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Permanent Link: http://ufdc.ufl.edu/UF00084249/02909
 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: 6/6/2007
 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_02909
System ID: UF00084249:02909

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Volume: 103 No.161


WEDNESDAY, JUNE 6, 2007


PRICE 750




Outdoor 5


US exe ts to join investi ation


Team to provide

independent oversight

into PLP HQ blaze case


AMERICAN fire experts are
expected to arrive in the country
by today at the latest to begin
working alongside Bahamian
authorities on the investigation
into the blaze at Gambier
House, police confirmed yester-
day.
Chief Supt Hulan Hanna said
that the Florida-based team will
provide independent oversight in
the matter.
This comes only two days after
police initially suggested they
were considering flying "external
authorities" in to assist with the
investigation.
It has been revealed that those
heading the investigation first
contacted the Florida authorities
- with expertise in fire and
forensics early this week
through the US embassy in Nas-
sau.
However, at a press conference
on Monday police still spoke cau-
tiously of the possibility that such
persons may be brought to bear
on the investigation, stating only


that the avenue was being
"actively" explored.
"We want to be objective and
we want the public to be reason-
ably satisfied that we have been
objective," Chief Supt Hulan
Hanna told The Tribune yester-
day, as he confirmed the US per-
sonnel would be arriving either
yesterday afternoon or today.
"Generally what they'll be
doing is they will not be doing
any investigation as such they
will look at the work that our
investigators will have complet-
ed and where they can offer tech-
nical advice or assistance they will
do that," he said of the US team.
He stressed that our national
authorities have "tremendous
expertise" in the skills required
to carry out the investigation,
themselves often receiving train-
ing in North America or the Unit-
ed Kingdom.
Chief Supt Hanna said that the
foreign personnel could be on the
SEE page nine


Call for an audit of the

national voter register
* By BRENT DEAN
Tribune Staff Reporter
IN THE wake of widespread public allegations that non-citi-
zens voted in the last election, an audit needs to be done of the
national voter register.
Wayne Munroe made this assertion in an interview with The Tri-
bune, discussing the state of.the party's election court cases.
"If in fact there are allegations that there are a large number of
non-citizens voting, the parliamentary commissioner has the duty
of ensuring the righteousness of the voter's register. I would be most
disappointed if there is not already an audit going on in that
SEE page nine


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* By KARIN HERIG
Tribune Staff
Reporter
RESPONDING to criti-
cism by the PLP that the
FNM administration is
"scrapping" major initia-
tives, Minister of State for
Finance Zhivargo Laing
yesterday outlined how his
government is in fact
increasing funding to cer-
tain projects.
Giving his budget
2007/08 communication in
the House of Assembly yes-
terday afternoon, Mr Laing
described statements that
were given to the press by
certain members of the
PLP as "erroneous."
"It was claimed in those
press statements (by mem-
bers of the PLP) that we,
the FNM administration,
scrapped in this 2007/08
budget a number of major
programmes that were ini-
tiated by the former admin-
istration, namely Urban
Renewal, National Health
SEE page nine


Architect produces
plans for proposed
new straw market
ARCHITECT Michael Fos-
ter yesterday produced full plans
for the proposed new straw mar-
ket in Nassau, saying he was
"tired of taking the abuse" for
delays in the project.
The boss of Arconcepts,-
whose firm was chosen to design
the new building nearly five
years ago, told The Tribune that
he was still awaiting the go-
ahead on a project which has
been promised to vendors since
fire destroyed the former straw
market in September, 2001.
"I am the one taking the
abuse." he said, "I am a well-
known figure around town in
sport and junkanoo circles, and
people are always asking me
when the building is going to get
started. But I am not the one to
blame."
He said it was quite wrong to
suggest there were no architec-
tural plans for the building,
SEE page nine


Lawyer Paul

Moss 'joins

the PLP
* By ALISON LOWE
Tribune Staff Reporter
LAWYER anri human rights
activist Paul Mbss has joined
the Progressive Liberal Party
and "100 per cent absolutely"
intends to offe r himself as a
candidate in the next general
election.
In a press conference called
to announce his move, Mr
Moss praised the PLP as one
which has "demonstrated that it
is the party that not only best
represents the interest of the
grassroots BahAmians, or the
less fortunate B hamian, but it
is a party committed to the
empowerment of all Bahami-
ans."
The attorney said that for
this reason, while he "ago-
SEE page nine


MP claims
FNM plans
to increase
revenue by.
selling land
t6 foreigners
By BRENT DEAN
Tribune Staff Reporter
IN A hard-hitting response to
government's budget, Frank Smith,
the.MP for St Thomas More,
charged that the FNM plans to grow
.government revenue by increasing
the sale of Bahamian land to for-
eigners.
Mr Smith, who led off the oppo-
sition's critique, and appears to be
functioning as the shadow minister
of finance, made these remarks yes-
terday evening in the House.
"The budget proves that the
FNM was far from truthful with the.
Bahamian people during the cam-
paign, and they have already broken
SEE page nine


Funding for

Urban Renewal

social services

increases 75%
By KARIN HERIG
Tribune Staff Reporter
THE FNM has increased fund-
ing to the Urban Renewal Pro-
gramme's social services by 75 pei
cent overall allocating almost
$3.8 million to the initiative for
the upcoming fiscal year of
2007/08, Zhivargo Laing, Minis-
ter of State for Finance, said yes-
terday.
Hitting back at statements made
by certain PLP members regarding
the FNM's treatment of the Urban
Refiewal initiative, Mr Laing, in
opening the budget debate yes-
terday afternoon, said his govern-
ment is providing the social initia-
.tive with almost $800,000 more
than the PLP did.
"Not only was Urban Renewal
not scrapped, it has been given
increased funding, taking it from
$3.07 million under the former
administration to $3.783,198 mil-
lion under this administration," he
said.
He also told MPs that the PLP
government failed to spend the
full amount allocated to the Urban


SEE page nine


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THE TRIBUNE


PA(-rF wFnNF.SDAY JUNE 6. 2007


L N


$3m earmarked



to help the poor


FEATURING "THE QUEEN OF SOCA"


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* By PAUL TURNQUEST
Tribune Staff Reporter
CLAIMING that the FNM
is the true government of the
poor, Finance Minister
Zhivargo Laing announced
that for the first time, $3 mil-
lion will be allocated in the
2007-2008 budget to alleviate
poverty in the Bahamas.
Mr Laing revealed that a
poverty study was carried out
just before the PLP govern-
ment came into power, but
that nothing was done about
the situation.
"This survey, which we call
the poverty survey was done
in 2001. So anyone who had
anything they wanted to do
about it of any significance
could have done it under their
administration. But since it
wasn't done, the poor of the
Commonwealth of the
Bahamas will receive from the
government of the Bahamas
3 million dollars," Mr Laing
said.
Responding to loud criti-
cism from the opposition side,
Mr Laing shouted: "Those
who cannot celebrate with the
poor should be ashamed of
themselves."
He added: "I remember on
occasions when I was in this
place before, how difficult it
seemed sometimes for mem-
bers opposite to celebrate
what was good for the people
of the country if it was done
by someone other than them-
selves. I remember that. I
understand that now."
Mr Laing said it is expected
that out of the poverty study, a
number of recommendations
will arise that will lead to pro-
grammes under the Depart-
ment of Social Services to pro-
vide relief for many of the
poorest Bahamians.


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71^







WEDNESDAY, JUNE 6, 2007, PAGE 3


THE TRIBUNE


LOCALNW


0 In brief

Three armed
robberies
investigated
POLICE are investigating
three armed robberies which
occurred in the Englerston
area on Monday and may
have been committed by the
same individual.
According to police press
liaison officer ASP Walter
Evans, witnesses to the
offences described the per-
petrator as a dark male,
approximately 5ft 7in tall,
who wore dark shades, a dark
shirt and camouflage trousers.
The first armed robbery
reportedly took place at TK
Foodstore on Minnie Street.
Reports indicate that around
1pm on Monday a gunman
entered the store and robbed
the establishment of some
$300 cash and several phone
cards. The gunman then fled
the scene on foot.
The second armed robbery
took place shortly after 4pm
at Nina Convenience Store
on Miami Street and
Cordeaux Avenue. Reports
state that a gunman entered
the store and robbed the
establishment of an undeter-
mined amount of cash before
fleeing on foot.
Nearly an hour later a third
armed robbery took place at
the Wemiska Clothing Store
on Balfour Avenue. Accord-
ing to reports, a gunman fit-
ting the same description as
the perpetrator of the first
two offences held an employ-
ee of the store at gunpoint.
The gunman robbed the
employee of a small amount
of cash and escaped on foot
with several clothing items.
Police are investigating the
incidents.

Four charged
with firearm
possession
* By DENISE MAYCOCK
Tribune Freeport
Reporter
FREEPORT Four per-
sons were charged in the
Freeport Magistrate Court on
Monday with firearm posses-
sion and other offences.
Appearing before Deputy
Chief Magistrate Helen Jones
were Stanford Green Jr, 23,
and Sherlyn Green, 21, both
of Barbados Drive, and
Aaron Rolle, 25, of Man-
deville Drive, Hudson
Estates, along with Shandi
Braynen, 21, of Peacock
Lane.
It is alleged that the
accused persons on June 2
were found in possession of a
.38 firearm and .38 ammuni-
tion in Freeport, Grand
Bahama.
It is also alleged that the
accused persons were found
in possession of a small quan-
tity of marijuana.
The four persons pleaded
not guilty to firearm, ammu-
nition, and drug possession
charges.
Additionally, Aaron Rolle
was charged separately with
possession of ammunition. He
pleaded not guilty to that
charge.
The defendants were rep-
resented by Carlson Shurland
and Natalie Clarke. They
were granted bail in the
amount of $8,000 with
sureties.


Laywer claims political violence




could threaten tourism economy


* By ALISON LOWE
Tribune Staff Reporter
THE Bahamas is on "the
crest of a wave" of political
violence that will threaten the
fragile tourism economy if
nothing is done to ease ten-
sions, it has been claimed.
Lawyer and human rights
activist Paul Moss warned yes-
terday that the Bahamas runs
the risk of becoming like
Jamaica, where political vio-
lence is rife. He was speaking
during a press conference
called to announce his deci-
sion to join the Progressive
Liberal Party.
"We need to have all leaders
in our country political,
social, church and otherwise -
to ask for calm, to ask for peo-
ple to show restraint, to be tol-
erant of the views of others,
because that's the only way
we'll make it," Mr Moss said.
He claimed that while oppo-
sition leader Perry Christie had
"called for calm", Prime Min-
ister Hubert Ingraham had not
said enough in light of recent
acts of violence directed at
politically symbolic sites.
"I think it's incumbent on
our prime minister to come
out and say 'look, we need to
have some resolution to this'.
He ought to tell people how
they ought to conduct them-
selves.


"We-cannot build (a nation)
by being divisive and having
sectors of the society so
polarised that they can only
see red or they can only see
gold," he said.
Mr Moss claimed this year's
general election was similar to
the 1967 election in certain
respects, and suggested that
this may have been to blame
for what some commentators
have perceived as an
atmosphere of increased
volatility.
"Tempers ran high because
people understood that this
was really for the control of a
country, the control of a des-
tiny," said Mr Moss.
The close outcome, and the
likelihood, according to him
and other PLP members, that
Bahamians will go to the polls
again next year as the coun-
try did in 1968 also con-
tributed to the comparison, Mr
Moss claimed.
Asked whether he believes
it is possible to counter the
impression that the precedent


for political violence has been
set, Mr Moss said this can only
be achieved if the country
"comes together".
"But we are on the crest of a
wave if we continue to allow
these things to go on unabat-
ed," he warned.
This came as it was revealed
that Florida authorities with
expertise in fire-related inci-
dents were expected to arrive
in the country yesterday after-
noon to aid Bahamian investi-
gators in determining who or
what was to blame for a fire
at PLP headquarters over the
weekend.
Police have not yet officially
ruled the incident an act of
arson, but speculation on the
matter has been rife. Investi-
gations are continuing.
A fire at the headquarters
of FNM politician Tommy
Turnquest and a bullet fired
through the window of a PLP
planning office in the run-up to
the election are also under
investigation by local authori-
ties.


Retired officer says



police are 'politically



-unbiased' in their work


POLICE were yesterday praised as "political-
ly unbiased" in their work by a retired senior
officer.
Paul Thompson, a former assistant commis-
sioner, said it was unfair for critics to suggest the
force was working harder under the FNM than it
did under the PLP.
His comments came after a radio talk show
received several calls from PLP supporters claim-
ing the force was biased.
But Mr Thompson said Bahamas police record-
ed a highly successful detection rate under the
PLP.
And he discounted claims that the force was
influenced by political considerations when han-
dling cases.
"The Bahamas police have always handled cas-
es fairly, outside of the influence of politicians,
and there are many cases involving politicians to
prove it.


"I think the police are getting a bad rap and I
believe some talk show hosts are encouraging
polarisation and division of the people with this
kind of thing.
"The host on this occasion actually asked if
listeners felt the police were working harder
under the FNM, which I felt was a leading ques-
tion.
"In fact, the police have always been very
impartial. We need to accept that we have good
people in the force."
However, he did criticise officers who appeared
in FNM tee-shirts on polling day because he felt
it led people to question the impartiality of the
force.
He said it was important for officers to take an
independent stance at all times.
"Most officers want to do their jobs, and don't
care whether people are FNM or PLP when they
are conducting investigations," he added.


* LAWYER and human rights activist Paul Moss
(FILE Photo)


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Paul Moss speaks out;

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


I-


1(1





THE TRIBUNE


PAGE 4, WEDNESDAY, JUNE 6,2007


EDIT 0-' I- TTER STOTH I


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


Middle East history did not begin in 1967


SCIENTISTS believe history began 13.7
billion years ago. Proprietors of the newly
opened Creation Museum in Petersburg,
Ky., believe history began 6,000 years ago.
Apologists for Arab terrorism and tyranny
believe history began a short 40 years ago.
That was when Israel, evading the noose
being tightened around its neck by Soviet-
supported Arab enemies, launched a pre-
emptive attack on the military forces arrayed
against it.
In May 1967, Egyptian President Gamal
Abdel Nasser had expelled U.N. peace-
keeping forces from the Sinai Peninsula,
sent 100,000 troops across the Suez Canal,
remilitarized the border with Israel and
blockaded the Straits of Tiran to Israeli ship-
ping.
With diplomatic efforts to halt Nasser's
march to war in tatters, Israel struck first
on June 5.
Like so many chauvinistic dictators who
came before and after him, Nasser fabu-
lously misrepresented the success of his mil-
itary in the early stages of the conflict.
Believing victory against the Zionist ene-
my was finally at hand, the Baathist leaders
of Syria and King Hussein of Jordan blun-
dered into battle on two more fronts.
After six days, it was over. Israel had once
again inflicted a stinging defeat on Arab
armies. Israeli forces controlled the Sinai
Peninsula, the Golan Heights and the West
Bank of the Jordan River.
And for people of a certain persuasion,
history began.
No one had ever heard of the "occupied"
Gaza Strip or the "occupied" West Bank
before June 10, 1967.
Not because there hadn't been occupa-
tions in both places.
Of course, Egypt had occupied Gaza and
Jordan had occupied the West Bank since
1948.
And if there had been any inclination on
the part of the Arab world to create even tie
rudiments of a Palestinian state, it might
have occurred at any time in the preceding
19 years.
But as with so much else, you have to
ignore history and the facts -- to buy
into the belief system that constitutes the
mythology of anti-Zionism.
Attributing the Palestinian-Israeli conflict
to the Israeli occupation, pretending that
no other occupation came before it, is far


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easier than explaining the unanimous Arab
rejection of the 1947 U.N. partition plan
and the failure of Arab leaders to pay more
than lip service to Palestinian statehood.
You simply can't reconcile the explicit
repudiation of a two-state solution and the
jubilant calls in 1947 and again in the
days leading up to the Six Day War in 1967
- for the annihilation of the Jews, with any
notion of Arabs and Jews living together in
peace.
You can't claim Islamic extremism is a
reaction to Israeli occupation if you know
that the Muslim Brotherhood the ideo-
logical grandfather of all jihadist groups -
started in Egypt two decades before the
founding of the modern state of Israel or
that Muhammad ibn Abd al Wahhab made
a pact with Muhammad ibn Saud two cen-
turies earlier that entrenched a radical inter-
pretation of Islam in the Arabian Peninsula.
And you can't possibly blame Israeli poli-
cies for fueling violence in the Middle East
if you know about the dozens of regional
conflicts that have inflicted tens of millions
of casualties on the Muslim world and have
nothing to do with Palestinian self-determi-
nation in Algeria, Ethiopia, Somalia,
Sudan, Lebanon, Yemen and Afghanistan;
between Morocco and Algeria, Egypt and
Libya, Libya and Chad, Syria and Jordan,
Iraq and Kuwait, Iran and Iraq.
But a fair reading of history isn't kind to
anti-Israeli fabulists.
So to make the mythology believable by
the gullible and the wilfully ignorant, his-
tory must begin in 1967 and the Israeli occu-
pation must be the root of all Middle East
evil. But the Israeli withdrawal from the
Gaza Strip in 2005 and the tragic degenera-
tion of Palestinian society that followed
has rendered this fantasy ultimately obso-
lete.
For those of us who seek an honest rec-
onciliation between Israelis and Palestini-
ans and peace between Jews and Arabs -
and, not least, among Arabs and Muslims -
hope must triumph over experience.
That hope is predicated first and foremost
on an honest reading of history, a mutual
recognition of humanity and a calendar that
begins before June 5, 1967.
(This article was written by
Jonathan Gurwitz of the San Antonio
Express-News c.2007).


EDITOR, The Tribune.
I HAD a look at the Summa-
ry of Recurrent Expenditure
.2007/2008 downloaded from the
Government's web site last
weekend. According to this
information, it appears there will
be an estimated spending
increase for a number of Min-
istries and Departments includ-
ing:
1. Dept. of Public Sevice: $15.4
m
2. Ministry of Lands and Local
Government: $15.7 m
3. Dept. of Immigration: $2.09
m
4. Ministry of Education,
Youth, Sports and Culture: $11.6
mn
5. Dept. of Youth & Sports:
$1.8
6. Ministry of Housing: $6.33m
7. Ministry of Health & Social
Development: $8.08 m
8. Public Hospitals Authori-
ty: $21.8 m
9. Dept. of Environmental
Health Services: $4.8m
10. Dept. of Public Health:
$3.7m
11. Office of the Attorney
General: $0.923m
12. Judicial Department:
$0.8m
13. Court of Appeal: $0.372m
14. Magistrates' Court *a
decrease of $108,358
The Office of the Prime
Minister, is estimating a reduc-
tion of its 2006/2007 budget from
$22.9 m to $10m, representing a
decrease of $12.7 m. But $12.7m
still represents an increase of
about $4.6m over the provision-
al expenditure for 2005/2006 of
$5.5m. The $4.6m increase -
even after the decrease is still
about 83.6 per cent higher than
the provisional expenditure of
2005/2006.
Does the PM's office really
need ain'increase of $4.6m?
Why is the estimated increase
to the Judiciary less than 10 per
cent of its 2006/2007 approved
estimate?
Are the problems of the judi-
ciary going to be solved with a 10
per cent increase? Will this pro-
duce sufficient skilled judges on
the bench?
It appears Justice Lyons will
be leaving the Supreme Court
Bench and the Bahamas. This
leaves only senior Justice Allen
hearing commercial matters in
Nassau. There is no other senior
judge to hear commercial mat-
ters.
How long can we pretend to
be a financial centre without a
sufficient and seasoned judicia-
ry?
We don't even have the judi-
cial resources to determine local


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matters on a timely and efficient
basis, never mind international
financial matters.
Take this hypothetical sce-
niario for an example:
A buys a piece of land from
B. A pays the money to B's
lawyer No. 1.
Lawyer No. 1, records the
conveyance to A, and provides
A with a recorded deed in due
course.
Some years later, A discovers
C is building on A's property.
It turns out that B, the Ven-
dor, went from lawyer No. 1 to
Lawyer no. 2.
Lawyer No. 2, acts for B and
C, and conveys the same land to
C, notwithstanding the recorded
title of A.
The matter then goes to
Court.
The case for B, is that:
When B, the Vendor, sold the
land the first time to A. B vio-
lated the Private Roads and Sub-
divisions Act. So B argues that
the deed to A is void, and as
Vendor, B was entitled to sell
the same property again, this
time to C.
So, B (the Vendor), argues
its own wrong-doing allows it to
sell the property twice.
The matter is then set before
Judge X, but Judge X leaves the
bench.
The above issue could be
determined by a trial of a pre-
liminary point of law but it does
not get determined as there is
no judge to determine it. Years
later and the matter remains


undetermined.
The result then is:
C, the second purchaser is
collecting rent from the com-
pleted building.
B, the Vendor has been paid
twice for the same piece of land,
and
A, the original purchaser, is
excluded from the'land he pur-
chased, has no refund of the
money paid, no compensation
for the current value of the land,
and no response from the jus-
tice system.
Without an adequate judicia-
ry, what good are property
rights?
What good does it do us to
have a PM's office with a budget
of $10m, if the country cannot
provide a judiciary to determine
basic rights?
Neglect of the judicial prob-
lem is a descent into chaos.
The judicial system appears to
be expiring before our eyes. And
with it go property rights, safety,
law and order.
Without a judiciary, there is
no preservation of rights
between wrong-doers and their
victims, and no protection for
the citizen who seeks to affirm
his constitutional rights.
What about the man who is
wrongly accused?
What protection does he
have, when the system is
severely stretched, both on the
policing side and the judicial
side?
Without an adequate judicia-
ry, how do you protect your fam-
ily? yourself? your property?
LEANDRA ESFAKIS
Esfakis Chambers
Nassau,
June 4, 2007.


Proposed Parliamentary

Resolution in reference to slave

trade abolition anniversary
EDITOR, The Tribune.
I ENCLOSE a copy of a proposed Parliamentary Resolution in
reference to the 200th anniversary of the Abolition of the Trens
Atlantic Slave Trade.
Please present this resolution to your listening or reading publi:"tc.
determine if they are in favour of having it debated in Parliament at ti0
time or some future time or not all.
Parliamentary Resolution On the 200th anniversary of the Abolition
of the Trans-Atlantic Slave Trade -
Be it resolved that this House of Assembly and the Senate hereby
acknowledge with profound regret and sincere apology, the involuntary
servitude of Africans and their descendants in the institution of slavery
in The Islands of The Bahamas from 1648 to 1838.
Be it further resolved that even after the abolition of slavery; sys-
tematic discrimination, enforced segregation and other iniquitous
practices continued towards black people in The Bahamas; for which
this Parliament also expresses profound regret and sincerest apology.
We the Honourable Members of this Assembly and Senate firmly
resolve that all laws and customs, conventions and practices inside
this Parliament and otherwise, shall hereafter reflect understanding and
compassion, mercy and favour towards the people of The Bahamas,
because of the social oppression and economic deprivations which
resulted from the institution of slavery.
And this Parliament will join hands and heart with the organised
Christian church and other religious bodies in assuring that the people
of The Bahamas will never again suffer the indignity of slavery,
bondage or exploitation.
God bless the Commonwealth of The Bahamas.

EMERSON STANTON ROLLE
Nassau.
March, 2007.





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WEDNESDAY, JUNE 6, 200/, PALit b


THE TRIBUNE


n brief Cash family pledge to continue


Venezuela

and US

clash at

OSA meet

* PANAMA
Panama City

VENEZUELA said Tues-
day the Organization of
American States should
investigate rights violations
at the US prison on Guan-
tanamo before looking into
the decision by President
Hugo Chavez's government
to push an opposition televi-
sion station off the air,
according to Associated Press.
Foreign Minister Nicolas
Maduro refused to say
whether Venezuela would
allow an OAS investigation
into its move to not renew
the broadcast license of
Radio Caracas Television.
US Secretary of State Con-
doleezza Rice on Monday
requested the investigation
during her brief appearance
at the OAS meeting in Pana-
ma City.
"We are being very clear,"
Maduro said Tuesday. "If the
OAS is going to name a com-
mission, it first must go to the
prisons of Guantanamo ... or
to the Mexican border, if it
really wants to review human
rights and how they hunt
down" migrants.
On Monday, Rice urged
the meeting of OAS foreign
ministers to send the group's
secretary-general, Jose Miguel
Insulza, to Venezuela to look
into the government's refusal
to renew RCTV's licence and
report on his findings.
"Disagreeing with your
government is not unpatriot-
ic and most certainly should
not be a crime in any country,
especially a democracy," Rice
said.
Maduro called Rice's com-
ments "unacceptable inter-
vention in the internal affairs
of a nation." Chavez accused
RCTV of helping incite a
failed coup in 2002 and says
his decision to replace it with
a state-funded public chan-
nel was a step toward
"democratising" the airwaves.
The US-Venezuela rift has
forced the rest of the nations
attending the OAS gathering
to choose between the two
adversaries, balancing the
OAS principle of not inter-
vening in member states with
their desire to defend a free
press and avoid offending the
United States.
It appeared the US request
would not make it int6 the
meeting's final resolution,
which was to be. issued later
Tuesday. A draft proposal
only expressed general sup-
port for freedom of expres-
sion, without mentioning the
RCTV case.
Many in Latin America
have criticised Venezuelan
President Hugo Chavez's
refusal to renew the station's
licence, prompting protests
throughout the region.
Chavez would likely reject
any OAS mission. In January,
he called Insulza an "idiot"
and said he should resign after
the secretary-general warned
that failing to allow RCTV to
continue broadcasting "would
be seen as a form of censor-
ship against freedom of
expression."
Insulza has avoided the
topic during the meeting this
week in Panama, saying he
didn't think the OAS needed
to keep making statements
on the issue.
The debate overshadowed
the meeting's original planned
focus on alternative fuels.
While the ministers agreed
that the world should try to
promote the use of sustain-
able energy, they didn't see
eye-to-eye on how to achieve
that goal.
Nicaraguan Foreign Min-
ister Samuel Santos criticized
the region's focus on ethanol
and said officials should work
on expanding development
of other fuel sources.
"Developing nations can't
become exclusive producers
of the primary material for
making ethanol, using all of
our lands for the production
of sugar cane," he said.
Cuban leader Fidel Castro
has also spoken out against


using third-world nations to
grow the sugarcane and corn
used to produce ethanol.


FOR3INILANE
Fri, ]lI izeFnicide, .


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THE battling C('ash family is
determined to press ahead with
an appeal, despite a judge's
decision yesterday to increase
damages he awarded in their
favour against the Baptist edu-
cational authorities.
Greg and Tanya Cash were
asked to appear again before
Justice John Lyons yesterday
when he raised the $20,000
damages he awarded a few
weeks ago to $26,758.
But the couple dismissed the
figure as "derisory" and said their
fight for justice would go on.
However, the couple said
they were being denied access
to court transcripts that were
essential for the preparation of
their appeal case.
"We are being denied these
transcripts because they are too
damning," said Mrs Cash.
"The judge had previously
referred in court to the serious-
ness of the damage my husband
had suffered in this matter. An
award of this amount doesn't
match the seriousness of the
case previously acknowledged
by the court."
Mr and Mrs Cash have been
trying for five years to get jus-
tice in their battle against the


ing unfair dismissal, but have
-accused the Baptists of defama-
tion of character and of wrong-
fully expelling their two chil-
dren from the school.
They both said the case had
caused enormous distress and
anxiety and that their constitu-
tional rights had been violated.
Mr Cash said: "Had I not
been a man with God at the
forefront of his life, I might
have taken matters into my own
hands over the years, as many
people often do.
"This is a derisory sum that
takes no account of my profes-
sional standing, my qualifica-
tions or anything else.
"As a family, we have suf-
fered mentally over a very long
time and we are suffering still.
Our children have been vic-
timised and my name has been
defamed.
"For a judge to award $26,000
in these circumstances makes
no sense. We intend to appeal
this matter right to the bitter
end."
The couple said they had
received "enormous support"
from Tribune readers after a
story appeared about the origi-
nal $20,000 damages award.


N GREG and Tanya Cash


(Photo: Tim Clarke/Tribune staff)


Baptist educational authorities "People were shocked when of this case. At one point he much anguish. The Baptists have Council if necessary. "We might
following Mr Cash's dismissal they read it," said Mrs Cash. told my husband 'You are not tried to wreck our lives." have to seek justice in a foreign
as head coach at Jordan Prince "They couldn't believe it. We worth it' when we felt we were The couple have said previ- land," said Mrs Cash.
William High School. don't feel the judge gave ample due far more. ously that they will pursue their The Baptists were not repre-
The couple are not only alleg- consideration to many aspects "This is a case which has caused claims right up to the Privy sented at yesterday's hearing.


US Senator says plot to blow up JFK International 'unrealistic'


* By KARIN HERIG
Tribune Staff Reporter

THE plan to blow up New
York's JFK International Air-
port hatched by four Caribbean
men one a former Guyanese
politician who visited the
Bahamas for political meetings
- was unrealistic according to a
US Senator.
New York Senator Chuck
Schumer told The Associated
Press yesterday that the alleged
plan to blow up the airport's
major jet-fuel supply tanks and
pipeline was unprofessionally
plotted and unlikely to succeed.
US authorities in the past
days said that if the plot had
succeeded the results would
have been devastating.
However, experts have
expressed doubt that the plan
would have got off the ground,
as it lacked the necessary fund-
ing and training.
Nevertheless, Senator


Schumer emphasised that the
threat of terror remains very
real and called for more anti-
terror funding for New York
city.

Uncertainty

Up until press time last night,
there still had been no official
word from the US' Department
of Homeland Security on whether
a higher level of precaution was
going to been taken with regard
to Caribbean nationals.
In Barbados, a spokesperson
for the US Embassy indicated
that the JFK plot would not
necessarily change the relation-
ship between the Caribbean and
US.
Earlier this week, a spokesper-
son for the Department of
Homeland Security, Russ
Kanocke, said that no immediate
adjustments were being made to
the security posture.


"There is no credible intelli-
gence to suggest a threat to the
homeland (from the Caribbean
region) at this time," Mr
Kanocke told The Jamaica
Gleaner.
Over the weekend, US
authorities identified four sus-
pects in the alleged JFK air-
port plot: Brooklyn resident
and native of Guyana Russell
Defreitas, 63, a former cargo
handler at JFK airport;
Kareem Ibrahim, 61, of
Trinidad; Abdul Kadir, 55, a
former member of the
Guyanese Parliament; and
Abdel Nur, 57, also of Guyana.
Of the four Caribbean men
who were charged with con-
spiring to destroy JFK, Abdul
Kadir was the one defendant
who up until yesterday morn-
ing had eluded capture.
Kadir reportedly turned him-
self in to police in Trinidad and
is currently being held at a Port
of Spain police station.


Official list of permanent


secretary transfers released


THE government has
released the official list of trans-
fers for permanent secretaries.
The following changes took
effect on 1 June, according to
a statement issued by the Cabi-
net Office yesterday:
Creswell Sturrup, former
permanent secretary in the Min-
istry of Education, Science and
Technology, is now the perma-
nent secretary in the Cabinet
Office. His new office will be
on the first floor of the
Churchill Building in Rawson
Square. He can be reached at: P
O Box N-7147; 322-3220/8; 328-
8294 (fax).
Thelma Beneby, former
permanent secretary in the Min-
istry of Works and Immigration,
is now permanent secretary in
the Ministry of Maritime Affairs
and Labour. Her new office is
on the first floor of the Post
Office Building on East Hill
Street. She can be reached at: P
O Box N-3008; 323-7814/5; 325-
1920 (fax).
Leila Greene, former per-
manent secretary in the Min-
istry of Youth, Sports and
Housing, is now permanent sec-
retary in the Office of the
Attorney General and Ministry
of Legal Affairs. Her office is
on the seventh floor of the Post
Building. She can be reached
at: P 0 Box N-3007; 322-1141/4
or 502-0400; 356-4179 (fax).
Dr Patricia Rodgers, cur-
rently on leave from her posi-
tion as permanent secretary in
the Ministry of Foreign Affairs,
has been transferred temporar-
ily to become permanent sec-
retary in the Cabinet Office.
Archie Nairn, former per-
manent secretary in th Ministry
of Transport and Aviation, is
now permanent secretary in the
Ministry of Tourism and Avia-
tion. His office is in the Bolam
Building on George Street. He
can be reached al: P O Box N-


3701; 322-7500 or 302-2000; 302-
2098 (fax).
Missouri Sherman-Peter,
former permanent secretary in
the Cabinet Office, is now per-
manent secretary in the Min-
istry of National Security. Her
office is on the third floor of the
Churchill Building. She can be
reached at: P 0 Box N-3217;
356-6792/3 or 356-4400/3; 356-
6087 (fax).
Jacqueline Murray, former
permanent secretary in the
Office of the Attorney General
and Ministry of Legal Affairs,
has been transferred temporar-
ily as permanent secretary in
the Cabinet Office.
Colin Higgs, permanent sec-
retary in the Ministry of
Tourism and Aviation, is now
permanent secretary in the
Ministry of Public Works and
Transport. His office is on John
F Kennedy Drive. He can be
contacted at: P 0 Box N-8156;
322-4830/1; 326-7344 (fax).
Barbara Burrows, former
permanent secretary in the Min-
istry of Social Services and
Community Development, is
now permanent secretary in the
Ministry of Health and Social
Development. Her office is on
Meeting and Augusta Street.
She can be reached at: P 0 Box
N-3730; 504-4700; 325-5421
(fax).
Elma Garraway, former
permanent secretary in the Min-
istry of Health, National Insur-
ance and Public Information, is
now permanent secretary in the,
Ministry of Education, Youth,
Sports and Culture. Her office is
on Thompson Boulevard. She
can be reached at: P 0 Box N-
3913/14; 322-8140 or 502-2700/4;
328-8970 (fax).
Camille Johnson, former
permanent secretary in the Min-
istry of Utilities and the Envi-
ronment, is now permanent
secretary in the Ministry of


Housing and National Insur-
ance. Her office is in Claughton
House on Charlotte Street. She
can be reached at: P 0 Box N-
4849; 322-6027; 322-6064 (fax).
Sheila Carey, former per-
manent secretary in the Min-
istry ofLabour and Financial
Services, is now permanent sec-
retary in the Office of the
Deputy Prime Minister and
Ministry of Foreign Affairs. Her
office is on East Hill Street. She
can be reached at: P 0 Box N-
3746; 322-7624/5 or 302-9300/1;
328-8212 (fax).
Harrison Thompson, for-
mer permanent secretary in the
Ministry of Local Government
and Consumer Affairs, is now
permanent secretary in the Min-
istry of Lands and Local Gov-
ernment. His office is in the
Manx Building on West Bay
Street,. He can be reached at: P
O Box N-3040; 328-2700/5; 328-
1324 (fax).

Other appointments include:
Ronald Thompson, perma-
nent secretary in the Office of
the Prime Minister, Sir Cecil
Wallace Whitfield Building,
Cable Beach, P 0 Box CB-
10980; 327-5826/9; 327-5806
(fax).
Irene Stubbs, former per-
manent secretary in the Min-
istry of the Public Service, now
the Department of Public Ser-
vice, Poincianna Hill, Meeting
Street, P 0 Box N-3915; 502-
7200; 326-6929 (fax).
Helen Ebong, permanent
secretary in the Ministry of
Finance, Sir Cecil Wallace
Whitfield Centre, Cable Beach,
P 0 Box N-3017; 327-1530; 327-
1620 (fax).
Colleen Nottage, perma-
nent secretary in the Ministry
of Agriculture and Marine
Resources, Levy Building, East
Bay Street, P 0 Box N-3028;
325-7502/9; 322-1767 (fax).


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THE TRIBUNE


GE 6 WEDNESDAY, JUNE 6, 2007


iollywood gives




Slowing report




to the Bahamas -
.,. ...X*, ... .


a THE Bahamas' film produc- The magazine said film pro- Experts in the film industry
$.-.Ub prowess has been touted duction in the Bahamas has agree that the co-operation has
,,;._ian edition of the Hollywood been a "positive experience" attracted the attention of many .
porter the top-shelf film for most major projects. It also Hollywood executives, and has 7'
u stry reference magazine, called attention to the inter- already brought sizable gains
-"-'he feature article in a May agency co-operation that has to the Bahamas. Combined,
i'tion points to the Bahamas' caused film production in the the 160 days of filming for the
a^ ent success in attracting Bahamas to be a relatively pain- Pirates movies and the 35 days
-lage-budget Hollywood films less process. for Casino Royale have paid
-',-to6the location. The most recent "We had tremendous co- out $51 million in the A.,
o These were the James Bond operation all around from the Bahamas. -----
:, .fijm Casino Royale and Pirates police, customs and the film Craig Woods, Bahamas Film E HOLLYWOOD pundits have given the thumbs up to working conditions and facilities in the
,e| the Caribbean II and III, commission," the Hollywood Commissioner, said several Bahamas
.'lich wrapped production in Reporter quotes Casino Royale smaller budget films have also
6t. executive producer Anthony been shot in the Bahamas.
though it also alludes to Waye. The smaller films, such as
.-6'me of the country's produc- Part of that co-operation was Sirens of Eleuthera, get the "They are receiving invaluable The Bahamas also won a "I'm a fan of the Bahamas,
t:on% challenges such as hurri- receiving speedy clearance from same kind of attention and co- experience and being paid well strong endorsement from 101 per cent," Ms Kirman told
e fears and a pending law the Ministry of Agriculture to operation. They also bring while they get it. These films Diane Kirman, producer of the Hollywood Reporter.
t against Disney brought by import cobras and ferrets that many benefits to the country, will go a long way in raising up Sirens of Eleuthera. Ms Kir- Ms Kirman reported that her
..ahamas Film Studios, the Hol- would be "stars" in the movie. Mr Woods said. a core of qualified, Bahamian man and her husband, film had an all-Bahamian props
. ct ood Reporter also empha- A police escort was also "Bahamians are being trained film professionals who can work writer/director Stuart Rafill, department. In total, she said
: es*many of the Bahamas' suc- arranged for the transport of in the special skills necessary in front of and behind the cam- spent five weeks filming the one third of crew for Sirens was
essess. the animals. for filmn production," he said. era on future projects." movie in Eleuthera. Bahamian.



HBahamas estimated to have low smoking percentage


rate of cigarette smok- whether limited or sustained, plans to work on smoke-free environment
ated to be low in compar- and debilitating illness, signifi-
;rt hto the rest of the Americas cant morbidity and can lead to
- rding to Minister of Health reduced productivity at the
Dr Hubert Minnis. national level.
.However, Dr Minnis warned He said the creation and pro- free environment is the only "This has led to the Lynden
-...Igtt'exposure to tobacco smoke, motion.of a 100 per cent smoke- effective way to protect from Pindling Airport being desig-
p. u to..-nn tbc onso ,,mhoth of n n0pt d is a si m -free facility.


nateu asya srn .,-tre, CII.Lt
since the mid-1990s; prepara-
tion of legislation to increase
the number of public places des-
ignated as being smoke-free; the
hosting of a number of public
education workshops with pub-
lic and private sector organisa-
tions, and the hosting of an
exhibition in the General Post
Office, East Hill Street, to com-
memorate World No-Tobacco
Day," Dr Minnis added.
The Health Minister said
these activities, in addition to
the government signing onto the
World Health Organisation's
(WHO) Framework Convention
on Tobacco Control in 2004, has
highlighted the fact that tobacco
smoke is a major risk factor for
chronic and non-communicable
diseases, especially among vul-
nerable populations.
He said more and more
Bahamians are beginning to
understand the ramifications of
second-hand smoke which can
cause heart disease and cancers,
particularly ear, nose, throat
and lung cancers and that more
and more of them are begin-
ning to complain about the
issue.
Dr Minnis said his ministry
will continue its public aware-
ness campaigns about the harm-
ful effects of tobacco smoke and
second-hand smoke and will
continue to work with its strate-
gic partners to campaign for the
creation and promotion of
smoke-free environments
throughout the Bahamas.
Dr Yitades Gebre, advisor for
disease prevention and control
to the World Health Organisa-
tion/Pan American Health
Organisation, said second-hand
smoke causes at least 200,000


deaths a year in the workplace
alone.
Dr Gebre said PAHO/WHO
supports the Ministry of
Health's efforts in taking imme-
diate and important steps to
protect the health of all persons
by educating the public and by
putting policy in place to ensure
all indoor workplaces and pub-
lic places are 100 per cent
smoke-free.
"The scientific evidence
leaves no doubt and it is clear
that there is no safe level of
exposure to second-hand tobac-
co smoke," Dr Gebre said.
"Since 2004, many countries
have already taken action to
create and enjoy smoke-free
indoor workspaces and public
places including restaurants,
bars and pubs. A 100 per cent


smoke-free environment is the
only effective strategy to reduce
exposure to tobacco smoke
indoors to safe levels and to
provide an acceptable level of
protection from the dangers of
second-hand smoke.
"Simply separating smokers
and non-smokers within the
same airspace, absent any floor-
to-ceiling barriers, does not
eliminate and in many cases
does not even reduce non-
smokers' exposure to second-
hand smoke.
"Neither ventilation nor fil-
tration, alone or in combina-
tion, can reduce exposure levels
of tobacco smoke from indoor
spaces to levels that are consid-
ered acceptable even in terms of
odor, much less health effects,"
Dr Gebre added.


Minister at Cancer Society Ball


* THE Cancer Society of the Bahamas held its sixth annual fund raising gala ball at the Marriot
Crystal Palace Ballroom on Saturday June 2. Pictured, from left at the ball are: sportsman Jeff
Rodgers; Minister of Health Dr Hubert A Minnis; president of the Cancer Society Terrance Foun-
tain ball co-chairperson Orinthia Nesheth; master of ceremony Archdeacon James Palacious; and
National Youth Choir director Cleophas Adderley.
(Photo: BIS/Kristaan Ingraham)


PShare your news


% ,


.a


2 f %A kIr I a He%~_


I






THE TRIBUNE


WEDNESDAY, JUNE 6, 2007, PAGE 7


OIn brief

WHO gives

welcome

to US cash

for AIDS


0 SLEW


Disabled call on government




to reopen Cheshire Home


THE World Health Organ-
isation has welcomed the
United States' proposal to
commit a further $30 billion
to the President's Emergency
Plan for AIDS Relief and
extend the plan for another
five years.
"We are very encouraged
by this announcement," said
the WHO director-general Dr
Margaret Chan. "It is essen-
tial that world leaders con-
tinue to work together to
ensure long-term predictable
funding for health priorities.
Many millions of lives depend
on this."
WHO said it is committed
to continue working closely
with the US government and
other partners to help ensure
progress towards universal
access to AIDS relief.
This includes building on
current co-operation around
initiatives such as the WHO
programme to address criti-
cal human resource needs,
increasing access to HIV test-
ing and counselling, and scal-
ing up integrated treatment
and prevention services.
Efforts to develop joint TB
and HIV programme
approaches and to control the
emerging threat of drug-resis-
tant TB are also a priority for
WHO.

Some US
politicians

want to lift

embargo

LITTLE ROCK, Arkansas
- Returning from his second
trip to Cuba in seven years,
US Representative Marion
Berry joined five other con-
gressmen Tuesday in calling
for the administration of Pres-
ident George W Bush to end
the nation's 45-year trade
embargo on Cuba.
They stressed the impor-
tance of entering the Cuban
market as an economic bene-
fit for farmers and as a secu-
rity issue as China offers
more goods to the island.
The calls came on the same
day Bush called Cuba one of
the "worst dictatorships."
The congressmen's trip to
Havana was organised by the
Center for Democracy in the
Americas, at the same time
of a major agricultural con-
ference in the Communist
nation.
Berry said he found the
Cuban officials relaxed
enough to speak English
around the delegation. Berry
said the officials would only
speak Spanish seven years
ago.
The members also traveled
into the countryside, where
Representative Bob
Etheridge said he saw the
increased use of Chinese
products in Cuba, including
food.
"As we rode through the
country, there's no question
China is making substantial
investments in Cuba ... I
think from a national security
standpoint, it is time for us to
reevaluate a country that's 90
miles from our shore and
Miami," Etheridge said.
New rules in 2000 allowed
increased US agricultural
trade with Cuba. Those rules
led to a short burst in trade
before the rules were clari-
fied to require cash in
advance before shipping
products.
Last week, Cuba agreed to
buy $118 million in pork, soy-
beans, tomatoes and other
US food products, and offi-
cials said it was negotiating
deals that could bring the
total to nearly $150 million.



INSIGHT


For the stories

behind the

news, read

Insight on


Monday :
..............................e


* By ASHLEY THOMPSON
EVICTED residents of the
Chesire Home are asking the
Ingraham administration to end
their suffering and allow them
to return to the disabled-friend-
ly building, according to Asso-
ciated Press.
The former residents -
Jerome Thompson, Jervasian
Stuart, Kenneth Storr and Sean
Flowers met outside the
closed building yesterday to
explain why it is so important
that they return.
Under the former PLP gov-
ernment, the men were evicted
from the home to make way for
another facility that never mate-
rialised, and were moved
around continuously by the
Ministry of Social Services.
The men are unhappy with
their current apartment as they
do not feel that it is disabled-
friendly. "You can't turn
around, move it's cluttered,"
explained Jervasian Stuart.
Other problems include that
the cupboards are too high and
the bathroom access is too small
for those in wheelchairs.
One resident in a wheelchair
has already found himself stuck
due to this last problem. If


Former residents appeal for proper facilities


another resident who was
mobile had not been home, the
resident would have remained
in the bathroom unable to help
hin self, the men said.
Living in this apartment is
"murder" Jerome Thompson
declared, as not only are the
internal conditions difficult, but
the location is too far from
Abilities Unlimited, where a
few of the residents in wheel-
chairs work.
When the government bus is
down, these men must wheel
themselves to work on crowded
roads. Abilities Unlimited is
only five minutes away from the
Cheshire Home.
The men said they are cur-
rently receiving support from
Shernan Smith, president of the
Bahamas National Disabilities
Council and Richard Johnson,
director of the Bahamas Love
and Care Association.
Mr Smith yesterday appealed
to the government to "provide a
home for people with disabili-
ties".


* The FNM Government has been called on to reopen the
Cheshire Home for disabled adults
(Photo: Tim Clarke/Tribune staff)


Minister of Health meets

South Beach centre staff


* MINISTER of Health and Social Development Dr Hubert
Minnis (left), director of the Department of Public Health
Dr Baldwin Carey and officials from the Ministry of Health meet
with staff members from the South Beach Clinic.
(Photo: BIS/Tim Aylen)


MINISTER of Health Dr
Hubert Minnis and health offi-
cials met with staff of the South
Beach Community Health Cen-
tre in a move to address the
challenges they face.
Dr Minnis said he wants
South Beach used as a model
for community clinics to be
established in New Provi-
dence's burgeoning population
centres.
He expressed concerns that
the South Beach clinic is "essen-
tially being treated or seen as
an emergency room and in fact
ambulances are bringing
patients there. That is going to
defeat the whole purpose of
Princess Margaret Hospital.
"Patients are not truly under-
standing the value of those


types of clinics and therefore
they are coming there with very,
very severe illnesses which
means some of them cannot
necessarily be managed there,
and can cause problems."
He underscored the need for
"a serious educational process
so that individuals can know
exactly what are the purposes
of the clinics and what are done
there.
"It makes no sense somebody
having a severe serious motor
vehicle accident and taken to
the clinic.
"If we don't do proper edu-
cation, then the wrong type of
patient will end up going to
those clinics and sooner or later
a disaster will happen. Some-
body will die," Dr Minnis said.


He said that it would be "a
gesture of compassion" for the
government to allow these men
back into the Cheshire Home
after they were evicted so
"unceremoniously".
Mr Johnson also called on the
FNM government to "speedily
restore the facility".
His organisation is applaud-
ing the "valiant" effort of the
"brave" men who, unhindered
by their disabilities, are repre-
senting the Bahamian spirit, he
said.
The previous Cheshire Home
residents have now formed the
Centre for Independent Living,
a non-profit organisation.
Their goal is to establish res-
idential facilities for disabled
adult individuals in the
Bahamas.
They are hoping to acquire
the Cheshire Home, currently
the only disabled-friendly facil-
ity in the country, and expand it
on Crown Land so that it can
accommodate a larger number
of individuals.
For the past two years, the
building has remained boarded
up and unused, despite the for-
mer administration's claim in
their Action Agenda that the
home had been "recently reno-
vated" to accommodate chil-
dren with disabilities.
Now that a new administra-
tion is in power, the members of
Centre for Independent Living
hope to receive an assurance
that they can return once prop-
er renovations are done on the
building.
The Cheshire Home was built
through donations raised by the
Rotary Club of East Nassau.
Due to a lack of funds, it was
closed by the management com-
mittee on June 1, 2005.
The home can accommodate
eight persons and includes addi-
tional land where another wing


could possibly be added.
Since it was closed, the build-


ing has been wasting away at
its location on Dolphin Drive.


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THE TRIBUNE


AP GE 8 WEDNESDAY JUNE 6 2007


Capitalism, the fall of communism




and an introduction to think tanks


LARRY Reed, the 53-
year-old president of a
Michigan-based free market
think tank called the Mackinac
Centre, gave a speech on public
policy.last week to about 60
business and professional peo-
ple at the British Colonial
Hilton:'.
In a throw-away line he men-
tioned'an association with a
Mongolian leader who had
helped eiid communism in that
central Asian country and went
on to apiply free market princi-
ples to 'the privatization of the
country'A.yak herds in the 1990s.
Welj,,that seemed a little
more interesting than our strug-
gles with inefficient state enter-
prises ,like BTC, ZNS and
Bahamasair, so I took the time
to learn more.
Yak9',are hairy cattle prized
by the, nomadic Mongols since
the time,of Genghis Khan. In
1924 Mnrigolia became the sec-
ond communist nation in the
world after the Soviet Union
-- and that was when the yak
herds were nationalised.
Elbegdorj Tsakhia (the son
of a headsman, whom we will
refer to as EB) is a free mar-
keteer Who has been piime min-
ister of Mongolia twice since
the etid of communist rule.
Today'he runs a libertarian
think tank and has become a
poster'boy for the free market
movement, having attended the
Mack'ii c Centre's leadership
training programme.

A 't 44, EB is one of a
handful of libertari-
ans who were elected to high
office after 'the collapse of the
Soviet, empire. Others include
Mart Laar, the controversial
former'prime minister of Esto-
nia; an'd Vaclav Klaus, former
primd'nitiister and now presi-
dent Of'th'e Czech Republic. But
EB is"perhaps the most inter-
esting one.
After studying military jour-
nalism in the Soviet Union dur-


ing the late 1980s, EB founded
and edited Mongolia's first free
newspaper, and became a
leader of the anti-communist
underground that tossed out the
country's dictatorship in 1992.
According to Larry Reed:
"EB is fond of quoting some-
one we can loosely refer to as
one of his predecessors,
Genghis Khan. Eight hundred
years ago, Khan said 'It is easy
to conquer the world with a
horse; what's challenging is to
dismount and try to govern.'
That's what EB tried to do."
Reed is a soft-spoken econo-
mist who made an unsuccessful
run for Congress in 1982. He
has led the Mackinac Centre
since 1987 and now oversees a
$4 million budget with a staff
of 32. Their reports, commen-
taries and educational pro-
grammes are aimed at helping
decision makers evaluate policy
options from a free market per-
spective.

The speech he delivered
in Nassau last week
was a standard text on the "sev-
en principles of public policy"
that he has delivered over 100
times, including once at the
Peoples University in Beijing.


TOUGH A LL


logical prescription for main-
taining freedom: "Policymak-
ers often give no thought what-
soever to the general state of
liberty when they craft new poli-
cies. If it feels good or sounds
good or gets them elected, they
just do it. Anyone along the way
who might raise liberty-based
objections is ridiculed or
ignored," Reed says, sounding
as if he could have lived here
all his life.
"Sound policy requires that
we consider long-run effects and
all people, not simply short-run
effects and a few people. We
shouldn't have a license to enact
policies that make a few peo-
ple feel good now at the cost of
hurting many people tomorrow.
We should remember that
today is the tomorrow that yes-
terday's poor policymakers told
us we could ignore."
Reed goes on to make the
basic- economic point that if you


Just a couple of months ago
even the Chinese Communist
Party approved an unprecedented
law to protect private property
- following more than
a quarter-century of
market-oriented reforms.


Reed says the principles are
"bedrock concepts that derive
from centuries of experience
and economic knowledge."
They are, he says, a non-ide-


encourage something, you get
more of it; and if you discourage
something, you get less of it. In
other words, people naturally
respond better to incentives and


~6w


- Wia a


Patio Set & ..eeer:
,;= O



1WA ~ t .-.1' I^ i


disincentives than to force or
penalty.
"Government has nothing to
give anybody except what it first
takes from somebody, and a
government that's big enough


illegitimate. In general, how-
ever, research from think tanks
is ideologically driven in accor-
dance with the interests of fun-
ders and founders.
And today, there are more
than 1,600 think think tanks in the
United States, and perhaps as
many as 3,500 across the globe.
The event at the British Colo-
nial last week was organised by
the sole Bahamian think tank:
the Nassau Institute.


If you encourage something,
you get more of it; and if you
discourage something, you get
less of it. In other words, people
naturally respond better to
incentives and disincentives


than to force or


to give you everything you want
is big enough to take away
everything you've got. You've
got to keep your eye on even
the best and smallest of gov-
ernments because the natural
tendency is for government to
grow and liberty to retreat. It
takes eternal vigilance to keep
government in its place."
Or, as Groucho Marx once
said of his brother Harpo, "He's
honest, but you've got to watch
him."

Reed is part of a grow-
ing universe of non-
profit institutes (on both the left
and right) formed to act as
"political idea factories" and
improve public understanding
of key issues. He claims the
British anti-slavery campaign-
er Thomas Clarkson as the
world's first think-tank entre-
preneur. In 1787 Clarkson
brought together 12 men at a
Londojprint shop to form the
Societyfir the Abolition of the
African Slave Trade, and with-
in 20 years they had changed
the world.
Others say the British Fabiani
Society (founded in 1884 to pro-
mote socialism) was the first
think tank. But the best-known
names today are the original
American ones: the Carnegie
Endowment for International
Peace (founded in 1910), the
Brookings Institution (founded
in 1916), and the Hoover Insti-
tution (founded in 1919). By
mid-century, they were joined
by the research organisation
that created the name 'think
tank' the RAND Corpora-
tion.
The general idea behind all
these groups is to shape public
policy through research and
education, rather than through
conventional political lobbying.
Some are just fronts for indus-
try sponsors, but private funding
does not necessarily make them


penalty.


A handful of enthusi-
asts like Rick Lowe,
Joan Thompson and Ralph
Massey have kept this organi-
sation punching above its
weight since 1995 as one of the
few independent voices con-
tributing to public debate on
policy issues. It operates on a
shoestring budget maintaining a
web site, organising seminars
and publishing regular com-
mentaries.
The NI supports the princi-
ple that allowing the greatest
scope of political and economic
freedom results in the maxi-
mum well-being and efficiency
for a society. The Institute's
heroes include classical liberal
economists like John Locke,
Friedrich Hayek and the nobel
prize winner Milton Friedman.
For those not familiar with their
philosophy, it is often said that
libertarians agree with liberals
on social issues and with con-
servatives on economic issues.
Most Bahamians don't have a
clue about all that including
our policymakers, who are
mired in the political consensus
formed after the Second World
War. But Milton Friedman
(who died last year at the age of
94) is now credited as the most
influential economist of the sec-
ond half of the 20th century.
His work stressed the advan-
tages of the marketplace and
the disadvantages of govern-
ment intervention. And it led
to a sea change in economic
policy around the world -
especially under Margaret
Thatcher in Britain and Ronald
Reagan in the US.

That seismic shift in
thinking culminated in
the collapse of communism in
the early 1990s and the discred-
iting of socialist ideas that were
once taken for granted. Indeed,
free marketers today regard


Friedman much as communists
revered Lenin, the architect of
the Soviet Union. Here is one
classic line of his: "People wor-
ry about government waste; I
don't. I just shudder at what
would happen to freedom if the
government were efficient in
spending our money."
According to Daniel Yergin
and Joseph Stanislaw in their
1998 book, The Commanding
Heights, "The market consen-
sus that seemed radical and
beyond the pale when Thatcher
initiated her revolution has
become the consensus in less
than two decades. The move to
the market has been driven by a
shift in the balance of confi-
dence-a declining faith in the
competence of government.
"For some the embrace of the
market is a matter of convic-
tion. For many more, it is a mat-
ter of practicality, finding some-
thing that works better than the
historic alternatives. Lee Kuan
Yew, the progenitor of modem
Singapore, summed up the real-
ity. Asked why the turn to the
market he replied pithily, 'Com-
munism collapsed and the
mixed economy failed. What
else is there?' Results count."

M any of us were
drawn to socialism
because of its moral appeal. As
Yergin and Stanislaw wrote:
"The market system cannot
offer such direct appeals. Its
moral basis is more subtle -
and indirect in terms of the
opportunities and results it
affords." But, they added, "a
system based upon rules, prop-
erty, contracts and initiative is
more fair and provides against
the arbitrary and unchecked
power of the state."
Why, just a couple of months
ago even the Chinese Commu-
nist Party approved an unprece-
dented law to protect private
property following more
than a quarter-century of mar-
ket-oriented reforms.
But our challenge today is
to bring balance to the ideolog-
ical debate. In Europe, there is
something called the Third
Way, which seeks to do this by
incorporating the principles of
economic deregulation, priva-
tization, and globalization into
progressive centre-left policy
reform.
And, of course, there's an
international think tank for that
too. It's called the Policy Net-
work, and it promotes. some-
thing called the Radical Centre
which takes "the best ideas
from left, right, centre, and off-
the-spectrum entirely, and
uses them to address funda-
mental problems in imaginative
but pragmatic new ways."
So if you, dear reader, find
yourself confused about politics
these days, fear not. Just pick a
think tank and all will be made
clear.
What do you think? Send
comments to larry@tribuneme-
dia.net. Or visit www.bahama-
pundit.com


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Mr wve a BBQ Gas Grill and
COSler. Attach 4 labels from the
pr6diucts shown to an entry form, .
answer the question and place in
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Contest ends Jduly 31,2007.




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l^^^g^m~t'x^~ibune







THE TRIBUNE


WEDNESDAY, JUNE 6, 2007, PAGE 9


LOA NW


Paul Moss

joins PLP

FROM page one
nised" over the decision in terms
of whether alignment with a polit-
ical organisation would affect his
ability to speak "objectively" as
he has in the past on matters of
national importance, the choice
of which party to join was "abun-
dantly clear."
He added: "Wherever...this
political road takes me, the inter-
ests and the concerns for my
country will always come first."
Mr Moss said that despite com-
ing "from an FNM stable" he
believes that "today...the party
no longer resembles what it
should have been.
"My concern has always been
the fact that I am unwilling to
compromise the ideals I have
always upheld and for which I
have always fought," he said.
He criticised the governing par-
ty for becoming, in contrast to
the PLP, interested in preserving
"the status quo for...minorities"
- claiming that this was particu-
larly evident in light of recent sug-
gestions by Prime Minister
Hubert Ingraham that plans to
move the container port will now
be scrapped.
Although some may question
the wisdom of joining the PLP in
the wakewake of what Mr Moss said
"seems" to be an election defeat,
the attorney explained that it is in
fact "the perfect time" for him to
do so as his expertise can now be
put to use in the party's "rebuild-
ing process."
In return, the party has greeted
his move as "welcome news," he
said.
The attorney has been outspo-
ken in the past about political,
social and trade issues, and is a
co-chairman of Bahamians. Agi-
tating for a Referendum on the
Free Trade Agreement of the
Americas (BARF), which later
became a vehicle for voicing con-
cerns about the Caribbean Sin-
gle Market and Economy
(CSME).
Yesterday he called upon oth-
er "young, talented" Bahamians
to "assume (their) roles as nation
builders" by joining the PLP.
Noting that the party has in
many way been associated with
"the old guard" he suggested that
the "status quo" could benefit
from a change in the form of
some newer, more youthful mem-
bers.
"While you keep the founda-
tion and much of the old struc-
ture, you must also use new mate-
rials to shore up that which is
left."
Asked where he thought the
party needs to focus its attention
in order win the next election -
which he predicted would occur
as early as 2008 Mr Moss said
that the party must "listen."
"Once you have listened you
must act on what you hear and I
think that is what the party is
going to do," he said.
The lawyer hit out at the
FNM's decision to review con-
tracts awarded by the previous
government, calling it "funda-
mentally wrong."
Stating that government should
be "perpetual", Mr Moss said:
"The government is subject to a
lawsuit, and they will be sued and
found that they are in breach of
contract, and the Bahamian peo-
ple will be made to pay. That is
irresponsible government, it is
certainly immature, and I wish
they would cease from doing
that."
At a "thank you" rally two
weeks ago PLP leader Perry
Christie said that the party would
provide legal advice and repre-
sentation to any contractors who
feel their livelihood has been hit
by the review.


Laing hits back

FROM page one

Insurance and the downtown
improvement programme.
"Such statements were indeed
false," he said.
Mr Laing explained that in the
2006/07 budget, the PLP allocated
$1 million "for the downtown,
waterfront Prince George Wharf
Centre under the capital head of
the Ministry of Public Works."
Of that amount, he said, only
$258,250 or about 26 per cent was
spent.
"In the 2007/08 budget we pro-
vide the same $1 million for
downtown, Waterfront Prince
George Wharf Centre," he said.
The minister further said in the
2006/07 "there was not a single
line item for National Health
Insurance."


"I am advised that most of the
expenditure related to the same
came from the National Insur-
ance Board, some $1 million. So
nothing was scrapped in the
upcoming budget because noth-
ing was included in the current
one," he said.
Mr Laing said that he would
not have expected "that those
familiar with what they were
doing could speak in a more
informed fashion about these
matters."
"In any event, the public
should not be misinformed or
misled," he said.


Govt 'will negotiate entrance into WTO'


* By PAUL G
TURNQUEST
Tribune Staff Reporter

INTERNATIONAL free
trade will continue to be pushed
on the watch of the newly elected
FNM government except for
the highly criticised CSME deal
- Minister of Finance Zhivargo
Laing said yesterday during his
address on the 2007-2008 Fiscal
Budget.
Addressing the first sitting of
the House of Assembly on the
Budget debate, Mr Laing said
that government will continue
to negotiate its entrance into the
World Trade Organization
(WTO) a process began by the
FNM during its last term in office
from 1997 to 2002.
"The WTO provides an accept-
able international trading plat-
form for our participation
in the international trading sys-
tem.
In fact, any consideration of
any other trade arrangement
must be comfortable to this plat-
form at the very least to receive
consideration by us. I hasten to
say here that we will continue to
monitor the now stalled FTAA
(Free Trade Area of the Ameri-
cas) process," he said.
Under the previous adminis-
tration, WTO was fought tooth
and nail, with ministers speaking


out directly on the negative impli-
cations of the Bahamas compet-
ing on such a global scale without
preferential tariffs in place.
The WTO, has as its "stated
goal" the hope to improve the
welfare of the peoples of its mem-
ber countries, specifically by low-
ering trade barriers and providing
a platform for negotiation of
trade.
However, many of the smaller
countries which make up the
African, Caribbean and Pacific
(ACP), and the Least Developed
Countries (LCD) block of the
WTO, have fought to retard the
elimination of trade tariffs.
The position they hold is that
due to their size, larger countries,
such as the United States, Japan,
and India, will "swallow" their
markets and only increase pover-
ty throughout the smaller nations.
Most notably was the concern for
small businesses within the vari-
ous countries in the region which,
having lost their tariff preferences
in the market, will find it diffi-
cult to compete on the same foot-
ing with goods from developing
countries.
FTAA is a proposed agree-
ment to eliminate or reduce trade
barriers that exist amongst coun-
tries in the American continent
and amongst some countries in
the Caribbean such as Cuba and
the Bahamas.


US experts to join investigation

FROM page one

island for up to several days, although this will ultimately depend on
the direction the investigation takes.
"I guess if they feel that we are headed in the right direction then
there will be a quick turn around but if they advise us that we
need to do more extensive work that they can assist with then
obviously they'll be here a bit longer," he said.
Asked why it was thought necessary to bring in external author-
ities to oversee this latest incident, and not in the case of the arson
attack on Tommy Turnquest's headquarters prior to the election,
Chief Supt Hanna noted the level of attention the fire has received,
and added that Bahamian authorities wanted to ensure they were
not seen to be "pandering to any interests."
He noted that while the fire at Mr Turnquest's building was
soon determined to be an act of arson, the blaze at PLP headquar-
ters had not yet been designated as such and a quick resolution is
required.
He further added: "Sometimes people can have their own pre-
conceived notions about a matter and if the police see something dif-
ferently and the police have to say that publicly then there may be
persons whose reactions may be a bit sceptical, and so that we
don't leave anything to chance we just want to dot all the 'i's' and
cross all the 't's'."
The blaze at PLP headquarters is considered by many to be the
second attempt at destroying the building following what
appeared to many to have been an unsuccessful attempt the previ-
ous weekend.
It follows on the heels of a shooting incident at the compound
which houses former prime minister Perry Christie, his wife, children
and mother-in-law, and the attempt on Mr Turnquest's office -
both incidents still under investigation.



Urban Renewal


FROM page one

Renewal programme for the cur-
rent fiscal year of 2006/07.
He said that in one incident,
the PLP government failed to
provide Urban Renewal with
more than $1 million, which had
been allocated to the pro-
gramme in the budget.
Mr Laing explained that in the
budget for 2006/07, under the
Office of the Prime Minister, the
PLP government allocated $2.4
million to the Urban Renewal
plan, but spent only $1.32 mil-
lion, or a little more than half of
the amount allocated.
In this coming fiscal year, he
said, the Urban Renewal
Department, which comes under
the Ministry of Housing and
.National Insurance, will receive
$2.5 million an increase of
$100,000.
Mr Laing further said the for-
mer PLP administration allocat-
ed $620,000 to the Department
of Social Services for the Urban
Renewal project, but spent only
$551,000 or 89 per cent of those
funds.
Under the FNM, he said, the
Department of Social Services
will receive $1,083 million for
the Urban Renewal Programme.
This constitutes an increase of


FROM page one

the trust," he said.
"We find that it is the expectation
and plan ol the FNM to have ai
greater value of BA to foreigners than i;allipcK il lndlc
the PLP," he added.
The MP for St Thomas Moire
made this assertion based on g >\-
erninent's projected inir'ease in
stamp tax revenue. He said that
while the PLP's last budget anlici
pated stamp tax revenue from real
estate sales to generate $47 million.
the FNM budget projects some $ )8
million in stamp tax revenue to hie
generated from land sales -mo c
than twice the amount.
This budget also makes no itl-
erence to fulfilling the I'NM pl'dle
of revisiting the tax structure lor
foreigners owning land in lhlc
Bahamas. Mr Smith added.
"So to those who \otCd lor tIl
basis that they expected c'hilpn.' iln

FROM page one

which will, it is hoped, prove ide a
new social hub for downtown
Nassau and help reviltalic tliw
city's nightlife.
Mr Foster said his plans for a
three-level building vith ni rool'lop
'fish fry" restaurant, pilus nighl
club, were drawn to meet the giiv
ernment's requirements follow-
ing the blaze, which razed the old
market exactly one week before
the World Trade Centre attack in
New York nearly six years ago.
His building, he said. would
provide accommodation for about
580 straw vendors, xxith three lc\
els not floors designed to
ensure customers visited all stalls.
His multi-entrance design, he
said, would entice potential cus-
tomers all the way through the
building, with attractive village-
style clusters of stalls along the
way.
He said his ideas were aimed
specifically at overcoming Ihei
three-level difficulties bv using a
mezzanine design at the second
and third levels to lure custonieo s
upwards.
The plans also provide lor oa
covered restaurant and nightclub
on the roof, and a tower with
unparalleled views of the harbour
area. A fan system designed to
suck hot air out of the building
and maintain comfortable tem-
peratures was also included.


m SH lDO
Fi'n,,-e Fran
In (he V'" i
(<


c I:NM (in Ilhi
tlli, im pop i l; tl


Straw i

Mr 1 osier bel

; l isc ; i' ',i g I


1 IC i I i' )tl ll (ii
ll ,l c co' all lXtll
considered too
I lence. the oi
tor ai (00ll)-vo(ndo
be amendcled, bri
nal $30 million p
$2- million, and
It hv yroitbiv l40
Mr i oicr tmkl.
,mom -.ditorial su
tion plans xerie
completed.
"The article s
that there were
drawings," he sa
tested that the
mav have been
thai the signing
lit 1 ii ;a s ow
parlicipatlcd in a
the dlaI'wiligs to p
is l os'tr ran
I)LI ItId!C Idlc liilc(
7 ribln Icpriicsel
I-1 think it is unf
ernment has no
Tlhe design tear
street taking abu
matters straight."
Mr Foteri< in


r-


$463,000 or 75 per cent in allo-
cated funds.
After Minister of National
Security Tommy Turnquest
announced that there will be
some adjustments to the police's
involvement in the Urban
Renewal programme, members
of the PLP and other observers -
including former prime minister
Perry Christie expressed con-
cern that the FNM was placing
Urban Renewal on the back-
burner or eliminating it com-
pletely.
Minister Turnquest, in his first
official visit to police headquar-
ters, said that community polic-
ing will continue under the
FNM, "but not necessarily in the
same structural framework of
the Urban Renewal Pro-
gramme."
Mr Turnquest emphasised
that it is important that police
"deal with community policing
and other aspects of it (urban
renewal) are dealt with else-
where."
Some observers took the
announcement by Mr Turnquest
to mean that urban renewal will
continue, but that certain roles
which have been fulfilled by
police officers will be given to
other, more appropriate, agen-
cies.


National voter register

FROM page one

department on these very issues," he added.
The lawyer has previously declared to The Guardian that it is
possible that thousands, if not tens of thousands of non-citizens
may voted, thus representing the balance of power in many
seats.
Mr Munroe also confirmed that he will be participating in the
filing of at least four of the cases, which by his calculation,
have to be presented by June 12, to comply with the 21 days
requirement for the challenges, after the initial meeting of the
House of Assembly following the election.
Mr Munroe outlined that there are three possible actions
the court can take as a result of the evidence presented to it
regarding the individual challenges.
The first would be to leave the results as they are; the second
is, if the court determines that some voters whose votes were
counted, were ineligible, these votes can be removed, a recount
can occur, and if the outcome is different, a new victor can be
declared; thirdly, if the court determines that more people were
unfairly barred from voting, than was the margin of victory, a by-
election can be ordered.
Mr Munroe did not comment specifically on the merits of the
soon to come cases, however, he said he would not be a part of
the process if they were not valid.


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MP makes. eld "over FNM pl


area of national life, I appeal to
Syou to be grateful that the reali-
', ties unfolded so quickly and so
y" clearly. And I encourage you to
S remember this current feeling,"
he said.
Mr Smith also used the occa-
sion to decry the disbanding of
the ministry of financial services
as a stand alone ministry. This, he
said, shows a lack of concern for
the industry, unlike what was
pledged in the speech from the
throne.
Mr Smith further accused gov-
ernment of planning to signifi-
cantly increase the number of
foreigners working in the coun-
)W Minister of try.
k Smith speaks He cited an item in the budget
yesterday. that anticipates a 15 per cent
'I'lhto: l'Franilyn increase in revenue from
(G Ferguson) approved work permits as evi-
dence of this. If there is no
iniHci" ac in the rate for the permits, Mr Smith
arui'tid. then it follows that there will be a "signif-
icnit inc ease in approvals for non-Bahamians."

k t1 A the straw market project dates
ar3 ket back to a design competition in
2002. Though he won, his three-
level design ran into trouble
ievcs the night- because it was felt all tourist busi-
nd liter., with its ness would go to ground-floor
is. could vendors, leaving those on the
,I PC I veCOr pioft upper levels with little or noth-
ing.
osed basement ngThe PLP government wanted
n, which would to accommodate 600 vendors, but
a $7 million, was this was felt to be impractical if
expensive. all were to be situated on the
original proposal ground floor.
r market had to Former Cabinet minister Leslie
nging the origi- Miller, who had responsibility for
ricc-tag down to the straw market, promised "help
reducing capaci- and hope" were on the way, with
I vendors. construction work due to begin
Sisc \iln h a undi- in August, 2003, and be complyt-
eCsting founda- ed within ten months.
lthe onlv ones Meanwhile, displaced vendors
were still sweating in a temporary
eemns to suggest tent structure which still serves as
no architectural the straw market today, having
aid, "It wassug- been promised 200 fans "to relieve
whole exercise the heat in which they work." -
[raudulent and Now the new FNM govern-
of the contract ment has halted work on the site
Well. none of us to review the project to ensure
how and it. have taxpayers are getting value for
rove it." money.
) hiough a large Mr Foster said: "Originally,
d drav Iings with a money for this project was to have
ntative and said: been spread over three budget
air that the gov- periods, but two hurricanes meant
t said anything. redistribution of funds and long
n is now on the delays."
ise. I want to put ays.
se. I want to put Now, he said, he was waiting
volvement with to see what happened next.



moving forward >







THE TRIBUNE


PAG\ 10, WEDNESDAY, JUNE 6, 2007


- ,'r.
.,.~,.. ..-.


-i
*11


I
"~ ('IA.
5'


*-.17-10 IT, -I




Foundation scholar




Position at Baha Mar


s .nC of those feel-good ,' h.( billn r.-, \ .
: it I l e aloiie e erv ; i; -
S'' : en. topp)il [lie ne\\s n its i dP .
:A ;n:ikine yot smile all over. who hold, ' 1,,
' il: c iiappens to be local cial posiin ,. :
im r, ol;ris\ a young Bahamii- company b'hiiuc ihi iniiJIir-
S:hritable foundation and miation uof Cable i can. Wnei,
; .ram. completed. the prjCc.lt i, cApect-
Vaurghln Roberts, the seventh ed to provide more than 5,uUi
ulf ceigh-t children in a family jobs.
'where no one had ever gone to The man who \ili hil:. -u!i_
'I.:,.. v anted a degree and a tot the purse string,;- > ;, o01
ccr.- bthndrcds of1 Bih'":n' ,'Io0
-,tt one scholarship, then hab e benefited froi" re-'r.- S' 4
in1 4i.f, graduated magna curn million in schbN!,r '1 ..
l ..'N:te d graduate school. pro id ,h ; ...
ti ;. wc master's degrees. Fou d li : .
SP'ine great position after L.vford C luiduii. p i
S f as an invest ent la '-i' )ri' tle i' A'\ i.! i ,
'.,i;ci in the US and London uc ,., ,
; i e'-ned home to be named ; .o. U:.' r :i
\i picsident of finance for a g in.l on o h,' c.. i '


. tors. scientists.
S. ike Vaughn
Sic ., ning exam-
i.'i.'-. n rc;i ''CC t l e absolute
,i : 0i education, said Lyford
t' iouLndation director of edu-
ctIuIonal programnmes Roger
kulty. 'I hese students will
impact the future of the
Bahamas, bringing knowledge,
.kils and influence beyond their
o pvn professions, serving as
*'",\erNul positive role models."
Roberts' success story had
le beginnings. Vaughn's
*:.ns divorced when he was
,' ,e'is old. His mother. pre-
i on homemaker, was
,',t e work to provide
S i. ,i, t children.
!he 'ioij :t job t /ZNS where,
\ei i!,ilter. she works as a


chauffeur. "I've always hen
inspired b\ the strength of m'i
mother," said Roberts, whho
graduated from RM Bailey, ni
public high school. He attended
The College of the Bahamas on
a two-year scholarship from
City Market. Then, in 1992, he
got word that his application for
a Lyford Cay Foundation schol-
arship had been approved and
two years later he graduated
magna cum laude with a bache
lor's degree from Florida Inter-
national University in business,
administration and accountiiig.
Roberts passed his CPA c\:mn
on the first try.
In between earning his first
master's degree in accounting
science in 1995 from the tUni-
versity of Illinois at Urbana and


;ters in business admin-
,:i in 2001 from the Uni-
,..I o is C(hi.sgo, he worked


Resume

By the time he returned to
the Bahamas to take up the
senior post at Baha Mar at the
age of 34, his impressive resume
included KPMG in Miami,
Lehman Brothers in London,
Bank One in Chicago and Dres-
dner Kleinwort Wasserstein in
Newv York.
'The scholarship opened
doors for other people in my
family." Roberts said. "Every
iime I graduated, they were
there. One time when they


couldn't afford the plane tickets,
they all piled into a van and
drove from Miami to Chicago.
They were in the audience, clap-
ping and beaming." Both par-
ents watched him graduate.
Since then, Roberts' sister and
younger brother have gone to
college, as well as other rela-
tives.
"None of what has happened
to me would have been possible
if it hadn't been for the Lyford
Cay Foundation," said Roberts.
"It has instilled in me a sense of
responsibility and I am now
using that initiative to create a
foundation of my own to help
young Bahamian males explore.
avenues for their future and pair
them with mentors to give them
a good start."


M y:' ,


1rma i
A.-^aIll c l ....* *i,' .-


er Castro's upcoming first


since falling ill last summer


a- .AVANA

S(JBA and the world will
I iii om Fidel Castro in per-
,o: !!nd at length Tuesday for
t.h itrst tine since emergency
su'p ery forced him to give up


p1 ()\ L ;" the island'. "- !\iui i
says r main i '''. , ,
1Q) 1,' l..v s '.1111 i I ,
A video 'ihtp MIICed ,'V! i(ilkv
showed Raildky Al\n.,o hI 'i of
the govuermenri s *in ii l.s


o.. : iie piogramime, sit-
l,;_ cross Irom the 80-year-old
!, il.er during the previously
;.,.: I.'rviews of nearly an
iur, c wvlch will air on official
L cievision.
The preview offered few


. ... ... I.


... Office and Busint r


clues about what was said,
except discussion of Castro's
weekend meeting with Viet-
nam's top communist leader.

Recovery

Recovering in an undisclosed
location, Castro has not been
seen in public since before JuIly
31, when he announced he was
temporarily ceding power to a
provisional government head-
ed by his 76-year-old brother
Raul, the defence minister. Life
on the island has been little
changed since, and top officials
insist months Castro's health is
improving.


In recent weeks, Castro has
written a string of essays, many
criticising a US-backed plan to
;ise iood crops for biofuels. Just
days ago, he grumbled in his
writings about having to cut his
hair and trim his beard for offi-
cial photos and suggested he
was happy with the role of
columnist and elder statesmen
and in no hurry to retake
Cuba's presidency.
Wearing one of the track suits
that have replaced olive-green
military uniforms as his trade-
mark garb since he fell ill, Cas-
tro looked stronger, more
upbeat and chattier in video
clips of his meeting Saturday
\vitli Vietnamese Communist


Party chief Nong Duc Manh.
It was the first official video-
tape of Castro released since a
January meeting in Havana
with Vehezuelan President
Hugo Chavez, and the first still
photographs of him since a
meeting with Chinese Commu-
nist Party leader Wu
Guanzheng in April.
In Washington on Monday,
State Department spokesman
Sean McCormack said, "Clear-
ly, Fidel Castro is not playing
the same kind of role right now
that he was, say, one year ago or
two years ago."
"What exactly that means for
Cuba's immediate political
future, I can't tell you," he added.


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* A WOMAN prepares a bouquet of sunflowers as she watches a preview of an interview of
Cuba's President Fidel Castro on TV in Hiav-ana yesterday
(Photo: AP/Javier Galeano)


Children's book about Cuba at- centre

of emotional court battle in Florida


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* MIAMI

A SOUTH Florida school
district, backed by many in the'
state's influential Cuban-Amer-
ican community, wants a feder-
al appeals court to support its
decision to remove from its
libraries a children's book about
Cuba which critics contend is
biased, inaccurate and gli ilic
life under Fidel Castro's coni
munist regime, according' ,
Associated Press.
The book at the center of the'
court hearing Wednesda\ i
"Vamos a Cuba" ("A Visit ft
Cuba"), a 2001 \work Iy \h11
Schreir which contains iumI
of smiling child en wcantig .i,
forms of Cuba's cotminnit'!''
youth group and celebi citing [I g
country's 1959 revolution. It
also shows people driving cars
from about the same era a- -
consequence due in laige part
to the United States' four-
decade economic enihat r,
against Castro's government.
School board members voiled
last year to remove the book attei
a parent who had spent time as a
political prisoner in Cuba corn
plained the English and Spanish
book for 5-to-8-vear-olds tailed
to accurately depict life there.
The move was backed hv the
staunchly anti-Castro C('Liban-
American community, Miamins
largest ethnic group.
But another parent, the Amer-
ican Civil Liberties Union of
Florida and the Miami-Dade Stu-


dent Govemnment Association
successfully challenged that deci-
sion in coumt, with a federal judge
ruling last summer that the oppo-
silion to the book was political.
Instead of removing the book,
others espousing different per-
sn, cti\es should be added to the
collection the judge ruled.
[lhe district declined to com-
i;.nil on tlhe case.
I lie board says the book
shouldd be removed because it
Joes not mention Cuba's lack
of civil liberties, the political
mi doctrination of public school
liildren or food rationing,
iitt1iiin oliher issues.
i t'clill to remove the


book, the board overruled the
decision of two academic advi-
sory committees, as well as the
county school superintendent.
Frank Bolanos, a former
school board member who
championed the district's fight
to remove the books, said the
board is right to pursue its
appeal. Bolanos said the case
highlights the need for more
give and take between school
district bureaucrats and parents
over what is appropriate for
children to read.
But Florida ACLU director
Howard Simon says the board
should allow diverse opinions
to be represented in libraries.


L~1.p"


Fr the storiesl







,on Monay
"14, i __


-- -I


i ay


:





WEDNESDAY, JUNE 6, 2007, PAGE 11


THE TRIBUNE


A AUL


life


*~g:j (A


Your look at what's going on in your community

r-


* LESTER Fernander


Westin and Sheraton

appoint director of

risk management


THE management of the
Westin and Sheraton Grand
Bahama Island has announced
the promotion of Lester Fer-
nander to director of risk man-
agement for its resort.
A veteran law enforcer, Mr
Fernander spent 11 years with
the Royal Bahamas Police
Force in Nassau and Freeport
before joining the resort in Feb-
ruary, 2000.
His consistent level of pro-
fessionalism coupled with his
strong ethical practices of exe-
cuting just care and attention
has been noted by many of his
peers and visitors alike, and has


served as a springboard to his
promotion.
Since his first appointment as
laundry mechanic at the Westin
and Sheraton, he was elevated
to security investigator and
assistant director of risk man-
agement before his current pro-
motion.
Fernander has participated in
numerous security-related train-
ing programmes on suicide and
terrorism in Nassau and Mia-K
mi, Florida. He holds a degree
in electrical technology from
ITT Technological Institute in
Ft Lauderdale, Florida.


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COB students celebrate



graduation with awards


The 2007 graduating class of
the College of the Bahamas
proudly closed one chapter in
their professional and person-
al development during a com-
mencement exercise at
Bahamas Faith Ministries
International last week.
Hundreds packed into the
church's auditorium on
Carmichael Road to watch
the graduates close one chap-
ter in their academic lives. "It
was a bitter sweet moment
for the graduates as they
proudly strode on stage to
collect their graduating cer-
tificates," said the college in a
statement.
Among them were Gaye
Antoine-Bowe, recipient of the
Governor General's Award,
Patrick Thompson, who won
the President's Award and
Theo Cooper, who captured
the College's Alumni Associa-
tion Leadership Award.
Mrs Antoine-Bowe, who
turned her back on a lucrative
job in the financial services sec-
tor to pursue a degree in edu-
cation, graduated with distinc-
tion and spoke on behalf of the
2007 graduating class.


Mr Thompson has a BSc in
mathematics with distinction
and Mr Cooper obtained a
bachelor of education degree
in biology and combined sci-
ences.
Mrs Antoine-Bowe said that
the celebrations were preceded
by "much sacrifice and
labour."
She recalled the sacrifices,
disappointments, triumphs that
all the students could relate to.
Her story, she said, reflected
the story of the entire graduat-
ing class.
"It was a gruelling journey
but thanks be to God we con-
quered every challenge," she
said to applause. "And now
today is a story of victory."
The address was delivered
by Dr Desiree Cox, medical
doctor, musician, publisher and
writer, while the college's pres-
ident, Janyne Hodder gave the
president's charge.
Dr Cox asked the graduates
to reach for that potential with-
in in an ever changing world.
She said that each and every
one of them had the power to
bring about change in the
world, and encouraged them


to see themselves as a whole,
not simply an intellect.
Dr Cox used some of her
creative painting to emphasis
some points in her talk. She
said that spiritual development
of the students was just as
important as emotional and
intellectual development.

Challenge

Ms Hodder recalled the his-
tory of the College of the
Bahamas, established in 1974,
and said that work was moving
full steam ahead to transform
the college into the University
of the Bahamas.
"Today we stand deeply
engaged in our challenge from
college to university," she said
adding that there is much to
be done on the journey to uni-
versity status.
This includes increased, lev-
els of research and the intro-
duction of new programmes in
several key areas.
"We need to create knowl-
edge in and for this country,
not simply transmit it," she
said.


Franklyn Wilson, chairman
of the college, did not address
the graduates but in his note
to them, he challenged them
to "set ever higher goals that
reflect the highest values of
godliness and good citizen-
ship."
"Know that you, the 2007
graduates of the College of the
Bahamas, will be the major
architects of the future for us
all," he wrote. "You will be the
entrepreneurs, the workforce,
the people of ideas and inven-
tions who will construct the'
foundation of a productive.
society to nurture future gen-
erations of Bahamians and,
perhaps, others beyond our
shores.
' "With your new status as
graduates of the College of the
Bahamas, you will be present-
ed with many paths to explore.
Whatever the directions you
choose, keep in mind the need
to be of real service to this
community, which has nur-
tured you. You have ample
evidence that your community
and world have need of your
selfless service more than ever
before."


June 8th July 29th 2007
Nassau

TUESDAYS FRIDAYS
A Walk Through History, Downtown 9am-5pm

SATURDAYS

Festive Arts Tour, Starting at Rawson Square 1-6pm

Native Market, Kelly's Dock 9-5pm

Music & Heritage Celebration, Arawak Cay 2pm-1 I pm
Junkanoo Rushouts at 5:30pm and I Opm
Pompey Museum & Junkanoo Museum Exhibits

Astro Club Field Trip, Cosmos Observatory 7.30pm

SUNDAYS

Royal Poinciana Tea Party
National Art Gallery 2-5pm

Summertime Jazz, British Colonial Hilton 4-8pm

SATURDAY, JUNE 9

Opening Ceremony featuring AREITO Arawak Cay 6pm

FRIDAY JUNE 22

Bahamian Night with KB & Friends
TopShotters, Tonique Williams-Darling Highway

SATURDAY JULY 7

Bahamas Film Festival Flicks, Arawak Cay
-l TTUES-FRI

CHMI Iffle Chefs Society Camp, COB
Cooking demo at Arawak Cay on July 28
a I THE3LII ANDSOSTHE
*e, Atar-
.. ..




THE TRIBUNE


PAGE 12, WEDNESDAY, JUNE 6, 200/


0


Smmer est iva
summer festival


Presents the
brh[A T


June 8th July 29th, 2007 -



Seritoge


*:.' a *.. Saturday, Arawak Cay
L .': 2pm- I Ipm


* Junkanoo Rushouts
5:30pm & 10pm
* Junkanoo Summer Camp
2pm 10:30pm
* Quadrille Dancing Instruction
4pm -5pm
* Pompey Museum &
Junkanoo Museum Exhibits
* Conch Cracking, Crab
Catching & Onion Peeling
Competitions
* Crafts Music Dancing
* Island Food Booths








idWOfi


WEDNESDAY, JUNE 6, 2007


SECTION


.4~.


SMiami Herald Business, Stocks, Analysis, Wall Street

business@triuened. Miami Herald Business, Stocks, Analysis, Wall Street


Bahamians warned over




'dramatic' food price rises



* 40 per cent shipping costs rise due to oil prices to hurt food store chains and consumers

City Markets chief warns global events over which Bahamas has no control,

such as corn and animal feed scarcity, to hit during 2007

Dairy, corn-based and meat products, including many staples, to be impacted most


* By NEIL HARTNELL
Tribune Business Editor

B ahamian con-
sumers were
yeste rd ay
warned to brace
themselves for
"pretty major increases" in the
prices of food staples such as
dairy and meat products during
the remainder of 2007, with the
major food stores facing no
choice but to pass on costs
from moves such as a 40 per


cent rise in shipping costs.
Ken Burns, Bahamas Super-
markets' chief executive, told
The Tribune that with crude
oil prices remaining high and
likely to increase as global
demand rises during the sum-
mer, the major shipping com-
panies had increased the price
to ship a standard 20-foot con-
tainer to Nassau by 40 per cent
with effect from May 29, 2007.
"I can't afford that," Mr
Burns said. "I don't have a 40
per cent margin. I wish I did."


As a result. Bahamian food
retailers such as Bahamas
Supermarkets are left with lit-
tle option but to pass at least
some of the increased shipping
costs on to consumers if they
are to retain margins, gener-
ate profits and remain in busi-
ness.
Mr Burns explained that
many of the factors impacting
the Bahamian grocery and
food market, and the price of
products, are being driven by
external events over which this


nation has no control.
He added that while in the
US over the weekend, the
news media was extensively
covering the $0.31 per gallon
increase in milk costs, with the
price of that product projected
to rise by a further $0.31 before
2007 year-end.
Bahamian food retailers buy
virtually all their products
either directly from major
wholesalers and buying groups
in the US, or through
Bahamas-based wholesalers


who also import their products
from the US.
Therefore, with food prices
in the US on the rise, it is like-
ly to only be a matter of time
before the Bahamas is impact-
ed, with dairy-based and meat
products likely to bear the
brunt. It is also the poorer sec-
tions of Bahamian society that
are likely to be most impacted,
as poorer households general-
ly spend a greater percentage
of their budget ion foods.
"It's going tc be huge," Mr


Burns said of the likely impact
from food price rises. "I don't
think they know how big it will
be until it settles down, but
you'll see some pretty big
increases.
"Unfortunately, I don't see a
lot of relief in the short term.
It's not good news by any
means. It will affect a tremen-
dous amount of product."
He added of the consumer

SEE page 8


FNM set to continue venture capital fund


* By NEIL HARTNELL
Tribune Business Editor
THE Government yesterday said it
planned to continue the $3 million venture
capital fund begun under the previous
administration, having allocated a further
$1 million in the 2007-2008 Budget
towards an initiative that has aided 45
small business start-ups with $2.3 million in
debt and equity financing.
Zhivargo Laing, minister of state for
finance, told The Tribune that the FNM
government also had no plans to change
the fund's administrator, Gomez Partners
& Company, saying that to do so would
"not be fair".
He added of the Government's inten-
tions towards the fund, known as the
Bahamas Entrepreneurial Venture Fund:
"Provision has been made for it in the
upcoming Budget, and certainly our inten-
tion is to continue with it..........
"The reality of it is that we are staying


* $1m allocated for fund in 2007-2008 Budget, as minister says
government will 'only enhance' support for Bahamian small business
* Venture capital fund supporting 45 firms with $2.3 million in loans and equity
* Fund allocates $1.434m in loans, and $855,000 in equity,


with 60 per cent of portfolio performingn

the course on that,
and if anything we
will only look to
improve and
enhance how we
help small business-
es in that way.
"I don't see us
retrenching on the
help we provide to
small business in 0 LAING
that way."
Mr Laing said the FNM government
saw the role that Bahamian small busi-
nesses played as "critically important" in


generating employment and growth in the
broader economy.
He added: "We want to make a special
effort to do what we can to support small
business development, whether it's assist-
ing them in the initial planning stages,
strengthening the support systems we have
here through the Bahamas Agricultural
and Industrial Corporation (BAIC),
strengthening their access to capital
through loan guarantee programmes at
the Bahamas Development Bank,

SEE page 6


Discovery Cruise deal

still 'moving forward'


I
* By NEIL HARTNELL
Tribune Business
Editor
GLOBAL United yester-
day said it was still "moving
forward" with its planned
acquisition of Discovery
Cruise Line,, with negotia-
tions ongoing and financing
for the deal already in place.
Captain Jackson Ritchie,
Global United's owner, said
reports that the company
had experienced difficulties
in raising financing for the
Discovery Cruise Line pur-
chase were not correct.
He told The Tribune: "The
Discovery acquisition is still
under negotiation. It's mov-


Global United chief: Talks
ongoing, financing in place

ing forward. We did raise the
funding for it, but for rea-
sons I can't go into we decid-
ed not to go through with it
at that time."
Captain Ritchie said con-
fidentiality surrounding the
deal prevented him from
divulging the reasons why
Global United did not pro-
ceed to close the deal last
year.
"We did raise the funds
from a New York firm, but it

SEE page 7


400 extra homes boosts


Cable TV revenues

by 15.7 per cent


* By NEIL HARTNELL
Tribune Business Editor
SUBDIVISION expansions
that enabled it to add 400
homes as customers, coupled
with consumer take-up of its
premium digital TV service.
enabled Cable Bahamas to
increase revenues from its core
cable television product by 15.7
per cent in the 2007 first quar-
ter.
In his report to the compa-
ny's shareholders. Brendan
Paddick, Cable Bahamas'


chairman, said the $1.4 million
increase in cable television rev-
enues, which had grown from
$8.9 million in 2006 to $10.4
million, had been driven by a
5.2 per cent rise in subscribers..
Cable Bahamas' cable sub-
scribers for the 2007 first quar-
ter had risen by 3,709 year-on-
year, growing from 70,864 dur-
ing the first three months of
2006 to 74,573 now.
Mr Paddick said Cable

SEE page 11


Fiscal deficit grows

during election run-up


* By NEIL HARTNELL
Tribune Business Editor
THE fiscal deficit grew by
$10.8 million to $35.6 million
during the 2006-2007 third
quarter, the Central Bank of
the Bahamas revealed vester-
day, as a 15.3 per cent increase
in government spending in the
general election run-up out-
paced a 13.1 per cent revenue.
rise.
For the first nine months of
the 2006-2007 fiscal year to
March 31, 2007, the Central
Bank noted in its report on
monthly economic develop-


ments for May that the fiscal
deficit had decreased by 10.63
per cent compared to the pre-
vious year. falling from $95.76
million to $85.58 million.
But the fiscal deficit was on
the rise in the last three months
to MN'arch 31. with recurrent
spending on the Government's
fixed costs civil service wages.
rents rising by 15.5 per cent.
with capital spending on infra-
structure projects up by 15.4
per cent.
Tax receipts during the three

SEE page 11


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THE TRIBUNE


HAUL 2B, WEDNESDAY, JUNE 6, 2007


I


Mliance portfolio decline




hits Benchmark's profits


M By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
B benchmark
(Bahamas) yester-
day said 2007 first
quarter net income
Il11 from $0.02 per share com-


pared to $0.16 per share a year
ago, as the subsidiary that has
produced much of its net
income in recent years,
Alliance Investment Manage-
ment, suffered a $219,757 loss.
In its results release yester-
day, the BISX-lisdted compa-
ny said that for the financial
period ending March 31, 2007,


Alliance Investment Manage-
ment's losses were caused by
an unrealised loss of $423,539
from depreciation in the value
of investments it holds.
This consequently played a
large part in Benchmark
(Bahamas) net income for the
2007 first quarter falling to
$81,401.


"We are not concerned
about the performance of
Alliance during the first quar-
ter, and hold the view that
over the long term the losses in
its trading portfolio should
recover", said Benchmark
(Bahamas) president, Julian
Brown.
Benchmark's own invest-
ment portfolio rescued the
overall first quarter perfor-
mance, generating a $340,039
gain from unrealisied appreci-
ation of investments.
Mr Brown pointed out that
Alliance's core business dur-
ing the first quarter experi-
enced strong growth.
He added that consolidate
revenues for the first quarter
of 2007 were a negative 36 per
cent against last year's first
quarter, while expenses rose
by 17 per cent due to an
increase in rent and occupancy
as Alliance expanded its office
space.
"I continue to be impressed
by the diversity of our revenue
streams and the potential of
Alliance to the group," Mr
Brown said.
However, he warned share-
holders to appreciate that
given the nature of the securi-
ties industry, and the broker-
age business in particular, we
should not expect Alliance to
perform in every quarter as it
did during past quarters."
Mr Brown said that opera-
tionally, the company had
begun the year on a positive
note, even though the com-
parative numbers may not
have been positive.
I remain optimistic about
this year, and believe the
momentum will improve for
the balance of 2007," he
added.
Mr Brown said Benchmark
expected to close its
Carmichael Road property


purchase before the end of the
second quarter.
"At that point, we will pro-
vide more details about our
intention to create a first class
commercial rental complex in
the south," Mr Brown said.
Benchmark (Bahamas) net
assets stood at $5.785 million,
and book value was B$1.17 per


share an increase of $0.03
since 2006. Net profit was
B$81,401, compared to a net
profit of $838,474 for the same
period ending March 2006.
Benchmark Advisors gener-
ated $2,549 in net profit for
the 2007 first quarter, with
Benchmark producing
$298,959.


* JULIAN BROWN


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.comi
Deadline for application is June 16th, 2007


The Inter-American Development Bank (IDB) is the largest and oldest regional
multilateral development institution, established in 1959 to help accelerate
economic and social development in Latin America and the Caribbean. The IDB
is based in Washington, D.C., and is now undergoing a realignment process to
restructure the Bank so it can better fulfill its mission of contributing to economic
and social development in light of the Region's development challenges. The
IDB is now reviewing candidates for the positions of:


Division Chiefs, Unit Chiefs and Regional
Economic Advisors

To view the specific description of each of the following positions and to apply,
please go to: www.iadb.org/hrd/vacancies.asp and access the Bank's job@pply
system. The closing date for most vacancies is June 8, 2007.

General Requirements

* Master's, "Licenciatura" or equivalent degree, in relevant discipline. Preferably
Ph.D. Some positions may request specific certifications.
* Minimum of 10-15 years of work experience relevant to the duties and
accountabilities of the position.
* Knowledge and understanding of the Region. Proven experience in similar
positions, preferably in Latin America or the Caribbean, including broad
experience, at a similar level, in coordinating multidisciplinary teams to develop
complex projects in a matrix structure environment, with strong technical
background and proven management track record.
* Leader and authority among peers in his/her specific discipline.
* Strong operational experience: track record of successfully implemented
projects and programs.
* Proficiency in at least two of the Bank's official languages, being one of them
English or Spanish, and preferably working knowledge of a third (languages:
English, Spanish, French, Portuguese).
* Strong communication and client orientation skills.

We Offer: Competitive salary and benefits plan; excellent relocation package.

Only applications which best match with'the requirements of the position will
be acknowledged. You must be a citizen of one of the IDB Member Countries
in order to qualify for any type of employment at the IDB.
IDB Member Countries Argentina Austria Bahamas Barbados Belgium
* Belize Bolivia Brazil Canada Chile Colombia Costa Rica Croatia
* Denmark Dominican Republic Ecuador El Salvador Finland France
* Germany Guatemala Guyana Haiti Honduras Israel Italy Jamaica
* Japan Mexico Netherlands Nicaragua Norway Panama Paraguay *
Peru Portugal Republic of Korea Slovenia Spain Suriname Sweden *
Switzerland Trinidad & Tobago United Kingdom United States Uruguay
* Venezuela


* 4
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[BUSINESS


he 1iami ieral WEDNESDAY, JUNE 6,2007


INTERNATIONAL EDITION


THE MARKETS
STOCKS, MUTUAL FUNDS, 8B
DOW 30 13,595.46 -80.86 V
S&P 500 1,530.95 -8.23 V
NASDAQ 2,611.23 -7.06 V
.10-YR NOTE 5.00 +.07 A
CRUDE OIL 65.61 -.60 V


Stocks


drop on


fears of


rate hike
BY MADLEN READ
Associated Press
NEW YORK Wall Street
skidded lower Tuesday after
comments from Federal
Reserve Chairman Ben Ber-
nanke and a strong reading on
the service sector suggested the
central bank has little reason to
lower interest rates.
Bernanke's speech by satel-
lite to an international mone-
tary conference in South Africa
Tuesday spurred investors to
sell a day after the Dow Jones
industrials and Standard &
Poor's 500 index edged up to
new highs. Bernanke remarked
that the economy will recover
from its recent feeble perfor-
mance.
"The market is hoping for
slow growth and moderate
inflation, and now there's con-
cern they might have to bump
up rates in the second half of
the year," said Jim Herrick,
director of equity trading at
Baird & Co.
While the Fed chairman's
comments stalled a months-
long rally, many analysts have
been predicting Wall Street
would soon pull back before
heading higher later this year.
His remarks also came in a.
week where investors had few
economic or corporate catalysts
to provide direction.
The Dow fell 80.86, or 0.59
percent, to 13,595.46, after ear-
lier falling more than 100 points.
Broader indexes also
retreated. The Standard &
Poor's 500 index fell 8.23, or 0.53
percent, to 1,530.95, while the
Nasdaq composite index shed
7.06, or 0.27 percent, to 2,61123.
Before Tuesday's decline, the
Dow and the S&P 500 had risen
more than 8 percent since the
beginning of the year.
Bonds slipped.
The yield on the benchmark
10-year Treasury note rose to
4.98 percent from 4.93 percent
late Monday. The 10-year yield
is trading at 9-month highs, and
appears poised to break through
5 percent, a level not reached
since August 2006.
Stocks sold off further after a
midday speech by U.S. Trea-
sury Secretary Henry Paulson,
who said he has been pressuring
China to make its exchange rate
more flexible. If the yuan is
given the chance to rise in
value, it could have a dampen-
ing effect on the U.S. dollar.
The dollar fell against other
major currencies, while gold
prices edged lower.
Retail stocks took a hit after
home goods seller Bed Bath &
Beyond late Monday warned its
fiscal first-quaVer earnings may
fall below analyst estimates.
The stock lost $2.20, or 5.4 per-
cent, to $38.27.
Declining issues outnum-
bered advancers by about 3 to 1
on the New York Stock
Exchange, where consolidated
volume was 2.86 billion shares,
'compared with 2.69 billion
Monday.
The Russell 2000 index of
smaller companies was down
6.84, or 0.80 percent, at 848.25.
Crude oil futures for July
delivery fell 60 cents to $65.61 a
barrel on the New York Mer-
cantile Exchange.
Overseas, China's bench-
mark Shanghai Composite
"Index rebounded 2.6 percent
after plummeting 8.3 percent a
day earlier.
Japan's Nikkei 225 index rose
0.45 percent. Britain's FTSE 100
fell 0.47 percent, Germany's
DAX index dropped 0.71 per-
cent, and France's CAC-40
decreased 0.77 percent


ECONOMY


LENNY IGNELZI/AP
BRIGHT REPORT: Technicians monitor the screen in the Medio Flo center at Qualcomm offices in
San Diego. The nation's service sector's May expansion could help sustain broader economic
growth even as the automotive and housing industries slump.


SURPRISING


STRENGTH


U.S. SERVICE SECTOR EXPANDS FASTER THAN
IN MAY, RESEARCH GROUP SAYS

BY CANDICE CHOI
Associated Press

NEW YORK Unexpected vigor in the nation's service economy,
coupled with recent data showing the manufacturing sector is .V '"
humming, suggest the broader economy may be shaking off slumps in
the housing and automotive industries.


The Institute for Supply Man-
agement, based in Tempe, Ariz.,
said Tuesday its index of business
activity in the non-manufacturing
sector registered a faster-than-ex-
pected pace of 59.7 in May. The
reading was higher than April's
reading of 56 and Wall Street's
expectation of 56.
A reading above 50 indicates
expansion, while one below indi-
cates contraction.
The new orders index was
57.4, up from 55.5 in April. The
employment index rose to 54.9
from 51.9.
"The core indexes new
orders and employment are up
moderately, and that signals the
economy is improving," said
Brian Bethune, an economist with
Global Insight.
An overly pessimistic outlook
led to the "first-quarter malaise,"
Bethune said, and now companies
are realigning their orders,
employment and inventory to
match a more robust growth.
The service industries covered


by the ISM report represent
about 80 percent of economic
activity and span diverse indus-
tries including banking, construc-
tion, retailing, mining, agriculture
and travel.
May represents the 50th con-
secutive month of growth in the
non-manufacturing sector, and
marked a turnaround from March
when the index slipped to a four-
year low.
The index average so far this
year is still below the 2006 aver-
age reading of 58.
The manufacturing sector also
showed strength in May, with the
ISM reporting last week that the
sector rose to its highest level in a
year. The reading of 55 marked
the fourth consecutive month of
growth.
The country's top corporate
executives also foresee good
business prospects in coming
months. The Business Round-
table said Tuesday most execu-
tives expect sales, capital invest-
ment and hiring to remain at


EXPECTED


STEVEN SENNE/AP
STILL BUYING: Shopper Debbie
Mirabello examines clothing
on a rack while shopping at a
Macy's department store in
Newton, Mass.
current levels or to be boosted in
the coming months.
The strength of the global
economy may account for the
surprising uptick in the
service economy, said Mark
Zandi, chief economist at
Moody's Economy.com.
"That's a big part of the story.
The global economy is perform-
ing about as well as it ever has.
Combined with a weaker dollar,
it's lifting orders from U.S. busi-
nesses," Zandi said.,


ACCOUNTING



Senator:


The way


firms report


options costs


U.S. billions

BY MARCY GORDON
Associated Press
WASHINGTON A multibillion-dol-
lar gap between what public companies
book as expenses for their executives'
stock options and what they report to the
IRS under two sets of rules is costing the
Treasury billions in lost revenue, a key
senator seeking to end the discrepancy
said Tuesday.
Companies are reporting deductions
for stock options to the Internal Revenue
Service that far exceed what they are reck-
oning and disclosing to shareholders as
expenses against their bottom line, Sen.
Carl Levin, D-Mich., said at a hearing of
the Senate Homeland Security and Gov-
ernmental Affairs investigative subcom-
mittee. Levin, the panel's chairman, is pro-
posing that the gap be closed with
legislation requiring uniform reporting
rules for stock options.
An investigation by the subcommittee's
staff found a $43 billion "gap" for stock
options between corporate IRS tax returns
and expenses reported in financial state-
ments for December 2004 to June 2005.
During that period, U.S. public companies
legally avoided billions of dollars in taxes
by claiming $43 billion more in tax deduc-
tions for options awards than the compen-
sation for options recorded on their books,
the staff inquiry found.
When company directors who approve
executives' compensation learn that stock
options often put a small dent in the com-
pany's profits while also producing a huge'
tax deduction, "it's a pretty tempting prop-
osition for them to pay their executives
with stock options instead of cash or
stock," Levin said. "The problem is that
the mismatch [between] stock-option
accounting and tax rules also shortchanges
the Treasury to the tune of billions of dol-
lars each year, while fueling the growing
chasm between executive pay and average
worker pay."
The anomaly makes stock options -
which are a big chunk of executives' pay -
the only type of compensation with two
different reporting regimes, Levin said.
While not breaking the law, the companies
benefited from an "outdated and overly
generous stock-option tax rule," he said.
Acting IRS Commissioner Kevin
Brown, testifying at Tuesday's hearing,
said that based on what the agency has
seen, "it is not that difficult for companies
to compensate senior executives at what-
ever level they choose and remain fully
compliant with the tax laws."
The SEC and federal prosecutors have
been investigating more than 100 compa-
nies over suspect timing of stock option
awards to executives.


OFFICE FURNITURE


Retailers cater to


female entrepreneurs


BY ANNE D'INNOCENZIO
Associated Press
NEW YORK When Jennifer
Selby Long relocated from an office
with leased furniture to an unfur-
nished one in February, her decorat-
ing problems began.
All she could find was furniture
made with a "5-feet-lO-inch man in
mind." Long, who is 5-feet-six, ended
up improvising with bookcases from
Crate & Barrel and a reddish gold
wood desk from the last office tenant.
"Everything is too masculine,
edgy, too modern, and heavy on the
metal," said Long, who runs a man-
agement consulting business.
With women-owned small busi-
nesses growing almost twice as fast
as all small business nationwide,
retailers are just starting to wake up
to the demands of female entrepre-
neurs. These include office chairs
and desks scaled to smaller frames
and furniture with more storage for
purses and other personal items.
While women's design prefer-
ences can't be lumped together,
experts say they have definite tastes
and look at their furniture as an
extension of their image.
"Women really want to personal-


ize their space. Men are looking for
more functionality," said Kim Roffey,
a strategist at Kurt Salmon Associ-
ates. When men buy an office chair,
they focus on whether it rolls under
the desk and provides good back sup-
port, Roffey said. But women also
look at how it fits with the look of the
room, she said.
Office Depot of Delray Beach, Fla.,
is considered the pioneer in staking
out the women entrepreneur market.
It teamed up in 2003 with decorating
guru Christopher Lowell to create
items such as Whitewash executive
desks evoking beach house decor and
hutches with antique finishes. Earlier
this year, it introduced decorative
shelving.
Rival OfficeMax recently struck
exclusive partnerships with Sharper
Image to make a line of modern office
furniture and Broyhill Furniture
Industries to create a traditional fur-
niture line with details such as
antique pewter ring hardware.
Sharper Image designs just hit the
stores, while the Broyhill collection,
which has writing desks priced at
$399.99 and small hutches retailing
for $199.99, will be in stores in June.
Meanwhile, Ikea has created decor


JEFF CHIU/AP
A WOMAN'S TOUCH: Business entrepreneur Jennifer Selby Long had to
shop at a variety of stores to decorate when she moved into an
unfurnished office.


displays aimed at female entrepre-
neurs, such as a book store and hair
salon, at its 29 U.S. stores.
"I think we have just scratched the
surface. This is one of our growth
engines of the future," said Pernille
Lopez, president of Ikea North Amer-
ica.
Lopez expects small business
owners, particularly females, to even-
tually account for 10 percent to 15
percent of Ikea's U.S. business.
According to the Center for Wom-
en's Business Research, the number
of privately held firms where women


owned at least a 51 percent stake
grew 42.3 percent from 1997 to 2006.
That's almost twice the 23.8 percent
growth for all private businesses over
the same time. The numbers are pro-
jections based on the 2002 Census
Bureau data.
"The products [women] use, the
desk they sit at represents what their
brand stands for," said Ryan Vero,
executive vice president of merchan-
dising at OfficeMax.
OfficeMax worked with female
focus groups to get input on the new
furniture lines' design.


-- ~--~~


_ -e -I.- Fl --- I =~arsm~--Wti~L~R ---------e ---~--' eA ~IA







THE MIAMI HERALD I MiamiHerald.comn INTERNATIONAL EDITION WEDNESDAY, JUNE 6, 2007 4B


BUSINESS BRIEFS


RESTAURANTS


Outback Steakhouse investors



approve $3.2B buyout offer


KATHY WILLENS/AP FILE
HOPEFUL: Federal Reserve Chairman Ben Bernanke
thinks the economy will strengthen despite the auto
and housing slumps.


Bernanke expects


economy to rebound

From Herald Wire Services
Federal Reserve Chairman Ben Bernanke predicted Tues-
day the economy will rebound from its anemic start of the
year even if the housing slump persists. Wall Street slid, tak-
ing the news as a sign the Fed won't lower interest rates.
Economic growth in the year's first three months nearly
stalled, logging just a 0.6 percent pace. It was the worst quar-
terly showing in more than four years.
However, Bernanke said he believes some forces that fig-
ured prominently in that poor performance including a
bloated trade deficit, cutbacks by businesses in inventory
investment and weak federal defense spending "seem
likely to be at least partially reversed in the near term."


* COMPUTERS
AVAYA ACCEPTS $8.2B
BID FROM SILVER LAKE
Avay (AV) agreed to be
acquired by Silver Lake
Partners and TPG for
$8.2 billion in the largest
leveraged buyout of a com-
puter-networking company.
Investors will receive
$17.50 a share, Basking '
Ridge, New Jersey-based
Avaya said in a statement
last night. That's 4.7 percent
more than yesterday's clos-
ing price and 28 percent
more than the price before
speculation about a pur-
chase surfaced on May 29.
Shares of Avaya rose 31
cents, or 1.9 percent, to
$17.03 at 4:02 p.m. in New
York Stock Exchange com-
posite trading.

* AIRLINE
RYANAIR POSTS
RECORD 2006 PROFIT
Ryanair Holding
(RY4.IR) posted a record
full-year 2006 profit amid
higher fuel prices and strong
competition, but offered a
cautious forecast for 2007.
The Dublin-based airline
said net income, excluding
exceptional items, rose
33 percent to 401.4 million
euros ($541.7 million) in the
12 months through March 31,
while sales rose 32 percent
to nearly 2.24 billion euros
($3.02 billion).
Ryanair shares fell 7.01
percent to 5.04 euros ($6.78)
on the Irish Stock Exchange,
reflecting O'Leary's down-
beat assessment and the ris-
ing percentage of empty
seats on Ryanair's network.

ROYAL BANK
OF SCOTLAND
BRITISH BANK TO BEAT
ANALYSTS' ESTIMATES
Royal Bank of Scotland
(RBS), the British bank
leading a competing take-
over bid for ABN Amro
Holding (ABN), said that it
expects lower bad debt pro-
visions for the first half of
the year, indicating its earn-
ings will beat analysts' esti-
mates.
The earnings update did
not include any comment on
the offer that RBS has made
for ABN Amro.
An RBS-led group is
offering $95.5 billion or
$51.59 per ABN Amro share,
about 10 percent higher than
a rival offer from Barclays.
RBS shares rose 0.39 per-
cent to 640.50 pence ($12.72)
on the London Stock
Exchange.


* APPLE
ITUNES' USER DATA
RAISES CONCERNS
Apple's (AAPL) recent
rollout of songs without
copy protection software at
its iTunes Store has given
consumers new flexibility,
but questions have emerged
over the company's inclu-
sion of personal data in pur-
chased music tracks.
Are the songs that are
being billed as free of so-
called digital rights manage-
ment technology really
"DRM-free" or are there still
strings attached?
The Electronic Frontier
Foundation, a consumer
watchdog group, said the
embedded user information
in the purchased track raises
privacy issues.
Apple declined to com-
ment.

* AUTOMOTIVE
GM: TURNAROUND PLAN
IS PROGRESSING
Their proposals all were
voted down, but that didn't
stop dissident General
Motors (GM) shareholders
from grilling Chairman Rick
Wagoner over the automak-
er's declining market share
and plans for the future at
the annual meeting Tues-
day.
Although Wagoner
opened the 2 '/2-hour meet-
ing with a speech touting
progress the company has
made in its turnaround plan
and on advanced technol-
ogy, several shareholders
expressed dismay at the
pace, saying GM was in a
crisis and the board has not
moved quickly enough to
demand change.
GM shares fell 23 cents to
$30.14 on Tuesday.

TECHNOLOGY
IBM SETTLES SEC
INVESTIGATION
An investigation of IBM
(IBM) by the Securities and
Exchange Commission
ended Tuesday without
penalty, although the gov-
ernment found that the tech-
nology company misled ana-
lysts about employee
stock-option expenses in
2005.
The SEC said IBM's con-
duct "violated the reporting
provisions of the federal
securities laws." However,
the agency stopped short of
finding that fraud had been
committed, and it imposed
no fine. IBM shares fell 39
cents to $105.84.


LATE TRADING


4p.m. 6:35 p.m. Late
Stock Tkr. close close Chg. volume
iShR2K ny IWM 84.45 84.49 +.04 105899
FordM F 8.31 8.34 +.03 71896
SPDR SPY 153.49 153.56 +.07 63424
SP Util XLU 40.90 40.80 -.10 50559
GenElec GE 37.40 37.45 +.05 46851
iShREst IYR 84.63 84.63 36246
PwShs QQQ QQQQ 47.58 47.57 -.l01 31027
Microsolt MSFT 3058 30.47 -.11 28944
Kroger KR 29.92 30.06 +.14 28771
TDAmneritr AMID 19.95 21.83 +1.88 27127
SunMicro SUNW 5.07 5.02 -.05 25701
CompsBc CBSS 69.95 69.95 23416
rinu Wan VTWX 21.10 21.1.1 +.04 22253


4 P.m. 6:35 pin. Late
Stock Tkr. close dose Chg. olume
CVS Care CVS 37.80 37.97 +.17 20902
JohnJn JNJ 63.31 63.30 -.01 18981
Ipsco g IPS 157.52 157.46 -.06 17644
WalMart WMT 50.52 50.59 +.07 17616
Altria s MO 70.68 71.26 +.58 15068
ClearChan CCU 38.49 38.50 +.01 15030
Intel INTC 21.96 21.95 -.01 15012
SiriusS SIRI 2.84 2.86 +.02 13933
Cisco CSCO 27.20 27.20 13602
AquaAm WTR 22.95 22.85 -.10 12393
Oracle ORCL 19.48 19.63 +.15 11596
PS Oil n DBO 26.53 26.55 +.02 10000


For up-to-date stock quotes, go to www.MiamiHerald.com and click on Business


Associated Press
TAMPA, Fla. Sharehold-
ers of the owner of the Out-
back Steakhouse restaurant
brand on Tuesday voted to
approve a sweetened $3.2 bil-
lion takeover offer from a pri-
vate investor group.
In the proposed deal, the
buyout group including Bain
Capital Partners and invest-
ment funds affiliated with Cat-
terton Management will pay
$41.15 a share in cash for OSI


BY DAVID N. GOODMAN
Associated Press
When it comes to car qual-
ity, think Korean.
Hyundai Motor leads in five
categories in the annual vehi-
cle quality study released
Monday by Strategic Vision, a
San Diego-based market
research company and consul-
tant to automakers.
Hyundai's rise in the rank-
ings is only the latest sign of
the improved overall quality
and declining number of
defects in today's cars and
trucks, said David Cole, chair-
man of the Center for Auto-
motive Research in Ann
Arbor.
"They're coming together
to a point where the differ-
ences are almost meaning-
less," Cole said.
He said that means buyers
will pay increasing attention
to dealer service, technology,
fashion, price and fuel econ-
omy.
Once known best as the
maker of cheap, entry-level
cars with nagging manufactur-
ing flaws, the South Korean
automaker outperformed its
Japanese, European and U.S.
rivals in this year's survey,
based on interviews with
27,780 people who bought
2007 models in September-
November 2006.
Last year, Hyundai had no
winners. And highly regarded
Toyota, despite improving its
overall quality, went from four
leaders last year to one in
2007.
"Even though Hyundai is
often overlooked by the U.S.
customer, Hyundai's success
in 2007 is not surprising given
its current products and
... leadership that is looking
to the near and distant future
with new designs from styling
to powertrain," said Darrel
Edwards, Strategic Vision's
chief executive.


By ALAN SAYRE
Associated Press
HACKBERRY, La. Just
down the road from this iso-
lated fishing hamlet in the
bayou country of southwest-
ern Louisiana, a massive com-
plex is rising to handle the
nation's growing demand for
natural gas.
Cranes tower over arena-
sized containers that stand 170
feet tall and 250 feet in diame-
ter as hundreds of construc-
tion workers bustle about.
Sempra Energy expects the
$750 million terminal to begin
operating in 2008 as the
arrival point for tankers carry-
ing liquefied natural gas.
While the energy industry
regards LNG as a vital step in
keeping up with the demand
for natural gas in the United
States, proposals to build ter-
minals are raising environ-
mental and safety concerns.
Largely little used until nat-
ural gas prices jumped in
recent years, gas cooled to
minus 260 degrees and turned
into liquid is the only practical
way to import supplies from
overseas.
Energy companies have
proposed 35 new U.S. termi-
nals in 10 states and five off-
shore areas near the coast.
Eighteen terminals have been
approved by the Federal
Energy Regulatory Commis-
sion.
The majority of the projects
are proposed for the North-


Restaurant Partners.
The vote on the $41.15 per-
share offer sweetened from
an original offer of $40 per
share was supposed to take
place May 8, but the meeting
was delayed. Then, a May 25
special meeting was adjourned
to again allow shareholders
more time to review the
revised deal.
The deal is expected to
close on about June 19.
A Bain spokeswoman


declined to comment on the
sale. Officials with OSI and
Catterton did not return
phone messages seeking addi-
tional comment.
Besides Outback Steak-
house, OSI's restaurant brands
include Carrabba's Italian
Grill, Bonefish Grill, Fleming's
Prime Steakhouse & Winb Bar,
Roy's, Lee Roy Selmon's, Blue
Coral Seafood & Spirits and
Cheeseburger in Paradise res-
taurants. It has operations in


50 states and 20 countries.
The buyers, in a filing with
the Securities and Exchange
Commission on Monday, put
the total value of the deal at
$3.24 billion.
That figure includes the
outstanding common stock of
OSI as well as the cost of buy-
ing for cancellation certain
stock options and deferred
compensation units.
OSI shares rose 14 cents to
$41 Tuesday.


HYUNDAI MOTOR/AP
RIDE IN STYLE: Hyundai's Azera led among large cars in Strategic Vision's annual vehicle
quality survey. The automaker took the top spot in five categories.


TOP PERFORMERS

Top rankings in Strategic Vision's Total Quality Index
for 2007-model vehicles:
Small car: Honda Civic
Small multifunction: Volkswagen Rabbit
Medium car: Saturn Aura, Nissan Maxima (tie)
Large car: Hyundai Azera
Near-luxury car: BMW 3-Series sedan
Luxury car: Mercedes S-Class
Small specialty under $25,000: Mini Cooper
Convertible under $30,000: Mini Cooper Convertible
Convertible over $30,000: Chevrolet Corvette
Minivan: Kia Sedona, Hyundai Entourage, Nissan Quest (tie)
Small sport utility vehicle: Hyundai Santa Fe
Medium SUV: Kia Sorento
Large SUV ,Ford Expedition EL
Near-luxury SUV: Lexus RX 350
Luxury SUV: Mercedes ML
Medium crossover: Dodge Magnum
Standard pickup: Honda Ridgeline
Large pickup: Nissan Titan, Ford F-150 (tie)
Heavy duty pickup: Ford F-250/F-350
Overall brand: BMW
Overall corporation: Volkswagen.
SOURCE: The Associated Press


Hyundai's Azera led among
large cars, arid its Santa Fe led
among small sport utility vehi-
cles. Its Entourage was tied for
best minivan with the Quest
by Nissan Motor and the


Sedona by Hyundai affiliate
Kia Motors.
The Kia Sorento led among
medium SUVs, Strategic
Vision said.
BMW led in three individ-


ual categories plus best overall
brand, and Nissan, Ford Motor
and DaimlerChrysler Id in
three each.
Strategic Visions asks buy-
ers to rate all aspects of their
new vehicles, from the pur-
chase itself to the ownership
and driving experience.
What's new this year is not
who's first or second, but
rather how satisfied buyers
are in general, company Presi-
dent Alexander Edwards said.
"Everybody's doing a ter-
rific job that's the news," he
said.
Based on a 1,000-point
scale, the average new vehicle
was rated 864, up from 861 in
2006 and 831 in 1998. As a
result, he said, "cues of qual-
ity" rather than the number of
defects "have a greater impact
on the purchase decision."
Overall, Volkswagen had
the highest corporate average,
followed by Honda Motor,
General Motors, Toyota and
Hyundai
Among brand names, BMW
was followed by Infiniti, Mer-
cedes Benz, Mini and Jaguar.


ALEX BRANDON/AP
UNDER CONSTRUCTION: Gustavo Ruiz carries iron bars at
the Sempra liquefied natural gas plant under
construction in Hackberry, La.


east, which has seen huge
price increases for heating oil
and public distrust of nuclear
power; California, where natu-
ral gas is in high demand for
power generation; and the
Gulf Coast, where LNG pro-
cessors can easily plug the fin-
ished gas product into inter-
state pipelines.
Some are near urban areas,
where, despite demand for
natural gas, LNG developers
are running into opposition.
Among the projects are a
$700 million terminal near
Freeport, Texas, being built by
Freeport LNG Development;
McMoRan Exploration's Main
Pass offshore terminal off
southern Louisiana with a $1
billion price tag; and Hess
LNG's $350 million to $500


million terminal proposed
near Fall River, Mass.
In the Cameron Parish vil-
lage of Hackberry, charter
boat operator Freddie Beard
- still trying to recover after
2005's Hurricane Rita is lit-
tle concerned about the LNG
terminal. Beard said he
believes the terminal would be
safer and potentially less pol-
luting than the rows of refiner-
ies and chemical plants in the
Lake Charles area to the north.
"They've brought in a lot of
business since the storm,"
Beard said of Sempra and its
500 construction workers.
Beard's cousin, Lonnie
Beard, a commercial fisher-
man, said he might apply for
one of the terminal's 90 per-
manent jobs because of tough


times in his lifelong business.
As the nation's thirst for
energy continues to grow,
market prices have sparked
new interest in natural gas,
which once was regarded as a
nuisance in the oil fields.
In 1999, gas traded on the
New York Mercantile
Exchange at an average price
of $2.35 per million British
thermal units. Last year, the
price averaged $9.20. In
between, there were price
spikes as high as $20.
The United States con-
sumes about 60 billion.cubic
feet of gas per day about a
quarter of its energy consump-
tion. Gas heats more than 60
million U.S. homes and is the
fuel of choice for generating
power in many areas.
At the same time, gas sup-
plies are getting tighter.
In the Gulf of Mexico, pro-
duction has declined by more
than 4 billion cubic feet per
day since 2001, while produc-
tion in the North Sea is drop-
ping by 15 percent a year as
easy-to-reach deposits play
out. Alternatives such as deep-
water drilling in the Gulf, dril-
ling deep into the bottom of
shallower Gulf waters and
going after gas in the Rocky
Mountains are more expen-
sive.
Importing natural gas in its
liquid state often is a cheaper
alternative, said Darcel Hulse,
Sempra chief executive offi-
cer.


* THE ECONOMY


AUTOMOBILES



Hyundai races ahead in quality survey


ENERGY


Liquefied natural gas on rise


I II





THE TIBUN WEDNSDAY JUNE6, 207,IPGES5


Bahamas




firm gives




Butterfield




software


B utterfield Bank
(Bahamas) has cho-
sen a product devel-
oped by International Private
Banking Systems (IPBS), the
Bahamian-based supplier of
private wealth management
software, to enhance its regu-
latory and compliance respon-
sibilities.
The IPBS Business Manag-
er product, selected by But-
terfield Bank (Bahamas), pro-
vides an integrated platform
to deal with Know Your Cus-
tomer (KYC) and anti-mon-
ey laundering (AML) issues
that matches local regulatory
requirements.
Butterfield Bank (Bahamas)
inherited and maintained a
number rof IPBS banking and
trust software products when
it entered the Bahamian mar-
ket in 2003 by acquiring Tho-
rand Bank & Trust.
"As a progressive and inno-
vative bank, our focus is offer-
ing clients a first class service
and creating solutions tailored


to their individual needs.
IPBS/Business Manager will
allow us to concentrate on our
core business the'efficient
and effective handling of all
client transactions whilst the
solution takes care of many of
our KYC/AML compliance
obligations," said Timothy
Colclough, Butterfield Bank
(Bahamas) head of business
development.
"The importance of effi-
ciently managing your KYC
and AML obligations is grow-
ing. Compliance should be a
central part of how banks
manage, process and monitor
transactions, and therefore
integrated into the heart of the
back office," said Bruce
Raine, IPBS founder and pres-
ident.
"We are delighted to build
on our long term relationship
with Butterfield Bank, and
look forward to supporting
them in the future with the
launch of new modules to the
IPBS range of solutions."


Join Cititrust

(Bahamas) Limited,

one of the most

established trust

organizations in the
world.

We invite outstanding
individuals, wanting to build a
career in trust and estate
management services, to be part
of our dynamic global team. You
will interact with colleagues from
around the world and across the
organization, providing
specialized services to our high
net worth clients and their
families.

Interested Bahamian candidates
should forward a copy of their
resume by June 22, 2007 to:
Human Resources, Cititrust
(Bahamas) Limited, P.O. Box N-
1576, Nassau, Bahamas OR
Fax: (242) 302-8732 OR Email:
ianice.aibson(cDcitiarouo.com


TRUST OFFICER


ROLE RESPONSIBILITIES
Reporting to a Trust Administration Team Leader, the position is
responsible for the ongoing administration of trust and fiduciary
products and services to clients of Citi's Private Banking, Smith
Barney and International Personal Banking divisions. Key
responsibilities include liaising with Relationship Managers to
provide information, execute transactions and resolve problems,
managing all associated risks, and, preparing and presenting
periodic administrative reviews of trust and companies. Additional
responsibilities include liaising with internal Compliance and
Business Risk Management teams and external auditors and
regulatory bodies to ensure adherence to all policies, procedures
and regulatory requirements.


KNOWLEDGE/ SKILLS REQUIRED
The ideal candidate will possess a Bachelors degree in Law,
Business Administration, Accounting or related field and a
minimum of 3-5 years of related experience in Trust and Company
administration. STEP qualifications are an asset. Strong oral and
written communications skills, excellent organizational skills,
superior relationship management skills and an aptitude for
analyzing and solving problems are also required. Additionally,
language skills (Spanish, Portuguese, Mandarin) and knowledge
of 4Series are assets.


Challenge

yourself to a career like no other


BTC


selects


India


firm to


boost its


profits


THE Bahamas Telecommu-
nications Company has hired
an Indian firm, Subex Azure,
to improve its financial per-
formance.
According to the Economic
Times, BTC has selected
Subex Azure's Nikira, Moneta
and Concilla revenue maximi-
sation products to assist the
company n improving its bot-
tom line.
Subex Azure's product will
proactively monitor BTC's
wireless and wireline network
to reduce potential fraud activ-
ity and revenue leakage,
enhance customer service and
improve inter- carrier settle-
ments," Subex Azure said in a
statement.
It said BTC chose Subex
Azure's revenue maximisation
tools to build out a fully inte-
grated programme that will
address the threat of leakage
and fraud.
In addition, the article added
that BTC will also improve its
inter-carrier settlements with
the Concilia solution.


FIDELITY BANK (BAIAMAS) LIMITED
Consolidated Balance Sheet (Unaudited)
As of March 31. 2007
(Expressed in Bahamian dollars)


31-Mar-07


Assets
Cash on hand at banks
Investment in securities
Mortgages, consumer and other loans
Property, plant and equipment
Receivables and prepayments



Liabilities
Customer deposits
Mortgage-backed bonds
Long-term loans
Other liabilities and accrued expenses



Equity
Capital and reserve attributable to the
Bank's equity holders:
Share capital ordinary shares
Revaluation surplus
Retained earnings


$ 10,755,215
21,534,331
114,558,191
9,371,543
1,649,814-

$ 157,869,094


$ 122,629,658
250,000
1,634,248


124,513,906




20,000,001
2,606,960
10,748,227

33,355,188

$ 157,869,094


31-Dec-06

$ 7,177,963
19,600,151
113,197,712
9,297,438
593,009

$ 149,866,273


$ 113,711,450
300,000
2,809,075


116,820,525




20,000,001
2,621,619
10,424,128

33,045,748

$ 149,866,273


FIDELITY BANK (BAHAMAS) LIMITED
Consolidated Statement of Income (Unaudited)
For the Quarter ended March 31. 2007
(Expressed in Bahamian dollars)


3 Months Ending
31-Mar-07 31-Mar-06


Income
Interest income
Interest expense
Net Interest Income

Non-Interest Income

Total Income


Expenses
Salary and staff benefits
General and administrative
Depreciation
Total Non-Interest expense
Provision for credit losses
Total Expenses
Net income before minority interest


Attributable to:
Equity holders of the bank
Minority interest
Net income

Weighted average number of common
shares outstanding

Earnings per share


$ 2,721,041
1,047,871
1,673,170

688,936

2,362,106



S 1,096,368
764,246
219,634
2,080,248
(27,582)
2,052,666
$ 309,440



309,440

$ 309,440


$ 17,666,670


$ 2,577,403
864,833
1,712,570

808,100

2,520,670



$ 934,561
816,467
160,699
1,911,727
133,203
2,044,930
$ 475,740



464,486
11,254
$ 475,740


$ 16,666,670


$ 0.02 $ 0.03


FIDELITY BANK (BAHAMAS) LTD.
Consolidated Statement of Changes in Equity (Unaudited)
For the Quarter Ended March 31, 2007
(Expressed in Bahamian dollars)


Share Capital
Ordinary
Shares


Share Capital
Preference
Shares


Revaluation
Surplus


Retained
Earnings


Total


Share

your

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The Tribune wants to hear
from people who are
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and share your story.


As at 1 January 2006


$ 5,000,001


Issuance of ordinary shares
Redemption of preference shares
Property. plant and equipment revaluation
Net Income
Dividends paid ordinary shares
Dividends paid/payable preference shares


As at 31 December 2006

As at I January 2007


$ 10,000,000


15,000,000
(10,000,000)


20,000,001


20,000,001


Issuance of ordinary shares
Redemption of preference shares
Property. plant and equipment revaluation
Net Income
Dividends paid ordinary shares
Dividends paid/payable preference shares


As at 31 March 2007


$ 20,000,001


$


1,695,320



926,299


2,621,619

2,621,619



(14,659)




$ 2,606,960


10,289,639 $ 26,984,960


45,110
1,662,713
(1,073,334)
(500,000)

10,424,128

10,424,128



14,659
309,440


15,000,000
(10,000,000)
971,409
1,662,713
(1,073,334)
(500,000)

33,045,748

33,045,748




309,440


$ 10,748,227 $ 33,355,188


~~~_


WEDNESDAY, JUNE 6, 2007, PAGE 5B


THE TRIBUNE


s






THE TRIBUNE


PAGE 6B, WEDNESDAY, JUNE 6, 2007


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

Legal Notice

NOTICE

EXXONMOBIL EXPLORATION AND
PRODUCTION (SAMARA) LIMITED


Creditors having debts or claims against the above-
named Company are required to send particulars thereof
to the undersigned c/o P.O. Box N-624, Nassau, Bahamas
on or before 27th June, A.D. 2007. In the default thereof
they will be excluded from the benefit of any distribution
made by the Liquidator.

Dated the 4th day of June A.D., 2007.

K. L. Floyd
Liquidator
16945 Northchase Drive
Houston, Texas 77060, U.S.A.


Legal Notice

NOTICE

EXXONMOBIL EXPLORATION AND PRODUCTION
(SAMARA) LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) EXXONMOBIL EXPLORATION AND PRODUCTION
(SAMARA) LIMITED is in dissolution under the provisions
of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 4th
day of June, 2007 when its Articles of Dissolution were submitted
to and registered by the Registrar General.

(c) The Liquidator of the said Company is K. L. Floyd of 16945
Northchase Drive, Houston, Texas 77060, U.S.A.

Dated the 4th day of June 2007.

HARRY B. SANDS, LOBOSKY
MANAGEMENT CO. LTD.
Attorneys for the above-named Company



NOTICE

GOTLAND STEAMSHIP COMPANY
(BAHAMAS) LIMITED

Pursuant to the provisions of Section 137 (8) of the
International Business Companies Act 2000 notice
is hereby given that the above-named Company has
been dissovled and struck off the Register pursuant
to a Certificate of Dissolution issued by the Registrar
General on the 30th day of April A.D., 2007.
Dated the 31st day of May, A.D., 2007.

Arthur Seligman
Liquidator of
GOTLAND STEAMSHIP COMPANY
(BAHAMAS) LIMITED


FNM set to continue venture capital fund


FROM page 1

strengthening support systems
in how they manage and con-
trol their companies, or link-
ing them more meaningfully
with larger entities in our econ-
omy.
"We believe that doing
something in these areas could
be critical to sustaining the eco-
nomic growth we have, as well
as promoting growth in
Bahamian ownership and
entrepreneurship."

Partners

Jerome Gomez, of Gomez
Partners & Company, the
Bahamas Entrepreneurial
Venture Fund's administrator,
told The Tribune that out of
the $3 million allocated to the
fund by the Government to
date, almost $2.3 million had
been used to finance approved
Bahamian start-ups and entre-
preneurs.
Some 45 companies had
received financing from the
fund, with 35 receiving loans
and the Bahamas Entrepre-
neurial Venture Fund taking
equity stakes in the other 10
firms.
Out of the $2.3 million


invested by the fund to date,
Mr Gomez said some $1.434
million in loans had been
made, with $855,000 invested
in the equity stakes it holds in
the 10 firms.

Companies

Out of the 45 companies, Mr
Gomez said it was "probably a
60/40 split" when it came to
those who were performing in
terms of loan repayments and
delivering a return on the equi-
ty investments.
"Sixty per cent of the port-
folio is performing reasonably
well, 40 per cent is struggling,"
he added, pointing out that
venture capital funds are never
expected to enjoy a 100 per
cent success rate on all invest-
ments.
The Bahamas Entrepre-
neurial Venture Fund was
established by the former PLP
government to provide a
source of equity and debt
financing for Bahamian entre-
preneurs who would otherwise
find it difficult to raise the nec-
essary capital and financing,
with commercial banks reluc-
tant to fund their ideas due to
the risk involved and the high
failure rate for infant busi-
nesses in their first two years.


Legal Notice

NOTICE

EXXONMOBIL NORTH BALI
LIMITED


Creditors having debts or claims against the above-
named Company are required to send particulars thereof
to the undersigned c/o P.O. Box N-624, Nassau, Bahamas
on or before 27th June, A.D. 2007. In the default thereof
they will be excluded from the benefit of any distribution
made by the Liquidator.

Dated the 4th day of June A.D., 2007.

K. L. Floyd
Liquidator
16945 Northchase Drve
Houston, Texas 77060, U.S.A.
ni llt

Legal Notice

NOTICE

EXXONMOBIL NORTH BALI LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) EXXONMOBIL NORTH BALI LIMITED is in dissolution
under the provisions of the International Business Companies
Act 2000.

(b) The dissolution of the said Company commenced on the 4th
day of June, 2007 when its Articles of Dissolution were submitted
to and registered by the Registrar General.

(c) The Liquidator of the said Company is K. L. Floyd of 16945
Northchase Drive, Houston, Texas 77060, U.S.A.

Dated the 4th day of June 2007.

HARRY B. SANDS, LOBOSKY
MANAGEMENT CO. LTD.
Attorneys for the above-named Company


"For a venture capital fund,
you'd expect to get 10-20 per
cent of the portfolio perform-
ing well," Mr Gomez said.
"The plan is to get one or two
big investments to wipe out the
losses."
Among the companies
receiving financing from the
Bahamas Entrepreneurial
Venture Fund to date have
been businesses ranging from a
paper shredding company to a
bonefish lodge, landscaping
firm, maritime training insti-
tute, construction project man-
agement firm, and manufac-
turers of clear hurricane shut-
ters, saunas and bath tubs.

Bahamas

"The Bahamas Entrepre-
neurial Venture Fund looks at
all industries," Mr Gomez said.
While there were virtually no
restrictions on the types of
businesses and economic sec-
tors it could assist, he added
that it was shying away from
those that were already satu-


rated, such as beauty salons,
liquor stores, car washes and
restaurants.
More than 300 business
plans and applications have
been submitted to the
Bahamas Entrepreneurial
Venture Fund to date, Mr
Gomez said, but it has assisted
less than one out of six of these
ideas.

Accessing

He added that the main
stumbling blocks preventing
entrepreneurs from accessing
the fund's assistance were poor
business plans and prepara-
tions, coupled with a lack of
market research and analysis,
and planned financial state-
ments.
Mr Gomez advised budding
Bahamian entrepreneurs to
"seek professional help" from
accountants and attorneys they
knew when it came to prepar-
ing business plans and appli-
cations to the Bahamas Entre-
preneurial Venture Fund.


ICD UTILITIES


LIMITED

Notice To Shareholders



The Board of Directors of

ICD Utilities Limited is pleased

to advise that a dividend of

10 cents per share

has been declared to all Shareholders

of record as at 15th June, 2007

and payable on 29th June, 2007


LEGALNOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 131 of
the International Business Companies Act, (No.45 of 2000),
KENNINGTON LIMITED is in dissolution. Alrena Moxey
is the Liquidator and can be contacted at Winterbotham
Place, Marlborough & Queen Streets, Nassau, Bahamas. All
persons having claims against the above-named company are
required to send their names, addresses and particulars of their
debts or claims to the Liquidator before July 4, 2007.




ARENA MOXEY
LIQUIDATOR



CAREER

OPPORTUNITY

A leading jewelry company is expanding its
Nassau Operations and has openings, at various
levels, in the following areas:


MIS

Clerical Administration
Marketing & Promotions
Inventory Control

BASIC REQUIREMENTS
1. Persons of integrity
2. Self-starters with drive and determination
3. Previous experience an asset

If you meet the above requirements and have
skills in the above disciplines, we will be pleased
to welcome you to our winning team. The
positions offer career opportunities with excellent
salary and benefits package.

Please submit your resume in confidence to:

CAREER OPPORTUNITY
P. O. BOX N-623
NASSAU, BAHAMAS.
OR
Fax: 322-6607 / 328-5902
Email: humanresourcesnassau@dutyfree.com


Pricing Information As Of:
Tuesday, 5 June 2007
BISX LISTED & TRADED SECURITIES VISIT VVWW BISXBAHAiMAS COM FOR MORE DATA & INFORMATION
BISX ALL SHARE INDEX: CLOSE 1 791 47 / CHG 01 85 / iCHO 00.10 / YTD 115 28 / YTD % 06.88
5? k--h q .".lk.2.sL .'e,:?.uri F.-., ,5i ::- T.:j.. Il.:.- r.:" .-..:. r l. Q. 1 Pz Di. IP'F EY.-aid
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 9.41 9.40 -0.01 1,000 0.737 0.260 12.8 2.77%
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%
10.43 9.00 Cable Bahamas 10.43 10.43 0.00 0.949 0.240 11.0 2.30%
2.15 1.80 Colina Holdings 2.15 2.15 0.00 0.245 0.080 8.8 3.72%
14.55 10.60 Commonweaith Bank 14.50 14.55 0.05 15,302 1.152 0.680 12.6 4.67%
6.03 4.22 Consolidated Water BDRs 5.26 5.27 0.01 0.112 0.049 47.1 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 6.20 6.15 -0.05 10,000 0.694 0.240 8.9 3.90%
12.60 11.25 Finco 12.50 12.60 0.10 6,250 0.787 0.570 16.0 4.52%
14.70 12.43 FirstCaribbean 14.50 14.50 0.00 800 0.977 0.500 14.8 3.45%
17.30 10.50 Focol 17.30 17.30 0.00 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 9.50 9.50 0.00 0.868 0.570 10.9 6.00%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 1.167 0.600 8.6 6.00%
Fidelity Over-The-Counler Securities
5 2 w k.-H --.'* .-L .:. 5 rr,r,,:,l L ,3 1 2. i '- :- .:- .. i : Et t 2- i P ., 13'
14 .60 1 --'. B -r.arnr.as S up -r .arkel 14 ,..:i 1' i ,,,', 1 _-I 1 lk* 1 .' 10 .
10.14 10.00 Caribbean Crossings (Pref) 8.00 8.25 10.00 0.000 0.640 NM 7.85%
0 54 0 20 RND Holdings 0.45 0 55 0.20 0.034 0.000 26.2 0.00%
Colina Over-Trhe-Ccunler Securities
14.60 14.00 Bahamas Supermarkets 1460 15.50 14.00 1.234 1.125 12.6 7.71%
0.60 0.35 RND Holdings 0.45 0.55 0.45 0.021 0.000 26.2 0.00%
BISX Llstledl Mulual Funds
52wk-Hi 52wk-Low Fund Name NA V YTD% Last 12 Months Div $ Yield %
1.3410 1.2897 Colina Money Market Fund 1.341016"
3.1827 2.9038 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 11.0199 Fidelity Prime Income Fund 11.4992.****
FINDEX CLOSE 799 97 / YTO 07.80% / 2006 34.- 17'
43'. --Li. :_ -- : ., ., I C:. .:.; i ...:.....' ', i,, .,: r TERMS YIELD Inst 12 munth dividunds divided by cloing price NAV KEY
52wk-Hi Highest closing price In last 52 weeks Bid S Buying price of Colina .and Fidelity
52wk-Low Lowest closing price in last 52 weeks Ask S Selling price of Colina an fidelity 25 May 2007
Previous Close Previous day's weighted price for dally volume Last Price Last traded over-the-countor price
Today's Close Current day's weighted price for daily volume Weekly Vol ading volume of the prior week 30 April 2007
Change Change in closing price from day to day EPS S A company' reported i.arninqgs per share for the last 12 mtihs
Dally Vol. Number of total shares traded today NAV Nt Assijt Valu '" -30 April 2007
DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful
P/E Closing price divided by the last 12 month earnings FINDEX Thi Fidelity Bahamrnas Stock Index January 1, 1994 100 "" 30 April 1 007
..... 30 April 2007
TO TRADE CALL. COLINA 242-502-7010 I FIDELITY 2J2.-350-7-64 ,'FOR MORE DATA & INFORMATION CALL (242) 394-2503


BUSINESS






WEDNESDAY, JUNE 6, 2007, PAGE 7B


THE TRIBUNE


Fidelity unveils its multi-use debit card


* By CARA BRENNEN-BETHEL
Tribune Business Reporter
FIDELITY Bank (Bahamas) yes-
terday launched its Visa Debit card,
saying it was the first financial insti-
tution in this nation to provide its cus-
tomers with a dual-function money
management card, providing ATM
and credit card facilities.
Fidelity's president, Gregory
Bethel, said that subject to Central
Bank approval, the Fidelity Visa Deb-
it card will provide the convenience of


ATM and purchasing options
throughout the Bahamas and any-
where else in the world where the
Visa sign is displayed.
He said the card was "an ATM card
when you need cash, and a debit card
when you're shopping".
Mr Bethel explained that the card
differs from a pre-paid credit card in
that a card holder does not have to fill
the card before use. Whatever bal-
ance is available in their bank account
can be used.
"We see the card as an aid to bud-


getting, as the purchase amount is
automatically deducted from your
bank account, so there is no credit
involved. Therefore, no interest
charges," Mr Bethel said. "You can't
overspend or get into debt and all
transactions appear on your bank
statement. How simple is that?"
Manager
According to account manager
Michelle Bethel, Fidelity Bank
(Bahamas) will charge a $1 fee for


each card transaction $0.25 for gov-
ernment stamp tax and $0.75 for bank
fees.
Further, Fidelity announced that
the Visa Debit Card will reward users
with Freedom points from the bank's
loyalty programme.
"Unlike other reward programmes,
Freedom Points by Fidelity allow
travel at any time, anywhere and on
any airline without fear of blackout
dates," Mr Bethel said.
Cardholders would then be able to
make their own arrangements and


redeem points to cover all or part of
the cost.
"Worldwide electronic transactions
are rapidly replacing the use of
cheques, and the Fidelity Visa Debit
card's versatility and global reach
make it an essential card for all
Bahamians," said Mr Bethel.
The card will be available to cur-
rent Fidelity chequing and saving
account holders, who can use it imme-
diately at any ATM or purchase any-
thing at a merchant displaying a Visa
sign.


Discovery Cruise deal still 'moving forward'


FROM page 1

was our decision no to pro-
ceed," Captain Ritchie added.
He declined to comment on
Global United's current efforts
to raise $11 million in addi-
tional capital, pointing out that
it was a private placement or
offering. These are marketed
and targeted only at specific,
sophisticated investors, such as
institutions and high net-worth
individuals, and are not open
to the general public, meaning


that ordinary Bahamians
should not seek to become
involved.
However, the fact that Glob-
al United has already raised
the necessary financing for the
Discovery Cruise Line deal
indicates that proceeds from
this offering will not be ear-
marked for that acquisition.
Global United announced in
January 2006 that it had signed
a Letter of Intent to acquire
Discovery Cruise Line, which
brings 200,000 cruise passen-


Legal Notice
NOTICE

RIVENDELL LIMITED

NOTICE IS HEREBY GIVEN as follows:
(a) RIVENDELL LIMITED is in voluntary dissolution
under the provisions of Section 137 (4) of International
Business Companies Act 2000.
(b) The dissolution of the said company commenced on the
5th June, 2007 when the Articles of Dissolution were
submitted to and registered by the Registrar General,
(c) The Liquidator of the said company is Verduro
Associated Ltd.Pasea Estate, Road Town, Tortola, B.V.I.
Dated this 6th day of June, A.D. 2007





Verduro Associated Ltd.
Liquidator








J EWELLERY STORE MANAGERS
I Discover a rewarding and
challenging career catering to the
country's visitors in the exciting
retail jewelry business!!!

Do You Have What it Takes:?
ARE YOU...
Confident? A Leader? Self Motivated?
Professional? Mature (25 yrs or older)? Dedicated?
If the answer isYES then take the next step
FAX RESUME TO 326-2824
SALARY OPPORTUNITY COMMENSURATE WITH EXPERIENCE & QUALIFICATION



PI I


Become self-sufficient and acquire the skills to start
and successfully run your own business, Alpha
Entrepreneurial Management Training & Consultancy
Services (AEMTC) can make it happen for you!


PHASE I
June 11,12,14,18,19 & 20, 2007


6pm-9pm

The College of The Bahamas, Grosvenor Close
Campus (GCC) Room 113, Shirley Street

Telephone: 393-5961 or 323-5195
E-mail: alphaenttraining@yahoo.com

CALL & REGISTER RIGHT NOW!

SPACE IS LIMITED!


I' 3


gers to Freeport annually, hav-
ing sailed between Florida and
Grand Bahama for 19 years.
It was expected that Captain
Ritchie's wife, Kim Ritchie,
would serve as executive vice-
president of the cruise line. A
dollar value for the purchase
has never been revealed.
Global United has worked
with Discovery Cruise Line for
over 15 years as its port agent,
providing shore side support
services to its vessel, and also
acting as its ticketing whole-
sale agent, which makes the
acquisition "a natural exten-
sion" of his present line of
work, Captain Ritchie said last
January.
Global United was created
following a rapid series of
acquisitions embarked on by


Captain Ritchie's original com-
pany, Tanja Enterprises, over
the past three years.
Tanja, which was formed in
1991, expanded its business
holdings by buying United
Shipping of Freeport in 2004. It
then acquired Global Customs
Brokers and World Bound
Couriers Ltd, plus Sea Air Avi--
ation Ltd of Nassau, a year lat-
er. All three companies were
merged to form Global United.
Global United has become
the largest shipping agency of
its kind in the Bahamas and
the Caribbean, and is also
involved in logistics services,
which include shipping, cus-
toms clearance and trucking.
The company has offices in
Freeport, Nassau and Miami,
with over 250 employees, and


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









DEPUTY DIRECTOR

NEEDED

The Anglican Central Education Authority invites
applications from qualified Individuals for the
position of Deputy Director of Education for
Curriculum and Supervision, beginning September
2007.

The applicant must have a Masters Degree in
Education from a recognized University, with at least
ten (10) years accumulative administrative
experience. The applicant must also' be computer
literate.

Only qualified applicants need apply.

For further details and application forms, please
contact the Anglican Central Education Authority
on Sands Road at telephone (242) 322-3015/6/7.

Letters of application submitted with copies of Degree
Certificates, Curriculum Vitae, three references, and
three passport size photographs, must be addressed
to:

The Director Of Education
The Anglican Central Education Authority
P.O. Box N-656
Nassau, Bahamas

The deadline for Application is Friday, June 29,
2007.


is understood to have gener-
ated $4 million in combined


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


net income over its past two
fiscal years.


2006
CLE/qui/No.00897


IN THE MATTER OF ALL THAT piece parcel or tract of land
containing 8,985 square feet situate in the Western District of
the Island of New Providence being a portion of a larger tract
of land known as Moss Grant

AND

IN THE MATTER OF the Quieting Titles Act, 1959

AND

IN THE MATTER OF the Petition of Kevin Ferguson

NOTICE
THE PETITION OF KEVIN FERGUSON in respect of:-

ALL THAT piece parcel of land containing 8,985 sq. ft. situate in the
Western District of the Island of New Providence aforesaid on the northern
side of a Roadway 200 feet north of Theodore Lane which said piece
parcel or lot of land designated "D" on the Plan filed herein is bounded
on the NORTH by land said to be the property of the Estate of the late
Clothilda Higgs and running thereon One hundred and twenty (120) feet
more or less SOUTH by a Thirty (30) feet wide road reservation and
running thereon Eighty (80) Feet more or less WEST by land designated
"C" and said to be the property of the Estate of the late Clothilda Higgs
and about to be conveyed to Celissia Alice Similien and running thereon
One hundred and Twenty (120) Feet.

KEVIN FERGUSON 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 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.

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, 2nd Floor Ansbacher House,
East Street, North, in the City of Nassau, Bahamas; and
2. The Chambers of Lockhart & Munroe. #35 Buen Retiro Road, off
Shirley Street, 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 6th day of July, A.D., 2007 file in the Supreme Court and serve
on the Petitioner or the undersigned at Statement of his Claim in the
prescribed for verified by an Affidavit to be filed therewith.

Failure of any such person to file and serve a Statement of his Claim on
or before the 6th day of July, A.D., 2007 will operate as a bar to such
claim.
LOCKHART & MUNROE
CHAMBERS
35 BUEN RETIRO ROAD
NASSAU, BAHAMAS
Attorneys for the Petitioner


British Colonial Hilton
Nassau
is inviting applications for a:
FOOD & BEVERAGE MANAGER
Responsible for the overall organization, sales and profitability of the Food
and Beverage Department including restaurants, bars, banquets, room
service, mini bar departments
The successful applicant must have:
* 5-7 years comprehensive experience in Food and Bevderage Management
inclusive
of the above areas with a proven record of accomplishments
Strong product knowledge of food and beverage including current trends
in the business.
Excellent use of creativity with ability to develop calendar of events,
special promotions and activities.
Experience in menu engineering both food and wine.
Strong leadership skills with ability to select, train and
develop employees, maintaining a positive and productive
environment
Excellent guest and employee relation skills
Excellent communication skills (oral and written) and strong
organizational abilities
The ability to proactively and successfully manage the financial aspects
of the food and beverage operation including budget preparation;
revenue enhancement; and food and beverage cost control
Thorough working knowledge of Microsoft Word and Excel, and
Micros.
Experience in renovating and refurbishing food service facilities.
A Bachelor's Degree in Hotel Management will be an asset
Resumes should be submitted to:
Director of Human Resources
BRITISH COLONIAL HILTON, NASSAU
1 Bay Street
Nassau, Bahamas
Fax: 242-302-9040
E-mail: recruitment.nassau@hilton.com


H*OW T STRT

OPERTE ABUSIES,





PA~Th8B, WDNESAY, JNE 6,2007THEITIBUN


IN-SIGHT
Fo te tris. ehn
thene sedIsigh


t9O. %ANAMA

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
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
* Good 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.



COMMONWEALTH OF THE BAHAMAS 2007
IN THE SUPREME COURT No. 317
Equity Side

IN THE MATTER OF ALL THAT piece parcel
or lot of land being the western most moiety of Lot
Number Eleven (11) in the Coral Harbour Subdivision
situate in the Western District of the Island of New
Providence one of the Islands of the Commonwealth
of The Bahamas

AND

IN THE MATTER OF the Quieting Titles Act,
1959 (Chapter 393) Statute Law of The Bahamas
:"::revised edition 2001

AND

IN THE MATTER OF THE PETITION OF
Emmanuel Van Johnson


NOTICE

EMMANUEL VAN JOHNSON, The Petitioner,
claims to be the owner in fee simple in possession
of all that piece parcel or lot of land hereinbefore
described and has made application to the Supreme
Court of the Commonwealth of The Bahamas under
Section 3 of the Quieting Titles Act to have the title
to the said piece parcel or lot of land investigated
adid the nature and extent thereof determined and
declared in a Certificate of Title to be granted by the
Court in accordance with the provisions of the Act.

Copies of a diagram or plan showing the position
boundaries shape marks and dimensions of the said
piece parcel or lot of land may be inspected during
normal working hours at the following places:

(a) The Registry of the Supreme Court Ansbachier
Building, East Street in the City of Nassau,
New Providence, The Bahamas.

(b) The Chambers of Messrs. Davis & Co.,
British Colonial Hilton, Centre of Commerce,
4th Floor Suite 400, #1 Bay Street, Nassau,
New Providence, The Bahamas, Attorneys
for the Petitioner.
NOTICE is hereby given that any person or persons
having a right of Dower or an adverse claim or a
claim not recognized in the Petition shall within
thirty (30) days after the appearance of the Notice
herein file in the Registry of the Supreme Court in
the City of Nassau aforesaid and serve on the
Petitioners or the undersigned a statement of his
claim in the prescribed form, verified by an Affidavit
to be filed therewith.

Failure of any such person to file and serve a
statement of claim within thirty (30) days herein will
operate as a bar to such claim.

Dated this 24th day of April, A.D. 2007

DAVIS & CO.
Chambers
British Colonial Hilton
;; Centre of Commerce
4th Floor Suite 400


Bahamians warned





over 'dramatic'





food price rises


FROM page 1


impact: "It's going to have a
dramatic effect, I'm sure, on
the consumer's basket, and the
purchasing and decision-mak-
ing they have to make."
Apart from increased fuel
and transportation costs, Mr
Burns said the other factor dri-
ving higher food prices was the
demand for corn and corn by-
products to be used as ethanol.
Corn is a key ingredient in
animal feed, and its increasing
scarcity as the demand for
ethanol usage grows will push
up the price of animal feed. As
a result, farmers are likely to
increased livestock prices, with
the effect passed on down the
supply chain to the end-user.
"A lot of that product [corn
and corn by-products] is being
used for ethanol gas, and the
Asian market is opening up
and purchasing a lot of corn
and its by-products. It's making
corn scarce," Mr Burns said.


The prices for beef, pork and
chicken-related products were
all likely to go up globally and
in the Bahamas as a result of
the increased animal feed
costs, Mr Burns warned.
While some farmers were
likely to switch to soy as a sub-
stitute for corn feed to miti-
gate the high costs, this would
produce smaller animals,
reducing yields and again push-
ing up prices.
Grocery
Mr Burns said among the
grocery product prices likely
to be most impacted through-
out 2007 were anything made
with milk, such as all cheese-
based produce. Cereal prod-
ucts made from corn would
also feel the pinch, and Mr
Burns said bread prices were
already being impacted.
He added that with the
Bahamas importing virtually
all its food some 95 per cent
of everything consumed if


PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, ANGELA
SEYMOUR of Ragged Island Street, Nassau
Bahamas intend to change my name to ANGELA
BENEBY. If there are any objections to this
change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, P.O.Box
SS-792, Nassau, Bahamas no later than thirty (30)
days after the date of publication of this notice.


FULLTIME KEYBOARDIST
Applicant must have:

a minimum of 8 years experience
worked with church choir and praise team
serious applicant only, need to apply

Resume may sent to: P.O.Box SB 50076, Nassau, Bahamas



NOTICE
NOTICE is hereby given that MICHAEL NEVILLE of
WINTON HEIGHTS, P.O. BOX N-1770 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 6th day of
June, 2007 to the Minister responsible for Nationality
and Citizenship, PO.Box N- 7147, Nassau, Bahamas.


NOTICE
NOTICE is hereby given that MICHAEL BAUGHMAN of
SANDY PORT, 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 6th day of June, 2007 to the Minister responsible
for Nationality and Citizenship, PO.Box N- 7147, Nassau,
Bahamas.


NOTICE
NOTICE is hereby given that PAUL RICHARD OF
P.O. BOX N-8796, 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 30th day of May, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas.


NOTICE
NOTICE is hereby given that LEROY COOKE of
DEADMAN'S REEF, 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 6th day of June, 2007 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N-7147, Freeport, Bahamas.


Bahamian farmers could
increase their poultry output
and this nation become more
self-sufficient, it would to some
extent help mitigate the high
fuel and transportation costs.
And it is not just consumers
that will feel the pinch. Many
items sold by Bahamian retail-
ers, especially dairy products,
are price controlled by the
Government. For these goods,
any price increases will have
to be absorbed by wholesalers
and the stores, reducing the
margins for both.
Globall, dairy prices are
being impacted by a combina-
tion of reduced supply and
production, especially in Aus-
tralia and the European Union
(EU), a lack of stock in the
EU and US, and rising global
demand.
Industry observers say that
in the six months to May, but-


ter prices globally have
increased on average between
25-35 per cent; cheddar cheese
has risen by 20-30 per cent;
cream cheese by 35-40 per
cent; processed cheese by 15-20
per cent; and powders by 30-
112 per cent.
Drought
The drought in Australia,
described as that nation's worst
in 100 years, is expected to fall
by-one billion litres or 10 per
cent compared to 2006, while
grain production there has fall-
en by 62 per cent hitting feed
prices.
And in Argentina, heavy
rainfalls in its key agricultural
provinces caused milk produc-
tion to decline by 12 per cent
during the first four months of
2007, with April down by 18
per cent.


NOTICE
NOTICE is hereby given that DEION ANDREA ROACHE of
#3 WILLIS STREET, P.O. BOX N-8240, 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
knqws 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 6th day of
June, 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


Legal Notice


INTERNATIONAL BUSINESS COMPANIES
ACT
(No.45 of 2000)

ARIANE CONSEIL S.A.
In Voluntary liquidation
Notice is hereby given that in accordance with Section 137 (4)
of the International Business Companies Act (No. 45 of 2000),
ARIANE CONSEIL S.A. is in Dissolution.
The date of commencement of dissolution is the 19th day of April,
2007.
Mr. Guy Glesener
36 rue Frantz Seimetz,
L-2531
Luxembourg
Liquidator


[YLI /YITI


11


JEWELLERY SALES ASSOCIATES

Must be...
Honest, Reliable, Dedicated,
Professional, Energetic &
SELF MOTIVATED

Excellent $$$ Bonus Potential

I DO YOU HAVE WHAT IT TAKES?

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

APPLYgTllAY!


#1 Bay Street
Nassau, Bahamas

Attorneys for the Petitioner


THE TRIBUNE


IAti- 8B, WEDNESDAY, JUNE 6, 2007





THE TRIBUNE BUSINESS


WEDNESDAY, JUNE 6, 2007, PAGE 9B


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

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


ASSETS
Cash and due from banks
Cash, demand and call deposits
Time deposits

Loans and advances
Investment in associated companies
Derivative financial instruments
Other assets


LIABILITIES. AND EQUITY
Liabilities
Deposits from banks
Customers' deposits
Derivative financial instruments
Other liabilities


Equity
Share capital
Authorized, issued and fully paid
12,500 shares of CHF 2,000 each
General reserve
Retained earnings


2006
CHF


137,986,620
143,692,439
281,679,059
181,408,527
8,281,792
23,421,943
3,502,574
498,293,895


112,580,718
266,466,597
22,854,749
2,975,653

404,877,717



25,000,000
2,000,000
66,416,178


93,416,178

498,293,895

SIGNED AS APPROVED ON BEHALF OF THE BOARD OF DIRECTORS:


2005
CHF


203,863,718
155,413,614
359,277,332
117,856,299
8,873,937
19,248,001
4,394,920
509,650,489


56,386,687
333,231,461
18,587,155
2,866,251

411,071,554



25,000,000
2,000,000
71,578,935

98,578,935

509,650,489


Director


25 May 2007
Date
Notes to Consolidated Balance Sheet
31 December 2006

1. Principal Activities and Group Structure

Pictet Bank & Trust Limited (the Bank) is incorporated under the Companies Act, 1992 of
the Commonwealth of The Bahamas and licensed under the Banks and Trust Companies
Regulation Act, 2000 to carry on banking and trust business from within The Bahamas. The
Bank is also licensed in The Bahamas as an investment fund administrator under the
Investment Funds Act, 2003. The Bank and its subsidiaries (together, the Group) provide
banking, custody, trustee, investment management, advisory, nominee and directorship
services.

The Bank is indirectly a wholly owned subsidiary of Pictet Holding Corporation, a company
registered in The Republic of Panama, which is one of a group of enterprises owned by the
partners of Pictet & Cie, Geneva, a private banking partnership. Pictet & Cie and other
entities directly or indirectly controlled or significantly influenced by the partners of Pictet &
Cie are referred to as related parties. All significant balances with related parties are
disclosed in these notes to the consolidated balance sheet.

The registered office of the Bank is situated at Bayside Executive Park, West Bay Street and
Blake Road, New Providence, The Bahamas.

2. Summary of Significant Accounting Policies

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

(a) Basis of preparation

The consolidated balance sheet is prepared in accordance with International Financial
Reporting Standards (IFRS) and under the historical cost convention, as modified by
the revaluation of derivative financial instruments.

The preparation of the consolidated balance sheet in conformity with IFRS requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosures of contingent assets and liabilities as of the date of
the consolidated balance sheet. Actual amounts could differ from those estimates.

The application of amendments to published accounting standards and interpretations
that became effective 1 January 2006 did not result in substantial changes to the
Group's accounting policies. With the exception of the new disclosure requirements
of IFRS 7 Financial Instruments: Disclosures and amendments to International
Accounting Standard (IAS) 1 Presentation of Financial Statements regarding capital
disclosures, that become effective 1 January 2007, the application of new standards
and interpretations issued but not yet effective are not expected to have a material
impact on the Group's consolidated balance sheet in the period of initial application.
On adoption, IFRS 7 will supersede IAS 30 and the disclosure requirements of IAS
32.

(b) Consolidation

Subsidiaries

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

Inter-company transactions, balances and unrealized gains on transactions between
entities within the Group are eliminated. Unrealized losses are also eliminated unless
the transaction provides evidence of impairment of the asset transferred. The
accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
Associated companies

Associated companies are all entities over which the Group has significant influence
but not control, generally accompanying a holding of between 20% and 50% of the
voting rights. Investments in associates are accounted for using the equity method of
accounting and are initially recognized at cost.

The Group's share of its associates' post-acquisition profits or losses is recognized in
the consolidated income statement; its share of post-acquisition movements in
reserves is recognized in reserves. The cumulative post-acquisition movements are
adjusted against the carrying amount of the investment. When the Group's share of
losses in an associate equals or exceeds its interest in the associate, including any
other unsecured receivables, the Group does not recognize further losses, unless it has
incurred obligations or made payments on behalf of the associate.

Unrealized gains on transactions between the Group and its associates arc eliminated
to the extent of the Group's interest in the associates. Unrealized losses are also
eliminated unless the transaction provides evidence of an impairment of the asset
transferred. Accounting policies have been changed where necessary to ensure
consistency with the policies adopted by the Group.
(c) Foreign currency translation

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


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

(d) Loans and advances

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

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

(e) Derivative financial instruments

Derivatives are initially recognized at fair value on the date on which a derivative
contract is entered into and are subsequently re-measured at their fair value. Fair
values are obtained from quoted market prices in active markets, including recent
market transactions, and valuation techniques, including discounted cash flow models
and options pricing models, as appropriate. Derivatives are carried as assets when fair
value is positive and as liabilities when fair value is negative.

Changes in the fair value of a derivative instrument are recognized in the consolidated
income statement.

(f) Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the consolidated
balance sheet when there is a legally enforceable right to offset the recognized amounts
and there is an intention to settle on a net basis, or realize the asset and liability
simultaneously.

(g) Land, building, furniture, office equipment and software

Land, building, furniture, office equipment and software are carried at historical cost
less accumulated depreciation ahd amortization. Subsequent costs are included in the ,
asset's carrying amount or are recognized as a separate asset, as appropriate, only.
when it is probable that future economic benefits associated with the item will flow to '
the Group and the cost of the item can be measured reliably. Repairs and maintenance
are charged to the consolidated income statement during the financial period in which
they are incurred.

Acquired software licenses are capitalized on the basis of the costs incurred to acquire
and bring to use the specific software. Costs associated with developing or maintaining.,,
software programs are recognized as an expense as incurred.

Land is not depreciated. Depreciation and amortization of all other fixed assets is
calculated using the straight-line method to write-off the cost of such assets over their
estimated useful lives (3 to 7 years).

The aggregate carrying value of fixed assets is included in "Other assets" in the
consolidated balance sheet.

(h) Fiduciary activities

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

(i) Income and expense recognition

Interest income and expense for all interest-bearing financial instruments are
recognized using the effective interest method.

Fees and commissions are generally recognized on an accrual basis when the service
has been provided. Loan commitment fees are.recognized as an adjustment to the
effective interest rate on the loan. Commissions and fees arising from negotiating or
participating in the negotiation of a transaction for a third party, such as the
arrangement of the acquisition of shares or other securities, are recognized on
completion of the underlying transaction. Trustee, asset management, custody,
advisory and other service fees are recognized based on the applicable service
contracts, usually on a time-apportionment basis. Performance linked fees or fee
components are recognized when the performance criteria are fulfilled. The Group's
billing cycle is such that fees charged to customers are usually billed and collected in
the same accounting period that they are earned.

All other income and expenses are recognized on the accrual basis


(j) Employee benefits

The Group makes contributions to a defined contribution pension plan for its
employees and has no further payment obligations once the contributions have been
made. The Group provides the plan with investment management, administration and
custody services free of charge. The Group's contributions to the plan are recognized
as employee benefit expense when they are due.

(k) Corresponding figures

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


3. Financial Risk Managenment

The Group engages in transactions that expose it to various types of risk in the normal
course of business. Such risks include fiduciary, liquidity, interest rate, credit and currency
risks. The Group's financial performance is dependent on its ability to understand and
effectively manage these risks. The Group's challenge is not only to measure and monitor
these risks, but also to manage them as profit opportunities.

(a) Fiduciary risk

The Group provides significant asset management, custody, trustee and corporate
administration services to third parties. These activities give rise to fiduciary risk,
which is the risk that the Group may fail in carrying out certain mandates in accordance
with the wishes of its customers or to deliver expected performance goals. To manage
this exposure, the Group generally takes a conservative approach in its fiduciary
undertakings for customers.



(b) Liquidity risk

This is the risk that the Group might not have the necessary liquidity to meet its
contractual obligations. The Group manages its liquidity by matching liabilities with ,
assets of similar maturity periods. Significant financial assets and liabilities of the
Group may be classified, based on the period remaining from the reporting date to the
contractual maturity date, as follows:


As of 31 December 2006


Period to
Maturity


Demand and
short notice
Up to 3 months
3 12 months
Over 1 year


Cash and
due from
banks
('HF


137,986,620
143,692,439


Loans and
advances
CHF


111,346,498
33,843,697
33,218,332
3,000,000


Deposits
from banks
CHF


53,243,092
25,101,233
31,236,393
3,000,000


Customers'
deposits
CEF


257,737,125
4,863,858
3,865,614


281,679,059 181,408,527 112,580,718 266,466,597


(b) Liquidity risk ;(Continued)


_ I


~~~uu


- -- -- I I








PAGE 10B, WEDNESDAY, JUNE 6, 2007 THE TRIBUNE BUSINESS
I U1 II I I I


(b) Liquidity risk


As of 31 December 2005


Cash and
I-- -


Dionnsits


Customers'


Period to due from LoaU sa u .... . .
Maturity banks advances from banks deposits
CHF CHF CHF CHF

Demand and
short notice 203,863,718 44,498,474 133,904 325,541,563
Up to 3 months 154,275,452 31,057,339 31,296,907 4,248,566
3 12 months 1,138,162 30,671,413 21,955,876 3,069,847
Over year 11,629,073 3,000,000 371,485

359,277,332 117,856,299 56,386,687 333,231,461


Advances to customers with no fixed terms of repayment are included in the maturity
listing as demand and short notice.

(c) Interest rate risk

The Group has exposure to the effects of fluctuations in the prevailing levels of
market interest rates on its financial position and cash flows. Interest margins may
increase as a result of such changes, but may decrease or create losses in the event
that unexpected movements arise. The Group manages this risk by retaining a level
of assets to liabilities with similar principal values, interest rates and maturity dates.

The table below summarizes the Group's exposure to interest rate risks. Included in
the table are the Group's assets and liabilities at carrying amounts, categorized by the
earlier of contractual re-pricing or maturity dates.


2006
(Expressed in CIIF 000's)
Assets
Cash and due from banks
Cash, demand and call
deposits
Time deposits
Loans and advances
Investment in associated
, Companies
Derivative financial
instruments
Other assets
Total assets

Liabilities
-Deposits from banks
Customers' deposits
Derivative financial
instruments
iOther liabilities
Total liabilities

Total interest sensitivity
gap


2005

(Expressed In CHF 000's)

Assets
Cash and due from banks
'Cash, demand and call
deposits
Time deposits
Loans and advances
Investment in associated
companies
Derivative financial
instruments
Other assets
Total assets

Liabilities
Deposits.from banks
Customers' deposits
Derivative financial
instruments
Other liabilities
Total liabilities

Total interest sensitivity
gap


Up to I
month


1-3
months


102,992
126.667 17.025
120,356 24.835


350,015 41860 33218 __


23,591
835


24,426


3-12
months





33,218


112,721


114,231


31,237
3,866


35,103


Non-
Over 5 interest
1-5 years years bearing


Total


34,995 137,987
143,692
3,000 181.409
8,282 8,282

23,422 23,422
- 3,502 3.502
- 3000 70,201 498,24


3,000 53,243
149,044

22,855
S_- 2,976
- 3,000 228,118i


112,581
266,466
22,855
404.97


235,784 17,434 (1,885)


Up to 1 1-3 3-12
month months months


93,354
137,742 16.533
49,997 25,560


1,139
30,670


1-5 years





371


Over 5 Interest
years bearing


Total


110,510 203,864
155,414
8,258 117,856
8,874 8,874


19,248
4,394
.281,093 42,093 31,809 371 3,000 151,284


3,561 27,737
106,608 1,500


110,169 29,237


170,924 12,856


21,956
3,069


25,025


6,784


3,000 133
371 221,683
18,587
-- 8 2,86
371 3,000 243,26


19,248
4,394



56,387
333,231

S18,587
,411,071


Included in time deposits and loans and advances are amounts totalling CHF
390,000 (2005: CHF 161,000) and CHF 902,000 (2005: CHF 1,037,000),
respectively, representing accrued interest receivable. Included in deposits from
banks and customers' deposits are amounts totalling CHF 653,000 (2005: CHF
912,000) and CHF103,000 (2005: CHF 74,000), respectively, representing accrued
interest payable.

(d) Credit risk

Credit risk arises from the potential failure of a counterpart to perform according to
the terms of the contract. From this perspective, the Group's credit risk exposure is
primarily concentrated in its deposits placed with other banking institutions and in its
loans and advances to customers. The Group's deposits have been placed with high
quality international banking institutions, and loans and adN ances to customers are
fully supported by assets pledged as collateral and held by the Group on behalf of the
borrowers.

The Group considers balances with related parties to be the most significant
concentration of banking assets, liabilities and off -balance sheet items. These
amounts are disclosed in Notes 5, 7, 8, 9 and 10. Thte Group does not consider the
concentration of balances with third party banks and customers that might be
identified by categorizations such as geographical domicile of the customer, industry
groups, etc. to be germane to the potential risks inherent in the realization of assets
and the availability of funding for the following reasons:

(i) The Board of Directors has established a list of banks, other than related parties,
with which the Group is authorized to conduct deposit placement business and
has established deposit limits for each bank. The limits are between CHF 300
million and CHF 500 million and were observed as of 31 December 2006.

(ii) Loans and advances are extended to qualifying customers and are fully
supported by financial assets of the borrowers held under management by the
Group. Such loans and advances are limited to approved credit ratios based
on the customer's cash and marketable securities held by the Group. As of 31
December 2006, 44% of the total value of loans and advances was due from
ten (10) borrowers, all of whom are third parties.

(iii) The Group, pursuant to powers of attorney to manage customers' assets,
controls the majority of customers' deposits.

The table below summarizes the geographical location of the Group's assets and
liabilities based on the domicile of the counterpart.


2006
CHF
000's


Assets
Bahamas
Europe
North America
Switzerland
Other




Liabilities
Bahamas
Europe
North America
Switzerland
Other


73,026
264,678
18,167
49,104
93,319


106 2005
CHF
% 000's


15%
53%
3%
10%
19%


52,291
130,115
114,341
151,537
61,366


2005

%


10%
26%
22%
30%
12%


498,294 100% 509,650 100%


80,782
47,571
1,417
141,025
134,083

404,878


20%
12%
0%
35%
33%

100%


85,626
66,975
15,218
90,058
153,194

411,071


21%
16%
4%
22%
37%

100%


(e) Currency risk

The Group takes on exposure to currency risk arising from the effect of fluctuations
in the prevailing foreign currency exchange rates on its financial position and cash
flows. The Board of Directors sets limits on the level of exposure by currency and in
total for both overnight and intra-day positions, which are monitored daily. As of the
balance sheet date, the Group's assets and liabilities were primarily denominated in
US dollars, Swiss francs and Euros.


The table below summarizes the Group's exposure to currency risk.


I ... ....


CHF USD EUR Other Total
000's 000's 000's 000's 000'1


200,687
30,913
2,115
827
1.002


20,807
81,986
6,167
5,918
2.50


As of 31 December 2006



Assets
Cash and due from banks
Loans and advances
Investment in associated companies
Derivative financial instruments
Other assets

Total assets

Liabilities
Deposits from banks
Customers' deposits
Derivative financial instruments
Other liabilities

Total liabilities

Net on-balance sheet position

Credit commitments/Guarantees


As of 31 December 2005



Assets
Cash and due from banks
Loans and advances
Investment in associated companies
Derivative financial instruments
Other assets

Total assets

Liabilities
Deposits from banks
Customers' deposits
Derivative financial instruments
Other liabilities

Total liabilities

Net on-balance sheet position

Credit commitments/Guarantees


37,944
102,891
777
2,433


19,526
86,967
16,507
541


144.045 123,541

91.499 (6.163)

2.913 45.732


38,953
65,824

9,770


21,232
2,686

6,907


281,679
181,409
8,282
23,422
3,502


114,547 30,825 49_L294


54,344
53,551
4,231


767
23,057
1,340
2


112126 25.166


2,421

19,317


5,659


112,581
266,466
22,855


404,87

93.416

70.487


CHF USD EUR Other Total
000's 00O'l s 00's 000's 000's


149,741
18,669
2,098
19,248


192.771


6,672
68,799
18,587
1.89


137,750
60,290
6,776

1.379

206CI95


29,503
173,617

972


95.92 209

-:!Em1 2,103


54,224
33.922







18,189
70,551



88.740

C594)


17,563
4,975






2,023
20,264



22187

251


359,278
117,856
8,874
19,248
4394




56,387
333,231
18,587


411.071

98M79


2.544 31,223 4,283 2,299 40349


4. Subsidiaries


The subsidiaries comprise:


Pictet Overseas Trust Corporation Limited
Bayside Pictet Ltd.
Bayside Partners Ltd.
NassNom Investments Corp.
NomNass Investments Corp.
NassBarr Investments Corp.


Country of
Incorporation


The Bahamas
The Bahamas
The Bahamas
The Bahamas
The Bahamas
The Bahamas


Ownership
Interest


100%
100%
100%
100%
100%
100%


Pictet Overseas Trust Corporation Limited is licensed to carry on trust business from
within The Bahamas and is an authorized agent for the purpose of receiving securities into
deposit on behalf of its clients. Bayside Pictet Ltd. and Bayside Partners Ltd. are involved
in activities connected with the ownership of a commercial office complex known as
Bayside Executive Park, which is located in the Western District of the Island of New
Providence in The Bahamas. NassNom Investments Corp., NomNass Investments Cortp.
and NassBarr Investments Corp. provide nominee shareholder and directorship services for
the Group's customers and otherwise remain inactive.


5. Investment in Associated Companies

Investment in associated companies consists of:


2006
CHF


shareholdings, at cost
advances, as adjusted for equity share of
post-acquisition change in net assets


1,228,657

7,053,135


2005
CHF

1,325,907

7,548,030


8,281,792 8,873,937

The advances to associated companies are interest-free and unsecured, with no fixed terms
of repayment.


The associated companies comprise:




Bayside Holdings Ltd.
Bayside Management Ltd. (dormant)


Country of
Incorporation

The Bahamas
The Bahamas


Ownership
Interest

50%
50%


These companies are involved in activities connected with Bayside Executive Park; see
Note 4.

6. Other Assets

Included in "Other assets" are land, building, furniture, office equipment and software with
an aggregate carrying value of CHF 1,643,690 (2005: CHF 4,219,634).


7. Deposits from Banks


Related
Parties
CHF


Demand deposits
Call deposits
Time deposits


52,769,298

59,337,626

.112,106,924


2006

Others
CHF

345,621
128,173


Related
Parties
CHF

120,406

56,266,281


2005

Others
CHF


473,794 56,386r687


8. Customers' Deposits


Related
Parties
CHF


Demand deposits
Call deposits
Time deposits


31,822,197
50,000,000
383,456

82,205,653


2006

Others
CHF

108,811,010
67,103,918
8,346,016


Related
Parties
CIIF


33,400,171
11,860,000


184,260,944 45,260,171


2005


Others
CHF


188,571,989
91,999,403
7,399,898

287,971,290


9. Other Balances with Related Parties

The following is a summary of balances with related parties that are not disclosed elsewhere
in the consolidated balance sheet:


2006
CHF


Cash and due from banks
Loans and advances
Derivative financial instruments (asset)
Derivative financial instruments (liability)
Other liabilities


40,601,858

14,647,324
8,544,975
500,000


2005
CHF


103,634,112
8,257,588
10,701,870
8,151,595
500,000


The loans and advances to related parties as of 31 December 2005 were non-interest
bearing with no fixed terms of repayment.

Certain administrative and other support services are provided to the Bank by related parties at
no charge.
(Continued)


235,544 117,37


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10. Commitments and Contingencies

(a) Derivative financial instruments

The Group enters into forward currency contracts solely as part of its customer-related
trading activities. Forward currency contracts are contracts to purchase and sell foreign
currencies at specific rates of exchange on specific dates in the future. Risk arises from
the potential inability of counterparties to perform under the terms of the contracts
(credit risk) and from fluctuations in the foreign exchange rates (market risk). The
Group manages the market risk of customer-related positions by taking offsetting
positions with Pictet & Cie and other banking institutions resulting in minimal market
exposure. The credit risk of customer-related positions is managed by applying uniform
credit standards maintained for all activities with credit risk. Collateral held generally
includes cash, cash equivalents and investment securities. The forward currency
contracts open at year-end relate to major currencies such as the Euro, Swiss franc, UK
pound sterling, Canadian dollar and US dollar.

As of the reporting date, the Group had contractual commitments under open forward
currency contracts as follows:


2006
CHF


2005
CHF


WEDNESDAY, JUNE 6, 2007, PAGE 11B ""


Fiscal deficit





grows during





election run-up


Commitments to purchase currencies:
Banks Related party
Customers


Commitments to sell currencies:
Banks Related party
Customers


1,440,223,600
1,434,222,810

2,874,446,410


1,434,114,707
1,439,764,509

2,873,879,216


1,720,092,722
1,717,678,463

3,437,771,185


1,717,542,447
1,719,567,892

3,437,110,339


The contract amounts of these instruments reflect the extent of the Group's
involvement in forward currency contracts and do not represent the Group's risk of loss
due to counterpart non-performance (credit risk). As of 31 December 2006, the
Group's exposure to credit risk on forward currency contracts is limited to those
contracts with a positive fair value that amount to CHF 23,421,943 (2005: CHF
19,248,001).

(b) Guarantees issued

As of 31 December 2006, the Group was contingently liable for CHF 70,486,942
(2005: CHF 40,349,135) in respect of guarantees issued on behalf of its customers.
Assets held by the Group on behalf of the customers have been pledged as collateral in
full support of these guarantees.

11. Fair Value of Financial Instruments

Financial instruments utilized by the Group include recorded financial assets and liabilities,
as well as items that principally involve off-balance sheet risk. It is the Group's policy not
to take on material exposure to the effects of fluctuations in prevailing foreign currency
exchange rates on its financial position and cash flows. As the Group has no significant
unmatched foreign currency positions, change in interest rates is the main cause of changes
in the fair value of the Group's financial instruments. The majority of the Group's financial
instruments are either short-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 value for each major category of the Group's recorded financial assets and
liabilities.


12. General Reserve


FROM page 1

months to March 31 increased
by 13 per cent due to "higher
'miscellaneous' tax revenues",
while non-tax receipts were up
by 1? per cent.
W 'i total tourism arrivals
for the three months to March
31 down by 0.9 per cent to 1.29
million, the Central Bank said
foreign direct investment
inflows, coupled with com-
mercial and residential, con-
struction activity, remained the
drivers of the Bahamian econ-
omy.
With the question marks
over US economic growth and
high global oil prices remaining
the key risks to Bahamian eco-
nomic growth, credit growth
in the Bahamas also slowed
down during the first four
months of 2007, enabling com-
mercial banking sector liquid-
ity and the external reserves
to recover from the heavy
drawn down witnessed in 2006.
During the first four months,
external reserves grew by
$201.93 million to $653.84 mil-


lion, compared to growth of
just $64.96 million in the same
period in 2006, a threefold
increase.
Excess liqudity, the surplus
assets in the commercial bank-
ing system available for
onward lending purposes, rose
by $188.91 million during the
first four months of 2007 to
$198.35 million, a level higher
than the $179.42 million
enjoyed at end-April 2006.
The growth in excess liquid-
ity was again almost triple the
growth seen in the first four
months of 2006.
Meanwhile, the expansion in
Bahamian$ credit slowed by
$34.3 million to $111 million
during the four months to end-
April 2007.
Additions to private sector
credit fell by $67.5 million to
$122.2 million compared to
2006, as growth in consumer
credit and mortgages fell by
$10.9 million and $11.9 million
respectively, dropping to $43.3
million and $84.9 million.
Bahamian dollar deposits
grew by $242.1 million during
the first four months of 2007,


compared to $136.3 million in
2006. Fixed deposit growth
more than doubled to $155.2
million, while demand and say-
ings deposits rose by $41.4 mil-
lion and $45.5 million respec-
tively.
Tourism arrivals by air for
the 2007 first quarter fell by 5
per cent, while sea arrivals
grew by 1 per cent. Visitor
arrivals to New Providence
over that period fell by 3.2 per
cent, as air and sea arrivals fell
by 7.1 per cent and o.8 per cent
respectively.
Grand Bahama saw an 8.1
per cent drop in visitor arrivals,
as air and sea arrivals con-
tracted by 3.5 per cent and 10.2
per cent respectively.
The Family Islands, though,
saw total arrivals rise by 8 per
cent compared to 2006, with
air arrivals up by 3.8 per cent
and sea arrivals ahead by 8.9
per cent.
Inflation for the 12-month
period to March 2007
increased to 2.3 per cent com-
pared to 1.8 per cent the pre-
vious year, partly reflecting
higher oil prices.


400 extra homes boosts Cable


TV revenues by 15.7 per cent


The general reserve has been established by appropriations of retained earnings and is not
intended for distribution. This reserve can only be distributed with the approval of the
shareholders.




pRICWATERHOUSE OOPERS U
PriKewaterhouseCooper
Providence House
East Hill Street
PO. BoxN-3910
Nassau, Bahamas
Website: www.pwc.com
INDEPENDENT AUDITORS' REPORT E-mail: pwcbs@bs.pwc.com
Telephone (242) 302-5300
To the Shareholders of Pictet Bank & Trust Limited Facsimie (22) 302-350
We have audited the accompanying consolidated balance sheet of Pictet Bank & Trust Limited (the Bank)
and its subsidiaries (together, the Group) as of 31 December 2006 and a summary of significant
accounting policies and other explanatory notes.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of this consolidated balance sheet in
accordance with International Financial Reporting Standards. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error; selecting and applying
appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors'Responsibility
Our responsibility is to express an'opinion on this consolidated balance sheet based on our audit. Except as
discussed in the Basis for Qualified Opinion paragraph below, we conducted our audit in accordance with
International Standards on Auditing. Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance whether the balance sheet is free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors' judgement, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditors consider internal control relevant to the entity's preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal
control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Basis for Qualified Opinion
Group policy did not permit us to verify loans and advances to non-affiliated customers of CHF
181,408,527 (2005: CHF 109,598,711) and deposits from non-affiliated customers of CHF
184,260,944 (2005: CHF 287,971,290) by direct confirmation, nor were we able to verify these balances by
alternative audit procedures.
Opinion
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion
-paragraph, the accompanying consolidated balance sheet presents fairly, in all material respects, the
financial position of the Group as of 31 December 2006, in accordance with International Financial
Reporting Standards.
Emphasis of Matter
Without further qualifying our opinion, we emphasize that the accompanying consolidated balance sheet
does not comprise a complete set of financial statements in accordance with International Financial
Reporting Standards. Information on rt ults of operations, cash flows and changes in equity is necessary
to obtain a complete understanding of the financial position, performance and changes in financial position
of the Group.




Chartered Accountants
Nassau, Bahamas
25 May 2007


FROM page 1

Bahamas' cable television
growth had been fuelled by
take-up of its premium digital
service, which had now pene-
trated 37 per cent of its sub-
scriber base since launching 18
months ago.
The Oceans digital TV pay-
per-view service had "exceed-
ed our expectations", Mr Pad-
dick reported, with revenues
in the 2007 first quarter up 119
per cent year-on-year. Sales of
Cable Bahamas' digital video
recorder set-top box rose by
52 per cent during the three
months to March 31, 2007.
Mr Paddick said: "Another
factor that contributed to the
cable television segment rev-
enue growth in 2007 was our
plant expansions in Nassau,
that included some extensions
to Dignity Gardens and Sir
Lynden Pindling Estates, and
new subdivisions of Stan-
leyville and Excellence Estates.


When combined, these account
for approximatley 400 homes
passed so far,"
On the Internet side, Cable
Bahamas saw revenues rise by
15.8 per cent from $4.6 million
to $5.4 million, as CoralWave
subscribers grew by 4,629 dur-
ing the 2007 first quarter. Sub-
scriber numbers now stand at
36,158, compared to 31,529 at
the end of the 20o6 first quar-
ter.
During the current 2007 sec-
ond quarter, Cable Bahamas
is launching its Coralwave
marketing campaign. Mr Pad-
dick said: "This launch will
coincide with the increase of
bandwidth for our CoralWave
service, which we hope will
enhance the customer's surf-
ing experience and be a cata-
lyst for even greater growth in
our Internet revenue and sub-
scriber numbers."
He added that the online
PCWizard assistance pro-
gramme had increased from


669 subscribers in the 2006 first
quarter to 1,163 at the end of
the current period, an increase
of 74 per cent.
Revenues from the
Caribbean Crossings and Max-
, il Communications data seg-
ment now account for 12.3 per
cent of Cable Bahamas' total
turnover. The division's 2007
first quarter revenues grew
from $1.9 million in 2006 to
$2.2 million, a rise of 17 per
cent.
Monthly recurring revenues
rose 16 per cent to $0.8 mil-
lion, up from $0.6 million at
the end of the 2006 first quar-
ter, something Cable Bahamas
attributed to existing customer
requests for greater bandwidth
services.
Mr Paddick said Cable
Bahamas spent $5.5 million on
capital projects during the 2007
first quarter, and paid out 24
per cent of net income some
$1.2 million to shareholders in
dividends.


KPMG IS DOING IT AGAIN......


THE 2007 SCHOLARSHIP AWARDS


KPMG is currently accepting applications for its 2007 scholarship programme. One
scholarship will be awarded for a student to attend the College of The Bahamas 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 finn of the KPMG network of independent member
firms afliliated with KPMG International, a Swiss cooperative. All rights reserved.


I I I


~(~r~C~


THE TRIBUNE





THE TRIBUNE


* THE in-house design team at Baha Mar smiled for the camera in the Regatta Suite at Wyndham
Nassau Resort, which has a nautical flair. Shown (L-R) are Daynan Tynes, senior draftsman,
Dave Rolle, senior draftsman, Lowree Cartwright, interior designer, and Brent Creary, architect
of record and design lead.


Join Cititrust
(Bahamas) Limited,
one of the most
established trust
organizations in the
world.

We invite outstanding
individuals, wanting to build a
career in trust and estate
management services, to be part
of our dynamic global team. You
will interact with colleagues from
around the world and across the
organization, providing
specialized services to our high
net worth clients and their
families.

Interested Bahamian candidates
should forward a copy of their
resume by June 22, 2007 to:
Human Resources, Cititrust
(Bahamas) Limited, P.O. Box N-
1576, Nassau, Bahamas OR
Fax: (242) 302-8732 OR Email:
ianice.gibsonC(acitigroup.com


CIti


BUSINESS RISK OFFICER

ROLE RESPONSIBILITIES
Reporting to the Head of Business Risk Management, the position
is responsible for assisting with the implementation and ongoing
monitoring of business risk management program initiatives. Key
responsibilities include ensuring that policies and procedures, as
well as legal/regulatory requirements are implemented, managed
and updated. Additional responsibilities include assisting with
internal and external audits and regulatory inspections, monitoring
mandatory training, preparation of risk management reports, and,
participation on related projects as assigned.

KNOWLEDGE/ SKILLS REQUIRED
The ideal candidate will possess an advanced degree or
professional qualification in Law or related field and a minimum of
2-4 years of related experience in Compliance, Business Risk
and/or Trust Administration. Additionally, a strong understanding
of the local regulatory environment and of ongoing international
initiatives is required. STEP qualifications are an asset. Strong oral
and written communications skills, excellent organizational skills,
the ability to work with minimal supervision and an aptitude for
analyzing and solving problems are also required.

Challenge
yourself to a career like no other


Baha Mar's


Bahamian


design team


planning major


renovations


BAHA Mar's in-house
design team of Bahamian
architects has completed two
penthouse suites, a refurbished
ballroom and information
booth for the company's
resorts at the Lynden Pindling
International Airport, with
another 28 suites in the works.
The Cable Beach Resorts
owner is looking to eventually
the team to 10 Bahamians. It
currently includes Brent
Creary, architect of record and
design lead; Lowree
Cartwright, interior designer;
Dave Rolle, senior draftsman;
and Daynan Tynes, senior
draftsman.
Currently, two penthouses,
the Regatta and Governor's
Suites at the Wyndham Nas-
sau Resort, have been com-
pleted and 28 more suites are
in the plans. Lowree
Cartwright said the name of
the suites "reflects the style of
the rooms."
The Governor's Suite has
black and white historical pho-
tos of the Bahamas, such as a
photo of the original British


Colonial Hotel and the sponge
market. The Regatta Suite
showcases original photos of
Regattas in Nassau, and
includes a scale model of a sail-
ing sloop created by Admiral
Forbes of Admiral Crafts.
Baha Mar's in-house design
team has also designed the
Moso Restaurant, an Asian
fusion restaurant and bar,
which is located above the Sea-
side Buffet at the Wyndham
Nassau Resort.
By year's end, Baha Mar's
in-house design team is aim-
ing to have completed the ren-
ovation of two guest towers
in the Wyndham, a total of 304
rooms. They will also continue
renovating the Wyndham's
third tower, and plan to extend
the Moso Restaurant and reni-.
ovate Seaside Buffet.
Mr Creary said Baha Mvr.,
wants "the project to be tr6ul%.
reflective of its environment.
The best way to do that is to
involve persons who have the.
essence of what it is to be"
Bahamian, and what the,
Bahamas is about".


100 JAMZ & RON RICARDO'S $20,000




Secret Sound


4 11 U ,6 Guess 100 JAMZ & Ron Ricardo's ni l in


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Clesw'illstrt in heTibuneToTI PTT- 1 2007


PAGE 12B WEDNESDAYJUN 7


4'.. : I .


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* C,,


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