba reduce its and has partnered with
duction and the economy. foreign firms to expand
Our priorities are to energy costS. production.
reduce the negative Largely left out of the
impacts on the people." picture are American


Although progress is slow, there
are signs of improvement. Cuba
reportedly has invested $1 billion in
refurbishing its electricity grid. It has
spent hundreds of millions on the
water and sewer systems and public
transportation.
By the end of this summer, trans-
portation officials hope to phase out
the dreaded "camels," hump-backed,
truck-drawn trailers that have long
been the bane of Cuban commuters,
as 400 new buses arrive from Belarus
and China.
A key part of Cuba's strategy for
rebuilding its public works and ser-
vices hinges on new trade and assis-
tance agreements with China and
Venezuela.
China has signed deals to provide
Cuba with credit it can use to pur-
chase buses and other badly needed
items.
Venezuela headed by Cuba's
top international ally, anti-U.S. and


companies, most of which are
blocked from Cuba by the four-dec-
ade-old U.S. embargo.
American firms are allowed to
ship only food and medicine to Cuba,
and must be paid cash in advance.
While delegations from American
farm states continue to visit in hopes
of making new deals, the prospect of
a dramatic widening of U.S.-Cuba
trade seems slim at best.
Democrats and some Republicans
in Congress have advocated easing
the embargo, but the Bush adminis-
tration remains opposed.
Cuba, meanwhile, seems deter-
mined to continue building its econ-
omy.
But with Fidel Castro out of the
public eye for most of the past year
due to a serious stomach ailment and
his future role in the government
uncertain, Cuba's exact economic
path is unclear.


BUSINESS


he Miami *He lralb MONDAY, JUNE 4, 2007


~


r I I I












INTERNATIONAL EDITION


THE MIAMI HERALD I MiamiHerald.com


TECHNOLOGY


Picture this: your firm videoconferencing


ITALY


BY PAUL BURNHAM FINNEY
New York Times Service
High-end videoconferenc-
ing the magical ability to
be two places at once has
had a bumpy past, plagued by
jerky gestures, cumbersome
equipment and out-of-sync
lips and sound. Few execu-
tives liked what they saw,
including unflattering pic-
tures of themselves, and most
thought the business tool was
not worth the price.
But now, thanks to new
technology, videoconferenc-
ing is delivering on its prom-
ise as an alternative to tradi-
tional business travel. The
high-definition TV images
are sharp. Broadband fiber-
optic cable has replaced tired
telephone lines. And the
equipment is often installed
in studios that are handsome
and appropriately corporate.
And as air travel becomes
more difficult, virtual meet-
ings provide an alternative.
You can sit across a table
from a large screen showing
someone who looks quite real
and life-size, but may be in
London or Frankfurt. Only a
handshake and exchange of
business cards are missing.
Equipment suppliers, led
by Cisco, Hewlett-Packard,
Polycom and Tandberg, have
created a new word "tele-
presence" to market the
technology.
"It's a big leap forward,"
said Claire Schooley, a tele-
conferencing expert at For-
rester Research, a technology
and market research consul-
tancy in Cambridge, Mass.
"Can you imagine a sales
meeting where you go to one
of the new sophisticated
video rooms and hear the
spiel in one hour, compared
to attending a meeting in a


remote location? It's perfect if
you want to see the body lan-
guage."
Ken Crangle, general man-
ager of Hewlett-Packard's
telepresence unit, known as
HP Halo, said, "I just had a
four-way meeting today with
a CEO in London, people in
his company's New York
office and in our Alpharetta
office outside Atlanta, and
several of us here at head-
quarters in Oregon."
But telepresence technol-
ogy comes at a high price: up
to $300,000 to $400,000 a
studio.
BANDWIDTH
"Customers are paying for
a Cadillac service," said
Andrew W. Davis, an analyst
at Wainhouse Research, a
consultancy in Duxbury,
Mass., that tracks voice, video
and Web trends. "Walk in a
Halo room, and everything is
ready to run. There's a slick
user interface. But it eats up a
massive amount of band-
width and costs something
like $18,000 a month to keep
around."
The infant telepresence
industry may never produce
big numbers in dollars or
units shipped, Davis said. So
far, Hewlett-Packard has sold
a little more than a hundred
units (28 for its own use)
since Halo's introduction in
2005. Cisco just began ship-
ping the first of some 110
units it expects to sell within
a year.
"I'd guess it will never be
more than 1 percent of total
videoconferencing sales,"
Davis added.
The mainstream market is
dominated by simpler sys-
tems that use less advanced
equipment and cost from


'The endless problems at airports these days
... make alternatives to travel more
attractive.'


- GARY FOLEY, manager of global conferencing and travel at Xerox


about $10,000 to $50,000,
depending on location, room
size and other features. Last
year 163,000 of the units were
sold, Davis said, adding that
the market has been growing
around 20 percent a year for
the last decade. Part of the
reason for the increased
interest in telepresence
videoconferencing is that air
travel is more time-
consuming than ever, just
when companies are putting
a premium on rapid decision-
making.
"The endless problems at
airports these days -
whether it's bad weather,
maintenance delays, crowded
cabins or security lines -
make alternatives to travel
more attractive," said Gary
Foley, the manager of global
conferencing and travel ser-
vices at Xerox who oversees
some 19,000 employees who
take business trips.
But the trade-off between
video and travel can be
tricky.
"The reason for actual face
time is often subjective -
quite difficult to quantify,"
said Henry H. Harteveldt, the
vice president and principal
analyst at Forrester. "There's
the need to build a relation-
ship, a desire to deliver good
news or bad news in
person. The virtual meeting
may change the mix with
fewer people traveling for
sales purposes and more for
client work and conven-
tions."


Teleconferencing veterans
with long memories can
recall that the AT&T Picture-
phone, an early video concept
introduced at the 1964 New
York World's Fair, was a
commercial flop. But that was
then.
The new systems, in con-
trast, are sleek and glamor-
ous. For example, Cisco's vir-
tual meeting room includes
an IP (Internet Protocol)
phone, three broadcast-qual-
ity cameras, three ultrasensi-
tive mikes, three 60-inch
plasma screens, a crescent-
shaped table that seats six
and soft back-lighting.
"The table is maple to
complement faces," said a
Cisco spokeswoman, Jacque-
line Pigliucci. The studios are
painted in identical colors, to
give the impression that the
people on the screen are in
the same room.
Cisco's 3000 model sells
for $299,000. "Double that to
$600,000 when you add a
similar system at a remote
location," said Foley.
PRICES DROPPING
But prices for these high-
end systems are dropping. "In
September of 2005 we were
pricing our new Halos at
$550,000," Crangle said. Now
they are $329,000 and
$399,000 for the two models.
"Going the video route
may seem expensive,"
Schooley of Forrester said.
"But if you're talking about
high-level executives moving


about in a global company -
flying first or business class
or in a company jet just to see
someone in person travel
adds up and the cost of
sophisticated video setups
can be a wash."
Foley said, "We get our
money back in less than 12
months."
Companies like ABN
Amro, AMD, Heinz, General
Electric, PepsiCo and
Wachovia are using the new
virtual meetings for product
briefings, training courses,
strategy sessions and inspira-
tional chats.
GLOBALIZATION
Videoconferencing is tak-
ing a bite here and there out
of the business-travel pie -
but the overall pie keeps get-
ting bigger because of global-
ization.
"Videoconferencing isn't
growing at the expense of
travel," said Caleb Tiller of
the National Business Travel
Association.
"Some 68 percent of our
travel managers predicted
there would be more trips at
their companies this year
than in 2006."
Drawing on the latest
annual study of 1,400 Ameri-
can business travelers, Peter
C. Yesawich, president and
chief executive of Yesawich,
Pepperdine, Brown & Rus-
sell, an Orlando-based travel
trend tracker, says about 33
percent agree that they are
"actively seeking ways to use
new technology and not
just videoconferencing to
reduce business travel. But
when you do the arithmetic,
only 3 percent of all business
travelers are taking fewer
trips because of the advances
in technology."


LATIN AMERICA


Brazil, Paraguay target smuggler's


BY BILL CORMIER
Associated Press
CIUDAD DEL ESTE, Para-
guay Men lugging shiny
stereos, new tires and heavy
packages on their backs
stream like ants across the
Friendship Bridge, where
smugglers lower boxes of
contraband from Paraguay on
ropes to Brazilian runners on
the riverbank below.
No one checks passports
and anyone asking questions
is hustled away in this smug-
glers' haven near the "Triple
Border," where Paraguay,
Brazil and Argentina meet,
and contraband electronics,
toys, drugs and arms flow
across porous borders.
ADDED COOPERATION
Paraguayan President
Nicanor Duarte and Brazil's
Luiz InAcio Lula da Silva met
in Asuncion on Monday and
vowed to boost legitimate
trade and to strengthen cross-
border cooperation in fight-
ing smuggling in the Triple
Border. They also signed a
pledge to build another
bridge on the Parana River
separating their countries.
But neither broached one
thorny issue: a wall Brazil had
planned to build on its side of
the Friendship Bridge. When
announced in March, Duarte
called the wall a "shameful"
proposal. Silva's office said
that no wall will now be built,
but did not say why.
"Convergence, not diver-
gence, is the solution to our
problems," Silva said Mon-
day, sounding conciliatory as
he talked of boosting bilateral
trade, which Brazil's foreign
ministry said totaled $1.5 bil-
lion in 2006.
Both leaders said greater
trade would help the poor in
both countries. Paraguay is
South America's poorest
country after Bolivia, while
Silva noted that giant Brazil
boasts 44 million poor "10
times more than in Para-
guay."
Paraguay's major trading
city is Ciudad del Este, some
200 miles east of Asuncion. It
is an enormous mecca of
shops bristling with whiskey,
cigarettes, computers and
clothes, and is considered
one of South America's lead-
ing smuggling centers.
The U.S. Immigration and
Customs Enforcement
Agency announced last year a


Paraguay's major
trading city Ciudad
del Este is an
enormous mecca of
shops bristling with
whiskey, cigarettes,
computers and
clothes, and is
considered one of
South America's
leading smuggling
centers.

move with the tri-border
countries to create units
investigating trade-based
money laundering.
While U.S. government
reports have sporadically
raised suspicions the area is a
fundraising source for radical
Islamic groups such as Hez-
bollah and Hamas, authorities
have said they have never
found proof of such connec-
tions.
Many merchants are Bra-
zilians of Syrian and Leba-
nese descent, or Asians who
live in Foz de Iguacu and
work on the Paraguayan side.
They vigorously defend their
business as legitimate and
launched a post-Sept. 11, 2001
campaign denying terrorist
links.
Duarte said his govern-
ment has made inroads fight-
ing corruption considered a
drag on Paraguay's stagnant
economy. On May 8, he
opened a conference of Latin
American customs directors
and said his government has
recently seized $60 million in
contraband goods.
MAKING A DIFFERENCE
"Many powerful groups
now can no longer do as they
please," he said.
Yet a day before he spoke,
contraband runners called
"sacoleiros" were lugging
tractor tires, bags of baby dia-
pers and electronics
unchecked on Friendship
Bridge. Tourists who arrive
in Foz de Iguacu are allowed
to legally bring across $300
worth of duty-free goods. But
one teenage "sacoleiro," who
called himself Dennis for fear
of authorities, acknowledged


den


JORGE SAENZ/AP
POROUS BORDER: 'Everything you can think of crosses [the Friendship Bridge from
Brazil to Paraguay],' said a vendor. 'Electronics, drugs, you name it.'


many defy the rules with day," he said, adding he
multiple trips, makes $2 to $5 per load.
"I can make 20 trips in a Associated Press Corre-


spondent Pedro Servin con-
tributed to this report from
Asuncion.


MASSIMO PINCA/AP FILE, 2005
TURIN COURT: Margherita
Agnelli de Phalen has filed
a lawsuit against three of
her father's trusted
advisors.


Ex-Fiat


chairman's


fortunes


spark feud

BY COLLEEN BARRY
Associated Press
MILAN, Italy Four years
after Fiat Chairman Giannii
Agnelli's death, a family rift
over the management of his
vast inheritance has gone pub-
lic.
Agnelli's only surviving
child, Margherita Agnelli de
Pahlen, has filed suit in a
Turin court against three of
her father's trusted advisors
seeking a fuller accounting of
his estate, her lawyer said
Thursday.
Margherita Agnelli's eldest
son, John Elkann, expressed
embarrassment at the move,
however. "I am very hurt as 'a
son and surprised by this pri-
vate matter, which was
resolved in 2004 with every-
one's consent and agreement,"
Elkann said.
Two of the advisors named
Franzo Grande Stevens and
Gianluigi Gabetti have offi-
cial roles in the family's pri-
vate holding company, Gianni
Agnelli & C, which issued a
statement affirming its trust in
the company's leadership. The
statement also noted that
Margherita Agnelli de Pahlen
chose to exit the holding com-
pany in 2004.
At that time, Elkann, now
31, took the de-facto role as
head of the family, according
to Giuseppe Berta, an eco-
nomic historian who has writ-
ten about the Fiat empire.
"Evidently, that generated
tension with his mother and
the other children," Berta said.
Elkann is currently Fiat's
vice chairman and has been
tipped at some point to take
over the family business.
In 2004, the family reached
a private deal on the division
of Gianni Agnelli's estate
among 11 heirs. Under it,
Agnelli de Pahlen's three chil-
dren from her first marriage to
Alain Elkann received a share
of the Gianni Agnelli & C, and
their mother took a share of
the private estate and exited
the holding company, accord-
ing to Marco Ferrante, a jour-
nalist who has just published a
book on the Agnelli family.
Ferrante said he had no
available estimates of the
amount of the Gianni Agnelli's
private estate, but the Gianni
Agnelli & C holding company
has grown in value from about
800,000 to an estimated C3
billion ($4.04 billion), thanks
to Fiat's reversal of fortune.
Ferrante, whose book came
out May 22, said he was sur-
prised by the lawsuit. "As I
told it, the whole affair was
closed," he said.
The charismatic Agnelli -
known simply in Italy as L'Av-
vocato, or "The Lawyer" -
died in January 2003, leaving
Italy's largest industrial con-
cern in a period of uncertainty.
With four chief executives in
two years, Fiat teetered on the
edge of bankruptcy.
The business has turned
around under CEO Sergio
Marchionne, a Canadian-Ital-
ian tapped by the Agnelli fam-
ily in 2004 and there are dif-
fering.views about whether
the family should remain in
the role of shareholder or
reestablish itself in manage-
ment.
Siegfrid Maron, a private
advisor of the family's Swiss
business interests, was also
named in the suit filed
Wednesday by Margherita
Agnelli de Pahlen and her
mother, Marella Caracciolo.


I I


MONDAY, JUNE 4,2007 I










THE TIBUNEMONDA, JUN 4, 207,IPGESS


Morton Salt suffering





'production standstill'



Inagua's main employer and economic engine expects to produce

less than half 2006's 1.2 million ton harvest in 2007

Looking to reduce work week from five to

three days to avoid staff lay-offs.


M orton Salt
|M /Iexpects to this
year produce
*; less than half
the 1.2 million tons of salt har-
vested in 2006 due to exces-
sive rainfall, with the Inagua-
based company seeking to
reduce the work week from
ive to three days to avoid
making staff redundant.
The unusually heavy rain-
fall experienced during the
first three months of 2007
diluted the brine from which
"Morton Salt harvests its salt,
'with four inches of rain able to
melt an inch of salt.
Shedrach Cox, production
manager and 39-year veteran
at Morton Bahamas, said in a
'statement: "We had a lot of
rain last year October,
November and December and
the rain has continued right
on into May. This is unusual.
I've never seen this amount
of rain yet........
"We've been getting four
inches of rain a month; in
,some cases more. If we have
good weather from this month
on we project to grow about
t20 or 30 crystallizers with
-more than three inches of salt,
and we will be able to harvest
about 300,000 or 400,000 tons
,of salt if the weather holds and
"it works right."
The production shortfall,
and potential workweek
reduction, comes at a con-
S tentious time for Morton Salt,


which employs some 60 per
cent of Inagua's workforce.
Without the company, the
island's economy and employ-
ment would grind to a halt,
yet it has been locked in long-
running talks for a new indus-
trial agreement for the 85, out
of 104, non-managerial staff
represented by the Bahamas
Industrial, Manufacturers and
Allied Workers Union
(BIMAWU). The previous
agreement expired on Sep-
tember 30, 2005.
Whether the statement by
Morton Salt is a 'warning shot'
across the union's bows, with
both sides having recently met
with the new minister of
labour and maritime affairs,
Dion Foulkes, is unclear, but
the situation could raise the
temperature once again.
Glenn Bannister, Morton
Salt's managing director, said
that Inagua last year received
35 inches of rain, above the
historic 52-year average of 29
inches of rain per year.
He explained that produc-
tion of Morton Salt's solar salt,
which is exported to numer-
ous countries for agricultural
and industrial uses, required
less than 30 inches of rain per
year in addition to sunshine,
wind and the right tempera-
ture to achieve a salinity at a
specific gravity of 1.218.
"This year we see the con-
tinuation of those rainfalls. In
February we had 5.69 inches


of rainfall. The average for the
month is about an inch and
half. We have 4.24 inches of
rainfall in March. We're at the
point now where we have no
salt cake in our ponds to har-
vest," Mr Bannister said.
Given the production stand-
still, Mr Bannister said Mor-
ton Salt staff had been put on
routine maintenance work,
but this could only last for a
couple of weeks.
Rather than lay-off any
workers, Morton Salt is look-
ing to reduce the work week
from five days, 40 hours to
three days, 24 hours to ensure
all staff remain employed.
This subject has been
broached with the union
before, with the previous
industrial agreement requir-
ing both Morton Salt and the
union to agree to a reduction
in the work week from 40 to
24 hours. Mr Bannister previ-
ously told The Tribune that
the union walked out of a
meeting where the issue was
discussed.
He said in his latest state-
ment: "We prefer not to lay
people off because being the
only employer here on the
island it would cause undue
hardship on those people and
perhaps many of them would
have to leave the island, so it's
not in our best interest to lay
people off and we simplydon't
want to do that."
The union has been seeking


-I

Cititrust (Bahamas) Limited, a Citi subsidiary, a leading financial institution
with a presence in over 100 countries and over 100 million customers
worldwide, is seeking candidates for the positions of Project Manager and
Senior Infrastructure Engineer.

Functional/Department Information
Global Wealth Structuring forms the Citigroup international offshore trust
companies servicing non-U.S. high net worth clients in Bahamas, Cayman
Islands, Switzerland, Jersey Channel Islands, New Jersey and Singapore.
Products target wealth preservation around fiduciary structures. The
Technology Department supports all locations and local applications of the
business.

Project Manager
This role is responsible for all phases of the Technology Project Management
lifecycle including documenting business requirements, preparing project
plans, writing technical design documents, coordinating production support,
overseeing user acceptance testing and managing all related project estimates
and financial budgets. All projects must be designed and implemented with
full adherence to all internal technology standards and controls, information
security requirements and any related policies.

Requirements for the position include a Bachelors degree in Information
Technology or Engineering and a minimum of five years of related experience.
Additionally, Microsoft Certification MCP or higher, solid knowledge of
Oracle and SQL databases, and experience with vendor management are an
asset. Excellent Project Management skills, strong oral and written skills,
and proven leadership skills will round out the ideal candidate.

Senior Infrastructure Engineer
As a senior member of the Infrastructure Team, this position will act as
Team Deputy and senior technical advisor on all infrastructure matters.
Additional responsibilities include being a primary liaison on all technology
audit-related matters, coordinating production support activities and providing
production support as required, and supporting all business applications
including SQL and Oracle specifically as it relates to server/work
station/network device support.

Minimum requirements include a Bachelors degree in Information Technology,
5 years of related experience, sound knowledge of SQL and Oracle, expert
knowledge of Microsoft Active Directory (installation and management),
MCSA certification or higher, and, experience in a Citrix environment.
Excellent communication skills, strong interpersonal skills and superior
time management skills are also required.

Interested candidate should forward a copy of their resume to:

Gieselle Campbell
Cititrust (Bahamas) Limited
P.O. Box N-1576
Nassau, Bahamas
Fax: (242) 302-8552 or
Email: gieselle.campbell@citigroup.com
Deadline for application is June 16th, 2007


a salary rise of between 5-6
per cent for the years 2007-
2009. It had originally want-
ed a 9 per cent increase for
2007-2008, and a 6 per cent
salary rise for its members in
2009.
Morton Salt, for the years
2007-2009, had offered the
union and its members a basic
salary rise of 3.75 per cent,
along with a 40-hour week
productivity bonus, which
equates to about 2 per cent.
Adding in the productivity-
related bonus would bring the
salary rises to 5.75 per cent,
bang in the middle of what the
union is seeking. It therefore
seems that the issue of pro-
ductivity-related pay is the one
dividing the two sides.
Some Inagua residents and
former Morton Salt workers
believe the current weather
and sakt production condi-
tions are the worst ever. Joe
Lewis, a retired maintenance
superintendent who has
worked with Morton Salt for
51 years, said he remembers
a flood occurring in 1960.
"I can't remember if that
was the same time we went to
four days work, but I remem-
ber we went to four days work
before and at that time every-
body was happy to work
'cause we used to have a party
every night. I think that lasted
for couple months; for about
two or three months," Mr
Lewis said.


'Legendair Past ... Glorious Future!'

Now accepting applications for teachers for September, 20071


EARLY LEARNING CENT
Classroom Teachers


for the following areas:
rRE (Ages 3-5) L


PRIMARY SCHOOL (Grades 1 6)
Classroom, French and Spanish, Physical Education
(including teaching Swimming )


HIGH SCHOOL (Grades 7 -12)
Chemistry, Biology, Geography, Mathematics, Physical Education (female), Guidance
Counsellor (male), English Language and Literature, Music, Religious Education


Application forms are available from the Human Resources Office at the school or may be downloaded fromrn
our award winning website v.,'.v gchenc.eforth corn. The completed application, together with a covering
letter, a statement of educational philosophy and a recent photograph must be sent to:
The Prncpal
Queen's College
P.O. Box N7127
Nassau, Bahamas ..4,. : .
Or faxed to 242-393-3248, or emailed to dlynch@qchenceforth.com and should arrive no latsrtvtn -4 '
15, 2007,. Candidates short-listed will be contacted by telephone, fax or email for an interview.

QUEN'S COLLEGE
PO Bo N-'12'
Nassau, Bahamas
rel ?.393-16i66,3-215-3'3-.26-46 Fas: (C42)393-3248
Slehift w m i qhchernerorth.~om 0 Emdil. ueengqhIndecfoIthILc m


NOTICE
NOTICE is hereby given that JANETT FRANCOIS OF
PRINCE CHARLES DRIVE, NASSAU, BAHAMAS, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 26TH day of May, 2007 to the
Minister responsible for Nationality and Citizenship, PO.Box
N- 7147, Nassau, Bahamas.


GN 514


MINISTRY OF FINANCE

PUBLIC NOTICE

TENEDR FOR SALE OF VEHICLES


Tenders are hereby invited for the purchase of one (1) or more of the
following vehicles:

2001 Chevy Impala S/N 2QiWF5SK319257590-
1999 Kia Clarius S/N KNAGC2233X5527947
2000 AD Wagon S/N 3N1DY05582K004486
1997 CROWN VICTORIA S/N 2FALP73W7VX183879
1996 Nissan Bluebird
2001 Daewoo Lano KLATA48YEIB653654
1996 Ford F-150 S/N TLB61311
1996 Ford F-15o S/N TLB6312

The vehicles may be inspected at the Ministry of Finance, Cecil
Wallace Whitfield Building, Cable Beach, Monday Friday,
between the hours of 9 a.m. to 4:30 p.m.

Tenders are to be submitted in sealed envelope (s) marked
"Tender for Sale of Vehicles", addressed and delivered to:

Financial Secretary
Ministry of Finance
3d Floor, Cecil Wallace Whitfield Building
Cable Beach

No later than 5:oo p.m. on 15th June, 2007.

The government reserveste right to reject any or all tenders.


CRITERIA FOR EMPLOYMENT

* f. nI'nfhiiuirn :I bacihilor Dc:ree 1r2:m .
r' .:i.L -l:l urin cd'"l.' .F iti'.nned L '
certified copy ofcerrificate
* -- !' r Cc I 1 'u C r t It'I h-c u .
re c-, h t- 2 ,:,:r i|" ;,r. >. r~ im ie._1 b .:.- 11-ii' ..1
.: :'F .: l'crt it :,t[.; t t

1'.' 'u ,n:el. ul : ur Icl: : AP.1' i r: i :'.. J
F'! j':mcic ,t il-I A,'' ill.-.1J ...l. :jliitr '


* T"o pr :I. r ;:iciil rl-rtr :c:
* u:ce':r'ul jppli.ant: i.. 'i t be e\pecteL vt
rmiJa a c mmmirni't t '.,crk in harTcrn'"
'.ith Cliri-r.i.,ri pnn.-rple-- aid to 2upp.frt the
emrph ~: c'l'ie Bth amr Cnirrenc- :t'
The i,IMecihi--r '-"hur.h of which the
school is a i.ipr!


QUEEN'S COLLEGE...

* 1: thc oljde:r prr.e' e school in The Bahamas
* E.r.ure: :e ,uTie: ccn rinuit,' creduca.ion
,r,.i -r ,r-r n-. 1:cmmurnu.'
* -'n ,r: rI: .:uiT.:julum
* ] :i i- .t.,' atalenr-iand dedicaeJ teJteach-
ung .-lf
I* a place e where excence respected and
purijedJ, '.here teaching arid learning are
inn:.. e i i ea. '.,htre canng ibr others is

* ,-r. aj competitive benefits package,
in.-lu.tinng -aruity, pension, heaJth and
.1ent,:l in:urnin'e, ::count on children's
t.uirion
* Queen': Ocl lee 'ga-s establ i hed in Nassau in
1 -w. by, The Methodist Church and is a
member of The Intemational A-s.cia icn of
Methodit schools. Colleges and Universi-
tie: iAMSCU)


MONDAY, JUNE 4, 2007, PAGE 5B


THE TRIBUNE







THE TRIBUNE


PAGE 6B, MONDAY, JUNE 4, 2007


Chamber to monitor government promises


upon becoming a parliamen-
tarian, leaving Mr D'Aguilar
to move from first vice-presi-
dent to-president.
The Chamber of Commerce
is scheduled to have its Annu-
al General Meeting on June
13. 2007, when the transition
from Mrs Wright to Mr
D'Aguilar was expected to
have happened anyway.


COMMONWEALTH OF THE BAHAMAS 2006
IN THE SUPREME COURT CLE/QUI/1248
Common Law and Equity Division

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

AND IN THE MATTER OF THE
PETITION of Philip Armbrister and his wife
Carla Armbrister.

AND IN THE MATTER OF the
Quieting Titles Act 1959 (Chapter 393)


NOTICE OF PETITION

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

All that tract of land situate in the Eastern District
of the Island of New Providence one of the
Islands of the Commonwealth of The Bahamas
containing 10,723 square feet bounded on the
SOUTH by Bernard Road and running thereon
Eighty-three and Eighteen Hundredths (83,. 18)
feet,on the WEST by land now or formerly the
property of George Turnquest and running
thereon One Hundred Sixty-two and Fifty-seven
Hundredths (162.57) feet on the NORTH by
land now or formerly the property of Cecil Smith
and running thereon Sixty and Fifty Hundredths
(60.50) feet and on the EAST by land now or
formerly the property of Steven Barr and running
thereon Ninety-eight and Fifty-two Hundredths
(98.52) feet and by land now or formerly the
property of Earlin Humes and a Buffer Zone
Fifteen (15) feet wide running thereon Fifty-two
and Seventy Hundredths (52.70) feet and has
made application to the Supreme Court of the
said Commonwealth of The Bahamas under
Section 3 of the Quieting Title Act, 1959 to have
their title to the said land investigated and the
nature and extent thereof determined and declared
in a Certificate of Title to be granted by the Court
in accordance with the provisions of the said
Act.

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

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

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

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

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



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

Attorneys for the Petitioners


Mr D'Aguilar has been first
vice-president of the Chamber
of Commerce for the past two
years, and prior to that served
on the Board of Directors for
four years.
Mr D'Aguilar's father, Vin-
cent, the founder of Superwash
and the Chamber's Busi-
nessperson of the Year in 2000,
was also the Chamber's presi-
dent from 1978-80 and then
again in 1987.
"My father was a great
believer in the Chamber and
did great things for it, and I


am excited to follow in his
giant footsteps" Mr D'Aguilar
said.
"A new government has
new ideas, and from what I am
hearing, I am excited to work
along with this government
since they have mentioned that
they really want to significant-
ly improve the conditions nec-
essary for businesses, espe-
cially local businesses, to con-
duct business here in the
Baharnas."
The FNM's aims of to reduc-
ing property taxes on com-


NOTICE
NOTICE is hereby given that DARREN OSWALD COOPER
OF #181 BIMINI PLACE, HAWKSHILL, 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 4TH
day of JUNE, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.



REQUEST for PROPOSALS

DISPLAY ADVERTISING
CONCESSION

AT
LYNDEN PINDLING INTERNATIONAL AIRPORT
Nassau Airport Development Company Limited (NAD) is inviting
proposals for the installation, placement, maintenance and operation
of advertising displays, posters, direct line reservations, advertising
kiosks, interactive displays, and other advertising media, including
outdoor billboards as approved by NAD for the interior and
exterior of the air terminal buildings at Lynden Pindling
International Airport. The successful Proponent will be required
to finance, develop, implement and manage an innovative and
dynamic airport advertising program. The program is to support
NAD's goals, incorporate local culture and a Bahamian "Sense
of Place" in media concepts, be entertaining and use state-of-the-
art technologies and equipment.
Proponents must have engaged in the management and operation
of in-terminal advertising concessions for no fewer than two (2)
advertising programs for airport entities ranging from 500,000 to
3,500,000 in total passenger traffic for at least two (2) years
Qualified and interested parties may contact the Vice President,
Commercial Development at NAD for f-ther information or to
receive the Request for Proposal package. A p mi-troposal bring
....will be-held in. NAD's-Boardroom at the airport on June 5 at
10:00am.
Telephone: (242) 377-0209 Facsimile (242) 377-0294
Email john.spinks@nas.bs

NAD

Namaau Airport
O.v..ft.ma U


* DIONISIO D' AGUILAR


mercial property, create a one-
stop shop for the business
licensing process, the total
elimination of exchange con-
trol for businesses, a reduction
in the proposed costs of the
national health insurance
scheme, the ability to move
loans from one bank to anoth-
er without onerous charges are
all areas that the Chamber will
be watching and lobbying for
the Government to follow


through on.
In addition, the review of
the existing labour laws, as
mentioned by the Minister of
Labour, Dion Foulkes, will be
watched by the Chamber to
ensure that the cost of labour,
which is probably the biggest
expense for most businesses,
is not priced too high whereby
it makes it too expensive for
businesses to grow, expand
and create employment.


Swww.stopnshopbahamas.com

U-N-SHOP -NE



STUDENTS PARENTS


Don't throw away old TEXTBOOKS


Bring them to

STOP-N-SHOP BOOKSTORE

Trade them for next year's TEXTBOOKS
Or make them available for next year's
students

Call or Visit our offices

Tel:(242) 394-9449 East Bay Street
P.O. Box N-3050 Nassau, Bahamas
E-mail: shopkeeper@stopnshopbahamas.com
Website: www.stopnshopbahamas.com

SAV"! SATVE! SAVEB







WINDING BAY
AflAtC <;. )AI4AMAS

Bookkeeper/Office Assistant
Provide administrative support duties for a busy Construction
office
Process and prepare invoices/bills for payment
Reconcile vendor statements
Data entry duties
Proficient in Microsoft Word and Excel
B 1-3 years experience in a similar role
IT Support
* Will support a Construction Management Team using a variety
of software applications on both stand alone systems and in a
networked environment.
Well experienced in day to day troubleshooting and problem
solving of IT hardware and software issues
* Part-time position

Construction Project Manager
* Minimum 5 years experience in construction management
* Working knowledge of timber and masonry construction methods
* Proficient in reading and understanding construction plans
* Proficient in performing material take-offs and placing material
orders
* Working knowledge of construction materials
* Proficient with Microsoft Word and Excel
* (ood communication skills

Resume should be sent to Nick Sims, Development Department,
The Abaco Club on Winding Bay, P.O. Box AB-20571, Marsh
Harbour, Abaco or fax # 242-367 2930.


D ionisio D'Aguilar,
president and
chief executive
of Superwash, has
become the Bahamas Cham-
ber of Commerce's acting pres-
ident following the appoint-
ment of Tanya Wright to the
Senate.
She is required to resign her
post as Chamber president


ESSAY COMPETITION





The Ministry of the Public Service, will
host an Essay Competition as one of the
activities for Eight Annual Public Service
Week. The Competition is open to Junior
and Senior High School Students.

Students interested in participating should
write a 250-300 words (Junior High),
and 450-500 words (Senior High), essay
on the topic: "The Public Service -
Promoting Quality Service in the
Workplace".

The deadline for entries, which should
be referred to the attention of Ms.
Antionette Thompson, Deputy Permanent
Secretary, Ministry of the Public Service,
is Friday, 22nd June, 2007.

A Dell Desktop 2400 computer with a
scanner, copier and printer will be
awarded to the winner in each category.

The winners will be announced during
the Eight Annual Public Service Week
Awards Ceremony scheduled for 6th
October, 2007.








THE T UNAJ


BISX 'expects to finish'




rules changes 'June-end'


* By NEIL HARTNELL
Tribune Business Editor
The Bahamas Inter-
national Securities
Exchange (BISX)
"expects to con-
clude" the process of amend-
ing its listings and issuers' con-
tinuing obligations rules
"before the end of June", sub-
mitting the final draft of the
proposed changes to the Secu-
rities Commission of the
Bahamas by this date.
Keith Davies, BISX's chief
executive, told The Tribune:
"We expect to have concluded
the entire process before the
end of June. That's my expec-
tation."
He added that the date for
the exchange to receive sub-
missions and feedback on the
proposed rules changes had
closed, with most concerns
focusing on BISX's proposal
to reduce the deadline for list-
ed companies to file their
annual and quarterly financial
from 120 days and 90 days,
respectively, to 90 days and 60
days.
"We have concluded the
submission stage," Mr Davies
said. We received some very
good submissions from the pri-


vate sec-
tor, from
BICA
[ the
Bahamas .
Institute
of Char-
tered
Accoun-
tants ],
from sev-
eral of
our listed
issuers.
"We
received c DAVIES
a good
response and good analysis
from many different stake-
holders in the market. We're
going through each submission
line by line, analysing the rec-
ommendations, seeing
whether they could be incor-
porated, discussing them, and
seeing whether they need fur-
ther analysis and review."
The BISX chief executive
said the submissions were all
positive in tone, backing what
the exchange was seeking to
do in terms of improving the
timeliness of financial report-
ing, disclosure, transparency,
corporate governance ansd
cracking down on insider trad-
ing.


"I think everyone welcomes,
wants and understands the
need for ongoing disclosure
relating to financial informa-
tion," Mr Davies said. "The
differences of opinion came in
on the timeliness of it."
BISX had received several
suggestions on it might
approach the issue of the
reporting deadlines and
achieve its objectives without
making requirements too
onerous for listed issuers and
their external auditors alike.
Mr Davies indicated that
one suggested approach
involved the "splitting up" of
financial data required for dis-
closure.
He added: "We believe we
have a solution in the submis-
sions made, and with some
fine tuning we will make
amendments that will satisfy
all parties concerned."
The BISX chief executive
added that the rules amend-
ments had to "make sense for
the Bahamas", taking into
account international best
practices and standards and
adapting them to the context
of this nation's capital mar-
kets, without diluting them.
Apart from the reporting
deadlines changes, the rules


amendments as initially pro-
posed would require listed
issuers to make all material
disclosures to a new BISX
department, called the BISX
Companies Announcements
Office.
The BISX listings commit-
tee would also have the ability
to disqualify a director from
serving in that capacity on a
BISX-listed issuer, while there
were requirements relating to
independent directors and
their specific role in a compa-
ny.
Sanctions that could be
levied by the BISX listings
committee had also been pro-
posed.


GIVE YOUR CHILD THE
SUMMER OF HIS LIFE......


A FINE ARTS SUMMER

MAKING CRE.-ii ITY AND LEAINGAN EXPERIENCE
('FA LIFE-T{ME

IRAY'S MbiVC C TRE
VOUNOES IT'S

SUMMER ARTS
SEVEN FULL WEEKS OF: MUSIC, DANCE, DRAkIA, ARTS &
CRAFT, SWIMMING, AND SPORTS.
NEVER HAS SO MUCH BEEN OFFERED FOR SO ttLE!!!
AGES 3-16 YEARS OLD
DATE: JUNE 25TH- AUG lOT
*****ALL MUSICAL INSTRUMENT F ** **
FOR MORE INFORMANT N ALL

326-8031/32 459
MUSIC GIVES WINGS TO THE MIND.....FLIGHT T THE IMAGINATION


VILLA #49, ANDROS BEACH COLONY
SUBDIVISION, NICHOLL'S TOWN,
ANDROS ISLAND, BAHAMAS


The property is 10,436 sq. ft. and comprises a 2 Bed, 2 Bath,
Living room, Dinning room and Kitchen all in one and is located
within five minutes walk from beach. Gross floor area 961 sq. ft.

For conditions of sale and any other information, please contact:
The Commercial Credit Collection Unit
At: 509-0929 or 356-1608 Nassau, Bahamas

Interested person should submit offers in writing addressed to:
The Commercial Credit Collection Unit,
P.O. Box N-7518, Nassau, Bahamas
To reach us before June 29, 2007.


KPMG IS DOING IT AGAIN......

THE 2007 SCHOLARSHIP AWARDS


KPMG is currently accepting applications for its 2007 scholarship programmed. One
scholarship will be awarded for a student to attend the College of The Baharams and
the other to an internationally recognized university. This programme provides
financial support to Bahamian students attending recognized universities and
colleges who have a career goal of becoming a Certified Public Accountant or are
interested in obtaining a recognized Finance designation.

The scholarship will be awarded to deserving Bahamian students with outstanding
scholastic achievement and who have demonstrated that they are well rounded
students. Interested candidates should submit a cover letter, resume, transcript, and
two recommendations to KPMG, Human Resources Manager, P. 0. Box N-123,
Nassau, Bahamas, no later than Friday June 22, 2007.

KPMG in The Bahamas is part of a global network of professional firms providing
Audit, Tax, and Advisory services. Our operations in The Bahamas spans more
than half of a century and we are pleased to be a leader in the financial services
industry and are honored to serve an extensive range of Bahamian and international
clients.

AUDIT TAX ADVISORY

@2007. KPMG, a Bahamian partnership, and a member firm of the KPMG network of independent member
fiums affiliated with KPMG International, a Swiss cooperative. All rights reserved.


BSI


BSI OVERSEAS (BAHAMAS) LIMITED
BSI Overseas (Bahamas) Limited is a wholly owned subsidiary of BSI SA, Lugano, a
bank established in Switzerland in 1873, which in turn is wholly owned by
Assicurazioni Generali SpA, one of Europe's largest insurance groups. The Bank,
which is celebrating its 38th anniversary in The Bahamas this year, is once again
seeking to recruit:
TRAINEE CUSTOMER RELATIONSHIP OFFICER
who after orientation and initial familiarization at BSI Overseas (Bahamas) Limited,
Nassau, will be sent for training to our head office, BSI SA in Lugano, Switzerland.

The successful candidate must have the following qualifications and qualities:-

new Bahamian university graduate who graduated this year or previous year
with degree in Finance &/or Economics.

candidates looking for opportunities in the field of Private Banking to
eventually become a Customer Relationship Officer.

mature, motivated, dedicated, flexible, team player and excellent inter-
personal & communication skills.

affinity to foreign languages and willingness to analyse, design and propose
solutions.

YOUR FUTURE WITH BSI
We are offering the successful candidate the opportunity to spend approximately a
half year in an innovative training programme at our head office in Lugano,
Switzerland, to attend full-immersion Italian classes and to be involved in a dynamic,
energetic, action-oriented training system. All classroom sessions are conducted in
Italian. The programme includes on-and-off the job training periods dealing with
technical aspects such as banking operations, portfolio management and wealth
management. Personal competence in team building, project management and
presentation skills will also be developed. After the training period in Lugano the
candidate will return to Nassau for further training and to begin his/her career with
BSI Overseas (Bahamas) Limited.

Interested persons with such qualifications should submit their resume/curriculum
vitae to:-

Human Resources Manager
BSI Overseas (Bahamas) Limited
Bayside Executive Park
West Bay Street & Blake Road
P. 0. Box N-7130
Nassau, Bahamas

fax no. (242) 702 1253 I email: julie.benjamin@bsiob.com

(ABSOLUTELY NO PHONE CALLS PLEASE)
Only applicants having the above attributes will be contacted.


DIIMI





Position Summary
To perform a variety of responsible messenger duties in support
of all attorneys, including filing litigation documents, stamping
and recording conveyances and related commercial documents,
undertaking searches at the Supreme Court Registry the Companies
Registry and the Registry of Records, delivery of mail and banking
and other miscellaneous duties.

Experience Requirements
One (1) year minimum experience as a messenger would be an
advantage along with access to a vehicle.

Benefits Offered

Major Medical Insurance

To apply: All applicants must submit a resume
by 8th June, 2007 to:

The Human Resources Manager
Fax: 393-4119


I -


MONDAY, JUNE 4, 2007, PAGE 7B


~C~a


I


THE TRIBUNE







THE TRIBUNE


PAGE 8B. MONDAY, JUNE 4, 2007


Abaco Markets to make early $260k




preference share repayment


FROM page 1

$28 million of that to Royal
Bank.


"Now, we have actually got a
net cash position in the bank
for the first time in a long time.
Eliminating our term debt is a


tremendous achievement for
the group, which has long been
impacted by its debt burden
and all the related costs, which


CHURCH STREET PI
(SHIRLEY & CHURCH STREETS)
NOWw



OPENE A

r S 1 *
















CONTACT: MONDAY-FRIDAY 9AM 5PM

325-6447/9 325-6456- 311-71 (aer 6pm)



SCHEDULER

The ideal candidate will report directly to the General Manager and/or Construction Manager. This
position requires the preparation and maintenance of schedules, review of contractor schedules and
performing a comparative analysis of those schedules, review of the schedule, cost and resource
loading with the project manager. Supports Business Development and marketing activities as it
relates to proposed project scheduling. Support project in claim situations..Responsible for the
protection and promotion of the interest of the company in all matters.
Duties and Responsibilities:
Prepares summary and detail level schedules for a variety of project sizes
Develop full CPM logic generated baseline schedules for large and small projects
Perform monthly progress updates and create target comparison and periodic look-ahead
schedules. Monitor and track progress at detailed and summary level as necessary
Develop and update periodically cost loaded schedules when required
Participate in all project schedule review as required
Support Business Development and business unit marketing activities in the development
and preparation proposal presentations. This includes developing preliminary har chart
schedules and staff charts
Prepare custom reports and attend project meetings to discuss schedule issues.
Perform other duties as requested
Qualifications: The ideal candidate will have an undergraduate or graduate degree in engineering.
5/10 years in Scheduling on building projects, large project experience is essential. Additional
experience in SAGE/Timberline Software, project engineering, field supervision or purchasing is
desirable. Knowledge of building construction, materials, systems, market conditions and trade
practices is a must. Conceptual ability to work with minimum information. Expert knowledge of MS
Office, Primavera and Project. Excellent oral and written skills required. Self motivated with strong
management, leadership and interpersonal skills with the ability to communicate both verbally and
in writing. Physical Demands and Work Environment to be reviewed.
Please respond by email to:jobs@marmatglobal.com
Fax: 242-363-1279
Mail: MARMAT
Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas




PROJECT MANAGER

This ideal candidate will report directly to the Construction Manager. Plan, coordinate, direct and
supervise personnel, subcontractors and vendors engaged on projects ensuring that they complete
the work on time, within budget and to the quality specified. Will be responsible to protect and
promote the interest of the company in all matters.
Duties and Responsibilities:
Establish & maintain Master Progress Schedule
Maintain Owner, Architect, Subcontractor & Vendor relations
Prepare Budget and Financial Reporting
Maintain General Contract and Subcontract Documents
Maintain Quality Assurance and Control
Establish & monitor administrative procedures for the project
Organize work & train staff organization on projects
Keep informed on requirements for insurance, Safety, Labor Relations, Employee Relations,
maintain EEO compliance, etc.
Assure applications for payment and collection are properly disbursed
Keep management informed on progress of project and budget
Perform other duties and take on other responsibilities as required
Qualifications: Formal engineering or architectural training with 8/10 years in building construction
means and methods. 10/15 years in Project Management, ICI & Residential; large project experience
is essential. Thorough knowledge of construction cost, scheduling, line and grade (survey), estimating
and engineering principals and techniques, as well as accounting principles. Familiar with various
construction methods and materials, their characteristics, installation procedures and tolerances.
Strong computer skills and familiarity with Microsoft Office suite of programs. Knowledge of
SAGEflimberline Software, Prolog Manager and Primavera scheduling desirable. Strong management,
leadership and interpersonal skills with the ability to communicate both vierbhally and in writing.
Physical Demands and Work Environment to be reviewed.
Please respond by email to:jobs@marmatglobal.com
Fax: 242-363-1279
Mail: MARMAT
Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas


translates in a very real vry to
our ability to operate prof-
itably moving forward."
The only remaining debt
that Abaco Markets has out-
standing is the $7.9 million
owed to its two classes of pref-
erence shareholders. Mr
Watchorn told The Tribune
that the retail group was set-
ting aside $80,000 per month
into an account that would be
used to repay the preference
shareholders, who include
institutional investors such as
Colinalmperial Insurance
Company and the hotel indus-
try pension funds.
Abaco Markets has current-
ly accumulated $500,000 to
repay the preference share-
holders, and Mr Watchorn
said: "We now have to start
paying back our preference
shareholders. We are going to
make an early repayment in
June of 2006, which is 25 per
cent of the [$1.075 million]
amount due in December.......
That will help our interest costs
for the rest of the year."
Under the terms of its agree-
ment with preference share-
holders, Abaco Markets has
the right to prepay all or part
of the debt with 90 days notice.
The company restructured its
preference share debt late last
year, dividing the debt holders
into two classes, Class A and
Class B.
Class A shareholde'are
operating under the terms of a
previous 2004 agreement, with
the principal due to be


redeemed in instalments at the
end of 2007, 2008 and 2009.
Class B shareholders, who now
account for 63 per cent of the
preference share debt, extend-
ed the redemption dates by
three years, starting on Decem-
ber 31, 2009, and lasting until
20W2. An interest rate of 8.5
per cent will be paid quarterly
to Class B investors during the
extension years.
Proceeds
Abaco Markets last week
received the sales proceeds
from its Cost Right Turks dis-
posal, the Central Bank of the
Bahamas having given
approval for the funds' repa-
triation after they were held in
escrow for three weeks pend-
ing title registration a
requirement in the Turks &
Caicos.
The sale, to Turks & Caicos-
registered, Entervant Holdings,
was closed on April 30, 2007,
and saw Abaco Markets
receive an initial $2.5 million.
The remaining $200,000 is
payable over three years, along
with a further $211,000 for net
current assets.
Entervant Holdings is an
investor group headed by John
S George chief Ken Hutton.
Mr Hutton's foray abroad is
understood to not have gone
down well with some of his fel-
low John S George sharehold-
ers, who believe he should be
focusing more on sorting out
the Bahamian retailer's issues


than foreign adventures.
The Cost Right Turks dis-
posal completes Abaco Mar-
kets' divestment initiative,
which has seen the company
over the past year sell its
Solomon's SuperCentre on
Abaco, the sale-and-leaseback
of the Cedar Street site in
Freeport, and the relocation of
Cost Right Freeport.
Mr Watchorn told The Tri-
bune that Abaco Markets was
now focusing on organic
growth going forward, increas-
ing same-store sales and net
margins, achieving better buy-
ing terms with suppliers, and
enhancing product selection.
Having 'shrunk to grow',
Abaco Markets is now focused
on New Providence and
Freeport as its core markets,
islands with substantial popu-
lation centres that give it
growth opportunities. The
retailer will now have to cap-
ture greater market share by
leveraging its Solomon's and
Cost Right brands, enhancing
the shopping experience for
customers, and delivering more
value for money.
"We move forward with the
divestment process complete,
term debt eliminated and a
clear strategy in addressing the
challenges in our operations,"
Mr Watchorn said.
He added that the relocat-
ed Cost Right Freeport had
performed "well" for Abaco
Markets, with the Freeport
market seemingly getting
stronger.


ELECTRICAL SUPERINTENDENT
This ideal candidate will report to the Project Manger; supervising the field construction, assist
in the organization, planning and scheduling of the works staying within budget, on schedule and
to the quality specified.
Description:
Demonstrated skill in identifying, analyzing and solving problems.
Job duties include planning, scheduling and providing work directions for all Electrical
work as required.
* Processing of reports and related data.
* Monitor & supervise all personnel under your control.
* Ensure completions of detailed tasks are completed on time and within the budget.
* Knowledgeable principles and practices of related disciplines.
* Strong analytical, project management and problem solving skills.
* Be able to interact at all levels with the client, consultant and contractors.
* Review technical submittals.
* Review drawings and coordinate with discipline engineers.
* Participate in the preparation of Field Change Requests and Change Orders.
* Monitor contractor's inspection program and quality control program, drawings and
monitor as-built.
Qualifications: Bachelor of Science Degree with a major in Electrical Engineering from an
accredited University or equivalent. A minimum of 10 years experience as an Electrical
Superintendent is required. Skilled in coordinating efforts with various construction functions.
Demonstrated skill in identifying, analyzing and solving problems, construction means and
methods, scheduling, change order, cost control, general contracts, general conditions, subcontract
documents, drawing and specifications, ICI, multi residential and custom homes. Strong management,
leadership and interpersonal skills with the ability to communicate both verbally and in writing.
Knowledge of programs required; accounting, MS Office, cost control procedures, SAGE,
Suretrack, Primavera. Physical Demands and Work Environment to be reviewed.


Please respond by email to:
Fax:


Mail:


jobs@marmatglobal.com
242-363-1279
MARMAT
Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas


CONSTRUCTION
ADMINISTRATIVE ASSISTANT


The ideal candidate will report directly to the Office Manager and provides
administrative support to one or more members of the Project Team.

Duties and Responsibilities:

* Sending/receiving/distributing documents, faxes and alike
* Performing all word processing, including letters, memos, reports and
documents as required
* Arranging meetings, travel, copying, maintaining file system, file retrieval,
office supplies
* Create and maintain spreadsheets
* Attend meetings and prepare minutes
* Perform other duties as assigned

Qualifications: The ideal candidate will have an undergraduate degree in office
administration or relevant discipline, excellent typing skills and expert knowledge
of MS office. 2/5 yeas in Construction Administration. Self motivated with strong
management, leadership and interpersonal skills with the ability to communicate
both verbally and in writing. Physical Demands and Work Environment to be
reviewed.


Please respond by email to:
Fax:


Mail:


jobs@marmatglobal.com
242-363-1279


MARMAT
Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas


p--


I BUSINESSES









THE------- TR BU EMO D YJ NE 4,0 7,P GES


May: Consumer



confidence bounces



back unexpectedly


NEW YORK (AP) -
Consumer confidence
bounced back unexpectedly
in May, helped by optimism
about the job market even as
shoppers' concerns about
gasoline price-driven infla-
tion increased.
The New York-based Con-
ference Board said Tuesday
its Consumer Confidence
Index rose to 108.0 in May,
up from a revised 106.3 in
April. Analysts had expected
the reading to fall to 104.5.
The May reading was the
highest since March when the
index was at 108.2.
Index
The Present Situation
Index, which measures how
shoppers feel now about eco-
nomic conditions, rose to
136.1 from 133.5 in April.
The Expectations Index,
which measures consumers'
outlook for the next six
months, edged up to 89.2
from 88.2.
Economists closely moni-
tor consumer confidence
since consumer spending
accounts for two-thirds of all
U.S. economic activity.
The upbeat data helped
push stocks higher.
'i


CONSTRUCTION COORDINATOR

This ideal candidate will report to the Project Manager. Assist in monitoring and
coordinating construction projects to ensure that procedures, materials and equipment
comply with approved project plans, specifications and samples, owner standards and
quality.

Duties and Responsibilities:
* Assist in coordinating, scheduling, monitoring and directing the activities of the
subcontractors and suppliers
* Assist in the Change Control Processes
* Provide documentation of construction progress to include shop drawings,
manpower, schedules, delays, changes, payments, and other events affecting the
project.
* Prepare daily reports of project activities and other reports and analyses setting
forth progress, adverse trends and appropriate recommendations and conclusions
* Coordinate and assist with final inspections: monitor completion of the punch
list
* Perform other duties as assigned

Qualifications: Applicant should have an undergraduate degree in Construction
Management or related field plus five or more years associated work experience in
construction. Strong management, leadership and interpersonal skills with the ability to
communicate both verbally and in writing. Knowledge of programs required; accounting,
MS Office, cost control procedures, SAGE, Suretrack, Primavera. Physical Demands
and Work Environment to be reviewed.


Please respond by email to:
Fax:


Mail:


jobs@marmatglobal.com
242-363-1279

MARMAT
Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas


The Law Chambers of

SEARS & CO.
,
is pleased to announce that

ALFRED M. SEARS, ESQ.

has returned to these Chambers as

Partner and Attorney-at-Law

Formerly Attorney General May 2002 to January 2006
and Minister of Education May 2002 to May 2007 of
The Commonwealth of The Bahamas,
Mr. Sears will head the Commercial, Litigation and
Corporate Practice areas of the Chambers.
Mr. Sears is admitted to practice at the Bars of New York
State, New Jersey State, District of Columbia, Jamaica
and The Commonwealth of The Bahamas.


#10 Market Street
P.O. Box N-3645
Nassau, N.P. Bahamas

Telephones: (242) 326-3481/2
Facsimile: (242) 326-3483
E-mail: seabet53@gmail.com
Web page: www.searschambers.com


Please respond by email to:
Fax:


Mail:


jobs@marmatglobal.com
242-363-1279
MARMAT
Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas


PROJECT SUPERINTENDENT
This ideal candidate will report to the Construction Manger and/or Project Manager. Supervises
the field construction, assists in the organization, planning and scheduling of the works staying
within budget, on schedule and to the quality specified.
Duties and Responsibilities:
* Plan and review the project work with the Senior Superintendent
* Supervise the construction in accordance with the plans and specifications
* Coordinate, schedule, monitor and direct the activities of the subcontractors and
suppliers
* Review and implement changes
* Monitor cost control and job costing, assist in review of monthly estimates
* Management of safety program, quality control, quantity reporting, forecasting and
productivity
* Quantity surveying, filing, site inspections, document control and payroll
* Keep CM/PM informed as to field changes
* Job site logistic, expedite material deliveries, site coordination
* Experience required in the areas of; roads & site services, R/O plant & sewerage
treatment, water park, hard and soft landscaping, structures and interior finishes,
mechanical and electrical
* Perform other duties as assigned

Qualifications: Formal engineering or architectural training an asset with 5/10 years in building
construction means and methods, scheduling, change order, cost control, general contracts,
general conditions, subcontract documents, drawing and specifications, ICI, multi residential
and custom homes. Strong management, leadership and interpersonal skills with the ability to
communicate both verbally and in writing. Knowledge of programs required; accounting, MS
Office, cost control procedures, SAGE, Suretrack, Primavera. Physical Demands and Work
Environment to be reviewed.


Please respond by email to:
Fax:


Mail:


jobs @ marmatglobal.com
242-363-1279
MARMAT
Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas


SURVEYOR

The ideal candidate will report directly to the General Manager, preparing and maintaining
plans and records, conduct legal surveys to determine property boundaries and maintain
controls of lines and levels as stipulated in construction documentation for all structures.

Duties and Responsibilities:

* Planning, directing and conducting surveys to establish and mark property
boundaries
* Working with computers and electronic equipment to determine precise locations
* Advising on matters related to legal surveys
* Use techniques such as Cost Planning, Estimating, Cost Analysis, Cost-in-use
Studies and Value Management to establish a project budget.
* Must have an orderly analytical mind and be prepared to work to very rigid time
schedules.
* Must be accurate in all aspects of work.

Qualifications: The candidate will have an undergraduate or graduate degree in geomatics
or survey engineering. 10/15 years in Construction Surveying in ICI, Residential Sectors
& Marine. Proficiency in MS Office with above average measuring, mapping and
mathematical skills. Experience in using mapping and drawing software such as AutoCad
and survey software. Self motivated with strong management, leadership and interpersonal
skills with the ability to communicate both verbally and in writing. Physical Demands
and Work Environment to be reviewed.


Please respond by email to:
Fax:

Mail:


jobs @ marmatglobal.com
242-363-1279

MARMAT
Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas


CONSTRUCTION

ACCOUNTING CLERK


The ideal candidate will report directly to the Office Manager and provides
administrative support to one or more members of the Accounting Team.

Duties and Responsibilities:

* Assist the Accountant/Controller in all aspects of accounting
* Job Costing, monthly invoice reconciliation, bank reconciliation, payroll
* AP/AR and Payroll
* Purchase order preparation and tracking
0 Contract and Change Order preparation and control
* Prepare and maintain spreadsheets
* Perform other duties as assigned

Qualifications: The ideal candidate will have an undergraduate or graduate degree
in accounting with expert knowledge of MS office. 2/5 years in Construction
Accounting. Experience in accounting programs such as ACCPAC and
SAGE/Timberline software is an asset. Self motivated with strong management;
leadership and interpersonal skills with the ability to communicate both verbally
and in writing. Physical Demands and Work Environment to be reviewed.

Please respond by email to: jobs@marmatglobal.com
Fax: 242-363-1279

Mail: MARMAT
Attn: Office Manager
P.O. Box CR 56766
Nassau, Bahamas




ESTIMATOR

This ideal candidate will report directly to the General Manager. This position requires the
preparation of estimates based on O/A design intent, construction drawings and documentation
and local conditions. Experienced in lump sum or construction management of commercial
and residential projects.
Duties and Responsibilities:
* Perform quantity take-off for all items incorporated in the project
* Prepares level 1 to 5 estimates, participates in value engineering
* Estimate and track labour, material and equipment costs
* Tendering, contract negotiations and scope of work preparation
* Support field staff in cost control and change order evaluation
* Develops and maintains unit costs, prepare unit cost estimates
* Assist in project planning and scheduling
* Provide support to the project team in all areas of cost control and estimating
* Interact/liaise with subcontractors and suppliers
* Prepare general conditions estimate
* Perform other duties as assigned

Qualifications: The ideal candidate will have an undergraduate or graduate degree in
engineering, estimating or construction management with field experience in general
construction, purchasing and accounting with expert knowledge of MS office. 5/10 years in
Construction Estimating in ICI and Residential sectors. Self motivated with strong management,
leadership and interpersonal skills with the ability to communicate both verbally and in
writing.
Physical Demands and Work Environment to be reviewed.


I I ~


MONDAY, JUNE 4, 2007, PAGE 9B


THE TRIBUNE







THE TRIBUNE


1iAGE 10B, MONDAY, JUNE 4, 2007


Fidelity to launch debit card June 15


RTSX-listed bank olans online banking launch in September, with Visa product to boost spending discipline and payments integrity


Michael Anderson, one of
the bank's directors and presi-
dent of its affiliate, Royal
Fidelity Merchant Bank &
Trust, explained that its clients
would be able to use their deb-
it cards to pay for goods and
services from any Bahamian
or foreign merchant who
accepted Visa cards as a pay-
ment mechanism.
"It's primarily to give peo-


NOTICE
-NOTICE is hereby given that MARILIA ESPERANCE JOSEPH
OF HOPE TOWN, 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 26TH day of MAY, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N-7147, Nassau,
Bahamas.





WANTED,


SALES PERSONS

WITH 3 YEARS EXPERIENCE


PLEASE FORWARD RESUME TO:


Taylor Industries Ltd
P.O. Box N-4806
'Nassau, Bahmas


COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
Common Law and Equity Division


2006
CLE/qui/No.825


IN THE MATTER OF ALL THAT piece parcel or tract of
land containing approximately Seven acres and Seventy-seven
hundredths of an acre situate in the Island or Cay known as
Frazer's Hog Cay one of the Berry Islands group in the said
Bahama Islands being Lot Numbe'rs Fifty-five, Fifty-seven
and Fifty-nine in the plan of a Subdivision of a portion of the
said Frazer's Hog Cay.
AND

IN THE MATTER OF the Quieting Titles Act, 1959

AND

IN THE MATTER OF the Petition of Allan Lightbourn

NOTICE

THE PETITION OF ALLAN LIGHTBOURNE in respect
of:-

ALL THAT piece parcel or tract of land containing
approximately Seven acres and seventy-seven hundredths of
an acre situate in the Island or Cay known as Frazer's Hog
Cay one of the Berry Islands group in the said Bahama Islands
being Lot Numbers Fifty-five, Fifty-seven and Fifty-nine in
the plan of a Subdivision of a portion of the Frazer's Hog Cay
bounded Northwestwardly by a road Thirty-five feet wide
and running thereon Six hundred and Nineteen feet and Eight-
six hundredths of a foot Northeastwardly by Lot Number
sixty-one in the said plan and running thereon Five hundred
and ninety-seven feet more or less to the High Water Mark
Southeastwardly by the sea and running thereon Five Hundred
and eighty feet and Seventy hundredths of a foot and
Southwestwardly by Lot Number Fifty-three in the said plan
and running thereon Five Hundred and Thirty-five rhore or
less to the High Water Mark.

ALLAN LIGHTBOURNE claims to be the owner in fee
simple in possession of the following land and has made
application to the Supreme Court of the Commonwealth of
The Bahamas under Section Three (3) of the Quieting Titles
Act, 1959 to have his title to thie said land investigated and
the nature and extent thereof determined and declared in a
Certificate of Title to be granted by the Court in accordance
with the provisions of the said Act.

Copies of the Petition and Plan of the said land may be
inspected during normal office hours in the following places:

1. The Registry of the Supreme Court, East Street, North,
in the City of Nassau, Bahamas;

2. The Chambers of Lockhart & Munroe, #35 Buen
Retiro Road, off Shirley Street, Nassau, The Bahamas;
and

3. The Office of the Commissioner/Administrator, Justice
of the Peace or the Local Constable at The Berry
Islands, The Bahamas.

NOTICE is hereby given that any person having dower or
right to dower or an Adverse Claim or a claim not recognized
in the Petition shall on or before the 16th day of July, A.D.,
2007 file in the Supreme Court and Serve on the Petitioner
or the undersigned a Statement of his Claim in the prescribed
for verified by an Affidavit to be filed therewith.

Failure of any such person to file and served a Statement of
his Claim on or before the 16th day of July, A.D., 2007 will
operate as a bar to such claim.
LOCKHART & MUNROE
CHAMBERS
35 BUEN RETIRE ROAD
NASSAU, BAHAMAS

Attorneys for the Petitioner


pie access to their funds in a
more convenient manner," Mr
Anderson said of the Visa card
launch. "Instead of using a
cheque, they will have through
their debit cards direct access
to their savings account with-
out having to do that or with-
draw cash from a bank."

Payment

Debit cards are a widely
accepted method of payment
for goods and services in most
leading economies. They act
rather like a credit card, as
merchants and businesses
swipe the card through a scan-
ner and then ask the purchaser
to sign their acceptance of the
transaction. Yet rather than


! Linda Eldon
Property Manager
Tel: (242) 356-5030
Email: linda@grahamrealestate.com
Web: www.grahamrealestate.com


buy on credit, and incur a puni-
tive 18 per cent interest on the
repayment, debit cards draw
on funds from the client's sav-
ings or chequing account his
equity.
"It will discipline people into
spending what they've got, and
not overspend," Mr Anderson
said of the Visa debit card.
"The majority of people who
spend on credit don't have the
wherewithal to fund that cred-
it."
He added that Fidelity and
Royal Bank had already cre-
ated a debit card for the Cay-
man Islands market, and the
product was likely to become
increasingly recognized in the
Bahamas over the next six
months, with the likes of Com-


Showing Integrity Every Day


TIMELY HOLDINGS LIMITED



An International Business Company

(In Voluntary Liquidation)

We, Pine Limited, Liquidator of TIMELY HOLDINGS LIMITED
hereby certify that the winding up and dissolution of TIMELY'
HOLDINGS LIMITED has been completed in accordance with the
Articles of Dissoltion.


Dated this 22nd day of May, 2007


Pine Limited
Liquidator


* By NEIL HARTNELL
Tribune Business Editor

(Bahamas) will
launch its Visa debt
cards on June 15,
2007, an initiative it believes
will provide its clients with
more convenient payment
methods, as well as improving
financial discipline among
Bahamian consumers and giv-
ing businesses certainty that
transactions will be settled.


MIDWAY


not have credit cards to carry
around large amounts of cash,
representing a major personal ,
security risk. I
The Visa debit card will be
made available to all Fidelity I
Bank (Bahamas) clients, and I
launched in conjunction with i
a Reward programme. A PIN '
number will go with all cards, ,
allowing clients to use the deb-
it card to withdraw ATM cash.
Mr Anderson said one spur
behind the introduction of deb-
it cards in the Cayman Islands
was that merchants and other \
businesses there were increas-
ingly "struggling" with
bounced cheques, and not :
receiving fair value for the
products they sold.
"Merchants are quite happy '<
to accept cheques, but they'd ,4
increasingly like to accept deb-
it cards, because it's like instant \i
cash," Mr Anderson said. "It .
gets settled the next day, and .
merchants don't have to take .
the cheque into the banks and '
then settle them there." .


I HOMEM''


"Where Our Quality & Experience Shine!"
Specializing in:
Roofing, Home Maintenance, Painting & Varnishing,
Pressure & Mildew Cleaning, Roof Painting, Water
Proofing, Plumbing, Window Cleaning, Drywall
Installation, Replace Rotten Woodwork,
Laminate Floor, Tiling, Repair
Cracks to Concrete Walls
i Si


Post House Studio & Gallery

Please Call (242) 327-7562


NOTICE

NOTICE is hereby given that LICIA LINA VALE MAZZONI '
OF DEBDEN 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 25TH
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 GIANCARLO MAZZONI OF
DEBDEN 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 25TH day
of May, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.


monwealth Bank also planning
to launch a debit card without
waiting for the commercial
banking system's Automated
Clearing House (ACH) to
come on line.
Addition

Mr Anderson said that in
addition to its debit card,
BISX-listed Fidelity Bank
(Bahamas) also planned to
launch a credit card and online
banking system by September
2007.
"We've got a lot of things
lined up. It's more figuring out
when we put them in the mar-
ket," Mr Anderson said.
Further advantages from the
Visa debit card, he added,
were that it could pay for
goods and services abroad, and
be used to withdraw cash from
any Automatic Teller Machine
(ATM) that accepted Visa
cards.
In doing so, it eliminated the
need for Bahamians who did


CFAL
Pricing Information As Of:
Wednesday 30 May 2007
3 BISX LISTb) & TRADED SECURITIES VISIT WWW.BIBSXBAHAMAS.COM FOR MORE DATA&NPt ATlO-l 6., ,
BISX ALL SHARE INDEX: CLOSE 1.779 91 / CHG 03.27 %CHG 00.18 / Y 10fi.:72YTD% 0,ft:. ',
2',.i ..AK.L- ... H*...-r. P,'e.,-u* C. .- ,- T.:,-3a. ,I-: Char-.._e 'Da.i. ..1o EPS 5 D 1. 5 PE y.e'la
1 6; .-4 ,Ac.a..:.rIri.tvi. 1 Id 1 1 000P .0282 2 100,) NM 000u
12.05 11.00 Bahamas Property Fund 11.60 11.60 0.00 1.548 0.400 7.5 3.45
9.41 7.10 Bank of Bahamas 9.30 9.41 0.11 3,450 0.737 0.260 12.8 2.76% 4
0.85 0.70 Benchmark 0.85 0.85 0.00 0.129 0.020 6.6 2.35%
2.95 1.30 Bahamas Waste 2.95 2.95 0.00 0.243 0.060 12.1 2.03%
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%
14.50 10.60 Commonwealth Bank 14.50 14.50 0.00 1.152 0.680 12.6 4.69%
6.26 4.22 Consolidated Water BDRs 5.27 5.23 -0.04 0.112 0.049 47.2 0.93%
2.76 2.40 Doctor's Hospital 2.40 2.40 0.00 0.234 0.000 10.3 0.00%
6.21 5.54 Famguard 6.02 6.02 0.00 0.694 0.240 8.7 3.99%
12.49 11.25 Finco 12.50 12.50 0.00 904 0.787 0.570 15.9 4.56%
14.70 12.30 FirstCaribbean 14.37 14.37 0.00 0.977 0.500 14.7 3.48%
17.30 10.50 Focol 17.18 17.30 0.12 1:200 1.657 0.520 10.4 3.01%
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%
9.50 8.52 J.S. Johnson 9.05 9.50 0.45 5.000 0.868 0.570 10.9 6.00%
1000 10.00 Premier Real Estate 10.00 10.00 0.00 1.167 0.600 8.6 6.00%
Fidelity Over-The-Counter Scurtle. -
52*..1'. .H 52rp.L.:,% S.,n.l i B,,J i. 5,s i Lasi Pr,.:e .e,eik,, c, i EPSI D., $ P E Y81ela
1470 12 2" B ra,-,a- .,supn-r.. -.tar 1s 1 t 1., ,'r'- 1_ 0) 1 2 34 1 185 121. 8 12 "a
10.14 10.00 Caribbean Crossings (Pref) 8.00 8.25 10.00 0.000 0.640 NM 7.85%
17 0 20 RND Holdings (1' 0 n55 020 0.034 0.000 26.2 0.00%
Colllmi Over-The-Counter Secourta s ..'t l
43.00 26 A0 ) BC.-B I ,2,,, .. ,,,' '1 0 2 220 u 000 19 4 000%
14.60 14.00 Bahamas Supermarkets 14I 0 15.50 14.00 1.234 1.125 12.6 7.71%
0.60 0 35 RND Holdings t*I 0 55 045 0.021 0.000 26.2 0.00%
BISX Usled Mutual Funds .- .. 'a.i.
52.5.2-ln 52.sk Lo.S Fu.-.] Na.-e ,.N rTD Lasi 12 F Mcr.Ins Ct.. I '; l-r
1.3398 1 2 o6C7 C, o r.a l.1:,ne r.larne. Fun.r I I t I "
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 Colina Bond Fund 1.244286 ***
11.4992 10.9739 Fidelity Prime Income Fund 11 4992 .... -, .......
"FINDEX CLOSE 794.24 / YTD 07 03% / 200 34.4'7% -.
I6 E LL : .- ,r > ::. = i .. ....... MARKET TERMS YIELD Itst 12 month divldonds divided by closing price NA KEY
52wk-HI Highest closing price In last 52 weeks Bid $ Buying rice of Colina and Fidelity
52wk-Low Lowest closing price in last 52 weeks Ask $ Soiling price of Collna and fidelity 18 May 2007
Previous Close Previous day's weighted price for daoly volurOo LanI Pric Lest traded oveir-the-counter price
Today's Close Current day's weighted price for daily volume, Weekly Vol I reading volume of the prior week 30 April 2007
Change Change In closing price from day to day EPS $ A company', reported earnings per share for the last 12 mths
Daily Vol Number of total shares traded today NAV Net Asset Value 30 April 2007
DIV $ Divldends per share paid In the last 12 months N/M Not Meo.lngful
PIE Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index January 1,. 1994 = 100 .. 30 April 2007
.". 3C April 2007
TO, TRADE.CALL. COLINA 242-602-70Ju / FIDIELtl ,'.. il ,,..77.1 FO-. MOF-'E DAT & INFORMATIO1J CALL (242)394-2503 .


Anitonius Roberts

Max Taylor

NEW WORK


BUSINESSES


THE TRIBUNE
mllJllllmmlm


I


r-


YV_^








THE TRIBUNE BUSINESS


MONDAY, JUNE.4, 2007, PAGE 11B


SClhartered Accountants
( )i| N l HIIlglO t I'.l) (c
'1)d I lo 1 .
INsl oasy Ilayinl
R.o. Box N-3231
Nossaw, lliahimnii


SI'hlont-: (242) 502-60()0
Ijx: (242) 502-6090)
www'.ey.( orn


INDEPENDENT AUDITORS' REPORT



To the Shareholder and Directors of
ARNER BANK & TRUST (BAHAMAS) LTD.


We have audited the accompanying consolidated financial statements of Amer Bank & Trust
(Bahamas) Ltd. (the Bank) which comprise the consolidated balance sheet as at December 31,
2006, and the consolidated statements of income, statement of changes in shareholder's equity
and statement of cash flow for the year then ended, and a summary of significant accounting
policies and other explanatory notes.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in
accordance with International Financial Reporting Standards. This responsibility includes:
designing, implementing and maintaining internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud
or error; selecting and applying appropriate accounting policies; and making accounting estimates
that are reasonable in the circumstances.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance whether the 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' judgment,
including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor considers internal control
relevant to the entity's preparation and fair presentation of the financial statements in order to design
audit procedures that are appropriate for 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.




-!1 ERNST& YOUNG





INDEPENDENT AUDITORS' REPORT (Continued)


To the Shareholder and Directors of
ARNER BANK & TRUST (BAHAMAS) LTD.


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

Opinion

In our opinion, the consolidated financial statements give a true and fair view of the financial
position of the Bank as of December 31, 2006, and of its financial performance and its cash flows
for the year then ended in accordance with International Financial Reporting Standards.


February 10, 2007


ARNER BANK & TRUST (BAHAMAS) LTD.

CONSOLIDATED BALANCE SHEET




December 31
2006 2005

ASSETS
Cash and due from banks on demand $ 26,798,897 $ 23,315,230
Deposits with banks 18,859,941 14,214,195
Loans and advances, net of provision (note 3), 19,382,050 12,545,544
Accrued income and other assets (note 4) 1,088,086 810,747
Property and equipment, net (note 5) 643,982 657,765
Total assets S 66,772,956 $ 51,543,481

LIABILITIES AND SHAREHOLDER'S EQUITY
Liabilities
Due to banks on demand 5 166,738 $ 944,284
Customers' current and deposit accounts 44,257,221 30,213,130
Accrued expenses 96,311 184,014
Total liabilities 44,520,270 31,341,428

Shareholder's Equity
Share capital
Authorized, issued and fully paid
5,000,000 common shares of US$1.00 each 5,000,000 5,000,000
Loan loss reserve (note 3) 193,820 162,987
Retained earnings 17,058,866 15,039,066
.Total shareholder's equity 22,252,686 20,202,053
Total liabilities and shareholder's equity $ 66,772,956 $ 51,543,481


COMMITMENTS (note 8)

Approved By The Board:


Director


/--7


,/Director

- -


The accompanying notes form an integral part of the consolidated financial statements.


ARNER BANK & TRUST (BAHAMAS) LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2006


1. CORPORATE INFORMATION


Amer Bank & Trust (Bahamas) Ltd. (the Bank) was incorporated, under the laws of the
Commonwealth of The Bahamas on August 25, 1997 and commenced operations on October 1,
1997. The Bank is licenced under the Banks and Trust Companies Regulations Act to provide a
full range of banking and trust services. The Bank is a wholly-owned subsidiary of Banca Amer
S.A., Lugano, (the Parent).

The Bank's registered office is located at Caves Village, Building #2, Suite #2, Nassau,
Bahamas.

The consolidated financial statements of the Bank for the year ended December 31, 2006 whs
authorized for issuance by the Board of Directors on February 10, 2007.


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

The consolidated financial statements have been prepared on a historical cost basis except for
financial assets, financial liabilities and loans and advances which are measured at fair value.
The consolidated financial statements are presented in United States (U.S.) dollars. The
preparation of the consolidated financial statements requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the consolidated financial
statements. Actual results could differ from those estimates.

Statement of compliance

The consolidated financial statements have been prepared in accordance with International
Financial Reporting Standards.

Basis of consolidation

The consolidated financial statements comprise the financial statements of the Bank and its
subsidiary as at December 31, 2006. The Bank's wholly owned subsidiary, Beaumont Nominees
Limited (the Nominee Company), a company incorporated under the laws of the Commonwealth
of The Bahamas, has the same reporting year as the Bank and uses consistent accounting
policies. The Nominee Company is inactive except for providing nominee services.


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Basis of consolidation (continued)

All inter-company balances, transactions, income and expenses and profits and losses resulting
from inter-company transactions that are recognized in assets, are eliminated.

Cash and cash equivalents

Cash and cash equivalents are comprised of cash, current accounts with banks, short-term
deposits with banks with original maturities of three months or less, less due to banks on
demand.

Loans and advances

Loans and advances are stated at the principal amount outstanding, being the amount of the
consideration given, less any provision for losses. Management's periodic evaluation of the
adequacy of the provision is based on the Bank's past credit loss experience, known and inherent
risks in the portfolio, adverse situations that may affect the borrower's ability to repay the
estimated value of any underlying collateral and current economic conditions.

Accrued income and other assets

Accrued income and other assets are recognized and carried at cost.

Property and equipment

Property and equipment are stated at cost less accumulated depreciation, computed on a straight-
line basis over the estimated useful lives of the assets as follows:


Freehold property
Leasehold improvements
Furniture and equipment


20 years
5 years
3 years


The carrying amounts of property and equipment are reviewed at each balance sheet date to
assess whether they are recorded in excess of their estimated recoverable amounts, and when
carrying values exceed this estimated recoverable amount, assets are written down to their
recoverable amount. No such write down has been recorded by the Bank during the years ending
December 31, 2006 or 2005.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Customers' current and deposit accounts

Customers' current and deposit accounts are recognized at cost, being the amount of the
consideration received.

Accrued expenses

Accrued expenses which are normally settled on 30-60 day terms, are carried at cost which is the
fair value of the consideration to be paid in the future for goods and services received.

Taxation

There are no income taxes imposed on the Bank in the Commonwealth of The Bahamas.

Assets under administration

The Bank provides custody, trustee, investment management and advisory services to its clients.
No account is taken in these consolidated financial statements of assets and liabilities of clients
managed by the Bank or its subsidiaries as custodian, trustee or nominee, other than those assets
and liabilities which relate to the banking services provided by the Bank or its subsidiaries for
their clients. At December 31, 2006, the Bank had client assets under administration amounting ..
to approximately $629 million (2005 $492 million) of which approximately $111 million (2005
- $86 million) was held in a fiduciary capacity.

Derivative financial instruments

The Bank uses derivative financial instruments such as foreign exchange contracts to hedge the
risks associated with foreign currency fluctuations as a counterpart performed on behalf of its
clients. It is the Bank's policy not to trade in derivative financial instruments.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Loan loss reserve

This amount represents a general provision that is required to meet the Bank's statutory
requirements. Changes to this amount are reflected as appropriations of retained earnings.

Revenue recognition

Interest income is recognized on a time proportion basis, taking account of the principal
outstanding and the rate applicable. Fees and commissions for services are recognized when
earned. '

Foreign currency translation

The Bank's functional currency is US dollars; however it transacts business in currencies other
than US dollars. Monetary assets and liabilities denominated in foreign currencies are translated
at year-end exchange rates. Revenue and expense items are translated at the cross-currency spot
rate on the date of the transactions. Foreign currency exchange gains and losses are reflected in
the consolidated statement of income.


l ERNST & YOUfNG


I mooI


--








MONDAY. JUNE 4. 2007
OAft-9~R~ MONDAY. JUNE 4. 2007 '


THE TRIBUNE BUSINESS


ARNER BANK & TRUST (BAHAMAS) LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2006



Impairment and uncollectbility of financial assets

An assessment is made at each balance sheet date to determine whether there is objective
evidence that a financial asset may be impaired. If such evidence exists, the carrying amount of
tre'asset is reduced to its estimated recoverable amount either directly or through the use of an
allowance account and the amount of the loss is included in the consolidated statement of
income. No such allowances have been recorded at December 31, 2006 or 2005.

Trade date accounting

All "regular way" purchases of financial assets are recognized on the "trade date", i.e., the date
that the Bank commits to purchase or sell the asset. All regular way sales of financial assets are
recognized on the "settlement date", i.e., the date the asset is delivered to the counterpart.
Regular way purchases or sales are purchases or sales of financial assets that require delivery of
assets within the time frame generally established by convention in the market place.


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

i4ated party transactions

Bank's Parent, Banca Amer S.A., Lugano, and its subsidiaries are related parties. All
balances and transactions with related parties are disclosed in these consolidated financial
statements.

Adoption of IFRSs during the year

TliBank has adopted the following revised standards during the year. Adoption of revised
sliiidards does not have any effect on equity as at January 1, 2005.

"** IAS 19 Amendments Employee Benefits
-* IAS 21 Amendments The Effects of Changes in Foreign Exchange Rates
IAS 39 Amendments Financial Instruments: Recognition and Measurement

Futre changes In accounting policies

Early adoption.

The Bank did not early adopt any new standards during the year

IMRSs and IFRIC Interpretations not yet effective

The Bank has not applied the following IFRSs and IFRIC Interpretations that have been issued
but are not yet effective:

IFWS 7 Financial Instruments: Disclosures, requires disclosures that enable users to evaluate the
stAificance of the Bank's financial instruments and the nature and extent of the risks from those
4icial instruments. This standard becomes effective for annual periods beginning on or after
January 1, 2007, and as a result, certain amounts and disclosures related to the Bank's financial
instruments may change upon adoption.

k2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

IFRSs and IFRIC Interprelatin a ot yet effective (coiued)

IrRIC Interpretation 8 was issued in January 2006 and is required to be applied for financial
beginning on or after I May 2006. It requires IFRS 2 Share-Based Payment to be applied
tWa6y arrangements where equity instruments are issued for consideration which appears to be
i'than fair vQlue. As equity instruments are only issued to employees in accordance with the
employee equity participation plans, the interpretation had no impact on the financial position of
the Bank.

IF lC 9 was issued in March 2006, and becomes effective for financial years beginning on or
alter I June 2006. This interpretation establishes that the date to assess the existence of an
eMbedded derivative is the date an entity first becomes a party to the contract, with reassessment
only if there is a change to the contract that significantly modifies the cash flows. The Bank
expects that adoption of this interpretation will have no impact on the Bank's financial
statements when implemented in 2007.

IFRIC 10 was issued in November 2006, and becomes effective for financial years beginning on
or after November 1, 2006. This interpretation addresses the reversal of impairment losses
recognized in an interim period. The Bank does not have interim reporting requirements and
expects that adoption of this interpretation will have no impact on the Bank's financial
statements when implemented in 2007.

tRIC 11 was issued in November 2006, and becomes effective for financial years beginning on
or after March .1, 2007. This interpretation addresses group and treasury share transactions
related to share-based payments to employees. As equity instruments are only issued to
employees in accordance with the employee equity participation plans, the interpretation will
have not impact on the Bank.

IIlC 12 was issued in November 2006, and becomes effective for financial years beginning on
orpfter January 1, 2008. This interpretation gives guidance on the accounting by operators for
public-to-private service concession arrangements. This interpretation is not expected to be
relevant for the activities of the Bank.


3.sl LOANS AND ADVANCES

2006 2005

Loans $ 16,328,625 $ 8,341,074
Advances 3,053,425 4,204,470
19,382,050 12,545,544

S 19,382,050 $ 12,545,544

Los and advances are denominated primarily in United States dollars and Euros. Loans and
advances are secured primarily by cash and diversified securities. The total lending value of all
colateral held against loans and advances at December 31, 2006 was $129,266,730 (2005 -
$87,518,049). Loans and advances include unsecured balances totaling $2,300,100 (2005 -
.i41q39,000).

The general provision is the amount that is required to meet the Bank's statutory requirements.
The general provision is shown as an appropriation of retained earnings, and reflected as part of
shareholder's equity as loan loss reserves. At December 31, 2006, the loan loss reserve was
$193,820 (2005 $162,987).

At December 31, 2006, there are no loans or advances on which interest is not being accrued, or
where interest is suspended (2005 nil).

The movement in provisions for loan losses during the year was as follows:


2006 2005

At January 1 $25,000
Amounts written off (25,000)
., $ $ -$


4. ACCRUED INCOME AND OTHER ASSETS

2006, 2005
Accrued income $ 858,076 $ 638,904
Other assets 230,010 171,843
S 1,088,086 $ 810,747


ARNER BANK & TRUST (BAHAMAS) LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2006





5. PROPERTY AND EQUIPMENT

Freehold Leasehold Furniture
Cost:Property Improvements & Equipment Total
Cost:
Balance at beginning of year $ 735,924 $ 324,013 $ 134,480 S 1,194,417
Additions 69,544 69,544
Balance at end of year 735,924 393,557 134.480 1,263,961
Accumulated depreciation:
Balance at beginning of year 160,085 242,087 134,480 536,652
Charge for the year 36,440 46,887 83,327
Balance at end of year 196,525 288,974 134,480 619,979

Net book value
December 31,2006 S 539,399 S 104,583 S S 643,982
Net book value
December 31,2005 $ 575,839 $ 81,926 $ $ 657,765


6. DIVIDEND

On March 21, 2006, the Board of Directors declared and paid a dividend of US$6,000,000 (2005
$5,000,000).




7. RELATED PARTY BALANCES AND TRANSACTIONS

During the year the Bank placed deposits with its parent, Banca Amer,.S.A., Lugano. Balances
and transactions in the consolidated financial statements include the following amounts related to
the parent (in thousands of dollars):

2006 2005

Cash and due from banks on demand $ 26,418 $ 23,060
Due to banks on demand $ 167 $ 944
Interest income S 948 $ 727
Commissions from security transactions S 14 $ -
Custody, brokerage fees and commissions S 2,967 $ 2,473.
Operating expenses S 46 -


8. COMMITMENTS AND CONTINGENCIES

Derivative financial instruments

The Bank enters into forward currency contracts solely as part of its client-related trading
activities. Forward currency contracts are contracts to purchase and to sell foreign currencies at
specific rates of exchange on specific dates in the future. Risk arises from the potential inability
of counterparties to perform under the terms of the contracts (credit risk) and from fluctuations in
the foreign exchange rates (market risk). The Bank manages the market risk of client-related
positions by taking offsetting positions with affiliate banks, resulting in minimal market
exposure. The credit risk of client-related positions is managed by applying uniform credit
standards maintained for all activities with credit risk.

The contract amounts of open forward currency contracts (in USD and CHF) were as follows (in
thousands of dollars):

2006 2005
Commitments under forward currency contracts
Commitments to purchase USD 1,976 CHF 98,646
Commitments to sell USD 1,971 CHF 99,000


8. COMMITMENTS AND CONTINGENCIES (Continued)

Derivative financial instruments (continued)

The contract amounts of these instruments reflect the extent of the Bank's involvement in
forward currency contracts and do not represent the Bank's risk of loss due to counterpart non-
performance.

Credit-related commitments

Credit-related commitments include commitments to extend credit, standby letters of credit,
guarantees and acceptance which are designed to meet the requirements of the Bank's
customers. They commit the Bank to make payments on behalf of customers contingent upon
the failure of the customer to perform under the terms of the contract.

The Bank has the following credit related commitments (in thousands of dollars):

2006 2005

Commitments on behalf of customers:
Guarantees $ 30,571 $8,192

Lease

The Bank has entered into operating leases with a third party, which expire in 2008 and 2011,
with an option to renew upon expiration. The future annual minimum lease payments under the
leases to which the Bank is committed are as follows:


2007
2008
2009
2010
2011


141,333
144,727
85,036
86,969
20,344


9. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

The Bank's financial instruments comprise deposits, money market assets and liabilities, some
cash and liquid resources, and other various items that arise directly from its operations.

Financial risk management objectives and policies

The main risks arising from the Bank's financial instruments are credit risk, liquidity risk,
interest rate risk and foreign currency risk. The Board reviews and agrees policies for managing
each of these risks, which are summarized in the following notes.

Credit risk

Credit risk is the risk that a customer or counterpart will be unable or unwilling to meet a
commitment that it has entered into with the Bank. The Bank manages counterpart credit risk
centrally to optimize the use of credit availability and to avoid excessive risk concentration.

Customer credit risk is monitored on a daily basis by management. For details of the
composition of loans and advances, refer to note 3.

The Bank's maximum exposure to credit risk (not taking into account the value of any collateral
or other security held) in the event the counterparties fail to perform their obligations as at
December 31, 2006 in relation to each class of recognized financial asset is the carrying amount
of those assets as indicated in the consolidated balance sheet.


- .?I ------------ ------- ---~---I---------- C -- U


~UL


lr







THE TRIBUNE BUSINESS


MONDAY, JUNE 4, 2007, PAGE 13B


_________________________________________________ a i


ARNER BANK & TRUST (BAHAMAS) LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2006


Liquidity risk

Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or otherwise
raise funds to meet commitments. The Bank monitors expected cash outflow on a daily basis.
Its policy throughout the year has been to ensure liquidity by maintaining at all times sufficient
high quality liquid assets to cover expected net cash outflow.


9. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Continued)

Liquidity risk (continued)

The maturity profile of the assets and liabilities at December 31, 2006 (in thousands of dollars),
is as follows:

Non-
Due on Up to 1 Up to 3 3 to 12 maturity
demand month months Months items Total
ASSETS
Cash and due from
banks on demand S 26,799 $ $ $ $ $ 26,799
Deposits with banks 18,860 18,860
Loans and advances 19,382 19,382
Property and
equipment 644 644
Accrued income and
other assets 1,088 1,088

S 66,129 S S $ $ 644 $ 66,773

9. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Continued)

Liquidity risk (continued)

Non-
Due on Up to 1 Up to 3 3 to 12 maturity
demand month months months items Total
LIABILITIES AND
SHAREHOLDER'S
EQUITY
Due to banks S 167 S S $ S S 167
Customers' current and
deposit accounts 44,257 44,257
Accrued expenses 96 22,253
Shareholder's equity -- -

$ 44,520 S S S S 22,253 $ 66,773

The maturity profile of the assets and liabilities at December 31, 2005 (in thousands of dollars),
was as follows:
Non-
Due on Up to 1 Up to 3 3 to 12 maturity
demand month months months items Total
ASSETS
Cash and due from
banks on demand $ 23,315 $ -_ $ $ $ $ 23,315
Deposits with banks 14,214 14,214
Loans and advances 12,545 12,545
Property and equipment. ,- 658 -'0
Accrued income and i:811
other assets 811 811
$ 50,885 $. $ $ $ 658 $ 51,543


9. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Continued)

Liquidity risk (continued)

Non-
Due on Up to 1 Up to 3 3 to 12 maturity
demand month months months items Total
LIABILITIES AND
SHAREHOLDER'S
EQUITY
Due to banks $ 944 S $ $ S -$ 944
Customers' current and
deposit accounts 30,213 30,213
Accrued expenses 184 184
Shareholder's equity 20,202 20,202

$ 31,341 S $ $ 20,202 $ 51,543

Interest rate exposure

Exposure to interest rate risk is the risk that arises where there is an imbalance between rate and
non rate-sensitive assets and liabilities. The Bank's policy is to maintain the interest rate risk
within the prescribed limits. Interest rate risk is monitored on a daily basis and reviewed by
management.

The Bank's exposure to interest rates for significant interest-bearing monetary assets and
liabilities by major currencies is as follows at December 31, 2006:

United States
Dollars Euro

ASSETS
Deposits with banks 5.152% 3.409%
Loans and advances 7.375% 5.625%

LIABILITIES
Customers' current and deposit accounts 4.725% 3.125%


ARNER BANK & TRUST (BAHAMAS) LTD.


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31. 2006


9. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Continued)

Interest rate exposure

The Bank's exposure to interest rates for significant interest-bearing monetary
liabilities by major currencies was as follows at December 31, 2005:

United States
Dollars


ASSETS
Deposits with banks
Loans and advances


9,w

assets and,



Euro


4.150% 2.125% ,
6.375% 4.375% .


LIABILITIES
Customers' current and deposit accounts 3.775% 1.875%


Currency risk


Currency risk is the risk that the value of a financial instrument will fluctuate because of changes
in foreign exchange rates. The Bank's foreign exchange exposure arises from providing services
to customers for which fees are paid in foreign currencies. The Bank's policy is to sell these
foreign currencies for US dollars on a monthly basis. Currency exposure is monitored on a
basis and reviewed by management.


Breakdown of assets and liabilities (in thousands of dollars):


December 31,2006
US EUR Other Totalr
ASSETS "j
Cash and due from banks on demand $ 2,929 S 21,744 S 2,126 $ 26,799
Deposits with banks 15,500 1,977 1,383 18,860
Loans and advances 6,572 11,010 1,800 19,382
Property and equipment 644 644
Accrued income and other assets 849 111 128 1,088
Total assets $ 26,494 S 34,842 S 5,437 S 66,77.,

9. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Continued) .2

Currency risk (continued) 2fT

December 31, 2-0'>
US EUR Other Total
LIABILITIES AND Aid
SHAREHOLDERS' EQUITY .
Due to banks $ $ S 167 S 167
Customers' current and deposit accounts 5,119 34,029 5,109 44,2li
Accrued expenses 83 4 9
Shareholder's equity 22,253 22,_
Total liabilities and shareholder's equity S 27,455 $ 34,033 S 5,285 S 66,7

Net exposure S (961) $ 809 $ 152 $

December 31, 2005
US EUR Other Total
ASSETS ',*
Chsh and due from banks on demand $ 10,575 $ 9,852 $ 2,887 $23,314
Deposits with banks 10,400 1,545 2,269 14,2i
Loans and advances, 2,460. .9,317 769, .12,546
Property and equipment 658 '
Accrued income and other assets '696 46 69
Total assets $ 24,789 '$ 20,760 $ 5,994 S 51 5~'

LIABILITIES AND "
SHAREHOLDERS' EQUITY
Due to banks $ $ $ 944 $ 944!
Customers' current and deposit accounts 5,348 19,603 5,262 30,211.
Accrued expenses 184 1
Shareholder's equity 20,202 20,2Z.
Total liabilities and shareholder's equity $ 25,734 $19,603 $ 6,206 $ 51.54,

Net exposure $ (945) $ 1,157 $ (212) $

10. CONCENTRATIONS

Concentrations arise when a number of counterparties are engaged in similar business activities
or activities in the sami.. gographic region, or have similar economic features that would cais-
their ability to meet contractual obligations to be similarly affected by changes in economic
political or other conditions. Concentrations indicate the relative sensitivity of the Banlk'
performance to developments affecting a particular industry or geographic location. .'1
1iW31
The distribution of assets and liabilities by geographic region (in thousands of dollars) isiV
follows: Vfl"

2006 206'S
Assets Liabilities Assets Liabilitips

Geographic region
Bahamas and Caribbean $ 7,178 $ 37,565 $ 8,642 $18,180
Europe 54,937 6,235 42,901 12,853
Other 4,658 720 308--
$ 66,773 $ 44,520 $51,543 $31,341


11. FAIR VALUE OF FINANCIAL INSTRUMENTS


Net fair value

Financial instruments utilized by the Bank include recorded assets and liabilities, as well as items-
that principally involve off-balance sheet risk. The majority of the Bank's financial instruments -
are either short-term in nature or have interest rates that automatically reset to market onM
periodic basis. Accordingly, the estimated fair value is not significantly different from .,
carrying value for each major category of the Bank's recorded asset and liability. ,,A


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THE TRIBUNE


PAGE 14B. MONDAY, JUNE 4, 2007


NOTICE



A )0P lRAI 0 I MA 3I"R


- Must Possess Knowledge Of Lpg Fuels,
Tanks And Accessories
- Have Knowledge Of Real Estate Market.
Locally, So That Needs Are Met.
- Able To Promote Company Via Internet,
Radio, Newspaper, And Other Marketing
Methods.
- Graphic Design/computer Skills Essential
- French Language Would Be An Advantage
- Must Have A Valid Driving License.


Salary Is Commensurate With
Ability And Experience.


Applications To Be Addressed To
The Human Resource Manager
At Cb-13207 By June 15th, 2007.


Deloitte,


* By NEIL HARTNELL
Tribune Business Editor

The Bahamas' aver-
age per capital
income, cited as the
third highest in the
Western Hemisphere behind
the US and Canada, is skewed
by the 12.7 per cent of the pop-
ulation regarded as high
income earners who live in a
'different world' compared to
many low income earners.
Statistics produced by the
Inter-American Development
Bank's (IDB) Opportunities
for the Majority initiative


Deloitte & Touche LLP
Two World Financial Center
New York, NY 10281-1414
USA


Tel: +1 212 436 2000
Fax: +1 212436 5000
www.deloitte.com





INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Stockholder of
Bank of Tokyo-Mitsubishi UFJ Trust Company and Subsidiaries
New York, New York

We have audited the accompanying consolidated balance sheets of Bank of Tokyo-Mitsubishi
UFJ Trust Company and Subsidiaries (the "Trust Company") as of December 31, 2006 and 2005,
and the related consolidated statements of income, changes in stockholder's equity and cash flows
for the years then ended. These consolidated financial statements are the responsibility of the
Trust Company's management Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.

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

In our opinion, such consolidated financial statements present fairly, in all material respects, the
financial position of the Trust Company at December 31, 2006 and 2005, and the results of its
operations and its cash flows for the years then ended in conformity with accounting principles
generally accepted in the United States of America.




March 27,2007

iank of Tokyo-Mitsubishi UFJ Trust Company and Subsidiaries
NI.


Consolidated Balance Sheets
p

uInds e.est share inetfarm,
Assets
Cash and due from banks .....................................................................................................................
Interest-bearing deposits........................................................................................................................
Federal funds sold.................................................................................................................................
Securities received as collateral.......................................... ............................. ..................
Securities (includes $392,023 in 2006 and $605,563 in 2005 pledged as collateral)... ............
Guaranteed investment contract (pledged as collateral)................. ..... ...................
Loans and lease finance receivables, net of fees of $7,681 and $9,725 and reserve for loan and
lease losses of $32,945 and $44,348, respectively, in 2006 and 2005....................................
Loans held-for-sale- ................................................................................................................................
Invest e t in operating leases................................................................................................................
A ccrued interest receivable......................................................... ........... .....................................
Premises and equipment, net of accumulated depreciation
of $8,385 in 2006 and $7,632 in 2005...........................................................................................
Intangibleasset.......................................................... ........... ...................
Pe ion benefits............................... .................................................. ..............................
Other assets.................. ............................................. ......................................
Todo.tal -.- --. ..................--- ........-.......
abilldes and Stockholder's Equity
Deposits:
Noninterest-bearing in domestic offices (nonaffiliated)............ .................. ..
Interes-besaung in domestic offices (nonaffillated) .............. . ..... . . .
ee -b ing In overas office (nonaffilated)...................... ......................................
Intet-bearin i overseas offices (affiliated)..................................... ....... ...............
Total deposits................................ .........................
Federal funds purchased and securities sold under repurche agpr entst.........................................
Obligation to mretum securities received as collater........................ .... ...........................
Borrwnbp from affiliate (loncludes nonucourse debt of $207,510 in 2006 and $170,426 In 2005).
Other borrowed funds (includes nonrecorse debt of $31,448 in 2006 and $36,582 in 2005)............
Accrued interest payable.......................................... .......... ..........................
O he r po I ti ent benBa fit ................................................................................................................
Acc ed e pe and o her abllties...............................................................................................
Deferred taxes psyable................................................. ...............
Subordinated debt with affiliate ............................................. ..................
T total liabilities................................................................................... ............... ...... .....................
Stockholder's Equity
Preferred stock (par value $100); 1,000,000 shres authorized;
none outs .m dlng ............. ...............................................................................................................
Corrnon stock (par value $1I); 1,485,000 shares authorized;
1,329,219 shares sued and outstndin...........................................................................
C apit l s rplu ........ .. ....... ..... ..... ..... .......... ................... ...... ................................
R etained M nl L ................................................................... ...................................................... ...
Accumulated other compiehenIve loss ............................... ..............................................
T o l stockholder equity.................................................. .............................................................
Total liabilities and tockholder's equty-----.---.-.- ---


December 31,
2006 2005


$ 282,435
605,417
179,000
11,684
908,523
50,000
1,960,925
6,779
710
14,469
2,715
8,567
1,410
11,800
$ 4,044,434


$ 916,715
358,699
716,128
299,630
2,291,172
322,354
11,684
212,316
73,100
4,618
2,729
38,274
154,082
105,000
3,215,329



132,922
311,494
393,170
829,105
$ 4,044,434


$ 256,781
847,717
200,000
546,569
895,806
50,000
1,863,257
3,650
7,043
13,838
3,453
3,446
17,037
$ 4,708,597


$ 870,208
377,155
760,893
311,508
2,319,764


40,018
3,718
2,790
108,941
148,322
105,000
3,913,669



132,922
311,494
359,379
___(8,867)
794,928
S 4,708,597


See notes to consolidated financial statements.

Interested persons may obtain a complete copy of the Audited Accounts from SG
Hambros Bank & Trust (Bahamas) Limited, P. 0. Box N-7788, West Bay Street, Nassau
Bahamas


showed that out of seven
Caribbean nations surveyed,
the Bahamas had the highest
population percentage regard-
ed as high income earners,
namely 12.7 per cent.
The nation with the next
highest percentage of high
income earners, based on Pur-
chasing Power Parity (PPP)
with the US$, was Barbados
at 7.5 per cent. The other five
nations Belize, Guyana,
Haiti, Jamaica and Suriname
- have less than 1 per cent of
their populations classified as
high income earners.
Yet in contrast, while the
IDB survey noted that 71.5 per
cent of the Bahamas' popula-
tion was classified as middle
class income earners, around
82.2 per cent, of Barbados' pop-
ulation fell into this category.
And when it came to low
income earners, who earned
less than $3,260 per year based
on PPP, some 15.8 per cent of
the Bahamian population fell
into this category, compared
to just 10.2 per cent of Barba-
dians.
The IDB data, which took
its statistics on the Bahamas
from the 2001 Bahamas Liv-
ing Conditions Survey, found
that 0.4 per cent of the
Caribbean's population who
earned less than $3,260 per
year were residing in the
Bahamas, compared to 0.2 per
cent in Barbados.
Although the Bahamas is in
a far better position than the
other five nations for Haiti,
Jamaica and Suriname, the
percentage of the population
classified as low income is 95.9
per cent, 89.1 per cent and 94.1
per cent respectively the
comparisons with Barbados
are instructive given that its
economic structure and stan-


dard of living most closely
resemble this nation's.
What the IDB data shows is
that income distribution in the
Bahamas is not as even as that
in Barbados, given that this
nation has a smaller percent-
age of its population in the
middle income bracket. A
greater percentage of Bahami-
ans are classified as 'high' and
'low' income earners, indicat-
ing that this nation's per capital
GDP measurement is distorted
to some extent by the one out
of every 10 Bahamians who
earn salaries and incomes far
above the national average.

Data

The IDB data hints at a
growing gap between rich and
poor in the Bahamas, some-
thing that could ultimately
cause major upheaval, espe-
cially as they live virtually 'side
by side' on many islands,
including New Providence.
The IDB estimated that the
combined purchasing power of
Bahamian residents who
earned $3,260 per year or less
was $90 million, adding: "New
business models and partner-
ships are needed to serve this
vast market, and to engage a
largely untapped constituency
of potential producers and cre-
ators of goods and services."
In its 2007-2008 Budget,
Hubert Ingraham's FNM
administration announced that
it was setting aside $3 million
"to provide relief to those on
the lowest income levels"
according to the poverty study
conducted by the IDB arid
Department of Statistics.
"It is our intention to assist
those persons now trapped ion
the lowest levels of poverty
and deprivation escape from


Kingsway Academy is seeking applicants for teaching
positions in the following areas:

ELEMENTARY:

Physical Education Teacher
Music Teacher
Teacher for grades 1 through six

HIGH SCHOOL

. Religious Studies/Christian Values
Mathematics Information Technology
Mathematics/ Physics
Physics,Biology
French and Spanish or Literature
English language and Literature
Food and Nutrition, Needlework, Art
Male Physical Education
Business Studies (Accounts and Office Procedures)

High School applicants should be qualified and willing
to teach to the BGCSE, S.A.T. II, and AP level with at
least a Bachelor's Degree or equivalent, with 6 years
experience at High School level in the. particular subject
area along with a Teacher's Certificate. A Masters Degree
in education, in teaching and learning or the content area,
would be an asset.All successful candidates should have
the following:

a An Academic Degree in the area of specialization
A Teaching Certificate
Excellent Communication Skills
A love for children and learning
High standards of morality
Be a born again Christian

Letters of application together with a recent color
photograph and detailed Curriculum Vita (including
the names and addresses of at least three references,
one being the name of one's church minister) should be
forwarded to:


Ms. Kelcine Hamilton
Academy Affairs Manager
Kingsway Academy Business Office
Bernard Road
Nassau, Bahamas

Salaries would be commensurate with qualifications and
experience.


their plight, and enable them
to lead more comfortable
lives," the Prime Minister said.
It is not clear what the $3
million will be spent on, and it
is unlikely to be enough to help
the almost one in six Bahami-
ans who live in poverty, many
of them children and
teenagers. It is also not clear
whether this money will be
used as a 'hand out', rather
than a 'hand up'.
The FNM government has
also allocated $1 million to a
youth programme where
young Bahamians will be given
financial assistance to buy tools
and equipment, helping them
start their own businesses.
Again, it is unclear whether
this is a replacement for the
Government-sponsored ven-
ture capital fund, the Bahamas,
Entrepreneurial Venture
Fund, which received $3 mil-
lion under the PLP to help
fund start-ups and entrepre-
neurs with debt and equity. No
mention was made of the fund
under the FNM Budget.
Some 360 million people in
Latin America and the
Caribbean, the IDB estimat-
ed, live on under $300 per
month, with some 11 million
of these living in the
Caribbean.
"The low income population
is subject to a poverty penalty
in the form of reduced access
to goods and services, as well
as higher prices," the IDB said. .
"Despite comparatively
advanced social indicators in
most Caribbean countries, a
sizeable proportion of the pop-
ulation in several countries still
lacks access to piped water.
Similarly, the low income
group is more likely than high-
er income groups to lack ade-
quate access to sanitation."




New car


sales 'flat'


FROM page 1

Company] flat. Our sales are
basically flat, which is not a
bad thing."
He added that it seemed as if
the "banks are not being as
aggressive" with their financing
of new car purchases by
Bahamas residents. Yet at the
BMDA car show, while Nas-
sau Motor Company wrote
fewer new car purchase pro-
posals, it closed on a greater
percentage of them compared
to 2006.
"We found at the car show
that while we wrote fewer4
propositions, we closed on a
larger percentage of what we
wrote," Mr Lowe told The Tri-
bune. "April was very flat, and
now in May we're back up to
projections.
"As a general rule, there's
no dramatic growth, that's for
sure. I'm optimistic that sales
have not dropped, but they are
flat from my personal per-
spective."


Share

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


Bahamas per capital





income 'distorted' by 13





per cent high earners


__


I _





THE TRIBUNE BUSINESS


Wulff Road & Jerome Avenue Branch


Creates


"Bright Futures"


On Its 20th Anniversaury'"


Scotiabank Wulff & Jerome Avenue B'.... -!.,' its doors on ... I
28h, 1987. Today, the branch employs twer :. -. - persons and services
hundreds of customers. In commemoration of . .', ,r.: 20'1 year
milestone, the Branch Mana:ier Mrs. Geraldine Sands and her team
hosted a live radio broadcast at the branch As a part of he Customer
Appreciation Day, the branch opted to show its .':i-1.', ...... side by
making several charitable donations to non-profit orL, '..-- :,.,-.. This
is in keeping with the bank's overall .:i ust to create bright futures for
the nation's youth, especially for underpr, i;-:--d h',:- -.. Mrs. Sands
and her team also welcomed customers and the lucky ones won prizes
as they entered the door to do their banking.


Life. Money. Balance both


MONDAY, JUNE 4, 2007, PAGE15B


Scotiabank






THE TRIBUNE BUSINESS


PAGE 16B, MONDAY, JUNE 4, 2007


* ~v ~ ~'
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