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Permanent Link: http://ufdc.ufl.edu/UF00084249/02929
 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: 6/29/2007
 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_02929
System ID: UF00084249:02929

Full Text








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The


Tribune


Volume: 103 No.181


RON RICARDO and 1

$20,000 SECRET SOUND
llS t '


Maynard-Gibson


leads PLP walkout


* By RUPERT MISSICK Jr
and MARK HUMES
A HEATED row over the
"early" passage of the 2007
budget has arisen, with oppo-
sition Senators accusing gov-
ernment of being "high hand-
ed and undemocratic" and
government Senators accus-
ing the opposition of attempt-
ing to obstruct the passage of
the key piece of legislation.
Opposition Senate leader
Allyson Maynard Gibson,
whd in protest, led a walkout
of PLP Senators before the
bill was passed yesterday,
accused government senators
of a "grossly unfair, obscene
and undemocratic violation of
constitutional procedure and
practice" by allowing a vote
of closure on the bill before
opposition concerns were
addressed.
"The cloud of arrogance,
victimization, abuse of power
and intimidation that has
affected so many people in the
last six weeks has finally found
its way to the Senate.
"On Wednesday the Vice
President of the Senate and
Chairman of the FNM took
over in the absence of the
president and in high-handed,
procedurally incorrect and
undemocratic manner sought
to force the passage of the
budget without regard to the
legitimate and vital questions
that the opposition sought to
raise," she said.
However, government Sen-
ate leader, Minister of Labour
and Maritime Affairs, Dion


Foulkes yesterday defended
his decision saying that Sena-
tor Gibsoh's refusal to coop-
erate and her intention to
"hold the country hostage to
their arrogance and immatu-
rity" forced him to bring the
process to a conclusion
Wednesday night if the gov-
ernment were to meet its July
I deadline for the passage of
the bill.
"Senator Gibson's behav-
iour was disgraceful but not
surprising since she obviously
intends to carry out threats
emanating from some PLP
quarters to obstruct the work
of the Government in this par-
liamentary session.
"This behaviour was remi-
niscent of her reaction to her
defeat in the Pinewood Con-
stituency. She refused .to
accept the verdict of the peo-
ple and helped to keep the
country on edge while she
demanded recounts that took
a whole day and up until mid-
night of the day after the elec-
tion," Mr Foulkes said.
Yet despite Mr Foulkes' ref-
erence to the aftermath of the
Pinewood mix-up, Senator
Gibson-Maynard remained
focused on the Opposition's
concerns over government's
actions in bringing closure to
the bill.
She told the crowd of
reporters that, at the Com-
mittee stage of a Bill, Parlia-
ment performs one of its fun-
damental functions, making
SEE page 13


THIS car wias crushed
against a utility pole bI a
dump truck on Gladstone
Road.
(Photo: Felipg Major/
Tribune staff)
By ALISON LOWE
Tribune Staff Reporter
A WOMAN was seriously
injured yesterday when a car
in which she was travelling
was crushed "like a pan-
cake" against a utility pole
by a dump truck on Glad-
stone Road.
The accident has renewed
calls from a concerned resi-
dent for authorities to rein
in "intimidating" dump truck
drivers who regularly speed
on the road and have been
seen "running cars off the
street" with their threaten-
ing behaviour.
"Right now people in
Carmichael Road, the
Carmichael area, are in fear
for their lives every day,"
said the man, who said it was
only last week that he saw
another car being forced
onto the verge by a truck.
That incident prompted
him to contact the Road
Traffic Department, but
despite promises to send
someone to look into the
reported problem, no one
showed up. Prior complaints
SEE page 15


Men in custody in connection

with seizure of millionn in cash


* By DENISE MAYCOCK
Tribune Freeport Reporter
FREEPORT The three men,
wanted by Grand Bahama Police
for questioning in connection
with the seizure of money, drugs,
and weapons, are in police cus-
tody.
Devin Gilroy Garland, 30, of
251 Melbourne Crescent, Hud-
son Estates; Larry McIntosh, 32,
of 91 East Atlantic Drive and
No 9 Drake Avenue; and
Reynold "Rennie" Newbold, 28,


of 48 Pinta Avenue, South
Bahamia, are assisting
police with their investig-
ations.
The men are being questioned
in connection with the massive
money, drugs and weapons
seizure on June 17 aLthe Bron-
stone Storage Facility on
Grenville Drive and Milton
Street.
Chief Superintendent Basil
Rahming thanked the news
media for its assistance in pub-
lishing the all points bulletin on


the three wanted men.
On Sunday, June 17, Grand
Bahama Police seized $7 mil-
lion in cash the largest single
cash discovery by Bahamian law
enforcement.
Also seized were more than
100 kilos of drugs, and weapons,
including six rifles and four pis-
tols, and more than 1,000 rounds
of ammunition.
The Central Detective Unit
and Drug Enforcement Unit
officers are investigating the mat-
ter.


* By TANEKA THOMPSON
AN HIV positive New Providence resi-
dent alleges that he and his terminally ill
wife are being denied assistance from the
Department of Social Services because of
their HIV status. The gentleman, who
asked for his name to be withheld, reports
that he has only received two month's
worth of financial assistance from the
Department in 2007, even though he was
promised assistance throughout the rest of


the year.
He claims that February was the last
time he received assistance from Social
Services and that officers from the Wulff
Road office never visited his home to check
on his living conditions where they would
have seen that he is in dire need of "emer-
gency assistance."
Shunned by relatives and their church
the married couple is currently living "in
SEE page 15


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THE TRIBUNE


PAGE 2, FRIDAY, JUNE 29, 2007


LOCANW


Atlantis: we aren't drawing custom



away from downtown businesses


ATLANTIS is only one seg-
ment of the overall destination
of Nassau, George Markanto-
nis, president and managing
director at Kerzner Interna-
tional said in a statement yes-
terday.
He said downtown businesses
need to present themselves as
viable options for visitors in
order get their share of the
tourist market.
Mr Markantonis was
responding to claims by a down-
town business that Atlantis is
"sucking the life out" of Bay
Street, especially in the evening
hours.
The furious businessman said
that downtown restaurants and


clubs were suffering and that it
was difficult for establishments
to be successful "if Atlantis is
keeping all the trade to itself."
Mr Markantonis yesterday
emphasised that Atlantis is in
fact promoting local downtown
businesses and tourist sites.
"We want visitors to experi-
ence all facets of Nassau, but
there must be product available
at a standard that is attractive to
the visitor," he said.
Mr Markantonis said that
when looking at such destina-
tions as Orlando, "Disney and
Universal attract millions, but
International Drive or down-
town Orlando benefits tremen-
dously from the critical mass


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* ATLANTIS


created."
The businessman who spoke
with The Tribune earlier this
week also claimed that Atlantis


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staff were telling tourists that it
is dangerous to visit the down-
town area at night.
"We do not have any policy
that dictates what our staff say
to our guests with respect to
other attractions or Bay Street.
It is unfair to lay this claim at
the feet of Atlantis and their
employees, when newspapers
outline the problenis of down-
town on a daily basis.
"In fact we have two tour
centres on our property that
promote and sell attractions
throughout the island," Mr
Markantonis said.
In addition to this, he said, a
"wide variety of tourist attrac-
tions are promoted on our in-


room video loops, including the
Straw Market, Ardastra Gar-
dens, historical sites and others."
As concerns Atlantis' new
nightclub, Aura, "Atlantis and
Resorts International before
that, and the hotels on Cable
Beach and elsewhere, all have
and have always had night
clubs," he said.
Responding to the criticism
that local businesses cannot dis-
tribute fliers on the Atlantis
property, Mr Markantonis said
that Atlantis is not aware of any
business that allows other busi-
nesses especially competing
businesses to distribute pro-
motional material on their
premises.


Clarification on response


ATLANTIS management took
grave exception to a sentence in
The Tribune article under the
heading, "Claim that Atlantis
'sucking the life' out of Bay
Street", which appeared in yes-
terday's newspaper on page two.
The last sentence of the story
stated that the resort did not
respond to The Tribune up until
press time on Wednesday night.
"The perception that the last
paragraph of your story gives is
that we may have been dodg-
ing the allegations. We would
assert that no media can ever
accuse us of not responding.
"We will either forward that we
have no comment or we will issue
a statement. That is our record,
plain and simple," said senior vice-
president in charge of public rela-
tions at Atlantis, Ed Fields.
Mr Fields said that the
request to respond to the article
was sent to him via e-mail at
1.47pm, but that he did not
actually receive it until 3.30pm.
Mr Fields said a response was
then written and forwarded to
the newspaper at 5.38pm.
He added that while e-mail
is an extremely legitimate vehi-
cle of communication, it is not
time sensitive.
However, Mr Fields in the
past has encouraged several Tri-
bune, reporters to use e-mail
when.they have questions and


requests for a comment on a sit-
uation concerning Atlantis.
While it may be true that the
reporter should have also con-
tacted Mr Fields by telephone to
alert him to the e-mail, the senior
vice-president was able to
respond to a second request for
information by another reporter,
which was also sent by e-mail,
without a phone call being made.
This second request was made
later than the first, but was
answered three hours earlier.
In Wednesday's e-mail, a
request was also made of Mr
Fields to contact The Tribune,
by either e-mail or phone call, if
he intended to respond. No
such call or e-mail was received
before his response was sent.
Mr Fields also said that the sen-
tence "Atlantis did not respond to
The Tribune up until press time
last night" was misleading, as the
newspaper had received a response
by press time, which is 8pm.
While press time is indeed
8pm for the press room, the
deadline in the editorial depart-
ment for all inside pages to meet
the press deadline is 5.15pm. Mr
Fields' response was received 18
minutes after that deadline. The
article that referred to Atlantis
was positioned on an inside page
and, therefore, had to be written,
edited and positioned in a com-
pleted page by 5.15pm.


OIn brief

Woman denies
having 16
pounds of
drugs at home
A WOMAN accused of
being found in possession of
16 pounds of marijuana was
arraigned in Magistrate's
Court yesterday.
Ingrid Bain, 29, of
Carmichael Road appeared
before Magistrate Carolita
Bethel at Court eight Bank
Lane yesterday and pleaded
not guilty to the charge of pos-
session of marijuana with the
intent to supply,to another.
It is alleged the drugs was
found in her home on Tues-
day June 26.
Bain was remanded to Her
Majesty's Prison yesterday
and the matter was adjourned
to July 5 at 2pm for a bail
hearing.

Appeal begins
for man who
tried to rape
83-year-old
A MAN who last year was
convicted of burglary caus-
ing harm and the attempted
rape of an 83-year-old woman
appeared in the Court of
Appeal yesterday.
Last October Alutus New-
bold was sentenced to serve
16 years in jail on a burglary
conviction, six years in jail for
attempted rape and two years
on a causing harm conviction
which are to run concurrently.
Justice Jon Isaacs also
ordered that he receive eight
strokes of the rod.
Yesterday his attorney,
Kenneth Toppin, argued in
the Court of Appeal against
the administration of corporal
punishment on his client,
claiming it is excessive.



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OIn brief

Man faces
charge of
marijuana
possession

A MAN was arraigned in
Magistrate's Court on
Wednesday charged with
possession of a half pound
of marijuana.
It was alleged that on
Tuesday, June 26, Bianco
Smith, 30, was found in pos-
session of a quantity of mar-
ijuana which authorities
believed he intended to sup-
ply to another.
Smith, who' appeared
before Magistrate Carolita
Bethel at court eight in Bank
Lane, pleaded in;ot guilty to
the charge and was denied
bail because, according to
the prosecution, he has
another matter pending
before the courts;.
The case was adjourned to
October 17.

Man denies
causing
GBH to two
persons
A MAN was arraigned in
Magistrate's Count on Wed-
nesday accused of causing
grievous harm to two people.
Kenron Jamaal Dean of
Yellow Elder appeared
before Chief Magistrate
Roger Gomez.
It was alleged that on
Monday, June 18.. Dean
caused grievous harm to
both Everett Patton and
Dario Mortimer.
Dean, who pleaded not
guilty to the charges, was
granted bail in the sum of
$9,000 with one surety.
The case was adjourned to
July 17 and transferred to
court 11 on Nassau Street.

Paintings
shown to
raise AIDS
awareness
TWENTY-ONE recent
paintings by Antonius
Roberts will be exhibited on
July 2 in an effort to help
change the way Bahamia.ns
look at AIDS in their corn-
munity.
The showing will be held
at the Central Bank of the
Bahamas Gallery from 6 to
9pm.
The paintings are silhou-
ettes of seven persons who
are HIV positive. Along with
each painting will be dis-
played the story of each per-
son in their own words.
"The objective is to elimi-
nate stigma and discrimina-
tion by putting a face on HIV
and AIDS in our community
without putting an actual face
in the public arena," said a
statement released by the
organizers. "As a result of
stigma and discrimination
persons who are living with
HIV and AIDS live in the
shadows of our society."
This exhibition is the first
of a three-part series initiat-
ed by Mr Roberts.


* BYRAN Woodside of
Pinewood


M SIDNEY Collie of Blue
Hills


* ZHIVARGO Laing of
Marco City


MPs with seats




contested are




served writs


* .By ALISON LOWE
Tribune Staff Reporter
ALL three MPs whose con-
stituencies are being contested
in election court have now been
served with a copy of the peti-
tions filed by the PLP, bringing
the cases ever closer to a court
showdown that could have far
reaching political implications.
It has also been revealed that
the government will be repre-
sented by lawyers from the firm
of Graham Thompson and Co -
ensuring that the country is set
to see a clash between some of
the country's most renowned
legal minds.
The firm has some strong
FNM links, as the base for
lawyer Claire Hepburn, now
Attorney General, and Michael
Barnett, FNM candidate for
Fort Charlotte in the May 2
election.
Representatives from both
sides, including PLP lawyer, MP
Philip Davis, and FNM sources,
have indicated that they want
the election court matters dealt
with speedily.
Petitions were filed to initi-
ate election court proceedings
in the case of the Pinewood,
Blue Hills and Marco City con-
stituencies on June 18. The seats
were officially won by the FNM
by 64, 47 and 47 seats respec-
tively.
In the five days preceding the
serving of the petitions upon
the MPs which by law had
to occur within the five days fol-
lowing the filing of the original
petition they are entitled to
respond with any technical
objections to the terms as laid
out in the document. However,
it is not necessarily required
that they must object, as they
can also choose to "join them
(the PLP) on the issues and
take issue with the issues," said
a legal source.
Speaking with Mr Davis yes-
terday, the PLP's legal team had
"just heard" from the FNM's
lawyers.


Previously, the FNM have
remained silent about the whole
matter of who would represent
them in court. FNM chairman
Johnley Ferguson described the
entire proceedings as "embry-
onic" on Monday, claiming the
party had not yet officially
determined who would present
the party's side.
He said: "The party is prepar-
ing. While there have been no
collective meetings on that lev-
el that the public would be
aware of the party is (prepar-
ing) and I'm sure they will begin
to make some mental notes and
when the time is right you'll do
what you have to do."
However, the chairman
played down the affair, claiming
there is "nothing big to be pre-
pared for."
Attorney for the PLP, Wayne
Munroe, has stated that the par-
ty's contesting the three seats
is primarily based on the asser-
tioi that non-citizens voted in
the election, along with persons
in constituencies where they did
not live.
In order for the result of the
election in that area to be over-
turned, it would have to be
proven that the PLP gained
more legitimate votes than the
FNM, once all illegitimate bal-
lots have been discounted.
However, some commenta-
tors have noted that although
the numbers were small 67, 45
and 45 it would still be a mam-
moth task to rule out, with ade-
quate evidence, that many votes
in the election court.
Nonetheless, if such a task is
achieved, and the opposition
are victorious in all three elec-
tion court cases, the PLP would
officially become the govern-
ment, holding 21 to the FNM's
20 seats, compared with the cur-
rent 18 to 23 split. However,
Prime Minister Hubert Ingra-
ham has said that "only the peo-
ple of the Bahamas can deter-
mine their government."
While he has indicated that
his government will abide by


We also have USA flags, Bunting, Bows, Ribbon & Decorations


the court decision from which
there is no appeal he also sug-
gested that he is not afraid to
exercise his right to call another
election to secure his party's
position, if his party looked set
to lose all the challenges, rather
than concede the government
as a result of a court decision
based on allegations of election
mismanagement.
Such an albeit rare possi-
bility was one that Mr Fergu-
son played down.
"You'll have to make a deci-
sion," he admitted, adding how-
ever that "at this time it's not
necessary to give it any serious
thought."
Asked how many witnesses
may be called to testify in the
court cases, Mr Davis could not
be specific, but said that he
hopes the number can be min-
imised through cooperation
between the parties' lawyers,
speeding up the process.


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THE TRIBUNE


FRIDAY, JUNE 29, 2007, PAGE 3


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THE TRIBUNE


PAGE 4, FRIDAY, JUNE 29, 2007


Ep=DIT IJIAULE RSIS. TI THE DII.TOR


The Tribune Limited
NULLIUSADDICTUSJURARE IN VERBA MAGISTRI
Being Bound to Swear to The Dogmas of No Master

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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

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


Secrecy raises question for democracy


NEW YORK The release this past
week of the "family jewels" the CIA's
records of its abuses and illegal activities
during the 1960s and 1970s serves as a
timely reminder of the threat secrecy can
pose to democracy. It also reinforces the
importance of vigorous oversight of our
nation's secret-keepers, of watching the
watchmen.
This past week brought fresh evidence
that these concerns are as relevant now as
they have ever been, with the latest story
about how the White House is seeking to
keep not only its documents but also the
way it handles these documents secret from
our government's appointed overseers.
President Bush signed Executive Order
13292 in 2003, amending President Bill
Clinton's 1995 Executive Order 12958,
which dealt with the handling of classified
information in the executive branch. You
may have heard Vice President Dick
Cheney's claim that because the Constitu-
tion provides a legislative role for his office
- president of the Senate he is not,
actually, part of the executive branch and
therefore not subject to the order.
This is a novel argument, to put it polite-
ly, and one the vice president has backed
away from in recent days, though he has
maintained that he is exempt from the
order. Indeed, the vice president and his
office have not complied with the executive
order's oversight requirements since 2003.
When the Information Security Oversight
Office (ISOO), the office in the National
Archives charged with enforcing and car-
rying out the executive order, wrote Attor-
ney General Alberto Gonzales about the
vice president's non-compliance, Cheney's
staff responded by trying to get the ISOO
abolished.
Interestingly, this has not been the first
time that E.O. 13292 has appeared in the
news quite an illustrious career for one
of what must be millions of orders and reg-
ulations dealing with the internal opera-
tions of our government.
Early last year, when Vice President
Cheney appeared on Fox News' "Special
Report With Brit Hume" after Cheney's
hunting accident, Mr. Hume asked him


"The gem cannot be perfected without
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about some of the questions that were com-
ing out of Special Prosecutor Patrick
Fitzgerald's investigation of the Valerie
Palme leak case. Among these was former
Cheney aide Lewis "Scooter" Libby's tes-
timony that he had been authorized by his
superiors to disclose classified information.
When Mr. Hume asked the vice presi-
dent if it was his "view that a vice president
has the authority to declassify informa-
tion," Cheney answered, "There is an exec-
utive order to that effect."
As certain commentators on the left and
the right helpfully pointed out at the time.
the vice president was evidently referring to
E.O. 13292. Among the many changes that
President Bush's 2003 amendment made to
President Clinton's original order were
provisions that allowed the vice president
- in addition to the president to classi-
fy information.
Whether or not this also gives vice pres-
idents power to declassify information is a
subject of debate. But the executive order
from which Vice President Cheney now
claims to be exempt is the same one he
seemed to cite last year to justify his
actions.
These shifting sands of logic, the claims
of "executive privilege" followed by denials
of executive-branch membership, should
raise real questions in the minds of con-
cerned citizens, no matter where one stands
on the political spectrum.
Questions about whether our repub-
lic about to turn 231 years old is
being changed in significant ways, and often
by fiat.
Questions about whether those who
advocate and practice such secrecy in the
White House are trying to hide anything,
and, if so, what.
Questions about the press and the
public's ability to sustain interest in the
seemingly arcane legal matters that are
key parts of the rule of law.
And finally, what is perhaps the sur-
mounting question: Who watches the
watchmen?
(* This article is by Dan Rather of
Hearst Newspapers 2007)


.ow us to


freely


plan


in Fox Hill


EDITOR, The Tribune.
PLEASE allow us space to
voice our cry on what we
think is a situation that needs
an urgent mediator, and we
hope that we can gain that
from you, the public or even
the Prime Minister, the Hon.
Hubert A Ingraham himself.
Please let's all learn to hear,
we are not addressing this
issue to get points for any
political party, rather we are
fighting for our history and a
heritage that was passed down
through the lineage of all Fox
Hillians and for our children
and grandchildren to enjoy.
Last Fox Hill day a group
of people got together and
allegedly tried to politicise
along with others tricks even
to the extent of renaming the
historical Fox Hill day cele-
bration after Mr George
Mackey. A ploy that was
fought and successfully won
by the coming together of the
Fox Hill people and con-
cerned Bahamians alike. In
addition I was shocked at the
article in the daily newspaper
by the member of parliament
the then Minister Fred
Mitchell stating in my own
words to be brief how dis-
pleased he was in this same
committee and how disap-
pointed he was in their inabil-
ity to put on a successful
event, especially one that we
have been celebrating for
years. Mr Fred Mitchell went
on to invite that committee to
go to Gambier and learn how
to put together a proper event.
From that point Mr Mitchell
brought in government min-
istries to allegedly take over
the show, while it was an
enjoyable event it was not a
foxhillian event. In an effort
not to sound ungrateful for
the minister's efforts, let us
explain, unlike other events
Fox Hill day is about us enter-
taining our guests and family
alike and not us being enter-
tained as it is done at other
festivals. As a result a group of
us made an agreement to step
up and bring back the people-
to-people touch to our home-
town celebrations and limit
the number of outsiders (be
it outsiders or entertainers) so
that we could preserve the
venue for the participation of
our future young people.
Fox Hill day is now a matter
of weeks away and this same
committee has held one meet-


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ing (which Mr Fred Mitchell
came by) in regards to plan-
ning and ever since it's as
though it's hide-and-seek or
catch-us-if-you-can if you want
to join this committee. We
have met with Dr Jacinta Hig-
gs and asked her to please
assist us in bringing this child's
play to an end before our cel-
ebrations as we know it will
be lost. We are now asking for
the voice of all Bahamians to
intercede on our behalf, and
for those who are seemingly
power struck to please move
on. If I may interject here,
honestly you old guys (I would
name you if the press would
allow) need to know when to
move off the scene, especially
if you cannot put your political
differences as well as personal


feelings aside for the welfare
of a better good. Please look
around you, this. very action
is what has this country and
even our churches divided
today, it's time to stop the
foolishness.
Mr Mitchell please tell the
committee it's a bad reflection
on you and your leadership
and allow these meetings and
plans to proceed.
SJust as the elections were
called at the last minute, and
we admit that it is already late,
please do not play with or
delay our celebration planning
any longer.
You have proven once
again that you are the man in
charge, now please let eman-
cipation reign once more for
us as a people and allow us to
freely plan and celebrate in
Fox Hill as we always do.
MINISTER S DAVIS
Nassau,
June 27, 2007.


Use of 'signing' in


election campaign


EDITOR, The Tribune.
THE country, via television, might have observed during the
general election campaign that the Free National Movement, at its
rallies, employed the use of "signing". That innovation did not go
unnoticed nor unappreciated, especially by the deaf citizens in the
country.
The Free National Movement are to be congratulated for their
vision and listening ear, as it is quite known that Bahamas Loving
Care has been agitating for several years that "signing" on the
local television station (ZNS) be reintroduced for the benefit of the
country's deaf.
For something so important as the general election, wherein
everyone is required to participate. The introduction of signing was
a welcomed innovation. After all, how are the deaf able to make an
informed decision in casting their votes when they are not privy to
the issue and the candidates and parties stance on those matters?
Actually, the first effort to have signing on television was first
introduced by the first Free National Movement government in
1993, but was halted after two years, due to financial problems expe-
rienced by the then sponsor Commonwealth Bank.
Bahamas Loving Care's president, Mr Sam Williams, through his
insistence was able to convince certain members of the FNM's
hierarchy to include signing during their rallies. Once the idea
was accepted, Mr Williams introduced Jeron Morley to the relevant
people and the rest is now history.
Sadly though, Bahamas Loving Care was somewhat miffed that
"signing" was not employed during the opening of Parliament.
Hopefully, that was an oversight and will be corrected in the future.
BAHAMAS
LOVING
CARE
Nassau,
June 4, 2007.





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I






FRIDAY, JUNE 29, 2007, PAGE 5


THE TRIBUNE


SI BII~IdOCAL NEWS


0 In brief

Emergency
drill held by
GB Airport
Company
* By DENISE MAYCOCK
Tribune Freeport
Reporter
FREEPORT The Grand
Bahama Airport Company
held an emergency drill on
Tuesday evening at Grand
Bahama International Airport.
Airport officials ran the drill
in an effort to evaluate the
effectiveness of various emer-
gency response agencies on the
island.
The Royal Bahamas Police
Force, the Department of
Immigration, Customs, US
Customs and Border Protec-
tion and the Grand Bahama
Health Services took part.
Several airlines, including
Bahamasair, Gulfstream/ Con-
tinental, American Eagle, as
well as mutual aid providers
and volunteers also participat-
ed.
After the drill, an evaluation
of the airport's emergency plan
and response systems was car-
ried out.
The International Civil Avi-
ation Organisation mandates
that all major international air-
ports test their emergency pro-
cedures and response capabil-
ities at least once every two
years by simulating a major air-
craft disaster in a drill.
Not guilty plea
to charge of
drug possession
A 23-YEAR-OLD man
pleaded not guilty in Magistrate's
Court to a drug possession charge
on Wednesday.
It is alleged that on Tuesday,
June 26, Presley Vildor was
found in possession of a quantity
of marijuana which authorities
believed he intended to supply
to another.
Vildor, who was arraigned
before Magistrate Carolita Bethel
at court eight in Bank Lane, was
granted bail in the sum of $7500.
It is alleged by the prosecu-
tion that Vildor was found in pos-
session of 17 grams of marijuana.
The matter was adjourned to
November 27.


Pastor: don't let regard for


rights get in war


BAHAMIANS should not
let a regard for their rights
and freedoms get in the way
of the fight against crime,
according to Pastor Rex
Major.
"The soft attitude coming
from the Liberal thought is
wrong," he said, stating that it
has undermined God's
decree.
Pastor Major recommend-
ed random searches of cars
for illegal weapons as one
measure to fight crime, saying
that citizens "must be willing
to pay the price of inconve-
nience" in order to remove
criminals from the streets.
To those who would cry out
that the rights of Bahamians
should not be stepped on
while officers police the
streets, he replied: "Keep
your freedoms and your
rights and let that be the
avenue by which your whole
life is taken."
Known for his candid and
outspoken pronouncements


a PASTOR Rex Major


on social issues, Pastor Major
said law makers have a "soft
attitude" towards convicted
sexual criminals and that


many Bahamians are too
"apathetic" about same sex
marriages, which he adamant-
ly opposes.
According to Pastor Major,
the Bahamas is in a state of
crisis, and Bahamians should
"become more crisis orient-
ed."
Appearing on 105.9 FM
yesterday as a representative
of the conservative Christian
right, Pastor Major also
announced that he will be cir-
culating a petition to parlia-
ment calling for stiffer penal-
ties against sexual offenders.
"Society is responsible to
shape itself . by what you
allow to be right and what
you allow to be wrong."
Pastor Moss spoke at
length about the case of con-
victed child rapist Andrew
Bridgewater, who was sen-
tenced to seven years in
prison and 10 strokes of the
cat o nine tails. "It is time to
break with the law" he
declared, adding that it seems


Break-in suspect shot by police


* By DENISE MAYCOCK
Tribune Freeport Reporter
FREEPORT A man suspected of being
involved in a break-in at the home of the late
Preston Stuart in Bahama Terrace was shot by
police on Wednesday evening.
The 36-year-old was shot in the left thigh fol-
lowing a foot chase, which ended in gunfire some
time after 8pm in the nearby subdivision of Car-
avel Beach.
According to police reports, a security officer
contacted police at and reported that a man had
broken into the home.
The police said they were told that a man was
in the process of stealing items when the security
guard surprised him, and that the guard was now
in pursuit of a suspect through Bahama Terrace.
Chief Superintendent of Police Basil Rahming
said that a Mobile Patrol unit responded imme-
diately and intercepted a suspect and the securi-
Sty officer near Hawksbill Street, Caravel Beach.


At that time, one officer joined the foot-chase
and caught up with the suspect near the 249
Apartments on Ladyfish Street.
According to witnesses, the suspect retrieved a
knife from his pocket and raised it as if he was
going to stab the officer.
Mr Rahming said the officer quickly drew his
service weapon and fired a shot, striking the sus-
pect in his left thigh.
He said the officer retrieved the knife from
the suspect's hand, and summoned an ambulance.
The suspect was transported to the Rand
Memorial Hospital, where he was treated and
later discharged.
Investigating officers reportedly then went to
Preston Stuart's residence, where it was discov-
ered that entry had been forced through a south-
ern kitchen window.
Officers discovered that several bags had been
filled up with groceries and other items when the
culprit was apparently interrupted and fled on
foot.


crime fight


to him that justice in the
Bahamas "is now being car-
ried on to see how easy it can
be for the criminal."
Pastor Major went on to
promote his cause, "Save the
Family", lambasting homo-
sexuality and same-sex mar-
riages.
He is one of the main pro-
ponents for an amendment to
the Bahamian constitution
"stipulating that marriage is a
union between a man and a
woman only" therefore dis-
allowing the future possibili-
ty of same-sex marriages in
the Bahamas.
Pastor Major maintained
that the lifestyle of homosex-
ual Bahamians is ruining the
family structure, and that
immoral behaviour "transfers
to criminal activity."
On the issue of gays and
lesbians having children,
Major said it would "add to
the crumbling of the Western


society," and he does not see
it as a "normal" practice in
sync with "Kingdom Princi-
ples".
In 2001, the former FNM
administration repealed the
law that made sodomy ille-
gal.
Pastor Major has asserted
that the sexual orientation of
parliamentarians should be
made public, despite preva-
lent prejudice against homo-
sexuality in the Bahamas.
Representatives from the
gay and lesbian rights group,
the Bahamas Rainbow
Alliance, could not be
reached for comment.




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Fire confirmed at



registrar's office


* By BRENT DEAN
Tribune Staff Reporter
POLICE have officially con-
firmed that there was a small
fire at the parliamentary regis-
trar's office at around 9am last
Saturday in an outside area con-
taining old files and garbage.
Fire chief, Superintendent
Jeffrey Deleveaux confirmed
the event yesterday to The Tri-
bune, after a story was run on
the incident in The Punch.
"It was the outside area
where some unused files were
kept," he said. "For a matter of
fact, they were getting ready to
discard all of those items that
were there for some time."
Mr Deleveaux said that
somebody may have inadver-
tently, or intentionally, dropped
a cigarette on the combustible
material, causing the fire.
The low-level blaze was out
by the time fire officials arrived
on the scene, the fire chief said,
and the only damage that
occurred was the burning of a
box, along with some smoke
stains on the wall of one on the
stairwells of the building.
I An investigation will ensue,
as is the case with all fires Mr


* JOHNLEY Ferguson -
blames any election confusion
on the PLP
Deleveaux told The Tribune.
However, at this stage, he con-
tinued, the incident does not
look like it was intended to
cause damage to the structure
and police are not viewing the
matter as a possible arson
attempt.
Parliamentary Commission-
er Errol Bethel, was said to be
on leave by registrar staff, how-
ever, deputy permanent secre-
tary in the department, Sherlyn
Hall, said that the documents
that caught fire were "old


garbage" and the event was
"'nothing serious".
Mr Hall added that there was
no serious damage to the build-
ing and that there was no dam-
age to any files or documents
inside the department.
This fire comes at a time
when the parliamentary regis-
tration department is under
considerable scrutiny as a result
of claims by the PLP of serious
voting irregularities in the last
election.
The opposition party has
asserted that non-citizen voting
will be a major component of
the three election court chal-
lenges is has presented before
the courts, along with the claim
of citizens being barred from
the polls who were eligible to
vote.
FNM Chairman Johnley Fer-
guson has charged that any con-
fusion surrounding the election
is the fault of the PLP for how
poorly they handled the elec-
tion process as the government
of the day.
However, PLP Senate Leader
Allyson Maynard-Gibson has
said, "the law makes it very
clear that the parliamentary
commissioner is in charge."


Appeal filed against rapist's flogging


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water, 33, was sentenced to
serve seven years in jail and also
receive ten strokes of the cat o'
nine tails, having pleaded guilty
to the brutal rape of a six -year-


old girl.
His attorney, Wayne Watson,
said yesterday that he has filed
an appeal over that sentence,
which he claims is harsh.
Mr Watson said that the sen-
tence could have been executed
anytime after yesterday but
authorities at Her Majesty's
Prison have been notified that
he intends to appeal the flog-
ging sentence, halting it being
carried out.
Prosecutors had sought to
have Bridgewater's prison sen-
tence extended however the
Tribune was not able to con-
firm yesterday whether an
appeal has been filed in that
regard.


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PAGE 6, FRIDAY, JUNE 29, 2007


THE TRIBUNE


i


LJol







I I IL I I IILV./l I1 L

I M.4VL*:A~


OIn brief


GB police

discover

shotgun

cartridges

FREEP'_URI Gi.nd
Bahamai. Po lihe Ac l : 'ho.'ckied
to di,'o ci e-rCi.aI lie -hot-
gun .lfrtlJdge' I nder J ltie
at the \\e'l M.ll liShoppinc
Cenire
Chicl Supeintiendent ol
Police Basil Rahrning report-
ed thal at tbout 12 2I'pm on
Tue~dai, ullicers~ \\elt to ai
area of the shopping centre
near Brother Mac's restau-
rant, where they found and
retrieved a total of 10 live
shotgun cartridges.
The cartridges were on the
ground underneath a tree in
the parking lot. The ammu-
nition, which included seven
20-gauge cartridges and three
12-gauge cartridges, were
retrieved by officers from the
Central Detective Unit for
forensic processing.
Supt Rahming said no
arrests have been made in
connection with the matter.
He said investigations are
continuing.

Man held

after police

break up

argument

A MALE resident of South
Bahamia was taken into cus-
tody by police in connection
with a drugs find following an
alleged altercation with a
young woman on Wednes-
day.
Supt Basil Rahming said
police received a call at about
1.40am on Wednesday from
an unidentified woman who
reported that a man driving a
truck was beating up a
woman on Blue Fish Street
in Caravel Beach.
Police went to the location
and intervened in the alter-
cation.
Officers reported that they
were able to restrain the
attacker, but the victim then
pleaded with officers not to
arrest the man, who she said
was her boyfriend.
She wanted them to warn
him instead.
However, while searching
the man's vehicle, the officers
reportedly discovered a small
quantity of marijuana.
A 20-year-old resident of
Hampshire Drive, South
Bahamia, is helping the Drug
Enforcement Unit with fur-
ther investigations.


Share

your

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


Complains over smell



at Queen's Staircase


* By ASHLEY THOMPSON

THE stron g smell ci111mln1m
fro ithe inf.iCtil\e \ale-lt ill .i
the Queen s Stuilr.,asc hias led
La' a nuniher of complaints o ci
the Ilail te% \ieek-.
Thhose \ ho frequent the iar-.i
sj;\ a:ler has not been cominln
through the \iatert all for lhr .
pajl month
One person explained th.at
the waterr thai has been lelt to
settle has turned green and 1:
creating a "stench" that is
putting visitors off.
When the Department of
Antiquities, Monuments and
Museums was contacted about
the issue, they admitted noticing
that the waterfall was not work-
ing a few days ago.
It was also confirmed that a
meeting had been arranged with
the Ministry of Tourism and the
Ministry of Works to address
the problem.
The Queen's Staircase is one


1 I N i- .iu ll r ... I.. ' I i I n 11 11
i i hi .[ l t, h.i, I :I' pli t I in it..L

S.i l l l lil' ll\ I l it o lll ln
.lin, I l.he .. a li i ld. l m ,u \.
.li t l ll.l ( ', i \ l ll >l I .ll I II ,








Ms Cox said she has been
1,..il l. ll i, ill tl nc'iio n inl-._
.told that the water ils l be back






,She added.l that the ministry
10 IIh '.al "1,U hI lIl 111C I l l- l




Mn plans to eautif the nea.


For the past year, workers on
told that the water wil be back
on soon, and in fact had been
on for a short period about two
weeks ago.
She added that the ministry
has been "working feverishly"
on plans to beautify the area.
For the past year, workers
have been cleaning up the area
and removing garbage on a reg-
ular basis.
Work has also been done to


I apl. li Ili .. ,IC \ il II L. L ILIillu l
.t1he .1tl i.th.ll' L tl'L ll ,ll l liI.
pl.llln i li i n i Ii n111 I i- .II l I ll
e t l k '-. I .il, Il c IU -h l.h'lt I l.h-I
L I ilt- S l.l i .iLdii.N MI ( N". I.id
Ihe M i, ni.i\ ,11 fi' Ili, h. j,
.I.o '..iked v.ili h liI M inii.
I.l. \\,ik' o it h .l IlcA l s l h
lcaisle, mu t dh s o..n fct.i.
v1, h lich iie n1 nIoll ni nl
.A arr.nn..dc l!.,, bcn pi. l, lu.d in
il1e Iront1 o lite rlopiIl[to t prc-
\% nl dlm ci, lIl.in pjikin hlicii
\% hicle, in11 l c .rL ..i l1 p r-l onsl
wish to imilt [hI ucII s Stlar-
case, they must do so on foot.


* By TAMARA FERGUSON

THE blood bank at the
Princess Margaret Hospital is
in urgent need of public assis-
tance, one official has warned.
Everette Miller, supervisor of
the blood bank, urged the pub-
lic to participate in a joint ven-
ture being undertaken by his
unit and the Diamonds Inter-
national jewellery store.
"The process is simple and
takes about 10 to 15 minutes.
Blood is a product that saves
lives," he said.
According to Mr Miller, the
blood bank is almost always
short of blood.
He explained that many citi-
zens refuse to volunteer to con-
tribute "because of a fear of
needles and selfishness, among
other reasons.
"Donating blood is safe and
needles are only used once and
then destroyed. We need to
come together and ensure that
our health facilities are supplied
with blood." he said.
Mr Miller added that this
time of year is particularly dif-
ficult, as there are even fewer
volunteers that usual.
"Eighty five to ninety five per
cent of our blood, or blood that
we collect, is taken from per-
sons as replaced blood on
behalf of another person, as
opposed to voluntary donations
in which volunteers come in and
just give blood because they
want to give blood," he said.
Mr Miller said that last year,
the blood bank collected under
three thousand units of blood
- significantly less than what
was needed to supply patients.
He also claimed that there
are many patients whose surg-
eries had to be postponed
because of lack of blood.

TIPS FOR DONATING
BLOOD

Donating blood is a safe
and sterile process the bags,
tubing and needles are used
only once and then destroyed.


It is not possible to get
AIDS from giving blood
Donating blood rarely
hurts. You will briefly feel a
slight sting on the inside of your
arm near your elbow.
Although some people who
are afraid of the process can get
sick or faint, reactions when
donating rarely occur and are
usually minor. You should eat
before donating and drink plen-
ty of fluids before and after.
Any fatigue experienced
after donating will pass in a few
hours.
It is safe to donate blood
every 56 days.


* THE Queen's Staircase


NOTICE
NOTICE is hereby given that SCHADRAC NICOLAS, CABLE
BEACH, 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 22ND
day of JUNE, 2007 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Nassau, Bahamas.











To Our Valued Customers:

This is to inform you that our Mackey Street telephone numbers
393-3727 and 393-7657 are temporarily out of service.
During the interim please call us at 393-8951.

We apologize for any inconvenience caused.






Imperial Mattress Company Ltd.
Manufacturer of high quality mattresses and retailer of elegant furniture


PMH blood bank in

urgent need of stock


SANTANDER BANK & TRUST LTD.

Has an immediate vacancy for a

SYSTEMS PROGRAMMER

The successful applicant will be responsible for programming, analyzing and application
development of various applications used by the Bank. He should have developmental experience
with other banking applications.

Qualifications required:

1 Bachelor of Science Degree in Computer Science or related field.
2 5 years experience In a bank or other financial institution.
3 Experience in visual basic language and SQL database.
2. Knowledge of Unix, LINUX and Windows 2000/XP.

Desirable:

Knowledge of Globus and 4 Series banking application, programming and administration.
Fluency in Spanish.

Applications in writing with details of education and experience should be addressed to The Human
Resources Manager, P.O. Box N-1682, Nassau, Bahamas not later than date July 12.2007.


I I


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THE TF


PAGE 8, FRIDAY, JUNE 29, 2007


Your outpouring kindness &

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$147,600


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FRIDAY, JUNE 29, 2007, PAGE 9


IIBUNE


supplies Kelly's House and Home


Palmdale Vision Centre


.. ..a-. Ali 3 -
rt's'Hospital &
nlinson Memorial Fund Damianos Sotheby's International Realty


p


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Donations

adciates The Elodie Tomlinson Memorial. Sidney Johnson lan & Janet Jennings Media Enterprises Anthony & Irene Miaoulis Leandra A. Esfakis Keva
higher Ground Ministries Bahamas Majorettes and Marching Auxiliaries Cheryl E. Bazard Law Chambers Terrance & Antoinette Wood Remona F. Delaney


Ik of The Bahamas
I 'M I T E D

UANCE MANAGEMENT
'l4S),tIJMhl il). L&SI RANCE BROKEIIS & AGENTS


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Montana


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The Tribune
v14/ Vl4. lf /4/f/ '


DOCTORS HOSPITAL
-ea lthPloil I II,


~~I1 IA54r


"Growing a I/ealhy Church to Impact Our World"


The ScttsIa


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SI \ I l, I I I U% L% I .) V J I


LOCALNW


Independence plans announced


TH F o\ g ernment has
ainoulinced thtl this year's inde-
pendence celebrations ~\ill pay
homage to the nation s ances-
tois pdarttl.cularl those who
\were instrumenlctal in changing
the course of history.
According to chairman of the


Independence Celebiations
Committee Peter Dc\eaux-
lsaacs, the theme. "('elebrat-
ing our Forebears" was selected
to recognize the importance of
the 200th anniversary of tlhe
abolition of the Atlantic slave
trade.


--We thought the indepen-
dence celebrations should
somehow tie into that very, very
Significant event in our histo-
ry." Mr Deveaux-lsaacs said
during a press conference held
on June 25.
"Our ancestors in this regard
are really the bridge between
the two significant events," he
said. "We intend to recognize
people who at the turn of the
last century, played a very, very
important role in building a con-
sensus, fighting for liberty, fight-
ing for education, the right to
co-exist."
Mr Deveaux-Isaacs was
accompanied by other members
of the Independence Commit-
tee who outlined the events that
will lead up to the nation's 34th
Independence Day on July 10.
The activities will cost a total
of $500,000, according to the
committee.
The schedule of events is as
follows:
Thursday, July 5 E
Clement Bethel National Arts
Festival at Arawak Cay -
8.30pmn
Friday. July 6 National
Pride Day Rawson Square -
9am to 6pm
Friday, July 6 Youth Way
National Pride Celebrations -
COB Band Shell 7.30pm
Saturday, July 7 Indepen-


I!


* MEMBERS of the Independence Committee announce plans
for the 34th Independence celebrations. Pictured from left are
Dr Nicolette Bethel, director of culture; Mr Peter Deveaux
Isaacs, chairman Independence Committee; and Robert Pinder,
member of the Independence Committee.


dence Beat Retreat Rawson
Square 5pm
Sunday, July 8 Ecumeni-
cal church service Kendal G L
Isaacs Gym 3pmto 4.30pm
Monday, July 9 Cultural
show, inspection, prayers, flag
raising ceremony, fireworks -
Clifford Park 8.30pm mid-
night.
Tuesday, July 10 inde-
pendence concert Arawak
Cay 12.01am to 4am.


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

















The Anglican Central Education Authority invites
applications from quahfied Bahamians for the position
ol \ILce Pruicipal 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
accuiiiulauve experience

For Ilirther details please contact the Anglican Central
Education Authority on Sands Road at telephone
(2421322-3015.
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 applications is Friday, July 13.2007


(BIS photo: Tim Aylen)


STuesday, July 10 The Peo-
ple's Rush Out Rawson
Square to Arawak Cay -
4.30am.
Regarding the Independence
theme, director of culture Dr
Nicolette Bethel recalled that
in 1807 the British Parliament
abolished the transhipment of
slaves from Africa across the
Atlantic.
"For the Bahamas, that time
began a period toward inde-
pendence which continues
today," she said. "So what we
have decided to do with our
theme is to keep in our memo-
ries the fact that we are a soci-
ety that was created by the insti-
tution of slavery.
"In 1973 we got our indepen-
dence from Great Britain. We
want to keep in people's mind
that Independence in not one
day, it's a process. We are look-
ing back at the turn of the cen-
tury to the people who made
independence possible."
Those to be recognized
include, among others: R M
Bailey, L W Young, C H
Reeves, Stephen Dillet, Dr C
R Walker, T A Toote, Sir Eti-
enne Dupuch, Dr Cleveland
Eneas. Timothy Gibson, D W
Davis, Charles Rodriquez, Bert
Cambridge and A F Adderley.


NOTICE

NOTICE is hereby given that DIAH FERDINAND OF P.O.
BOX CB-12281,2 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 29TH
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 WILFRED JEAN-PIERRE OF
CABLE BEACH, 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 22ND day of JUNE, 2007 to the Minister responsible
for Nationality and Citizenship, P.O.Box N-7147, Nassau,
Bahamas.


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Master Technicians



393-5310


ww mostertechbahamas.com


Bethel Brothers Morticians
Telephone: 322-4433, 326-7030
Nassau Street, P.O.Box N-1026
FULLMILIARY


CLIVE YOLAND
"YOKE"
ROLLE, 36

of Haven Road, off
Farrington Road will
be held an Friday
10:30 a.m. at Church
of God Convention
Center, Joe Farrington
Road. Bishop Revy
Francis, Rev 'd Ivan
Rolle and Rev 'd
Sanfard Rolle will
officiate. Interment will
be made in Lakeview
Memarial Gardens,


J.F.K. Drive.


Indelible memory will forever be cherished and engraved
in the heart and mind of his father, Henry Rolle; his five
(5) brothers, Clayton, Pastor Sanford of Cathedral of
Praise, Mt. Pleasant, Sub-Lieutenant Valentino, Sergeant
#1796 Presley and Horatio Rolle; one adopted brother,
Omar Williams; one adopted sister, Portia McKenzie;
Three (3) sister-in-laws, Denise, Shereen and Staff
Nurse Eloise Vanessa Rolle; five (5) nephews, Clayton
Jr., Renaldo, Sanford Jr., Sanchez and Presley Jr, three
(3) nieces Valvanique, Vashawn, and Vashti Rolle; ten
(10) aunts including, Mavis Ensley of Ossining New
York, Madline Rolle, Ruth Rosa of Long Island New
York, Bernice Francis, Rosemary Bodie, Bessie Rolle,
Ophelia Rolle, Beverley Martin of Grand Bahama, Paula
Saunders and Patricia Simmons; six (6) uncles, Bishop
Revy Francis and Alfred Morris, Michael Simmons,
Carl Martin, Ronald Saunders and Thomas Bodie;
cousins, Eloise, Doretha, Heather, Claudine,
Adennyakah, Sherece and Natasha Curtis, Marva
Edwards of New York, Gail, Donna, Alphanette, Michelle,
Florinda, Daphne, Anastacia, Darcel, Jamaal, Mario,
Dena, Astra, Michael Jr. Tamika, Gary, Chanarlse,
Michelle Curtis, Rev. Humphrey Minnis of South
Carolina, Lynden, Livingston, Edward, Rev. Ivan Rolle,
Antonio Rolle, Shawn, Marcus, Devard Francis, and
Desmond Rosa of New York, and Corey, Demeich
Allen; best friends, Mercy Brown, Rossano Coleby,
Andrew Jamnma Symonette, Kevin Country Miller, Henry
Johnson, Mervin and Rochelle Wallace, The HMP
staff, his numerous godchilren, and many other relatives
and friends including, the Brown family, the Basden
family, Carmetta Hart, Carolyn, Ruthanne and Karen
Rolle,,David Ramsey, the Hinsey family, Cathedral Of
Praise Church Of God family, The Rock Crusher-Haven
Road family including, Joy. Julia Smith and family, the
Bain family including Portia, Dominic ana Deandre
Austin, Karen Richardson and family, Angela and Dealo,
Raymond Larramore and family, the Minnis family
(South Carolina), the Edwards family (New York). Jill
and Allen, the Munnirgs family, Overseer Salathiel
Rolle and The Pinewood Gardens Outreach Ministries
family, The Happy Hour Crew at The Cutting Edge,
The RBDF Band, and his dogs, Amnanda and King
Kong.

May His Soul Rest In Peace

Friends may pay their last respects at Bethel Brothers
Morticians, #44 Nassau Street on Thursday from
10:00 a.m. to. 6:00 p.m. and on Friday at the Church
from 9:30 a.m. until service time


Lorcn 5creeiri3

Plao mnc Ti.,


OIn brief

Plans being

looked at

for northern

command

PLANS are being
reviewed to establish a
Defence Force northern
command in Grand
Bahama.
Public relations officer
Lieutenant Sonia Miller said
the advantages would be
better patrols of the north-
ern region and a shorter
response time to incidents
occurring in the area.
"I can't give you specifics,
but plans are under review
to start a permanent base
here. When you're moving
and trying to establish plans
for an organisation it will
take some time because
there is a lot of ground work
that has to be done," she
explained.
Ms Miller stated that the
Defence Force has been in
Grand Bahama in the past
few years dealing with hur-
ricane relief and training.
She said that the organi-
sation plans to launch a
recruitment drive in July
and August in the major
Family Islands and noted
that officers will be available
to accept applications in
Freeport. Applications can
also be collected at Police
Headquarters and the Sev-
enteen Shop.
Ms Miller said that quali-
fied applicants must be
Bahamian citizens and must
have five BJCs with passes
of C or above, including
math and English, and a
clean police record.
Qualified applicants will
be required to sit an
entrance exam on the spot
and must be deemed med-
ically fit by an RBDF med-
ical doctor.
Ms Miller said that
although applicants must
usually be at least 18 years
old, the Defence Force will
accept applications from 17
and-a-half year olds as well.


--


o I I IllJ I 1


2


ii
-
--,- ..


..







THE TRIBUNE FRIDAY, JUNE 29, 2007, PAGE 11


LOCAL NEWS
.. ... .... . .....


il THE Orlando Magic launched Islands of the Bahamas T-shirts and give-aways into an excited
crowd during the last Bahamas-themed night at the Amway Arena, Orlando, Florida in March



Orlando Magic



to hold camp in



the Bahamas


THE Orlando Magic will
bring top players and coaches
to the Bahamas to host a bas-
ketball camp. it was announced
vesterdav.
This follows a successful
series o1 Bahamas themed
nights during the Orlando Mag-
ic home games this NBA sea-
son.
The camp is being dubbed
"Magic in Paradise" and will
target children between ages 6
and 17. giving them the oppor-
tunity to have one-on-one
instruction in a number of game
techniques.
To ensure that some of the
most promising young Bahami-
an basketball talents-get the
opportunity to benefit from the
exposure the camp will provide,
the Orlando Magic has joined
forces with the Bahamas Bas-
ketball Federation to draft par-
ticipants for the Magic Camp.
"We see this as a wonderful
opportunity to expose some of
our top young basketball talent
to the possibilities that could
one day be available to them,"
Minister of Tourism and Avia-
tion Neko Grants said. "Our lit-
tle country has produced a num-
ber of top basketball players,
who have gone on to achieve
international fame and we see
this as another avenue to con-
tinue to nurture that trend."
The camp will be held on Sat-
urday. July 21 at the newly con-


EXCITED Orlando
Magic Fans won several
four-day/three-night vacations
during the Bahamas-themed
night at the Amway Arena

structed Kendal Isaacs Gymna-
sium.
"Magic in Paradise" organis-
ers are also opening the camp
up to young aspiring profes-
sional basketball players living
in central and south Florida.
"We are thrilled to be able to
offer the expertise and knowl-
edge of our Magic players and
coaches and even more excited
to pair that with the beauty of
the islands of the Bahamas for
the perfect package," Jennifer
Carlson, director of partnership
activation for the Orlando Mag-
ic, said. "With the excellent rate
the Bahamas is providing cen-
tral and south Floridians this
offers the opportunity for one-
on-one professional basketball
instruction while enjoying one
of the top destinations in the
world."


....... ...



m.tUA


The results are in...and at John Bull

Business Centre we're rewarding
students who have'made the grade!




-,, .
I~:' i ,I:-

"..' 5 ". .


NOTICE
NOTICE is hereby given that AGILUS PETIT of,
COLONEL' HILL, CROOKED ISLAND, 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 29th day of
June, 2007 to the Minister responsible for. Nationality
and Citizenship, P.O.Box N-7147, Nassau, Bahamas.






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


BRING IN YOUR REPORT CARD
(SUMMER TERM '07)


* RECEIVE JB BUSINESS CENTRE BUCK
(DOLLAR) FOR EVERY


* JB BUCKS CAN BE COLLECTED
EVERY SATURDAY (JUNE 30TH JULY 28TH)


REDEEM YOUR JB BUCKS WITH EVERY DOLLAR SPENT ON


ANY BACK-TO-SCHOOL ITEM (JUNE 30TH SEPTEMBER 1)


ThERE ARE LIMITED BUCKS IN THE BANK,

S..P WITHDRAWAL TOP1


jotehn a JVut-


U- /U an aine 5-


ROBINSON ROAD 393-5964


S=~AVE2%O N ACKs ~e p:~~e]~TO SCOOLPURCAS[.THI SAURDAY{ ON~i 1ii-...ti 1 JiLY!~


Training Officer
Kelly's is seeking a fully-qualified and experienced teacher to become a full-
lime Training Officer for the 350 + employees in Kelly's House & Home and
Kelly's Lumber. The position will demand an experienced and resourceful
communicator able to motivate adults with varying educational backgrounds
and qualifications, and capable of devising, developing and implementing
on-going in-house training and development programs, with their attendant
testing and evaluation procedures. Such programs will include, but not
necessarily be limited to:
1. Orientation courses for all new employees
2. Customer Service courses for all retail employees
3. Computer familiarisation courses
4. Product-specific knowledge courses for all retail employees
5. Safety courses for drivers and warehouse/yard personnel
6. Supervisory courses for new and prospective supervisors
7. Personal development courses for career advancement
The successful applicant will also be expected to develop and maintain strong
links with other providers of on-going work-related courses in specialised and
technical areas. Previous experience in adult education would be an asset.
This is a middle management position for an experienced and qualified
professional educator, who is willing to demonstrate a long-term commitment
to Kelly's development and expansion. Benefits include medical, pension, and
profit-sharing plans, with remuneration package dependant on qualifications
and experience.
E-mail letter of application and comprehensive resume to
info@kellysbahamas.com with "Training Officer" as subject.

No phone calls please

Kely's House
eo s Home
Tlx: fot l 11 Mondayfiday 9 00a8OO00pm
Tel: (24213934002 Sr : ay 9.oam 9'00pm
Fax: (242393-4096 S=doy dod,, p


FRIDAY, JUNE 29, 2007, PAGE 11


THE TRIBUNE


a







PAGE 12, FRIDAY, JUNE 29, 2007 THE TRIBUNE


A family's sorrow


L OSING a family mem-
bher to the sadistic
hands of a cold-blooded mur-
derer is heart wrenching to
every family, but the pain only
deepens when there is no clo-
sure and a police investigation
has stalled.
The family of then 24-year-
old Eric "Muff" McGregor have
been grieving his loss without
"finality and any comfort" since
he was brutally murdered out-
side the Pondwash washhouse
on Carmichael Road on May
18, 2006.
According to the mother of
the deceased, before "Muff's"
death, he spent the day partici-
pating in recreational events
with his parents and siblings.
Patricia McGregor (Muff's
mother) told me that around
1.45pm on May 18, she asked
Eric to take his younger sister
and niece to th: laundromat,
and then return lor his father
who was leaving for work.
Mrs McGregor, a resident of
the western New Providence,
said that five minutes after they
left, their car pulled up with the


t, # ,*.' .~Upi~


Thompson Blvd.. Oaks Field
t. 242.326.6377* f. 242.326.6315
e. sanpin@acoralwave.com


N,
SHIFT the future NISSAN,



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COMMONWEALTH BANK

INSURANCE AVAILABLE WITH
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SATURDAY JUNE 30TH


YOUNG MY


ADRIAN


AN

G


driver hysterically blowing the The
horn. At the wheel was her 13- said tt
year-old daughter who horrify- been c
ingly shouted "Muff, Muff got der. S
shot!" young
"My 13 year old daughter nessed
drove home! She never drove oldest
before I say God was with tized.
her ahh, what a pain, what a "M
pain all this has been!" said the dent.
distraught mother, grade[
The grief stricken mother know
became overwhelmed with school
emotion as she relayed to me the 't
the events of that fateful day shoot
to the best of her knowledge.. church
She said that when Muff pulled even
into the parking area and even
stepped out of the car, a vehicle driving
abruptly pulled up and a male up, sh
passenger emerged, asking Muff hide,
"if he had something to say or who r
wanted to see him". The afraid
anguished mother said that eye- screar
witnesses said that Muff seemed by he
rather puzzled, questioning who moth(
the guy was as he did not know Mrs
him. It was then that the hostile f's girl
individual drew a gun and shot cated
him. and th
grand
David
after Muff was shot, suffer
eyewitnesses say that call.
he ran into the washhouse and island
fell behind the counter. As his const;
sister and niece (16 at the time) ing a
watched screaming-anoth- anoth
er shot was fired at Muff as he "'the
ran. The first shot penetrated dy!'"
his arm, entered his torso and
punctured his lung, while the
second bullet grazed his fore-
head.
When the family 'arrived on a pri
the scene, a tearful Mrs McGre- turne,
gor said that she identified her- ever,
self and asked a police officer top le
what had happened. She admit- that N
ted that she was panicky and of mi,
hysterical, but the officer Sor
showed no empathy and unpro- said:
fessionally responded: "Ms, I "M
don't care who you is, you can- dilly
not come inside-this is a police cruml
matter!" me. T
Sobbing and sighing, she said: that t
"I begged them to explain what still f
was happening and they would- get av
n't tell. I even tried to go around he do
the back of the building, but Mr:
they held me down. There was gratit
nobody to explain the situation Fami
my child was in." (FAI
In a muffled voice, the family:
bereaved mother explained that fort d
the family's undertaker (Dean- Fun
lee Penn) arrived on the scene for t
even before an ambulance, and death
that after she was allowed to drug
examine Eric, she (Deanlee rapist
Penn) was the person who told sters
his relatives that he was dead. bail.
What's worse, says Mrs hang-
McGregor, is that the police turn
have acknowledged that they hear
are aware of the perpetrator of pierce
this heinous crime, yet they "M
have not arrested him or pro- guy. I
vided the family with any infor- was a
nation. much
"We have been told that the my s,
police know who they are look- morg
ing for, they know! I want noth- heart
ing to do with the Carmichael pain
Road police station because from
they have allowed this case to cried
become stagnant and cold, and It is
furthermore, when the (alleged year
perpetrator) initially threatened murd
us, after we reported it, they As a
withheld information," she said. bette
peace
S ing tc
he went on: "After a settle
year, this investigation must
is not going fast enough-CDU fastly
hasn't called as yet, although our I
I'm called every other day by not o
officers from Quiet Storm." Mrs war z
McGregor also alleges that the my f
police had confiscated the vehi- slum
cle that her son's murderer inves
drove, but it has since been viole
released from the police com- ajb
pound, wv


'S VIEW


IB S0ON

brokenhearted mother
hat her entire family has
devastated by Muff's mur-
he claims that both her
;est daughter-who wit-.
Sthe incident-and Muffs
son have been trauma-

y daughter was a top stu-
Since the incident, her
s have dropped. Do you
what it is for her to be in
I, looking 'round for when.
bad man' is coming to.
her. She used to go to
h, now she is too afraid to
sit down or go. She can't'
go to the mall! If we are-
.g and a tinted car pulls'
ie puts her seat back to
because she is afraid of
night be in the car. I'm
d for her -she wakes up'
Ming and just wants to be'
rself!" said the sobbing.
er.
SMcGregor said that Muf-
Ifriend and son have relo-
to another Family Island,
[at while she has taken her
[son to psychologist Dr,
1 Allen, he continues to.
emotionally/psychologi-
"The teachers on the
d say that my grandson
antly draws a man hold-
gun and standing over
er. He always tells them
bad man killed my dad-



n desperation, Mrs
McGregor says she hired
vate investigator who
d out to be a fraud. How-
she did say that one "one
vel police officer told me
Muff's murder was a case
taken identity."
rowfully, Mrs McGregor

uff's death was like a ripe
that just dropped and
bled. That was a blow for
'he worst thing about it is
the (alleged) murderer is
ree. Is this fella going to
way with murder? I guess
esn't have a conscience."
s McGregor expressed her
ude to the activist group,
ilies Against Murder
M), which counselled her
y and provided some com-
uring their season of grief.
rther, she strongly lobbied
he enforcement of the
Penalty. "1 feel that the
dealers go to jail, the
s go, the thieves and fraud-
go, but the murderers get
If it's on the books to
-then hang! Every time I
on my TV or radio and
someone got shot, it
es my soul!"
luff wasn't just an ordinary
He wasn't an officer, but he
gentleman. It hurts me so
I that the last time I saw
on on May 18 was in the
gue. He left my house a
:y child with not even a
or ache, and I never heard
my child anymore," she

s only midway through the
2007, and the country's
ler count has exceeded 40.
people we must learn to
r handle our differences
fully, rather than resort-
Sboorish, vicious means to
e our disagreements. We
immediately and stead-
y examine the sociology of
people, before our society
>nly becomes a frightened
;one but our prized econo-
alls into an irreparable
ip because visitors and
tors are afraid to come to a
nt society.
,ahama@hotmail.com
vw.weblogbahamas.com


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FRIDAY, JUNE 29, 2007, PAGE 13


Opposition Senate leader




leads PLP walkout


FROM page one

the government responsible
to Parliament (the people).
This, she said, is done by the
Opposition when it exercises
its right to question the gov-
ernment on matters in the Bill
under consideration.
"We simply wish to exer-
cise our right, as is guaran-
teed by the Constitution, to
hold government accountable
to the Bahamian people by
conducting the review of Bills
carefully and with full trans-
parency," Senator Maynard-
Gibson concluded.
Nevertheless, Mr Foulkes
claimed that it was clear that
her intentions were to
obstruct the government, and
he pointed out that Senator
Gibson, herself, took up a
whole day to debate the bill.
"Senator Gibson and some
members of the PLP may find
it difficult to adjust to their
role in opposition but while
they struggle with that reality
the work of Parliament and
the work of the Government
will continue. They will not
be allowed to hold the coun-
try hostage to their arrogance
and immaturity," he said.
Mr Foulkes described Mrs
Gibson's behaviour as a "dis-
graceful assault not only on
our Parliamentary democra-
cy but on the very processes
of orderly constitutional gov-
ernment in The Bahamas."
The government leader in
the Senate said that Mrs May-
nard Gibson attempted to
obstruct the passage of legis-
lation for the 2007/08 Budge,
and when they were not
allowed to do that, they decid-
ed to walk out of the Senate.
"Although many people are
already aware of what hap-
pened last night, I should like


OPPOSITION Senate
leader Allyson Maynard
Gibson

to inform the Bahamian peo-
ple of the background and cir-
cumstances of those events.
The overriding consideration
was that the Budget process
has to be concluded before
July 1st if the business of the
country is to proceed in an
orderly and constitutional
fashion.
"July 1 is on Sunday coming
so the Budget process must
be completed before the end
of this week. That process
includes passage by the Sen-
ate of the Appropriation Bills,
but it does not end there.
After passage in the Senate it
must go to the Office of the
Attorney General for certifi-
cation and then to the Cabinet
office before it is presented
to the Governor General for


his signature," Mr Foulkes
said.
He said that Senator Gib-
son, a former Cabinet Minis-
ter and Attorney General, is
fully aware of this process yet
she chose from the very
beginning of the Senate part
of the process to adopt an
"uncooperative and obstruc-
tionist posture."
Mr Foulkes said that it was
intended that the Senate com-
plete its work on the Budget
by Friday of last week and no
later than Monday of this
week. When that did not hap-
pen, because of Senator Gib-
son's refusal to cooperate, he
said he had no choice but to
bring the process to a conclu-
sion Wednesday night.
"At the very beginning I sat
down with Senator Gibson
face-to-face in the presence
of the President of the Sen-
ate, Senator Lynn
Holowesko, and tried to work
out speaking allocations with
her. This is common practice,
but she flatly refused to co-
operate," the Senate leader
said.
He said that Senator Gib-
son attempted at every oppor-
tunity to turn the committal
stage of the process into
another debate on the Bud-
get.
"I repeatedly told her that
that was not what the com-
mittal stage was for. Other
members of the Opposition
acted responsibly in this mat-
ter. I pointed out to Opposi-
tion Senators that the House
of Assembly with 41 mem-
bers, including 18 members of
the Opposition, had conclud-
ed the committal stage by 10
o'clock in the evening and
that there was no good rea-
son why the Senate should go
beyond that," Mr Foulkes
said.


The minister alleged that
Senator Gibson, despite his
repeated objections,
"indulged in tedious repeti-
tion, unnecessary interven-
tions and continued in her
efforts to turn the committal
stage into a debate."
Plans to conclude budget
matters in the Senate on
Tuesday night, however, was
the view of the FNM, said
Senator Gibson. She noted
that there was no such agree-
ment on the part of the Oppo-
sition to complete Senate
matters on this Bill by Tues-
day night.
"There is only one dead-
line, and that is that every-
thing be passed in time for the
budget to commence on July
1," the Senator pointed out.
"Having been the Attorney
General, I can say that it is
certainly ideal that 48 hours
be given to enable those in
the office of the AG and
those in other places to com-
fortably work towards having
all of the documents signed."
She said that, in the past,
the House and the Senate
have met far into the night
and into the early morning
hours to meet the deadline,
so that the budget, all ques-
tions having been asked, can
been answered, can com-
mence on July 1.
"That is what we intended,
and that is the assurance that
I personally gave to Senator
Foulkes from my mouth to his
ear," said the Senator.
Therefore, any claims by
Senator Foulkes to accuse her
of "filibustering" is a "com-
plete and absolute untruth."
"It is not the job of the Sen-
ate to rubber stamp Bills sent
by the government," said Sen-
ator Maynard Gibson. "It is
the Senate's job to review all
Bills, ensuring that they are


in the best interest of Bahami-
ans.
"Clearly the FNM govern-
ment of mistrust does not
wish to be asked tough ques-
tions about how its policies
are to be implemented and it
does not want to have its deci-
sions be subjected to the light
of day. Clearly, in the spirit


of mistrust, the FNM wants
you to know only what the
FNM says about its deci-
sions."
She concluded by saying:
"We will continue to speak
for good governance and we
will continue to carry out our
role to ensure good gover-
nance."


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7:30 8:00 8:30 9:00 9:30 10:00 10:30

Issues Round- Washington McLaughlin Bill Moyers Journal (N) (CC) MaytoDecem
* WPBT table discussion. WeekN) Group (N) (CC) ber Alec hires an ber Zoe learns
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The Insider (N) Ghost Whisperer "The Curse of the Close to Home Annabeth prose- NUMB3RS "Finders Keepers" Con-
El WFOR n (CC) Ninth" Melinda must help a former cutes a laid-off employee for the flicting government agencies look
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Access Holly- 1 vs. 100 Celebrities join the mob to Las Vegas A gunman attacks Ed; Law & Order: Criminal Intent
B WTVJ wood (N) (CC) try to keep a man from winning $3 Delinda admits her feelings for Dan- "Flipped" A rap artist is killed in the
million. n (CC) ny. (CC) lobby of a radio station. (CC)
Deco Drive Bones "The Girl in Suite 2103" Standoff A boy is taken hostage by News (N) (CC)
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9 WPLG (CC) gence of new abilities threatens An offensive art The family could
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(:00) CSI: Miami CSI: Miami Evidence in the probe CSI: Miami "Ashes to Ash6s" A Intervention "Laney" A woman
A&E Wet Foot/Dry of a rape and murder points toward Cuban altar boy, 12, is implicated in needs to escape alcoholism. (CC)
Foot" (CC) a wealthy family. l (CC) the shooting death of a priest.
Hardtalk Extra BBC News World Business BBC News Our World An BBC News World Business
BBCI (Latenight). Report (Latenight). environmentally (Latenight). Report
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Rumours (CC) Just for Laughs Oh Canada! (CC) Intelligence Reardon launches a CBC News: The National (N) (CC)
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Cops "Palm Most Shocking "Criminal Behavior Forensic Files Forensic Files Haunting Evidence "Missing in Par-
COURT Beach" f (CC) 2'" "Docktor Visit" adise: Natalee Holloway"
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other visits. n, to dethrone a popular girl. n 'PG' (CC) /( (CC) lion" (CC)
This Old House Home Again DIY to the Res- Sweat Equity Sweat Equity Celebrity Rides Special
DIY C(CC) (CC) cue
DW Johannes B. Kerner Ich Trage einen Journal: Tages- Europa Aktuell Journal: In Euromaxx
DW Grossen Nam them Depth
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E! __"The Mickey Mouse Club."n (CC) Talk
ESPN Arena Football Teams to Be Announced. (Live) Baseball Tonight (Live)
ESPNI XBS 2006 World Series of Poker Main SportsCenter International Edi- Boxing Friday Night Fights. (Live)
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Solemnity of The World Over Life Is Worth The Holy Rosary Defending Life Voices on Virtue
EWTN saints Living 7De iL Ico r
I 00) Cardio Fitness Fantasy Fitness Fantasy National Body Challenge 2 "Keep- 20 Ways To... "Slim Down" Weight.
FIT TV Blast ,n (CC) (CC) (CC) ing It Off Success stories. (CC)
Fox Report- The O'Reilly Factor (Live) (CC) Hannity & Colmes (Live) (CC) On the Record With Greta Van
FOX-NC Shepard Smith Susteren (Live) (CC)
i v (:00) )MLB Baseball Atlanta Braves at Florida Marlins. From Dolphin Stadium in Miami. Around the The FSN Final
FSNFL Live)Track Score (Live)
PGA Golf: Nationwide Tour-- Lake PGA Golf Buick Open -- Second Round. From Warwick Hills Golf and Country Club in
GOLF Erie Charity ClassicGrand Blanc, Mich.
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(:00) Attack of X-Play "Wing Is- X-Play Cops "Fort Cops "Fort G4's Free Stuff Ninja Warrior
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HALL texas Ranger er tries to clear his friend Sam of Ladd, Amy Grabow. In the 1950s a devout woman questions her faith.
,) (CC) murder charges. n (CC) (CC)
Buy Me Terry Selling Houses Specials "Romford, House Hunters World's Most Relocation, Relocation "Lyn and
HGTV and Natalie are Essex Three-bedroom terraced International Is- Extreme Homes Eamonn" Phil and Kristie look to re-
forced to sell. house in Romford. / (CC) land of Roatan. -A locate./ (CC)
NSP Morris Cerullo Breakthrough Jay Sekulow Inspiration To- Life Today (CC) This Is Your Day The Gospel
INSP (CC) day (CC) Truth
Reba.Kyra and My.Wifnd- According to According to Friends The New Everybody Everybody
KTLA Barbra Jean hide Kids Jay goes Jim Cheryl and Jim Sex-toy par- Year's Eve party Loves Raymond Loves Raymond
a stray cat. back to college. Jim eavesdrop. ty. n (CC) promise. "Slave" ( (CC) "The Toaster"
Still Standing Reba Kyra de- Reba "Fight or THE WRONG GIRL (1999, Suspense) Barbara Mandrell, Jonathan
LIFE Lauren takes ad- fends her sister's Flight" n (CC) Scarfe, Zoe McLellan. A mother suspects her son's new girfriend is psy-
vantage. (CC) honor. chotic. (CC) (DVS)
:00)Hardball Countdown With Keith Olber- MSNBC Investigates: Lockup: In- MSNBC Investigates: Lockup: In-
M S N B C :00gaHrdbalocann(Live
M C c) mann (Live)side Stateville side San Quentin
Jimmy Neutron: Nicktoons TV Nicktoons TV Nicktoons TV Nicktoons TV Funniest Home Full House 1)
NICK Boy igenlus o11AnnVideos (CC)
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Rediscover the Behind the The Hal Lindsey Joel Osteen Dr. Frederick K. Praise the Lord (CC)
TBN Kingdom Scenes (CC) Report (CC) (CC) Price (CC)
Everybody * AFTER THE SUNSET (2004, Comedy-Drama) Pierce Brosnan, ** x SWORDFISH (2001, Sus-
TBS Loves Raymond Salma Hayek, Woody Harrelson. An FBI agent tracks a master thief and pense) (PA) John Travolta, Hugh
"Sex Talk" (CC) his girlfriend. (CC) Jackman, Halle Berry. (CC)
Take Home Chef What Not to Wear "Jenny C." Thrift What Not to Wear "Kerri A." A I've Got Nothing to Wear (N)
TLC "Jeanette" (CC) store look. (CC) county court counselor wears old,
oversized clothes. (CC)
(:00) Charmed * *., FORREST GUMP (1994, Drama) Tom Hanks, Robin Wright, Gary Sinise. A slow-witted Southerner
TNT Secrets & Guys" experiences 30 years of history. (CC)
nl (CC)
Home for Imagi- Camp Lazlo Class of 3000 Grim Adven- Squirrel Boy My Gym Part- Home for Imagi-
TOON nary Friends tures Birthday. ner's a Monkey nary Friends
Thalassa "Les Aventuriers de I'ile-planete" Une mission menhe au coeur Les Secrets de dame Touti Littoral
TV5 de la biodiversit. (SC)4
TWC Storm Stories Abrams & Bettes It Could Happen Full Force Na- Weather: Evening Edition (CC)
TWC "Arctic Crash" Tomorrow ture (CC)
(:00) Duelo de Yo Amo a Juan Querend6n Destilando Amor Casos de la Vida Real: Edici6n
UNIV Pasiones Especial Enfermiza Atracci6n;
Quien a Hierro Mata.
(:00) Law & Or- Law & Order: Special Victims Unit Law & Order: Special Victims Unit Law & Order: Special Victims Unit
USA der: Special Vic- Two police officers in separate A series of rapes is linked to a "Gone" A student vanishes while on
tims Unit C precincts attack their wives, speed-dating service. C (CC) a class trip to New York.
VH1 (:00) 40 Greatest Internet Superstars C Best Week Ever Fabulous Life Celebrity Eye Candy Celebrity
V (N) n Of... n footage. Cl
Yachting; Ameri- Wanted: Ted or Alive First chal- Wanted: Ted or Alive Contestants Wanted: Ted or Alive A contestant
VS. ca's Cup lenge. (CC) compete to prepare a meal. goes hunting with Ted. (CC)
(W00) America's ** u JACKIE CHAN'S FIRST STRIKE (1996, Action) Jackie Chan, WGN News at Nine (N) l (CC)
WG N Funniest Home Jackson Lou, Annie Wu. A Hong Kong cop fights to recover a stolen nu-
Videos C (CC) clear warhead. C (CC)
Everybody WWE Friday Night SmackDown! (N) C (CC) CW11 News at Ten With Kaity
W PIX Loves Raymond Tong, Jim Watkins (N) (CC)
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Jeopardy! (N) Dr. Phil Husbands seek marital ad- News (N) Jeopardy! (CC) Frasier Martin Frasier Frasier
WSBK (CC) vice. (CC) pretends to be takes-in and
gay. C (CC) cares for Ann.

(:00) REAL ** THE FAST AND THE FURIOUS: TOKYO (:45) Evan Entourage Billy Entourage Dra-
HBO-E Sports With DRIFT (2006) Lucas Black. An American street racer Almighty: HBO and Eric clash on ma plans a party
______Bryant Gumbel takes on a Japanese champion.'PG-13' (CC) First Look (CC) the set. (CC) for Vince.
Making: Harry ** MR. & MRS. SMITH (2005, Action) Brad Pitt, Angelina Jolie, Vince ** THE HAMBURG CELL
HBO-P Potter and the Vaughn. A husband and wife are assassins for rival organizations. C (2004, Docudrama) Karim Saleh,
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H' 15) LONGFORD (2006, Docudrama) Jim Broadbent, Barbaro The Kentucky Derby win- REAL Sports With Bryant Gumbel
HBO-W Samantha Morton, Andy Serkis. A British earl advo- ner struggles with a shattering leg C (CC)
cates rehabilitating a child murderer. C (CC) injury. C (CC)


(:15) x BROKEN FLOWERS (2005, Comedy-Dra- Big Love "Reunion" Bill tries to * IN HER SHOES (2005,
H BO-S ma) Bili! Murray, Jeffrey Wright. A bachelor tries to find leverage a council vote against Ro- Comedy-Drama) Cameron Diaz,
out if he fathered a son. n 'R' (CC) man. ) (CC) Toni Collette. l 'PG-13' (CC)
(6:30) * 16 (:15) * POSEIDON (2006, Adventure) Josh Lucas, Kurt Russell, Jacin- * FANTASTIC FOUR (2005, Ac-
M AX-E BLOCKS (2006) da Barrett. A luxury liner capsizes in the North Atlantic. C 'PG-13' (CC) tion) loan Gruffudd, Jessica Alba.
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TMC


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PAGE 14, FRIDAY, JUNE 29, 2007

FRIDAY EVENING


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THE TRIBUNE


LOALNW


FROM page one


to the local police station have
also gone unheeded. When
contacted by The Tribune
about the matter yesterday,
both departments denied it
would fall under their portfo-
lio.
Trucks, said the man, have
been observed regularly blow-
ing their horns and "getting
right up in the back of peo-
ple's cars until they have to
pull off the road."
While some of the trucks
travelling that road abide by
the law, some do not, and
their speed often increases to
dangerous levels once they
have offloaded their cargo.
The resident suggested the
trucks are carrying fill from
the Harrold Road area to the
site of a new road being con-
structed behind Carmichael
Road, however permanent
secretary at the Ministry of
Works Colin Higgs could not
confirm this, and messages left
for Director of Public Works
Melanie Roach were not
returned.


Car crushed


Yesterday, an officer at
Carmichael Road's Traffic
Department denied that
addressing such concerns
would fall within their remit.
"We are responsible for
licensing," said the officer,
who directed The Tribune to
contact the traffic police.
An officer at the traffic
police station said that speed-
ing vehicles would certainly
not be his department's prob-
lem,-and redirected The Tri-
bune back to Road Traffic.
When advised as to the fact
that Road Traffic had said it
was not their concern, he sug-
gested they were incorrect.
Previously, the concerned
citizen said conversations with
an inspector at the Carmichael
Road police station following
Thursday's incident had led
to a promise that an officer
would be sent out on Monday
- "depending on the weath-
er," the man claimed.
He added that further haz-


ards are created by the fact
that a number of the trucks,
including the one involved in
yesterday's accident, despite
being required to cover their
loads with a tarpaulin, do not
do so, often causing debris to
spill onto the road.
The victim of yesterday's
accident was taken away after
two ambulances arrived on
the scene.
Attempts fo gain any fur-
ther details of the accident
from the Carmichael Road
police station or Road Traf-
fic Department were unsuc-
cessful yesterday as they
claimed they were unaware of
the accident. Calls to various'
stations, including Carmichael
police and road traffic depart-
ment to follow up on the resi-
dent's prior complaints proved
fruitless.
Police press liaison officer
Walter Evans could also pro-
vide no details up to press
time.


* THE car which was hit by a dump truck.
(Photo: Fellpi Major/Tribune staff)


Man claims Department of

Social Services denying him

assistance due to his HIV status


FROM page one

poverty" on Solider Road, without a tele-
phone or electricity. He told The Tribune
that he has nowhere else to turn and the
media outlets are his last ditch attempt to
receive some compassion.
"This morning we had one can of corned
beef in the cupboard and that's what me
and my-wife had for breakfast," he said. "I
just want to know why Social Services has
cut us off and left us in this situation." He
and his wife are residing in a home with a
leaky roof and with no money to repair the
problem. His wife's health in further decline.
He has appealed to the Department of
Social Services for emergency food services,
but said he was asked to leave the premises
by staff members.
".People unconsciously discriminate
against those with HIV. They put you on
the back burner as if they are waiting on
you to die," he said. Fortunately the couple
is still able to access the necessary medica-
tion to sustain their lives. With medication,
persons with HIV can live in relative health
for 10 to 20 or more years. He said he con-


tracted the virus in 2002 and as a result of
his HIV status, the only employment he was
able to acquire was with a security firm.
"My job temporarily laid me off because I
need time to take care of my wife. They
[his workplace] always schedule me for the
graveyard shift, and my wife is so sick I am
afraid to leave her alone."
- -When-contacted for comment, represen-
tatives from the Department of Social Ser-
vices told The Tribune that the couple
informed their office they would be moving
into the AIDS camp, therefore public assis-
tance would no longer be needed. Social
Services explained that they recently
..be.came aware that the couple is no longer
residing in the camp and have been
approved for assistance, and that an offi-
cer would be dispatched to their home
today.
Last year, former Minister of Health Dr.
Bernard Nottage spoke out against the stig-
ma that those with HIV/AIDS face, "the
starting place is saying out loud that preju-
dice and discrimination against people per-
ceived to be HIV positive is wrong, plain
and simple."


* FABULOUS FOUR Shown (from L-R) are features sub-editor Samora Justin St
Rose (second place winner), press operator Jamal Brown (first place winner), Tribune
staff reporter Alison Lowe and night operations manager Philip Brown (third place win-
ner). The Tribune's third annual pool tournament at Hard Time Billiards was held in
memory of Erica Fowler, a former employee who took third place in the 2006
tourney.


Lie -'. o :e


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.., ... ...<,/ uU007, PAGE 15






THE TRIBUNE


PAGE 16. FRIDAY, JUNE 29, 2007


HLO ALEW


Graduation at school for the blind


AS their families, friends and
teachers watched with admira-
tion, Tayo Bethel. Antoine
Munroe and Javear Cleare of
The Salvation Army's Erin
Gilmour School for the Blind
graciously accepted their diplo-
mas in a bittersweet graduation


ceremony at the Citadel on
Mackey Street. Monday night.
The three scholars were pre-
sented with their diplomas by
Minister of Social Services
Loretta Butler-Turner, who
commended their valiant acad-
emic efforts. (Canon Basil Tynes


of St Barnabas Rectory reiter-
ated this sentiment.
Like so many other gradua-
tions, there were tears of joy
and smiles of pride. Unlike most
graduations, however, the grad-
uates, though present, never
saw the happy well-wishers,
their awards or even each other.
Antoine lost his sight as a
young child and Javear's deplet-
ing vision only allows him to
make out blurs of objects. Tayo
was born blind. Despite this,
their amazing lives have gone
on and if the three of them con-
tinue their path of perseverance
the best is yet to come.
Antoine and Javear are both
confident of securing careers in
the computer and graphics
industries. Meanwhile, Tayo,
who refused to touch models of
the brain for his first two years
of school, plans to be the first
blind Bahamian with a degree
in science.
"I'm so pleased for them
because they are all excellent


* MINISTER of Social Services Loretta Butler-Tuner (left) and
Erin Gilmour principal Maria Deleveaux (right) congratulate
blind scholar Tayo Bethel (centre) during Monday's graduation


services at the Salvation Army
students and 1 know they will
succeed in whatever it is they
set their minds to," said school
principal Maria Deleveaux. "It's
just hard facing the realisation
that when the new school year


rolls in, three of my boys will
not be there every day. I feel
as if I'm a mother saying good-
bye to my little boys because
they're all men now."
Ms Deleveaux added that the
trio's graduation has left the stu-
dents and staff feeling sombre.
"Some students looked up to
them for help and the boys nev-
er once said no. They always
volunteered to help out with
students and teachers and the
children are really concerned
because they feel they've lost
their school band. They were
all pivotal members," she said.
The night was truly one to
remember for the boys when
Erin Gilmour alumnus Alvin


Forbes, who is now majoring in
philosophy and religion at a
Canadian college, joined them
as they played together one last
time with the school band.
Divisional Commander of
The Salvation Army, Major
Lester Ferguson, also applaud-
ed the three.
"We have so many success
stories," said Major Ferguson.
"There's Samantha, a govern-
ment-employed receptionist
and aspiring writer, Abby who
is constantly in the IT industry,
Kevin, who is fresh off a teach-
ing internship with a BA degree
in English, and Alvin."
"Alvin, Tayo and Javear are
three remarkable individuals,"
noted Major Ferguson. "With
all of their challenges, these
boys are examples of stellar suc-
cess. They have been an asset to
our school and I'm sure they
will be an asset to our society
because they are not waiting for
opportunity to knock, they are
grabbing it. "
While reciting one of his works,
Ode To Erin Gilmour School,
Tayo Bethel, affectionately
known as the school's walking
encyclopedia, reflected on the
lessons he learnt over the years.
"We graduate tonight, the
class of 2007, but Erin H
Gilmour is still our piece of heav-
en," he said. "Thank you for
your time and dedication with
us and for giving us a chance to
not see the future as an obstacle
but as an opportunity."


* ERIN H Gilmour School for the Blind principal Maria
Deleveaux poses with her boys (from left) Tayo Bethel, Javear
Cleare, EHGS alumnus Alvin Forbes and Antoine Munroe
(Photos: Arthia Nixon-Stack, DPA)


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FRIDA'r, JUNE 29. 2007


SECTION -


business@tribunemedia.net


Miami Herald Business, Stocks, Analysis, Wall Street


Emerald Bay receivership


shows


'anchor' hotel flaws


* Sale to Petters Group Worldwide latest to falter, as resort's difficulties undermine Megaa resort' strategy for Family Islands
PwC appointed to sell $320m Exuma resort after numerous previous deals fall through


* By NEIL HARTNELL
Tribune Business Editor
The troubled Four
Seasons Emerald
Bay Resort's
main creditor has
appointed.
receivers for the $320 million
property's holding company in
a bid to sell the Exuma devel-
opment, after it defaulted on
its repayments in April 2007, a
move that highlights the flaws
in the 'anchor property' strat-


egy for the Family Islands.
It was confirmed yesterday
that Wayne Aranha, a partner
in the PricewaterhouseCoop-
ers Bahamas (PwC) account-
ing firm, together with Lon-
'don-based PwC accountant
Russell Downs, had been
appointed as receivers of
Emerald Bay Resort (EBR)
Holdings on June 22, a devel-
opment that will come as lit-
tle surprise to those in the
know including this newspa-
per.


Tribune Business revealed
as far back as 2005. and regu-
larly throughout 2006, that the
EBR investor group was
attempting to either sell the
resort or attract additional
investors and capital, with the
project failing to generate a
profit.
The receivers' appointment
is understood to have come
after the latest attempt to sell
the Four Seasons Emerald Bay
Resort to a Minnesota-based
company fell through within


the past two weeks, the latest
in a series of potential deals to
seemingly bite the dust.
Sources told The Tribune
that EBR Holdings had been
negotiating to sell the 500-acre
property, which charges a $375
per night room rate, to Petters
Group Worldwide, and had
halted work on Phase Two of
the resort's build out in the
hope that the deal would go
through.
But a source told The Tri-
bune yesterday: "This one


looked very close, and fell
through a couple of weeks
ago."
It is likely that this was the
'final straw' for the Four Sea-
sons Emerald Bay Resort's
main creditor, and prompted
the decision to appoint the
receivers to oversee a sales
process that would result in
success.
The source confirmed:
"Emerald Bay has been seri-
ously for sale for one-and-a-
half years."


The Tribune previously
revealed that a sale to Gold-
man Sachs' real estate private
equity arm and another pri-
vate equity fund, Rockpoint,
fell through last year.
This newspaper also learnt
that the Philadelphia-based
Adler Group, the financial
backer and supplier of seed
capital for Ginn Clubs &
Resorts' $4.9 billion Ginn sur

SEE page 9


Insurers: Storm Ex-Cabinet minister gives backing for ethanol plan


criticism 'flawed


and overblown'


* By NEIL HARTNELL
Tribune Business Editor
BAHAMIAN general insur-
ance carriers yesterday
described as "flawed" claims
that they were placing the post-
hurricane claims servicing
process in danger by not hav-
ing evacuation plans, adding
that damage assessments of a
Category 4 or 5 storm's impact
on New Providence were
"overblown".
The carriers spoken to by
The Tribune agreed that the
most important issue post-hur-
ricane was to have loss
adjusters on the ground in the
affected areas as quickly as
possible, so they could assess
the damage and as many
claims as they can.
The companies said that in
the event of a Category 4 or 5
hurricane that inflicted major
damage on New Providence,
Grand Bahama and other
major islands, it was likely to
be five .to six days before elec-
tricity and telecommunications
capabilities were restored.
This meant that even if they
were able to process claims
and issue cheques to policy-
holders whose properties had


been damaged, these people
would have nowhere to deposit
or cash the cheques as the
banking system and general
business community would not
be operational yet.
The carriers were respond-
ing to claims by Darren Adler.
the Nassau-based operations
chief for Humanitarian Oper-
ations, the disaster relief oper-
ation, that insurance compa-
nies were being negligent by
not having evacuation plans in
place for their staff when faced
with a major hurricane, and
that the claims servicing
process could collapse as a
result.
Patrick Ward, Bahamas
First's president and chief
executive, told The Tribune:
"I think the insurance indus-
try has done very well in every
single disaster that has
occurred, going back to 1992,
when Hurricane Andrew hap-
pened.
"As a result, every company
has a contingency plan in
place. I think it's wrong to crit-
icise the industry when we've
actually responded very well."

SEE page 8


Change to stop the BTC

unilaterally altering deals


* By NEIL HARTNELL
Tribune Business Editor
THE Public Utilities Com-
mission (PUC) yesterday said
it would amend the language in
its guidelines on interconnec-
tion offers between different
Bahamas-based telecoms car-
riers to ensure a dominant
operator such as the Bahamas
Teleccommunications Compa-
ny (BTC) cannot alter the
terms of any such deal unilat-
erally.
In its statement of results on
its proposed interconnection
guidelines, the PUC said it
would alter the guidelines to
enable other telecoms carriers
to decide whether to accept
BTC's terms in a modified
interconnection offer.
Interconnection and the
prices charged for this are key
to a competitive, liberalised
telecoms market in the
Bahamas, as this enables calls
originating on one carrier's
network, such as BTC's, to
flow seamlessly on to and com-


plete on another carrier's net-
work. Basically, it is a tool to
enable customers of two dif-
ferent phone networks to con-
nect.
The PUC said that once
BTC had signed an intercon-
nection agreement with a rival,
it should not be able to unilat-
erally amend it, with changes
needing the consent of both
parties.
The telecoms regulator said:
"BTC should not be able to
unilaterally amend an inter-
connection agreement simply
by changing the Reference
Interconnection Offer (RIO).
"The other party to any
existing interconnection agree-
ment should be able to choose
whether or not to adopt such
changes into its existing agree-
ment.
"However, the other party
should not be given the free-
dom to pick and choose
changes, as this would enable


SEE page 10


i By NEIL HARTNELL
Tribune Business Editor


A FORMER Cabi-
net minister has
backed proposals to
develop an export
industry that could
generate more than
$1/2 billion per year in
foreign exchange earn-
ings. telling The Tri-
bune yesterday that
producing corn for use 0 PEET
in ethanol production P
would diversify the
economy and create "well paying job
opportunities for Bahamians".
Vincent Peet, the former minister of
financial services and investments, said
his constituency, Andros and the Berry
Islands, was the "ideal place" to look at
establishing such an industry, given the
former's history as the Bahamas "farm-
ing capital" and availability of some
160,000 acres of arable land.
"I think it's an exciting idea, and would


Andros' 160,000 acres of land 'ideal' for growing ethanol
corn, as industry has potential to grow economy and
provide 'well-paying jobs' for Bahamians


create a lot of employment opportunities,
which is critical for Andros and the wider
Bahamas," Mr Peet said. "It would pro-
vide well-trained persons in specialist
areas."
The idea of exploiting the growing glob-
al demand for alternative energy by pro-
ducing corn for ethanol production in the
Bahamas was first suggested by Tony Jou-
di, president of construction, development
and project management firm, FTC, via an
interview with Tribune Business.
The article is understood to have
aroused considerable interest in business
and political circles, with the current FNM
administration also thought to be inter-
ested in exploring the possibilities Mr Jou-
di outlined.
Mr Peet yesterday told The Tribune


that establishing such an industry was
something Bahamians of all political per-
suasions could agree on, since it had the
potential to benefit the entire country.
"The idea is one we should exploit to
the full, and from where I'm sitting the
benefits would outweigh whatever the
downside might be," he added.
"We're talking about a brand new indus-
try, so apart from making a major eco-
nomic impact, it has the potential to pro-
vide an alternative energy source and low-
er energy costs.
"It creates a new industry and well-pay-
ing job opportunities for Bahamians, not
just in Andros but for Bahamians across

SEE page 2


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PArF 9R FRIDAY. JUNE 29. 2007


THE TRIBUNE BUSINESS


Private sector should 'deliver the solutions' to Bahamians


* By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

sector needs to take
the lead in bringing
the Government to
world-class service standards,
Senator Tanya Wright, who is
president of her own company,
the World Co-Operation Group,
said recently.
"I have always maintained
that the role of the Government
is merely to establish the frame-
work for growth and economic
development, but the private
sector should use its resources
and business acumen to deliver
the solutions to the Bahamian
people," the former Chamber of


Commerce
president said.
Mrs Wright
added that in
her new capaci-
ty as a Senator,
what had
become abun-
dantly clear was
that were many
opportunities U WRIGHT
for Bahamian
business people to participate
in the Government's plans to
improve the economy..
"The Government has
pledged to support the develop-
ment of the Bahamas as an elec-
tronically and technologically
sophisticated country," she said.
"The Bahamas has some of the
finest technology businesses and
professionals, who have sought


and obtained world-class train-
ing from institutions in this
country and around the world.
"Each of them should consid-
er this commitment as an invita-
tion to partner with the Gov-
ernment in initiatives that would
bring much-needed Internet
capabilities to every government
ministry."
Mrs Wright added that it was
amazing how much technology
was underused in the public sec-
tor.
"The private sector should
take the lead in making the pro-
posals that are necessary to bring
our government up to a world
standard in communication.
Where ever private sector inter-
raction with the public sector
can be made more efficient, the
private sector must see it as hav-


required for a Nassau based Construction Company

We currently have contacts in Nassau and the Family Islands and require a Quantity
Surveyor to work within a small team of professionals overseeing several high profile
projects.

The applicant should have over 1 year experience in working in the Bahamas as
a Quantity Surveyor, with Family Island experience being an advantage but not
necessary. They must be able to work on more than one project at a time with minimal
supervision, under the direction of the Commercial Manager.

The Applicant should have the following expertise and experience in Quantity
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Assessing contractor application
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The individual should have the relevant Quantity Surveying qualifications, and be able
to satisfy the requirements of the Bahamas Immigration Department for working in the
Bahamas

Please forward your resume to P.O. Box N-9322, Nassau, The Bahamas addressed to
the Commercial Manager


ing an obligation to work with
the Government to bring about
these efficiencies," she said.
Mrs Wright said one such
example of the Government's
underuse of technology was that
often persons have to wait for
government documents to be
delivered by hard copy, when at
"this stage of the country's


ETHANOL, from 1
the Bahamas. The finished
product can benefit the entire
Bahamas and be used for
export."
Mr Peet said the "exciting
possibilities" offered by pro-
ducing corn for ethanol pro-
duction would "bring new
meaning to diversification,
allow the economy and industry
to expand, and provide excit-
ing opportunities for current
and future Bahamian high
school and college graduates."
Andros, he added, would "be
an ideal place to look at such an
opportunity", given the avail-
ability of agricultural land and a
relatively large agricultural
skills base in the Bahamian
context, given the island's his-
tory.
Corn was already grown on
the island in small quantities,
and Mr Peet said the main issue
was whether Andros could
attract the expertise and gen-
erate the production volume to
"move it to another level".
He encouraged entrepre-
neurs and investors who had
the capital, expertise and time
to examine how a major indus-
try to produce corn for ethanol
use could be established in
Andros, as the Bahamian cli-
mate was perfect for growing
two corn crops per year.
Describing the ethanol
proposition as a "win-win situ-
ation", Mr Peet said: "Andros
is the farming capital of the
country, although it has not
been fully exploited. It is the
agricultural centre, and this is
an agricultural venture, so
Andros would be ideal.
"The land is there, the water
is there, the proximity to the
main markets is there, the skills
sets are there, with the students
being graduated now."
Mr Peet said North Andros


development", they should be
e-mailed.
Mrs Wright said it was imper-
ative that technology becomes a
national priority, where the risks
and exposures are mitigated.
This technology should extend
beyond financial and technolog-
ical services, and include the arts
as well.


High School had the "most
advanced agricultural pro-
gramme of any secondary
school in the country", which
expanded every year.
He added that he had been
assured by the FNM minister
of agriculture and fisheries,
Larry Cartwright, that the plans
the former PLP administration
had left in place for a 200-acre
agricultural training farm on
Andros would continue.
The land had already been
cleared for the complex, Mr
Peet said, with key staff
employed. "It is in the best
interests of all to have that pro-
ceed, as it will provide training
for young Bahamians in agri-
culture and horticulture," the
North Andros and Berry
Islands MP added.

Production

Mr Joudi had previously told
The Tribune that growing corn
for ethanol production would
increase entrepreneurship in
the Bahamas, expand foreign
currency reserves, boost the
shipping industry by giving it
something to carry back to the
US, diversify the Bahamian
economy and encourage fami-
lies to move back to the Fami-
ly Islands, reducing over-
crowding and congestion on
New Providence.
He added that the creation
of a 'corn-for-ethanol' industry
would be assisted if the Gov-
ernment could allocate some
500,000 acres to it on islands
such as Andros, Abaco,
Eleuthera and Long Island.
One acre could produce 149
bushels of corn, Mr Joudi said,
the average yield per acre in
the US, and the Bahamas' cli-
mate meant this nation had
"the potential to grow two
crops per year".
With corn ethanol prices cur-


"There may be many private
sector driven initiatives which,
with some out-of-the-box think-
ing and joint venture funding,
can bring about new business
opportunities that can easily be
advanced or justified because it
complements the growth and
improvement strategy of the
government," Mrs Wright said.


rently pushing upwards to $4
per bushel, Mr Joudi said that
assuming this price and 149
bushels per acre, this would
generate $298 million in gross
export income from one crop
if it was exported to the US for
ethanol production.
Given that the Bahamas
would 'have the ability to pro-
duce two crops per year, this
gross export earnings wpuld
double to $596 million per year,
Mr Joudi explained. Breaking
this down, Mr Joudi said that if
5,000 families were each able
to purchase or be granted 100
acres for producing ethanol
corn, assuming the $4 per
bushel price, 149 bushels per
acre and two crops per year,
each family would have the
potential to earn $119,200 in
gross income per year.
Demand for alternative
forms of energy, such as
ethanol, is only expected to
increase in the major
economies such as the US, in
turn increasing demand for
corn to be used in ethanol pro-
duction.
In 2006, production of the
ethanol biofuel reduced US oil
imports by 170 million barrels,
but Mr Joudi pointed out that
US farmers tended to concen-
trate on producing corn for
human consumption, rather
than the hybrid corn for use in
ethanol production which is the
animal feed variety. This would
leave a potential gap for the
Bahamas to exploit.
Ethanol production in
Jamaica was restarted in 2004
via a partnership between that
country's Petrojam Ethanol
and COIMEX of Brazil, and
meetings last week between
President George W Bush and
the Jamaican prime minister
saw the US extend the period
for Jamaican-produced ethanol
to enter that market duty-free.


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BUSINESS
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FRIDAY, JUNE 29, 2007


INTERNATIONAL EDITION


THE MARKETS
STOCKS, MUTUAL FUNDS, 8B
DOW 30 13,422.28 -5.45 V
S&P 500 1505.71 -0.63
NASDAQ 2,608.37 +3.02
10-YR NOTE 5.11 +0.03 A
CRUDE OIL 69.57 +0.60 A



'Cautious


report


from Fed


slows


stocks

BY TIM PARADISE
Associated Press
NEW YORK Stocks fin-
ished flat Thursday after the
Federal Reserve said the econ-
omy appeared to be growing at
a "moderate" pace but offered a
cautious reading on inflation.
The central bank, which
stood pat on short-term interest
rates as had been widely
expected, offered investors a
relatively unchanged assess-
ment of the economy, saying its
primary concern remains the
risk that inflation will fail to
moderate.
Stocks bounced around after
the Fed said recent readings on
inflation excluding energy and
food prices showed some
improvement but no pro-
nounced signals of easing.
S According to preliminary
calculations, the Dow Jones
J industrial average fell 5.45, or
S 0.04 percent, to 13,422.28.,
Broader stock indicators fin-
ished mixed. The Standard &
Poor's 500 index slipped 0.63, or
0.04 percent, to 1,505.71, and the
Nasdaq composite index rose
3.02, or 0.12 percent, to 2,60837.
Bonds fell after the Fed com-
ments, with the yield on the
benchmark 10-year Treasury
note rising to 5.11 percent from
5.08 percent late Wednesday.
SThe dollar was mixed against
t other major currencies, while
: gold prices rose.
The modest moves in stocks
:*Thursday follow a rally by all
Three major indexes in the pre-
vious session.
Stocks have been turbulent
during the past few weeks
Because of soaring bond yields
Sand concern about the broader
} effect of faltering subprime
loans.
Wall Street's focus on the
Fed's comments left little room
for attention elsewhere; inves-
tors appeared unfazed as oil
prices rose above $70 per barrel
on the New York Mercantile
Exchange for the first time since
August.
In corporate news, Dillard's
rose $2.76, or 8.1 percent, to
$36.69 after an investment
group representing minority
shareholders said it plans to
press the department store
chain to boost profits.
Digital River fell $5.67, or 11.2
percent, to $45 after the e-com-
merce outsourcing company
cut its second-quarter and full-
year forecasts.
Bed Bath & Beyond fell $1.47,
or 3.9 percent, to $36.09 after
the home goods chain lowered
its full-year profit target, citing
uncertain economic trends.
Novellus Systems, a semi-
conductor equipment maker,
fell $1.01, or 3.4 percent, to
$28.89 after warning its second-
quarter results would come in
at the low end of its forecast
amid weakness in the chip mar-
ket.
Advancing issues outnum-
'bered decliners by about 3 to 2
on the New York Stock
Exchange, where volume came
to 149 billion shares compared
with 1.76 billion traded
Wednesday.
The Russell 2000 index'of
smaller companies rose 0.57, or
0.07 percent, to 839.03.
: Overseas, Japan's Nikkei
'stock average rose 0.46 percent.
Britain's FTSE 100 rose closed


up 0.67 percent, Germany's
DAX index rose 1.54 percent,
and France's CAC-40 rose
1.09 percent.


DIPLOMACY


ARNULFO FRANCO/AP
MARKET DRIVEN: Farmers and producers sell their products in a public market in Panama City.
Panama and the United States signed a bilateral free trade agreement on Thursday.



U.S. and Panama




sign trade pact


WHILE THE U.S. INKED A TRADE AND INVESTMENT ACCORD WITH
PANAMA, IT IS SET TO SIGN A SEPARATE DEAL WITH SOUTH KOREA


BY JANE BUSSEY
jbussey@MiamiHerald.com
U.S. and Panamanian officials
signed a trade and inv ,;tment
agreement in a ceremony at the
Organization of American States
Thursday in a low-key prelude to
what the White House hopes will
be an easy passage through Con-
gress and into law.
Both U.S. Trade Representative
Susan C. Schwab and Panamanian
Minister of Commerce and Indus-
try Alejandro Ferrer lauded the
agreement, which took three years
to negotiate and will lower tariffs,
strengthen investment rules and
attempt to harmonize business
practices in the two countries.
The administration is racing a
Saturday midnight deadline to
conclude all aspects of pending
free-trade deals. That is when the
president's power to negotiate
agreements under an expedited
Congressional review process
expires.
In praising the United States-
Panama Trade Promotion Agree-
ment, Schwab also noted that one
of Panama's greatest assets, the
Panama Canal, showcases that
country's role in world commerce.
The country has plans to begin a
$5.25 billion expansion of the canal
next year and complete it in 2014.
Trade between the United
States and Panama totals about


$3 billion, out of the roughly $2.9
trillion in total goods the United
States traded worldwide last year.
No date has been set for a vote on
the agreement.
Washington and Seoul also are
hoping to sign a U.S.-Korean pact
on Saturday despite opposition
from South Korean workers. More
than 100,000 members of the
Metal Workers Union walked off
their jobs to protest the deal.
Meanwhile, the United States
also has signed but unapproved
trade agreements with Peru and
Colombia. Because those agree-
ments haven't been ratified, the
House approved an eight-month
extension of the Andean trade
preferences, which gives most
exports from Colombia, Peru,
Bolivia and Ecuador duty-free
access to the U.S. market.
The U.S.-Panama signing cere-
mony came as presidential author-
ity to negotiate trade agreements
is on the verge of expiring. Other
countries may not want to negoti-
ate without the presidential
authority, knowing that now Con-
gress will be able to amend agree-
ments later, according to trade
proponents. While Schwab wrote
a letter to Rep. Charles Rangel,
D-N.Y., the chairman of the House
Ways and Means Committee, urg-
ing Congress to renew the presi-
dent's authority to pursue trade


MAARTIALTTEZZINI/KEYSTONE
TRADE REP: Susan C. Schwab
signed the pact that will
lower tariffs with Panama.
accords, others celebrated the
pending expiration with calls foi
trade negotiations to take a new
approach that would staunch U.S.
job losses.
After Democrats won control of
Congress, they demanded that
pending deals with Peru, Colom-
bia, Panama and South Korea
address concerns about workers'
rights and the environment if the
administration wanted to see the
agreements approved.
The Associated Press contrib-
uted to this report.


AUTOMOTIVE


GM sheds


Allison


business


for $5.6B;


stock soars
BY SVEN GUSTAFSON
Associated Press
DETROIT Shares of General
Motors hit a two-year high Thursday
after the automaker said it had agreed to
sell its Allison Transmission commer-
cial and military business to an invest-
ment conglomerate and a private equity
firm.
The deal adds funds to GM's coffers
as it gears up for crucial contract nego-
tiations with unionized workers,
although it also means losing a profit-
able division.
GM shares rose 74 cents, or 1.98 per-
cent, to $38.15 Thursday after climbing
as high as $38.66.
The sale to Onex and The Carlyle
Group includes seven manufacturing
plants in Indianapolis and its global dis-
tribution network and sales offices. A
production facility in Baltimore, which
makes conventional and hybrid trans-
missions for pickup trucks and sport
utility vehicles, will remain with GM.
The Detroit automaker said the deal,
expected to close as early as the third
quarter of 2007 pending union and reg-
ulatory approval, is part of an effort to
raise money and focus on its core
business.
"This is another important step to
strengthen our liquidity and provide
resources to support our heavy invest-
ments in new products and technol-
ogy," GM Chairman and Chief Execu-
tive Officer Rick Wagoner said in
Thursday's statement. "At the same
time, this sale will position Allison for
growth with strong partners in Carlyle
and Onex, which have well-established
track records of working effectively
with their management teams, unions
and employees."
'" Indianapolis-based Allison designs
and builds commercial-duty automatic
transmissions, hybrid propulsion sys-
tems and parts for trucks and buses, off-
highway equipment and military vehi-
cles. The company boasts an 80 percent
market share of all medium- and heavy-
duty commercial transmissions, with
annual revenues of more than $2 billion.
Greg Ledford, Carlyle's managing
director, said the new owners aim to
eventually take Allison public. He said
Carlyle and Onex would assume all
UAW contracts for employees from
GM, although he would not comment
on any possible changes during collec-
tive bargaining later this year. The firms
have no plans to close any of the seven
plants, he said.
"I think it's the best automotive
industrial company that I've every
seen," Ledford said.


ECONOMY


Fed keeps rates steady, still on 'inflation watch'


BY JEANNINE AVERSA
Associated Press
WASHINGTON The Federal
Reserve held interest rates steady
Thursday, extending a yearlong
breather for borrowers. Although
policymakers observed improve-
ments on inflation, they made clear
they were not ready to declare vic-
tory on that front.
Wrapping up a two-day meeting,
Fed Chairman Ben Bernanke and his
central bank colleagues left an impor-
tant interest rate at 5.25 percent, the
same as it was last June. The decision
was unanimous.
The Fed's decision means that
commercial banks' prime interest
rates for certain credit care home
equity lines of credit and c th. r loans
- should stay at 8.25 percent.
Before the Fed's interest-rate
pause, borrowers had endured two
years of rate increases. The current
period of level rates can help them
regain their footing by paying down
or consolidating debt.
Looking at economic conditions,
Fed officials said readings on "core"
inflation, which excludes energy and
food prices, have gotten "modestly"
better in recent months.
In noting this improvement, they
abandoned language in previous
statements that described underlying
inflation as "somewhat elevated."


RICHARD DREW/AP
WATCHING: William Fong of Credit Suisse watches the Fed's interest
rate announcement on the floor of the New York Stock Exchange.


Even so, Fed policymakers contin-
ued to identify the "predominate"
risk to the economy as inflation's fail-
ure to moderate as they now antici-
pate. "A sustained moderation in
inflation pressures has yet to be con-
vincingly demonstrated," according
to the statement.
On the sidelines for eight straight
meetings, the Fed does not want
investors or consumers to think it is
letting down its guard on inflation.
"The Federal Reserve remains on


inflation watch," said Lynn Reaser,
chief economist at Bank of America's
Investment Strategies Group.
Inflation is bad for the economy
and for the pocketbook. Out-of-con-
trol prices can eat away at paychecks,
investments and standards of living.
"And once expectations of higher
inflation start to take hold, it is very
difficult to dislodge them," Reaser
explained.
Core inflation rose 2 percent over
the 12 months ending in April. That


compares with March's 2.1 percent
annual increase. Economists pre-
dicted underlying inflation should
dip below 2 percent for the 12 months
ending in May. That report was to be
released today.
Gyrating energy prices are a wild
card to the inflation outlook. Econo-
mists said there is always a risk that
higher energy prices could affect
other prices, which would boost
underlying inflation.
The Fed once again said future
rate moves will hinge on what incom-
ing data says about inflation and eco-
nomic growth. Many economists
believe the Fed will keep rates steady
at its next meeting Aug. 7, and proba-
bly through the year.
Fed policymakers upgraded their
assessment of the economy's perfor-
mance. They said growth appeared to
have been moderate over the first
half of the year despite the housing
slump. In its previous assessment, in
early May, Fed officials noted that
growth had slowed in the early part
of the year.
The Fed stuck to its forecast that
the economy probably would expand
"at a moderate pace" over upcoming
quarters.
The Fed's goal is for the economy
to slow sufficiently to fend off infla-
tion, but not so much as to slide into a
recession.


- ~-~--~-~-


I-------------


I L ~C C~ I I a


Zhc Miami emRglb











INTERNATIONAL EDITION FRIDAY, JUNE 29, 2007 4B


BUSINESS BRIEFS


* FOOD


PAUL SAKUMA/AP
A SMALL PROFIT: General Mills, maker of Cheerios, said
Thursday that its fourth-quarter profit rose 1 percent.


General Mills says

4Q earnings edge up

From Herald Wire Services
With the cost of grain and dairy soaring, food maker Gen-
eral Mills (GIS) on Thursday reported a 1 percent fiscal
fourth-quarter earnings increase and said it would look to
streamlined operations and price hikes to stay profitable in
2008.
The maker of Wheaties and Cheerios cereals, Yoplait
yogurt, and Progresso soup said it expected prices for raw
materials to rise 5 percent next year, including a $260 million
increase in the cost of corn, oats, natural oils and dairy.
Chief Executive Officer Steve Sanger said the company
had hedged about half the cost of its commodities and 70
percent of its energy costs going into the year. The ethanol
industry's demand for corn is expected to continue to drive
up its price, however.
General Mills predicted 2008 profits of $339 to $3.43 per
share, 7 percent to 8 percent growth over 2007 results but still
between 1 cent and 5 cents below analysts' estimates.


* HOUSING
HOMEBUILDER SEES
REVENUE DROP
KB Home (KBH), one of
the nation's biggest home-
builders, said Thursday it
swung to a loss in its second
quarter, as revenue declined
amid weak home sales and
lower home prices and the
homebuilder booked a
major charge to write down
unsold inventory.
The Los Angeles-based
company, which declined to
give future earnings esti-
mates or project when the
housing market would
rebound, reported a loss of
$148.7 million, or $1.93 per
share, for the period ended
May 31. A year ago, the com-
pany posted net income of
$205.4 million ($2.45/share).

* MEDIA
REPORTERS PROTEST
MURDOCH'S BID
Unionized Wall Street
Journal reporters didn't
show up for work Thursday
morning to protest Rupert
Murdoch's bid for the Jour-
nal's parent company, as
well as Dow Jones' (DJ)
proposals for a new labor
contract.
The Independent Associ-
ation of Publishers' Employ-
ees said in a statement that
the reporters would return
to work in the afternoon.
Steve Yount, president of
the union, said said the
employees were concerned
about the pending $5 billion
offer from Murdoch's media
conglomerate News Corp.
and the latest contract pro-
posals from Dow Jones,
which include higher health
care premiums.

* IMF
MANAGING DIRECTOR
TO LEAVE IN OCTOBER
Rodrigo de Rato, manag-
ing director of the Interna-
tional Monetary Fund, said
he will step down in Octo-
ber for "personal reasons,"
leaving the Washington-
based post two years before
his term ends.
"My family circum-
stances and responsibilities,
particularly with regard to
the education of my chil-
dren, are the reason for
relinquishing earlier than
expected my responsibilities
at the Fund," he said in a
statement sent Thursday to
the Fund's staff


* COMPUTERS
MICROSOFT TARGETS
STUDENTS IN INDIA
Microsoft (MSFT) will
sell "affordable" Windows
computers aimed at stu-
dents in India, but the $500
price tag is more than what
U.S. consumers might pay
for a basic laptop.
Microsoft, with chip-
maker Advanced Micro
Devices, (AMD) and Indian
PC maker Zenith Computers
Ltd., said the $500 "IQPC"
runs the most basic version
of the Windows Vista oper-
ating system and comes
packed with the Office suite
and programs to help stu-
dents practice English and
prepare for exams. The
computer and related online
content will be available in
Bangalore and Pune on Sun-
day.
The price seems high
when compared with
another project to bring
low-cost computers to poor
children around the world.
One Laptop Per Child's XO
notebook computer is
expected to cost about $175,
but several factors set the
two initiatives apart, said
Josh Bernoff, an industry
analyst at Forrester
Research.

* AIRLINES
CANCELLATIONS TO
EASE AT NORTHWEST
The recent spike in
Northwest Airlines
(NWA) flight cancellations
should ease next week as
pilots who are limited to fly-
ing 90 hours a month return,
but a pilots' union spokes-
man said the problem won't
go away until the airline
hires more pilots.
The Eagan, Minn.-based
corporation has seen a surge
in cancellations since last
Friday. It has blamed air
traffic control restrictions,
severe weather and an
unusually high number of
pilots calling in sick.

* EUROPE
UNEMPLOYMENT RATE
DROPS IN GERMANY
Germany's unemploy-
ment rate slipped to 8.8 per-
cent in June, falling from 9.1
percent the previous month
in a sign of better times in
Europe's biggest economy.
The number of unem-
ployed people fell to 3.687
million from 3.812 million.


LATE TRADING


4 p.m. 6:35 p.m. Late
Stock Tik. close close Chg. volume
Microsoft MSFT 29 29.83 2.3 64306
RschMotn RIMM 165.59 193.05 +27.46 54653
SPDR SPY 150.38 150.37 -.01 51197
iShR2K nya IWM 83.42 83.42 42716
FordM F 9.49 9.45 -.04 42158
PwShsQQQ QQQQ 47.52 47.58 +.06 38177
AT&TInc T 40.74 40.87 +.13 31057
TXU Corp TXU 67.10 67.10 31017
Kraft KFT 35.37 35.36 -.01 30391
SunMicro SUNW 5.16 5.22 +.06 28244
Comcsps CMCSK 27.91 27.85 -.06 20583
StdPac SPF 18.17 18.18 +.01 20412
CitadlBr CDL 6.29 6.31 +.01 20033


Stock
Oracle
Symantec
QwestCm
MicronT
FordC pfs
CypSem
Apple Inc
Komag
iSh EAFE
SunTrst
Cisco
Starbucks


4p.m. 6:35 p.m.
Tk,. dose close Chg. v


RETAIL PRICES



Court overturns minimum



pricing decision from 1911


BY CHRISTOPHER S. RUGABER
Associated Press
WASHINGTON Manu-
facturers will have greater lee-
way to set minimum prices at
the retail level without violat-
ing antitrust laws under a
Supreme Court ruling Thurs-
day that could hurt consumers
and small merchants.
By allowing minimum price
agreements, the court's 5-4
decision could lead to higher
prices, dissenting justices said,
as it becomes more difficult
for smaller stores and Internet
retailers to offer lower-priced
goods.
The court said agreements
on minimum prices are legal if
they promote competition,
meaning accusations of anti-
trust violations will be evalu-
ated case by case.
In a 1911 decision, the
Supreme Court had declared
that minimum pricing agree-
ments always violate federal
antitrust law. But Justice
Anthony Kennedy wrote in
the majority opinion that the
principle that past decisions
should be left alone "does not
compel our continued adher-


ence" in this instance.
Minimum price agreements
can benefit consumers, Ken-
nedy wrote, by enabling retail-
ers to invest in greater cus-
tomer service without fear of
being undercut by discount
rivals. The
agreements
also could
make it easier
S for new prod-
ucts to com-
pete, he added,
'because a
retailer could
recoup the
KENNEDY costs of mar-
keting a new
good by charging a higher
price.
Dissenting from that view,
Justice Stephen Breyer wrote:
"The only safe predictions to
make about today's decision
are that it will likely raise the
price of goods at retail."
The Consumer Federation
of America said in court filings
that the ban on minimum price
agreements allowed "innova-
tive retailers to continually
enter the market, offering new
and lower priced alternatives


to consumers."
But Roy Englert, an anti-
trust attorney at Robbins Rus-
sell, said the court's decision
does have boundaries that will
protect entrepreneurs. The
ruling only allows minimum
price agreements between
manufacturers of a single
brand of a product and retail-
ers, Englert said, while other
brands of the same product
can still compete on price.
WILL EVALUATE MERITS
Moreover, if only one brand
is available, retailers and con-
sumers can still sue manufac-
turers for anticompetitive con-
duct, Englert said. The courts
will now evaluate such suits
on the merits, rather than
automatically finding them
illegal.
Englert helped prepare a
brief in support of Leegin.
The current case involves
Leegin Creative Leather Prod-
ucts, based in City of Industry,
Calif. The company entered
agreements with retailers set-
ting minimum prices for the
Brighton brand of women's
fashion accessories.


Leegin said that by main-
taining price consistency
among niche retailers it sells
to, businesses can offer
improved customer service.
This enables smaller stores to
compete against rival brands
sold by discounters, Leegin
argues.
Several retailers in Dallas
selling Leegin's products low-
ered prices below the mini-
mum. Family operated Kay's
Kloset said it followed suit to
stay competitive. Phil and Kay
Smith say that when they
refused to raise prices, Leegin
cut off their supply.
Kay's Kloset sued, and the
Smiths. won a $3.6 million
judgment. The 5th U.S. Circuit
Court of Appeals upheld the
lower court's finding.
JUDGES' POSITIONS
Joining Kennedy in the
majority were Chief Justice
John Roberts and Justices
Antonin Scalia, Clarence
Thomas and Samuel Alito.
With Breyer in dissent were
Justices John Paul Stevens,
David Souter and Ruth Bader
Ginsburg.


ECONOMY



Growth weakest in more than 4 years


BY JEANNINE AVERSA
Associated Press
WASHINGTON The
economy limped ahead at just
a 0.7 percent pace in the first
quarter, the slowest in more
than four years. Some busi-
nesses clamped down on
spending, given the uncertain-
ties about the severity of the
housing slump.
The Commerce Depart-
ment's new reading on gross
domestic product for the Janu-
ary through March period,
released Thursday, was a
slight upgrade from the
0.6 percent growth rate esti-
mated a month ago. But it fell
short of economists' forecasts
for a 0.8 percent pace and may
turn out to be the weakest
point for the economy this
year.
"Companies were really
watching their cash," said
Oscar Gonzalez, economist at
John Hancock Financial Ser-
vices.
Gross domestic product
measures the value of all
goods and services produced
in the United States. It is con-
sidered the best barometer of
the country's economic stand-
ing. Although businesses
turned cautious, consumer
spending remained sturdy,
preventing the economy from
stalling out.
INFLATION GAUGE
Even though the economy
slowed in the first quarter, an
inflation gauge picked up
speed.
The measure tied to the
GDP report and closely
watched by the Federal
Reserve showed that core
prices excluding food and
energy rose at a rate of
2.4 percent in the first quarter.
That was higher than previ-
ously estimated and faster


j.


mm
:

K


DAVID ZALUBOWSKI/AP
HANGING ON: Workers toil to finish the installation of windows on a high-dollar
condominium complex being built in east Denver. Housing was a big factor in the
limping economic growth of 0.7 percent over the last quarter, analysts said.


than the 1.8 percent pace in the
fourth quarter.
In other economic news,
fewer people signed up for
unemployment insurance last
week, a sign the national job
climate remains healthy. The
Labor Department reported
that new applications for job-
less benefits dropped by
13,000 to 313,000 last week.
The economy's feeble
0.7 percent growth rate
marked a significant loss of
momentum from the 2.5 per-
cent pace logged in the final
quarter of last year. For nearly
a year, the economy has been
enduring a stretch of subpar
economic growth mostly
blamed on the housing slump.
Federal Reserve Chairman
Ben Bernanke has said other
forces that figured promi-
nently into the first-quarter's
anemic performance -


including a bloated trade defi-
cit, business cutbacks in
inventory investment and
weak federal defense spending
- "seem likely to be at least
partially reversed in the near
term."
INVENTORY CUT
Facing uncertainties about
the economy, businesses cut
inventory investment as they
tried to make sure unsold
stocks didn't get out of line
with customer demand. That
lopped off nearly a percentage
point from first quarter GDP.
The trade deficit also weighed
on GDP in the first quarter,
though slightly less so than
previously estimated. That
was the main reason the first
quarter was upgraded to a
0.7 percent growth rate from
the 0.6 percent pace reported
a month ago.


Cuts in federal spending
also contributed to the weak
first-quarter showing.
As businesses tightened the
belt, their profits gained
ground.
One measure showed after-
tax profits rising 1.7 percent in
the first quarter. That was bet-
ter than estimated a month
ago and was an improvement
from the 0.8 percent rise
logged in the fourth quarter.
Consumers pretty much '
carried the economy in the
first quarter. And consumer ,
spending grew at a brisk '
4.2 percent pace for the sec-
ond quarter in a row.
One reason consumers 4
have remained resilient is *
because the job climate has
stayed healthy despite the eco-
nomic slowdown. The unem- ?
ployment rate is at a relatively
low 4.5 percent.


BY JOHN WILEN
Associated Press
NEW YORK Oil futures
spiked above $70 a barrel on
Thursday for the first time
since Sept. 1 on a government
report that showed gasoline
inventories dropped unex-
pectedly as the summer driv-
ing season neared its peak.
Retail gasoline prices,
meanwhile, broke a month-
long decline and held steady
overnight at a national average
price of $2.975 a gallon,
according to AAA and the Oil
Price Information Service. Gas
Late
lume prices had been falling steadily
91s since their May 24 peak of
:7142 $3.227 a gallon.
16067 Analysts warned that pump
5423 prices could start rising again
4529 if there's an imbalance
.2635 between demand and supply.
.117 "Gasoline demand stays
1755 strong," said Paul Horsnell, an
s analyst at Barclays Capital.


"While it is still early in the
driving season, June demand
has now moved close to the
all-time record for any
month."
After rising as high as
$70.52 and trading above $70
for several hours, light, sweet
crude for August delivery
closed the day's trading up
60 cents at $69.57 a barrel on
the New York Mercantile
Exchange. The front month
contract last settled above $70
on Aug. 31, 2006.
OTHER MEASURES
Gasoline futures for July
rose 1.21 cents to settle at
$2.2667 a gallon on the Nymex.
Brent crude for August deliv-
ery fell a cent to settle at
$70.52 a barrel on the ICE
Futures exchange in London.
In other Nymex trading,
July heating oil futures slipped
0.63 cent to settle at $2.0183 a


gallon, while natural gas prices
for August delivery plum-
meted 42.8 cents to settle at
$6.655 per 1,000 cubic feet. A
government report on Thurs-
day showed natural gas inven-
tories rose by 99 billion cubic
feet last week, more than ana-
lysts expected.
LATE PULL BACK
Analysts said oil prices
pulled back late in the session
as traders locked in profits
after prices penetrated the
psychologically important
$70 level, considered by trad-
ers to be a technical barrier.
In its weekly inventory
report on Wednesday, the U.S.
Energy Department's Energy
Information Administration
said gasoline inventories
dropped 700,000 barrels in the
week ended June 22. Analysts
polled by Dow Jones News-
wires had expected a 1.1 mil-


lion barrel gain.
"The market is reacting to
the surprising result," said
Victor Shum, an energy ana-
lyst with Purvin & Gertz in
Singapore.
The EIA report also
showed that crude oil supplies
rose 1.6 million barrels to
350.9 million barrels last week,
above the average estimate of
a 1 million barrel increase.
Refinery utilization
rebounded 1.8 percentage
points to 89.4 percent, higher
than estimates of a gain of
0.8 percentage points.
Crude inventories are at
nine-year highs, but that oil is
going to be in demand by
refineries looking to turn it
into gasoline and heating oil,
said Addison Armstrong, an
analyst at TFS Energy.
Associated Press writer Der-
rick Ho in Singapore contrib-
uted to this report.


/
/


PETROLEUM


Oil futures pass $70 on supply concerns


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


- I III I I


THE MIAMI HERALD I MiamiHerald.com


1

1
1

1


I ,






FRIDAY, JUNE 29, 2007, PAGE 5B


THE TRIBUNE BUSINESS


Government open



to suggestions on



worker ranking



in creditor lists


To advertise

k lii Tphlau-

Ite newspaper

in crclatn,

just cal 322-

131 tmdayl


M OBIE FERGUSON


* By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
The Department of
Labour would wel-
come any sugges-
tions on how sev-
erance pay any monies owed
to employees of a liquidated
company should be dealt
with, the director of labour
told The Tribune yesterday,
especially when it came to
where they ranked in the list
of creditors. .
Capacity
Recently, Obie Ferguson,
in his capacity as president of
the Bahamas Hotel Manage-
rial Association (BHMA),






I SI -
Fo te toie


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.


said that under his represen-
tation, industrial agreements
will be directly negotiated
with asset holding entities
rather than shell companies,
so that in cases of liquida-
tion, workers have assets to
claim against in order to
recieve what is owed to
them.
Severance
Mr Ferguson added that he
would be asking the Govern-
ment to move severance pay
for liquidated companies fur-
ther up the priority list, as he
felt that workers' salaries
were only prioritsed after
government taxes and utility
bills were paid, rather than
given equal significance.
Harcourt Brown told Tri-


bune Business that while he
would prefer not to comment
without the specifics of a par-
ticular company, he could
say that the Department
looked forward to dialogue
on the issue of serverance
pay and other labour mat-
ters.
"The Government has
undertaken to amend the
legislation as it relates to
labour, and we have solicited
views from our partners,"
said Mr Brown.
Views
He added that he hoped
Mr Ferguson and his execu-
tives would bring their views
forward as the department
worked to ammend the legis-
lation.


TRUST OFFICER

The successful candidate should have at least 2 year's
experience in the administration of trusts and companies.
Previous experience will include the incorporation of
companies and ensuring compliance with local regulations,
updating corporate records, preparing company and trust
minutes and opening bank accounts. A familiarity with the
applicable laws of The Bahamas would be an advantage but
is not essential.

ACCOUNTANT

The successful candidate should have previously worked in
the accounting department of a Trust Company or other
financial institution. They should be familiar with integrated
accounting software.


International Protector Group is a specialist provider of
Protector and related services in the trust industry. We are
closely involved in the establishment and operation of Private
Trust Companies, Foundations, Trusts and Companies for our
clients.

Interested candidates who wish to apply for either of the
above positions should apply in writing to the following:

Andrew Law
International Protector Group Limited
Montague Sterling Centre
East Bay Street
P. 0. Box N-3924
Nassau, Bahamas

info@ipg-protector.com



IPG www.ipg-protector.com
PROTECTOR


POBT BANK AND TRUST LIMITED

LEGAL NOTICE

All persons are hereby put on NOTICE
that POBT Bank and Trust Limited, One
Montague Place, East Bay Street, Nassau, The
Bahamas (the "Bank") has ceased banking
and trust operations effective 22nd June, 2007.
Any client of the Bank,who has not already
closed their account is hereby put on NOTICE
to contact The Winterbotham Trust Compay
Limited, Nassau The Bahamas, as trustee of
the POBT Liquidating Trust, in order to claim
and redeem the proceeds of their account
forthwith.
The contact details for The Winterbotham
Trust Company Limited are as follows:

The Winterbotham Trust Company Limited
Winterbotham Place
Marlborough & Queen Streets
P.O.Box N3026
Nassau, The Bahamas
Tel: 1-242-356-5454
Fax:1-242-356-9432
www.winterbotham.com


I UINS


Internat~ional*TProte7T3Tctr Grou
^^is eeing to rec^^ruiiit the foloivng perTsons:n^








THE TRIBUNE BUSINESS


PAGE 6B, FRIDAY, JUNE 29, 2007


FAMILY GUARDIAN INSURANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
31 DElC(EiMBR 2006



2. SUMMARY OF SIGNIFICANT ACCOUNTING POUCES (CONTINUED)
(g) IMPARMENT OF ASSETS
the Company assesses at each balance sheet date whether there is objective evidence that a financial aset
or a group of financial assetsis impaired. A financial assets impaired if its caring amount is greater ian
its estimated recoverable amount. 'he impaired amount of the impainnent for assets carried at amortized
cost is calculated as the difference between the assets carrying amount and die present value of expected
future cash flows discounted at the financial instruments original effective interest rate.
If in a subsequent period the amount of the impairment decreases and the decrease can be related
objectively to an event occurring after the impairment was recognized, the previously recognized
impairment is decreased and the decrease is recognized in the income statement
(h) REINSURANCE TRANSACTIONS
In the normal course of its life insurance business, the Company seeks to limit its exposure to loss on any
single insured and to recover benefits paid, by ceding premiums to reinsurers under excess coverage
contracts Contracts entered into that meet the classification requirements for insurance contracts in Note
2(0) are classified as reinsurance contracts held. The Company retains a range of $25,000 to $110,000
(2005: $25,000 to $110,000) coverage per individual life
The benefits to which the Company is entitled under reinsurance contracts held are recognized as
reinsurance assets. These assets consist of short-term balances due from reinsurers and are classified within
receivables and otherassets Amounts recoverable from or due to reinsurers are measured consistently with
the amounts associated with the reinsured contracts and in accordance with the terms of each reinsurance
contract. Reinsurance liabilities are primarily premiums payable for reinsurance contracts and are
recognized as an expense when due
i) NON PREMIUM REVENUE AND EXPENSE RECOGNITION
Non premium revenue and expenses are accounted for on die acctal basis. Interest income is recognized
using the effective interest method. Dividend income is recorded when the right to receive payment is
established.
(j) CASH AND CASH EQUIVALENTS
For purposes of the cash flow statement, cash and cash equivalents consist of cash on hand, demand
balances with banks and bank term deposits wilt original contractual maturities of three months or less.
(k) LEASES
Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under operating leases are recognized in the income
statement on a straight-line basis over the period of the lease
) EMPLOYEE BENEFITS- PENSION OBLIGATIONS
The Company has a defined contribution pension plan for eligible agents and employees whereby the
Company pays contributions to a pension plan separately administered by the Company 'he Company
has no further payment obligations once the contributions have been paid. he plan requires participants
to contribute 5% of their gross earnings and commissions and the Company contributes 3.5% of eligible
earnings. The Company's contributions to the defined contribution pension plan are recognized in the
income statement in the year which they relate
(m) DIVIDEND DISTRIBUTION
Dividend distribution to the Companys shareholder is recognized in the finandal statements in the year
in which the dividend is dedared by the Board of Directors.
(n) INSURANCE CONTRACTS- CLASSIFCATION
The Company issues contracts that transfer insurance risk or financial risk or both Insurancecontracts are
those contracts that transfer significant insurance risk Such contracts may also transfer finandal risk. As a
general guideline the Company defines as significant insurance risk the possibility of having to pay benefits
on the occurrence of an insured event that are at least 10% more than the benefits payable if the insured
event did not occur.
A number of insurance contracts contain a Discretionary Particpation feature (DPI). 'his feature entities
the holder to receive, as a supplement to guaranteed benefits, additional benefits or bonuses:
that are likely to be a significant portion of the total contractual benefits,
whose amount or timing is contractually at the discretion of the Company and
that are contractually based on:
(i) the performance of a specified pool of contracts or a specified type of contract and
(ii) realized and/or unrealized investment returns on a spedcfied pool of assets held by the Company.
Ihe amount and timing of the distribution to individual contract holders is at the discretion of the
Company, subject to the advice of the appointed actuary.
(o) INSURANCE CONTRACTS- RECOGNITION AND MEASUREMENT
Insurance contracts including those with DPF are classified into four main categories depending on the
duration offisk and whether or not the terms and conditions are fixed.
Short-term insurance contract
These contracts are'group and individual health and hospitalization contracts-and short-duration life
insurance contracts. These contracs protect policyholders from the consequences of events (such as death,
disability or sickness) that would affect the ability of the policyholder or his/her dependents to maintain
their current level of income Guaranteed benefits paid on occurrence of the specified insurance event are
either fixed or are linked to the extent of the economic loss suffered by the policyholder. lere are no
maturity or surrender benefits
Premiums on these contracts are recognized as premium revenue proportionally over the period of
coverage The portion of premium received on in-force contracts drat relates to unexpired risks at the
balance sheet date is reported as the unearned premium liability. Premiums are shown before deduction
of commission.
Claims and loss adjustment expenses are recognized in the income statement as incurred based on the
estimated liability for compensation owed to policyholders. They include direct and indirect daims settlement
costs and arise from events that have occurred up to the balance sheet date even if they have not yet been
reported to the Company. Liabilities for unpaid daims are estimated using the riput of assessments for
individual cases reported to the Company and statistical analysis for the claims incurred but not reported.
Long-nmrn insurance contract u th fud and guaranteed rimis
These contracts insure events associated with human life (for example death, or survival) over a long
duration. Premiums are recognized as revenue when they become payable by the policyholder. Premiums
are shown before deduction of commission.
Benefits payable to beneficiaries are recorded as an expense when they are incurred.
A liability for contractual benefits that are expected to be incurred is recorded when the premiums are
recognized. The liability is based on assumptions as to mortality, persistency, maintenance expenses and
investment income that are established at the time the contract is issued. A margin for adverse deviations
is included inthe assumptions.
aong-enn insurance conatrs 'inhout foand guaranteed terms
These contracts insure events associated with human life (for example death, or survival) over a long
duration. Premiums are recognized as revenue when they become payable 'hese liabilities however, are
increased bycredited interest (in the case ofuniversal life contracts) or change in the unit prices (in the case
of unit-linked contracts) and are decreased by policy administration fees mortality and surender charges
and any withdrawals.
liabilities for Uniersal Life policies induding unit-linked contracts are based on assumptions as to future
mortality, pesistecy maintenance expenses investment income and editing interest rates Amargin for
adverse deviations is induded in the assumptions.
Liabilities for deferred annuities are set equal to the policyholder account values.
Lng-term insurance contract with ed and gamreranteed rrns r l wirth DIPF
These contracts insure events associated with human life (for example death, or survival) over a long
duration. Premiums are recognized as revenue when they become payable by the policyholder Premiums
are shown before deduction of commission.
Benefits payable to beneficiaries are recorded as an expense when they are incurred.
A liability for contractual benefits that are expected to be incurred is recorded when the premiums are
recognized. The liability is based on assumptions as to mortality, persistency, maintenance expenses and
investment income that are established at the time the contract is issued. A margin for adverse deviatons
is included in the assumptions
In addition, these contracts also participate in the profits of ite Company As die Company declares tie
bonus to be paid, it is credited to the individual policyholders

3. CRITICAL ACCOUNTING ESTIMATES, AND JUDGEMENTS IN APPLYING ACCOUNTING POLICIES
The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities within tie
net financial year. Estimates and judgements are continually evaluated and based on historical experience and other
factors, indudingexpectations of future events that are believed to be reasonable under tde circumstances.
The determination of the liabilities under long-term insurance contracts is dependent on estimates made by the
Company. Estimates are made as to the expected number of deaths for each of the years int whidi the Company is
exposed to risk. The Company bases these estimates on mortality tables that reflect recent histoncal mortality
experience, adjusted where appropriate to reflect the Company's own experience tor contracts that insure the risk of
longevity, appropriate but not excessively prudent allowance is made for expected mortality improvements. lhe
estimated number of deaths determines the value of the benefit payments and rite value of dlie valuation premiums.
The main source of uncertainty is that epidemics such as AIDS, and wide-ranging lifestyle dianges, such as in eating
smoking and exerdse habits, could result in future mortality being significantly worse than ti dre past for tire age
groups in which the Company has significant exposure to mortality nsk Hlowever, continuing improvements in
medical care and social conditions could result in improvements in longevity in excess of those allowed for in rthe
estimates used to determine the liability for contracts where the Company is exposed to longevity risk.

4. MANAGEMENT OF INSURANCE AND FINANCIAL RISK
IThe Company issues contraas that transfer insurance risk or finandal risk or both. tle Companys activities expose it to a
variety of finanal is induding the effects of changes in equity market prices and interest rates 'lhe Company's overall risk
tmanagnent approach focuses on the unpredictability of insured events and finndcial markets and seeks to minimize
potential adse efests on the financial performance of the Company.
(a) INSURANCE RISK
The risk under any one insurance contract is the possibility that die insured event occurs and the uncertainly
of the amount of the resulting claim By the very nature of an insurance contract this risk is random and
therefore unpredictable
lbr a portfolio ofinsurance contracts where the deory of probability is applied to pricing and provisioning,
the prindpal risk that the Company faces under insurance contracts is that die actual claims and benefit
payments exceed the carrynymg amount of the insurance lnabilties 'lhis could occur because the frequency
or severity of daims and benefits are greater than expected. Insurance events are random and the actual
number and amounts of daims and benefits will vary from year to year from thedi estimate established via
statistical techniques.
Experience shows that the larger the portfolio of similar insurance contracts, the smaller die relauve
vanability about the expected outcome will be In addiuon, a more diversified portfolio is less likely to be
affected across the board by a change in any subset of tie pontfoho
(i) Iong-rern insurance contram
Freplqercy and swvrit of dclms
Ibr contracts where death is the insured nsk the most significant factors that could increase the overall


frequency and seventy of daims are epidemics, such as AIDS, and wide-rangngg lifvile changes, sudch as
eating smoking and exercise habits resulting in earlier or more daims dian expected.
The Company manages these risks through its underwnting strategy and reinsurance arrangements lhe
undenvriting strategy is intended to ensure that die risks underwritten are iwsll diversiied in terms of type
and level of insured benefits. the Company's undervning strategy includes medical selection with benefits
limited to reflect the health condition of applicants and retention limits on any single life insured.


5. FINANCIAL INVESTMENT ASSETS

LOANS AND RECEIVABLES COMPRISE THE FOLLOWING:


Balamas Government bonds
Bridge Authority bonds
Education Loan Authority bonds
Clifton Heritage bonds
Government bonds, at cost
Add: Accrued interest receivable


Redeemable preferred shares, at cost
Add: Accrued interest receivable


25,171
307
2,301


I FAM ILY GUARDIAN
INSURANCE COMPANY LIMITED
(iniorporated under Ite ias of the iCommonwealtll ofi The Bahamnas)




4. MANAGEMENT OF INSURANCE AND FINANCIAL RISK (CONTINUED)
(a) INSURANCE RISK (CONTINUED)
lle table below indicates the concentration of insured benefits across four bands of insured benefits per
individual life insured to the nearest thousand.

BENEFITS ASSURED PER LIFE INSURED
AT END OF YEAR
2006 2005
$ S $
0-9,999 123,064,000 124,627,000
10,000-24,999 301,945,000 295,841,000
25,000-49,999 112,062,000 105,125,000
50,000 and over 732,877,000 704,100,000
Total 1,269,948,000 1,229,693,000

(b) CASH FLOW AND FAIR VALUE INTEREST RATE RISK
Cash flow risk is the risk that the future cash flow of a finandal instrument will fluctuate because of
changes in market interest rates, Fair value interest risk is the risk that the value of a financial istuument
will fluctuate because of changes in market interest rates. 'he Company takes on exposure to the effects of
fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. Interest
margins may increase as a result of such changes but may reduce or create losses in the event that
unexpected movements arise 'Ihe Board sets limits on the level of mismatlh of interest rate repricing that
may be undertaken, which is monitored daily.
(c) MARKET RISK
Market nsk is die nsk that tlhevalue of the financial instoumentwill fluctuate as a result ofdranges in market
prices whether those dcanges are caused by factors specific to the individual security, its issuer or factors
affecting all securities traded in the market. IThe Company manages its risk through the Investment
Committee, which monitor tdie price movement of securities on die Bahamas Intemational Securities
l.chaiige (lISX).
(d) CREDIT RISK
Ihe Company has exposure to credit risk which is die risk that a counter party will be unable to pay
amounts in iull when due Key areas where die Company is exposed to credit risk are:
tenn deposits placed with banks
mortgage loans and loans to policyholders
rreesirs' slare ol insurance liabilities
amounts due from reinsurers in respect o daims already paid
amounts due from insurance policyholders
The Companys term deposits are mainly placed with well-known high quality banks. Mortgage loans and
loans to policyholders are fully collateralized.
Reinsurance is used to manage insurance risk. lhis does not, however, discharge die Company's liability as
primary insurer If a reinsurer fails to pay a caim for any reason, the Company remains liable for the
payment to die policyholder lhe credit worthiness of reinsurers is considered on an annual basis by
reviewing their publidy available financial information prior to finalization of any contract.
The Company has one main reinsurer for its long-term insurance contracts, a large multinational
corporation that has a Standard & Poors (S&P) rating of A.
(e) LIQUIDITY RISK
'he Company is exposed to daily calls on its available cash resources mainly from claims short-term
contracts Liquidity risk is the risk that cash may not be available to pay obligations when due at a
reasonable cost. Ihe Board sets limits on the minimum proportion of maturing funds available to meet
such calls and on ithe minimum level of borrowing facilities that should be in place to cover maturities,
daims and surrenders at unexpected levels of demand.
(f) INTEREST RATE RISK
'Ihe Company manages this risk by attempting to retain a level of assets to liabilities with similar prindpal
values interest rates and maturity dates.
'The Companys exposure to tie effects of fluctuations in the prevailing levels of market interest rates on its
financial position and cash flows is reduced as the Company retains the right to change interest rates on
most of its interest earning loan assets.


RECEIVABLES AND OTHER ASSETS COMPRISE:
Accrued interest receivable bank term deposits
Accueid inth"si receivable staff loans '
Reinsurance recoveries
Utility deposits
Due from parent company
Other receivables and other assets


$ $ Reinsurance recoveries are in respect of aims already paid by the Company. All receivables noted above are due within
2,000,000 nelveh months As of 31 December 2005, the amount due from the parent company is interest-fee unsecured and have no
20,205 fixedterms of repayment
2,020,205


Freehold Freehold Furniture
Land Buildings & Equipment
S S $


3,294,716 7,186,954
363,921
(157,369)


962,518
105,459
(186,488)


Computer
Motor Hardware Leasehold
Vehicles & Software Improvements
S S $


26,867
(2,239)


748,020
328,466
(165,346)


180,922
106,400
(61,841)


Tb;u:


12,373,130
931,113
(573,283)


6,336,293 5,776,325
212,940 329,114
(873,400) (879,630)
228,525 161,126
939,123 949,358
6,843,481 6,336,293


Invesunents in equities comprise ordinary shares of Bahamian companies that are listed on BISX.

6. POLICY LOANS


POLICY LOANS COMPRISE:
Policy loans
Automatic premium loans

Add: Accrued interest receivable


6,791,863 6,558,210
2,483,243 2437,291
9,275,106 8,995,501
327,219 311,820
9,602,325 9,307,321


Policy loans and automatic premium loans (APLs) are allowedon Ordinary life policies. An interest rate ranging from 10%
to 11% (2005: 10% to 11%) per annum is charged on policy loans and APLs

7. MORTGAGE LOANS
2006 2005
$ $

MORTGAGE LOANS COMPRISE:
Loan to parent company 4,082,457 4,232,927
Loans to Company officers and their immediate families 1,952,893 2,880,594
Others 50,296,985 50,776,446
56,332,335 57,889,967
Less: Provision for inherent risk (777,363) (791,947)
Specific provision for credit risk (80,711) (197,000)
55,474,261 56,901,020
Add: Accrued interest receivable 338,580 340,208
55,812,841 57,241,228


TOTAL MORTGAGE LOANS MAY BE ANALYZED AS FOLLOWS:


Commercial:

Residential:


Current
Over 90 days
Current
Over 90 days


11,528,776 13,115,782
1,095,110 1,726,840
42,367,261 42223,303
1,341,188 824,042
56,332,335 57,889,967


The provision for inherent risk is calculated on total mortgage loans except for the loan to the parent company, which is
deemed to be fully collectible.


MOVEMENTS IN LOAN LOSS PROVISIONS ARE AS FOLLOWS:




Balance as of 1 January 2005
(Decrease) Increase in the provision
Loans written-off
Balance as of 31 December 2005
Decrease in the provision
Loans written-off
Balance as of 31 December 2006


Specific
Provision for Provision for
Inherent Risk Credit Risk
S $
1,173,240 136,034
(381,293) 132,765
(71,799)
791,947 197,000
(14,584) (46,289)
(70,000)
777,363 80,711


'lhe loan tc the parent companyearns interest at a rate of 8.5% perannum (2005: 8.5%). Aninterest rateof 6.5% perannum
2006 2005 (2005:6.5%) is charged on residential morlgageloans to iectorsofficersand stafwithtwoormoreyeas ofservice.eated
S $ party interest income from mortgages for the year ended 31 December 2006 is $496,706 (2005: $599,796) and related party
interest receivable on mortgages as of 31 December 2006 is $11,015 (2005: $14,097).
),900 17,152,700
7,400 307,400 As of December 2006, the Company had non-performing morgage loans of $2,436,298 (2005: $2,550,882) for which
0,000 1,800,000 interest of $436,282 (2005: $434,903) had not been recognized in the income statement


2,004,800 2,004,800
29,783,100 21,264,900
481,273 328,417
30,264,373 21,593,317
S S
1,120,000 1,150,000
5,040 252
1,125,040 1,150,252


During the year, the Company redeemed a preferred shareholding for $230,000 and purchased another shareholding for
$200,000. In 2005 the Company exerosed a final redemption on one of its preferred shareholdings for $283,334 and
received an additional $50,000 that was previously provided for and recorded as other income in the income statement.


142,812 45,812
689 468
1,290,841 2,525,887
42,560 40,896
246,025
779,835 740,175
2,256,737 3,599,263


Corporate bond, at cost
Add: Accrued interest receivable




9. PROPERTY, PLANT AND EQUIPMENT


Year ended 31 December 2006
Opening net book amount
Additions
Depredation charge
Depreciation on the revalued portion
of freehold buildings
Closing net book amount
As of 31 December 2006
Cost of revaluation
Accumulated depreciation
Depreciation on the revalued portion
of freehold buildings
Net book amount


Freehold land and buildings include a revaluation surplus of $1,422,044 (2005: $1,422,044) and $1,346,811 (2005: $1,346,811), respectively. During the year, the
Company wrote-off cost and accumulated depreciation relating, to fully depreciated computer equipment, furniture and equipment and leasehold improvements of
$61,375 (2005: $77,465), $43,956 (2005: $86,062) and $30,095 (2005: $ Nil), respectively
During 2005, the Company entered into an agreement to sell one of its buildings for a price of $4,500,000. lhe agreement is expected to be completed in 2007.


Freehold Freehold Furniture
Land Buildings & Equipment
$ $ S


As of 1 january 2005
Cost or revaluation
Accumulated depreciation
Depreciation on tlie revalued portion
of freehold buildings
Net book amount

Year ended 31 December 2005
Opening net book amount
Additions
Depreciation charge
Depreciation on the revalued portion
of freehold buildings
Closing net book amount
As of 31 December 2005
Cost or revaluation
Accumulated depreciation
Depredation on the revalued portion
of freehold buildings
Net book amount


3,029,840 6,257,389
(153,340)


845,947
(307,851)


Computer
Motor Hardware Leasehold
Vehicles & Software Improvements
S $ $


30,095
(27,739)


777,863 232,313 11,173,447
(372,208) (142,679) (1,003,817)


(40,220) (40,220)
3,029,840 6,063,829 538,096 2,356 405,655 89,634 10,129,410


3,029,840 6,063,829 538,096 2,356 405,655 89,634 10,129,410
264,876 1,282,231 553,641 484,300 153,000 2,738,048
(118,886) (129,219) (2,356) (141,935) (61,712) (454,108)

(40,220)- (40,220)
3,294,716 7,186,954 962,518 748,020 180,922 12,373,130

3,294,716 7,539,620 1,313,526 30,095 1,184,698 385,313 13,747,968
(312,446) (351,008) (30,095) (436,678) (204,391) (1,334,618)

(40,220) (40,220)
3,294,716 7,186,954 962,518 748,020 180,922 12,373,130


10. RESERVES FOR FUTURE POUCYHOLDERS' BENEFITS
TIhe Canadian Asset Liability Method (CALtII is used for e detennmination of reserves for future policyholderbenefits
of long-term insuraKne contracts.
As of 31 December 2006 the aggregate reserves for future policyholders benefits and related life insurance in force are
summarized as follows.


Reserves
-2006
S


Ordinary lifel
Anniulies
1 lome servis e lfe
Accident and lealtlh


Insurance in force
2005 2006
S S


23,623,279 21,2484,841 1,489,149,873 1,305,545,275
31,555,557 26,962,849
25,434,201 23,563,536 483,179,145 492,820,742
4,278,659 4,707,552 102,192,883 106,207,996
84,891,696 76,518,778 2,074,521,901 1,904,574,013


lie reserves for future polivytiolder' benefits are dtcieniuni.d .Unnuilly by actuainal sduation and represent an esumate of the
.iiouniii rtcqiuicitL logdther wii lUiture prrentniuiiis I ni d IvnicsuninI I ontI 10to provide lotr uturc bent-its and xten paer ibvale
on insuranK ui nd ludu w uIoIntls lliS r ricrt se r lius ,,dl anuig arssuaptions l[o tuiure poliv lapse rates niortaliny mor-
bidity rates, [aii tenance expenses auid interest rats lhe assunipuons also include provisions lot advrisw deviaion to recognize
. .. ,, ,. ,,,I ,,,.' -, I a... ... I ,. -,, ,..h ,! ,JJ. ,?. I,., ...... ..~ ,, ,,.

Policy liabilities are calcalated using best estinmate assumpions wdli margins for adverse deviation
(fi) MLorriai)' anid Mnlnditu
Assumptons for Hlome service life business are based on Company cxpenence.e Assumptions for other business
lines are based on industry experience, as die Company does not Iawve sufficient o its own epenenicr A magini is


10. RESERVES FOR FUTURE POUCYHOLDERS' BENEFITS (CONTINUED)
(i) ,Mlondii)' irul a hiMrtiil)ty (Connnuasd)
added lor adverse deviation equal to 15 per 1,000 divided by the expectation of life for mortahty and 8% to 10%
for morbidity If future mortality and morbidity rates were to differ by 10% from that assumed, the liability would
increase by $3,128,952 (2005. $2,933,000) or decrease by $3,136,688 (2005 $2,9012000).
(l) Irnistment Yiih
Assets are notonoally allocated to life and annuity business lines Expected investment yields are based on new
money rates and expectant asset nux. A margin for adverse devation is added by deducting 50 basis points from
current rates and assuming future interest rates reduce to 5% over 20 years If future interest rates were to differ by
1% from tiat assumed, without changing tie polictyolder dividend scale the liability would increase by
$11.388,448 (2005 $105(IO,000) or decrease by $8,010,992 (2005 $7,078,000)
(Ili) PTRsiin l,
Lpse rlue are based on Company's experience where credible experience is available and indusy experience is
used where crle lCompnlt experience is not available A margin for adverse deviation is added by ineasing
or dcreasing slate a ts, whihdnver is adverse bye 20% If future lapse rates were to differ by 10% from that
assumed. lie liabilnis would increase by $927,368 (2005 $1,300,000) or decease by $1,018,016 (2005:
S1.229.00))


(ir) styPsra
Expenses are based on best esumates of Company experience Lxpenses are increased 10% as a margin for adverse
de iauon. expenses are assumed to increase with intlauon of 3% in 2006 decrasing to 2% in 2026 and later. If
future cxpenses were to differ by 10% from lhat assumed, the liability would increase by $2.834,544 (2005.
$2,655,000) or decrease by $2,789,336 (2005- $2,613,000).


/


/

/


8. RECEIVABLES AND OTHER ASSETS


2006 2005
S $


(40,220) (40,220)
3,294,716 7,353,286 881,489 24,628 911,140 225,481 12,690,740

3,294,716 7,903,541 1,375,029 26,867 1,451,789 461,618 14,513,560
(510,035) (493,540) (2,239) (540,649) (236,137) (1,782,600)

(40,220) (40,220)
3,294,716 7,353,286 881,489 24,628 911,140 225,481 12,690,740


INVESTMENTS IN EQUITIES
At beginning ofyear
Purchases
Sales proceeds.
Realized gain from sales of equities
Change in unrealized appreciation on equities
At end of year


!









THE TRIBUNE BUSINESS


FRIDAY, JUNE 29, 2007 PAGE 7B


PRIcWATEMrOUSE MPERS


PricrWalerhu eCapens
Providence llou
F-isit Itill Streeti
P.O. Box N- 341
Nnsaunu.lhe Ianhals
Websile:www.pwc.cno
Email: p.cbs@btpwc.com
Telephone (242) .3 -5.1X4t
Facsimile (242) .12-5350)
INDEPENDENT AUDITORS' REPORT
To the Shareholder of family Guardian Insurance Company Limited

We have audited the accompanying financial statements of Family Guardian Insurance Company
Limited (the Company), which comprise the balance sheet as of 31 December 2006, and the income
statement, statement of changes in equity and cash flow statement for the year then ended, and
a summary of significant accounting policies and other explanatory notes.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with International Financial Reporting Standards.This responsibility includes: designing.
implementing and maintaining internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or error; selecting
and applying appropriate accounting policies: and making accounting estimates that are reasonable
in the circumstances.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditors'judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditors consider internal control relevant to the entity's
preparation and fair presentation of the financial statements in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entity's internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Opinion
In our opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of the Company as of 31 December 2006. and its financial performance and its
cash flows for the year then added in accordance with International Financial Reporting Standards.


Chartered Accoummant

Nassau, Bahamas
19 March 2007


J FAMILY GUARDIAN
INSURANCE COMPANY LIMITED
(incorporated under the nlas of the Commonwealth of The Bahamas)



FAMILY GUARDIAN INSURANCE COMPANY LIMITED

INCOME STATEMENT
OR lI' ll YEAR ENDID 31 DECEM IBER 2006
AMOUNTSS IEXPRESSEiD IN BIAHAMIAN DOI.I.ARS)


DIRECT PREMIUMS
Premium revenue
Premium ceded to reinsurers (Note 14)
Net premium revenue
Annuity deposits
Net premium revenue and
annuity deposits (Note 14)
Interest income
Dividend income
Change in unrealized appreciation on
investments in equities (Note 5)
Realized gain from investments
in equities (Note 5)
Other operating income
Decrease in provision for inherent risk

Total income

BENEFITS
Policyholders' benefits (Note 15)
Reinsurance recoveries

Net policyholders' benefits
Increase in reserves for future
policyholders' benefits


EXPENSES
Commissions
Operating expenses (Notes 17 and 18)
Depreciation and amortization expense
Interest expense
Bad debt expense


Total benefits and expenses
Net income


FAMILY GUARDIAN INSURANCE COMPANY LIMITED

CASH FLOW STATEMENT
FOR TIll YEAR ENDED 31 DECEMBER 2006
(AMOLINTS EXPRESSED IN BAHAMIAN DOI.I.ARS)


2006 2005
$ $
(Note 24)


57,720629 51793949 CASH FLOWS FROM OPERATING ACTIVITIES:
57,720,629 51,793,949 Net income
(3,618,000) (3,236,822) Adjustments for
54,102,629 48,557,127 Depreciation and amortization (Note 9)
6,242,596 6,592,793 Change in appreciation on investments
in equities (Note5)
60,345,225 55,149,920 Realized gain from investments in equities (Note 5)
7,459,148 7,070,156 Recovery of investment provision
378,755 359'746 Loans written-off, net of recoveries
Change, in mortgage/investment provision
939,123 949,358 Reserve for policyholders' benefits
Interest expense
228,525 161,126 Interest income
Dividend income


502,942 479,914
381,293

69,853,718 64,551,513


32,234,776 26,412,537
(2,774,405) (2,182,873)

29,460,371 24,229,664

8,460,563 9,133,864
37,920,934 33,363,528


10,727,734 11,249,498
14,623,483 14,048,280
613,503 494,328
219,019 23,767
4,121 133,414

26,187,860 25,949,287
64,108,794 59,312,815
5,744,924 5,238,698


* Eckler Ltd.
Consultants *an Actuaries


Operating profit before working capital changes
(Increase) Decrease in operating assets
Receivables and other assets
Premiums receivable
(Decrease) Increase in operating liabilities
Payables and accruals
Other policyholders' funds
Net cash provided by operating activities

CASH FLOWS FROM INVESTING ACTIVITIES:
Policy loans
Proceeds from redemption of preferred shares
Purchase of property, plant and equipment (Note 9)
Proceeds from maturity of bank term deposits
greater than three months
Maturity of Government bonds
Placement of bank term deposits greater than
three months
Net mortgage loans issued
Purchase of preferred shares
Purchase of Government bonds
Purchase of equities (Note 5)
Purchase of corporate bonds
Proceeds from sale of equities (Note 5)
Interest received
Dividends received
Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid
Interest paid
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

COMPRISED OF:
Cash and bank balances
Short-term bank deposits


5,744,924 5,238,698

613,503 494,328

(939,123) (949,358)
(228,525) (161,126)
(50,000)
(70,000) (71,799)
(60,873) (248,528)
8,372,918 8,976,723
219,019 23,767
(7,459,148) (7,070,156)
(378,755) (359,746)
5,813,940 5,822,803

1,439,747 (1,844,573)
(1,019,784) (324,306)

(411,435) 2,458,716
936,153 (1,260,238)
6,758.621 4,812,402


(279,605)
230,000
(931,113)


(527,393)
533,334
(2,738,048)


7,810,019 6,501,922
43,100

(12,858,117) (7,563,635)
1,557,632 (6,178,936)
(200,000)
(8,561,300) (3,038,300)
(212,940) (329,114)
(2,000,000)
873,400 879,630
7,170,307 7,127,349
378,755 359,746
(6,979,862) (4,973,445)

(2,500,000) (3,312,500)
(11,503) (23,767)
(2,511,503) (3,336,267)
(2,732,744) (3,497,310)
4,185,115 7,682,425
1,452,371 4,185,115

1,141,473 1,728,889
310,898 2,456,226
1,452,371 4,185,115


The accompanying notes are an integral part of these financial statements.


The accompanying notes are an integral part of these financial statements.


APPOINTED ACTUARY'S REPORT

To the Board of Directors and Shareholes of Family Guardian surance Company Lmited


I have valued the actuarial liabilities and other policy liabilities of Family Guardian Insurance
Company Limited for its balance sheet at 31 December 2006 and the change in the income
statement for the year ended 31 December 2006 in accordance with generally accepted
actuarial practice including selection of appropriate assumptions and methods.

In my opinion, the amount of the actuarial and other policy liabilities makes appropriate provision
for all policyholder obligations and the financial statemiens of Family Guardian Insurance Company
Limited fairly represent-the results of the valuation.


Richard E Labele
Fellow, Canadian Institute of Actuaries
Fellow, Society of Actuaries

19 March 2007


FAMILY GUARDIAN INSURANCE COMPANY LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2006
(AMOLINTIS EXPRESSED IN BA IAMIAN DOLLARS)


Share
Capital
(Note 13)
$

1,707,462


Balance as of 1 January 2005
'Ilansfer from revaluation surplus
Net income for 2005
Dividends declared and paid ordinary shares
($1.94 per share)
Balance as of 31 December 2005
Balance as of 1 January 2006
'Iansfer from revaluation surplus
Net income for 2006
Dividends declared and paid ordinary shares
($1.46 per share)
Balance as of 31 December 2006


Share
Premium

$

11,401,314


Revaluation
Surplus

S

2,768,855
(40,220)


Retained
Earnings

S

14,831,881
40,220
5,238,698


(3,312,500)


30,709,512

5,238,698

(3,312,500)


1,707,462 11,401,314 2,728,635 16,798,299 32,635,710
1,707,462 11,401,314 2,728,635 16,798,299 32,635,710
(40,220) 40,220
5,744,924 5,744,924

(2,500,000) (2,500,000)
1,707,462 11,401,314 2,688,415 20,083,443 35,880,634


The accompanying notes are an integral part of these financial statements.


NOTES TO THE FINANCIAL STATEMENTS
31 DEClMBER 2006


FAMILY GUARDIAN INSURANCE COMPANY LIMITED
(INCORPORATED HUNTER THE LAWS OF THE COMMONWEALTH OF THE BAHAMAS)
BALANCE SHEET
AS OF 31 DECEMBER 2006
(AMOUNTS EXPRESSED IN BAHAMIAN DOLLARS)


2006 2005
S S


ASSETS
Bank term deposits
Government bonds (Note 5)
Preferred shares (Note 5)
Corporate bonds (Note 5)
Investments in equities (Note 5)
Policy loans (Note 6)
Mortgage loans, net (Note 7)
Total investment assets
Cash and bank balances
Receivables and other assets (Note 8)
Premiums receivable
Property, plant and equipment, net (Note 9) .
TOTAL ASSETS
ABILITIES
Reserves for future policyholders' benefits (Note 10)
Other policyholders' funds (Note 11)
Policy liabilities
Payables and accruals
Total liabilities

EQUITY
Share capital (Note 13)
Shares premium
Revaluation surplus
Retained earnings
Total Equity
TOTAL LIABILITIES AND EQUITY


8,430,710 5,527,939
30,264,373 21,593,317
1,125,040 1,150,252
2,020,205
6,843,481 6,336,293
9,602,325 9,307,321:
55,812,841 57,241,228
114,098,975 101,156,350
1,141,473 1,728,889
2,256,737 3,599,263
2,714,962 1,695,178
12,690,740 12,373,130
132,902,887 120,552,810

84,891,696 76,518,778
5,919,613 4,983,460
90,811,309 81,502,238
6,210,944 6,414,862
97,022,253 87,917,100

1,707,462 1,707,462
11,401,314 11,401,314
2,688,415 2,728,635
20,083,443 16,798,299
35,880,634 32,635,710
132,902,887 120,552,810


SIGNED AS APPROVED FOR ISSUE ON BEHALF OF THE BOARD OF DIRECTORS:






Director Director


19 March 2007

Date








The accompanying notes are an integral part of these financial statements.


1. INCORPORATION AND ACTIVITY
Family Guardian Insurance Company Limited (the Company is incorporated under the laws of the Commonwealth
of'lhe Bahamas sells life and health insurance and is a wholly-owned subsidiary of amcGuard Corporation Limited
(laCnGuard), also incorporated in the Commonwealth oflhe Bahamas
The registered office of the Company is situated at the offices of E. Dawson Roberts & Co., Parliament and Shirley
StretS Nassau,'he Bahamas.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Ihe significant accounting policies applied in preparation of these financial statements are set out below. 'lhese
policies have been consistently applied to all the years presented, unless otherwise stated.
(a) BASIS OF PRESENTATION
'lhe finandal statements have been prepared in accordance with Interational miancial Reporing
Standards (IFiS).'lhe Company has adopted accounting policies for the computation ofreserves for future
policyholder benefits on life insurance and annuity contracts which comply with the Canadian Asset
Liability Method (CALM). As no spedcific guidance is provided by IFRS for computing reserves for future
policyholder benefits, management has judged that CALM should continue to be applied. he adoption of
II1S 4 Insurance Contracts permits the Company to continue with this accounting policy. 'he financial
statements haw been prepared under the historical cost convention, as modified by the revaluation of
freehold land and buildings and financial assets at fair value through profit or loss.
'he preparation of financial statements in conformity with IlRSrequires the use of certain critical
accounting estimates. II also requires management to exercise its judgement in the process of applying the
Company's accounting policies. 'he areas involving a higher degree of judgement or complexity or areas
where assumptions and estimates are significant to the finandal statements are disclosed in Note 3.
(b) RESERVES FOR INSURANCE CONTRACTS
'he reserves for insurance contracts in force at the balance sheet date are calculated according to principles
determined by the Company's appointed actuary.
the Company calculates its liabilities for individual life insurance policies using the Canadian Policy
Premium Method (PPM). he calculation of these policy reserts is based on assumptions as to future rates
for mortality and morbidity investment yields, policy lapse and expenses, which contain margins for
adverse deviations.
liabilities for deferred annuity policies are computed as the value of accrued invested funds Reserws for
immediate payment annuities are equal to the present value of future benefits.
Claim rswes forgroup health police are estimated fmnt incurred daims and the history of priordaim payments
Liabilities for other shon-lermn health policies reevable at the option of the Company comprise uneamred
premiums plus a contingency reserve for claims.
(d PROPERTY, PLANT AND EQUIPMENT
Freehold land and buildings are shown at fair value based on periodic, nonnally triennial, valuations by
extemal independent appraisers, less accumulated deprecation for buildings. Any accumulated
depredation at the date of revaluation is eliminated against the gross canying amount of the asset, and the
net amount is adjusted to the revalued amount of the asset All other property, plant and equipment is
stated at historical cost less accumulated depredation. Ilistorical cost includes expenditure that is directly
attributable to the acquisition of the assets.
Improvements, which extend the useful lis or increase the value of assets are capitalized.
Subsequent costs are included in the assets's carrying amount or recognized as a separate asset, as
appropriate only when it is probable that future economic benefits associated with the item will flow to the
Company and the cost of the item can be measured reliably. All other costs are charge to the income
statement as repairs and maintenance during the financial year in which they are incurred.
Increases in the canying amount arising on revaluation of freehold land and buildings are credited to the
revaluation surplus account in equity Decreases that offset previous increases of th same asset are charged
against the revaluation surplus account directly in equity all other decreases are charged to the income
statement. Each year the difference between depredation based on the revalued curyingamount ofthe asset
is charged to the income statement and depreciation based on the assets original cost is transferred from
the revaluation surplus account to retained eamings.
heassets' risidual values and useful lives arreviewed, and adjusted inappropriate at each balance sheet date
An asset's canying amount is written down immediately to its estimated recoverable amount if the asset's
carrying amount is greater than its estimated recowrable amount.
Freehold land is not deprecated. Depredation on other assets is calculated using the straight-line method
to allocate their cost or revalued amounts over the estimated useful lives, as follows:


Freehold buildings
1-umiture and equipment
Motor vhices
Computer software and development costs
leasehold improvements


2.5% per annum
10%-20% per annum
25% per annum
20%-33% per annum
shorter of period of the leases and estimated
economic life of the improvements


Gains and losses on disposals are determined by comparing proceeds with the canying amount these are
induded inthe income statemenL When revalued assets are sold, the amountsindudedin the revaluation
surplus are transfened to retained earning
(d) FINANCIAL INVESTMENT ASSETS
'Ihe Company dassifies its financial investment assets other than bank term deposits in the following
categories at fair value through profit or loss and loans andreceivables.Ihe dassification depends on the
purpose for which the investment assets were acquired Management determines the classification of its
investment assets at initial recognition and re-evaluates this designation at every reporting date
(i) Financialm inmenr aes atfairhamlue dr gh profit orls
finandal investment assets are classified as finanal assets at fair value through profit or loss if acquired
principally for the purpose of selling in the short-term or if so designated by management.
Investments in equities are dassified as financial assets at fair value through profit or loss
Regular-way purchases and sales of equities are recognized on trade date, which is the date that the
Company commits o purchase or sell the equity. Investments in equities are initially recognized at cost
and subsequently renmeasured at fair value.
air value is determined by reference to quoted bid prices for ordinary shares Investments are
derecognized when the rights to receive cash flows from the investments have expired or have been
transferred and the Company has transferred substantially all risks and rewards of ownership. Realized
and unrealized gains and loss arising fom chang in the fair value of the investments in equities
category are presented in the income statement in the year in which they arise
(ii) Loamn a mul nr iale
Financial investment assets are classified as loans and receivables if they are non-derivative financial
assets with fixed or detemninable payments that are not quoted in an active market, and that the
Company does not intend to sell in the shor-term.
Investments in government bonds, preferred shares and corporate bonds are dassified as loans and
receivables. Loans and receivables are carried atamoizedcost, using the effective interestmethodless
any provision for impairment in value
A loan or receivable is impaired ifits canying amount is greater than its estimated recoverable amount
'lhe amount of the impairment loss for loam and receivables carried at amortized cost is calculated as
the difference between the caning amount and the preset value of expected future cash flows
discounted at the financial instmmenf's original effective interest rate
(e) LOANS AND LOAN LOSS PROVISIONS
Policy loans are cared al the balance outstanding plus accrued interest. No provision for loss on these
loans is deenmd nenatry by management because hee loans are fllycollateraled by the cash surrender
value ofthe policies.
Mortgage loans are nonderivative financial assets with filed or dterminable payments that are not quoted
in an active market1heyarise hen the Company provides moneydirectly to a boowrwith nointention
of trading the receivable Mortgage loans are secured by first mortgages and provide for monthly
repayments at variable interest rates over periods of up to twenty-five years on residential loans and up to
twenty years on commercial loam.
Mortgage loans td e at the prindple balance outstanding plus acced interest, less an inherent
provision for loan losses on current loans and specific provisions on certain non-current loans. Specific
provisions are made on non-current loan for mortgage over three months in arears, based on
management's evaluation of the respective loans. A specific provision for non-cunent mortgage loam is
established if there is objective evidence that the Company will not be able to collect all amounts due
according to the original ters of the mortg loan Significant finandal difficulties of the boDtrec
probability that the borrower will enter fiandal reorganization. and default or delinquency in payments
are considered indicators that the mortgage loan is impaired. lhe amount of the specific provision for loan
loss is the difference between the loan's carrying amount and the recoverable amount being the present
value of estimated future cash flows, induding reco ies from guarantees and collateral, discounted at the
effective interest rate at inception of the loan. 'he amount of the provision for loan loss is recognized in
the income statement. If the amount of the provision subsequently decreases due to an event occuring
after the write-down, the release of the provision is recognized in the income statement.
Accued interest on non-urent loans is excluded from interest income
(f) FOREIGN CURRENCY TRANSLATION
(1) Futnra nd a rul enmation aey
Items induded in the financial statements an meared using the cuency of the primary economic
environment in which the Company operate (flncional cunency), the Bahamian dollar.The finandal
statements are presented in Bahamian dollars which is also the Company's presentation currency.
(ii) huuawioB and balwn
Assets and liabilities denominaledor amounted forin arenies other han the Bahamian dollar haw been
translated to Bahamian dollars using the rates of change prevailing at the balance sheet date foreign
cunency tranactions and income and epene items have been translated at the change rates prevailing
atthe time of thetransction. Cains and loss on tranationarelected in the incme sateent







PAGE 8B, FRIDAY, JUNE 29, 2007


THE TRIBUNE BUSINESS


FZ FAMILY GUARDIAN
INSURANCE COMPANY LIMITED
(I rlncrorporled under l hlie s ll i / ihe Commonwealth of The Bahamas)


Storm


FAMILY GUARDIAN INSURANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
31 DC1( MBIER 2006


10. RESERVES FOR FUTURE POUCYHOLDERS' BENEFITS (CONTINUED)
() Ons~ms t es'
Acuanal assumptions are olulnuously reviewed based on emerging Company and indsurs 1 |i l r'I'I andi
evised if appropnate ,ld material.
(ni) Arli' f(ir .WA mtiutnrown issumpttn
'Ihe basic assumptions made in establishing policy liabilines are best esumates for a range of possible olikolnl s
lo recognize the uncertainty in establishing dhese best estimates, to allow lor possible detenoration ill cxilencui e
and to provide greater comfort that the reserves are adequate to pay future ber'eits, die appoinltd ailuaiv is
required to indude a margin in each assumption.
Ihe impact of these margins is to increase resers and so decrease the incotedial would be reoglllzd on
Inception of the policy. Ihe Canadian Institute of Actaries prescnbes a range of allowable margins. Illi Collmpyu
uses assumptions at die conservative end of fie range, taking into account the nsk profiles of the business
ihe movements in reserves for future policyholders' benefits and otler policyholder benefits (namely insurance lilabillls),
by line ofbusiness, are summarized below
(a) Short-term insurance contracts:
2006 2005
$ $


Liabilities at beginning of year 4,13;
Usual change in In-Force Business and New Business 14
Liabilities at end of year 4,278
(b) Long-term insurance contracts with fixed and guaranteed terms:


Liabilities at beginning of year 33,923
Changes in Data, Methods, and Assumptions (652,
New Business (1,430,
Usual change in In-Force Business 5,666
Liabilities at end of year 37,506
(c) Long-term insurance contracts without fixed and guaranteed terms:


Liabilities at beginning ofyear 26,366
Changes in Data, Methods, and Assumptions
New Business 84
Usual change in In-Force Business 3,664


Liabilities at end ofyear


30,115


15. POUCYHOLDERS' BENEFITS

POUCYHOLDERS' BENEFITS FOR THE YEAR ENDED 31 DECEMBER 2006 BY INSURANCE CONTRACTS
WERE AS FOLLOWS:

2006 2005
Gross Reinsurance Net Gross Reinsurance Nel
S $ $ $ $ S


1i\ im ll n.llli iiinilll.act 199 23,679 (1,682,823) 18,240,856 15,625,55
iI h 'dI I
liidnlLt 11n, 5,723.788 (586,528) 5,139,260 5,584,59
I I l llmll dl ll II 1 ,I
gouriincild 'l i 4 11,.181 (181,917) 3,933,266 3,011,21
l1 li t 111 \ 1 I1nd hl .IIII lI
Iiiis .w.ii l illi]tis lll n.i
I'.Lm1] tiol l tur ll1 ( 1l) 2,470,126 (323.137) 2.146,989 2,191,12
32,234,776 (2,774,405) 29,460,371 26,412,53

16. OPERATING LEASES
I ie Compalny leos certain office premises under non collnntlnentllas as of31 member 2006 are as follows:


2,552 2,706,536
6,107 1,426,016 Upto 1 yeas
8,659 4,132,552 1 year to 5 years


1,847 32,093,154
988) 972,000
937) (1,979,000)
i,155 2,837,693
6,077 33,923,847


1,01
1,18
2,26


I ce Company leases its coporatc office building from its parent company and proi
company for lonslruclion of lthe building by way of a commercial mortgage loan
expense under the lease is $800,000 (2005: $716,560) and this is equal to the ann
Iroll the parell nut lpany.
17. TAXATION
Ilcre are no corporate, income or capital gains taxes levied in 'he Bahamas and
lIxes on its net income. I however, taxes based on premium income, levied at3% for
amounted to $1,725,146 (2005: $1,556,087) and is induded within operating ex


2006 2005
$ $ 18. PENSION PLAN


,583 21,035,369
913,000
1,641 (334,000)
,050 4,752,214
,274 26,366,583


(d) Long-term insurance contracts with fixed and guaranteed terms and with Discretionary
Participation Features (DPF):


Liabilities at beginning of year
Changes in Data, Methods, and Assumptions
New Business
Usual change in In-Force Business
Liabilities at end of year


TOTALS FOR AU LINES OF BUSINESS
Liabilities at beginning of year
Changes in Data, Methods, and Assumptions
New business
Usual change in In-Force Business
Liabilities at end of year


12,095,796 11,706,9%9
(305,000)
(807,679) (935,000)
1,703,569 1,628,800
12,991,686 12,095,796

S S


76,518,778 67,542,055
(652,988) 1,580,000
(2,153,975) (3,248,000)
11,179,881 10,644,723
84,891,696 76,518,778


11. OTHER POUCYHOLDERS' FUNDS
Other policyholders' funds relate to unpaid benefits premiums received in advance, unearned premiums and
accumulated dividends.
12. BANK OVERDRAFT FAGULmES
The Company has bank overdraft facilities of $750,000 (2005: $750,000). Amounts utilized under lhe facilities aulraa
interest at Nassau prime plus 1.5%
13. SHARE CAPITAL


Redeemable Cumulative
Non-voting Non-
Participating Preferred
Shares at S1 each


S o,-500,00o ,


Issued. anh d filly pa
Issued and fully paid


2006
- Ordinary
Shares
at $1 each


2005
Ordinary
Shares
at $1 each


: :.,2,000,000 .. r ",.. :' 2,000,000


$1,707.462


$1.707.462


14. NET PREMIUM REVENUE AND ANNUITY DEPOSITS

NET PREMIUM REVENUE AND ANNUITY DEPOSITS ARE COMPRISED OF:


Short-term insurance contracts
Long-tenn insurance contracts with fixed
and guaranteed terms
Long-term insurance contracts without fixed
and guaranteed terms
Long-term insurance contracts with fixed
and guaranteed terms and with discretionary
participation feature (DPF)
Change in premium receivables
Change in unearned premium provisions
Premium revenue arising from
insurance contracts issued
Premiums ceded for short-term and
long-term insurance contracts to reinsurers


2006
33471861
33,471,861


2005

30,618,184


15833,378 14,244,114
9,846,729 9,763,141

3,759,002 3,517,969
1,049,344 279,349
2,911 (36,015)
63,963,225 58,386,742
(3,618,000) (3,236,822)
60,345,225 55,149,920


lhe Company Ilas a defined contribution plan (the "Plan') for eligible agent
conlnbute 5% of gross salary and commission, and the Companycontributes 3.5
lie Company's pension costs net offorfeitures in respect to the Plan fortheyearen
to $442318 (2005: $450,582), whidi is induded in operating expenses in the ino
19. COMMITMENTS
Outstanding colnlnmillmc s to extend credit under mortgage loan agreements
31 December 2006 (2005: $2,150,056)
20. RELATED PARTY TRANSACTIONS
lihe following arc related pally transactions not disclosed elsewhere in the fit


KEY MANAGEMENT PERSONNEL COMPENSATION:


Salaries and other short-term employee benefits 1,36Q
Post-employment benefits 85
Share-based payments 17(
1,615
lihe Companty sponsors a plan as an on-going incentive system for its key employees Th
company and dtese shares are awarded to the plant partidpants on an annual basis forserv
or as specal awards ior a promotion or upon hiring at dte executive level. he Compan
anses to the plan and die plan purdiase die shares as needed on the open market at ma
enod olf years, depending on dihe type ofaward granted.
In 2006, die total rciuminition of thdie direors was $167,000 (2005:$167,236).
21. POST RETIREMENT MEDICAL BENEFIT
tlle Company introduced a post-retirement medical plan on I lanuary 1999
tlla date. Cosi salring with participants varies with year of retirement and ye
Ilie Company's contributions will be provided, as premium payments are du


Amounts recognized in the balance sheet ,,,,(
Present value ol ullfuinded obligations
Unrecognized past service cost Ii
fliuccognizec actuarial gains (losses) ..
Net liability in balance sheet
Amounts recognized in the income statement
Current service cost
Interest on obligation
Anortizatioll of prior service costs for non-vested benefits
Net actuarial loss recognized
totall expense recognized
Change in amount recognized in the balance sheet
Net balance sheet liability at beginning of year
Net expense recognized
Company contributions
Net balance sheet liability at end of year
A dis(ount r.ae of 7 3% foIr 2006 and 2005 is assumed.
22. CONTINGENT UABILTIES


23!
S(
(37,
201

22
17
2
4
45

161
45
(6,
201


FROM page 1


Mr Ward said Bahamas First
had back-up data and servers
1 (143,214) 2,077 located at a remote location in
37 (2182,873) 24,229,4 the event that the worst hap-
pened.
However, he pointed out
g l ture minimum rental that Bahamas First, RoyalStar
Assurance, Security & Gener-
2006 205 al and Insurance Company of
$ the Bahamas all had their head
80,630 900,360 offices located on the hill on
82,940 1,803,0 offices located on the hil on
570 ,703455 Collins Avenue, one of the
63,570 highest points on New Provi-
videdthefinancingtotheparent dence, with the slope likely to
I; see Note 5. The annual rental
al mortgage paymentsreeived counter any storm surge and
flooding that could come from
a Category 5 hurricane.
th yAs a result, almost all the
theyearended3 tDeomber2006 major general insurance carri-
penseintheincomestatement ers were unlikely to be impact-
ed by flooding, arguably the
Sand employee. e employ greatest risk of damage during
5%ofeligibleeamin a hurricane. Insurance Man-
ded31Deember2006amounted agement's Palmdale head-
mestatement quarters has also been built
like a bomb shelter to with-
nted to $4,947,17 as of stand the greatest storms.
amouned4,947,187of Mr Ward said Bahamas
First's headquarters had been
designed "with the intent of
nancial statements: being able to survive a high
category, pretty fully blown
20W6 2 hurricane", meaning that wind
$ s damage was unlikely to be an
0,246 1,356,606 issue.
5,158 62,036 "The damage assessment
0,084 made by this individual is to
5,488 1,418,642 some extent overblown," Mr
e plan holds sharesof the parent Ward said of Mr Adler.
ias renderedinthepreviousyear Tom Duff, Insurance Com-
makescashawardsahe ned pany of the Bahamas' general
aket6 ue The sharesvest o ver a p
manager, said he felt Mr
Adler's evacuation plan con-
cept was "flawed".
He added that there was "a
for employees who retire after very good reason" why insur-
ars of service to the Company. ance companies did not look
e for retired paridpant to evacuate their personnel
2006 2005 with a major storm approach-
s $ ing, and that was because it
,30would "not look very. good to
257) (2,592) our customers-if all the staff '
834) were off to Miami or Jamaica
1,219 161,871 in the event of a major hurri-
cane; you don't expect your
,246 18,600 insurance company to evacu-
,040 11,648 ate".
,35 2335 Mr Duff explained that it
,855 32,3 was also not a good idea to
encourage homeowners to
vacate their homes, as experi-
,8 13,187 ence had shown that damage,
507) (4,899) losses and th size of claims pay-
,219 161,871 outs were lower if people were
around to secure their homes.
He added that the "number
one priority, the best thing you


lie Company is a defendant in several legal actions arising in the normal course of its business affairs.
Management believes that die resolution of these matters will not have a material impact on the Company's
financial position.
23. FAIR VALUE OF FINANCIAL INSTRUMENTS
Mortgages and policy loans are carried at the balance outstanding plus accrued interest, less an inherent
provision. Corporate bond, preferred shares and Bahamas Government bonds are classified as loans and
receivables and are carried at cost, less any necessary provision for impairment in value. The carrying values
of these assets approximate their fair value as the majority of these assets bear interest at variable rates.
Financial assets at fair value through profit or loss are carried at fair value.
24. CORRESPONDING FIGURES
lhie corresponding figures for cash and cash equivalents and interest expense in the cash flow statement and
the note disclosure for related party transactions have been reclassified to conform with the presentation
adopted for the current year.


C F A L
Pricing Information As Of:
Wednesday. 27 June 2007
.': i. LUSTED & TRAbED lCUrliflneI VISIT WWW BISXBAHAMAS COM FOR MORE A I'TA-_il_.' __._
SX ALL SHARE INDEX: CLOSE 1.814.02 / CHG 00 70 / %CHG 00.04 / YTD 137 .83l:
52 k-Hi 52wi -Li,:,A Se:u- Pr-,.:,I r!..,s1.5 T7. .a C.:1: : irr..,,-.- D,-l,I .01 EPS Div $ PIE Yield
1.85 0.54 Abaco .larKlelr 1 0 1 ,i 1j ct.':" lj 0 00 0 000 NIM O 00%
12.05 11.00 Bahamas Property Fund 11.60 11.60 0.00 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%
3.30 1.43 Bahamas Waste 3.22 3.30 0.08 4,000 0.279 0.060 11.8 1.82%
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 5.43 5.72 0.29 0.112 0.049 48.6 0.90%
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 6.40 6.40 0.00 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 18.97 18.97 0.00 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%
Fidelity Cver-The-Counler Securities ...
52wk-Hi 52wk-Low Syrr.c.:,i .3 i t L_. I Fr,:.: ..-. L .. EPSS Di. S PE Yield
14.60 12.25 Bahamas Supermark.elts 14 1 1 234 1 185 126 8 12..
10.14 10.00 Caribbean Crossings (Pref) 8.00 8.25 10.00 0.000 0.640 NM 7.85%
0.54 0.20 RND Holdings 0.45 0.55 0.20 0.034 0.000 26.2 0.00%
Colina Over-The-Counter Securitis 1- "-""'-
43.00 28.00 ABDAB 41.00 43.00 II .':. 2 220 0 000 19 4 0 00':
14.60 14.00 Bahamas Supermarkets 14.60 15.50 14.00 1.234 1.125 12.6 7.71%
0.60 0.35 RND Holdings 0.45 0.55 0.45 0.021 0.000 26.2 0.00%
BISX UsIE-. Mutual Fund
52wk-Hi 52wk-Low Fund Name NA V YTD% Last 12 Months Div $ Yield %
1.3451 1.2945 Colina Money Market Fund 1.345055*
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****
FINDEX. CLOSE 813.50 / YTO 09.62%/ 2006 34.47% ." ':'' .-:.
BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 MARKET TERMS YIELU i- ,t 12 rlnolth dividends divided by closing price NAV KEY
52wk-HI Highest closing price In last 52 weeks Bid $ uyngj price If Co.lia .nid Fidelity
52wk-Low Lowest closing price in last 52 weeks Ask $ Slling iprlic of Colina and fidelity 22 June 2007
Previous Close Previous day's weighted price for daily volume Last Pr,. Li trade-d over the- counterr price
Today's Close Current day's weighted price for daily volume Weekly Vol- Trading volume of the prior week 30 April 2007
Change Change In closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths
Daily Vol. Number of total shares traded today NAV Net Asset Value *" 31 May 2007
DIV $ Dividends per share paid in the last 12 rhonths 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

""T 31 May 2007
TO TRADE CALL: COLINA 242-50-70 10 / FIDELITY 212-j35-7764 FOR MORE DATA & INFeOrMaTI"Of. M(UM g',,

TO RECALL


59 (1,595,315) 14,030,244

16 (239,346) 5,345,250

61 (204,998) 2,806,263


Legal Notice

NOTICE


JEEVESLAND INC.


(In Voluntary Liquidation)



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








ARGOSA CORP. INC.
(Liquidator)




Legal Notice

NOTICE


TURVEY CORPORATION


(In Voluntary Liquidation)



Notice is hereby given that the above-named
Company is in dissolution, which commenced on
the 25th day of June 2007. The Liquidator is Argosa
Corp. Inc., P.O.Box N-7757 Nassau, Bahamas.








ARGOSA CORP. INC.
(Liquidator)


criticism





'flawed'


can do", is to have loss
adjusters and staff on the
ground in the immediate after-
math of a storm.
"If you're evacuated, it could
be days before you get people
back in. By being proactive,
being on the ground, you're
able to help people more
quickly," Mr Duff said.
"Until the adjusters get to
the scene and complete their
provisional reports, there's
nothing you can do. You can
only look at your database,
estimate what the losses might
be, pass that on to the reinsur-
ers and get them ready to
make the funds available."
Steve Watson, RoyalStar
Assurance's managing direc-
tor, agreed with Mr Duff that
getting loss adjusters on the
ground in the immediate after-
math of a storm was the great-
est priority for insurance com-
panies, drawing on his compa-
ny's experiences in the Cay-
man Islands in the aftermath of
Hurricane Ivan.
"The most important thing
is to get the adjusters on the
island, and get them visiting
people very quickly," Mr Wat-
son said, adding that Royal-
Star had a contract with a loss
adjusting company that would
provide it with resources
enabling it to respond to all
scenarios.
He added of Mr Adler's
comments: "I don't think he
understands the claims process,
because the most important
thing in the aftermath of a hur-
ricane is to get loss adjusters
on the ground, and they need
to be fed, transported and
accommodated.
"To say the insurance indus-
try is being grossly negligent
is completely wrong, as you
just can't evacuate all your
people."
"We're fairly confident we
can handle most things nature
throws at us," Mr Watson said,
adding that RoyalStar backed
up its data every two days and
stored it in a waterproof bank
vault in the centre of its build-
ing, away from storm surges
and wind damage.
RoyalStar had a Business
Continuity Plan, and Mr Wat-
son said the company also kept
paper files on all its clients'
policies in the event of elec-
tronic and communications
failures.


BUSINESS


i i


~_


J f I


-,


._ ,_._







FRIDAY, JUNE 29, 2007, PAGE 9B


THE TRIBUNE BUSINESS


Emerald Bay receivership I


shows 'anchor' hotel flaws


FROM page 1


mer project in Grand Bahama,
was approached to see if it was
interested in acquiring Emer-
S ald Bay. The offer was under-
stood to have been declined.
Although the receivership
announcement did not identify
the main creditor, The Tribune
has been informed that it is the
London branch of a Japanese
financial conglomerate called
Sumitomo Mitsui.

Appointment
Through the appointment of
the receivers, and the hiring of
London-based Cairn Financial
Products Ltd as its corporate
advisor, Mitsui is understood
S to be trying to put as much dis-
tance between itself and the
Four Seasons Emerald Bay
Resort, but it will not allow the
assets on Exuma to deterio-
rate while it seeks a buyer -
especially if the sales efforts
are protracted or unsuccessful.
"There are people who
believe that if PwC is not able
to find a buyer for Four Sea-
S sons in three months, then Mit-
sui might send its own people
in and manage it itself," the
source said.
The reasons behind the col-
lapse of the deal with Petters
Group Worldwide are unclear,
although there was a sugges-
S tion that the potential buyer
S had offered a sum that would
have cleared Mitsui's debt -
alleged to be around $117 mil-
lion only for the bank to
S reject that.
S One Bahamian-based exec-
o utive, who was acting for a
group interested in acquiring
Sthe Four Seasons Emerald Bay
Resort, told The Tribune that
his clients "kept being given
the runaround" by EBR Hold-
ings because they were con-
vinced the agreement with Pet-
ters Group Worldwide would
S go through.
However, he suggested that
Petters had pulled out of the
original deal in the knowledge
that receivers would be
appointed, hoping that they
would be able to better nego-
tiate with them and arrive at
a lower price for the resort.
S Yesterday's statement said
the receivers had been
appointed to oversee the sales
process, and that neither this
nor their appointment would
have any impact on the resort's
staffing levels or daily opera-
tions, with Four Seasons con-
tinuing as the
management/operating part-
ner.
Mr Downs said: "Our objec-
tives are very clear. We will be
working to ensure the contin-
ued smooth running of the
master development and the
Four Seasons hotel. As far as
employees, customers and sup-
pliers are concerned, it will be
very much business as usual at
the resort development.
"At the same time we will
be seeking buyers for the assets
of the master development. It
is rare that a resort develop-
ment of this scope and quality
and in such an exceptional
location comes onto the mar-
ket. This is a valuable asset,
which has already attracted sig-
nificant interest. I am confi-
dent that a sale can be
achieved with the minimum of
S disruption and in a relatively


short time frame."
David Henriques, of Cairn
Financial Products Ltd, added:
"We have been working on the
refinancing of EBR Holdings
for a number of months, and
have been talking to several
parties who are interested in
purchasing the master devel-
opment.
"The Four Seasons hotel is
profitable and performing well,
but there are certain circum-
stances surrounding the master
development loan that facili-
tates a disposal through a for-
mal receivership process.
"As PwC commence the sale
process, it is encouraging that
they have already received sig-
nificant interest and potential
buyers are not viewing this as a
distressed sale despite the pres-
ence of a receiver."
Yet sources said an invest-
ment of about $7 million would
be needed to complete the 23-
acre marina, which can accom-
modate vessels up to 200 feet
in length.
The resort has acted as Exu-
ma's main economic engine,
attracting additional foreign
direct investment to the island.
It employs almost 500 staff,
and features an 18-hole Greg
Norman Golf Course, two
restaurants, three pools, spa,
six meeting rooms and 450-per-
son capacity ballroom.
Other investment projects
attracted to the Emerald Bay
vicinity include the resort's
Pinnacle Entertainment-man-
aged $5 million casino, the
$110 million Grand Isle Villas
development, plus the 80/50
fractional ownership compo-
nent.
A shopping complex has also
opened at Emerald Bay, the
anchor retailer being the
Emerald Isle supermarket. The
complex also includes busi-
nesses such as Scotiabank and
Mail Boxes Etc.
Yet as one source said of the
receivership announcement:
"It sends out a very bad signal
to the world."
It also seemingly has shot a
big hole in the 'anchor proper-
ty' strategy of establishing
mega resorts on the Family
Islands to act as economic
engines.
Policy

The policy was started under
the first FNM government and
pursued even more vigorously
by the former PLP adminis-
tration, with the Four Seasons
Emerald Bay resort acting as
the model or 'poster boy' for
the plan.
David Johnson, deputy
director-general in the Min-
istry of Tourism with respon-
sibility for planning, invest-
ment and business develop-
ment, warned earlier this year
that the Four Seasons needed
to become a sustainable, prof-
itable resort, and the Bahamas
could not afford for it to fail.
He said then that factors
such as building costs being
about 40 per cent higher per
square foot than they are in
Nassau, had retarded Emerald
Bay's growth and kept it from
reaching the development its
owners had previously pre-
dicted.
Mr Johnson said of Emer-
ald Bay: "The property was
conceived to be a mixed-use
project, with 185 keys under
the Four Seasons brand. The
vast majority of the property


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was to be for mixed-use, con-
dos and hundreds of lots sold
for significant family homes.
"After four years of opera-
mn, they have developed very
mtle of the sold inventory.
There's been a lot of trading
of the land by the owners, but
the cost of building is prohibi-
tive.
"The buildings costs, the
emberss suggest, are in excess
of 40 per cent higher per
square foot to build."
Mr Johnson explained that
due to Four Seasons' reputa-
tion and marketing position-
ing at the five-star, luxury end
of the market, properties con-
structed there would be similar
to those built on Kerzner Inter-
national's Ocean Club Estates
on Paradise Island.
Costs to construct such prop-
erties in Nassau were $500 per
square foot, while in Exuma
the price was $800 per square
foot.
Mr Johnson also underlined
the impact the relatively high
ai ilding costs on Exuma, com-
pared to'Nassau, were having
on Emerald Bay's margins. He
pointed out that concrete there
cost $200 per yard, whereas in
Nassau it cost $125 per yard.
Hotel

"The hotel, with a golf
course and spa, as a 185-room
resort of Four Seasons' cali-
bre, can only be profitable if
it has a much larger customer
base outside those rooms," Mr
Johnson said.
He added that the resort
needed to build out to 700-800
units to get close to profitabil-
ity, whereas it was currently
closer to 300-400 units.
Simply put, the costs of
putting in infrastructure at
Emerald Bay, such as roads
and all the utilities paid for at
L-ast in part by the developers
- coupled with the high oper-
ating cost environment both
inside and outside the resort,
have made it difficult for the
owners to generate a return on
their investment and profit.
While Four Seasons, as the
operating/management part-
ner, may be earning a profit
because it collects its money
as a percentage of the gross
revenues and operating profits,
the resort's owners like so
many in the Bahamas are not
and are losing money.
Their failure to generate sigi-
...ant critical mass through real
estate and land sales, the sec-
tors most likely to give them
an instant and greatest -
investment return have also
contributed to the difficulties.
Critics have argued that the
'anchor project' strategy has
done little to diversify the
Bahamian economy, and that
the scale of some investments
is completely out of propor-
tion to the islands and popula-
tions being asked to support
them.
As a result, concerns have
been expressed about how
some investments have
changed the character of their
respective locations, potential
environmental damage, and
the inability of the public sec-
tor utility corporations and


other infrastructure to keep
pace with private sector devel-
opment.
The experiences of the Four
Seasons Emerald Bay resort
provide a salutary warning for
other investors contemplating,
or in the stages of construct-
ing, similar mega projects on
other Family Islands.
These include the Boston-
based I-Group, joint 50/50
partners with the Government
on Mayaguana; Montana
Holdings' $700 million Rum
Cay project: numerous projects
on Eleuthera: and the Ritz-
Carlton branded Abaco Club
at Winding Bay and Discov-
ery Land Company's Baker's
Bay development in Abaco.


With ^---m

Jeffrey Lloyd.i o
'pwwl


i Hall
'S Augisfine College
Fox l J ul

STuesday July 3rd 2007


Live broadcast on A | McDoaldd


Join the leading Conservation

Organization in The Bahamas


Position: Park Warden

Primary Location: Warderick Wells, Exuma Cays Land & Sea
Park

Primary Responsibilities: Enforcement of the rules and regulations
within the national parks. Assist Park Administrator with day to
day management and administration of the park.

Duties:
Enforce the rules and regulations to protect native species and
the public in the park.

Undertake required maintenance and repair of Park property
e.g. building, boats and vehicle maintenance, task include
mechanical, carpentry and general construction.

Serve as BNT representative at Park committee meetings.

Assist with fund raising activities as appropriate.

In conjunction with the BNT staff, plan, develop and implement
community outreach programmes, education and public relations
initiatives to promote the goals of the BNT.

Assist with scientific research programmes within the Park.

Provide support to the Royal Bahamas Police and Defence
Force with enforcement of immigration, illegal drug interdiction
and domestic disturbances in the Park.

Lend assistance to search and rescue efforts in the general park
environs and nearby waters.

Required Skills:
Strong interpersonal and communications skills.
5 + years law enforcement experience, an advantage
Willingness to live in a remote location for extended periods of"
time.
Willingness to work in difficult and sometimes dangerous
conditions.
Willingness to undergo law enforcement and public relations
training.
Experience handling boats in a variety of sea conditions.
Dedication to preserving natural resources within national parks.
Basic knowledge of how to operate and repair outboard motors,
electric motors, pumps, diesel motors.
Experience working with and motivating volunteers, an advantage.
Willingness to carry-out organizational mission with little day-to-
day supervision.

To apply: provide cover letter, resume, three references to
Human Resources Manager, Bahamas National Trust, P.O.
Box N-4105, Nassau, Bahamas or
bnt@bahamasnationaltrust.org by July 11, 2007


To meet the challenge of operating our growing business, we wish to recruit a:

Compliance Officer


Main responsibilities



Ideal profile





What we offer


- Fl ji, ;I,. ...I I '.::rq the compliance function for the bank
- Developing and maintaining adequate policies.and procedures
- Reviewing and managing the documentation of client files
- Liaisiing with regulators and compliance officer of the Group
-- Several years of experience as compliance officer in private banking
- Knowledgie of Bahamian and international compliance requirements
- Computer ir.eary with communication skills
- Molivated icam player with pleasant personality
- Must be able to work independently with minimal supervision
- Ahily to cor'durl the monitoring of credit risk clients is an asset
- The oppo' tDint to play an active role in the success of an innovative bank
- The chance to work within a dynamic and motivated team
-A sala v''iiirh is commensurate with the job
- Corinc e'l iv/io wlclfare benefits


Please send your resume and reference to: betsy.morris(a syzbank.com
SYZ & CO Bank & Trust LTD. I Tel: I+1 242) 327 60, 33
Bayside Executive Park I P.O. Box N 1089 I Nassau, Bahamas www.syzbank.com



*y & co.
OYSTE Fund
Alentv*netetCe tdt p roM SZF O Bn 1L';


Attorney
Leanda Esfais


Attorney
Harvey Iynes


I I .- I I 11 V%Ow








P E B F Y J


Join Cititrust

(Bahamas) Limited,

one of the most

established trust

organizations in the

world.


We invite outstanding
individuals, wanting to build a
career in financial management,
to be part of our dynamic global
team. You will interact with
colleagues from around the
world and across the
organization and local regulatory
bodies.


Interested Bahamian candidates
should forward a copy of their
resume by July 9, 2007 to:
Human Resources, Cititrust
(Bahamas) Limited, P.O. Box N-
1576, Nassau, Bahamas OR
Fax: (242) 302-8732 OR Email:
ianice.aibson0acitiaroup.com


, .






Financial Reporting Analyst


ROLE RESPONSIBILITIES
Reporting to our Country Financial Controller, the position is
responsible for management and regulatory reporting. Key
responsibilities include the preparation of monthly financial
statements, profitability reports and local regulatory reporting.
Additional responsibilities will include managing process
reengineering efforts, unit level self-testing requirements and ad
hoc projects as assigned.



KNOWLEDGE/ SKILLS REQUIRED
The ideal candidate will possess a Bachelors degree in Finance,
Accounting or related field and a minimum of 3-5 years of related
experience preferably in financial services. A professional
designation (CPA/CA) is also required. Detailed knowledge of
local regulatory reporting requirements and GAAP, strong
analytical skills, attention to detail, superior pc skills.and an ability
to work under pressure with tight deadlines are also required.


Challenge

yourself to a career like no other


FROM page 1


them to adopt only modifica-
tions to the RIO that are
favourable, and not those that
are unfavourable."
Both carriers would have to











I1NSIGH


negotiate over which changes
to adopt into the RIO. The
interconnection guidelines cur-
rently apply only to fixed-line
voice services, and not data or
non-voice services. An inter-
connection agreement already
exists between BTC and SRG.
The PUC disagreed with
BTC's treatment of interna-
tional long distance and intra-
island long distance calls as a
wholesale service, saying the
interconnection services the
incumbent, dominant carrier
provided to SRG were inter-
connection, in line with the
existing agreement between
the two sides.
"Allowing BTC to produce a
RIO that does not include
[these] services would be
inconsistent with the Telecom-
munications Sector Policy, as it
would not allow for current or
planned future liberalisation
of the sector."


i R BC I [ I


RBC
FINCO


FINANCE CORPORATION OF BAHAMAS LIMITED

Chairman's review of the unaudited results
For the three months ended 30"' April, 2007
We are pleased to report that Netn for th 'ehre months ended 30"' April, 2007
increased by $103m or 2.2% over the corresponding period last year to $4.920,952
The company's return on equity was 20.96% compared to 23.22% for the same period last
year. Earnings per share totaled .18 consistent with the comparable period last year. The
bank experienced good mortgage growth although net interest margins were compressed
during the quarter, due to contracting spreads. Demand for mortgages remains strong and the
bank is well positioned to take advantage of growth opportunities.
An interim dividend of .130 per share declared for the quarter ended 301' April, 2007, was
paid on 12th June 2007 to all shareholders of record as of 5th June, 2007. The dividend
payment of. 130 is consistent with the payment for the same period ,' :.- -


FINANCE CORPORATION OF THE BAHAMAS LIMITED
BALANCE SHEET (Unaudited)
(Expressed in Bahamian dollars)
At April 30, 2007 and
January 31, 2007
ASSETS 30 Ap

Cash $
Statutory reserve account with
The Central Bank of The Bahamas
Investments
Loans -Net 5
Fixed assets Net
Other assets
TOTAL $ 6
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits $ 5
Dividends payable
Other liabilities
Total liabilities $ 5
SHAREHOLDERS' EQUITY
Share capital
Share premium
General reserve
Retained earnings
Total shareholders' equity


april, 2007 31 January, 2007

48,359,431 $ 30,346,621


26,843,939
30,873,738
80,966,631
2,753,433
1,455,171
91,252,343


82,058,578
14,000,000
1,297,857
97,356,435

3.133,334
2,552,258
500,000
85,510,316
93,895, 08


TOTAL $ 691,252 3q
FINANCE CORPORATION OF THE BAHAMAS LIMITED
STATEMENT OF INCOME (Unaudited)
(Expressed in Bahamian dollars)
(3 months ended April 30, 2007)
30April, 2007


INCOME
Net interest income
Provision for credit losses net
Net interest income after provision for credit losses
Fees and commissions
Total income
NON-INTEREST EXPENSES
Total non-interest expenses
NET INCOME
EARNINGS PER SHARE


$ 6,842.287
(85,330)
6,756,957
985,827
7,742,784

2,821,832
$ 4,920,952
$ 0.18


26,128,341
28,395,269
571,669,554
2,659,398
1,602,757
$ 660,801,940


555,232,987
11,400,000
1,727,330
$ 568,360,317

5.333,334
2.552,258
500,000
84,056,031
92,441,621
S 660,801,940




30 April, 2006

6.848,991
(109,488
6.739,503
825,278
7,564,781

2,747,820
$ 4,816,961
S 0.18


FINANCE CORPORATION OF THE BAHAMAS LIMITED
STATEMENT OF CHANGES IN EQUITY (Unaudited)
(Expressed in Bahamian dollars)
(3 months ended April 30, 2007)


Share Share General
Capital Premium Reserve


Balance at 31 January, 2006

Net profit for the period
Dividends
Balance at 30 April, 2006

Balance at 31 January, 2007

Net profit for the period
Dividends. *
Balance at 30 April, 2007


Retained
Earnings


Total


$5,333,334 2,552,258 500,000 78,368,822 86,754,414

4,816,961 4,816,961
(3,466,667) (3,466,667)
$5,333,334 2,552,258 500,000 79,719,116 88,104,708

$5,333,334 2,552,258 500,000 84,056,031 92,441,623

4,920,952 4,920,952
(3,466,667) (3,466,667)
$5,333,334 2,552,258 500,000 85,510,316 93,895,908


FINANCE CORPORATION OF THE BAHAMAS LIMITED
STATEMENT OF CASH FLOWS (Unaudited)
(Expressed in Bahamian dollars)
(3 months ended April 30, 2007)


CASH FLOWS FROM OPERATING ACTIVITIES
Net income
Adjustments for:
Depreciation
Provision for credit losses
Loss on disposal of fixed assets


Changes in operating assets and liabilities
Increase in loans and advances, net
Increase in deposits
Net cash from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets
Net (Purchase) Proceeds of investments
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITY
Dividends
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD
CASH AND CASH EQUIVALENTS, END OF THE PERIOD


30 April, 2007 30 April, 2006

$ 4,920,952 $ 4,816,961


121,684
85,330
4,822
5,132,788

1,602,515
(9,382,407)
26,825,591
24,178,487

(220,541)
(2,478,469)
(2,699,010)

(3,466,667)

18,012,810
30,346,621
$ 48,359,431


117299
109,488
10,274
5,054,022

(503,739)
(10,426,996)
10,351,179
4,474,466

(8,859)
(4,069,563)
(4,078,422)

(3,466,667)

(3,070,623)
34,854,154
$ 31,783,531


FINANCE CORPORATION OF THE BAHAMAS LIMITED
Notes to Unaudited Interim Consolidated Financial Statements
(3 months ended April 30, 2007)


1. ACCOUNTING POLICIES

These interim condensed financial statements have been prepared in accordance with
International Accounting Standards 34 Interim Financial Reporting. The accounting
policies used in the preparation of these interim financial statements are consistent wih
those used in the audited financial statements for the year ended October 31, 2006.

2. COMPARATIVES

Certain comparative figures have been restated to comply with the presentation of these
interim financial statements.


Change to





stop the BTC




unilaterally




altering




deals


PAGE 10B, FRIDAY, JUNE 29, 2007


THE TRIBUNE BUSINESS






I rlH i:IlUN- BUSINESS


r-HlMAf, JUNE 29, 2007, PAGE 11B


M. ERNST& YOUNG u Chartered Accountants
One Montague Place
Third Floor
Fast Bay Street
P.O. Box N-3231
Nassau, Bahamas


SPhone: 242 502-6000
Fax- 242 502-6090
\'w Vv rom I


INDEPENDENT AUDITORS' REPORT


To the Shareholder of
SG HAMBROS BANK & TRUST (BAHAMAS) LIMITED

We have audited the accompanying balance sheet of SG H-ambros Bank & Trust (Bahamas) Limited and its
subsidiaries (the Bank) and a summary of significant accounting policies and other explanatory notes.

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

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

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

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

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




June 21, 2007


A Member Practice of Ernst & Young Intelrnatioial

SG HAMBROS BANK & TRUST (BAHAMAS) LIMITED

CONSOLIDATED BALANCE SHEET


ASSETSS
Cash and due from banks on demand
Deposits with banks
Security settlements pending
Accounts receivable
Loans and mortgages (note 3)
Investments available-for-sale (note 4)
Investments held-to-maturity (note 4)
Property and equipment, net (note 5)
Other assets (note 6)
Pension plan asset (note 7)

Total assets


December 31
2006 2005
$'000 $'000


19,487 15,407
481,220 242.293
13,779
2,113 2.080
47,188 52.127
424,385
7,757 376,309
13,727 11.869
6,248 5,586
3,366 3.530

1,005,491 722,980


SG HAMBROS BANK & TRUST (BAHAMAS) LIMITED

CONSOLIDATED BALANCE SHEET (Continued)


December 31
2006 2005
$'000 $'000


LIABILITIES AND SHAREHOLDER'S EQUITY
Liabilities
Due to banks on demand
Current and deposit accounts
Security settlements pending
Other liabilities (note 8)
Pension plan liability (note 7)
Post-employment healthcare plan liability (note 7)
Total liabilities

Shareholder's equity
Share capital:
Authorised 75,000 shares of B$57.15 each
Issued and fully paid 35,001 shares
Contributed surplus
Retained earnings
Available-for-sale reserve
Total shareholder's equity

Total liabilities and shareholder's equity


8,865 4,963
957,249 673,045
10.734
8,768 6.540
242 184
1,920 1.962
977,044 697.428




2,000 2.000
8,266 8.266
17,656 15.286
525-
28,447 25,552


1,005,491


722.980


COMMITMENTS AND CONTINGENCIES (note 9)

Approved By The Board:


Director

Director


SG HAMBROS BANK & TRUST (BAHAMAS) LIMITED

NOTES TO CONSOLIDATED BALANCE SHEET
December 31, 2006




1. CORPORATE INFORMATION

SG 1Hambros Bank & Trust (Bahamas) Limited (the Bank) is incorporated under the laws of the
Commonwealth of The Bahamas and its principal activities include banking, investment advisory
services, trust and company administration and fund management. The Bank is a wholly-owned
subsidiary of SG Hambros Bank and Trust (United Kingdom), whose ultimate parent company is
Societe6 G6nrale SA which is incorporated in France. The consolidated balance sheet of the group
are available from the Company Secretary, Societe Generale, 29 Boulevard I laussmann, 75009
Paris, France.

The registered office of the Bank is located at West Bay Street, Nassau, Bahamas.

The consolidated balance sheet has been approved for issue by the Directors of the Bank on June
21,2007.


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Statement of compliance

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

Basis of preparation

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

The consolidated balance sheet was prepared under the historical cost convention, except for the
measurement at fair value of financial assets and liabilities, and loans and mortgages. Investments
held to maturity are stated at amortized cost.

Basis of consolidation

The accompanying consolidated balance sheet include the balance sheet of the Bank and those of its
wholly-owned subsidiaries, Adansonia Investments Limited, Bannervale Investments Limited.
Dragonian Investments Limited, Goshen Investments Limited, Maridi Investment Company
Limited and SG Hambros Corporate Services (Bahamas) Limited, all of which are nominee non-
trading companies and are incorporated under the laws of the Commonwealth of The Bahamas. All
significant intercompany accounts have been eliminated on consolidation.

Change in accounting standards

Since March 2004, the International Accounting Standards Board (IASB) has significantly amended
IAS 32 Financial Instruments: Disclosure and Presentation and IAS 39 Financial Instruments:
Recognition and Measurement. The amendments became effective on January 1, 2005.
Comparative information was adjusted in accordance with IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors, to ensure the appropriate accounting policies are applied in each
period, where necessary.

The amended IAS 39 introduced a new category of financial instruments, financial assets and
liabilities at fair value through profit or loss, which is divided into two sub-categories, "held-bfor-
trading", and "financial instruments designated at fair value through profit and loss on initial
recognition". The Bank determines the classification of its financial assets upon initial recognition
and, where allowed and appropriate, re-evaluates this designation at each financial year-end.

Investments ava'ilable-for-sale

Available-for-sale financial investments are financial assets which the Bank has designated as such
and represents floating rate notes, where the interest rate is tied to the one-month or three-month
LIBOR plus a fixed spread.

After initial measurement, available-for-sale financial investments are subsequently measured at
fair value. Unrealized gains and losses are recognized directly in equity in the 'available-for-sale
reserve'. Where the Bank holds more than one investment in the same security they are deemed to
be disposed of on a first-in first-out basis.

Investments held-to-maturity

Held-to-maturity financial instruments are those which carry fixed or determinable payments and
have fixed maturities and which the Bank has the intention and ability to hold to maturity.
Investments held-to-maturity are financial assets which the Bank intends to hold to maturity and
represent U.S. Government Securities. These securities are stated at amortized cost (which
approximates market value), using the effective interest rate method, less allowance for impairment.
Amortized cost is calculated by taking into account any discount or premium on acquisition. over
the period to maturity. Investments are recorded on a trade date basis.

Impairment and uncollectibility of financial assets

An assessment is made at each balance sheet date to determine whether there is objective evidence
that a financial asset or group of financial assets may be impaired. If such evidence exists. th(
estimated recoverable amount of that asset is determined and an impairment loss is recognized foi
the difference between the recoverable amount and the carrying amount. The Bank did not record
any impairment adjustments at December 31, 2006 (2005 nil).


Accounts receivable


0. *~'.


Accounts receivable are stated at original invoice amount less pny provision for doubtful debts. An
estimate for doubtful accounts is made on a specific identification basis, when collection of the full
amount is considered no longer probable. There was no provision for doubtful debts necessary as
of December 31, 2006 (2005 nil). Bad debts are written-offas incurred.

Loans and mortgages

Loans and mortgages are stated at the principal amount outstanding adjusted for charge-offs and
provision for loan losses. The provision for loan losses is increased by charges to income and
decreased by charge-offs (net of recoveries). Management's periodic evaluation of the adequacy of
the provision is based on the Bank's past loan loss experience, known and inherent risks in the
portfolio, adverse situations that may affect the borrower's ability to repay, the estimated value of
any underlying collateral, and current economic conditions. No loans were considered impaired at
December 31, 2006 (2005 nil).

Property and equipment

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


Building
Furniture and fixtures
Motor vehicles
E.D.P. Software
E.D.P. Hardware
Machinery and equipment


40 years
5 10 years
5 years
5 years
5 years
3 5 years


The carrying amounts of property and equipment are reviewed at each balance sheet date to assess
whether they are recorded in excess of their recoverable amounts, and where carrying values exceed
this estimated recoverable amount, assets are written down to their recoverable amount. No such
write-downs have been recorded by the Bank.

Accounts payable and accrued liabilities

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

Provisions

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

Pensions and other post-employment benefits

The Bank operates two defined benefit pension plans, both of which require contributions to be
made to separately administered funds. The Bank also provides defined benefit post-employment
healthcare benefits to its retirees. These benefits are unfunded. The cost of providing benefits
under these plans is determined separately for each plan using the projected unit credit actuarial
valuation method. Actuarial valuations are performed by qualified independent actuaries.

Translation of foreign currencies

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

Related party balances

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

Assets under management

No account is taken in the consolidated balance sheet of assets and liabilities of clients managed
and administered by the Bank or its subsidiaries as custodian, trustee or nominee, other than those
assets and liabilities which relate to the banking services provided by the Bank or its subsidiaries
for their clients.


I '


- I II IL-







PAGE 12B, FRIDAY, JUNE 29, 2007


THE TRIBUNE BUSINESS


Taxes

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

Adoption ot IFRSs during the year

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

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

Future changes in accounting policies

Early adoption

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

IFRSs and IFRIC Interpretations not yet effective

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

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

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

IFRIJ Interpretation 8 was issued in January 2006 and is required to be applied for financial years
beginning on or after May 1, 2006. It requires IFRS 2 Share-Based Payment to be applied to any
arrangements where equity instruments are issued for consideration which appears to be less than
fair value. As equity instruments are only issued to employees in accordance with the emiployce
equity participation plans, the interpretation had no impact on the financial position of the Bank.

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

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

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

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


3. LOANS AND MORTGAGES
2006 2005
S6'000 S'000

Demand loans 25,280 32.670
Fixed-term loans 6,164. 1.926
Mortgages 15,744 .' 17,531
i -- 47,188 52.127

Loans and mortgages are denominated primarily in United States dollars and United Kingdom
pounds. Loans are secured primarily by cash deposits and marketable United States securities.
Mortgages are secured primarily by real estate located in the United Kingdom and The Bahamas.
The total lending value of all collateral held against outstanding loans at December 3 1 2006 was
$283 million (2005 $102 million).

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


4. INVESTMENTS

Investment held-to-maturity consist of U.S. Treasury notes valued at $7,757.000 (2005 -
$9,858,000). Investments available-for-sale consist of corporate. bonds valued at $424,385,000
(2005- $366,451,000).

The maturity profile and interest rates of the investments are shown in note 12.


5. PROPERTY AND EQUIPMENT

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


Beginning


Ending


Cost Balance Additions Disposals Balance
$'000 $'000 $'000 $'00(1

Land 3,113 3,113
Building 9,568 235 9,803
Machinery & Equipment 2,892 76 (310) 2,658
Furniture & Fixtures 1,102 28 1,130
Motor Vehicles 167 167
EDP Software & Hardware 7,988 2,551 (1,706) 8,833
Total 24,830 2,890 (2,016) 25,704


Beginning Charge for Ending
Accumulated Depreciation Balance Year Disposals Balance.
$'000 $'000 $'000 $'00)(

Building 1,837 280 2,117
Machinery & Equipment 2,641 142 (310) 2,473
Furniture & Fixtures 1,052 10 1,062
Motor Vehicles 40 35 75
EDP Software & Hardware 7,391 565 (1,706) 6,250
Total 12,961 1,032 (2,016) 11,977

Beginning Ending
Balance Additions Depreciation Balance
Net book value
December 31, 2006 11,869 2,890 (1,032) 13,727

December 31, 2005 12,096 553 (780) i1.869


6. OTHER ASSETS

2006 2005
$'000 $'00(

Interest receivable 2,824 2.158
Prepaid 515 2.122
Other 626 333
Accrued fees 2,283 973
Total other assets 6,248 5.586


7. EMPLOYEE BENEFITS

Pension plans

The Bank has two defined benefit pension plans Retirement Scheme for Bahamian employees
(Bahamian) and Retirement Scheme for Non-Bahamian Employees (Non-Bahamian) covering
substantially all of the employees. The plans provide benefits based on final pensionable salary.
The level of contributions required to cover future retirement benefits is based on the projected final
salaries and is determined by a qualified actuary on the basis of valuations using the projected unit
credit actuarial cost method. The plans are subject to annual actuarial valuations and the most
recent valuations were made as at December 31, 2006. These plans are closed to new employees
from October 2003. The-Bank will offer a defined contribution plan to new employees.

The following tables summarize the funded status and amounts recognized in the consolidated
balance sheet.


Pension plan liability (asset)

Pension Plans
Bahamian Non-Bahamian
2006 2005 2006 2005
S'000 S'000 $'000 $'000

Benefit obligation (15,807) (17,948) (2,227) (2,367)
Plan assets 18,885 18,420 1,431 1,410
Overfunded (unfunded) benefit
obligation 3,078 472 (796) (957)
Unrecognized net actuarial gains 288 3,058 554 773
Pension plan asset (liability), 3366 3,530 (242) (184)

Activity in the pension plan liability (asset) during the year was as follows:


Pension Plans
.- Bahamian Non-Bahamian
2006 2005 2006 2005
$'000 S'000 $'000 $'000

Pension plan asset (liability),
beginning of year 3,530 3,774 (185) (155)
Benefit expense (164) (244) (124) (130)
Contributions 67 101
Pension plan asset (liability), end
of year 3,366 3,530 (242) (184)


The principal assumptions used in determining pension benefit obligations for the Bank's plans an
shown below:

S. Pension Plans
Bahamian Non-Bahamian
S2006 2005 2006 2005
% % % %

Discount rate at December 31 6.16 5.30 6.12 5.35
Expected return on plan assets 7.10 7.29 6.60 4.26
Future pension 2.45 (2.46) 2.42 (2.45)
Proportion of employees opting
for early retirement 1.00 1.00 1.00 1.00


Post-employment.healthcare benefits

The Bank also provides post-employment healthcare benefits to a small number of retirees. On
SJanuary 29, 2004, the Bank cancelled this benefit for current employees and significantly reduced
the benefit offered to retirees.

During, 2005, the Bank reached an agreement with most of the retirees to accept a lump sum
payment which significantly reduced its liability as at December 31 ?IAn


The following table summarizes the amount recognized in the consolidated balance sheet.

2006 2005
$'000 $'000

Unfunded benefit obligation .1,885 2.022
Unrecognized net actuarial gains 35 (60)
Post-employment healthcare liability 1,920 1.962



Activity in the post-employment healthcare plan liability during the year was as follows:

2006 2005
$'000 $'000

Post-employment healthcare liability, beginning of year 1,962 4.444
Benefit expense 103 422
Contributions / adjustment (145) (2,904)
Post-employment healthcare liability, end of year 1,920 1,962


ne principal actuarial assumptions used in determining the post-employment healthcare benefit
obligation are as follows:

S2006 2005
% %

Discount rate 6.00 5.17
I Icalthcare cost increase rate 5.00 5.00



8. OTHER LIABILITIES

2006 2005
$'000 $'000

Legal provisions 1,686 2.181
Accrued expenses 1,724 1.645
Interest payable 1,873 659
*Due to group companies 925 1.002
Other 1,148 470
Fees charged in advance 1,412 583
Total other liabilities 8,768 6.540



9. COMMITMENTS AND CONTINGENCIES


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

Contitigent liabilities under acceptance and guarantees entered into on behalf of customers and
commitments to extend credit under lines of credit, in respect of which there are corresponding
obligations by customers, amounted to $14.4 million at December 31, 2006 (2005 $9.9 million)
and are not included in the consolidated balance sheet.

As of December 31, 2006, legal actions brought against the Bank by clients had not been finalized.
The Bank has been advised by lawyers that it is probable that these actions will succeed and
accordingly, at December 31, 2006, a provision of $1.7 million (2005: $2.1 million) has been made
in the consolidated balance sheet.


I I I I


.








TH TB B N FI J 2P


10. RELATED PARTY BALANCES

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

2006 2005
$'000 $'000

Cash and due from banks on demand
Parent 74 89
Other affiliates 200 2.717
Deposits with banks
Parent 475,220 175,345
Other affiliates 6 28,299
Other assets
Other affiliates -91
Total amount due from related parties 475,500 206,541

Current and deposit accounts
Other affiliates 2,062 4.752
Other liabilities
Parent 689 738
Total amount due to related parties 2,751 5,490

11. GEOGRAPHICAL ANALYSIS

2006 2005
Assets Liabilities Assets Liabilities
$'000 $'000 $'000 $'000

Europe 812,931 384,251 518,304 178.286'
North America 57,868 33,346 109,630 153.095
Caribbean 45,947 364,513 69,419 213.279
Other 88,745 194,934 25,627 152.768
1,005,491 977,044 722,980 697.428
12. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Financial risk management objectives and policies

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

Credit risk

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

Liquidity risk

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

Significant monetary assets and liabilities can be classified, based on the period remaining to
matu-ity from the balance sheet date, as follows:
2006 --


Three
Months


Four to
Six


Six
Months
To One


One Year
To


More than


or Less Months Year Five Years Five Years Total
$'000 $'000 $'000 $'000 S'000 $'000
ASSETS
Cash and due from 19,487 19,487
banks on demand
Deposits with banks 481,113 59 49 481,220
Loans and
mortgages 42,056 5,132 47,188
Investments
available-for-sale 4,000 25,874 46,027 348,484 424,385
Investments held-
to-maturity- 1,795 4,974 988 7,757
546,656 25,933 53,003 353,458 988 980,038

LIABILITIES
Due to banks on
demand 8,865 8,865
Current and
deposit accounts 934,071 7,370 15,808 957,249
942,936 7,370 15,808 966,114
2005
Six
Three Four to Months One Year
Months Six To One To More than
or Less Months Year Five Years Five Years Total
$'000 $'000 $'000 $'000 $'000 $'000
ASSETS
Cash and due from
banks on demand 15,407 -- 15.407
Deposits with banks 241,339 51 860 43 242.293
Loans and
mortgages 24,896 7,256 10,355 9,620 52.127
Investments held-
to-maturity 32,122 11,010 24,785 306,315 2,077 376,309
313,764 18,317 36,000 315,978 2.077 686.136

LIABILITIES
Due to banks on
demand 4,963 4.963
Current and
deposit accounts 666,284 5,990 771 673.045
671,247 5,990 771 678,008
Interest rate exposure

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

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

2006
United States Pound
Dollars Euro Sterling

ASSETS
Deposits with banks 5.23% to 5.29% 3.62% to 3.65% 4.68% to 5.15%
Loans and mortgages 6.25% to 8.37% 4.25% 0.5% to 12%
Investments available-for-sale 5.44% to 5.65% 3.56% to 3.91% 5.25% to 5.50%
Investments held-to-maturity 2.93% to 4.18% -

LIABILITIES
Customer current accounts 1.98% to 3.98% 1.75% to 3.75%
Customer deposit accounts 2.94% to 5.35% 1.25% to 3.36% 2.75% to 11.5S0%

I I I I


NAD
Nassau Airport
Development Company


Passenger Facility & Security Charges

Effective July 01, 2007

In accordance with The Airport Authority (Passenger Facility and
Security Charge) Order, 2007, dated March 30, .2007, every passenger
departing Lynden Pindling International Airport on or after July 01, 2007
will be required to pay a Passenger Facility Charge (PFC) and Security
Fee at the following rates:

Passengers departing to international destinations:
$15 PFC and $7 Security Fee

Passengers departing to domestic destinations:
$5 PFC and $5 Security Fee

The following passengers will be exempt from paying these fees:
Infants (children under 2 years of age)
Diplomats
Passengers on flights that are involuntarily rerouted
Airline crew on duty
Personnel on military service

How will these fees be collected?
The PFC and Security fee will be collected by the airline either
at the time of the ticket sale or at check in.

What are the fees used for?
The PFC will be used to fund redevelopment and improvement of
the Lynden Pindling International Airport by the Nassau Airport
Development Company (NAD). The Security Fee will be used by
the Airport Authority to fund security initiatives.

If you have any questions or comments, please feel free to contact us:
Send us an e-mail at feedback(lqnas.bs
Write us a letter and send it to: Nassau Airport Development
Company Limited, PO Box AP 59229, Nassau, The Bahamas


To advertise in The Tribune's Classified

Call 502-2351


2005
United States Pound
Dollars Euro Stcrling

ASSETS
Deposits with banks 4.00% to 4.37% 2.13% to 2.45% 4.52% to 4.75%
Loads and mortgages 4.50% to 6.54% 3.00% to 4.49% 5.00% to 12.00%
Investments held-to-maturity 2.66% to 4.64% 2.32% to 2.69% 4.72% to 4.85%

LIABILITIES
Customer current accounts 1.25% to 1.87% 1.75% to 2.38%
Customer deposit accounts 2.00% to 4.19% 0.06% to 2.00% 2.38% to 11.50%

At December 31, 2006 and 2005, the Pound Sterling current account was eligible to bear interest
based on current market conditions on balances over 10,000.

Currency risk

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

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

Assets 484,787 408,316 49,435 62,953

Liabilities and
shareholder's equity 508,404 408,563 49,326 39,198


2005
United States Pound
Dollars Euro Sterling Others
$'000 $'000 $'000 $'000

Assets 466,840 127,687 51,962 76.491

Liabilities and
shareholder's equity 465,740 126,496 51,454 79,290


Net fair value of financial instruments

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


13. COMPARATIVE FIGURES

Certain 2005 amounts have been reclassified to conform with the consolidated balance sheet
presentation adopted for 2006.


)f fli


FRIDAY, JUNE 29, 2007, PAGE 13B


THE TRIBUNE BUSINESS


)( r'l


7",,


1(71 ) ~ iII








PAGE 14B, FRIDAY, JUNE 29, 2007


THE TRIBUNE BUSINESS


COMICS PAGE


Dennis


"'M GAP I'M NOT A CAT. NINE LIVES MEANS
NINE TIME6 AS MANY BATHiS."


Calvin & Hobbes

I'GM MG A < oKUEBE. WM-
IGVXoF' P0.3R GSiE tPEW?
lEDUCT\o, SAIE!
GREW IDEAS
iRE Not JUST
A O UA9 TE R


The So-Called Educated Guess


West dealer.
Neither side vulnerable.
NORTH
*AQ9
VKJ83
*AJ 10
+974
WEST EAST
4853 +6
V 9 Q7652
*74 *98532
+AKQ10652 ,+J3
SOUTH,
*KJ 10742
VA 104
*KQ6
48
The bidding:
West North East South
3+ Dble Pass 4NT
Pass 5 Pass 64
Opening lead king of clubs.
Declarer is often faced with the
problem of resolving which way to
finesse against a missing queen.
From a mathematical standpoint, this
appears to be a straightforward 50-50
proposition, but in fact a skillful
declarer will "guess" correctly far
more than half the time.
One way of improving the suc-
cess ratio is for declarer to try to
learn as much as possible about the
opponents' distribution before com-
mitting himself one way or the other.
How he goes about doing this is


shown in today's hand.
West led the king of clubs and
continued with the ace. Declarer
ruffed, drew three rounds of trumps,
West following suit to all three, and
then ruffed dummy's last club. East's
diamond discard confirmed that
West, as expected, had started with
seven clubs.
One more piece of information
regarding West's distribution
remained to be uncovered, and South
quickly resolved it by cashing the A-
K-Q of diamonds, West showing out
on the third round. The picture of the
hand West held originally was now
complete. He had started with seven
clubs, three spades, two diamonds
and therefore only one heart.
Declarer was now ready to tackle
the heart suit, but, thanks to his care-
ful preparatory steps, the location of
the queen was no longer a guess.
Either East had the missing damsel
or West had it singleton. So, at trick
ten declarer led a heart to dummy's
king. When the queen did not appear,
South next led a heart to his ten to
bring home the slam.
SAdmittedly, there are deals where
declarer, despite diligent efforts, will
be unable to significantly increase
his chances of locating a missing
queen. But in the present case, by
simply adding up to 13, South was
able to raise his chances from 50 per-
cent to 100 percent.


HOW many words of
four letters or more
can you make from A Tj
the letters shown
here? In making a -
word, each letter may
be used once only.. E
Each must contain the
centre letter and there
must be at least one
nine-letter word. No K
plurals or verb forms
ending in "s", no words with initial capitals and no
words with a hyphen or apostrophe permitted. The
first word of a phrase is permitted (e.g. inlet in
inkjet printer).


~-6~6~-pS .TODAY'S TARGET
Good 13; very good 19; excellent 26.
Solution tomorrow.































Eq


ACROSS
9 What nobody knows is the source of
the hum? (3,6)
10 Wind a chain round the spigot if really
necessary (2,1,5)
12 One has been written about royal
land (4)
13 Busy restoring it when the cave
collapsed, trapping (6)
14 Because taking again to be true (7)
15 Choose somewhere in the restaurant
there's easy access to? (3-2-4)
17 Showed I'd acted badly in the
beginning (9)
18 Leading the bouncy poms and the
child outside (7)
20 Why shift it back in? (6)
- 21 Incline towards, you say, the right (4)
24 Went towards having patched up (8)
26 Besides being further across (8)
28 Was lashed or wasn't beaten (4)
29 Signal that means "Abandon" (6)
31 Boll when there's a shot from right
beside you (5-2)
34 Heavens! Meant to build onto the
house! (9)
36 The fruit fly returns to "22,"
fluttering (9)
38 Forbearing with "21," in trouble with
the network (7)
39 Supposition is, as a Conservative he
will get in (6)
40 The dale is around the beginning of
December (4)
41 A pointer from the boss (8)
42 Manifesting itself when one's
amplifying (7,2)


YESTERDAY'S CRYPTIC SOLUTIONS
ACROSS: 1, Props 6, Hoots 9, Le-
XIC-on 10, Scrip 11, Lying 12, Caly-X
13, Festoon 15, Sec 17, II-CH 18, W-
A-V-ell 19, Aster 20, Enlist 22, Legs
(eleven) 24, Dad('s army) 25, Al-pines
26, Heavy 27, R-I've-T. 28, E-tude 29,
Risible 30, Medoc 31, K-nife
DOWN: 2, Rock-E.T. 3, Plilnh 4, Sep
5, W-igan 6, Holy war 7, Ony-x 8, Tin-
seL 12, Coast 13, Fine-D 14, S-C-old
15, Seven 16, Class 18, We-L-ly 19,
A-s-celic 21, Nat-I've 22, listen 23,
Geldol 25, Avail 26, Her-O 28, Elk


DOWN
1 In order to be honest (8)
2 Take away something to drink (6)
3 Someone very nice getting stick and
criticism (8)
4 Bump into as you go out (6)
5 Reason for raised eyebrows in the
surgery? (4-4)
6 How the plane that went by was
disregarded? (6,4)
7 Climbing into the tree can reveal craft
(7)
8 Take it you don't deny (6)
11 Shut up and locked inside is the item
of jewellery (7)
16 Hamming it up in the villain role,
which is a shame (3,3)
19 Not all in harmony, to the ear (5)
20 Not all there being very enthusiastic
about (3)
22 She got in high dudgeon when half
cut (5)
23 Extra big interior that's gloomy (6)
25 Least upset when a tree is felled
outside the property (4,6)
26 Wow! An island! (3)
27 Cunning to conceal the row?
Hardly! (7)
30 Have a greater regard for than (8)
31 Not running in to carry out, being
perverse (8)
32 Drink urge stifled, what I do to
keep lit (5-3)
33 Getting the signal, the danger signal,
was indecisive (7)
35 Fled from the police, being bad (6)
36 Begin turning the key in, while one
deals with (6)
37 The one doing splits, in blue (6)


YESTERDAY'S EASY SOLUMIOONS
ACROSS: 1, Cramp 6, Punch 9,
Earlier 10, Spent 11, Latin 12, Peril
13, Stroll', 15, Hen 17, Tear 18, Valise
19, Raven 20, Opined 22, Sere 24,
Pad 25, Cruiser 26, Rails 27, Waler
28, Ambil 29, Presume 30, Pansy 31,
Pries
DOWFN: 2, Repute 3, Mentor 4, Pat
5, Files 6, Pelican 7, Ural 8, Chimes
12, Plead 13, Sloop 14, Rapid 15,
Hives 16, Never 18, Veeis 19,
Remarry 21, Panama 22, Simmer 23,
Revise 25, Clasi 26, Reps 28, Amp


ACROSS
1 Huge election win (9)
10 Fresh and
unusual (8)
12 Among (4)
13 Shallow round
dishes (6)
14 Equilibrium (7)
15 Exactly alike (9)
17 Elected
representatives (9)
18 Not artificial (7)
20 Rigorous(6)
21 Hire car(4)
24 Of Europe and
Asia (8)
26 End of a football
match (4 4)
28 Far down (4)
29 Small cupboard (6)
31 Aimless or rootless
person (7)
34 eize (9)
36 Composed (9)
38 Middle (7)
39 Anlicipae (6)
40 Portent (4)
41 Shellfragments (8)
42 Calculates
roughly (9)


DOWN
1 German shepherd (8)
2 Railway
locomotive (6)
3 Of the Bible ()
4 Of the teeth (6)
5 Contemplate
mentally (8)
6 Excruciatingly
bad (10)
7 School science
subject (7)
8 Marine bird (6)
11 Allow to escape (34)
16 Sikh's headgear (6)
19 Armistice (5)
20 Transgression (3)
22 Let in, confess (5)
23 Hit (6)
25 Animosity (37)
26 Corpulent (3
27 Move forward (7)
30 Unexpectedly (8)
31 Dainty (8)
32 Incivility (8)
33 Gossip rumour (7)
35 South American
cloak (6)
36 Metallic element (6)
37 Love apple (6)


0 0
coc .0











SII

'S


FRIDAY
JUNE 29
ARIES March 21/April 20
Focus less on career relationships
and more on friendships based on
mutual values and beliefs. Now's the
time to slow down enjoy life at an
easier pace.
TAURUS April 21/May 21
Well, Taurus, now's the time to dress
to impress if you're determined to
move up in the world. Don't try to be
something you're not, but do show
others what you're capable of.
GEMINI May 22/June 21
This is one of the most positive times
of the year for you. Smile and don't
be afraid to walk with your head held
high. You can do no wrong this
week, Gemini.
CANCER June 22/July 22
Money's on your mind this week,
Cancer. You've been distracted as of
late, and have neglected your cash
flow situation. Don't worry you'll
soon be able to make up any short-
falls in your accounts.
LEO July 23/August 23
This promises to be a wonderful week
for you, Leo, as you're feeling particu-
larly amorous. Treat that special some-
one to a romantic dinner night out on
the town. It will definitely be worth it.
VIRGO Aug 24/Sept 22
The sign of health, you're in the
mood to improve your fitness
level, Virgo. A change of diet and
exercise routine is a must if you're
to remain interested.
LIBRA Sept 23/Oct 23
Forget about the past and all that's
gone wrong in it, Libra. Many things
are set to go right for you in the next
couple of weeks. Loosen up and
enjoy it!
SCORPIO Oct 24/Nov 22
Focus on what's important to you
this week, Scorpio. You could miss
out if you spend too much time wor-
rying about minor setbacks in recent
weeks. Take it easy.
SAGITTARIUS Nov 23/ec 21
You may be feeling more relaxed
than usual this week, which is great-
because the more you sit back and let
life come to you, the more you'll'
enjoy every day. Money problems
will cease to bother you by Thursday.
CAPRICORN Dec 22/Jan 20
Over the next four weeks or so,-'
you'll consolidate what you have"
gained and make it permanent. You
should make time to enjoy it, you've
certainly worked hard enough.
AQUARIUS Jan 21/Feb 18
What goes around comes around, so'
think before you speak. There's no-
better time than the present to decide
what you want most out of life and
make it your own.
PISCES Feb 19/March 20
Profit and popularity are important,
but peace of mind is even more so. If
you have any nagging doubts about
your personal or professional relation-
ships, confront them now.


CHESSb yeonadSarwe


Peter Wells v Andrei Kharlov,
European championship,
Dresden 2007. In yesterday's
puzzle the veteran English
grandmaster Wells snared his
opponent's queen early in the
game, but Kharlov refused to
resign and the Muscovite
battled on with bishop, knight
and pawn for the queen.
However, the diagram shows
that Black's position was really
awful, with most of his army
besieged on the queen's side far
from his endangered king.
Wells, who can win in several
ways, chose the most elegant
and precise method, forcing
checkmate. Can you do as well?


I
L!.


LEONARD GARDEN

LEONARD GARDEN


Chess solution 8402:1 Rxg6+! Kxg6 (if hxg6 2 Qh8
mate) 2 Rg8 Kf5 (if Rg7 3 Qg4+ and 4 Qxg7+ mates
quickly) 3 Rg5+ Kf6 4 Rh5+ Kg7 5 Rxh7+ Kf8 6 Rh8+
Kg7 7 Qh6 mate.


I CRYPTIC PUZZLE


1 02 3 4 5 6 M7 8
9 10

12 1

1516 1 17

18 19 20 21 22
23
24 25 26

28 I 29 30 31 32

34 35 36 37

38 39 40
3r ^ \\ B3^ -n42


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PAGE 16B, FRIDAY, JUNE 29, 2007 THE TRIBUNE BUSINESS

C0olina Imperial.

Welcomes
Million Dollar Round Table
(MDRT) Delegates
Andre Wilmott, Local Chair, Membership Communications Committee
and Alfreda Knowles, Country Chair, Membership Communications
Committee welcome all delegates to the
Million Dollar Round Table Day Conference '
Nassau, Bahamas ~ June 29th, 2007.

Have a productive
& enjoyable conference!














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Bracc yougsalft'It's difficult to say






how many will impact the Bahamas'


* By YOLANDA DELEVEAUX
W ith parts of the coun-
try still recovering
from the devastation
caused by past hurri-
canes of recent years, the islands of
the Bahamas, from Grand Bahama
and Abaco in the north to Mayagua-
na and Inagua in the south, are brac-
ing for what could be a tremendous
hurricane season.
Basil Dean, senior meteorologist
at the Bahamas Department of Mete-
orology, said the country is looking at
a very active season, with some 17
named storms expected to develop.
Out of that 17 some nine are expect-
ed to reach hurricane status, with five
expected to develop into major sys-
tems category three storms or
greater.
"It's difficult to say how many will
impact the Bahamas," Mr Dean said.
"The seasonal forecast for the
Atlantic basin the north Atlantic,
the Gulf of Mexico and the Caribbean
Sea these are the three major water
bodies that we are concerned with -
and to attempt to guess how many
storms, I cannot say, but the proba-
bility is very high."
He noted further that this coming
hurricane season has been forecast
to be an above average season for the
following reasons:
Apart from the sea surface tem-
peratures being positive, we also
expect a weak to moderate la Nina
to develop which favours the develop
of tropical cyclones.
It is forecast that weak trade
winds and vertical wind shears are
expected throughout the season, all of
which are positive indicators of an
active season and additionally. A pio-
neer in the science of forecasting hur-
ricanes, Dr William Gray, an Ameri-
can, has included what is called an
extended range statistical forecast
procedure to his seasonal forecast for-
mula.
His procedure takes into consider-


* BASIL DEAN


ation the last 40 years of global re-
analysis data, and with this 40 year
data he looks for years where atmos-
pheric conditions are similar to con-
ditions experienced during February
and March of this year.
The years where atmospheric con-
ditions are similar to that of the Feb-
ruary and March data of this year,
the average of tropical cyclone activ-
ity in those years are obtained and
used along with analog predictors to
compute the number of storms.
A major reason that the Bahamas
will always be impacted by hurricanes
is because the country sits to the west
of the Bermuda-Azores High, (a
group of islands off the West African
coast), a large subtropical semi-per-
manent centre of high atmospheric
pressure which is found near the
Azores in the Atlantic Ocean. In
years when the system is well formed
it extends westward toward Bermuda.
"When one takes into consideration
the cyclonic flow around this high,
the northward recurvature is always
either to the east of the Bahamas it


can occur over the Bahamas as well
as it can occur further west of the
Bahamas when this recurvature
takes place over the Bahamas during
an approaching storm it makes the
Bahamas extremely vulnerable for a
direct hit. This all depends on the
behaviour of the Bermuda Azores
High, so in a somewhat simplistic
sense where the recurvature is at the
time determines whether or not we
are likely to be hit by a tropical
storm," he said.
According to Mr Dean, meteorol-
ogy is an ongoing science and the
technology that drives it is always
being critiqued and improved, and
each year scientists around the region
continue to work on various comput-
er models with a view to improving
the forecast product.
"We have come quite a long way
over the years in terms of technology,
so much so that we are able to detect
weather systems, such as tropical
cyclones, from the time they devel-
op to the time they reach our forecast
area. This is done via geostationary
satellites which provides us with
round the clock surveillance.
"In addition to the geostationary
satellites which allow us to detect
these systems at a considerable dis-
tance away, reconnaissance aircraft
are deployed when these systems are
within flight range. These reconnais-
sance missions allow us, meteorolo-
gists, to obtain critical data through-
out the storm thus giving us a better
understanding of what is going on
within a particular storm. This all has
led to improved weather and hurri-
cane forecasting over the years," he
said.
Another instrument that aids in
weather forecast is the Doppler Radar
system.
Once a weather system or a tropical
cyclone reaches within radar range,
Mr Dean said, the modern day
Doppler radar enables meteorologists
to estimate the rate of rainfall and
allows them to warn of potential


flooding. Additionally, he noted, the
Doppler radar also provides meteo-
rologists with strong indications of
where tornadic activity is likely to
occur.
Mr Dean said further that comput-
er models have certainly been a bless-
ing to forecasters with regard to short,
medium, and long term forecasting.
These models, he said, which use
actual atmospheric data to simulate
atmospheric conditions, have, over
the years, improved to the point
where three day forecasts have
become the norm and seven day fore-
casts and beyond, although not as reli-
able, still give fairly good indications
as to what one may expect.
There are some of the things that
are still uncertain. Mr Dean noted.
such as how changing weather pat-
terns will affect hurricanes and rainfall
patterns.
The global climate change scenarios
that have been developed suggest that
with increasing global temperatures


one can anticipate a rise in sea surface
- so for every degree in temperature
rise, one can expect a foot increase in
sea level, and should this scenario pan
out it will result in the loss of land at
the coast. And it is conceivable, Mr
Dean pointed out, that the Bahamas
is currently experiencing a loss of
land.
Some scenarios have also devel-
oped in regard to global research and
global warming, particularly in the
tropics.
Tropical cyclones rely on warm sea
surface temperatures, and looking at
increased temperatures, the thresh-
old temperature needed for cyclone
development would be achieved a lot
quicker and could lead to an increase
in tropical cyclone activity.
Mr Dean urged caution however,
saying that tropical cyclone develop-
ment does not rely solely on sea sur-
face temperatures, but rather a variety
of atmospheric and oceanic condi-
tions.


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* ON THE CARIBBEAN COURSE Hurricane Frances
passed over the Bahamas on August 30, 2004


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THE TRIBUNE


PAGE 3E


*' S'
'i 4


\ '








-HURRICANETHEITRIBUNE


* STANDING TOGETHER -
Shown (from L-Ri are Kevin
Basden, general manager of
the Bahamas E'ectrcilv Cor-
poration; Godfrey Sherman
general manager of the Water
and Sewerage Corporation:
Brent Symonelte, Deputy
Prime Minister and minister of
Foreign Affairs; Leon
Williams, chief executive offi-
cer of the Bahamas Telecom-
munications Company, and
Mario Newry, host and exec-
utive producer of "A Unified
Effort: Hurricane Prepared-
ness 2007"


1 I :, I s i 1'


v~iirrrri i i~in'ui : [II ~~r~ ii 'J W: IF]~i 'iIIiir1


ed by hurricanes or tropi-
cal storms between June
1 and November 30, the
greatest risk being in August, Sep-
tember and October.
For 2007, the National Oceanic
and Atmospheric Administration is
reporting that the likelihood of
above-normal hurricane activity is
75 per cent. Weather forecasters are
expecting three to seventeen tropical
storms, with seven to ten of them
becoming hurricanes. This has
become more evident with the for-
mation of Tropical Storm Barry at
the beginning of hurricane season.
Upon being notified of this impor-
tant assessment, Mr Newry said that
he decided to produce a hurricane
preparedness documentary that


would encourage residents of the
Bahamas to think seriously about
preparations, if they have not already
started.
In May, Mr Newry brought togeth-
er a panel of distinguished profes-
sionals to assist communities with
preparations leading to, or following
the hurricane season, or any calami-
tous event.
The panel was convened and inter-
viewed by Deputy Prime Minister
Brent Symonette, and the unified
effort from all connected agencies
was positively uplifting.
The preparedness panel included
Mr Symonette; Kevin Basden, gen-
eral manager of the Bahamas Elec-
tricity Corporation (BEC); Leon
Williams. chief executive officer of
the Bahamas Telecommunications


Company (BTC); Godfrey Sherman,
general manager of the Water and
Sewerage Corporation; Carl F Smith,
under secretary at the Cabinet Office
and interim director, of the National
Emergency Management Agency
(NEMA); Marina Glinton, the direc-
tor general of the Bahamas Red
Cross Society; Trevor Basden, senior
deputy director of the Department of
Meteorology; Arnold King, chief
meteorological officer of the Depart-
ment of Meteorology; Gayle Outten-
Moncur, administrative officer with
responsibility for training at NEMA;
Lieutenant Commander Herbert
Bain, Operations and Logistics offi-
cer of NEMA; Stephen Turnquest,
Shelter manager of the Bahamas
Humane Society; Azaleta Ishmael-
Newry, marketing director, Bahamas


Supermarkets Limited/Operators of
City Market Supermarkets; Peter
Goudie, director of Human
Resources, Bahamas Supermarkets
Limited/Operators of City Markets
Supermarkets, and Rodd Bethell.
City Market Cable Beach Store man-
ager.
The panel addressed the respon-
siveness of each agency and issues
that might impact their performance.
Each person gave points of interest in
an effort to better prepare the
Bahamas for a possible hurricane dis-
aster.
As host and executive producer of
the programme, Mr Newry said that
he wanted to produce the segment
to assist every individual that lives
in or visits the hurricane belt, and to
help educate and make them aware


of the phenomenon in all of its facets
and consequences.
"My final thought to this impor-
tant topic is every year people who
live on islands and cays between the
West Coast ot Africa and the 'United
States of America respond to a fact
of life hurricanes. They have blown
over this region and wreaked havoc
for hundreds of years.
"I encourage everyone to prepare
for a familiar walk as we take steps to
view the facts of life in the Bahamas;
steps toward hurricane preparedness.
"As we take these steps, we are
reminded through programmes like
this that the unified effort of each
agency would ensure that our miti-
gation and prevention programmes
are robust. Let us continue to work
together to keep the Bahamas safe."


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PAGE 4E


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THE TRIBUNE


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PAGE 5E


THE TRIBUNE


British forecasters: Season may not




be as busy as the Americans expect

* By JESSICA GRESKO
Associated Press Writer
MIAMI (AP) British gov-
ernment forecasters are predict-
ing that the Atlantic hurricane sea-
son may not be as busy as their .
American counterparts expect. '
It is most likely that 10 more
tropical storms will form from July .
to November, the British fore-
casters have said. An expected
cooling trend in Atlantic Ocean
surface waters favours fewer trop- : -
ical storms than in recent years,
the British meteorologists said in
their first-ever hurricane season
forecast.. -
The British scientists did not
predict a number of hurricanes
that would form or how many
would become strong, as Ameri-
can forecasters do. There is a 70
per cent chance that the number of
storms will be in the range of sev-
en to 13, according to the British.
Matt Huddleston at the UK's
Met Office, a weather tracking
agency within the British Ministry
of Defense, said its numbers are
based on a "brand new forecasting
system" using a global climate
model.
In May, US government fore-
casters predicted 13 to 17 tropical
storms in the season that runs from
June 1 to November 30. The
National Oceanic and Atmos-
pheric Administration scientists
said they expect seven to 10 tropi-
cal storms to become hurricanesI-
and three to five of them in the
strong category.
Colorado State University "
researcher William Gray predicted
double-digit tropical storm num-
bers. Gray predicted 17 named
storms and nine hurricanes, five
of them intense.
The Atlantic season has already
had two named storms, Andrea
and Barry. The US government
and Gray will update their sea- 0 PREDICTING STORMS IN THE ATLANTIC In their first-ever hurricane season forecast, British meteorologists said
sonal predictions in August. an expected cooling trend in Atlantic Ocean surface waters favours fewer tropical storms than in recent years


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Babamas Red Cross: helping to

find shelter for the homeless


* By PETURA BURROWS
Tribune Feature Writer
I n ihI i Lii !t Ai lhirln-
C.tIl. Ill B.li-m.is Red
(liC i S 'AALi. t\ i . the ,i,1 i ;c piindcni'. li-lpinty
to find ,li llL i ,-,r tili hI-IIie-
less plA', idlin hiA1 d 1ind
watcii .nJ n JiLclC.i lc .And
with iLch .1 oicia unideitk-
ing, the more tund, jnd more
hands ,;on hoard continutlc to
be aii -cnti.il coniporieni ot
the >i..'aniaii, on ucce-.-
M.rina, G nlinon. director ol
the Bahamas Red Cross, said
that while the Red Cross is
currently operating far below
its $500.000 budget, they
have been actively training
members of the public to be
first responders the first
people on the ground who
will assess damages in their
respective islands and then
report to the Red Cross in


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i : ,,,,. ,; ,; ,,, ^'^ ^ .. i:,,
I.. .........-... '.'.------

KOHL I


Financing to qualified
applicants by
CAi, i P I .. C PE'i-F.',ji 8-], .. Can,"aa
iand ; j l-i. lI 1: 17i -, 1
RBC
Royal Bank
of Canada


Nev% Providence in the after-
math of a hurricane.
Since last Near was a pret-
1t quiet \ear" in terms of
hurricanes. M. Glinton and
her itaff took the opportuni-
i\ to identify\ several islands
which hae been prone to
disaster. They then train indi-
i duals in those communities
in capacity assessment.
"\Ve trained certain people
w ho came forward, then
formed groups for training.
\%e provided them with dis-
aster supplies like boots.
raincoats, helmets, chain
saws, rakes, shovels, flash-
lights, gloves, and safety
vests," Ms Glinton said.
"We trained these persons
in first aid, CPR, shelter
management, disaster man-
agement, and in how to con-
duct damage assessments, so
that these people can tell us
what we need to bring before


we come.
The traininiL bce.n in June
2ii106and ndcd in Fchi-uki \
211117, with IN'" p-isons pj,-
ing out ias full\ ii.incd Isit
responders in the following
areas: Gr.ind Ra al. Abh.-
co. and the .-delA.idce .ind
Gambier communiiiLs icn
Nevw Pro% idcnce.
The Red Cros. is hoping to
extend the same traininL in
other islands in Julu 1-Iho c. -
er. that all depends ion the
availabilit ,ot lunds. Ms
Glinton said.
"Well, funds coming in has
been very slow lately. The
only real income we get
comes from the ball and the
fair. And we're getting ready
to have our raffle, so hope-
fully that will bring in some
money," Ms Glinton said.
According to Ms Glinton.
the 2007 Red Cross Fair
raised $79,000, and this


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East Bay Street,
393-5549 or 393-5285
Fax: 393-6236
Email: Imarine@batelnet.bs


* DISASTER ZONE The Bahamas Red Cross Society provides


year's Red Cross Ball rai
$120,000. Membership fe
which are due by Decem
will probably bring in $41
- that is once all fees are
paid.


food, water and medical care to those in need

sed The raffle, she added, will operate
*es, probably raise $40,000 as year.
ber. well. said, d
0,000 But even when taken of resi
together, the total is only half nation
of the Red Cross' $500,000 impac


-I
I,


:ional budget for this
And that, Ms Glinton
loes no include the cost
ponding effectively to a
.al disaster, whose
t cannot be predicted.





len..


And this means getting our priorities in order...


Ensure that your HOME is properly insured!
We all know that a natural catastrophe can I
destroy a home in the blink of an eye...


-"M


j{a.L


KOHLER,
POWER SYSTEMS


Power for Life

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OUR GUARANTEES
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Professional Staff & Excellent Claim Service
At Confidence


We Care And We Serve

Confidence Insurance Brokers & Agents Ltd.
Phone: 323-6920 Fax: 325-8486
Located: Shirley St. (2nd floor of The Standard House)
Exclusive Agents of Bahamas First General Insurance Co.


F


THE TRIBUNE


PAGE 6E


.


T


.... :,. .
%:.





PAGE 7E


THE TRIBUNE


HURIAN GIDE 00


Catastrophe insurance: 'necessity'





for business and property owners


the islands of the Bahamas,
South Florida. the islands
of the Caribbean, and the
countries surrounding the Caribbean
Basin are exposed annually to the
ravages of hurricanes, floods, and
storm surges. As such events can both
destroy or extensively damage prop-
erty and kill or injure the inhabitants,
it is important that the public know
and be concerned about the differ-
ent mechanisms that exist to mini--
mize the impact of such natural dis-
asters.
Catastrophe insurance is one indis-
pensable mechanism for mitigating
the impact of disasters, both natural
and otherwise, and is both a necessi-
ty and an important part of owning
property and/or a business.
In any discussion of the role, value,
and cost of catastrophe insurance in
the Bahamas, it must be understood
that while the Bahamas may not have
been affected by any storms last year,
over the past decade the region has
experienced a dramatic upsurge in
the level of physical destruction and
economic loss caused by hurricanes.
Each year these natural disasters
take a huge toll in deaths and injuries,
property damage, and economic loss,
however, an even greater tragedy is
the fact that much of the physical,
emotional, and financial impact of
this devastation and loss can be
reduced through preparedness,
including adequate insurance cover,
existing mitigation techniques, and
greater public awareness of them.
It must also be understood that
because of its small population the
volume of insured risks in the region
is small and the overall premium base
is minuscule in relation to the world
insurance markets.
Insurance premium income for the
whole of the Bahamas, the Caribbean
and Central America, has been
reported as being only one tenth of
one per cent of premiums payable
worldwide. However, the cost of


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* DISASTER ZONE Catastrophe insurance is one indispensable mech-
anism for mitigating the impact of disasters, both natural and otherwise, and
is both a necessity and an important part of owning property and/or a business.


claims for the region is about three
per cent of worldwide losses.
And because the region as a whole
produces only a small amount of pre-


mium income in relation to the large
loss potential, and because of the
inevitability of further hurricanes,
regional insurance companies must


purchase essential catastrophe pro-
tection from other international "rein-
surance" companies.
Such reinsurers do business on a
worldwide basis and view this region,
including Central America, Florida
and the Gulf Coast of the US, as a
very high-risk area. It can also be
ai gued that the past decade was the
worst ever for the region, in terms of
property damage and economic loss
resulting Ifrom hurricanes.
Losses have been enormous from
hurricanes such as Ivan, Wilma, Rita,
Katrina, Jeanne, Frances, and Floyd.,
In 1999, Floyd caused some $6
billion in damage in the region, $175
million of that being insured losses
in the Bahamas.
In 2004, Frances and Jeanne
caused estimated total losses of $16
billion, with $348 million of insured
losses in the Bahamas.
2005 proved to be the most active
year ever with some 26 named storms,
the last occurring in January 2006.
Dennis, Katrina, Rita and Wilma
racked up estimated total losses of
$159 billion, $125 billion of this caused
by Kalrina alone.
Katrina was the largest disaster to
hit the region and the effects of this
storm are still being felt by the insur-
ance industry as numerous law suits
have been filed in the United States
and the final cost to the industry is
still unknown. Rita missed us, but
Wilma caused $47 million of insured
losses in the Bahamas.
It is important to note that the fig-
ures given for the Bahamas are for
insured losses only, they do not
include uninsured losses, which were
probably higher than the losses cov-
ered bv insurance.
As a result of the tremendous loss-
es in 20.05, a number of insurance
companies withdrew from providing
catastrophe perils cover completely,
while others decided to reduce their
risks.
Reinsurers were no longer prepared


to grant reinsurance cover to insurers'
in the region without increasing their
rates, and without putting strict limits
on the scope of cover available, either
geographically or in terms of what to
cover. This lack of capacity and
increased costs for reinsurance led to
a hardening of the market generally,
and this in turn led to increases in
rates for the average policyholder.
What can be expected to happen
with insurance rates in the foresee-
able future? While the large losses in
2004 and 2005 did cause an increase in
rates in the Bahamas for 2006, prices
in 2007 remain generally steady. For
2007 experts are forecasting above
average hurricane activity, and while
a similar prediction last year was not
fulfilled it is hard to see them getting
it wrong for two years running.
' Already there have been two named
storms in the Atlantic/Caribbean
region and increased activity in the
Pacific, with a significant storm,
Oman, the strongest experienced by
them since 1890.
These forecasts, combined with the
ever growing reports on global warm-
ing, and the effects on low lying coun-
tries such as the Bahamas, make it
very difficult to predict what the
future might hold for this region.
The region's potential for destruc-
tion from hurricanes and other nat-
ural hazards will remain. The
Bahamas and Caribbean's insurance
market will remain small with tremen-
dous catastrophe exposure, thus caus-
ing continued dependence on outside
reinsurers.
To avoid a continuing rise and. fall
of insurance rates, and stabilize the
market, property owners and insur-
ance companies will have to focus
their attention more on alternative
approaches to their risk management.
Along with government and other
community partners, they will have
to develop cost-effective mechanisms
to reduce the vulnerability of their
properties to damage caused by such
natural hazards as hurricanes.


upj ,'-

440
Il


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THE TRIBUNE


I '\vGE 8E


,HURRCA ,GIDE200


A is


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0 A DEP ROAD- Reidntsof
th omsRc eteeti


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* SURVIVING THE
STORM This potcake
survived Hurricane
Frances, which damaged
many homes in North
Eleuthera


7 j


* MAKING A WAVE Frances and Jeanne caused estimated total losses
of $16 billion, with $348 million of insured losses in the Bahamas


Pinder
ENTERPRISES LIMITED
PRINCE CHARLES DR. TEL: (242) 324-1943
FAX: (242) 324-5382 P.O. BOX FH-14-378

pUOimid//i all ofLTur

7ilaif // Cl'Cl7/ll lldfb


COME AND SEE US TODAY!


Remember Pindar
ENTERPRISES LIMITED
r iw All Your Construction, Roofing And Fencing Needs


BE PREPARED, BOARD UP
AT PiindH r-BE SAFE!
t :'IFF H ,Il. :--


Pinder
ENTERPRISES LIMITED
is now
INTRODUCING


"Very Active
2007 Hurricane d
Season Predicted"
,. .'


Are you preparedf?
Being properly insured is half the battle!
To discuss Hurricane Insurance and other
types of Insurance, please contact one of our
Member Companies, as follows:
0- Aiih ht 1iu-aiuuicc Btr kr Cr ...................3. 2,--1,:i45
1 u _-V l\iLl i n l.mc hii'--t rtLllk'i -r",lers................... 35 }-U)2S5
'+"- ] l;.nniui-, Iiisu';iKc' r ,k 'r.s & A.cnt ..... .8 ( )-().4.S /,^
"'" "le C ,)It Tn u.mrance BrI' I, I'rS.............................. >"o -41- 1 1
1 ( olian ( Ociicral Iisuranice.........................325-3816
( v I suiirncc Brokers........ ................393-(734
\atiIIIUI I- ('iilincr & -.' & ~-'itcs.............. 3 ;-6lso
I]i.'-,til'iUL i' .ii: 'ntlt l'iiClI Bal laiIL .s ............. 04-)O-5 5
,LS.% ,T.)ln ns ),n & ( (,i1p in1\. .......................... 3 8-, *; ]1
,I I.:limpklin & ('mipany Inslil'ulce -rn't 'rs
CI T icfiit C u.iis lTuiT. s................................325-")- ()
1, ,o-,c l v I Hii'l il Ic 1 -'iu n.c.c A..nci .y.........304-S'305
S. .,. t I IL<. \V\ il V_ i, y. .. ................... s -*.o
PI- lr fc--.i iual hii uniiicc' ( coi .ullit ..1i .......... 3 7-21
F ii, S. ;iiii'.c\ ( .'iral .\, ]c .. ............32 -(72-
. fiiiiinlc ia lii,-iil';l 'ic. bri' -.................3... 4- 123
1 ^ S iicl'i t ( vii a i lni -c ...................................:3 5 -0 01 1
Jlmiii1c h -S rmic \.g ii,-N........39 -830


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BIB
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THE TRIBUNE PAGE200E


2001 flash#ack:


ichelle's power


* DRIVING FORCE -
Sea surges as a result of
Hurricane Michelle almost
pushed this vessel onto the
sidewalk at Long Wharf, in
the area of Arawak Cay,
New Providence


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* FAMILY ISLAND NIGHTMARE -
Uprooted trees and damaged roofs
were a sight to see on Andros in the
aftermath of Michelle winds reached
100 miles per hour


* FOX HILL FURY Fallen trees were a major hazard to many
homes, including this residence in the Fox Hill Road area


- i


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PAGE 9E


THE TRIBUNE


. I







PAGEIAN GUID THETRIUN


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* DEVASTATION A view of West Bay Street after the 1929 hurricane devastated New Providence for
three days and three nights. Many homes were wrecked and hundreds of people were left homeless


'O Genettors LI Window Tape
LI Candles & Holders J Sterno


J Kerosene Lamps
J Wicks
J Lamp Oil
LI Battery Lamps
LI Garbage Bags
LI Can Openers (Manual)
LI Battery Radios
L Coolers (all sizes)
JL Plastic Containers
LI Fuel Containers
LJ Trash Cans (Rubbermaid)
J Blankets & Sheets
LJ Sleeping Bags
J Tarpaulins
L Buckets
LJ Chain Saws
LI Tools
. "^ Wil ""


I Rope
F'.:' i- I "I _i-. _


L riasmigms
J Battery Clocks
J Batteries (all sizes)
LI Cut Nails
and much, more!


Also available at
Kelly's Lumber Yard
East Street
All your Lumber and
building supply needs!



Kelly's oO
Tel (242) 393-4002 McrdayT-da-, 9.00at .00
Fax 1242) 393-4096 S.-trday 9'0am.9
Mall at Marathon Sunday
aww kellybahomuain"
P 4. ,9


"WE GO OUT ON A LIMB FOR YOU"

Tel: 364-5506
Fax: 364-4219
Email: info@Altreepeople.com
Website: www.Altreepeople.com


Hurricane or No Hurricane
We Need To Take Care Of Our Trees.
People do more damage to trees than any Hurricane, either through ignorance or
neglect. Every year and especially during hurricane season Bahamians and
residents go on a tree topping or tree cutting binge, not realizing how valuable an
asset is being destroyed.
Selective tree trimming can be done 365 days a year. Trim for the health and beauty
of your tree.


Services Offered:
I Free estimates &
Consultation
* Tree Trimming
M Wood Chipper Services
* Aerial Lift Services
* Hazardous Tree Removal


Whats wrong with topping


It won't work


Trees can be a stimulus to
economic development, attracting
new business and tourism.
Commercial retail areas are m/
attractive to shoppers,
apartments rent more quickY
tenants stay longer, and
space in a wooded setting
more valuable to sell or
The National Arbor D
Foundation /


i/ U-ly
Its Ugly


.7


i
I.
'4










L


THE TRIBUNE


PAGE 10E


~BiE~


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PAGE 11E


Let us take care of your lifestyle by guiding you through the storm...


Our knowledgeable customer service representatives & network
of agents strive to deliver superior products at competitive prices,
in a fast, friendly & efficient service environment.

We also offer the most effective claims handling around, to support
our agents, brokers & business partners in delivering our products
to our policy holders.


New Providence CMA Brokers & Agents
A. Scott Fitzgerald Ins. Brokers & Agents Tel. 393 6734
Tel. 356 5709 Dean Associates Professional Consultants
Advantage Ins. Brokers & Agents Ltd. Tel: 394-7287
Tel. 356 0285 Gateway Insurance Brokers & Agents
Andeaus Insurance Broker Co. Ltd. Tel. 324 5920
Tel. 323 4545/6 General Brokers & Agents Ltd. Tel. 322
Bahamas Ins. Brokers & Agents Ltd.
Tel. 356 6482 Insurance Management (Bahamas) Ltd.
Bahama Life & Property Ins. Agency Tel. 394 5555
Tel. 393 1054 Lampkin & Company
Carib Insurance Agency Limited Tel. 325 0850
Tel: 322-8210/4 Professional Insurance Consultants Ltd.
Cedar's Insurance Brokers & Agents Tel. 327 2142/3
Tel: 326-6263 -...... ...... Summerlee Insurance
Clyde Treco Agency Tel. 394 5123
Tel. 327 8026 Sunshine Insurance (Agents & Brokers)
Cole Insurance Agents & Brokers Ltd. Ltd. Tel 394 011
Tel. 323 4111
Comprehensive Ins. Brokers & Agents
Tel. 327 0854


PROPERTY & CASUALTY INSURANCE
Private buildings Commercial buildings
Contents Contractors all risk
Personal possessions Liability
Motor ,.* Marine


Grand Bahama
General Brokers & Agents Ltd.
Tel. 352 7891
Insurance Management (Bahamas) Ltd.
Tel. 352 7421
Pinnacle Insurance Agency Ltd.
Tel. 351 9747
Trinity Insurance Agents & Brokerage
Services Ltd. Tel. 351 2022
Andros
Francita Neely Agency Tel: 369 4745
Exuma
Anthony Moss Agency Tel: 336 2055
Esther Rolle Tel: 339 1391
Inagua
Esther Rolle Tel: 339 1232
Long Island
SunQuest Services Tel: 337-6786


Security & General
INSURANCE


Security & General Insurance Company Ltd.
is rated A-(Excellent) by AM BEST.


A(.I'fl','TS & BUSINSS PARTNERSII I r


ATI-AN"FI(," HOUSE SECOND TERRACE,& COLLINS AVE NASSAU BAHANIAS

Teleptionc.(242) 326 7100
A mombor of Group International Lid. Porsonal & Bu6iness ln,,iurfinco Girot)p Perl5iOll") Group Medical Life Assurance,






THE TRIBUNE


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PAGE 12E


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PAGE 13E


THE TRIBUNE


Secure your
property before
the storm with
a Royal Premier
Loan


Do you need hurricane shutters?
Is your roof leaking and in need
of repairs?
RBC Royal Bank of Canada's
Royal Premier Loan gets you
ready for the hurricane season.
Take steps now to protect your
family and your property.
Whether your needs are big or
small, we have a financing
option that's just right for you!
We offer:
Flexible financing
) No prepayment penalties
) No hidden costs
SCall or visit your nearest RBC Royal Bank
of Canada branch for more details.


I I


Looking for


Integrity?



You'll Find It



At









Agents & Brokers Limited

*w : I -. i ince
.' i ^.v ? ~ ~ '. *: ^ I I


Visit our premises situated on
Shirley Street, at Collins Avenue,
across from the Bahamas
Chamber of Commerce






COMPETENT


H NEST


RE ABLE


EXP RIENCED






i* * I'i s ~f i r ;' G


131 Shirley Street PO Box N-121
Tel: 242 323-4111 Fax: 242 323-4222


Nassau NP Bahamas
Email: info@cole-insurance.com


I.


.SUMMI


I I C I





THE TRIBUNE


7>- -4: Y


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Be prepared.
Get the peace of mind that a Scotia Plan Loan can provide.
CALL OR VISIT YOUR NEAREST SCOTIABANK BRANCH TODAY.


Life. Money. Balance both:


-~


- Bank of The Bahamas


A T I 0 N A L


,Wants You To Be Safe During

i ls Hurricane Season


Hurricane Preparation Tips:


- A


Revolutionizing The Way You BankA
New Providence Grand Bahama Andros Inagua Exuma San S
Head Office Nassau: (242) 397-3000 /
Proud winner of the 2006-2007 Euromoney Award For Excellence and
Financial Services Development & Promotion Award 2006
www.BankBahamasOnline.com


S-1T ER N


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I. I





PAGE 15E


THE TRIBUNE


HURRICANE GU IDE 20







p~taawtejt^


* By JOY BURROWS
Al Tree Services
Limited

D. id you know that
the 2007 Hurri-
cane season offi-
cially starts June
1 2007? And with forecasters
predicting an above average
season, preparation rather
than procrastination is the
key to preserving your land-
scape.
Unfortunately, many home
and property owners in the
Bahamas prefer to wait until
the eleventh hour, sometimes
mere moments before a hur-
ricane makes landfall, to
enlist the services of a "pro-
fessional tree chapper" to do
nothing more than brutally
destroy what was once a love-
ly shade tree or remove it
altogether. To me, this just
doesn't make any sense, and
it's this type of ill conceived
action that ends up costing
home owners much more in
the end.
The reality is that trees
properly placed on your
property are excellent wind-
breakers in the high wind
conditions that accompany
hurricanes. And beyond this
seasonal attribute, trees,
when properly placed around
your house or business, can
reduce your electrical bill by
as much as thirty per cent on
a monthly basis. Did you
know that trees not only help
us to breathe clean, but also
act as sound dampers and
improve water quality? Here,
try this one on for size; did
you know that trees can be a
stimulus for economic devel-
opment, attracting new busi-
ness as well as tourism?
The list of benefits to be


"...So why
should we
play a part in
the ruthless
destruction
of an
environmental
ally that has so
much to offer?"

-Joy Burrows


gained as a result of having
not just trees, but properly
cared for trees on your prop-
erty is inexhaustible. So why
should we play a part in the
ruthless destruction of an
environmental ally that has
so much to offer?
Think about it, if you were
to cut off your finger every
time you got a paper cut or
snagged a nail, you wouldn't
be left with much, now would
you? It just wouldn't make
any sense; the actions taken
to bring relief have to be
commensurate with your
problem. So remember, call a
professional tree care special-
ist and have them provide
you with the best possible
options as to what you should
do with your trees this hurri-
cane season.


* ONCE A LOVELY SHADE TREE With forecasters predicting an above average season,
preparation rather than procrastination is the key to preserving your landscape


BETHEL THOMPSON

AGENCY, LTD

COMPLETE INSURANCE SERVICE
"FOR ALL YOUR INSURANCE NEEDS"




i'..*'

























lISINESS PERSONAL ACCIDENT
'CONTRACTORS ALL RISK
No. 20 Shirley Street Plaza

REPRESENTING:
BAHAMA FIRST GENERAL INSURANCE COMPANY LTD.


T O 39721
F3-m


I 9 IS 1 TRC I
"Kepngyo sfethouhthstr


Hurricane Shutters
Rolldown Shutters
Accordion Shutters
Aluminum Colonial Shutters


Aluminum Bahama Shutters
Clear Rolldown Shutters
Clear Accordion Shutters
Clear Panels
-*. "*- .' .^-f." aa' fc ".. -' .," :.-


Aluminum Clip-lock Panels
Steel Rolling Doors
(For Warehouses)


Garage Doors
Burgular Doors
Burgular Screens


p
.:7'=


01Ro Up


colonial Shutters


S.,
Bahama Shutters 4


[ "k
*V ;St r'" ", ,,-- :*' ; ., "--- *,^,,, ..
v^ '^5 -m, ;"'- .--.


Accordion


Telphne(22)38-863 S ax (42 34-38


W ,


.'..4 "


I~iii~







THE TRIBUNE


PAGF 16RF


HU IAN D 2


Flash Flood Warning
means a flash flood is
imminent. Take immedi-
ate action.

Tornadoes: Spawned
by hurricanes, tornadoes
sometimes produce
severe damage and casu-
alties. If a tornado is
reported in your area, a
warning will be issued.

Always make sure
you have plenty of
tinned foods especially
vegetables in the house
just in case you are
unable to access food
stores for several days.
Food that can be eaten
hot or cold is always
preferable for obvious
reasons.

Before a hurricane
strikes, have a good hot
bath or shower, which
will at least leave you
feeling clean for a time.
Loss of power or water
can mean that you have
to go without a proper
bath or shower for sev-
eral days.

Double check shut-
ters before winds get too
strong. A loose shutter
can be a menace during
the height of the storm.
Apart from the fact that
it will expose your win-
dow to damage, it might
also blow off and cause
damage elsewhere.

Forecasting has
grown more sophisticat-
ed over the years. New
satellites, more refined
computer programmes
and other advances are
helping scientists keep
on top of the storm pre-
diction game.


get your hurricane facts


The number of Category 4 and 5
hurricanes worldwide has nearly dou-
bled over the past 35 years.

In 2005 Wilma became the most
intense hurricane on record, with sus-
tained winds of 175 mph. It showed
that there is the need for a higher cate-
gory to be added to the current scale.

The 2005 Hurricane Season includ-
ed three Category 5 hurricanes for the
first time on record in the Atlantic
Basin.

The Aftermath
A slow-moving Category 4 or 5 Hur-
ricane can leave more than destruction
in its wake. If key infrastructure is
severely damaged or destroyed, life can
become difficult and definitely not suit-
able for children. If a facility is inca-
pacitated, the service it provides ceases.
The problem gets even worse if the
people skilled in repairing the facility
have been injured or decided to evac-
uate. This is common in the aftermath
of most major natural disasters.

Imagine life if the following elements
of key infrastructure became inopera-
ble:

Power
IF the power generating plant was
severely damaged or destroyed, and
repairs were scheduleuled to take weeks to
complete, those with generators would
soon run out of fuel, especially if the


* SEA MEETS ROAD In this photograph by Franklyn G Ferguson, an ocean
surge leapt over the road at Saunders Beach in August, 2004, when Hurricane
Frances passed over the Caribbean


fuel dock was incapacitated. Life with-
out electricity is possible as long as
there is power nearby, but if no one
has power for an extended period of
time, life becomes difficult.

Fuel
IF the fuel dock was inoperable or
destroyed it could cause fuel deliveries
to be depleted or cease altogether.
If the fuel supply is not restored
promptly, life would simply grind to a
halt, this in turn could affect the ability
to deliver or collect supplies, generate
electricity, and therefore supply water.

Airport
Something as simple as debris cover-
ing the runway could mean the airport
is unable to operate. If the cause was
due to something more permanent,
food, water and medical supplies may
be inadequate for weeks, even longer if
Florida is hit as well. The problem is
exacerbated if the required equipment
or manpower is unavailable. Equip-
ment could be destroyed, roads could
be blocked, and faced with a cata-
strophic event, the manpower may have
evacuated.

If a Category 4 or 5 Hurricane struck,
causing the damage detailed above and
rendering the docks inaccessable, life
would be almost impossible. People
would become isolated for weeks -
longer if Florida was hit or a large part
of the island's private fleet of boats was
destroyed.


Rebuilding spotty along hurricane-battered highway


* By MICHAEL
KUNZELMAN
Associated Press Writer

GULFPORT, Mississippi
(AP) Scott Oliver didn't
need government help to
rebuild his beachfront proper-
ty. Using his own money, he
built a concrete compound to
replace the wood-frame home
Hurricane Katrina smashed to
, h its .. . . .. .
Oliver and his wife moved


out of a cramped trailer and
into the new storm-resistant
house just in time for the start
of the 2007 hurricane season.
"We didn't wait on any-
body. We just went ahead and
did it," said Oliver, 60, who
turned down a federal disaster
loan to avoid going into debt.
The Olivers are the first and
only residents of their Gulf-
port neighbourhood to
rebuild. Progress like theirs is
spotty along US 90, a coastal


highway that spans the length
of Katrina's destructive path,
from New Orleans to the
southeastern tip of Mississip-
pi's Gulf Coast.
In May 2006, a reporter for
The Associated Press traveled
along the highway to take
stock of rebuilding efforts nine
months after Katrina. At the
time, the landscape looked as
if the hurricane had just
struck, with piles of smelly
debris sitting untouched next
to shattered homes and top-
pled trees awaiting chain saws.
A year later, homeowners
with both the means and the
will to rebuild are forging-
ahead on their own, gradually
repopulating neighborhoods
along US 90 where scores of
ruined homes remain virtually
untouched since the hurricane.
For some, self-reliance isn't
an option. Many are waiting
for government grants to
rebuild. Others don't qualify
for the aid. Some families are
fighting insurance companies
for refusing to cover damage
from Katrina's storm surge,
which inundated large swaths
of Mississippi's coastline.
From their new third-floor
bedroom, which is nearly 50
feet above the ground, the
Olivers have a clear view of
the slow recovery.
A few blocks east is the
Island View Casino, which
opened last September on the
site of a storm-damaged hotel.
To the west is a FEMA trailer
park. In between is a sea of
barren slabs and weed-choked
lots where houses once stood.
"I'm so shocked at how
slowly everything is coming
back," said Oliver's wife,
Caprice.
But other signs of recovery
abound on US 90, which runs
from Florida to Texas.
The highway is nearly whole
again. A bridge across Chef
Menteur Pass in eastern New
Orleans reopened last August.
A new bridge reconnecting
Bay St Louis and Pass Christ-
ian, Miss., opened May 17. A
third span, between Biloxi and
Ocean Springs, Miss., is
expected to open in Novem-
ber.
Mississippi beaches, closed
for months after the storm, are
now filled with sunbathers.
Many Biloxi casinos are busier
than ever, and condominiums
are popping up, too.
Near the new bridge is a
miniature castle that was
Denise Shute's vacation home
before Katrina. The Home-
stead, Fla., resident and her
companion, Richard Loth,
bought the property nearly a
decade ago, intending to retire
there someday.
The anachronistic castle
remains a mud-encrusted
mess. Plywood boards cover
all the windows and doors.
The house doesn't have elec-
trical, water or sewer service.
Weeds choke the front lawn.
Looters keep breaking in.
"We're the forgotten ones
down on this end of the
beach," said Shute, a United


.g .


- J


* CAPRICE Oliver and her husband Scott Oliver pose in front of
their new home made from concrete in Gulfport. The Olivers are
the first and only residents of their Gulfport neighbourhood to


rebuild after Hurricane Katrina.


Airlines flight attendant.
The couple is still hunting
for belongings scattered by the
hurricane. Katrina's storm
surge swept through the house
and deposited possessions in a
patch of woods about a quar-
ter of a mile north of their
home.
During a recent hike
through the woods, they sifted
through twisted piles of debris
and found their garage win-
dows, a string of Christmas
tree lights, Loth's golf shoes
and his old briefcase.
Loth, a Navy SEAL about
to embark on an overseas
assignment, also found the
remnants of a rattan dining
room set he bought during a
trip to the Philippines.
"Denise didn't like it, any-
way, so she's glad it's gone,"
he joked.
Before they start rebuilding,
the couple must decide
whether to accept a $150,000
federal grant earmarked for
preserving historical buildings.
But the money comes with
strings attached.
"If we use the grant money,
we're more restricted," Shute
said. "We might just take the
money out of our own pockets
and rebuild it as we can."
Dale Womack would love to
have that choice, but neither
appears to be an option for
the shrimper, who lives on a
storm-damaged boat he can't
afford to repair. The Shelley
Lynn, moored on the water-
front off US 90 in Louisiana's
St Tammany Parish, keeps
taking on water and flooding
his engines.
"I just have to pray to God
it doesn't sink on me," he said.
Womack owes $5,000 in
back taxes to the federal gov-
ernment, so the Small Busi-
ness Administration won't
give him a disaster loan. The
Federal Emergency Manage-
ment Agency cut him a check
for $800 after Katrina, but he
doesn't qualify for a much
larger homeowner grant
because he lives on a boat.
"Here I am, just begging
and dying for help, and they
won't," he said.
Wonmack's boat is tied up
next to Dwayne Shockley's


(AP Photo: Alex Brandon)

newly renovated home on a
vulnerable strip of land
between two lakes. Shockley's
flood and homeowner insur-
ance policies covered some of
the roughly $200,000 in dam-
age. He used his savings to
pay for the rest.
Shockley's house is in better
shape than ever, but he's still
feeling the pain from Katrina:
His annual insurance premium
has increased from about
$4,200 to $10,000.
"This insurance thing is just
outrageous, and there doesn't
appear to be any relief in
sight," he said.
Mere mention of the word
"insurance" is enough to ruin
a relaxing evening for Oliver
Lancaster, who sipped a beer
on the porch outside his gut-
ted home in Biloxi. Lancast-
er's insurer, Lexington Insur-
ance Co., blamed Katrina's
storm surge for his home's
destruction and refused to pay
most of his claim, saying his
policy did not cover flood
damage.
Lancaster has a reason for
believing wind, not water,
wrecked the 140-year-old
house.
During the storm, he said,
all the clocks in his collection
froze at 7:50 am before
Katrina's storm surge could
have reached his home.
"I know ('wind) knocked it
off the foundation. I don't
care what the insurance peo-
ple say. That's what hap-
pened," said the 77-year-old
retiree, who filed a lawsuit
against the insurer on May 24
in federal court.
A $150,000 federal grant has
helped Lancaster build a new
porch, replace walls and
doors, and install new
Sheetrock, but the grant only
pays for about half the neces-
sary repairs. He's drawing
from his savings for the rest.
A condo developer recently
offered him more than $1 mil-
lion for the property, but Lan-
caster turned him down. The
start of another hurricane sea-
son makes him nervous, but
he doesn't want to leave.
"I like living on the beach,"
he said. "I'm willing to take
the risk."


~.~nL ~u~







PAGE 17E


THE TRIBUNE


HURIAN GIDE 00


* THIS photo taken from the
top of the flood wall on the
Western side of Inner Harbor
Navigational Canal is part of
the system that didnjl fail dur-
ing Hurricane Katrina. The
canal, a five-mile waterway'
that divides New Orleans in
half, has turned into the weak-
est spot in a levee system rid-
dled with problems, or as one
Army Corps of Engineers
commander calls it, the sys-
tem's "Achille's heel."

(AP Photo: Bill Haber)


Army engineers: New Orleans still at risk for



flooding despite post-Katrina improvements


M By CAIN BUREAU
Associated Press Writer

NEW ORLEANS (AP) Large
areas of this city, including sections
that are being rebuilt, remain at risk
from flooding despite more than $1
billion in work to fix and upgrade the
hurricane protection system, accord-
ing to a new Army Corps of Engi-
neers report.
The corps released risk assessments
on a block-by-block basis in the form
of maps showing the estimated threat
. of flooding each year from hurricanes.
But the corps did not release much-
anticipated technical data accompa-
nying the risk assessment, leaving
many independent experts unablfto
assess the accuracy of the agency's
assumptions on risk.
The mapping was based on exten-
sive modeling and statistical analysis.
For example, in a flood that has the
likelihood of occurring at least once in
100 years, many neighborhoods in


the central part of the city that were
inundated during Katrina are now
less likely to flood because of levee
improvements.

Comparison

By comparison, other areas like the
Lower 9th Ward, Gentilly and St
Bernard Parish have not benefited
greatly from levee work done since
Katrina hit on August 29, 2005 storm
and could see as much as eight feet of
flooding.
However, nearly every part of the
city, except for a sliver along the Mis-
sissippi River where the French Quar-
ter sits, would flood under current
levee conditions in a flood that has
the likelihood of occurring once every
500 years. Katrina was a storm that
happens once every 400 years, accord-
ing to the corps.
"What we're doing here is show-
ing people what the magnitude of the
risk is," said Lt Gen Robert Van


Antwerp, the Corps' chief engineer.
"The whole purpose of providing
this information is so people can
make a personal decision" about the
risk they face, he said.
The analysis, while not providing
a complete picture of the region's pre-
sent and future vulnerability, will like-
ly be used in rebuilding plans and by
insurance companies assessing where
to invest and where not to.
"What insurers are all about is cat-
egorizing similar risk," said David
Rossmiller, a Portland, Oregon-based
lawyer who analyzes Katrina insur-
ance issues. But, he added, insurance
companies may not find much in the
new flood risk assessments to entice
them to start offering cheaper insur-
ance. "If anybody's hoping rates will
go down, I doubt this study will be a
big driving point, or an*-impetus to
drive the rates down a whole lot.
Overall, there's a huge problem with
the insurance market in New
Orleans."
^>10 -':


Karen Durham-Aguilera, a corps
official overseeing levee work in New
Orleans, said insurance companies
have so far responded favourably to
the new data because it shows some
areas now face less risk. The new
maps were developed by testing a
variety of features, including levees
and topography, against 152 possible
future storms. The maps, which take a
snapshot of the risk on June 1 of this
year, will be updated as upgrades to
the system are made.

Maps

What the maps fail to show, though,
is what kind of risk areas face once
the corps finishes work to protect the
city from a 100-year storm, which is
expected to be done by 2011.
Ed Link, an engineer with the Uni-
versity of Maryland who oversaw the
analysis, said he expects most areas of
the city will face much less chance of
flooding once that work is done.


The corps said this is the first time
an entire levee system's risk potential
has been assessed. The same model-
ing will be performed on other flood
defense systems around the nation in
the future, corps officials said.
J David Rogers, an engineer at the
University of Missouri-Rolla involved
in a study of levee failures commis-
sioned by the National Science Foun-
dation, said a meaningful assessment
of the corps' risk study is not possible
without the technical assumptions.
Instead of showing what risk each
part of the city has in a particular hur-
ricane, the corps study looks at the.
probability of flooding in any given
year. "We're trying to get away from
the probability of storms because it
leads to a lot of confusion about the
probability of being flooding," Link
said. He said the maps were issued
without the technical data because
the information was deemed so criti-
cal that delaying the data was not jus-
, tifiable.


* By TIM O'MEILIA
Cox News Service

WEST PALM BEACH, Florida The
start of hurricane season was a storm shutter
salesman's dream: two named storms by the
time the starting bell had rung June 1.
Andrea and Barry, serious enough to make
people think about home protection but too
weak to do any real home damage unless
erosion chewed the beach right up to your
condo patio.
Since then: zip, zero, nada. A three-week
drought of storms.
So, what's it all mean? Put up the shutters
now or start drinking those gallon jugs of
water? And what does El Nino have to do
with it?
"Early season storms have little or nothing
to do with peak of season activity," said
Richard Knapp, a senior forecaster at the
National Hurricane Center in Miami.
"Often we've had one June storm and we've
had a strong peak season. And we've had
Junes without a storm when the peak of the
season hasn't been as strong," he said.
In 2003, the tropics had spawned two trop-
ical storms by the end of June, concluding
with two in December, for a total of 16 named
storms.
A year later, the first storm didn't form
until July 31, then the season exploded with
Charley, Frances, Ivan and Jeanne striking
Florida within a 45-day period.
Fourteen of 2004's 15 storms were com-
pacted into 73 days from July 31 to October
11. The 16 storms of 2003 were nicely spread
over seven months.
Only September had as many as four
storms.
"It can be a quiet season through July, then
all of a sudden, BOOM," Knapp said.
Truth be told, the early season storms are
often oddities, cyclonic anomalies with little
connection to the real storm season.
Subtropical Storm Andrea, which materi-
alized May 9, was the first May storm in 26
years, a hybrid born as an extra-tropical storm
off the south Georgia-north Florida coast that
briefly adopted warm-water storm character-
istics.
In its two-day life, June 1-2, Barry earned a
tropical storm tag by generating thunder-
storms near its center before sliding over land
north of Tampa.
"It's usual for June and July to be pretty
quiet," said Chris Landsea, a storm researcher
for the National Hurricane Center. "A large
majority of the storms come in August, Sep-
tember and October."
Seventy-seven per cent, to be exact, accord-
ing to National Hurricane Center records.


In 2000, 15 storms formed, all of them in the
Big 3 storm months.
Of 455 named storms since 1996, only 69
have swirled to life in June or July, an average
of less than two per year.
On the flip side, five storms had formed by
the end of July in 1997, two of them hurri-
canes, suggesting a busy year. But only three
more happened the rest of the year.
"You can't judge anything by what hap-
pens early. There's just no connection," said
semi-retired Florida State University hurri-
cane expert
James O'Brien, former state meteorologist.
Federal forecasters have predicted above
average storm activity this year, after El Nino
stunted last year's season at the end of Sep-
tember with nine named storms. El Nino is the
term given for warming waters off the Pacific
South American coast that results in winds
that shear forming storms in the Atlantic
Ocean.

Tropical

The NOAA forecast is for 12 to 17 tropical
storms, seven to 10 of them hurricanes and
three to five storms of Category 3 or stronger.
While that's above average based on weather
records dating to 1851, it's in the normal range
for the past 12 years.
From 1995, the Atlantic storm basin has
averaged 14.7 tropical storms, 8.1 hurricanes
and 3.9 major hurricanes per year.
"We're still expecting an active season,"
said National Weather Service meteorologist
Dennis Fettgen. "We don't see signs of an El
Nino yet. At best we see neutral conditions
and, at worst, conditions for an active sea-
son."
Despite the two early storms, this has been
a typical June, said the hurricane center's
Knapp.
A low pressure area of thunderstorms off
Florida's Atlantic coast has little chance of
developing because of the tell-tale "fairly sig-
nificant upper-level westerly winds that shear
off the tops of the thunderstorms," he said.
Strong westerlies are typical of June. That
pattern is likely to continue for weeks.
"The further out you try to forecast, the
more uncertain it is," Knapp said. "Let's just
wait to see what things look like at the end of
July."
Whatever the mid-season outlook, fore-
casters always point to 1992, when Category 5
Hurricane Andrew ripped through Home-
stead in Miami-Dade County. Only seven
storms formed that year and one was sub-
tropical.
"I know it's a cliche, but it's a cliche because
it's true," Knapp said. "It only takes one."


Hurricane Preparedness Grocery


FOOD SUPPLIES
Get enough nonperishable foods now
for two weeks. Then set aside. Avoid
foods that are alty or dry or high in fat
or protein; they'll make you thirsty.
You'll have to purchase last minute
items that cannot be stored.

Water: 2 quarts to 1 gallon per
person per day (purchase 2 week's
supply)
Ice
-Shelf-package juice and milk boxes
_Canned and powdered milk
_Beverages (powdered or canned,
fruit juices, instant coffee, tea)
_Prepared foods (canned soups, beef,
spaghetti, tuna, chicken, ham,
corned beef, sausages, packaged
pudding)
-Canned vegetables and fruits
_Dried fruits
Snacks (crackers, cookies, hard
candy, nuts)
-Snack spreads (peanut butter,
cheese spreads, jelly)
_Cereals
_Sugar, salt, pepper
-Bread
_Raw vegetables
-Supplement drinks
-Special dietary foods or bars


PET SUPPLIES
Non-spill food and water containers
_Dry and canned pet food
Pet medication
Leash, harness and toys

ENTERTAINMENT
SUPPLIES
Colour books _Crayons
Puzzles or games
Stationery, envelopes and folders
-Pens and pencils


KITCHEN SUPPLIES
_Manual can opener
-Bottle opener
Matches in a water tight container
_Camp stove or other cooking
device and plenty of fuel (Use
canned fuel, not charcoal or gas)
Sterno
Ice chests or coolers
-Paper plates, napkins
Plastic cups, knives, forks, spoons
_Plastic storage bags (resealable)
Foil and Saran Wraql
Paper Towels (in water tight
container)
-Garbage bags and ties
-Mop
-Bucket
-Bleach
-Kitchen gloves

HOUSEHOLD ITEMS
Towels
_Sunglasses
Sunscreen
_ Camera/Film

BABY NEEDS
-Disposable diapers
Wipes
__Diaper-rash ointment, petroleum
jelly
_Baby medicines (pain, cold,
cough)
Medicine dropper
_Extra formula, baby food, juice

Other....


TOILETRIES &
SANITATION ITEMS
_Medicines (pain reliever,
anti-diarrhoea,antacid, vitamins, etc.)
_Insect repellent
First aid kits
_Bandaids
_Toilet Paper
-Hair brush and comb
_Toothbrushes and Toothpaste
_Soap, liquid detergent
_Shampoo
Feminine hygiene products
Adult disposable garment
Disinfectant
Household or chlorine bleach
_Wipes

EMERGENCYTOILET
_Small can or garbage can with tight lid
_Plastic bags for liners
_Disinfectant or bleach
_Deodorizer

TOOLS & SUPPLIES
Hand tools hammer, screwdrivers
-Plastic sheeting
-Rope
_Sturdy working gloves
_Duct tape
_Flashlights
Batteries
-Plastic storage containers
Matches
Candles
_Hurricane Lamps
_Bbq Grills and supplies
-Garbage Bags different sizes
-Garbage Bins (water storage)


I-i L' C/ C/u /~e //lV/*
/ -
There are 12 City Market Locations to serve you
New Providence: Cable Beach 327 7955, Harbour Bay 393 6060,


Independence Drive 341 2842, Lyford Cay 362 4283, Oakes Field 328 6046, Rosetta Street 356 2351,
Sea Grape Shopping Centre 324 0946, South Beach 392 7126, Village Road 393 2666.
Grand Bahama: Downtown Freeport 352 7901, 8 Mile Rock 348 3644, Lucaya 373 5500
Bahamas Supermarkets Limited. East West Highway. 242 393 2830. Support Centre Freeport 242 352-7902


I I I I Im


I


Early seas-on storms



are often oddities






THE TRIBUNE


PAGE 18E


I


MrYTH
THI- \\alls of my house are made of
solid reinforced concrete, they're
impircLmninle.

FA CT
A 74-1 mph wind (the minimum
windspced(l of a hurricane) has the
ability to drive a piece of 2x4 lumber
ihrnmuh a reinforced concrete wall
four inches thick. Imagine how dead-
Iv. faster windspeeds and larger
objects can he. This is one reason why
you should never venture outside
unIless you have to.



YOU should close and board up
all doors and windows especially on
the storm side. During a hurricane
the doors and windows on the lee side
can be opened to release the pres-
sure.

FACT
NEVER open a door or window
during a hurricane. Every door and
window should be closed (and shut-
tered) for the duration of the storm.
The difference in pressure between
inside vour house and outside during
the storm is insignificant because no
house is airtight. Hurricane winds are
verv turbulent and an open door or
window can easily be torn from its
hinges.


MYTH
THE size of a hurricane is an indi-
cation of its strength.

FACT
THE extent of the cloud cover sur-
rounding a hurricane bears no rela-
tionship to its strength. Strength is
measured according to the maximum
sustained wind speed.


MYTH
FRICTION over land kills a hurri-
cane.

FACT
DURING landfall, increased fric-
tion over land acts in a contradictory
manner. It both decreases sustained
wind speed and increases the intensi-
ty of the gusts felt at the surface.


MYTH
A HURRICANE is
wind event.


really a high


FACT
WIND accounts for about three per
cent of a hurricane's energy. Mois-
ture condensation and rainfall make
up most of the rest.
Hurricane-induced flood-related
deaths outnumber all the other hur-
ricane-related fatalities. Sea surges-
causing severe flooding have meant
that some hurricane evacuees have
had to spend more than eight weeks
in emergency shelters.


MYTH
THERE'S only a 50 mph differ-
ence between a 100 and a 150 mph
hurricane, so it's not worth panick-
ing about.

FACT
AS wind speed increases the force
exerted by the wind grows exponen-
tially. Each time the wind speed is
doubled, the force exerted multiplies
by four.
So if you triple the wind speed, the
force exerted multiplies by nine.
Therefore when compared to a 50
mph wind, a 100 mph wind has four
times the force and a 150 mph wind
has nine times the force.
* *; ** ,;:!!. .*

MYTH
LIGHT candles if the power goes
out.

FACT
NEVER use gas or oil lanterns and
try not to use candles during a storm.
If you start a fire accidentally, emer-
gency responders may not be able to
attend. Use flash lights or battery-
powered lanterns where possible.


MYTH
WHEN a hurricane strikes it's only
the sea surge that causes flooding.

FACT
EVEN though sea surges are his-
torically the biggest killer, far more
people have died inland over the past
three decades as a result of flooding
triggered by heavy rains associated


. w I '


*-^ '^ li


. .
.a


* THE FORCE OF MOTHER NATURE A 74 mph wind (the minimum windspeed of a hurricane) has the ability
to drive a piece of 2x4 lumber through a reinforced concrete wall four inches thick. Imagine how deadly, faster wind-
speeds and larger objects can be. This is one reason why you should never venture outside unless you have to.


with hurricanes.


MYTH
IF you live more than half-a-mile
inland you don't have to worry about
a sea surge, even if you live at sea
level.

FACT
FEW locations are capable of fend-
ing off a 10 foot plus sea surge. Most


flood defenses are designed to keep
sea water out, so if the water pene-
trates the barrier, it has nowhere to
go. Canal systems and lakes offer no
protection as they tend to magnify
the effects of a sea surge.


MYTH
THE weather looks okay even
though the media are saying that a
Category 4 hurricane will make land-


fall. When the weather starts to dete-
riorate that's the time to evacuate.

FACT
THIS can be one of the most dan-
gerdlis decisions you make. Storm
paths are unpredictable; waiting until
the last minute can leave you with no
place to go to escape a storm's fury.
The advice is to gather your posses-
sions, secure your home and leave as
quickly and safely as possible.


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WASTE




THE TRIBUNE


I:


As Caring Citizen


of This Country


Lets Assist Our Red Cross


in Every Way Possib
During This Hurricane S





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PAGE 19E






PAGE 20E


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