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Permanent Link: http://ufdc.ufl.edu/UF00084249/02927
 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: 6/27/2007
 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_02927
System ID: UF00084249:02927

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Tribune


Volume: 103 No.179


WEDNESDAY, JUNE 27, 2007


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[AFTRP'OOTIO TI IZZONEII


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appeal confusion


Dwight and Keva will

have to take case directly

to Privy Council after

application dismissed


* By NATARIO McKENZIE
DWIGHT and Keva Major
will now have to take their
appeal directly to the Privy
Council after confusion over
their appeal ultimately led to
the dismissal of an application
for final leave yesterday.
It was noted that the
Majors' attorney Keod Smith
will have to act quickly in
their Privy Council appeal
after it was revealed in court
yesterday that the Majors do
not in fact have a petition
pending before the Privy
Council as the justices claimed
they had been made to under-
stand by the Majors' previous
attorney. That petition, had it
actually been filed, was to be
the basis for the granting of a
"stay" of the Majors' extradi-
tion. However, Justice Lorris


Ganpatsingh noted that since
there was no appeal pending
before the Privy Council, the
Attorney General could now
seek to have the stay
removed, paving the way for
their extradition.
A great deal of confusion
arose in the Court of Appeal
yesterday as the Majors
appeared in court over an
application for final leave to
appeal to the Privy Council.
It was subsequently deter-
mined, however, that the
Court of Appeal did not have
the jurisdiction to hear the
application because the
Majors had not actually been
granted leave to appeal to the
Privy Council by the Court of
Appeal, but were granted
leave to prepare for their
SEE page 11


Baker's Bay developers pledge

$1.2m to Bahamas National Trust
THE developers of the controversial Baker's Bay development on
Guana Cay have pledged $1.2 million to the Bahamas National Trust.
The BNT said that its ability to achieve its mission was significant-
ly enhanced by the three-year pledge of the Discovery Land Compa-
ny and praised the developers' initiatives in creating a environmentally
sustainable project.
"This donation and grant today is music to our ears. As you know the
BNT has the mission to preserve places of national and historic beau-
ty for future generations of Bahamians and this grant today will go a
long way in assisting us to manage our 25 national parks that cover over
700,000 acres of land and sea in the Bahamas," BNT president Glenn
Bannister said.
Mr Bannister said that the BNT visited the Guana Cay development
SEE page 10


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A TOURIST sits
alone at a beach in Nas-
sau yesterday. Director
General of Tourism Ver-
nice Walkine has said the
tourism industry is facing
a 'rough' situation.
(Photo: Felip6 Major/
Tribune staff)
By KARIN HERIG
Tribune Staff
Reporter
THE Bahamas' tourism
industry is currently facing
a "rough" situation that
will only get worse if the
slide in the country's
tourism numbers is not
halted, Director General of
Tourism Vernice Walkine
said.
"We have to face the
facts. I suggest that we col-
lectively as Bahamians take
a look in the mirror. Do we
see something we can be
proud of? From my angle.
we have to do some seri-
ous house cleaning." she
said.
Speaking at the Kiwanis
AM Cilub on Tuesday
SEE page 10


Dialysis machine fund at $341,000


I V L AR
_- 7
To.



DONATES DIALYSIS MACHINE Royal Victoria LIdge No.
443, warranted by the United Grand Lodge of England in 1837, this
week donated $20,500 to purchase a complete dialysis unit for the Princess
Margaret Hospital. Pictured (1-r) are Andrew Malone, Head of the Dis-
trict Grand Lodge Benevolence Fund; Mark Roberts, owner FYP &
Tile King; Kevin Sweeting, Master of Royal Victoria Lodge; Alan Wilson,
Senior Warden of Royal Victoria Lodge, and in charge of charity.


WHEN Mark Roberts of Tile
King launched a campaign two
weeks ago to raise $147,600 to pur-
chase eight dialysis machines for
the Princess Margaret Hospital, he


did not anticipate the enthusiastic
public support that would follow.
The fund, now at $341,000, has
SEE page 11


Former minister
claims gas prices
could exceed
$5 a gallon
By PAUL TURNQUEST
Tribune Staff Reporter
THE former Minister of Trade
and Industry yesterday claimed
that motorists could expect to see
gasoline prices exceed $5 a gal-
lon as the FNM cares little about
the "poor man".
Leslie Miller, former MP for
Blue Hills, who is currently con-
testing the results of that con-
stituency, told The Tribune that
he will not stop championing the
cause of the underprivileged and
downtrodden in the Bahamas.
Consistently referring to him-
self as the "poor man's potcake",
Mr Miller said he found it incred-
ible that the FNM government
had so far failed to do something
about escalating fuel prices.
"There is absolutely not one
single voice that speaks out for
and on behalf of the small man
in this country. You '.ave these
what I call baby ministers in the
government and that's all you
can term them, baby ministers -
people like Phenton Neymour
SEE page 10

Former AG:
Parliamentary
Commissioner
responsible for
election process
By MARK HUMES
WHILE Free National Movement
and Progressive Liberal Party teams
prepare to square off in the coming
election court battle, the blame game
begins, with a former government
official deflecting responsibility for
"botched" elections results onto the
Parliamentary Commissioner, say-
ing: "The law makes it very clear that
the Parliamentary Commissioner is in
charge."
In an interview with The Tribune
last week, former Attorney General
Allyson Maynard-Gibson sought to
absolve the previous administration
from the pre and post-election fiasco
that now has the two sides about to
do battle over election results in three
of the 40 constituencies that they
contested.
"It is important not to trivialize
the elections." said Mrs Maynard-
Gibson. "The laws of the Common-
wealth of The Bahamas governs the
means by which elections take
place."
As the person with responsibility
for the election process, the Parlia-
SEE page 10


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THE TRIBUNE


30% rise expected for NP land prices


* By TANEKA THOMPSON
NEW Providence land prices
are expected to increase by 30
per cent over the next five
years, real estate insiders pre-
dict.
As the cost of land in the
country's capital soars to new
heights, realtors told The Tri-
bune that they see no end to the
trend of increasing property
prices.


Patty Birch of Morely Realty
said yesterday that although no
one can predict what kind of
unforeseeable changes world
events will produce in the mar-
ket, she does not see the cost
of land decreasing anytime
soon.
Ms Birch explained that the
growing population of the
Bahamas and an increase of
young adults in search of land is
currently driving the market.


"A lot of the (real estate)
market is being driven by
Bahamians, not foreign
investors. There is a fast grow-
ing client base of unmarried,
successful Bahamian women
who are purchasing land and
homes," she said.
Ms Birch added that Bahami-
an and foreign investors look
for different things in their real
estate purchases.
Three to five years ago, a 60


by 100 square foot single family
lot in New Providence sold at
$65,000.
Today, that same size lot has
a starting price of $90,000, top-
ping off at $150,000 in the west-
ern area of New Providence.
Vacant lots in the southwest
of the island, including in the
area around Carmichael Road
and Faith Avenue, range from
$70,000 to $75,000.
However, Renea Burrows, a


mortgage broker from
Approved Lending Services,
believes that the market will see
a levelling off in the coming
years, as clients will "not be able
to afford rising prices."
"The value of land is moving
up considerably because of
scarcity of land (in New Provi-
dence)", she said.
With the country currently
experiencing a real estate boom,
and with vacant lots and homes


in increasing demand by for-
eigners and locals, realtors are
turning to the Family Islands to
satisfy the demand.
"Freeport is holding its own
with consistent sale of land to
Nassau residents," Ms Burrows
said.
She said that one-acre lots
start at $8,000 in Freeport and
at $20,000 in Exuma.
Bahamians, she said, are
coming in droves to the Family


Claire Hepburn defends statement over number of court cases


* By BRENT DEAN
Tribune Staff Reporter
PLP Senate Leader Allyson
Maynard-Gibson yesterday
questioned the information pre-
sented in the Senate by Attor-
ney General Claire Hepburn
about the number of cases now
before the courts.
Mrs Maynard-Gibson told
The Tribune in an interview that
earlier this year, while serving as


attorney general, she was
informed by police and repre-
sentatives of the attorney gen-
eral's office that there are some
95,000 cases pending before
Bahamian courts in total -
information she then present-
ed to parliament.
Whereas, the PLP senator
claimed that Mrs Hepburn told
the Senate on Monday that cur-
rently there are only some 500
cases pending.


"I'd like to know, how in less
than a year, that number dropped
from 95,000 to 500," Mrs May-
nard-Gibson said, adding that she
would like Ms Hepburn to
explain the discrepancy in report-
ing to the Bahamian people.
When asked by The Tribune,
Mrs Hepburn said that the
numbers she referred to are
from the supreme court, rather
than the entire court system, a
fact she said that she made very
clear in her presentation.
Mrs Maynard-Gibson also
defended her record relating to
the "swift justice" initiative that
came under criticism from Mrs
Hepburn at the conclusion of
the budget debate in the Senate.
"The plan the attorney gen-
eral has put forward, is no dif-
ferent fundamentally from the
swift justice initiative that she
calls a slogan," she said.
Mrs Maynard-Gibson said
that the new attorney general
should not grandstand and
attempt to "tear down" initia-
tives that have been lauded by
respected individuals such as
the commissioner of police.
Though Mrs Maynard-Gibson
did not have statistical data at
hand to demonstrate the effec-
tiveness of her programme, she
said that the sitting attorney gen-
eral has the numbers available to
her, and if she checks within her
department, she would see the
progress that was being made

-ROPICAL


under the PLP watch.
The PLP Senate leader fur-
ther criticised the FNM gov-
ernment for having removed
money allocated by the PLP in
the draft budget for the creation
of a new judicial complex.
"The same way that they
took out the allocation for the
dredging of the harbour, we had
made an allocation for the judi-
cial complex, which they took
out," she said.
Mrs Hepburn responded that


this money was taken out as the
PLP had let the plans for the
new complex linger for far too
long, as they were first drafted
during the FNM administration.
Therefore, she said, it is now
necessary to reassess, before a
new structure is built, as new
courts, such as the industrial
court, too will need to be
housed in the building.
Mrs Hepburn said that
despite the removal of the allo-
cation from this first FNM bud-


get, her government is commit-
ted to creating a new supreme
court complex.
Despite this commitment, the
opposition may attempt to use
the retraction of these funds as
a source of criticism of the new
government, in a similar fashion
to the now infamous suspension
of the straw market contract
and ongoing review of numer-
ous other contracts signed by
the PLP, including the $3 mil-
lion school in Acklins.


College graduates visit Tribune office


GRADUATES of Success them the pressroom, where The her Dr Suresh Batta.
Training College in Nassau vis- Tribune is printed during the At the end of the visit, Mr
ited The Tribune's office in night hours. Marquis was presented with a
Shirley Street to gain an insight Here, Mr Marquis is seen special plaque of appreciation.
into newspaper production. with graduates Eucharia Nairn, The graduation ceremony for
The students were hosted by Yolanda Tinker, Chivonne Success Training College stu-
managing editor John Marquis, Smith, Fatima Abdi, Tonya dents takes place at the Church
who told them about the Rahming, Aretha Higgs, Elaine of God auditorium, Joe Farring-
paper's history and showed Wilchcombe and faculty mem- ton Road, on July 19 (7.30pm).


Ancient Man, Ophie & the Boys, Brown Tip,
I r W, nThe Impact Band &
a Junkanoo Performance

t The Royal Bahamas Police Marching
in w & Pop Bands, Geno D, KB, Terez,
The Impact Band & a Junkanoo Performance

Jay Mitchel, Veronica Bishop,
Count Bernmadino,
Monique De Swanton (Fire Dancer),
The Impact Band & a Junkanoo Performance


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THE TIBUN WEDNSDAY JUNE27,C007, AGE


0 In brief

Appeal for
help finding
missing
bus driver


Plans being developed to




upgrade BEC power plant


( ..
,g


* NOEL Hall


THE family of retired tour
bus driver Noel Hall are appeal-
ing to the public for assistance
in locating their uncle who has
been missing for a week.
Mr Hall, also known as
Louie, went missing last
Wednesday, June 20, when he
left his home' on Fowler Street
east to collect his National
Insurance money from the
Cable Beach area.
When he did not return home
by Saturday, Mr Hall's nephew
filed a police report at the Wulff
Road Police Station.
The report is currently being
processed and inquires are
being made by the missing per-
sons department of the Central
Detective Unit.
Since Mr Hall left home on
Wednesday he has been spot-
ted once by a family friend,
standing by the Shirley Street
entrance to the Harbour Bay
shopping plaza around 5.30pm
on Thursday.
Mr Hall is 74 years old, stands
at about 5'9" and weighs around
1701bs.
He has an olive complexion
and black eyes, as well as white
hair and a white beard.
Mr Hall is in the early stages
of Alzheimer's disease and has
no wife or children.
He was last seen wearing
navy blue pants, a red and
orange printed shirt, and black
shoes.
He is known to frequent the
Madeira and Rosetta Street
areas where he lived previously
for 18 years. More recently, he
has frequented the Bayshore
Marina area.
His family has unsuccessfully
been searching the morgues and
the hospitals, as well as con-
tacing any persons who knew
Lhcir uncle.
The family fears for his safe-
ty and are asking anyone with
information about Mr Hall to
contact a police station.


Share

your

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


* By ALISON LOWE
Tribune Staff Reporter
Minister of State for public
utilities Phenton Neymour has
stated that he is developing
plans to address the long-
standing deficiencies at the
BEC Clifton Pier power plant.
Last week, a BEC insider
blew the whistle on what he
alleged is the shocking extent
of oil accumulation in the
ground around the plant, and
the extent to which the corpo-
ration is responsible. BEC has
yet to deny, or respond to, the
claims in any way.
While skirting around the
question of whether he was
already aware prior to last
week's article of the situation
as described by the employee,
Mr Neymour reiterated his
commitment to cleaning up the
problem at BEC, stating that
he is "addressing the matter
vigorously."
The claims laid out how oil
has accumulated in the ground
around the plant and leaked
into the ocean over a period
of years due to overflowing


* PHENTON Neymour

sludge tanks and poor
maintenance.
Mr Neymour responded
terday that he had "al
begun to review some (
processes and how w
improve them, including
disposal of sludge and w
He added that he was
prised" only to the extend
he felt he was coming
attack so soon in his te
and after demonstrating
commitment to the issue
first weeks in office tha
previous minister.


Last week, the insider
scoffed at Mr Neymour's
announcement that $500,000
had been spent by the govern-
ment on oil spill response
4 equipment, stating that this
f, was like "trying to put a band
aid on a bullet hole."
There is "so much oil in the
ground it's starting to come
back out," claimed the employ-
ee. "That money can't help
us."
Meanwhile, Mr Neymour
said it is important that he
gains a "full view of the prob-
lem" before coming up with
* yard "major" plans, adding that a
short-term remedy was under-
:d yes- way.
ready "I do intend to address the
of the deficiencies of the equipment
e can down there and to improve the
ig the efficiency and sensitivity to the
aste." environment and to provide
s "sur- an adequate (power) supply to
nt that the public, so I am getting my
under hands around the problem,"
tenure, he said.
more Previously, the minister said
in his he will need the full co-opera-
n any tion of oil-handling companies
in investigating the matter.


Super Summer


Savings

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1' -[i -'I "I'"_ CHARD DE ...' C.P
," Wut,


Landing was 'without incident'


* By TANEKA THOMPSON
RUNWAY debris may have
been the reason behind the flat
tyres of Bahamasair aircraft
landing in Marsh Harbour,
Abaco on the weekend,
according to first reports.
The Tribune reported on
Monday that a Bahamasair
plane en route to Marsh Har-
bour landed with two of its front
tyres flattening on the runway
early Saturday morning.
Managing director of
Bahamasair Henry Woods,
who was on board the flight,
yesterday said it was a "minor"


incident and not "a blowout
on landing".
He explained that the air-
craft's tyre "blew (out)" as the
pilot was taxiing in to the gate.
He said that it was a "perfect
landing" and upon inspection
"no abnormality with the air-
craft" was detected.
Mr Woods said that the air-
port's director of safety is cur-
rently looking into the matter
and scouring the runway sur-
face for any signs of debris, or
cause of the tyre blow-out.
When asked about reports
of a second aircraft parked on
the airstrip with flat tyres, Mr


Woods said one of the tyres


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NOTICE
THE MEDICAL ASSOCIATION
OF
THE BAHAMAS
GENERAL MONTHLY MEETING

Notice is hereby given that the General Monthly Meeting of the Medical
Association of The Bahamas will be held at M. A. B. House, 6th Terrance
Centerville, on Thursday, June 28, 2007, commencing at 6:00 p.m.

ADDITIONALLY

The President Of The Medical Association OF The Bahamas
Dr. Linelle Haddox, M.D.

Requests Your Presence
At A Reception

"An Evening With The Minister"
For
The Hon. Dr. Hubert Minnis, M.P.
Minister Of Health

Date: June 28, 2007
Venue: M. A. B. House
After the General Meeting
All Members Are Urged To Attend
Please Be On Time
********* *Refreshm ents Will Be Served* * * * *


""""'


WEDNESDAY, JUNE 27, 2007, PAGE 3


THE TRIBUNE






THE TRIBUNE


PAGE 4, WEDNESDAY, JUNE 27, 2007


EIOIAULETTRS T HEEITOR


JOMBA, Congo If you think you face
tough choices, imagine that you were living
here in eastern Congo.
"If women go to the fields, they're
raped," said Shabain Katuija, a local man.
"If they don't go to the fields, they starve."
So why don't men go to the fields
instead? Olivier Sbasoro, a villager here,
explained: "They rape the women, but it's
worse for the men, because they kill them
or kidnap them to make them slaves."
On this "win a trip" journey through
central Africa with a teacher and a stu-
dent, we're visiting the forgotten war inside
Congo. The death toll has already reached
4 million, making this the most lethal con-
flict since World War II.
The warfare has also caused a vast and
potentially rich land to sink into hunger
and poverty. Roads have returned to jun-
gle, so as the rest of the world has got
smaller, Congo has become bigger. When
foreigners drove into a village that had
been cut off by the insecurity, the local
people hadn't seen a vehicle for decades -
and marvelled at what they called the
"walking house."
After 10 years of warfare in Congo,
much of the country is finally enjoying real
progress, especially since UN-sponsored
elections last year. But here in eastern
Congo, war is ratcheting up again.
,- Grim shantytowns have been set up for
some of the 150,000 people who have been
driven from their homes by fighting since
January. At one of these camps, I asked a
chief if I could talk to a woman who had
-been raped recently. He introduced me to
Angella Mapendo, whose husband had
been killed and who was pregnant as a
result of rape by soldiers.
When I had finished hearing Angella's
story, I looked up and there was a grow-
ing line of other women who had been
raped, all waiting to tell me their stories.
The tension is thick around Jomba,
where a priest was executed recently for
showing compassion and leadership. When
we drove into Jomba, local people crowd-
ed around us to describe kidnapping, rape,
and murder by soldiers of various loyal-
ties.
Peasants in some villages are now sleep-
ing out in the bush every night, for fear
that soldiers will raid their houses. At a
local elementary school, I asked the chil-


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dren in one class how many had lost their
fathers. Too many hands went up for me to
count.
Many of the rapes and killings are by
soldiers loyal to Laurent Nkunda.
You can see videos of these sights, and
read the terrific blogs of Leana Wen and
Will Okun, the student and teacher accom-
panying me, at nytimes.com/twofortheroad.
The UN World Food Programme and a
tiny number of aid groups are struggling to
keep people alive. The effort is led by
groups of heroic Catholic nuns and priests,
supported by the aid group Caritas.
This war staggers on in part because the
suffering here hasn't registered on the
international conscience, and because it
has been allowed to fester and continue.
Barack Obama and Sam Brownback are
among the few prominent American politi-
cians who have focused on the war here.
There's no simple solution to the conflict,
but we can lean on Rwanda to stop sup-
porting its proxy force in eastern Congo,
and also to work harder to repatriate
Hutus who have destabilized Congo since
they fled here after the genocide in 1994.
We can push a peace process. We can sup-
port the UN peacekeepers. We can help
with the reform and training of Congo's
security forces. And a six-hour visit by
Condi Rice would help put the crisis on
the map.
Of the many people I've met here, one I
can't get out of my mind is Cecilie Nyira-
habinana, a young woman with a shrinking
family. A few years ago, fighting led to
famine and her two oldest children died.
Her youngest, Anita, was still a baby and
survived on Cecilie's breast milk.
Then a couple of months ago, soldiers
shot her husband dead. Since then, Cecilie
has had nothing to feed Anita but green
leaves.
So Anita is now skeletal and barely able
to move, having slowly starved for months.
Aya Schneerson, who runs the World Food
Programme office in the area, explained
what Anita is going through: "These kids
are in constant pain," she said. "It's a very
painful way to die."
And the way things are going, hundreds
of thousands more will die that way.
(* This article is by Nicholas Kristof of
The New York Times 2007)


p


Illegal immigration




and its baggage


The Tribune Limited
NULLIUS A I)('CTUS JURA RE IN VERBA MACGISTRI
Being Bound to S'ear to /Th Dognias of No Masler

LEON E. 11. DUPUCII, Publisher/Editor 1903-1914

SIR E'IENNE DUPUCIIH, Kt., O.B.E., K.M., K.C.S.(;.,
(Hon.) LL.D., D.Litt.

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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

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


A painful way to die in Africa


way of life, culture, and all
greatness that comes with
being a true-true Bahamian.
In the days of old we used
our mouth to make threats,
"boy I'll chap you in your
head if you dun get from
round me" and grind up our
teeth, making all kinds of
noise, but in the end we go
our way, matter solved for
now.
We did not know or care
for guns because we under-
stood it to be illegal, and still
is, to have one without per-
mission, this is not a rule for
our neighbours down south.
We are too easily influence
by outsiders, even the Bible
says: "Flee from your ene-
mies."
I see why God asks his peo-
ple to wage war against your
enemies, though that is not
what I am suggesting literally,
but we as a people should
demand this of our elected


officials and see this serious
matter at hand. When we
look at those people down
South and see how they
legalise voodoo, murder, or
destroy their land and scare
off tourists, making their dol-
lar valueless, God help us.
I am convinced that we are
the envy of their eyes, some
so determined to destroy my
beloved country by their reck-
less behaviour. Though not
all fit this category, but from
all these foreign gangs (we
know their names) to all the
unusual high drugs bust, mur-
ders, hit-offs, 30 days, and the
likes, we can connect them
mostly to these "illegal" enti-
ties in our society. This letter
may never be published, but
God knows I have got a big
relief off my chest, and I know
I am not the only true-true
Bahamian that shares these
views, maybe I am too bold
about it, but in all things I give
Jehovah God the Glory,
thanks for your indulgence.
R PRATT
Nassau,
June 25, 2007.


Call for debates



between leaders



before general



election takes place


EDITOR, The Tribune.
WITH most of the heat
having gone out of the post
election period I certainly feel
that we need to responsibly
debate the practice of the
broadcasting community and
the print media during elec-
tions.
This past election you did
not have a single face-to-face
debate of the leaders of the
three parties that ran...if true
democracy is going to live I
certainly propose that legis-
lation will be established
where Government spon-
sored debates of the leaders,
no less than say four debates
should happen between the
day of calling the election
and 24-hours prior to election
day.
I am convinced that over 80


NOTICE
NOTICE is hereby given that ADEE BAPTISTE of MOUNT
PLEASANT VILLAGE, P.O. BOX N-7776, NASSAU,
BAHAMAS is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 20th day
of June, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.







B IforGene Ca
11I'd---.S Arnh


n o

---


$650.00


18 Cube
$720.00


21 Cube
$962.00


per cent of the electorate
went to vote not having a clue
what any of the parties stood
for that is not a living
democracy.
I am concerned that
although we must guarantee
the freedom of speech to all I
suggest that during this spe-
cific period of from when an
election is called and election
day the rules of broadcasting
and the print media need to
be totally adhered to and in
reflection I am sure that many
will see that constitutionally
one may not discriminate but
I see prima facie occurrences
where it was difficult for one
or the other political party to
counter a newspaper or radio
or TV headline story in a
prompt manner without being
actually prejudiced and dis-
criminated.
I don't think PLP MP Philip
Brave Davis was suggesting
anything of what Mr Marquis
wrote about this morning, but
the issue is a fair one when
one considers as to how we
seem to be so gullible and


rarely challenge the news as it
is presented to the electorate.
We are further developing a
very dangerous aspect to
democracy in that rather than
deciding on your local con-
stituency MP you vote for the
leader of the party whoever
that is even if your party can-
didate is proven to be incom-
petent and unsuitable. We are
supposed to elect the MP then
together with his/her fellow
MPs elect a Parliamentary
leader and the Prime Ministfr
or also the Leader of th'
Opposition.
Do we need an Election
Media Board?
I think it would be most
productive in ensuring that
we do not fall ill of the sug-
gestions above and fairness
prevails.
Two representatives from
each party and three neutral
persons, those certainly not
necessarily reverends.
P KNOWLES
Nassau,
June 24, 2007.


Q9Vew


CcrMM


L '.


EDITOR, The Tribune.
THANKS for the opportu-
nity to express my views on a
matter dear to my heart. We
as Bahamians are truly com-
placent, so easily distracted
from the real issues, that is
the illegal immigration and
crime. I personally believe
they both go hand in hand
and are the cause of the moral
decay in our society right
now. Why should we (The
Bahamas) be the exception to
the rule (deporting vigorous-
ly all illegal immigrants, spare
none) when other countries
(USA, EU, SA, etc) are mak-
ing it top priority?
Most Bahamian people are
God-fearing, and civilised, we
can easily resolve conflicts by
due course with few incidents,
this is much less with coun-
tries south of The Bahamas.
This information is here for
all to see without fear or
favour, hence my view that
illegal migrants and crime go
hand in hand. I am not a rad-
ical, nor am I xenophobic, but
a confessed nationalist., who
is proud of my heritage, our


LA CASITA
T' he Art Iof Island Li'iing


CANNOT N Y -
BEAT OULE
PM o e J ofOT oS C
1 w 322-25.6.-. . . 23759-32-49


~


al .. k







WEDNESDAY, JUNE 27, 2007, PAGE 5


THE TRIBUNE


LOA NW


OIn brief

Businesses
urged to join
international
consortium
BAHAMIAN business
people are being encouraged
to participate in an interna-
tional consortium with the
aim of expanding business
relationships with other
countries.
As part of their Sister
Cities Programme, the Jay
Malina International Trade
Consortium will be visiting
the Bahamas next week on a
cultural and business devel-
opment mission.
All meetings will be held
at the British Colonial Hilton
on Friday, June 29, between
9am and 4pm with a break
from noon to 2pm.
While visiting, the consor-
tium will also make courtesy
calls on Prime Hubert Ingra-
ham Minister and the Gov-
ernor General, and take
tours of the College of the
Bahamas and the Bahamas
Technical and Vocational
Institute.
Interested parties should
contact the consortium via
email or by calling 322-2145
to arrange an appointment.

Clarification
over picture
used with
prom article
ON Tuesday, June 26, The
Tribune used a photograph
from its files, taken at a prom
three years ago, to illustrate
an article entitled, "Prom or
Transcript". The photograph
is of a couple dressed their
prom attire. The article is not
intended to refer to this par-
ticular young lady or young
man or to reflect in any way
their academic achievements
or moral integrity. The Tri-
bune apologises to them for
any offence or embarrass-
ment that the publication of
this photograph might have
caused.
..... e.........................



INSIGHT


SFor the stories


behind the


news, read


Insight on


"Mondays |




3gtpopil:i


Haitians may get




legal status as




accord reviewed


THE 1995 accord between
the governments of the
Bahamas and Haiti is currently
being reviewed with the view
of allowing Haitians to obtain
permanent legal status in the
country, the Senate was told.
Speaking during the 2007/08
budget debate in the upper
chambers, Minister of State for
Immigration, Senator Elma
Campbell said that the govern-
ment is reviewing the accord "as
we look,at establishing a policy
which will permit Haitian
nationals to qualify for legal per-
manent status in our country."
Prime Minister the Hubert
Ingraham and Haitian President
Ren6 Preval recently met in
Washington. DC, where they
discussed a number of issues
concerning their two countries.
The senator during her bud-
get contribution also announced
that the government plans to
introduce a new form of coded
work permits by the end of


2007.
It is expected that this will
reduce the likelihood of work
permits being illegally duplicat-
ed, she said.
Senator Campbell said that
the Department of Immigration
receives, on a weekly basis, an
average of 500 applications for
work permits, residency and cit-
izenship.
"There is an unbelievable
backlog of pending applications.
As at May 14 this year, there
remained outstanding some
3,500 applications for work per-
mits, some 1,200 for citizenship
and some 1,500 for residency.
"In keeping with the govern-
ment's commitment to process
all applications for citizenship,
naturalisation, permanent resi-
dency and other categories of
residency in a timely, transpar-
ent and expeditious manner, my
department has commenced the
compilation and review of all
outstanding applications, in an


effort to expedite these appli-
cations, where possible, in the
shortest period of time," he
said.
When the process of clearing
up the backlog is completed, Ms
Campbell said, the immigration
department will be better able
to advise the public "on rea-
sonable, realistic time frames in
which one might expect not
only these outstanding applica-
tions to be processed, but also
of a realistic turn-around time
for new applications."
Senator Campbell said that
in its efforts to develop an effec-
tive immigration strategy, the
Department of Immigration has
been allocated $18,392,389 in
the 2007/08 budget. This repre-
sents an increase of $2,091,091
over last year's budget.
Additionally,.$8.82 million of
the allocated amount will go
toward paying salaries, an
increase of a little over half a
million dollars compared to the


previous year.
In an effort to increase the
administrative efficiency of the
department, 50 new immigra-


tion officers will be trained and
executive, administrative and
clerical staff will be enhanced,
she said.


Bahamians get help writing business proposals


THE Bahamas Agricultural
and Industrial Corporation
(BAIC) in conjunction with the
Caribbean Export Develop-
ment Agency (CEDA) spon-
sored workshops to assist
Bahamians in writing business
proposals.
The workshop in New Provi-
dence from June 20-21, which
was funded by the European
Union, was facilitated and host-
ed by Dr Beverly Morgan, head
of the Infinite Opportunity
company in Jamaica.
Dr Morgan's company won


the tender from the EU to pre-
sent the writing workshops
throughout the Caribbean.
"We have intensively studied
what it takes to write winning
proposals. I assumed they knew
nothing about proposal writing
and so I started from the begin-
ning. I showed them not just a
good proposal, but what a win-
ning proposal looks like.
"I showed them the things we
have to do in detail, and left
them with a great fat binder
with reference material so that
when I am gone in six months


time, if they have to write a pro-
posal they have pretty much all
of the information that is nec-
essary," Dr Morgan said.
In addition to the workshop,
an electronic portal will be set
up on the internet to link the
countries where workshops are
held, including Barbados, St
Vincent and Trinidad and
Tobago.
Persons will be able to learn
from each other and share their
experiences, Dr Morgan said.
She added that she will also
be available for the next three


months if any of the participants
in the workshop need her assis-
tance with any proposals they
are writing.
Manager of the handicraft
development and marketing
department at BAIC Donnalee
Bowe said participants also
learned how to make decisions,
how to arrive at these decisions,
and what kinds of information is
needed to make decisions.
The information learned by
the BSOs during the workshop
will be passed on to small busi-
ness persons who they serve


everyday, Ms Bowe said.
BAIC is planning another
workshop for June 25-29, focus-
ing on strategic planning, she
said.
"It is another important area
we need to look at more so that
we will be more successful busi-
ness owners. If we. plan better
then we will have a better per-
formance record," she said.
CEDA is a regional organisa-
tion of the Forum of Caribbean
States. Its vision is to be the pre-
mier organisation for trade
development in the Caribbean.


Commodore Scavella softens approach to reforming RBDF


DEFENCE Force marines
have been given a pep talk by
Commodore Clifford Scavella
after his "get fit" regime came
under fire last week.
The commodore praised his
troops during a parade ground
briefing and invited suggestions
from senior officers on "the way
forward" for the force.
Commodore Scavella's
upbeat address Iollowed an
uproar last week when some
.officers complained about a
"get fit" deadline for out-of-
shape marines.
There was concern that some
officers faced dismissal if they
failed to meet a fitness dead-
line.
But yesterday, there
appeared to be a softening of
the ultimatum. An officer said:
"The fitness programme is still
in place, but taking part is vol-
untary."
Concern had been expressed
over the fitness of some marines
after two men died last year of
heart attacks.
Last week, officers com-


plained that fitness had never
been been emphasised within
the force over the last 20 years.
"The canteen diet of fried
chicken and macaroni cheese is
hardly in line with super fit-
ness," one said.
During his pep tallk, Com-
modore Scavella praised the
force and said it had a new
sense of direction.
He urged middle manage-
ment to support him in his drive
to improve it further.
Afterwards, one officer said:
"I am sure, under his leader-
ship, the force can be turned
around.'"
The transfer of Ms Missouri
Sherman-Peter to the perma-
nent secretary's post at the Min-
istry of National Security is also
seen as a forward step.
"She has the force's interests
at heart and has tremendous
experience in the field," said
one source.
"She and the commodore will
have a good working relation-
ship, and that can only be good
for the future."


YOuR orC 0 r ,, 1 J r* r i7 T 1 H 't


Office Furniture


The Bahamas Telecommunications Company Ltd. (BTC) wishes
to inform the general public that BTC will be selling office
furniture beginning Thursday June 14th, 2007 through June
29th, 2007. All persons interested, can view all items at the
Head Office of BTC, John F. Kennedy Drive between the hours
of 10am to 4pm. Payment for desired items can also be made
at the cashiers BTC's Head Office during the hours of 10am to
4pm Monday through Friday.


All items will be sold as is.


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Phone: (242) 322-1722
Fax: (242) 326-7452
44 Montrose Avenue


* MINISTER of State for Immigration, Senator Elma Campbell.


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PAGE 6, WEDNESDAY, JUNE 27, 2007


Your outpouring kind


$147,600


$131,200


$114,800


- $98,400


S$82,000


Cowpen Building Supplies


Doctor's Hospital &
The Elodie Tomlinson Memorial Fund


Kelly's House and Home


Grace Community Church


- $65,600



S$49,200


- $32,800


Royal Victoria Lodge #443


1 /
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Damianos Realty


Our goal was to provide eight machines, but because of the: pt
for the Princess Margaret Hospital, The Rand Memorial Hosi
Bahamians do not need to fly to Nassau for Dialysis treatment.
technical support. Again, we say thank you Bahamas we iare


Edward E. Patton Annette Rolle Antoinette Rolle Howard N. Darville,
* Anthony & Irene Miaoulis Leandra A. Esfakis Keva M. Robinson ,ha
and Marching Auxiliaries Chefyl.


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WEDNESDAY, JUNE 27, 2007, PAGE 7



IJ


iss and support has been AMAZING!


rfA4


The Scottish Bahamian Society


Palmdale Vision Centre


4

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em



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Scotiabank (Bahamas) Ltd


Halsburv Chambers


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N' *'- 0


Family Guardian & Bahama Health


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Palm Shores Medical Company


btic's overwhelming support and contribution, we can now purchase 15 new Dialysis machines
pital, Abaco & MICAL. These other Islands will also receive their own equipment so our fellow
-The purchase of these machines includes delivery, installation, training of staff, and one year of
truly our brothers' keepers.


Donations
*-Rolden & Associates The Elodie Tomlinson Memorial* Sidney Johnson Ian & Janet Jennings Media Enterprises
ianna Moss Meshelle Moss Cornelia Mackay *TIMCO DESIGNS Higher Ground Ministries Bahamas Majorettes
E. Bazard Law Chambers Terrance & Antoinette Wood Remona F. Delaney


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* The Tribune


4. DOCTORS HOSPITAL
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THE TRIBUNE


PAGE 8, WEDNESDAY, JUNE 27, 2007


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Winners will receive a $500 gift certificate








A -I


Planning expert


O OUTGOING govern-
ment planning expert
Malcolm Martini told a group of
Rotarians last week that the
future of New Providence was
at risk unless some hard choices
are made soon.
There is very little land left
to service a growing population,
and there are physical limits to
what can be added to the trans-
portation network, he said.
In fact, if we exclude devel-
oped areas, partially built-out
subdivisions, conservation sites
and wetlands, there are only
about 5,000 acres of vacant land
left on this 86-square-mile
island.
"Bahamians need to shift
from a suburban land extensive
culture to a land intensive urban
culture," Martini said, "because
population growth does not
stop."
Martini, 66, is a top Canadian
planner and economist who has
worked on projects in China,
Africa and Eastern Europe, as
well as enjoying a stint as a
Toronto city councillor. For the
past 10 years he has worked on
and off in the Bahamas, and since
2004 he has been attached to the
Office of the Prime Minister as
well as the (now disbanded) Min-
istry of Energy & Utilities.
"The problems of growth that
this island faces are finite and
can be fixed, but that will
require sacrifices in terms of
more taxes and restrictions on
our way of life. We have to
think of New Providence as an
urban centre like New York.
The alternative is gridlock, and
the prospect that this will
become an extraordinarily
unpleasant place to live."

N assau is already oneof
the most densely pop-
ulated areas in the Caribbean.
-Based on census projections,
our total population today is
325,000, with 225,660 (about 70
per cent) living on New Provi-
dence, producing a density of
2,800 people per square mile.
Only Bermuda, (3,113),
Kingston (4,760) and Havana
(7,909) are denser. But New
Providence grew by 100,000
between 1980 and 2005 from -


135,000 to 235,000 and the
population may reach 249,000
by 2010 and 300,000 by 2024.
By 2030, Martini says, the
island's population could reach
320,000.
"This is a medium growth
scenario," he told Rotarians.
"The high growth scenario says
New Providence will have a
population of 340,000 by 2030
- more people than we have
in the entire country today. And
it is not clear if everyone is
included in these numbers.
They could be on the low side."
Ultimately, New Providence
could have a population of
400,000 or more, equalling

Ultimately, New
Providence could
have a population
of 400,000 or
more, equalling
Kingston, Jamaica
and a higher
density than the
average North
American city.

Kingston, Jamaica and a higher
density than the average North
American city.

Martini also served up
some interesting
traffic facts. Vehicle numbers
on New Providence are increas-
ing by 35 per day or 7000 a
year. And there will be 21,000
more drivers (those aged 16 to
65) by 2015, 35,000 more by
2020 and 50,000 more by 2030.
Think about that for a moment.
Our road capacity cannot be
easily increased and will always
lag traffic demand because both
land and money are in short
supply. We are already years
behind on the Inter-American
Bank-funded road construction
project that began in 2001, and
it will be extremely difficult to
develop new arterial roadways
in the future, Martini says.
And if you .think those statis-
tics are.depressing,~you should


-1


reflect on two startling maps
that Martini produced with data
from the Met Office. They show .
the areas of New Providence'
that would be severely affect-
ed by storm surge from a direct
hit by a major hurricane.
A category three storm would
impact the airport and Lake Kil-
larney area, the entire south
coast (except for Clifton) and
major over-the-hill housing areas,
A category five storm could) i
flood the entire island, except for ,'
the coastal ridge running from".:
Clifton to East End and the cen !
tral ridge running from.'
Marathon to Lake Cunningham.',.
"These maps show the poten-,,
tial risk areas from a major hur-
ricane strike," Martini'.,
explained. "But they also-
demonstrate that we don't have n.
good high land to build on, and .,
the land that is available now.-
is not desirable." '
Martini does not think much .
can be done to slow Nassau's
population growth. One solu- *'
tion often suggested is to move'
governmental activities to other ui
islands, but there are difficul-
ties with the usual suspects. For.-,
example, although the College.'
of the Bahamas is shifting some,'.,
activity to Grand Bahama, it-,
needs a critical staff mass in
Nassau to maintain enrolment...
And moving the prison would!
make it difficult for relatives to'
visit inmates, which could affect'
their food supply, and indirect-.'c
ly impact recidivism rates.
"Draconian policies to starve
New Providence of services
(such as roads, clinics, recreation ..
facilities, water and sewerage)
in attempt to encourage growth'
elsewhere will lead to a drop in -
living standards, public health
problems and more crime,"'.,
Martini said. "That in turn will
reduce the attractiveness of Nas-
sau as a tourist destination and.
risk a downward economic spi-,.n
ral for the entire country." n

he good news Mar-
tini says is that high. .
population density does not,,.
necessarily mean a lower quali-"'
ty of life. The Canadian cities.,.
of Vancouver, Montreal and'
Toronto all have densities over
10,000 people per square mile,.-


I








WEDNESDAY, JUNE 27, 2007, PAGE 9


THE TRIBUNE


calls for tough choices for future


TOUGH CALL
A -


vet are rated among the world's
top five cities in terms of quali-
ty of life. And Bermuda, which
has a higher population density
than the Bahamas, also has a
GDP per capital (purchasing
power parity) of $66,600 com-
pared to our $20,000.
Manhattan island which is
less than 23 square miles in size
- supports 1.6 million residents
as well as 2.3 million workers
drawn from the surrounding
area. And 18 per cent of the
island is set aside as parkland.
But Manhattan is also unique
in the United States for its lack
of reliance on the automobile
- most residents use public
transit and don't own a car.
The big difference here is that
Bahamians have not come to
terms with reality. We still think
of New Providence as suburban
or semi-rural, as it was in the
recent past, not realising that
we have already crossed the
threshold and are an urban cen-
tre. We now have to think like a
city, but a city without a hinter-
land that allows us to continu-
ously push the boundaries out.
"My job as a planner is to
connect the dots and see where
we are and where we are
going," Martini told Tough Call.
"The facts are that Nassau has a
serious land shortage, the gov-
ernment has limited resources
and we simply can't build capac-
ity for all the cars we are going
to have. The conclusion is that
in addition to planning, we need
management to make life better
on this island."
That means making the most
efficient use of our limited land
resources and making public
transport a much higher priori-
ty. For example, the traditional
single-family home on a 5,000-
square-foot lot may be a luxury
we can no longer afford. Marti-
ni advocates designing an
acceptable low-cost home using
less land and relegating large
lots to the family islands.

O, their strategies to sup-
port a high-density
lifestyle include increasing the
density of subdivisions; more
careful use of the declining sup-
ply of public lands; building new
high-density communities on
the south coast with special
flood protection; promoting res-
idential uses in Palmdale, Cen-
treville and downtown; setting
aside Lake Killarney as both a
recreational park and protected
area; upgrading public beach-
es; limiting new golf courses;
and creating a recreation island
off the south coast possibly
using spoil dredged from the
proposed new port at Clifton.
But the real challenge is to
make transportation more effi-
cient by promoting the use of


buses to limit the number of
vehicle miles travelled. Marti-
ni believes that the currently
planned road network should
be completed as soon as possi-
ble, but with a view to facilitat-
ing public transport by pro-
viding exclusive bus lanes, for
example. Buses, he says, must
be able to move more freely
than personal cars.


The real challenge
is to make
transportation
more efficient by
promoting the
use of buses to
limit the number
of vehicle miles
travelled.

The more people who ride
the bus the better. Travel to
Paradise Island represents a
major portion of all vehicular
travel on New Providence, so
one strategy would be to offer
free transit for all workers on
PI. Others include designated
bus parking areas on Prince
Charles Drive, Blue Hill and
Carmichael Roads, Marathon,
and Town Centre Mall.
Other ideas for making trans-
port more efficient include rais-
ing import duties on cars or
restricting the number that can
be imported; staggering working
hours; limiting truck deliveries
to nighttime hours and consid-
ering water transport for some
types of freight.

A key factor in all of
this is security. Peo-
ple living in high-density com-
munities need to feel safe -
indoors and outdoors. And they
must be able to trust the transit
system in terms of both com-
fort and safety. We all know
that there is a palpable differ-
ence on Nassau's streets when
schools are out, so we must find
a way to get more kids on buses
- and that is dependent on bet-,
ter security.
"This is not rocket science,"
Martini said. "But the Bahamas
is a very young society that has
experienced only a decade or
so of continuous prosperity and
the change that goes along with
it. The obvious tendency is for
Bahamians to adopt the 1-95
model of growth, but we don't
have the land or financial
resources that the US has. So
we have to adjust our thinking
to fit our circumstances."
Martini's Rotary talk was his
retirement swan song, although
he may be called upon to do


consulting work here in the
future. His final message was
that a planning crisis is loom-
ing for Nassau that requires a
concerted and integrated
approach to properly manage a
dramatic shift to urban living.
The $64,000 question is: Are we
up to it?
As architect Pat Rahming
told Tough (.'all, "Every city
confronts the same issues. The
confusion that exists on New
Providence does not result from
the size of the population or the
volume of traffic. It results from
the refusal of the political direc-
torate to publish a concrete
development strategy for the
island (a master plan, if you
will), and from a habit of knee-
jerk reaction to planning crises.
"The master plan must be
under the direction of the Town
Planning Department not the
Office of the Prime Minister -
and it must have the absolute
political commitment of the
government."

C an we really expect our
undisciplined and high-
ly individualistic society to effec-
tively manage this unprece-
dented growth? Well, present
realities do not inspire much
confidence.
For example, in 20 years we
haven't been able to deal with a
couple dozen vendors and jet skis
blocking a major public inter-
section. We can't rationalise the
public health and safety issues at
the Fish Fry. We can't do any-
thing about a Jeffrey Waterous
damaging a historic building in
our prime business district and
leaving it to rot in broad day-
light. We can't control the
importation of vehicles or their
roadworthiness, much less how
they are driven. We can't imple-
ment and enforce zoning regula-
tions. And on. and on.


Clearly. we cannot stand on
the beach and hold hack thel
title. B lut neither can we accept


business as usual as a strategy
for the future.
What do you think?
I


Send comments to larry@tri-
bunemedia.net. Or visit
www.bahamapundit.comi


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FROM page one Developers


earlier this year and were
impressed with the develop-
ment's efforts in following best
environmental management
practices.
The multi-million-dollar Bak-
er's Bay development has come
under heavy criticism in the past
few years, with Guana Cav res-
idents and other environmen-
talists claiming that the large-
scale project will prove to be
detrimental to the small island
and cause irreparable damage
to the environment.
However, the BNT said that it
was very impressed by the goals
and objectives of the project's
environmental impact assess-
ment and environmental man-
agement plans.
"They have an aggressive
environmental management
plan that has already effected
the removal of most of the inva-
sive species on the Cay, and a
full restoration of the affected
habitats.
"'Furthermore, they have
exceeded many of the conditions
set by the Bahamas Environ-
ment Science and Technol6gy
(BEST) Commission," he said.
The pledge to BNT will begin
immediately with a $200,000


award per year for each of the
three years.
The funds will be used to
assist with the management of
national parks across the coun-
try with emphasis on projects
around Great Guana Cay pnd
the Abacos.
Thereafter. the second three-
year grant will be awarded con-
tingent on the successful
achievement of the above out-
lined milestones and overall per-
formance of the organisation in
carrying out its mission.
According to BNT's deputy
executive director Lynn Gape,
this grant will greatly assist the
Trust in expanding its existing
education and outreach pro-
grammes for the island of Aba-
co and help them to assist its
on-the-ground partners in Aba-
co, Friends of the Environment.
Mr Bannister also encouraged
other entities in Nassau, Par-
adise Island, Grand Bahama and
throughout the Bahamas to
come forward and support the
BNT.
"You know talk is cheap, but
it takes money to buy land and it
also takes money to preserve
land." he said.


Former minister

claims gas prices could

exceed $5 a gallon
FROM page one

and the other guy (Byran Woodside).
"I notice Mr Neymour is saying that there is nothing that anyone can
do with the price of fuel in the Bahamas. That the consumer has to just
suck it up.
"If it gets to $5, tough. And he is blaming OPEC for it. OPEC has
nothing to do with the final price of fuel. It is the refinery capacity in the
US and elsewhere. Fortunately for the Bahamas we get our fuel out of
Venezuela where it has been coming for the past 50 years and will
be probably coming for the next 150 years. But yet he is hollering
about OPEC," he said.
Mr Miller said that he found it strange that in the US, the price of fuel
has been on a gradual decline, decreasing by about $0.11 cents a gallon
to reach a little below $3 a gallon.
However, on Monday, Mr Miller said that prices locally saw a steep
increase and warned that shortly consumers would see the figure rise
above the dreaded $5 a gallon mark.
"While prices are dropping along the eastern seaboard of the Unit-
ed States and Florida, it is increasing in the Bahamas. Now the irony of
this is, how can the prime minister pick a baby minister to be responsible
for fuel who before May 2 was deriving his income directly from Esso
as one of their hired guns, who worked for Esso for a very long time?
"You have another one in Cabinet, Byran Woodside, who owns a gas
station. What the hell he care about the average Bahamian on the
street buying fuel? What do any of them care? It bothers me as a citi-
zen, and one who has always fought for the small man in this country,"
he said.
Mr Miller said that Bahamian motorists need to make it clear that the
exorbitant margins granted to Shell, Esso, and Texaco had to be lowered.


Tourism industry


'facing rough situation'

FROM page one

night. Ms Walkine said that low cost airlines and cruise lines are
now more interested in other countries and that the Bahamas
still has nowhere near the hotel rooms needed to attract more vis-
itors.
By the end of this year, Ms Walkine said, the overall reduction
in available hotel rooms for the Bahamas is expected to exceed 10
per cent.
To date, she added, there are still more than 1,300 rooms out of
service in Grand Bahama, "due primarily to the protracted closure
of the Royal Oasis Resort."
"That represents a drop of some $270 million in new money
injected into Grand Bahama each year in tourist expenditure," she
said.
Ms Walkine painted a dire picture of the tourism industry by
outlining exactly how and where the Bahamas' tourism has been
hit in the past two years.
Comparing the numbers of 2005 to those of 2006, the tourism
director general said that visitor numbers are down by 100,000 to
4.7 million and expenditure has decreased by $13 million to $2.056
billion.
For the first quarter of 2007, the total visitor arrivals declined
by 0.9 per cent, this includes a 5 per cent drop in the air component.
"And air arrivals, on average, are responsible for up to 90 per
cent of our total visitor expenditure," she said.
Ms Walkine said that low cost carriers that favoured Nassau and
Paradise Island in particular in the past two years, have gravitat-
ed to alternative destinations like Bermuda, Provo in the Turks and,
Caicos, the Dominican Republic, St Maarten, Aruba and others.


f


26~4 43~&2l


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t i w W' ad ,







&ocf' Tl4J l Wo
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FROM page one

mentary Commissioner, according
to Mrs Maynard-Gibson, should be
able to operate independently.
Therefore, she said, "to try and throw
a red herring in and distract the
Bahamian public by saying the PLP
was in government is like saying,
'don't worry about what the law says,
look at those people who are in
charge and see what they did.'"
But whereas Mrs Maynard-Gib-
son, the present opposition leader in
the Senate, wanted it known that she
was in no way "putting down the Par-
liamentary Commissioner or any of
his people," she did note again that,
"by saying the PLP was the govern-
ment of the day when it happened
and therefore the PLP should be
blamed is trivializing the whole elec-
tion process,"
But trivial or not, with the PLP,
the government at the time of the
election in question. basing their case
on the assertion that foreigners and
other persons illegally registered and
voted in the May 2nd elections, the
stage is being set for what could be a
firestorm of controversy, as officials
from the Parliamentary Department
seemed poised to defend their actions
and their reputation against attack
from the previous administration's
legal charges.
When asked to respond to Mrs
Maynard-Gibson's assertions that


Former AG
the Commissioner failed in his duties,
Deputy Permanent Secretary at the
Parliamentary Registration Depart-
ment, Mr Sherlyn Hall, remained
tight-lipped, saying: "I would not like
to speak to that right now. Every-
thing is with the Attorney General's
Office. We take advice from them, so
we are not going to speak to that
issue at this time."
Prime Minister Hubert Ingraham
and FNM Chairman Johnly Fergu-
son, however, have not taken the
same position, reiterating their par-
ties message that the opposition
PLP's mismanagement of the elec-
tion process resulted in the botching
of the same election results that they
now contest.
Alluding to the previous adminis-
tration's seeming interference in the
election process, Prime Minister
Ingraham said: "We are grateful that
the democratic exercise of electing
a new government was conducted
with a minimum of violence, notwith-
standing Herculean efforts by those
opposed to us, to unfairly influence
the outcome of the polls.
"Even now we are being told that
those who had charge for running
the election did it in such a bad way
they think the court should overturn
some (results) because they didn't
do their jobs," he said.


Joining his party's leader, Mr Fer-
guson warned that the election courts
could bring to light the PLP's mis-
management of the preparation
process for the general election.
"In filing these (cases)," Mr Fer-
guson previously said, "they are chal-
lenging the process, but-they are the
ones who did things like put half of a
polling station in one constituency
and the other half in the next one.
They botched the whole system."
However, Mrs Maynard Gibson
said: "When you have oversight, you
do not get down there on a day-to-
day basis and run things. You look
for a person to be in charge of it,
someone who is extraordinarily capa-
ble and who has run good elections
before."
Yet in spite of the opposition's
move to distance themselves from
the parliamentary registration depart-
ment and the election process, ques-
tions over their possible involvement
and influence over the process began
months before the May 2nd election
that saw them removed from office.
Despite the PLP's platform state-
ment in its 2002 "Our Plan" that
"provisions ought to be made that
no changes to constitutional bound-
aries are to be entertained within the
six-month period preceding the con-
stitutionally fixed date for a general
election," the then governing party
fell far short of the six-month period.
It submitted the final Boundaries
Commission's report with the newly


cut boundaries to the House of
Assembly on March 19, some six
weeks before the May 2 election this
year.
Critics at the time claimed that Mr
Christie's failure to close the old reg-
ister sooner, thrust an almost impos-
sible job on the parliamentary regis-
trar's staff.
In April, with the date for the dis'-
solution of the House and the elec-
tion still a mystery, Mr Ingraham,
then opposition leader, said that it
.was important for the parliamentary
registrar to be ready for the elec-
tions.
In addition, he went on to say, vot-
ers had to be in their correct con-
stituencies, boundaries, and polling
divisions had to be checked, new vot-
ers cards had to be written up and
issued. The registrar, he continued,
had to ensure that everyone was
where they were supposed to be on
election day. Up to the date of his
statement, Mr Ingraham said that
the (election) register was not ready
for an election.
When Mr Christie announced the
closure of the old registrar on April 3
in preparation for a May 2 election,
Mr Ingraham was once again forced
to speak out saying: "It was clear to
us all along that the government was
running into serious difficulty with
the management of the electoral
process. They have been late with
everything, either out of incompe-
tence or deliberate malice."


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PAGE 10, WEDNESDAY, JUNE 27, 2007


THE TRIBUNE







THE TRIBUNE _,.-,, r--AUL 11


0L'OCAL WS I


Majors
FROM page one
appeal. It was noted by the
justices of the Court of
Appeal that the Majors' time
to appeal the appellate court's
ruling had actually elapsed
and that out of an abundance
of caution the court had actu-
ally given the Majors more
time to prepare the necessary
documents for the appeal to
the Privy Council, having
been made to understand by
their previous lawyer, Michael
Kemp, that they had an
appeal pending before the
Privy Council.
"We did not have the juris-
diction to extend the time in
which to appeal. The Privy
Council rules state that you
must seek leave within 21
days. What we can do is, if
you have sought conditional
leave within 21 days but you
are out of time for the prepa-
ration of the record we can
grant additional time for the
preparation of the record,"
Justice Ganpatsingh told the
Majors and their attorney. He
noted that once an appellant
is out of time, meaning that
the 21 days have elapsed, it is
only the Privy Council that
can grant leave by way of a
petition to file an appeal that
is out of time.
Lawyer Koed Smith
claimed yesterday that there
was actually no appeal pend-
ing before the Privy Council.-
Mr Smith noted that on June
6, 2006 a motion of intention
to petition with special leave
to appeal to the Privy Council
had been filed in relation to
the matter. This, he said,
showed a clear intention by
his clients to appeal the Court
of Appeal's ruling. However,
from that point there
'appeared to be some confu-
.sion.
The Majors are wanted by
the US government to face
drug charges reportedly relat-
ed to an international con-
;piracy involving hundreds of
pounds of cocaine. On May
25, 2006 the Court of Appeal
delivered a judgment dismiss-
ing the Majors' appeal against
,a ruling by Supreme Court
'Justice Jon Isaacs. Justice
'Isaacs had ruled against the
Majors' habeas corpus appli-
cation. The Majors had 21
'days to appeal the Court of
Appeal's decision however
that time elapsed. Their attor-
ney Keod Smith claimed that
this was because an order by
the Supreme Court under the
Criminal Proceeds Act had
effectively rendered his clients
paupers because their assets-
'as well as the assets of some
family members were frozen.
"Therein would have lied
a problem for them being able
'to prepare themselves or be
able to fight the prosecution
of their appeal," he said. Mr
Smith said that a variation
order was granted. However,
he noted that the registrar had
not made the necessary assess-
Inents in relation to the mat-
ter.
Mr Smith expressed his
client's concern over whether
,the stay of execution, which
had been granted by now for-
tner Supreme Court Justice
leanne Thompson, would still
'be in place. Keva Major also
,addressed this question to the
judges asking whether the stay
,would remain in effect with it
n ow being determined that
.they did not have a petition
S ending before the Privy
Council. Her husband, Dwight
Major, also stood in the dock
and expressed his concerns
over the possibility of them
being extradited while they
still have matters pending in
local courts.
SJustice Ganpatsingh not-
:ed that the Attorney General
.could now get an order from
the Supreme Court to have
the stay lifted, paving the way
-for the extradition. He also
noted that in light of that
their attorney would have to
,act quickly.
SMr Smith said yesterday
.that he would be making the
'application to the Privy Coun-
,cil "forthwith."


DONATES TO DIALYSIS CAMPAIGN -Shown (I-r) are Anvil Cunningham,
owner, Palm Shores Medical Company; Sean D. Moore, marketing manager, The Tri-
bune and Alexis Cunningham, officer of Palm Shores Medical Company


FROM page one Dialysis machine campaign


exceeded the goal, making it
possible to purchase additional
machines.
This week Royal Victoria
Lodge donated $20,500 for a
complete dialysis unit in
memory of a long-serving and
distinguished fellow Mason,
the late businessman Artie
Nottage.
"It is with great Pleasure
that Royal Victoria Lodge
No. 443 makes this contribu-
tion of $20,500 for a product
that it is felt will provide such
profound assistance to all
who may use it," said Kevin


Sweeting, Master of Royal
Victoria Lodge.
"It should be known," he
said, "that Masonic lodges
seldom advertise, preferring
to give anonymous assistance
where it is felt to be most
needed. However, in this
case, it is believed that the
publicity will encourage oth-
er organizations to step up,
and do the same for such a
worthy cause. We make this
donation in memory of W.
Bro. Artie Nottage, a long-
serving and distinguished


Mason, beloved brother and
a friend to all."
Also considering it a
"pleasure to make a donation
to such a worthy cause" was
Alexis Cunningham, officer
of Palm Shores Medical
Company. Donating $1,000
to the fund, Mr Cunningham
hoped that "every corporate
citizen would rise to the occa-
sion and help with this type
of cause."
He recognized that "many
Bahamians are affected by
the need for dialysis."


N FROM
left: Reynold
Rennie Adams
Newbold, Larry
Alexander
A fMcIntosh,

, Garland


Men wanted fo
M By DENISE MAYCOCK
Tribune Freeport Reporter
FREEPORT- Several Freeport men are being
sought by Grand Bahama Police for questioning in
connection with the illegal seizure of firearms,
ammunition, and drugs on June 17 at Broncestone
Storage.
Reynold Rennie Adams Newbold, 28, a resi-
dent of No 48 Pinta Avenue; Larry Alexander
McIntosh, 32, of No 19 East Atlantic Drive and No
9 Drake Avenue, and Devin Gilroy Garland, 30, a
resident,of 251 Melbourne Crest are wanted by
police for questioning.
Newbold is of medium brown complexion with
brown eyes.
He is about six feet, one inch tall, of heavy build.


)r questioning
His weight, occupation, hair length are unknown.
McIntosh, also known as "Lizzard," is of medium
brown complexion with dark brown eyes.
He is about five feet, ten inches tall, of slim
built.
Garland, also known as "Colombo," is of medi-
um brown complexion and dark brown eyes. He is
five feet, four inches tall, of medium built. He has
a tattoo on his right arm of hands praying with
the words: "In God we trust". There is a second tat-
too on his left arm of a gun.
These men are considered armed and extreme-
ly dangerous and should be approached with cau-
tion. Anyone who may have information concern-
ing these men is asked to contact the police in
Grand Bahama at 350-3106, 352-9774 or 5, and
911.


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Donations
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life

Your look at what's going on in your community


Last chance for fishing tournament


* THIS is the last week for registration for the Harbourside Marine Bahamas Rotary Tuna
Classic, which runs from June 29 to July 1. Interested persons can register online at
www.bahamasrotaryfishing.com. The first prize is a 17ft Angler with a 85hp Yamaha engine and
towing trailer, that will go to whoever catches the largest tuna. Funds raised will go to local
charities.
Pictured here are Nick Rademaker of Harbourside Marine and Scott Farrington, committee
chairman of the Tuna Classic tournament hosted by the Rotary Club of East Nassau.


to good
causes after
Starbucks
summertime
promotion

STARBUCKS customers
were asked to count bananas
and coconuts for charity, as the
franchise launched its new sum-
mer beverages.
Bananas and coconuts were
piled high outside the Starbucks
Palmdale and Harbour Bay
stores recently for the launch
of the Banana Coconut Frap-
puccino beverage.
Customers and passerbys
were invited to visit either store
and take a guess at hew many
bananas andcoconuts were on
display, while sampling new
summer beverages.
The two winners that came
out on top, Kim Moss at the
Harbour Bay location and Shar-
maine Hutcheson at the Palm-
dale location, took home a Star-
bucks gift pack, which includ-
ed Starbucks' whole bean cof-
fee, merchandise and gift cer-
tificates.
Each winning guess was then
converted into dollars and
donated to the Nazareth Centre
for Children and the Bilney
Lane Children's home.


* A PRESENTATION to the Bilney Lane Children's Home:
(1-r) Peter Rounce, operations manager of Starbucks Bahamas;
Janet Brown, administrator, of the Bilney Lane Children's
Home and competition winner Kim Moss.


* A PRESENTATION to the friends of the Nazareth Centre
(1-r): Lydia Isaacs, public relations officer for the Nazareth
Centre for Children; Arthur Seymour, vice-president of the
Nazareth Centre for Children; Natacia Rolle, a partner of
Starbucks, Palmdale; Gertie O'Brien president of the Nazareth
Centre for Children; Annie Thompson, acting administrator of
the Nazareth Centre for Children, and Monique Carey, secretary
at the Nazareth Centre for Children.


I I jc jM Governor General "
Irecognises student i
U achievements iL i


* UNDER the patronage of
Governor General Arthur Han-
na, the Bahamas Outstanding
Students Foundation held its
12th annual awards ceremony at
Government House ballroom.
M HONOURED students are
standing behind, from left, Father
Jerome Kelly, Trevor Whylly,
Governor General Arthur Hanna,
Otalia Pinder-Whylly and A'Lei-
thia Sweeting.
(Photo: BIS/Raymond Bethel)


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~ -----`~~ ~~"~~~~~~"~~`~~~"- ~-'~~~1`-~~~~~~~ I -


PAGE 12, WEDNESDAY, JUNE 27, 2007


THE TRIBUNE


! |
i )







AWL


WEDNESDAY, JUNE 27, 2007


SECTION


business@tribuneniedia.net


Miami Herald Business, Stocks, Analysis, Wall Street


Initial agreement reached on


Royal Oasis casino


ner


Non-binding Letter of Intent signed by Harcourt with Foxwoods Development Company


By NEIL HARTNELL
Tribune Business Editor

pany has signed a Letter of
Intent to act as the Royal
. Oasis resort's casino opera-
tor for prospective purchaser, Harcourt
Developments, sources confirmed to
The Tribune yesterday, marking anoth-
er step in the acquisition process's slow
march forward.
Sources familiar with the situation


said the renowned 1US-based casino
operator had signed a ion-binding Let-
ter of Intent to perform that role at the
Royal Oasis. The fact that it is non-
binding indicates that other things have
to fall into place befoic the agreement
with Harcourt becomes 'hard', and the
Letter currently just represents an
agreement in principle
"They want to do it, but a ton of
details have to be worked out first," it
was confirmed to 77e tribune e on Fox-
woods position.


The Tribune previously revealed that
Foxwoods Development Company was
the front-runner for the casino operator
contract, having held informal talks with
Harcourt in the run-up to the latter's
formal announcement of its $33 million
Royal Oasis purchase from Lehman
Brothers' private equity arm.
Foxwoods. which is owned by the
Pequot Indian tribe and in one US hotel
operates 400,0000 square feet of gaming
space, four times the size of the Atlantis
casino, was as previously reported by


The Tribune more interested in the pro-
posed Beka Development Company
project for eastern Grand Bahama.
To establish good relations with the
former Christie government and smooth
the path for the Beka project, it was
understood to have indicated its will-
ingness to help out Harcourt on the
Royal Oasis deal, effectively having
communicated: 'Come and see us when
you're ready and we will help you in
any way we can'.
Harcourt is looking at making a $150-


$200 million investment in upgrading
the Royal Oasis, eventually constructing
an entirely new hotel on the beach, and
using the property to target the Us con-
vention market.
Yet the previously-stricken resort,
which has been closed since former
owner, Driftwood (Freeport), closed
the doors and turned its back on the
property's $22 million liabilities fol-

SEE page 6


Bahamas First buys Grand Bahama Power profits 'fall


Carib Insurance


short', off 40.8 per cent at $3.7m


* By NEIL HARTNELL
Tribune Business Editor
BAHAMAS First yesterday
announced it was poised to
increase its number of 100 per
cent owned agencies to three
through the purchase of Carib
Insurance Agency, a move
designed to "solidify the distrib-
- ution channels" within the geh-
eral insurance carrier's group
structure.
Patrick Ward, Bahamas First's
president and chief executive,
said the deal for its parent to
acquire all Carib Insurance
Agency's ordinary share capital
just required approval by the
regulatory authorities, chiefly
the Registrar of Insurance, the
process to obtain this having
already begun.
Although the purchase price
was not disclosed, he added that
Carib Insurance Agency gener-
ated "several million dollars"
per year in premium revenue.
But Mr Ward pointed out that
the acquisition would not


Deal takes carrier's
100 per cent owned
agencies to three and
'solidifies distribution
channels'

increase Bahamas First's mrir-
ket share just bring the agen-
cy's premium revenues and coin-
missions earned on to the gen-
eral carrier's balance sheet.
Mr Ward said: "It solidifies
the distribution channel within
the group structure, there's no
real market share gain here. The
key to the future is really solidi-
fying your distribution chan-
nels."
The 40 year-old Carib Insur-
ance Agency is thus set to
become the third insurance
agent to be 100 per cent owned

SEE page 7


* By NEIL HARTNELL
Tribune Business Editor
GRAND Bahama Power Company's 2006
net income "fell short" of the company's
earning projections, declining by 40.8 per
cent to $3.744 million as a result of invest-
ment in infrastructure upgrades, although
its chief executive anticipates "moderate
growth" in customer demand during 2007.
Writing in the annual report for ICD Util-
ities, the BISX-listed holding vehicle that
owns 50 per cent of Grand Bahama Power,
Tim Borkowski said some two mega watts
(MW) in load electricity demand were
expected to be added this year as a result of
the Associated Grocers and Bahamian
Brewery investment projects coming on
stream.
For fiscal 2006, although Grand Bahama
Power Company's operating revenues
increased by 10.9 per cent to $87.62 million,
compared to $79.04 million in 2005 when
the island was struck by Hurricane Wilma, its
total operating expenses also rose.
Inclusive of fuel costs, they increased by an
even greater amount and rate, rising by 15.6
per cent from $71.607 million the year before
to $82.812 million in 2006.


This reduced Grand
Bahama Power Com-
pany's net operating
income by 35.3 per cent
to $4.808 million, from
$7.433 million in the 12
months to December
31, 2005.
With other income -
flat, Grand Bahama
Power Company also
had to contend with an
increase in interest MILLER
expense from $1.997
million to $3.375 million, reducing profits
drastically from the $6.32 million recorded in
2005. "Unfortunately, as a result of our
upgrade and improvement programme that
coincided with a flat economy, our earnings
for 2006 fell short of our goal," Mr Borows-
ki told ICD Utilities shareholders.
"We anticipate moderate growth in 2007
with the'addition of the Brewery and Asso-
ciated Grocers that will add 2 MW of load to
the system. We will continue to expect load
growth for 2008 and going forward with the
development of the Ginn project, the return
of the Royal Oasis, and other named projects
such as the Raven Group development,


located east of Lucaya. In addition, three
new subdivisions are currently under con-
struction."
The theme that a growing Grand Bahama
economy will create extra demand for elec-
tricity and Grand Bahama Power Company's
services was talked up by ICD Utilities chair-
man; Sir Albert Miller, who said those invest-
ment projects and Morgan Stanley's 2,000-
acre Barbary Bay development would help
generate investment returns for sharehold-
ers. He added that Grand Bahama Power
Company had spent $30 million to restore
and upgrade its systems in the wake of Hur-
ricanes Frances and Jeanne in 2004, and
Wilma in 2005.
For 2007, Mr Borkowski said Grand
Bahama Power Company was constructing a
lightning avoidance system for its switch-
yard, substations and critical transmission
line points in time for the summer storm
season. Other plans included the call centre
opening, construction of a new overhead
tie-line from substation one to substation
six, and completion of a new 69KV loop
from the generating plant switchyard to sub-
station two to "give us more switching flex-
ibility and stability of the transmission sys-
tem".


178 Customs fraud


episodes uncovered


M By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
THE Bahamas Customs
Department netted the Govern-
ment an extra $618,132 in rev-
enues during the fiscal year
2005-2006 as a result of uncov-
ering 178 incidents of customs
fraud in New Providence alone.
According to Customs super-
intendent, David Beneby, more
than $700 million in revenue was
collected through the depart-
ment that fiscal year, represent-
ing 50-60 per cent of total gov-
ernment revenues. He explained
that 80 per cent of the revenues
were collected in Nassau, where
the majority of customs fraud
takes place. However, Mr Bene-
by said it was extremely difficult
to put a number on how much
revenue is lost through unde-
tected customs fraud. He added
that any attempt to bring goods
into the Bahamas without paying
the scheduled customs duty,
which averages 35 per cent gen-
erally for dutiable items, is smug-
gling whether it be at an airport
or a dock.
Mr Beneby said this could be
done through falsifying invoic-
es by placing a lesser value on
them: bringing in items under a
duty-free stipulation that are not
used for the manner the exemp-
tion is for; or by failure to
declare possession of items.
Realising that smuggling is a
lucrative business, Mr Beneby
explained that Customs is seek-
ing to improve its services
through the use of two highly
sophisticated scanners, one
located in Nassau and the other
on Grand Bahama. Once oper-


national, the scanners will be
deployed to the docks, where
they will be able to scan every
ounce of a shipping container.
The Customs Department
also has less powerful scanners,
which can scan cargo at an air-
port cargo facility. The agency
is also relying on internal mea-
sures to combat collusion
between Customs employees
and persons interested in com-
mitting fraud.
Mr Beneby said that as it
relates to customs duty exemp-
tions, the public has a right lo
indicate what items they wish it
to apply on. He added that a cus-
toms officer must assign the cor-
rect duty on items. A list of the
rates and all the exempted items
are available in book form lor
$10, or on the Customs link :on
the government's web site.
During the question and
answer period at the Institute of
Internal Auditors conference,
Mr Beneby received several
questions relating to whether
customs officers were thorough-
ly knowlegedable about the ra es
which should be applied to ci, -
tain items, and about agents w ho
may "at their discretion" apily
those rates.
Mr Beneby stressed that it vw is
mandated that customs offic,-s
apply the correct duty to cv :y
item which is declared, and tI.at
they cannot use their discretion.
, He also addressed issues of
officer attitude. saying that per-
sons should consult a supervi ir
in the event that they are dis,' i-
isfied about any portion of ,lhe
customs process. However. lie
stressed that often customs o fi-
cers have to deal with unruly
and unmannerly persons the i-
selves.


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THE TRIBUNE


t-'Alt Z~, VVtUNtLiUAY, JUNE 27, 2007


o many top clients'


Bahamas as


see


station risk'


* By NEIL HARTNELL
Tribune Business Editor
Too many "top tier
clients" perceive the
Bahamas as a juris-
diction that "may
expose them to some reputa-
tional risk", the Bahamas Finan-
cial Services Board's (BFSB)
chief executive has warned, with
legislative enhancements and
upgrades to the Registrar Gen-
eral's and Registrar of Insurance
offices required to improve this
nation's competitiveness.
Addressing the Society of


Trust and Estate Practitioners
(STEP) annual general meeting,
Wendy Warren said the brand-
ing survey carried out by Price-
waterhouseCoopers (PwC) had
identified three areas where the
risks were higher, posing a
"higher challenge" for the
Bahamas, than for rival finan-
cial centres.
These areas were a perceived
skills shortage among employ-
ees in the Bahamian financial
services industry; uncertainty
and discomfort over whether the
Bahamas "was sufficiently deter-
mined or prepared to avoid any


loss of momentum and to pursue
a growth strategy" compared to
its competitors; and differentia-
tion.
Ms Warren, added: "It would
appear that the respondents
were of the view that the
Bahamas has not exerted itself
sufficiently to differentiate its
services, and in so doing, carve
out a spot for itself as a leader in
any particular segment of the
sector.
"We must remember that we
are competing for mind share.
We need to convince the global
financial services firms, the rain-


makers or dealmakers, and ulti-
mately the client who is likely
to be a great distance from us,
that they should choose the
Bahamas. Our brand, or our
consistent delivery of a service -
in our case. private wealth man-
agement must be at or above
our client's expectation."
On the financial services
industry's immediate challenges.
Ms Warren said: "Fundamen-
tally, too many persons, and
most importantly the top tier
clients, perceive the Bahamas as
a tax haven, one that mayn
expose them to some reputa-
tional risk.
"What does this mean in prac-
tical terms? Their choice of hav-
ing a nexus to the Bahamas
could expose them to audits or
to more frequent and/or aggres-
sive audits from their home tax
authorities. This has a chilling
effect on individuals who may
already feature prominently in
the public sphere in their home
country.
"We must minimize this deter-
rent by ensuring that all mes-
sages communicated about the
Bahamas are consistent it is a
sophisticated financial service
provider to clients of discrimi-
nating taste. This position will
not be given to us on a silver
platter. We will have to defend
our reputation.......
"Views that are based on


* WENDY WARREN


incomplete understanding of the
subject matter or perceptions
that are just simply incorrect can
increase the barriers to gaining
access to markets."
Ms Warren said views exist-
ed that suggested industry regu-
lators needed to be more famil-
iar with the business and dynam-
ics of the financial services indus-
try than the sector itself, as they
would be unable to effectively
regulate and apply risk-based
supervision otherwise.
The BFSB, she added, would
track the response times provid-
ed by the Registrar General's
Department, having worked to
improve the regulator's service
delivery with the Agent Inter-
net Module, allowing for the
online incorporation of compa-
nies and other entities by
Bahamian banks and trust com-
panies and corporate services
providers.
Investment funds and foun-


dations had been included in the
Agent Intcrnet Module, and Ms
Warren said: "The Registrar
General Department is literally.
the heart ofithe industry. This
organ of the country must pro-
duce timely, consistent and qual-
ity delivery of its services. We
know that when the heart is in
crisis, orher organs, notwith-
standing their stellar health, can-
not function."
With insurance seen as one of
the best tools for responding to
the needs of high net worth pri-
vate clients, Ms Warren added
that the Domestic and External
Insurance Acts needed to be
implemented, and the Registrar
of Insurance Office upgraded
significantly.
Given the global focus on the
securities and capital markets,
Bahamian legislation also need-
ed to be reviewed to ensure that
it.- and its innovations such as
SMART funds remain com-
petitive.
The Bahamas also had to
ensure it maintained market
access to as many high net worth
clients as possible, in an envi-
ronment where the OECD and
others wanted to restrict busi-
ness opportunities for financial
services centres such as this
nation. Trade agreements and
their impact on the Bahamian
financial services industry also
needed to be carefully assessed.


"Meeting the needs of advertisers
and readers motivates me to do
a good job. The Tribune is
my newspaper."

PRODUCTION MANAGER
THE TRIBUNE



The Tribune
N~<.wfwy '


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BUSINESS


I
















BUSINESS


he M iami eralb WEDNESDAY, JUNE 27, 2007


INTERNATIONAL EDITION


HOUSING


S T K l, M I UTUM L FNC., b

.. .. :: Lennar reports
DOW 30 13,337.66 -14.39vLennar'reports
S&P 500 1,492.89 -4.85
NASDAQ 2,574.16 -2.92 V
10-YRNOTE 5.09 +.01 2nd-quarter drop,
CRUDE OIL 67.77 -1.41 ..


Jittery


buyers


push


stocks


down

BY MADLEN READ
Associated Press
NEW YORK Wall Street
finished an extremely erratic
session with a modest decline
Tuesday as investors parsed
unimpressive data on home
sales and consumer confidence
and awaited the Federal
Reserve's meeting on interest
rates.
The Dow Jones industrial
average initially slipped, soared
nearly 100 points, and ulti-
mately pulled back again -
much as it did Monday, when
the blue chip index rose by tri-
ple digits only to give up the
gains and finish lower.
A slight decline in May new
honie sales provided investors
with some relief, but the report
wasn't much to cheer about.
The Commerce Department
said sales of new homes fell
1.6 percent in May to a season-
ally adjusted annual rate of
915,000 units. It was the fourth
decline in the past five months
in April, new home sales had
jumped 12.5 percent.
Investors were also jittery
about a larger-than-expected
drop in the Conference Board's
consumer confidence index,
ongoing subprime lending trou-
bles, and what the Fed might
say when it decides on interest
rates Thursday. Wall Street
anticipates central bankers will
keep the benchmark rate steady
at 5.25 percent, but it will be
watching for any change in their
stance on inflation that could
suggest a rate cut or rate hike
later in the year.-,
"There's a lot to keep'people
busy," said Scott Fullman, direc-
tor of investment strategy for I.
A. Englander & Co. "All of these
issues are really coming into
play, as we're seeing with the
volatility in the market. It's
going to go on for a little while
longer until the market has a
reason to settle down."
The stock market at times
drew support from a drop in oil
prices and some new takeover
activity Tuesday, but they
weren't enough to maintain a
rally.
The Dow fell 14.39, or 0.11
percent, to 13,337.66.
Broader stock indicators also
fell after sacrificing large gains.
.The Standard & Poor's 500
index slipped 4.85, or 0.32 per-
cent, to 1,492.89, and the Nasdaq
composite index fell 2.92, or 0.11
Percent, to 2,574.16.
The Dow and the S&P
reached record closes June 4
but have been stumbling in
recent weeks, after a surge in
Treasury yields raised concerns
about the Fed's rate policy.
Bonds fell after the home
sales data. The yield on the
benchmark 10-year Treasury
note rose to 5.09 percent from
5.08 percent late Monday.
The dollar was mixed against
other major currencies. Gold
prices fell.
Declining issues outnum-
bered advancers by about 5 to 3
on the New York Stock
- Exchange. Consolidated volume
came to 3.26 billion shares, up
from 3.20 billion Monday.
The Russell 2000 index fell
1.33, or 0.16 percent, to 826.13.
Japan's Nikkei stock average
fell 0.12 percent. Britain's FTSE
S 100 declined 0.44 percent, Ger-
many's DAX index dropped
0.88 percent, and France's
CAC-40 lost 0.82 percent.


forecasts 3Q loss


BY ADRIAN SAINZ
Associated Press
MIAMI Lennar Corp.'s strug-
gles may not be over any time soon,
with the housing market showing no
signs of recovery.
The Miami-based company, one of
the nation's leading homebuilders,
said Tuesday it stumbled to a second-
quarter loss as inventories of unsold
homes rose. The company cut prices
and offered more incentives to
attract skittish buyers.
Lennar also warned that it would
likely post a loss through at least the
third quarter.
"As we look to our third quarter
and the remainder of 2007, we con-
tinue to see weak, and perhaps dete-
riorating, market conditions," Lennar


President and Chief Executive Stuart
Miller said.
For the second quarter, losses
totaled $244.2 million, or $1.55 per
share, versus a profit of $324.7 mil-
lion, or $2 per share, in the previous
year.
Lennar took a charge of $1.33 per
share for valuation adjustments and
write-offs of option deposits and pre-
acquisition costs.
Analysts surveyed by Thomson
Financial forecast a profit of 5 cents
per share. The estimates typically
exclude one-time charges, but Lennar
fell way short of expectations in any
case.
Quarterly revenue slid 37 percent
to $2.88 billion from $4.58 billion in
the prior-year period. That still beat


- ,.. A L
... ~ ~~. ,:, .r.;


---.

ROSS D. FRANKLIN/AP
READY FOR OCCUPANCY: A completed new home sits empty in the
Lennar housing development Destiny at Estrella Mountain Village in
Laveen, Ariz. Lennar said that for the second quarter losses totaled
$244.2 million.


the analyst consensus of $2.58 billion.
Shares of Lennar fell $1.15, nearly 3
percent, to $37.60 in afternoon trad-
ing.
Lennar's loss reflects broader
problems in the housing market, with
the Commerce Department reporting
Tuesday that sales of new homes fell


TECHNOLOGY


PHOTOS B'
HELPING HAND: Using a new computer tool designed for non-profits by Google Earth Out
Daniel Juhn, Director of Conservation International's Regional Analysis Program, left, di
conservation in Mirador, Guatemala, with Global Heritage Fund's Executive Director Jef


GOOGLE OUTREACH

PROGRAM TO HELP NON-PROFITS RAISE AWARENESS, MONEY, VOLL


BY ANICK JESDANUN
Associated Press
NEW YORK Google launched an initiative Tues-
day to help charities and other non-profit groups use
maps and satellite images to raise awareness, recruit
volunteers and encourage donations.
The Google Earth Outreach program represents a
formalization of ad-hoc partnerships with organiza-
tions using the free software to publicize their works.
Already, the U.S. Holocaust Memorial Museum has
been using Google Earth to call attention to atrocities
in the Darfur region of Sudan. When users scan over
Darfur, they see icons of flames representing
destroyed villages and of tents for refugee camps.
Clicking on one opens a window with details and links
on how to help.
The U.N. Environmental Program, meanwhile, has
used the software to show areas of environmental
destruction. The Jane Goodall Institute shows loca-
tions of its research on chimpanzees and African
deforestation. A Brazilian Indian tribe is working on
ways to help stop loggers and miners from deforesting
the jungle and digging for gold.
By turning these individual efforts into a formal
program, Google hopes to make its tools more widely
available to non-profits around the world. The
resources will be available on an open website, so tech-
nically individuals and corporations can tap into the
program as well.
However, grants to receive a free copy of Google
Earth's $400 professional-version software will be lim-
ited initially to certain U.S. non-profits certified by the
Internal Revenue Service. Many of the features,
though, are available in the free version of Google
Earth, available as a download for Windows, Mac and
Linux computers.
Non-profits are "trying to tell a story and trying to
move people emotionally," said Rebecca Moore, man-
ager of Google Earth Outreach. "They are trying to
inspire action, advocate on behalf of a cause and drive
people to, for example, make donations, sign a petition
or lobby your congressional representative.
"They have somewhat unique needs. Therefore we
have focused on helping them understand how to do
these things."
Many government agencies, hobbyists and other
users of Google Earth already overlay maps with pho-
tos, video, text and links pinned onto specific locations.


.


* .-. I.'-.




%k


_l .



1*-


. .


in May for the fourth time in the past
five months.
Miller said Lennar is cutting prices
to sell inventory, but that has led to
slimmer profit margins. Gross mar-
gins on home sales were
13.6 percent, compared with 23.7 per-
cent in the second quarter of 2006.


VENEZUELA


Two firms


refuse to


sign oil


deals
E BY FABIOLA SANCHEZ
Associated Press
"CARACAS, VeniiEIFa -"xxon
1.d C GonocoPhillips refused to
n deals Tuesday to keep pumping
i iHeavy oil under tougher terms in
Venezuela's Orinoco River basin, sig-
naling their departure from one of
the world's largest oil deposits.
Analysts said the move, however,
won't have a major effect on supplies
or lead to higher prices at U.S. pumps
because production by the two com-
panies will shift to other producers
who agreed to the pacts.
Four major oil companies U.S.-
based Chevron, BP, France's Total
Y KATHY WILLENS/AP and Norway's Statoil signed deals
reach, to accept minority shares in the oil
susses projects under new terms set by
President Hugo Chavez's govern-
f Morgan. meant,
"Exxon Mobil is disappointed that
we have been unable to reach an
agreement on the terms," the Irving,
s H Texas-based company said in a state-
ment. "However, we continue discus-
UNTEERS sions with the Venezuelan govern-
ment on a way forward."
Elogio Del Pino, a director of the
*, state oil company, said Houston-
based ConocoPhillips, the third larg-
est U.S. oil company, is not leaving
S the country completely and will
maintain a 50-percent share in the
Deltana Platform natural gas project.
. .- Officials said Exxon Mobil, the
J world's largest publicly-traded oil
company, will have no remaining oil
interests in the South American
country.
Venezuela "has an informal agree-
ment to continue talking" with Exxon
Mobil and ConocoPhillips about the
terms of finalizing their involvement
in the heavy crude projects, Oil Min-
ister Rafael Ramirez said at a signing
....... ceremony in Caracas.
"In the case of Exxon Mobil and
ConocoPhillips, they are ending their
_' participation in the businesses" of the
Orinoco and other exploration activi-
ties, Ramirez said. "We are talking
with both companies to continue
negotiations to establish settle-
ments."
Ramirez said the signed agree-
ments will benefit Venezuelans. He
thanked the companies that agreed to
the new terms.
nt and CEO Under the deals, the stakes held by
nce at the Petroleos de Venezuela SA, also
program known as PDVSA, in the four Ori-
n Tuesday. noco joint veAtures rose to an aver-
age of 78 percent, from previous
s are distrib- stakes ranging from 30 percent to
)ftware itself. 49.9 percent.
!senting those Ramirez said PDVSA is assuming
ownership of ConocoPhillips and
,video tutori- ExxonMobil's stakes in the Petro-
i-profit repre- zuata, Ameriven and Cerro Negro
Earth's over- heavy oil projects.
Chevron and BP's stakes remain
website, users unchanged in their respective ven-
e to view the tures, but Total saw its participation
Google Earth slashed from 47 percent to 30.3 per-
cent, and Statoil from 15 percent to
9.7 percent in its project.


* 6


I p .0


LAUNCH: Earthwatch Institute Preside
Edward Wilson addresses the audier
rollout of the Google Earth Outreach
at a news conference in New York or
"KML" files containing such overlay
uted through Web sites, e-mail or the so
Once a user clicks on the file, icons repre
elements appear on the map.
Google will be providing online guides
als and case studies aimed at showing non
sentatives how they, too, can use Google
lays.
Although Google also runs a mapping v
will need the free Google Earth software
materials. Google says it has 200 million
users worldwide.


;p5C'qqyWWpp. R IEMU


THE MARKETS
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THE MIAMI HERALD I MiamiHerald.com


- ~. IAn WV


*. -.. .. i' '? > s k . .... . .i
, -;..:, ;-*- ; *' .... ,\ Deht M1 ',t rl liwH


NEGOTIATIONS:
Tuesday
morning
editions of the
New York Post
and The Wall
Street Journal
are shown
*right. News
Corp. is
progressing in
talks with Dow
Jones & Co. to
protect The
Wall Street
Journal's
editorial
independence.

MARK LENNIHAN/AP


* MEDIA


Dow Jones, News


Corp. clear hurdle


From Herald Wire Services

Dow Jones & Co. (DJ) and News Corp. (NWS) agreed
broadly on measures to protect the editorial independence of
The Wall Street Journal under ownership by Rupert Mur-
doch's media conglomerate, clearing away a major hurdle in
the way of a deal, a person familiar with the matter said.
Details of the agreement remained unclear, and any deal
must still be approved by the full membership of Dow Jones'
controlling shareholders, the Bancroft family, who initially
rejected Murdoch's approach.
The person, who asked not to be named because the agree-
ment was not yet public, said News Corp. and Dow Jones
have agreed in principle on ways to ensure the Journal's inde-
pendence, with some items yet to be decided. Both Dow
Jones and News Corp. declined to comment.


* BRITAIN
JUSTICE DEPARTMENT
PROBES BAE SYSTEMS
The U.S. Justice Depart-
ment has opened an investi-
gation into BAE Systems
(BAESF.PK), one of the
world's largest arms makers,
which has been accused of
funneling money to a Saudi
prince to help win an
$86 billion weapons deal.
BAE System's brief
announcement said only
thf the investigation
"related to the company's
compliance with anti-cor-
ruption laws including the
company's business con-
cerning the Kingdom of
Saudi Arabia."
The company has denied
accusations that it paid kick-
backs to members of the
Saudi royal family as part of
the 43 billion pound Al-Ya-
mamah deal aircraft deal
negotiated in 1985.

* BEARS STEARNS
TROUBLED FUND NEEDS
HALF BAILOUT MONEY
Bear Stearns (BSC)
needs to invest only half of
the $3.2 billion it initially
pledged to rescue one of its
ailing hedge funds, and does
not expect to rescue a sec-
ond troubled fund, the com-
pany said.
The Wall Street invest-
ment bank said it will pro-
vide about $1.6 billion in
secured financing to its Bear
Stearns High-Grade Struc-
tured Credit Fund after the
fund sold some assets to
partially mollify lenders.
"By providing this
secured financing facility we
have helped stabilize and
reduce uncertainty in the
marketplace," Bear Stearns
CEO James Cayne said.

* KROGER
SUPERMARKET CHAIN'S
PROFIT UP 10 PERCENT
Kroger (KR), the
nation's largest traditional
supermarket chain, said
first-quarter profit jumped
10 percent but was slowed
by labor unrest and rising
costs for dairy and some
produce items. Its shares
sank nearly 7 percent.
For the three months
ended May 26, Kroger made
$336.6 million, or 47 cents
per share, compared with
$306.4 million, or 42 cents
per share, a year earlier.


LATE TR


4 n. 635 p.m. Late
Stock Tkr. ose close Chg. volume
SPDR SPY 148.29 148.38 +.09 120125
Oracle ORCL 19.16 19.33 +.17 71117
Amgen AMGN 55.10 55.00 -.10 66874
Avaya AV 16.82 16.77 -.05 63171
ConocPhil COP 75.80 75.50 -.30 51606
SP Fncl Xi F 35.90 35.84 -.06 50725
PwShs QQQ QQQQ 46.82 46.80 -.02 49842
Microsoft MSFT 29.52 29.51 -.01 43771
Intel INTC 23.38 23.40 +.02 43726
HomeDp HD 39.15 38.97 -.18 41376
Anheusr BUD 50.89 50.89 38853
Motorola MOT 17.79 17.95 +.16 37293
US Bancrp USB 33.50 33.50 37259


* MUSIC
EU RESTARTS PROBE
INTO SONY-BMG DEAL
EU regulators restarted
an antitrust investigation on
Tuesday into Sony (SNE)
and Bertelsmann's 2004
deal to combine their music
units, setting a new approval
deadline of Oct. 10.
The European Commis-
sion suspended on its
inquiry in March, saying the
companies had not submit-
ted the information 'eeded
to examine the deal.
Regulators are examining
the deal that formed the
world's second-largest
record label after an EU
court overturned earlier
clearance to go forward,
saying the Commission had
not done enough to prove
that there was no monopoly
in the record industry.

* SYNTHETICS
BASELL TO ACQUIRE
HUNTSMAN FOR $5.6B
A $1.5 billion personal
windfall from a company
that started life leveraged to
the hilt.
It's not a bad payoff for


CORPORATE MISCONDUCT



SEC chairman


defends agency's



enforcement record


BY MARCY GORDON
Associated Press
WASHINGTON The
chairman of the Securities
and Exchange Commission
on Tuesday defended the
agency's record in pursuing
corporate misconduct,
rebuffing accusations that it
may be tilting toward busi-
ness interests.
At the same time, the gov-
ernment's top securities reg-
ulator showed some under-
standing for Republican
lawmakers' complaints that
class-action lawsuits against
corporations have exploded
out of control and their plea
for the SEC to study their
costs and benefits to ordi-
nary individual investors.
"Regulation has costs, so
does litigation," Chairman
Christopher Cox said at a
hearing of the House Finan-
cial Services Committee,
where he appeared with the
other four SEC commission-
ers. "The challenge is always
to make sure you get benefits
that exceed the costs."
He said regulators must


be "particularly attentive" to
potential conflicts of interest
on the part of those who
bring lawsuits against com-
panies.
Cox also disclosed that
the agency has started about
a dozen investigations
related to complex aggrega-
tions of debt known as collat-
eralized debt obligations, in
which hedge funds have
increasingly invested. The
situation took on urgency
last week with the near-col-
lapse of two hedge funds
managed by Wall Street
investment firm Bear
Stearns. In the first half of
the year, Cox said, the SEC
already has imposed nearly
as many penalties on compa-
nies as in any full year in its
history.
The hearing marked the
first time in more than a dec-
ade that all five SEC commis-
sioners testified together
before Congress.
Lawmakers advanced a
number of concerns in
lengthy questioning of the
regulators.


The panel's chairman,
Rep. Barney Frank, D-Mass.,
referred to a proposal long
under study at the SEC to
increase shareholders' access
to company ballots so they
can more easily put propos-
als to a vote by all investors.
Business interests have
been pressing for an easing
of corporate governance
rules and restraints on class-
action lawsuits against cor-
porations and auditors. On
the other side, some critics
and investor advocates see
recent moves by the SEC
under Cox, a longtime free-
market Republican congress-
man, as favoring business
and Wall Street.
As the gap widens
between corporate execu-
tives' compensation and
employees' pay, and workers
lose jobs at companies
bought out by big private-eq-
uity firms, Tuesday's hearing
also afforded Democratic
lawmakers a chance to high-
light themes likely to be
sounded in next year's elec-
tion.


MERGERS


AL DIAZ/MIAMI HERALD STAFF
LEADERS: Cesar Melgoza, left, managing director of newly created Latin Force
Group, and CEO David Perez are getting a major investment from Goldman Sachs.


Firms form Latin Force Group


Utah industrialist Jon BY INA PAIVA CORDLE
Huntsman Sr., who said he icordle(@MiamrHerald.com
sold chemicals conglomer- Browsing the Latin music
ate Huntsman (HUN) to aisles at Best Buy in Miami
Basell, a holding of U.S. 'and Houston, you'll notice
industrialist Len Blavatnik's plenty of Caribbean songs
Access Industries, in a here, compared to Mexican
cash deal worth $5.6 billion, regional tunes in Texas.
Huntsman said the sale But what you may not
will yield nearly $1.5 billion realize is that two compa-
cash for his family and nies' research and marketing
that he transferred $600 mil- strategy savvy were instru-
lion worth of stock to the mental in creating that selec-
Huntsman Foundation, tion.
devoted to fighting cancer. Now, the two firms,
Miami-based Geoscape
FRANCE International, a consumer
CARREFOUR FACING information and data analyt-
$2.69M FINE ics company focused on eth-
nic markets, and New York-
French retailer Carre- based Latin Force, a Hispanic
four the world's second- marketing strategy firm, are
largest retailer after merging.
Wal-Mart Stores (WMT) Goldman Sachs Urban
- said it was fined $2.69 Investment Group is invest-
million by a French regional ing in the combined com-
court for false advertising, pany, becoming the majority
selling items below cost and owner of the newly created
collusion with suppliers. Latin Force Group. The
Carrefour was fined in a investment, which is in the
correctional court in Evry, range of $10 million to $50
south of Paris, the company million, marks the group's
said. "The management eighth company, said Kevin
takes note of the decision Jordan, managing director of
today by the court, and is Goldman Sachs Urban
surprised by the severity of Investment Group.
the punishment. [Carrefour] "We found,two incredibly
reserves the right to appeal," high caliber individuals with
the statement said. great businesses and prod-
ucts in an area that will be
tADING rapidly growing, in our judg-
4s.m. 6:35p.m. Late ment. And we saw it as a way
Stock Tok. dose dose Clg. volume to support them with capi-
GlobalSFe GSF 71.25 71.51 +.26 36447 tal," Jordan said. "And we
SP Consurm XLY 38.96 39.09 ,.13 33015 l sa An we
Apache APA 80.43 80.13 -.30 31416 hope to provide additional
Cisco CSCO 27.15 27.15 30923 e
SprintNex S 21.96 21.46 .50 30853 capital to the company in the
SPInds XLI 38.72 38.72 30202 future to support additional
TimeWarn TWX 21,21 21.05 16 26727 ture to support additional
i5hR2K ya IWM 81.74 81.81 01 24510 acquisitions and ideas."
Marell Tsf MRVl 17.31 17.20 -.12 21545 L r r
BkofAm BAC 48,80 4875 .05 2206 Latin Force Group's focus
SunMicro SUNW 5.01 5.00 .01 20510 is, indeed, on the most bur-
CSX s CSX 43.86 43.86 20285 is, indeed, on the most bur-
S 48geoning segment of the U.S.
MiamiHerald.com and click on Business population.


From 1990 to 2012, Asians,
Blacks and Hispanics are
expected to account for more
than 84 percent of the
nation's population growth,
according to data from the
U.S. Census Bureau and
Geoscape. Hispanics alone
are estimated to make up 50
percent of the growth from
2000 to 2012.
While Latin Force Group
will be based in New York, it
will have offices in Miami
and Los Angeles.
MORE STAFF
The Miami office, for-
merly Geoscape's, has 23
employees, and the company
plans to add more staff here
and elsewhere.
"We have technology,
databases, analytics, and now
with the merger, we have
strategic planning and very
specific market assessment
skills," said former Geoscape
Chief Executive Cesar Mel-
goza, who is now managing
director of Latin Force
Group.
Melgoza founded Geos-
cape in Boca Raton, Fla., in
1995, and two years later
moved it to Miami. The com-
pany provides databases and
systems that allow it to ana-
lyze a client's customer list
to determine ethnic groups
and spending patterns so it
can cater products and ser-
vices to that mix.
Geoscape can also find
language preferences, so that
a customer calling into a call
center, for example, can be
automatically routed to
someone who speaks their
language of choice.
The company worked
with about 100 clients last


year, covering the gamut of
industries, including con-
sumer package goods, retail,
healthcare, pharmaceuticals,
banking, media, entertain-
ment and telecommunica-
tions, Melgoza said. He
declined to disclose Geos-
cape's revenue or profit.
Meanwhile, Latin Force
has built its business on stra-
tegic consulting to compa-
nies looking to reach the His-
panic customer.
The company's clients
include Kraft Foods, Epic
Records, Nickelodeon Net-
works, Wells Fargo Bank and
the National Football League,
said Chief Executive David J.
Perez, who remains CEO of
the merged company. He
declined to disclose Latin
Force's revenue or profit.
Together, Geoscape and
Latin Force have worked for
several clients, including
Best Buy, Nestle Consumer
Products and MTV net-
works, he said. Combined,
the companies handle one-
quarter of the Fortune 100.
"Latin Force gets involved
early to let companies see
how well prepared they are,
then build a business plan,"
Melgoza said. "Geoscape
gets involved with database
analytics to execute the plan.
It's very complimentary.
Now we're part of the same
company, so we can do it
much more smoothly."
And with Goldman Sachs'
backing, the plan is to make
more acquisitions, beginning
in the fall, Perez said.
"Miami," he said, "is one
of the key markets where we
have identified some key
companies that would fit
within our model."


TECHNOLOGY



?-


-, i-.
-
.111


transactions per month.
He declined to discuss spe-
cifics about the company's
financial, only saying it
should turn a profit this year.


BUSINESS BRIEFS


LYNNE SLADKY/AP
WIRELESS BUT CONNECTED:
JumpStart Founder Jeff
Bonar's wireless
data-exchange software is
on his BlackBerry.



Software


is key to


paperless


data


exchange


BY ADRIAN SAINZ
Associated Press
The university mainte-
nance worker finishes install-
ing new mirrors in dormitory
rooms, and instead of return-
ing to the office, he just grabs
his cellphone.
The worker presses a few
buttons to input information
on ready-made forms that
were sent to his phone. The
description of his next job and
its location are all on the
screen, while the data on when
he started and finished is sent
to a central computer.
JumpStart Wireless is
bringing the paperless data
exchange among field workers
and their offices to regular
cellphones, hoping it will grow
due to its software's wide-
spread compatibility and
become an attractive takeover
target for more established
competitors like Motorola.
Using artificial intelligence,
the Delray Beach-based com-
pany's application fits most
business software, and works
on any cellphone brand. Users
say it saves businesses time
and money on paperwork,
data entry, labor costs and
auditing.
"Any phone you can play a
game on, you can run our soft-
ware on," said Jeff Bonar, who
started JumpStart in 2000.
Bonar used his doctorate in
artificial intelligence from the
University of Massachusetts
and a $500,000 initial invest-
ment to found Jump-
Start. His goal was to come up
with mass-market solutions
for moving corporate data on
devices such as cellphones or
BlackBerrys.
"One of the problems in the
wireless world for business
software is that everything is
incompatible," Bonar said.
"At no point in the future
will Motorola phones be com-
patible with Nokia phones."
SOFTWARE
For Bonar, writing custom
software for each company
was not an option because of
the abundance of available
business software applica-
tions.
That's where artificial intel-
ligence comes in.
"We let the computer itself
configure the software to meet
the needs of particular cus-
tomer," Bonar said.
Companies customize
forms that organize the infor-
mation they want sent to a
field worker. The data then
bounces from the office to
JumpStart's servers to the
worker's phone.
The data moves from
JumpStart to a computer sys-
tem, eliminating paperwork
and reducing the need for
employees who perform data
entry for client billing and in-
house accounting. It can help
speed up billing, add extra ser-
vice calls, and track staff pro-
ductivity.
JumpStart can be used for
researchers to monitor partici-
pants in medical trials, deliv-
ery drivers to record drop-
offs, even let college kids
order pizza, Bonar said.
Bonar said the typical cus-
tomer pays about $35 per user,
per month.
JumpStart is currently pro-
cessing more than 350,000


For up-to-date stock quotes, go to www.M


~--~----


I _, I -= I I _


WEDNESDAY, JUNE 27, 2007 4B


INTERNATIONAL EDITION


49



4,







4 -
'-1
4. '












* ,
* ,
-4
4






















t










* U








THE TIBUNEWEDNSDAYJUNE 7, 207,IPGES5


Detection of counterfeit




notes: Cashiers should be




trained to examine bills


* By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
Rather than rely on
special pens and
machines for the
detection of coun-
terfeit notes, cashiers in
Bahamian retail and financial
companies should be trained
to examine the bills them-
selves, as these instruments are
not fully reliable.
According to representatives
of the US Secret Service, who
gave a presentation on coun-
terfeit money at an Institute of
Internal Auditors seminar, the
pens that many companies rely
on can often produce 'false
positives'. The agents' names
are not being used at the
request of the US Embassy.
"The Secret Service does not
endorse any of those products.
Basically, the pens detect the
presence of starch, which is
found on the paper money is
printed on. But some counter-
feiters bleach $5 notes and
then reprint them to appear as
$100 note. So the pen will
detect starch, because it's actu-
al money, but not the value on
it. Or if you have a counterfeit


note in your clothing, it could
pick up starch in your pocket
and then you would have a
false positive," said one of the
agents.
He added that rather than
use these devices, it was better
that employees be trained to
understand what the basic
properties are in authentic US
dollar bills.
His colleague explained that
the best indicator was to feel
the money. He explained that
in many cases, persons who
encounter counterfeits will say:
"It just doesn't feel right."
Real US currency is printed
on paper consisting of 25 per
cent linen and 75 per cent cot-
ton, and contains red and blue
fibres.
Although counterfeiters are
becoming more skilled, it will
be impossible for them to
duplicate all the elements of
the microprinting on bills,
which will help to determine
whether it is a real bill or not,
the agents said.
One explained that when
you hold up the US$ bill to the
light, the wate mark the same
image as the face that appears
on the bill should be part of
the paper itself, and should be
seen from both sides of the


note. Although fake bills may
have a watermark, it probably
will not be identical to an actu-
al watermark it may be dark-
er or the face will be too unde-
fined.
Similarly, the agent said the
security thread is located at a
specific location on each
denomination, and should
have the denomination and the
letters 'USA' on the thread.
This, he said, was why some
counterfeiters bleach $5 notes,
because the position of the
watermarks on $5 and $100
notes are almost identical. In
most counterfeits, the denom-
ination won't match or the
denomination won't be on it.
Another indicator, the agent
explained, is that if you look
at the number in the lower
right corner on the front and
tilt it up and down, the colour
shifting ink changes colour
from copper to green.
Also, real US$ bills will have
the denomination of the bill
on it in microprinting, and are
so tiny that they are hard to
replicate and will have some
symbol with the words on
them as well.
Therefore, the agent said
that while a counterfeiter may


be able to replicate some of
the details, it was near impos-
sible for them to do so for all
features.
He added that if an employee
knows what to look for, they
should be able to detect coun-
terfeit bills with little difficulty.
Storekeepers, in particular
should be on the lookout for
"suspicious" behaviour, such
as the person who makes sev-
eral purchases at one store and
always paying in large notes,
but at different counters.
The agents suggested that
Bahamian companies use the
website:
www.usdollars.usss.gov,
which provides a detailed view
of what to look for on authen-
tic currency.









on Monday


Legal Notice


INTERNATIONAL BUSINESS COMPANIES
ACT
(No.45 of 2000)

ARIANE CONSEIL S.A.
In Voluntary liquidation

Notice is hereby given that in accordance with Section 137 (4)
of the International Business Companies Act (No. 45 of 2000),
ARIANE CONSEIL S.A. has been dissolved and struck off the
Register according to the Certificate of Dissolution issued by the
Registrar General on the 6th day of June, 2007.

Mr. Guy Glesener
36 rue Frantz Seimetz,
L-2531
Luxembourg
Liquidator



Legal Notice

NOTICE

CALLA LILLY INVESTMENTS INC.

(In Voluntary Liquidation)


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






ARGOSA CORP INC.
(Liquidator)



Legal Notice
NOTICE


DURACIONE VISTA INC.




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





ARGOSA CORP. INC.
(Liquidator)


Legal Notice


INTERNATIONAL BUSINESS COMPANIES
ACT
(No.45 of 2000)

ATLAC HOLDINGS LTD.
In Voluntary liquidation

Notice is hereby given that in accordance with Section 137 (4)
of the International Business Companies Act (No. 45 of 2000),
ATLAC HOLDINGS LTD. has been dissolved and struck off the
Register according to the Certificate of Dissolution issued by the
Registrar General on the 8th day of June, 2007.

Luis Pifieyrfiga
Juncal 1305, 21 Floor
Montevideo,
Republica Oriental del Uruguay
Liquidator





Legal Notice
NOTICE


CROSSFIRE INVESTMENTS LTD.




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





ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


ROJO S.A.




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





ARGOSA CORP. INC.
(Liquidator)


LEGAL NOTICE


NOTICE

HSBC PURCHASING (ASIA) LIMITED
(NOTICE OF DISSOLUTION)

Notice is hereby given in accordance with Section 137
(4) of The International Business Companies Act, 2000 (No.
45 of 2000) that the above Company commenced dissolution
procedures on the 14th day of June 2007 and that Mr. Peter
Waterhouse of Suite 30b, Centre of Commerce, One Bay
Street, Nassau, Bahamas, has been appointed the Liquidator
thereof.





Liquidator







V 8III11


COMMONWEALTH OF THE BAHAMAS 2001
IN THE SUPREME COURT No. 1076
Equity Side

IN THE MATTER OF M.J. SELECT GLOBAL, LTD.

AND

IN THE MATTER OF SECTION 92 OF THE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000

NOTICE

TAKE NOTICE that the Official Liquidator of
M.J. Select Global Ltd., in compulsory liquidation,
intends to make a distribution to all
Shareholders/Creditors of the Company in the
aggregate amount of $4,800,504 million dollars
(namely, "18.10 in the dollar"). All persons having
a claim in the liquidation of the Company are
required to submit a proof of their claim to the
Official Liquidator on or before the 23rd day of
July 2007. Any person failing to submit a proof
of their claim within the aforesaid time shall be
excluded from this dividend.

FURTHER TAKE NOTICE that a proof of claim
must be in the form of an Affidavit and verified
pursuant to Rule 52 of the Winding Up Rules.
The form of Affidavit can be obtained from the
Official Liquidator by writing to him at
PricewaterhouseCoopers, Providence House,
P.O. Box N-3910, Nassau, Bahamas or by email
'wayne.j.aranha@bs.pwc.com'.

FURTHER TAKE NOTICE that persons who
have completed a proof of claim form in response
to the Official Liquidator's letter of the 3rd
December 2003 shall not be required to submit
a proof of claim to be verified by Affidavit.
Persons that wish to confirm that they have
submitted a proof of claim do so by addressing
such request to the Official Liquidator.

Dated this 21st day of June, A.D., 2007.

ALEXIOU, KNOWLES & CO.
Chambers
St. Andrew's Court, Frederick Street Steps
Nassau, Bahamas
Attorneys for the Official Liquidator of M.J. Select Global, Ltd.


WEDNESDAY, JUNE 27, 2007, PAGE 5B


THE TRIBUNE






I HE TRIBUNE


Initial agreement reached on Royal Oasis casino partner


FROM page 1

lowing Hurricane Frances in
2004, is unlikely to open until
late 2008 at best, and probably
not until 2009.
It may not even be fully open
then, due to the amount of work
that has to be done, with Har-
court's purchase unlikely to close
until later this year possibly in
the autumn as the deal with


Lehman Brothers Holdings' pri-
vate equity arm, the Royal
Oasis' seller as a result of the
mortgage it held on the proper-
ty, will probably take several
months to close.
One stumbling block that
Harcourt and its eventual time-
share partner must overcome,
though, is to settle with the more
than 2,000 timeshare holders at
the Royal Oasis.
It is understood that a group


COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
Equity Sidc


2006
No.00229


IN THE MATTER OF ALL THAT piece parcel or tract of
land containing 27. 508 acres and situate westward
of the settlement of Port Howe in the Island of Cat Island
in the Commonwealth of the Bahamas
AND
IN THE MATTER of the Quieting Titles
Act, 1959
AND
IN THE MATTER of the Petition of Rebecca Bain
Notice

NOTICE is hereby given that Rebecca Bain, of the
settlement of Bain Town in the Island of Cat Island, one of the
Islands of the Commonwealth of the Bahamas claims to be the
Owner of the unincumbered fee simple estate in possession of
the land hereinafter described that is to say:-

ALL THAT piece parcel or tract of land
containing Twenty-seven and Five hundred and Eight
hundredths(27.508)acres situate westwardly of the settlement
of Port Howe in the said Island of Cat Island being a portion
of a'tract of land originally granted by the Crown to Samuel
Gambier which said piece parcel or tract of land is known
as and called "New Field" which said piece parcel or tract
of land is bounded on the NORTH by Queen's Highway and
running thereon Two thousand Two hundred and Nineteen and
Twenty-nine hundredths .(2,219.29) feet more or less on the
NORTHEAST by land now formerly the property of Cat Island
Deep South Association and running thereon One hundred and
Seventy-eight and Seventy-seven hundredths (178.77) feet
more or less on the SOUTH by the sea and running thereon
Two thousand Four hundred and Nineteen and Seventy-six
hundredths(2,419.76) feet more or less on the NORTHEAST
by the sea running thereon Four hundred and Twenty-two
and Six hundredths (422.06) feet more or less and on WEST
by land now or formerly the property of N.J. Love and
running thereon Eight hundred and Ninety-two and Fifty-eight
hundredths (892.58) feet more or less and has made application
to the Supreme Court of the said Commonwealth of the Bahamas
under Section 3 of the Quieting Title Act, 1959 to have their title
to the said land investigated and the nature and extent thereof
determined and declared in a Certificate of Title to be granted
by the Court in accordance with the provisions of the said Act.

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

1. The Registry of -.the Supreme Court,
Street, Nassau, Bahamas.
2. The Chambers of Martin, Martin & Co.,
The Pond Plaza, (East Bay and Ernest Sts.)
Nassau, N.P, Bahamas
Notice Is Hereby Given that any person
having Dower or right to Dower or any Adverse Claim
or Claim not recognized in the Petition shall on or before
the 27th, day of July, A.D 2007, file in the Registry of the
Supreme Court and serve on the Petitioners or the undersigned, a
Statement of their claim in the prescribed form verified by an
affidavit to be filed therewith. Failure of any such person to file
and serve a Statement of the said Claim on or before the 27th
day of July, A.D.2007, will operate as a bar to such Claim

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

Martin, Martin & Co.
Chambers
The Pond Plaza,
East Bay and Ernest Streets,
Nassau,N.P., Bahamas

ATTORNEYS FOR THE PETITIONER


of timeshare owners still have
an outstanding class action law-
suit going through their Florida
courts that has to be dealt with,
and collectively they are under-
stood to have made several mil-
lion dollars in timeshare pre-pay-
ments that they have never
received value for.
However, it is though that
Harcourt and whoever it selects
as its timeshare operating part-
ner would be keen on keeping as


many of them as possible.
When the Royal Oasis pur-
chase is completed. The Tribune
has been told that Harcourt will
invest at least between $150-$200
million in upgrading the prop-
erty the resort, casino, time-
shares, two golf courses, con-
vention centre and other ameni-
ties to the specifications
demanded by its respective oper-
ating partners.
Exploiting Grand Bahama's


proximity to Florida and the US,
the Royal Oasis' location in
Freeport city centre and the
short drive from Grand Bahama
International Airport, it is
understood that Harcourt will
use the convention tax break
granted to the Bahamas by the
US to target the American con-
ference and convention market.
Harcourt is already heavily
involved in the Grand Bahama
economy through the Bahamia
subdivision, for which it is the
estate manager, and its Suffolk
Court condominium project,
'with at least five such buildings
currently under construction.
The company also owns beach-
front land at Xanadu Beach,
where The Tribune understands
it wants to construct a condotel
development.


Lehman Brothers had beeh.'
seeking $40 million for the Roy;-' -'.
al Oasis, having been eager to
recoup the equity it invested in
the $27 million purchase price
and subsequent $45 million ren-
ovations. The private equity arm
has already received the pro-
ceeds from the 2004 hurricane
insurance claim on the property.
Many believe the Harcourt '
purchase of the. Royal Oasis'.
should have been concluded in
2005, but the Irish developer was
sidelined by a late $40 million
bid from World Investments
Holdings, a Florida-based group.
That consortium split apart
after it was unable to convince
the Government and Lehman
Brothers that it could raise the
necessary capital and find a
world-class casino operator.


NOTICE
NOTICE is hereby given that ALBERT SAMUEL OF JOHN
STREET OFF BLUE HILL ROAD, P.O. BOX SB-52580,
NASSAU, BAHAMAS, is applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 27TH day of JUNE,
2007 to the Minister responsible for Nationality and Citizenship,
P.O.Box N-7147, Nassau, Bahamas.








"rTach Me. 0 Lord, Thy Wy".. Psalm 119:33


VACANCIES

Invites applications -from experienced qualified Christian
candidates for the following position for the 2007-2008
school year.

Dean of Students

Applicants must -.... -..

A. Be a practicing born-again Christian who is willing to
subscribe to the Statement of Faith of Temple Christian
School.
B. Have a Bachelor's Degree in Education or higher from
a recognized College or University.
C. Possess excellent organizational, inter-personal
communicative skills.
D. Be able to assist with all aspects of the Administration.
E. Be able to discipline, counsel students.
F. Have high moral standards.

Teachers

Food & Nutrition (Gr. 10-12)
Art/Craft (Gr. 7-9)
Accounts/Commerce (Gr. 10-12)

Applicants must:

A. Be a practicing born-again Christian who is willing to
subscribe to the Statement of Faith of Temple Christian
School.
B. Have a Bachelor's Degree in Education or higher from
a recognized College or University in the area of
specialization.
C. Have a valid Teacher's Certificate or Diploma.
D. Have at least five years teaching experience, three of
which must be at the high school level.
E. Possess excellent organizational, inter-personal comm-
unicative skills.
F. Have high moral standards.

Application must be picked up at the High School office on
Shirley Street by July 4th, 2007 and returned with the
following: a full curriculum vitae, recent coloured photograph,
church affiliation, pastor's name and three references to:

Mr. Neil Hamilton
The Principal
Temple Christian High School
P.O. Box EE-17537
Nassau, Bahamas
Deadline for application is July 13th, 2007


Legal Office Assistant Required



For a small Law Practice

Located in the West

some Legal Secretarial Experience

would be an asset


Junior Attorney Required


For Small Legal Practice
Located in the West
1-5 years Pratice required


Please email resume to

andrewa@coralwave.com


HAUL tbb, WIVUNLbLUAY, JUNL 27, 2UU7


C IP A, L'
Pricing Information As Of:
Tuesday, 26 June 2007
BIOX. J ,HA1ASCOM Folk MoRf DATA & INFORMATION
'B 20' 72.67 CHG 00.11 /YTD 137.13/ YTD % 08.18
52wk-Hi 52wk-Low Securit y Previous Close Today's Close Change Dally Vol. EPS $ Div $ P/E Yield
1.85 0.54 Abaco Markets 1.56 1.50 -0.06 1,000 0.000 0.000 N/M 0.00%
12.05 11.00 Bahamas Property Fund 11.59 11.60 0.01 1,000 1.548 0.400 7.5 3.45%
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 -0.013 0.020 N/M 2.35%
3.22 1.43 Bahamas Waste 3.22 3.22 0.00 0.279 0.060 11.5 1.86%
1.49 1.20 Fidelity Bank 1.42 1.42 0.00 0.064 0.020 22.2 1.41%
10.74 9.00 Cable Bahamas 10.60 10.60 0.00 0.949 0.240 11.2 2.26%
2.30 1.80 Colina Holdings 2.30 2.30 0.00 0.281 0.080 8.2 3.48%
14.68 10.60 Commonwealth Bank 14.68 14.68 0.00 1.152 0.680 12.7 4.63%
5.72 4.22 Consolidated Water BDRs 5.34 5.43 0.09 0.112 0.049 47.8 0.92%
2.76 2.40 Doctor's Hospital 2.43 2.43 0.00 0.281 0.000 8.6 0.00%
6.40 5.54 Famguard 6.35 6.40 0.05 4,000 0.694 0.240 9.2 3.75%
12.61 11.50 Finco 12.61 12.61 0.00 0.787 0.570 16.0 4.52%
14.70 12.43 FirstCaribbean 14.54 14.54 0.00 0.977 0.500 14.9 3.44%
18.97 11.15 Focol 18.51 18.97 0.46 5,350 1.657 0.520 11.4 2.74%
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 7.25 7.25 0.00 0.411 0.200 17.6 2.76%
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%
**'.2- fi1fll )0"XTheaCaljnter Securities
52wk-Hi 52wk-Low Symbol Bid $ Ask $ Last Price Weekly Vol. EPS $ Div $ P/E Yield
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%
NO-.ali-6( eTh"-Counter Securities
: :,., .0 .,- A8DAB 41 00 3j 0', 1 ,',' 1' .'- L' 4 ,0 LU .
14.60 14.00 Bahamas Supermarkets 14.60 15.50 14.00 1.234 1.125 12.6 7.71%
0.60 0.35 RND Holdings 0.45 0.55 0.45 0.021 0.000 26.2 0.00%
.* "..- ~B'~IS~' ',. j,..BtSX Usled Mutual Funds
52wk-Hi 52wk-Low Fund Name NA V YTD% Last 12 Months Div $ Yield %
1.3437 1.2933 Colina Money Market Fund 1.343743"
3.2018 2.9038 Fidelity Bahamas G & I Fund 3.2018**
2.6819 2.3915 Colina MSI Preferred Fund 2.681688-"
1.2443 1.1695 Colina Bond Fund 1.244286""*
11.5519 11.0199 Fidelity Prime Income Fund 11.5519""*
g -Y. .'T.- ." 63y 9.52%/200o6 3 47 -
l ,i ..., iT TERM IL, % IL ',l% I -.-: "" - '1 3 "- 1- c NAV Y
52wk-Hi Highest closing price In last 52 weeks Bid $ Buying price of Collna and Fidelity
52wk-Low Lowest closing price In last 52 weeks Ask $ Selling price of Colina and fidelity 15 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 dally 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 nmths
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 c ....... .-'- E-DATA & INFORMATION CALL (2421 394-2503


NOTICE

NOTICE is hereby given that DIAH FERINAND OF
2 CAMBRIDGE AVENUE, CABLE, BEACH, NEW
PROVIDENCE, BAHAMAS, is applying to the Minister
responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/naturalization
should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 27th
day of JUNE, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.




NOTICE
NOTICE is hereby given that ROSITA OCTAMA OF GRANT
STREET, FOX HILL, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, arid
that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days
from the 27TH day of JUNE, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N-7147, Nassau,
Bahamas.




NOTICE

NOTICE is hereby given that MARCEL BAPTISTE
of MOUNT PLEASANT VILLAGE, P.O. BOX N-7776,
NASSAU, BAHAMAS is applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 20th day
of June, 2007 to the Minister responsible for Nationality
. and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



Legal Notice


NOTICE


CARTIER LIMITED


Pursuant to the provision of Section 137 (8) of the
International Business Companies Act 2000, notice is
hereby given that the above-named Company has been
dissolved and struck off the Register pursuant to a
Certificate of Dissolution issued by the Registrar General
on the 19th day of June, A.D., 2007.

Dated the 26th day of June, A.D., 2007.


Arthur Seligman
Liquidator of
CARTIER LIMITED


BUSINESS







THE TRIBUNE


Computer fraud


cases






come


By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
he Bahamas'
I appointment of a
| Data Protection
S Commissioner may
lead to more cases involving
qyber crime and computer-
related fraud coming to light, a
Deloitte & Touche accountant
Said yesterday.
Addressing an Institute of
Internal Auditors seminar,
Lawrence Lewis said that in
many cases, digital assets far
exceed a company's physical
2 assets, and the cost of address-
ing a computer security breach
far outweighs the initial cost of


likely to


to


what was taken.
He added that almost all the
security breaches in a company
come from an internal source,
although in some cases they
are innocent.
The primary objective was
usually financial gain or espi-
onage among the not-so-inno-
cent, he explained.
Mr Lewis said that with the
recent appointment of the
Data Protection Commission-
er, he expects more cases may
come to light. Employees
needed to be aware of the
need to safeguard their com-
puter passwords, he added.
Institute president Edgar
Moxey told The Tribune that it
tries to host a seminar on fraud
at least every two years, given


the fact that it is such a topical
subject affecting business.
The one-day conference, he
said, had a widespread topic
base to highlight several areas
where fraud occurs.
Sessions included an
overview of fraud, its detec-
tion and prevention, conducted
by Raven Henderson of the
CIA.
During her presentation, Ms
Henderson said it was impor-
tant that everyone in a com-
pany be on alert for signs of
fraudulent activity.
These could be the missap-
propriation of assets and cash,
and an adverse relationship
between employers and
employees, where the latter
feels they are entitled to take


re


certain things from the com-
pany, particularly if there is
unprotected cash and the
opportunity to steal.
Other forms of fraud include
personal use of company
property or assets, as well as
intellucutual property or plain
theft. '
Ms Henderson said fraud
accounts for an estimated $652
billion in loses annually in the
USA.
She reminded Bahamian
auditors that they play a sig-
nificant role in identifying
fraud by the very nature of the
function they perform.
"How would you as an audi-
tor feel if fraud was commit-
ted and you didn't detect it?"
she asked.


Bahamas First buys Carib Insurance


FROM page 1

by Bahamas First. standing
Alongside Nassau Underwriters
and Moseley Burnside.
o Bahamas First has tradition-
ally grown through acquiring
agents to provide itself with a
sales and distribution network
through which it channels its
policies and premium, keeping
head office costs relatively low,
and the Carib Insurance Agency
deal is a continuation of this pol-
icy.
. The purchase is also a logical
progression from Bahamas
First's purchase of the general
insurancee portfolio of Com-
monwealth General in early
2005, that carrier having the


same ownership as Carib Insur-
ance Agency. Carib had been
the agency. writing policies for
Commonwealth General, and
switched to doing the same for
Bahamas First when that deal
was completed.
When asked whether Carib
Insurance Agency would now
write exclusively Bahamas First
policies, Mr Ward yesterday told
The Tribune: "For the most part,
but not entirely at this stage."
Carib Insurance Agency has
a staff of 12-13 spread between
two offices, one in Nassau and
one in Freeport, and Mr Ward
said there was no plan to reduce
staffing levels as a result of the
purchase.
He added of the Carib Insur-
ance Agency transaction: "It was
always our intention to do it. It


was always a question of
whether we would have a minor-
ity of 20 per cent or higher than
that, and in the end all parties
concerned agreed that it would
be in the best interests of all con-
cerned to acquire 100 per cent."
Although the Commonwealth
General purchase had closed
more than two years ago, Mr
Ward said that "it takes time to
get heads around other issues".
He added: "It think it was
really in the best interests of
everyone to allow the initial
acquisition to be fully incorpo-
rated into the group before we
entered into another purchase."
Carib Insurance Agency will
continue to operate under that
name, with all existing policies
remaining in force and clients
seeing no change.


Bahamas First has grown
rapidly through acquisition in
recent years, having also pur-
chased the Colina General
Insurance Company's portfolio
of business, leaving that firm as
an agent for it.
Commonwealth General, and
it is believed Carib Insurance
Agency, were part-owned by
Cooper Gay, an insurance and
reinsurance broker that oper-
ates on the Lloyds of London
market.


Legal Notice


NOTICE OF DISSOLUTION
OF

COVERSTAR LIMITED


Notice is hereby given that liquidation of the above
company commenced on the 25th day of June, 2007
and that Credit Suisse Trust Limited of Bahamas
Financial Centre, Shirley & Charlotte Streets, Nassau,
Bahamas has been appointed Liquidator of the
Company.


Credit Suisse Trust Limited
Liquidator
















The Anglican Central Education Authority invites
applications from qualified Bahamians for the position
of Vice Principal for St. John's College beginning
September 2007.
The Applicant must have a Degree in Education from
a recognized University. with at least 10 years
accumulative experience
For further details please contact the Anglican Central
Education Authority on Sands Road at telephone
(242) 322-3015.
Letters of application must be addressed to:
THE DIRECTOR OF EDUCATION
ANGLICAN CENTRAL EDUCATION
AUTHORITY
P.O. BOX N-656
NASSAU, BAHAMAS
The Deadline-for appcationsx -Friday, July 13,2007
I_______ i _____ i I" I,


I.


Share

your

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


LEGAL NOTICE

NOTICE

W-D (BAHAMAS) LIMITED
(In Voluntary Liquidation)
NOTICE is hereby given that the creditors of the above-
named Company are required within 28 days of the date hereof,
to send their names and addresses, and the particulars of their
debts and claims to the undersigned, Liquidator of W-D
(BAHAMAS) LIMITED and, if so required by notice in
writing from the undersigned, to provide proof of such debts
or claims. In default thereof they will be excluded from the
benefit of any distribution made by the Liquidator before such
debts are proved.
Dated the 25th day of June, A.D., 2007.
RIC NOMINEES LIMITED
P.O.Box N-4755
Nassau, Bahamas
Liquidator


MINISTRY OF WORKS & TRANSPORT
&
KNOWLES CONSTRUCTION AND DEVELOPMENT
COMPANY LTD.

CON






MILO BUTLER HIGHWAY -

EXTENSION TO CARMICHAEL ROAD

IMPROVEMENT PROJECT


IMPORTANT PUBLIC SERVICE
ANNOUNCEMENT

The Ministry of Works & Transport and Knowles
Construction & Development Company Ltd wish to
inform the public that the road improvement works on
Milo Butler Highway from Tonique Williams-Darling
Highway to Carmichael Road will commence on 25
June, 2007.

The Public is advised to observe the construction signs
pointing out the temporary traffic management.

Please drive with care and caution in the construction
zones.

We apologise for any inconvenience whilst we endeavour
to improve the road network in New Providence.


BUSINESS


- -., ,ul/, PAGE 7B


I














Financial services 'essential


* By NEIL HARTNELL
Tribune Business Editor

cial services industry
is "an essential tool"
for developing this
nation's middle class and "min-
imising" the 'brain drain' of its
best educated, most highly
skilled workers, the Bahamas
Financial Services Board's
(BFSB) chief executive and
executive director said.


to combat brain drain


Sector's relatively high-paying jobs key to developing Bahamian middle class


Addressing the Conference on
the Caribbean in Washington
last week, Wendy Warren said
that while the survey performed
for BFSB by Oxford Econom-
ics had shown the Bahamian
financial services industry's inter-
national sector directly generat-
ed $360 million or 6 per cent of
per annum gross domestic prod-


uct (GDP), its total impact was
"two times" this due to spin-off
effects.
She added: "While these num-
bers are impressive, they do not
capture the most important sto-
ry. The financial services sector
is an essential tool to minimising
the impact of 'brain drair' and
the development of a vibrant


middle class."
Drawing on key projections
from the Oxford Economics sur-
vey, Ms Warren said that while
financial services directly gener-
ated 15 per cent of Bahamian
GDP per annum, its total impact
was probably equivalent to 27
per cent.
In addition, the industry


reduced the Bahamian econo-
my's vulnerability and supported
22,000 jobs, some 13 per cent of
the total workforce. Financial
services also produced $200 mil-
lion in government revenues and
19 per cent of the tax base.
Ms Warren explained that like
the Bahamas, the US, including
the state of Delaware, London,
Switzerland and a host of leading
industrial nations could also be
defined as 'offshore' financial
centres, because the term meant
providing these services to per-
sons residing in another coun-
try.
These nations were the major
'offshore' providers, with small-
er states such as the Bahamas
"really facilitating the global
flow of capital back to major
financial centres", Ms Warren
highlighting the key role they
played and also the potential dis-
ruption that would be caused to
the global financial system if
agendas such as the OECD's
continued to be pursued.
"This point is essential, as it
confirms that the business
undertaken and the clients for
whom services are provided are
the same in Caricom countries as
the business conducted in the
OECD countries, and persons
for whom these services are
delivered by the OECD-based
financial services providers," Ms
Warren said.
"In fact, it is through these
shared and symbiotic business
relationships, and partnerships
with the world's top financial
centres, the island states become
important cogs in the wheel of
the global economy."
The BFSB chief executive said
the countries that had seen the
greatest growth in the number
of high net worth citizens
between 2004 and 2005 were
generally in Asia and the Far
East, in states such as South
Korea, Russia, India, South
Africa, Indonesia, Hong Kong,


* WENDY WARREN


Saudi Arabia, Singapore and the
United Arab Emirates.
These nations had no natural
ties to the Caribban, and thl.
absence of cultural and timezone ,
similarities, as the Bahama}
enjoyed with Northern and Latin
American markets, could
impede this nation's efforts in
attracting business from these
markets.
Ms Warren said the competi-
tiveness of the Bahamas and
other island states was also ham-
pered by OECD countries,.' .
attempts to "to reinstitute barri-'.
ers to global trade where small
island states challenge the sta-
tus quo", as had happened in the
recent World Trade Organisa-, "
tion (WTO) dispute between the,
US and Antigua .& Barbuda'
over offshore gambling.
The Bahamas and other
Caribbean financial centres also '"
needed to differentiate them-
selves clearly from other
providers, establishing their own
niche and 'brand' identity to
attract and retain key clients and
institutions.
"We must remember that we
are competing for mind share.
We need to convince the global
financial services firms, the rainr-
makers or dealmakers and, ulti-
mately, the client who is likely to
be a great distance from us, that
they should choose th6
Caribbean. Unforttiiitely I am
not sure that our brands are as
clear as they need to be t'o
attract clients to our shores," Ms
Warren said.


The Partners and Staff of Ernst & Young
toasts and congratulates
Hubert A. Chipman
on his appointment as Country Managing Partner
of Ernst & Young, Bahamas


We wish you every success!


P4 % -: -- " "" ",
.'-4'-_,.,.._ .,. .


Quality In Everything


-p

A global leader In audit, tax and advisory services

Vacancy for the Position:

Manager, IT Advisory Services

Key job functions and responsibilities include the ability to audit internal controls over
financial reporting performed in conjunction with financial statement audits which
must be assessed in accordance with the Public Company Accounting Oversight Board
standards. Must be able to perform information system audits as part of a financial
statement audit and identify strategic business risks, as well as analyze major business
processes to ensure appropriate controls are in place. Ability to test key controls and
evaluate design and operational effectiveness. Must also perform due diligence IT
reviews inclusive of IT strategy and risk management and information security.

Successful candidate must have a Bachelors Degree and at least five years experience
in IT audit or information risk management. The Certified Information Systems
Auditor (CISA) designation would be a plus.

KPMG offers a competitive compensation and benefits package inclusive of medical
and pension plans.

Applicants should submit a cover letter, resume, a copy of their degree and professional certifications and a
copy of their transcripts to: KPMG, Human Resources Manager, P.O. Box N123, Nassau, Bahamas or
cash @kDma.com
A.U.DI.T. T_.._A.X........A.D.V...lSIOR.

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


-~ I ill - -- -- I-------------


i~ii~--l ~-I~fE~T~~m~---~ ~i--- ~


THE TRIBUNE


PAGE 8B, WEDNESDAY, JUNE 27, 2007


We Do


I