The Tribune.
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/02965
 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: 8/13/2007
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_02965
System ID: UF00084249:02965

Full Text

A m


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Volume: 103 No. 217 MONDAY, AUGUST 13, 2007

MP denies Acklins

residents were incensed

over 'Anna Nicole' event

immigration minister Shane
Gibson yesterday defended
"the Anna Nicole Regatta" in
Acklins over the holiday
weekend denying that the
island's residents were
"incensed" by the event.
The MP for Golden Gates
made the statement yesterday
appearing on Island FM's Par-
liament Street where he
answered questions about his
time at the Ministry of Hous-
ing, the Ministry of Immigra-
tion and the Anna Nicole
Mr Gibson remained
unapologetic about the Anna
Nicole saga blaming The Tri-
bune and the FNM for his per-
ceived impropriety and the
negative lightthe country was
cast in during the whole inci-
Despite the former Minis-
ter's claim that the Acklins
regatta ruffled no feathers on
the island, the Acklins Regat-
ta and Homecoming Commit-
tee, through its president Ani-
ta Collie-Pratt announced last
week that Mr Gibson's father,
King Eric, was dismimissed from
his post by the president of
the association for "embar-
rassing the committee and the
people of Acklins by turning
their recent regatta into an
Anna Nicole spectacle."
Mrs Collie-Pratt said that to
add insult to injury, this con-
sultant for the Ministry of
Youth, Sports, and Culture,
King Eric Gibson, brought
along his friend, Mr Howard
Stern the late Anna

Nicole's lawyer-companion -
and his entourage, to the
island of Acklins.
"I advised Mr Eric Gibson
that there would be no Anna
Nicole race in Acklins. True to
form he ignored the Associa-
tion's request and myself. I
also appealed to his son, Mr D
Shane Gibson, but he abrupt-
ly left the island the following
morning. After I realized the
embarrassment he was about
to bring to Acklins and to our
association I chose not to con-
tinue with the youth sailing
camp. On a later date to be
announced we will seek to
hold a sailing camp for the
children of Acklins."
Mr Gibson admitted that a
SEE page 14

i Christie: others
seeking leadership
of PLP shows party
on the right course
FORMER Prime Minister
Perry Christie said that the fact
H 1 that there may be others in the
SPLP who would aspire to lead-
ership of the party is a sign that
4 his party is "on the right
4 This, Mr Christie said, should
not be confused with disunity.
The former prime minister
made the statement yesterday
on his weekly web chat on the
PLP's official website.
As leader, he said that he
was determined to continue to
6 .71V News coming out of the
| |H ,,:. J strengthen his pa tito the
AN opposition party is that support
for Mr 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
candidate that would challenge
.:.5 SEE page 14

gal Haitian migrants sit
in groups on the beach
in Yamacraw waiting to
be processed.
(Photo: Felipe Major/
Tribune staff)
pected illegal Haitian
migrants were appre-
hended yesterday after
their sloop came ashore
on the Yamacraw beach
in Eastern New Provi-
A resident of the area
watched the approach of
the vessel, and contact-
ed the Elizabeth Estates
police station, who held
the group which
included nine women -
until the Defence Force
arrived on the scene.

SEE page 14

Women Defence Former owner of

Force officers Paradise Island
nursing infants Merv Griffin dies

'confused over
weekend shift'
Tribune Staff Reporter
NINE women defence force
officers who are currently nurs-
ing infants are reportedly upset
and confused after being told
by Commodore Clifford Scav-
ella that they would have to
take on 24-hour duties this
This follows a week-long
lockdown at the base, during
SEE page 14

THE former owner of Paradise
Island, entertainer turned mil-
lionaire Merv Griffin, died yes-
terday, he was 82.
In the 1980s, Griffin pur-
chased Paradise Island in the
Bahamas for $400 million from
Donald Trump, but he later sold
it for just $125 million. The cur-
rent estimated value of the island
is about $2 billion.
The big band-era crooner
turned impresario who turned
the American television game
shows "Jeopardy" and "Wheel
of Fortune" into a multimillion-
dollar empire, died of prostate
cancer, according to a statement

SEE page 15

Former PM:
Brent Symonette
should not have
been in talks over
shipping facilities
Tribune Staff Reporter
FORMER prime minister
Perry Christie said that Deputy
Prime Minister Brent Symon-
ette should not have been
involved in recent discussions
about the relocation of ship-
ping facilities from the down-
town area due to his family's
financial interest in the busi-
"The fact that the DPM has
ownership interest in the con-
cerned properties should
require him not to be involved
as he was. It clearly raises the
suspicion that Symonette is
looking after his personal inter-
est. Unfortunately, matters of
conflict of interest are consid-
ered "small things" by him,"
said the former prime minister.
Responding to a question
from a member of the public
during his Sunday afternoon
online webchat, Mr Christie
SEE page 14

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Miami Herald .....................................P1-12
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Tribune Staff Reporter
IT has emerged that govern-
ment may not in fact have all
of the data necessary to ensure
that the site of the T G Glover
school, which the Chief Med-
ical Officer cleared this week
for construction to continue, is
safe for children in its current
According to sources, Chief
Medical Officer Dr Merceline
Dahl Regis, the official given
authority to "sign off" on the
matter, gave the all-clear for
construction halted in May
due to medical complaints from
workers there to resume at
the T G Glover school site
despite the fact that the results
of a "baseline" investigation
into soil toxicity levels there
have yet to be returned.
Sources claim this test data
may not be available for anoth-
er 30 to 60 days. In the mean-
time, sources indicate that
Works Minister Earl Deveaux
may call for the construction
company to resume work at T
G Glover as the CMO is con-
sidered the final authority on
the matter. As of Thursday,
however, contractor E R Hanna
was said to have not yet been
officially informed of the
CMO's decision, according to
Dr Dahl Regis had been
asked by government to coor-
dinate a review of the concerns,
by looking at workers' medical
reports, soil tests done by' the
Department of Environmental
Health and other data, to see
whether it was safe for workers
to go back to work at the loca-
tion, and ultimately, for chil-
dren to be schooled there.
Earlier this week, The Tri-
bune reported that following
the review Dr Dahl Regis deter-
mined that construction could
Dr Dahl Regis said that
according to medical examina-
tions, and taking into consider-

ation the timing of the medical
complaints presented over a
period of four months there
was no evidence to link the indi-
viduals' sicknesses to conditions
on the work site.
"We cannot conclude that the
excavation contributed to the
presentation of the medical con-
cerns," said Dr Dahl Regis on
However, on Friday it
emerged that some crucial test
results have yet to reach the
hands of Dr Dahl Regis and the
government. The tests are
expected to answer the ques-
tion of whether there are unac-
ceptable levels of toxins in the
ground at "base" level.
Previously, tests were only
done on superficial samples,
taken from the surface of the
site. These superficial test
results had determined that
there is a "mildly elevated" lev-
el of arsenic in the soil on site.
Responding to The Tribune, Dr
Dahl Regis emphasised that
such a finding is commonplace
and not worthy of undue alarm.
The CMO stated that based-on
her review of the examinations
done by E R Hanna's doctors,
there was nothing to link the
workers' illnesses which
included skin rashes and stom-
ach problems, according to a
letter from their operations
manager to the arsenic levels.
Tests results whicli are yet to
be returned are on some sam-
ples collected by means of
"deep core boring", which was
carried out in early July, Works
Minister Earl Deveaux told The
Tribune on July 23. The boring
by US company GES -
removed soil from deep in the
ground for tests.
According to sources, it was
the CMO who, exercising cau-
tion, initially called for the
removal of soil and the tests on
dirt obtained from the deep
Messages seeking comment
from the CMO yesterday were
not returned up to press time.




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Powering The Bahamas for Generations

PM and wife embark

on Caribbean cruise

* PRIME Minister Hubert Ingraham and his wife Delores
left Nassau on Friday afternoon on the Carnival Sensation
for a week-long Eastern Caribbean cruise. The Prime
Minister is scheduled to return to the capital on August 20,
and will travel to Connecticut three days later to accompany
his youngest daughter, Kara, to university.
(Photo: BIS/Peter Ramsay)

I -I ,.

w ..... 7

Facts on safety of school

may be incomplete



I^ I i lH I!NE

0 In brief


are raided

in armed


THERE were two armed
robberies on Friday when busi-
ness establishments were
relieved,of cash and goods.
On Friday at around 1pm the
Let's Talk Wireless store in the
Marathon area was robbed by
two gunmen. They took cell-
phones and other wireless com-
ponents and fled on foot,
according to press liaison officer
Walter Evans. No one was
Later, at 11pm, Bertha's Go-
Go Ribs in Coconut Grove was
robbed by two masked men,
one of whom was armed with a
shotgun. An undisclosed
amount of cash was taken from
the premises and the employ-
S ees.

Firearms are

taken by

police over


OFFICERS from two sepa-
rate divisions rid the streets of
weapons over the weekend.
At around 10pm on Saturday,
officers from the police's mobile
division saw a van on Lincoln
Boulevarrd whose occupants
were acting suspiciously.
Upon seeing the police, the
driver of the van sped off. A
chase followed, during which
officers noticed an object being
thrown from the vehicle.
While the occupants eluded
police, officers collected the
object which was found to be a
pistol-grip shotgun. No arrests
-' have been made.
Later, at around midnight on
Sunday morning, a 23-year-old
in the Golden Gates area was
stopped by officers from the
Carmichael Road division.
Officers found in his posses-
sion an unlicensed shotgun, and
nearby, six rounds of ammuni-
tion. The individual is now in
police custody.

Six being
over shooting
of young man

Six people are being ques-
tioned by police in connection
with the shooting of a 25-year-
old Fox Dale resident, accord-
ing to Asst Supt Walter Evans.
The young man, who was said
to be standing in a yard at the
time, was shot in the neck short-
ly after midnight Saturday
morning in Grey's terrace off
Bernard Road. He was taken
to hospital, and is currently in a
critical condition.

Brazil pledges
aid to sugar
in Brazil


BRAZIL, the world's lead-
ing ethanol exporter, will step
up investment in Jamaica's sug-
ar and ethanol industries,
Brazilian President Luiz Inacio
Lula da Silva said Thursday,
according to Associated Press.
Silva spoke at the inaugura-
tion of a $20 million ethanol
plant that two Brazilian com-
panies helped build.
The plant, capable of pro-
ducing 60 million gallons of
ethanol a year for domestic and
commercial consumption,
marks the second ethanol pro-
ject recently launched by Brazil-
ian and Jamaican investors.

In 2004, Grupo Coimex and
Petrojam began operating an
ethanol dehydration plant.
Silva visited Jamaica as part
of a six-day, five-nation tour to
develop energy and biofuel
agreements in Latin America
and the Caribbean.

Mitchell hits out over CARICOM

FOX Hill MP and former
foreign affairs minister Fred
Mitchell says that he plans to
go to CARI'COM to be sure
that they are aware that the
-PLP does not support the dis-
engagement of this country
from relations with the rest of
the region."
"'The cancellation of the
Carifesta X and the reason giv-
en are not accurate and the
rest of the region needs to
know that Carifesta could have
been done here in 2008 and it
was because of the present
Government's own indecisive-
ness that it did not go ahead,"
Mr Mitchell said over the
weekend at the opening of a
photo exhibition of his work
as a minister.
He said that current rela-
tions with the Caribbean need
to be maintained and he plans
to go to the Caribbean to be
sure that they are aware that
the "PLP does not support the
disengagement of this country
from relations with the rest of
the region".
Mr Mitchell hit out at For-
eign Affairs Minister Brent
Symonette about the now For-
eign Minister's statement that
he may not go ahead with the
visa abolition agreement that

we patiently concluded with'
the European countries to
abolish the need for Schengen
visas for Bahamians to travel
to Europe.
"This was a major accom-
plishment and now the minis-
ter says the Cabinet is to
review the matter because they
are afraid that the other East-
ern countries that joined the
EU will get visa free access to
the Bahamas. Surely on any
cost benefit or other analysis
the benefits are clearly in

favour of the Bahamas. I am
concerned about the silence of
the business community in the
face of this decision. The
Bahamas must conclude this
agreement," the former for-
eign affairs minister said.
He said there needs to be a
fuller articulation of the vision
for Foreign Affairs and it can-
not simply be to be friends
with the United States. "That
is a given, and relations went
well during our term with the
US," he said..
"I am concerned that the
building owned by Bahamians
since the 1930s in Harlem is at
risk; we made a decision while
in office to support its full
repair and rental in support of
the Bahamas American Asso-
ciation. There appears to be a
resiling from that commitment
on the part of the Govern-
ment. It is an asset worth in its
unimproved slate at $650,000;
it was bought with the mponies
of poor Bahamians in the
1930s, it can be improved and
worth some $2 million when
finished but the Government
needs to help. This commit-
ment cannot be abandoned,"
lie said.
He said he was also con-
cerned about relations with

South Africa and the report that
the Diaspora conference that
was to be jointly hosted by
South Africa and The Bahamas
for this region has again been
postponed to February 2008
with no assurances that the fig-
ures to pay for it will be carried
forward into next year's budget
if the conference is postponed.
"I hope that the present

Prime Minister proceeds with
the proposed state visit to South
Africa and that the now For-
eign Minister proceeds with the
plan to hold a session of the
bilateral commission of the two
countries in South Africa as
planned following the Heads of
Government Conference of the
Commonwealth in the Fall," Mr
Mitchell said.

Tribune Staff Reporter
BAHAMIANS have been
warned to make certain they
have their hurricane prepara-
tions ready as a tropical wave
off the coast of Africa could
become the fourth named
storm of the year.
Yesterday, the tropical wave
was 165 miles west of the
Azores, off the West African
coast. It was expected to turn
into a depression later that
day, according to chief metere-

ologist Basil Dean.
Although it is still "quite a
distance"' ftroi the Bahamas.
said MNr )c:ai. it is "'a very
strong \, l \ \1 ii1 a kl\\ pressure
centre already\ formed" in it.
Mr Dean <'lid thai "all the
conditions a ic in place" for the
wave to d\ c,,ip into a some-
thing that cmid cause a signilf-
icant threat. "I'he fact that wev
expect it to become a depres-
sion as early as today is indica-
tive of the fact that it could
become a named storm, per-
haps even a hurricane within

the next few days," he said.
"It is something that we
should be watching. I his is
approachingg the middle of the
hurricane season, and August
is generally a very busy month
in terms of cyclone develop-
ment," he said.
Mr Dean said: "It would he a
good time to send that warning
out again to ensure that if you
haven't already done so then
make sure you have your shut-
ters, make sure that your repairs
to your roof, your windows are
taken care of," he said.

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* FRED Mitchell




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
Nassau Fax: (242) 328-2398
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Freeport fax: (242) 352-9348

What's happening to financial markets

In September 1998, the collapse of Long
Term Capital Management, a giant hedge fund,
led to a meltdown in the financial markets
similar, in some ways, to what's happening
now. During the crisis in '98, I attended a
closed-door briefing given by a senior Federal
Reserve official, who laid out the grim state of
the markets. "What can we do about it?" asked
one participant. "Pray," replied the Fed official.
Our prayers were answered. The Fed coor-
dinated a rescue for LTCM, while Robert
Rubin, the treasury secretary at the time, and
Alan Greenspan, who was the Fed chairman,
assured investors that everything would be all
right. And the panic subsided.
On Wednesday, President Bush, showing
off his MBA vocabulary, similarly tried to
reassure the markets. But Bush is, let's say, a
bit lacking in credibility. On the other hand, it's
not clear that anyone could do the trick: right
now we're suffering from a serious shortage of
saviours. And that's too bad, because we might
need one.
What's been happening in financial markets
over the past few days is something that truly
scares monetary economists: liquidity has dried
up. That is, markets in stuff that is normally
traded all the time in particular, financial
instruments backed by home mortgages -
have shut down because there are no buyers.
This could turn out'to be nothing more than
a brief scare. At worst, however, it could cause
a chain reaction of debt defaults.
The origins of the current crunch lie in the
financial follies of the last few years, which in
retrospect were as irrational as the dot-corn
mania. The housing bubble was only part of it;
across the board, people began acting as if
risk had disappeared.
Everyone knows now about the explosion in
subprime loans, which allowed people without
the usual financial qualifications to buy hous-
es, and the eagerness with which investors
bought securities backed by these loans. But
investors also snapped up high-yield corpo-
rate debt, aka junk bonds, driving the spread
between junk bond yields and U.S. Treasuries
down to record lows.
Then reality hit not all at once, but in a
series of blows. First, the housing bubble
popped. Then subprime melted down. Then
there was a surge in investor nervousness about
junk bonds: two months ago the yield on cor-
porate bonds rated B was only 2.45 per cent
higher than that on government bonds; now
the spread is well over 4 per cent.
Investors were rattled recently when the

subprime meltdown caused the collapse of two
hedge funds operated by Bear Stearns, the
investment bank. Since then, markets have
been manic-depressive, with triple-digit gains
or losses in the Dow Jones industrial average
- the rule rather than the exception for the
past two weeks.
But last Thursday's announcement by BNP
Paribas, a large French bank, that it was sus-
pending the operations of three of its own
funds was, if anything, the most ominous news
yet. The suspension was necessary, the bank
said, because of "the complete evaporation of
liquidity in certain market segments" that is,
there are no buyers.
When liquidity dries up, as I said, it can pro-
duce a chain reaction of defaults. Financial
institution A can't sell its mortgage-backed
securities, so it can't raise enough cash to make
the payment it owes to institution B, which
then doesn't have the cash to pay institution C
- and those who do have cash sit on it,
because they don't trust anyone else to repay
a loan, which makes things even worse.
.And here's the truly scary thing about liq-
uidity crises: It's very hard for policymakers to
do anything about them.
The Fed normally responds to economic
problems by cutting interest rates and as of
Thursday morning the futures markets put the
probability of a rate cut by the Fed before the
end of next month at almost 100 per cent. It
can also lend money to banks that are short of
cash: Thursday the European Central Bank,
the Fed's trans-Atlantic counterpart, lent banks
$130 billion, saying that it would provide unlim-
ited cash if necessary, and the Fed pumped in
$24 billion.
But when liquidity dries up, the normal tools
of policy lose much of. their effectiveness.
Reducing the cost of money doesn't do much
for borrowers if nobody is willing to make
loans. Ensuring that banks have plenty of cash
doesn't do much if the cash stays in the banks'
There are other, more exotic things the Fed
and, more important, the executive branch of
the U.S. government could do to contain the
crisis if the standard policies don't work. But
for a variety of reasons, not least the current
administration's record of incompetence, we'd
really rather not go there.
Let's hope, then, that this crisis blows over as
quickly as that of 1998. But I wouldn't count on
(e This article is by Paul Krugman of The
New York Times 2007)

Criticism of

bishop was


EDITOR, The Tribune
WHAT a "difference" a day
makes in our Bahamian politi-
cal and spiritual lives. Hither-
to, successive presidents of The
Bahamas Christian Council
have been either perceived or
known to be supporters of one
or the other of the major polit-
ical parties.
Indeed, during the months
leading up to the now infamous
referendum on gender equali-
ty a then Chairman, the Rev-
erend Doctor Samuel E Green,
was all over the place and in the
media advocating the stance
taken by the PLP. When the
PLP came to power, Bishop
Green, et al, as I understand it
was given a consultancy with
the then government.
Another Chairman stood by
and said absolutely nothing
about the alleged fight in the
cabinet room. That same Chair-
man also said absolutely noth-
ing when it was alleged that a
large sum of US currency was in
the bedroom closet of a certain
high profiled politician. He also
said nothing when a former
Member of the House of

Assembly was accused by his
one time paramour of a sexual
Other members of the clergy
wore their political support on
their shoulders and did not
appear to care who knew it or
not. One even went so far as to
proclaim that the former one
term Prime Minister, Mr Perry
G Christie, had been anointed
by God Himself.
Just prior to the last general
elections, it is alleged that that
clergyman came down with a
severe case of sore throat so he
was unable to grace the platforms
of his favourite party, which lost
the general elections, anyway. Is
God still in "favour" of Mr
Christie and the defunct PLP?
Now that a fearless and non-
partisan President of The
Bahamas Christian Council has
had the nerve to suggest the
reintroduction of capital pun-
ishment, which is on our law
books, he has been vilified;

cussed out; tarred and feath-
ered by certain quarters, inclu-
sive of the soon to be former
Chairman of the defunct PLP.
What did the good man say
wrong? Absolutely nothing as
far as I am concerned.
Bishop Humes also com-
mented on the political and
emotional tensions in The
Bahamas following the gener-
al elections. These comments,
I submit, are the ones which
really pricked the conscience of
people like Rigby, et al. He was
well within his spiritual over-
sight role to warn us about the
possible consequences.
Indeed, as an ordained watch-
man, the Bishop had little or no
choice other than to sound the
Keep up the good job, Bishop
Humes, of sensitising ordinary
Bahamians on the issues of the
day. Never mind the noise in
the market, just keep your focus
on the price of the fish. To God
then, in all of these mundane
things, be the glory.
July 21 2007

Motorcyclists are treated

unfairly by government

EDITOR, The Tribune
AS A rider of motorcycles for
the past 37 years I would like to
commend the management and
owners of the Mall at Marathon
for their forethought and insight
in providing parking specifical-
ly for motorcyclists. The Mall
has recognized that shoppers
come on two wheels as well as
This enlightened attitude is
in stark, contrast to that dis-
played by everyone who has
served in the government of this
country over the past several
decades. The motorcycle divi-
sion of the RBPF and the occa-
sional government messenger
are the exception. The govern-
ment has no provision at all for
motorcycle parking on Bay
Street, instead giving what could
be considered far too much
space for taxi drivers to idle
while waiting for an occasional
fare. To the best of my knowl-
edge there is no government
department that makes provi-
sion for motorcycle parking in
any of their numerous parking

Mr Malcolm Martini, retiring
from the government planning
department, advised the Rotary
Club of Nassau during a
lunchtime presentation on the
19th of June that New Provi-
dence is running out of load if
we follow current growth pro-
jections. He also stated that
New Providence adds seven
thousand cars every year. The
lack of land precludes the build-
ing of new roads as a means to
deal with our increasing traffic
congestion. Successive govern-
ments have also failed to
address the problems with the
public transportation system.
One of the major problems is
of course that the whole system
shuts down every evening and
those wishing to go out in the
evening or night are obliged to
own a private vehicle or stay
The greatest injustice visited
on the people by our various
governments with regards to
traffic is the ridiculous rate of
duty applied to motorcycles and
motorscooters. Why should a
fuel efficient, inexpensive mode
of transportation be made to

pay a duty and stamp tax rate of
72 per cent of the first cost and
the shipping while a gas guz-
zling SUV, car, or truck pays a
significantly lower rate. Motor-
cycles should be duty free and
encouraged, the driving age for
small capacity (50cc) scooters
should be lowered to 15 years
old, while the driving age for
cars should be raised.
Motorcycles make a far small-
er carbon footprint than even
the most fuel efficient car and in
these days when people are at
last waking up to the inevitable
consequences of global warm-
ing, it should be threatened
lands, like the Bahamas that
should be leading the way in
reversing the increase in our
carbon output. Most of our land
is below 15ft above sea level
and so most of our land will be
underwater by the time our
grandchildren come to drive.
Amongst many others, I hold
our short-sighted politicians to
blame for this.
June 19 2007

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Missing millions found in Bahamas

Police hunt
for man who
raided Town
Centre Mall
POLICE are looking for an
armed robber who stole an
undetermined amount of mon-
ey from the Town Centre Mall,
in downtown Freeport.
At about 2.20pm on Friday,
August 10, a man, armed with a
silver handgun, walked into the
Bargain Discount Centre, Town
Centre Mall, downtown
Freeport and held up the pro-
He demanded cash and after
robbing the store of an unde-
termined amount of money,
fled the scene on foot.
The police were alerted and
units from the Mobile Patrol
Division, Central Division, Cen-
tral Detective Unit and K-9 Sec-
tion, were dispatched to inves-
Officers received informa-
tion that the culprit is about 5'9"
tall, medium dark complexion,
of slim build and was dressed
in dark coloured trousers, blue
shirt with white writing on it
and a camouflage cap.
No one was injured during
the ordeal at the store.
Officers are presently scour-
ing the surrounding areas, in
search of the culprit.
Anyone knowing the where-
abouts of this individual, or with
information that can resolve this
matter, is asked to call the
police at 919, 911 or 350-3107
or 8.

Tribune Staff Reporter
HUNDREDS of millions ol
pounds sterling, which could
not be accounted for after the
collapse of an Italian bank in
the 1980s -- later linked to the
murder of the bank's chairman.
Roberto Calvi, in London --
has been located in the
According to London's
Guardian newspaper, the UK's
foreign office decided to inter-
vene when Bahamian authori-
ties were "slow in supplying
them" with details associated
with the offshore bank
accounts where the money has
been found.

AT about 2am on Sun-
day, August 12, Traffic
police and fire fighters were
called to the scene of a traf-,
fic accident on East Sunrise
Highway in the vicinity of
Boulevard Service Station,
involving two vehicles and
a utility pole.
Preliminary investigation
revealed that Shamarco
Moxey, 26, of Coral Reef
Estates, was driving his
green Hyundai Accent No.
38470, west on Sunrise
Highway, when he appar-
ently lost control of the
vehicle, skidded off the
road and onto the median,
crashing into a concrete
utility pole and knocking it
down. Both his vehicle and
the pole were extensively
damaged, but he escaped
Just as he was getting out
of his car, another vehicle, a
gold coloured Oldsmobile
Alero No. 39052, driven by
Charles Bullard Jr of
Westchester Drive, travel-
ling west on the highway
"at a fast rate of speed,"
according to police, crashed
into the fallen utility pole
that was lying partially
across the westbound lanes
of the dual carriageway. As
a result his vehicle skidded
out of control, ending up
off the southern side of the

The Itali:Ln bank. Banco
A.\mbrosiiimo. cllIapsed in 1812.
it wxas said to hli,\c close tis
with the Catholic church, a
secretlive mai:sonic sect and the
imaia. Mr (Cal\i -- known as
(God's Banker was found
dead the same year, hanging
from Blackfriar's bridge in
London, a length of orange
rope woven "'into a lover's knot
around his neck," according to
the London newspaper. He
was weighed down with bricks
and had 15.000() in his pockets.
In 2004 it was reportedly
revealed that 45 million asso-
ciated with Banco Ambrosiano
was found in the Bahamas.
However the figure is now
known to be in the hundreds of

road, where it burst into
Bullaid was able to escape
the burning wreckage without

I, -



e ^


millions, the report said.
Mr Calvi is said to have
utilised a network of offshore
accounts to hide money asso-
ciated with the bank.
The discovery of the mil-
lions, said the Guardian, is
described as a "significant
breakthrough in one of the
most mysterious murders and
financial crimes."
The collapse of the bank fol-
lowed a letter, written to Pope
John Paul 11 in June of 1982, in
which he told the head of the
church that the collapse of
Banco Ambrosiano would
'"provoke a catastrophe of
unimaginable proportions in
which the Church will suffer
the gravest damage."

Fire fighters eventually extin-
guished the blaze, but the vehi-
cle was destroyed.

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In a trial last year five Ital-
ians, including jailed mobster
Giuseppe "Pippo" Calo -
thought to be the mafia's trea-
surer were charged with Mr
Calvi's murder. The trial pros-
ecutor received death threats
throughout the 20 month court
The five men were later
acquitted, in a decision that
prosecutors are expected to

ROBERTO Calvi is
seen in this May 29,
1981 file picture in Milan
(AP Photo)

As traffic police continue
their investigation into this acci-
dent, they urged motorists to
obey the speed limits on the

island and to drive with the
degree of care and caution that
is expected of a prudent road

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Firefighters tackle blaze after two-car accident



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.




Harbour Bay Shopping Centre
Ph: 393-4440 or 393-4448

IPH sl IIIIPI~PW~--C -~-------9 I-C~"I-e~aL--~-laraaunr





The US-China puzzle for the Caribbean

Dobcat oni)
Versatility Productivity Reliabilioy
Crawford St., Onkes Field
Tel: 323-5171 Fax: 322-6969


* By Sir Ronald Sanders
( The writer is a business exec-
utive and former Caribbean

A growing problem of
deteriorating eco-
nomic relations between the US
and China has implications for
Caribbean economies, particu-
larly those who have fixed the
value of their currencies to the
US dollar.
In the tourist islands of the
Caribbean such as Antigua and
Barbuda, Barbados and St
Lucia, the effect of the weak
US dollar has been masked by a
rise in the number of European
tourists, particularly from
Britain,-who are benefiting from
the increased spending power
of their money.
But should a collapse of the
US dollar occur as a conse-
quence of Chinese government
action, Caribbean economies,
whose currencies are tied to the
US dollar and whose financial
institutions hold reserves and
bonds denominated in US dol-
lars, could be badly hurt.
The problem between the
US and China has been sim-
mering steadily now for a few
years. But, it has suddenly
loomed large as China regards
itself as economically powerful
enough to threaten a collapse
of the US dollar.
The Chinese threat came in
the wake of a bill drafted by a
group of US senators, and
backed by the Senate Finance
Committee, that calls for trade
tariffs against Chinese goods.
This bill is intended as retalia-
tion against China who many
US congressmen accuse of

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Minster Moor Minster Form
(Black, Brown) (Ebony, Birch)

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manipulating the value of the
Chinese yuan so that it remains
artificially low.
The yuan has appreciated 9
per cent against the dollar over
the last two years. In the mean-
time, China's trade surplus
reached $26.9 billion in June.
China argues that its curren-
cy is not under valued. Chinese
officials claim that their goods
are more efficiently produced

Chinese officials
claim that their
goods are more
produced and are
therefore more
priced an
argument that the
US is simply not

and are therefore more com-
petitively priced an argument
that the US is simply not buy-

America's Achilles heel
with China is its huge
debt; a debt that it has accumu-
lated to pay for both its budget
deficit and its balance of trade
deficit. China holds a great deal
of the paper related to US debt.
Its foreign reserves stands at
$1.3 trillion and it is reported
to be holding $900 billion in a
mix of US bonds.
What Chinese officials are
now reported to be saying is
that if the US Congress does
institute tariffs against Chinese
goods, China may liquidate its
US dollar holdings.
The China Daily reports He

Fan, an official at the Chinese
Academy of Social Sciences, as
saying: "China has accumulat-
ed a large sum of US dollars.
Such a big sum, of which a con-
siderable portion is in US trea-
sury bonds, contributes a great
deal to maintaining the position
of the dollar as a reserve cur-
rency. Russia, Switzerland, and
several other countries have
reduced their dollar holdings"
He added. "China is unlikely
to follow suit as long as the
yuan's exchange rate is stable
against the dollar. The Chinese
central bank will be forced to
sell dollars once the yuan appre-
ciated dramatically, which might
lead to a mass depreciation of
the dollar".
How much of this is
brinkmanship by the Chinese
and how much is real intent is
left to be seen.
If it is brinkmanship, the Chi-
nese are pushing it petty far.
Already without any drastic
action by the Chinese, the US
economy is in difficulty. The
declining value of the US dollar,
the rapid fall in the value of
house prices and the quandary
of the US Federal reserve over
whether or not to cut interest
rates underscore the great
uncertainties that now bedevil
the economy.

U S politicians are
extremely sensitive to
the fact that with over 44 per
cent of its national debt in for-
eign control, the American
economy is vulnerable particu-
larly to China which holds so
much of it. The issue is begin-
ning to gain importance in the
campaign to elect the next Pres-
ident. Leading Democratic Par-
ty candidate, Hilary Clinton, has
actually called for restrictive leg-
islation to prevent the US being
"held hostage' to economic deci-
sions being made in Beijing,

* SIR Ronald Sanders

Shanghai, or Tokyo".
However, the US Treasury
Secretary Henry Paulson gives
the impression of being less con-
cerned about the effect of the
Chinese following through with
the threat to sell off the dollar.
He is on record as saying, "the
Chinese are the second-largest
holder of U.S. Treasuries, but
what the Chinese hold in trea-
suries is less than one day's trad-
ing volume in treasuries. We
have a broad, liquid market."
Paulson makes the valid
point that "China's economic
relationship with the United
States is very important to both
countries. It's beneficial for us,
and it is beneficial for them. We
have tensions that we have to
deal with on both sides".
What all this underscores is
the vulnerability of other coun-
tries especially small ones -
to the disputes of large powers.
And it forces the question:
should countries whose curren-
cy exchange rates are fixed to
the US dollar stay with the US
dollar or peg the value of their
money against a basket of major
For Caribbean countries
whose main trade is with the
US and whose debt is mainly
denominated in US dollars, the
option, at least for the present,
would seem to be to stay with
the US dollar. But, it is an issue
that now requires careful
research and study.
Responses to: ronald-


Back To School Shoes Headquarters
Rosetta St. 325-4944
Bay St. 322-3156

... ,d2,

rt1%Ur- IVnIiI i -% r .- -,JI ----



THE ~ ~ ~ ~ ~ ~ ~ ~ OA TRBNNENAWUUT13S07,PG

0 In brief

accused of
cruelty to
A WOMAN accused of child
cruelty appeared in Magistrate's
court on Friday where she
pleaded not guilty to the charge.
Dedrie Ferguson, 36, of
l4oore's Avenue was arraigned
before Magistrate William
Iampbell at Court 9, Nassau
Street, charged with cruelty to
children .
According to court dockets,
Ferguson on Thursday, August
2, at Moore's Avenue neglected
an 18-month-old girl in a man-
ner likely to cause her suffer-
Ferguson pleaded not guilty
to the charge and remains on
$1,500 police bail. The case has
been adjourned to September

Two men
accused after
huge seizure
of marijuana
TWO men were arraigned in
Magistrate's Court on Thurs-
day charged in connection with
the seizure of 500 pounds of
marijuana this week.
Ronell Augustine, 22, and
Donville Morley, 35, both of
Ida Street were arraigned
before Chief Magistrate Roger
Gomez at Court One Bank
Lane on charges of conspiracy
to possess marijuana with intent
to supply and possession of
marijuana also with intent to
The drugs have an estimated
street value of some $500,000.
Both men pleaded not guilty to
the charges and were granted
bail in the sum of $50,000 with
two sureties.
The case has been adjourned
to February 25, 2008 and trans-
ferred to Court 8. The men
were ordered to surrender their
travel documents and report to
the police station nearest them
every Saturday before 6 pm.

Pair deny
money from
their employer
TWO people were arraigned
in Magistrate's Court on Friday
accused of stealing nearly $9,000
by reason of employment.
Sherreka Pennerman, 25, of
Bel Air Estates and Bern
Evans, 41, of Bacardi Road
were arraigned before Magis-
trate Susan Sylvester at Court
11, Nassau Street, yesterday
charged with stealing nearly
$8,960 by reason of employ-
According to court dockets
the accused on Tuesday, April
30, are alleged to have stolen
$8,960 in cash from Armored
Express Bahamas Limited, the
property of RBC/Finco.
The accused, who appeared
before Magistrate William
Campbell at Court 9, Nassau
Street, pleaded not guilty to the
charge and were each granted
bail in the sum of $3,500. The
case was adjourned to Novem-
ber 22.

Stomach bug
shuts down
Republic resort
Santo Domingo
PUBLIC health officials on
Thursday barred a four-star
Dominican resort from taking
in new guests until investigators
identify the source of a stom-
ach bug that sickened some 200
tourists this week, according to
Associated Press.
Health and tourism officials
also ordered the "gradual exit"
of an undetermined number of
guests staying at the Bahia
Principe San Juan Resort on the
island's north coast, according
to an official statement. Hotel

managers declined repeated
requests for comment.
Dozens of guests, many of
them tourists from the United
Kingdom and Spain, were hos-
pitalized for vomiting and diar-
rhea. The illness is not life-
threatening, said health ministry
official Luis Emilio Felix Roa.

Fetlzr. Fniie

Plans are discussed for

National Junkanoo Museum

of the Bahamas launch

MINISTER of State for Culture
Charles NMla\ ird (right) discussing the
proposed floor plan for the National
Junkanoo Museum of The Bahamas
with a number of members of its Steer-
ing Committee, on August 10.
The museum is planned for a Fall
launch. It will showcase Junkanoo
music, artwork, costume pieces, pho-
tographs, historic artifacts and visual
aids and a store from which patrons
may purchase Bahamian-made
Junkanoo keepsakes.
It is also a result of partnership and
consultation with such organizations

as the Junkanoo Corporation of New
Providence, the Antiquities and Mon-
uments Corporation of The Bahamas
and the Bahamas Professional Pho-
tographers Association.
Pictured, from left are Chief Curator
of the National Museum of The
Bahamas (Antiquities, Monuments and
Museums Corporation) Kim Curry-
Stubbs; NJMB Manager Angelique
McKay; Assistant Director of Culture
Eddie Dames and Chairman of the
Shell Saxons Superstars Peter Gilcud.
(BIS photo: Eric Rose)


Work commenced on National

Park at Clifton plantation

WORK is underway to
develop the Clifton planta-
tion into a National Park that
will be "second to none" in
The Bahamas, Senator Dr.
Jacinta Higs, chairman of
the Clifton Hcritage Author-
ity said.
Dr Higgs said that Clifton is
expected to be transformed
into a national park that will
be on par with major parks
throughout the region. par-
ticularly those in the United
States of America.
She said Dr. Keith Tinker,
Director of the Antiquities,
Monuments and Museums
Authority, is at the site with
other professionals, working
on developing the Clifton site
into a national park.
The ChIton Heritage
Authority organized two
family-oriented fun-filled days
at the historic Clifton site over
the Emancipation Day holi-
day weekend.
Working with Dr. Higgs to
make the family event a suc-
cess was chairman of the Save
the Clifton Coalition, the Rev.
C.B. Moss.
"Overall, in The Bahamas it
is very important for us to
remember our heritage
because in the act of remem-
bering, then we are better
able to charter where we want
to go as a people," said Dr
Dr Higgs, who hails from
the Fox Hill community, also
disclosed that efforts are
being made in preparing for
opening ceremonies for the
week-long Fox Hill celebra-
tions, to be held on Friday at
the Fox Hill Parade.
The week will conclude
with the Annual Fox Hill Day
celebration on Tuesday,
August 14.

"Fox Hill." said Dr. Higgs
"has been charting the mem-
ory of our people through the
Emancipation celebration
and Fox Hill Day celebra-


"Now, throughout the
entire country, the word is
coming out and challenges us
to move to other areas of The
Bahamas. As in Fox Hill, we
know that requires a collabo-
rative effort but also requires
a Government effort and,
more importantly, it requires
an effort by each individual
liberated village and commu-
"But in Fox Hill, we are ini-
tiating the Congo Town
Homecoming, which is an
area in Fox Hill where hun-
dreds of Africans were set
free. They were captured,
brought here by boats, and
because of the 1807Act abol-
ishing slavery, they were
allowed to be set free and so
they settled in Fox Hill."
Dr. Higgs said that a lot of
the African heritage has been
covered over and forgotten.
But efforts are being made to
resurrect it.
"And so, we hope that this
year as it is celebrated in the
entire Diaspora all over the
world, we hope that Fox
Hillians and, more signifi-
cantly, Bahamians remember
from whence we came," said
Dr. Higgs.
Dr. Higgs commended
members of the previous
Clifton Heritage Authority,
under the chairmanship of
former Attorney General
Sean McWeeney, for their

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Eighty-four suspected illegal Haitian

* THE sloop that carried the
suspected migrants is shown
lying on its side just off the
beach in Yanmacraw.
(All photos: lFelipi Major/
I'l iliImi l.l//


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* HAITIANS sit in groups on the beach in Yaniacraw. Eighty-four suspected illegal Haitian
migrants were apprehended yesterday after a sloop came ashore on the Yamacraw beach in East-
ern New Providence.


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VIN# FB14-517939

o t e


Via Drop Box Drawing
for any pre-owned vechicl
that is purchased during tt
Month of August 2007.
Drawing will be held
September 1st, 2007 @ 10:00
Certain Restrictions Appl'
Co m and check oul
uge Inventory West'
New Car Showroc
It hompson Blvd
Phone: 325-0881/2

* IMMIGRATION officers stand guard over the suspected illegal migrants on the beach in the
Yamacraw area.




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PAGE 10, MONDAY, AUGUST 13, 2007


Little Miss Talented

Bahamas winners visit

David Yurman

* THE winners of the Little Miss Talented Bahamas 2007
programme recently paid a courtesy call on John Bull's David
Yurmap boutique, Bay Street. Maya Roberts, Miniature Miss
Talented Bahamas 2007, Gevante Dean, Petit Miss Talented
Bahamas 2007 and Chardonnay Toote, Little Miss Talented
Bahamas 2007 were presented with David Yurman jewellery -
earrings and necklaces- by jewellery buyer for John Bull,
Tarek Vanderpool and Lily Williams, Manager of David
Yurman. 1 h jewellery, part of prize packages won by each girl,
are from David Yurman's "Cable Kids" collection.

n't leave it to the last minute...
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Jewellery buyer,
A John Bull Group
of Companies,
'Gevante Dean,
lPetit Miss
Bahamas 2007,
Maya Roberts,
Miniature Miss
Bahamas 2007,
Toote, Little Miss
Bahamas 2007
and Lily William,
manager, David

Teachers attend workshop

on nation's marine resources

TEACHERS from Abaco,
Andros. New Providence and
Grand Bahama were intro-
duced lo 1'reasure's in the Sea
--- a Teacher's Resource at
workshops hosted by the
Bahamas National Trust in con-
junction with the Ministry of
Education, Sports and Culture
and the American Museum of
Natural History.
More than 50 teachers par-
ticipated in the two workshops
on New Providence and Grand
Bahama at the beginning of
August. The new resource pro-
vides background information
on The Bahamas major fishery
resources: Conch, Grouper and
the Spiny Lobster or Crawfish.
The purpose of the workshops
was to familiarize the teachers
with the new resource, provide
hands-on experience in using
Treasures in the Sea and to plan
for further workshops imple-
mented by the teacher's them-
selves for educators at their
schools. The production of
Treasures in the Sea and the
facilitation of the workshops
was supported in the Bahamas
by Colinalmperial. The
resource was officially present-

ed to Education Minis- .
ter Carl W. Bethel at a
special reception held at
the end of the New ,
Providence workshops.
Teachers participated
in Peer Teaching exer-
cises, hands on arts and
crafts sessions and a field
trip to the beach to
familiarize them with the
seashore and a special
activity called Sea for
Yourself. Atlantis Water
Features hosted the New
Providence teachers for
a Fish Scavenger Hunt
at The Dig where the
educators were able to
experience the marine
environment in a virtual .
setting. Educators on
Grand Bahama visited
the Lucayan National :'..:
Park and were able to LE
experience not only the with I
seashore but the man-
grove tidal creek which
acts as a marine nursery for
conch, crawfish and grouper.
All of the educators thor-
oughly enjoyed learning about
the anatomy of the conch up
close and personal as the facili-

. --

.. ', : -

S _-

SLYN Smith of Adelaide Primary
her conch live cycle wheel

tators used live conch for the
biology lesson. Several of the
activities use educational games
such as the Grouper Race for
Survival to provide fun learning
experiences about the threats

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faced by our fishery resources
and Pass the Part a relay
game that challenges the stu-
dents to become familiar with
the anatomy of the conch,
crawfish and grouper.
Educators had fun dis-
playing their creative skills
with Home Sweet Habitat,
an educational mural-mak-
ing activity which encourages
students to learn about the
different marine habitats and
the marine life that uses
them, the Conch Life Cycles
Wheel reinforces the knowl-
edge about the life cycle of
the conch and Crawfish Crit-
ters allows students to use
their artistic skills in creat-
ing a model of a crawfish.
Teachers were further assist-
ed in taking the marine mes-
sage to their classrooms by a
donation from The Nature
Conservancy of posters on
conch, crawfish, grouper, sea-
grass beds, marine protected
areas and Elkhorn coral.
Teachers had very positive
comments about the workshop.
The following are some sam-
ples of feedback from the eval-
uation forms completed by the
educators at the end of the
"Excellent workshop! I am
far more comfortable with so
many areas now than I was prior
to the workshop. There is a great
need for this type of exposure
amongst teachers. With this type
of seminar we can enhance the
way that science is approached
and taught in the schools. In
doing so we will prepare more
Bahamians for careers in science
- marine science which will lead
to more research by informed
Bahamians, more conservative
efforts by educated Bahamians,
and more changes by enthusias-
tic Bahamians. (Also great
resource materials- thank you)."
"I am extremely happy I did
the workshop. It has awakened
a new awareness of the impor-
tance of conservation and the
responsibility I have to pass the
message on."
"It was a pleasure being here.
Initially I only wanted to attend
one day, but it was so interest-
ing that I kept coming out each
In Grand Bahama, teachers
were enthusiastic and have
already started to organize their
own workshops. Several teach-
ers are working together to pro-
vide workshops at the end of
August at the BNT's Rand
Nature Centre to introduce the
new resource to teacher's at
their school.

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Venezuela's Chavez pledges to meet

Caribbean's long-term oil needs

Hugo Chavez pledged to meet
( aribbean nations' oil needs foi
vw-ars to come, and urged the
region to unite and seek greater
independence from the United
MStates, according to Associated
Chavez deepened past
pledges to share his country's
oil wealth as he addressed a
summit on Saturday of nations
taking part in Venezuela's
Petrocaribe oil initiative, which
supplies fuel under preferential
"If we truly unite ... the
grandchildren of our grandchil-
dren will have no energy prob-
lems," Chavez said. He predict-
ed oil prices will soon hit
US$100 a barrel but said "the
Caribbean shouldn't have prob-
lems this century and beyond."
"Venezuela puts this oil
wealth at the disposition of our
peoples of the Caribbean,"
Chavez said. "We're going to
share it like Christ. ... It will be
enough for everyone."
Venezuela still counts the
United States as its top oil buy-
er, although Chavez has sought
to diversify his clientele amid
tensions with Washington by
selling more to Latin America,
the Caribbean and as far away
as China.
Since 2005, when Chavez cre-
ated Petrocaribe, 14 countries
have joined Venezuela's pact,
which lets them finance up to
half their oil bills over 25 years
at low interest. That number
expanded to 15 on Saturday
with the addition of Nicaragua,
whose president Daniel Orte-
ga attended the talks.
Leaders of nine countries
signed a treaty proposed by
Chavez in which Venezuela
pledges to guarantee energy
supplies and help the nations
develop alternative energy
sources. Countries that signed
were Haiti, Grenada. St. Vin
cent and the Grenadines
Nicaragua, Jamaica, Suriname.

Dominica Belize and Cuba
Undeil Petn oc lart'i iiiiioiis
aie generally allowed to pav ofl
part of their oil bills in goods
and services. Dominican presi-
dent Leonel Fernandez said his
country hopes to begin an
exchange programme offering
hotel and tourism training to
visiting Venezuelans.
Caribbean countries have

ali d finaneiiiiiii d nearly US$1
bill in 111 licl pui)chases, and
due tu iinlCre'st its low as one
per cent have seen savings of
I 'S$45() million. Chavez said.
Oil Minister Rafael Ramirez
said Friday I that Venezuela is also
making progress helping upgrade
01 build relinerics in Cuba,
Jamaica and Dominica an effort
that comes as Chavez's govern-


\.. i I

E IN this photo released by Miraflores Press Office, Venezuela's
President Hugo Chavez, right, speaks with Dominican President
Leonel Fernandez, left, prior the Petrocaribe Oil Sumnmi
(AP Photo)


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ment seeks to decrease its reliance
on a network of US refineries.
Chavez used the meeting to
support his ally Cuba, saying
the island is regularly excluded
from othei summits. Blaming
the US, he recalled a 2005 gath-
ering in Argentina and said:
"How is it that we accept Cuba
not going to that meeting?"

"I swear by my mother if
there is another one ol those
summits and Cuba doesn't go,
Venezuela won't go to that
summit either because it doesn't
seem fair," Chavez said.
"I know most of you talk with
thL US government, the majority
ol oui friends in the Caribbean,
except Cuba and us," Chavez






added. "But I hope someday wt
can all sit down at the saimi tabk
as equals and with respect; with
the president of the United
States, whoever it is."
He also proposed to one day
build an undersea natural gas
pipeline stretching from gas-rich
Venezuela to Cuba and possibly



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MONDAY, AUGUST 13, 2007, PAGE 11

Bahamian adventure

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AS PART of its 20th
anniversary celebrations, par-
ticipants and leaders from the
Governor-General's Youth
Award embarked on an adven-
turous eight-day sailing jour-
ney to five Bahamian islands.
These islands included Great
Harbour Cay, North Bimini,
Grand Bahama, Abaco and
South Andros.
These young people were
fulfilling their adventurous
journey requirements for the
three levels in the Internation-
al Award programme of which
the Governor-General's Youth
Award (GGYA) is a member.
The first part was Great
Harbour Cay in the Berry
Islands. The Gold groups
hiked to Sugar Beach to
explore the caves. The other
groups Bronze and Silver
had a short hike to the east
coast beach, viewing the beau-
ty of the Cay and spending
time with the residents.
It was then onto North Bimi-
ni for a day's trek to "Pirates
Point" located on the eastern
end. Some of our adventurous
friends were able to see differ-
ent species of fish on the way.
The next port of call, Grand
Bahama, offered a different
kind of challenge and adven-
ture. The Gold section hiked
from Barberry Beach to the
Lucayan National Park and the
following day kayaked through
the park. They were so excited
and, despite the rainy weather,
completed their journey. Both
the Silver and Bronze sections
had the opportunity to hike
through the park and explore
the famous "bat cave".
Next up was Abaco a gem
of an island. Landing at Sandy
Point, the groups were trans-
ported to a point along the
road to the lighthouse located
at "Hole in The Wall", a sec-
tion of Abaco on the south
eastern tip. Trekking to view
this marvelous structure and
see the "hole" turned out to

* A GO group at te National aan Park in Grand Bahama".
0 A GOLD group at the National Lucayan Park in Grand Bahama

be the most challenge for all
the sections. The Gold sections
completed 20 miles over two
days on this part of the expe-
The Silver groups hiked 16
miles and the Bronze partici-
pants did 10 miles. Camping at
the lighthouse was yet another
experience for everyone. The
view from the top was spec-
tacular. The view of the ocean
and the tiny lights of Abaco
left all in awe.
After stopping in Nassau to
refuel, it was off to South
Andros to catch a few crabs.
This was the shortest hike
for all the groups -just 3 miles
to the campsite. T'le Gold par-
ticipants completed their resi-
dential project which involved
a complete coastal clean-up
along the regatta site as well
as the grounds.

The entertaining talent show
and party took place there
Taking part in this year's
Bahamas Award Scheme
Expedition (BASE) were par-
ticipants from the following
units: Queen's College, St.
Augustine's College, C.V.
Bethel High School, St. John's
College, Cherub Christian
Academy. St. Andrews High
School, Lucayan Internation-
al School, Mt. Carmel Prepara-
tory, St. George's High, Jack
Hayward High School, C.C.
Sweeting Sr, St. Paul's
Methodist College, Catholic
High, Bishop Michael Eldon
High, Sunland Baptist, Nassau
Christian Academy, North
Andros High, Central Andros
High, College of The Bahamas
and Government High School.
Bahamas Award Scheme

Expedition began in 1992 to
give GGYA participants
opportunities to:
Experience life on a dif-
ferentFamily Island.
Acquire leadership skills.
Live with other young peo-
ple other than their regular
Qualify for their respec-
tive GGYA Adventurous
Journey level.
The GGYA is an exciting
self-development programme
available to all young people
worldwide equipping them
with life skills to make a dif-
ference to themselves, their
communities and the world. To
date over five million people
from more than 100 countries
have been motivated to under-
take a variety of voluntary and
challenging activities.

* PART of 2007 BASE group


The- Bohomiano Cred.i Cow'd
A cornmb.inilld cowi


S. ... .. . ,

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lor completing her Medical Studies and
Pediatric Residency at Jackson Memorial
Hospital, Miami, Florida in June 2007 Dr
Chisholm completed her medical doctor-
ate degree at Wake Forest University
School ol Medicine. North Carolina She
is also a 1996 graduate of St Augustine s
College Nrs-:au Bahamas

Dr. Chisholm is the last daughter of Mr.
Juliiupi and Myrtle deceased) Chisholm

Dr C'hisholm is currently practising at
Harbour Bay Medicai Centre specializing
in ChilId Healinrnewborn through


C.Cniair iulIatio.ri Irom I iiher JuliuiS ish'ti-olm sister. Nichelle Belhel.
Li- 3 irid G-- i: shohln brctli .13. c.Crinn Chi-holm niece & nephew.
" Ja:iiiri,,- .I:,.r t-:.ehel r i-i j e ei- ,;re (. HISHOLM FAMILY "


. .i

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US donates weather information systems

* PART of the EMWIN computer system is displayed as
officials discuss its capabilities. Pictured (from left) are Dr
Brent Hardt, Charge d'aftTaires in the United States Embassy:
Branville McCartney, minister of state for Tourism and
Aviation; Archie Nairn, permanent secretary in the Ministry
of Tourism and Jeffrey Simmons, deputy director in the
Department of Meteorology.
(Photo: Derek Smith/BIS).

II I I lihalini has been bet-
I(r positlioed to prepare for
iiM uraiIl disaster, including hu1r-
l icanes, through a gillt from the
United Stlates the donation of
ItN\o highly sophisticated com-
puter systems that will give
Bahamian meteorologists and
disaster workers immediate
information from United States
weather trackers.
The two Emergency Man-
agers Weather Information Net-
work (EMWIN) stations val-
ued at $12,000 in total consists
of satellite dishes, satellite
receivers and computer systems.
The systems will be installed at
the Department of Meteorology
at Lynden Pindling Internation-
al Airport and the National
Emergency Management
Agency (NEMA) headquarters
in Nassau. They will receive
immediate weather tracking
information from the US'
National Oceanic & Atmos-
pheric Administration (NOAA),
enabling Bahamian authorities
to advise all islands of weather-
related dangers in an even more
efficient manner than in the past.
Branville McCartney, Minis-
ter of State in the Ministry of
tourism and Aviation, pointed
out that the systems will also
allow emergency management
workers to make even better
preparations and decisions.
"It is clear that all people
involved in disaster manage-
nient require information to
play their particular role effec-
tively," he said. "Good infor-
mation means that people can
make better decisions when
dealing with disasters. In turn,
better decisions will result in
fewei deaths, fewer injuries, less

trauma, and fewer environ-
mental losses. In short, deci-
sions based on good infoima-
tion can reduce the impact of
disasters a goal we all share."
The equipment provision was
part of the US' Third Border Ini-
tiative, which was developed by
President George W. Bush in
2001 to enhance diplomatic, eco-
nomic, health, education and law
enforcement cooperation and
collaboration between the U.S.
and the Caribbean. Part of the
initiative included support for
civil aviation improvements, and
efforts to increase preparedness
for a variety of hazards.
Dr. D Brent Hardt, Charg6
d'affaires in the United States
Embassy, said the donation was
a follow through of the US'
commitment to the initiative.
"Of course, having better
information is important, but, as
we know, analysis of that infor-
mation is also critical," Dr. Hardt
said. "This new system will
allow Department of Meteorol-
ogy experts to send analysis of
weather patterns to NEMA, so
that NEMA can determine what
measures need to be undertaken
to protect the public."
The United States has also
committed itself to providing
training to NEMA. In the first
week of July, under the auspices
of the Rhode Island National
Guard State Partnership Pro-
gramme, a team from Rhode
Island visited Nassau to con-
duct a disaster management
conference. The conference
included segments on public
affairs, response and recovery
operations, shelter manage-
ment, logistics and a live disas-
ter management software

Commissioner set to receive award

ROYAL Bahamas Police
Force Commissioner Paul Far-
quharson will be honoured this
week at a banquet when he is
expected to be presented with
the Rotary Club's Paul Harris
Fellow Award.
The distinguished award is
named in honour of Rotary
International's founder, Paul
Harris and is awarded to indi-

viduals considered to have
made exceptional contributions
to their communities. It is
among the highest of Rolary's
recognition for sern ice, and is
awarded worldwide to persons
considered to best exemplify
the organisation's motto: "Ser-
vice Above Self".
Paul Harris, a Chicago-based
lawyer founded Rotary in Feb-

ruarv of 1905, and today Rotary
is known throughout the world
for its dedication to service and
international goodwill.
Mr Harris died in 1947 and lat-
er in 1957 the Paul Harris Fellow
Awards were established to com-
memorate his vision. With this
award, Police Commissioner
Paul Farquharson joins thou-
sands in Rotary's global com-

munity who have been honoured
for their meritorious service.
The event, hosted by the
Rotary Clubs of the Bahamas,
will include a three- course din-
ner, live entertainment with spe-
cial appearance by the Royal
Bahamas Police Force Pop
Band. Rotary International
Director Barry Rassin will be
the guest speaker.

demonstratiQn conducted
remotely from Rhode Island.
In addition, staff members of
Slie Department of Meteorology
have received training in Wash-
ington, Miami and other parts
of the United States.
Arthur Rolle, director of the

Department of Meteorology,
said there is a plan to acquire 12
additional EMWIN systems.
This, he said, would cover the
Bahamas' 14 most populated
islands. The Department hopes,
to have all the equipment pur-
chased within a year.

offert8S Uo

ding all your travel np,

Philadelphia...........now $260.00 RIT
Connecticut..........now $336.00 RIT
Boston..................now $218.00 R/T
Tallahassee ...........now $549.00 R/T
New Orleans..........now $340.00 RIT
Los Angeles...........now $382.00 RIT
Atlanta..................now $318.00 RIT
Tampa.................... .now $139.00 R/T
Miami....................now $ 90.00 R/T
Ft.Lauderdale..........now $ 98.00 R/T
Orlando................... now $118.00 R/T
Open All Day Saturdays

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Centre Court
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MONDAY, AUGUST 13, 2007, PAGE 13




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PAGE 14, MONDAY, AUGUST 13, 2007


MP denies Acklins residents were

incensed over 'Anna Nicole' event

FROM page one

request was made of him by
Mrs Collie-Pratt, but he
claimed that it was for anoth-
er reason entirely.
"What was told to me by
Anita was that she was told
that Prime Minister Hubert
Inghraham told Byron Wood-
side that if the name Anna
Nicole was called in Acklins
he should not go to Acklins. I
heard on the radio that Byron
was in Acklins. I did not see
Byron in Acklins.
"She said because the
prime minister told him that
and she wanted the minister
there at the presentation, I
should talk to daddy (King
Eric) and tell them pull the
boat out of the race and can-
cel the race," Mr Gibson said.
As for him leaving the
event early, the former min-
ister said that this was always
to be the case.
"You call the pilot of the
plane I chartered and you will
find out that my charter was
always supposed to take off

on Saturday," Mr Gibson
Nevertheless Mrs Collie
Prat saw the need to publicly
announced King Eric's dis-
missal from the Acklins Com-
mittee at a press conference
on Friday and apologized to
the people of Acklins and the
country for the "Anna Nicole
race" and assured the public
that in no way did she, or the
association benefit in any way
from the event.
"The association, nor the
people of Acklins had any-
thing to do with the Anna
Nicole race.
"At this time I wish the
people of the Bahamas to
know that we did not sanc-
tion the Anna Nicole race,
nor did we benefit in any
form or fashion from the C-
class race held in Acklins.
And on behalf of everyone
we apologize to everyone for
this race," she said.
However, Mr Gibson said
there was no need to do this
because the people of Ack-
lins were not embarrassed by
the event.

"I spoke to the people in
Acklins after the press came
out with that foolishness and
nobody had any knowledge
about anybody objecting. The
Tribune even said that every-
body was wearing pink shirts.
If they were upset why would
they wear pink shirts?" Mr

Gibson asked.
Islanders claim the regatta
was promoted as an Ameri-
can television extravaganza
by the TV show Entertain-
ment Tonight, with a report-
ed $500,000 being paid for
exclusive rights.
While he admitted that ET

FROM page one

which all officers other than the nine breastfeed-
ing women were kept on site 24-hours a day to
practice disaster-preparedness exercises. The
mothers were given the freedom to leave the
base at 5pm to return to their homes to nurse
and care for their young children.
However, when the drill came to an end on
Friday, Commodore Scavella reportedly told the
women that they would stay on to assist the duty
officers on base over the weekend, bringing their
babies on site.
According to a source, who wished to remain
anonymous, the women are said to be unsure as
to why Mr Scavella made such a decision, partic-
ularly after he appeared more than willing to
make concessions for their present circumstances
during the week.
They are also concerned that the base is not the

FROM page one
him "10 to one" as he still
holds substantial power with-
in the PLP council and
the party "at almost every lev-
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 party's embarrassing loss
at the polls on May 2.
This loss has been laid direct-
ly at the feet of Mr Christie by
some of his supporters. Citing
the economic boom and the
near zero unemployment, some
high level PLPs remarked that
the only factor that could have
worked against the party must
have been the PLPs "weak
leadership" a phrase that
the FNM repeated frequently
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was present at the event he
said the television show did
not give any funds "the way
they are saying it."
"I was one of the major
contributors to the Regatta
along with Peter Nygard and
Frank Hanna," Mr Gibson

Defence Force officers
right environment for their new infants. The
source noted that if anything were to happen to
their babies while on site there are no benefits
that would cover them.
The Tribune attempted to contact Commodore
Scavella on Sunday, however, numerous num-
bers listed for the Defence Force base went unan-
However, one Defence Force insider said that
he did not believe the move was a punishment of
any sort, as the source suggested may be the case,
but rather an attempt on behalf of Mr Scavella to
make sure that none of the officers felt any other
was getting special treatment.
He said that there are several rooms in the
training department which are currently unoc-
cupied which the women can use to look after
their babies while on site.

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
Many sources have admitted
that this not only caused the
PLP the government, but could
have in fact, caused the even-
tual downfall of Mr Christie's
presence in front-line politics.
The election, as one insider put
it. was "the colossal battle of
the ages". Hanging in the bal-
ance was not only the govern-
ment, but the political future,
and legacy of two of the coun-
, ,try's political giants.

* PLP leader Perry Christie

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Former PM:
Brent Symonette
should not have
been in talks over
shipping facilities
FROM page one

said that "more discussion is
necessary" on the subject,
"particularly as the PM's ini-
tial position was not to pro-
ceed with the previous gov-
ernment's relocation plan."
It was revealed by The Tri-
bune last week that Deputy
Prime Minister Brent Symon-
ette chaired a meeting which
discussed numerous issues
relating to downtown Nas-
sau, including the lack of pri-
vate parking, garbage con-
cerns, dirt and congestion, as
well as the "temporary relo-
cation" of the downtown
shipping facilities to Arawak
This relocation was sug-
gested as a way of reducing
the number of cargo trailers
passing through downtown.
The former government
and its master planners,
EDAW, had proposed relo-
cating all shipping facilities
to a new port in southwest-
ern New Providence.
The relocation was thrown
into question when Prime
Minister Hubert Ingraham
made statements shortly after
coming to power which indi-
cated that he was not in
favour of the move.
However, since that time
sources claimed that Mr
Ingraham said he was not
against the proposal if it does
not place an overly heavy
financial burden on govern-
Meeting notes seen by The
Tribune from the July 24th
meeting which Mr Symon-
ette chaired, also attended
by, among others, Norman
Solomon, Jimmy Mosko,
Inga Bowleg and Rick Hazel-
wood of John Bull, Khaalis
Rolle of Bahamas Ferries,
Winston Rolle and Philip
Simon of the Bahamas
Chamber of Commerce,
described how the foreign
affairs minister invited Mr
Mosko to outline a plan to
temporarily relocate the facil-
ities to Arawak Cay.
The notes said that there
was "no doubt that this was
all pre-discussed and was the
crux of the meeting."
Last week, Mr Symonette
denied that his involvement
in the meeting and down-
town Nassau's 'redevelop-
ment represented a 'conflict
of interest' on his part due to
the fact that his family is the
landlord for at least one ship-
ping firm, Seaboard Marine,
as alleged by PLP senator
Jerome Fitzgerald,
He also denied that the
meeting was held primarily
to discuss relocating the
downtown shipping facilities
to Arawak Cay, or that he
had pushed any particular
solution to the issue.
"There was no conflict of
interest involved, and if there
was, I would have excused
myself," he said.

84 suspected

illegal Haitian



FROM page one

According to an eye-wit-
ness, who was swimming off
the beach when the boat
came into view, and hid in
*bushes until it eventually
reached the shore, there
were only three men visi-
ble on the vessel at first
Once close to the beach,
the men threw out an
anchor. Three then jumped
ship, and then scores more
began to climb out from
inside the boat's cabin.
It was at this point that
the eye-witness said he fled
the scene.
A defence force source

said that the boat had taken
10 days to reach Eastern
New Providence.
Unconfirmed reports
were that the boat was
Bahamian registered, and
coal was also found stored
inside when the vessel was
searched by authorities.
This latest apprehension
comes weeks after another
group of migrants, also
numbering 84, were taken
into custody after their boat
came aground on Big Pipe
Cay in the Exuma chain.

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Merv Griffin passes away at 82

FROM page one
from his family. which was
released by Marcia Newberger,
spokeswoman for The Griffin
Group/Merv Griffin Entertain-
From his beginning as a $100(X-
a-week San Francisco radio
singer, Griffin moved on as
vocalist for Freddy Martin's
band, sometime film actor and
TV game and talk show host,
and made Forbes' list of rich-
est Americans several times.
"The Merv Griffin Show"
lasted more than 20 years, and
Griffin said his capacity to listen
contributed to his success.
"If the host is sitting there
thinking about his next joke, he
isn't listening," Griffin said in
a recent interview.
But his biggest break finan-
cially came from inventing and
producing the television quiz
shows "Jeopardy" in the 1960s
and "Wheel of Fortune" in the
1970s. After they became the
hottest game shows in televi-
sion, Griffin sold the rights to
them to the Columbia Pictures
Television Unit for $250 million,
retaining a share of the profits.
"My father was a visionary,"
Griffin's son, Tony Griffin, said
in a statement issued Sunday.
"He loved business and contin-
ued his many projects and hold-
ings even while hospitalized."
When Griffin entered hos-
pital a month ago, he was work-
ing on the first week of produc-
tion of a new syndicated game

show, "Merv Griffin's Cross-
words." his son said.
In recent years. Griffin also
rated frequent mentions in the
sports pages as a successful race
horse owner. His colt, Stevie
Wonderbovy, named for enter-
tainer Stevie Wonder, won the
$1.5 million Breeders' Cup
Juvenile in 2005.
Griffin started putting the
proceeds from selling "Jeop-
ardy" and "Wheel" in treasury
bonds, stocks and other invest-
ments, but went into real estate
and other ventures because "I
was never so bored in my life."
"I said 'I'm not going to sit
around and clip coupons for the
rest of my life,'" he recalled in
1989. "That's when Barron
Hilton said 'Merv, do you want
to buy the Beverly Hilton?' I
couldn't believe it."
Griffin bought the slightly
pass hotel for $100.2 million
and completely refurbished it
for $25 million. Then he made a
move for control of Resorts
International, which operated
hotels and casinos from Atlantic
City to the Caribbean.
That touched off a feud with
real estate tycoon Donald
Trump. Griffin eventually
acquired Resorts for $240 mil-
lion, netting a reported paper
profit of $100 million.
"I love the gamesmanship,"
he told Life magazine in 1988.
"This may sound strange, but it
parallels the game shows I've
been involved in."
It was in 1948 that Martin

hired Griffin to join his band at
Los Angeles' Coconut Grove
at $150 a week. With Griffin
doing the singing, the band had
a smash hit with "I've Got a
Lovely Bunch of Coconuts," a
1949 novelty song sung in a
cockney accent.
The band was playing in Las
Vegas when Doris Day and her
producer husband, Marty
Melcher, were in the audience.
They recommended him to
Warner Bros., which offered a
contract. After a bit in "By the
Light of the Silvery Moon,"
starring Day and Gordon
MacRae, he had a bigger role
with Kathryn Grayson in "So
This Is Love." A few more triv-
ial roles followed, then he asked
out of his contract.
In 1954, Griffin went to New
York where he appeared in a
summer replacement musical
show on CBS-TV, a revival of
"Finian's Rainbow," and a
music show on CBS radio. He
followed with a few game show
hosting jobs on TV, notably
"Play Your Hunch," which pre-
miered in 1958 and ran through
the early 1960s. His glibness led
to stints as substitute for Jack
Paar on the "Tonight" show.
When Paar retired in 1962,
Griffin was considered a prime
candidate to replace him. John-
ny Carson was chosen instead.
NBC gave Griffin a daytime
version of "Tonight," but he
was cancelled for being "too
sophisticated" for the house-
wife audience.

In 1965, the Westinghouse
Broadcasting introduced "The
Merv Griffin Show" in syndi-
cated TV. At last Griffin had
found the forum for his talents.
He never underestimated the
intelligence of his audience,
offering such figures as philoso-
pher Bertrand Russell, Pablo
Casals and Will and Ariel
Durant as well as movie stars
and entertainers.
He was also a longtime
friend of former President Rea-
gan and his wife, Nancy.
"This is heartbreaking, not
just for those of us who loved
Merv personally, but for every-
one around the world who has
known Merv through his music,
his television shows and his
business," Nancy Reagan said
in a statement. "Ronnie and I
knew Merv for more years than
I can even remember, more
than 50 I'm sure."
When the Reagans returned
to California in 1988 after eight
years in the White House, Grif-
fin and Hilton threw a $25,000-
a-table homecoming gala for
the couple.
Mrs. Reagan said Griffin
"was there for me every day
after Ronnie died" in 2004.
With Carson ruling the late-
night roost on NBC in the late
1960s, the two other networks
challenged him with competing
shows, Griffin on CBS, Joey
Bishop (later Dick Cavett) on
ABC. Nothing stopped Carson,
and Griffin returned to West-

Meanwhile, Griffin sought
new enterprises for his produc-
tion company. A lifelong cross-
word puzzle fan, he devised a
game show "Word for Word,"
in 1963. It faded after one sea-
son, then his wife, Julann, sug-
gested another show.
"Julann's idea was a twist on
the usual question-answer for-
mat of the quiz shows of the
Fifties," he wrote in his autobi-
ography "Merv." "Her idea was
to give the contestants the
answer, and they had to come up
with the appropriate question."
"Jeopardy," started in 1964,
became a huge moneymaker for
Griffin, as did a more conven-
tional game show, "Wheel of
Fortune," starting in 1975.
. "I'm very upset at the news.
He was a very close friend of
ours, a good friend of mine and.
a good friend of Eva's," Zsa Zsa
Gabor. said of her sister, Eva
Gabor, who died in 1995. "He
was just a wonderful, wonderful
Mervyn Edward Griffin Jr.
was born in San Mateo, south of
San Francisco on July 6, 1925,
the son of a stockbroker. His
aunt, Claudia Robinson, taught
him to play piano at age 4, and
soon the boy was staging shows
on the back porch of the family
"Every Saturday I had a
show, recruiting all the kids in
the block as either stagehands,
actors and audience, or some-
times all three," he wrote in his
1980 autobiography. "I was the

producer, always the produc-
After studying at San Mateo
Junior College and the Univer-
sity of San Francisco, Griffin
quit school to apply for a job as
pianist at radio station KFRC
in San Francisco. The station
needed a vocalist instead. He
auditioned and was hired.
Griffin was billed as "the
young romantic voice of radio."
He attracted the interest of
RKO studio boss William Dozi-
er, who was visiting San Fran-
cisco with his wife, Joan
"As soon as I walked in their
hotel room, I could see their
faces fall," the singer recalled.
He weighed 235 pounds. Short-
ly afterward, singer Joan
Edwards told him: "Your voice
is terrific, but the blubber has
got to go." Griffin slimmed
down, and he would spend the
rest of his life adding and taking
off weight.
Griffin and Julann Elizabeth
Wright were married in 1958,
and a son, Anthony, was born
the following year. The couple
divorced in 1973 because of
"irreconcilable differences."
"It was a pivotal time in my
career, one of uncertainty and
constant doubt," he wrote in
the autobiography. "So much
attention was being focused on
me that my marriage felt the
strain." He never remarried.
Besides his son, Griffin is
survived by his daughter-in-law,
Tricia, and two grandchildren.

Cockatoos turning heads

at Ardastra Gardens

MEET Toby, Ardastra's
famous Moluccan Cockatoo. She
is the oldest of three Moluccan
Cockatoos at Ardastra Gardens
and Zoo and has been delighting
guests for the past 30 years. If
all goes well, Toby will continue
entertaining visitors to Ardastra
for another 30 years as her
species can live up to 75 years.
The Moluccan Cockatoo is
one of the most magnificent
creatures to behold. The body
feathers range from almost white
to a pale pink in colour and
when the crest atop the head is
raised you can see the beautiful
deep coral coloured feathers that
cause some people to call it the
Salmon Crested Cockatoo. As
the name suggests, Moluccan
Cockatoos are native to the
Molucca Islands in Indonesia.
Toby is characteristically true
of her species as she is a very
intelligent and sensitive bird
that requires regular interaction
with humans. Cockatoos are
often referred to as "Velcro"
birds because they love noth-
ing more than a good snuggle
with a favoured human Toby
is no exception. While she
enjoys the attention she gets
from guests and staff members
at Ardastra, she is in absolute
euphoria when she's with her
fayourite Zookeeper, Joe. Joe
has been with Toby for the all
30 years at Ardastra. The two
can often be seen sharing a
snack and even a kiss!
Toby can be seen daily at
Ardastra whistling for the atten-
tion of passersby. She invites
you to come to visit her and
maybe you too can get a kiss.


The Black Swan has been
intriguing Australians for cen-
turies and continues to intrigue
guests daily at Ardastra Gar-
dens and Zoo. The Black
Swan, the official bird of West-
ern Australia, has a prominent
place in Australian folk lore.
Aboriginal stories abound
about some people in a tribe in
Western Australia who began
life as Black Swans but were
then changed into men. This
legend lives on today.
Black Swans are among the
largest type of water fowl and

," ; ;

, -1"

STOBY giving a guest a kiss
U TOBY giving a guest a kiss

* ONE of Ardastra's cockatoo residents

can range from 44 to 55 inches
with females being smaller than
males. In adults, the body is
mostly black, with conspicuous
curly black feathers on the back
with some white flight feathers,
which may show when the bird
is at rest. The bill is a deep
orange-red, paler at the tip with
a distinct narrow white band
towards the end.
These charming birds are
vegetarians eating algae and
weeds, which they obtain by
plunging their long necks into
the water. Occasionally, they
will graze on land, but are clum-
sy walkers. The swans' diet con-
sists of grains and chopped
greens and guests at Ardastra
are also given an invitation to
feed these elegant birds.

Nesting season occurs from
February through September
and the Black Swan's nest is
large, built of sticks and vege-
tation and is created by both
parents as swans are monoga-
mous birds. Unlike other swans,
the Black Swans build their nest
in colonies. Once the female
lays four to eight pale green
eggs, both parents incubate the
eggs for about 35-40 days, with
the female doing most of the
nest-sitting while the male does
most of the defending and chas-
ing off enemies.
Ardastra has three Black
Swans that can be seen daily,
gliding across the pond they
share with other waterfowl.
Come see the bird that's been a
source of intrigue for centuries.


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PAGE 16, MONDAY, AUGUST 13, 2007

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

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I *or0

Missed water reduction targets

cause $427k Consolidated loss

Tribune Business Editor
Consolidated Water's contin-
uing failure to meet its water
loss reduction target has cost it
$223,000 and $427,000 for the
2007 second quarter and half
year respectively, as a result of
having to supply 1.2 million gal-
lons free per day to the Water
& Sewerage Corporation from
its Blue Hills reverse osmosis
plant, negatively impacting
operating profits.
The BISX-listed water sup-
plier, in unveiling its results for
the three and six months to
June 30, 2007, said gross profits
for its bulk water segment -

* BISX-listed company hopes Bahamian non-revenue water contract fulfilled by 2007 Q3
* Costs impacting Blue Hills plant's gross profits
* Firm's Bahamian subsidiary non-compliant with banking covenant

which includes Blue Hills and
most of its Bahamian opera-
tions fell by 32.2 per cent,
from $1.209 million to $820,360
during the 2007 second quarter.
Gross profits for the bulk seg-
ment as a percentage of rev-
enues fell to 15 per cent in the
second quarter, compared to 28
per cent for the 2006 compara-
tive period, a "deterioration"

that Consolidated Water
blamed on operational issues in
the Bahamas surrounding the
non-revenue water part of the
contract it signed with the
Water & Sewerage Corporation
and the Government for the
Blue Hills plant.
In its form 10-Q, filed with
the Securities & Exchange
Commission (SEC), Consoli-

dated Water said the results
"reflect a comparative increase
in operating costs and the
impact of producing non-rev-
enue water. The 2007 bulk seg-
ment gross profit, both in dol-
lars and as a percentage of rev-
enues, was also adversely affect-
ed by the non-revenue water
component of our agreement
with the Water & Sewerage

Corporation for the Blue Hills
The company added: "This
element of the agreement
requires us to reduce the
amount of water lost by the
public water distribution system
on New Providence Island over
a one year period by 438 mil-
lion US gallons. Until such time
as we can demonstrate to the

Water & Sewerage Corporation
that we have achieved this
reduction, we are required to
provide 1.2 million US gallons
of water per day to the Water &
Sewerage Corporation from the
Blue Hills plant at no cost to
the Water & Sewerage Corpo-
SEE page 6B

Plans to relocate

container port

are old news,

says Solomon

Tribune Business Reporter
THE former co-chairman of
the Nassau Tourism Develop-
ment Board has stressed that a
suggestion to relocate the con-
tainer port from the downtown
area to Arawak Cay had been
in existence for at least two
years, before it came up at a
recent meeting chaired by
Deputy Prime Minister Brent
In a letter to The Tribune,
Mr Solomon said that if Mr
Fitzgerald had all the facts

regarding the possible reloca-
tion of the existing freight ter-
Sminals to -Arawak Ca-y- he.
would not be shocked or dis-
mayed that it came up at the
That meeting came under
heavy criticism as opposition
senator Jerome Fitzgerald, told
his Senate colleagues that Mr
Symonette's chairing of the
meeting was a clear-cut conflict
of interest given that his family
was the landlord of the shipping
company Sea Board Marine.
SEE page 2B

New electrical line to

be built to West End

Tribune Business Reporter
MARUBENI Caribbean
Power Holdings Inc, the Japan-
ese company that recently
acquired the Grand Bahama
Power Company, will build a
new transmission line to West
End and, a new substation at
Malibu Reef, to keep pace with
the expansion of resort projects
on the.isggldd. ,j .
In a faxed response, to ques-
tions posed by Tribune'Busi-
ness, a company spokeswoman
explained that Marubeni under-
stood the importance of new

0 NORMON Solomon

developments such as the Ginn
Project and plans the expan-
sions to serve this need.
Further the company said of
its plans to further up grade the
power plant: "In our view,
upgrading ranges from mainte-
nance and improvements of
generation facilities to trans-
mission lines and substations.
Overall Marubeni investment
and upgrading plan is well
established and we will further
review and determine the best
way to prioritize investment
while maintaining reliability."
SEE page 6B

Nassau Exuma *Abaco *Freeport Cayman
Life and Health Insurance Mortgage Lending Retirement Planning

Former vice president

of college appeals to

PM for assistance

Tribune Business Reporter
AFTER years of being
engaged in legal wrangling over
the share allotment of the SC
Freeport Ltd, formerly Success
Training College Ltd, the for-
mer vice president of the ter-
tiary institution has sent a letter
to Prime Minister Hubert Ingra-
ham in the hopes that some res-
olution can be made quickly.

Clyde Philip told Tribune
Business that this case has been
going on since May 1998 and
despite being a former share-
holder, vice president, director
and managing director from the
company's inception, he has yet
to receive copies of, or gain
access to true accounts from
Success or its president, former
MP Whitney Bastian.
SEE page 6B

Commonwealth reports

25% income increase

Tribune Business
recently released its financial
results for the first six months of
2007 reporting a net income of
25.1 per cent over the same
period last year reaching $22.4
According to T B Donaldson,
bank chairman, the net income
of $22.4 million set another
record for the bank, topping last
year's record for the same six

months of $17.9 million.
Mr Donaldson reported that
shares in the company traded
at $14.69 for the first six months
of 2007, up from $12.51 at
While shares topped $15 at
July sparking rumours of a
stock spilt. Mr Donaldson
stressed that there were no
immediate plans for a split.
Rather he said that the bank
would continue to monitor the
share performance.
SEE page 6B

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Norman Solomon backs formation

of body to revitalise downtown

Tribune Business Reporter
NORMAN Solomon, the for-
mer co-chairman of the Nassau
Tourism Development board,
has called for the creation and
sustenance of a Downtown
Management Authority.
In a letter to Deputy Prime
Minister Brent Symonette,
which was also sent to The Tri-
bune, Mr Solomon said that
such a body would lead to more
of a coordinated effort in the
revitalisation of downtown.
Mr Solomon noted that there
is no central management of the
city's affairs, with security, envi-
ronmental care, infrastructure
improvement, landscaping, ven-
dor management, transporta-
tion, management parking,
planning all falling under a
number of government juris-
dictional areas, some of it cross-
ing over and some of it causing
He said that there were no
real teeth that exists to enforce
the upkeep of unkempt prop-
"No coordinated effort exists
for planning and managing the
city for its further development.
Much work has been gone into
the research and development
of a Downtown Management
Authority which would involve

a collaborative effort on behalf
of the private and public sec-
tors to create a self-sustaining
umbrella organisation which
would lead the planning, devel-
opment and management of the
city. The private sector is poised
to continue its efforts to create
and eventually enact a Down-
town Management Authority
for the city of Nassau."
Mr Solomon added that "with
regard to Bay Street, much
more can surely be done and
reasonably quickly, but to do it
right, requires super talented
people with different skills, plus
the strong support of the gov-
"There must also be readily, a
great deal more money than we
have been able to acquire up to
now. And the required finance
cannot and will not'be totally
supplied by the private sector. It
must come in part from the pri-
vate sector to be sure, but the
majority must be supplied by
the government."
He pointed out that the pri-
vate sector is the same one,
which contributes to a dispro-
portionate amount of money to
the treasury, by means of real
property and business license
"Surely it is reasonable to
expect a fair percentage of that
taxation to be applied where it





A TEARFUL Normon Solomon pictured in February when he stood down as co-chairman of
the Nassau Economic Development

will benefit that from whence
it came," he said.
He further said that the
tourist numbers are declining
in concert with the degradation

of the city of Nassau.
"Discerning visitors are
markedly dissastified with the
state of our once proud city.
Comments reflecting distaste

with the state of cleanliness are
commonplace and the decline
in our cruise passengers is
reflective of the fact that our
product is lacking in numerous

areas such as cultural experi-
ence, nightlife, ambiance, safe-
ty and sanitation.
Mr Solomon asked: How
many cities in the world do not
have a choice of at least five
restaurants for a meal, a city
which does not offer business-
men a no frills hotel or which
virtually closes down at 6 pm?
"Some businessmen, on and
off Bay Street, complain bitter-
ly about the achievements and
success of Mr Sol Kerzner and
often use his marina village, as
but one example of what lures
visitors from Bay Street to Par-
adise Island.
"Those who complain should
realise that Mr Kerzner has no
exclusive contracts with all the
world's visionary architects. Nor
does he have a contract of
exclusivity with the only pur-
veyor of pastel paints. Woodes
Rogers Wharf, the fact is could
look six times as impressive as
Marina Village because it is six
times as big."
According to Mr Solomon,
the wharf is the most valuable
asset in the downtown area.
"She is the ugly sleeping
beauty at the moment. But with
some skilled makeup, applica-
tion, plus some carefully admin-
istrated cosmetic surgery, we
can create ourselves a knock-
out," he said."

Plans to relocate container port are 'old news'

FROM page one
However, Mr Solomon said:
"(former prime minister) Per-
ry Christie can confirm to Mr
Fitzgerald that as long as two
years ago, suggestions were
being made for Arawak Cay to
be used as a replacement for
the existing freight terminals.
Indeed my personal belief is
that Mr Symonette would pre-
fer not to move his freight ter-
minal to Arawak Cay, but
would be more than content to

leave it where it is."
Mr Solomon went on to say
that he expected that there were
a number of shipping compa-
nies that would prefer to stay
where they have been doing
business for the past 60 or more
"Some would prefer to stay
and some would prefer to
However, he said, it was his
considered opinion (and one
which is shared by many) that it
is in the best interest of the

country, that these companies
should relocate as quickly as


Mr Solomon said that Mr
Christie could and hopefully
would' support him in his assur-
ance that no private interest
group was involved in anything
"The fact of the matter is not
what it should be and is not

what it could be. As a result of
this, the long term failure of
tourism in Nassau is already in
jeopardy. Our very survival
depends hugely upon our abil-
ity to not only meet, but to
excel in acquiring the same
tourist dollar that all the other
countries throughout the
Caribbean are seeking," Mr
Solomon said.
Of Mr Fitzgerald's com-
ments, he added that although
they may have been well inten-
tioned, "the road to hell is

paved with good intentions.
"I am sure Mr Fitzgerald is
making a noble attempt to
score points for the opposition,
at the expense of Mr Symon-
ette and while it is true as Win-
ston Churchhill pointed out
that the 'first duty of the oppo-
sition is to oppose,' however
true though it is, to be margin-
ally effective, one is required
to have the facts. And in this
case, the facts are not support-
ive of Mr Fitzgerald's con-
tention," he said.

Mr Solomon stressed that he
was not trying to defend any
actions of the deputy prime
minister. Rather he said he was
personally very keen to see this
He also issued his public
commitment to Mr Fitzgerald
that "if there is ever even one
whiff of private interest putting
their future ahead of the coun-
try's future, I will. personally..
give him all the. facts hfie needs .,
to score for himself in the Sen-

.:, ,... ., .. 0


The Securities Commission of The Bahamas, a statutory agency responsible
for regulating the Investment Funds, Securities and Capital Markets in the
Bahamas through its administration of the Securities legislation (the Investment
Funds Act, 2003 (IFA) and Securities Industry Act, 1999 (SIA), is seeking
candidates for the following position:


* Assist with the design development and ongoing maintenance of IT
application systems within the Commission
* Identify ways to improve current software that will result in a better user
* Add new features to current software and create new software applications
as needed
* Work independently or in a team environment to meet deadlines
* Research and fix problems and acquire new knowledge with little or no
Qualifications and Experience:

* Qualified programmer with a minimum qualification of a bachelor's
degree in computer science or related field or 5-7 years of programming
* 2-3 years experience developing web
* Knowledge of IIS6 and SQL server 2005 essential
* Ability to write SQL statements and stored procedures is an asset
* Sound knowledge of web security using SSL encryption and building
secure applications
* Ability to work in Dreamweaver, Front page, Visual Studio or other web
design tool a plus
* Working knowledge of the securities industry and the relevant legislation

* Excellent oral and written communication skills
* Proficient in HTML, VB/Java script, ASP.NET, SQL, SSL
* Most have ability to grasp new programming technologies and apply
new techniques to environment
A competitive salary and benefits are being offered. To apply, please provide
a resume to the attention of:
P. O. BOX N-8347
Fax: 356-7530
E-Mail: info@scb.gov.bs
Applications should be submitted no later than August 15th, 2007

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

":. .--/
... .



he l iami Herali MONDAY, AUGUST 13, 2007


Cheaper stock prices may trigger more acquisitions

Associated Press
NEW YORK The beating Wall
Street suffered this past week might
have actually created the perfect
conditions to launch its revival -
cheaper stock prices can herald a
comeback for corporate acquisitions.
Dealmaking has been one of the
market's biggest drivers, with some
$1.26 trillion worth of acquisitions
and private equity 'transactions
announced in the United States so far
this year. Market watchers believe
mergers and acquisitions particu-
larly by big public companies -
might be the catalyst to help get Wall
Street back on track after the volatil-
ity seen in the past few weeks.
Investors have weathered some
tough sessions where stocks zig-
zagged, making triple-digit gains and
losses. The Dow Jones industrials
rose more than 150 points on
Wednesday, then plunged about 400

points on Thursday and fell more
than 200 points Friday before closing
with a minuscule 31 point loss.
Analysts are quite mixed about
where the market goes from here.
Some believe this could be the start
of a darker period for the economy,
and that the United States could be
near a recession. Others say this is
exactly the kind of environment
needed to trigger another buying
spree on Wall Street fueled by
cheap stock prices and U.S. corpora-
tions flush with cash.
"Public companies are still sitting
with tremendous amounts of capital,
and with valuations going down, this
is a very good opportunity for strate-
gic takeovers," said Quincy Krosby,
chief investment strategist for The
Hartford. "No matter what kind of
stock market conditions you're in,
there will always be catalysts."
The four-year bull market has
enabled U.S. companies to build

record cash stockpiles, with Standard
& Poor's 500 components now sitting
on about $600 billion. And, sluggish
market periods make it more difficult
for companies to raise earnings by
organic growth alone forcing them
to make acquisitions.
The dot-corn bust in 2000 and the
Sept. 11 terrorist attacks the following
year sent Wall Street into a 3-year-
long slump. Economists have largely
credited the resurgence of mergers
and acquisitions in 2003 and the soar-
ing real estate market as the two big-
gest reasons why stocks recovered.
Wall Street's latest stumble was
caused by faltering subprime loans
and fears that credit is drying up for
corporations as well as individuals.
The Federal Reserve injected $38 bil-
lion of liquidity into the banking sys-
tem Friday, but that's a short-term
solution and even if the Fed were to
placate investors with lower interest
rates, the market likely will need to

look elsewhere to find its underpin-
nings again.
Analysts believe the pullback in
stocks might make big companies
eager to put deals together. Adding
even more encouragement is the fact
that private-equity firms which
have competed with big companies
for prime acquisition targets have
been all but sidelined because it's
been harder to raise money in the
debt markets.
Buyout firms have been one of the
biggest drivers of M&A this year,
accounting for about 16 percent of all
U.S. deals announced. But firms like
Blackstone Group and Kohlberg
Kravis Roberts & Co. are said to be
having a tougher time raising the
financing to put transactions
"I think M&A could make a come-
back," said Boyce Watkins, an assis-
tant professor in the department of
finance at Syracuse University.

"We've had an environment that has
been relatively ripe, and these
broader macro-economic conditions
can help."
Not everyone is so sanguine.
Hugh Moore, a partner at Greenville,
S.C.-based Guerite Advisors, believes
the economy could be close to reces-
sion, which could make companies
think twice about big acquisitions
regardless of how cheap valuations
Moore believes investors might
just have to "muddle through an eco-
nomic situation that probably will
last through most of 2008." Helping
to sustain U.S. companies will be
their operations overseas, where
markets are expected to grow.
"I don't really see any major cata-
lysts that are going to put things back
on track. Even if the Federal Reserve
were to cut rates today, it is still clos-
ing the barn door after the horses
have already gotten out," he said.


Ethanol feeds hot

farmland market


New York Times News Service
DEKALB, Ill. While much of the
nation worries about a slumping real
estate market, people in Midwestern
farm country are experiencing
exactly the opposite. Take, for
instance, the farm here nearly 80
acres of corn and soybeans off a
gravel road in a universe of corn and
soybeans that sold for $10,000 an
acre at auction this spring, a price
that astonished even the auctioneer.
"If they had seen that day, they
would have never believed it," Penny
Layman said of her sister and
brother-in-law, who paid $32,000 for
the entire spread in 1962 and whose
deaths led to the sale.
Skyrocketing farmland prices, par-
ticularly in states like Illinois, Iowa
and Nebraska, giddy with the prom-
ise of corn-based ethanol, are stirring
new optimism among established
farmers. But for younger farmers,
already rare in this graying profes-
sion, and for small farmers with
dreams of expanding and grabbing a
piece of the ethanol craze, the news is
oddly grim. The higher prices feel
out of reach.
"It's extremely frustrating," said
Paul Burrs, who farms about 400
acres near Dixon, Ill., and says he reg-
ularly bids on new farmland in the
hopes of renting it. Mostly, he said,
he loses out to higher bidders.
Burrs, who is 28, had a grandfather
and a stepgrandfather who farmed.
"So I guess it's in my blood," he said,
"that feeling that you've got to do
this, you were meant to do this." Still,
he said, he believes that to make it a
viable, "not quite so lean" full-time
career, he needs to work more acres.
Just the other day, he called about a
farm that was up for rent. He did not
get it.
"You keep trying to fight your bat-
tles," Burrs said, "but it's frustrating
and hard, and sometimes I think,
'Why am I doing this?' "
In central Illinois, prime farmland
is selling for about $5,000 an acre on
average, up from just over $3,000 an
acre five years ago, a study showed.
In Nebraska, meanwhile, land values
rose 17 percent in the first quarter of
this year over the same time last year,
the swiftest such
gain in more
than a quarter
century, said
Jason R. Hender-
son, an econo-
mist at the Fed-
eral Reserve
Bank in Kansas
A federal-gov-
ernment analysis [ -
of farm real .
estate values -
released Friday
showed record
values across the
country. The
analysis said
property prices
averaged $2,160
an acre at the
start of 2007, up BRIGHT FUTURE: S
14 percent from a farmland prices
year earlier.
"For everyone promise of corr
who owns an are stirring new
acre of land, we among establish




love this," said Dale E. Aupperle, a
professional farm manager and real
estate consultant in Decatur, Ill., who
said the rising land values were being
driven by rising commodity prices
(though corn has dropped some since
June) and the prospect of increased
demand for ethanol.
"For everyone who doesn't own
an acre of land, these prices mean it
gets a little harder to get into," Aup-
perle added.
"For an entry-level land owner or
a renter, there's a bit of a thought
right now that the train is leaving and
I'm not on it."
In Iowa, which produces more
corn and is home to more ethanol
plants than any other state, farm
rental prices are mimicking purchase
prices: they were up about 10 percent
this spring over a year ago, according
to a study by William Edwards, a pro-
fessor at Iowa State University who
said it was the largest jump since he
started tracking farm rents in 1994.
And ethanol is leaving marks
everywhere. New grain bins seem to
be popping up all around the Mid-
west, farmers from Indiana to South
Dakota say, and some of the highest
farmland prices have been seen
around the nearly 200 existing or
proposed ethanol plants, where the
cost of transporting the corn would
be the cheapest. Henderson said he
heard that land close to such facili-
ties, most of which are in the Mid-
west, had jumped by as much as 30
percent over a year ago.
Some of the boom here may be
tied to the dip in other urban and sub-
urban markets: As has been true for
several years, out-of-town investors
(some of whom can put off capital
gains taxes by taking money made
from selling one piece of real estate
and investing it in another) are buy-
ing some of this land. But local farm-
ers are doing much of the buying this
year, said Lee Vermeer, a vice presi-
dent of real estate operations at
Farmers National, a farm-manage-
ment firm in Omaha.
"These are established farmers,
though, who own other land," Ver-
meer said. "For a young farmer to get
in, the amount of capital required is
almost prohibitive." So the land
prices are, in
some cases,
scooting beyond
reach, even as
young corn
farmers and
hopeful farmers
are enticed by
the sudden
demand for eth-
anol as a
replacement for
the nation's
dependence on
oil. Without a
family member
who already
owns a farm or
without having a
personal con-
nection with a
retiring commu-
LARRY CROWE/AP nity farmer,
giddy with the chance of a
based ethanol, young farmer
based ethanol getting in, most
optimism farmers here
ed farmers. said.




Washington Post Service

CARACAS At a sleek, airy factory built by Venezuela's populist
government, 80 workers churn out shoes basic and black and all of
them to be shipped to Fidel Castro's Cuba, a leading economic partner.

With no manager or owner, the
workers have an equal stake in a
business celebrated as a shining
alternative to the "savage capital-
ism" President Hugo ChAvez dis-
parages. "Here there are no chiefs,
no managers," said Gustavo
Zuniga, one of the workers;
explaining that a workers' assem-
Sbly makes the big decisions.
Like the Venezuelan economy
itself, the assembly line here is
designed to put workers ahead of
the bottom line and, in the process,
serve as a building block in
Chavez's dream of constructing
what he calls 21st-century social-
ism. According to a 59-page eco-
nomic blueprint for the next six
years, free-market capitalism's
influence will wane with the prolif-
eration of state enterprises and
mixed public-private firms called
social production companies, the
objective being to generate funding
for community programs. "The
productive model will principally
respond to human necessities and
be less subordinate to the produc-
tion of capital," the report says.
"The creation of wealth will be des-
tined to satisfy the basic necessities
of all the population."
: In year nine of Chavez'9 presi-
dency, Venezuela's economy is
undergoing a sweeping, if impro-

vised, face lift as a president with
powers to pass economic laws by
decree enacts wholesale changes.
The transformation includes the
creation of thousands of state-run
cooperatives, the government take-
over of firms and new trade ties to
nations such as Iran and Belarus.
Venezuela's state oil company,
the engine for what ChAvez calls a
peaceful revolution, will have an
even bigger role: Chavez has
approved the creation of seven
subsidiaries of Petr61leos de Vene-
zuela to grow soybeans, build ships
and produce clothing.
Venezuela has also taken major-
ity control of the oil sector, driving
out Exxon Mobil and ConocoPhil-
lips. Venezuelan officials hint that
the government might nationalize
production of natural gas by the
end of the year.
The big question still not
spelled out in detail by government
officials is: What exactly is 21st-
century socialism?
"ChAvez is, of course, radicaliz-
ing his model, but not in the Cuban
way," said Luis Vicente Leon, a
pollster and political analyst. "This
is not communist. This is not capi-
talist. What is it? It's a mix."
The economic alterations have
resulted in a strange blend.
Workers are tutored on socialist

values, and officials frequently call
for the creation of a selfless and
patriotic "New Man." The one pre-
vailing feature of economic policy
here is high government spending,
particularly on popular social pro-
grams. The budget has gone from
$20 billion in 1999, Chavez's first
year in office, to $59 billion last
year. The excess liquidity, ironi-
cally, has helped generate unbri-
dled capitalism, as construction,
banking and other sectors are
flooded with government spending.
The contradictions have not
escaped the attention of economic
policy makers, who say Venezuela
needs to distance itself from the
American-style capitalism Chavez
frequently derides.
With oil income rising fourfold
during Chivez's presidency, the
economy has registered double-
digit growth the past three years.
But in frequent speeches, Cha-
vez has lauded the bounties of
Marxism, praised Castro's eco-
nomic ideology and threatened pri-
vate businesses with takeovers.
That has helped unsettle markets.
Foreign investment has
screeched to a halt, registering an
outflow of $543 million last year.
The Caracas stock exchange has
lost much of its volume after the
government nationalized CANTV
and the Caracas electric utility.
And, perhaps most significant,
Venezuela's state oil company has
seen production decline over the
past decade. Though a solid major-
ity of Venezuelans approved of
Chavez's influence on national
events, according to a recent poll
by the Pew Research Center, an
even higher majority, 72 percent,
agreed that people are better off in
a free-market economy.


__ __ __


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$16/300 10% 6.43
$16/400 20% 7.51
$16/300 20% 7.35

Down payments as low as 3.0% are available; call for quote.
(C) 220 Alhambra Circle, Coral Gables, FL 33134

For Rate Information, please call one of the branches listed below:
*Kendall 305-598-9898
*Surfside 305-861-2019
*Pinecrest 305-671-0444
*Miami Beach 305-532-8884
*Downtown Miami 786-425-5312
*Sunset 305-630-5792
*Dadeland US1 305-670-7275
*Coral Gables 305-446-0886
*Doral 305-597-5393
*Miami Lakes 305-820-3180
14160 Palmetto Frontage Rd. #31, Miami Lakes, FL 33016
*Miami Lakes 305-512-7100
15150 N.W. 79 Court #175, Miami Lakes, FL 33016
1( Equal Housing Lender. 2007 Countrywide Home Loans, Inc.,
4500 Park Granada, Calabasas, CA 91302. Trade/servicemarks are the
property of Countrywide Financial Corporation and/or its subsidiaries. For
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This is not a commitment to lend. Restrictions apply. All rights reserved.
(A) 4500 Park Granada; Calabasas, CA 91302


INebeffelofan EastemnF RodaMtge. We w me Raest lto hi rs" :
I Up to 40 yr fixed rate loans. Up to 30 yrARM loans (1 Yr, 3-1, 5-1, 7-1, 10-1)
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*Some restrictions apply. CALL US TODAY
(E) 3700 Lakeside Dr., Miramar 33027

EUROBANK 305-350-1100
6.625 40 yr Fix* 0/0 $20.20/300 0% 6.65
6.5 30 yr Fix"** 0/0 $20.20/300 0% 6.53
6.375 15 yr Fix*** 0/0 $20.20/300 0% 6.43
*480/**360/**"180 monthly payments
APR based on $275K/Restrictions apply
() 1901 Ponce de Leon Blvd., Coral Gables, FL 33134



30 yr Flex Pay
15 yr Fix
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$14/300 10% 6.95
$14/300 5% 6.19
$14/300 5% 6.62
$14/300 0% 6.23

(B) 5975 Sunset Drive, Suite 704, Miami, FL 33143 LIC#CLB0300827



30 yr Fix
15 yr Fix
5/1 ARM
3/1 ARM



20% 6.57
,20% 6.24
,,20%, 7.04,
20%, 7.18

Interest only specialists! 2nd homes & investment properties ok.
(B) 7895 Adington Drive, #100, Chesterland, OH 44026 LIC#Lt00000470750





@ 800-509-4636

_____________________ .11 _____________________ I _____________________MORTGAGE_______UPDATE___

Wall Street perception shaped Main Street real-
ity this week, as the yields on U.S. Treasury
notes plunged while fixed mortgage rates mere-
ly dipped.
The benchmark 30-year fixed-rate mortgage
fell 4 basis points to 6.71 percent, according to
the Bankrate.com national survey of large
lenders. A basis point is one-hundredth of 1 per-
centage point. The mortgages in this week's sur-
vey had an average total of 0.27 discount and
origination points. One year ago. the mortgage
index was 6.65 percent: four weeks ago, it was
6.74 percent.
The benchmark 15-year fixed-rate mortgage
fell 4 basis points to 6.38 percent. The bench-
mark 5/1 adjustable-rate mortgage fell 5 basis
points to 6.36 percent.
Armchair rate watchers would have expected
mortgage rates to fall farther this week than they
did. That's because the yields on 10-year
Treasury notes fell a tot. But fixed mortgage
rates didn't fall as much. because investors
began to regard mortgages as riskier than they
had previously estimated. They got nervous
because delinquencies and foreclosures are ris-
ing for some types of mortgage borrowers, at

Mortgage rates don't fall as much as Treasuries By Holden Lewis
least two hedge funds have collapsed because average rate on a 30-year, fixed-rate mortgage
they made wrong bets on mortgages, and home was 6.71 percent. The difference, or spread,
prices in some major markets are dropping. between the mortgage rate and the Treasury
The rising delinquencies and foreclosures are yield was 1.94 percent.
concentrated among loans to borrowers who Four weeks ago, before two Bear Stearns hedge
have bad credit or who were allowed to overstate funds collapsed, the spread was 1.69 percent.
their incomes. There is a debate over whether Three months ago, it was 1.63 percent. And at
foreclosures will rise among good-credit cus- the beginning of this year, the spread between
tomers who documented their incomes prime the 30-year fixed and the 10-year Treasury note
customers. was 1.6 percent and it slid to 1.47 percent in
For a mortgage-rate shopper, it's not relevant the middle of January.
whether prime mortgages really are riskier; what The widening spread is a sign that investors are
matters is that investors got nervous about home embracing the safety of U.S. Treasury notes,
loans to all types of borrowers. That put a floor which are backed by the federal government,
under mortgage rates that prevented them from and are wary of buying mortgages because mort-
falling further. gages seem riskier than they seemed just a few
What spreads mean weeks ago.
Bond investors often talk about spreads, which To torture an analogy, it's as if travelers started
are the differences among interest rates. Spreads taking trains in response to a couple of plane
have widened between Treasury yields and crashes. In this case, they shunned high-flying
mortgage rates. Here are some examples of what mortgage-backed securities and instead soothed
that means. themselves with the clickety-clack of trusty
On Wednesday afternoon, while Treasuries. -
Bankrate.com's research department was gather- Lawrence Yun. economist for the National
ing this week's mortgage rates, the yield on the Association of Realtors, says that the spreads
10-year Treasury was around 4.77 percent. The between Treasuries and mortgage rates nar-

rowed during the housing boom because
investors thought investing in mortgages was
nearly as safe as lending to the federal govern-
ment. "I think investors are being a little more
cautious," he says, adding that they understand
that prime loan foreclosures haven't risen much,
but rapidly rising subprime foreclosures have
spooked them.
"Sometimes there's a market overreaction,"
Yun says. "I do believe there is some justifica-
tion for a widening spread. With home prices
stagnating, that gives less incentive for home-
owners to make payments on time. Investors are
cognizant that there is more risk attached to
lending in a price-stagnating period."
Spreads will contract when investors become
convinced that house prices are rising, Yun says.
It's anyone's guess when that will happen. Some
housing and mortgage executives have gloomily
said that they don't see a rise in house prices
until'the middle of 2009 or sometime in 2010.
Yun points to the NAR's pending home sales
index for June, which rose 5 percent compared
with May. That might be a positive sign, Yun
says, although it's too early to conclude whether
the national housing market has hit bottom.

RaIles cffclivr uas oil /8//07. 200n7 HBanI,ia. Inc. htl ://-ws. .lki .e.con. LEGEND: (A) Mortgage Banker. (B) Mortgage Broker. (C) Hank. )(D) S & 1.. IE) ('ledil Union. "Call for Rales" means actual rates were not available at press time. Conventional loans are based
1.11 lhoal .i..nilol 1I (.)1, I) .TiS ) Juiho olos .nc hoi"d on loan ,nmOunts (. $435,000(. Points quoted include discount and/ot origination. Lock Days: 30-60i. Ann.iul .centage itles (APRs) are based on fully indexed rates for adjustable rate mortgages (ARMs). The
API' on ..iiCLIiL loin i .ivllci Il. ill )i] s..,npl..c usid I ce, il.cc[ charges iclative to tiahe APR. If your down payment is less than 20'; ol lttile home's value yoe ivill he su beci to pp ivatc mortgage insurance, or PMI. Bankrate, Inc. does not guarantee the accu-
ic of ]th il,,l, ;llioi,n ,Ip[.',lin, ;ih(,Iv l ,. h Ivilihi llV i l l an.ld t lees in il s table. All latest, fees and oilier information are slheubject to change i twlu. noI ce .lIankilate. Inc does no t own any financial institutions. Some or all of the companies appearing in
his t.l'iL pa,t .1 tec I, .p, i thii l[, Ioe t par in this liable, call 800-509-4636. To report any inaccuracies, call 888-509-4636. http://rtIherald.intrerst.co nr,,,r,


6:30 AM



2:00 PM


10:15 PM


With less ooze.













Hedge volatility fuelled by pack mentality

Street, there is a rage against
the machine.
Hedge funds with computer-
driven or quantitative invest-
ment strategies have been
recording significant losses this
The managers of these funds
are the products of the trading
desks of the big investment
banks, like Goldman Sachs and
Morgan Stanley, both of which
have investment operations that
use computer models.
The cross-fertilization has
raised fears among some ana-
lysts that it is not only the hedge
funds that are being hit, but the
trading desks at the banks as
"These guys all know each
other, and they all have the
same strategies," said Ernest P.
Chan, a quantitative trading
consultant who has done com-
puter-driven research at Mor-
gan Stanley and Credit Suisse.
"They came from the same
schools, and they get together
for drinks after work."
As the quantitative system
has come to underpin the
investment approaches of some
of the largest hedge funds, its
use has grown sharply.
Moreover, bankers and
investors say, the strategies
employed tend to be not only
duplicable but broadly followed
the result being a packlike
tendency that has helped
increase market volatility and,
for some hedge funds, has led to
losses in the last month.
Wild swings in stock prices
have become the norm as fears
about the mortgage securities
market have expanded into the
broader markets. Last week, the
Dow Jones industrial average
was. sharply higher on Monday
and Wednesday, only to drop
387 points on Thursday, even-
tually ending the week about
where it began.
A common thread has often
been a rise or fall in prices late
in the day, a pattern that many
analysts attribute to computer
models, which are driving a
much larger volume of the trad-
Chan said this predilection
fdr lemming-style buying or sell-
ing from investors using simi-

lar computer models could turn
what would normally be a mar-
ket setback into a wider conta-
"If all the models say buy,
who is going to say sell?" he
said. "There is just not enough
money on the other side."
The problems of these quan-
titative funds mirror those of
the hedge fund industry as a
whole many funds have seen
sharp declines in the last couple
of months as the credit markets
have dried up. Some quantita-
tive funds could potentially
have their worse year on record.
Despite the large sums of
money involved, ranging from
$250 billion to $500 billion,
according to industry estimates,
the club of quantitative
investors is a small, exclusive
one that bridges the trading
desks of investment banks and
some of the country's largest
hedge funds.
One might call it six degrees
of quantitative investing.
Clifford S. Asness, who has
a Ph.D. in finance from the Uni-
versity of Chicago, is the
founder of AQR Capital Man-
agement, a quantitative hedge
fund that, according to
investors, has had a 13 percent
loss so far this month.
Asness is also a founder of
Goldman Sachs' troubled Glob-
al Alpha fund, which controls
about $9 billion. The Alpha
fund has suffered an 11 percent
reversal this month, giving it a
decline for the year that is
approaching 30 percent, spark-
ing speculation that Goldman
would liquidate the fund. Gold-
man calls the speculation "cat-
egorically untrue."
On a smaller scale, Tykhe
Capital, another hedge fund
that uses quantitative tech-
niques, was down 19 percent in
August. The founders of Tykhe
are from D.E. Shaw & Co., the
giant hedge fund that manages
$35 billion via a broad reliance
on quantitative, as well as other,
strategies and whose founder,
David E. Shaw, who has a Ph.D.
from Stanford, originally came
from Morgan Stanley.
Hedge funds as a whole have
grown exponentially and now
manage about $1.7 trillion,
more than double the amount

':" t'--, = ".s-. ..

i1 I

five years ago.
In one respect the swoon of
these computer-reliant funds is
the result of managers, who are
faced with a deluge of investor
money seeking accelerated
returns, using their models to
make higher-risk market bets
by following day-to-day trends.
It is an approach that seems to
run contrary to the original phi-
losophy underlying a quantita-
tive approach, called statistical
Narrowly defined, statistical
arbitrage involves a fairly
straightforward investment
strategy, like the rapid-fire buy-
ing of one stock and the selling
short of another so as to use the
computer's speed to identify
and make money from even the
most minute price discrepan-
cies. Such a strategy will gener-
ally provide liquidity to the mar-
ket by buying stocks on the way

down and selling them short on
the way up. In so doing, it pro-
vides a dose of calming, com-
puterized sang-froid to markets
in the grip of panic or euphoria.
But such strategies rarely
promise high returns, so quan-
titative investors have broad-
ened their computer models to
include strategies for investing
in more risky areas like mort-
gage-backed securities, deriva-
tives and commodities.
"You can build a computer
model for anything that is trad-
able," Chan said. To some
extent, that explains the out-
break of losses in these funds.
With many of these new
assets being highly illiquid and
with the funds themselves hav-
ing used considerable amounts
of borrowed money to enhance
their returns, losses have been
magnified as worried investors
have demanded to pull their

* THE building that houses Goldman, Sachs & Co at 85 Broad
Street in New York
(AP Photo)

money out.
In a letter to investors this
week, James H. Simons, the
founder of Renaissance Tech-
nologies, the most highly regard-
ed of the quantitative funds,
gave voice to what he described
as "unusual" market conditions.
Simons, who received a Ph.D.
in mathematics from the Uni-
versity of California, Berkeley,
acknowledged what a difficult
month August had been, with
his RIEF down close to 9 per-

cent for the month.
For an investor who report-
edly earned $1.6 billion last year
and whose flagship Medallion
fund had an average annual
return of over 30 percent since
1988, it was a surprising rever-
"We cannot predict the dura-
tion of the current environ-
ment," Simons wrote. "But usu-
ally such behavior causes first
pain and then opportunity. Our
basic plan is to stay the course."



to pay your American Express Card

As of April 1, 2007, Destinations Travel no longer provides customer service to International Dollar Card Cardmembers.

Based on this change, we want to inform you of the alternative services available to you:

* Access and make payments on your account online by visiting our website

* Make payments' in cash or checks in local currency or bank draft at one of our Bank payment partners
Bank of The Bahamas International or Scotiabank2.

* Contact American Express by calling 800-327-1267 or collect through 525-55-326-2660.

All these service options increase the flexibility of your transactions so you can continue enjoying the benefits and
prestige that American Express offers with a guarantee of maximum security.

'Payments will only be accepted for the American Express Cards that start with the following digits: 3715-8; 3715-9; 3716-9; 3726-8; 3726-9; 3726-5; 3786-8; 3787-9; 3790-4.
'Banking institutions may assess a fee for the transaction. For more details please call the banking institution directly.

1I Bank of The Bahamas

S*o * *



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 with partial ocean views,
priced to sell at $285,000.


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. com

PAGE bb, MUNDAY, AUGUSI 13: 200/


Missed water reduction

targets cause $427k

Consolidated loss

FROM page one
"The variable costs associ-
ated with providing this free
water to Water & Sewerage
Corporation are significant to
overall plant operating costs,
and greatly reduced the over-
all gross margin on total water
sales from the Blue Hills plant
during the second quarter of
2007. We estimate the variable
costs incurred to provide this
non-revenue water to Water
& Sewerage Corporation were
approximately $223,000 for the
three months ended June 30,
For the 2007 first half, the
company believes the non-
revenue water component
cost it $427,000. It also said its
Bahamian operations were
up against tough 2006 second
quarter comparisons, when
an expansion at its other Nas-
sau plant, Windsor, boosted
revenues through the use of
six containerized units four
of which have since been
transferred to the Cayman
Consolidated Water said
completion of the non-revenue
water project would reduce
operating costs and improve
profitability at the Blue Hills
plant. Rick McTaggert, Con-
solidated Water's chief execu-
tive, tried to strike an opti-
mistic note, saying the compa--
ny believed it would finish this
by the end of the 2007 third
quarter on September 30,
He said: "Operating income
declined in our bulk services
segment, relative to the prior-
year quarter, as our Bahamas
subsidiary's fixed operating

costs increased while it con-
tinued to provide non-revenue
water under the terms of our
contract for the Blue Hills
plant. We have riade very
good progress towards achiev-
ing the targeted water savings
for our customer, and expect
to have fully discharged our
obligations under the non-rev-
enue water component of the
Blue Hills contract by the end
of the third quarter.
"This will then enable us to
charge for all water produced
by the Blue Hills plant from
the date that we achieved the
water savings target." Failure
to complete the project will
continue to impact gross prof-
its for Consolidated Water's
bulk segment.
Consolidated Water's Form
10-Q filed with the SEC also
revealed that its Bahamian
operations were still not in-
compliance, as at June 30,
2007, with a banking covenant
requiring them to maintain a
ratio of total liabilities to tan-
gible net worth of not greater
than two to one.
The covenants, which are
attached to a $5.6 million cred-
it facility provided by Royal
Bank of Canada, limit divi-
dend payments by Consoli-
dated Water's Bahamian sub-
sidiary to cash flow only, with
all borrowings secured by the
company's assets.
Under the terms of its con-
tracts with the Water & Sew-
erage Corporation and the
Government, Consolidated
Water's Blue Hills and Wind-
sor plants are supposed to pro-
duce 28 million gallons and 14
million gallons of water per
week respectively.

The Blue Hills contract
lasts until 2026, and Windsor
until 2013, and Consolidated
Water said it expected to
arrange a $4 million perfor-
mance bond later this year to
guarantee any penalties it
may have to pay as a result
of failing to meet its contrac-
tual production obligations.
A $1.91 million performance
bond is in place for the Wind-
sor plant.
For the 2007 second quar-
ter, Consolidated Water's total
net income was relatively flat,
standing at $2.622 million com-
pared to $2.522 million the
previous year.
Total revenues for the three
months ended June 30, 2007,
increased by 24 per cent to
about $12 million, compared
with $9.6 million in the second
quarter of 2006. Retail rev-
enues rose 9 per cent to $5.3
million, while bulk revenues
were up 24 per cent to $5.4
million compared to $4.3 mil-
Total revenues for the six-
month period ended June 30,
2007, increased 31 per cent to
$24.7 million, compared with
$18.9 million in the first half of
2006. Retail revenues rose 5
per cent to $10.4 million in the
six months ended June 30,
2007, compared with $9.9 mil-
lion in the corresponding peri-
od of the previous year, while
bulk revenues were up 31 per
cent to $10.6 million.
Consolidated Water's net
income for the 2007 first half
was $6.209 million or $0.43 per
diluted share, compared with
net income of $5.6 million or
$0.44 per diluted share in the
2006 first half.

Commonwealth reports

25% income increase

FROM page one
Further, he said, the bank's
shares were first offered to the
public at $6, well under half the
current price. Mr Donaldson
said that the shareholder base
has remained loyal with stock
value and earnings showing
consistent growth.
"In recent years, sharehold-
ers have earned extraordin xry
dividends paid twice a year in
addition to regular quarterly
dividends. In 2006, the bank
paid more than $22 million in
dividends to its 7,000 share-
holders. Earnings per share for
the six-month period January 1
to June 30 were 59 cents, an

increase of 11 cents per share
over the same period last year.
Second quarter earnings were
28 cents. Especially impressive
was annualised return on com-
mon shareholder equity at 34.4
per cent," he said.
The report also noted that
total assets stood at $1.1 billion
as of June 30. The bank's
newest branch, at Golden Gates
continues to out perform expec-
tations, Mr Donaldson added.
That performance, a robust
economy and the "dedicated
teamwork of every member of
Commonwealth Bank staff
helped drive the six-month net
income to its highest ever, $22.4
million, and putting it on track

to top last year's $40.4 million in
net income for the 12-month
period, ending December 31."
According to the report, this
is the tenth consecutive year
that Commonwealth Bank
reported record profits.
Mr Donaldson said that the
economic indicators for the
third quarter of 2007 look
"The bank looks forward to
a satisfactory performance in
the third quarter," the chairman
Commonwealth Bank oper-
ates 10 branches in New Provi-
dence, Grand Bahama and
Abaco and employs more than
500 persons. I

New electrical line to

be built to West End

FROM page one
In addition, Marubeni also
plans to install two medium
speed diesel units in 2009 and
2014. These units will provide
37 megawatts of additional
In response to questions on
how the sale will affect GBP-
CO employees, Marubeni said
that it will be examining the
staffing of the business unit in
the next several weeks.
"However, we did not feel
there was a need for downsizing
during the due diligence stage of
the acquisition."
Further said the company:
"Currently Marubeni is not con-
sidering any change of the
employment terms, however,
we will continue to explore bet-

ter solutions that work for all
the parties concerned."
Finally, Marubeni said as it
relates to hurricane prepared-
ness: "We have reviewed the
company's disaster plan and we
are fully briefed on the compa-
ny's state of readiness for the
current hurricane season. We
can confirm
all critical supplies are in
place, emergency internal and
external contracts are finalized,
review drills have been con-
ducted, emergency procedures
have been updated and emer-
gency start up equipment has
been procured and set-up."
"The team at Grand Bahama
Power Company is ready under
the leadership of Mr Timothy
Borkowaski who brings several
years experience in disaster

planning and restoration at
Houston Power and Light. We
are also prepared to mobilise
external services if necessary,"
Marubeni said.
On April 18, Mirant executed
a definitive purchase and sale
agreement with a subsidiary of
Marubeni Corporation for the
sale of its Caribbean business for
a purchase price of $1.071 bil-
lion, which includes related debt
of approximately $348 million,
power purchase obligations of
approximately $152 million, and
estimated working capital at clos-
ing. The sale was completed on
August 8,2007. The net proceeds
to Mirant after transaction costs
were $553 million and the com-
pany expects to realise a gain of
approximately $58 million in the
third quarter of 2007.

Cars left at "Action Auto" which was operated by The Late Ben
Miller: (opposite to Nassau Repair Shop on Cheasapeake Road)
Owner of the following vehicles are requested or removal their
vehicles from the above premises by Thursday 13th September, 2007

Former vice president of college

appeals to PM for assistance

Deveaux Duane, 1992 Dodge Dynasty #' 5394. Deveaux Reno, 1989 GMC FROM page one
Truck, #M 17650. Ferguson Maria A., 1993 Subaru Tusty # 33076. Lochart has beneficial interest in the
Advkda M. 1996, Toyota Corolla #' 81499. McDonald Kalia A ,1987 BMW company, but has been denied
323 # 48530: Purdy Bruce, 1990 Tarus Station Wagon #97898. Rodgers access to the records and was
removed from his position in
Randolph, 1990 Ford Explorer, #32415. Sweeting Everette & Leonie, 1994 what he describes as "a hos lie
Pont Gran Prix, #29159. Talor Shelly M, 1988 Nissan Stanza, #59144. takeover," when he said he was
given a letter of termination
Thompson Charles K, 1980 Chev Caprice Classic, #59516. Wison when the locks to the offices
Suzanne 1991 Nissan Cedric, #30612. 1987 Acura Legend, #51944. were changed.
Mr Phillips claims that under
Acura TwinCam, #108680. 1988 Chev Baretia. 1988 Eagle Premier, a court order by Justice Hugh
#61642. 1991 Linc Continental, # 35034. 1990 Nissan Maxima, # 12229 Small, issued in April 2002, this
is a violation.
"For this reason, I have been
Failure to remove these vehicles by Thursday unable to determine the amount
of shareholder's dividends/equi-
13th September, 2007 will result in the disposal of ty to which I am legally enti-
tled," Mr Phillip said in his let-
same on Friday 14th, September, 2007 terto the prime minister.
In addition, Mr Phillip said
that in November 2004, the

C F A L"
Pricing Information As Of:
Thursday, 9 August 200 7
BISX ALL SHARE INDEX: CLOSE 1.849.07 / CHG -00.87 / %CHG' .
52 k-HI i e.,P .L,-.,s 3-.:ur.i P.-...:,u. *: i: io r ., C ,i Cr,- .ar,q Daily Vol EPS S D.s $ P E Yiel,
1 78 i arc.,. r.0 ..lia l .-, 1 c,.. 000 0 00 0 000 N P.1 000 .
12.05 11.00 Bahamas Property Fund 11.65 11.65 0.00 1.527 0.400 7.6 3.45%
9.41 7.49 Bank of Bahamas 9.40 9.40 0.00 400 .0.733 0.260 12.8 2.77%
0.85 0.70 Benchmark 0.85 0.85 0.00 0.048 0.020 17.7 2.35%
3.71 1.48 Bahamas Waste 3.71 3.71 0.00 0.279 0.060 13.3 1.62%
1.57 1.20 Fidelity Bank 1.57 1.57 0.00 0.064 0.020 24.5 1.27%
10.76 .9.10 Cable Bahamas 10.75 10.75 0.00 1,000 0.949 0.240 11.3 2.2q%
2.41 1.80 Colina Holdings 2.65 2.65 0.00 0.281 0.080 9.4 3.0.- o
15.12 10.99 Commonwealth Bank 15.15 15.14 -0.01 1,000 1.190 0.680 12.7 4.50%
7.22 4.60 Consolidated Water BDRs 7.22 6.56 -0.66 0.112 0.050 64.6 0.69%
2.76 2.20 Doctor's Hospital 2.31 2.31 0.00 0.281 0.000 8.2 0.00%
6.40 5.54 Famguard 6.20 6.20 0.00 0.694 0.240 8.9 3.87%
12.76 11.51 Finco 12.76 12.76 0.00 0.787 0.570 16.2 4.47%
14.70 13.05 FirstCaribbean 14.65 14.65 0.00 1,100 0.977 0.470 14.6 3.21%
5.18 5.18 Focol (S) 5.18 5.18 0.00 0.364 0.133 14.2 2.56%
1.00 0.54 Freeport Concrete 0.70 0.7c 0.00 -0.415 0.000 N/M, 0.00%
8.65 7.10 ICD Utilities 7.25 7.25 0.00 0.411 0.200 17.6 2.76%
9.90 8.52 J. S. Johnson 9.90 9 90 0.00 0.946 0.580 10.5 5.86%
10.00 10.00 Premier Real Estate 10.00 10.0( 0.00 1.167 0.600 8.6 6.00%
.s..s, ,,,,,.-L>.s .,Fidelity Over-The-Countere Pec.urifies ..D. -E.-.
52,K..-H. :)2.'.6-L 3.3 .T.rl, 6.. 0_ ; i La5lPP.,,e Weekly Vol EPS $ Di i PE Yteid
14.60 12.25 Bahamas Supermarkets 14.60 15.60 i, i.,00 1 234 1 185 12, 6; 8 12"
10.14 10.00 Caribbean Crossings (Pref) 6.00 6.2;5 10.00 0.000 0.640 NM 7.85%
0.54 0.20 RND Holdings 0.35 0.-k, 0.20 -0.030 0.000 N/M 0.00%
41 Colina Over-The-Cour,u-er Securities. ., t: ,:' -
43.00 28.00 ABDAB 41.00 43.00 -I 0 220 0 u00u0 1. '-1 u: .
14.60 14.00 Bahamas Supermarkets 14.60 15.50 14.00 1.234 1.125 12.6 7.71%
0.60 0.35 RND Holdings 0.45 0.55 0.45 0.021 0.000 26.2 0.00%
BISX Listed Mutual Funds .
52w'.l-iI 52'.'.*.LL .*. Fu..a N nr,-e -14- N Tu L I 12 r.1,:,nins D. $ Yield :
1 3464 12 :_91_ M. r-, t .1 :..-, lare-Ie Fur.,a I -4A tiij"
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"
11.6581 11.1193 Fidelity Prime Income Fund 11.6581*-
F1NDEX CLOSE 806 20 / YTL 8 64% / 20034 .4% _.: L:. :
BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 MARKET TERHMS YIELD li. I12 i,ntii dividends divided by closing price NAV KEY
52wk-Hi Highest closing price in last 52 weeks Bid $ Buy, I pri Colina and Fidelity
52wk-Low Lowest closing price in last 52 weeks Ak S j [;i ,r-c : Colina and fidelity 20 July 2007
Previous Close Previous day's weighted price for daily volume i.Sl r'' -' :;, aed over-the-counter price "- 30 June 2007
Today's Close Current day's weighted price for daily oiume WVc >kly l -ading volume of the prior week "' 31 May 2007
Change Change in closing price froni day to day EPS c- poivns reportedd earnings per share for the last 12 mths ... 31 July 2007
Dally Vol Number ot total shirei tiided utody NAV N e Value
DIV $ Dividends per share paid in the last 12 months NM No't Meaningful
PIE Closing price divided by the last 12 month earnings FIINDEX The Fidelity Bahamas Stock Index. January 1. 1994 = 100
(S) 4-for-1 Stock Split Effective Date 8/8/2007
TO TRADE CALL: COLINA 242-602-7010 / FIDELITY 242-356-7764 / FOR MORE DA ..'

Registrar General issued a
name change certificate'that
changed the name of the school
from Success Training Ltd to
SC (Freeport Ltd). Despite this,
the company's president is still
conducting business in the name
of Success Training College and
is still comingling funds belong-
ing to SC (Freeport Ltd)
through an account of which Mr
Bastian is the sole signatory.
In an affidavit to the court,
Mr Bastian said that he is the
director, shareholder and pres-
ident of Success Training Col-
lege. He said that there were
three directors and shareholders
in the Nassau based company,
namely, himself, Dr Daswell
Forbes, and his late brother,
Joshua Bastian.
When they decided to expand
to Freeport, Mr Bastian said
that for a variety of reasons,
they agreed that Mr Philip
would represent them in
Freeport with the authority to
sign banking documents and
cheques and other such facili-
ties when Mr Bastian was away
on business for his other com-
However, Mr Bastian stressed
that there was in no way or form
any intimation or expression to
allot any share or interest in SC(
Freeport) Ltd to Mr Phillip,
except in nominee form.
He said that name change
was done to avoid any damage
to the reputation to the Nassau
based campus that Mr Phillip
might have caused.
"I feel it is manifestly unjust

for the defendant who was an
employee and paid for all his
services.and who has never paid
one iota of currency for the set
up of the college's offsite cam-
pus to now take a share inter-
He claimed that it was an
administrative oversight that Mr
Phillip had not signed a Decla-
ration of Trust confirming that
he is merely holding the shares
in trust.
Yesterday, Mr Phillip said
that the case has been emo-
tionally draining on him. Since
his termination, he said that he
has had to sell his house and
car and at age 75 is left to
depend on monthly National
Insurance Board pensions to
support himself and his wife.
Despite this, he said that he is
not bitter, but simply wishes
that justice can be carried out.
However, Mr Bastian told
Tribune Business that this mat-
ter had been addressed in court
and that a ruling was made in
his favour. He said that unfor-
tunately, Mr Phillip has been
unable to accept this ruling or
that he only held the shares in
nominee and is not entitled to
collect any other financial ben-
efits from Success Ltd.
Further, he claimed, it was
Mr Philip himself who contin-
ued to pay the licensing fees on
the Freeport company after he,
Mr Bastian, wanted to have it
He also stressed that Daswell
Forbes was his only partner in
the venture.

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.






news get a way

to respond

Internet offers immediate access
to articles about every break-
ing news event anywhere in the
world. But no one in the media
business has quite figured out
how to exploit that revolution-
ary fact.
A growing number of large
Web companies like Yahoo,
Google and AOL and a
menagerie of start-ups like Digg
and Topix.net offer a compre-
hensive menu of news headlines
that link to articles elsewhere
online. These sites are called
news aggregators, and though
some have large audiences, the
companies that run them have
yet to figure out how to turn
them into enduring businesses
with unique identities.
Nevertheless, the search giant
Google, whose Google News is
among the largest news aggre-
gators, announced a business
based on those who chatter
about the news. It is asking the
people or companies mentioned
in news articles to comment on
those reports.
Walt Riker, the vice presi-
dent for communications at
McDonald's, was asked to
weigh in on a study from Stan-
ford showing that the compa-
ny's marketing was so ingrained
in the minds of preschoolers
that they favored food like car-
rots sticks in McDonald's wrap-
pers over identical food with-
out them.
T In his 550-word statement
posted on Google News, Riker
wrote that McDonald's listens
to its customers and enthusias-
tically promotes milk, fruit and
vegetables in its ads. "More
information for more con-
sumers is a very good thing,"
he said in an interview. "We
were eager to participate."
Josh Cohen, the business
product manager for Google
News, said the feature is consis-
tent with the company's mission
to bring as many news sources
online as possible. He said the
company would not edit any
comments from sources.
Google characterized this as
an experiment. Media profes-
sionals characterized it less char-

itably as an effort by engineers
who do not understand the
impracticalities of such a project
on a large scale for instance,
how do you verify a source's
identity or screen for inaccurate
statements? and the poten-
tial sensory-deadening impact of
long-winded statements.
A decade after Matt Drudge
rose to prominence with the
Drudge Report, a collection of
headlines and links to provoca-
tive articles and opinions, sites
with news links are blossoming
all over the Web, using a variety
of approaches.
But the sites are often imper-
fect. For example, Digg.com in
San Francisco lets readers vote
on the articles they like the most.
The frequent result is that the
Digg faithful propel articles about
Digg itself into the top spots.
Daylife.com in New York uses
search algorithms to find pho-
tos, graphics and articles from
around the Web, then organizes
them onto single pages on sub-
jects like Iraq or President Bush.
But sometimes the technology
trips up. The page for Amazon
combines articles about the rain-
forest with articles about the
online retailer not exactly a
credibility-enhancing tactic. (The
New York Times is an investor
in Daylife.)
Some of these sites see addi-
tional promise in letting readers
pontificate about the articles in
online discussion forums. Top-
ix.net, a three-year-old news
aggregator based in Palo Alto,
Calif., repositioned itself in
December by adding conversa-
tion forums for every city in the
United States. The site attracts
around 60,000 comments a day,
and Chris Tolles, Topix's chief
executive, says he can charge

twice the rate for ads on the
pages with engaged readers as
he can on his main news page.
"It turns out that presenting
commodity news stories is not
such a good business," he said.
"It's hard to make money on a
page with the top stories of the
One drawback of the approach
is that readers with extreme views
can hijack the conversations. For
that reason, last December,
Yahoo closed down the chat
forums related to specific articles
on its news site, Yahoo News,
which gets 35 million readers a
month and is the most popular
news site on the Web.
Google News was introduced
in 2002, with the boast from the
company that its algorithm
could pick and present the day's
main news without the inter-
vention of human editors.
Though Google had been
reluctant in the past to inject an
editorial level into the news
business, it appeared to be try-
ing to stimulate reader engage-
ment with its latest move to
solicit comments on article
sources, which it announced in a
blog posting Tuesday evening.
Media analysts say that
Google shies away from plac-
ing advertising on Google News
because it could draw more
legal scrutiny from media com-
panies. Cohen of Google News
said that the company had not
put ads on the site because it
had been focused on its users
and on creating new features:.
For traditional media organi-
zations, the question is whether
they should feel threatened by
the growing crop of online news
aggregators that skim off adver-
tising without producing origi-
nal journalism.

Success Training College announces registration for the fall semester. Register now for Cer-
tificates, Diplomas, Associates and Bachelors programs. Special tuition discounts apply for
recent high school graduates and government employees who register early.

(6-12 weeks certificate courses. Prepare for a new job or qualify for career advancement.)
Medical Office Assistant Banking Office Assistant Dental Office Assistant
Computer Office Assist Business Office Assistant Pharmacy Assistant
Dental Office Assistant Electrician Assistant Nursing Assistant
Office Filing Assistant Computer Technician PC Publishing Specialist
Office Receptionist Ticketing & Reservations Graphic Design Technology
Bank Teller Specialist Front Desk Assistant Drafting for Beginners
Bartending/Mixologist Make-up Application Specialist Legal Search Procedures

Complete preparation for individuals interested in pursuing a career as a paralegal.

(18-24 months comprehensive career-oriented programs. Start training now for a high-paying job or career advancement)

Business Administration Computer Systems Management Medical Assistant
Accounting Office Automation Science Dental Assistant
Economics & Finance Computer Graphics Technology Pharmacy Technician
Human Resource Management Internet Web Design Technology
Banking & Finance Computer Information Systems EDUCATION
Executive Systems Management Network Systems Security Early Childhood Education
Public Administration Computer Support Technology Primary Education

LLB (Hons) offered in association with Holborn College and the University of Huddersfield, London, England.

Success Training College is registered with the Ministry of Education and the Department of Public Personnel.

Credits earned at Success are transferable to colleges and universities in Canada, USA, UK and the Caribbean.
Additionally, an established articulation agreement between Success and Nova Southeastern University allows
Success' graduates to transfer seamlessly from Success to Nova.

Save Time Save Money Register Now!
Call 324-7770 or 324-7555 for detailsJ

Martin Nisenholtz, chief exec-
utive of New York Times Digital,
says that sites like Google News
drive valuable traffic to the
Times site. "Its very much incum-
bent on traditional news organi-
zations to recognize the Web is
an open environment, and they
are going to survive and prosper
based on being open," he said.
As for the threat Google's
new venture poses to those
journalists who answer reader
complaints: "I have stopped
becoming worried about a lot
of this," said Deborah Howell,
the ombudsman for The Wash-
ington Post and a journalist for
45 years. "It's going to happen
whether we like it or not."


-^ f WB^^I-.-1

Returning Students:


Monday, August 13- 16, 2007
9:00am 7:00pm

Contact the Registrar Office for more information

New Students:



Monday, August 20- 24, 2007
9:00am 7:00pm


Monday-Thursday 9:00am-12:30pm Continuing students only
August 13-16, 2007 2:30pm-7:00pm Continuing students only

Monday 9:00am-12:30pm Barbering
August 20, 2007 Cosmetology
Facial Technology
Nail Technology
Women's Apparel Production 1 & 2
2:30pm-7:00pm All of the above

9:00am-12:30pm Auto Collision Repair
Auto Mechanics
Computer Repair
Tuesday Electronics
August 21, 2007 Air-conditioning & Refrigeration
Small Engines
Drawn & Painting Souvenirs Manufacturing
Shell Craft
Straw Craft
2:30pm-7:00pm All of the above

9:00am-12:30pm Carpentry
Ceramic Tile Laying
Wednesday Masonry
August 22, 2007 Commercial & Residential Painting
Commercial & Residential Drywall Installatiot
Electrical Installation
Window Treatment & Accessories
2:30pm-7:00pm All of the above

Thursday 9:00am-12:30pm Computer Software Applications
August 23, 2007 Office Administration 1 & 2
2:30pm-7:00pm All of the above
15 Week Block Program '
Construction, Nail Technician, Barbering and Facial
15 week programs are held Monday to Friday during August 20-24 2007
the day periods. These programs are suitable for
persons who prefer intensive modes of learning.
Professional Development f Home Improvement
Professional Development ft Home Improvement E H.
Courses Registration -August 31 October 5, 2007

Call 502-6300 for more information
7 ;- ..!iaM

Graduating Students: ..,''4, L

Monday, September 10- Friday September 14, 2007
9:00a.m.-5p.m. -Graduation Regalia Distribution at BTVI Campus.
Tuesday, September 25,2007
6:00pm REHEARSAL FOR GRADUATION at Bahamas Faith Ministrie
Thursday, September 27, 2007
7:00pm GRADUATION CEREMONY at Bahamas Faith Ministries.

Fall Semester Orientation
The Abundant Life Bible Church Hail
Date: August 10, 2007
Morning 9:30am-11:30am
Evening 6:00pm- 7:00pm

.._._......... Financial Aid :'- .g
Financial Aid Office is open to students Monday through Friday 9:00am -5:00pm.

I I m l


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


Assistant Financial Controller

Large firm of Insurance Agents & Brokers is presently
considering applications for the position of Assistant
Financial Controller.

Responsibilities include:

Management of Accounts Receivables
Management of Credit & Collections
Assist in preparation of management accounts
Assist with the preparation of annual budget
Assist with the preparation of financial statements

Knowledge, Skills & Abilities:

CPA, ACA, ACCA or equivalent qualification
Strong analytical and communication skills (oral &
Minimum of three (3) years managerial experience
Good customer relations and interpersonal skills
Be a team player with positive attitude
Work independently with initiative

The successful candidate will receive an excellent ben-
efits packages including medical insurance and pension
plan. Salary will commensurate with experience.

All applications will be handled in the strictest confi-
dence and should be submitted on or before 25th August,
2007 to:

Human Resources Manager
P.O. Box N-8320
Nassau, Bahamas



1 11 .



Microsoft Xbox 360 out of order

- but still the loyalists' favourite

Imagine your blender breaking
down twice. The vacuum clean-
er giving up the ghost three
times. The espresso maker
repeatedly going kaput. Then
imagine replacing the item with
the same model over and over
while keeping your brand loy-
alty and sanity.
Stephano Nevarez can. Since
he first bought his $400
Microsoft Xbox 360 in 2006, it
has failed three times. Each
time, lie sent the game machine
back to the company and wait-
ed weeks for a repair or a
"There's nothing in the
house that breaks down as
much," said Stephano, a 15-
year-old high school student
from Salem, Ore.
Yet he remains a devotee of
his 360 console, the more so
because he wants to play Halo
3. the latest iteration of a vio-
lent space epic due in stores
Sept. 25; it is available only for
that game machine.
The game, published by
Microsoft, could redeem the
company going'into the holi-
day selling season. Untold
numbers of 360 owners have
watched their machines break
down, and then, in many cases,
watched the replacement con-
soles do the exact same thing
because of a severe and wide-
spread manufacturing flaw.
But if the Xbox players keep
coming back because of Halo 3,
and if other gamers buy the
console just for the game, then
Microsoft could markedly
improve its standing in its bat-
tle against rivals Sony and Nin-
"Halo 3 is Microsoft's most
important game," said Dan
Hsu, editor in chief of Elec-
tronic Gaming Monthly, a mag-
azine for enthusiasts. Hsu, who
has seen the game, said it deliv-
ers in spades, with one caveat:
"Assuming your machine does
work, it does what it sets out

to do."
The bar is high. Combined,
Halo and Halo 2 have sold
around 15 million units, making
the series one of the most suc-
cessful game franchises of all
time. The game has spawned
novels, comic books and a pos-
sible movie.
The $12.5 billion console and
video game business is up for
grabs this year. On the console
side, Nintendo is off to an unex-
pectedly strong start with its
Wii, a game system that makes
its players get up off the couch
and move their bodies to direct
It has significantly more than
28 percent of the American
console market, according to
NPD Group, a market analy-
sis firm. The Wii is currently
selling at a faster pace than the
360, and the company is releas-
ing its big games this fall, Super
Mario Galaxy and Super
Smash Bros. Brawl, though nei-
ther is as popular as Halo.
Sony, with about 14 percent
of the market, was hurt when
the release date of Grand Theft
Auto IV, a game it was count-
ing on to increase console sales,
was pushed back from Octo-
ber into the second quarter of
next year.
Microsoft, which has 57 per-
cent of the market, has declined
to say what is causing some of
its Xbox 360 to stop working,
or how many machines have
been affected. It has set aside
$1.1.billion for repairs, a figure
that suggests to industry ana-
lysts that the problem could
affect a third of the 11.6 mil-
lion 360s already in the hands
of consumers.
Microsoft has said it will fix
any faulty Xbox 360 free of
The most likely explanation
of where the engineers went
wrong is that the 360s are
poorly designed to deal with
the intense heat generated by
game play and .that computer

* MODELS of the Xbox 360 gaming system are shown with custom faceplates
(AP Photo/Ted S. Warren)

chips and other electronics
may be popping off the moth-
erboard, said Richard Doher-
ty, an analyst with the Envi-
sioneering Group, a technol-
ogy assessment and market
research firm.
Doherty said he thinks that
Microsoft, in an effort to put
its machine onto the market a
year ahead of the Sony PlaySta-
tion 3, had skimped on prod-
uct testing. He said the failure
rate among 360s is almost
unheard-of among consumer
electronics, where having even
percent or 2 percent of
machines fail is considered a
major problem.
He has been doing surveys
of video game consumers, and
results suggest that their
patience is waning and that
news of the problems is dis-
suading some potential buyers,
he said.

Even die-hard users, he said,
are wondering why they can-
not take their machine to a
store to have it checked out,
rather than wait for it to break.
"It's dissipating a tremen-
dous amount of momentum
they built up prior to July,"
Doherty said, referring to when
Microsoft first publicly dis-
cussed its $1.1 billion repair
fund. "This is going to get
worse before it gets better."


But some financial analysts
said the eventual damage to
reputation and revenue may
not be so profound. Evan Wil-
son, an equity analyst with
Pacific Crest Securities, said he
thought that Microsoft's fix-it-
free policy had mollified many
avid game players who have
been among the first to pur-
chase the 360.
Aaron Greenberg, group
product manager for Xbox 360,
said the repair campaign is
aggressive and that the compa-
ny, while it is not discussing
what has gone wrong, is not
taking the failures lightly.
it's our equivalent of the
Blue Screen of Death people
talk about with Windows," he
said, referring to the derogato-
rv vernacularr used to describe
what happens when a PC run-
ning Microsoft's operating sys-
tem mysteriously stops work-

In the case of the Xbox 360,
affected users have taken to
calling the problem the Three
Red Rings of Death. That's
because when the 360 dies,
three lights on the front of the
console blink red.
"It started getting really
loud," said Michael White, 27,
of Montreal, a high school
teacher, who said his system
died in April. "You expect
somebody's expensive product
to be more durable than that."
Is he infuriated? Not really.
"I'm a happy customer," he
said, given it only took three
weeks to repair and he likes
the games on the system.
Others are feeling slightly
less generous -- or, at least,
their spouses are.
"My wife told me she didn't
want me to buy anymore
Microsoft consoles," said
Joshua Bridges, an accountant

in Spring, Texas. "But I told
her I'm a huge fan of the games
that come out for this plat-
Chief among his interests is
Halo 3. He said he likes the
fast-twitch action, but particu-
larly the story, which involves
soldiers battling against an
alien race called the Covenant
for control of a destructive
force called the Halo. Halo 3 is
the last in a trilogy. When it
comes out on Sept. 25, the avid
fans will be waiting in line at
video game retailers across the
country. More than 1 million
units have already been
For the last three years, a
team of 250 full-time and part-
time designers and engineers
at Bungie Studios, the devel-
opment house that is owned by
Microsoft, have been assem-
bling Halo 3, said Frank
O'Connor, the game's head
writer. (He declined to say how
much money they spent on the
Developers felt enormous
pressure, he said, and he hopes
this version will be the most
popular ever, particularly given
new features, like the ability of
players to record and make
short movies of the action they
just played.
"Instead of being able to say,
'Remember the time I did that
.one thing?' now they'll be able
to save it and show it," O'Con-
nor said.
One question is whether it
can help Microsoft sell more
consoles to mainstream con-
sumers, or to those who may
be concerned about the relia-
bility of the 360 systems.
But there is little doubt the
faithful will be there in force,
and thrilled about it, having for-
given Microsoft for the flaws
in its console.
"I'm on my third 360," said
Benjamin Lin, an 18-year-old
Halo enthusiast from Seattle,
"and it's working great for me."

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


Share your news
The Tribune wants to hear
from people who are
making news in their
neighbourh,- ods. Perhaps
you are raising funds for a
good cause, campaigning ,.
for improvement tts in the -.
area or have ,9: n1
If so, call us on 322-1986 .
and share your story.



The Securities Commission of The Bahamas (the Commission), a
statutory agency responsible for the oversight, supervision and regulation
of the investment funds, securities and capital markets in or from The
Bahamas, invites applications from qualified Bahamians for the
following position:

Field Examiner
* Conducting on-site inspections of entities licensed or registered by
the Commission
* 'Assisting in the enforcement process addressing deficiencies identified
in the inspection

Qualifications and Experience:
* Bachelor's degree in Accounting or Finance
* 1 2 years experience in Auditing or Public Accounting
* Knowledge of the securities industry a plus.

* Excellent oral and written communication skills
* Proficient in computer skills (Microsoft Office applications, particularly
Word and Excel)

A competitive salary and benefits are being offered. lntereled persons
should submit applications in writing marked "Private and Confidential"

P. O. BOX N-8347
Fax: 356-7530
E-Mail: info@scb.gov.bs

Applications should be received no later thanAugust 15, 2007

- II

i I II I




Xinhua: China's central bank says US

dollars are important part of reserves

Associated Press
HINA sought Sunday to
clIinpcn speculation it will
conduct a massive sell-otil of
u.S. dollai holdings, with a
central bank official saying
the dollar remains a main-
.tay of its foreign exchange
In an interview carried by
the government's Xinhua
News Agency, an unnamue
official with the People s
Bank of China said U.S. dol-
lars and government bonds
are "an important part of
( hina's foreign reserve
China's US$1.3 trillion in
foreign exchange reserves
are the largest in the world
and are believed to be com-
p ised largely ot dollar
assets, potentially giving Bei-
jing enormous sway over the
dollar's value and currency
markets worldwide.,
A report in the British
newspaper The Daily Tele-
giaph this past week that
quoted Chinese government
economists as saying China
would dump its dollar hold-
ings in the event of a trade
war with Washington added
to jitters in stock markets
already unnerved by volatil-
ity in U.S. share markets.
Xinhua said the central
banker's remarks were
intended to counter unspec-
ified reports in Western
media that China "is threat
ening to carry out a sell-off
of U.S. dollars." The Xinhua
report was prominently post-
ed on the central govern-.
ment's main Web site, in a
further sign Beijing hoped
the statement would under-
score its conumitment to hold
U.S. dollar assets and caiin
'China is a responsible


I n
Si l

'i t U .P
f MR -Ri-

* THE headquarters of the People's Bank of China in Beijing (AP Photo)

investor in international
financial markets, and our
country's foreign exchange
reserves are managed with
the operational goals of safe-
ty. liquidity and profit," Xin-
hua quoted the central bank
official as saying.
"The U.S. dollar occupies
an important position in the
international monetary sys-
tem," the official was quoted
as saying. "The U.S. finan-
cial markets have high vol-
ume and great liquidity U.S.
dollar assets, including U.S_
government bonds. art ai
important part of Ch:,,na,'
foreign reserve in's .-
men ts."
The People's Bank does,

(the Company)

intends to discontinue under the laws of Bermuda and
continue in The Bahamas as if the Company had been
incorporated under the laws of The Bahamas

Dated this 10th day of August 2007 at Nassau,

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

Excellent $$$ Bonus PotentialI

Do You Have What it TakesP
It the answer isYES then take the n tac,t ,tep
FAX RESUME TO 326-2824
Mail Resume To SS-6723

not disclose the composition
of the foreign exchange
reserves, which have swelled
in recent years as China's
exports surged and investors
poured money into the coun-
try to pillii fohiii ,lii a onl,
myll now ii its fourth striaighi
year of double-digit growth.
But the reserves have
become a political issue both
within China and between
Beijing and Washington. As
the dollar has fallen in value.
the People's Bank has come

under pressure to diversify
its holdings to maintain the
value of the reserves and
improve returns.
Washington has pointed to
China's growing reserves as
pi oof thai the (Chincsc ii
icneC is undervaIluId i ;dik
ing Chinese exports cheap,
putting American manufac-
turers at a disadvantage and
compounding a hefty U.S.
trade deficit. Several U.S.
senators have renewed calls
in recent weeks to punish

An established law firm
requires an
with working knowledge of

Interested applicants should
fax their resumes to:


Well established Bahamian-owned group of
companies has an immediate opportunity for an

Assistant Financial Controller

As Assistant controller, you ,vill work with and support
Senior management as i relates l( all diLoumn1ug ni1d
finance functions of the companies [his includes UL;
maintenance, month-ciid close Internal Rkeorting,
financial analysis, budgeting and forecasting, working
with auditors and supporting general management andt

Candidates should have a solid professional foundation
in accounting/finance.


v Bachelors in accounting and/or Finance
(.PA oi (.A (an asset)
*V i+ years experience in Accounting/linance
V Able to supervise staff at the clerical and professional

Send covei letter explaining in detail why you \ wouldd
bhe right foi the position. Please forward your resume
with professional references and phone numbers to:

c/o The Tribune,
P.O. Box N-3207,
Nassau, Bahamas

Beijing if it does not let the
currency. the yuan rise in
In the Xinhua report, the
Chinese central banker
defended U.S -China eco-'
nomic and tiade relations as
UlI ie jln i ; t i he "stable


development" of the global
"We attach great impor-
tance to actively promoting
the harmonious develop-
ment of China-U.S. eco-
nomic and trade exchanges,"
the official said.

"Where Our Quality & Experience Shine!"
Specializing in:
v Roofing, Home Maintenance, Painting & Varnishing,
Pressure & Mildew Cleaning, Roof Painting, Water
Proofing, Plumbing, Window Cleaning. Drywall
installation. Replace Rotten Woodwork,
SLaminate floor Tiling. Repair "
Clacks to concreit Walk .




(the Company)

intends to discontinue under the laws of Bermuda and
continue in The Bahamas as if the Company had been
incorporated under the laws of The Bahamas

Dated this 10th day of August 2007 at Nassau,

UBS (Bahamas) Ltd. is one of the world's leading financial institutions in the
Caribbean Through ou Business Ai ea Wealth Management international we look
after wealthy private clients by providing them with comprehensive, value
enhancing services. Our client advisors combine strong personal relationships with
the resources that are available from across UBS, helping them piovide'a full iange
of wealth management services.

In order to strengthen our team in Nassau, we are looking for the following

Junior Client Advisor/Relationship Manager
Latin America (Latam) Desk

In this challenging position you will be responsible for:
* Expanding the business with clients of the Latam team as a Junior Client
Advisor. Generate/increase revenue and assets from existing clients through
development of the client relationships, reviews, trading, and product

* Partner with Client Advisor to provide expert liein relatiornipii managemienti to
achieve wealth ridnagement objectives.

* Support new client acquisition and promotion of business Understand thi
unique personal and financial situation of key client prospects provil!rng 1,ents
with access to bank specialists in areas such as asset management financial
planning and wealth ndiiagenieiii and corporate finance

* Support Client Advisors in broadening long-term relationships with internal
partine and external clients and manage investment operational and
complianiie matters. Ensure that administrative and client-related processes are

Minimum Requirements.
* BS/BA degree preferred
* Minimum 4 yeai experience in marKeting finaoua: services to high nel worth
* Experience in the Latam market strongly preferred
* Has experience in providing investment advice to Private Banking Clients
* Good knowledge oi 'ancial markets and capital market products fixed
income/equity products, banking products, trust structures, alternative
* Excellent communications, organizational and client skills
* Must be able to read, write and speak fluently in English and Spanish
* Excellent computer skills(Excel, PowerPoint Word)

Interested? Written applications should be sent to:

",., or UBS (Bahamas) Ltd.
Human Resources
PON BoxN-7757
Nassau, Bahamas

r~es aassRo~ar~aaaaas~~- "jp jjjjjjjjjjmN-C-:





------ --- --





In an interconnected world, US homeowner

woes can be felt from Beijing to Rio de Janeiro

* FRANKFURT, Germany
Associated Press

THIL latest crisis in financial
markets has once again served
as a reminder of how vital and
interconnected the health of
the U.S. economy is to that of
the rest of the world.
From New York to Frank-
furt to Tokyo, markets were
jolted in the past week by fears
that Americans are failing to
keep up with their mortgage
payments and the ripple

effects that could have on the
global banking and financial
The fallout could further
depress U.S. housing prices by
making it harder to find buyers
for a glut of foreclosed homes.
That, coupled with a drop in
the value of investments, could
leave U.S. consumers feeling
poorer and less likely to spend
on domestic and imported
"The sharp falls in global
stock markets obviously affect


Counsel and Attorneys-at-Law
Notaries Public

COMMERCIAL LAW specializing in conveyancing
and real property with a minimum of five years
practical and professional experience.

CIVIL LAW specializing in litigious work, personal
injury, family law and probate with a minimum of
five years practical and professional experience.

Applicants should be organized, diligent, a team
pla ci and have the ability to work with minimum

bucccssful applicants will be eligible to parucipate
in the company's medical insurance plan, pension
plan and profit-sharing scheme. Salary will
commensurate with experience.

Interested applicants should deliver their curriculum
vitac to our office situate on Village Road North,
Nassau. The Bahamas.

consumer wealth, which again
could dampen spending," said
Howard Archer, chief British
and European economist at
Global Insight.
The most immediate effect
for the half of all American
households who own mutual
funds and other individual
investors worldwide is a
decline in the value of their
investments, which may or
may not be short-lived.
Around the globe, small-
time investors are taking a
beating. Stock prices have slid
in recent days as fears'of the
market crisis infected markets
worldwide. Worried investors
sold stocks but finding buyers
was hard, which caused share
prices to dip even lower.
"We all feel threatened,
problems on the stock
exchange have consequences
for the economy of America
and of the world" said
Gabriella Savarini, a 69-year-
old shopkeeper in Rome.
"Amierica influences all, for
good or for bad."
The distress in the markets
makes it harder and more
expensive for businesses and
consumers to get loans and
cash, Archer said. If compa-
nies cannot get loans, they can-
not expand and may have to
cut expenses, typically through
America faced a crisis simi-
lar to the current mortgage
fiasco when hundreds of sav-
ings and loan companies went
belly-up in the 1980s. Back
then, the fallout did not spread
dramatically to foreign shores
because the U.S. government
stepped in to bail out the
banks and repay depositors.
But the past two decades
have seen a quantum leap in
globalization and outsourcing,
crumbling trade barriers, and a
revolution in financial markets
have knit the, world tightly

FirstCaribbean y ,

FirstCaribbean is a major Caribbean Bank offering a full range of market-leading
financial services in Corporate Banking, Retail Banking, Credit Cards, Wealth
Management, Capital Markets and Treasury. We are the largest regionally listed
bank in the English-speaking Caribbean with over 3,500 staff, 100 branches and
banking centres, and offices in 17 regional markets, serving 800,000 active
accounts. We are looking to fill the following position:

* To manage and lead the group within the department in the preparation of
accurate and timely regulatory returns thereby ensuring that the integrity of
data used in such preparation is not compromised
* To continuously re-design processes used in preparing and submitting
reports to the regulators
* To manage and co-ordinate Central Bank On-Site Inspectors
* To manage, review and action regulatory risks through the preparation of
weekly and monthly status reports for Senior management

* In-depth knowledge of Central Bank legislation, regulations and guidelines
in territories that FirstCaribbean operates
* In-depth understanding of Central Bank and Financial Services Commissions
* Sound knowledge of International Best Practices within Financial Services
* Familiarity with managing the process of Central Bank audits/inspections
* Strong analytical skills
* Sound research and presentation skills
* Highly developed communication and organisational skills
* Focused, motivational, leadership and team management/building skills
* Strong banking, accounting/auditing and analytical background
* Graduate and/or Banking/Professional financial qualification

We offer an attractively structured compensation and reward package as well
as performance bonus.

Applications with detailed r4sumes with the names of three business
references should be submitted no later than 20th August 2007 to:

0 r.. rbb Iternatioa ank
Office, Warrens41II tl[O: [ ] [llll^ll^^^
St.Mihael, Barbados FIRSTCARIBBE
Tel: (246)367-2937^^^^^^^^^^^^^ IN^BTERNA BTIONAL BANK
Emajil: AnIanette.Braitwaithe~firstaribbeanban~co GET THEE. TOGETHER
Onl aplicnts wh areshor-lised wl^n|l be coniti-M. ^^^j^^^1|^^^^^^|a^

TRADERS gather at a post on the floor of the New York Stock Exchange, Friday, Aug. 10, 2007.
Wall Street skidded further Friday as investors again succumbed to anxiety over tight credit conditions
even after the Federal Reserve said it would do all it can to "facilitate the orderly functioning of finan-

cial markets." (AP Photo)

A steep sell-off in global
markets on Thursday and Fri-
day was triggered by 'distress
signals from France's biggest
bank, BNP Paribas, which had
to freeze billions of dollars in
assets in three mutual funds
because of the falling value of
securities linked to high-risk
mortgages taken out by U.S.
"I'm sitting here in Brazil
and Brazilian markets have
gotten crushed by this. ... It's
hit all the emerging markets,"
said Kenneth Rogoff, a former
director of research at the
International Monetary Fund
and now a professor at Har-
vard University. "If this were
to snowball next week, it
would affect markets in
Turkey, Indonesia."
Global interdependency
isn't a recent phenomenon:
The Wall Street stock market
crash of 1929 and the Great
Depression affected the entire
world, and helped create the
conditions for the rise of fas-
cism in Europe.

But with faster communica-
tions and real-time trading,
market jitters in New York
race around the world almost
instantly today.
At the center of the con-
cerns are high-risk loans to,
individuals or businesses made
by banks globally..
More Americans are failing
to keep up with, their home
mortgage payments, and there
are concerns that this could
ripple around the globe
because much of the debt from
mortgages has been packaged
into securities sold to pension
funds, banks and other
investors who were hungry for
high returns on investments.
The same mortgage securi-
ties in the U.S.' that are crum-
bling in value are a part of'big-
ger holdings that banks from
Japan to Germany bought into
because of low U.S. interest
rates and a good returns. That
is, until-the mortgage holders
started defaulting.
Meanwhile, the ability of
banks to convert assets to cash


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Starbucks, The Reef Atlantis is now hiring
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quickly was in doubt because
some were unable to track
how much money they poured
into now worthless securities
backed by sub-prime U.S.
mortgages, or loans made to
high credit-risk individuals.
Those bad loans raised fears
of broader credit troubles that
could affect the entire bank-
ing and financial system con-
cerns that caused stock mar-
kets to plummet and threat-
ened pensions.
The slide started innocu-
ously in April after New Cen-
tury Financial, a U.S. mort-
gage lender whose principle
borrowers were Americans
with less-than-stellar credit,
filed for bankruptcy protec-
tion. Its customers were people
who may have been late on
credit card payments, maybe
even filed bankruptcy in pre-
vious years, but still wanted a
shot at buying their own home.
Lenders were only too hap-
py to oblige flush with cash
and eager to exploit new mar-
kets so they could, in turn, lend
more money and increase their
Hedge funds and banks
worldwide saw a market with
opportunity and bought up
mortgage-backed securities.
A month later, USB AG,
the giant financial company,
said its hedge fund' business
had lost $125 million in the
first quarter largely on the
back of investments in the U.S.
sub-prime mortgage field.
Then in July, Wall Street's
Bear Stearns closed a pair of
hedge funds after it lost more
than $20 billion on mortgage-
backed investments.
In early August, concerns
mounted that those mortgage
securities may not have been
as solid as people thought.
Those fears were capped by
the Aug. 6 bankruptcy by
Melville, N.Y.-based Ameri-
can Home Mortgage Invest-
ment Corp. American Home,
once a major U.S. mortgage
lender, said it fell victim to
"extraordinary disruptions"
that effectively cut off the
funding it needed to make new
On Thursday. France's
biggest bank. BNP Paribas,
froze $2.2 billion held in tree
funds because their exposure
to sub-prime mortgages in the
U.S. That intensified fears that
risk was spreading worldwide.
With cash reserves running
low, the interest rates that
banks charge each other for
overnight.loans rose so steeply
that central banks in the U.S.,
Europe and Asia poured tens
of billions of dollars into the
market to make sure enough
cash was available to meet
Such large-scale central
bank interventions are rare -
that last major injection came
inimediately after the Sept. 11
attacks in 2001.

I- I ,,




Supreme Court

P. O. Box N-167
New Providence, The Bahamas


No. 2007/PRO/npr/00382

Whereas MARY ANN JONES of Eight Mile Rock in the Island of Grand Bahama,

one of the Islands of the Commonwealth of The Bahamas has made application to the Supreme

Court of The Bahamas, for letters of administration of the Real and Personal Estate of DENCIL

LEROY JONES late of Eight Mile Rock in the Island of Grand Bahama, one of the Islands

of the Commonwealth of The Bahamas, deceased.

Notice is hereby given that such applications will be heard by the said Court at the

expiation of 21 days from the date hereof.

(for) Registrar

P. O. Box N-167
New Providence, The Bahamas


No. 2007/PRO/npr/00383

Whereas ROZENA MCKENZIE of No. 18 Hawkins Drive in the City of Freeport in

the Island of Grand Bahama, one of the Islands of the Commonwealth of The Bahamas has

made application to the Supreme Court of The Bahamas, for letters of administration of the Real

and Personal Estate of HAROLD MCKENZIE late of No. 18 Hawkins Drive in the City of

Freeport in the Island of Grand Bahama, one of the Islands of the Commonwealth of The

Bahamas, deceased.

Notice is hereby given that such applications will be heard by the said Court at the

expiation of 21 days from the date hereof.

(for) Registrar

P. O. Box N-167
New Providence, The Bahamas


No. 2007/PRO/npr/00385

Whereas CARMELL JENNINGS of the Eastern District of the Island of New

Providence, one of the Islands of the Commonwealth of The Bahamas has made application to

the Supreme Court of The Bahamas, for letters of administration with the will annexed of the

Real and Personal Estate of ANGELA MCSWEENEY late of Sunshine Park Subdivision in

the Southern District of the Island of New Providence, one of the Islands of the

Commonwealth of The Bahamas, deceased.

Notice is hereby given that such applications will be heard by the said Court at the

expiation of 14 days from the date hereof.

........... ........ .(for .... .......eg strar
(for) 'egistrar

P. O. Box N-167
New Providence, The Bahamas


No. 2007/PRO/npr/00387

Whereas ALFRED WILLIAMS of Nassau East Subdivision in the Island of New

Providence, one of the Islands of the Commonwealth of The Bahamas has made application to

the Supreme Court of The Bahamas, for letters of administration with the will annexed of the

Real and Personal Estate of CHRISTOPHER NATHANIEL SMITH late of High Street

Estates, Carmichael Road in the Southern District of the Island of New Providence, one of the

Islands of the Commonwealth of The Bahamas, deceased.

Notice is hereby given that such applications will be heard by the said Court at the

expiation of 14 days from the date hereof.

................,.. ...

P. O. Box N-167
New Providence, The Bahamas


No. 2007/PRO/npr/00388

Whereas VERNAY MILLER of Hay Street in the Island of New Providence, one of

the Islands of the Commonwealth of The Bahamas has made application to the Supreme Court

of The Bahamas, for letters of administration of the Real and Personal Estate of FELIX

MILLER late of Malcolm Road in the Island of New Providence, one of the Islands of the

Commonwealth of The Bahamas, deceased.

Notice is hereby given that such applications will be heard by the said Court at the

expiation of 14 days from the date hereof.

(for) Registrar....................................

(for) Registrar

P. O. Box N-167
New Providence, The Bahamas


No. 2007/PRO/npr/00391

Whereas FREDERICKA BOWLEG-ROBERTS of No. 52 Hope Gardens, Nassau

Village and DERRICK BETHEL of Seven Hills, both of the Island of New Providence, one

of the Islands of the Commonwealth of The Bahamas have made application to the Supreme

Court of The Bahamas, for letters of administration of the Real and Personal Estate of CARLA

BETHEL a.k.a. CARLA BETHEL-THOMPSON late of Hutchison Street in the Western

District of the Island of New Providence, one of the Islands of the Commonwealth of The

Bahamas, deceased.

Notice is hereby given that such applications will be heard by the said Court at the

expiation of 14 days from the date hereof.

..................for) Regi.......strar

(for) Registrar

~--`-- I I

_ ,, ---

1. I ..

r I

- I



Pursuant to the provision of Section 137 of
the International Business Companies Act,
(No. 45 of 2000), NOTICE is hereby given
that VALIDEZ S.A. is in dissolution and the
date of commencement of the dissolution is
August 7th, 2007.

Margaret Tatem-Gilbert and Loma Kemp
1 Bay Street, 2nd Floor, Centre of Commerce
P.O. Box SS-6289
Nassau, Bahamas

Legal Notice

(a) FPS LIMITED is in dissolution under the provisions of the
international BusinessCompanies Act 2000.
(b) The Dissolution of said Company commenced on August 10, 2007
when its Articles of Dissolution were submitted and registered by
the Registrar General.
(c) The liquidator of the said company is Lakeisha Collie of 2nd Terrace
West, Centreville, Nassau, Bahamas.
(d) All persons having Claims against the above-named Company are
required on or before the 13th day of August, 2007 to send their
names and addresses and particulars of their debts or claims to the
Liquidator of the company or, in default thereof, they may be
excluded from the benefit of any distribution made before such
debts are proved.
August 13, 2007


Pursuant to the provisions of Section 131 (4) (a), (b)
and (c) of the Intperational Business Companies Act,
2000, notice is hereby given that:-

(a) Gatejug Limited is in dissolution;

(b) The date of commencement of the dissolution
is the 30th day of July, A.D., 2007 and

(c) the Liquidator is C.B. Strategy Ltd., of 308
East Bay St.

C.B. Strategy Ltd.

This week on

Wall Street, investors

face data on inflation

and housing market

Associated Press
AMID the wildest U.S.
stock market in years, the
Federal Reserve has main-
tained that inflation is its
biggest worry. Wall Street
will try decide if that is a
legitimate stance when this
week's data on rising prices
comes in.
Market stability has been
crumbling under the fear


Market stability crumbling under

fear that credit is drying up

that credit is drying up, due
to losses in subprime lend-
ing and excessive collateral-
ized debt in the private equi-
ty sphere. While the Fed
Reserve recognized those
concerns last week after it


decided to hold interest rates
steady, it reiterated that the
U.S. economy should keep
growing moderately and that
the risk of inflation is the
predominant concern.
After that statement, the
stock markets seesawed.
They did manage to finish
higher for the week thanks
to a Fed cash infusion into
the banking system, with the
Dow Jones industrial aver-
age rising 0.44 percent, the
Standard & Poor's 500 up
1.44 percent and the Nasdaq
composite index gaining up
1.34 percent.
The failure to lean toward
a rate cut puzzled some
investors. Lowering rates
would spur inflation more
than the cash injections will,
but many on Wall Street
believe that is a risk worth
taking to boost liquidity and
prevent a credit crunch.
Right now, inflation mea-
sures have been registering
at the upper end of the Fed's
comfort zone, but the Fed
has said it wants more evi-
dence that price pressures
are easing. That evidence
could come in the form of
the Labor Department's Pro-
ducer Price Index on Tues-
day and Consumer Price
Index on Wednesday.
The July PPI is expected
to have risen 0.1 percent
after a June decline of 0.2
percent, according to econ-
omists surveyed Friday by
Thomson Financial. The core
PPI, which takes out often-
volatile food and energy
prices, is expected to have
risen 0.2 percent, following
June's 0.3 percent increase.
The July CPI is anticipated
to have risen 0.1 percent,
after June's 0.2 percent jump.
The core CPI is expected to
have increased 0.2-percent
last month, the same as in
Later, on Thursday, Wall
Street will hear about the
state of the U.S. housing
market the main culprit
behind the financial markets'
woes. Housing starts for July
are expected to rise by a


T: 242.328.3500 I F: 242.328.8008.1 www.gsolegal.com

GLINTON I SWEETING I O'BRIEN is seeking two qualified
Attorneys-At-Law to join the firm as Associates specializing in Real Estate
Law and Litigation, respectively.

Applicants should have strong academic records, particularly in
respect of their legal studies, be organized and diligent workers with sound
analytical and writing skills, and should have the personal skills
necessary for direct professional interaction with the firm's most
important clients. Two or more years experience is
preferred but is less important than ability and the right attitude.

Successful applicants will receive a highly competitive salary,
including full medical insurance and will participate in a generous
profit-sharing scheme. More importantly, the successful applicants will join
a thriving new practice in the early stages of its growth, and work in an
enjoyable and challenging environment while having the benefit of
careful and thorough training from experienced practitioners.

Interested applicants should deliver their curriculum vitas to our offices
in the Destinations Building, 303 Shirley Street, along with copies of all
degrees and certificates earned and at least two samples of written work
prepared by the applicants in either an academic or professional context.
All applications will be treated as confidential.

slightly smaller amount than
in June, and building permits
are expected to increase by
about the same amount.


On Monday, the Com-
merce Department reports
on July retail sales and June
business inventories. Retail
sales are expected to have
ticked up 0.2 percent last
month, after a 0.9 percent
decline in June, and inven-
tories are anticipated to have
increased 0.3 percent, com-
pared with May's 0.5 percent
On Tuesday, the Com-
merce Department reports
on the U.S. trade balance.
Economists predict that the
trade deficit widened to
$60.7 billion in June from
$60.0 billion in May.
On Wednesday, the Fed-
eral Reserve releases data on
July industrial production
and capacity utilization. Wall
Street forecasts a 0.3 percent
rise in industrial production,
compared with June's 0.5
percent increase, and capac-
ity utilization to hold virtu-
ally steady at 81.8 percent.
The University of Michi-
gan on Friday releases its
preliminary reading on
August consumer sentiment.
The report is expected to
show slightly weaker senti-
ment this month compared
with July.
On Monday, Wall Street
will be interested to see how
the Blackstone Group LP
did in its first quarter as a
public company. The private
equity firm, expected to post
a profit of 47 cents a share,
closed at $25.28 Friday,
down from its June IPO
price of $31 a share.
This week also brings prof-
it reports from a few well-
known companies that could
help investors gauge con-
sumers' discretionary spend-
On Tuesday, The Home
Depot Inc. is expected to
report a profit of 72 cents a
share for its fourth quarter.
The home goods retailer
closed at $35.92 Friday, at
the lower end of its 52-week
range of $33.07 to $42.01.
Also Tuesday, Wal-Mart
Stores Inc. is expected to
report earnings of 77 cents
per share. The discount
retailer closed at $46.07 Fri-
day, about midway in its 52-
week range of $43.48 to
Macy's Inc. releases quar-
terly results Wednesday,
when it is expected to report
a profit of 27 cents a share
for the second quarter. The
department store operator
closed at $33.63 Friday, at
the lower end of its 52-week
range of $32.31 to $46.70.



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.




Notice is hereby given that liquidation of the above
company commenced on the 01st day of August,
2007 and that Credit Suisse Trust Limited of
Bahamas Financial Centre, Shirley & Charlotte
Streets, Nassau, The Bahamas has been appointed
Liquidator of the Company,

Credit Suisse Trust Limited

Legal Notice


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


Common Law & Equity Division

IN T HE MATTER of ALL THAT piece, parcel or lot of land containing
5,090 square feet of land being known as Lot Number Twenty-Four (24)
in Block Number Thirty-nine (39), Englerston Subdivision situate in the
Southern District of the Island of New Providence one of the Islands of the
Commonwealth of The Bahamas as shown on the Nassau Master Plan of
the said Subdivision which Plan is filed in the Department of Lands and
Surveys in the City of Nassau in the Island of New Providence and demarked
by Auxiliary Plan and marked "E.A." filed heroin and shown coloured PINK
The Petition of ETHLYN ADDERLEY formerly of Podoleo Street in the
Southern District of the said Island of New Providence but now of Pinewood
Gardens Subdivision in the said island of New Providence in respect of:-
ALL THAT piece, parcel or lot of land being Lot Number Twenty-Four
(24) in Block Number Thirty-nine (39), Englerston Subdivision situate
in the Southern Disctrict of the Island of New Providence one of the
Islands of the Commonwealth of The Bahamas as shown on the Nassau
Master Plan of the said Subdivision which Plan is filed in the Department
of Lands and Surveys in the City of Nassau in the Island of New
Providence and demarked by Auxiliary Plan and marked "E.A." filed
herein and shown coloured PINK thereon.
ETHLYN ADDERLEY claims to be the owner in fee simple in possession
of the said land free from encumbrances and has made application to the
Supreme Court in the Commonwealth of The Bahamas under Section 3 of
The Quieting Titles Act, 1959 to have its title to the said land investigated
and the nature and extent thereof determined and declared in a Certificate
of Title to be granted by the Court in accordance with the provision of the
said Act.
A plan of the said land may be inspected during normal office hours in the
following places:
(a) The Registry of the Supreme Court in the said City of Nassau;
(b) The Chambers of Cooper & Co, Cooplaw House, 219 East Street,
New Providence Bahamas, Attorneys for the Petitioner.
Notice is hereby given that any person having dower or a right of dower or
an Adverse Claim or a claim not recognized in the Petition shall on or before
the 19th day of October, 2007 file in the Supreme Court and serve on the
Petitioner or the undersigned a statement of his/her claim in the prescribed
form, verified by an Affidavit to be filed therewith. Failure of any such
person to file and serve a statement of his/her claim on or before the 19th
day of October, 2007 will operate as a bar to such claim.
Dated this 31st day of July, A.D., 2007
Attorneys for the Petitioner
210 East Street
New Providence, The Bahamas
Attorneys for the Petitioner

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British American Financial

introduces its Board of Directors

7' ;,

Basil L. Sands

I. Chester Cooper
.1j .. r,

Donna Harding-Lee

John E Wilson

Bruno Roberts

Peter T. Carey

Anthony C. Rolle

Richard Coulson
..-, ,t K .
1. 0 11

Vincent Vanderpool Wallace

242-461-1000 | www.habfin1 .*m~vAr
Freeport2 2B I i" *A, ieri




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