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Permanent Link: http://ufdc.ufl.edu/UF00084249/02913
 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: 6/11/2007
 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_02913
System ID: UF00084249:02913

Full Text








DESSETS


I'm lovin' It.


HIGH 87F
LOW 74F

.t" CLOUDS
".- AND SUN


The


Tribune


Volume: 103 No.165


MONDAY, JUNE 11, 2007


RON RICARDO and IV )


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1MITM IM I a];]" I


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B li T~in uB^B


to contest seats


Party has one more


week to file cases


* By KARIN HERIG
Tribune Staff Reporter
THERE is only one more
week to go in which the PLP
can file their cases to contest
constituencies in the election
court and the party said it is
ready.
As it now stands, five con-
stituencies won by the FNM
in the May 2 general election
are likely to be contested.
Wayne Munroe, a member
of the legal team representing
the PLP in these cases, told
The Tribune yesterday that he
is confident that the four cas-
es he is working on will be
prepared in time for the dead-
line.
"I don't see anything that
would prevent us doing that,"
he said.
The PLP had 21 days.after
parliament opened on May 23
to file its cases. Without count-
ing Sundays and public holi-
days, this means the deadline
falls on June 18 one week
from today.
PLP chairman Raynard
R gby yesterday also con-
firmed his party's readiness,
and although he could not
comment on any details he
said that the PLP is on track.
Mr Munroe said that
although he is personally only
involved with handling four
constituencies Blue Hills,
Golden Isles, Seebreeze and
Marco City there were six
seats that the PLP lost by less
than 100 votes.


He said he has heard
through reports that the PLP
will also most likely go ahead
with contesting Pinewood, but
that he had not heard any-
thing regarding the con-
stituency of North Eleuthera -
the seat currently held
by House Speaker Alvin
Smith.
Mr Munroe said that in an
election in which there were
multiple allegations of voter
fraud, contesting seats could
be argued to be a sovereign
duty.
In an earlier interview, Mr
Munroe said he believes it is
possible that thousands, if not
tens of thousands of non-citi-
zens may have voted, thus rep-
resenting the balance of pow-
er in many seats.
Mr Munroe outlined three
possible actions the court can
take as a result of the evidence
presented to it regarding the
individual challenges.
The first, he said, 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, the votes can
be removed, Mr Munroe said.
If that scenario occurs a
recount can occur, and if the
outcome is different, a new
victor can be declared, he said.
The third possible outcome
could be that a by-election is
called if the court determines
that more people were unfair-
ly barred from voting than was
the margin of victory.


+


THIS car struggles along West Bay Street after heavy rain flooded many areas in Nassau over the weekend. After a weekend of tor-
rential rain, however, the forecast for the week ahead is fair.
(Photo: Felipi Major/Tribune staff)

Managing editor i Bank of Bahamas chairman
of The Tribune .. A, i, i-. a.
OJI 1l UV 101 U/W *j*r1 ,-..^ f 1^ T^ IEk^^*^-


suing Nassau
Guardian
THE Nassau Guardian is
being sued for libel by The Tri-
bune's managing editor, John
Marquis.
He is claiming damages fol-
lowing an article-advertisement
headed 'John Marquis Exposed'
which appeared just before
Easter.
The advertisement was
placed by a group calling itself
Concerned Citizens of the
Bahamas and contained defam-
atory material from a locally
run website.
A writ has been filed in the
Supreme Court and names as
defendants the Guardian's pub-
lisher, Charles Carter, and
chairman, Emanuel Alexiou.
In his statement of claim, Mr
Marquis accuses the Guardian
of "gross and indefensible libel"
which was intended to damage
his professional standing.
He said the Guardian's libel
was compounded by the fact
that its chairman, Emanuel
Alexiou, promised a front-page
apology and failed to follow
SEE page 14


lmy Uc tCppIng g jwn
* By KARIN HERIG
Tribune Staff Reporter
THE future chairmanship of the Bank of the Bahamas could
be in question after it emerged on the weekend that veteran
banker Al Jarrett may be stepping down from the post.
There were reports concerning the matter circulating through-
out New Providence on the weekend, with some political
observers speculating that Mr Jarrett had been asked to step
down, while others believed he will be leaving the post pf his own
SEE page 14

US man found dead

in shower stall


* By DENISE MAYCOCK
Tribune Freeport
Reporter
FREEPORT An Ameri-
can visitor was found dead in
the nude in a shower stall at
Port Lucaya Marketplace, ear-
ly last week.
According to a report issued
by police on Friday evening,
the body of 48-year-old US res-
ident Bradley Joseph Collins
was discovered around 4.30pm
on Wednesday by a security
officer at Port Lucaya.
Collins, a resident of Surf-
side, Florida, was the captain


of a 53-ft yac',t registered as
'Ocean Eyes' that was docked
at Port Lucaya Marina.
Police received information
that the deceased was seen in
the marketplace about three
days earlier, and had been com-
plaining of chest pains.
Police investigators observed
no visible signs of injury to Mr
Collins' body, which was taken
to the Rand Memorial Hospital.
Chief Supt Basil: Rahming
said police do not suspect foul
play at this time. and are
awaiting the re .ilts of an autop-
sy to determine the cause of
death.


MARK KNOWLES and
Daniel Nestor celebrate.
(AP Photo)
Knowles and
Nestor win French
Open doubles title
By BRENT STUBBS
Senior Sports Reporter
BAHAMIAN Mark Knowles
and his Canadian partner
Daniel Nestor finally won their
first men's doubles title for the
year and are now one shy of
clinching all four Grand Slams
SEE page 15


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* By DENISE MAYCOCK
Tribune Freeport
Reporter
FREEPORT A 25-year-
old man was shot Saturday
while walking home with
friends in the vicinity of the
RND Plaza.
Rashad Forbes, a resident
of Tasman Circle, suffered
serious gun shot injuries to the
right arm and had to be air-
lifted to the Princess Margaret
Hospital in New Providence
for medical treatment.
Chief Superintendent of
Police Basil Rahming said a
male resident of Eight Mile
Rock is in police custody
assisting them with investiga-
tions into the shooting.
According to police reports,


Forbes and two friends were
walking home around 6am on
Saturday after a night out on
the town. As they were cross-
ing the RND Plaza, a white
vehicle with several male
occupants pulled up alongside
them in front of the RND Cin-
ema.
A passenger got out of the
back seat and approached
Forbes and his friends. The
friends noticed that the young
man was armed with a hand-
gun and became frightened
and fled in separate directions.
Forbes told police that the
man pointed the gun at him
and allegedly said: 'Yeah,
what are you sayin' now?"
As Forbes was running
away he was shot in the right
arm by one of three shots fired


at him by the gunman.
A woman living in the area
heard the shots and tele- ,
phoned the police. When offi- '..
cers arrived at the scene, they
collected several spent casings
from the area.
Forbes was taken to the
Rand Memorial Hospital and
treated for his injury, which'
doctors described as serious.
He was later airlifted
around noon on Saturday to
Princess Margaret Hospital,
where he is detained. His con-
dition was not known up to '"
press time.
Supt Rahming said the inci- :
dent is believed to have .
stemmed from a previous con-
frontation between the victim
and suspect at a local night '
club.


You can find them all in BTC's Yellow Pages


Man airlifted




to PMH after




being shot


THE TRIBUNE


PAGE 2, MONDAY, JUNE 11, 2007






THE TRIBUNE


MONDAY, JUNE 11, 2007, PAGE 3


LOCAL'NEWS


0 In brief

Two men
treated for
stab wounds
after fight
TWO men are in serious con-
dition in hospital after being
stabbed multiple times in an
argument over the weekend.
On Saturday just after 3pm,
two men were stabbed when an
altercation in the downtown
area escalated.
According to police a "group
of young men" were walking in
the area of Bay and Frederick
Streets on Saturday afternoon
when a fight broke out among
. them.
The situation quickly spun
out of control and two mem-
bers of the group were "stabbed
about the body several times,"
press liaison officer Inspector
Walter Evans told The Tribune
yesterday.
Both men are being treated at
Princess Margaret Hospital.
"They are in serious condi-
tion, but it's not life-threaten-
ing," Mr Evans said.

Police
investigate
after armed
robberies
POLICE are investigating
two armed robberies over the
weekend.
The first happened at noon
on Saturday on Wulff Road.
An armed robber held up
Joe's Kitchen restaurant, oppo-
site Stephen Dillette Primary
School, and robbed the estab-
lishment of cash. The man then
fled on foot.
The second incident occurred
when two men, each armed
with a handgun, held up a
Quick Cell booth on East Street
South..
Shortly before 4pm on Satur-
day, two men pulled up to the
booth in a black Nissan Altima,
licence plate number 18168, and
purchased phone cards.
"While the employee was
making change the two men
pulled out guns andjImal4c
cash," Inspector Waltlr Evant ;
said. ",
The.men.fled in their car.,
travelling south on East Street.

Four people
injured in
boating
accident
POLICE are still seeking
information on a boat accident
that happened in the waters off
Samson Cay in the E\umas.
According to preliminary
reports a 21-foot Whaler craft
experienced difficulties Fnda.
morning.
Of the seven passengers on
board, four were injured and
had to be taken to hospital.
Police yesterday did not ha\e
any information on the passen-
gers' conditions.

Barbadian
delegation
makes trip
to China
BARBADOS
Bridgetown
PRIME Minister Owen
Arthur has led a delegation to
China in an effort to boost trade
and bilateral relations, the
Caribbean island's government
announced Saturday, according
to Associated Press.
"I wish to advance our rela-
tionship to a more mature stage
and to our mutual benefit,"
Arthur said in a statement.
"This visit will usher in an era of
co-operation in tourism, agri-
culture and technology, among
other areas."
Arthur and top Barbadian
officials left for Beijing on
Thursday, the same day Suri-
name's ruling coalition sent a
delegation on a one-week trip


to the Asian economic super-
power.
Barbados established diplo-
matic ties with China 30 years ago
when the tropical island's gov-
ernment broke ties with Taiwan,
which Beijing regards as a rene-
gade province it plans to eventu-
ally unify with the mainland.


* By RUPERT MISSICK Jr
Chief Reporter
GOVERNMENT is
reviewing the Bahamas' rela-
tionship with Haiti as it
relates to existing treaties and
migration between the two
countries.
Deputy Prime Minister
and Minister of Foreign
Affairs Brent Symonette
announced during his contri-
bution to the budget debate
that Ministry of Foreign
Affairs, in conjunction with
the Ministry of National
Security, is looking at the
issue.
Mr Symonette said he had
had an opportunity to discuss
the question of migration and
travel between the Bahamas
and Haiti with the Foreign
Minister of Haiti and they
both agreed that they would
continue to build on the good
relationship between the two
countries.
Operational expenses for
Haiti are $300,000. Due to
the special needs of the
Bahamas Embassy in Haiti, a
new item has been created
in the budget to specifically
deal with that office.
"The Bahamas in conjunc-
tion with other regional and
international organizations
has and continues to work
assiduously to improve the
situation in Haiti," said Mr
Symonette.
The deputy prime minis-
ter referred to the commit-
ment by law enforcement
officers at their 22nd annual
Association of Caribbean
Police to assist the impover-
ished nation of Haiti. Police


* BRENT Symonette


Commissioner Paul Farquhar-
son noted that the Bahamas is
assisting Haiti in the fight
against crime by training a num-
ber of its officers.
In June commissioners will
meet as CARICOM partners
to focus on Haiti in its effort to
combat crime and violence.


Following the conclusion of
meetings by a working group of
permanent secretaries and
senior officials from relevant
agencies under the chairman-
ship of the foreign ministry, Mr
Symonette said a comprehen-
sive analysis of the issue of ille-
gal migration from Haiti was
completed, which led to the
drafting of an agreement by the
Foreign Ministry.
"After three negotiating ses-
sions, it was initialled by the
respective delegations of the
Bahamas and Haiti and is
presently under review by the
relevant Bahamian authorities
so that recommendations can
be made to Cabinet," Mr
Symonette said. %
As the new Minister of For-
eign Affairs, Mr Symonette rep-
resented the Bahamas at the
37th session of the General
Assembly of the Organization
of American States.


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THE TRIBUNE


PAGE 4, MONDAY, JUNE 11, 2007


EDITORIAR S TOSTHE EDITOR


LAST TUESDAY, Jeff Lloyd had a most
interesting guest on his programme, "Real Talk
Live" a guest who gave the public facts about
the delayed construction of the straw market.
For a government that claimed it had no secrets
from the Bahamian people, in a morning talk
show Mr Michael Foster of Arconcepts Limited,
architect of the straw market, outlined the chal-
lenge that the straw market presented, and the
reasons for the delay. In five years all Bahamians
heard from their government was a mountain of
excuses.
On June 15, 2005 Works Minister Bradley
Roberts announced that contractors would be
invited to bid on the construction "shortly" with
work starting 30 days after the contract had been
awarded.
A month later the market site drew a crowd
when workmen started to erect plywood around
its perimeter. As a result of calls from an inquir-
ing public, The Tribune contacted Trade and
Industry Minister Leslie Miller, who had the
straw market in his portfolio. Mr Miller could
not confirm that the barrier signalled a start of the
market project. "I take it that the Ministry of
Works has awarded a contract to someone to
enclose the area temporarily pending some formal
contract to begin reconstructing the straw market,
but I cannot confirm that," was all Mr Miller
could say adding: "The initial plan of the gov-
ernment was that my Ministry along with the
Ministry of Works should join hands in spear-
heading the project."
However, said Mr Miller, the Ministry of
Works had not kept him or his staff abreast of
what was happening with the project or whether
a building schedule had been finalised. As Min-
ister Roberts was out of town, The Tribune con-
tacted acting Works Minister Shane Gibson, who
had to confess that he had "not been informed
about anything either."
By November 2005 Mr Roberts did not know
when construction of a new facility would be
started or when it would be completed. However,
by now a tractor was on the site and, according to
Mr Roberts, groundbreaking had started to "jump
start" construction. He said Bay Street was on
repossessed land and so contractors had to be
careful about putting down the foundation. Also
bids had to be invited for the main construction.
Instead of telling Bahamians what Mr Foster
told a radio audience last week of the problems
the construction team were having, Bahamians
were being allowed to form their own opinions.
Vendors were complaining loudly, attributing all
kinds of bad motives to government. Said one:
"Everytime we approached the government on
the issue, there was always an excuse like 'the
treasury broke, we don't have any money, we
trying to do the best we can, please bear with
us.'" The conclusion was that the people were
being taken for a ride.
On August 10,2005 nine months before an
election and still no sign of a market The Tri-
bune was told that bids for the straw market
would be collected that week and ground break-
ing would start eight weeks later.
"It is difficult for me say what caused it to
take so long," said an official, adding that the
delay was most likely because the project had to


be budgeted before construction could start. He
then added: "But in the meantime the plans for
the new straw market were being developed and
drawn."
In all early news reports the cost of the new
market fluctuated between $10 and $13 million.
Finally on February 7 this year three
months before the election and change of gov-
ernment a $23 million contract was signed for
the new market.
However, construction was stopped by the
FNM government for further checking to make
certain that Bahamians were getting value for
their money. It was understood that the archi-
tectural drawings were not complete through
no fault of the architect, but by government
delays. However, it has since transpired that Mr
Foster's drawings were completed, but there are
still some questions being asked about the struc-
tural plans.
An upset Mr Foster was on the Jeff Lloyd
programme to reply to an editorial that we had
written that morning asking the question: If in fact
the architectural drawings were not complete,
how had government arrived at the $23 million
price tag?
Mr Foster thought we were getting at him.
We were not. We were getting at government, but
we can now understand Mr Foster's concern,
because, according to him, the man-in-the street
was accusing him of holding up the plans. This was
not true. Mr Foster was going crazy trying to find
the foundations of the old straw market to use as
a base on which to build the new.
His was a fascinating story. The search for the
lost architectural drawings for the old market
were eventually found. They revealed the location
of the original concrete base under which were
groundbeams, pile caps and about 200 piles, most
still serviceable. When they jack-hammered
through the slabs, they discovered that the straw
market had been built on conch shells. If it had-
n't been for the sound beams and piles, said Mr
Foster, the market "would have caved in a long
time ago."
Then there were the hurricanes and the later
realisation that a basement had to be raised five
feet above ground to avoid flooding from a bad
storm. This cost could not be justified. Why did-
n't the politicians inform the Bahamian people?
This was an opportunity for the public to ask
many questions of a man who obviously had the
answers. But what was on the mind of the first
caller a woman from Freeport when the
lines were opened to the public?
"John Marquis (Tribune Managing Editor)
what he has related this morning also tells us that
this man has to be put out of this country. We as
a people need to get together, protest to The Tri-
bune, and have him escorted out send letters,
send in signatures and we must do whatever it
takes to have him shipped out of our country,
ASAP."
The caller was referring to the editorial written
by the publisher, and not Mr Marquis, which was
the reason for Mr Foster being on the air.
Such a statement represents the parochial
thinking of an insecure people, who want to stop
their ears to constructive criticism, especially if it
comes from the pen of a foreigner.


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


Mr Foster and the straw market


EDITOR, The Tribune.
I WOULD be grateful if
you would consider this letter
for publication in your news-
paper.
I am a Jamaican citizen
who has been living away
from Jamaica for over 15
years. I came to the Bahamas
with my husband in Decem-
ber 2004. Since my arrival
here I have travelled many
times to England, Norway,
other countries in the
Caribbean, and North Amer-
ica. Each time I have
returned to the Bahamas I
have received a friendly wel-
come at immigration and nev-
er been stopped at customs.
On May 24, I went to
Jamaica, accompanied by my
husband, who is English, and
my daughter and grandson,
who are Norwegian. Upon
our arrival in Jamaica, before
we could even decide which
line to join, an immigration
officer who had noticed that
we were travelling with an
infant, came and escorted us
to a separate room, quickly
processed us and sent us on
our way.
I returned to New Provi-
dence on Thursday, May 31,
2007 on Air Jamaica Flight
No. JM63, accompanied by
my daughter and grandson.
And it was as if I had stepped
into the Twilight Zone or a
Gestapo ruled state. In Immi-
gration, we joined the line for
returning residents. When we
got to the officer's desk I told
him that I was a resident but
as we were travelling with an
infant I was asking that he
process us together. He
refused to do this and insisted
that she and the baby join
one of the lines for visitors,
which by now, were quite
long. He claimed that he
would "have to go into the
computer" in order to do this
and it would be much too dif-
ficult. She had no choice but
to take the baby and go away
to join another line.
Fortunately, apparently
someone had observed what
was happening and a gentle-
man quickly appeared. He
took me to an office, asked
what the problem was, and
when I explained he reas-
sured me not to worry he
would take care of every-
thing. I admit I was a bit agi
tated at this point, but this
did not bother him in the


least. He quickly and effi-
ciently examined my docu-
ments then went to get my
daughter and the baby, took
care of their documentation
and wished us a good
evening. I am very sorry that
I did not think to get this per-
son's name. He is indeed a
gentleman in the true sense
of the word.
Then came Customs. The
Customs Officer (a woman)
was rough, rude, and loud.
When I told her I had not
been searched here before
she shouted in my face "You
come from Jamaica and you
never get search yet?" When
I said no, she shouted
"Jamaica, is a high risk area,
we have to search every bag".
She then proceeded to dig
through our luggage, which
was not much, as we had only
been away for a week. She
had no gloves on, and was
digging through even the
empty, transparent baby bot-
tles. When she was finally fin-
ished, she did not even have
the courtesy to say thank
you, or I'm finished. She just
started to push our bags along
without even giving us a
chance to close them.
While I was closing our
bags and walking away, I
could hear her loudly ques-
tioning another passenger
who had arrived via Air
Jamaica, as to how long he
was staying, why was he here,
where would he be staying,
etc.
Two seconds away from the
customs desk, I was stopped
by a woman who claimed to
be "airport police". She
demanded my passport and
asked how long I would be
staying. When I informed her
that I was a resident, she
asked to see my permit. She
apparently did not know that
the permit would be stamped
in my passport and seemed
to be expecting me to pro-
duce some other document.
Eventually she handed the
passport back to me.
I know that the Bahamas,
like other countries, have
their laws and regulations
regarding immigration and
the other elements of visits


to their country, and one has
to respect them. However, I
feel that I was unnecessarily
harassed, and I know that I
am not unique among
Jamaicans visiting this coun-
try. Because of the way I have
been treated in the past, I felt
that Jamaicans were exagger-
ating when they spoke of
their treatment on arrival
here, but my first-hand expe-
rience has now taught me that
what they say is true. This
seems to be particularly true
for visitors arriving on Air
Jamaica flights.
I am curious to know if it
could be possible that per-
sons responsible for employ-
ing and training these st4ff
think that all 2.6 million pep-
ple living in Jamaica are crim-
inals. Or are they treating
people in this matter on their
own volition? I am wondering
also, why my husband, who
returned on an Air Jamaica
flight on 28th May, did not
have his baggage searched, or
. get told that Jamaica was a
high risk area, although he
was travelling with the bulk
of our luggage. Could it be
because he is white, and Eng-
lish?
I have been travelling to
many countries in my lifetinie
and never have I been sub-
jected to this treatment. My
past two and a half years liv-
ing in New Providence have
been happy ones. I have met
many locals, in all walks of
life, who have been kinpl,
friendly, helpful, even loving.
I have told my family a~d
friends, who live all over the
world, how wonderful it's
here in the Bahamas and how
friendly the people are. I have
encouraged them to visit, aid
many of them have. I shall be
leaving in the not too distant
future, and unfortunately this
experience has marred nrry
view of this country.
I want to again thank the
gentleman in Immigratioo,
and to the others I say you
do the Bahamas no good
when you behave the way
you did. You can do your
jobs just as efficiently with-
out being nasty. Your behav-
iour suggests ignorance and
is uncivilised.

CHRISTINE MEGHOd
Nassau
June 2, 2007.


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MONDAY, JUNE 11, 2007, PAGE 5


THE TRIBUNE


LOCAL NEWS


In brief Govt will seek to establish National Health Fund


Study: Nearly all
frogs in region
came from same
South American
traveller
SAN JUAN, Puerto Rico
MORE than a hundred
species s of tiny land-breeding
rogs in the Caribbean evolved
girom a single South American
species that probably hitched a
ride on a raft of vegetation and
washed up on an island beach,
according to scientists who
spent decades collecting tissues
S'from the colorful hoppers.
After years of field research
,in dense rain forests and
remote caves to catalog and
collect specimens of different
frogs, recent advances in
.genetic technology enabled
researchers to compare their
-DNA, according to Associated
Press.
What they found suggests a
sea voyage by an egg-laying
;-South American frog some 30
.ito 50 million years ago proba-
-, bly led to most of the
Caribbean's terrestrial frogs.
"Nothingin the anatomy of
.these animals told any expert
who has studied them over the
.last century that they were
-k actually close relatives," biolo-
-' gist Blair Hedges, who direct-
-.ed the genetic research, said
:, Saturday from his office at
j;*pennsylvania State University.
r, By lining up the genetic
podes of each species of the
genus Eleutherodactylus side-
By-side, Hedges said he found
something he'd never suspect-
ed the genes of almost all
the 160 Caribbean frogs
matched, and could be traced
through thousands of genera-
tions to a single common
.-qncestor.
Hedges and his research
leam sequenced and compared
"the DNA of roughly 300
species of frogs collected from
South American, Central
American and Caribbean
forests to support their theory.

hnlTROP _I
E'XTERMINATRiS'.


* By RUPERT MISSICK Jr
Chief Reporter
THE government, based on
the promises it made during
the general election, will move
to establish a National Health
Fund that will be a defining
step towards incremental
implementation of a compre-
hensive national health plan,
Health Minister Dr Hubert
Minnis said during his contri-
bution to the budget debate.
The government, he said, has
given number one priority to
promotion of healthy lifestyles
and prevention of diseases.
The minister said that the
government also recognizes the
need to provide comprehen-
sive quality health care services
for those who suffer from
chronic non-communicable ill-
nesses.
"Timely access to essential
drugs is one of the most impor-
tant elements of health ser-
vices. Unfortunately, too often
at government hospitals and
clinics, drugs are not available.
To make matters worse, the
elderly, working class patients
and the indigent, are unlikely


* HEALTH Minister
Dr Hubert Minnis


to be able to afford to purchase
medicines at higher costs in the
private sector," Dr Minnis said.
He said that it was unac-
ceptable when workers, pen-
sioners and the poor are forced
to choose between paying the
rent or mortgage and purchas-
ing much needed prescription
drugs, knowing full well that.
either way, the results can be
devastating and debilitating.
Prolonged lack of access to


essential drug therapy, the min-
ister said, invariably results in
catastrophic and debilitating
conditions such as renal fail-
ure, amputations, strokes and
complications of cancer med-
ical events which usually
require long hospital stays at
astronomical cost to the patient
and to the health system.
"Therefore, in keeping with
the "Trust Agenda" my Min-
istry will seek to establish a
National Health Fund to
assist with the purchase of
prescription medicines for
specified chronic illnesses," he
said.
This Health Fund will be
similar to Trinidad and
Tobago's Chronic Disease
Assistance (CDAP) Pro-
gramme and Jamaica's Health
Fund which provides medicines
for 15 chronic diseases, he said.
As proposed, the National
Health Fund will provide time-
ly access to prescription medi-
cines for specific chronic con-
ditions prevalent in the
Bahamas' population.
Dr Minnis said that the
establishment of the National
Health Fund will be a defining


Bahamas to attend World Social Security Forum


* By RUPERT MISSICK Jr
Chief Reporter
THE Bahamas will be among 1,200 ministers, pol-
icy makers, CEOs and academics who will attend the
first World Social Security Forum in Moscow this fall.
The meeting is expected to provide a "unique
global platform" to debate today's challenges and
solutions for social security.
The Bahamas is currently considering changes to
the structure of the social security the government
provides.
Loretta Butler-Turner, Minister of State for Social
Development, during her contribution to the budget
debate said that while assistance programmes must
always be available for persons who are genuinely in
distress, government must ensure that it does not cre-
ate and encourage a culture of dependency which in
turn will engender complacency among our people
whereby individuals and families exist on welfare
almost for life.
"While the government is committed to the pro-
vision of much needed assistance to the needy and
vulnerable in our community, we are more resolved
towards the breaking of the cycle of poverty and
dependency and this is reflective in the decision to
zero in on matters of social development.
"There is a universally known aphorism which
has remained true for all time and for all places and
for all people.
"That adage simply says 'Give a man a fish and


step towards incremental
implementation of a compre-
hensive national health plan.
"In addition, we envisage
that public and private phar-
macies will participate in this
initiative thereby eliminating
the long lines and inordinate
waiting times at the govern-


ment hospitals and clinics," the
minister said.
A technical team has been
assigned to develop a concept
paper including cost, compo-
nents artd financing factors,
for discussion and dissemina-
tion with all relevant stake-
holders.


you feed him for a day, teach a man to fish and you
feed him for life'," Mrs Butler-Turner said.
She said that for the past several years, the Depart-
ment of Rehabilitative Welfare Services has operated
a small in-house parenting programme for parents
whose children are brought before the Juvenile
Court, those who are clients of the Children and
Family Services and parents whose children are par-
ticipating in the youth camp in Andros.
While she said that the programme has met a
need, the numbers completing the programme have
not been having a meaningful impact and it was
long recognized that expansion was needed.
"Recently, the department introduced a new seg-
ment whereby training is offered to members of
interested churches who in turn provide training for
members. Again while this is a worthy effort, the
need is still not being adequately met," Mrs Butler-
Turner said.
She pointed out that some time ago there were dis-
cussions between the ministries responsible for
Health, Education and Social Services, all of which
operate some form of parenting programme, for
collaboration on a national programme.
"There is general acceptance that all is not well
with many families in the Bahamas and many have
been calling for help. The provision of funding will no
doubt allow for movement towards a truly compre-
hensive national programme, which will include both
a training.and a follow-up or continuing monitoring
components'. Mrs Butler-Turner said.


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Caribbean business may



suffer from 'plot' stupidity


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

I have no idea whether the
group of four Guyanese
and Trinidad nationals who are
under arrest for allegedly plot-
ting to blow up a fuel pipe line
serving JFK Airport in New
York are guilty or not.
My ignorance is the same as
everyone else's bar none. And,
like every other person in the
world, they should be presumed
to be innocent unless proven
guilty.
The group of men are guilty
of something, and that some-
thing is crass stupidity.
Judging from the snippets of
recordings that have been pub-
licised, some of them obviously
fantasised about creating an
awful incident at JFK if it
worked. That fantasising was
downright stupid. And unfor-
tunately, Guyanese, Trinidadi-
ans and others from the
Caribbean will pay the price
when visiting the US and else-
where.
The people who will pay the
highest price are genuine busi-
ness people, particularly those
who are Muslims, or have Mus-
lim-sounding names, or just
look as if they could be Mus-
lim.
It is left to be seen whether
the fantasising by the four was
promoted by over use of hallu-
cinatory drugs, the crazy notion
that their half-baked ideas could
be marketed to a real terrorist
group, or some real intent.

Two things are perfectly
clear: First, these guys
are not wild-eyed, young
bombers motivated by the
prospect of dying for a cause.
They are all close to their six-
ties. Second, they were in the
words of the Trinidad parlance
"scrunting". In other words,
they had little money and were
incapable of financing an oper-


insfl,

WORLD VIE'

action such as the one allegedly
contemplated for JFK Airport
in New York.
It stands to reason that they
would have had to be the pawns
of a bigger, well-resourced
group such as al Qaeda. But,
the US experts say they were
not. And, attempts to tie them
to the one so-called Muslim


Attempts to tie
them to the one
so-called Muslim
group in the
Caribbean with a
link to terror,
the Jamaat al
Muslimeen, has
so far lacked
credibility

group in the Caribbean with a
link to terror, the Jamaat al
Muslimeen, has so far lacked
credibility. Certainly the leader
of this controversial group has
denied any connection to them.
They have done a severe dis-
service to Guyana, Trinidad and
the wider Caribbean. But, more
especially, they have hurt Mus-
lim businessmen who seek to
do business in the US and other
places. Those persons will be
checked and double checked
and may even be denied visi-
tor's visas to the US, Canada,
the UK and elsewhere because
they are Muslim and from
Guyana and Trinidad.
And, there is no pretending
that there is not profiling of this
kind by immigration and secu-


rity authorities. There is. Now, it
will get worse.

B eyond the effect on all
Guyanese and Trinida-
dian travellers buit Muslim busi-
nessmen especially, there is also
the effect that this much publi-
cised "plot to blow up JFK Air-
port by a terrorist group" will
have on Caribbean tourism.
The headlines in newspapers
and the pictures on worldwide
television by media that enjoyed
a feeding frenzy certainly put a
beating on Caribbean tourism.
Unfortunately, there will be
tourists who will think twice
now about holidaying in the
Caribbean.
The situation was not helped
by statements such as the one


Unfortunately,
there will be
tourists who will
think twice now
about holidaying
in the Caribbean.


reportedly made by New York
Police Commissioner, Ray Kel-
ly that referred to "a potential
Caribbean threat". Fuel was
added to the fire when a for-
mer CIA terrorism expert,
Mike Ackerman, said that
"Caribbean natives" have been
linked to terrorism. There were
two persons of Caribbean origin
linked to incidents in the UK.
The number would rise to three
if the so-called "shoe bomber"
is added to the list. But, now all
of a sudden, the Caribbean


* SIR Ronald Sanders


becomes some sort of incuba- I
tor for terrorism.
The truth is that no one
regrets this development more
than the people of the
Caribbean, particularly Trinidad
and Guyana. The last thing the
region wants is to be seen as
anything but a stable, peaceful
area spiced up by interesting
local politics, regional rivalry, -
and vibrant intellectual capaci- ,
ty. Certainly, Caribbean people
prefer a fete to a fight, and a
"jump up" to a blow up. .7 1,

t is left to be seen whether ru114
this small group, of '')
Trinidadians and Guyanese had
any real intent to blow up fuel;[ n
pipelines to JFK Airport. What
is certain is that they were stu- '1
pid to even hallucinate about .o11
it, and Caribbean business and "'1
tourism may pay a price for .
their stupidity unless the media
and those in authority in the US at
and the Caribbean make it crys- "Iq
tal clear that the region should ,i
not be judged by it.
It would be good to see such '
a declaration come out of the t
US-Caribbean encounter E'
between President Bush and ,
Caribbean heads of government ''
in a few days time. '
U '" frm


Response
sanders29@h


s to: ronald- '
otmail.com .


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THE TRIBUNE


PAGE 6, MONDAY, JUNE 11, 2007


iSPlh UPd~fi~Z~~








THE TIBUNEMONDA, JUN LOCA007,EAGE*


Car crashes through hall's wall
.. A CAR crashed through the wall
of Loyola Hall on Gladstone Road
on Saturday.
The accident happened just after
5pmr. An ambulance was called to
( o ... ,t ake the driver to hospital, but his
injuriS were not believed to be life-
threatening.
It is believed that the driver of the
S car, a Toyota Aristo, was trying to
overtake another vehicle and lost con-
trol, the road being wet after heavy
rains.
.0Several people from the hall and
houses across the street came to assist.
According to wintesses, just moments
before, children had been standing
near the wall as they waited for the
(Photo: Arthia Nixon) Karate Judo Tournament to start.




Former port chief



named chairman



of the BCB board


* By DENISE MAYCOCK
Tribune Freeport reporter
FREEPORT Barry Mal-
colm, former Grand Bahama
Port Authority executive, has
been appointed executive chair-
man of the Broadcasting Cor-
poration of the Bahamas Board.
The announcement was made
at the Prime Minister's Office in
Freeport by Senator Kay Smith,
parliamentary secretary in the
Prime Minister's Office with
responsibility for the Broad-
casting Corporation and
Bahamas Information Services.
In addition to Mr Malcolm's
appointment, Mrs Smith said
that three other persons have
also been appointed as mem-
bers of the board, including
Michael Moss, Larry Smith, and
Elva Rolle.
The Broadcasting Corpora-
tion's Board is usually made up
of five members. The appoint-
ment of a fifth member is
expected to be announced at a
later date.
Mrs Smith said that Mr Mal-
colm comes highly qualified for
the position as a result of his
vast professional experience in
the Bahamas, and the United
States.
Mr Malcolm started his
career as a journalist in the
Broadcasting Corporation. The
former executive vice president
of the Grand Bahama Port
Authority, is currently manag-
ing director of Global Fulfil-
ment Services.
According to Mrs Smith, Mr
Malcolm has had a long career
in industrial investment in
Grand Bahama.
* He has also served as Execu-
tive Director of the Inter-Amer-
ica Bank in Washington, as well
as Executive Director of the
Financial Services Board.
Board member Michael Moss
also comes with a high degree
of experience and expertise in
the energy field in Grand
Bahama and Jamaica.
Mr Moss, who is an Energy,
Engineering and Management
Consultant, is a former Chief
Technical Officer for Jamaica
Public Service Company. He


Lands and Local

Government

receives rise in

allocations

EVERY area of the Ministry
of Lands and. Local Govern-
ment has received an increase in
budgetary allocations for the
2007/2008 year, said Blue Hills
MP Sidney Collie.
Making his first contribution
in the House of Assembly dur-
ing the budget debate, Mr Col-
lie said his Ministry has been
allocated a total of $49,070, 050.
Of that amount $37,076,428
has been allocated for the
expenses of the Ministry, which
includes the Department of Co-
operative Development, the
Consumer Unit, the Depart-
ment of Local Government and
the inter-island mailboat ser-
vice system, he said.
The Post Office Department
has been allocated $9,174,367,
while $2,819,155 has been allo-
cated to the Department of
Lands and Surveys.
The Ministry will'continue
with its efforts towards the
decentralisation of government
in the Family Islands as well as
the implementation of Local
Government in the island of
New Providence, Mr Collie
said.


was also former general man-
ager with the Grand Bahama
Power Company, and Power
and Light Limited.
Former Editor Larry Smith, a
columnist, has also been
appointed to serve on the
Board. He is president and
General Manager of Media
Enterprises Limited.
Mr Smith is also the founder
and administrator of a well
regarded weblog, Bahama Pun-
dit, and writes a weekly column,
"Tough Call", in The Tribune.
Insurance Executive Elva
Rolle also comes with a great
deal of broadcasting experience.
Mrs Rolle is an insurance
director at Bahamas Brokers
and Agents Limited. She is a
former broadcaster who has
been involved in the production
of many radio shows during her
tenure with the Broadcasting
Corporation of the Bahamas
(BCB), and has a great passion
for the future development of
broadcasting.
With these new appoint-
ments, there are expected to be
some changes made within the
Broadcasting Corporation in
Freeport after the new Board


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meets.
Senator Smith said that gov-
ernment is committed to
restructuring the organisation,
as well as upgrading its tech-
nology at the BCB.
She said it will be replacing
the old analogue technology
currently in use at the BCB, and
upgrading to the digital plat-
form that is currently in use at
broadcasting corporations
around the world.
"The current analogue tech-
nology has been deteriorating
for many years, and makes it
extremely challenging for the
corporation to be as productive
and efficient as it should in the
production of high quality radio
and television programmes,"
said Senator Smith.
"We are committed to ensur-.
ing that the restructuring of the
organisation with a view to
transforming ZNS into a public
service broadcaster that's com-
mitted to assist with the devel-
opment of our country through
a diverse range of programmes
it produces, to empower
Bahamians.to make more posi-.,
tive contribution to our coun
try," she said.


The Grand Bahama Power Company, Limited invites qualified applicants
to apply for the position of IT Supervisor.
This position supervises the administration of operating systems IBM iSeries (AS/400) and
Network Servers, and will execute modifications and debugging of operating system problems,
to ensure the ',..%awitil:I), security, reliability and performance of the systems.
The successful candidate will be expected to:
* Review and implement new releases and upgrades of the IBM iSeries (AS/400) System, the
Network Server, and PC's.
* Manage and maintain the Operating System on the IBM iSeries (AS/400), and the Network
Server.
* Create, modify, test, and debug both interactive and batch programs utilizing RPG III & RPG
IV, CL, DDS, and Query Utility.
* Respond to various requests for data and ad hoc reports.
* Interact with maintenance support groups.
* Manage special projects and other work that may be assigned as necessary.
MINIMUM REQUIREMENTS
* System Administrator level knowledge of the IBM iSeries (AS/400), and the System Network
* Working knowledge of IBM iSeries (AS/400) Client Access
* Good understanding of Internet protocols such as TCP/IP DNS, etc.
* Minimum of 5 years IBM iSeries (AS/400) experience
* Proficiency in the creation and modification of both interactive and batch programs using
RPG, RPG IV, and CL in an IBM iSeries (AS/400) environment.
* Functional knowledge of the reporting tool IBM Query Utility.
* Excellent problem solving skills to address issues to closure.
* The ability to interact with a variety of users within the organization.
* Power/Water industry experience would be considered an asset.
* Knowledge of Accpac and/or Crystal Report would be an asset.
Applications with supporting documentation including a clean Police Certificate and proof of
Bahamian citizenship should be sent to:


Fep I t. Grandi Baha aIln


DEADLINE FOR RECEIPTlOFiAPPLICATIONS IS:


GRAND BAHAMA POWER COMPANY
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I .~ I


MONDAY, JUNE 11, 2007, PAGE 7


THE TRIBUNE


__ I, ' _____ujvlr u I ,rv.j vl, II|I C


t th








PAGE 8, MONDAY, JUNE 11, 2007 THEOTRIBUNE


Room+Rental Car....................$115.00 (per night]
Room (2 persons)......................$65.00 (per night)
Available Sunday- Thursday
with ticket & proof of travel
Rooms with Kitchenettes, Microwaves, Refrigerators.
A/C and Cable Television. Swimming Pool. Beach 300
yards away. Bus stop outside.



www.orchardbahamas.com/orchardbahamas@gmail.com


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with Wi-Fi Internet


COB graduates in


Grand Bahama


pick up awards

GRAND Bahamian College
of the Bahamas graduates, fac-
ulty and alumni had gathered
the Convention Centre at Our __
Lucaya for a special breakfast
ceremony where several of i
them were recognized for their
outstanding efforts and pre-
sented with awards.


, J;'l. a
-q ,) -'
g'i ,*r









, h I .


* GUEST speaker Charlton Smith


* DAVONNE Barry, who
achieved the highest grade
point average


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THE BAHAMAS TELECOMMUNICATIONS COMPANY LTD.

TENDER GENERAL INSURANCE
2007 2008

The Bahamas Telecommunications Company Ltd. (BTC) is pleased to invite
Tenders to provide the Company with General Insurance coverage. Policies
include Employers Liability, Group Personal Accident, Open Marine Cargo,
Fidelity Guarantee and Public/Products Liability.

Interested companies/firms may collect a Tender Specification from the
Security's Desk located in the Administrative building on John F. Kennedy
Drive, between the hours of 9:00 a.m. and 5:00 p.m. Monday through Friday.


The deadline for submission of tenders is June 22nd, 2007. Tenders should
be sealed and marked "TENDER FOR GENERAL INSURANCE" and
should be delivered to the attention of the President and CEO, Mr. Leon
Williams.

BTC reserves the right to reject any, or all Tenders.


TreatP Dad le a Kin
Make this Father's Day special with a great gift that he'll love!9


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He can make good use of the daily
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Help him dig deeper into the Word
with Daily Devotionals & Study books


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friends & families together for a fun-filled
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If he loves music then choose him
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Check us out also for a full range of church supplies & resources
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* JONETH Edden collects an Academic Award


I
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THE TRIBUNE


PAGE 8, MONDAY, JUNE 11, 2007


I












Government still



says no to CSME


THE FMN government dur-
ing the budget debate reiterated
its previously stated position
that The Bahamas will continue
to cooperate with CARICOM
on all aspects of Caribbean uni-
ty, but it will not become a par-
ty to the CSME.
Minister of Foreign Affairs
and Deputy Prime Minister
Brent Symonette said that a
major challenge that has
become a vexing problem
between the Bahamas and
CARICOM is the free move-
ment of labour especially in
light of the potentially explo-
sive nature of illegal migration
and the fact that The Bahamas
already hosts more CARICOM
nationals than any of its coun-
terparts.
This matter, he said, will be
discussed further between the
Prime Minister and other lead-
ers of the region at the upcom-
ing CARICOM Heads of Gov-
ernment Meeting.
The Bahamas is expected to
assume the chairmanship of
CARICOM following the term
of Prime Minister Owen
Arthur.


E


Mercedes-Benz


* OWEN Arthur


The Bahamas interfaces with
CARICOM in all its activities
with the exception of those per-
taining to the Common Market
trade in goods. This interaction
affords The Bahamas opportu-
nities to benefit from participa-
tion with the University of the


West Indies, Caribbean Devel-
opment Bank, CARICOM
Social Security Agreement,
Caribbean Tourism Organiza-
tion, the Caribbean Council for
Science and Technology and the
Caiibbean Telecommunications
Union among others.


Sandals provides 'hurricane guarantee


SUMMER travellers might
be wary of planning trips to the
Caribbean or US coastal states
during the summer and fall sea-
son, in the off chance that a
tropical storm or hurricane
might affect their stay.
Sandals Resorts has earned a
worldwide reputation for pro-
viding two people 'in love with
the most romantic vacation
experience in the Caribbean.
There are 12 Sandals proper-
ties located in Jamaica, Antigua,
St Lucia and The Bahamas.
To put these travellers'
minds at ease, Sandals and
Beaches Resorts continues to


provide its guests with a Blue
Chip Hurricane Guarantee,
which assures them a free future
vacation in the event that a hur-
ricane interrupts their stay.
"Our Blue Chip Hurricane
Guarantee gives guests the
assurance that they need when
planning ahead for the perfect
summer vacation," said John
Lynch, Executive Vice Presi-
dent of Sales Worldwide for
Unique Vacations, Inc., which
represents Sandals Resorts and
Beaches Resorts. "With San-
dals and Beaches' Blue Chip
Guarantee, the worst thing that
can happen is that guests will


get a second vacation for free."
Since 1997, Sandals Resorts
and Beaches Resorts have been
standing behind their guests
with free replacement vacations
in the event that a hurricane
interrupts the anticipated
Caribbean getaway. A company
of its word. Sandals Resorts has
paid more than $5.5 million in
replacement vacations since the
programme's inception more
than 10 years ago. The free
replacement stay is for the same
duration and room category as
the originally booked trip and is
valid for one year after the orig-
inal vacation.


I I


The 2007
Mercedes-Benz
C-Class is a 4-door,
5-passenger luxury


sedan filled with elegance.The powerful
C-Class is a prestigious high performance
vehicle that's stylish, comfortable and
remarkably safe.

Exclusive authorized Dealer in The Bahamas for Mercedes-Benz.

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Tel: 325-4961


* Fax: 323-4667 Wulff Road


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Wendy's Team

Recruitment Drive

when? Tuesday, June 12
time? 9 a.m. 12 noon
where? Wendy's Mackey Street


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Telephone
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Tel: 393-6651 or 393-6693 Tel: 356-2940 or 356-2941

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AUTO SYSTEM EXPERTS


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RISpring
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MONDAY, JUNE 11, 2007, PAGE 9


THE TRIBUNE






PAGE 10, MONDAY, JUNE 11, 2007


THE TRIBUNE
" NEWS


a,.4 Eli I- i
. 1 1 I .. I
I l I ,
I I
\ I '
i : I t*i"


III1. I I II ,,I a r, ,.
iaIll ,I i'l I' 1 ' '
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IT I
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.__ a.'


An opportunity for artistic

expression at Da Island Club


4'


* ABOVE: singer Luke Seymour shares
his talenI d:iri i:tes' :ics session of 'Express
Yourself.
M RIGCH : Landan poet Dickson Wasake
takes the mic during the latest session of
'Express Yourself'.


Lloyd's of London


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years of age


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up to $250,000 annually.

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benefits and deductible.


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Mitchell attacks FNM on straw market


Opposition member says


government is to blame for


cancelling contract


KEN NETH COLE
-ok ." a I 0 U


I RED Mitchell. Opposition
spokesman on Foreign Affairs
anil Public Service, visited the
Stiaw Market in an effort to
co, ect what he termed "gross
misinformation given to the
vendors earlier during the week
whrch seeks to blame the PLP
foI the latest developments at
the market."
Mr Mitchell, was called to
the market by PLP supporters
among the straw vendors.
-le told the vendors that the
FNM should take the responsi-
bility for cancelling the contract
with Woslee Dominion for the
consI action of the straw mar-
ket.
I he former minister said that
claims "that the PLP had
designed a market with no pro-
vision for the straw vendors is a
complete lie... The booths in
the market are not on the archi-
tectural drawings because they
are considered furniture."
Mr Mitchell pointed out that
Architect Michael Foster went
on radio to tell the country that
he had been given instructions
prior to the election to design
the stalls for installation into
the market.
As for claims that the PLP
lied to straw vendors when they
told the vendors that they could
no move into a building on
\A the FNM had spent $3
ne,., on Prince George Dock


SFRE itchell vendors at the Straw Market

U FRED Mitchell talkk to vendors at the Straw Market


because of security objections
by the US gom erinent, Mr
Mitchell told the vendors that
whoever said that "did not know
what he was talking about".
He reiterated that the FNM
must lake responsibility for
their decisions.
"The earthworks are com-
plete at the market site on Bay
Street after having run into
problems with, including find-
ing the foundation of the old
building: having to'have that
removed and then the base
redesigned to accommodate the
pilings already in the
ground. The contractor is


already in funds. The work
stoppage is costing the Bahami-
an public the sum of $10,000
per day on tangibles. The work
stoppage ordered by the gov-
ernment has caused the date to
slip for completion in August
2008."
Mr Mitchell told the vendors
that the FNM does not propose
to put them in the new facility
on Bay Street but wants them to
go on the Prince George Dock.
"The US government needs to
say whether they have flipped
on this issue now that the FNM
is back in power," said Mr
Mitchell.


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MONDAY, JUNE 11, 2007, PAGE 11


THE TRIBUNE






THE TRIBUNE


AP GE 12 MONDAY JUNE 11 2007


National blood centre is planned


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* By RUPERT MISSICK Jr
Chief Reporter
MORE than $300,000 allo-
cated in this year's budget esti-
mate is a clear indication of the
governments' support and com-
mitment to ensuring the safety
and adequacy of the National
Blood Supply System, Health
Minister Dr Hubert Minnis said
during his contribution to the
budget debate.
The majority of these funds will
be used to secure suitable accom-
modation for the establishment
of, a "long overdue", stand alone,
national blood centre.
"Overdue, because in 1999,


Funding to provide 'long overdue' facility


at the 41st Directing Council of
the Pan American Health Orga-
nization, member countries,
including the Bahamas con-
cluded that the existence of an
excessive number of hospital-
based blood banks has negative
consequences for blood avail-
ability and safety; and con-
tributes to diminished efficiency
of scarce resources and higher
prices for testing kits," Dr Min-
nis said.
The minister said that the


Bahamian Betsy Wilson

makes top financial post


BETSY Wilson of Nassau has
been appointed assistant finan-
cial controller for the Westin
and Sheraton Grand Bahama
Island Our Lucaya Resort.
Ms Wilson brings a wealth of
knowledge and experience to the
industry and has a career span
of more than 20 years in hospi-
tality management and finance.
Prior to her appointment at
Our Lucaya, she served as an
accountant with the Nassau
Beach Hotel and Nissi Distrib-
utors/McIntosh Enterprises, in
Nassau.
She also held other manageri-
al positions in finance at Le Meri-


dien Royal Bahamian Hotel and
the Lucayan Bay Hotel.
A certified hospitality
accounts executive and
BahamaHost graduate, she has
a Bachelors of Science degree in
Hotel Management from the
University of the West Indies.
Skilled in control systems and
computer programs, Ms Wilson
is a member of the International
Hospitality Technology Profes-
sionals, HOPE Worldwide Inter-
national Charity and citizen
ambassador People to People
programme, where she has trav-
elled to Russia to exchange ideas
on hotel operations and controls.


multiplicity of blood banks also
hinders the implementation of
quality programmes.
Hospital-based blood banks,
Dr Minnis said, do not put
emphasis on the promotion of
voluntary blood donations but
on replacing the number of
units made available by the rel-
atives or friends of the patients.
All of the blood banks in the
Bahamas are hospital-based. At
present, blood donations are
mainly from replacement


donors, and this source of blood
is not the safest.
"In fact, studies have shown
that, the promotion of volun-
tary blood donation is central
to blood safety since voluntary
donors are less likely to be car-
riers of transfusion transmitted
infections," Dr Minnis said.
He pointed out that timely
access to safe blood is essential
to the delivery of quality health
services and there is no substi-
tute for human blood.


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F41


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Master Technicians


393-5310

www.mastertechbahamas.com


Do you enjoy working with a team geared to 100% customer satisfaction?


Are you an exceptional driver with a great track record?


If we've piqued your interest, Let's Talk!!


We are seeking an excellent, competent
Driver to handle transportation of
merchandise in a fast-paced, team
oriented warehouse.
Plus Group of Companies is an
established Bahamian owned group that
is growing & continuing to build it's
team of professionals in various areas.
We offer a competitive salary & benefits
package as well as ongoing professional
training & development.


Requirements:
Must hold a current Driver's License and be 25 years of age or older
Three (3) years experience in Lift driving and delivery of
merchandise
Physically able to receive, deliver, secure & track inventory
An excellent work ethic with a willingness to get the job done
A desire to improve & open to learning new skills
A high school graduate with exceptional reading, writing & math
abilities
Computer literate
An enthusiastic team player able to work well with customers &
coworkers to ensure complete customer satisfaction.


FURNI E



Furniture Appliances Electronics

Please fill out and submit an application online at
www.furnitureplus.com
or cMail: jobs@theplusgrp.com
or Mail to: Director of Human Resources
The Plus Group
P. 0. Box N713, Nassau, Bahamas
We thank all applicants, however only those selected
for an interview will be contacted.


, %.L r,. f %I 1 - .., --


^^^^^^^wH^^s^^^^^~m^^^^^^sm LOCAL NEW~S^^^^^^m ~ ^^^^ ~ ii


i


--


:







THE TRIBUNE MONDAY, JUNE 11,2007, PAGE 13


Jewellery store



raises money for



Cancer Society


DIAMONDS International
recently held its first annual
Cancer Society fundraiser
reception at its Bay Street Store.
During the month of May for
all local sales at the four Dia-
monds International Stores, 15
..per cent was donated to the
Cancer Society.
Terrance Fountain, president
of the Cancer Society, said
thanked Diamonds Interna-
tional for selecting the Cancer
Society of the Bahamas as the
beneficiaries of its promotion.
"Beyond what is offered here
tonight and any profits realized
from this month-long fundraising
drive, just the opportunity to
partner with and work with such
a civic-minded company, in itself,
proved to be special. The much
needed funds that are raised will
be used to defray the operational
costs of the Cancer Caring Cen-
tre," said Mr Fountain
Toni Gad, island manager of
Diamonds International said
"Tonight is not about Dia-
monds International, tonight is
about individuals in our fami-
lies, in our community and in
our workplace who suffer from
Cancer and need our moral and
financial support... Thank you
for doing your part in helping to
make a difference to individuals
who suffer from cancer in the
Bahamas."
Diamonds International also
thanked partners City Markets,
Bacardi and Company, Bristol
Wine and Spirits, the Broad-
casting Corporation of the
Bahamas and 100 Jamz for their
help in making the event suc-
cessful.


N TERRANCE Fountain, president of the Cancer Society,
Toni Gad, island manager of Diamonds International, Deandrea
Conliffe, Miss Bahamas World 2006-2007, Anthony Smith,
marketing manager at Diamonds International


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 t
area or have won an
award.
If so, call us on 322-1986
and share your story.


rath


e


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MONDAY, JUNE 11, 2007, PAGE 13


THE TRIBUNE


. Apr
F ;


my






THE TRIBUNE


PAGE 14. MONDAY, JUNE 11, 2007


LdCALNEWS


FROM page one

volition.
One such observer bolted that
Mr Jarrett's apparent allegiance
with the PLP could be a factor
in his possible departure.
Mr Jarrctt told 'he l)i[1bneC
yesterday a'ltrnoon that he
could only say that the matter of
his stepping down as chairman
of the Bank of the Bahamas is
"under consideration."
He added that he would be
able to comment in detail in a
few days time as to the circum-
stances surrounding his possi-
ble departure from a post he
has held for the past two and a
half years.
"It is a fluid situation right
now," he said.
Sources close to the Bank of
the Bahamas yesterday con-
firmed that meetings had been
taking place between manage-
ment and the board of direc-
tors.
Mr Jarrett a veteran banker
in his sixties who in the past also
served as managing director of
FINCO as well as BEC's exec-
utive chairman was first
appointed as the Bank of
Bahamas' chairman in Decem-
ber 2004.


ACCEN
VydNDO
ATH
DINNE


TEL:(242)
MADEIl R
P.().BOX


Bank of the Bahamas


Sle succeeded Hugh Sands,
who held the position for eight
years before stepping down.
In announcing Mr Jarrett's
appointment in 2004, former
Prime Minister Perry Christie
said that he was sure the veter-
an banker would perform to the
highest expectations.
Mr Jarrett in the past has crit-
icised both the Christie and
Ingraham administrations for
giving away too much of the
Bahamas to foreign investors.
He advocated getting rid of
standard and heads of agree-
ment contracts, and instead
implementing new arrange-
ments which would benefit
Bahamians more.
To this end the retired banker
gave the Christie government
high marks for its partnership
with the I-Group in the joint
development project taking
place on Mayaguana.
He also praised the Christie
government for its economic
policy and its impact on
employment and the country's
economy.
Mr Jarrett joined the Bank
of the Bahamas after nearly


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four decades of experience in
international and domestic
banking.
In addition to holding posi-
tions in both the Bahamas and
abroad with companies
including the Banca Commer-
cial Italiana, Royal Bank of
Canada, FINCO and RBC
Financial Group Mr Jarrett
also served as treasurer of the
fundraising committee for the
2000 Olympic Games.
He has also served on the
boards of National Insurance'
and Bahamas Development,,
Bank and been the director of. ,
the Hotel Corporation of the
Bahamas.


Managing editor

of The Tribune

suing Nassau

Guardian :
i"

FROM page one

through.
Mr Marquis is also consult-
ing lawyers with a view to suing...
The Bahama Journal for libel
in a column written by formfier ,
police officer Errington,"-
Watkins.
He said he would be pursumg,, I
the matter "to the limit" to,*
ensure his good name as a pro-'.
fessional journalist was pre-,
served.
"It is quite obvious that this:,
disgraceful drivel, which was
barely literate, was never edited
by a professional journalist. It ,0
went straight into the papers.
without any critical judgment-, N
being applied at all.
"I only ever met Watkins
once, and that was enough. He
knows nothing about me, yet
scribbled a load of malicious
rubbish which was inaccurate
from beginning to end."
He added: "I am surprised
that Wendal Jones, who likes
to think himself as an up-and-
coming media mogul, allows his
paper to be tainted by such vile *
material. a*
"The good journalists on the
staff, and there are certainly one
or two, must be deeply ashamed
by this episode, which besmirch- .
es our great profession."


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NJE MONDAY, JUNE 11,2007, PAGE 15
LOSCALNEWS


Knowles and Nestor win


French Open doubles title


FROM page one
before they split up for good.
The number six seeded team
had to storm back for a 2-6, 6-3,
6-4 win over the No. 9 seeded
team of Lukas Dlouhy and Pavel
Vizner of the Czech Republic
on Saturday on the clay courts in
the French Open.
"It was a good one to get. It
was exciting," said Knowles in
an interview with The Tribune in
London yesterday as they pre-
pare for a tune-up tournament
this week in Queen's.
"It was a long time coming to
win the French. We've been
there in the finals a couple of
times, so it's really a sweet feel-
ing. There's no feeling like win-
ning a Grand Slam. So it's really
sweet."


It was their first triumph after
two failed attempts in the finals
of the French Open one of
the world's top tournaments -
at Roland Garros after they fell
short in the final in 1998 and
2002, both times to the Dutch
combo of Jacco Eltingh and Paul
Haarhuis.
Their match was played on
the Philippe Chatrier court in
front of a sizeable crowd that
stayed behind .after the women's
finals was over in a flash as Jus-
tine Henin of Belgium defeated
Ana Ivanovic of Serbia, 6-1, 6-2.
After a match that lasted pre-
cisely one hour and 45 minutes,
Knowles and Nestor shared a
hefty purse of 1,000,000 (or
$2,000,000), but more impor-
tantly, they will climb to num-
ber two on the ATP computer
rankings behind the world's best


team of American twins, Bob
and Mike Bryan.
Their French Open title will
be added to their prized Grand
Slam collection of the Australian
Open they won in 2002 and the
US Open they captured in 2004.
Two weeks from now,
Knowles and Nestor will go after
their final Grand Slam on the
grass surface at Wimbledon
where Nestor has indicated that
he plans to break up his 11-year
partnership with Knowles to
play with Nenad Zimonjic of
Serbia.
During their relationship,
Knowles and Nestor have
won a total of 38 titles, which
put them eighth on the Open
Era Doubles Team leader board.
SEE SPORTS SECTION
FOR FULL STORY


* CANADA'S Daniel Nestor, face to camera, and Mark Knowles, of the Bahamas, celebrate after
defeating Czech Republic's Lukas Dlouhy and Paul Vizner, in the men's double final match of the
French Open tennis tournament, at the Roland Garros stadium, in Paris, Saturday, June 9,2007. Nestor
and Knowles won 2-6, 6-3, 6-4.
(AP Photo/Michel Spingler)


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JAIME Hooker, vice-presi-
dent of DHL International
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$1000*inyuivstetacontpuhmonrhi! grai*paid a courtesy call on Senator
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Bahlma and The Bahamas.


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expanding his company's busi-
ness in Grand Bahama, to assist
with the revitilaztion of Grand
Bahama's economy. Among
the areas toured by the DHL
executive was the Freeport
Container Port.
Pictured left to right are
Romell Knowles, country man-
ager for DHL (Bahamas) Lim-
ited; Senator Forbes-Smith and
Mr Hooker.


THE TRIBUNE


PAGE 16, MONDAY, JUNE 11, 2007









MONDAY, JUNE 11,2007


SECTION -


.......


S99


ColinaImperial


business@tribunemedia.net


Miami Herald Business, Stocks, Analysis, Wall Street


John S George owners


in


potential sale talks


* QBC owner Andrew Wilson in talks to acquire hardware products retailer

* Move to sell company follows split in private equity group owning John S George


* By NEIL HARTNELL
Tribune Business Editor
The private equity
consortium that
owns John S
George, the well-
known Bahamian
hardware and home materials
retailer, is in active talks to sell
the business to a "retailer and
wholesaler" described as the
largest phone card seller by
volume in the Bahamas.


The Tribune can reveal that
John S George's owners are
negotiating its sale to Andrew
Wilson, owner of phone card,
cellular phone and electronics
retailer, Quality Business Cen-
tre (QBC), less than three
years after they acquired the
ailing retail format.
No deal has been sealed, but
sources familiar with the situ-
ation said the John S George
Holdings investor group were
in serious talks with Mr Wil-


son, following a disagreement
over the retailer's future direc-
tion and strategy that resulted
in a boardroom split.
"There are discussions going
on about the future of John S
George, and one of the options
is a potential deal," one source,
who requested anonymity, told
The Tribune.
They identified the possible
buyer as "wholesale/retail busi-
ness", which this newspaper
was subsequently able to estab-


lish was Mr Wilson and QBC.
"The intention is for John S
George to continue on," the
source said, adding that the
John S George Holdings
group, which was put together
by former Freeport Concrete
chief executive, Ken Hutton,
was keen to safeguard the 70
staff jobs at the retailer.
Mr Hutton declined to com-
ment on the situation when
contacted by The Tribune. It is
unclear what Mr Wilson's


plans for John S George are if
he succeeds in acquiring it, and
whether he would keep the
existing format.
Some have suggested that
QBC, which has outlets at the
Mall at Marathon and in
downtown Nassau, on East
Street North, would be more
interested in acquiring John S
George for its store sites to
allow the QBC format's expan-
sion.
John S George has its head


office, warehouse and largest
store in Palmdale, owning the
complex, and leases stores in
the Harbour Bay Shopping
Centre, Lyford Cay Shopping
Centre, Cable Beach Shopping
Centre and Independence Dri-
ve. All are high-footfall shop-
ping centres for consumer traf-
fic.
Not all the investors in John

SEE page 14


Bahamas in 'superior

position' on alternative

energy search


* By NEIL HARTNELL
Tribune Business Editor
THE Bahamas' "superior
positioning" gives it a compet-
itive advantage in the global
search for alternative, renew-
able energy sources, a former
Bahamas Maritime Authority
director believes, urging this
nation to explore, initiatives
such as an Ocean Thermal
Energy Conversion (OTEC)
plant and gas hydrates.
William Bardelmeier, a 52-
year Nassau resident, told
Rotarians that the Bahamas'
geographical location had left
it "unusually well-qualified" to
play a critical role in the fight
against global warming and
greenhouse gas emissions, and
said some initiatives might be
available during the lifetime of
current Bahamian children.
One survey, Mr Bardelmeier


* Nation urged to pay
more attention to
exploiting national
resources
* Ocean thermal energy
and gas hydrates give
Bahamas advantage

said, had ranked the Bahamas
as the second-best site in the
world for an OTEC plant, with
scientists consistently placing
this nation among the top 28 or
30 locations.
He explained that OTEC
plants operated on the premise
that huge amounts of the sun's
energy were deposited and

SEE page 9


Royal Bank generates $30.5m in staff wages


* By CARA BRENNEN-BETHEL
Tribune Business Reporter
ROYAL Bank of Canada's Bahamas-
based operations generated more than
$30.5 million and salaries and benefits for
its 705 employees in 2006, in addition to
purchasing $10.874 million worth of goods
and services from Bahamian companies.
The data was contained in a document
published to show the positive impact
Royal Bank of Canada makes in the wider


Institution spends $10.874m with Bahamian suppliers, as 705 Bahamian
staff benefit from training and share ownership initiatives


Bahamian and Caribbean communities.:
The document revealed that Royal
Bank of Canada spent $106,053 on training
programmes for its Bahamas-based
employees in 2006, with some 88 per cent
of staff participating in share ownership
programmes.


Meanwhile, the Royal Bank of Canada
has allocated an additional 40 per cent
more funding towards Caribbean-based
community projects in 2007, with the bulk

SEE page 5


Doctors hopes for

Western Medical sale

'in six months'


* By NEIL HARTNELL
Tribune Business Editor
DOCTORS Hospital Health
Systems (DHHS) is hoping to
complete a sale of its Western
Medical Plaza facility "within
the next six months", believ-
ing that increased economic
activity in western New Provi-
dence as a result of the poten-
tial Baha Mar, Albany and
South Ocean investment pro-
jects will generate increased
interest from prospective buy-
ers.
DHHS has been attempting
to sell the Blake Road-based
property for several years, a
previous $9.5 million deal hav-
ing fallen through, but Western
Medical Plaza's drag on the
company's operations declined
by 33,.6 per cent in the year to


Accounts receivables
over $12m gross

January 31, 2007, falling from
$1,1 million the previous year
to $0.7 million.
Operating expenses at West-
ern Medical Plaza fell by 6.7
per cent in fiscal 2007, while
interest expenses declined by
20.3 per cent. In addition,
DHHS avoided the previous
year's $237,611 write-down on
the facility's assets, deciding
no further impairment was
needed.
"With the continuing
announcements of planned
developments in western New


SEE page 8


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PAGE 2B, MONDAY, JUNE 11,2007 THE TRIBUNE


INSIGHT

For the stories behind


the news, read Insight

on Monday
: ".


* By Fidelity Capital
Markets
SOME 76,635 shares
changed hands in the


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Bahamian market this past
week. The market saw 11 out
of its 19 listed stocks trade, of
which five advanced, three
declined and three remained
unchanged.
Volume leader for the
week was FamGuard Compa-
ny (FAM) with 32,600 shares
changing hands, accounting
for 42.54 per cent of the total
shares traded. The big
advancer for the week was
Colina Holdings (Bahamas)
(CHL), up $0.05 or 2.38 per
cent to close at a new 52-
week high of $2.15.
For 2007 to date, CHL's
share price has appreciated
by 13.16 per cent to $2.15
versus $1.90 at the end of
2006. On the down side, Con-
solidated Water Company's
BDR share price fell by $0.19
or 3.60 per cent to end the
week at $5.09.
For the week, the FINDEX
increased by 1.67 points, to
close at 802.50.

COMPANY NEWS

Fidelity Bank (Bahamas)
(BAB) -
FOR the 2007 first quarter,
BAB posted net income
attributable to common
shareholders of $309,000, up
$32,500 or 11.7 per cent over
the $276,900 achieved in the
2006 comparative period.
Interest income grew by
$143,600 or 5.57 per cent to
total $2.7 million, while inter-
est expense increased by
$183,000 or 21 per cent to
total $1.01 million. Total
income declined by $158,600
or 6.29 per cent to total $2.4
million.
Operating expenses
remained relatively
unchanged year-over-year to
stand at $2.01 million at the
end of the 2007 first quarter.
Earnings per share (EPS)
were $0.014 versus $0.03 in


SEE page 6


The Bahamian Stock Market


FINDEX 800.83 YTD 7.91%


BISX CLOSING
SYMBOL PRICE


AML
BAB
BBL
BOB
BPF
BSL
BWL
CAB
CBL
CHL
CIB
CWCB
DHS
FAM
FCC
FCL
FIN
ICD
JSJ
PRE


$1.18
$1.30
$0.85
$9.40
$11.50
$14.60
$2.95
$10.60
$14.55
$2.15
$14.50
$5.09
$2.40
$6.20
$0.54
$17.30
$12.60
$7.28
$9.50
$10.00


CHANGE VOLUME YTD PRICE
CHANGE


$-
$-
$-
$-0.01
$-0.10
$-
$-
$0.17
$0.05
$0.05
$-
$-0.19
$-
$-
$-
$- "
$0.10
$0.08
$-
$-


0
700
0
1100
3500
0
0
3200
15302
5483
800
0
400
32600
0
0
6250
7300
0
0


93.44%
4.00%
11.84%
17.06%
1.77%
0.00%
68.57%
6.00%
16.31%
13.16%
2.47%
-2.86%
-4.00%
7.08%
-1.82%
37.85%
4.83%
1.82%
10.47%
0.00%


DIVIDEND/AGM NOTES:

FIN has declared dividends of $0.13 per share, payable on
June 12, 2007, to all shareholders of record date June 5, 2007.
ICD has declared dividends of $0.10 per share, payable on
June 29, 2007, to all shareholders of record date June 15,
2007.
CBL has declared dividends of $0.12 per share, payable
on June 29, 2007, to all shareholders of record date June 15,
2007.
CWCB has declared dividends of $0.012 per BDR, payable
on August 8, 2007, to all shareholders of record date June 30,
2007.
Benchmark (Bahamas) (BBL) will hold its Annual Gener-
al Meeting on June 21,2007, at 5.30 pm at the British Colonial
Hilton Hotel, Number 1, Bay Street, Nassau, Bahamas.
Doctors Hospital Health Systems (DHS) will hold its Annu-
al General Meeting on June 28, 2007, at 5.30 pm at Doctors
Hospital's Conference Room, No.1 Collins Avenue and
i,Shirley Street, Nassau, Bahamas.


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THE TRIBUNE


PAGE 2B, MONDAY, JUNE 11, 2007


i!

















BUSINESS


he 3iiamiMONDAY, JUNE 11, 2007


WALL STREET


Brokerage industry on verge of consolidation


BY JOE BEL BRUNO
Associated Press
NEW YORK The rally that car-
ried Wall Street to new highs this
year may also propel the brokerage
industry into a period of takeovers
and consolidation.
Stock trading surged the past few
months as investors piled into the
advance that lifted the Dow Jones
industrials and Standard & Poor's 500
index to new highs. But that meant
competition among brokerages
increased as well, raising concerns
that the companies will need to slash
prices to attract and retain custom-
ers.
The trend is already under way.
Bank of America is offering free
trades to customers who meet


deposit requirements. Analysts
believe this model, which might be
duplicated by others, is putting mas-
sive pressure on the industry.
Bigger firms like Merrill Lynch
and Morgan Stanley can weather
market fluctuations because of their
scale and diversified businesses.
More vulnerable are the boutique
firms and electronic brokerages,
whose profits often hinge on trading
- and the jump in competition is
likely causing some to consider deal-
making as a means to survive.
"The industry goes through waves
of consolidation, and the driving fac-
tor tends to be big profits or lack of
profits," said Richard Bove, an ana-
lyst with Punk Ziegler & Co. "What is
creating less and less profit for bro-


kers outside of New York City is the
price of the products they're selling
are dropping dramatically."
He pointed to events the past few
weeks that signal the industry is
ready for contraction.
Prudential Financial said Tuesday
it will shutter its 26-year-old equities
research business, which in the 1990s
was one of the biggest brokerages on
Wall Street. Also that day, TD Amer-
itrade was criticized by two activist
shareholders who want to see the
online brokerage complete a deal -
possibly with rivals E-Trade Finan-
cial or Charles Schwab.
Wachovia said June 1 it would
acquire A.G. Edwards in a nearly $7
billion deal that will create the
nation's second-largest retail broker


after Merrill Lynth. The deal is the
latest maneuver for Wachovia's bro-
kerage unit, which nearly doubled in
size through a 2003 joint venture
with Prudential.
They may not be the only ones.
Among the major regional brokerage
houses, there are two based in St.
Louis along with A.G. Edwards -
Edward Jones and Stifel Financial.
Raymond James Financial, a Florida-
based brokerage and Schwab have
also been bandied about as takeover
targets.
Potential buyers include Merrill
Lynch, Citigroup's Smith Barney unit,
and BofA. Globally, foreign banks like
HSBC and UBS are said to be inter-
ested in buying a U.S. retail broker-
age.


Changes among the nation's bro-
kers have more to do with the under-
lying economics of the industry; buy-
ing and selling shares .-just isn't as
profitable as it once was. Investors
are increasingly turning to bigger
securities firms and major U.S.
institutions like BofA and Citi for
cheaper prices and a broader array of
investment products.
Boutique firms, which sprang up
in the late 1990s to advise clients in
specialties such as technology issues,
could be the hardest hit once consoli-
dation is completed, analysts said.
Those specialty shops, along with
regional players, now find them-
selves competing during a period
where clients might not necessarily
be looking for specialized advice.


BARTERING



LET'S MAKE



A DEAL

MY PAINT JOB FOR YOUR LIMO SERVICE? HOW
COMPANIES ARE MAKING USE OF BARTER
TO IMPROVE THEIR BOTTOM LINES


BY ANGELA TABLAC
atablac@miamiherald.com
John Strawser got $1,000 worth of
Christmas baskets for loyal custom-
ers of his equipment rental business.
He got advertising, contracts and
printing.
Plus, he equipped his house with
$2,000 worth of hurricane window
protection.
Strawser didn't pay for any of it..
He bartered.
Looking for new customers and
a way to keep their cash some
small business owners have turned to
trading their products and services
through business-to-business
exchanges. Worldwide, trade is
growing steadily at 10 percent a year,
and about $2.3 billion in goods and
services are exchanged annually
through companies in Latin America
and the United States, according to
International Reciprocal Trade Asso-
ciation, the top barter industry group.
Even though business owners who
barter have to take steps to protect
themselves from unfair pricing and
flaky traders, several South Florida
owners said the give-and-take
improves their bottom lines. -
"For me, it's great because the
equipment is just sitting anyway,"
said Strawser. He said bartering has
boosted his business by at least 10
percent.
Trade exchanges work by devel-
oping a directory of member busi-
nesses that use credits. One credit
equals one dollar. When wanting to
trade, one member calls the
exchange. A representative finds a
match in the directory, mediates the
trade and balances out each side's
trade account.
Exchange companies avoid buying
or holding a company's product.
They monitor and dole out the cred-
its, giving points to the company that
provided the good or service and
subtracting points from the account
of the company that received the
product.
"We just arrange the transaction
and keep score," said Alan Wolfson,
owner of TradeSource in Hallandale


EASY GAINS: John Strawser, who owns A to Z


Beach.
The cost: anywhere from $200 to
$700 to join, plus 5 percent to 6 per-
cent for each side the giver and the
taker of a trade deal, according to
the international trade association.
Some exchanges also charge monthly
fees.
But local business owners said the
new clients they get are worth the
price. By joining the network, compa-
nies have access to all members and
get references from the exchange.
"It's like having an extra salesman
on the street," said Lee Hackmeyer,
owner of Associated Paint in Miami
and a TradeSource member for about
10 years.
Strawser, who owns A to Z Rental
Center in Oakland Park, rents out
tables, chairs, generators and other
heavy equipment. He joined national
trade exchange ITEX in 2001 and
worked with the exchange's Planta-
tion office, hoping trade would
attract more customers.
"We've pretty well saturated the
area we're located in," said Strawser,
whose store has been open since
1972. "We needed to expand the busi-
ness."
Trading also saves cash, owners
said. Using their own inventory to get
other goods, they instead spend their
credits on advertising, contracts and
other business-
related expenses.
Some owners get creative with
their trading, using credits for fun,
personal purchases:
Strawser took his father on a 10-
day fishing vacation.
Hackmeyer ordered a limo ride
for his wife's birthday, after he traded
in gallons of paint.
Lisa McGuire, owner of Pest
Relief in Pompano Beach, paid for
her niece's braces, her two children's
graduation parties and several of her
family's vacations.
"Before I go to spend any money
on anything, I call the ITEX office
and tell them what I see and what I
want," said McGuire, a member since
1992, who uses barter for her veteri-
narian, accountant, eye doctor and


TOM ERVIN/FOR THE HERALD
Rental Center, says


bartering has boosted his business at least 10 percent.


M-


ROY FOX/MIAMI HERALD ILLUSTRATION


eyeglasses.
Business owners need to protect
themselves, though. When trading
through an exchange, owners
become more vulnerable than if they
paid cash, said Joseph M. Goldstein, a
business litigation lawyer for Shutts
& Bowen in Fort Lauderdale. In a
cash deal, both sides know the value
of the exchange. Finding a fair price
tag in bartering can be trickier.
"How do you value what goes in,
and how do you value what you're
getting?" he said.'
Owners of trade exchanges said
they combat the possibility of price
gouging by explaining fair pricing in
their membership agreement and
having members promise to offer the
regular retail value. Exchanges then
trust owners to follow the honor
code.
"In the cash world, if it's 30 bucks
for a pack of business cards, then in
the barter world, it should be 30
bucks for the same pack of business
cards," said Marian Ernsberger, bro-
ker for the ITEX office in Plantation.
Sometimes, though, trade deals go
sour. If one owner in a trade backs
out of a deal or a business folds
before other owners can redeem ser-
vices, the trade exchange reverses
the trades and refunds credits to the
accounts of the "buyers." But some
members, like Maurice Rodriguez,
end up in court.
Rodriguez, who owned Affordable
Photography and Video in West Palm
Beach, fell into a three-year struggle
that ended in May 2006. He joined a
local exchange and became irritated
with having to redeem his trade cred-
its at places mostly in Miami. He
applied his remaining credits toward
his 2003 wedding and wanted to
leave the network.
But that firm was bought by Tra-
deSource, and Rodriguez said Trade-
Source claimed he owed $5,000. The
case went to court and, according to
records, was settled for $593 plus
agreements by Rodriguez to take on


some jobs and pay down the debt.
"I don't think the concept of bar-
tering is bad," Rodriguez said
recently, adding he would use a bar-
tering company again. "It's just the
execution of it in this case."
TradeSource's Wolfson said
Rodriguez still owes money, but he
tried to pay it off. Even though Wolf-
son's company goes to court for trade
disputes about four times a year and
has been suing defaulting members
more regularly after 2000, he said it's
about 1 percent, a "really nominal"
amount, of his business.
He said his reasons are simple: If
members owe money or services and
cannot resolve the balance with Tra-
deSource, they're going to court.
"We're no different than a credit-
card company going to small-claims
court," he said.
To protect themselves, member
businesses need to be in contact with
exchanges and notify the network of
any concerns about trades, owners of
the exchanges said.


McGuire, owner of the pest-con-
trol company, said she researches
every business that contacts her to
trade. She calls ITEX, verifies the
business' membership and asks if
there's enough money in the owner's
account to cover the trade. ITEX has
always reimbursed her for any bar-
tering glitches, and the benefits she
gets from trading are priceless, she
said.
When McGuire and her husband
started their company years ago, they
were able to pay for family vacations
through barter, even when cash was
tight. And when her daughter was
diagnosed with scoliosis, McGuire
paid for the chiropractic treatment
through barter. She added that barter
helped the life of her business, too.
"My business would be different,"
she said. "The cash flow would be
much tighter because I'd be having to
pay out cash for my printers, my
accountants all of that which is a
part of running the business, I've paid
on trade."


TRADING TIPS


Using a trade exchange can
improve the bottom line, but be
cautious, several business own-
ers said. Business owners think-
ing about bartering should:
Research the exchange
before joining. Know who the
owner is, meet him or her, ask
about the membership and
transaction fees. Ask for and
check references from other
small business owners who have
used the exchange.
Ask for a list of businesses
in the network, to see if the
goods and services in the
exchange fit your needs.
Get all agreements, includ-
ing the membership agreement
and information for each trade,


in writing.
Request a company's price
list before spending trade cred-
its there. Make sure the com-
pany charges barter customers
the equivalent of the amount
they charge those who pay
cash.
Declare all trade deals on
tax forms. Even though no cash
is exchanged, all trades must be
declared whether the prod-
ucts are for personal or business
use. "If you receive something in
exchange for something, it's
taxable," said Steven Rosen-
baum, a certified public accoun-
tant at Freeman, Dawson,
Rosenbaum & Sobel.
ANGELA TABLAC


~~__~_______ _~__


I


- I I I -1 I L I I I I -- -- I dllbt:*sLE_ -rr s Nmffl~












INTERNATIONAL EDITION MONDAY, JUNE 11, 2007 4B


THE MIAMI HERALD I MiamiHerald.com


CHINA



E-vending in the People's Republic


BY TIM JOHNSON
tjohnson@mcclatchydc.com
BEIJING Pan Ning is 25
and spends a lot of time at
home on his computer, but his
mother couldn't be happier.
After all, Pan attends to a
thriving business.
Like hundreds of thousands
of Chinese, Pan has become an
online vendor.
In many countries, entre-
preneurs like Pan would open
real stores. But rents in Chi-
na's big cities are soaring, and
the retail scene is scattered
and often chaotic. Many ven-
dors have set up virtual shops.
Electronic commerce is still
in its infancy among China's
144 million Internet users, but
it's beginning to take off. Reg-
istered online shoppers now
number 43 million, and their
purchases may hit $6.4 billion
in 2007, a leap of more than 60
percent.
The ease of online sales has
opened new opportunities for
Chinese, empowering throngs
of new young merchants, who
are becoming pistons in Chi-
na's economic engine.
"I'm thinking about hiring
more people and expanding
this business,". Pan said one

WORKPLACE



Americans


getting


too little


sleep


BY SUE SHELLENBARGER
The Wall Street Journal
Lindee Reed-Paris knows
she needs more than the six
hours of sleep she gets most
nights. She survives the
week by telling herself, "I'll
catch up on the weekend."
But when the weekend
comes, the added sleep
"never happens," the Chi-
cago marketing consultant
says. Seizing the chance to
watch television or movies
past midnight, she tells her-
self, "It's my party and I'll
stay up all night if I want to."
Americans say they yearn
for more sleep. But when it
comes to actually getting it,
we're a nation in denial.
Given a choice between an
extra hour of sleep and an
hour of free time, 43 percent
of working people claim
they'd take the sleep, says a
Yankelovich Inc. poll. Yet
the trend in sleep time is
downward: Only 26 percent
of adults get eight hours a
night, compared with 38 per-
cent in 2001, says the
National Sleep Foundation,
Washington, D.C.
MAKING EXCUSES
Some sleep loss arises
from sleep disorders or other
medical problems. But a
major factor, experts say, is
that we kid ourselves about
sleep delaying sleep time,
making excuses and blaming
the consequences on every-
thing from viruses to unre-
quited love. "It's amazing
how people rationalize"
their lack of sleep, says Wil-
liam Dement, chief of Stan-
ford University's sleep divi-
sion. Some examples:
"I'll sleep when the
kids are older." Ilya Welfeld,
Bergenfield, N.J., a working
mother of three small chil-
dren, gets only three to six
hours of daily sleep. She's up
often at night to feed her
infant; runs her own busi-
ness from home; and also
squeezes in exercise ses-
sions. She regards more
sleep as "a luxury" she'd
rather not think about now;
"when the kids are older, I'll
sleep again."
"I'll rest when I'm
dead." Cheri Coleman, Hum-
ble, Texas, decided as she
neared 50 "to make up for
lost time. It's not too late" to
revive lost dreams, she says.
So she got her MBA and took
two jobs she loves, leaving
her just five to six hours to
sleep. Overriding her fatigue,


says Coleman, now 56, is a
midlife sense of urgency
about "when the last day is
going to come."


recent day in his family apart-
ment in a middle-class build-
ing south of Beijing. "It's just
too tiring for the three of us,"
he said, referring to himself,
his mother and his fiance.
After two years in business,
Pan now sells up to $20,000
worth of cellular phone acces-
sories a month. His fIanc6e
handles online inquiries from
shoppers they get 200 to
300 orders a week he deals
with suppliers, and his mother,
who also cooks for the family,
packages orders for twice-a-
day pickups by delivery ser-
vices.
Stacked on a metal rack in
the foyer of the apartment and
in boxes on the floor are cell-
phone batteries, carrying
straps, earphones, and, of
course, Bluetooth devices.
"I have my own inventory,"
Pan said. "It doesn't look like
much stuff. But I'm one of the
biggest on the Internet."
Pan maintains his e-shop on
Taobao.com, the largest of
four Internet companies that
dominate online shopping in
China. Two of them Dang-
dang.com and Joyo.com (a
subsidiary of Amazon.com) -
are conventional e-retailers,


selling and delivering a variety
of goods. The fourth company
is eBay, the U.S.-based auction
site that once was a market
leader here but now faces a
declining share of the online
business.
Taobao.com, a subsidiary of
Alibaba.com, has run away
with the market.
"Taobao.com wants to be
the largest retail company in
China, outrunning the tradi-
tional retail giants like
Wal-Mart and Carrefour," said
Christina Splinder, a spokes-
woman.
Shopping in China is far dif-
ferent than in the West in
terms of pricing, availability of
goods and concentration of
stores. Chain stores with mul-
tiple locations in the same city
may price the same goods dif-
ferently at each location.
So Chinese consumers
seeking the lowest prices have
turned to the Internet.
"On China's e-commerce
websites, 90 percent of the
products are new and have
fixed pricing. They are not
auctioned," Wang said.
Varying, from the eBay
model of online auctions, Tao-
bao.com offers a fixed-price


CHECK THE BLOG

Visit Tim Johnson's blog,
China Rises, at
http://washington
bureau.typepad.com/


platform free to buyers and
sellers. The Hangzhou-based
company follows the Silicon
Valley strategy of building up
its customer base and later fig-
uring out how to charge cus-
tomers. Taobao.com doesn't
generate any significant reve-
nue at present, according to
Splinder. But it has a 65 per-
cent market share.
"They rolled the dice and
said, 'Fine, we won't lay
charges on anyone.' What they
are gambling on is building the
audience," Wolf said.
Few e-vendors in China sell
used goods. Collectibles are
also scarce, although niche
markets, such as military sur-
plus goods, do well.
The top selling products at
Taobao.com are cellular
phones and accessories, cos-
metics, notebook computers,
digital cameras, jewelry, cloth-
ing, shoes, books and prepaid


mobile phone cards, Splinder
said.
Most Chinese still don't use
credit cards, and some buyers
opt to pay cash on delivery of
goods from postal carriers or
courier companies. Online
payment plans are slowly
emerging.
Taobao.com's parent com-
pany has one called Alipay,
which collects payments from
buyers, holds the funds in
escrow and then turns them
over to sellers.
Most online vendors hold
other jobs, quitting only when
business grows. Pan, who once
worked in technical support at


ENTREPRENEUR: In
Beijing, Pan Ning,
25, operates a
successful Internet
business selling
cellphone
accessories from
his home. After
only two years in
business, Pan
makes up to
$20,000 a month.

TIM JOHNSON/MCT


I
an Internet portal, first sold
military surplus binoculars on
the Internet, then cellphones:
Finally he settled on mobile
accessories.
Some vendors face opposi-:
tion from family members to'
their business plans.
"My parents thought it was.
impossible for me to be suc-
cessful," said Zhang Long, a
26-year-old diamond vendor'
whose Taobao e-shop is on;
target to hit nearly $1 million
in sales this year. Now, they.
watch in amazement.
"I think sales will double, or
even triple, in the next few,
years," Zhang said confidently.,


ON THE JOB


Whining becomes


more brazen at work


ILLUSTRATION BY KEITA SULLIVAN/MCT


"I'm not sleepy."
Michael Millar, a Wilmette,
Ill., writer, says he does fine
on five to six hours of sleep;
"there's so much other stuff I
like to do." He rises at 5 a.m.
for some quiet pre-dawn
writing time, puts in a full
day at work, then gets "a nat-
ural boost" from his wife and
two kids in the evening. He
also does house-remodeling
projects on the side, using
coffee or Diet Coke for a lift
as needed.
In fact, Dement says,
many sleep-deprived people
ward off sleepiness by work-
ing, exercising or using caf-
feine. But they still pay a
price. Millar acknowledges
that he doesn't retain infor-
mation as well as he'd like

NODDING OFF

Signs you may need
more sleep:
Trouble retaining
information
Irritability
Minor illnesses
Poor judgment
Increased mistakes
Weight gain


Given a choice between an extra hour of
sleep and an hour of free time, 43 percent of
working people claim they'd take the sleep,
says a Yankelovich poll.


late in the day, and some-
times dozes off in slow
moments.
THE WEEKEND SLEEPER
"I'll catch up on the
weekend." This excuse often
falls short in practice. A per-
son who needs seven hours
of sleep but gets only five for
two nights accumulates a
four-hour "sleep debt"; to
repay it, he must sleep an
additional four hours, says
Helene Emsellem, an author
and director of a Chevy
Chase, Md., sleep clinic.
Most people, however, won't
sleep enough on weekends
to repay their entire debt.
Most people need seven
to nine hours of sleep,
Emsellem says; you may not
be getting enough if you
can't get through the day
without yawning or hitting
the wall. Kathy Helmetag
tackled her sleep-loss prob-
lem after realizing it was


making her gain weight; she
was snacking to boost her
energy, she says.
Now, the Troy, Mich.,
working mother books sleep
time in advance, scheduling
shorter days to offset those
she knows will be sleep-de-
prived.
WHOLE NEW MIND-SET
For years, working
mother Sarah Teslik kept
going on five hours of sleep.
She was so exhausted that
the mere sight of a pile of
dirty laundry one night
caused her to burst into
tears, she says. She solved
the problem by streamlining
her to-do list, trimming din-
ners to fruit and yogurt,
answering e-mail in eleva-
tors and cabs, and treating
"dust balls and clutter as
sculpture to be admired" at
home. The result: Two more
hours of sleep and the
courage to face the laundry.


BY JONATHAN B. COX
McClatchy News Service
This story was the boss' idea.
He wanted it written practi-
cally before he got the thought
out of his mouth. Of course. He
sits around in the office all day
waiting for dispatches to appear
like magic.
He has no clue how hard it is
to get people to bare their souls.
Isn't that the way? Managers
have some epiphany, and the
worker suffers. They don't know
what it takes to get it done. They
don't care that other issues are
pressing. They just demand.
We complain.
"Whining," said Steven Rogel-
berg, a psychology professor at
the University of North Carolina-
Charlotte, "is often a coping
response."
And these days, we seem to be
"coping" more.
Grumbling about the boss or
the workload or colleagues has
been a favorite hobby since about
the time man first put tool to
stone.
CHANGES
But a changing workplace is
making workers more brazen
about it.
Hierarchies are flattening as
businesses strive to be more nim-
ble. Uncertainty is rising as
global competition makes jobs
unstable. A new breed of youth,
with less fear of managers, is
introducing new dynamics to the
office.
"What's happening is people
are not afraid to whine in public
anymore," said Gary Topchik, a
Los Angeles-based consultant
who wrote a book on workplace
negativity.
Some companies have enabled
it. To shed militaristic, top-down
cultures, managers have asked
for opinions. To keep valuable
employees from leaving, they
have catered to workers'
demands. To adjust to young-
sters, employers have cranked up
the praise; if the exaltation
doesn't come, the whining does.
Gallup, one of the nation's
leading pollsters, last fall found
that 43 percent of those surveyed
were "completely satisfied" with
their jobs. Just more than a third
said the same about their chances
for promotion. Thirty-one per-
cent said they made enough
money.
That leaves plenty of margin
for let-loose, no-holds-barred bel-
lyaching.
"We whine about bad tips.
That's at the top," said Kristyn
Seeley, manager of servers at
Mellow Mushroom in Durham,
N.C. "We whine about other
waiters, the schedule, not doing
enough shifts.
"Another thing is the sec-
tions," she continued, her speech
quickening as she ticked off the
list. Servers "will complain even
if you give them the good sec-
tions. 'I'm getting sweaty,' "
they'll say if working the patio in
the summer.
"I'm sure I'll think of some-
thing else," she added.


'Whining is often a
coping response.

STEVEN ROGELBERG,
psychology professor,
University of North Carolina-Charlotte

Tune in to conversations at
other restaurants, factory floors
or office cubicles and you'll hear
how bad workers have it: Things
were much more efficient in the
old days. She's insane to think
that can be done in a day. Why do
I get all the crazy customers? I'm
surrounded by idiots.
Sometimes, the griping has
nothing to do with business.
At a transportation company
"I worked. with a woman who
complained every day about L
something that was wrong with -
her," Beth Hartley of Cary, N.C.,
wrote in response to The News &
Observer's request for examples
of workplace whiners. "Her
sinuses, her stomach, her head, C
her back, her feet. Every part of '
her body! Every day! Every hour!
... A hypochondriac had nothing
on her."
Whining is not altogether bad.
It can be cathartic, a way to r
release stress when almost every
occupation comes with more of
it.
Seeley of Mellow Mushroom
said she loves her job. The carp-
ing that goes on just alleviates the
pressure in an intense, demand-
ing environment.
Lloyd Jacobs, chief executive
of ClickCulture, a marketing and
Web design firm, encourages his
seven-person staff to bring prob-
lems to him. Griping can be ,l
healthy, he said, and he wants '
workers to air their troubles. He
hears about relationship woes,
aches, pains and other concerns.
He does have limits. Jacobs
grew up in a military household ;"
and will share advice his father, a
Marine, often would impart: >
You're not hurt. Walk it off. ,;
DESTRUCTIVE GRIPING
Indeed, too much griping can .
be destructive. Whining is highly .
contagious, like a virus. As it .,
moves through an organization
morale can suffer.
It's tiresome to hear how
much the new guy liked his old
colleagues or how another state
was more progressive.
Dealing with whiners head on
can be difficult. Most people try
to avoid conflict. Rather than
confronting the person or situa-
tion, they cope in other ways.
Some fire off e-mail or share their
plight with colleagues.
Hartley and her peers found a
way to poke fun.
"When she was out of the
office, we would complain to .
each other about what was hurt- '-
ing us. 'Oh, my eyelash hurts so ',
bad.' 'This strand of hair is in ago-
nizing pain.'" wrote Hartley, -
who has left that company.
"Whenever she would com- '
plain, we would just giggle >i
among ourselves." ,'
Still, Hartley was glad to be rid .
of her.


-II








THE TIBUN MONAY, UNE 1, 207,IPGESS


BTC allays cellular





promotion fears


* By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
Cellular phone whole-
salers and retailers
need not fear that the
Bahamas Telecommunications
Company's (BTC) latest pro-
motion $49.99 cell phone
packages will leave them
unable to compete with the
telecoms operator by under-
cutting their prices.
Marlon Johnson, BTC's
vice-president of sales and
marketing, told Tribune Busi-
ness that the $49.99 promotion,
which has seen Bahamians
flock to the company's Cyber
World store at the Mall at
Marathon, was launched
because BTC had a surplus of
phones they were trying to sell.
"This was a way to do some-
thing for our loyal customers as
well as test market the lower
end of cellular service. I think
the promotion was an over-
whelming success, and what it
told us is that there is a market



Royal


Bank


generates


$30.5m


in staff


wages

FROM page 1

of this money being allocated
to the Bahamas.
Speaking with The Tribune,
Nathaniel Beneby Jr, Royal
Bank of Canada's vice-presi-
dent and country head for the
Bahamas, said the bank has set
aside more than $1 million for
community-based initiatives in
its 2007 Caribbean-wide bud-
get, up 40 per cent from the
$600,000 spent in 2006.
"We believe that this
increase is important because
we want to continue assisting
community development and
partner with the Bahamian in
an even greater way," he
explained.
Mr Beneby said the funds
will include actual monies set
aside as well as gifts in kind,
but added that it was too early
for him to say specifically
where the funds would go or
what projects and organisa-
tions would be beneficiaries.
However, he said feedback
has been very positive from
both clients and Royal Bank
staff.
"We will endeavor to make
them more pleased and do
more things," he said.
According to the 2006 Roy-
al Bank Caribbean Communi-
ty Report some33.6 per cent
of the $600,000 spent in 2006
went to education, 26 per cent
went to health -related pro-
jects, 22.3 per cent to social
services, 10 per cent on arts
and culture, and 8.1 per cent
on civic/environment.
Specific projects in the
Bahamas included an after-
school programme for children
in the Grant's Town area,
involving Royal Bank and
FINCO employees; the contri-
bution of vital paediatric
equipment to the Princess
Margaret Hospital; funding for
the Cancer Caring Sector Cen-
tre; helping mentally chal-
lenged Bahamian athletes take
part in the special Olympics; a
two- year grant to support the
Bahamas National Trust's
environmental education
efforts; and annually sponsor-
ing student art workshops.
"We believe our account-
ability as an organisation
includes supporting charitable
organisation. We primarily
focus our donations on educa-
tion, health care, social services
and culture and the environ-
ment," said Ross McDonald
head of Caribbean Banking.


for lower-priced cell phones,"
he explained.
Moving forward, Mr John-
son said that as BTC plans new
promotion dates, they will look
for ways to ensure that their
wholesale suppliers and retail
merchant partners are
involved.
"They can rest assured that
we will be trying to broaden
their business, not curtail it,"
he added.
Mr Johnson did, however,
ask for their patience, as he


said BTC may have two or
three more offerings before
they can expand the lower-
priced cell phones to whole-
salers.
He pointed out that retail-
ers were already able to bene-
fit from BTC's reduction of
SIM card prices, a saving which
was passed on to them.
"So. hopefully they can sell
more of them and reap even
greater benefits." said Mr
Johnson.
When BTC launched the


promotion, it sold out quickly,
with people having to wait in
long lines to purchase the dis-
counted phones.
The promotion has caused
some concern with cell phone
retailers, some of whom told
The Tribune that they feared
BTC would establish a monop-
oly on the lower-priced mar-
ket and that they would be
unable to compete.
"It is a matter of concern for
us," said one retail manager,
who asked not to be identified.


"I still think people will shop"
here, because the service at
BTC may not be what they
would like. We are not in a
position to lower our prices
because we just purchased our
shipment."
Another retailer said that
while it was too soon to com-
ment on any impact the pro-
motion could have, the situa-
tion required monitoring. They
added: "This is a conversation
we may well have to have in
the future."


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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
good cause, campaigning
for improvements in the
area or have won an
award.
If so, call us on 322-1986
and share your story.


MONDAY, JUNE 11, 2007, PAGE 5B


THE TRIBUNE






PAGE 6B, MONDAY, JUNE 11, 2007


THE TRIBUNE


FROM page 1


the 2006 comparative period.
The decline in EPS was


due to the increased number
of outstanding ordinary
shares, which resulted from a
September 2006 rights offer-
ing.


wims IXC
C IF A, L:"
Pricing Information As Of:
Friday, 8 June 2007
BISX LISTED & TRADED SECURITIES VISIT WWW.BISXBAHAMAS.COM FOR MORE DATA & INFORMATION
BISX ALL SHARE INDEX: CLOSE 1,793.98 / CHG 02.30 / %CHG 00.13 / YTD 117.79 / YTD % 07.03
52wk-Hi 52wk-Low Securit y Previous Close Today's Close Change Daily Vol. EPS $ Div $ P/E Yield
1.85 0.54 Abaco Markets 1.18 1.18 0.00 -0.282 0.000 N/M 0.00%
12.05 11.00 Bahamas Property Fund 11.60 11.50 -0.10 3,500 1.548 0.400 7.4 3.48%
9.41 7.23 Bank of Bahamas 9.40 9.40 0.00 0.737 0.260 12.8 2.77%
0.85 0.70 Benchmark 0.85 0.85 0.00 -0.130 0.020 N/M 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 0.064 0.020 20.3 1.54%
10.60 9.00 Cable Bahamas 10.44 10.60 0.16 1,500 0.949 0.240 11.2 2.26%
2.15 1.80 Colina Holdings 2.15 2.15 0.00 0.245 0.080 8.8 3.72%
14.55 10.60 Commonwealth Bank 14.55 14.55 0.00 1.152 0.680 12.6 4.67%
6.03 4.22 Consolidated Water BDRs 5.09 5.27 0.18 0.112 0.049 45.9 0.96%
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 6.15 6.20 0.05 22.600 0.694 0.240 8.9 3.87%
12.60 11.50 Finco 12.60 12.60 0.00 0.787 0.570 16.0 4.52%
14.70 12.43 FirstCaribbean 14.50 14.50 0.00 0.977 0.500 14.8 3.45%
17.30 10.77 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 7.28 0.08 7,300 0.532 0.100 13.7 1.37%
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%
FldeWty Over-The-Counter Securities
5_.H' 2-h ,.'.V LC'.. ,.T$'.:'.i i,.:d I s $ LatiSI iL s Pr,.:e e.'i l .,:, 1 EPS I C',. ..,P E.el.3
14.60 12.25 Bahamas Supermarkets 14.60 15.60 16.00 1.234 1.185 12.6 8.12%
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-The-Counter Securities
43.00 28.00 ABDAB 41.00 .4.3.00 41.00 .2 Lz 0 1. / u ,
14.60 i4 '1.0 Baharnas Supermarkets 14.60 15.50 14.00 1.234 1.\1.5 12.6 7.71%
ii ,.' S .5 FRNE' Hoi.r,.-c3 '0J5 05 05 0 0 021 %qS0u 2E 2 0 000'
BISX Listed Mutual Funds
5 Al-HI '..Lo.'. ur,., rJm NA YTC'. La l 1, r.1-,r,tr. D. I i13 D...
1 I.- l 1 .;':. : :,.hr,.a or.n, r.1 ar ,_ Fur, I3 1 341839W
3.2018 2.9038 Fidelity Bahamas G & I Fund 3.2018**
2.6629 2.3560 Colina MSI Preferred Fund 2.662852**
1.2443 1.1695 Colina Bond Fund 1.244286****
11.5519 11.0199 Fidelity Prime Income Fund 11.5519*****
FINDEX: CLOSE 500.83 / YTD 07.91% 2006 34.47%
BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 MARKET TERMS YIELD last 12 month dividends divided by closing price NAV KEY
52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity
52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity 1 June 2007
Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price
Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week 30 April 2007
Change Change In closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths
Daily Vol. Number of total shares traded today NAV Net Asset Value *** 31 May 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 The Fidelity Bahamas Stock Index. January 1. 1994 = 100 .. 30 April 2007
.. 31 May 2007
TO TRADE CALL: COLINA 242-502-7010 / FIDELITY 242-350-774 / FOR MORE DATA & INFORMATION CALL (242) 394-2503









Join Cititrust

(Bahamas) Limited BUSINESS RISK OFFICER

one of the most

established trust ROLE RESPONSIBILITIES

organizations in the Reporting to the Head of Business Risk Management, the position
is responsible for assisting with the implementation and ongoing
WOrld. monitoring of business risk management program initiatives. Key
responsibilities include ensuring that policies and procedures, as
We invite outstanding well as legal/regulatory requirements are implemented, managed
individuals, wanting to build a and updated. Additional responsibilities include assisting with
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management services, to be part mandatory training, preparation of risk management reports, and,
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will interact with colleagues from
around the world and across the KNOWLEDGE/ SKILLS REQUIRED
organization, providing The ideal candidate will possess an advanced degree or
specialized services to our high professional qualification in Law or related field and a minimum of
net worth clients and their 2-4 years of related experience in Compliance, Business Risk
families, and/or Trust Administration. Additionally, a strong understanding
of the local regulatory environment and of ongoing international
Interested Bahamian candidates initiatives is required. STEP qualifications are an asset. Strong oral
should forward a copy of their and written communications skills, excellent organizational skills,
resume by June 22, 2007 to: the ability to work with minimal supervision and an aptitude for
Human Resources, Cititrust analyzing and solving problems are also required.
(Bahamas) Limited, P.O. Box N-
1576, Nassau, Bahamas OR Challenge
Fax: (242) 302-8732 OR Email: yourself to a career like no other
janice.gibson(@citigroup.com


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Weekly %Change

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PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, MIGUEL JABEZ
JULMAST of St. Alban's Drive Heights, P.O.Box SB-
52642 Nassau, Bahamas,' intend to change i"y r-afne
to MIIGUEL JABEZ THOMPSON. 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.









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Showing Integrity Eey D,v


BUSINESS


-i






NE MONDAY, JUNE 11, 2007, PAGE 7B






S passport move boosts


group travel to


Bahamas


* By CARA BRENNEN-
BETHEL
Tribune Business
Reporter and
Associated Press
reporters
GROUP travel to the
Bahamas this summer has been
boosted by the US govern-
ment's decision to temporarily
suspend the Western Hemi-
sphere Travel Initiative's
(WHTI) passport requirements
fbr air travel to this nation until
late September, a move set to
benefit only those American
citizens who have applied for
their documents.
'Frank Comitio, the Bahamas
Hotel Association's executive
vice-president, said the
Bahamian hotel industry was
pleased by the decision, as it
insured three big areas of con-
cdrn were not negatively
impacted.
'-He explained that the indus-
try was concerned that summer
weddings, groups and family
travel would have been partic-
ularly impacted this sufnmer
by the WHTI's stipulation that
all US citizens who travelled
t6o the Bahamas must possess
a'valid passport to return
home. Previously, other forms


of US government-issued iden-
tification, such as driver's
licences, had been satisfactory.
"This is recognition that
there is tremendous demand
on the application process," Mr
Comito said, adding that there
needed to be greater clarity on
exactly what the WHTI
requirements were so that trav-
ellers are not left confused.
Vernice Walkine, the Min-
istry of Tourism's director-gen-
eral, said in a statement that
the US announcement was a
welcome development for the
industry, particularly approach-
ing the summer vacation travel
season.
"There have been numerous
reports of the growing frustra-
tions that US passport appli-
cation delays had caused many
would- be holiday goers," she
said. "So we are especially
pleased because this means
that any visitors whose vaca-
tion to the Bahamas may have
been in jeopardy due to such
delays, now has an alternative
that might still permit them to
enjoy the beautiful islands of
the Bahamas."
She added that the Ministry
of Tourism would not be relax-
ing any of its initiatives to
encourage US citizens consid-


Head Cooks
Applicants must have a minimum of four (4) years
experience in the field; good presentation is also
requested, Diplomas from the Nassau Hotel
Training College a must. Head cooks works
seasonally, split shifts weekly.

"Head Chef (Room Service)
Applicants must have experience in pastry, garde
manger, and most important fine dining.
Management skills and people skills a must. This
challenging position will need flexible and well-
experienced persons in classical French cooking
and at the forefront of new Bahamian cuisine.
Minimum of seven (7) years experience in the
field of cooking is necessary. All standard diplomas
. from the Nassau Hotel Training College are
required. This is a seasonal position with possibility
of full time if performance is satisfactory.

Head Chefs Fine Dining/Casual Bistro:
Applicants must have experience for our fine
dining and casual bistro venues. Knowledge in
fine dining food, pastry and garde manger is a
must. Management skills and people skills a
must. This challenging position will need flexible
and well-experienced persons. Minimum of seven
(7) years experience in the field of cooking. All
standard diplomas from the Nassau Hotel Training
College are a must.

All interested persons are asked to fax resumes to:
The Human Resources Director
for the attention of the Director of Cuisine,
Fax #362-6245,
Nassau, Bahamas.


ering travel outside their coun-
try to apply for passports.
Mr Comitio'added that the
Nassau/Paradise Island Pro-
motions Board's passport reim-
bursement programme, in
which the cost of obtaining a
passport is reimbursed to US
travellers staying at many
Bahamian hotels, was likely to
continue.
Ed Fields, vice-president of
public affairs for Atlantis-own-
er Kerzner International, said
the company was "obviously
pleased by the decision" tak-
en by the US government.
The move by the US State
Department and Department
of Homeland Security was
designed to accommodate the
back log of applicants now fac-
ing up to a 12-week wait to get
their documents.
But the WHTI passport
requirement has been sus-
pended only for persons who
have already applied for a pass-
port.
According to the new regu-
lations, travellers will be
allowed to fly to the Bahamas
and Caribbean until the end of
September 2007 without a pass-
port if they present a State
Department receipt showing
they had applied for a passport,
and possess government-issued
identification, such as a driver's
licence.
Travellers showing only
receipts would receive addi-
tional security scrutiny, which


MIDWAY


could include extra question-
ing or bag checks.
There is still no passport
required for Americans driving
across the Canadian or Mexi-
can borders or taking sea cruis-
es, although those travelers are
expected to need passports
under new rules beginning next
year.
Easing the rules should allow
the State Department to catch
up with a massive surge in
applications that has over-
whelmed passport processing
centers since the rule took
effect this year, ruining or
delaying the travel plans of
thousands.
Maura Harty, assistant sec-
retary for consular affairs,
acknowledged that the State
Department did not expect the
flood of applications.
"What we did not anticipate
adequately enough was the
American citizens' willingness
and desire to comply with the
Western Hemisphere Travel
Initiative in the timeframe that
they did," Ms Harty said.
She said the department had
hired 145 people last month to
work on the backlog, and
would hire 400 more people
this quarter.
Last year, the agency
processed 12.1 million pass-
ports. This year, officials expect
to process about 18 million, Ms
Harty said. The department
received one million applica-
tions in December, 1.8 million


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NOTICE

NOTICE IS HEREBY GIVEN as follows:
(a) CACHE ASSOCIATES INC. is in dissolution under the
provisions of the International Business Companies Act 2000.
(b) The Dissolution of said Company commenced on June 8, 2007
when its Articles of Dissolution were submitted and registered by
the Registrar General. "
(c) The Liquidator of the said company is Lakeisha Collie of 2nd
Terrace West, Centreville, Nassau, Bahamas.
(d) All persons having Claims against the above-named Company are
required on or before the 11 th day of July, 2007 to send their names
and addresses and particulars of their debts or claims to the
Liquidator of the company or, in default thereof, they may be
excluded from the benefit of any distribution made before such
debts are proved.
June 11, 2007
LAKEISHA COLLIE
LIQUIDATOR OF THE ABOVE-NAMED COMPANY


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in January and 1.7 million in
February.
Turnaround times for pass-
ports were bumped up from six
to 10-12 weeks after the surge,
Ms Harty said. But 500,000
applications have already taken
longer, she said.
Carrying out the new rules


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


while trying to process existing
applications has been akin to
"changing out the aircraft
engine in flight," she said. Still,
the agency expects to eliminate
the backlog and meet the new
standard of 10-12 weeks before
the end of September, Ms Har-
ty added.


2007
CLE/qui/00241


IN THE MATTER OF The Quieting Titles Act, 1959
AND
IN THE MATTER OF ALL THAT piece parcel or lot of land being
Lot Number Sixty Three (63) situate approximately One Hundred and
Ten (110) feet West of East Street Grant's Town in the Southern District
of the Island of New Providence one of the Islands of the Commonwealth
of The Bahamas and bounded on the North by Lilly of the Valley Comer
and running thereon Ninety-two and Forty-six Hundredths (92.46) Feet
on the East by Lot Number 62 1/2 on the plan of Grant's Town the
property of the Church of God and running thereon One Hundred and
Fifty-three and Forty-two Hundredth (153.42) feet on the South by Lot
Number Seventy-six (76) on the plan of Grant's Town filed in the
Department of Lands and Surveys and running thereon Ninety-six and
Ninety-one (96.91) feet and on the West by Lot Number Sixty-two (62)
on the said plan and running thereon One Hundred and Forty-one and
Thirty-nine Hundredths (141.39) feet.
AND
IN THE MATTER of the Petition of V.G. Clarke and Ross Davis
(Executors of the Estate of Cecil Alfred Kenny, Deceased)
NOTICE
THE PETITION OF V.G. Clarke and Ross Davis (Executors of the
Estate of Cecil Alfred Kenny, Deceased) in respect of:-
"ALL THAT piece parcel or lot of land being Lot No. 63
situated on the southern side of Lily of the Valley Comer and
approximately 110 feet west.of East Street in the City of
Nassau, on the Island of New Providence and bounded on the
North by a 30 feet wide road and running thereon 92.46 feet;
on the South by Lot Number 76 and running thereon 96.91
feet; on the East by Lot Number 65 the property of The Church
of God and running thereon 153-42 feet; and on the West by
Lot Number 62 and running thereon 141.39 feet."
V. G. Clarke and Ross Davis (Executors of the Estate of Cecil Alfred
Kenny, Deceased) claim to be the owners of the unincumbered fee simple
estate in possession of the said 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 their title to the said
land investigated and the nature and extent thereof determined and
declared in a Certificate of Title to be granted by the Court in accordance
with the provisions of the said Act.
Copies of the Petition and the Plan of the said land may be inspected
during normal office hours in the following places:
1. The Registry of the Supreme Court, East Street North in the
City of Nassau, Bahamas; and
2. The Chambers of Lockhart & Munroe, #35 Buen Retiro
Road, off Shirley Street, Nassau, 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 expiration of Thirty (30) days after the final publication of
these presents, file in the Supreme Court 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 his Claim on
or before the expiration of Thirty (30) days after the final publication of
these presents will operate as bar to such claim.
LOCKHART & MUNROE
Chambers
#35 Buen Retiro Road
Off Shirley Street
Nassau, Bahamas
Attorneys for the Petitioners


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.


PAT STRACHAN

is pleased to announce
the opening of his
mortgage service business


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Offering a wide range of
mortgage services.

SLocated at

No.7 S.I.G. Court
Winchester St. West
Tel: 328-5884
successfulmortgage @ batelnet.bs


I







PAGE 8B, MONDAY, JUNE 11, 2007


THE TRIBUNE


Doctors hopes for Western


Medical sale


'in six months'


FROM page 1


Providence, interest in the
property continues," DHHS
said in its 2007 annual report.
"However, despite the pres-
ence of several interested par-
ties, a sale has yet to be con-
summated." The company re-
evaluated its options for West-
ern Medical Plaza during fiscal
2007, concluding that a sale
was still the best option.
Enjoying its second best
financial performance in fiscal
2007, with net income totaling


$2.33 million despite being 34.1
per cent down on the previous
year's $3.534 million. DHHS
indicated that it still continued
to be troubled by accounts
receivables, which largely con-
sist of funds owed for medical
services by the National Insur-
ance Board (NIB), private
insurance companies and indi-
viduals.
Provisions
Provisions for doubtful
accounts as a percentage of
patient service revenues rose
slightly during fiscal 2007, end-


ing the year at 6.9 per cent
compared to the previous
year's 6.7 per cent. This rep-
resented a $0.1 million or 5.2
per cent rise.
Total gross receivables for
year-end January 31, 2007,
stood at $12.579 million, with
the provision for doubtful
accounts standing at $6.107
million, some 48.5 per cent of
the amount owed. This left net
accounts receivable standing
at $6.472 million.
Just over 48 per cent of gross
receivables, some $6.067 mil-
lion, were owed be self-pay,
indigent and uninsured


patients, with private insurance
companies owing most of the
remainder $5.67 million and
the NIB $842,025.
Gross
Some 45.6 per cent of gross
accounts receivables, amount-
ing to $5.73 million, were more
than 180 days overdue. DHHS
said the $1.2 million balance
owed by private insurers that
was more than 180 days over-
due were outstanding amounts
owed by the Public Hospitals
Authority (PHA) and the
Bahamas Public Services


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SQueen's College


Centre for Further Education
P.O. Box N-7127, Nassau, Bahamas
..Es1890. Tel: (242) 393-1666/2646, Fax: (242) 393-3248





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History $175 June 25, 2007 Mon. to Fri.
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Duration of classes 3 weeks
Start date: June 25, 2007-End date: Julyl3, 2007


Union (BPSU).
"As at January 31, 2007,
these two entities account for
two thirds of the receivables
in this category," DHHS said.
The allowance for doubtful
accounts rose by $1 million in
fiscal 2007, due to "the marked
increase in the number of indi-
gent, self-pay and insured
patients who were unable to
settle a significant portion of
their bills upon discharge".
DHHS added that it was
undertaking "an intensive legal
campaign" to recover sums
owed from Bahamians and res-
idents able to pay, adding that
its experience with private'
insurers had been better,
reducing the receivables they
owed by 23 per cent at January
31, 2007, compared to the pre-
vious year.
Days revenue in accounts
receivable decreased to 66 days
from 74 days a year earlier,
due to a 16.2 per cent decline
in net accounts receivable.
Some $101,000 was recovered
in 2007 from accounts written
off a year before. As a per-
centage of patient revenues,
net receivables fell from 20 per
cent in 2006 to 17 per cent in
2007.
DHHS noted that utility
costs again rose in 2007,
increasing by 10.2 per cent
compared to a 22.1 per cent
rise in 2006, largely on the back
of electricity prices.
Government taxes and fees
increased by 12.1 per cent to
$0.9 million, due to increased
business licence fees, and


DHHS said it had again sub-
mitted a request to the Minis-
ter of Finance for recognition
as a "hospital" under the Busi-
ness Licence Act.
"During fiscal 2008, the com-
pany intends to renew its for-
mal requests for tax conces-
sions commensurate with its
position as a major provider
of essential health services,"
DHHS said.
"These concessions include
the substantial reduction in
work permit fees for scarce,
trained healthcare profession-
als in areas with the most
intense global competition.
Such areas include trained
nurses and technologists."
Interest
There was better news for
DHHS on interest, costs, which
dropped by 18 per cent due to
lower loan rates, reduced debt
and restructuring of its debt
portfolio. The restructuring
negotiated with Royal Bank of
Canada saw loan rates on
Western Medical Plaza and
Doctors Hospital (Bahamas)
fall to Bahamian Prime + 1.5
per cent, while the overdraft
facility interest rate fell to
Bahamian Prime + 1.25 per
cent.
The effect of all this, plus the
extension of the repayment
periods on those two loans to
10 years rather than full repay-
ment by 2009, will save DHHS
about $1.5m per year in inter-
est costs and free up an equiv-
alent cash flow.


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COMMONWEALTH OF THE BAHAMAS 2007
IN THE SUPREME COURT No.00243
Equity Side

IN THE MATTER OF a piece parcel or lot of land
containing by admeasurements 605.142 acres and situate
approximately 1.75 miles South of Salt Pond settlement in
the vicinity of Crossing Bluff in the Island of Long Island, the
Bahamas.
AND
IN THE MATTER OF the Petition of Lester C. Knowles
Carrie A. Knowles, Christopher J. Knowles and Timothy G.
Knowles
AND
IN THE MATTER OF the Quieting Titles Act 1959

NOTICE

The Petitioners in this matter claim to be the owners in fee simple
possession of the tract of land hereinbefore described and the Petitioners
have made an application to the Supreme Court of the Commonwealth
of the Bahamas under Section 3 of the Quieting Titles Act 1959 to have
their title to the said land investigated and the nature and extent thereof
determined and declared in the Certificate of Title granted by the Court in
accordance with the provisions of the said Act.

Copies of the Plan may be inspected during normal office hours at:
(1) The Registry of the Supreme Court
(2) The Administrator's Office at Clarence Town, Long Island
(3) The Chambers of the undersigned

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
before the 6"' day of July AD. 2007 from the publication of this notice
inclusive of the day of such publication file Notice in the Supreme Court
in the City of Nassau in the Island of New Providence aforesaid and serve
on the Petitioners or the undersigned a statement of his or her claim in the
prescribed form verified by an Affidavit to be filed therewith. The failure of
any such person to file and serve a statement of his or her claim within the
time fixed by the Notice aforesaid shall operate as a bar to such claim.


Dated this 30"' day of May A.D. 2007
PYFROM & CO
Chambers
58 Shirley Street
Nassau, N.P. Bahamas
Attorneys for the Petitioners


Group or family discounts available!
2 students/ family members 5%
3 or more students/ family members 8%


Email: cfe@qchenceforth.com


ICourse [Start Date Schedule


~18ur~ii~


$175








T TRI E M Y JE 1 P E 9


Bahamas in





'superior position'





on alternative





energy search


FROM page 1
stored in the sea. Some of this
energy could be recaptured at
sites where major differences
in seawater temperature, such
as 40 degrees Fahrenheit, exist-
ed close to one another, with
the recaptured energy used to
generate electricity
Mr Bardelmeier suggested
that an OTEC plant could
exploit the 80 degree warm
surface water commonly found
off southwestern New Provi-
dence, a location he described
as having "the ideal plant site
specifications".
Discharged
Water taken from the sea
would be discharged into a
tank, a vacuum pump s all the
air out, and the vacuum will
then cause the warm water to
generate low-temperature,
energy generating steam that
can be used to power turbines.
As the steam exits the tur-
bine, it then encounters the 40
degree water pumped in from
a depth of about 3200 feet,
causing the steam to condense
before the water is pumped
back into the sea.
Mr Bardelmeier added that
a closed-cycle OTEC could be


used to produce both electric-
ity and fresh water, and that
while Florida and US east
coast sites did not have easy,
short access to water that was
3,200 feet deep, New Provi-
dence did.
He said: "The Bahamas
seems to have done little to
maintain a watching brief upon
scientific developments in this
field, nor to explore probable
future benefit from Ocean
Thermal Energy Conversion,
despite the fact that we have
almost unique sites where 80
degrees surface water is juxta-
posed with 40-degree deep
ocean water, quite adequate to
run an OTEC plant with its ini-
tial high capital cost and
extremely low running cost.
"A high capital cost of an
OTEC plant is not due to a
precision engineered turbine,
but is due to the huge diameter
and installation cost of the cold
water pipe.
"Our unique sites, where the
cold water pipe length can be
minimized, along with the oth-
er combination of desirable
characteristics, despite OTEC's
overall very low energy effi-
ciency of perhaps only 4 per
cent, promises long-term,
assured low-cost electric pow-
er when compared with today's


energy hungry generating sys-
tems.
"Would it really matter that
we'd only initially capture, say
4 per cent, of the energy avail-
able, and that overall efficien-
cy would be very low, so long
as the system requires no fuel,
little labour and very little
maintenance expense over a
long life span?"
Time
Mr Bardelmeier said he
thought it was "only a matter
of time" before foreign ven-
ture capital was attracted to
looking at building an OTEC
plant in the Bahamas, selling
power to the Bahamas Elec-
tricity Corporation (BEC) and
"getting in at the ground floor
of what may be a widespread
island industry around the
globe in the next two decades".
He pointed out that bottled
water drawn from the ocean
depths, with its high desalinat-
ed mineral content, had
become Hawaii's third largest
export earner in three years,
generating $8.8 million in sales
during the 2006 first quarter
and employing 100 people.
Mr Bardelmeier told Rotar-
ians that another form of alter-
native energy being studies was


gas hydrates, with scientists
believing that more methane
is locked up in these than in
the world's gas fields com-
bined.
And the area northwest of
the Bahamas, known as the
Blake Plateau, is seen as the
world's leading source of gas
hydrates Jby scientists, he
added.
Both OTEC and the Blake
Plateau were of "great long-
term potential" to the
Bahamas, said Mr
Bardelmeier, a former execu-
tive with US Steel's Navios,
which operated a large fleet of
ships from Nassau for 25 years.
But he added: "I have been
disappointed to observe how
totally indifferent to the pres-
ence of these potentially
important resources in the
Bahamas has been."
As an example, he cited
inquiries he made to the
Departments of Lands and
Surveys about obtaining a
chart of the Blake Plateau, and
was met "in essence" with a
'Where's the Blake Plateau?'
response.
"I think it will behoove us
as a nation to maintain a clos-
er eye upon all such scientific
developments," said Mr
Bardelmeier.


I.e Is|ribue-
the#1newpaer icrcuaton
jus cal 22-98 toay


Legal Notice

NOTICE


KOOBARRA OUTBACK INC.
(In Voluntary Liquidation)


Notice is hereby given that the above-named
Company is in disolution, which commenced
on the 22nd day of May 2007. The Liquidator
is Argosa Corp. Inc., P.O.Box N-7757 Nassau,
Bahamas.


ARGOSA CORP. INC.
(Liquidator)


Annual General Meeting

To: All members of The Bahama Islands Resorts &
Casinos Co-operative Credit Union (BIRCCCU) Ltd.
The Eugene Cooper Building, #9 Village Road.
Notice is hereby given that the Twenty-second (22nd)
Annual General Meeting of the Paradise Island Resort
& Casino Co-operative Credit Union Limited (Now
Bahama Islands Resorts & Casinos Co-operative Credit
Union Ltd.) will be held at the Credit Union's premises,
#9 Village Road, Nassau, Bahamas on
Saturday, June 16th, 2007 commencing at 9:00a.m.

For the following purposes:
To receive the Report of the Board of Directors for 2006.
To receive the Audited Accounts for 2006
To take action on such matters as may come before the meeting.
To elect members of The Board of Directors

THERE WILL BE NO SECOND CALL MEETING AS
PER THE CO-OPERATIVE ACT 2005 SECTION 22

Linda Symonette
Secretary
May 2007


NOTICE TO CREDITORS



Freeport Taxi Company Limited
First Atlantic Realty Limited
Bahamas Developers, Limited
PAW Distributing Company Limited
Tokyo Investments Limited
Commonwealth Group of Companies Limited
Remax Realty Limited
King O'Beef Limited
Kensington International Management Company Limited
Stuart Travel Services Limited
Northern Transport Limited
Skate World Limited
Special Venture Associates Limited
Deep Blue Energy (Bahamas) Limited formerly Nashumi
International Limited



TAKE NOTICE that all persons having claims against any of the
Companies listed above, as creditors, must, before close of business on Friday
the 29th day of June, 2007, send to the Joint Receiver and Manager at the
address shown below, by letter, facsimile pr electronically, full particulars of the
amount and nature of their claim together with invoices, or any other documents
evidencing the same and contact information of the creditor. Failure to submit
a claim by the 29th June, 2007 may result in a loss of rights with respect to such
a claim. The Joint Receiver and Manager reserve the right to accept or reject
any claim. The Joint Receiver and Manager reserve the right to require further
evidence in support of any claim before accepting a claim. Creditors submitting
claims with sufficient and proper evidence thereof before the 29th June, 2007
will be advised in writing of whether their claim is accepted. Acceptance of
claims by the Joint Receiver and Manager does not impose any liability on the
Joint Receiver and Manager to pay such claim. Claims which are accepted
in writing by the Joint Receiver and Manager will be considered for payment
depending upon the priority of such claim and the availability of funds to meet
such claim.

Dated this 6't day of June A.D., 2007
Kevin D. Seymour
Joint Receiver and Manager
PricewaterhouseCoopers
Regent Centre East
P.O. Box F-42682
Freeport Bahamas
Telephone: (242) 352-8471
Facsimile: (242) 352-4810
E-Mail: kevin.d.seymour@bs.pwc.com


NOTICE OF VACANCY
A vacancy exists for a Bahamian at The Grand Bahama Port Authority,
Limited in the Building and Development Services Department.

Vacancy:

Director of Building and Development Services. The position reports
directly to Management.

Qualifications/Pre-Requisites:

Bachelor's degree in Civil Engineering with a minimum of fifteen
(15) years experience with substantial knowledge in the construction
industry w.r.t. building services, substantial familiarity with building
codes, substantial knowledge in urban engineering, and substantial
experience in management of projects. Legal mindedness, computer
literacy, the ability to communicate effectively and speak publicly,
and a character of integrity are essential.

Responsibilities:

Managing the day to day operations of the Building and Development
Services Department with respect to Building and Planning Code
matters, contracts administration of capital projects, implementation
of management's physical planning of subdivisions and overseeing
the City Management Department.

R6sum6s with supporting documentation should be submitted to:

The Personnel Department
The Grand Bahama Port Authority, Limited
P.O. Box F-42666 Freeport,
Grand Bahama
or
Email: personnel@gbpa.com
On or before June 29, 2007


MONDAY, JUNE 11, 2007, PAGE 9B


THE TRIBUNE






. .-- vyL, iviv.IVILJ^, JUNEI 11, uu20/


THE TRIBUNE BUSINESS


PRICEWATERHOUSE OPERS @


PricewaterhouseCoopers
P.O. Box N-3910
Providence I louse
East Hill Street
Nassau, The Bahamas
Website: www.pwc.com
E-mail: pwchs@bs.pwc.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS' REPORT

To the Shareholders of Fidelity Bank & Trust International Limited

We have audited the accompanying consolidated balance sheet of Fidelity Bank & Trust International 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 maintain-
ing internal control relevant to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.

Auditors 'Responsibility

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

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

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

Opinion

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

Emphasis of Matter

Without qualifying our opinion, we emphasise that the accompanying consolidated balance sheet does not comprise a
complete set of financial statements in accordance with International Financial Reporting Standards. Information on
results of operations, cash flows and changes in equity is necessary to obtain a complete understanding of the financial
position, performance and changes in financial position of the Group.


Chartered Accountants
Nassau, Bahamas


23 May 2007


Fidelity Bank & Trust International Limited
(Incorporated under the laws of the Commonwealth of The Bahamas)
Consolidated Balance Sheet As of 31 December 2006
(Amounts expressed in Bahamian dollars)


2005
$


ASSETS
Cash on hand and at banks (Note 4)
Investment securities:
-financial assets at fair value through profit or loss (Note 5)
Mortgages, consumer and other loans (Notes 6)
Prepayments and other assets
Property, plant and equipment (Note 7)
Goodwill (Note 8)

TOTAL ASSETS


LIABILITIES
Customer deposits (Note 9)
Loans from banks (Note 10)
Accrued expenses and other liabilities
TOTAL LIABILITIES


EQUITY

Capital and reserves attributable to the Bank's
equity holders
Share capital ordinary shares'(Note 11)
Share capital preference shares (Note 12)
Revaluation surplus
Retained earnings


Minority interest


TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY

Approved on behalf of the Board of Directors:


73,686,924


36,269,953
180,872,423
9,500,118
15,095,448
1,454,195


46,460,618


37,107,111
163,383,779
9,810,660
11,786,660
1,454,195


316.879.061 270.003.023



256,682,921 215,311,158


2,848,589
12,549,450

272.080.960


10,000,000
12,000,000
3,447,431
11.079,319
36,526,750
8,271,351


3,217,285
15.519.789
234.048.232


10,000,000


2,283,974
6,228,851
18,512,825
17.441,966


44,798,101 35,954.791
316,879,061 270,003,023


The preparation of the consolidated balance sheet in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgment in the process of
applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity,
or areas where assumptions and estimates are significant to the consolidated balance sheet, are disclosed in
Note 18.

(b) Consolidation

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

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

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

(c) Foreign currency translation

i) Functional and presentation currency

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

ii) Transactions and balances

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

(d) Financial assets

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

i) Financial assets at fair value through profit or loss

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

ii) Loans and receivables (Mortgages, consumer and other loans)

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market. They arise when the Group provides money, goods or services directly
to a debtor with no intention of trading the receivable.

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

Financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and
receivables are carried at amortised cost less provisions for impairment. The mortgage loans are supported
principally by first mortgages on single-family residences, provide for monthly repayments and earn
interest at variable interest rates over periods of up to twenty-five years. Other loans are supported
principally by chattel mortgages and provide for monthly repayments over periods of up to ten years, or are
fully collateralised by cash or marketable securities held by the Group on behalf of its customers.

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

(e) Non-performing assets

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

(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 realise the asset and settle the liability simultaneously. For securities transactions executed
through the Bahamas International Stock Exchange, the Group records a net settlement receivable or
payable with other brokers.

(g) Income and expense recognition

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

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

Dividend income is recognized in the consolidated income statement when the Group's right to receive
payment is established.

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

Commission income and expense on insurance policies are recognized when the policies are written, as the
Group has no further service obligations associated with these commissions.


Other income and expenses are recognized on an accrual basis.


(h) Impairment of financial assets

Assets carried at amortised cost


Notes to the Consolidated Balance Sheet
31 December 2006

1. Incorporation and activity

Fidelity Bank & Trust International Limited (the Bank) is incorporated under the Companies Act, 1992 of the
Commonwealth of The Bahamas.

The Bank is licenced under the Bank and Trust Companies Regulation Act, 2000, to carry on banking and trust
business in The Bahamas, subject to the condition that it does not carry on any banking and trust business without
the prior approval of the Minister of Finance. Its primary business is that of a holding and management company
for its subsidiaries. The Bank, through its subsidiaries in The Bahamas and the Cayman Islands, offers a full range
of investment banking, retail banking and insurance brokerage services.

The registered office of the Bank is situated at #51 Frederick Street, Nassau, Bahamas. As of 31 December 2006,
211 (2005: 190) persons were employed by the Bank and its subsidiaries (together, the Group).

2 Summary of significant accounting policies

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

(a) Basis of preparation

The consolidated balance sheet has been prepared in accordance with International Financial Reporting
Standards (IFRS). The consolidated balance sheet has been prepared under the historical cost convention,
as modified by the revaluation of land and buildings, and financial assets held at fair value through profit or
loss.


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

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

(i) Property, plant and equipment

Property, plant and equipment, other than land and buildings, are carried at historical cost less accumulated
depreciation and amortisation. Historical cost includes expenditure that is directly attributable to the
acquisition of the items. Land and buildings are carried at fair value based upon periodic independent
appraisals, which are commissioned at intervals not exceeding three years.

Land and buildings comprise mainly of branches and offices.

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. All repairs and maintenance are
charged to the consolidated income statement during the financial period in which they are incurred.


Director


23 May 2007
Date


Director


-


~kL~c







THE TRIBUNE BUSINFSR


MONDAY, JUNE 11, 2007, PAGE 11B


Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate
their cost to their residual values over their estimated useful lives as follows:


Buildings
Furniture and fixtures
Motor vehicles
Computer Software
Office Equipment
Leasehold improvements


30 50 years
3 10 years
3 5 years
3 7 years
3 10 years
3 10 years


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

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

Increases in the carrying amount arising on revaluation of land and buildings are credited to "revaluation
surplus" in equity. Decreases that offset previous increases of the same asset are charged against revalua-
tion surplus directly in equity; all other decreases are charged to the consolidated income statement. Each
year the difference between depreciation based on the revalued carrying amount of the asset charged to the
consolidated income statement and depreciation based on the asset's original cost is transferred from
revaluation surplus to retained earnings.

Assets under construction relate to assets which are in the process of being constructed or developed and
are currently not in use. No depreciation is charged on such assets. Upon completion, these assets will be
transferred to their appropriate asset category and depreciation will commence on the first day that the
assets come into use.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are
recognized in the consolidated income statement. When revalued assets are sold, amounts included in
revaluation surplus are transferred to retained earnings.

(j) Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the
net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is tested annually for
impairment and carried at cost less accumulated impairment losses. Impairment losses are allocated to the
cash-generating units resulting in the goodwill. Gains and losses on the disposal of an entity include the
carrying amount of goodwill relating to the entity sold.


(k) Leases


i) The Group is the lessee

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

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


ii) The Group is the lessor

Leases comprise operating leases. Lease income is recognized over the term of the lease on a straight-
line basis.

(1) Provisions

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

(m) Employee benefits

The Group has a defined benefit pension plan and defined contribution pension plans, administered by
trustees who include executives of the Bank.

The defined benefit plan is funded through payments to a trustee administered fund determined by periodic
actuarial calculations. A defined benefit plan is a pension plan that defines an amount of pension
benefit that an employee will receive on retirement, usually dependent on one or more factors such as age,
years of service and compensation.

The liability recognized in the consolidated balance sheet in respect of the defined benefit pension plan is
the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets,
together with adjustments for unrecognised actuarial gains or losses and past service costs. The defined
benefit obligation is calculated annually by independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which
the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension
liability.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions in
excess of the greater of 10% of the value of plan assets or 10% of the defined benefit obligation are charged
or credited to the consolidated income statement over the employees' expected average remaining working
lives. Past-service costs are recognized immediately in the consolidated income statement, unless the
changes to the pension plan are conditional on the employees remaining in service for a specified period of
time (the vesting period). In this case, the past-service costs are amortised on a straight-line basis over the
vesting period.

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

(n) Loans from banks

Loans from banks are recognized initially at fair value, being their issue proceeds (fair value of consider-
ation received) net of transaction costs incurred. Loans from banks are subsequently stated at amortised
cost; any difference between proceeds net of transaction costs and the redemption value is recognized in the
consolidated income statement over the period of the borrowings using the effective interest method.

(o) Ordinary share capital

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

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


ii) Dividends on ordinary shares

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

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


(p) Preference share capital


3. Subsidiaries

The Bank, directly or indirectly, has interest in the following entities:


Fidelity Merchant Bank & Trust Limited
(FMBT) and its wholly owned subsidiaries:
- Fidelity Capital Markets Limited (FCML)
- Fidelity Share Registrars & Transfer Agents Limited
(FSRTAL)
- Fidelity Pension & Investment Services Limited (FPISL)

Fidelity Bank (Bahamas) Limited (FBB)
West Bay Development Company Limited (West Bay)

Fidelity Bank (Cayman) Limited (FBC)
and its wholly owned subsidiaries:
- Fidelity Insurance (Cayman) Limited (FIC)
- Fidelity Bioking Company Limited (FBCT)


Country of
Incorporation

Bahamas
Bahamas

Bahamas
Bahamas

Bahamas
Bahamas


Cayman
Cayman
Turks & Caicos


4. Cash on hand and at banks


Cash on hand and current accounts
Term deposits

Mandatory reserve deposits with The Central Bank


43,202,753
25,844,971


%l
HeldiM


75% (2005: 68%)
75% (2005: 79%)


100%
100%
100%



2005


36,822,864
4,264,780


4,639,200 5,372,974
73,686,924 46,460,618


Included in term deposits is an amount of US$100,000 (2005: US$250,000), which has been pledged to support
a guarantee provided by another financial institution pursuant to a subsidiary's agreement with Visa Interna-
tional (2005: Master Card International) to issue credit cards.

Mandatory reserve deposits are not available for use in the Group's day to day operations. Cash on hand, and
mandatory reserve deposits and other deposits with The Central Bank are non-interest-bearing. Deposits with
other banks earn interest at rates ranging from 0.0% (2005: 0.0%) to 3.0% (2005: 2.5%).


5. Investment securities


Financial assets at fair value through profit or loss



Government securities

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


Accrued interest


2005


20,446,900


11,049,163
801,060
3,077,330
482,000
35,444

35,891,897

378,056


20,983,300


9,913,322
254,622
3,147,140
2,295,713
123,966

36,718,063

389,048


36.269,953 37.107.111


Government securities comprise Bahamas Government Registered Securities with maturities ranging from
2007 to 2025 with interest rates ranging from the Bahamian dollar Prime rate plus 0.125% to the Bahamian
dollar Prime rate plus 1.250%. The cost of investment securities as of 31 December 2006 totaled $35,350,594
(2005: $35,392,964).

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


6. Mortgages, consumer and other loans

Period to Maturity


Under
one year
s


Mortgages
Consumer
and other loans

Total


Accrued interest
Provision for loan losses


One to
five years
$


Five to
ten years
S


Over ten
years
$


21,444,534 11,893,659 29,739,205 86,633,595 149,710,993 136,123,908

16,816,647 14,.574,740 1,922,629 1,052,203 34,366,219 30,071,896

38,261,181 26.468.399 31,661,834 87,685.798 184,077,212 166,195,804


980,323 761,251
(4,185,112) (3,573.276)

180.872.423 163.383.779


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


2006
S

3,573,276
1,036,639


Balance as of I January
Provision for the year
Write-offs during year
Recoveries

Balance as of 31 December


2005


3,089,024
411,924


(424,803) (90,054)
-1 162,382

4,185,112 3,573,276


Included in provision for loan losses is a specific loan loss reserve of $1,098,998 (2005: $1,579,418). The
provision for loan losses represents 2.27% (2005: 2.15%) of the total loan portfolio and 77.08% (2005: 57.33%)
of total non-performing loans.

Average interest rates on mortgages, consumer and other loans range from 6.75% to 13.75% (2005: 7.50% to
16.00%).

As of 31 December 2006, non-performing loans total $5,429,890 (2005: $6,232,953).


7. Property, plant and equipment


Computer
Software
Land Furniture Motor & Office
& Buildings & Fixtures Vehicles Equipment
S $ S $


Year ended
31 December 2006
Opening net book value
Revaluation
Additions
Depreciation


8,498,728 994,222
1,467,545
571,780
(270.243) (191.462


Assets Under Lesehld
Construction Improvenmem
s s


Tetal
Ts~


55,024 1,184,666 1,054,020 11,786,660
S 1,467,545
187,709 725,602 153,232 1,401,058 3,039,381
j36.355) (426.289) 273.789) (1.198,138


Closing net book value 9696030 1374540 206378 1.4.3.979 IS3J232 M .LJIL M ,


As of 31 December 2006
Cost or valuation
Accumulated
depreciation


Net book value


9,696,030 4,270,576 535,507 9,407,141


153,232 5,396,319 29,458,805


296036 329.29 (7.923.162) (3.215.030) (14.36.357)

9.696,030 1.374.540 206J,378 1.483.979 1I3.Ii32 21 H A


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

i) Share issue costs

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

i) Dividends on preference shares

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

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


(q) Fiduciary activities

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

(r) Corresponding figures

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


As of 31 December 2005
Cost or valuation
Accumulated
depreciation


Net book value


9.072.853 3,698,796 347,798 8,681,539


3,995,261 25,796,247


(574.25) (2.704.574) 292.774 (7.496.873) 2.941.241)(14.009587

8,498,728 994,222 55,024 1.184.666 - -.-I Aftm 11.78*,**


If land and buildings were stated on the historical cost basis, the amounts would be as follows:


Cost
Accumulated depreciation

Net book value


6,941,337 6,941,337
(1,323,600) (1.141,853)

5.617.737 5.7991484


8. Goodwill

The goodwill balance is as follows:


1,454,195


Balance as of 1 January
Accumulated impairment
Balance as of 31 December


2005
$1,454,195
1,454,195


1,454,195 1,454,195


_____ _______







PAGE 12B. MONDAY. JUNE 11. 2007


THE TRIBUNE BUSINESS


9. Customer deposits
The maturities of customer deposits are as follows:
Under


One to


one year five years
$ $


Demand deposits
Savings certificates
Term deposits
Funds pending settlement


Accrued interest
Balance as of 31 December


43,315,460
28,727,589
122,009.347
14.685,376
208,737,772


43,315,460 80,575,803
28,727,589 18,721,713
45,940,343 167,949,690 109,452,484
14,685,376 4,983,188
45.940,343 254,678,115 213,733,188


2,004,806 1,577,970
256,682,921 215311,158


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

Il. Loans from banks


2006

2,700,338


Current
Non-current
Total


2005
$2,717,285
2,717,285


148.251 500.000
2. 48. 9 317.285


Hills Development Corporation Limited (Rolling Hills) in April 2005. Under the Deed, Rolling Hills will assume
liability for the installation of the infrastructure in Phase One and Phase Two of the Love Estates Subdivision and
enter into performance bonds, in a form agreed by the Ministry of Works, to guarantee Rolling Hills installation
of the infrastructure and enable FBB to have the performance bonds, entered into between FBB and the Ministry
of Works dated 30 May 1988, cancelled.

In exchange for Rolling Hills entering into the above noted performance bonds, FBB agreed to pay settlement
costs totaling $350,000 to Rolling Hills which were expensed in 2004. Should Rolling Hills not enter into the
performance bonds, in a form agreed by the Ministry of Works, the Deed will become void as if it never existed.
FBB and Rolling Ilills are still in the process of obtaining all documents required under the Deed of Settlement.
It is anticipated that all outstanding documentation issues will be resolved in 2007 and that the associated sale of
the Love Estates property will be completed without any further loss to FBB.

Other: The Group is also involved in various other legal proceedings covering a range of matters that arise in the
ordinary course of business. Management is of the view that no significant loss will arise as a result of these
proceedings.

16. Customer deposits

The Group participates in a defined benefit pension plan and defined contribution pension plans (the Plans) in
accordance with the legal requirements of the countries in which the Group operates.

The latest actuarial valuations of the Bank's defined benefit pension plan was carried out as of 31 December 2006.

The amounts recognized in,the consolidated balance sheet for the defined benefit pension plan were determined
as follows: 2006 2005
S $ $


Included in the current portion of loans from banks is $2,500,338 (2005: $2,517,285), which represents the
balance drawn down against a $3 million line of credit advanced to the Bank from a commercial bank. The loan
bears interest at Bahamian dollar Prime rate plus 1.5%, is supported by a charge over 6,600,000 (2005: 6,600,000)
ordinary shares of FBB. and is repayable on demand.

The remaining current and non-current portions of loans from banks represent the balance due under a mortgage
loan, in the initial amount of US$2,000,000 that was advanced to West Bay to facilitate the purchase of a Nassau-
based property. The loan is supported by a first mortgage over the property owned by West Bay, bears interest at
3 month US$ LIBOR plus 1 5% per annum and is repayable in 40 equal quarterly payments of $50,000, plus any
interest accrued at the date of each payment, that commenced in August 1998.


Present value of funded obligations
Fair value of plan assets
Benefit obligation in excess of plan assets
Unrecognised actuarial losses

Asset recognized in the consolidated balance sheet


1,971,452 1,303,592
(1,747,352) (1.286.501)
224,100 17,091
(586,300) (139,481)

(362,200) (122,390)


Movements in the asset recognized in the consolidated balance sheet are as follows:


II. Share capital ordinary shares


Share capital ordinary shares
Authorized

5,000,000 ordinary shares of $0.10 each

signed and fully paid
3,432,099 ordinary shares of $0.10 each


Asset as of beginning of the year
Expense recognized in the consolidated income statement
Termination of BAB Plan
Contributions received
Asset recognized in the consolidated balance sheet


2006 2005
$ (122,390) (343,333)

(122,390) (343,333)


92,188


(331,998)
(362,200)


54,901
313,387
(147,345)
(122,390)


The principal actuarial assumptions (expressed as weighted averages) as of the consolidated balance sheet date
are:


1,000,000 ordinary shares at a premium
of $4.90 per share

2,432,099 ordinary shares at an average
premium of $1.96 per share


Total share capital ordinary shares


12. Share capital preference shares


Authorized
3,000,000 Class A non-voting 8% cumulative
redeemable preference shares of $0.10 each
2,000,000 Class B voting 5% cumulative
convertible redeemable preference shares of $0.10 each
10,000,000 Class C non-voting Bahamian dollar Prime rate
plus 0.75% (minimum 7.50%) cumulative preference
shares of $0.10 each


Issued and fully paid
1,200,000 Class C cumulative redeemable
preference shares of $0.10 each



Share premium
Total share capital preference shares


4,900,000 4,900,000


4,756,790 4,756,790

9,.656.790 9.656.790

1000.6,O 10200000"


2006 2005
$ $


300.000

200,000


300,000

200,000


1,000.000 1.000.000
l..0.000 1.500JM



120,000



11,880.000 -
12.000.000 -


The Bank issued 1.2 million Class C cumulative, redeemable, and non-voting preference shares on I March 2006
for proceeds of $12 million. The preference shares are redeemable at the sole option of the Bank, except in the
event of a change of control, and redemption is subject to the approval of The Central Bank of The Bahamas.
Dividends are payable quarterly in arrears, at the sole discretion of the Directors of the Bank, at an annual rate of'
0.75% above Bahamian dollar Prime rate, subject to a minimum rate of 7.50%. The Bank's preference shares
rank ahead of the ordinary shares in the event of liquidation.

13. Related party transactions

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

Loans and deposit accounts with Directors and officers amounted to $4,313,930 (2005: $1,232,738) and
$2,719,757 (2005: $873,076), respectively. .

As of 31 December 2006, 68% (2005: 54%) of the Bank's issued ordinary shares were held by key management.

14. Commitments

Loan commitments

As of 31 December 2006, the Group had commitments for mortgage and other loans amounting to $15,395,565
(2005: $8,355,501).

Lines of credit

FBC has arranged a line of credit of US$2,400,000 with another financial institution operating within the Cayman
Islands. This facility is supported by a charge over certain of FBC's land and buildings and was unused as of 31
December 2006 and 2005. This facility is renewable annually on 30 April.

FBB has pledged $3,000,000 (2005: $3,000,000) of Bahamas Government registered stock to support an
overdraft facility with another Bahamian commercial bank. The facility bears interest at 0.5% above the
Bahamian dollar Prime rate up to $1 million and 1.25% above the Bahamian dollar Prime rate for amounts in
excess of $1 million with a stand by fee of 0.25% on any unused portion of the facility. This facility was unused
as of 31 December 2006.

Unused lines of credit with commercial banks amounted to $5,899,662 as of 31 December 2006 (2005:
$5,682,715).

Operating lease commitments

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


2006 2005
$$ $
823,567


2006
2007
2008
2009
2010
Total minimum payments


494,855
437,623
418,693


589,002
544,242
535,026


387,101 127,689
1,738,272 2,619,526


15. Contingent liabilities

Love Estates: In 1988, FBB lent the developer of Love Estates certain sums of money and also joined in as surety
for various performance bonds aggregating $3,328.043 in favor of the Ministry of Public Works. The loans and
the bonds were supported by a first legal mortgage over the unsold lots in the subdivision. The works under the
bonds were to have been completed within 36 months. The developer defaulted under the mortgage with FBB.
Through the years, FBB has been in discussion with the Ministry of Public Works and various prospective
purchasers. In 2001, the Ministry obtained a judgement against the developer and FBB for the amount of the
bonds.

FBB is being sued for specific performance and damages in connection with a sale agreement dated 24 September
1997 in respect of the Love Estates property. As all conditions of the sale agreement have still not been met, and
in order to resolve this long outstanding matter, FBB entered into a Deed of Settlement (the Deed) with Rolling


Discount rate
Expected return on plan assets
Future salaries increases
Proportion of employees opting for early retirement


2006
6.50%
6.50%
5.50%
4.00%


2005
6.50%
6.50%
5.50%
4.00%


Employees in the defined benefit pension plan contribute 5% of gross salary. Employees in the defined contribu-
tion pension plans contribute 5% of gross salary, and the Group matches employee contributions. Pension
expense for the defined contribution pension plans was $346,719 (2005: $382,108).


17. Prefereace share dividends
The Board of Directors declared quarterly dividends in respect of each calendar quarter for 2006.


2006 2005
$ S$


Dividends payable as of the beginning of year
Dividends declared
Dividends paid
Dividends payable as of the end of the year


225,000
900,000


157,992
900,000


(225.000) (832.992)
900.000 225,000


Il. Critical accounting estimates and judgments in applying accounting policies

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

Impairment losses on mortgages, consumer and other loans

The Group reviews its loan portfolios to assess impairment at least on a quarterly basis. In determining whether
an impairment loss should be recorded in the consolidated income statement, the Group makes judgments as to
whether there is any observable data indicating that there is a measurable decrease in the estimated future cash
flows from a portfolio of loans before the decrease can be identified with an individual loan in that portfolio.

This evidence may include observable data indicating that there has been an adverse change in the payment status
of borrowers in a group, or national or local economic conditions that correlate with defaults on assets in the
group. Management uses estimates based on historical loss experience for assets with credit risk characteristics
and objective evidence of impairment similar to those in the portfolio when scheduling its futttrecash flows. The
methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed
regularly to reduce any differences between loss estimates and actual loss experience.

19. Financial risk management

Strategy in using financial instruments

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

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

Credit risk

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

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

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

The Group's deposits and investments are placed with high credit quality financial institutions and corporations.
Mortgage, consumer and other loans are presented net of provisions for loan losses. Whilst the majority of loans
are supported by first mortgages upon family residences or by chattel mortgages, overdrafts advanced in the
nonnal course of business are generally unsecured.

Credit-related commitments

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

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

Geographical concentrations of assets and liabilities

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


Share premium


.1 p


___ ___ ____~__~


_ __ ___ _____ __ ~ __ __~ ~~_ __ _L_l __^~ __~____~__ ____I_~1___ ~__~ I ______~_ __ _


I r








THE TRIBUNE


MONDAY, JUNE 11,2007, PAGE 13B


Cash flow and fair value interest rate risk
Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate
because of changes in market interest rates. The Group takes on exposure to the effects of fluctuations in the prevailing
levels of market interest rates on both its fair value and cash flow risks. Interest margins may increase as a result of such
changes but may reduce gains or create losses in the event that unexpected movements arise.
The Group employs effective techniques and procedures to monitor and control its exposure to interest rate risk.
Mortgage, consumer, and other loans generally have variable rates, linked to the relevant prime rate. Exposure to interest
rate risk, which is mainly due to fixed rates on both its term deposits with banks and savings certificates sold to customers,
is minimised by the short-term maturities of the majority of these deposits.
Liquidity risk
The Group is exposed to daily calls on its available cash resources from overnight deposits, current accounts, maturing
deposits, loan draw-downs and guarantees. The Group does not maintain cash resources to meet all of these needs, as
experience shows that a minimum level of reinvestment of maturing funds can be predicted with a high level of certainty.
The Board sets limits on the minimum proportion of maturing funds available to meet such calls and on the minimum
level of inter-bank and other borrowing facilities that should be in place to cover withdrawals at unexpected levels of
demand.
The matching and controlled mismatching of the maturities and interest rates of assets and liabilities is fundamental to the
management of the Group. It is unusual for banks to be completely matched, as transacted business is often of uncertain
term and of different types. An unmatched position potentially enhances profitability, but also increases the risk of losses.
The maturities of assets and liabilities and the ability to replace, at an acceptable cost, interest-bearing liabilities as they
mature are important factors in assessing the liquidity of the Group and its exposure to changes in interest rates and
exchange rates.
Liquidity requirements to support calls under guarantees and standby letters of credit are considerably less than the
amount of the commitment because the Group does not generally expect the third party to draw funds under the
agreement. The total outstanding contractual amount of commitments to extend credit does not necessarily represent
future cash requirements, as many of these commitments will expire or terminate without being funded.
The loan portfolio principally comprises long-term mortgage loans, which are financed by shorter-term customer
deposits. As such, the Group is exposed to liquidity risk, which is continuously monitored by management.
Fiduciary risk
The Group is susceptible 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. To manage exposure, the Group takes a conservative approach in its
undertakings.
20. Fair values of financial instruments
Financial instruments utilised by the Group include recorded financial assets and liabilities, as well as items that
principally involve off-balance sheet risk. These financial instruments are carried at fair value or are relatively short term
in nature and accordingly, the estimated fair values are not significantly different from the carrying value as reported in
the consolidated balance sheet.
21. Subsequent events
Effective 15 April 2007, Royal Bank of Canada (RBC) and the Bank announced the signing of a joint venture agreement
under which RBC will acquire a 50% interest in FMBT. The joint venture will be called Royal Fidelity Merchant Bank
& Trust Limited (Royal Fidelity). As part of the transaction, RBC's Barbados based investments and trusts department
group will be acquired by Royal Fidelity. This transaction, subject to regulatory approvals in both The Bahamas and
Barbados and other customary conditions, is expected to be completed by July 2007.






To Advertise In


The Tribune's


Classified Call 502-2351


ii* .....
.. ,,*" .,.-, ...r ... s a H


-i


The Lyford Cay Scholars' Association
in collaboration with
The Bahamas Development Bank
will be hosting a free informational session on


"Viable Business Ventures and

Opportunities for Entrepreneurs"


On Thursday, June 14th, 2007 at 6:30pm
at The Michael Eldon Boardroom
in The Michael Eldon Complex
Third Floor, Thompson Blvd., Nassau
(The building immediately attached to Chapter One Bookstore)

Refreshments will be served All interested persons are welcome!




For further Information,
please contact:
Monique Hinsey at
The Lyford Cay Foundation, Inc
iLX' cTel: 242.362.4910 Ext #102 or
c-H-'L fP mail: Icfmo@bahamas.net.bs


.~~ I -- --- -


I







PAGENESS 1 M JT


John S George owners


in


potential sale talks


FROM page 1


S George are in favour of a
sale, which is understood to be
being driven by Benchmark
(Bahamas) president, Julian
Brown, and Morley Realty
head, David Morley. Mr Hut-
ton himself is thought to be
opposed to a sale, which has
resulted in an irrevocable split
among the retailer's owners.
The John S George Hold-
ings Board is artfully com-
posed, with Mr Hutton and his
relatives holding 40 per cent.
Benchmark owns 20 per cent,


with the Morley and Pritchard
families each owning 15 per
cent. The remaining 10 per
cent is held by Butterfield
Bank (Bahamas) managing
director, Robert Lotmore
The Board breakdown burst
into the open earlier this year
after Benchmark, which as a
BISX-listed public company
has to release its financial
results, announced it was fully
writing off its $402,102 invest-
ment in John S George and hit
out at Mr Hutton's manage-
ment style, branding it as "
ineffective". Benchmark also
criticised the absence of accu-
rate and timely financial on


Antonius Roberts

Max Taylor


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FAX: 327 0966,
E-MAIL:
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ATT: GENERAL MANAGER


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) 302-8132 OR Email:
ianice.gibson(S)citiqroup.com


John S George.
It is thought that Mr Brown
and Mr Morley, and possibly
others, have lost patience with
Mr Hutton's attempts to turn
John S George around, leading
them to search around for an
exit route and recover what
they can from their investment.
Sources
The 'final straw', sources
have suggested, came when Mr
Hutton's involvement in a
totally separate $2.7 million
deal to purchase Abaco Mar-
kets' Cost Right Turks &
Caicos store an acquisition
that has since closed came to
light.
Several John S George
Holdings investors became
concerned that Mr Hutton was
embarking on new investments
that did not involve the





IN SIGHT

-o 5 -esore


Bahamian retailer at a time
when they felt he needed to
be focused on its operations,
leading them to issue him with
an ultimatum to choose which
venture he wanted to be part
of.
Yet some sources suggested
that it was a strange time to
sell John S George, arguing
that it was possible the retailer
may be on the verge of turning
around. Multiple contacts have
told this newspaper that the
company, which competes
directly with Kelly's Home
Centre, is projected to "break
even" for its current financial
year, which is set to close on
July 31, 2007.
The purchase by Mr Hut-
ton's group met unexpected
obstacles from the start, includ-
ing the loss of the Baygone
insecticide product agency to
the D'Albenas Agency, which
is said to have cost John S
George $1 million per annum
in revenues.
The company also lost the
distribution relationship with
the True Value buying group,
sources said, forcing it to
switch to ACE. This resulted in
Mr Hutton launching a legal
action against John S George's
former owners, Andy and Neil
McKinney and Sydney Sweet-
ing, alleging that they had war-
rantied and guaranteed that
the loss of Baygone and True
Value would not happen.




7?'1]


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The legal action is under-
stood to be still ongoing,
although the McKinneys and
Sweetings are defending the
case and vigorously denying
the allegations against them.
The upshot of all this,
sources said, was that John S
George lost close to $1 million
in its first year under the new
owners to July 31, 2005, and
another $300,000 in its second
fiscal year.
Holdings
The John S George Hold-
ings acquisition was closed on
July 1, 2004, and Benchmark's
2007 annual report showed the
company paid $300,000 for its
20 per cent stake. This would
imply the purchase was funded
with $1.5 million in total equi-
ty.
The BISX-listed firm's
accounts show that it subse-
quently recorded a $132,103
gain from negative goodwill on
property revaluations, but its
equity interest was then diluted
by $30,000 due to the issuance
of 10,000 shares to Mr Hutton
for his work in identifying the
John S George deal, negotiat-
ing the purchase and bringing
the investor group together.
Benchmark's investment in
John S George Holdings stood
at $402,103 as at December 31,
2005, the value that was writ-
ten-off. The figures then reveal


that its share of John S
George's Holdings net loss for
the period to July 31, 2006, was
$48,684. It is unclear what peri-
od of time is covered by this,
but if it is the seven months
from December 31, 2005, thi'p;
would imply John S George
lost $243,420 in that time based
on 5x Benchmark's 20 per cent
stake.
The full impairment provi-
sion taken by Benchmark w4s.,
$353,419, and it said in th
notes to its annual report that
"John S George Holdings has,
incurred continuing operating
losses for the entire time'"i.,
had been an investor in the,.
buyout vehicle. ,, f
The Benchmark notes sai4 ,
the 2004 purchase of John,,S.,.
George was funded by a $2,.
million loan from Bank of the,
Bahamas International, which
had an interest rate of Baharmii
an Prime + 2.75 per cent over.
10 years, and was secured qn ,
the retailer's assets a typical. ,,
move in a leveraged buyout.,,'
Shares in John S George Hold-',.-
ings were also assigned to there
bank.
This implies that, combined.'.",
with the $1.5 million equity,,
the John S George purchase .
was for a price of at least $,4
million. The John S George
owners have also guaranteed:
a $500,000 credit facility fromp
Bank of the Bahamas Interna;..
tional for the retailer.
I- ,Or


','*1



'C


T .II
U -- ^


;*


Share your news,

The Tribune wants to
hear from people who
are making news in their
neighborhoods.
Perhaps you areraising /
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.


ESSAY COMPETITION





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

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

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

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

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


I


THE TRIBUNE


PAGE 14B, MONDAY, JUNE 11, 2007


*







T~-I TRIBUNE




;US passport



initiative costs



2-2.5 per cent .



of visitors


Ny NEIL HARTNELL
rTribune Business Editor
The Bahamian hotel
industry estimates that
the Western Hemi-
sphere Travel Initiative
(WHTI) has cost it between 2-
2.5'per cent of business since it
was implemented earlier this
year, with a senior sector exec-
utive telling The Tribune that
the 'decision to suspend the
plan until end-September
would boost family and group
travel to this nation.
The US State Department
and Department of Homeland
i Security announced late last
week that they were tem-
porarily suspending the
WHTI's passport requirements
for air travel to this nation until
late September for US citizens
whb could show they had
applied for.one, a move wel-
comed by Robert Sands, Baha
Mar's senior vice-president of
administration and govern-
meint affairs,
"Ii's very difficult to quanti-
fy, 'but our estimates have
always been an impact of
between 2-2.5 per cent of busi-
nesgs," Mr Sands said. "There's
no questioning that softening
in this part of the world market
has in part been contributed
to by this initiative.
'A tremendous amount of
fardily travel takes place at this
time of year, certainly between
now and August. That would
allow for many family vacation
planners to make plans to
come to this part of the world,
j_ particularly the Bahamas, to
spend their holiday here."
Welcoming the temporary
suspension of the WHTI's
passport requirements, Mr
Sarnds said: "There's been no
question that the requirement
has, had an impact on travel to
thii particular destination. It
will allow the authorities in the
USito deal with the backlog of
applications for passports in a
timely fashion."
Mr Sands said the
Nassau/Paradise Island Pro-
motions Board initiative of
offering refunds to US tourists
who, could provide evidence
that, they had spent money
obtaining passports to travel


Temporary

suspension to

boost summer

family travel to

the Bahamas

to the Bahamas under the
WHTI had been used by "a
large number of visitors".
However, he added that it
was not close to the numbers
anticipated, but the initiative
had instead been "extremely
successful" in raising aware-
ness of the WHTI among
potential US visitors and
served its purpose as a mar-
keting tool.
It was estimated in 2006 that
between June-August, 40,000
families visited the Bahamas.
Assuming that the average
family consisted of two parents
and children under 12, the
Ministry of Tourism estimat-
ed that this translated into
113,000 people spending
613,000 visitor nights in the
Bahamas. The average length
of stay was 5.5 nights.
A Ministry of Tourism brief-
ing paper had estimated that
the worst-case scenario from
the WHTI was the loss of $167
million in hotel revenues and
233,000 visitors, with the worst-
affected being the summer
family business, group and con-
vention business, weddings and
Spring Breakers. These four
groups had accounted for some
250,000 hotel room nights in
the Bahamas in 2006, and total
-revenue loss could have been
as high as $278 million.
In 2006, the group conven-
tion business brought 42,000
visitors to the Bahamas, who
stayed an average of 4.3 nights,
making for a total of 180,000
nights. Some 43,000 visitors
came for weddings, staying 4.5
nights for a total of 192,000 vis-
itor nights, with 50,000 Spring
Breakers generating a 5.6 night
average stay and 280,000 room
nights.


MONDAY, JUNE 11,2007, PAGE 15B


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PAGE 16B, MONDAY, JUNE 11, 2007


THE TRIBUNE BUSINESS


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