The Tribune.
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/02961
 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: 8/8/2007
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
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_02961
System ID: UF00084249:02961

Full Text




'he Tribune


hAe iEUami tratl

Volume: 103 No.213


AUGUST 8, 2007


-- ~ -
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lash Atk'lons
p"'take ond
Of colour co s se
. . . . . . . . .

popular PLP

Support 'still high'

in party for former

prime minister

Tribune Staff Reporter
SUPPORT for Opposition
leader Perry Christie to remain
as leader of the PLP remains high
despite claims that a number of
his closest MPs are actively vying
for the position.
According to high level PLP
sources, Mr Christie is still the
most popular candidate to lead
the party "at least" for another
year. These sources claim that Mr
Christie stands to beat any can-
didate that would challenge him
"10 to one" as he still holds sub-
stantial power within the PLP
council and the party "at almost
every level".
These claims are contrary to
others, who sought to create the
impression that Mr Christie's
dominance in his party may have
been slipping following the par-
ty's embarrassing loss at the polls
on May 2.
This loss has been laid directly
at the feet of Mr Christie by some
of his supporters. Citing the eco-
nomic boom and the near zero
unemployment, some high level
PLPs remarked that the only fac-
tor that could have worked
against the party must have been
the PLPs "weak leadership" a
phrase that the FNM repeated fre-
quently in its campaign run up to
the general election.
Also listed as some of the
downfalls for the party was the
executive decision to make the
entire election about a choice
between either Prime Minister
Hubert Ingraham, or Mr Christie.
Many sources have admitted
that this not only caused the PLP
the government, but could have in
fact, caused the eventual down-
fall of Mr Christie's presence in

* PLP Leader Perry Christie
frontline politics. The election, as
one insider put it, was "the colos-
sal battle of the ages". Hanging
in the balance was not only the
government, but the political
future, and legacy of two of the
country's political giants.
Therefore, it came as little sur-
prise that shortly after the party's
defeat, rumours surrounding Mr
Christie's future as leader of the
PLP could be heard far and wide
throughout the political arena.
Reports surfaced then that the
MP for West End and Bimini Mr
Obediah Wilchcombe, and the
MP for Bain and Grants Town
Dr Bernard Nottage had tossed
their hats into the ring to vie for
the leadership position. Amongst
them were other candidates,
including Fox Hill MP Frederick
Mitchell, and PLP Senator
Allyson Maynard-Gibson.
However, neither candidate has
stated publicly their challenge of
Mr Christie, although it is report-
ed that a challenge can be expect-
ed during the party's convention
in November.

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0* %%ORK is underwa. at the Police Tourisin Palrol Unit lacilil. onii BBa Streel. The
building was closed for refurbishment after the election and is now undergoing renovation.
(Photo: Felipe Major/Tribune staff)

Attorney calls for Formal hearing date
abolishment of for election court 'to

the Privy Council|
Tribune Staff Reporter
A LOCAL attorney yesterday called for
the abolishment of the Privy Council and the
swift implementation of capital punishment
to curb the escalating number of murders
throughout the country.
Attorney Clement Chigbo said that the
country's highest court is "out of touch" with
the Bahamian people, and is "undermining
SEE page nine

be set on Thursday'
PROCEEDINGS for the election court hear-
ings continue to move forward as lawyers for
both parties are set to be in court on Thursday
when a formal hearing date will be established.
sources tell The Tribune.
"A date has been set for the court to fix a
date for the hearings...and that will bhe dealt
with on Thursday at 10 o'clock." Philip 'Brave'
Davis, legal counsel for the PLP. told The Tri-
bune yesterday.
"So we are going into court on (August) 9th
SEE page nine

Man seeks $500,000
in damages for alleged
brutality and unlawful
detention by police
A MAN is seeking $500,000
in damages, claiming he was
brutalised and unlawfully
detained by police three years
A writ of summons lists
Raymond John Hanna as the
plaintiff in the matter and the
Commissioner of Police and
the Attorney General as the
first and second defendants.
Hanna is represented by
lawyer Dorsey McPhee.
According to a statement of
claim, the plaintiff was 21
years old and employed as a
plumber at the time of the
The plaintiff claims that
around 11.20pm on Decem-
ber 22, 2004, he left the
junkanoo shack on Peter
Street and was walking to a
local fast-off eatery on
Thompson Boulevard when
he was approached by an offi-
cer on a tract road to the south
of Bowe Henderson's law firm
off Blue Hill Road.
SEE page nine

Minister: no
significant leads on
alleged corruption
at the Ministry
of Housing
FREEPORT Housing and
National Insurance Minister
Kenneth Russell revealed that
authorities have still not
received any significant leads in
recent weeks to substantiate
alleged corruption in the Min-
istry of Housing.
Despite alleged reports of
corruption made by contractors
in the press, Minister Russell
said that no-one has yet come
forward to offer any informa-
tion to poHce.
"Up to two week ago, the
police had not received any con-
crete information of anyone to
prove that these allegations of
corruption are true," said the
"These are serious allegations
and I am hoping that if they are
true that some persons would
come forward and speak to the
police openly and candidly, and
tell them what it is they experi-
enced at the Ministry of Hous-
SEE page nine





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FDA votes not to recall diabetes


Tribune Staff Reporter
WEEKS after it was
revealed that Bahamian doc-
tors were "watching" patients
on the drug following studies
which showed it increased
patients' risk of heart prob-
lems, the Federal Drug Admin-
istration has decided not to
recall diabetes drug Avandia.
Bruce Lowe, senior pharma-
cist at Lowe's Pharmacy said
in July that some patients had
requested different medications
since learning of the risks.
However, last week an FDA
advisory committee voted 22-1
to keep the drug which was
never the drug of choice for a
"majority" of Bahamian Type-

but questions remain

2 diabetes sufferers, perhaps
due to its cost, according to Mr
Lowe available to diabetics,
to Medical News Today report-
An FDA official said that
while the committee felt
"almost uniformly that there is
some risk to patients," they
were not convinced that the
data presented was conclusive.
This has not silenced watch-
dog groups in the US such as
Public Citizen, however, who
have protested the decision,
according to their website.
They claim that the benefits
of the drug do not outweigh
the risks and older forms of
diabetes medication would be
Meanwhile, the FDA has

come under fire for including
persons in their decision-mak-
ing panel who some perceive
to have conflicts of interest.


According to the Boston
Globe, five researchers on the
panel that decided Avandia
should remain on the market
had financial ties to Glaxo-
SmithKline PLC, its manufac-
turer, or to rival companies.
During the hearing by the
committee, the FDA panel
heard testimony by Dr Sidney
Wolfe, director of the Health
Research Group at the organi-
sation. He said that FDA
adverse reaction reports have

been filed since marketing
began for the drug in 1999
through the end of last year.
At the time, the panel
seemed to heed Dr Wolfe's tes-
timony that adverse reactions
resulting from using the drug
were a serious problem.
Dr Wolfe told the panel:
"There is no evidence of any
uniquely beneficial clinical out-
come for Avandia and grow-
ing evidence of unique risks in
multiple organ systems.
"If Avandia were up for
approval today, based on what
is now known, it would be sum-
marily rejected. There should
not be a double standard for
removing it from the market."
The panel agreed in a 20-3
vote that Avandia was tied to

"'increased ischemic risk" such
as congestive heart failure, and
several suggested a strong on-
the-box warning for Avandia,
according to CNN.
Therefore, some commenta-
tors expressed shock that after
days of testimony about the risks
of Avandia, the FDA voted
almost unanimously to allow the
drug to remain on the market.
Glaxosmithkline, the com-
pany behind the drug, welcome
the result of the vote, with a
spokesman saying that the
committee had recognized "the
importance of multiple treat-
ment options."
Public Citizen is currently
preparing a petition to the
FDA calling for the drug to be

Abaco mercenary in new Papa Doc book

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* FORMER President of Haiti Francois Duvalier in 1969.

(AP Photo)

THE man lined up to lead a
military campaign against the
Bahamas government 34 years
ago features in a new book
about the Haitian dictator,
Franqois 'Papa Doc' Duvalier.
Mitchell Livingston Werbell,
a soldier of fortune who was in
talks with the 'Free Abaco'
movement at the time of
Bahamas independence in 1973,
was also involved in a plot to
overthrow the Haitian tyrant
six years earlier.
The story of Werbell's
abortive plan to lead a joint
Haitian-Cuban force against
Duvalier is told in Papa Doc:
Portrait of a Haitian Tyrant, just
published in hardback by LMH
Werbell, a noted anti-Left
mercenary who engaged in
undercover military operations
all over the world, was ready to
help Abaconians fight for "free-

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dom" from Lynden Pindling's
newly-liberated Bahamas.
He was prepared to mobilise
a force of Vietnam veterans to
help islanders in their plan to
secure British crown colony
status for Abaco. In the event,
the secession plan came to
nothing and Werbell's help
was never required.
But it was his madcap ven-
ture against the fearsome
Papa Doc, target of eight
failed invasion attempts dur-
ing his 14-year reign of terror,
that really made his name.
Author John Marquis, man-
aging editor of The Tribune,
said: "Werbell was a drunk-
en maverick who was ready
to lead his fighting men into
any situation if the price was
right. The move against Duva-
lier was probably aimed at
securing a foothold in Haiti
to launch raids on Cuba,
which was his real target.
"Werbell, the son of a Russ-
ian Czarist family, was fer-
vently anti-communist and
had a special hatred for Fidel
Castro. Deposing Papa Doc
would have been seen as part
of a larger plan aimed at
attacking Havana."
Werbell and his cohorts
were ultimately betrayed
before his "invasion" force
could clear the Florida beach-
es. In later years, during inter-
mittent flashes of sobriety, he
reminisced about his various
undercover adventures,
including his alleged involve-
ment in the assassination of
President John F Kennedy in
1963, something he always
Werbell, who died in 1983,
is not the only alleged anti-
Duvalier plotter featured in
Marquis's book.
The main theme is based on
the trial of Bahamas Director
of Information David Knox,

who was sentenced to death
by a Haitian military court for
alleged involvement in an
invasion bid launched from
Inagua in 1968.
Knox, who faced five espi-
onage charges and one of try-
ing to overthrow Papa Doc's
regime, was arrested in Port-
au-Prince, Haiti's capital, after
he disappeared during week-
end leave from his job in Nas-
Papa Doc's sinister militia,
the Tonton Macoute, claimed
Knox was a liaison man sent
to Haiti to help organise the
post-invasion takeover. But
the South African born civil
servant always denied involve-
In his foreword, Marquis
describes Duvalier thus: "Sta-
tistically, Papa Doc, as he was
known to his people, was a bit
player alongside the worst
ogres of the twentieth century
like Adolf Hitler, Joseph Stal-
in and Pol Pot. Even Saddam
Hussein and the Ugandan
madman Idi Amin eclipsed
him in terms of body counts.
"But there was something
about Duvalier's wickedness
that transcended mere num-
bers. Of course, all the above
mentioned were thoroughly
evil men, and at least two of
them were probably certifi-
ably insane, but none seemed
more thoroughly dedicated to
the dark forces of death than
the tiny man in pebbled specs
who ruled Haiti so ruthlessly
for 14 years."
The book, due for official
launch in Nassau in the next
few weeks, is Marquis's sec-
In December, 2005. he pub-
lished Blood and Fire: The
Duke of Windsor and the
Strange Murder of Sir Harry
Oakes, which became an
Amazon bestseller.

0 In brief

Man denies
and stealing
A MAN charged with shop-
breaking and stealing was
arraigned in Magistrate's Court
It was alleged that between
6.15pm on May 8 and 12.30am
on May 9, Nathaniel Nathan
Hall, while being concerned
with others, broke and entered
into Ocean World Cellular and
Electronics Store on Village
There, it is alleged that he,
being concerned with others,
stole electronic items together
valued at $1,590.
Hall, who was arraigned
before Magistrate Susan
Sylvester at court 11 in Nassau
Street, pleaded not guilty to the
charges and was granted bail in
the sum of $5,000.
The case was adjourned to
November 20.

Armed men
rob woman in
POLICE received informa-
tion of an armed robbery at
around 10pm on Sunday
evening at an apartment com-
plex in the Lyford Cay area,
near St Paul's Catholic Church.
According a Chief Superin-
tendent Hulan Hanna, three
armed men wearing ski masks
entered the home of a 53-year-
old woman.
It is reported that the
assailants tied her up and stole
jewellery, a cell phone, and a
small amount of money after
which they fled the area.
Police believe there is a cor-
relation between this robbery
and prior incident that occurred
in the same apartment complex.
A 39-year-old man of Lyford
Cay reported a similar robbery
to police, alleging thieves
accosted him, tied him up and
stole a laptop.
Investigations into both mat-
ters are ongoing, with police
reporting that they now believe
the assailants entered both
apartments through a sliding
Young boy
drowned while

POLICE received a report at
4.55am on Sunday that a 14-
year-old boy had died as a
result of an apparent drowning
on a beach in the Eastern Dis-
trict of New Providence.
According to a statement
issued by police, Tyrel Forbes
went for a swim after eating and
seemed to have experienced dif-
ficulties while in the water.
He was retrieved from the
ocean and taken to the hospital
where he died.

Three men
raid liquor
store and beat
security guard
AROUND 4.20am on Sun-
day police received reports of
a break-in at Bristol Cellars on
East-West Highway.
A security officer told police
that while on duty sitting in his
car, three men accosted him and
beat him with an unidentified
These persons then forced
their way into the shop where
they reportedly stole 10 cases
of cigarettes before leaving the
Investigations into this matter
continue, police say.




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0 In brief

Man is
accused of
A 25-year-old man was
arraigned in Magistrate's
Court yesterday on a firearm
possession charge.
It was alleged that on July
16, Demeko Reckley was
found in possession of a
handgun with the intent to
endanger the life of Alfred
Reckley was arraigned
before Magistrate Marilyn
Meeres at court five in Bank
Lane. He was not required
to plead to the charge.
He was granted bail in the
sum of $10,000 with two
sureties. The case has been
adjourned to December 5.

jailed for
stealing tools,
A 35-YEAR-OLD man
was sentenced to serve a year
in prison yesterday after
admitting that he stole tools
and electronic equipment
from a boat.
According to court dock-
ets, between 8.30am and
12.30pm on Thursday, August
2, Wilton Leroy Collie stole
an assortment of tools and
electronic equipment togeth-
er valued at $1,515 from a ves-
sel named the Moon Chaser.
The items were the property
of John Stroud.
Collie appeared before
Magistrate Marilyn Meers.

Man denies
A MAN was arraigned in
Magistrate's Court yesterday
on a marijuana possession
According to court dock-
ets, it is alleged that on
August 4, Omar Gibson, 23,
' of Windsor Place, was found
in possession of a quantity of
marijuana which authorities
believed he intended to sup-
ply to another.
It is alleged that Gibson
was found in possession of
one pound and seven ounces
of marijuana.
Gibson, who was arraigned
before Magistrate Carolita
Bethel at court eight in Bank
Lane, pleaded not guilty to
the charge and was granted
bail in the sum of $7,500 with
one surety.
The case was adjourned to
February 7 2007.

Man fined for
A MAN accused of being
found in possession of under-
sized crawfish was fined
$2,000 after appearing in
Magistrate's Court yesterday.
Emmerson McQueen, 48,
of Andros appeared before
Magistrate Susan Sylvester
at court 11 in Nassau Street.
He pleaded guilty to posses-
sion of undersized crawfish.
McQueen was fined and
his entire catch was ordered
to be forfeited.

over i
Tribune Staff Reporter
Pride Estates, a low-cost
government subdivision, is
up in arms over the fact that
the home she has lived in for
a year is still full of cracks,
leaks, and poor workman-
Esther Scanter said that
she feels "used and abused"
by the government after
numerous officials promised
her respite, and fears that as
the hurricane season gets
underway her house's vul-
nerabilities will not with-
stand the rainy weather.
In response, Housing Min-
ister Kenneth Russell said
that, contrary to his hopes,
those he directed to take
action on the matter within
the department of housing
since coming to office have
been "moving slowly."
However, he said that hav-
ing directed the permanent
secretary to personally take
responsibility for organising
teams to handle the repairs,
he now expects that con-
struction workers should be
on site by next week.
The extent of the prob-
lems experienced by some
of those who have purchased
low-cost government homes,
he said, are worse than he
could have ever dreamt.
Ms Scanter is one of a
growing group of home own-
ers, from Pride Estates and
other housing divisions, who
have come forward to The
Tribune in the past year list-
ing faults ranging from
minor superficial deficien-
cies to serious infrastructur-
al with their new homes.
Among Ms Scanter's list
of woes are a leaking roof,

ems with new house

Pride Estates property

'still full of cracks, leaks

and poor workmanship'

missing floor tiles, poorly fit-
ted plumbing, an unsafe
front door, a kitchen with-
out a window, cracked walls
- both inner and outer -
flaking paint and a yard that
floods and has no fence.
"The front room doesn't
have a front room light in
the ceiling, (there's) only a
light in the dining room. I
said what kind of house is
this y'all build for people?"
she asked.
She has had promises from
housing officials over the
year that all of these issues
would be addressed, but has
yet to see any action.
"The house is just a mess,"
said Ms Scanter. She said she
has called the ministry of
housing "just about every
day but with no result."
According to Ms Scanter,
officials had promised to add
some fill to her yard to raise
the level and prevent flood-
ing, however this has yet to
"When it rains all you
need is a go-fast boat. I have
to tip-toe around the house
to get in the back of the
neigbours house to get to the
road I cannot jump in the
car in the front of my house,
I can't get in the yard I'd
have to take off my shoes."
However, she is thankful
for one thing: grass. "At
least they give me grass,

Govt moves to reassure over

immigration audit scheme

THE government has moved to reassure the public that its new
immigration audit scheme is nothing more than an effort to assist
those who have a legitimate claim to status.
Following media reports suggesting that the Haitian community
feels the initiative is a move to trap and repatriate its members who
do not yet have citizenship, the government issued a statement say-
ing that the aim is simply to "expedite the regularisation" all appli-
cants including Haitian nationals who are long-time residents of
the country.
"This exercise is not a registration programme. It is not an offer
of amnesty for illegal immigrants. It is not a repatriation pro-
gramme for illegal immigrants to be either voluntarily or forcibly
repatriated," the statement said.
It said the programme specifically seeks to assist those who sub-
mitted applications for permanent residence or citizenship to the
Immigration Department prior to April 30, 2007.
"The Bahamas government believes that it is in the best interest
of the Bahamian people to facilitate, promote and encourage
respect for the laws of our country," the statement said.
"It does not contribute to good order and peace if large numbers
of people in the community who qualify for residence status are
denied such status and are forced to live outside the law and out-
side the full protection that the law provides.
"It is a well-known fact that the consideration and processing of
large numbers of applications by persons with legitimate claims or
entitlements to immigration status has been unduly delayed."
The government said the audit process will begin in New Prov-
idence today, followed by Grand Bahama and Abaco on August 29
and 31 respectively.
"All churches, social organizations, community leaders and cit-
izens are encouraged to support this effort to regularise persons with
legitimate claims to status in the Bahamas, and in so doing to
assist in the promotion of a culture of respect for law and the
rights of individuals," the statement said.

some of the people get none.
But no one get fence. The
only people that get fence
was Dignity Gardens and the
other area that was Leslie
Miller's area."
Minister Russell said: "We
know that we have a serious
problem with these houses."
Three weeks ago, at a meet-
ing mentioned by Ms Scant-
er, Mr Russell assured
homeowners that "someone
is coming" to address their
issues soon.
He claimed that he had
directed the permanent sec-
retary to personally take
charge of organising teams
of construction personnel
who will be sent out to begin
repairing faulty homes.
"We hoped we were going
to get a team before now but
unfortunately we couldn't
get it before now," Mr Rus-
sell said, suggesting that per-
sons who had been asked to
work towards that end had
not been responding "as fast
as I'd like."
Last week it was alleged
that an individual contracted
to the ministry who contrac-
tors have repeatedly claimed
had been involved in corrupt
activity which some said
was contributing to the shod-
dy-workmanship on govern-
ment homes had been giv-
en more responsibilities, and
more money, when his con-
tract was renewed prior to
the election (see housing sto-
ry, page 1).
While Mr Russell could
only confirm the improved
financial package, and not
the extra responsibilities, he
said that the worker and oth-
ers at the ministry, have
since had their contracts ter-
In addition, Mr Russell
said that his ministry is look-
ing at different materials
which may allow them to cut
the labour costs on the
homes by 75 per cent.
"I believe that we are
going to drop the cost of
houses significantly and I

believe that . these per-
sons who pay for these hous-
es will be able to pay for
them very easily," he
Echoing statements made
by disgruntled home-owners,
Mr Russell said that he was
taken-aback upon learning
the size of the mortgage
repayments persons had
been saddled with. "Look at

the price they're paying I'or
them the mortgage they're
paying on these houses.
Some of them up to $1200 '
month. (They're) supposed
to be low cost and alford-
able," the minister said.

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Home-owner hits out at govt

I I IL- I 1 11 -



THOSE WHO love the sea could hardly
wait for the August Monday holiday to go
The lobster season opened on August 1
and commercial fishermen had already
launched their boats for a long stint at sea
before returning to port with their catch.
However, many weekend fishermen have
now returned with an alarming tale of a take-
over bid by an alien fish threatening lobster
According to one young man, who with his
friends, visited several of his old crawfish haunts
,off New Providence this weekend, he was
shocked at the number of lionfish "casing the
joint" wherever there was a hiding lobster.
Two or three years ago, he said, one might
see one or two of these colourful fish "here or
-there" during the whole season, but this week-
end he and his friends saw a "serious boom"
wherever there were lobsters on the reefs,
among sunken cars, ledges, crevices, and
around fishermen's traps and condos. Fisher-
men believe the fish are feeding on lobster
Lionfish are predatory fish native to the
Indo-Pacific oceans. They are found offshore
on coral and rocky reefs. There is no known
predator in our waters to control their breed-
ing. They are described as "a rather lazy fish,
which hangs motionless at the crest of the reef
waiting for dinner to swim to them." They eat
such crustaceans as crabs and shrimp.
Fisheries Director Michael Braynen was
not surprised at the reports starting to come in
from the weekend fishermen. He said that lion
fish are "proliferating considerably" in our
waters. His ministry is anxious for the return of
the commercial fishing fleets to get a full report.
Mr Braynen said fishermen have been
spearing the fish, but his ministry was reluctant
to encourage this practice because the
spearfisherman could injure himself trying to
get the fish off his spear.
It is reported that a person punctured by one
of the sharp spines will "immediately feel
strong pain." The affected area will swell rapid-
ly with the possibility of making the move-
ment of limbs difficult. However, fatalities are
rare. "Lionfish stings can cause nausea, breath-
ing difficulties, paralysis, convulsions and col-
lapse," it was reported.
This weekend a swimmer spearing on the
reefs off Rose Island was stuck by one of the
spines. He described the pain as "burning like
fire coral, only 10 times worse." Another swim-
mer, spearing off Clifton Pier, was also stuck
and experienced the searing pain.
The young man who spoke with us said
that he and his friends had started to spear

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the fish, but there were so many that they
eventually gave up.
Mr Braynen said that the problem was being
studied by his ministry, but it was a case of
"once the genii is out of the bottle it is difficult
to put it back in."
He said the presence of lionfish were report-
ed off the eastern coast of the US as early as
1990. Several hundred lion fish are living off the
coast of Long Island, New York, where they
are believed to be threatening native species.
Mr Braynen said his first report of the exis-
tence of the lionfish in our waters came from
Central Andros.
There are rumours that the flushing from
Atlantis of the lionfish tanks could have intro-
duced their eggs into the ocean. Mr Braynen
said this was impossible because of the closed
system used by the resort in cleaning its tropi-
cal fish tanks, in addition to chlorine and oth-
er chemicals used to kill bacteria in the water.
He said that the lionfish were in Florida waters
before they were introduced at Atlantis. They
were also on display at the now closed Coral
World. Mr Braynen did not know what method
was used there to empty those tanks.
However, he said one of the menaces could
be the homeowner's aquarium. The lionfish, an
attractive fish, is popular in the aquarium trade,
he said. However, there are instances when
the amateur collector will tire of the hobby
and rather than kill the fish will dump it into the
ocean. But Mr Braynen believes the lionfish
entered our waters from Florida. Its prolifera-
tion, however, has been greater here than in
Our waters are now being surveyed by for-
eign scientists. The ministry is working with
the College of the Bahamas in trying to set up
a wel site so that the public can help by post-
ing lionfish sightings.
Public education is now important, said Mr
Braynen. The beach-goer has to be made
aware of the danger of the fish. It's an attrac-
tive, slow-moving fish, he said, and a swim-
mer could be tempted to try to touch it. Also
the medical community has to be alerted for
cases that they have probably not seen before.
So far the most effective way to ease pain is
immersing the affected area in very hot water
for 30 to 40 minutes.
Mr Braynen said that although the lionfish
is now feeding on our native marine life, it was
hoped that over time some native fish would
evolve to devour it and become its natural
predator. So far this is the only hope of getting
this menace under control.
Mr Braynen said that this new dilemma is an
example of how when something goes wrong it
is not so easy to put right.

The Tribune Limited
Being Bound to Swear to The Dogmas of No Master

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

(Hon.) LL.D., D.Litt.

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager (242) 502-2352
Circulation Department (242) 502-2387

A new menace to our lobsters

A leading global, research-based pharmaceutical company
seeks qualified persons for the following position:

Medical Sales Representative
The medical rep will be responsible for promoting
pharmaceutical brands within the healthcare community in
The Bahamas.

Skills & Educational Requirements:
" Bachelor's degree in medical science, allied health, or
business management
V Effective communication and presentation abilities
" Proficiency in time management, planning and organizing
/ Computer literate
/ Self-motivated team player
' Previous experience in pharmaceutical detailing would be
an asset

Candidates should possess a reliable motor vehicle, be willing
to travel to the family islands, to the U.S., and other foreign

Please send applications and resumes by August 17th to:
Medical Rep
Lowe's Wholesale Drug Agencies
P.O. Box N-7504
Nassau, Bahamas
or FAX: 393-0440
We thank all applicants for their interest, however;
only short-listed candidates will be contacted.

There is one place o
O-War to picnic; this i
Low Place or the Na
but it is not the least
vate, it is .very small ai

n Man
s at the
bit pri
nd on

Fowl (


stay as

EDITOR, The Tribune.
I WOULD like to start by
saying that I do think that for =B- S. *iBB- 8 -
the Bahamas it is good to
have national land and sea
parks in order to help pre- take any kind of fish, conch
serve our plant and wild life. or crawfish, and there are
From what I have seen and many locals from Man-O0
heard from BNT and from War who will tell you the
experience I understand that same. We have always
in time the overflow of respected the northern ree
species from a good working of Fowl Cay and left it alone
marine park will spread for for sightseeing.
many miles outside the park As someone has said, this
area. area is practically in our back
I understand that Abaco yard here at Man-O-War
already has five and that The little cays and rocks o:
three of these are marine Fowl Cay are just a stone's
parks. That is good, or maybe throw away from Man-O
I should say good enough War. It is an area that the
already, because I also think people here have always usec
in some ways there can be and enjoyed on Saturdays. I
too much of a good thing. is our culture, our way of life
I'm 44 years of age, born for many years for many o:
and raised on Man-O-War us locals. It is good after
Cay as have most people my long week's work to be abl
age here and my parents and to go in our boat and get jus
grandparents before us and enough conch, about five or
so on. six and a few fish, go to one
I, and the majority of Man- of the little cays or rocks and
O-War, are absolutely enjoy some good Bahamiai
against the making of the scorch conch and a couple o:
Fowl Cay area a park; or at grilled fish. What we are very
least against the size that they concerned about is that if the
want to make it. park comes into being we wil
First of all, there is a great not be able to do this any
land and sea park at Pelican more. Even if we get conch
Cays about eight or 10 miles or fish somewhere else (anc
to our south. There is also we do) we still can't bring
one at Black Point, Green them to the area to eat and
Turtle as well as Walkers enjoy for fear of being pros
Cay. There is a distance of ecuted.
about 25-30 miles (I'm guess- Fowl Cay cays and rocks is
ing) between Pelican Cays the only area left that is eas
and Green Turtle; so we do ily accessible, a little bit pri
not need another park. vate and has good places t(
between these two. cook on the rocks and rela
Secondly, there is the area in the water with a conch and
that they want to extend the lime.
park to the south of the Fowl Abaco is losing many of its
Cays area. This includes a local picnic areas. Cherokee
good size area of the passage has basically lost Winding
between the mainland and Bay, Guana Cay, as well as
the Cays. Many of the locals many of us in Central Abaco
have crawfish traps or shel- have lost Baker's Bay. There
ters in this area. There are are many beaches on the
guys from Man-O-War, ocean side of Man-O-War
Marsh Harbour and other but the sea isn't often calm
surrounding settlements that enough to anchor a boat and
depend on their catch during clean a conch and fish fromrr
crawfish season to pay bills the back. As far as cooking
that they have worked dur- your catch, it does not work
ing the off season. A certain well on a sandy beach, if you
man told me that he would go up far enough to get ou
have to move (which will of the sand; you're in some
take a couple days to do) one's vacation home's fron
about 20 per cent of his traps yard. Most of the areas we
or just forget about them if were once able to picnic a
the park was passed. have a home on them. Ever
Also in my 44 years, I have if the beaches are public, hov
never been to the main good can you cook with out
northern reef of Fowl Cay to going above the high water





Saturday you can't even get
there after 3pm it's so crowd-
Other than that, we can go
south of Pelican Cays, but
with the price of gas this will
h run you about $150 per pic-
e nic.
- You might find one spot
e around Baker's Bay, but
s there again this will cost you
f as well. Plus the time it will
e take to travel to and from
these places. This really is not
s practical for us living on
k Man-O-War. We really need
the Fowl Cay area to stay as
f it is! There are enough parks
s in Abaco. We do not need or
- want another one, especially
e one that is practically in our
I front yard! We just need the
t ones we have, patrolled and
e protected a lot better.
f The way we locals use the
a cays at Fowl Cay is a great
e part of our culture, our way
t of life. We have always
r respected the reef area where
e all the dive boats go and we
d don't go there to remove
n anything. Making Fowl Cay
f an official park will disrupt,
I for many, a way of life, and
e will cause a lot of angry and
1 hurt locals.
- I know that the question
h will come up. "We had a
d meeting at Man-O-War last
g year, where were all the peo-
d ple?" Well, first of all, the
- locals were under the impres-
sion that they only wanted to
s make the main northern area
- a park, but most importantly,
- the meeting was held on a
o Tuesday evening; which is
x not a good night anyway
dI being as two of the three
churches on Man-O-War
s have church services this
e night. This was brought up at
g the meeting and also after
s the meeting, the man who
, organised it was asked to
e please try to reschedule
e another meeting on a week-
, end night or even on a Mon-
1 day.
d We have heard nothing
1 except that another meeting
g was held at Marsh Harbour
k on another Tuesday night.
u I think that a park so close
t to a community is not the
- way to go. You cannot expect
t the locals to obey the rules
e of a park that is almost right
t outside their doors. Where
n else is left? I know, our bath-
/ tubs!
- Fowl Cay should and
r NEEDS to stay as it is for-
- Nassau,
1 July, 2007.

Wendy's Team

Recruitment Drive

who? Crew & Maintenance
when? Thursday, August 9
time? 9 a.m. 1 p.m.
where? Wendy's Seagrapes

Why Join the Wendy's Team?
Competitive Salary
On the Job Training
\MNanagement Opportunities
Great Benefits
Flexible Hours

ll'rcslh'd 'persons should bring valid
ide(1lificalion amid police record.

Do what tastes right. [aa]





0 In brief

Husband and
wife arrested
after drugs
FREEPORT A husband
and wife of Freeport are in
police custody after an estimat-
ed $40,000 worth of
illegal drugs were allegedly
discovered and seized at a
house in South Bahamia.
According to reports, officers
of the Central Detective Unit
and Drug Enforcement Unit
executed a search warrant on a
house at Golf View Lane
around 10.30am on Sunday.
Chief Superintendent of
Police Basil Rahming said police
had received a tip that the occu-
pants of the house were said to
be in possession of firearms
and/or dangerous drugs.
During a search of the
premises, he said officers dis-
,, covered and seized 16 square
i taped packages, suspected to
contain marijuana.
Supt Rahming stated that the
weight of the drugs totalled 40
pounds and has an estimated
street value of $40,000.
As a result, a 37-year-old man
and his 35-year-old wife, both
occupants of that address, were
arrested and taken into custody
at the Drug Enforcement Unit
The couple was flown to New
Providence early on Tuesday
for arraignment in the Drug
Court in Nassau.

Puerto Rico to
I investigate
over doctors
San Juan
THE Puerto Rican legislature
will investigate patients' com-
plaints against dozens of people
accused of practicing medicine
in the US territory with fraudu-
lent licenses, the chairman of a
health committee said Monday,
' according to Associated Press.
Rep Gabriel Rodriguez Agui-
lo, of the pro-statehood New
Progressive Party, said the med-
ical.licensing board has not
moved fast enough to review
'i malpractice claims.
ii- "(We will investigate) the cas-
es of medical malpractice, the
complaints against the doctors
o. and the inaction of the licensing
Board to address these matters,"
: Rodriguez told WKAQ radio
in an interview.
Last week, a US grand jury
indicted 88 doctors in an alleged
scheme to change failing certi-
fication exam scores in
' exchange for bribes of up to
q" US$10,000. At least 75 of the
defendants had been practicing
medicine on the Caribbean
island, authorities said.

Missing Cuban
boxer dreamed
of talking to
, Castro
AN Olympic boxing champi-
on who disappeared during the
Pan American Games in Brazil
but was later arrested and
deported to Cuba had dreamed
of airing his grievances with
Fidel Castro, not defecting, his
sister-in-law said Monday,
according to Associated Press.
Two-time bantamweight cham-
pion Guillermo Rigondeaux, who
arrived back in Cuba on Sunday,
"wanted to speak to Fidel several
times to explain his problems, but
they never let him," said Marilyn
SClavero, the sister of the boxer's
Wife, Farah Colina.
Clavero told The Associated
j Press that the boxer's relatives
p don't know when he will be
Sallowed to return to his home,
*. but that they were painting
Rigondeaux's modest apart-
nment in Havana and plan to
feast on a pig when he arrives.
Rigondeaux and amateur wel-
terweight world champion Eris-
Slandy Lara were deported from
SBrazil after police arrested them
on Thursday for overstaying
Their visas in the coastal resort
City of Cabo Frio. Authorities

said they partied extravagantly
and ran up costly hotel bills.
The Cuban boxers had failed
to show up for their scheduled
bouts during the Pan American
Games in nearby Rio de
Janeiro, prompting their dis-


Anger from activists at lack

of AUTEC monitoring

LOCAL environmentalists
are in an uproar over the fact
that there is still no govern-
ment monitoring of the sonar
tests being conducted at US
Navy base in Andros.
They say Bahamian authori-
ties should pay attention to
what is happening in the rest
of the world and keep a closer
eye on the Atlantic Undersea
Testing and Evaluation Cen-
tre (AUTEC).
On Monday, a federal judge
in the United States barred any
further naval testing using mid-
frequency sonar systems in
Southern Californian waters,
ruling the testing could result in
irreparable damage to marine
The ruling reignited the
debate over the repercussions
of sonar testing on marine life
in Bahamian waters.
Androsian environmentalist
Margo Blackwell told The Tri-
bune she would like to see the
'same judiciary interest that
occurred in California take
place in the Bahamas.
"We've been asking that our
government take the precau-
tionary principle which says
that 'first we do no harm' and
as far as I'm concerned the
Navy hasn't proven that its
work in our ocean hasn't done
some detrimental harm to it,"
Ms Blackwell said.
Her main problem with the
naval testing at AUTEC, which

is a test facility base that uses
the tongue of the ocean for the
Navy's "'radiated noise mena-
surement programme", is the
lack of monitoring over their
"As far as I'm concerned,
they have been acting with
impunity, with unmonitored,
unfettered use of our tongue
of the ocean [and] we don't
have any true idea as what
specifically they are doing," she
Michael Braynen, director of
the Department of Marine
Resources, told The Tribune
he was not aware of the ruling
in California.
He admitted that as far as he
knew, the government had "no
means of monitoring what
activities go on at AUTEC."
Mr Braynen added that
while the naval facility was not
required to submit routine
reports to the Ministry of Agri-
culture and Marine Resources,
they have released sporadic
reports "on certain aspects of
research done there."
"They do a variety of tests
there .. at AUTEC they do a
lot of listening as opposed to
generating noise by sonar," Mr
Braynen contended. "They test
their ability to detect the sounds
that ships make. These sounds
are not necessarily sonar gen-
erated . this is not to say that
some of their testing equipment
doesn't generate sonar but it's
not something that they are
doing constantly."

However, environmentalists
arc adamant that despite
AUTEC's claims that their
testing meets with US Federal
regulations for marine mam-
mal protection, any sonar test-
ing in Bahamian waters could
have lasting, devastating
"We do know from research
and evidence that we've done
around the world and the work
that we've done regarding
noise in the water," Ms Black-
well said, "that there is no
question noise harms whales
for many reasons, there is no
question it affects fisheries, so
the question that we have to
ask is: the work AUTEC is
doing in the.ocean, who's mon-
itoring that?"
Last year, a number of
beached whales were reported
in Andros raising suspicions
of a possible correlation
between AUTEC and the
stranded whales.
While autopsies were report-
edly performed on the whales,
Mr Braynen told The Tribune
that his department didn't have
any final reports with regards
to the results.
In their 2004 annual report,
AUTEC maintained that their
practices adhere to strict mam-
mal protection guidelines: "As
part of AUTEC test opera-
tions, passive acoustic moni-
toring is conducted via bottom-
mounted hydrophones. . in
this manner AUTEC verifies
that the vessels on range main-


* DAVID Ellifrit, of the Center for Whale Research, right,
looks at a dead whale after the whale was beached on Abaco
on March 15,2000. A leading expert hired by the National
Marine Fisheries Service at the time suggested a possible link
between US Navy anti-submarine sonar and ear hemorrhages
that disoriented the whales
(APPhoto/Diane Claridge)

tain a safe distance from the
mammals, thus ensuring there

is no potential impact on the
whales or dolphins."

BHCAWU allowed to represent Taino Beach staff

Tribune Freeport Reporter
Bahamas Hotel Catering and
Allied Workers Union have
been granted permission by
the minister of labour to rep-
resent the housekeeping staff
at Taino Beach Resort.
Lionel Morley, second vice

president of BHCAWU, said
that the union is pleased that
the minister made this deter-
mination, and that the union
can now begin to act as the
bargaining agent for the 25
workers in that department.
"This determination com-
.pels managers at Taino Beach
to sit down with us in a rea-
sonable period of time to craft

a recognition agreement which
sets the stage for an industrial
agreement," he said.
Mr Morley said that the
workers in housekeeping have
expressed concerns.regarding
gratuity pay and general work-
ing conditions at the resort.
"Some of the maids make
gratuity and some don't; some
maids don't have a cart for sup-

plies to push from room to
room, and they have no a suit-
able place to eat lunch and
there is no proper drinking
water," he said.
Mr Morley claims that man-
agement has not been very co-
operative with the union.
"Initially, they were not co-
operating, and the minute we
got determination we got a let-

ter from their attorney stating
that they have been seeking
people to outsource this depart-
ment to for sometime ... which
we find very strange and unac-
ceptable," he claimed.
"We have determination in our
hands and within days we are
crafting our document letter to
ensure that fair play is the order
of the day," said Mr Morley.

ow Arrivals


snea erhox

* Ph: 325.3336

MINISTERS from across
the Caribbean are set to meet
in Venezuela on Saturday to
discuss further integration of
the PetroCaribe initiative.
PDVSA, the Venezuelan
state oil company and the
country's Energy Ministry are
to host the event
stated goals is to alleviate
inequalities in access to ener-
gy resources within a frame-
work of favorable and fair

Current members of the
group include Antigua and
Barbados, the Bahamas,
Belize, Cuba, Dominica.
Grenada, Guyana, Jamaica,
the Dominican Republic,
Saint Kitts and Nevis as well
as Saint Lucia, Suriname,
Saint Vincent and the
Grenadines and Venezuela.
Experts are looking forward
to the meeting as an opportu-
nity to analyze the current
market situation and its effect
on oil-importing countries.

We wish to advise that

Annamaria DeGregory
has resigned as

Managing Director of

As an interim measure
Nathaniel Beneby presently
V.P. & Country Head

RBC Royal Bank of Canada and a
Director of RBC FINCO has been
appointed Acting Managing
Director of RBC FINCO effective

August 6, 2007 until further notice.

Keva Bain
Corporate Secretary


PetroCaribe members

to meet in Venezuela


~rC~n ~mmost



Rosetta St.



The development of the Bahamas

and the need to pursue an agenda

In the end' you've got to use
power for the purpose of mak-
ing change Alistair Camp-
bell, Tony Blair's former press
God is in charge of the
Bahamas radio caller.

Thanks to the deity, no
doubt, it is still possible
to enjoy a comfortable life in
the Bahamas despite signs of
an impending social tipping
point. But frankly, when we
reach that point it's hard to say
whether we will be able to
regain our balance.
Of course, it can be argued
that we have been there and
done that before. Prior to the
economic take-off in the 1960s,
the Bahamas was a dreadfully
poor and undeveloped place.
And despite brief spurts of
prosperity since the end of slav-
ery 173 years ago, generally
these islands were not a desir-
able place to live and many sim-
ply gave up and moved on.
Emigration peaked around
the time of the First World War
when there were less than
60,000 people living here, and
right after the Second World
War thousands of Bahamians
worked as migrant labourers in
the US because there was not
enough to do at home. Stultify-
ing social and racial barriers
were not dismantled until the
reform movement of the 1960s
won power.
Belying early expectations,
those reformers congealed into
another entrenched oligarchy.

Leslie VY AnderpooDIwillOb

Leslie Vanderpool will be
opportunity of a lifetime.
,. L.- .

And during the 198)s the vic '.1
Pindling regime presided ,\i
the corruption of our enliic
society, emasculated discii.
mismanaged the econo\ ; anJ
sold us out to foreign gaIngstei s
Predictably. this led to a il;,
matic rise in lawlessness, ,ul,
stance abuse and economic di,-

B y the early 1990s mnmv
of us were considering
the option of emigration y. I
again. But 15 yeams ago this
month we achieved a long ove -
due political upheaval, bring-
ing another group of reforinme s
to power. That first Ingrahlui
government launched public
hearings on the state ol iour
society, opened up the airi\wa\ s
and set the stage for economic
But there are those who say
that despite the continuing.
foreign interest in our \XateI-
front real estate many hlair

IM^ iB IcBB* it~lK^~

lovable high school Igrdulits,
violent cl imc that is spitalliing
out of control. rising illegiliiia-
cv. anm t increasingly chalntic
Il>;h eIII \ ifOni !it'il ; IM 1lion1
wNNI(| [clusi l l o I lll \\I k i lt s ol
set exaiii)les, ;an llcci gi wxingi
Mland tiiiasimiilatctd iinM)igiai
underclass. and a iiiassivc and
uniproductive public scctoi thal
c:inIIot imCet o r iou nfl 'stiuI n ;l
'I heie Care ino)\\ a thi rd ol a
m million Ba il niiii s. a i tlhe
cost's and esp!I'sibilitics (t !111-
ning a I moiiItIen ecoi)nl my hAi C
mulnipli'd "l p)mcnially ,vel
hic \ eaIs.
Tlie Iit st Ingr iial ni go ii

There are those who swn that --
despite the continuing foreign interest-
in our waterfront real estate --- many
hard choices have not been made over
the past generation and the chickevts
are finally coming home to roost.

choices have not been made
over the past generation and
the chickens are finally coming
home to roost.
Those chickens include thou-
sands of illiterate and uit im-

offering you the

Casting Director and Manager
from New York, Breanna Benjamin will be
teaching an intensive acting class
August 10-13.


Breanna Benjamin has extensive experience in the
entertainment industry. Breanna began a four-year
stint as "Miss Ann," the teacher, on the CBS syndicated
television series "Romper Room. She has been credited
with launching the careers of many fine actors and
directors. Benjamin, through her Creative Talent
Company, of which she is president, has produced a
pilot for the ABC television network, a dramatic special
for PBS, telethons and pageants, both local and
televised. She also produced a series of 200 reading
tapes for educational use, sponsored by General
Electric. Benjamin served as Creative Consultant on
Scholastic Sports Academy Soccer Series for USA Cable
Network. Ms. Benjamin has been listed in Who's Who
in Theatre, and Who's Who in Business Executives.


FRIDAY, August 10 @ 6:30 pm 8:30 pm
SATURDAY, August 11 @ 10am 5pmr
SUNDAY, August 12 @ 10am 5pm
British Colonial Hilton, Downtown,
Bay Street
RSVP A MUST: lcaronv@hotmail
or call 356-5939

mneni .-L utp a cotmmiissiou to
study youth dcvelipienti. a
(ask 'frce to loit k atl 'di.;uc;1)ii ,
and imiuirite -to. c, r rupt li'
and conflict of interest ;i
ltahmiasail ;nmd! thc I lotel t',it
poi lion. Nla;i\ IcCitiiunectiLa-
!ions \x erc never l''ini'pletIed.
Fo0r example. B:iihamas:ir
should havCe ,'cn digested Ito
Icn! ixv'csttit (liilii whxxm it
w\as t;ikecr i Itc lit sl place)
.long \\ilh an i intci national
parllt'n. Iniscaid. mtle millions
of ourt i\X dlollats ia;\xe IKe i'i
\\asltd to ud!erwt i l'.' pt lor
ci i i'' t ii ti s t, o I .oi

duc' a in iMClir plan for the
dcvclopincii( of New Ptovi-
dencc. ti I 111 /NS into) a true
pul hit l ,; !' : tiing s'nc \ ice, and
to pf :1is t I i'cl o \\ere also

In lic early I )0(s the
Nalion;il Youllh (Consul-
Il'hive lR-poin aIled inl '"vision-
1V le 'ile 'll ip" to inspire
l"1ilian ui;nis i)t latr iscend iIaIr-
IOV aittludeI, toI treated a freer
and imo c pit licipatory democ-
Lracy. It ptu1ne integrity and
aiccounilabiliy atl every level of
society and to mobilise the
nation to address cl ime :ind the
dlccline tf ftl'aiilv v:il-ws. We are
sill tilkitig :ibiut these issues
tdav i-l hI conl i'e.1 of the lat-
cAI c iiiN \x;\ c.
\Vlhet HOe o) called New PLP
'ie trnc i io\\,-'L unexpectedly in
210t2, it ;'so n ,e'ente2 ;i reform-
ine ftac' to ilie nation. The
'l iisli,' a; ,, it!isration called
1,i the :ippitintmenl of seven
iommnissions to examine a vari-
i of i .es in 'ludine cultural

The Grand Bahama commis-
sion was never appointed. The
Tiade (Commission was quickly
sidelined and forgotten about.
The Constitution Commission
produced an interim report and
then disappeared into the
woodwork. The Public Service
Reform Commission was sup-
posed to stop the "waste of
public funds through proper
monitoring of spending" (you
can make your own conclusion
on that one). The Prison
Reform Commission reported
in early 2003 but many of its
recommendations have yet to
be implemented.

C critics say that over the
last five years "cor-
ruption, idleness and extreme
political myopia" prevented the
Christie government from,
among other things, mod-
ernising the airport, dredging
the harbour and lengthening
the cruise ship piers, stopping
the massive production of illit-
erates by the public school sys-
tem., addressing the illegal
immigrant problem, capping
the rising rate of violent crime
and reversing the decline of our
judicial system.
In this view, we suffered-
through five lost years, because
all of these issues and more
- are still on the table today.
Yet the PLP would have us

The PI P would have us believe that an
electioC, which they managed was
stolei 'roni them by sinister plotters
while they were well on the way to
"transforming" the country.

dcvelopment. urban renewal.
prison lCefolil. trade policy,
(iatnd Ploah;in development.
'i.t i'lpq;Itltnt )i. mid lphu, lic sei
%\ ic tllln



wake up and dr e

believe that an election which
they managed was stolen from
them by sinister plotters while
they were well on the way to
"'tlansforming" tlie country.


" 2.4L Engine
* Power Windows
* Air Conditioner
* Radio/Cassette
* Keyless Entry
* Central Lock
* Roof Rails

')i !i tp ) !.i, a *'I -

Transformation in this context
meant cutting deals with for-
eign investors for real estate
developments on our prime
waterfront property.
Any reasonable observer
would agree that the PLP is
being overly aggressive and
confrontational without good
reason. As Fred Mitchell's for-
mer web site put it when refer-
ring to a PLP demo in Freeport
recently: "The revolt
starts...The Bahamas faces a
stark choice. We have slipped
right back to where we were
before the 1967 general elec-
tion...The fact is that an FNM
government has come to power
with only one thing on their
minds: victimization, vengeance
and viciousness."

A according to disgraced
former cabinet min-
ister Shane Gibson, "The battle
was finished on May 2, but two
months later those FNMs know
that the war has just begun -
we are at war." And MP Brave
Davis insists that the PLP has
been "cheated" out of the elec-
tion. This talk is grossly irre-
sponsible and likely to lead to
disturbances no matter what
the election court decides. And
what is to prevent the PLP
from calling the court corrupt if
it finds against them?
Rather than wasting our lim-
ited time and energies on these
unproductive and hostile polit-
ical exercises, both parties
should get down to the unfin-
ished business of their national
agendas. Here's a partial
refresher list:
Formulate an energy policy
and ensure that power genera-
tion capacity meets demand,
legislate a management author-
ity for Bay Street andIdeal with
the container ports, end water
barging from Andros and
replace 100 miles of old
pipelines, eliminate prison bus
transfers, facilitate a workable
public transit system, enforce
traffic and vendor regulations,
upgrade the airport, develop a
master plan for New Provi-
dence and the country as a
whole, insulate ZNS from polit-
ical control, privatise BTC and
Bahamasair, implement free-
'dom of information, increase
the number of courts and
judges, reform the education
system, enact a parliamentary
code of conduct, convert
Collins House into a new par-
liament and make the old par-
liament a museum.
After all, as Alistair Camp-
bell said, in a democracy polit-
ical power is the means to pro-
duce change and promote
progress. It is not a license to
talk nonsense for five years.
And don't get me wrong we
are all in this together and we
all share some responsibility.
Both political elites have
dropped the ball because we let

If we want to avoid that
dreaded tipping point, we
should all get down to business.
Let's dispense with the usual
political myopia and partisan
histrionics. Hubert Ingraham
is 60, and this is likely to be his
last chance to use those formi-
dable management skills for the
good of the country.
What do you think? Send
comments to larry@tribunemne-
dia.net. Or visit www.bahama-

of things we
think, say or do
1.1 Is it the TRUTH?
2.Is it FAIR to all
3. Will it build
4. Will it be

all concerned?



- -





0 T

It's a cry levied at governments which is heard all too

often in Bahamian political life victimisation. As the PLP

laments what it claims is unfair treatment, is the party

practising political strategy or genuine concern?

The search for fairness in politics

AFTER 90 days in govern-
ment, the FNM has already
faced several victimisation alle-
gations by PLP officials.
Opposition members are at
odds with the government for
allegedly reducing the Nation-
al Health Insurance pro-
gramme to a "skeleton" state,
dismantling the Urban
Renewal Programme as the
murder rate continues to rise,
allegedly violating contracts
left in place by the PLP before
the general election, and
restructuring the police force
just a few months after new
appointments were made by
former Prime Minister Perry
"My concern is what this gov-
ernment appears to be doing,
that is trying to rewrite all of
the good that has been done in
the past five years." Raynard
Rigby, PLP chairman, said yes-
While he added that no-one
would expect a new adminis-
tration to "blindly follow the
policies" left in place by a for-
mer government, he called for
more review and analysis on
part of the FNM.
"I think the Bahamian peo-
ple would expect that a gov-
ernment coming in would
review and analyse and be
mature enough to continue
with the programmes and poli-
cies that have served the coun-
try well under the previous
administration," Mr Rigby told
The Tribune, citing the Urban
Renewal Project as a prime
"We have not seen that, I
think, thus far in this adminis-
tration and I truly hope that
when things settle down the
FNM will begin to recognize
that their approach has been
wrong for the country and that
what they have also done is cre-
ate a very dangerous precedent
in our system of government,"
he added.
Mr Rigby believes the FNM
is creating a situation where for-
eign investors will "no longer
have the confidence or the lux-

ury in thinking that any deal
they broker with the govern-
ment is a deal, no matter who is
in power."
As reported previously by
The Tribune, the PLP is claim-
ing that $90 million in contracts
were suspended or cancelled by
the Ingraham administration
since the FNM regained pow-
"It now appears that it is
common practice to suspend
contracts entered into by a pre-
vious government within a spec-
ified period prior to a general
election. It now appears that
people who hold positions of
authority can be removed or
transferred regardless of their
ability if they are thought to be
supportive of the other side,"
opposition leader Perry Christie
said in the budget debate in
Chairman of the FNM. John-
ley Ferguson, told The Tribune

that, unlike the former admin-
istration, the FNM is a "proac-
tive government" and that the
contracts in question were re-
evaluated for due cause.
"In the (case of the) contracts
you have. for example, where
(the PLP) gave out four and
five contracts on a three-bed-
room cottage in one of the
islands. One fellow gets a con-
tract to paint the outside, one
gets a contract to paint the
inside, one gets a contract to
put on the roof," he told The
"The contracts, they're not
debatable," he added. "It was
ludicrous and all for (PLP) vote-
gathering. Whereas you could
have given one person maybe

left in place by the former
administration, many civil ser-
vants are claiming they were
wrongfully terminated from
their posts because of suspected
PLP allegiance.
"You hear the cry (of vicit-
misation) but I've not seen one
person who legitimately was
able to come up and say, I was
victimised... and so it is all com-
ing out of the mouths of the
politicians," the FNM chairman
He challenged the PLP to
bring evidence of vicitimisation
so that the cases could be
At a PLP town hall meeting
last week, some of the 200 PLPs
present said they lost their jobs

-I Rf

$50,000 and get the work done
Aside from the issue of
alleged violations of contracts

and were victimisedd" by the
When The Tribune men-
tioned this to Mr Ferguson, he
said: "To be honest with you,
there are persons who have
been moved around and there
are persons who deserved to be
moved around in the system,
because if you served the last
government.and you are not
cordial with the current gov-
ernment, why should they keep
you there to frustrate their pro-


"And so any government I
would expect (would do it), and
the PLP did it, they moved
plenty people around and some
were unnecessary moves," he
Attorney Fayne Thompson
described the current political
situation in the country as "a

* FAYNE Thompson

night of darkness."
"If I weir to grade the Free
National Movement over the
first few months pure vic-
timisation, and they don't
deny it, pure vicitimisation,"
he said. "There is no trust if

you punish me. if you perse-
cute me, because I don't sup-
port you.
"That takes us back to a dark
day in Bahamian politics." Mr
Thompson said. He added that
the role of the government was
to take care of the people, and
unfortunately the prime minis-

ter "does not crie about peo-
"1I am not saying there are
other areas where Mr Ingraham
is not forging ahead, and doing
well. and doing his best for this
country, but in certainn) areas, it
is civstal clear that unless you
are FNNM in this country, you
ain' getting nowhere, and that's
unfortunatee" Mr Thompson
However, FNM members are
confident they have the support
of the Bahamian people, and
believe that they are doing what
is best for the country.
"We have a five-year trust
agenda and I don't think
(Bahamians) expect us to clip
and make everything better
fresh off an election," Mr Fer-
guson said.
"The trust agenda is moving
at a reasonable pace...the small
man is where we need to focus
very strongly to reach the aver-
age Bahamian. All of that is a
part of what you will see the
FNM making plans to address

over the next live years," he
He mentioned clean-up
efforts the government had in
place in New Providence, with
street signs and naming of parks
being some ol the initial things
the FNM "wants to get off the
ground quickly."



Baha Mar helps athlete

in IAAF election bid


the tMAI



VIN# FB14-517939

A "'-: ".' ,"

.L -^.-i-.'4-i,.'

* PAULINE Davis-Thompson receives the donation from Robert Sands, senior vice-president in
charge of external affairs

BAHA Mar Resorts Limited
presented Bahamian athlete
Pauline Davis-Thompson with a
cheque on Friday in support of
her quest to be elected to the
council and the women's com-
mittee of the International
Association of Athletics Feder-
Mrs Davis-Thompson has
competed in over 100 coun-
tries throughout the world.
Some of her most notable
accomplishments include
being a gold medalist in the
women's 4x 100m relay and a
silver medalist in the Wom-
en's 200m in the 2000 Olympic
Since retiring from active
competition, Mrs Davis-Thomp-
son has been coaching and
developing upcoming athletes.

Some of the athletes she has
coached are Christine Amertil,
Avard Moncur and Monique
"Baha Mar Resorts Ltd is

proud of Mrs Davis- Thompson
and gives her their full support
and best wishes in the IAAF
elections," said the company in
a statement yesterday.

Iuww i L 1

Via Drop Box Drawing
for any pre-owned vehicle
that is purchased during the
Month of August 2007.
Drawing will be held
September 1st, 2007.@ 10:00 a.m.

Come nd check out our

Home Inventory West of the 2

SNew Car Showroom n

"It now appears that it is common
practice to suspend contracts entered
into by a previous government within
a specified period prior to a general

PLP chairman Raynarcl Rigby

"The contracts, they're not debatable.
It was ludicrous and all for (PLP)

FNM chairman Johnley Ferguson





Share your news
The Tribune wants to hcar
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
If so, call us on 322-1986 _
and share your story.

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Category A
1st One Family
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3rd Roots
758 points

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1st One Love Soldiers
700 points
2nd Original Fox Hill
519 points

* AVALLEY boys performer in full regalia



* A ROOTS bell ringer



Local attorney calls for the

abolishment of Privy Council

FROM page one

the legitimate aspirations and
expectations of the Bahami-
an people" with regards to the
execution of capital punish-
ment in the country.
Mr Chigbo's comments,
which were made on the radio
programme "Real Talk Live",
come after the Bahamas
recorded its 50th murder for
the year. At its current rate,
the country is expected to sur-
pass 70 murders before the
year's end, and a growing
number of voices are calling
for the country to carry out
the hangings of convicted
Mr Chigbo: "For the
Bahamas to continue to retain
the Privy Council, and it
appears that their decisions
run contrary to the aspirations
of the Bahamian people, it is
high time that we jettison such
a court and set up our own

Formal hearing

date for election

court 'to be set

on Thursday'

FROM page one

to determine what time we
are to be fixing the date for
the trials, and any other
directions thereafter."
Three seats are set to be
contested in election
court for the Pinewood,
Blue Hills, and Marco
City constituencies. These
were officially won by the
FNM in the May general
election by 64, 47, and 47
votes respectively.
Currently the opposi-
tion holds 18 seats to the
FNM's 23. If successful in
all three election court
cases, in theory the oppo-
sition would hold 21 seats
compared to the FNM's
20, therefore becoming
the government.
Mr Davis added that he
was confident going into
the process that the out-
come would be in favour
of his party.
"On the assessment
made...I am satisfied that
there is a good prospect
of the petitioners, in each
case, of succeeding," he
said. "But again we will
only know that after the
evidence has been led and
tested in court," he
Amidst the election
court controversy, Prime
Minister Hubert Ingra-
ham has said: "Only the
people of the Bahamas
can determine their gov-
ernment. Courts can't
determine that. Govern-
ments are determined by
While stating that his
government would adhere
to the final decision of the
election court, the prime
minister said he would
not be afraid to call
another general election,
to put the matter back in
the hands of the Bahami-
an people.
While both parties are
hoping for an expedient
trial, Mr Davis explained
the duration of the trials
depended on the way
each lawyer presented
their case.
Chairman of the FNM,
Johnley Ferguson, told
The Tribune that his party
felt no frustration over
the pace at which the mat-
ter was taking place.
"The process (leading
up to an election court) is
drawn out, and there is a
lot they need to put in
place. It's quite a bit of
work that they have to do
before they can get start-
ed. Because it's a final
court once it makes a rul-
ing, that's the ruling live
or die."
He added: "I think the

judiciary system in the
Bahamas is a good one. ..
I think (the election
court) will be a fair set-

court of final appeal.
"Scotland does not go to
Privy Council in Criminal mat-
ters," Mr Chigbo said. "They
have a court known as high
court of judiciary. This is the
final appellant court of last
resort for criminal cases. They
only go to the House of Lords
in respect of civil cases. So the
Bahamas can as well, consid-
ering that the country is a
leading offshore investment
destination, the Bahamas can
still retain-the Privy Council
as their court of final appel-
lant jurisdiction in civil cases.
But either have the court of
appeal to be the court of final
appellant resort, or subscribe
to the Caribbean court of jus-
tice, because in Scotland in
criminal cases they have their
own court of final appeal
which is known as the high
court of judiciary. If Scotland
can do that, we can do that,"
he said.
Mr Chigbo added that today
the Bahamas is being plagued
by "unrestricted crime" and
argued that the implementa-
tion of capital punishment
could help to curb that grow-
ing problem.

"Sociolohgists have ilargued
that capital pi nislhiiinl is not
a sulficieni deterrent to crime.C
That is neither here nor theie.
If1 vou look at the objective of
criminal justice it could be
either deterrence (to dealer
crimin;lIs from comnmiitingl
crime): il could be rehabilila-
tion. it could Ie revenge. or
retribuilion. But tlie root idea
is this: If somebody knows
that if he takes a life, that his
own life will be taken, thelec
could be no doubt about it
that stands as a snIIl icienf
deterrent to crime'.
"I give you an '\;liple in
Somalia. Recently it hic \\as
lawlessness in Somalia, peo
ple were selling drugs a idl
Somalia became a lawless
society without rule and order.
When the Islamic court
entered tlie capital of Somalia
thev started to implement the
Sharia law which calls for the
punishment of people selling
drugs or people practising
prostitution. And the city
became calm. So there is no
justification in sayin i t' ,( 'ii p-
ital punishment does lntl (IceIt'
crime. It does,' he said.
When questioned about the

ii 1 1;' ,1 ,, 'm illi \' w which
p V I.* 1 .< ,l' ii"l puI lishm ent
!1" 1i'1 I' ,, ;IS "hlc lw ald.
Iml: I i il,'stalldard'" inll
th ' I il I intelrilional
c'i nl ii l il\. IiI C'higbo
n ;Ik l I I ; l his viecw is
\V1li l b;, < e wVorld into
01 .. il :, > i is nl ow iln.
tlih the Unil-
1.['1i ,' in tlie W western
V If'l I i '. ('r to arrogate
to l) in'.'I,' what is moral.
(i i i,:ij i histicated, or
1\hi:'i i oincilt. 'Ivery
s('I'i l l;s i(s )own circuL l-
s;I il n I" I ev <'iinly try to
iIll' ; l| i, n ideas, tleir
o)\\ I' i'c 'li ons of w lhat is
t inl 1 i' I', 1 111 other soci-
c'ti:. I : 'ptie'. they are
no I g ih i ('I,'-clivc. they are
nwit I n i f i .
"hI 'V ;i, I' vin toh) arrogate
(o III n 'l .: I (.le right to dic-
t;ili i ii' i'tielcs in so far
as il ll ownI interest.
BRil' I' iclty has a
i F',I I, I '1'i1 e' its ow n ldes-
Il'! '. a the right of
s i w I 'l ion m icans.
I l ,- itl means for a
co Ili \ o li'' independent
' Il -" he said.

Minister: no sig ili cant

leads on alleged

corruption a thef

ge l

Ministry o

FROM page one

ing and National Insurance."
Mr Russell said that police investigations into
alleged corruption reports haXe stalled bec;)'c
no-one is talking to the police.
Before taking office in May, Minister Russell
noted that there had been many reports of a
"high level" of alleged corruption that.existed in
the ministry under the former PLP administi alien.
"I can say though that thle forlneI acdtniiis;ia
tion...spent more money than they were a.itho-
rized to spend and we must find a waiy to deal
with that," he said.
Minister Russell is encouraging those con-
tractors who feel that they have. or are being
wronged to report the matter to the police who
are conducting investigations into the alleged
corruption at the Ministry of Housing.
"There was a story just last week in The I ri-
bune about contractors complaining again about
an inspector in the ministry who they claim as;s
re-engaged and promoted for doing wrong.
"While these letters have been sent I'v cn-

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


.I .

5 CUBE $318.00

5 CUBE $353.00

7 CUBE $44.OI0

9 CUBE $527-00

15 CUBE $650,00

25 CUBF $995.00

MonroQ vaue(J st orhofahms1s Tuc1C.

tractols. I \Iv,'lt 'd t., I lh. Ili contractors
speak with Ithl p'i, l'' ; invi esligating the
mllitIl I lie police ( -,o e ;' i n )it ') is at a cossroad
because no one is 'i" ;int I, l i' he police.
"'IhICsc' Conl 'ii I,' I.' i nlormallltiolln who
believed Ilhe" ,en a,' g'dl: ho believed they
were shaken dloi. U, I,,'\ eltcd they Xwere
robbed, oil hlIow e ,' l, I \ v,;[l I Iput it, shilou c go
to the police ,;' l . '' b l tor;alion.'" M r
Russell s;Iid.
"Nov. I(I('11C M'aC 'i; I\ i t.'s liking oin tle
slh i ce ;iid :,.'t",il:i i. i," i 1 t" i the ilinistry.
aiud wrilini lolle' !o | I1' i' s. But3l when tlhe
police go tot Ilie e I"'p l i l.-\ not Ialking.-
NIlr 1us 'ell <;)'i |i:i|] i :' 'i', w killing to colm e
'(o ifmwmd ()I";[ I l Mi' ,: would be assist-
inl li' lnim i'is ,\ h i l r. i f ,,(''(os; of housing
aii(d .s-im) ; l) i : t icl il\ities are
slopped .
"T hait Xwould h'' < ' iake somie policy
decisions to ento 'suict lbl,( il ',.' I es ctivitics no0
Iong ler aippenil 'i'is.i ,'', I is (Io reduce the
cost oftl' I lisil ;. 1 I I il.' i I I'tX( i hoii se tlialt is
cnei g elTi t Ii .;
Set'( sltoi l)L'"

Man seeks $500,000 in

damages for alleged brutality

and unlawful detention by police
FROM page one

The plaintiff claims that he had not been engaged in any
unlawful act prior to the incident, but was accosted, hand-
cuffed, forced to the ground then shot in the foot by the officer,
all without probable cause.
Subsequently, another officer arrived on the scene and the
plaintiff was taken to a marked police vehicle nearby where the
officers called an ambulance. The plaintiff claims that he was
laken to hospital and treated for the gunshot wound. There he
remained under police guard for two days and was later charged
with firearm possession and two counts of armed robbery.
The plaintiff claims that he was forced to sign several records
of interview, one which purported to link him to one of the
armed robberies.
The plaintiff claims he was further assaulted during interviews
on December 25 and 26, 2004, while threats were made against
him. The plaintiff also claims that he was not arraigned until
December 29, having been unlawfully detained for beyond 48
On June 25, 2007, Hanna stood trial in the Supreme Court
on one count of armed robbery. At the trial the judge, Justice
Jon Isaacs, found that the police officers had withheld the pre-
scribed medication, painkillers and antibiotics from the plaintiff
upon his release from the hospital and for the duration of his
detention at the Central Police Station.
The judge ruled that the record of interview obtained under
those circumstances was unreliable and further ruled that any
statements made by Hanna, written or oral, was inadmissible.
After a verdict directed by the judge, the plaintiff was acquit-
ted, according to the statement of claim.
The plaintiff also asserts that the police officers had no prob-
able cause to launch a criminal investigation against him, that
such prosecution was made with malice and that the officers are
liable for prosecution.
The plaintiff is seeking damages for the breach of his funda-
mental rights under article 19(4) of the Constitution, as well as
exemplary and aggravated damages as well as compensation for
false arrest, unlawful detention, assault, battery, malicious pros-
ecution as well as pain and suffering.
The plaintiff is seeking $500,000 in total damages and is
open to a reasonable settlement.







FAX: 242-393-0940
Email: ervinknowles@yahoo.cor
Anguilla@ batelnet.bs


Fidelity is now inviting applications for a:


Reporting directly to the Group CIO, the successful candidate will have
!hlie following minimum requirements:

Bachelor's degree in Computer Science or related field
MCSE certified
Industry certifications such as CISSP or CCNA, would be an
A minimum of 5 years experience in Systems Administration
preferably in a banking or other financial institution
Past experience in a management role
Proven project management skills
Must be able to work non business hours as required
Fxcellent written and oral communication skills

The successful applicant will primarily be responsible for managing the
overall IT functions of the Fidelity operations in the Bahamas and to
s,/l in conjunction with the regional IT departments.

/\i attractive compensation package, including a comprehensive range of
eiplyee benefits is offered.

Manager of IT
Fidelity Bank (Bahamas) Ltd.
P.O. Box N-4853
Nassau, Bahamas
Tel (242) 356 7764
Fax (242) 356 4189
Email:- jobs@fidelitybahamas.com






AUGUST 8, 2007

7, 7:30 8:00 8:30 9:00 9:30 10:00 10:30
Animusic 2 John Denver: A Song's Best Friend Commentary Monterey Pop: The Summer of Love n (CC)
U WPBT from friends and family explore the musician's legacy.
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male friend, target's safe. (N) (CC)

(:00) CSI: Miami CSI: Miami "Addiction" A brutal car- CSI: Miami "Shootout" Gang-related The Sopranos Dr. Melfi is skeptical
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(:00) The Situa- Paula Zahn Now (CC) Larry King Live (CC) Anderson Cooper 360 (CC)
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HALL Hand" (CC) to improve a schools image when a Williams Ill. A sleuth investigates murder after someone abandons a baby.
student kills himself. (CC) (CC)
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Al Gore alleges
companies finance
research to
cast doubt on
global warming
FORMER Vice President Al
Gore said Tuesday that some
of the world's largest energy
companies, including Exxon
Mobil Corp., are funding
research aimed at disputing the
scientific consensus on global
warming as part of a campaign
to mislead the public, according
to Associated Press.
ExxonMobil, the world's
largest publicly traded oil com-
pany, rejected the allegation.
"There has been an orga-
nized campaign, financed to the
tune of about $10 million a
year from some of the largest
carbon polluters, to create the
impression that there is dis-
agreement in the scientific
community" about global
warming, Gore said at a forum
in Singapore. "In actuality,
there is very little disagree-
"This is one of the strongest
of scientific consensus views in
the history of science," Gore
said. "We live in a world where
what used to be called propa-
ganda now has a major role to
play in shaping public opinion."
Gore likened the campaign
to that of the millions of dollars
spent by'U.S. tobacco compa-
nies years ago on creating the
appearance of uncertainty and
debate within the scientific
community on the harmful
effects of smoking cigarettes.
"Some of the tobacco com-
panies spent millions of dollars
to create the appearance that
there was disagreement on the
science. And some of the large
coal and utility companies and
the largest oil company, Exxon-
Mobil, have been involved in
doing that exact same thing for
the last several years," Gore
After the U.N. Intergovern-
mental Panel on Climate
Change, made up of the
world's top climate scientists,
released a report in February
that warned the cause of glob-
al warming is "very likely"
man-made, "the deniers
offered a bounty of $10,000 for
each article disputing the con-
- sensus that people could crank
out and get published some-
where," Gore said.

FROM left: Archie Nairn, permanent secretary, Ministry of
Tourism and Aviation; Tom Poklen Sr; Augusta 'Gussie' Poklen;
Paulette Davis, Amour Affairs and president of Bahamas Bridal
Association; Freda Madrisotti, director of weddings and honey-
moons, Ministry of Tourism and Aviation.
(MOTA photo by Nicola Paciotta)

Chicago couple to

renew vows in

Bahamas after 50

years of marriage

AUGUSTA Poklen and Tom
Poklen Sr will renew their wed-
ding vows in Nassau, having cel-
ebrated their honeymoon in the
capital city 50 years ago.
To mark the occasion, they
paid a courtesy call on the Min-
istry of Tourism and Aviation.
The Poklens were welcomed
by the permanent secretary
Archie Nairn, who spoke with
them about the pride of the
Bahamas and discussed the
marked differences between the
Bahamas of 1957 and today.
Mr Nairn also presented the

Poklens with a memento of
their visit a colorful retro-
spective publication about the
Bahamas and encouraged
them to return to enjoy the blue
waters they found so breath-
The Poklens were married on
June 29, 1957 and are residents
of Chicago, Illinois, in the sub-
urb of Norridge.
They will renew their wed-
ding vows this Saturday in a
beach ceremony with their
children and grandchildren


Try our New

Sausage & Egg

Burrito '

-.* A
,' A -

Available during breakfast hours .i
For a limited time


WT --o


AUGUST 8, 2007






Trinidad judge orders three

extradited in alleged JFK plot

* PORT-OF-SPAIN, Trinidad

A JUDGE ordered three men
extradited to the U.S. to face
charges in an alleged plot to attack
New York's John F. Kennedy Inter-
national Airport, and a confiden-
tial U.S. document said they
planned to seek help from Iran.
according to Associated Press.
Chief Magistrate Sherman McNi-
colls rejected without comment
Monday a defense argument that
the men could not be extradited on
conspiracy charges under Trinida-
dian law.
Taped conversations between the
alleged conspirators show they
planned to seek Tehran's help in a
strike intended to dwarf the Sept.
.11, 2001 attacks, according to a 28-
page document signed by Assistant
U.S. Attorney Marshall C. Miller
and delivered to lawyers here.
"We can try to send someone to
Iran to get the movement, the rev-
olutionary movement, and they can
discuss that plan there," Trinidadi-
an suspect Kareem Ibrahim, an
Islamic cleric, was quoted as say-
ing in the confidential report, which
was shown to The Associated Press.
Russell Defreitas, a U.S. citizen
who worked as a cargo handler at
the airport until 1995 and is now in
custody in New York, told Ibrahim
that when contact was made with
the Iranians, they should be told
the attack should be staged late at
night in the winter, because "these
are the times they don't respond to

nothing. Trfflic slow down. Securi-
tI slow down. Everything slows
down." according to the document.
In another conversation. Ibrahim
said he had recruited one of his
associates, described in the docu-
ment only as "individual F." who
would "travel to Iran and present
the plot to militants there."
"He say he will go," lbrahim is
quoted as saying. "All he has to do
is renew his passport."
But then U.S. authorities stepped
in, apparently before the overture to
Iran could be made.
Officials at the Iranian Interests
Section in Washington did not
immediately return a phone mes-
sage seeking comment Monday


One of the three who faces extra-
dition from Trinidad to the U.S. is
Abdul Kadir, who was arrested in
June as he was boarding a flight
from Trinidad to Venezuela and
planned to travel to Iran. His wife
said he intended to attend an Islam-
ic religious conference in Iran.
Kadir was an opposition legisla-
tor in Parliament in Guyana, a
South American country along the
Caribbean coast, until last year.
Kadir, who is a cleric, studied Islam
in Iran in the 1990s.
Richard Clarke-Wills, a lawyer
for Abdel Nur the third defen-
dant in the extradition hearing -
said he would appeal the ruling to

thle country's Iligh (Coun anId a
decision should take atl lcis si\
Ani .rrn... Rajiv Persad. who rep-
resents Ibrahim and Kadir. said he
had to speak to the men before
deciding whether to pursue anr
David West, a senior official in
the Trinidad Attorney General's
office, said the U.S. document is
"The evidence, in my view, was
sufficient to warrant the magistrate
to commit the defendants to be
extradited," West said in a tele-
phone interview.
But Clarke-Wills insisted that a
confidential U.S. government infor-
mant entrapped the men into plot-
ting to attack the New York air-
"If it were not for the interven-
tion of this source you would nolt
have these three men before the
courts," Clarke-Wills said before
the ruling. "They had no terrorist
aspirations or ideals ... I have no
doubt whatsoever this is a clear case
of entrapment."
Two of the suspects scoffed at
the accusations before the hearing.
Nur and Ibrahim spoke briefly
to The Associated Press as police
escorted them with Kadir into the
court in downtown Port-of-Spain
for the extradition hearing.
"It's false," Nur told AP. "It's a
setup. It's a big setup by the drug
Nur, who is from Guvana, was

apparently referring to the confi-
dential informant, a convicted drug
dealer who taped conversations in
which the suspects allegedly plot-
ted to blow up a fuel pipeline that
i uns through residential neighbor-
hoods and supplies the airport.
He underscored his point with a
white T-shirt that proclaimed "No
Extradition by Entrapment" in
black letters on the back.
Ibrahim. who is from Trinidad,
said of the allegations: "It a


Kadir smiled but said nothing as
he entered the Caribbean country's
colonial Magistrate's Court, which
was guarded by about a half a
dozen police.
Their lawyers argued the men
could not be extradited for con-
spiracy under Trinidadian law a
claim challenged by Douglas
Mvlendes, a lawyer appointed to rep-
resent the U.S.
Mendes declined to comment on
the defense claims that the men had
been entrapped.
The three men were arrested in
Trinidad in June, when U.S. author-
ities announced they were part of a
cell led by Defreitas. a Guyana
The U.S. indictment charged the
four with conspiring to "cause
death, serious bodily injury and
extensive destruction" at the air-

VENEZUELA'S President Hugo Chavez waves to journalists
during a visit to the Argentine National Institute of Industrial
Technology in Buenos Aires, Tuesday, Aug. 7,2007. Chavez is oi
a one-day visit to Argentina.
(AP Photo/Natacha Pisarenko)

Venezuela's Hugo

Chavez lobbies

South America with

petrodollar largesse


dent Hugo Chavez sought to
expand his petrodollar influ-
ence in South America as he
launched a four-nation tour
to promote his country's
entry into a regional trade
bloc and to olffe energy and
financial deals to allies,
according to Assoc iated
Chavez met will Argen-
tine President Nestor Kirch-
ner late Monday after sig-
naling Venezuela plans to
acquire up to US$1 billion in
Argentine bonds in install-
ments the latest in a series
of deals cementing ties
between the allies.
"This is an important deal,
highly important for our
political and geopolitical
ties," Chavez said.


He later joined Kirchner
for a televised ceremony at
the Government House in
Buenos Aires in which the
leaders agreed to a "treaty
on energy security."
The agreement calls for
"ample and sustained coop-
eration" on energy initiatives
including the supply and dis-
tribution of natural gas
through pipelines, joint oil
refining projects and coordi-
nated efforts on distributing
power and alternative
Chavez said his govern n-
ment would invest in a
regasification plant for liq-
uid natural gas for Argenti-
na, which is currently weath-
ering an energy crisis.
He said the plant could
be completed within two
Chavez offered few details.
but local reports said con-
struction at a stiil-to-be-
determined site would
require at least I IS$4()() mil-
Kirchner respmondd to crit-
icism over A.\rejjti;'s 1 spo-
radic natural ga> and other
energy shorllalls by blaming
the shortages on unexpect-
edly robust economic growth
after the country rebounded
from a deep 2001) economic
"Argentina is glr o ing and
it therefore requires mo ec
energy." lie said.
Kirchner also said he
strongly supports Chavez's
bid to make Venezuela a lull

member of the South Amer-
ican trade bloc Mercosur,
joining Argentina, Brazil,
Paraguay and Uruguay.
Argentine and Uruguayan
lawmakers have approved
Venezuela's entry into Mer-
cosur, but legislators in mem-
ber states Paraguay and
Brazil have yet to sign off
amid controversy over
Chavez's confrontation with
an opposition-aligned televi-
sion station.
Several Brazilian lawmak-
ers favor blocking Venezue-
la's entry, arguing the coun-
try does not comply with
Mercosur's commitment to
democracy because of
Chavez's decision not to
renew the broadcast license
of Radio Caracas Television,
or RCTV.
Chavez was making his
first visit to Argentina since
March, when the anti-U.S.
gadfly used a rally in a soccer
stadium to rail against U.S.
President George W. Bush.
Chavez also met with
Kirchner's wife, Cristina Fer-
nandez de Kirchner, who is
running to replace her hus-
band in Oct. 28 presidential
-"Even the stones in
Argentina and Venezuela
shout out that Cristina Kirch-
ner will be president,"
Chavez said.


Chavez was to fly Tuesday
to Uruguay and later thiS
week to Bolivia and Ecuador
on what analysts called a trip
to assert influence in the
"Chavez's frenetic petro_-
diplomacy is back in rul
swing," said Michael Shifter
at the Inter-American Diakl
logue think tank in W'ash,
"His purchase of Argen-
tine bonds makes sense for
both him and the Kirchner
government right now.
Chavez wants to keep
inflationary pressures in
Venezuela in check and try
to further extend his
political influence in South
"But it is doubtful whether
Chavez will be able to solid-
ify his anti-U.S. coalition in
South America through his
largesse," Shifter said.
lie cited signs that some
countries in the region are
looking to expand their rela-
tionships based on pragma-

_ ~ _ _




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


Tel: (242) 356-7764

Tel: (242) 351-3010


Ocean residents

approached to sell-up

Tribune Business Editor
South Ocean Village home-
owners have all been
approached to see if they
are willing to sell their prop-
erties and real estate to
unknown buyers, The Tribune can
reveal, with a former Bahamas Real
Estate Association (BREA) president
backing the Government's decision to
review the $1.3 billion Albany Golf &
Beach Resort project.
Pat Strachan, saying he was speaking
as a concerned citizen and resident of
South Ocean Village Phase I, said rep-
resentatives for an unknown purchaser
had visited his house, met with his wife
"and expressed an interest in purchas-
ing the home from us".
Other South Ocean Village residents
had also been approached on the mys-
tery buyer's behalf, and Mr Strachan
said: "There have been individuals
going about the area where I live claim-
ing to be representing people who want

* Concerns expressed over Albany project's incentives

and impact on real estate prices, plus road re-routing

to purchase the homes where we live.
"I don't know who they're repre-
senting. What is the agenda of this
group? Where are we supposed to go
when they buy these homes?"
Mr Strachan added: "1 believe I
speak for the majority of residents in
this area. Why are these individuals
going round the area looking to buy
homes from the residents?
"No one can say to me what is hap-
pening in this area. I made some
inquiries. I was unable to get any
answers. I went to the Ministry of
Works, no one seems to know. I intend
to see my MP.
"Why haven't the people who live
in the area been informed, shown draw-
ings, sketches, the plans? Why haven't

residents been informed about where
the roads are going? There are wider
concerns, and they ought to be
answered by someone.
"If they want to buy all the homes,
where are we supposed to live? Why do
you want all the locals out? What is
your agenda?"
Mr Strachan said he had made no
effort to contract the potential pur-
chasers, as he was not interested in sell-
ing. There are about 50 lots and 25 res-
idences in South Ocean Village, and
some owners are thought to be willing
to sell if the price is right.
Albany executives denied that they
had anything to do with the offers to
purchase all the South Ocean Village
residences and real estates.

Separately, The Tribune has learnt
that the offers are likely to have origi-
nated with the developers of the pro-
posed $867 million South Ocean resort
project, which involves a five-star and
four-start hotel and other residential
options and amenities.
The developer, RHS Ventures, could
not be contacted for comment, though.
Such offers are relatively common-
place with real estate-related develop-
ments, as developers often offer a hefty
premium to existing property owners to
'clear the site', enabling them to earn a
profit and purchase a new home else-
Residents at South Ocean Village, if
they remain, are likely to find them-
selves in the middle of a construction

site for several years if the RHS Ven-
tures project goes ahead, and sur-
rounded by a new resort and 20-foot
high hedges when completed.
Emphasising that he had no difficul-
ty with foreign investment in the
Bahamas, Mr Strachan, who was once
understood to be seeking the FNM
nomination for St Thomas More,
backed the decision by Prime Minister
Hubert Ingraham to place the Albany
project 'on hold'.
Mr Strachan said there were con-
cerns about the road re-routing and
beach access for Bahamians that need-
ed to be addressed, adding: "Frankly, I

SEE page 6

Chub Cay resort

'sales going well'

Reciprocal trade deals to impact

$16m in exports sent to Canada

Tribune Business
THE developers behind
the multi- million resort
development on Chub Cay
yesterday said the project was
progressing well, although
several Bahamian contrac-
tors alleged that they have
not been paid for several
months for work done.
Maura Brassil, Chub Cay's
international vice-president
of sales and marketing, told
Tribune Business: "Sales are
going very well. In fact, we
have sold three homes and
three villas in the past 14
She added that this was a
major improvement for the
resort's real estate compo-
nent, as there had been a def-

Developer's spokesman
declines to comment on
claims contractors owed
money and resort's
possible sale

inite slowdown in that area
over the past 50 days. "But
they are back up to where
they should be," Ms Brassil
said of sales.
She said that to date, work
on the 110-slip marina has
been completed, eight homes
are completely finished and
17 more still under construc-
tion, the 20,000' square foot
club house is progressing and
the 250,000 gallon pool has
been completed.

SEE page 2

British American

outsources health

policies to Generali

from September 1

Tribune Business Editor
ALL British American Finan-
cial's group major medical insur-
ance policies will be transferred
to General Worldwide Insur-
ance Company from September
1, 2007, policyholders have been
A copy of a July 31, 2007, let-
ter sent to all British American
Financial's group major health
insurance policyholders con-
firmed that the policies previ-
ously issued by the company
"will be transferred to, and
underwritten by, Generali
Worldwide Insurance Compa-
"Please be advised that your
terms and benefits will be iden-
tical to those in your British
American policy, including your
contract renewal date."
Chester Cooper, British
American Financial's president
and chief executive, told The
Tribune late last night that he
had written a letter to all affect-
ed policyholders explaining
what was happening.
He confirmed that British
American had transferred about

15-17 staff from its health insur-
ance department to Generali,
which has set itself up in the old
Higgs & Johnson office on
Shirley Street.
Mr Cooper said: "We have
effectively transferred our staff
to General. It is our intention to
transfer the group medical poli-
cies and major medical policies
to them only by September 1.
"Our intention is to focus on
our core business, life insurance
and the investment portfolio."
Mr Cooper added that regu-
latory approval for the arrange-
ment by the Bahamian authori-
ties "is in hand".
The arrangement with Gen-
erali will see that company
assume the risk in the policies
transferred from Briish Ameri-
can, acting as the underwriting
carrier and dealing with all
claims administration, process-
ing and settlement.
In turn, British American will
act as an agent/broker for Gen-
erali, selling policies to clients
at the front end.
The Tribune first revealed the
deal between British American
and Generali in November

Tribune Business Editor
BAHAMIAN companies
must ensure they are operating
at maximum efficiency because
this nation will inevitably enter
into reciprocal trade agree-
ments, the minister of state for
finance warned, more than $16
million in exports to Canada the
latest goods to be impacted.
Zhivargo Laing said that with
the Government having agreed
to acede to full membership in
the World Trade Organisation
(WTO), the Bahamas would
enter into trade agreements pro-
viding two-way benefits, remov-



get cash from any bank machine
with Visa or VisaPlus logo

use anywhere you see the
Visa or VisaPlus logo

linked directly to your
Chequing or Savings account

ing protectionist barriers and
enabling foreign rivals to com-
pete on a "level playing field' in
the domestic market.
"As an isolated issue, compa-
nies ought to be mindful of the
external and internal climate in
which they find themselves," Mr
Laing said.
"From a competitiveness, sur-
vival and development point of
view. companies should ensure
they are functioning efficiently
in any give en environment.
"1 think it is necessary for
companies to be attentive to the
fact these reciprocal [trade]
arrangements are being called
for, and the Bahamas, in indi-

casting its willingness to acede to -t
the World Trade Organisation,
will itself have to enter these
Mr Laing added: "To that
extent, it means our trade
regime has to be compliant with
When it is accepted as a full
member of the WTO, the
Bahaimas will be signing up to a
rules-based trading system, the
likes of which it has never par-
ticipated in before.
Mr Laing said membership in
the W TO required the Bahamas

SEE page 8





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FKints "-'
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& earn FreedomPoints for travel & gifts!

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- II I I I

--- --- ---- ---



Port licensees

'looking to move

'1 vet6s in Tf lhie t"Q/7:rimn,

jutcll 322-1986 today!b'E




B .,- **.,

The Tribune

^/Wor I wm. lv

"Reporting for The Tribune is a
responsibility and privilege.We
respect and honour the people's
right to know everyday. I'm
proud to be a part of the leading
print median in The Bahamas.
The Tribune is my newspaper."


,/ To report the news, call our
News Tips Line at 502-2359.

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Tribune Business Editor
Grand Bahama Port
Authority (GBPA)
licensees are
"looking to move
forward quickly to a standard
policy" on the operation of
Freeport's bonded goods
regime, a leading businessman
told The Tribune, following a
first meeting on the issue with
the Ministry of Finance and
Bahamas Customs.
Christopher Lowe, the Grand
Bahama Chamber of Com-
merce's president, confirmed
that a first meeting between the
Government, GBPA and
Chamber had taken place just
before the Emancipation Week
holiday, as all parties attempt
to find an acceptable solution
to over-the-counter bonded
goods practices in Freeport.
"In an effort to continue the
dialogue with respect to the
bond, which started in Decem-
ber 2005 with the Port Author-
ity and Customs, a subsequent
meeting with respect to form-
ing a rational policy for the
bond going forward was held,"
Mr Lowe said.
"In that, of course, we have
the Hawksbill Creek Agree-
ment to work from, along with
various court rulings that should
be used to guide the practice
going forward."
He added: "It was a produc-
tive initial meeting, and we look
forward to subsequent meetings
in as short a timeframe as pos-
sible, so that we can properly
define the practice of the bond
to the satisfaction of all con-
"We're looking to earnestly
move forward quickly to a stan-

dard policy, standard practice
that any licensee upon qualifi-
cation can conform to."
When contacted by The Tri-
bune, Zhivargo Laing, minister
of state for finance, confirmed
that the GBPA, Grand Bahama
Chamber of Commerce and
Customs had met "to begin dis-
cussions about the way forward
in respect of bonded matters".
Among those attending the
meeting are understood to have
been Ehurd Cunningham, the
Ministry of Finance's secretary
of revenue, and Anthony
Adderley, deputy comptroller
of customs.
Mr Laing again reiterated
that the Government was
unlikely to appeal the ruling
won against Customs by the
Home Centre, the Freeport
Concrete subsidiary.
The ruling by Supreme Court
Justice Stephen Isaacs effec-
tively allows the Home Centre
to bring all the products it is
stocking at its West Atlantic
Drive store into Freeport duty-
free, without having to pre-pay
duty on goods before they are
Prior to the ruling, the Home
Centre and all other GBPA
licensees, such as Kelly's
(Freeport) Dolly Madison,
Bellevue Business Centre and
Bahamas Copier, had to pre-
pay customs duties on the por-
tion of imported inventory clas-
sified as non-bonded.
Therefore, Justice Isaacs'
judgement has major implica-
tions for the way in which Cus-
toms duties the Government's
main source of revenue are
collected in Freeport, as it opens

the way for all licensees to bring
in their inventory entirely bond-
ed, with no pre-payment of
The whole controversy sur-
rounding the payment of Cus-
toms duties in Freeport stems
from the fact that the Customs
Management 'Guide to the
Hawksbill Creek Agreement,
the very foundation on which
the Bahamas' second city was
built, has never been set in
statute itself.
As a result, all Port Authoti-
ty licensees have developed
their own methods for dealing
with bonded goods and the
issue of pre-paying and post-
paying duties to Customs.
Bonded inventory is tax-free
if sold to GBPA licensees for
use in their own businesses. On
post-paid items, the standard
practice that has evolved is for
licensees to go through with
Customs the items that were
sold upon which duty is payable,
and then submit the required
amount on a certain date each
Customs, though, has fre-
quently sought to clamp down
when it comes to bonded goods,
fearing the Government con-
ceded to much in the Hawks-
bill Creek Agreement and that
the bond is open to too much
abuse for example, inventory
brought in as bonded by via
Freeport and then sl ipped
directly to non-GBPA licensees
in Nassau, enabling businesses
to avoid duty payments.
Yet the courts have fre-
quently slapped Customs down
for exceeding its powers, or
exercising those it does not have
in an arbitrary fashion, when it
comes to Freeport and bonded

Investment decline slashed Benchmark

half-year EPS by 50 per cent

yesterday said an unrealised
$357,461 loss in its investment
portfolio, chiefly on the
Alliance Investment Manage-
ment side, had slashed its 2007

Ele~cfted BestLoca

Furniitney Sffve

half-year earnings per share
(EPS) by more than 50 per
cent from $0.16 in 2006 to
However, its second quarter
was a marked improvement
over 2006, with EPS standing
at $0.05 compared to zero for
the prior year. Net earnings for
the three months to June 30,
2007. stood at $287,905,
accounting for more than two-
thirds of the half-year profit of
Julian Brown, Benchmark's
president, said Alliance had a
strong first half performance,
seeing its revenue and net
operating earnings increase by
36 per cent and 32 per cent
Investment income, broker-
age commissions and advisory
fees led revenue growth, as
trading activity was strong dur-
ing the period.
Mr Brown said that opera-
tionally, the quarter and half-
year results continued to signal
strong revenue growth as net
operating profits for the quar-
ter was $473,711 and $596,645
The net profit for the half
year dropped to B$96,222,
while growth of assets under

management in Alliance rose
by 20 per cent from year-end
2006. Benchmark also con-
tributed a net income of
B$552,419, with a strong per-
formance from its investment
portfolio producing net move-
ment in unrealisied apprecia-
tion of investments of
B$476,291. Benchmark Advi-
sors contributed net income
for the period of $13,803
"Closing on the purchase of
the Carmichael Road property
is completed," Mr Brown
"We will aggressively move
forward to have this project
underway by the first quarter
2008. This is a major milestone
in the evolution of our compa-
ny, and I believe the most sig-
nificant event since our initial
public offering. Once this pro-
ject is completed and fully
occupied, it has the potential of
producing consistent pre-
dictable earnings and cash flow
for the Benchmark Group.
The company said net assets
for Benchmark as at June 30,
2007, stood at $6.073 million,
with book value being $1.22
per share up two cents year-
over-year and seven cents from
year-end 2006.

CHUB CAY, from 1

While Ms Brassil admitted that in some areas work may have
gone slower than the developers had hoped, she said that given the
scope of the project things are progressing well.
"It is a huge building and it is being done correctly," she point-
ed out.
Ms Brassil added that in the initial building process, work was
done at a rapid pace.
"We had more than 400 employees working. We were serving
1500 meals a day and they were working very fast. So now that that
pace has slowed, it looks like we have stopped work, but that is real-
ly not the case."
Ms Brassil said she was not in a position to comment on the
reports that the resort was experiencing financial difficulties, such
as owing hundreds of thousands of dollars in duties to govern-
ment and in fees to subcontractors.
However, contractor spoken to by The Tribune on condition of
anonymity. due to fear of reprisals, confirmed they had not been
paid for several months for work done on Chub Cay.
Ms Brassil said that she could also not comment on reports of a
possible sale of the resort to Island Global Yachting (IGY).
She said that the best person to answer questions in that regard
would be Walt McCory, one of the three investors in the project,
who this week is on vacation.



forward quick

standard bond



Vhe MRiami Heralb WEDNESDAY, AUGUST 8,2007


DOW 30 13,504.30 +35.52 A
S&P 500 1,476.71 +9.04 A
NASDAQ 2,561.60 +14.27
10-YR NOTE 4.76 +.02 A
CRUDE OIL 72.42 +.36 A



on Fed


Associated Press
Wall Street overcame disap-
pointment in the Federal
Reserve's failure to move
toward an easing of interest
rates Tuesday, and stocks made
a late-day surge as the decision
was seen as a sign the economy
wasn't threatened by turmoil in
the credit markets.
Investors were at first deeply
disappointed that policymakers,
who kept benchmark rates on
hold at 5.25 percent, did not pro-
vide any hints about a possible
cut. But, after digesting the pol-
icy statement, they quickly
gained solace the economy is
likely to withstand troubles in
the mortgage industry.
The Dow Jones industrials
rose into positive territory from
a 121 point deficit right after the
decision was announced.
The Dow gained 35.52, or
0.26 percent, to 13,504.30. The
blue chip index had risen as
much as 102 points after the
decision; it is the first time since
July 30 that it hasn't closed with
a triple-digit gain or loss.
The Standard & Poor's 500
index rose 9.04, or 0.62 percent,
to 1,476.71, while the Nasdaq
composite index rose 14.27, or
0.56 percent, to 2,561.60. The
Russell 2000 index of smaller
companies fell 7.22, or 0.94 per-
cent, to 773.6L
In recent weeks, the major
stock market indexes have
traded erratically, with the Dow
routinely showing triple-digit
swings. The frenetic trading fol-
lows the stock market's high
seen July 19, when the Dow
closed above 14,000 for the first
time and the S&P 500 index also
saw a record finish.
Treasury bonds fell as inves-
tors moved back into stocks,
with the yield on the 10-year
note falling to 4.77 percent from
late Monday's 4.74 percent.
Investors had been moving into
safer investments, like Treasur-
ies, to avoid volatility in major
market indexes.
The dollar was mixed against
other major currencies, while
gold prices fell.
Light, sweet crude oil for
September delivery rose
36 cents to settle at $72.42 a bar-
rel on the New York Mercantile
Exchange. A week ago, crude
closed at a record $78.21 a bar-
Wall Street also was pleased
by a Labor Department report
that indicated productivity of
U.S. workers increased last
quarter as the economy
rebounded, and labor costs
began to retreat. Productivity
more than doubled from the
first quarter.
Labor costs rose during the
period at a 21 percent pace, and
surpassed Wall Street projec-
tions. It was the second-straight
quarter in which wage pres-
sures have cooled, which could
help assuage some of the Fed's
concerns about inflation.
Advancing issues outpaced
decliners 3-to-2 on the New
York Stock Exchange, where
consolidated volume came to
4.71 billion shares, up from a
very heavy 5.09 billion Monday.
Overseas, European markets
rose higher following Monday's
U.S. advance.
London's FTSE 100 closed up
1.93 percent, Germany's DAX
index rose 0.93 percent, while
France's CAC-40 rose 1.58 per-
cent. Japan's Nikkei stock aver-
age closed up 0.04 percent.



Associated Press
WASHINGTON Like many battles,
this one's being fought block by block. Vic-
tory, for whoever prevails, will be sweet. Or
bitter or even bittersweet.
It all depends on how you like your
At stake is the very definition of choco-
late, and whether cheaper vegetable oils can
be substituted for what many consider the
very quintessence of every block, bar and
square of chocolate: cocoa butter.
In Europe, the cocoa butter vs. vegetable
oil fight took 30 years to resolve. In the
United States, it's been less than a year since
the first volley. Hundreds of chocoholics
have joined the fray, the outcome of which
could in turn affect the livelihoods of mil-
lions of cocoa farmers in Africa and South
It all began in October, when a dozen
industry groups filed a petition with the
Food and Drug Administration seeking to
amend the standards that guide how nearly
300 foods can be produced, from canned
cherries to evaporated milk.
Broadly speaking, the so-called standards
of identity are meant to ensure listed prod-
ucts contain the right amount of key ingre-
dients and are both properly made and not
deceptively packaged. For example, choco-
late in its purest state the "liquor" made
from ground, processed cacao beans must
contain between 50 percent and 60 percent
cocoa butter, also known as cocoa fat.
The Grocery Manufacturers Association,
Chocolate Manufacturers Association and
10 other food industry groups want more
flexibility in those rigid standards. They
seek broad permission to add ingredients,
use different techniques, employ new
shapes and substitute ingredients some-
thing the standards currently don't allow.
The petitioners say it's all about modern-
izing antiquated standards that now can take
years to change.
"If you're trying to innovate, the process
is not amenable to introducing change in a
reasonable amount of time. It's not effi-
cient," said Regina Hildwine, the Grocery
Manufacturers Association's senior director
of food labeling and standards.
Opponents of the change say it's out of
step with the times.
"It's a real philosophical thing, just about
the foods we eat. There is such a focus on
people's wanting to know what's in the
foods they eat, how they're grown, where
they come from this seems to fly against
the direction of the way things are moving,"
said Gary Guittard, the president of Califor-
nia's Guittard Chocolate Co. and a leader of
the opposition.
The broadly written petition skimps on
the details but includes an appendix that
lists examples of proposed changes. What

has people riled up the most is a proposal
that would let manufacturers "use a vegeta-
ble fat in place of another vegetable fat
named in the standard (e.g. cacao fat)."
Manufacturers already can use vegetable
fats instead of cocoa butter they just can't
call it "chocolate." Hundreds of people have"
filed comments with the FDA, with the over-
whelming majority seeking to keep it that
way, according to an AP review of the file.
"To me, it's a delicacy. I don't eat it every
day I don't want the calories. But when I
do enjoy it, I do want real chocolate. I don't
want any change in flavor by cheapening the
product," said one opponent, Avanele Bush,
83, a Malibu, Calif., resident who counts
chocolates made by See's Candies and Ghir-
ardelli Chocolate among her favorites.
"It is a passionate debate. You don't get
that about yogurt. People feel very protec-
tive about their chocolate," said Beth Kim-
merle, author of Chocolate: The Sweet His-
The FDA has yet to analyze the petition
"Greater flexibility is one of the goals of
our modernization. However, we always
have to look at whether it results in a food
that retains the basic nature of the food,
retain the essential character of the food and
is something that consumers expect. So that
would be very difficult to do in a very short
time," said Geraldine June, a supervisor in
the regulations and review team of the agen-
cy's food labeling and standards staff.
For centuries, if not millennia, chocolate
has been made from the cacao bean, with
cocoa butter an essential ingredient. That
ingredient is the essence of the taste, texture
and "mouth feel" of chocolate, according to
Jay King, president of the Retail Confection-
ers International, an industry group.
Cacao is grown around the globe, within
a narrow band that straddles the equator. As
many as 50 million people depend upon
cocoa for their livelihood, according to the
World Cocoa Foundation.
Allowing chocolate in the U.S. to be made
with vegetable oils could have an "extraordi-
nary and unfortunate impact" on those mil-
lions, Steven J. Laning, an executive with
Archer Daniels Midland Co.'s cocoa divi-
sion, wrote the FDA.
But the shift would make chocolate
cheaper to produce, since cocoa butter can
be four or more times the cost of shea, palm
oil and other vegetable fats.
"If you're able to replace cocoa butter
with another fat, even at the 5 percent level,
you're saving lots and lots of money, espe-
cially if you are a major manufacturer of
chocolate bars," said Bernard Pacyniak, edi-
tor in chief of Candy Industry magazine.
Hildwine said those savings could be
passed along to consumers. But Guittard and
others question that and said any change
would debase the very nature of chocolate.



rate left


at 5.35%
Associated Press
WASHINGTON Wall Street turbulence, Main
Street credit problems and a nationwide housing
slump pose increasing risks to the economy, the Fed-
eral Reserve said Tuesday, even as it left interest
rates unchanged.
Although Federal Reserve Chairman Ben Bernanke
and his central bank colleagues acknowledged chal-
lenges that have intensified since their last meeting in
late June, they nonetheless expressed hope that the
economy will safely make its way.
The policymakers also clung to their belief that the
biggest potential danger to the economy is that infla-
tion won't recede as they anticipate.
Against these economic crosscurrents, the Fed left
an important interest rate at 5.25 percent on Tuesday.
In turn, commercial banks' prime interest rate for cer-
tain credit cards, home equity lines of credit and
other loans would stay at 8.25 percent.
The central bank's key rate hasn't budged for more
than a year. Before that, the Fed had raised rates for
two years to fend off inflation.
The Fed policymakers didn't signal that a rate cut
- as An insurance policy against undue economic
weakness would be imminent. Analysts believe the
Fed probably will leave rates alone at its next meeting
on Sept. 18. But economists and investors think the
odds are growing that the Fed might lower rates by
the end of this year, if the economy shows signs of
faltering and if inflation isn't worrisome.
"Financial markets have been volatile in recent
weeks, credit conditions have become tighter for
some households and businesses and the housing cor-
rection is ongoing," the Fed said. "Downside risks to
growth have increased somewhat," it added.
Even so, policymakers stuck to a forecast that the
economy is likely to expand at a moderate pace in
coming quarters. They also said they expected "solid
growth in employment and incomes" vital ingredi-
ents to the country's economic health.
The Fed was faced with a delicate dance, analysts
said. To maintain credibility, it needed to acknowl-
edge recent market gyrations, fears about a worsening
housing slump and worries about a spreading and
painful credit crunch. At the same time, it needed to
send a comforting message but not be viewed as
overly optimistic or pessimistic.
"They acknowledged and rightly so, the elephant
in the room problems in the credit market. But they
didn't feed it any peanuts by cutting rates," said Stuart
Hoffman, chief economist at PNC Financial Services

DESKTOP: Consumers check out the new iMac
after Apple CEO Steve Jobs introduced new
versions in Cupertino, Calif., on Tuesday.

New iMacs sport

aluminum, glass

Bloomberg News
Apple Chief Executive Officer Steve Jobs intro-
duced three thinner versions of the iMac desktop that
may push computer sales to a record during the back-
to-school shopping season.
"The iMac has been really successful for us -
we'd like to make it even better," Jobs said Tuesday at
an event at Apple's headquarters in Cupertino, Cali-
fornia. The two 20-inch models and the 24-inch ver-
sion are made of aluminum and glass, which is easier
to recycle, he said.
- Updated iMacs should spur educational orders and
push Mac shipments to a record 1.9 million or more
units this quarter, Piper Jaffray & Co. analyst Gene
Munster said. The Mac, Apple's biggest moneymaker,
accounts for almost half of sales.
"It's a very sleek-looking design," said Romeo
Dator, a San Antonio-based portfolio manager at U.S.
Global Investors, which has about $4.5 billion under
management including Apple shares. "It's cheaper,
has more power and is better looking."
The 24-inch version costs $1,799, $200 less than its
predecessor. At about one-inch thick, the 20-inch
($1,119) and 24-inch iMacs are about a half-inch thin-
ner than prior models, Apple said.
Apple shares fell 22 cents to $135.03 at 4 p.m. New
York time in trading on the Nasdaq Stock Market.
They have gained 59 percent this year.

I I r I'c---L1 IIIII~P~~hF~fjg~;~eF~i~n~pl~ I 1

MiamiHerald.com I THE MIAMI HERALD


S&P5 +.0 NASDAQ 6, DOW +35.52 30-YR T-BONDS CRUDE OIL 3 6-MO T-BILLS A +02 EURO -.0035 GOLD -.90
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Money Markets

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1,400 S&P 500 2,400 Nasdaq composite
Close: 1,476.71 Close: 2,561.60



Vol. (in mil.) 421 2,677
Pvs. Volume 795 2,706
Advanced 1912 1745
Declined 1417 1320
New Highs 48 76
New L6ws 296 256

Name Last Chg
ABB Ltd 23.40 -.18
ABN Amro 48.95 -.43
ACE Ltd 59.67 +1.20
AES Corp 18.33 -.04
AFLAC 55.80 +.49
ASMI.HId 29.24 -.10
AT&T Inc 40.46 +.20
AU Optron 15.99 -.20
AXA 40.15 +.67
AbtLab 54.30 +1.18
AberFitc 72.22 +2.20
Accenture 41.96 +.25
AdebeSy 39.42 +.04
AMD 12.63 -.14
Advantst rs 37.27 -.33
Aegon 18.05
Aetna 49.56 -.42
Agilent 38.30 -.01
Ahold 12.46 +.11
AFrance 46.06 +.77
AirProd 89.00 +2.51
Akzo 80.37 -2.27
Alcan 96.14 -.01
AlcatelLuc 11.26 -.07
Alcoa 36.61 +.94
Alcon 139.72 +1.90
AlIgEngy 55.68 +1.46
AllegTch 101.74 -.17
Allergan s 64.84 -1.15
AlliData 76.04 -.41
AlliBem 85.88 -.27
Allianz 21.86 +.02
Aldlrish 54.40 +.53
Allstate 54.27
Alltel 67.50 +.15
AlteraCp If 23.95 +.50
Altria s 69.22 +.24
Alumina 22.96 -.26
AlChinas 43.40 +.04
AmBevC 67.25 +.59
AmBev 67.04 +1.31
Amazon 79.14 +.14
AmbacF 67.00 +2.68
Amdocs 35.69 +1.07
Ameren 49.89 +1.42
AMovilL 59.53 +1.15
AMovilA 59.50 +1.57
AmCapStr 41.44 +1.16
AEP 47.74 +1.43
AmExp 60.43 +.20
AmIntGp If 65.55 +.99
AmStand s 38.09 +.15
AmTower 41.00 +.81
Ameriprise 58.71 +1.09
AmeriBrg 45.74 -1.93
Amgen 51.39 -.38
Amphenol s 34.57 +.18
Amylin 50.64 +1.24
Anadarko 50.47 +.01
AnalogDev 36.73 +.08
AngloAm .28.85 +1.11
AnglogldA 38.69 -.43
Anheusr 50.08 +.07
Aon Corp 42.82 +.18
Apache 79.69 +1.29
ApolloGrp 62.88 +1.76
Apple Inc 135.03 -.22
ApplBio 32.54 +.02
ApIdMatl 22.61 -.24
ArcelorMit 63.15 -.39
ArchDan 34.67 +.15
ArchstnSm 57.25 +.34
Assurant 51.01 +2.31
AstraZen 50.57 -1.03
Autodesk 42.91 +1.45
AutoData 48.45 +.41
AutoZone 123.74 -.63
AvalonBay 116.34 +4.66
Avaya 16.70 -.13
AveryD 60.19 -.09
Avon 34.12 -.81
BASF 129.86 -1.13
BB&TCp 39.81 +.42
BCE g 37.09 -.17
BG Grp 80.01 +.96
BHP BillLt 61.84 +.32
BHPBil plc 56.60 +.44
BJ Svcs 25.16 +.49
BMC Sft 29.75 +1.96
BP PLC 68.02 +.48
BT Grp 64.74 +.39
BakrHu 79.48 +3.08
BanColum 36.34 +.53
BcBilVArg 24.51 -.27
BcBrades s 26.10 +.34
Bncoltau 43.80 -1.34
BcoSnCH 18.94 -.01
BcSanChile 46.62 -.51
BkofAm 48.67 +.51
Bklrelnd 78.84 +.04
BkMont g 61.89 -1.03
BkNYMel 44.45 +1.08
BkNovag 46.35 -.33
Barclay 56.58 -.12
Bard 79.62 -.18
BarrickG 33.67 +.34
Baxter 53.44 -.53
BayerAG 71.00 -1.90
BearSt 116.89 +3.08
BectDck 77.60 +.28
BedBathi 35.14 +.06
BerkHaA 112690 +690
BerkH B 3692 +22
BestBuy 44.90 +.48
Biogenldc 58.28 +1.54
Biomet 45.51 -.01
BlackRock 158.07 +1.77
BIEnhGvIn 17.86 -.21
BIkFItRtInc 16.99 +.19
BlockHR 19.94 +.28
Boeing 103.22 -1.12
BostProp 99.40 -.13

Name Last Chg
EasternPlat 2.49 +.04
RevettMnrlso 1.20 -.05
BankersPeteo .41 -.12
TalismanEgy 18.00 -.60
AurResources 40.01 -.24
TORRCdao .69 +.04
StarfldReso 1.36 -.09
LundinMng 12.92 +.01

Change: +9.4 (+U.b6%o)

DOW 13608.11 13347.17 13504.30 +35.52 +0.26% A A A +8.35%
DOW Trans. 5040.56 4925.05 5007.37 +42.28 +0.85% V V A +9.81%
DOW Util. 506.42 487.99 503.19 +9.87 +2.00% A A A +10.16%
NYSE Comp. 9670.88 9476.95 9606.07 +52.30 +0.55% A V A +5.11%
NASDAQ 2577.81 2523.44 2561.60 +14.27 +0.56% A V A +6.06%
S&P 500 1488.30 1455.80 1476.71 +9.04 +0.62% A V A +4.12%
S&P 400 862.27 845.13 858.46 +6.68 +0.78% A V A +6.72%
Russell 2000 778.34 758.47 774.13 +7.74 +1.01% V V V -1.72%
Wilshire 5000 14928.88 14613.56 14823.49 +100.37 +0.68% A V A +3.97%

Name Last Chg
BostonSci 12.93 +.02
BrMySq 28.92 +.40
BritATob 66.29 -.11
BritSky 53.53 -.14
Broadcom 32.76 -.68
BrkfldAsgs 34.69 +1.55
BrkfldPr s 24.05 +.51
BungeLt 91.94 -.78
BurINSF 81.25 +.57
CA Inc 25.80 -.02
CB REllis 31.77 -.33
CBS B 32.11 +.06
CDW Corp 84.42 +.34
CGG Verit 49.38 -.86
CH Robins 49.50 +.36
CIGNA s 47.98 -.82
CIT Gp 33.60 -.78
CME Grp 579.00 +4.78
CNA Fn 39.57 -1.81
CNH Gbl 52.16 -.02
CNOOC 112.85 +.75
CPFL En 57.90 +2.26
CRH 44.83 -.19
CSX s 46.38 +.31
CVS Care 38.11 +.82
CablvsnNY 33.72 +.32
CadbyS 46.62 +.15
Cameco gs 38.17 -.61
Cameron 79.68 +2.01
CampSp 37.53 -.44
CIBC g 86.13 -.67
CdnNRy g 52.83 +1.59
CdnNRs g 66.41 +.31
CP Rwy g 73.62 +1.46
Canon s 53.72 -.08
CapOne 70.61 +.36
CardnlHIth 68.43 -.08
Carnival 45.58 +1.14
CarnUK 44.73 +1.23
CarolinaGp 76.74 +1.13
Caterpillar 80.44 -.56
Celgene 60.98 -.03
Cemex 32.28 +1.05
Cemig pf s 19.80 +.01
ChesEng 35.58 -.16
Chevron 83.18 +1.16
ChinaLfe s 58.50 -1.85
ChinaMble 55.14 -.29
ChinaNet 49.39 -.09
ChinaPet 100.14 +.08
ChinaTel 53.34 -.47
ChinaUni 16.02 -.31
Chubb 50.67 -.71
ChungTel 16.49 +.04
CinnFin 39.81 -.05
Cintas 37.89 +.48
Cisco 29.69 +.19
Citigrp 48.59 +.24
CitrixSy If 36.66 -.01
ClearChan 36.79 +.01
ClearCh 25.82 -.23
Clorox 59.23 +.27
Coach 48.55 +1.82
CocaCE 23.17 +.24
CCFemsa 40.65 -1.34
CCHellen 45.03 +.29
CocaCI 54.46 +.23
CogTech 85.03 +1.20
ColgPal 68.81 +.96
Comcast s 25.88 -.04
Comc sp s 25.78 +.05
Comerica 54.31 +.48
CmcBNJ 35.07
.CVRD 47.24 +.69
CVRD pf 40.91 +.87
CompsBc 69.59 -.43
CompSci 53.63 -.31
ConAgra 26.45 -.13
ConocPhil 79.98 +1.03
ConsolEngy 40.23 +1.49
ConEd 47.19 +1.46
ConstellEn 86.89 +1.89
Coopers 50.21 -1.26
Corning 23.18 -.18
Costco 64.39 +1.46
CntwdFn 27.35 +.60
CoventryH 56.13 -1.29
Covidien n 41.77 +.24
Credicp 66.38 +.68
CredSuiss 70.25 +1.81
CrwnCstle 37.44 +.55
Cummins s 124.69 -.13
DJIA Diam 135.05 +.85
DTE 49.15 +.72
DaimlrC 88.26 -1.79
Danaher 79.62 +.98
Darden 44.33 -.38
Dassault 59.71 +.02
DaVita 57.64 +.02
Deere 123.79 +3.89
Delhaize 91.79 +1.63
Dell Inc If 27.22 -.17
DeutschBk 140.70 +2.62
DeutTel 17.71 +.12
DevDv 49.07 +.12
DevonE 78.46 +1.28
Diageo 82.37 +.36
DiaOffs 96.08 +1.53
DirecTV 20.96 -.35
Discover n 22.88 +.73
DiscHoldA 24.38 +.48
Disney 34.55 +.25
DomRes 89.25 +2.29
DonlleyRR 38.35 -.53
Dover 51.31 -.64
DowChm 43.06 +.02
DuPont 47.40 -.24
DukeEgys 18.86 +.96
DunBrad 101.66 +2.38
ETrade 16.61 +.42
E.ON AG 53.89 -.25
eBay 35.89 +1.27

Name Last Chg
ISharesCDN60 78.38 -.30
EqnoxMnrlso 3.83 -.12
ThompsonCreekl9.25 -.36
NorOriono 5.26 -.14
Sherrittlntl 15.79 +.02
Bk NS 48.92 +.64
BombdrBSV 6.01 +.02
DenisonMines 9.86 -.52

Name Last Chg
EMC Cp 18.15 -.34
ENI 69.66 +1.15
EOG Res 71.99 +1.47
EKodak 26.75 +.24
Eaton 95.19 -2.19
EchoStar 39.63 -1.08
Ecolab 42.65 +.02
Edisonint 56.30 +.21
Edwards 81.47 +.21
ElPasoCp 17.07 +.24
Elan 19.19 +.51
ElectArts 54.18 +1.34
EDS 23.56 -.16
Embarq 59.90 +1.86
EmersnEl s 48.42 +.31
EEIChile 43.30 +.72
Enbridge 34.01 -.27
EnCana 59.99 +.24
Endesa 54.76 -.30
Enel 51.49 -.12
EngyTEq 36.32 +.17
EngyTsfr 52.33 +5.08
Enersis 17.53 +.20
EnhEqYP 17.77 -.11
ENSCO 57.80 +.51
Entergy 104.41 +.80
*EntPrPt 29.55 +1.55
EqtRes 51.12 +1.79
EqtyRsd 40.15 +.15
EricsnTI 37.93 -.15
EsteeLdr 44.48 -.49
EverestRe 99.68 +.46
lExelon 74.56 +.29
Expedia 27.85 +.27
Expdinti 49.66 +2.67
ExpScrip s 53.14 +1.42
ExxonMbl 85.70 +2.16
,FMC Tch 92.18 +2.36
IFPL Grp 62.92 +2.18
IFannieM If 64.43 +1.93
Fastenal 48.42 +1.07
FedExCp 111.31 +.48
Fiat 27.37 -1.00
FidNInfo 49.81 -.08
FifthThird 39.53 +.71
FirstData s 31.73 -.26
FstSolar n 105.32 +7.12
FTSpcFn n 16.83 +.73
FirstEngy 64.54 +1.88
Fiserv 47.57 -.66
Flextrn 11.13 +.10
Fluor 116.83 +.28
FEMSA s 35.20 +.46
FordM 8.30 +.11
ForestLab 37.89 -1.41
FortuneBr 89.30 +1.40
FosterWh 106.24 +3.04
FranceTel 28.55 +.11
FrankRes 125.72 -.40
FredMac 61.64 +1.64
FMCG 87.78 +2.31
FresenM 50.24 -.06
Fujifilm 44.36 +.12
GameStops 42.76 +2.16
Gannett 49.28 -.51
Gap 16.03 +.02
Garmin s 100.33 +3.51
Genentch 73.92 -.24
GenDynam 78.24 -1.67
GenElec 39.48 +.38
GnGrthPrp ,48.57 +.25
GenMills 57.39 -.05
GnMotr 33.48 +1.03
GenuPrt 49.09 +.17
Genworth 28.06 +.17
Genzyme 64.22 -1.47
Gerdau 25.29 +.50
GileadSci s 37.86 -.29
GlaxoSKIn 52.48 +.19
GlobalSFe 66.70 +1.38
GoldFLtd 15.23 -.03
Goldcrp g 24.73 +.26
GoldmanS 191.25 +3.46
Goodrich 63.55 -.24
Google 516.02 +6.02
Graingr 86.85 +.14
GrantPrde 53.39 +2.2&
GpTelevisa 25.75 +.37
HDFC Bk 85.50 +.28
HSBC 92.98 +.04
Hallibrtn 34.69 +.39
Hanson 110.45 -.65
HarleyD 56.62 -.10
Harman 115.99 +.39
HarrahE 84.14 +.14
HavrisCorp 55.96 +.83
HartfdFn 91.98 +.08
Heinz 43.86 -.13
HelinTel 15.70 +.20
Hershey 47.02 +.38
Hertz n 22.00 -.19
Hess 57.28 +1.65
HewlettP 48.48 +.02
Hilton 44.45 +.06
Hitachi 71.57 -.62
HomeDp '36.40 -.49
Honda 35.29 +.20
HonwIllIntI 58.87 -.08
Hospira 39.01 -.24
HostHotis 22.38 +.19
HuanPwr 42.13 -.82
HudsCity 13.24
Humana 65.46 +.20
IAC Inter 26.71 -.09
ICICI Bk 42.11 -1.42
IMS HIth 31.06 +1.57
ING 41.83 -.15
iShEMU nya 115.16 +.09
iShJapan 14.23 -.03
iShMalasia 11.15 -.09
iShDJDv 69.27 1 73
iShSP500 147.88 +1.51

Name Last Chg Name Last Chg
iShEmMkt 131.00 +.97 NYMEX 127.76 +6.30
iSh EAFE 78.98 +.27 NYSE Eur 74.12 +2.97
iSR1KV nya 83.84 +.84 Nabors 28.84 +.75
iSR1KG nya 59.12 +.53 NBkGreece 11.85 -.10
iShR2K nya 77.20 +1.17 NatiCity 28.44 -.20
iShMSCIV 76.46 +.69 NatGrid 74.89 +1.25
ITT Corp 66.73 +.73 NOilVarco 117.38 +6.99
ITW 54.88 -.34 NatSemi 25.30 -.06
ImpOil gs 43.90 +.25 Navteq 64.64 -.10
ImpTob 87.40 -.40 NetwkAp 24.63 +1.45
IndoTel 46.35 +1.52 NewellRub 27.12 +.70
Infineon 15.35 -.40 NewfldExp 47.23 +.10
InfosysT 48.53 +.29 NewmtM 40.93 +.27
IngerRd 50.96 -.74 NewsCpA 20.62 -.32
Intel 24.13 NewsCpB 22.34 -.22
IntcntlEx 156.85 +3.27 Nexen.g s 29.49 -.63
IntCtlHtl 22.45 -.10 Nidec 16.41 -.39
IBM 113.53 -.36 NikeB wi 58.06 +.59
IntlGame 34.58 +.28 NippnTT 21.64 +.04
IntPap 34.73 +.23 Nissan 20.65 -.35
Intuit 29.61 -.65 NobleCorp 100.09 +2.58
IntSurg 210.25 +1.72 NobleEn 61.37 +.39
Invesco 24.81 +.09 NokiaCp 29.76 -.41
JPMorgCh 45.34 +.23 Nomura 18.23 +.02
JacobsE s 64.10 +2.41 Nordstrm 48.69 +.95
JohnJn 62.08 -.22 NorflkSo 50.14. -.15
JohnsnCtl 117.16 +1.10 Norsk 37.31 +.80
JnprNtwk 33.36 -.10 Nortel Ifrs 18.86 +.48
KLA Tnc 57.42 +.18 NorTrst 65.81 +.53
KPN 15.36 -.08 NorthropG 77.93 -1.48
KT Corp 22.83 +.06 Novartis 54.97 +.16
Kellogg 54.53 -.24 NovoNdk 114.95 +.01
Keycorp 36.32 +.65 Nucor 53.60 +.15
KeySpan 41.90 -.10 Nvidia 43.58 +.68
KimbClk 69.76 +.27 OcciPet s 55.35 +1.06
Kimco 38.66 -.06 OffcDpt 23.56 -.20
KindME 49.97 +.97 Omnicm s 54.84 +.56
Kinross g 12.75 +.18 Oracle 19.68 -.40
Kohls 60.54 +.23 Orix 118.34 -1.80
Kookmin 81.32 -.23 OwensIll 39.50 -.50
KoreaE!c 22.74 +.24 PG&E Cp 46.36 +1.20
Kraft 32.57 -.13 PNC 68.57 +.27
Kroger 26.25 -.21 POSCO 139.79 +2.44
Kubota 43.18 +.32 PPG 77.66 -.40
Kyocera 94.98 -1.02 PPL Corp 51.52 +1.49
L-3 Com 101.60 +1.68 Paccars 82.80 -1.00
LG Philips 23.42 -.38 ParkHan 99.43 -2.01
LabCp 78.07 -.79 Paychex 45.35 +.48
LafargeSA 41.95 +.70 PeabdyE 42.08 +1.67
LamRsch 57.59 +.12 Pearson 16.53 +.01
LVSands 102.31 +3.29 PennWstg 29.60 -.27
LeggMason 87.11 -.49 Penney 68.99 -.54
LehmanBr 60.71 +2.44 PepsiBott 36.02 +1.43
LeucNati 44.30 +2.95 PepsiCo 69.16 +.65
Level3 4.96 -.10 PetroC g 51.23 +.32
LibGlobA 43.49 +.66 PetChina 136.72 -.19
LibGlobB 43.52 +.75 PetrbrsAs 53.49 -.05
LibGlobC 41.08 +.21 Petrobrs s 62.55 +.04
LibtyMIntA 20.20 -.13 Pfizer 24.35 +.24
LibtMCapA 111.70 -.39 PhilLD 59.61 +1.98
LillyEli 56.52 +.30 PhilipsEIl 39.70 +.12
Limited 24.19 +.76 PitnyBw 46.70 +.13
LincNat 60.51 +.54 PlainsAA 59.66 +2.16
LinearTch 35.47 +.11 PlumCrk 40.51 +.92
LloydTSB 46.33 +.24 Polo RL 92.78 +3.63
LockhdM 98.26 -2.59 PortglTel 14.06 -.08
Loews 45.69 -.52 Potash s 87.62 +3.21
Lowes 27.92 -.12 PwSMidG 22.82 +.42
Luxottica 35.69 -.27 PwShs QQQ 48.31 +.34
Lyondell 44.27 -.33 Praxair 78.83 +1.12
M&T Bk 106.27 -.66 PrecCastpt 138.65 +.61
MBIA 58.80 +2.60 PriceTR 54.45 +1.97
MEMC 58.71 -.09 PrinFncl 55.24 -.99
MGMMir 77.80 +3.30 ProctGam 65.23 +.23
Macys 34.60 -.29 ProgrssEn 46.49 +1.35
Magnal g 80.53 -.72 ProgsvCp 21.54 -.14
Makita 44.08 -2.00 ProLogis 59.25 +.36
Manpwl 73.00 -.34 Prudentl 86.53 -.43
Manulif gs 37.61 +.17 Prud UK 28.91 +.24
Marathons 52.40 +3.16 PSEG 89.27 +2.79
MarlntA 42.58 +.24 PubStrg 73.71 +.31
MarshM 26.11 -1.54 Publicis 43.51 -.20
Marshals 43.39 +1.00 Qualcom 40.50 -1.28
Marvellr 17.09 +.08 QstDiag 56.61 +.29
Masco 27.75 +.24 Questar s 49.33 +.45
MasterCrd 144.27 +6.65 QwestCm 8.29 -.13
Matsush 17.80 Raytheon 59.33 -.56
Mattel 23.43 -.21 ReedElsNV 36.03 -.27
Maxim hlf 31.13 -.34 ReedEls plc 48.91 -.13
McDermlnt 87.53 +3.51 RegionsFn 31.08 +.44
McDnlds 49.73 +.27 ReliantEn 28.05 +.12
McGrwH 57.27 +.17 Repsol 38.32 +.57
McKesson 59.98 -1.68 RschMotn 222.22 +3.91
MeadWvco 32.57 +.71 ReutrGrp 75.40 -.10
MedcoHlth 85.17 +2.14 ReynAm s 64.87 +.41
Medtrnic 53.72 +.41 RioTinto 268.33 +5.08
Merck 51.63 +.28 RockwlAut 70.67 -.63
MerrillLyn 75.19 +.64 RockColl 69.49 -.80
MetLife 64.46 +1.01 RogCm gs 43.24 -.56
Metso 63.75 +.55 RoHaas 57.48 -.99
Microchp 37.44 +.68 Rostele lf 57.88 +.68
MicronT 11.59 -.04 RoyalBk g 51.34 -.61
Microsoft 29.55 +.01 RylCarb 39.57 +1.85
Millicomlnt 80.88 +1.39 RoyDShllB 77.62 +1.02
Mirant 39.63 +1.17 RoyDShllA 76.57 +.64
MitsuUFJ 9.85 -.04 Ryanair s 41.98 +.59
Mitsui 419.83 -26.39 SAP AG 54.76 -.52
MizuhoF n 11.68 -.29 SK TIcm 28.29 -1.04
MobileTel 63.70 +.97 SLGreen 115.90 -2.47
Mohawk 88.28 +2.28 SLM Cp 49.68 +.47
MolsCoorsB 90.99 -1.18 STMicro 16.96 -.26
Monsanto 65.68 +1.77 Safeco 59.04 -.17
Moodys 55.87 +1.74 Safeway 33.05 -.23
MorgStan 64.33 +.30 StJude 47.30 +.48
Mosaic If 40.60 +1.85 SanDisk 53.56 -.22
Motorola 16.46 -.07 Sanofi 41.86 +.24
MurphO 59.51 +.40 Santos 43.72 +.50
NCR Cp 51.11 -.25 SaraLee 16.28 +.12
NEC 4.82 +.03 Sasol 39.40 +.96
Nil HIdg 77.28 -.42 Satyam s 26.60 +.45
NRG Egys 40.87 +1.57 SchergPl 28.86 -.10
NTTDoCo 14.09 +.20 Schlmbrg 88.76 +1.51

Name Last Chg Name Last Chg Name Last Chg
TD Bank 69.03 +1.02 TransCdaCorp 36.85 -.40 UraniumOneo 11.17 -.68
RallyEngy 7.30 +.01 BreakwaterRes 2.96 -.08 GoldenStar 3.39 -.36
UTSEngyCorp 5.85 -.12 Connacher 3.99 -.09 CdnNatRes 69.91 -.93
FirstNickelo 1.05 -.02 Telus Corp 56.05 -1.45 EnCanaCorp 63.24 -1.26
EldoradoGld 5.15 +.08 SuncorEngy 93.81 -.64 BarrickGold 35.44 +.57
TeckComBSV 43.71 -.8u Royal Bnk 54.10 +.60 BajaMiningo 2.04 -.17
PetroCanada 53.97 -.71 ShoppersDrug 51.97 +.41 CanfoiCorp 12.84 +.06
Goldcorplnc 25.99 -.01 BookfldALV 36.46 +2.44 CaniecoCorp 40.37 -.83

Change: +14.27LI (+0.6%)o

Name Last Chg
PwrFinCorp 39.77 +1.00
PaladinOrdo 5.55 -.21
Nexen Inc 30.98 -.88
SprottMolybdn 4.72 -.10
Alcan Inc 101.25 +.32
YamanaGldo 11.22 -.02
BCE Inc 39.05 -.38
RioNarceaGId 5.52 +.02



Name Last Chg
Schwab 18.90 -.25
SeagateT 23.00 -.93
SearsHldgs 133.05 -1.04
SempraEn 56.12 +.43
ShawC gs 22.82 +.12
Sherwin 68.57 -.93
Shinhan 130.70 -.56
Shire 77.00 -.68
SiderNac 55.19 +.84
Siemens 129.23 +1.08
SigmAl s 48.21 +.75
Slcnware 10.43 -.28
SimonProp 88.98 +.75
Smith&N 60.07 +.39
Smithlntl 58.20 +1.34
SonyCp 50.63 -.07
SouthnCo 36.35 +1.04
SthnCopp s 102.94 +3.57
SwstAirl 15.95 +.19
SwstnEngy 39.73 +.58
SovrgnBcp 17.79 -.11
SpectraE n 24.18 -.26
SprintNex 20.22 +.32
SPDR 147.77 +1.56
SP Mid 156.00 +1.76
Staples 23.60 -.39
Starbucks 27.12 +.23
StarwdHtl 59.15 -.61
StateStr 69.86 +.91
Statoil 28.62 +.21
Sterlite n 15.09 -.08
StoraEnso 16.90 -.04
sT Gold 66.48 -.04
Stryker 66.62 +1.48
Suez 52.11 -.30
SunLfFn g 49.45 -.05
SunMicro 5.00 +.04
Suncor g 89.25 +1.60
Sunoco 64.52 +1.04
Suntech 40.45 +2.25
SunTrst 80.67 +.67
Supvalu 42.09 +.58
Swisscom 34.36 -.23
Symantec 18.12 -.30
Syngenta 37.48 -.41
Synovus 28.02 +.09
Sysco 32.41 +.14
TD Ameritr 16.31 +.02
TDK 77.35 +.42
TJX 28.56 +.37
TXU Corp 65.00 +.20
TaiwSemi 9.89 -.13
TalismE gs 17.09 -.21
Target 62.66 +1.07
TataMotors 16.50
Technip 79.46 +.60
TeckCm gs 41.62 -.13
TelcNZ 26.50 -.33
Telltalia 27.02 +.17
TelltaliaA 21.38 -.24
TelSPaulo 31.31 +.27
TelefEsp 72.78 +.86
TelMexL 33.03 +.13
TelData 62.22 -1.28
Telkom 95.27 +2.77
Telus g 51.59 -.56
Templeln 57.36 +.33
Tenaris 48.12 +1.30
Terex 81.95 -1.46
Tesoro s 48.17 +1.33
TevaPhrm 43.30 +.80
Texlnst 34.01
Textron 112.16 -1.41
ThermoFis 52.10 -.68
Thomson 41.25
3M Co 88.03 +.26
Tiffany 44.48 -1.34
THorton g 33.20 +.87
TW Cable n 35.15 -.66
TimeWarn 18.61 +.13
TorDBk g 65.51 -.18
Total SA 75.81 +.81
Toyota 122.41 +1.26
TrCda g 35.04 -.32
Transocn 100.60 +2.04
Travelers 51.11 +.58
Tribune 26.84 -.25
Turkcell 18.97 +.79
TycoElec n 34.85 -.30
Tycolntl n 47.44 -.56
Tyson 21.50 +.17
UBS AG 55.74 +.51
UPM Ky 21.82 +.07
UST Inc 53.03 -.02
UltraPt g 55.00 +1.92
UUniao 114.46 -.60
UnilevNV 30.24 -.16
Unilever 31.44 -.11
UnionPac 116.87 +2.18
UnBnCal 56.09 +.21
UtdMicro 3.18 +.08
UPS B 77.74 -.09
US Bancrp 31.24 +.12
US Cellular 91.10 -2.25
USSteel 92.21 +.26
UtdTech 74.15 -.70
UtdhlihGp 47.99 -.51
UnumGrp 24.95 -.66
VF Cp 93.04 +4.14
ValeroE 64.02 +.95
VeoliaEnv 74.95 -.46
Verisign 29.63 +.74
VerizonCm 43.11 -.31
ViacomB 38.73 -.11
VimpelCm 106.78 +1.33
VirgnMda h 23.48 -.26
Vodafone 32.52 +.59
Volvo s 18.07 -.33
Vornado 106.97 +.34
VulcanM 95.49 -.25
WPP Gp 72.51 -.24
Wachovia 47.56 +.32
WalMart 47.06 +.04
Walgrn 45.50 +35
WA Mutl 36.19 +.45
WshPst 795.50 +1.00
WsteMInc 37.19 -.33
Waters 63.31 +.41
Weathfdint 54.08 +2.30
WellPoint 76.89 +.59
WelisFgo s 34.89 +.13
WstnUn n 20.22 +.08
Westpac 111.21 -.96
Weyerh 68.36 +.51
Whrlpl 98.84 -.12
WhtMtlns 554.00 +13.75
WholeFd 42.80 +.41
WmsCos 31.97 +.12
Windstrm 14.07 +.57
Wipro 13.75 -.07
Wolseley 21.51 +.29
WooriFn 74.48 +.74
Wrigley 62.19 +.78
Wyeth 49.34 +.01
Wynn 118.20 +10.81
XLCap 78.87 +1.93
XTO Engy 55.15 +1.42
XcelEngy 20.99 +.42
Xerox 16.35 -.50
Xilinx 24.82 +.15
YPF Soc 39.19 -.21
Yahoo 23.44 +.47
YumBrdss 31.92 -.15
Zimmer 78.89 +.74
ZionBcp 77.00 +.60

3-month T-bill 4.92 4.88 +0.04 V V V 5.09
2-year T-note 4.52 4.47 +0.05 T V V 4.95
6-month T-bill 4.99 4.97 +0.02 V V V 5.19
10-year T-note 4.74 4.72 +0.02 V V T 4.92
1-year T-note 4.78 4.73 +0.05 V V 5.07
30-year T-bond 4.90 4.90 ... V V A 5.00
5-year T-note 4.57 4.54 +0.03 V V V 4.86

Lehman Long T-Bd Idx 4.95 4.94 +0.01 V V A 5.07
Bond Buyer Muni Idx 4.84 4.83 +0.01 A A A 4.79
Lehman US Aggregate 5.54 5.50 +0.04 T V A 5.56
Lehman US High Yield 9.08 9.01 +0.07 V A A 8.44
Moodys Bond Index 5.71 5.67 +0.04 A V A 5.71
Bank Index 108.20 107.30 +0.90 A V V 112.13
DJCorpBond 198.54 198.64 -0.10 A A A 187.76

Unleaded Gas (gal) 1.94 1.93 +0.52 +21.1
Crude Oil (bbl) 72.42 72.06 +0.50 +18.6
Gold (oz) 670.60 671.50 -0.13 +5.6
Platinum (oz) 1291.30 1299.00 -0.59 +13.3
Silver (oz) 13.04 12.98 +0.46 +1.9
Coffee (Ib) 1.17 1.18 -0.85 -7.3
Orange Juice (Ib) 1.39 1.39 ... -30.9
Sugar (Ib) 0.10 0.10 ... -14.9

Foreign uo IYR.
Argent (Peso) .3184 -.0002 -.06 .3223 -.0075
Brazil (Real) .5227 -.0020 -.38 .4771 +.0643
Britain (Pound) 2.0241 -.0059 -.29 1.9692 +.1180
Canada (Dollar) .9485 -.0014 -.15 .8437 +.0552
(fl j Chile (Peso) .001920 +.000011 +.57 .001823 +.00009-?
Colombia (Peso) .000506 -.000000 -.00 .000448 +.000088
Dominican Rep (Peso) .0307 -.0000 -.00 .0299 +.0002
Euro (Euro) 1.3763 -.0035 -.25 1.3006 +.0924
Japan (Yen) .008425 -.000019 -.23 .008288 -.000265
Mexico (Peso) .091206 +.000057 +.06 .091177 -.000731
Uruguay (New Peso) .0425 -.0001 -.24 .0412 +.0009


S&P 500 1476.71 +9.04 +0.62% A V A +4.12%.
Frankfurt DAX 7513.66 +69.21 +0.93% V V A +13.90%,
London FTSE 100 6308.80 +119.70 +1.93% V V V +1.41%
Hong Kong Hang Seng 21907.99 -28.74 -0.13% V V A +9.73%1
Paris CAC-40 5620.40 +87.41 +1.58% V V V +1.42%
Tokyo Nikkei 225 16921.77 +7.31 +0.04% V V V -1.77%

Buenos Aires Merval 2121.51 +13.70 +0.65% V V A +1.49%
Mexico City Bolsa 30239.92 +518.29 +1.74% V V A +14.34%
Sao Paolo Bovespa 53802.48 +711.38 +1.34% V V A +20.98%
Toronto S&P/TSX 13560.57 -4.67 -0.03% V V A +5.05%

Seoul Composite 1859.82 +4.77 +0.26% V V A +29.65%
Singapore Straits Times 3302.01 -6.98 -0.21% V V A +10.59%
Sydney All Ordinaries 6013.60 +64.10 +1.08% V V A +6.54%
Taipei Taiex "- 8862.31 -79.42 -0.89% V V A +13.27%
Shanghai Shanghai B 322.74 -0.84 -0.26% V *A A +148.05%

Largest Mutual Funds
12-MO 12-MO | 12-40

USEqIndxA 52.32 +.32 +17.9
USEqlndxl 52.32 +.32 +17.8
First Eagle
GIbA m 48.25 +.10 +16.4
OverseasA m 26.69 ... +16.2
CATFA m 7.20 ... +3.6
Fed TFA m 11.88 -.01 +3.4
Income A m 2.68 +.02 +13.4
Income C m 2.70 +.02 +13.2
IncomeAdv 2.67 +.02 +14.1
DiscovA m 32.83 -.01+23.2
Shares A m 26.84 +.02+16.3
Shares Z 27.07 +.02 +16.7
Fgn A m 14.52 -.01 +20.2
ForEqIs 29.06 -.02 +29.1
Growth A m 26.26 +.04 +16.8
Growth Ad 26.32 +.04+17.1
World A m 20.24 -.04 +18.5
Franklin Templeton
FndAIIA m 14.20 +.04 +15.2
GMOErgMktsVI d23.86-.06
CapAplnst 35.11 +.20 +18.7
Intllnstl 68.83 +.09 +29.9
AdvHLSIA 23.53 +.09 +16.8
CapAprA m 41.38 +.24 +22.7
CpApHLSIA 563 +35 +24.1
DvGrHLSIA 24.25 +.16+21.0
Contrarian 19.18 +.02 +35.6
Growinc 40.86 +.20 +17.3
Janus 30.76 +.17 +21.6
MidCapVal 2530 +.10 +1U4
Oveseas 5291 +31 +N44
Twenty 61.67 +.56+24.9
John Hancock
ClsscValA m 27.70 +.14 +13.3
LifBal b 14.71 +.03 +13.1
LifGrl b 15.38 +.03 +15.6
IntlEqA b 47.49 -.01 +30.4
IntlEql 48.55 -.02 +30.7
IntlEqill 16.72 ... +27.2
Legg Mason
ValueInst 79.57 +.34 +17.4
ValuePr b 71.01 +.30 +16.2
Longleaf Partners
LongPart 36.96 +.04 +23.1
Loomis Sayles
Bondl 14.35 +.01 +9.4
Lord Abbett
AffiliatA m 15.77 +.15 +12.8
MidCpValA m 23.07 +.12 +20.6
TotRetA m 16.56 +.05 +13.0
ValueA m 28.26 +.18+19.2
SmallerCos 15.73 +.08 +17.9
EqIncI 27.48 ...+12.1
Intll 26.64 +.11 +19.7
OevMktA m 48.45 -.09 +44.3
GlobA x 78.10 -.08 +23.1
Ma5trAm x 42.95 +22 163
ItluniA n Il0 .05 +2.1
RochNtlMu m 11.97 -.04 +.9
StrIncA m 4.33 ... +9.8
AIIAssetl 12.76 +.04 +6.3
ComRIRStI 14.12 +.05 -3.8
LowDrls 9.89 ... +4.8
TotRetA m 10.27 .. +4.5
1et0ae b 107 + 4.712
TotRetis 10.27 ... +5.0

GlobHiYA m 12.17 +.01 +8.9
PioneerA m 50.53 +.25 +15.8
GrowlncA m 20.13 +.16 +14.3
DivrEqlnA m 13.84 +.10 +19.4

MulStrBdS 10.20 ... +4.8
YIdPIsSel 9.57 -.01 +4.6

AmerShS b 47.80 +.22 +153
T Rowe Price
BlChpGr 38.79 +.30+22.1
CapApprec 21.52 +.10 +15.3
Eqlndex 39.63 +.24+17.5
Eqtylnc 30.27 +.12+17.5
GrowStk 33.95 +.24+22.3
IntlStk 17.96 -.04 +22.9
MiCpVa 2616 +J5 +17.6
MidCpGr 61.27 +.67 +25.8
NewHoriz 34.60 +.44+19.3
Newincome 8.80 ... +5.0
SmCpStk 34.91 +.38+13.0
Value 28.34 +.16 +18.3
Third Avenue
Value 62.09 +.41+13.7
IntlValA m 33.17 ... +32.3
-w etyuown
GlobVal 33.61 +.20 +22.6
Van Kampen
ComstockA m 19.49 +.07 +14.6
EqlncomeA m 9.27 +.02 +12.3
GrowlncA m 22.61 +.06 +15.4
500 136.18 +.83 +17.8
500Adml 136.20 +.84 +17.9
AssetA 29 +J5 +11.1
EmMkilkd ni 21 a03 1 +440
Iney 716 +I. +17.4
Europeldx 39.52 +.05+26.4
Explr 78.46 +352+17.2
GNMA 10.11 +,.01 +5.6
GNMANIm 1.11 +4.1 +5j
GlbE 2M3 +,0 +2U
G6tdx 318 +.13 +219
HItCrlAdl 325 -M +93
HIthCare 149.80 -.09 +9.2
Instldx 135.16 +.83 +17.9
Instks 13117 +4 +17.9
InstTBdld 49.83 ... +5.4
InstTStPl 32.04 +22 +18.0'
IntlGr 26.15 +.03 +24.4
IntlVal 44.25 ... +24.2
litoCn 17.01 + +10
ifer 2438 +.12 +1
LifeMod 21.68 +.08+14.9
MidCp 21.07 +.17+18.8
Morg 20.40 +.07+21.0
MutMlAld 1109 .02 +3
Pa c 1id 11 45 +161
Prmcp 74.16 +.34+19.1
PrmcpAdml 77.03 +.36+19.3
STCor 10.54 -.01 +5.5
STGradeAd 10.54 -.01 +5.6
SCpId* 1338 +2 +111
Star 21.70 +.06+14.5
Strl Eq 24.11 +M +1.10
Tqgt2015 1104 + +14.
Tgtet2025 13.73 +.06+16.7
TotBdAdml 9.88 ... +5.5
TotBdld 9.88 ... +5.4
TotBdlnst 9.88 ... +5.6
THi 19 4 Al +22
T06I"Mm 153 +14 +17.
ToStls 35.54 +24 +173
TotStldx 35.53 +.24 +17.7
Wellsl 22.06 +.06 +9.6
Welltn 33.76 +.16+15.2

UWSiAm 455 +J +17.9
Wndsr 19.04 +.11 +20.4
WndsrAdml 64.26 +.39+20.6
Wdsrl U 06 *11 +17.7
Western Asset
CrPlBdlns 10.15 +.03 +4.5

YEST 8.25 5.23
PREV 8.25 5.23
WKAGO 8.25 5.31



American Cent
Ultralnv 29.55 +.24 +18.0
American Funds
AmcapA m 21.43 +.13 +19.4
BalA m 19.77 +.05 +14.7
BondA m 13.13 ... +5.1
CaplncBuA m 64.03 +.20 +19.0
CpWIdGrIA m 45.50 +.04+24.7
EurPacGrA m 51.32 -.05 +24.6
FundmlnvA m43.35 +.19+19.0
GrowAmerA m35.58 +.13 +19.0
GrowAmerB m34.32 +.13 +18.1
HiIncA m 12.14 +.04 +7.3
IncAmerA m 20.74 +.11+14.5
InvCoAmA m 35.52 +.16 +16.4
MutualA m 30.83 +.24 +18.5
NewEconA m 28.83 +.10 +25.7
NewPerspA m34.56 +.08 +22.6
NwWrldA m 55.82 +.17 +37.3
SmCpWIdA m45.23 +.04+34.5
WAMutInvA m36.84 +.28 +18.2
Intl 30.90 -.31+21.9
Growth b 52.90 +.82 +23.4
TxMlntl 28.28+1.58 +22.2
GlobAIcA m 19.45 +.01 +17.2
GlobAIcC m 18.36 +.01 +16.3
GrowA m 59.97 +.46 +21.2
AcornZ 31.39 +.27+20.6
EmgMktVal 41.23 ... +61.1
IntlSmCap 23.20 -.14 +31.3
USLgVal 25.51 +.09 +15.3
USSmVal 28.27 +.14 +9.7
NYVentA m 40.08 +.18 +15.7
NYVentC m 38.49 +.17 +14.8
NYVentY 40.60 +.19+16.0
Dodge & Cox
Bal 87.83 +.24 +11.8
Income 12.46 ... +5.4
IntlStk 47.47 +.01 +24.0
Stock 156.03 +.67 +15.0
VaiRestrA 56.50 +.53 +20.1
AstMgr50 16.54 +.05+11.9
Bal 20.48 +.15 +15.3
BIChGrow 47.53 +.17 +18.1
CapApr 28.94 +.28+19.5
Capinc 8.74 +.02 +9.8
Contra 70.45 +.49+18.8
DiscEq 30.71 +.13+16.3
DivGrow 33.20 +.12 +17.4
Divrintl 40.27 +.10 +23.3
EqInc 60.11 +.42 +18.3
Eqlnc II 24.43 +.18+17.0
FF2015 12.49 +.04+13.5
FF2040 9.76 +.05+18.3
Fidelity 38.13 +.22 +18.8
Free2010 14.88 +.04 +12.2
Free2020 15.87 +.06+15.4
Free2030 16.49 +.08+17.8
Govtlnc 10.00 -.01 +4.9
GrowCo 76.80 +.78 +25.4
GrowInc 32.12 +.27 +15.3
IntBond 10.09 -.01 +3.9
IntlDisc 41.58 +.09 +25.6
InvGrdBd 7.17 -.01 +3.4
LevCoSt 32.81 +.17 +23.5
LowPriStk 45.03 +.21 +17.5
Magellan 92.98 +.42 +20.2
MidCap 30.58 +.20 +20.5
OTC 47.33 +.37 +37.6
Overseas 49.83 +.20 +25.5
Puritan 20.46 +.10 +13.7
Reallnv 31.33 +.12 -.4
ShTmBond 8.69 -.01 +3.1
TotalBd 10.23 ... +4.2
USBdIndx 10.71 -.01 +4.7
Value 85.56 +.59 +19.6
Fidelity Spartan
500IndxAd 102.51 +.64 +17.9
5001ndxIn 102.51 +.64+17.8

Developer acquires

Long Island project

Andros Isle Devel-
opment Limited
announced it had
signed an agreement to pur-
chase the Plantation Bay
Resort project in Ferguson
Point, Long Island, with the
intent to turn it into an exclu-
sive, high-end gated commu-
In a statement, the company.

which is a wholly-owned sub-
sidiary of Andros Isle Devel-
opment Corporation, said it
plans to offer 36 one-third acre
lots with either canal frontage
or ocean frontage, starting at
$500,000 per lot.


In addition, it will offer five
one-acre plus estate home

FOCOL shares set

to trade at $5.18

SHARES in Freeport Oil Holdings Company (FOCOL)
will begin trading on the Bahamas International Securities
Exchange (BISX) today at a price of $5.18, following the four-
for-one stock split.
FOCOL's shares closed trading today with a price of
$20.73, with 8.607,617 shares listed. Following the stock split,
it will have 34,430,468 ordinary shares outstanding.


NOTICE is hereby given that SAMUEL SANDS OF ROCK
SOUND, ELEUTHERA, 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 8TH day of
AUGUST, 2007 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

The Public is hereby advised that I, ESTELLA
JOHNSON of Nassau, Bahamas intend to change
my name to ESTELLA PRATT. If there are any
objections to this change of name by Deed Poll,
you may write such objections to the Chief Passport
Officer, P.O.Box N-792, Nassau, Bahamas no later
than thirty (30) days after the date of publication of
this notice.

A leading Construction Company of
the mainland Exuma Cays has a


for a Quantity Surveyor.
Qualified persons please apply by contacting
telephone (242) 225-0850 or (242) 357-0155
between the hours of 8:00 am 5:00 pm
Monday thru Friday.

sites, each with at least 100 feet
of beach frontage starting at
$1.2M million per estate site.
Donald Harper, president
and chief executive of Andros
Isle Development Corpora-
tion, said: "We look forward
to developing one the most dis-
tinctive, exclusive properties
in the southern outer islands.
Our goal with Plantation Bay
is to provide our residents with

a truly spectacular vacation
home experience."
The project sits on a 27-acre
tract of land at Ferguson Point,
in northern Long Island. The
property has 2,700 linear feet
of Caribbean Beach frontage.
The Tribune was unable to
reach a spokesperson from
Andros Isle Development Cor-
poration for additional infor-

NOTICE is hereby given that NESLI AUGUSTIN OF #44A
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 8TH day of AUGUST,
2007 to the Minister responsible for Nationality and Citizenship,
P.O.Box F-41085, Grand Bahama, Bahamas.

NOTICE is hereby given that SHIRLINE ANASCAL, OF
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 1ST day of AUGUST, 2007 to the Minister
responsible for Nationality and Citizenship, P.O.Box N-7147,
Nassau, Bahamas.

Has two vacancy for an
Assistant golf Superintendent

- Assists in supervision and coordination of the day to day activities of
associates engaged in preserving grounds and golf course turf in playing
condition. Position assists in ensuring guest and associate satisfaction is
achieved while maintaining the operation budget. Knowledge of
specialized. sail water resistant turf a must. experience with a Scottish
styled links course preferred.
-Ability to communicate with Co-workers and Management team.
-Proficient with Microsoft Word and Microsoft Excel
-Go(i.od communication skills.
-Willing to relocate to Abaco Bahamnas.

3Head Golf ProfessionaC

- Responsible for activities involved with the golfer's experience. Main
duty is to supervise the staff in a hands on way to ensue all guest needs
are met in a professional and polite manner.
-Ability to communicate with Co-workers and Management team.
-Proficient vwill Microsoit Word and Microsoft Excel
-Good communication skills.
-Willing to relocate to Abaco Bahamas.

Please send resumes to

Attn: Director of Human Resources
The Abaco Club on Winding Bay
P.O. Box AB20571
Marsh Harbour Abaco
Fax: 242-367-0392



17.5 Acres Superb Oceanfront in the most desirable location on
the island. Ideal for a High-End Condo development or Class A
Office Finacial Centre. Offered at $8,000,000.


Class "A" Office Space Available!
Top floor comprises of 2,562 sq. ft. of leasable area and 1,108
2q. ft. of common leasable area totaling 3,670 gross square
feet. Lease is $32 per square foot with CAM charges being $12
pers square foot. This floor is being leased with partial office

Contact Kingsley Edgecombe
Ph: 242-424-4959
Email: kingsley@kingsrealty. corn

SCoordinate special events
Duties Include:
SStDemonstrates technical marketinon skills and
product knowle of crge
SCoordinate mass media advertisement
(Prints, Radio, TV)

SCoordinate special events
STAccurate dissemination of eedespcial and seasonal

Applicants Should:
College graduate with related experience in same
or similar position
Strong communication skills (both written and
o High level of creativity
FridHihly motivated
Resistant to stress

Interested applicants should contact
the Huiman Resources Department on or
Friday August 10th, 2007.

Tel: 325-2122

Fax: 356-7855


The Town Court Management Company (hereafter "the
Company") invites offers for the purchase of ALL THAT Unit
Number C-47 of The Town Court Condominiums situate
on Nassau Street in the Western District of the Island of New
Providence being a two bedroom/one bath apartment unit
together with ALL THAT 1.35% share in the common property
of the Condominiums.

The company makes no representations or warranties with
respect to the estate of repair of the building situate thereon.

The company will sell under Power of Sale contained in a
Declaration of Condominium of Town Court Condominiums
dated 8th October 1979 which is recorded in Book 3189 at
pages 366 to 405.

TERMS: Ten percent (10%) of the purchase price at the time
of contract and the balance upon completion within
Thirty (30) days of contract.

This sale is subject to a reserve price. The Company reserves
the right to reject any and all offers.

Interested persons may submit written offers addressed to
the Attorney SSS, P.O. Box N-272, Nassau. Bahamas to be
received no later than the close of business on the 10th day of
August, A.D. 2007.

BISE pJSrmwrm o
alp.. -, .....
Pricing Information As Of:
Tuesday, 7 August 200 7
BISX ALL SHARE INDEX' CLOSE 1,846.36 ICHG -00 02 t % Ct iG 00 00 'v T L) 70 1GF TD 10. 1 5
52wk-Hi 52wk-Low Securit y Previous Close Today's Close Change Donly Vol. EPS $ Div S P/E Yold
1.78 0.54 Abaco Markets 1.60 1.60 0 00 0 000 0 000 N/M 0 00%
12.05 11.00 Bahamas Property Fund 11.65 11.65 0.00 1 5.', i I00 7I, 3.45%
9.41 7.49 Bank of Bahamas 9.40 9.40 0.00 0.733 0 260 12 8 2.77%
0.85 0.70 Benchmark 0.85 0.85 0.00 -0 01:, 0020 N/M 2.35%
3.71 1.48 Bahamas Waste 3.71 3.71 000 0 279 0 060 133 1.62%
1 57 1.20 Fidelity Bank 1.57 1.57 00O O 064 O (020 24 5 1.27%
10.76 9.10 Cable Bahamas 10.75 10.75 000 0 949 0240 11.3 2.23%
2.41 1.80 Colina Holdings 2.41 2.41 000 425 0 281 0 080 8 6 3.32%
15.12 10.99 Commonwealth Bank 15.15 15.15 0.00 1 190 0 680 12.7 450%
6.82 4.60 Consolidated Water BDRs 6.37 6.37 000 0 112 050 59 2 0 70%
2.76 2.20 Doctor's Hospital 2.31 231 0 00 0 281 0000 82 0 00%
6.40 5.54 Famguard 6.20 6 20 0 0 0 694 0 240 8i 9 3.87%
12.76 11.51 Finco 12.76 12.76 000 O 7H8 0 570 162 4.47/,
14.70 13.05 FirstCaribbean 14.65 14.65 0.00 0.977 0470 146 3.21%
20.73 11.17 Focol 20.73 2073 000 500 1 457 0530 14 2 2 56%
1.00 0.54 Freeport Concrete 0.70 070 0.00 -0415 0.000 N/M 0.00%
8.65 7.10 ICD Utilities 7.25 7 25 000 0411 0200 17.6 2.76%
9.90 8.52 J. S. Johnson 9.90 9 90 000 0 946 0 580 10.5 5.86%
10.00 10.00 Premier Real Estate 10.00 10 00 0.00 1 16)7 O 600 8.G 6.00%
Fidelity Over-The-Counter Securities
52wk-Hi 52wk-Low Symbol Bid $ Ask S Last Price Weekly Vol EPS $ Div $ P/E Yield
1460 12.25 Bahamas Supermarkets 14.60 15.60 1600 1 234 1 185 12.6 8.12%
10.14 10.00 Caribbean Crossings (Pref) 6.00 6.25 1000 0.000 0 640 NM 7.85%
0.54 0.20 RND Holdings 0.35 0.40 0 20 0 034 0 000 11 8 0.00%
Colina Ove.r-The-CouJrter Securities
43.00 28 00 ABDAB 41.00 43.00 41 00 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 6 771%
0.60 0.35 RND Holdings 0.45 0.55 0.45 0.021 0000 26 2 0.00%
BISX Listed Mutual Funds
52wk-Hi 52wk-Low Fund Name NA V YTD% Last 12 Months Div $ Yield _
1.3484 1.2998 Colina Money Market Fund 1.348410'
3 2920 2 9449 Fidelity Bahamas G & I Fund 3 2920-"
2.7399 2.4415 Colina MSI Preferred Fund 2 739935"
1 2576 1.1820 Colina Bond Fund 1.257576""
11 6049 11.1193 Fidelity Prime Income Fund 11.6049"..
FINDEX- CLOSE 834.94 / YTD 12.51% / 2006 34.47%
BISX ALL SHARE INDEX 19 Dec 02 = 1.000 00 MARKET TERMS YIELD last 12 month dividend,. divided y clouipg 1 r,/10. NAV KkEY
52wk-HI Highest closing prce in last 52 weeks Bid $ Buying price of Colinra anil Fidnity
52wk-Low Lowest closing prie in ladst 52 weeks Ask $ Selling price of Coin,.i .n d ll ,fntly . illy 20/l
Previous Close w Previous day's weightisd price for daily volume Last Price Last traded ove r-the countrI pn,ce
Today's Close Current day's weighted price for dally volume Weekly Vol Trading volume of tho priul wouk 30 June 2007
Change Change In closing price froni day to day EPS S A company's reported earnings pIi lias for I he last 12 niths
Daliy Vol Number oftotal shares traded today NAV Net Asset Value 31 M.ay '2007
DIV $ Dividends per share paid In thIe last 12 months N/M Not M meaningfull
P/E Closing pnce divided by the last 12 month earnings FINDEX The Fidelity Baharnas Stock Index January 1, 19'94 100 "'' 30 June 2007
.".. 30 June 2007
TO TRADE CALL.iCOU.lI[A 24 ,le 10at "" 64 f FOR MORE DATA & INFORMATION CALL (242) 394-2503




A unique opportunity to own 5 adjacent lots in this quaint gated
community, each lot measures 60' x 130' zoned for 15 units.
Amenities include double tennis court and swimming pool. Was
$650,000 now reduced to $550,000 for quick sale.


Large lot less than 300' from the beach wilh partial ocean views,
priced to sell at $285,000.




Investors should consider long-term

plans before selling in volatile market

AP Business Writer

an early age, people are
trained to act quickly when
they hear sounds of emer-
gency: fire alarms, police
sirens, even car horns. So while
it might be difficult for
investors who hear alarm bells
on Wall Street, often the wisest
reaction is to stand still.
'I he volatility seen in stocks
and bonds in recent weeks no
doubt triggered concern
among some investors. The
sometime sharp pullbacks in
the markets were reason
enough to get out for some
investors, as data on mutual

fund outflows have shown. But
those investors who still have
enough time before they need
to draw on their investments
are often better served by stav-
ing put.
With headlines about a
slumping housing market and
tight credit roiling Wall Street.
short-term stock market
returns have taken a hit. Even
though stocks touched highs
as recently as late July, each
of the United States invest-
ment styles tracked by Stan-
dard & Poor's showed losses
in July.
By size, S&P said last month
the average large-cap stock fell
3.10 per cent, the average mid-
cap stock fell 4.30 per cent and

the average small-cap stock
lost 5.04 per cent.
The good news: The major
stock market indexes are up
lor the vear to date.
"I think it would he some-
thing othei than normal if
someone saw what was going
on and weren't concerned and
weren't a bit confused about
what to do." said Steve
Schocpke. vice president of(
Ilesearch and product develop-)
iieni at t\A(i SunAmerica
Assetl Management.
"I le last thing to do to react
in a fire-fight sort of situation.
In Ihlese limes, you gv o back lto
thle t'uidiamn. 'i.iAls,'" he said.
W ile. he said investors
should Lqt.Iion what's goImn
on it tile imaikes and consider'
\\ whether theii investment strat-
egy still makes sense. long-
term iinXesto,', should take a
wide vie\\ on thenl asset allo-
cation designs
"1 Ieie sLt:itegies aZie not
meant tolte used based on a
short lerm horizon." Schoepke
said Instecd investors should
lirst consider where they aie
invested aind l or how long.
"That should really be the

guiding principle for not only
where to invest but how to
invest," he said.
Too often, he said, investors
don't pay attention to their
holdings until big moves in the
market draw their attention.
)ne of the smartest actions
investors can take so they don't
feel as compelled to take flight
during market hiccups is to
begin investing early and reg-
The average balance Amer-
ican workers had in their
401(k) plans jumped 79 per
cent from 1999 through 2006
to $121,202. That's for those
who stuck it out the entire time
- including the decidedly neg-
ative years of 2000. 2001 and
2002, according to a new study
by the Employee Benefit
Research Institute, a non-prof-
it research center, and mutual
fund trade group Ihe Invest-
ment Company Institute.
Investors who get out of the
market and miss only a few
strong days can quickly fall
behind other investors. Fideli-
tl Investments, the nation's
largest fund manager, found
that someone who invested

$10,000 in the S&P 500 from
1980 through early August of
this yeay would have seen the
value of their investment bal-
loon to $299,215. But had they
missed even the market's five
best days, their investment
would be worth $77,.039 less.
Missing the best 10 days would
cost that investor $124,470 over
that time.
Wall Street is increasingly
catering to those everyday
investors who want to stay in
the market but whose pledges
to pay more attention to their
investments are about as long-
lived as a new diet plan.
In increasing numbers,
investors are choosing bal-
anced funds, including what
are known as lifestyle or life-
cycle funds, the study found.
Investors in lifecycle funds esti-
mate when they will retire and
are put into a fund that auto-
matically shifts investments
toward more conservative con-
fines as the retirement year
draws near.
The need for investors to
adequately shift their invest-
ments as they age or use a
lifecycle fund that does that

for them is clear. A recent
Fidelity study of 10 million par-
ticipants in plans it adminis-
ters found that not only are
too few employees saving ade-
quate amounts for retirement
but that three of every four
workers had investment allo-
cations that weren't appropri-
ately diversified given the
investors' age.
In fact, the study showed 22
per cent were solely invested in
equities, 13 per cent had the
opposite problem and weren't
invested in any equities and 19
per cent had their savings in a
single investment option that
isn't diversified.
So while times of upheaval
can make investors want to
look for cover, the smarter
response might be to revisit an
investment strategy, tweak it
and avoid draconian measures
such exiting a market.
"You should have a long-
term plan and stick to it," said
Fidelity spokeswoman Jennifer
Engle. "You should continue
to make regular investments
in your retirement and the ear-
lier you start to do that the bet-
ter off you are in the long run."

South Ocean residents approached to sell-up

FROM page 1

don't trust the deal the piLc\e
ous PLP government gave to
them [Albany]."

All the homes in Albany
were likely to be bought by
wealthy foreigners Mr Strachan
said. adding: "Are we going to
allow these people to come in
and inflate the price of real
estate and price the locals out of
the market? I don't agree with
Agreeing that jobs and for-
cign investment was vital to the
Bahamian economy. Mr Stra-
chan added: "Any government
has got to look out for its peo-
ple. Jobs are necessary, but at
what price?"
He reiterated the Priime Min-
ister's concerns that Albany
included a small hotel compo-
nent as a wav to access the cus-
toms duty and stamp duty
Lxemptionis under the Hotels

Encouragement Act for its main
residential offering.
Mr Strachan said this was
"unfair", as foreign home pur-
chasers in Albany would enjoy
tax-free benefits on construc-
tion materials that ordinary
Bahamians could not access
when building their own homes.
Fearing that the area would
see a replica of the eight foot-
high wall erected between
Charlotteville and Old Fort
Bay, Mr Strachan said: "I don't
want to wake up one morning
to find a wall that size in my
area, and the road re-routed so
that I have to go a different
route into town."
Arguing that the Govern-
ment's first obligation was to
the Bahamian people, Mi Stra-

chan said: "We ought not to
become second class citizens in
this country. When these
[investor] groups talk about the
economic impact they're pro-
jected to have on this country
over 15 to 20 years, I've spoken
to a lot of accountants and
they're not in agreement with
the figures put forward by these
investors on many occasions..
"Are we going to allow for-
eign investors to come into our
country to do what they want,
for as long as they want, when-
ever they want? I don't think
we ought to be headed in that
"It can't be that we're going
to put our heads in the sand all
the time and think about the
dollar signs."

Notice is hereyh giv en ol the loss of Bluunah s Governunnt Registered Stock Certificate as follows:

2'i4 202"

Inter est R'a Cerltilicate No
; I'," 771057

\laturity1 )ate


1 intend to request The Registrar to issue a replacement certificate. If this certificate is found, please
write to P.O. Box SP-60024, Nassau, Bahluas.

Opportunities For Growth and Success

Ernst & Young, a leading professional services organization, is
currently seeking qualified candidates for excellent career and
leadership opportunities in our Risk Advisory Services (RAS) specialty

RAS provides comprehensive risk and advisory services through a
suite of strategic and industry-focused operational solutions that
help companies assess risk, monitor and improve controls within
their business processes. RAS currently seeks team players with
strong work ethic and excellent professional skills for various levels.

To qualify, candidates must have:
a bachelor's degree in accounting, finance, business or a related
a minimum of 18 months of related audit/compliance or applicable
business experience
Certified Internal Auditor (CIA) or Certified Public Accountant
(CPA) certification desired; non-certified hires would be required
to become certified.
strong analytical, interpersonal and communication skills
demonstrated integrity, values, principles, and work ethic
proficiency with MS Office

Please apply, with resume, to:
Human Resources Partner
Ernst & Young
One Montague Place
3rd Floor
East Bay Street
P.O. Box N-3231
Nassau, Bahamas
Fax: 242-502-6090
Email: info.ey@bs.ey.com


Quantity Surveyor

Qualifications required:
-Must hold relevant degree with honors
-Minimum 5 years experience as Quantity
Surveyors in Civil Construction Company
Dealing in Roads, Sewer and groundwork's
-Must be experienced at Producing Bill of
quantities progressing monthly valuations
and Final accounts
-Must be experienced in methods of
measurement, Condition of Contract
including FIDIC, recording additional works
and valuing.
-Please send resume to
P.O. Box CB-10990
Nassau, Bahamas

Government Notice

Ministry of Education, Youth, Sports & Culture

Tender for Security Services

The Ministry of Education, Youth, Sports & Culture invites suitably

at the followinrmg

qualified firms to submit bids to provide security services
schools/facility in New Providence

Government High School
R.M. Bailey Sr. High School
C.R. Walker Sr. High School
C.V. Bethel Sr. High School
C.I. Gibson Sr. High School
C.H. Reeves Jr. High School
L.W. Young Jr. High School
H.O. Nash Jr. High School

C.C. Sweeting Jr. High School
C.C. Sweeting Sr. High School
S.C. McPherson Jr. High School
Thelma Gibson Primary
Columbus Primary School
Learning Resources Section

Tender Documents outlining the scope of services miy be obtained from the
Physical Plant Section located on the 2nd Floor North East Wing in the
Ministry of Education, Youth, Sports & Cullriiic I ta,.qurt:crle lhompson
\Boulevard, between the hours of 9:00 a.m. to 5:0()( p m. ivniml: ihti houh Friday.

Tenders must be submitted in sealed envelopes marked '-" index lfor Security
Services" and delivered on or before Monday, 13th August 2'( 107 to:-

Tenders Board
Ministry of Finance
Cecil Wallace Whitfield Centre
Cable Beach
P.O. Box N3017
Nassau, The Bahamas

The Tenders Board reserves the right to reject any or all Tenders.



.,,, -uuo f 8, 2007, PAGE 7B

Slowdown in the mortgage financing industry

restricts access to certain types of home loans

AP Business Writer
mortgage industry in turmoil
is taking a variety of home
loans off the shelf, meaning
people with bad credit or who
need flexible terms will end up
paying more or in some cas-
es not be able to obtain one at
Two of the country's biggest
home lenders American
Home Mortgage Investment
Corp. and New Century Finan-
cial Corp. went bankrupt
this year. On Tuesday Home-
Banc Corp. said it will not issue
any more loans, and Impac
Mortgage Holdings Inc. shut
down a type of loan called 'alt-
A" for people with limited
documentation or slight credit
Across the country, lenders
large and small are closing
their doors, and in some cases
failing to meet commitments

AP Business Writer
prices fell Monday as oil
extended its decline and the
United States dollar bounced
back against other major cur-
In other commodities mar-
kets, industrial metals recov-
ered from a sharp drop a day
earlier, while corn and soybean
prices climbed.
Investors spent the day
unsure what direction to take
- because the Federal Reserve,
holding its regularly scheduled
August meeting, wasn't sched-
uled to make its usual state-
ment until after the close of
trading in several commodities
Gold tends to rise amid signs
of inflation such as higher oil
prices or a declining US dol-
lar and both elements were
absent Tuesday. The dollar
nudged higher against the
euro, British pound and Japan-
ese yen ahead of Tuesday's
during the Federal Reserve's
Open Market Committee.
As expected, the Fed held

the\ already\ made to fund
"Ever\ ctda I hear about a
number of lenders that are
reducing their products," said
George Hanzimanolis, presi-
dent of the National Associa-
tion of Mortgage Brokers. "'It
is going to take a while before
the dust settles."
Stocks of many surviving
lenders are at multivear lows,
and it is common to find shares
in the industry that have lost 90
per cent of their value in the
past six months, or even weeks.
The shocks to the industry
are siphoning lenders and cash
away from the market, which
reduces competition and
restricts people's access to
home loans.
Hanzimanolis said lenders
have raised the minimum cred-
it score that qualifies for
financing. Most lenders now
require bigger down payments,
he said, and are eliminating
exotic loans or making them

its benchmark rate steady at
5.25 per cent an important
support for the US dollar. But
major stock market indexes
turned lower after the Fed
released an economic assess-
ment reiterating that inflation
continues to be the central
bank's main concern. Stock
investors have been anxious
for weeks over tightening con-
sumer and corporate credit;
that has led to severe volatility
on Wall Street.
December gold fell $1 to set-
tle at $682.30 an ounce on the
New York Mercantile
Exchange. before the Fed
meeting ended. The metal
moved higher in after-hours
electronic activity.
Silver prices picked up 6.2
cents to settle at $13.095.
Meanwhile, the oil market
pared its earlier losses to fluIc-
tuate in a range following the
Fed meeting. The Fed's posi-
tion remains that the predom-
inant risk to the economy is
that inflation "will fail to mod-
erate as expected." Rising oil

more difficult to qualify for.
The silver lining is that peo-
ple with good credit who can
document their income have
the same access to home loans
as they did a year ago.
Richard Belling, president
and chief executive of Com-
munitv Financial Group Mort-
gage. said his bank has not
scaled back its lending. The
Grafton, Wis.-based lender
does not issue "subprime"
loans, or loans to people with
checkered credit histories, and
Belling said the bank's prime
mortgage products "are still
pretty much as available as
they have always been."
The reason marginal bor-
rowers arc being cut off from
credit or being charged a lot
more. while the market for
"vanilla" mortgages is
unscathed, stems from the
buckling of a multitrillion dol-
lar industry hatched on Wall
The market for investments

prices can signal an inflationary
Light, sweet crude was quot-
ed up six cents to $72.12 a bar-
rel in late trading on the
Nvmex. Gasoline also turned
higher, adding 1.31 to $1.939
a gallon.
The slight gains came after a
mostly lower session and a
huge decline on Monday. when
oil prices sloughed off $3.42,
or 4.5 per cent. Crude has shed
nearly $7 since reaching an all-
time high over $78 last week.
Energy traders are also
awaiting a weekly report on
pelt oleum inventories, due out
Wiclncsdav from the Energy
Information Administration.
Analysts expect the report
to show a one million-barrel
rise in gasoline stockpiles,
according to a poll by Dow
Jones Newswires.
Refinery utilization is pro-
jected to rise for the seventh
straight week, while US crude
inventories are forecast to drop
by two million barrels as a
result of the expected increase
in refinery demand. The data
cover the week ended August

backed by mortgage debt -
including bonds backed by
home loans and a complex,
risk-splicing security known as
a collateralized debt obligation
- has exploded in the past few
Investors bought more than
$2 trillion in mortgage-backed
securities last year, according
to the Securities Industry and
Financial Markets Association.
Issuance of mortgage-backed
securities in the past five years
was more than double the
issuance in the preceding five
With lenders accessing all
that cash and competing for
business, many eased their
standards. By funneling so
much cash into the industry,
these financing markets
encouraged lenders to offer a
slew of exotic loans that
stretched what had been the
limits of past lending stan-
Now, snakebit by a cold

Overseas, industrial metals
mostly rebounded from a two-
day slump as investors took
lower prices as a buying oppor-
tunity. Copper, lead and zinc
all posted gains on the Lon-
don Metal Exchange, while
nickel slipped.
On the Nymex, copper for
September delivery closed 3.3
cents higher to $3.5065 a
In Chicago, agriculture
futures were mixed, with corn
and soybean prices trading
higher while wheat prices
wavered between slight losses
and gains.

housing market and a break-
down in credit quality, these
financing markets are in shock.
Prices for bonds backed by
mortgage debt have tumbled,
and there are few if any buyers
for CDOs.
"It is pretty bad," said Joyce
DeLucca, founder and manag-
ing principal at Kingsland Cap-
ital, which manages $2 billion
in low-grade assets and credit
vehicles. "In many cases, you
have the complete absence of
buyers.... The demand for the
assets has kind of disappeared
from the market."
The difference between
lenders that are closing down
and banks that continue to
offer loans at the same prices
comes down to whether the

lender relies upon Wall Street
for financing.
Banks that raise their own
capital are surviving. Because
of the turmoil in the credit
markets, lenders that rely on
investment banks are being cut
"We have already seen quite
a retrenchment in the avail-
ability of mortgages for sub-
prime borrowers," said Sal
Guatieri, senior economist at
BMO Capital Markets.
"There certainly will be less
funds available because
investors are pulling back. ...
Suffice to say it will be increas-
ingly difficult to get a mort-
gage at a fairly low rate unless
you have pristine credit rat-



Qualified & Experienced materials Engineers to ASTM

standards & FDOT '99

Required for: Soils testing

Marshall Mix Designs

Pavement Testing

Plant Calibration & Monitoring

Concrete Mix Design and testing

Quality control and reporting

Please Fax Resumes

Fax No. 377-2193

Vacancy For The Position Of:

Core Responsibilities:

* Provides user support for the company's networked systems, by
investigating and performing resolutions to problems that are
* Performs routine installations, preventative maintenance and
repairs to hardware, operating systems and application installations.
* Troubleshoots system and application problems, including issues
and servers.
* Assists with documentation and maintenance of technical standards
and operations.
* Assists with the implementation of new technologies and
information systems and the decommissioning and disposal of
old technologies.
* Assist with the administration of the company's networked anti-
virus and data back-up systems by checking that these systems
are current and operate as scheduled.

Knowledge Skills and Abilities:

* Advanced knowledge various Windows operating systems to
provide help desk support and to troubleshoot end-user and back
office systems.
* Sound knowledge of computer hardware to execute hardware
repairs and upgrades.
* Basic knowledge of networking, especially protocols in use by
the company to troubleshoot and assist in rectifying network
* Analytical and problem-solving skills to assess issues and technical
information, examine alternatives, and use judgment to provide
reasoned recommendations.
* Must be open to new technology and ability to problem solve in
support of the network and central database systems.
* Associates degree in a computer-related field, industry standard
network certifications required, plus two (2) or more years of
proven technical support and network systems experience.

Benefits include: Competitive salary commensurate with experience
and qualifications; Group Medical (includes dental and vision) and
life insurance; pension scheme.

Interested persons should apply no later than August 17th, 2007 to:
DA 8128
c/o The Tribune
P.O. Box N-3207
Nassau, Bahamas

T H- E W-E ST I N'','.
Grand Bahaina Island



Asian'Chef De Cuisine/Aslan Sous, Chef
This successful candidate will ass.ist.the executive chef and oversee
the day-to-day cu] Mary operations -of the Resort's Asian restawant
.and will train and supervise staff andmotlitor food quality.

Position requires.creativity. in culinary, bud.getary analysis capabilities,
thorough knowledge in sani.tatio'n sta ndards applicable health codes
and writing menus with expertiseo-in'..-Chinese, Japanese: and Korean
Cuisines a must.
minimum of 3-5 years ex Asian Chef.& Cuisine in a
resort or hotel with. multiple -food,. 6-ijtlets. and. 500+ rooms., Bachelors
or culinarvAeuee from an -accredited institution.ofeferred.

Asian WokCooks
Skilled in preparing all wok..style *.cooking, the, su&essful cafididate
Must have.a thorough acknowledged worktngepenence in a] I forms
ofAsian cuisine. A minimum of t.vo `ears experie I n6e as an Asian chef
in a hotel operation' and -cul inatyor'apprerit] ceship program prefer
We offer I I d benefits.
except ona pay an
Resumes shoUld be forwarded on or before August. 17 2007 to:
Sharon. sandsQstarwoodhotels comi-or,

Westin & Sheraton. r h Oj_$I-6d--Our'Uicaya, Resort
P.O. Box F- 500.; fe'eport, Grand BAAhia.


Gold falls -a "s',,.'c":r'ude'o'lilprices extend

their decli ne; .-indu'strialmetals up

Reciprocal trade deals to impact

$16m in exports sent to Canada

FROM page 1

to adopt the principle of "equi-
ty in the way we trade with"
other countries, meaning that
it could no. longer be part of
trade agreements where the
preferences flowed only way -
to the Bahamas and other
smaller nations and the recip-
ients did not have to provide

reciprocal benefits to nations
on the other side.
As a result, the Bahamas will
have to adopt non-discrimina-
tion principles when dealing
with international trade issues,
meaning it will have to trade
foreign companies and coun-
tries no less favourably than
Bahamian-owned and based
The chief provisions for this
are 'Most Favoured Nation' and
'National Treatment'. The for-

mI miad mm-.. mm.
m mum m m r
mwm mm mm mi mew lUi

NRX1-006ACMR 6,000 BTU......................................$34000

NRX2-008ACMR 8,000 BTU ......................................$44000

NRX1 -01 OACMR 10,000 BTU....................................$55050


NR X1-018KCMR 18,000 BTU....................................$73500

NRX1-024KCMR- 24,000 BTU.....................................$90000


We accept Visa,
Discover and
Sun Card.
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mer will require that the
Bahamas provides the same
trade benefits to all countries,
treating no one less favourably
or better than the rest, while
the latter would require this
nation to treat foreign firms the
same as Bahamian ones.
This implies that the
Bahamas would have to alter
its National Investment Policy,
where certain areas of the econ-
omy are reserved for Bahami-
an-owned companies only, tax
regime and a multitude of other
policies and laws.
"Anyone paying attention to
these matters knows that the
move to reciprocity is a broad
move," Mr Laing said. "The
WTO is pressing for all these
regional trade agreements to be
compliant with its rules, just as'

we have done with the EU-
ACP arrangement."
Apart from the Economic
Partnership Agreement (EPA)
with the European Union (EU),
which the Bahamas and other
CARICOM states are currently
negotiating to replace the exist-
ing one-way Lome preferences
regime, other non-reciprocal
arrangements the Bahamas is
part of include the Caribbean
Basin Initiative (CBI) with the
While that may be the most
important trade agreement for
the Bahamas, alongside the
WTO, Canada is also now seek-
ing to start negotiations with
this nation and the rest of the
Caribbean on a replacement for
the CARIBCAN accord.
This agreement, again a one-

way preferential regime for
Caribbean imports to Canada,
with no benefits granted to
Canadian exports in return, has
a WTO waiver until 2011, when
it will have to be replaced.
The latest data on this agree-
ment, for 2002, showed that
during that year the Bahamas
exported $16.941 million worth
of goods to Canada. Of that
amount, some 87 per cent or
$13.769 million entered Canada
duty free, with only 17 per cent
or $2.722 million subject to
In return, the Bahamas
imported some $33.245 million
worth of goods from Canada
during 2002 that did not receive
reciprocal preferences.
A Leonard Archer, the
Bahamas Ambassador to
CARICOM and former lead
negotiator on the EPA, said
that while Canada was "not a
major market" for Bahamian
exports, this nation exporting
rum and seafood products
northwards, the Canadians
wanted to replace CARIBCAN
with a formal trade agreement.
Mr Archer said this could
benefit the Bahamas by fixing
the CARIBCAN benefits 'in
stone'. Unlike the existing
arrangement, where like the
Caribbean Basin Initiative
(CBI) the benefits offered are
dependent on Canada's gen-
erosity and can be withdrawn
at any time, a CARIBCAN
replacement would formalise
the treaty and ensure it could
only be amended with the con-
sent of the two parties.
In terms of the implications
for Bahamian companies, Mr
Archer said: "One would have
thought that they would read
the message loud and clear that
the old order is changing, and
that they have to live in a new
order. The new order is reci-
procity, and they need to start
preparing if they haven't done
so already.
"As world trade changes,
there is a move away from pro-
tectionism, where foreign goods

and services were denied access
to you market to protect local
Mr Archer said that eventu-
ally, the world will "move to
totally free trade, so you might
as well prepare for it".
On the question of the US
obtaining a WTO waiver for the
Caribbean Basin Initiative, in
the face of continuing objec-
tions by Paraguay, Mr Archer
said this could possibly be
extended for three to four years,
although Washington had ini-
tially only sought an extension
until 2008.
He added that, again, the US
wanted to develop a formal
agreement to govern its trade
with the Bahamas and CARI-
COM, and felt the extension to
2008 would give it the neces-
sary time to do so.
This would have major impli-
cations for the Bahamian tax
regime, which is heavily reliant
upon customs duties and stamp
duties imposed on imports to
generate the bulk of govern-
ment revenues.
In the 2007-2008 Budget, the
Government estimated that
$590.769 million or 47 per cent
of total revenues would come
from customs duties imposed
on imports.
And some $199.751 million
in stamp duties on imported
goods were also expected to be
collected, meaning that a grand
total of $790.52 million in gov-
ernment revenues more than
half the total is dependent on
Given that the US accounts
for 90 per cent of imports, this
would leave the Bahamas with a
huge revenue hole to fill if it
signed up to a reciprocal trade
agreement with Washington, as
US imports would have to enter
the Bahamas duty free if
Bahamian exports were to
enjoy the same treatment.
However, Mr Archer said it
was likely that the US would
give the Bahamas at least a five
to 10-year phase-in period in
which to change its tax regime.




Notice is hereby given that the Governor, pursuant to
Section 18(1)(a) (iii) of the Banks and Trust Companies
Regulation Act, 2000, has revoked by Order dated
31st July, 2007, the restricted trust licence issued to
I.B.A. Nominee Trust Limited on the 16th day of
October, 1995, on the grounds that the company has
been dissolved.

Wendy Craigg
The Central Bank of The Bahamas

Ministry of National Security

The Department of Immigration

Outstanding citizenship and naturalization applications
Submitted before 30th April 2007
On behalf of
Persons born in The Bahamas to non-Bahamian parents
After 9th July 1973

New Providence

Wednesday Thursday, 8-9 August, 2007
10:00 am 6 p.m.

C. R. Walker Senior High School Auditorium

Grand Bahama

Wednesday, 29th August, 2007

10:00 a.m. 6 p.m.
Venue to be confirmed

Friday, 31 August, 2007
10:00 a.m. 6 p.m.
Venue to be confirmed

Persons are required to bring along receipts and/or letters and photo identification

For Information, please contact:

(242) 502-0533 Nassau
(242) 352-9338 Grand Bahama
(242) 367-2536 Abaco

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