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Permanent Link: http://ufdc.ufl.edu/UF00084249/02966
 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: 8/14/2007
 Subjects
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
 Notes
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
oclc - 9994850
sobekcm - UF00084249_02966
System ID: UF00084249:02966

Full Text






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The Tribune

#1 PAPER IN CIRCULATION


:fhe Aiami Eteralb
BAHAMAS EDITION


Volume: 103 No. 218


TUESDAY, AUGUST 14, 2007


- - i-i- -i -


epS


* By TANEKA
THOMPSON
STUDENTS from public
and private secondary schools
throughout the nation aver-
aged a "crude GPA" of D on
the 2007 BGCSE exams, offi-
cials report.
The exams, which were
established in 1993, offer stu-
dents a choice of 26 different
subjects and are graded on a
seven-point scale ranging from
Ato G.
Last year the national aver-
age was a D, and in 2005 the
national GPA was a D+.
According to a preliminary
report compiled by the Exam-
ination and Assessment Divi-
sion of the Ministry of Edu-
cation, a score of A, B, or C
denotes an "above average
score", a score of D is "aver-


age", while E, F, or G reflects
a "below average" score.
Six thousand three hundred
and ninety-seven (6,397) stu-
dents were entered to sit the
examinations, and the "aver-
age candidate entry" for 2007
was five subjects per student.
Statistics from the report
revealed out of 23,925 grades,
a cumulative percentage of
42.39 of all grades awarded
were in. the A-C category, with
"more than a quarter of all
grades awarded given at grade
C."
The individual percentages
were 6.07, 10.01, 26.31, 22.0,
15.0. 10.36, and 7.08 for the
grades A, B, C, D, E, F, and G
respectively. 3.16 per cent of
all the grades were recorded
as U, a grade which "indicates
SEE page seven


Sandyport resident robbed

and attacked at home
* KARIN HERIG
Tribune Staff Reporter
A RESIDENT of a gated housing area in New Providence is
in fear for his life and his family's safety after being robbed and
brutally attacked in his home despite the many security measures
in place in his community.
After living in the Bahamas for 17 years, an American
author, who has resided in Sandyport for the past decade, said
he is considering leaving the country because of the increasing
crime rate and the attack on his person, in which he sustained
serious head injuries.
SEE page nine


COHEN Anthony
Lightbourne outside of
court yesterday.
(Photo: Tint Clarke/
Tribune staff)
0 By NATARIO
McKENZIE
A 27-YEAR-OLD man
of Pinewood Gardens was
arraigned in Magistrate's
Court yesterday, accused of
killing a man in the Pride
Estates subdivision last
month.
Cohen Anthony Light-
bourne, alias Owen Antho-
ny Ferguson, of Sequoia
Street Pinewood Gardens,
was arraigned before Mag-
istrate Renee Mckay at
Court 6, Parliament Street,
yesterday afternoon on the
charge of murder. He was
not represented by counsel.
Lightbourne, who had been
wanted by police as a sus-
pect in the murder of Carl
SEE page nine


Road repairs and reconstruction
will cost at least $14Q0.j ion


* By KARIN HERIG
Tribune Staff Reporter
GOVERNMENT will
have to spend at least $140
million to complete all road
repairs and reconstruction
needed throughout the
Bahamas, Works and Trans-
port Minister Earl Deveaux
said yesterday.
Addressing the problem
of inadequate roads in the
country, especially in the
capital, Mr Deveaux said
that this laieeriing sum con-
stitutes only a preliminary.
conservative estimate.
Speaking as a guest on
More 94 radio show Real
Talk Live yesterday morn-
ing, Minister Deveaux said
the latest data indicates that
at least $50 million is needed


* WORKS and Transport
Minister Earl Deveaux
for all road reconstruction
in the Bahamas.
This estimate does not
SEE page nine


Tribune/Guardian
executive is
taking legal action
against The Punch
A T RIBUNEI
GUARDIAN'executive is
taking legal action against a
Nassau tabloid.
Tribune president Robert
Carron said yesterday that
The Punch was a "disgrace"
for continuing to blatantly
print lies and intentionally
misrepresenting him and oth-
er members of the team in sto-
ries about the paper's joint
operating agreement with the
Nassau Guardian.
"This week's story is lies
from beginning to end, but
The Punch is no stranger to
that type of journalism," he
said.
"If the editor, Ivan Johnson,
spent less time sitting around
Chinese restaurants stuffing
himself, and more time finding
SEE page nine


Recent visitor
to Exuma is

diagnosed
with malaria
A RECENT visitor to Exuma
has been diagnosed with malaria,
resulting in a team being
mobilised to investigate the pos-
sibility of other cases, a statement
from the Ministry of Health and
Social Development said last
night.
The investigating team has
been put together by the Depart-
ments of Public Health and Envi-
ronment Health Services.
Although both departments
are continuing control measures
for monitoring malaria in Exu-
ma, the Ministry said, "to date
there is no evidence of circulating
malaria in Exuma."
"The public is reminded that
malaria is transmitted by the bite
of the Anopheles mosquito which
feeds from dusk to dawn," said
the Ministry. "One can avoid
being bitten by wearing long
sleeved clothing when out at night
or early mornings and applying
insect repellent.
"The common symptoms of
malaria include recurrent bouts
of fever, chills, body aches, pains
and headaches."
The Ministry said that any con-
cerns can be referred to the
Department of Public Health at
502-4728 or the Ministry of
Health at 502-4700.


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Increased number of car thefts




prompts calls for police action


AN alarming spate of car
thefts in Nassau has sparked
calls for tougher police action
- and a crackdown on
unscrupulous autoparts dealers
who trade in stolen goods.
Japanese cars, in particular,
have become targets of the theft


spree, which has been happen-
ing during the small hours while
owners sleep.
Between 10 and 12 Nissan
Maximas have been stolen over
the past two weeks from the
Seven Hills and Pinewood areas
of New Providence.


Toyotas and Hondas have
also been taken by hotwire
thieves who break the win-
dows, snap the steering column
locks and drive the vehicles into
the bush to strip them of expen-
sive parts.
A Tribune reader said yes-


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terday: "It is becoming a matter
of real concern because some
of these victims have only third-
party insurance.
"This means they take a
straight loss, sometimes of many
thousands of pounds. A friend
who had his car stolen is now
$8,000 down with no prospect of
ever getting his money back."
The reader criticised police
for allegedly taking a "casual"
approach to the problem. "They
must know who these crooked
dealers are, and they must know
these thefts are going on. Yet
they are failing to issue warn-
ings to the public. It is very
upsetting."
Most of the cars involved in
the latest thefts were parked
outside of homes without long
driveways or enclosed areas.
The source said: "In Seven
Hills, many people park along-
side the road because they have
nowhere else to go. The thieves
come along during the night,
break the car windows, hotwire
the engine and drive off.
"The fact that the same mod-
els are targeted suggests that
these cars are being stolen to
meet market demands. There
are a tremendous number of
Maximas on this island."
It is suspected that some parts
dealers could be hiring thieves
to "steal to order", targeting the
most popular models for a quick
turnover.


SHULAN Hanna


In previous theft sprees, Sen-
tras have been the model most
targeted, with Honda Accords a
close second.
"We are aware of all stolen
vehicles that are brought to our
attention, either by the owners
reporting them missing or by
the police discovering during
road checks that the vehicles
were reported missing," Chief
superintendent Hulan Hanna


told The Tribune yesterday.
When asked whether he
knew of the practice of
unscrupulous dealers hiring
thieves to strip car for parts
resale, Mr Hanna replied: "We
have no information on that but
we would like to invite those
who may have information on
anything that may be taking
place of that nature to let the
police know."


Bank donates $250,000


of supplies for students


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* CARL Bethel (right) accepting the gift of supplies from Commonwealth Bank


EDUCATION Minister Carl
Bethel accepted a donation of
$250,000 in school supplies for
10,000 students over the week-
end.
Mr Bethel thanked the Com-
monwealth Bank on behalf of
the Ministry of Education,
Youth, Sports and Culture and
the thousands of students who
would benefit from the donation.
He confirmed that the min-
istry will continue to work with
various education stakeholders
to assure that students in need
of social assistance receive it.
Mr Bethel said that by dis-
playing commitment to the


importance of education, Com-
monwvealth Bank was making
an investment in the future of
the Bahamas.
Timothy Donaldson, Com-
monwealth Bank board chair-
man, said he and his colleagues
were pleased to make the pre-
sentation, and consider it a part
of their responsibility as good
corporate citizens of the
Bahamas.
Mr Donaldson urged all par-
ents to become more involved
in the lives of their children and
invited other corporate partners
to become more involved in
education.


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PAGE 2, TUESDAY, AUGUST 14, 2007


THE TRIBUNE


CK I A








TUESDAY, AUGUST 14, 2007, PAGE 3


THE TRIBUNE


LOCALNW


* In brief


Depression
forms in
eastern
Atlantic

MIAMI A tropical depres-
sion formed thousands of miles
from Caribbean islands Mon-
day in the far eastern Atlantic,
according to Associated Press.
At 5pm EDT, the fourth
depression of the Atlantic hur-
ricane season was centered
about 620 miles west-southwest
of the southernmost Cape Verde
Islands, and moving west near
20mph, according to the Nation-
al Hurricane Center. It was still
about 1,900 miles east of the
Lesser Antilles in the Caribbean.
Its maximum sustained winds
were near 35 mph, forecasters
said. It could become Tropical
Storm Dean if the winds
strengthen to at least 39 mph,
the threshold for a named storm.
Dean would be the fourth
named storm of the season,
which forecasters expect to be
busier than average. Federal
government forecasters last
week said up to nine hurricanes
and up to 16 tropical storms are
projected to form.
August typically marks the
start of the most active months
of Atlantic weather.

Artist holding
workshop on
ceramics at
her studio

WELL-KNOWN Bahamian
ceramics artist Jessica Cole-
brooke is holding a family work-
shop at her studios this weekend.
Ms Colebrooke, the first
Bahamian female tile manufac-
turer, will be giving a hands-on
display of the basic principles
of ceramics on Saturday.
The workshop will be held at
Jessica's Tileworks Studio,
Gleniston Gardens. More infor-
mation from: 328-5800/1.

Poets to read
their work
at art gallery
tonight

BAHAMIAN poets will be
reading their work as part of a
writers' series hosted by the
National Art Gallery of the
Bahamas.
Tonight, Keith Alton Russell
will appear, with Patricia Glin-
ton-Meicholas scheduled for
August 28.
The series has been co-ordi-
nated by poet-writer Marion
Bethel.

Meeting for
multiple
sclerosis
patients

An IMPORTANT meeting
will be held for all MS (multiple
sclerosis) patients on Monday,
August 20, at 6pm in the con-
ference room of Doctor's Hos-
pital.
The presenter will be Elvira
Higgs and the topic of discus-
sion will be nutrition.
Those in attendance will also
meet the new president of the
MS Society of the Bahamas
David Beneby Jr and vice pres-
ident Monique Treco.
The public is invited to
attend.







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COB lecturer defends Ellison




Greenslade in free gifts row


SENIOR police officer Elli-
son Greenslade has fallen vic-
tim to a "comedy of errors" in
the free gifts scandal, it was
claimed yesterday.
Commissioner Paul Far-
quharson and "the entire head
table" at the banquet where
he received his farewell pre-
sents "should share some
responsibility for the mess,"
said a senior academic.
Mr Greenslade, former
police chief in Freeport,
received a car and two Rolex
watches from colleagues when
he was transferred to Nassau
as senior assistant commis-
sioner.
But he has come in for
severe criticism for accepting
the gifts, which were allegedly
bought from funds solicited
from outside the force.
As a result of the storm, Mr
Greenslade has now handed
back the gifts, which critics
said compromised his position
as a top policeman.
Yesterday, however, Col-
lege of the Bahamas political
science lecturer Felix Bethel
said Mr Greenslade had not
been given "a fair shake" and
that the commissioner and


other "high dignitaries" ought
to share the blame.
He said Mr Farquharson
and others on the top table
raised no objection when offi-
cers made the presentations.
"In fact, everyone there sanc-
tified it and danced the night
away," he said.
"Mr Greenslade has spent
his career being the perfect
gentleman and as good an offi-
cer as you are ever likely to
get.
"Now there is an outcry and
the recipient is seen as a vil-
lain, whereas those who organ-
ised the gifts and sanctioned
them are not required to give
any explanation."
Mr Bethel said someone
should take time to find out
where the money for the gifts
came from, and why no objec-
tion was raised by the com-
missioner or anyone else at the
time.
"Whose incompetence are
we talking about?'.' I'he conm-
missioner should he nta:de\ to
answer so that some of the
pressure can e Ic le v\'edl fionl
Mr Ci eeicslndle," said M NI
Bethel.
"This olliceL is bcini total v


embarrassed, yet it is a royal
foul-up and there is a certain
degree of unfairness, at best.
"It was, from the get-go, a
comedy or errors with blame
enough for everyone who was
at the banquet, including the
police commissioner."
Mr Bethel said Mr
Greenslade was a respectable,
law-abiding and competent
officer who Bahamians should
want to see in the police force,
regardless of his career aspi-
rations. But he had been treat-
ed unfairly, he claimed.
"I know Mr Greenslade,
and I am impressed by the
kind of respect he projects. 1
consider him decent and the
kind of officer the police force
actually needs," he added.

Rumours

Last week, police insiders
said Mr Greenslade had fallen
foul of a conspiracy by jealous
fellow officers who wanted to
block his way tot the conmnis
sionei's job.
Sources saidl the coilmmis-
sioner and anothle lop officer
were likely to retiice b\ 2'()10.


and that Mr Greenslade was
seen as the heir apparent.
However, some senior offi-
cers were determined to block
Mr Greenslade's progress, it
was alleged.


A police spokesperson said
yesterday that the force has
already dealt with the issue of
Mr Greenslade and the return-
ing of the gifts, and could not
comment further on the matter.


Established in 1956 by an old Bahamian family
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Fax: 326-9953
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THE government's pro-
posed new power plant for
Abaco is part of a "pro-
active" initiative to provide
for current and future needs
on the island, Minister of
State for Public Utilities
Phenton Neymour said.
Mr Nemour said improve-
ments are needed in utilities
such as electricity, telecom-
munications and water on
many Family Islands.
"It is important in the
development of our country
that the development and
improvement of our infra-
structure actually is ahead
of project development," Mr
Neymour said.
Mr Neymour visited Aba-
co last week to make a pre-
liminary assessment of the
proposed sites for the new
BEC power plant.
He also visited the existing
terminal and took a look at
the equipment there.
In the meantime, two
2,500-kilowatt generators
have been brought in to pro-
vide more reliable power to
the plant during its peak
demand hours.
"We are happy that BEC
has responded quickly to
some of the issues that we
are encountering in Abaco
and we have to ensure that
our customers are provided
with a reliable, efficient and
lower-costing utility," Mr
Neymour said.
Mr Neymour said the
government hopes to finish
the new plant within the
next two years. "Of course,
there are factors that could
affect that date, but that is
the time period we are look-
ing at," he added.
In June, Mr Neymour said


for the 2007-2008 fiscal year.
BEC plans to spend a projected
$350 to $400 million on capital
projects for the improvement
of services.
He said upgrades for the
Family Islands include the fol-
lowing proposed capital works:
the new Abaco power station
at a cost of $66 million: a new
Eleuthera power station at a
cost of $12 million, with nego-
tiations presently underway for
the upgrade of the transmis-
sion and distribution facilities
on the island: a new Cat Island
power station at a cost of $14
million.
He said BEC plans to take
over the operation of Inagna's
power station from Morton
Salt in the coming months.
However, he said. Inagua also
needs a new power station to
be constructed at a cost of $14
million.
"One thing that the resi-
dents of Abaco can recognize
is that this government is
proactive," Mr Nevniour said.
"We believe in planning and
being ahead of the game and
we are going to take this ini-
tiative througlhoul the Family
Islands and throughout New
Providence.










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PROCIIeCMI SYSTIENM ({m)


N MINISTER of
State for Public
Utilities Fenton
Neymour (right)
touring the Marsh
Harbour, Abaco.
generation plant
with plant manager
Benjamin Beneby.
In the background,
to the left, is one of
two 2500-kilowatt
generators brought
in to more reliably
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    PAGE 4, TUESDARAUGUSTT14, 207 THE TRIBUN


    The Tribune Limited
    NUL.I./US A/I)I/)/( I'/S./I/RAR1' IIN VE'RBA MAGISTRI
    Being Hound to Swea'r Ito I)oginas of No Master

    I.-EON /.'. II. 1)l'i 'i, I'ublishler/lEditor 1903-1914

    SIR ETIENNE I)UPUII,. Kt.,O.B.E., K.M., K.C.S.G.,
    (I/on.) LL.D., D.Litt.

    Publisher/Editor 1919-1972
    Contributing Editor 1972-1991

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

    Published Daily Monday to Saturday

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

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


    What recourse to threats on website?


    WE HAVE HAD several calls over the
    weekend about a physical threat made
    against Prime Minister Hubert Ingraham
    last week on a website that claims it does not
    represent the views of Fred Mitchell, the
    Bahamas government or the Ministry of
    Foreign Affairs. The disclaimer has includ-
    ed this ministry because of Mr Mitchell's
    former identification with it as its minister.
    But regardless of the disclaimer it
    is almost impossible for Mr Mitchell to
    shake this monkey from his back as he is
    the one who gave it birth as fredmitchel-
    luncensored.com, and nurtured its propa-
    ganda until he became a PLP cabinet min-
    ister and transformed it into bahamasun-
    censored.com.
    However, judging from the slant ol its
    reports the website still seems to be main-
    tained solely for the promotion of Fred
    Mitchell, with his party, the PLP, running a
    close second. Therefore, with all the vicious
    untruths it spews out week after week. Mr
    Mitchell and his party should be concerned,
    because the public holds them responsible
    for its utterings. We have heard several peo-
    ple comment that the spiteful, catty, lying
    and irresponsible comments on this web-
    site did much to damage Mr Mitchell and his
    party in the May 2 election.
    The rubbish that is produced is so childish,'
    badly written and unprofessional that we
    don't even try to make time to waste on it.
    However, we are told that shortly after the
    election, according to this website, we are
    supposed to have given a dinner party for
    Mr Ingraham, Mr Brent Symonette and a
    third party, whose name escapes us at the
    moment, to celebrate the FNM victory. It
    was also meant to be a "thank you" to Mr
    Ingraham for having kept his promise to
    make our managing editor, John Marquis, a
    permanent resident and for giving The Tri-
    bune a television licence. It is said that
    where there is smoke there is always fire.
    But in this instance there can be no smoke,
    as there was never any fire to give rise to
    such rumours. And so the truth is that the
    half-wit behind the website sat down in the
    heat of his cubby hole and allowed his
    fevered brain to churn out a tissue of lies.
    The truth is we gave no victory party for
    anyone. Mr Marquis was not made a per-
    manent resident because he never request-
    ed such status. Mr Marquis applied for a
    work permit, which was granted by the then


    PLP minister, Shane Gibson. Nothing was
    asked of Mr Ingraham or the FNM. And
    finally, Mr Ingraham never granted us a
    television licence because we never asked
    him for one.
    The material published on this, and other
    websites like it, is such that no responsible
    newspaper or radio station would dare even
    consider publication. But these people do it
    because they think that there is no law that
    can curb them. We disagree.
    It has been suggested that a law should be
    introduced that would prosecute persons
    encouraging incitement to riot, criminal acts
    against the person and defamation pub-
    lished over the Internet. We agree, but we
    suggest that a starting point could be a test
    case that could be launched immediately
    before a judge.
    After all what are the ingredients of
    defamation that we have in a newspaper
    and on radio, but not on a web site? First of
    all defamation is the publication of a state-
    ment which tends to lower a person in the
    estimation of right-thinking members of
    society. A newspaper generally falls into
    libel by being given misinformation, which,
    despite careful checking, does not reveal
    the whole truth. The same cannot be said for
    some of these websites, which publish lies,
    knowing them to be lies with deliberate
    intent to damage a person's reputation,
    secure in the belief that they can get away
    with it.
    And so on the website we have all the
    ingredients in addition to the names of those
    who claim they are the authors, and the
    shadows the public believe are behind the
    scenes spinning the web of intrigue.
    There are the lies, made worse, because
    the authors know they are lies, and so the
    malice is real, not constructive. There are the
    written words, and there is the general pub-
    lic to whom the vicious words are published.
    These lies are even more damaging to the
    person because they are published to a wider
    audience, and the persons damaged have
    no means to defend themselves.
    All that is now needed is the victim. A
    victim who has been unfairly demonised
    and is willing to take a test case to the courts.
    If successful that victim will have done the
    community a favour and protected society
    against the petty viciousness of the irre-
    sponsible who will do any and everything
    possible to get control of this country.


    Adjustment




    needed on




    local finance


    EDITOR, The Tribune
    AS controversial as some
    protectionists might consider
    my comments I honestly believe
    it is time for the Government
    to radically alter the stated
    "political policy" where a for-
    eign group or individuals may
    enter the local purely domestic
    enterprise sector.
    It is ludicrous to have weekly
    Miami-based wholesalers-retail-
    ers advertising in our newspa-
    pers their products and services
    and our economy is not bene-
    fiting a dime or creates a single
    new job from the exercise.
    It is ridiculous that BTC sells
    advertisements to hundreds of
    Florida-based suppliers market-
    ing directly to the Bahamian
    domestic market and locally the
    economy does not benefit even
    one single employed Bahamian.
    The present and past Gov-
    ernments established a purely


    PLP'


    political policy for entrance into
    certain areas of the domestic
    economy to be retained exclu-
    sively and unconstitutionally for
    Bahamians and guess who is
    suffering from non-competitive
    pricing? You and I, the Bahami-
    an consumer.
    Prime Minister Minister of
    Finance Rt. Hon Hubert Ingra-
    ham must immediately re-for-
    mulize how we can benefit
    fuller to take economic benefit
    from over the border purchases
    outside of The Bahamas which
    would create a more competi-
    tive consumer market and cre-
    ate hundreds of jobs. Now what
    I propose is that the non-
    Bahamian can enter any area
    as long as they offer 49 per cent


    of that business to Bahamians.
    The Central Bank indicates
    that our current Credit Card
    debt is over $212 million -
    business spends over $2 billion
    in Miami, so why are we allow-
    ing these massive amounts of
    sales to simply flow across and
    outside of the country and only
    those in Florida and elsewhere
    are benefiting?
    If Government wants to hold
    the cost of living down so that
    the majority can survive this is
    the solution in addition you will
    mobilize to the fullest any
    monies available in investment
    so everyone will have the
    opportunity to have a piece of
    the proverbial rock. Mr. Prime
    Minister when you return from
    your well earned rest please
    urgently deal with this.
    MARCUS SMITH,
    Nassau
    August 10 2007


    allegations of voter


    fraud raise serious issues


    EDITOR, The Tribune.
    THERE seems to be an oxy-
    moron in the position of the
    PLP as to alleged voter fraud,
    one has to ask the obvious:
    Who was in charge when and if
    this fraud took place?
    This seems not to be isolated
    so there was obviously some-
    one who organized it, believe
    me not too many Bahamians
    with law degrees know the
    detail of how it seems this was
    perpetrated, as there is even in
    the legal profession consider-
    able lack of detailed under-
    standing on many matters of
    Constitutional Law.
    If the PLP is successful in two
    cases in the Election Court this
    will raise their 18 seats they cur-
    rently command to 20 and will
    leave Mr. Ingraham with a
    majority of one. He could very


    easily continue to govern but
    he would have to walk the next
    18-24 months realizing that at
    anytime the PLP could jump his
    Government, cause a division
    and bring his Government
    down. There are examples
    where in other countries a Gov-
    ernment with one majority can
    live but it only takes one mem-
    ber to fall sick or not to be pre-
    sent in a division (vote) and the
    Government will fall.
    If the PLP fails in its Election
    Court cases then basically the
    alleged fraud, which now seems
    to be supported as probably
    having occurred, has broadened
    to include the Editorial of The
    Tribune, then that raises many
    questions.
    In any rationalization if there
    was a further election in the next
    6-10 months. I would predict an
    overwhelming win for the FNM,


    as they will spill the beans on
    whatever they found on May 3,
    2007 in my opinion that
    would be a National Requiem
    for the PLP (the PLP should be
    very much aware of it).
    Can Rt. Hon. Perry G.
    Christie survive? His political
    destiny lies in the results of his
    challenge in the Election Court
    - fail there he is bush crack
    gone to the back-bench in
    everyone's eyes, especially his
    colleagues. Is there anyone who
    has a chance to lead the PLP
    after that? I suggest there is not
    because the FNM has painted a
    very broad picture alleging that
    the PLP, new PLP etc., is cor-
    rupt and ironically the PLP nev-
    er did deny that.
    H HUMES
    Nassau
    July 142007


    Response on Mirant share sales


    EDITOR, The Tribune
    IT troubles me when I hear
    comments and quotes from peo-
    ple who sit in influential posi-
    tions and I suggest should know
    better.
    The comments attributed to
    the Freeport Chamber of Com-
    merce President, Chris Lowe


    concerning the completion of
    the sale of Mirant Inc. shares
    in Grand Bahama Power is irra-
    tional to say the least.
    Mirant's shares are not list-
    ed on BISX nor are the shares
    of Grand Bahama Power, so
    just where is any jurisdiction-
    al requirements for BISX on
    The Bahamas are these


    shares private property, Mr.
    Lowe?
    If only some of these nega-
    tive energies would be put to
    solving Freeport and our
    nation's troubles.
    P MORRIS,
    Nassau
    August 10 2007


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    THE TRIBUNE


    PAGE 4, TUESDAY, AUGUST 14, 2007








    TUESDAY, AUGUST 14, 2007, PAGE 5


    THE TRIBUNE


    OIn brief

    Education
    Ministry
    discusses
    way ahead

    THE Ministry of Educa-
    tion, Youth, Sports and Cul-
    ture held a combined exec-
    utive meeting yesterday in
    an effort to move forward
    as one unit.
    The meeting was
    addressed by the minister,
    Carl Bethel, as well as min-
    ister of state for youth and
    sports Byran Woodside, and
    minister of state for culture
    Charles Maynard.
    Mr Bethel said that the
    main aim of the ministry is
    to shape minds through
    quality education.
    He said that in perusing
    the Bahamas General Cer-
    tificate of Secondary Edu-
    cation (BGCSE) results, he
    found that there was
    improvement in student
    performance in the areas of:
    auto mechanics, biology,
    chemistry, French, geogra-
    phy, and combined sciences.
    He said that the kind of
    focus that is being expended
    in these subject areas need
    to be brought to the other
    subjects so the national
    grade point average can
    improve.
    The minister encouraged
    all departments, sections
    and divisions of the ministry
    to work in harmony to find
    ways to positively promote
    the nation's youth.
    He suggested renewed
    efforts to feature students'
    positive achievements on
    television, and an increase
    in the number of motiva-
    tional speakers who visit
    schools.
    Mr Bethel said that he did
    not see any reason why the
    after school programmes
    could not also provide
    homework assistance.
    He also challenged the
    executive team of the min-
    istry to take another look at
    ways of providing greater
    support for graduates of the
    Youth Empowerment Skills
    Training (YEAST) pro-
    gramme so as to ensure that
    they are "smoothly reinte-
    grated into the regular
    school system."

    S 322. 2157

    I1I!"/lff


    Calls for internet legislation




    after attack on Ingraham


    THE government is being
    urged to introduce laws to
    clamp down on internet blogs
    which "border on criminality"
    by issuing political threats and
    inciting readers to social unrest.
    Concerned citizens believe
    ways must be found to make
    bloggers accountable and to
    force licensing authorities to
    regulate material appearing on
    websites.
    The call came after a locally
    written website suggested that
    opposition members physically
    assault Prime Minister Hubert
    Ingraham.
    It referred to Mr Ingraham
    finding his "back teeth floating"
    as it launched a tirade against
    the prime minister's parliamen-
    tary style.
    Purporting to speak on behalf
    of all 18 PLP MPs, the website
    threatened violence against Mr
    Ingraham, promising that "all
    hell will break loose" if the
    prime minister continued to dis-
    play allegedly boorish behav-
    iour.
    However, PLP chairman
    Raynard Rigby said that the
    language that is purported to
    have been used on the website
    is nothing more than "colour-
    ful".
    "1 am not the author of the
    site, nor have I seen the con-
    tent of the story, but certainly it
    is not intended to incite vio-
    lence. This is just the typical
    type of colourful language that
    attempts to speak to the aggres-
    siveness of the opposition," he
    said.
    Last night, critics said the
    time had come for the Bahamas
    to act against those who were
    using the internet to malign
    people's good names and dis-
    seminate potentially inflamma-
    tory material.
    "While everyone favours
    freedom of speech, it must be
    wrong for people to issue
    threats and distribute informa-


    * HUBERT Ingraimia


    * RAYNARD Rigby


    tion which borders on criminal-
    itv," said a Tribune reader.
    "There is real concern now
    that some of this material could
    lead to physical attacks and
    social unrest. It is grossly irre-
    sponsible."
    Observers have been con-
    cerned for some time about the
    kind of information appearing
    on politically-inspired websites.
    One Bahamas website rou-
    tinely savages anyone who is
    politically opposed to its


    founder, often spreading inac-
    curate information and
    besmirching the reputations of
    his critics.
    Another frequently exposes
    details of a certain politician's
    private life in the most lurid
    terms.
    "It is the kind of material that
    could never be considered by
    professionals in mainstream
    journalism," said the source.
    "People working in the legit-
    imate media have to observe
    certain parameters, and rightly
    so, but the people running these
    blogs are amateurs.
    "They know nothing about
    libel and have no regard for it
    anyway because they feel they
    are above the law. But there is
    no reason why the Internet
    should be outside the Bahamas'
    legal jurisdiction.
    "If the law can't get at tihe
    rpretrators themselves, then
    it must go after the licensing
    authorities, those who provide
    the technical means for this
    material to be read in this coun-
    try."
    A Nassau academic said mis-
    use of the internet was a cause
    for concern because it meant
    everyone was fair game for peo-
    ple motivated by malice.
    "You must remember that
    the internet is akin to a sewer.
    You will find everything float-
    ing in it," he said.
    "It's also true that this mate-
    rial goes far and wide because
    the number of people accessing
    the Internet worldwide is now
    very high.
    "At the moment, there is no
    way of getting at the Internet. I
    think such litigation would be
    very expensive and probably
    counter-productive."
    Over the weekend, The
    Freeport News said every PLP
    MP who read that blog should
    have dissociated themselves
    from what it called a criminal
    act.


    "If they didn't, it is not too
    late to do so," said the paper,
    "In fact, opposition leader Per-
    ry Christie should insist that
    those responsible for this web-
    site make a public apology to


    his party for associating it with
    this threat against Prime Minis-
    ter Ingraham."
    And it suggested the threat
    ought to be investigated by
    police.


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    Three arrested after marijuana seized


    * By PAUL TURNQUEST
    Tribune Staff Reporter
    A STRAW vendor and two
    other women are expected to
    appear before the courts this
    week after police raided a home
    and allegedly discovered $121.(X)0
    dollars worth of marijuana.
    The drugs, police press liai-
    son Walter Evans said, were
    found scattered throughout the
    home, located in the southwest
    area of New Providence.
    "Just before 8am, Drug
    Enforcement Unit (DEU) offi-
    cers were acting on a tip and


    travelled to a residence in the
    southwest New Providence. Offi-
    cers, as they got into that house,
    discovered in the bedroom 24
    packages of marijuana.
    "They also found elsewhere
    in the house three crocus sacks
    of marijuana, and also in the
    fridge they discovered a quan-
    tity of marijuana," he said.
    The total weight of all the
    drugs discovered is 121 pounds,
    and three women have been
    arrested in connection with the
    matter.
    One is 28, another 33, and the
    third is 36.


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    THE TRIBUNE


    PAGE 6, TUESDAY, AUGUS I 14, 2UU7


    |LOCAL NEWS


    Fireworl


    prisoners'


    messages mark




    Castro's 81st birthday


    HAVANA (AP) Fireworks
    exploded over Havana Bay and
    five Cuban agents imprisoned
    in the United States sent greet-
    ings as ailing leader Fidel Castro
    turned 81 on Monday, spend-
    ing his second consecutive bii th-
    day convalescing at an unknown
    location.
    There was no Itessage IIrom t


    C('astro, who haIs rnot appai cd in
    public since announcingti morIe
    than a veam ago that lie had
    undergone intestinal surgery
    and was provisiinally ceding
    power to his younger brothel
    Raul. The true state ol his
    health and aniv' future lole I m
    him in go 'e'rnmit ent c l int itl
    unceetain.
    I lidcli ds ol chlldi ln i oIn


    the Communist Pioneers youth
    group gathered Monday in
    I lavana s Lenin Park to enjoy a
    massive sheet cake with light
    blue frosting, pink roses and the
    message "Felicidades, Coman-
    dante," or "Congratulations,
    Commander."
    "Congratulations Fidel on
    \OLII day!" the children sang,
    clapping their hands as they
    kept tite to the Cuban birthday
    01llg.
    V\lhat do I wish?" seven-
    e\ar-old Dayron Gutierrez
    asked an Associated Press Tele-
    vision News crew, his mouth
    covel ed with frosting. "That he
    doesn't die. I love him."
    I hundreds gathered along the


    Malecon seawall in Havana to
    watch fireworks pop over the
    water in a tribute to Castro.
    Shouts of "Long live Fidel!"
    and "We shall overcome!"
    poured into the darkness from
    the open windows of one apart-
    ment in Old Havana.
    Aside from the midnight
    pyrotechnics and parties for
    children in Castro's honor, there
    were no organised celebrations
    for Castro, who ruled Cuba for
    five decades.
    The longtime US foe is not
    universally beloved here and is
    reviled by many Cuban exiles
    in Miami who accuse him of
    widespread human rights abus-
    es.


    * A YOUNG girl takes a break next to a mural depicting Cuba's
    leader Fidel Castro and Revolutionary hero Ernesto "Che"
    Guevara during the celebrations of Castro's 81th birthday at the
    Ernesto 'Che' Guevara Palace of Pioneers on the outskirts of


    Havana on Monday


    The celebrations Monday
    were not much different from
    past years, when Castro some-
    times joined a group of children
    during low-key tributes that typ-
    ically centered around the cut-
    ting of a cake.
    More birthday greetings were
    sent by five Cuban agents serv-
    ing long terms in US prison on
    espionage charges and pub-
    lished in the Communist Party
    newspaper Granma.
    "On this 81st birthday, we
    desire for you health and vital-
    ity, that you have many more,
    and that we can celebrate all
    those future anniversaries
    together in our beautiful father-
    land," wrote Ramon Labanino,
    one of the so-called "Cuban
    Five" who were living in Miami
    a decade ago when they were
    arrested on espionage charges.
    Labanino is serving time at a
    penitentiary in Beaumont,


    (AP Photo/ Javier Galeano)

    Texas.
    The men deny they were
    seeking US secrets and say they
    were gathering information
    about violent groups in an effort
    to prevent terrorist attacks
    against the island.
    Castro has issued several
    essays a week since late March,
    weighing in on subjects includ-
    ing biofuels and the war in Iraq.
    But there was no birthday mes-
    sage from the ailing leader.
    Senior Cuban officials
    months ago stopped insisting
    that Castro would return to
    power, and his condition and
    exact ailment remain state
    secrets.
    Many believe Raul is more
    likely than Fidel to undertake
    modest economic reforms in the
    island's'communist-run system,
    but no major changes are
    expected while the elder Cas-
    tro is still alive.


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    THE TRIBUNE


    TUESDAY, AUGUST 14, 2007, PAGE 7


    LOA NW


    St Augustine's tops list of students




    gaining C grades in five BGCSEs


    ST Augustine's College once
    again emerged as the secondary
    school with the most-students
    achieving a minimum grade of
    C in at least five subjects in the
    BGCSE exams.
    Following SAC, where 118
    achieved five Cs, was Kingsway
    Academy (75 students),
    Queen's College (65 students),
    St Andrews (47 students), St
    Johns (38 students) and
    Aquinas (33 students).
    These figures come from the
    preliminary report on the per-
    formance of candidates who
    wrote the 2007 BGCSE exami-
    nations.
    The BGCSEs were taken by
    6,397 students this year. The
    average number of subjects tak-
    en was five and 26 subjects were
    offered.
    At the other end of the spec
    trum from SAC was CC Sweet-
    ing Senior High School, with a
    total of four students who
    received a minimum C grade in
    at least five subjects in the
    BGCSE. Bahamas Acadenm
    had six and RM Bailey eight.
    A total of 788 students
    received at least a C in five or
    more subjects.
    English language, biology and
    mathematics remain the sub-
    jects of choice for the vast
    majority of students. Auto
    mechanics, clothing construc-
    tion and electrical installation
    remain the least subscribed sub-
    jects.
    There was an overall
    improvement in performance
    in auto mechanics, biology,
    chemistry, combined science,
    electrical installation, French
    and geography.
    Conversely, four subjects
    recorded decline in perfor-


    * By TANEKA THOMPSON

    AROUND 7,600 students
    were registered to sit exams for
    the 10 subjects offered for the
    2007 Bahamas Junior Certifi-
    cate examinations, a prelimi-
    nary report from the Ministry
    of Education stated.
    The Bahamas Junior Certifi-
    cate (BJC) exams test junior
    high school students, and are
    usually offered to students at
    the end of grade nine.
    Out of the 10 subjects
    offered, the mean grades by
    subject are as follows:
    Art: C
    Craft study: C
    English language: D


    mancc compared to 2[000): hook-
    kecpiig/accounts, clothing con
    strIuclion, geogiaphlical com-
    imlunicatioln and office proce-
    duies.
    A cumulative percentage of
    42,39 of all grades awarded have
    been awarded inI the A-C cate-
    gory with more than a quarter
    of all grades awarded given at
    grade C.
    This year marked the 15th sit-
    ting of the B3GCSE examina-
    tion since its first admhinistra-
    tion in 1993.
    The exam is designed to show
    what students know, understand


    General science: )D-
    Health science: I)
    Home economnlics: (C-
    Mathematics: D-
    Religious studies: D-
    Social studies: D
    Technical drawing: C

    The report noted hait two
    subjects showed a recorded
    imptov\emelt in perfloriance
    comp'aIred to 200(, these being
    genLial science and technical
    drawing.
    Last year, the mean grade for
    general science was E+, and for
    the first time in five years the
    score rose above an E.
    The mean grade in technical
    drawing for 2006 was a C-.


    and can do after having com-
    pleted a prescribed course of
    study which normally lasts for
    three years.
    The report said that there are
    factors both internal and exter-
    nal to the system of schooling
    which mitigate against good
    performance and ought to be
    given some consideration when
    results are being reviewed.
    The grades, said the report,
    show learning outcomes which
    are measured in a variety of dif-
    ferent ways due to the differ-
    ent requirements in individual
    subjects.


    * STUDENTS from across the Bahamas have now received
    their ex.amn results


    ()nl one subject, social stud-
    ies, saw a decline in perfor-
    mance compared to 2006. Last
    year the mean grade for the
    subject was a D+, this year it
    was a D.
    A cumulative figure of 45 per
    cent of grades fell in the A-C
    categoi y. hle report also noted.
    In all, 1,335 candidates
    ichic\ ed a grade of C or higher
    in live B.IC exams.
    The top five schools whose
    students scored a C or above in
    five or more subjects are as fol-
    lows: St Augustine's College
    with 132. Kingsway Academy
    with 63, St John's College with
    58, S C McPherson with 52, and
    St Anne's 48.


    Subject Number of Candidates 2007 Mean

    Art and Design A 346 C-
    Art and Design B 324 C
    Auto Mechanics 97 C-
    Biology 2894 D-
    Bookkeeping 656 F
    Carpentry 190 C+
    Chemistry 656 C-
    Clothing Construction 93 D
    Combined Science 513 C-
    Commerce 447 D
    Economics 396 D
    Electrical Installation 121 C-
    English Language 4538 D-
    Food and Nutrition 451 C
    French 259 C-
    Geography 726 C
    Graphical Communication 256 D+
    History 1032 C
    Literature 1,149 D+
    Mathematics 4423 E
    Music 200 C+
    Office Procedures 352 E
    Physics 570 C-
    Religious Studies 1866 C
    Spanish 938 C-
    Keyboarding 419 D-
    -- -- -=-

    Subject Number of Candidates 2007

    Art 922 C
    Craft Study 748 C
    English Language 6643 D
    General Science 4455 D-
    Health Science 3690 D
    Home Economics 922 C-
    Mathematics 6578 D-
    Religious Studies 5041 D-
    Social Studies 4830 D
    Technical Drawing 528 C


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    FROM page one
    the candidate has failed to show
    positive achievement in the sub-
    ject."
    Eight subjects. saw an
    improvement in performance
    compared to 2006 Auto
    Mechanics, Biology, Chemistry,
    Combined Science, Electrical
    Installation, French, and Geog-
    raphy, the report said, while
    four subjects saw a decline in
    performance. These include:
    Bookkeeping/ Accounting,
    Clothing Construction, Graph-
    ical Communication, Office
    Procedures.
    The mean grade for 14 sub-
    jects remained the same as in
    2006.
    "The examination is
    designed to show what students
    know, understand and can do
    after having completed a pre-
    scribed course of study, which
    normally lasts for three years,"
    the preliminary report said.
    "The grades awarded to stu-
    dents are indicators of their
    achievements and their poten-
    tial, and not the sum of their
    total worth."
    A total of 788 out of 6397
    candidates, or 12 per cent,
    received at least a grade of C
    or above in five or more sub-
    jects, the report noted. Among
    the top performing New Provi-
    dence high schools, St.
    Augustine's College peaked,
    with 118 students achieving a
    grade of at least a C in five or
    more subjects.
    Kingsway Academy had 75
    candidates who scored a grade
    of C and above in five or more
    subjects and 65 students from
    Queen's College received


    grades of C and above in five or
    more subjectss.
    The report also added that
    many factors affect student per-


    formance on the national exam-
    inations with the "system of
    schooling" being just one of
    those factors.


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    0








    THE TRIBUNE


    PAGE 8, TUESDAY, AUGUST 14, 2007


    a


    E PICTURED (1 to r) are: Scotiabank's assistant manager for marketing and public relations
    Andrea Myers; one of the workers prepping the area for the basketball court, Arthur Seymour,
    sice-president of the Friends of the Nazareth Centre: Debra Wood; Ruth Strachan; and the
    centre's administrative assistant Cynthia Cooper.


    Awards for long-serving


    City Markets employees


    Scotiabank staff members
    joined workers at the Nazareth
    Centre as they prepared to lay
    asphalt for a brand new basket-
    ball court.
    The much-anticipated facility
    will give the children who live at
    the centre another avenue for
    recreation, and it is hoped that
    the sport will teach them team
    building skills and the art of true
    sportsmanship.
    "The Nazareth Centre is one
    of the children's origains,;alons


    that is at the forefront of Sco-
    tiahank's charitable giving. In
    addition to what we've done for
    the children in the past, the
    home's administrator expressed
    a need for more recreational
    facilities for the centre's resi-
    dents, hence we decided to pro-
    vide funding foi the construc-
    tion of a basketball court," said
    Debra Wood, senior manager
    of marketing and public rela-
    tions at Scotiabank. "This is also
    in keeping with Scotiabank's


    commitment to creating healthy
    lifestyles and 'bright futures' for
    children in the Bahamas
    because children are our
    future."
    The centre's assistant admin-
    istrator Ruth Strachan said,
    "This is great for the children.
    The boys, especially, have a lot
    of energy that they need to
    channel into positive activities.
    I also believe that the rules of
    team sports such as basketball,
    teach the children discipline."


    On August 1. 1971 five years
    after City Market opened,
    Berthaniae Thompson took up
    employment at the checkout
    counter. Exactly one month lal
    .er Erma uphill joined the team.
    One month after that, Glen
    Hall joined the produce section.
    On July 26, 2007, the three,
    who are all now working at City
    Market Harbour Bay (Hall
    now as a produce manager)
    were recognized for their faith-
    ful years of service to the com-
    pany.
    Thompson, Iphill and Hall
    were among 36 long-serving
    employees whose combined
    years of service totals 695 years
    five employed for 35 years.
    one each for 30 and 25 years,
    11 each for 20 and 15 years and
    eight for a decade.
    During an afternoon lunch
    awards ceremony at SuperClubs
    Breezes, the honourees and
    Bahamas Supermarkets execu-
    tives reminisced and cheered
    each other on as awards were
    presented.
    Cheers escalated when
    Monique Ferguson, the first
    female manager at City Mar-


    4^i^S?


    F-




    N HUMAN resources director Peter Goudie and CEO Ken
    Burns present 35 year awards to Berthamae Thompson and
    Glen Hall as district manager Floyd Moree looks on


    ket, accepted her award for 20
    years of service.
    During his remarks, Bahamas
    Supermarkets CEO Ken Burns
    expressed sincere thanks to the
    honourees for their loyalty to
    the company for so many years.
    "When I go abroad and talk
    about our employees, many
    people are amazed to hear
    about the amount of years you
    all have committed to being a
    part our family." he said. "1 too
    am amazed when I think that
    just 36 people have a combined
    experience of nearly 700 years
    in making City Market a part


    of their day to day business. We
    appreciate each of you and we
    appreciate your families foi
    allowing us to have you."
    Bahamas Supermarkets Lim-
    ited employs 700 people in 12
    City Market stores in New
    Providence and Grand Bahama.
    The company is also involved'
    in many community efforts.
    most notably the Bahamas
    Supermarkets Scholarship
    Foundation which has awarded
    $7.9 million worth of scholar-
    ships to deserving Bahamian
    students since its inception in
    1968.


    N BSL CEO, Ken Burns
    expresses thanks to 36
    employees of City Market
    with a combined 700 years of
    service


    BRENTWOOD
    Thompson (second from
    right) accepts awards from
    human resources director
    Peter Goudie (far left);
    BSL CEO Ken Burns
    (second from left) and
    district manager Flo< d
    Moree (far right)


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    TUESDAY, AUGUST 14, 2007, PAGE 9


    THE TRIBUNE


    LOA NW


    Man,


    27,


    charged

    with

    murder

    FROM page one


    Russell, the country's 49th
    murder victim, was report-
    edly captured in Abaco last
    week.
    Several relatives of
    the deceased, wearing
    T-shirts bearing his
    image, gathered on
    Bank Lane yesterday
    afternoon to witness the
    arraignment and fol-
    lowed police as they
    escorted Lightbourne to
    and from Magistrate
    Court 6.
    According to court
    dockets, Lightbourne on
    Wednesday, August 25,
    intentionally caused the
    death of Carl Russell.
    Russell, a 33-year-old
    resident of Franklyn
    Avenue, Chippingham,
    was reportedly shot and
    killed in a house in
    Pride Estates, off
    Carmichael Road, on
    the morning of August
    25. Police reportedly
    discovered Russell's
    lifeless body clad in a
    pair of boxer shorts,
    lying face down in a
    washroom of the house.
    He had reportedly
    received multiple gun-
    shot wounds to his
    upper and lower back.
    Lightbourne was
    informed by Magistrate
    Mckay that he was not
    required to plead to the
    murder charge. The
    matter was adjourned to
    August 16. At that time
    a date is expected to be
    set for the commence-
    ment of a preliminary
    inquiry into the matter.
    The case has been trans-
    ferred to Court 5, Bank
    Lane, before Magistrate
    Marilyn Meeres.

    Road repairs,

    reconstruction

    will cost at least

    $140 million

    FROM page one

    include the completion of
    the New Providence Road
    Improvement Project,
    which will cost another
    $85-90 million, he said.
    "That is nearly $40 mil-
    lion more than it would
    have been when we left
    office. When we left office
    we had budgeted and went
    to competitive bid to com-
    plete the New Providence
    Road Improvement Pro-
    ject for just under $52 mil-
    lion," he said.
    The works and transport
    minister said that while the
    high price tag can be part-
    ly attributed to increased
    materials and other rising
    costs, "much of it is attrib-
    utable to inefficiencies and
    lack of execution."
    The ambitious road
    improvement project in its
    various stages includes
    repairs and reconstruction
    of the Tonique Williams-
    Darling Highway, Baillou
    Hill Road, Robinson
    Road, Prince Charles Dri-
    ve, Marathon Road, Sol-
    dier Road and many other
    areas.
    Mr Deveaux explained
    that the FNM administra-
    tion is still trying to get a
    handle on all the different
    , properties that were
    acquired from Bahamians
    by the PLP administration
    in order to be able to com-
    plete the road improve-
    ment project.
    He said that in their five
    years in office, the PLP
    government failed to pay
    for the majority of the land
    it had acquired.
    Those landowners who
    were not paid, the minister
    said, are now demanding
    the price their land would
    be worth in today's real
    estate market, plus anoth-
    er five per cent which gov-
    ernment customarily pays
    in these situations.
    "So that is going to put
    additional burdens on the


    project," he said.


    Sandyport resident robbed




    and attacked at home


    FROM page one
    Police are investigating two
    incidents involving the author.
    The first was a robbery, which
    occurred on July 25 in which
    $5,000 were stolen from his
    Sandyport home.
    Speaking with The Tribune
    yesterday, the author who
    wishes to remain anonymous
    for safety reasons said that
    he filed a police report in the
    case of the robbery and fears
    that the subsequent assault on
    his person was an act of retri-
    bution by individuals named
    as suspects in the report.
    The author explained that
    he was attacked last Friday
    afternoon by two men armed
    with guns after he made the
    mistake of opening his front
    door to them.
    "I was gun-whipped in the
    head in my driveway, after


    having one of the 160-pound
    thugs point a gun at my head,
    and I thought I was going to
    be murdered right then and
    there," he said.
    The injuries the author sus-
    tained in the attack required
    30 stitches to his head.
    The author said that
    although he always felt safe
    living in Sandyport, he now
    fears there may be future
    attacks on his family.
    "I now live in fear for
    myself and my family inside
    Sandyport's gated communi-
    ty," he said.
    Lawrence Glinton, Gener-
    al Manager of the Sandyport
    Uomcowners Association,
    said yesterday that he very
    much regrets the incident and
    assured The Tribune that
    Sandyport offers its residents
    the best possible security.
    However, Mr Glinton con-


    ceded that this type of inci-
    dent unfortunately happens in
    all gated communities despite
    having extensive security mea-
    sures put in place.
    He explained that after the
    attack on the author, all gates
    leading into Sandyport were
    immediately sealed off, secu-
    rity cameras were reviewed
    and staff repeatedly ques-
    tioned in an effort to identify
    the author's assailants.
    Mr Glinton said that it is
    standard practice for person-
    nel to record all incoming
    vehicles at the front gate. Ile
    further explained that visitors
    are not let through the gate
    unless a homeowner confirms
    that they were expecting
    them.
    He also explained that sev-
    eral memoranda have been
    sent around to all residents of
    Sandyport, warning them not


    police for their work during
    this investigation and said he
    hopes they will soon be able to
    apprehend a suspect in the
    case.
    Sandyport security staff, he
    said, continue to be at their
    most vigilant to prevent any
    further such attacks from hap-
    pening.


    to open their doors to
    strangers.
    In the case of last Friday's
    attack, Mr Glinton said that
    the vehicle described by the
    author as belonging to the two
    assailants was not recorded at
    the gate, nor could it be seen
    on any of the security tapes.
    Mr Glinton praised the


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    FROM page one
    out the facts, he would have
    more success in getting his sto-
    ries straight," said Mr Carron.
    His remarks came after The'
    Punch published a front-page
    lead story about the theft of a
    large sum of money from the
    Guardian's Oakes Field
    offices.
    Mr Carron was reported to
    have given Guardian staff a
    deadline expiring today -
    to return the missing money
    or face being sent home.
    "He held the meeting after
    it was learned that somebody
    had broken into an office at
    the Guardian and stolen thou-
    sands of dollars," said The
    Punch's story.
    But Mr Carron yesterday
    countered almost every point
    in The Punch's account,
    describing them as blatant lies
    designed to create mischief
    and division where there is
    none.
    "I will be looking forward
    to a retraction, an apology and
    to donating the damages to a
    charity," he added.
    Mr Carron then gave a
    point-by-point response to
    The Punch story, saying the
    staff meeting in question had
    been called not by him at all
    but other team members and
    the Guardian president.
    "I did not issue any ultima-
    tum to staff, or threaten to
    send them home or
    carry on like a dictator," he
    added.
    "What we're doing is get-
    ting this wonderful organisa-
    tion in shape and fixing it,
    doing things for the staff and
    organisation that should have
    been done a long time ago."
    He denied that the theft had
    increased tension at the
    Guardian or that The Tribune
    had bought the Guardian for
    $6.5 million.
    And he laughed at the sug-
    gestion that The Tribune


    intended to import a team of
    expat journalists and produc-
    tion staff to run the Guardian.
    "Yeah right!" he said.
    Nor, he said, had The Tri-
    bune bought a building on
    Dowdeswell Street to open a
    new TV station.
    "Everything in the story is


    wrong," said Mr ('arron.
    "It doesn't give one much
    faith in what they read in The
    Punch."
    "It's refreshing to see that
    he is extremely worried about
    the resurgent Guardian and
    the fine team and family that
    they have!" he stated.


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    I IE TRIBUNE


    PAGE 10, TUESDAY, AUGUST 14, 2007


    9


    I








    THE TR e BahdOCALN


    Miss Teen Bahamas crowned

    Young beauties from across the Bahamas
    gathered at the Wyndham Nassau Resort on
    Sunday evening to celebrate the crowning of"
    Miss Teen Bahamas, Kendra Wilkinson

    (Photos: Felipi Major/Tribune staff)










    N MISS Teen Gorda Cay Shanae Strachan was 0 MISS Teen Bimini Kendra Wilkinson
    crowned Miss teen Bahamas Intercontinental
    2006-2007
    I _ _


    * THE Theodore Elyett's Miss Teen
    Bahamas World and Miss Teen Bahamas


    continental, Miss Teen Bimini Kendra I
    kinson N MISS Teen Mayaguana Devera Pinder Sa

    your

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







    ISS Teen Long Island Pischia Adderley MISS Teen Acklins Charitoneia Deal h e h ic k e n




    FAMILY ISLAND LISTINGS Cordon Bleu!

    We've Added French Accents to Our Classic Chicken.


    1. BAHAMIAoWESTREPLAT 3. MURPHY TOWN-ABACO;
    SUBDIVISION-FREEPORT LOT NO. 65 Crown Allotment
    LOT NO. 5 Block 17 PROPERTY SIZE: Single Family Residence l.^ ^'. -
    PROPERTY SIZE: Single Family Residence (10,000 Sq. Ft.)
    4 beds/ 3 baths (0.28 acres) LOCATION: Front Street Murphy Town
    LOCATION: Northern side of a cul-de-sac APPRAISED VALUE: $97,450 -
    called Churchill Court
    APPRAISED VALUE: $307,420
    4. HAWKSBILL SUBDIVISION
    PHASE 1-FREEPORT
    2. HUDSON ESTATES SECTION II LOT NO. 57
    SUBDIVISION-FREEPORT PROPERTY SIZE: Single Family Residence
    LOT NO. 292 (5,487 Sq. Ft.)
    PROPERTY SIZE: Single Family Residence LOCATION: Abaco Drove
    3 beds/ 2 baths (6,250 Sq. Ft.) APPRAISED VALUE: $89,000
    LOCATION: Jut Rut Lane
    APPRAISED VALUE; $116,000





    1. QUEENS COVE SUBDIVISION 3. QUEENS COVE SUBDIVISION
    -FREEPORT -FREEPORT
    LOT NOS. 32 Block 4 Section 4 LOT NOS. 10 Block 37 Section 9
    PROPERTY SIZE: Single Family lot PROPERTY SIZE: Single Family lot -
    (0.25 acres) (0.34 acres)
    LOCATION: Intersection of Grover Way LOCATION: Hamshire Road
    and Queens Boulevard APPRAISED VALUE: $25,000
    APPRAISED VALUE: $25,000
    4. ROYAL BAHAMIAN ESTATES
    2. ROYAL BAHAMIAN ESTATES SUBDIVISION-FREEPORT
    SUBDIVISION-FREEPORT LOT NOS. 16 Block 23
    LOT NOS. 2 Block 14 Unit 2 PROPERTY SIZE: Single Family lot -
    PROPERTY SIZE: Single Family Lot (0.44 acres)
    (16,000 Sq. Ft.) LOCATION: South of Dominica Avenue
    LOCATION: Samao Drive 600 yards east APPRAISED VALUE: $30,000
    of Beach Way Dr..
    APPRAISED VALUE: $20,000 Black Forest Ham, Natural Swiss
    Cheese dressed with Tangy Honey
    Mustard on top of our Tender.
    INTERESTED PARTIES SHOULD SUBMIT OFFERS TO PURCHASE (WITH TELEPHONE Center Cut Chicken.


    CONTACT AND POSTAL ADDRESS) TO CHERRY MISSICK, P.O. BOX SS-626

    02007creatwerelationsnet


    Inte
    Will


    SMN


    ,,, ., ,007 PAGE 11


    THE TRIBUNE


    -- --







    THE TRIBUNE


    PAGE 12, TUESDAY, AUGUST 14, 2007


    AUGUST 13, 2007


    The Bahamas Telecommunications Company Limited


    TAKE YOUR GSM PHONE ON


    VACATION WITH YOU!


    Going on vacation soon? Don't forget to
    pack your 3SM cell phone. BTC has
    recently introduced ROAMING to our
    postpaid GSM customers. Roaming
    allows you to use your BTC postpaid
    GSM service in more than 50 countries.
    Even tourists visiting our shores can
    roam with their cell phones.
    Roaming provides customers with crystal
    clear voice clarity, and also allows you to
    send and receive text messages. If you
    are a BlackBerry customer, you can also
    send and receive emails, and surf the
    internet while overseas.
    When roaming you are charged rates
    based on the carrier you are roaming
    with. For example, if you are roaming in
    Barbados you will be charged the rates
    based on Cable & Wireless or Digicel.


    Want to sign up for GSM Postpaid
    Service?
    Signing up for post paid service is
    simple. All you need is your passport and
    National Insurance Card or your Driver's
    License. You will also have to pay a
    security deposit. If you have residential
    or cellular service in your name the
    deposit will be two hundred & fifteen
    dollars ($215.00). If you do not have
    services listing in your name the deposit
    will be three hundred & fifteen Dollars
    ($315.00). Services listed in your name
    must be current with no outstanding
    balances. For those customers with
    prepaid services who would like to have
    their services transferred to post paid,
    you will be given a new cellular number.
    There are several Post Paid packages,


    ranging in price from nineteen dollars
    and ninety-nine cents ($19.99) to one
    hundred and thirty nine dollars and
    ninety nine cents ($139.99).

    For more information call BTC at 225
    5282 or visit Cyberworld in the Mall at
    Marathon or any of the Family Islands
    where GSM is available.


    A4


    BTC Men's Softball team finishes one inning


    /-


    BTC / BGDSA Annual Softball
    and Family Funday Day
    The staff of BTC along with the members of the
    Bahamas Governmental Departmental Softball
    Association held a Softball and Family Funday
    Saturday August llth, 2007 at the Blue Hill
    Sporting complex. The proceeds from a raffle for
    high end cell phones were to aide long time sports
    broadcaster Phil Smith's medical fund.


    More face painting for the kids.


    BTC Executive Vice President Kirk Griffin
    takes a moment to take in a game.


    TeamSpirit A BTC team member
    shows her spirit .


    Phil Smith stops for a quick shot along with Minister of State for Sports Brian
    Woodside, President and CEO of BTC Leon Williams, BGDSA President Thora
    Sweeting and BGDSA committee member Val Gibson.


    Roaming is available in the
    following countries.

    Anguilla
    Antigua & Barbuda
    Argentina
    Aruba
    Barbados
    Belgium ,
    Belize
    Bermuda
    Brazil
    British Virgin Islands
    Canada
    Cayman Island
    China
    Cuba
    Dominica
    Dominican Republic
    El Salvador
    Finland
    France
    French West Indies
    Germany
    Grenada
    Guernsey
    Guyana
    Haiti
    Hong Kong
    India
    Isle of Man
    Israel
    Italy
    Jamaica
    Japan
    Jersey Island
    Jordan
    Malta
    Mexico
    Montserrat
    Morocco
    Netherland Antilles
    Panama
    Phillipines
    Portugal
    Russia
    Samoa
    Singapore
    Slovak Republic
    Spain
    St. Kitts & Nevis
    St. Lucia
    St. Vincent & The Grenadines
    Sweden
    Switzerland
    Trinidad & Tobago
    Turkey
    Turks & Caicos
    United Kingdom
    United States of America


    CALL BTC 225-5282 www.btcbahamas.com

    4


    AU CO .NN CIO., T. TH, W


    YOUR CONNECTION TO THE WORLD


    I









    TUESDAY, AUGUST 14,2007


    SECTION


    BUSINESS


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


    r I


    Petroleum terminal South Riding



    Point revenue up for 2007 first half


    * By CARA BRENNEN-BETHEL
    Tribune Business Reporter
    SOUTH Riding Point, the
    petroleum distribution terminal
    on Grand Bahama, increased
    revenue by $3,500 in the first
    six months of 2007, the increase
    reflecting the rate increases
    which took effect at the end of
    last year and greater marine
    activity in the first half of 2007.
    In a recent press release on
    its last financial figures, World
    Point Terminals, of which
    South Riding Point is a sub-


    * Additional tanks to add 1.5 million barrels to capacity

    * Rise reflects rate increases at end of last year.


    sidiary, also announced that
    South Riding Point has started
    construction on two addition-
    al tanks which, when com-
    pleted, will add 1.5 million
    barrels of storage capacity in
    the second quarter of 2008.
    World Point Terminals said


    that South Riding Point's rev-
    enues increased by $3,500 for
    the first six months of 2007
    compared to the first six
    months of 2006.
    "This increase reflects the
    rate increases put in place in
    the fourth quarter of 2006 and


    greater marine activity in the
    first half of 2007," the report
    said.
    It further revealed that
    Freepoint's revenues in-
    creased by $314 for the first
    six months of 2007 compared
    to the first six months of 2006


    with the increase reflecting an
    increase in ship movements
    and rates at the Freeport Con-
    tainer Port.
    South Riding Point, a sub-
    sidiary of World Point Termi-
    nals Inc., has a facility on
    Grand Bahama which stores,


    blends, and transships petro-
    leum and other liquid prod-
    ucts as an integral part of the
    wholesale distribution system.
    It also owns a 50 per cent
    interest in a joint venture that
    operates a fleet of fleet of tug-
    boats around Grand Bahama.


    Cotton Bay development still on target


    * By CARA BRENNEN-BETHEL
    Tribune Business Reporter
    .WORK on Cotton Bay, the
    new gated community being
    built on Eleuthera, remains on
    schedule with more than 100
    contractors and sub-contractors
    on site to get the resort ready
    for its first quarter 2008 open-
    ing.
    Speaking with Tribune Busi-
    ness yesterday, Wim Steen-
    bakkers, managing director of
    Cotton Bay, said that at the
    moment things are "busy busy
    busy" at the resort.
    He said the 150 contractors
    and sub-contractors were busy
    with the completion of con-
    struction of villas, the pool and
    clubhouse and ensuring that the
    infrastructure to support the
    multi-million dollar project was
    in place.
    Mr Steenbakkers said that, at
    current pace, the resort is poised
    to be ready for a grand opening
    by the end of the first quarter
    2008.
    Recently, Cotton Bay held a
    Young Architect Design Com-
    petition, with the winning plans
    to be submitted as choices for
    future residents.
    In a press release, the com-
    pany announced results of its
    competition, which called for
    designs featuring one storey or
    split-level homes suitable for a
    3,000-5,000 square ft estate lot
    on Cotton Bay.
    According to Mr Steen-
    bakkers, the contest met with
    tremendous response.
    A prestigious panel of
    judges, including architect
    Richard Meier Costas Kondylis,
    founder of Costas Kndylis and
    Partners; Laurinda Spear,
    founding principal of Arquitec-
    tonica; and former model India
    Hicks, who is a Bahamian resi-
    dent, designer, and author,
    selected the winning designs
    from over 400 entries.
    Will Shepphird of Shepphird
    Associates in Los Angeles was
    awarded $5,000 for first place;
    Volha Parchyna and Arseni


    Resort hoping

    for opening

    in first quarter

    of 2008


    Varabyeu of Architectural
    Bureau Varabyeu Partnership
    in Minsk, Belarus, received
    $3,000 as the second place win-
    ner; and Albert Mo of Archi-
    tects ET'in Victoria, Australia,
    earned $2,000 for third place.
    TJ Thompson, of Construc-
    tion Design Services, picked up
    the T Alberts Sands Award and
    a $5,000 prize for the best
    design by a Bahamian architect.
    The winning designer's plans
    will be shown to prospective
    buyers at Cotton Bay. Winners
    were selected based on their
    interpretations of Bahamian
    Colonial architectural style and
    regard for the island's natural
    environment.
    "Each design has a strong
    command of environmental
    friendliness and ecological
    responsibility," Mr Steen-
    bakkers said.
    Cotton Bay, in conjunction
    with Audubon International,
    aims to present designs that pre-
    serve the natural environment,
    maintain vegetation and topog-
    raphy, and apply solar and wind
    energy sources.
    Located five miles south of
    Rock Sound, Cotton Bay fea-
    tures 200 acres of unspoiled veg-
    etation.
    At Cotton Bay Estates and
    The Cotton Bay Villas, home-
    owners can choose from beach-
    front, ocean and Caribbean
    views, or interior estate home
    sites.
    Guests also have access to
    the private marina on site.


    ROYAL BEACH ESTATES #3425
    Furnished 2,200-square-foot 3-bedroom 3-bath condominium in lovely
    beachfront gated community with Infinity pool. Opposite golfcourse,
    next to Dive centre, near The Albany project and International Airport.
    REDUCED TO US$795,000. EXCLUSIVELY LISTED.
    Mark.Hussey@SothebysRealty.com 242.424.9193


    * Damianos


    Sotheby's
    INTERNATIONAL REALTY


    SIRbahamas.com t 242.322.2305 f 242.322.2033


    i HOW the completed Cotton Bay is envisaged






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    @


    A-A
    10







    THE TRIBUNE


    PAGE 2B. TUESDAY. AUGUST 14, 2007


    Why isn't there more




    interest in beach




    access in the Bahamas?


    Over the years, I have devel-
    oped a passionate interest in the
    issue of beach access as a result
    of travelling to several coun-
    tries within the region.
    What strikes me most is the
    mutually beneficial relationship
    between very high-end tourism
    development and the right of
    the local population to enjoy
    unfettered access to the coun-
    try's best beaches in those coun-
    tries.
    The importance of this was
    brought home to me Sunday
    afternoon as I passed Good-
    man's Bay. I could not help but
    notice the number of cars and
    people squeezed on to the
    beach and parking area...try-
    ing to get some comfort from
    the scorching heat.
    Travelling throughout the
    region, I see example after
    example where countries have
    put into place enlightened poli-
    cies and procedures that allow
    all citizens easy access to the
    countries' best beaches.
    A cursory trip throughout
    the region reveals the follow-
    ing:
    In Cayman, along the fabled
    Seven Mile Beach, every couple
    of hundred yards there are well-
    marked public right-of-way
    paths to the beach. What is even
    more impressive is that most
    hotel and condominium projects


    have incorporated these rights-
    of-way into their overall land-
    scape design. The rule applies
    equally to everybody and there
    is even a pathway along the
    eastern boundary of the Gov-
    ernor's Mansion.
    In Barbados, all beaches are
    open to the public. Properties
    which front on to a beach may
    own the land to the high-water
    mark only. Access to the beach
    is a right for every Barbadian
    and many of the seafront prop-
    erties must provide a public
    right of way across their land
    to the ocean. This policy applies
    to hotels and other tourism-
    related properties.
    In Providenciales (the fastest
    growing island in the Turks and
    Caicos Islands) along Grace
    Bay, (which some say is among
    the most expensive real estate in
    the region) there are not only
    public access roads at regular
    intervals but also public parking
    and small parks.
    Recent policy Initiatives
    Under the first FNM admin-
    istration, we had the develop-
    ment of amenities at Good-
    man's Bay and the purchase of
    Saunders Beach (from the fam-
    ily of the now Deputy Prime
    Minister) and the rehabilitation
    and reopening of the South


    Beach Pools.
    Under the last PLP admin-
    istration, the then Prime Minis-
    ter, at a PLP Convention in
    November, 2005, said: "Further,
    let me reassure you that none of
    the developments that I am dis-
    cussing this evening will involve
    in any way any deprivation of
    the rights of access to beaches
    that Bahamians presently enjoy.
    On the contrary, the thrust of
    my government's policy in this
    area is to augment the national
    inventory of public beaches,
    especially here in New Provi-
    dence, so that all Bahamians
    will have ready access to much
    greater number of beaches than
    is presently the case. This will
    be an important element of a
    new comprehensive land poli-
    cy that is right now the subject
    of consultation with our private
    sector partners."
    This was followed by further
    comments at a PLP mini-con-
    vention in May, 2006, when
    Prime Minister Christie told his
    audience how he took it upon
    himself to visit every public
    beach during our last 'Easter
    Monday' public holiday, and he
    reiterated his unhappiness over
    the fact that Bahamians are
    being denied the ability to enjoy
    our wonderful beaches... sim-
    ply because of the lack of public
    ones.


    Manifesto Promise
    On page 22 of the current
    administration's Manifesto 2007
    we find under the heading
    Access to Beaches: "To pre-
    serve vistas to the sea and to
    protect Bahamians' access to
    the beach and shoreline your
    FNM government will:
    Preserve windows to the
    sea and easy access to beaches
    for enjoyment of the public
    whenever un-alienated Crown
    Land at the sea or ocean shore
    Pursue policies to preserve
    existing vistas to the sea and
    cause the creation of additional
    ones
    Ensure that the right of
    Bahamians to access the sea and
    beaches is enhanced
    Set aside land for the cre-
    ation of public parks and sea-
    side picnic areas for the use of
    the public
    Public access roads
    In recent times there has
    been no shortage of words and
    promises from policymakers
    regarding beach access. How-
    ever, I feel that notwithstanding
    all the rhetoric, this issue is far
    simpler than one can imagine.
    When New Providence was
    laid out many years ago, provi-


    sions were made for public
    roads and paths to the beaches,
    These access routes have been
    preserved in most countries in
    the region and continue to work
    extremely well. However, here
    in the Bahamas, all the public
    access roads have mysteriously
    disappeared and nobody said a
    word.
    I have a fundamental prob-
    lem with the government spend-
    ing taxpayer dollars buying
    beachfront properties when the
    problem could be largely alle-
    viated by reopening public
    roads that have been illegally
    enclosed. There was a very
    good reason for putting them
    there in the first place, and this
    was fully recognized by the ear-
    ly town planners.
    In my (maybe simplistic),
    view this is a quick fix.. .but pol-
    icy-makers seem unwilling to
    entertain it. Is there a fear of
    upsetting those who make gen-
    erous political contributions and
    other special interest groups?
    Conclusion
    Town planners have indicat-
    ed that the population of New
    Providence could reach 300,000
    in the not too distant future if all
    the planned development pro-
    jects actually materialize.
    Could you imagine all of


    these persons packed on to
    Montagu Beach, Goodman's
    Bay and Saunders Beach on a
    public holiday? This reminds
    me of the old myth that "While
    Rome burned, Nero fiddled."
    Mr Minister responsible,
    please do something. One Min-
    istry of Works tractor can work
    miracles in one short day
    towards resolving this seemly
    complex matter. Every day we
    see 'the little man' being hauled
    before the courts for petty mat-
    ters, but nothing is being done
    to what appears to be land theft.
    Until next week...
    Larry R. Gibson, a chartered
    financial analyst, is vice-presi-
    dent pensions, Colonial Pen-
    sions Services (Bahamas) Lim-
    ited, a wholly-owned subsidiary
    of Colonial Group Internation-
    al Ltd, which owns Atlantic
    Medical Insurance Ltd and is a
    major shareholder of Security
    and General Insurance Com-
    pany in The Bahamas.
    The views expressed are
    those of the author and do not
    necessarily represent those of
    Colonial Group International
    or any of its subsidiary and/or
    affiliated companies. Please
    direct/any questions or com-
    ments to rlgibson@atlantic-
    house.com.bs


    Water and Sewerage



    discusses strategies



    to increase revenue


    The loss of several high net
    worth customers compounded
    by the a number of dormant
    account of several high net
    worth customers means that
    Water and Sewerage Corpora-
    tion's revenue today is still inad-
    equate to cover operating
    expenses.
    As a result the Corporation
    is developing an aggressive
    strategy to win customers back,
    WSC general manager Abra-
    ham Butler told the Corpora-
    tion's new board of directors
    and executive management
    team on Friday during an ori-
    entation session.
    However, he said, the Cor-
    poration needs financial
    resources greater than the busi-


    ness can generate through its
    current operations and man-
    agement must look outside the
    business for funds, whether
    through bank loans, public-pri-
    vate Partnerships or additional
    government subsidy.
    "As we speak we are working
    on a proposal for funding which
    will be presented to the board
    of directors for consideration in
    very short order," Mr. Butler
    said.
    On Friday, the corporation
    staged a full-day orientation
    programme at the British Colo-
    nial Hilton Hotel, which intro-
    duced Phenton Neymour, Min-
    ister of State for Utilities and
    the new Board to executive
    managers and familiarised them


    with all aspects of the corpora-
    tion's operations.
    Mr Neymour, a former engi-
    neer at the WSC and former
    president of the WSC's man-
    agement union, said he was very
    pleased with the WSC board,
    particularly the selection of
    chairman Michael Barnett, who
    has previously served in the
    same capacity. Other board
    members include deputy chair-
    man Shandrice Woodside-
    Rolle, vice president of Western
    Air, and directors Pamela
    Miller, a veteran of the hospi-
    tality industry; Sean Blyden, a
    banker in wealth management
    at First Caribbean Bank;
    Michael Cunningham, busi-
    nessman and consultant, and
    Ehurd Cunningham, represent-
    ing the Ministry of Finance.
    Mr Neymour emphasised the
    importance of teamwork and
    said he has confidence in the
    ability of the Corporation's
    executive team and the middle
    management to improve the
    Corporation.
    "I know we have the skills.
    We just have to execute. I know
    that there are financial
    restraints to the Water and Sew-
    erage Corporation. We have


    * PHENTON Neymour, Minister of State for Utilities, and members of the new Water and
    Sewerage Board of Directors listen to presentations by Executive Managers of the Corporation.
    Pictured from left are: Sean Blyden, director, Michael Barrnett, chairman: Phenton Neymour,
    Michael Cunningham; director; Shandrice Woodside-Rolle, deputy chairman; and Pamela Miller,
    director.


    always had those. That's one of
    those things that hasn't changed
    but I believe we have the abili-
    ty now to move forward. We
    have the technical expertise and
    we do have the managerial skills
    so 1 want to see the Corporation
    and particularly the executive
    management team demonstrate
    that to the Bahamian people
    because we do have a bright
    future and it's important that
    the WSC develops because as
    The Bahamas develops the
    WSC Corporation has to be an
    integral part of that," Mr. Ney-
    mour said.
    As he welcomed the minister
    and new board of directors, gen-
    eral manager Abraham Butler
    also stated that the corporation
    must create a winning and mena-


    surable business plan with tac-
    tical action steps in order to
    meet the increased demand for
    potable water and sewerage ser-
    vices throughout the Bahamas.
    "In developing a winning
    business plan, we must clearly
    communicate the direction that
    the Corporation is taking, the
    methods to be used to move in
    that direction, the time-table
    that is satisfactory and the bud-
    get that is feasible. In addition,
    if we are going to transform the
    Water and Sewerage Corpora-
    tion we have to be committed to
    our guiding principles or core
    values, which are one integrity,
    two customer satisfaction, three
    financial strength, four excel-
    lence, five teamwork, and six
    environmental commitment. As


    we are all aware, planning is the
    secret ingredient in business
    success," Mr Butler said,
    Prior to presentations by
    executive managers of the cor-
    poration, chairman Michael
    Barnett said he was thrilled to
    be back at the corporation and
    encouraged presenters to be as
    "frank, open and direct" as pos-
    sible to ensure the maximum
    benefit from the session.
    Presentations were made on
    the corporation's finances,
    human resources and training,
    commercial operations, busi-
    ness development plans, Fami-
    ly Island and marine operations,
    engineering planning and pro-
    ject management, sewer services
    and New Providence opera-
    tions.


    University of Florida developing new blueberry breeds


    GAINESVILLE, Fla. (AP)
    - On a muggy Friday after-
    noon, Paul Lyrene peers across
    a greenhouse on the University
    of Florida campus, according to
    Associated Press.
    Row upon row of blueberry
    cuttings, each of them genetical-
    ly unique, sprout up from small
    pots. Among these huddled
    masses, it's possible Lyrene will
    find the next unique blueberry
    variety to come out of Florida.
    Once Lyrene selects a blue-
    berry, it will be cloned over and
    over again and then sold on the
    streets of London, New York and
    other destinations far more exot-
    ic than this humble greenhouse.
    But building the better berry
    - one that tastes good, keeps
    well and travels well takes
    time, and lots of it.
    "Any berry you buy at Publix
    probably started out as a seed
    20 years ago," he said.
    That decades-long process of
    research is worth it, according to
    officials with UF's Institute of
    Food and Agricultural Sciences.
    The money UF earns from roy-
    alties off the sale of "cultivars"
    - genetically unique agricul-
    tural varieties is fed back into


    the labs of breeders like Lyrene
    who keep working to grow bet-
    ter and better crops.
    UF has steadily improved its
    royalty collections in recent
    years. With collections of $2.1
    million in royalties for 2006-
    2007, UF more than tripled its
    annual collections in the space
    of seven years.
    IFAS takes in about $80 mil-
    lion in external research funding
    from private and federal
    sources, so $2.1 million in roy-
    alties may not sound like that
    much in context. But Mark
    McLellan, IFAS's dean for
    research, says those dollars are
    very important in the develop-
    ment of new varieties,
    Traditional research funding
    sources, like the National Insti-
    tutes of Health, typically don't
    fund the development of culti-
    vars. They're interested in cur-
    ing cancer, not making a bet-
    ter-tasting blueberry. As such,
    IFAS has to rely on royalties to
    fund this type of research,
    McLellan said.
    In what McLellan describes
    as a unique arrangement, UF
    takes 70 percent of its royalties
    derived from cultivars and sends


    that money right back to the
    breeder to do more research. In
    most cases, breeders get a much
    smaller percentage, he said.
    Blueberries alone generated
    more than $637,000 in royalties
    for UF last year, making it the
    top crop for the university.
    Lyrene has been the state's
    blueberry breeder since 1977,
    meaning that for the past 30
    years he's been the man who
    selected the variety of blueber-
    ry grown across Florida in the
    state's blueberry growing pro-
    gram. The program began in
    1950, and Lyrene is just the
    third breeder in its history.
    Lyrene, a slender and soft-
    spoken man, jokes that he's
    "the king" when it comes to
    determining which berry makes
    the cut,
    "If I like it, it's good," he said.
    Lyrene knows a thing or two
    about how a blueberry should
    taste. He says he consumes
    about 100 pounds of blueber-
    ries a year, and during the peak
    months of testing "30 to 40 per-
    cent of my total calorie intake is
    blueberries."
    Once UF develops a new cul-
    tivar, like a unique blueberry,


    a nonprofit foundation is used
    to court potential private com-
    panies or. individuals interested
    in buying the rights to it. In
    some cases, UF will contract
    with a private company or even
    a region of the world, granting
    that company the exclusive right
    to grow and sell its cultivar.
    Up until 2006, the process UF
    used to hammer out royalty
    agreements was regarded by
    some as insufficiently transpar-
    ent. Growers associations, who
    might be significantly impacted if
    UF gave a private company exclu-
    sive marketing rights to a variety,
    were not always in the loop.
    UF now issues an "invitation
    to negotiate" to potentially
    interested parties anytime it
    seeks a royalty agreement for
    a new variety. This allows grow-
    ers associations, companies or
    individuals to make counterof-
    fers or simply counsel with UF
    about concerns.
    Out even a more transparent
    system won't necessarily keep
    everyone happy, Lyrene said.
    There was a time when royalties
    weren't collected by UF at all,
    and there are plenty of grow-
    ers who miss those days."


    Financial
    Insight




    ByLryGbo


    INDIGO
    GREAT INVESTMENT OPPORTUNITY

    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.

    LOT #70 HOPE TOWN-ABACO

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

    ORANGE HILL
    WEST BAY STREET

    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.

    GILINGAM HOUSE MONTAGU

    Class "A" Office Space Avallablel
    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
    furnishings.


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


    __ __I ~ __ I


    I


    BUSINESS














    BUSINESS


    Co liacti iLtfleral t TUESDAY, AUGUST 14,2007


    INTERNATIONAL EDITION


    THE MARKETS
    STOCKS, MUTUAL FUNDS, 88B
    DOW 30 13,236.53 -3.01
    S&P 500 1,452.92 -0.72
    NASDAQ 2,542.24 -2.65
    10-YR NOTE 4.76 -.04
    CRUDE OIL 71.62 +.15



    Wall


    Street


    edges


    lower


    BY LAUREN VILLAGRAN
    Associated Press
    NEW YORK Wall Street
    gave up a moderate gain in late
    trading and closed marginally
    lower Monday after the Federal
    Reserve and other central banks
    added more cash to their bank-
    ing systems, helping investors
    set aside some concerns about
    credit tightness.
    The New York Fed, which
    carries out the central bank's
    market operation, minutes after
    the opening bell announced
    $2 billion in overnight repur-
    chase agreements.
    The Fed's "repo" follows a
    move by the Bank of Japan to
    put $5 billion into the markets.
    and an addition by the Euro-
    pean Central Bank of $65.3 bil-
    lion; the ECB added more than
    $200 billion last week. The
    moves, following similar injec-
    tions by the Fed last week,
    appeared to placate Wall Street
    for now and allowed it to focus
    on a week of economic data.
    Since Thursday, the Fed has
    added $62 billion in liquidity.
    The central bank moves.
    seem to be calming a market
    that has been torn by volatility
    for weeks. But Ryan Detrick,
    senior technical strategist for
    Schaeffer's Investment
    Research, said trading on Mon-
    day was very tepid.
    The Dow Jones industrial
    average fell 3.01, or 0.02 per-
    cent, to 13,236.53.
    Broader stock indicators also
    rose. The Standard & Poor's 500
    index fell 0.72, or 0.05 percent,
    to 1,452.92, and the Nasdaq com-
    posite index retreated 2.65, or
    010 percent, to 2,542.24.
    . But despite any lingering
    concerns about the health of the
    consumer, investors appeared
    pleased with the Commerce
    'Department's report that retail
    sales edged up 0.3 percent in
    July, slightly ahead of market
    expectations. Wall Street has
    been closely monitoring con-
    sumer spending, as it accounts
    for two-thirds of the nation's
    total economic activity.
    Struggling subprime lender
    Accredited Home Lenders
    Holding said it has sued Lone
    Star Fund V and two affiliates to
    get the private equity firm to
    follow through with an agreed
    takeover. Lone Star said Friday
    in a regulatory filing that
    Accredited no longer met the
    conditions of its $400 million
    acquisition offer. Without a
    deal, Accredited has cautioned
    that it may face bankruptcy.
    Shares of Accredited fell $3.08
    or 34.6 percent, to $5.82.
    Bonds were little changed,
    with the yield on the 10-year
    Treasury note falling to 4.78
    percent from 4.80 percent late
    Friday.
    Overseas Monday, Japan's
    Nikkei stock average gained
    0.21 percent. European stocks
    showed sharp gains after a sell-
    off Friday. Britain's FTSE 100
    jumped 2.99 percent, Germany's
    DAX index added 1.78 percent,
    and France's CAC-40 rose
    2.21 percent.
    The dollar was mixed against
    other major world currencies.
    Gold futures fluctuated, while
    oil futures rose. Light, sweet
    crude rose 15 cents to $71.62 per
    barrel on the New York Mer-
    cantile Exchange.
    Advancing issues were about
    even with decliners on the New
    York Stock Exchange, where
    volume came to 1.72 billion
    shares, compared to 2.53 billion
    on Friday.
    The Russell 2000 index of
    smaller companies slipped 8.97,
    or L59 percent, to 779.81.


    LENDING



    ;Fed finds banks tighter on subprime standards

    w BY MARTIN CRUTSINGER had tightened loan standards for so- of bank loan officers found them crunch could do serious harm to ti
    V Associated Press called nontraditional mortgages. The responding to growing troubles in overall economy.
    WASHINGTON A majority of Fed defines this category as adjust- subprime mortgage lending. The The Fed jome~d with other centre
    *k. ~ b, ~ ~ l~rc xit ml~ne ,~- Mort a ce Bankers Association banks around t-he world to add ext


    Lte natiLoU1 Uon AanK save g inALtnec
    lending standards on subprime mort-
    gages, the Federal Reserve said Mon-
    day in a survey that provided further
    evidence of the spreading problems
    in mortgage lending.
    The Fed said it found that 56.3 per-
    cent of banks responding to a survey
    reported that they had tightened their
    lending standards for subprime mort-
    gages, loans offered to borrowers
    with weak credit histories.
    The survey found that 40.5 per-
    cent of banks responding said they


    ment options, interest-only mort-
    gages and products referred to as
    "Alt-A" loans that offer suclhfeatures
    as limited verification of incomes.
    The Fed survey found that even on
    prime loans, which offer traditional
    payment options such as 30-year
    mortgages to borrowers with strong
    credit histories, 14.3 percent of the
    banks responding said they had tight-
    ened their lending standards "some-
    what."
    The Fed's latest quarterly survey

    GULF COAST REBUILDING


    reported recently that the percentage
    of subprime loans that were 30 or
    more days past due climbed to 15.75
    percent in the first three months of
    this year, a record high and up from
    14.44 percent in the final three
    months of last year.
    The crisis in subprime lending has
    sent shock waves through other parts
    of the financial system and caused
    big drops in the stock market in trad-
    ing last week as investors worried
    about whether an expanding credit


    PHOTOS BY ROB CARR/AP
    BUILT ON TAX BREAK: Near the University of Alabama campus in Tuscaloosa, Ala.. some new
    condominium complexes, above and below, selling for as much as $1 million, were built with tax
    breaks meant for reconstruction projects in the Gulf Coast region after Hurricane Katrina.



    TAX BREAKS DRIVE



    SALES OF CONDOS


    USING POST-HURRICANE TAX BREAKS, REAL ESTATE INVESTORS
    ARE BUYING UP LUXURY CONDOS FAR FROM THE DAMAGED COASTLINE


    BY JAY REEVES
    Associated Press
    TUSCALOOSA, Ala. With
    large swaths of the Gulf Coast still
    in ruins from hurricane Katrina,
    rich federal tax breaks designed to
    spur rebuilding are flowing hun-
    dreds of miles inland to investors
    who are buying up luxury condos
    near the University of Alabama's
    football stadium.
    About 10 condominium projects
    are going up in and around Tusca-
    loosa, and builders are asking up to
    $1 million for units with granite
    countertops, king-size bathtubs and
    'Bama decor, including crimson
    couches and Bear Bryant wall art.
    While many of the buyers are
    Crimson Tide alumni or ardent
    football fans not entitled to any
    special Katrina-related tax breaks,
    many others are real estate inves-
    tors who are purchasing the condos
    with plans to rent them out.
    And they intend to take full
    advantage of the generous tax ben-
    efits available to investors under
    the Gulf Opportunity Zone Act of
    2005, or GO Zone, according to
    buyers and real estate officials.
    The GO Zone contains a variety
    of tax'breaks designed to stimulate
    construction in Mississippi, Louisi-
    ana and Alabama. It offers tax-free
    bonds to developers to finance big
    commercial projects, like shopping
    centers or hotels. It also allows real
    estate investors who buy condos or
    other properties in the GO Zone to
    take accelerated depreciation on
    their purchases when filing taxes.
    The GO Zone was drawn to
    include the Tuscaloosa area even
    though it is about 200 miles from
    the coast and got only heavy rain
    and scattered wind damage from
    Katrina.
    The condo deals are perfectly
    legal, and the tax breaks do not take
    money away from Katrina victims
    closer to the coast because the


    .. . -


    . .- ,S-- -,L ... , ., 'E -. .. ,
    S-.. .


    . . . ..1... .. ..4


    depreciation is wide open, with no
    limits per state.
    But the tax breaks are galling to
    some community leaders, espe-
    cially when red tape and disorgani-
    zation have stymied the rebuilding
    in some of the devastated areas.
    "The GO Zone extends so damn
    far, but the people who need it the
    most can't take advantage of it,"
    said John Harral, a lawyer in hard-
    hit Gulfport, Miss.
    "It is a joke," said Tuscaloosa
    developer Stan Pate, who has nev-
    ertheless used GO Zone tax breaks
    on projects that include a new hotel
    and a restaurant. "It was supposed
    to be about getting people ... to put
    housing in New Orleans, Louisiana,
    or Biloxi, Miss. It was not about
    condos in Tuscaloosa."
    Locals say Tuscaloosa was
    included in the GO Zone through
    the efforts of Republican Sen. Rich-
    ard Shelby, who is from Tusca-
    loosa, graduated from Alabama and
    sits on the powerful Appropria-
    tions Committee. But Shelby aides
    said Tuscaloosa made the cut
    because it was classified as a disas-
    ter area by the government after
    Katrina, not because of the sena-
    tor's influence.


    Defenders of the GO Zone said
    the Tuscaloosa area needed the aid
    because of the hundreds of evacu-
    ees who remained there for weeks
    after the hurricane.
    "The senator believes that the
    GO Zone program, and others
    enacted since then to assist with
    the rebuilding efforts following the
    devastating 2005 hurricane season,
    have been extremely successful in
    accomplishing their goal," said
    Shelby spokeswoman Laura Hen-
    derson.
    The GO Zone investor tax
    breaks are credited with contribut-
    ing to the condo boom in Tusca-
    loosa.
    Andy Turner, a real estate agent
    who specializes in condominium
    sales in Tuscaloosa, estimates the
    GO Zone depreciation benefit has
    helped spur 10 percent of all recent
    condo sales in the city.
    The Congressional Budget
    Office estimated that the GO Zone
    bonds and accelerated depreciation
    would cost the government $3.5 bil-
    lion in revenue from 2006 to 2015.
    The GO Zone covers 49 counties
    in Mississippi, 31 parishes in Louisi-
    ana and 11 counties in western Ala-
    bama.


    he

    ral
    ra


    money to the banking system in an
    effort to bolster confidence.
    The Fed survey said that 38 per-
    cent of the banks responding had
    reported weaker demand for tradi-
    tional mortgages, while 44 percent of
    the banks that offered subprime loans
    reported weaker demand for those
    loans.
    The Fed last week kept a key inter-
    est rate unchanged while noting
    tighter credit conditions for some
    households and businesses.


    CHINA


    Toy


    chief



    commits



    suicide

    BY AUDRA ANG
    Associated Press
    BEIJING The head of a Chinese
    manufacturer whose lead-tainted
    Sesame Street toys were the center of
    a massive U.S. recall has killed him-
    self, a state-run newspaper said Mon-
    day.
    Cheung Shu-hung, who co-owned
    Lee Der Industrial, committed sui-
    cide at a warehouse over the week-
    end, apparently by hanging himself,
    the Southern Metropolis Daily
    reported.
    "When I rushed there around 5
    p.m., police had already sealed off the
    area," the newspaper quoted a man-
    ager surnamed Liu as saying. "I saw
    that our boss had two deep marks in
    his neck."
    Though the report did not give a
    reason for Cheung's apparent suicide
    - and the company declined to dis-
    cuss the matter Lee Der was under
    pressure in a global controversy over
    the safety of Chinese-made products.
    It is common for disgraced officials
    to commit suicide in China.
    This month, Mattel, one of the
    largest U.S. toy companies, was
    forced to recall 967,000 plastic pre-
    school toys made by Lee Der because
    they were decorated with paint found
    to have excessive amounts of lead.
    The toys, sold in the U.S. under the
    Fisher-Price brand, included like-
    nesses of Big Bird and Elmo, as well
    as the Dora and Diego characters.
    Days later, Chinese officials tem-
    porarily banned Lee Der from
    exporting products. The Southern
    Metropolis Daily, citing unidentified
    Lee Der workers, said the recall cost
    the company $30 million.
    The recall was among the largest
    in recent months involving Chinese
    products, which have come under
    scrutiny worldwide for containing
    potentially dangerous high levels of
    chemicals and toxins.
    Chinese officials, eager to protect
    an export industry crucial to China's
    booming economy, have aggressively
    tried to shore up international con-
    sumer confidence by cracking down
    on makers of shoddy goods, crafting
    new regulations and stepping up
    inspections.
    In the suicide, a man at Lee Der's
    main office in Hong Kong said the
    company was not accepting inter-
    views and hung up. Telephones at
    Foshan's police headquarters rang
    unanswered.
    Cheung was a co-owner of Lee
    Der, according to a registry of Hong
    Kong companies. The other owner,
    Chiu Kwei-tsun, did not return tele-
    phone messages left for him.
    In its report, the Southern Metrop-
    olis Daily said Cheung, a Hong Kong
    resident in his 50s, treated his 5,000-
    odd employees well and always paid
    them on time. The morning of his sui-
    cide, he greeted workers and chatted
    with some of them, the report said.
    After the recall, Lee Der main-
    tained that its paint supplier,
    Cheung's best friend, supplied "fake
    paint" used in the toys, the Southern
    Metropolis Daily said. "The boss and
    the company were harmed by the
    paint supplier, the closest friend of
    our boss," Liu, the manager, was
    quoted as saying.
    Associated Press Writer Dikky Sinn
    in Hong Kong contributed to the story.


    ____~~PIDI~? -FCl C '7 2 -c ~- _~ ~ TT: -~n*r-


    ~~`l~rsllr~RIll.~P1~~ n~ I~ I I --










    INTERNAL FIONAL EDITION TUESDAY, AUGUST14, 2007 4B


    THE MIAMI HERALD I MiamiHerald.comi


    BUSINESS BRIEFS


    * ASIA


    TEH ENG KOON/AFP-GETTY IMAGES
    ON THE RISE: China's inflation rate last month jumped
    to its highest level in more than a decade. Above, a
    man selects vegetables at a market in Beijing.


    China inflation reaches

    highest level in decade


    From Herald Wire Set vices
    Steeply rising food prices pushed inflation in China to
    5.6 percent last month, the fastest pace in a decade, govern-
    ment figures showed Monday, prompting renewed concern
    about whether inflation would spread more widely in China
    and abroad.
    The surge in consumer prices last month pushed inflation
    past its peak of 5.3 percent in July and August 2004, when Bei-
    jing officials responded by imposing sometimes drastic
    administrative restrictions to slow what appeared then to be


    an overheating economy.

    * CHINA
    AUTOMAKER CHERY TO
    OPEN FACTORY IN IRAN
    China's biggest domestic
    automaker, Chery, is open-
    ing a factory in Iran, expand-
    ing its fast-growing foreign
    ties soon after announcing
    ventures with Chrysler and
    Fiat. The $370 million plant
    in Babol in northern Iran
    will be developed with
    Iran's biggest automaker,
    Khodro, and Canadian
    investment firm Solitac,
    Chery Automobile said.

    * TELECOM SERVICES
    EX-WILLIAMS-SONOMA
    CEO HEADS UP WEST
    Edward A. Mueller had
    been on the job as Qwest
    Communications' (Q) new
    CEO for just a few hours
    when the questions began to
    fly what about a video
    strategy? M&A? Airwaves
    auction?
    The longtime telecom-
    munications industry vet
    and former head of Wil-
    liams-Sonoma (WSM) had
    a quick answer to each -- he
    wants time to explore each
    business strategy before
    making major decisions.
    "I don't come in with a
    mandate to do something
    different," he said. "Obvi-
    ously, there are challenges
    in any business. We win not
    through technology, but
    through people and ser-
    vice."

    * BROKERAGE
    GOLDMAN SACHS FUND
    GETS $3B BAILOUT
    Goldman Sachs (GS)
    said it is leading a group of
    investors including Maurice
    "Hank" Greenberg and Eli
    Broad in injecting $3 billion
    into a Goldman hedge fund
    that lost about 28 percent of
    its value last week.
    The investment bank said
    its Global Equity Opportuni-
    ties fund, one of its largest
    hedge funds, "suffered sig-
    nificantly" as global markets
    sold off on worries about
    debt and credit, dragging its
    value down to $3.6 billion,
    from about $5 billion last
    month. Goldman Sachs will
    invest $2 billion. Other
    investors will contribute
    about $1 billion to the fund,
    whose computer-driven
    "quantitative" investment
    strategies were disrupted by
    triple-digit swings in the
    financial markets.


    STOCK PURCHASE
    OMX TO MEET WITH
    DUBAI BOURSE
    Representatives from
    Sweden's OMX
    (ONGPF.PK) and the Dubai
    stock exchange were
    expected to meet Monday
    about a major stock pur-
    chase last week by Dubai
    that could set up a bidding
    showdown with the Nasdaq
    Stock Market for the Nordic
    stock exchange operator.
    OMX spokeswoman
    Heidi Wendt said represen-
    tatives for OMX, including
    'its Chief Executive Magnus
    SBocker and Chairman Urban
    Backstrom, and Borse Dubai
    were meeting in Stockholm
    on Monday, but declined to
    give details on when or what
    would be discussed.

    EARNINGS
    BLACKSTONE GROUP
    PROFIT TRIPLES
    Blackstone Group (BX)
    said its profit tripled in the
    second quarter, as it assured
    investors it would have no
    problem finding financing
    for more of its blockbuster
    buyouts.
    The New York-based
    investment partnership's
    shares, which have been bat-
    tered since a late-June initial
    public offering, recovered
    modestly on Monday.
    Blackstone had been
    caught up in concerns that
    private equity buyout shops
    which buy and revamp
    companies using borrowed
    money could face leaner
    days following a frenetic
    buyout boom. But execu-
    tives struck an optimistic
    tone about the outlook for
    Blackstone, whose biggest
    shareholders include the
    French insurer AXA and the
    Chinese government.

    ACQUISITION
    ICI OK'S TAKEOVER
    OFFER FROM AKZO
    Akzo Nobel (AKZOY)
    Chief Executive Hans
    Wijers began a charm cam-
    paign against his own inves-
    tors after Imperial Chemi-
    cal Industries accepted
    Akzo's $16 billion takeover
    offer. Wijers said he would
    immediately start meeting
    with shareholders to con-
    vince them to vote in favor
    of the deal, which values ICI
    at $13.54 a share, well above
    its closing share price of
    $12.92.


    LATE TRADING


    4 p.m. 635 p.m. Late
    Stock Tbk. cose close Chg. volume
    Kraft KFT 32.20 32.27 +.07 174083
    SPDR SPY 145.23 145.12 .11 1 16002
    PwShs QQQ QQQQ 47.60 47.52 -.08 77946
    Cisco CSCO 30.83 30.90 +.07 62214
    FannieM If FNM 64.12 64.20 +.08 41360
    Microsoft MSFT 28.63 28.62 .01 31859
    MylanLab MYL 14.82 14.86 +.04 30670
    SP Fncl XLF 33.05 33.05 30514
    CntwdF CFC 26.61 26.45 -.16 29687
    Citigrp C 46.54 46.60 +.06 2398,
    Lyondell LYO 44.55 44.55 23764
    EMC Cp EMC 19.05 19.26 +.21 21139
    BkofAm BAC 48.50 48.86 +.36 18391


    Stock
    Gumirec
    iSliEMki
    i1 17 17 ii


    ASI iI
    C n(llill


    6:35 p.m.
    close
    60.78
    i11.15
    360,1
    (iii 77
    //.61
    2,.112

    21.91
    HI,'
    I'l. l l
    I ,11


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


    INTERNET I ADVERTISING


    Microsoft closes aQuantive buyout


    BY JESSICA MINTZ
    Associated Press
    SEATTLE In closing a $6
    billion buyout of digital mar-
    keting company aQuantive on
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    design and online advertising
    agency, will operate "at arm's
    length," McAndrews said.
    That means the agency will
    make decisions based on mar-
    keter's needs, not on its own-
    ership by Microsoft. Such
    decisions include whether to


    ELAINE THOMPSON/AP
    FIRST STEP: Brian McAndrews, left, CEO of aQuantive, and
    Microsoft's Kevin Johnson address a brief news
    conference in May. Microsoft hopes to use its takeover
    of aQuantive to challenge Google's online ad business.


    use Microsoft's Silverlight
    technology instead of Adobe's
    Flash, or whether to buy ads
    on MSN instead of Google.
    BIG IMPROVEMENT?
    Microsoft will have to post
    stellar improvements in traf-
    fic, search query share and
    advertising revenue to soothe
    investors' concerns.
    Google's dominance has
    come primarily from its prow-
    ess at making money from ads
    placed next to Web search
    results. Google snagged nearly


    half of all Web searches per-
    formed in the United States in
    June. Yahoo grabbed about
    25 percent, while 13 percent
    were on Microsoft's search
    sites, according to audience-
    measurement company com-
    Score.
    Analysts and online adver-
    tising players say Microsoft
    must get more people to visit
    its websites. To that end, John-
    son said improved search
    technology and a new version
    of the Windows Live online
    services are due this fall.


    RETAIL



    Wal-Mart stepping up exports


    BY LAUREN COLEMAN-LOCHNER
    Bloomberg News
    For Wal-Mart Stores, the
    road to a higher share price is
    paved with chicken feet and
    Spam.
    The world's largest retailer,
    long the biggest importer of
    goods into the United States,
    last year joined a list of the top
    100 U.S. exporters for the first
    time. It sent 39 percent more
    shipping containers overseas
    than General Motors and sur-
    passed cigarette maker Altria
    Group.
    Although but a fraction of
    its imports Wal-Mart pur-
    chased $18 billion in goods
    from China alone in 2005 -
    Wal-Mart's exports are set to
    increase: The retailer aims to
    generate a third of its sales
    growth from foreign markets
    amid the slowest gains at U.S.
    stores in at least 27 years.
    International sales will
    reach 30 percent of Wil-
    Mart's total in 2010, up from 22
    percent in 2006, estimated
    Citigroup analyst Deborah
    Weinswig.
    FOREIGN BOON?
    International markets
    "could be like a savior for
    Wal-Mart," said analyst David
    Abella of Rochdale Invest-
    ment Management in New
    York, whose $2.4 billion in
    assets include Wal-Mart
    shares.
    The expansion may help
    end the seven-year stock
    slump for Wal-Mart, based in
    Bentonville, Ark. Since closing
    at a record high of $69.68 in
    December 1999, the share
    price has dropped by a third.
    The shares will rise 29 per-
    cent in the next 12 months,
    predicted Weinswig, who
    rates the stock "buy."
    Wal-Mart will report quar-
    terly financial results today.
    Shareholders have yet to
    credit Wal-Mart for its over-
    seas growth, Abella said.
    "Retail investors don't yet
    know how to view interna-
    tional operations," he said.
    Wal-Mart has set a goal of
    attaining a third of sales and


    KEVIN LEE/BLOOMBERG NEWS
    IN HIGH DEMAND: A customer peruses the selection of
    chicken feet at a Wal-Mart store in Shanghai. The parts
    were imported into China by the U.S. retailer.


    profit growth from outside the
    United States. It exceeded that
    goal last year, when interna-
    tional accounted for half of all
    sales gains.
    To fill the shelves of
    Wal-Mart abroad, three ships
    a week leave the docks of Sea-
    board Marine in Miami for
    Central America, said Jose
    Perez-Jones, senior vice presi-
    dent of the shipping company.
    They contain products from 35
    states and Puerto Rico,
    Wal-Mart spokesman Kevin
    Gardner said.
    Labor groups and politi-
    cians blame Wal-Mart for has-
    tening the demise of American
    manufacturing jobs as it pur-
    chased low-priced toys, elec-


    tronics and clothing from Asia
    and Latin America. It brought
    in 715,000 standard shipping
    containers last year, holding
    its perennial spot as the top
    importer, the Journal of Com-
    merce reported.
    As an exporter, Wal-Mart
    ranked 38th in terms of con-
    tainer volume, sending out
    26,200, compared to 25,100 for
    Altria and 18,800 for GM, said
    the Journal of Commerce.
    This year Wal-Mart will
    ship $2 million of shopping
    carts manufactured Unarco of
    Wagoner, Okla. to its Central
    American stores. Two years
    ago it sent none.
    Sales to Wal-Mart's inter-
    national stores are "just get-


    ting warmed up," said Taft
    O'Quin, president of Unarco.
    Wal-Mart made its first
    foray outside the United
    States in 1991, with the pur-
    chase of two Mexico City
    stores. As of July, 42 percent of
    its 7,022 stores were abroad,
    including a stake in 101 Trust-
    Mart stores in China.
    Wal-Mart sends soup,
    shelving, packaged goods and
    perishables like beef to its for-
    eign stores, in addition to
    commodities such as cotton to
    provide the raw material for
    items manufactured overseas
    and then reimported as fin-
    ished good for sale in the
    United States.
    "We have much more
    robust growth overseas," said
    Sarah Thorn, director of inter-
    national trade for Wal-Mart.
    The company directly shipped
    $671 million of goods to stores
    outside the United States in
    2006, she said.
    The export figure based on
    containers is understated
    because it only counts cargo
    where Wal-Mart is the shipper
    of record, excluding goods
    sent by manufacturers under
    their name to Wal-Mart stores,
    noted Perez-Jones.
    "They will probably triple
    or quadruple that because of
    all the stores that are opening
    up," he said.
    Next year, Wal-Mart will
    open more than 500 new
    stores, a majority of them out-
    side of the United States, the
    company said.
    POPULAR U.S. BRANDS
    Wal-Mart sends such iconic
    American products as Her-
    shey's Kisses and Head &
    Shoulders shampoo from
    Procter & Gamble It ships
    Spam from Hormel Foods in
    Austin, Minn.
    Sales at Wal-Mart's U.S.
    locations open at least a year, a
    key retail gauge because it
    excludes recently opened or
    closed stores, rose 2.1 percent
    in the 12 months through Janu-
    ary, the slowest growth since
    Wal-Mart began tracking
    same-store sales in 1980.


    AIRLINES


    AirTran gives up on its Midwest Air bid


    BY DINESH RAMDE
    Associated Press
    MILWAUKEE An
    investment group that
    includes Northwest Airlines
    said it would buy Midwest Air
    Group for more than $400 mil-
    lion, less than an hour after
    AirTran abandoned a two-
    year hostile takeover bid for
    the same carrier.
    The investors, led by TPG
    Capital, would convert Mid-
    west Air to a privately held
    company.
    The TPG offer, submitted
    Sunday, was superior to Air-
    Tran's and will allow Midwest


    to proceed with its goals, Mid-
    west executive Carol Skor-
    nicka said.
    "They've become familiar
    with our long-term plan and
    became persuaded of its value
    and bought into that," said
    Midwest spokeswoman Carol
    Skornicka.
    AGAINST TAKEOVER
    Midwest Air chairman and
    chief executive Timothy
    Hoeksema has fought to keep
    Midwest Airlines and Midwest
    Connect as standalone,
    regional airlines and out of the
    hands of AirTran Holdings,


    which wanted Milwaukee as a
    second hub.
    TPG's $16-per-share cash
    offer to acquire all outstanding
    Midwest shares topped Air-
    Tran's final offer an
    increased bid of $15.75 a share
    that AirTran spokesman Tad
    Hutcheson said made the
    equity value of the transaction
    more than $431 million, based
    on Friday's closing price of
    AirTran stock.
    Midwest rose 32 cents, or
    2.2 percent, to $14.55. AirTran
    shares rose 19 cents, or 1.8 per-
    cent, to $10.89. Shares for
    Northwest Airlines fell 19


    cents to $18.33.
    Northwest would effec-
    tively block AirTran from
    developing a hub in Milwau-
    kee that could draw passen-
    gers who may otherwise use
    its hubs in Minneapolis,
    Detroit and Memphis.
    Northwest would not par-
    ticipate in the management or
    control of Midwest should the
    TPG offer be finalized, the
    Eagan, Minn.-based airline
    said in a statement.
    Midwest and TPG were
    expected to reach an agree-
    ment no later than Wednes-
    day.


    I I








    THE TRIBUNE


    TUESDAY, AUGUST 14, 2007, PAGE 5B


    AirTran changing growth strategy




    after Midwest deal collapses


    ORLANDO, Fla. (AP) --
    AirTran Holdings Inc. will refo-
    cus its growth strategy on slow
    expansion around the country
    after abandoning its bid to buy
    rival air carrier Midwest Air
    Group, company officials said
    Monday, according to Associ-
    ated Press.
    However, the Orlando-based
    parent of AirTran Airways did
    not rule out a later run at Mid-
    west, suggesting federal regula-
    tors might not approve its sale
    to a private investor group that
    includes Northwest Airlines
    Corp.
    "Rather than concentrate our
    growth in the upper Midwest
    through this combination, we'll
    just stay on our slow, deliber-
    ate diversification course that
    we've been doing the last seven
    years," AirTran president and
    chief operating officer Robert
    Fornaro said. "It'll just be more
    diverse rather than the growth
    be concentrated. You'll see it
    in Florida, in the mid-Atlantic
    and the upper Midwest."
    Shares of AirTran were down
    3 percent to $10.34 in afternoon
    trading.
    AirTran fought for nearly
    two years to buy Milwaukee-
    based Midwest in board-
    rooms and broadcasts, with
    accelerating fistfuls of cash in
    an increasingly hostile bid. The
    company even got the approval
    of more than half Midwest's
    shareholders and in June ousted
    three incumbent board mem-
    bers for a slate nominated by
    AirTran.


    Air'lrain decided the whole
    thing would end Sunday,
    whether the company Won or
    lost. It lost, despite bumping a
    long-standing offer of $389 mil-
    lion to $431 million at the last
    minute.
    "We set a pice and we
    weren't going to chase the
    deal," Fornaro said. "We made
    a decision several days ago -
    we were not going to go past 10
    o'clock on Sunday night."
    An investor group led by
    TPG Capital- and including
    Northwest offered $16 per
    share, just above AirTran's
    $15.75 per-share tender.
    Fornaro called it a Northwest
    power play to keep out com-
    petitors. The airline has hubs in
    Minneapolis and Detroit, and
    controls about 19 percent of the
    market at Milwaukee's Mitchell
    International Airport. Midwest
    has about 50 piet cent of Mil-
    waukee traffic, and their com-
    bination would create a huge
    Wisconsin player.
    Northwest would not partici-
    pate in Midwest control or man-
    agement if the TPG offer is fin-
    ished, the Eagan, Minn.-based
    airline said. 'The deal was
    expected by Wednesday.
    Fornaro said the Justice
    Department should scrutinize
    it, and AirTran would revisit if
    the deal fell through. l-lowev-
    er, he said the company was not
    interested in other acquisitions.
    "Our goal wasn't to do a
    transaction or buy somebody.
    What we were trying to do was
    diversify, and this was a means


    Fidelity Bank (Bahamas) Limited



    NOTICE TO


    SHAREHOLDERS


    The Board of Directors of Fidelity1 Bank (Bahamas)
    Limited is pleased to notify all shareholders that based on
    audited financial results for the quarter ended December
    31, 2006 and on un-audited financial results for the quar-
    ter ended March 31, 2007, a dividend oft $0.02 per
    ordinary share has been declared to be paid on August 31,
    2007 to all shareholders of record as of Auguii 1 ', 20017.




    NOTICE

    NOTICE is hereby given that OLETTE ELIBON JOSPEH OF
    CROOKED ISLAND STREET, P.O. BOX N-8889, NASSAU,
    BAHAMAS, is applying to the Minister responsible for
    Nationality and Citizenship, for registration/naturalization
    as a citizen of The Bahamas, and that any person who
    knows any reason why registration/ naturalization should
    not be granted, should send a written and signed statement
    of the facts within twenty-eight days from the 7TH day of
    AUGUST, 2007 to the Minister responsible for Nationality
    and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



    NOTICE

    NOTICE is hereby given that JOSUE JOHN JOSEPH OF
    PALM BEACH STREET, NASSAU, BAHAMAS, is applying
    to the Minister responsible for Nationality and Citizenship,
    for registration/naturalization as a citizen of The Bahamas,
    and that any person who knows any reason why registration/
    naturalization should not be granted, should send a written
    and signed statement of the facts within twenty-eight
    days from the 7TH day of AUGUST, 2007 to the Minister
    responsible for Nationality and Citizenship, P.O.Box N- 7147,
    Nassau, Bahamas.



    NOTICE

    NOTICE is hereby given that UNSEUL JOSPEH OF
    CROOKED ISLAND STREET, P.O. BOX N-8889, NASSAU,
    BAHAMAS, is applying to the Minister responsible for
    Nationality and Citizenship, for registration/naturalization
    as a citizen of The Bahamas, and that any person who
    knows any reason why registration/ naturalization should
    not be granted, should send a written and signed statement
    of the facts within twenty-eight days from the 7TH day of
    AUGUST, 2007 to the Minister responsible for Nationality
    and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



    PUBLIC NOTICE
    INTENT TO CHANGE NAME BY DEED POLL
    The Public is hereby advised that I, SHAWN SEYMOUR
    of 1st Street, Coconut Grove, P.O. Box N-9495, Nassau,
    Bahamas intend to change my name to KEYSHON
    MOSS. If there are any objections to this change of
    name by Deed Poll, you may write such objections
    to the Chief Passport Officer, P.O.Box N-792, Nassau,
    Bahamas no later than thirty (30) days after the date of
    publication of this notice.


    to do that," Fornaro said.
    Midwest spokeswoman Carol
    Skornicka said the company is
    confident the agreement will
    pass federal review.
    "The board was fully advised
    on antitrust issues and that it
    would close," she said.
    AirTran has recently ramped
    up its routes and fleet, and last
    month reported a 30 percent
    jump in second-quarter earn-
    ings. More than a dozen new
    routes were added to St. Louis,
    San Diego, Charleston, S.C. and
    other cities.
    Analysts were mixed on how
    the failed Midwest bid would


    affect AirTran. J.P. Morgan
    Securities Inc.'s Jamie Baker
    said in a client note that Air-
    Tran shares may drop Monday,
    but Morgan didn't like the sale
    anyway.
    "We much prefer the lower-
    risk stand-alone strategy for
    now, and questioned manage-
    ment's ability to smoothly exe-
    cute the integration of both car-
    riers," Baker said. "Perhaps
    more importantly, we preferred
    AirTran keep its powder dry.
    Given our increasing optimism
    for more meaningful industry
    consolidation in 2008 and 2009,
    more lucrative opportunities for


    Legal Notice
    NOTICE

    CASTOR AND POLLUX LIMITED

    NOTICE IS HEREBY GIVEN as follows:

    (a) CASTOR AND POLLU'X LIMITED is in voluntary
    dissolution under the provisions of Section 137(4)
    of the International Business Companies Act 2000
    (b) The dissolution of the said company commenced on
    the 09th August, 2007 when the Articles of Dissolution
    were submitted to and registered by the Registrar
    General
    (c) The Liquidator of the said company is Verduro
    Associated Ltd of Pasea Estate, Road Town, Tortola,
    British Virgin Islands of c o 1 Raffles Link #05-02,
    Singapore 039393.

    Dated this 14th day of August, A.D. 2007


    Verduro Associated Ltd.
    Liquidator





    -N-SHOP L'E E
    ChaongO wo The Boharmo OoS e B s m e .


    Your lights will '
    never S-


    AirTran may. ultimately occur."
    Calyon Securities Inc. said the
    negotiation breakdown was
    neutral for AirTran, as it will


    absorb no risk but may miss
    long-term gains. However, the
    client note doubted federal reg-
    ulators would block the sale.


    LEGAL NOTICE


    NOTICE OF DISSOLUTION
    OF
    W-D (BAHAMAS) LIMITED
    (In Voluntary Liquidation)


    Notice is hereby given that liquidation of the
    above company commenced on the 25th day of June,
    A.D. 2007 and that RIC Nominees Limited, The
    Rigarno Building, Bay Street and Victoria Avenue,
    Nassau, Bahamas has been appointed Liquidator of
    the Company.



    RIC NOMINEES LIMITED
    Liquidator














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


    Assistant Financial Controller

    As Assistant controller, you will work with and support
    Senior management as it relates to all accounting and
    finance functions of the companies. This includes GL
    maintenance, month-end close, Internal Reporting,
    financial analysis, budgeting and forecasting, working
    with auditors and supporting general management and
    operations.

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

    Requirements:

    V Bachelors in accounting and/or Finance
    V CPA or CA (an asset)
    V 3+ years experience in Accounting/Finance
    V Able to supervise staff at the clerical and professional
    level

    Send cover letter explaining in detail why you would
    be right for the position. Please forward your resume
    with professional references and phone numbers to:

    DA7168
    c/o The Tribune,
    P.O. Box N-3207,
    Nassau, Bahamas


    *C
    C F A L"
    Pricing Information As Of:
    Monday. 13 August 200 7
    BI9X LISTED & TRADED SECURITIES VISIT WVVW.ISXAHAMAa.t6M OFi R A
    BISX iALL SHARE INDEX' CLOSE 1.848 89 / CHG 00.06 / %CHG 00.00 / YTD 172.70 t11-. .X.P130 .
    52wk-Hi 52wk-Low Securit y Previous Close Today's Close Change Daily Vol. EPS $ Div $ PiE Yield
    1.78 0.54 Abaco Markets 1.60 1.60 0.00 0.000 0.000 N/M 0.00%
    12.05 11.00 Bahamas Property Fund 11.65 11.65 0.00 1.527 0.400 7.6 3.45%
    9.41 7.49 Bank of Bahamas 9.40 9.40 0.00 0.733 0.260 12.8 2.77%
    0.85 0.70 Benchmark 0.85 0.85 0.00 0.048 0.020 17.7 2.35%
    3.71 1.50 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 1.250 0.949 0.240 11.3 2.23%
    2.4 1 1.80 Colina Holdings 2.65 2.65 0.00 0.281 0.080 9.4 3.02%
    15 15 10.99 Commnionwealth Bnnk 15.15 15.15 0.00 1.190 0.680 12.7 4.50%
    7.22 470 Consolidated Water BDRs 6.17 6.09 -0.08 3,000 0.112 0.050 55.2 0.81%
    2.76 2.20 Doctor's Hospital 2.31 2.31 0.00 2.000 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%
    12.77 11.51 Finco 12.76 12.77 0.01 3.000 0.787 0.570 16.2 4.46%.
    14.70 13.10 FirstCaribboan 14.65 14.65 0.00 0.977 0.470 14.6 3.21%
    518 5.18 Focol (S) 5.18 5.18 0.00 0.364 0.133 14.2 2.56%
    100 0.54 Freeport Concrete 0.70 0.70 0.00 -0.415 0.000 N/M 0.00%
    8.65 7.10 ICD Utilities 7.25 7.25 0.00 200 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 10n0o Premie Rial Estate 1000 10.00 0.00 1.167 0.600 8.6 6.00%
    Fidelity Over-The-Counter SecurlI es
    52wk-, "-. *.... L..... -.,,.L ._-, Ii...3 I I Lal Fr..:e W.%IeKly .l EPS S D S S PE Yieli
    14.60 12.2.5 E,,Cr ,6,l- [.-i-1a Ul.uu 15,-.01,S0- I;3.4.-1 J 8':' 1 ; 34 1 Ja5 I b 10 1- -
    10 14 10.00 Caribbean Crossings (Pref) 6.00 6.25 10.00 0.000 0.640 NM 7.85%
    0.54 0.20 RND Holdings 0.35 0.40 0.20 -0.030 0.000 N/M 0.00%
    C.olina Ouver-Te-Counltir Securlilos .:'
    43.00 28.00 ABDAB 41 00 43.00 41.00 2.220 0.000 19.4 0.00%
    14.60 14.00 Bahamas Supermarkets 14.60 15.50 14.00 1.234 1.125 12.6 7.71%
    0.60 0.35 RND Holdings 0.45 0.55 0.45 0.021 0.000 26.2 0.00%
    BISX Lisled Mutual Funds . : S'
    52wk-Hi 52wk-Low riFund Name NA V YTD% Last 12 Months Div $ Yield %
    1.3501 1.3020 Colina Money Market Fund 1.350138"
    3.3402 2.9449 Fidelity Uahamns G & I Fund I .3,102-I"
    2 7399 244 I Colinn MSI Pwfelrred I und 2. 3993.5"'
    1 2652 1 1886 Colina Bond Fund 1.265223"**
    11.6581 11.1193 Fidolity Priino Income Fund 11.U581'.
    FINDEX: CL.OSE 806.31 /YTb 86% 1/2006 34.47%
    i .;wk Iit II. ii tth t, i li Wo o iil II,1 i2 w...i til- 1 ; IHu yl.... pll .. o l I l 11 04ily
    Jn, wnx I 'i w. nn n wl n I,,,,, h ,ll Inlo ii, n wi i, .O Al) 1, 1 'i l 1 linll 1n, n it 'l l llo .li n lllil 0i tunliy A u 07innNVEi ,y
    [' 'TO TRAD CAl'l L. COLy' ,hh' I 4rl;' 71 FIDLIT W',?-"56-77;FO OklRElllO DAT t & IN,. -AII K a 31 May2007
    D,111y Vol NuI-b r I1 total sh...t.l!, Id- II I,y NAV NWt Annot VlI
    'll In... p. i dnvti n hy thn li,'; 12 n uI. th mrn,. n in I INDI X i, t id hty L.nI.,um -tion k l in i ox nh, U in i, 199,1 = 100I
    ( n,,) Tar I sto nA l,,, l L rF L L4u5n-ohF M ETIin,.i39 2
    TO TRADE CALL COLINA 242.502-7r10 t FIDELITY 242-'356-7764 I FOR MORE DATA & INFOI43IATINA.3~,I3 34- 2503


    BUSINESS


    0







    THE TRIBUNE


    Inflation surges in China


    * By KEITH BRADSHER
    c.2007 New York Times
    News Service
    HONG KON(; Steeply
    rising food prices pushed iinfla-
    tion in China to 5.6 percent
    last month, the fastest pace in a
    decade, government figures
    showed Monday, prompting
    renewed concern ii about
    whether inflation would spread
    more widely in China and
    abroad.
    The surge in consumer
    prices last month pushed mfla-
    tion past its peak of 5.3 per-
    cent in July and August 2004,
    when Beijing officials respond-
    ed by imposing sonmelimnes
    drastic administrative restric-
    tions to slow what appeared
    then to be an overheat ing
    economy.
    Local officials were jailed
    then for allowing large projects
    to proceed without central
    government approval, price


    ,-
    j

    ~


    I


    ,,


    '7,i. 4
    Vh
    - *
    1,, ^


    'V


    IN THIS photo released b) Ch lina's Xinliua News Agency. Chinese Premier Wen Jiabao, second
    from left, talks with a woman during Ihis inspection of Xinfadi farmi and wholesale produce market in
    Beijing, Saturday. Aug. 4, 2007. (I IP Pholo)


    controls were IllllcirodlIucCl to ;I
    variety of goci mimenlt s(c vices
    and tlioitsainils ilI \\>o keis \Vere'


    inoblit/edI lor emergency pro-
    jects to expand thie country's
    o\M i rI'delcetl porl s.


    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

    Deveaux Duane, 1992 Dodge Dynasty # 5394. Deveaux Reno, 1989 GMC
    Truck, #M17650. Ferguson Maria A., 1993 Subaru Tusty # 33076. Lochart
    Advkda M. 1996, Toyota Corolla #' 81499. McDonald Kalia A ,1987 BMW
    323 # 48530. Purdy Bruce, 1990 Tarus Station Wagon #97898. Rodgers
    Randolph, 1990 Ford Explorer, #32415 Sweeting Everette & Leonie, 1994
    Pont Gran Prix, #29159. Talor Shelly M, 1988 Nissan Stanza, #59144.
    Thompson Charles K, 1980 Chev Caprice Classic, #59516. Wison
    Suzanne 1991 NIssan Cedric, #30612 1987 Acura Legend. #51944.
    Acura TwinCam, #108680. 1988 Chev Baretia. 1988 Eagle Premier,
    #61642. 1991 Linc Continental, # 35034. 1990 Nissan Maxima, # 12229


    Failure to remove these vehicles by Thursday
    13th September, 2007 will result in the disposal of
    same on Friday 14th, September, 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
    reported.
    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 conipany'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 conputtc 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
    issues.
    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 I, oblenm solve in
    support of the network and central database sysAL-ns.
    Associates degree in a computer-related field, industry standard
    network certifications required, plus Iwo (2) )r nore years of
    proven technical support and network systems experience.

    Benefits include: Competitive salary commensurate will experience
    and qualifications; Group Medical (incluIdes denicial and vision) and
    life insurance; pension schIemle.

    Interested persons should apply no later hlian August 17th, 2007 to:
    DA 8128
    c/o 1 he tribune
    P.O. Box N-3207
    Nassau, Bahanias


    But Beijing's response to
    higher prices this year has been
    more subdued because the
    increases have been largely
    confined so far to food. 'Thie
    government has gradually
    pushed up interest rates and
    raised the percentage of assets
    that banks must keep ias
    reserves \\ilh the cenital bank
    but has elrained from trying
    to shock tlie eclonomt.iy into a
    slower pace of growth through
    sharp interest rate increases or
    severe administrative controls.
    Led by pork and oilither
    meats, consumer prices for
    food were up 15.4 percent
    from a year ago, pinching
    unskilled workers and other
    low-income city dwellers to the
    alarm of top Chinese officials.
    Floods in southern China
    have hurt crops in this region.
    Grain prices have been rising
    globally because inore grain is
    being used Ifo0 ethanol pro-
    duction and because increas-
    ingly affluent people in devel-
    oping countries are buying
    more grain-fed livestock and
    poultry. Pigs in ('hina have
    been dying in significant num-
    hers from diseases, driving up
    pork prices.
    Prime Minister Wen Jiabao
    of China visited Beijing's
    wholesale food market on
    Aug. 4 and called for local gov-
    iernmentts across thile country to


    I---*,- ---


    check on food supply lines
    from farms and to, subsidize
    poor families to help them
    afford to keep food on their
    tables.
    "The supply line for daily
    necessities should not be dis-
    rupted," Wen said, according
    to the official Xinhua news
    agency.
    The Chin'ese government is
    now paying much greater
    attention to food safety, fol-
    lowing scandals like the conta-
    minated pet food that killed
    cats and dogs in the United
    States. But experts doubt-the
    increased emphasis on safety
    is causing inflation now.
    "New food safety rules may
    have an indirect, long-term
    effect on food prices, but have
    little impact on the price
    increases we are seeing now,"
    wrote Jing Ulrich, the chair-
    man of China equities at J.P.
    Morgan, in an e-mail state-
    ment.
    Higher food prices can have
    a silver lining for China's lead-
    ers: When prices reflect greater
    demand for food, as opposed
    to flood damage or dying pigs,
    the price increases mean more
    income for China's 800 million
    peasants. President Hu Jintao
    has made it a top priority to
    increase farm incomes and
    reduce income inequality
    between rural and urban areas;
    when Wen visited the Beijing
    market, which was covered by
    official media, he was careful
    to avoid criticizing farmers and
    did not accuse them of price
    gouging, although he did cau-
    tion against hoarding and spec-
    ulation in general.
    The real mystery involves
    why inflation is largely con-
    fined to food. Excluding food,
    consumer prices were up nine-
    tenths of a percent last month
    from a year earlier, roughly
    the same increase as in June.
    Economists are divided and
    to some extent perplexed by
    how well inflation has been
    contained in the rest of the
    economy. Some predict that
    prices will start rising soon for
    a broader range of goods and
    services, warning that the
    economy may have reached an
    unsustainable rate of growth


    The Bahain as R ealEstate Associatibn 322-2145


    ESTATe



















    URGENT NOTICE


    THE PUBLIC IS HEREBY ADVISED THAT:




    Ms. Dorel Delancey of Dream Development Limited
    located on Mackey Street, is not a licensed member of the
    Bahamas Real Estate Association (BREA), and is not licensed
    to engage in the practice of real estate in The Bahamas.


    Ms. Dorel Delancey and Dream Development Limited also do not
    have a developers license.


    The public is hereby advised that the Bahamas Real Estate
    Association is the governing body for the practice of real estate in
    The Bahamas and the issuance of licenses as mandated by the
    Real Estate (Brokers and Salesman) Act, 1995.


    Members of the public are asked to always check with the office of
    the Bahamas Real Estate Association to confirm and ensure that an
    individual purporting to be a real estate Broker/Agent, Appraiser or
    Developer is licensed by the Association


    PAGE 6B, TUESDAY, AUGUSI 14, 2UO0


    I


    I


    when it expanded 11.9 percent
    in the second quarter.
    By comparison, growth of
    9.6 percent in the second quar-
    ter of 2004 ignited a broad
    acceleration of inflation then.
    Ships had to wait then as long
    as a month to unload supplies
    of critical industrial commodi-
    ties like iron ore for steel pro-
    duction, driving up costs that
    producers then passed on to
    consumers.
    Railroads were unable to
    clear docks of arriving cargos,
    which piled up in enormous
    mounds at docks like Qing-
    dao's.
    National, provincial and
    local government agencies
    have engaged in a frenzy of
    spending since then on new
    ports, railroads, highways,
    pipelines and other infrastruc-
    ture while businesses have
    been investing heavily in new
    factories, office buildings,
    apartment towers and more.
    Economists contend that the
    sheer scale of the spending has
    sometimes been wasteful and
    many unnecessary projects
    have been completed.
    But China has avoided so far
    the inflationary bottlenecks
    that briefly threatened to over-
    whelm it in 2004, even as
    growth has accelerated to a
    considerably faster pace.
    Some economists worry that
    broader inflation is coming to
    China but has not arrived yet.
    They point to a brisk expan-
    sion in the money supply last
    month, and suggest that too
    much money may be chasing
    too few goods soon, leading to
    broader rises in China's con-
    sumer price index.
    "In our view, inflationary
    pressures will remain high in
    the coming months and we see
    significant upside risks to our
    current CPI forecasts," wrote
    Liang Hong, an economist in
    the Hong Kong offices of
    Goldman Sachs, in a research
    note.
    Stock investors were largely
    untroubled by the inflation fig-
    ures released Monday. The
    Shanghai A share market
    climbed 1.52 percent while the
    Shenzhen A share market fell
    0.89 percent.


    i













    Federal Reserve finds banks tightening




    standards on subprime mortgages


    * WASHINGTON
    Associated Press
    MORE banks have tight
    ended lending standards on
    subprime mortgages, the FIed-
    cral Reserve said Molndav in a
    survey that provided further
    evidence of spreading prob-
    lems.
    The Fed said it found that
    more than half of banks
    responding to a survey report-
    ed they had tightened theii
    lending standards for sub-
    prime mortgages, loans
    offered to borrowers with
    weak credit histories.
    The Fed survey found that
    of 16 banks that said they
    were still in the subprime mar-
    ket, nine had tightened lend-
    ing standards in the past thllee
    months.
    The 16 banks are among the
    United States' largest and
    accounted for 57 percent of
    all residential loans at the end


    Survey provides further

    evidence of spreading problems


    of March, the led said.
    The Fed survey found that
    even on prime luans, which
    of fer traditional payment
    options such as 30-year mort-
    gages to borrowers with strong
    credit histories, slightly more
    than 0I percent said they had
    tightened lending standards in
    the past three months while
    none i reported easing stan-
    dards.
    The Fed survey on prime
    mortgage lending was based
    on the responses of *1') of the
    biggest U.S. banks, accounts
    ing for 71 percent of all c si-
    dential loans on the Ibooks of
    conunerlcial banks.
    Analysts said th e stiovev.
    which thev follow\ closely forI


    trends in hlie banking indus-
    tn. showed banks were
    responding to growing trou-
    bles in mortgage lending,
    rellected b\ a rising number
    of 11101 gage defaults.
    lendingg standards are
    being tightened as aggressive-
    I'y is in I he credit clunch of
    ItlQ ) 0l," said Mark /.andi,
    chiet economist at Moody's
    I Cconomlv.com.
    David Wyss, chief econo-
    mist at Standard & Poor's in
    New Yolk, said it was trou-
    I'lunP i:1atl credit standards are
    Iheine tighlcncd for business
    louIns gi\en l that inonresidcn-
    tial construction activity had
    been helping to soften the
    imlplal of tIe steep slump in


    housing construction.
    The Mortgage Bankers
    Association reported recently
    that the percentage of sub-
    prime loans that were 30 or
    more days past due climbed
    to 15.75 percent in the first
    three months of this year, a
    record high and up from 14.44
    percent in the final three


    months of last year.
    The crisis in subprime lend-
    ing has sent shock waves
    through other parts of the
    financial system and caused
    big drops in the stock
    market in trading last
    week as investors worried
    about whether an expanding
    credit crunch could
    seriously harm the overall
    economy.
    The Fed joined with other
    central banks around the
    world to add money to the
    banking system in an effort to
    bolster confidence.
    The crisis in subprime lend-


    ing reflects an overall slump
    in the housing market follow-
    ing a boom period in which
    sales and home prices had
    both soared.
    With sales now falling and
    prices stagnant, potential buy-
    ers are having trouble getting
    loans because of tighter lend-
    ing standards, a development
    that many economists fear will
    make the housing slump cvea
    worse.
    The Fed last week kept a
    key interest rate unchanged
    while noting tighltr credit con-
    ditions for some households
    and businesses.


    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
    practice.

    RAS provides comprehensive riak 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.


    Requirements:
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    field
    * a minimum of 18 months of related audit/compliance or applicable
    business experience
    * Certified Internal Auditor (CIA) or Certified Public Accountant
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    to become certified.
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    Ernst & Young
    Orie Montague Place
    3rd Floor
    East Bay Street
    P.O. Box N-3231
    Nassau, Bahamas
    Fax: 242-502-6090
    Email: info.ey@bs.ey.com


    SHOPPERS and workers cross an intersection at Shibuya
    business and shopping district in Tokyo Monday, Aug. 13, 2007.
    Japan's economy grew for the 10th straight quarter in April to .line,
    driven mainly by company spending, but the pace of expansion
    slowed to an annualized rate of 0.5 percent, the government said
    Monday. (AP Photo)


    Needed
    One male and female to do general cleaning.
    Must have own transportation.

    Please come in for Interview. At Athena Cate
    Bay & Charlotte Street
    P.O. Box N-3669
    Nassau, Bahaman
    Tel: (242) 326-1296/322-8833







    Responsibilities:

    Day to Day running of the store
    Inventory Control

    Day to Day sales

    Computer literate

    Must have a good personality


    Please provide your resume to:


    Andrew Aitken Frame Art

    50 Madeira Street

    Palmdale Ph.328-7065


    TUESDAY, AUGUST 14, 2007, PAGE 7B


    THE TRIBUNE


    Japan's economy Upows fop I Oth stpaight quaplep







    THE TRIBUNE


    PAGE 8B. TUESDAY, AUGUST 14, 2007


    GOVERNMENT NOTICE GN-


    Supreme Court


    SUPREME COURT
    P. 0. Box N-167
    New Providence, The Bahamas


    COMMONWEALTH OF THE BAHAMAS
    THE SUPREME COURT
    PROBATE DIVISION


    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
    (for) Registrar


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


    COMMONWEALTH OF THE BAHAMAS
    THE SUPREME COURT
    PROBATE DIVISION

    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 "i he

    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.....

    (for) Registrar


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

    COMMONWEALTH OF THE BAHAMAS
    THE SUPREME COURT
    ROBATE DIVISION



    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

    ine 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 1he

    expiation of 14 days from the date hereof.



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


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

    COMMONWEALTH OF THE BAHAMAS
    THE SUPREME COURT
    ROBATE DIVISION

    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.




    lbirstrar


    SUPREME COURT
    P. 0. Box N-167
    New Providence, The Bahamas


    COMMONWEALTH OF THE BAHAMAS
    THE SUPREME COURT
    PROBATE DIVISION

    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


    SUPREME COURT
    P. 0. Box N-167
    New Providence, The Bahamas


    COMMONWEALTH OF THE BAHAMAS
    THE SUPREME COURT
    PROBATE DIVISION


    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 heceof. 1 [

    ............ ) Re....gistrar

    (for) Registrar


    I


    .


    --


    I I









    THE TIBUNETUESAY, AGUST 4, 207,IPGESS


    Consumers

    head to the

    malls to buy

    clothes,

    furniture and

    electronics

    products
    * WASHINGTON
    Associated Press
    CONSUMERS went shop-
    ping for everything from
    clothes to furniture last month,
    helping to calm fears that a
    key segment of the economy
    might be faltering.
    Retail sales rose 0.3 percent
    in July. the Commerce
    Department said Monday in
    a report that showed strength
    in a wide array of areas outside
    of autos
    I'he rebound came after a
    0 7 percent decline in June, the
    sharpest decline in 16 months.
    It was originally reported as
    an even bigger 0.9 percent fall
    and had raised concerns that
    soaring gasoline prices and a
    slumping housing market were
    beginning to take their toll on
    consumer spending. which is
    closely watched by economists
    because it accounts for two-
    thirds of the total economy.
    But analysts took heart
    from the July rebound.
    "Consumers are holding
    tough," said Mark Zandi. chief
    economist at Moodv's Econo-
    inv.coni. "They are surpris-
    ingly resilient in the face of
    near-record high gasoline
    prices and the unraveling
    housing market."
    Zandi and other analysts
    said as long as consumer
    spending continues to show
    gains, it will lessen concerns
    that the economy could lapse
    into a recession caused by the
    worst housing downturn in 16
    years and recent turmoil in
    financial markets caused by
    spreading problems in credit
    markets.
    Wall Street., which was bat-
    tered last week by global cred-
    it worries, could not hold on to
    early gains Monday with the
    DoNw Jones industrial average
    closing down 3.01 points at
    03,230 53.
    A separate survey released
    Monday by the Federal
    Rescr\e found that banks,
    responding to rising home
    foreclosures especially in the
    market for subprime loans,
    tightened their lending stan-
    dards in the past three months.
    Of a total ot 16 banks that
    are still in the subprime mar-
    ket, nine of those banks said
    they had tightened their stan-
    dards for subprime loans,
    according to the survey. Near-
    ly half of the banks responding
    to the survey said they had
    tightened standards on so-
    called nontraditional mort-
    gages such as interest-only
    mortgages. The 16 banks in
    the subprime market held
    about 57 percent of residen-
    tial mortgages on the books of
    all commercial banks at the
    end of March.
    Wall Street suffered through
    some stomach-churning days
    last week because of worries
    about how credit problems
    that began in the market for
    subprime mortgages might
    spi read to other types of loans
    until the Fed and other cen-
    tral banks around the world
    added extra money to try to
    stem fears of a full-blown cred-
    it crunch.
    While analysts were pleased
    by the rebound in July retail
    sales and the upward revisions
    to activity in earlier months,
    they cautioned that consumer
    spending could still be shaken
    if the financial market prob-
    lems intensify.
    In a third report, the Com-
    merce Department said that
    businesses built up their inven-
    tories by 0.4 percent in June,
    right in line with expectations.
    The gain supported the view
    that inventory rebuilding will
    help support economic growth
    in the second half of this year
    and offset weakness in such
    ai cas as housing.
    David Wyss, chief econo-
    mist at Standard & Poor's in
    New York, said he was looking
    for the overall economy to
    expand at a rate of around 2.5
    percent in the second half,
    down from the 3.4 percent
    growth rate of the April-June
    quarter.
    "You have to worry about


    consumer confidence, but so
    fai, things are hanging in there
    OK," he said.
    Consumers, who have been
    the standout performers dur-
    ing the current economic
    expansion, boosted purchases
    in a number of areas in July,
    pushing sales at clothing stores
    up by 1.3 percent, after a big
    diop in June, while sales at
    department stores and general
    merchandise stores such as
    Wal Mart were up by 0.9 per-
    cent.Sales also rose at furni-
    ture stores, electronic and
    appliance stores and health
    C eC SI()I LS.


    Oil and gasoline, copper and


    nickel trade higher as concerns




    about economic growth ease


    * By LAUREN
    VILLAGRAN
    AP Business Writer

    NEW YORK Oil and
    industrial metals prices
    rebounded Monday as a
    calmer day on Wall Street
    helped soothe concerns that
    credit market troubles
    would hurt economic
    growth and curb demand
    for raw materials.
    Sharp declines in com-
    modities prices last week
    also left several markets
    open for bargain hunting.
    Oil prices climbed, as did
    industrial metals and some
    agriculture futures. Gold
    prices fell.
    Global equities markets
    stabilized Monday aftqr the
    European Central Bank,
    Federal Reserve and the
    Bank of Japan poured addi-
    tional liquidity into the mar-
    ket to help assuage concerns
    that liquidity in some cor-
    ners namely the mort-
    gage-lending market -
    would dry up. The Fed
    alone has added $62 billion
    in caph to the banking sys-
    tem since Thursday.
    The return of some opti-
    mism in the financial mar-
    kets helped bolster oil
    prices, which slid 5 percent
    last week as concerns over
    tightening credit conditions
    intensified and some


    investors worried that prob-
    lems in the lending market
    could curb economic growth
    and oil demand along with
    it.
    Several other supportive
    elementsin the energy mar-
    ket lost strength as the ses-
    sion progressed, however.
    Early on. reports of a hand-
    ful ol refinery outages for
    planned and uIlplannIed
    maintenance buoyed prices.
    but several refiners latci
    said that outages wouldn't
    slow gasoline output.

    Attention

    Meanwhile, the a Nation.
    al Hurricane Center advised
    that a tropical depression ini
    the eastern Atlantic "could
    form later today or tomor-
    row." But forecasters later
    estimated that storm, as it
    strengthens, may move up
    the eastern seaboard and
    away from the Gulf of Mex-
    ico. The hurricane season
    typically intensifies through
    August, and the market will
    likely pay close attention to
    any storm that could threat-
    en the Gulf Coast. where
    many of the nation's oil and
    gas installations are locat-
    ed.
    Light, sweet crude for
    September delivery added
    15 cents to settle at $71.62 a


    Portuguese bank seeks millions

    from accounting firm over fraud
    * MIAMI
    Associated Press
    ACCOUNTING firm BDO Seidman must pay $170 million in
    compensation and also must provide punitive damages foi its neg-
    ligence in failing to uncover massive fraud in a financial services
    company backed by a Portuguese bank, a |ui\ ruled Monda\.
    The firm's lawyer said earlier Monday that the bank, Banco
    Espirito Santo, shares responsibility because its higher-ups enabled
    the fraud by not properly keeping track of bad transactions that lat-
    er landed several executives in prison.
    A six person jury heard closing arguments and began deliherat
    ing Monday afternoon in the penalty phase of the tial. 'he first
    phase saw the same jury in June find BDO) Scidman grossl\ negli-
    gent of failing to find $170 million worth of fraud in audits of a fo[-
    mer partner of the bank, E.S. Bankest LLC.
    BDO Seidman has said it will appeal the June verdict. In court fil
    "ings, BDO Seidman has warned that a loss of $170 million in the
    case could trigger massive layoffs and cause the company to lose its
    position as the nation's No. 5 accounting firm.


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    barnel on the New York
    Mercantile Exchange. Gaso-
    line futures gave up early
    gains to lose 1.73 cents to
    close at $1.9375 a gallon.
    Natural gas slipped 2.6
    cents to end at $6.794 per
    1,000) cubic feet, after a
    jump of monre Ithan 330 cents
    carliCe on fears of storm-
    related supply disruptions.
    li elsewhere. bargain
    hunters stepped ilto tihe
    industrial metals market,
    wheie prices last week had
    fallen sharply ;is tul moil in
    the tianmcial markets led to
    liquidation ofn metals hold-
    ings.
    Lead, which shed 12 per-
    cent last week, regained
    about 3 percCent Monday on
    thlie London Metal
    Exchange, while copper and
    nickel also moved higher.
    The copper market drew
    support from ongoing labor
    problems at mines in Latin
    America Negotiations
    between Southern Copper
    Corp and unions at two
    mines and a smelter in Peru
    broke down on Monday,
    Dow Jones Newswires
    reported. Workers will meet
    to decide whether to extend
    a strike that had been put
    on hold \\lien talks
    resumed. Meanwhile, strikes
    at two copper mines in Mex-
    ico continue.
    Il.abor issues have at times
    beeLn sidelined by more
    pressing concerns over the
    a\ ailabilitl\ of credit, which
    upset Wall Street and the
    commodities markets last
    week
    SoiCme investment funds
    dipped into their more liq
    uid commodities holdings


    last week to raise capital
    when it couldn't be found
    elsewhere.
    In addition to the short-
    term factors that influence
    the market, John Welsh,
    senior vice president of
    Peregrine Linancial Group
    Inc noted that underlying
    demand lor copper in indus-
    trial uses reml ains strong.
    particularly from China.

    Boom

    "China is paying the high-
    est prices in history for cop-
    pei and construction mate-
    rials" to finance an unprece-
    deinted coinstructiolln boom,
    lie said.
    On Monday. Nymnex cop-
    per rose 8.15 cents to $3.441
    a pound.
    Nvmex gold and silver
    prices slipped modestly low-
    er amid choppiness in the
    currency markets, where the


    U.S. dollar traded mixn
    against foreign cuii!ci(--
    Precious metals oll in tal.
    their direction from the U.S.
    dollar, moving higher wheli
    a decline in the dollar flau,.
    inflation concerns, or vice
    versa.
    December gold finished
    70 cents lower at $680.90 1,;
    ounce, while September sil
    ver closed down 1.5 cents oi
    $12.855 an ounce.
    In Chicago, agriculture
    prices ended mixed. Hoi
    weather continued to blan
    ket the southern Corn Belt
    a potential menace fo-
    yields on the nation's soy
    bean crop, and soybe:;i.
    prices jumped.
    November soybean
    gained 10 cents to settle at
    $8.8175 a bushel. Corn
    prices slipped 1.5 cents to
    $3.49 a bushel, while wheal
    dropped 0.5 cent to $6.665 a
    bushel on the Chicago
    Board of Trade.


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    TUESDAY, AUGUST 14, 2007, PAGE 9L;


    THE TRIBUNE


    0i|7









    PTE A T 2HS


    Goldman Sachs and




    investors put




    $3 billion into fund


    I... ~
    /,
    d I, I I.


    ~ I
    ~, liii


    Goldman Sachs and a group
    of investors are injecting $3 bil-
    lion of capital into one of its
    I'ailing hedge funds that lost
    :bout 30 percent of its value
    last week.
    The bank's decision is an indi-
    'cation of the severity of last
    .week's dramatic market move-
    ments as well as the potential
    lor significant losses in the
    'olatile hedge fund sector.
    The Goldman fund, Global
    lEquity Opportunities, was
    'worth a little less than $5 bil-
    lion slightly more than a week
    igo. After the market's wild
    roller coaster ride last week,
    which affected a wide swath of
    quantitative or computer-gen-
    crated trading models, its assets
    lell to $3.6 billion. Now, with
    about $2 billion from Goldman
    , Sachs and an additional $1 bil-
    lion from C.V. Starr & Co., the
    Sinmestor Eli Broad and others,
    the fund will have more than
    $% billion.


    Goldman's chief financial
    officer, David Viniar, said Mon-
    day that the investment should
    not be seen ias an attempt by
    the bank and the investors to
    bail out the fund, but an effort
    to take advantage of the unusu-
    al conditions in the market.
    "'This is not a rescue." Viniar
    said in response to a questions
    from an analyst. "Given the dis-
    location in the markets we
    believe this is a good investment
    opportunity for us and for the
    other investois that we have
    brought in," he said. He said it
    would also help current
    investors by gi\ ing it capital to
    invest.
    Analysts saw it a bit differ-
    ently.
    "It is a rescue in that you are
    providing capital so this hedge
    fund doesn't haec a liquidity
    problem," said Brad Hintz, an
    analyst at Santord Bernstein.
    "But on the other hand, in the
    face of pretty exciting market


    conditions, they are putting cap-
    ital at risk which tells me that
    Goldman Sachs is what is
    that famous Wall Street phrase?
    - cautiously optimistic."
    The capital injection is a
    remarkable event for Goldman
    which more than any other
    bank on Wall Street has aggres-
    sively built out its hedge fund
    strategies. It has done this in
    two separate parts of the bank:
    using its own capital on its pro-
    prietary trading desk, a strategy
    it has followed for a long time,
    and using money from its high
    net worth clients and institu-
    tions such as pension funds and
    endowments to build up its
    hedge funds within its asset
    management group.
    In the second quarter of 2007,
    the asset management group
    earned $1 billion in manage-
    ment fees -- fees the bank
    earns regardless of performance
    - a significant portion of which
    came from fees from hedge
    funds.
    Global Equity Opportunities,
    known as GEO, as well as
    North American Equity Oppor-
    tunities and Global Alpha, a
    multi-strategy fund, are all


    housed within the asset man-
    agement business, which has
    $151 billion in asset, invested
    in alternative investment strate-
    gies. The infusion into GEO
    appears to be a first for Gold-
    man.
    It comes at a time when the
    bank's hedge fund strategies are
    suffering. Global Alpha, often
    referred to as Goldman's flag-
    ship hedge fund, is down 27 per-
    cent through the end of last
    week. The fund now controls
    $7.2 billion, down from more
    than $10 billion at its peak. The
    fund's investors are able to
    redeem their money quarterly,
    and Goldman will know by the
    end of the week if investors
    intend to yank money out of
    the fund due to its continued
    poor performance. Viniar said
    that so far this year, more capi-
    tal had come into the fund than
    flowed out.
    GEO and NEO are both
    pure quantitative strategies,
    meaning computers are pro-
    grammed with millions of mini-
    strategies to buy and sell when
    certain things happen in the
    marketplace. Global Alpha is a
    multi-strategy fund, but one of


    * THE building that houses Goldman, Sachs & Co at 85 Broad
    Street in New York
    (APPhoo,.


    its main strategies is quantita-
    tive equity long-short, so'it has
    been hit by the same volatility
    that has affected the other two
    funds.
    Goldman is in the process of
    starting a significant traditional
    long-short equity fund, where
    a person, rather than a comput-
    er, decides what to invest in.
    Insiders at Goldman speculated
    a few weeks ago that the new
    fund, could raise up to $10 bil-
    lion. A spokesman declined to
    comment on such speculation.
    Viniar, Goldman's chief
    financial officer, did not seem to
    think that the firm's poor per-
    formance with its main hedge
    funds would affect its strategy of
    continuing its strategy to build


    out hedge funds.
    A crucial selling point ma;,\
    hedge funds use is that tlic,
    have effective risk management
    systems. That means that quLn-
    titative funds, as well as othci
    hedge funds, are tested against
    certain market events, such as a
    dramatic rise in interest ialtes, a
    terrorist attack or a injor bank
    collapse. This testing. often
    called stress testing, is a core
    part of risk management. But
    market events seem to always
    produce new and uninticipi'-
    ed or untested e\ Cnt'.
    "The lesson ,ou alw ava leam n
    is that your definition ot
    extreme is not cxitr. in
    enough," Viniar s:id.


    Please be advised that ALL

    British American Financial

    branches will be closed on

    Friday August 17th, 2007

    for the Company's

    Annual Fun Day.




    We apologize for any

    inconvenience caused.










    B British


    A HED 9 20 W r can
    F I N N C I A


    An established law firm
    requires an
    with working knowledge of
    Accounting.


    Interested applicants should
    fax their resumes to:

    393-4558


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


    To Our



    Valuable Clients

    II IlIv!


    Scotiatrust


    DEPUTY MANAGING

    DIRECTOR

    Scotiatrust, is seeking applications for a Deputy Managing Director.

    PRINCIPAL DUTIES & RESPONSIBILITIES:
    The Candidate will have responsibility for the overall business development and
    promotion of the International Offshore Trust Business Line. The position will
    provide technical support in the areas of Trust Administration, development and
    monitoring of standards of fiduciary competence to minimize risk in Trust Services,
    Fiduciary Risk Management and Discretionary Powers. The position will provide
    advice and direction to Senior Managers Investment and Trust Services and Senior
    Trust Managers of the Company.

    REQUIREMENTS & PERSONAL ATTRIBUTES:
    Candidates must meet the following criteria:
    * Bachelor's Degree in Business or Law &/or in a related discipline from an
    accredited University.
    * ACIB; ICB Trustee Dip. &/or STEP Qualifications preferred.
    * Minimum of fifteen years experience in a bank and trust environment at a
    management level with significant exposure in developing operational strategies
    and must be able to demonstrate the ability and experience for effective diverse
    risk management capabilities.
    * Experience in managing complex trusts and developing fiduciary standards for
    high net worth clients.
    * Strong technical and managerial skills required for activities such as business
    model development; creation of profit plan objectives and delivering results in
    a large multi-leveled organization.
    * Oversee Business Development of the offshore trust businesses in Cayman and
    Hong Kong; development of new products/services within the Int'l offshore trust
    business line.
    * Expertise in current banking & trust legislation and regulations, able to ensure
    compliance with certain areas including Qualified Intermediary; Sarbanes Oxley
    Act; AML and KYC Legislation.
    * Outstanding general management skills; excellent organizational, time management
    and communication skills.
    * Excellent Relationship-building skills; Strong leadership skills; Strong negotiating
    and influencing skills.
    * Proficient in the use of the Microsoft range of applications.
    * Excellent written and oral skills.

    The position offers an attractive salary y and benefits package, reflecting the
    successful applicant's experience and qualifications, including a performance
    bonus, pension, employee shark pl.n',medical, dental & life insurance coverage.
    Qualified individuals should uibinit rcsiL us hi lore August 31", 2007 to:

    P (II oaC -i. Co
    Na ciit. ialr'c., cals

    entail: 'Cotia(Lrust@coralw'ave.coni


    THE TRIBUNE


    PAGE 10B, TUESDAY, AUGUST 14, 2007









    THE TRIBUNE


    TUESDAY, AUGUST 14, 2007, PAGE 11B


    I COICS AGE


    Tribune Comics

    JUDGE PARKER
    IF YOU IN A6E 7 NOT IF I HAVE ?,Z7'7-' \1NOT vET! HONESTLV,
    PFOPr/iGTON, WON'T ANYTrHING TO CIJO // ) |SOPI-ii.. YOU 60UN~ Ail
    THE QUALffY PMINiH. WITH IT! ,, 11 LIk5 A BANW6'! ,rtmWl t


    APARTMENT 3-G


    BLONDIE


    NON SEQUITUR


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    V lY.,


    4UW u C .\(C P
    ______ scve g


    TIGER


    I CRYPTIC PUZZLE


    ACROSS
    4 Secret means of hard-hearted
    corporal punishment (6)
    7 Name a proclamation after a
    Scottish mountain (8)
    8 Run the master ragged! (6)
    10 In which to struggle with a
    canoe? (5)
    13 Set out one's stall? (4)
    14 A frightful act? (4)
    15 Make the ears burnlt (4)
    16 Cut two ways to Southend (3)
    17 Wide boy with a starting price to
    figure (4)
    19 Unresponsive? Absolutely (4)
    21 Taking a turn at controlling the
    market? (9)
    23 Ena's back safe and sound (4)
    24 A colourful Peter Ustinov part (4)
    26 A record In mountaineering? (3)
    27 See something topping and talk
    about ill (4)
    29 Regards as a key agreement (4)
    32 Two persons, one face (4)
    33 Less than meagre attendance,
    nevertheless fine (5)
    34 Modify just for the present? (6)
    35 Talk backwardly? (8)
    36 We halt the production of
    abundance (6)


    Yesterday's cryptic solutions
    ACROSS: 1, B-light 7, Romances 8, Far-O 10, He-ated 11,
    Unsur-E 14, Ted 16, Da-re-d 17, Rued 19, Start 21,
    Golly 22, Canal 23, Dis-H 26, Moral 28, Per(-son) 29,
    EN-able 30, Put out 31, Ob-an 32, Explorer 33,
    Tonnes
    DOWN: 1, Bother 2, G-rated 3, Trod 4, Laun-dry 5, Scour
    6, As-ked 8, Fat-E 9, Red 12, Sat. 13, Reims 15, Atlas 18,
    Union 19, So-n 20, All 21, Gal-Leon 22, C-AB 23, Detain
    24, Iron 25, Hotels 26, Me-tes 27, Ralph 28,
    Pu-b 30, Port


    DOWN
    1 Bighead in a boat, perhaps; but he's
    a top man (5)
    2 A shot that can bring nine runs? (5)
    3 That brooding deity? (4)
    4 Sailing into confusion and
    difficulty? (2,3)
    5 In nicer terminology, a sure thing (4)
    6 Got close to the desired end (6)
    9 Maybe I'd star in Dr Who's place (6)
    11 Hecuba's offspring (3)
    12 One young fellow who sailed around
    the world (5)
    13 Quite a number will cut a corner (7)
    15 Ursine fault? (3)
    16 A witch, but she's no charmer (3)
    18 Summary of prices? (6)
    20 To gel in, you need a key as well as
    the new rent (5)
    21 In America, possibly worn with a
    gown (3)
    22 Its monotony can bring lengthy
    depression (3)
    23 Vehicle with a small number on
    the side (6)
    25 Wild ape one may have shot when
    young (3)
    28 Design headgear for church (5)
    30 Long, yes, to have service (5)
    31 Keep a car on the road (5)
    32 Expected money for a fight (4)
    33 Yield to pressure to donate? (4)


    Yesterday's easy solutions
    ACROSS: 1, Tongue 7, Decanter 8, Lice 10, Prison 11,
    Senile 14, Sly 16, Mines 17, Espy 19, Fatal 21,
    Liken 22, Siren 23, Rind 26, Aides 28, Per 29,
    Grotto
    30, Manage 31, Elan 32, Nosiness 33, Swerve
    DOWN: 1, Topple 2, Grisly 3, Eden 4, Caveman 5,
    Stain 6, Tries 8, Lisp 9, Coy 12, Nil 13, Learn 15, Maker 18,
    Stair 19, Fir 20, Ten 21, Listens 22, Set 23, Rename 24,
    Iran 25, Dredge 26, Agony 27, Douse 28,
    Pal 30, Mess


    ACROSS
    4 Shade of red (6)
    7 Comfort (8)
    8 Clergyman (6)
    10 Iron (5)
    13 Body part (4)
    14 Canvas shelter (4)
    15 Castle (4)
    16 Wager (3)
    17 Genuine (4)
    19 Egyptian goddess (4)
    21 Wound (9)
    23 Pulls (4)
    24 Alresh (4)
    26 Sphere (3)
    27 Related (4)
    29 Cupid (4)
    32 Percussion
    instrument (4)
    33 Coarse (5)
    34 Agreement (6)
    35 Qualified (8)
    36 Money-lender (6)


    C Dennis


    -'LL gET WHEN MR.WILSON WAS IN SCHOOL,
    HE GOT AN A+ N 'RE~ST PFI/O."'


    )( Calvin & Hobbes )


    . Contract Bridge,.
    ... ^^ ^ .* .

    By-Ste" Bdw.der -.


    Making 13 the Easy Way


    South dealer.
    North-South vulnerable.
    NORTH
    *Q 108
    VA3
    *KQ5
    ,A A9874


    WEST
    +4
    TJ 1097
    *8642
    +Q 1063
    SOUTH
    *AKJ3
    VKQ86
    AJ 10
    *K5


    The bidding:
    South West
    2 NT Pass
    4 Pass
    5 NT Pass


    EAST
    497652
    V -4 2
    +973
    4*J 2


    North
    4+
    5 +
    7 NT


    Opening lead jack of hear

    Many players feel that exec
    squeeze is something beyon
    capabilities. But the fact is
    most cases, just about all decla
    to do is to cash his natural trick
    presto, the squeeze material
    by itself.
    Consider this deal where


    finds himself in seven notrump after
    North ascertains via the Gerber Con-
    vention that no aces or kings are
    missing from the combined hands.
    When dummy appears, declarer
    notes that he has only 12 tricks, with
    no apparent chance of scoring a 13th.

    But if South is at all familiar with
    squeezes, he also notes that he has all
    the tricks but one, the key prerequi-
    site to a squeeze. However, even if he
    doesn't know the difference between
    a squeeze and a Wiener schnitzel, he
    makes the slam with normal play.


    South wins the heart lead with
    the ace and cashes four spades and
    three diamonds. On the third dia-
    mond, poor West finds it impossible
    East to make a safe discard from a holding
    Pass of 10-9-7 of hearts and Q-10-6 of
    Pass clubs. A heart discard hands South an
    extra heart trick, while a club discard
    hands dummy an extra club trick. "
    ts.
    The squeeze succeeds whether or
    outing a not South is aware of the squeeze
    Ad their possibilities from the outset. If he is
    that in squeeze-conscious, he hopes the
    arer has defender who was dealt most of the
    ks, and, missing hearts also has most of the
    izes all missing clubs. If he is not squeeze-
    conscious, the good Lord takes care
    South of him anyway!


    I T~ARE


    HOW many words of
    four letters or more V
    can you make from A
    the letters shown
    here? In making a
    word, each letter may
    be used once unly. 0 D
    Each must contain the -
    centre letter and there
    must be at least one
    nine-letter word. No A
    plurals or verb forms
    ending In "s", no words with initial capitals and no
    words with a hyphen or apostrophe permitted.
    The first word ofa phrase is permitted (e.g. Inkjet
    In inkjet printer).
    TODAY'S TARGET
    Good 16; very good 24; excellent 32 (or more).
    Solution tomorrow.


    DOWN
    1 Sneaked (5)
    2 Refuge (5)
    3 Enquires (4)
    4 Tree (5)
    5 Street (4)
    6 Pebbles (6)
    9 Whole (6)
    11 Colour (3)
    12 Scatter (5)
    13 Bag (7)
    15 Adherent (3)
    16 Offer (3)
    18 Religious festival (6)
    20 Drain (5)
    21 Unruly crowd (3)
    22 Finish (3)
    23 Deceptions (6)
    25 Fish (3)
    28 Senior (5)
    30 Dance (5)
    31 Cut (5)
    32 Wild pig (4)
    33 Enclosure (4)


    Julen Martinez v Roberto
    Constantini, Aosta, Italy 2003.
    Rook and bishop against rook is
    a notorious endgame which is
    always marginal between a win
    and a draw. Long ago I watched
    the number one grandmaster
    from the former Yugoslavia
    shake his head in disbelief
    when, after patient regroups to
    drive the rook player's king to
    the edge of the board, he finally
    reached a forced checkmate in
    three moves. The trouble was
    that Svetozar Gligoric had
    already played 48 of the 50
    moves allowed to win, so that
    his Finnish opponent could daim
    a rule book draw just one move
    from defeat. In today's puzzle


    CO o
    ca










    m


    0

    chord


    fou'RE At, <3D OFFICER.,
    AroeBs, BUTr L.t FPCE IT,
    W FA 0t E A ) R OM
    MDO.
    I STILT TINK W
    i\ 0E SORT OF
    [ .MM SEHS...


    ' tribunee

    Horoscope


    .,1LRNE BLACK


    TUESDAY,
    AUGUST 14


    ARIES Mar 21/Apr 20
    There's no time like the present to get
    your finances on track. Take a day to
    sit down and go through your check-
    book and assess your income and
    expenditures. You'll be glad you did.'
    TAURUS Apr 21/May 21
    How much fun you have this week
    depends upon your outlook, Taurus. If
    you act glumly, you're certain to have
    a miserable few days. Keep your chin
    up instead.
    GEMINI May 22/Jun 21
    The next few days will be unevent-
    ful, Gemini. Use the time to catch up
    on some chores you've let slide. If
    you were planning a vacation, now's
    the time to devote your attention to it.
    CANCER Jun 22/Jul 22
    A health scare leaves you feeling
    shaken. Don't worry, it is nothing
    serious, and you'll recover rather
    quickly. Aquarius lends support dur-
    ing these trying times.
    LEO Jul 23/Aug 23
    A fight with a family member is
    something unavoidable. You've been
    clashing for a long time now, "and
    you can no longer hold your tongue,
    Leo. Don't worry; it's justified.
    VIRGO Aug 24/Sept 22
    Stop going above and beyond to
    please everyone, Virgo. You do
    enough already, and family and
    friends certainly know it. Pamper
    yourself for a change.
    LIBRA Sept 23/Oct 23
    Don't keep secrets from family
    members. It will only put you in hot
    water, Libra. Confide your feelings
    to a friend in order to get advice on
    how you should proceed.
    SCORPIO Oct 24/Nov 22
    A quick temper will get you in trou-
    ble, Scorpio. Don't lash out with
    your venom. Rather, think cool and
    calmly on the best way to handle
    tricky situations.
    SAGITTARIUS Nov 23/Dec 21
    A blast from the past has you feel-
    ing shaken, Sagittarius. This per-
    son knows about all of your skele-
    tons in the closet. Keep an eye on
    him and his motives.
    CAPRICORN Dec 22/Jan 20
    Don't expect all of your plans to
    go off without a hitch this week,
    Capricorn. Something is bound to go
    awry when you least expect it. You'll
    rebound quickly, however.
    AQUARIUS Jan 21/Feb 18
    It's time to get motivated on your fit-
    ness plan, Aquarius. Leo offers a
    helping hand to get you started.
    Don't pass up the opportunity to
    make fitness a team effort.
    PISCES Feb 19/Mar.20
    A scammer is looking to take advan-
    tage of you, Pisces. You'll certainly
    recognize all of the signs of wrong-
    doing when they present themselves.


    a b c d e r g h

    it's easier. White (to play) cannot
    win by 1 Rb8+ because of Rc8,
    but his actual choice forced a
    speedy victory. What happened?


    LEONARD BARDEN


    Chess solution 8425: 1 Bc4 (threat 2 Rb8 mate) Kc8
    2 Be6+ Kd8 3 Rb8+ RcB 4 Rxc8 mate.


    I. I


    CHSS byLonardBarde


    I


    ---


    T











    THE COLLEGE OF THE BAHAMAS

    Visit our website at www.cob.edu.bs EDUCATNG & TRAININC BAHAMIA3NS





    Fall Semester 2007 New Student Orientation
    Parents' Evening Advisement & Registration Advisement, Registration
    Tuesday, 14th August, 2007 at 6:30 p.m. Wednesday, 22nd August, 2007 & Bill Payment
    Orientation at 1:00 p.m.- 5:00 p.m. Thursday, 23rd August, 2007 and
    Wednesday, 22nd August, 2007 Friday, 24th August, 2007
    8:00a.m. 1:00p.m. at 9:00 a.m. 7:00 p.m.
    Venue: COB Band Shell




    YOU ARE CORDIALLY INVITED TO THE
    International Conference

    Abolition of the Trans-Atlantic Slave / i/ /
    Trade: Telling the Story f OF / /
    The College of The Bahamas
    February 21-23, 2008
    Nassau, The Bahamas
    THE ANPLICAN CHURCH AND EDUCATION IN THE BAHAMAS:
    THE ANGLICAN CONTRIBUTION TO EDUCATION AND THE BUILDING OF
    A* CIVIL.SO-AS 1725-418K.




    Call for Papers .

    The College of The Bahamas will host the Conference: "Abolition of The Trans-
    Atlantic Slave Trade: Telling the Story, February 21-23, 2008 at the Oakes Field
    Campus, Nassau. N
    Abstracts of approximately 200 words are invited on tlhe following topics:
    Language and Oppression
    Religion in Slavery: Agent Provocateur or Opiate?
    Slavery and Human Sensibility
    Power and Enslavement
    Kinship across the Diaspora
    Identity: Culture, the Arts, Race and Gender
    The African Diaspora's Gifts to the World
    Enslavement and Liberation: Telling the Story through Teaching, Song,
    Story and Preservation
    Liberation: Ideologies, Contexts and Dynamics
    Liberation: Simple Past or Present Continuous?
    Please send abstracts as an attached Word file to Jessica Minnis, Chair of the
    Conference Committee at abolitionconferencet.cob.edu.bs no later than Friday,
    August 31, 2007.
    (See over)
    Conference Structure THE BECKER CPA REVIEW
    BAHAMAS LOCATION- Nassau

    Starts:I R8th August, 2007
    Since its debut, the Becker CPA
    Review Programme has consistently.

    The conference will feature 20-minute papers from all disciplines, followed by 10- d eed0, super e nation. a
    B... .... Clealy, B ecki Codisncets 4
    minute discussions, presented in concurrent and plenary sessions. Panel andA Cara e, e c taoers atn a nde
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    can help you to chart a course for a
    Submissions (an electronic copy)should be directed to: successfiol and rewarding career in lal t
    Jessica Minnis professional a counting!
    Associate Professor, School of Social Sciences
    The College of The Bahamas CLASSES MEET: Saturdays- 8:30am 5:30pm
    P O Box N4912 The Certified Public Accountant (CPA) examination is the leader arid grandparent ol all professional accounting examinations.
    Nassau, Bahamas I he benelits include increased confidence and competence, and recognition as a member ot an elite group of professionals.
    Opportunities available to CPAs are positions in government or not-for-protit organizations, pubhc or prit ate companies. As a
    E-mail: abolitionconf@cob.edu.bs CPA, ,ou could specialize in Intormation technology Services, Financial Planning, Auditing. state Planning. Management
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    Deadline for Submission: Monday, December 31, 2007.
    Accommodation for Non-Resident Delegates Ask About Our Easy Paynment Plan!
    Financial Reporting (F): $ 650
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    Business & Economic Concepts (B) $ 455
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    Registration FEES: $ 165
    Three Days: $450:00 Tuition is same as United States rates: $2,100
    Day Rate: $150:00 S Repeat Candidates: 50% Discount on Tuition
    Late Registration Fee: $125.00 0 Tuition Free Continuing Help Available to Qualified Applicants
    Student Rate: $150.00 Books and Materials: Permission for purchase with proof of registration


    Student Day Rate: $75.00
    Student Day Rate: $75.00 Fees and Tuition may be paid in cash, by credit card or Bank Certified Cheque to The College of The Bahamas
    Business Office. Oakes Field Campus, Poinciana Drive. CEES Reserves the Right to Change Tuition, Fees, Course Content,
    For information on the availability of student subsidies, please contact: Course schiuehh and Course Materials.
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    Tel: (242) 302 4455 For additional information, please contact
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    Tel. (242) 325-5714/328-0093/328-1936 Fax: (242) 322-2712
    .AdDistributionDate: / 'July 2007


    I


    THE TRIBUNE


    PAGE 12B, TUESDAY, AUGUST 14, 2007















    Wall Street edges lower after





    banks add liquidity, retail sales




    rise more than expected


    NEW YORK (AP) Wall
    Street gave up a moderate gain
    in late trading and closed mar-
    ginally lower Monday after the
    Federal Reserve and other cen-
    tral banks added more cash to
    their banking systems, helping
    investors set aside some con-
    cerns about credit tightness,
    according to Associated Press.
    The New York Fed, which
    carries out the central bank's
    market operation, minutes after
    the opening bell announced $2
    billion in overnight repurchase
    agreements.
    The Fed's "repo" follows a


    COMPUTER APP CATIONS I
    Course tDescription: This cours.o i for the beginner who
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    how y wo. This cowm covers the lor c computer con-
    thi extensalve hands- n practice ofvarious software
    using: (I) Mirooft Ofica Word ProCming (i) Microsoft
    Exl Spreadsheet (III) Microsoft Access Database
    management.
    Pre-r=a; None
    Date Wm 0aiy, 12 September, 2007
    Time: 11:00nem .2:00pm Section 01 (CEsS)
    Date Monday, 10 September, 2007
    Tno. 6:00pnri 00prn Section 02 (CEES)

    D ;: Saturday, 15 Sptember, 2007
    Time: 1000am .1:0pm Section 03 (CEES)
    Duron: 12 weeks Vnue: CEES Computer Lab
    Tuitmn: 5450.00
    COMPUTER APPLICATIONSII
    Coi e Descnpteon: This ourse covers rie mW advaned con.
    ccll, a-lf emlenve r on0.n arelifcs ofl e6us OllwaB i nclud
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    move by the Bank of Japan to
    put $5 billion into the markets
    and an addition by the Euro-
    pean Central Bank of $65.3 bil-
    lion; the ECB added more than
    $200 billion last week. The
    moves, following similar injec-
    tions by the Fed last week,
    appeared to placate Wall Street
    for now and allowed it to focus
    on a week of fresh economic
    data. Since Thursday, the Fed
    has added $62 billion in liquid-
    ity.
    Monday's injection, howev-
    er, was smaller than normal,
    perhaps reassuring some


    investors that the central bank
    doesn't yet feel the need to
    pump more liquidity into the
    market. The last time the Fed
    repurchased as little as $2 bil-
    lion in one day was on Wednes-
    day, April 18. It made a one-
    day repo of $1.5 billion on May
    10, but that was preceded by a
    separate one-day repo of $5.0
    billion earlier that same day.
    The central bank moves seem
    to be calming a market that has
    been torn by volatility for
    weeks. But Ryan Detrick,
    senior technical strategist for
    Schaeffer's Investment


    INFORMATION TECHNOLOGY I
    Course Description: T course covers basic concepts of Intoriion
    Technougy The co proes training the flowg ra
    Basic Hardware Proficiency, Applaticon Features Proftlepay,
    Operalng System Proficiency, Intermet and Emaol Profitency.
    P Ne-requisi l: Non
    Begins Wednesday, 12 September. 2007
    Tims: 8:00pni *- 9%Mp Duration: 12 weeks
    Venus: CEES Computer Lab Fees: 450.00
    MICROSOFTEXCEL
    Course lDecnpon: This course covers the fundmentols of the
    Microsofl Exe spreadsheetl Tools that are needed or basic entry
    and manipulation o cells and wrkiheet asm preentel,


    PrsrequiSite None
    Begins: Saurdiy,.29 SeptemBw, 2007
    Tim: 2:00pm 5:00
    Venue CEESComputerb L,


    Ouubatn: week
    Faes,


    Course Descrption: This comeassumes no patwacigMround
    ana wsm tai student from the *I l of novice to n advanced levet,
    A IMroug roundz g In all oilthetndamntals of document handing
    .n M.osotl Word i premented,
    Prm-aqute: None
    86g.no Tuesday. 2 Septembe, 2007
    Time i00am 2:00pm Draton 8 weeks
    Vaneo CEES Computer Lab Fee: $250,00


    Co e Despin: Tha wurae I
    ogy systems fr us In teb on
    cover te Moirg 15: BW
    Toublashooting nd twaks


    Research, said trading on Mon-
    day was very tepid. In fact,
    Monday's decline was a sign
    that investors remain nervous
    - that the markets gave up
    their gains wasn't surprising giv-
    en how volatile trading has
    been.
    "We got off to a good start
    in the morning, but people are
    still kind of on edge here and
    are unwilling to jump in and do
    a lot of buying," he said.
    "There's so much worry out
    there about the next shoe to
    drop."
    The Dow Jones industrial


    en tMPdw


    Pre-r"quOte: None
    Begs' Monday & Wemdnesay, 1rSepln6er,,7
    Time: 60pm 7:30pmn ., u 12
    Vnue BHTCeCo',s Ub lMO ..;,.-"1 $500.00

    CovrseDesmcrpiiori;Thi etWXW*n;WdtoewPaWandai*tnog
    sem tWWes wn20e n 20O mpoyte) how to
    oegant and uwng QucSock*
    Pro softwam.e Shtur *e* ,l hb w tr wtup to.0r o.0 pery Ila%
    ch of aco=At A mkd tmeomr, eo d eWWtWy*P.
    Prrqjuiwlseo Noe
    B g:l Tu:sday. 253Seplr, 200r
    Ti cuscpm aorlo C S-' *?lo:easkjl
    WEBPAGEDESIGN WORKSHOP
    Course Deripton: TNhi oame, whichW pe porewho would
    kheotBo lowethe* pe webp9si, witl mcw Wb Pape9CrBe*i,
    Web Ste Msnagp- and HTL Speac Mmg i cude
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    webpe, Mu,
    Prmrqueis:; PBrtipanp mua o9 corpultearM m a
    baesi* nowiedge c *oo-pocssg *p.imsis
    Bi: nThnwsday & F&tay 180 Odobw, 2007
    Ttme 9:30am 4:30pm Dumation: 2 dy
    \Wnmu PEES Compser Lab Fmw;SO0 i


    S ENQUIRIES: Caontact the Co-coordinator at Tel: (242) 325-5714 / (242) 328-0093/ 328-1936 or mail uMIA bs fees are Indud-
    ad with the exception of [ie application fee of $40 00 (one time). When submitting application, kindly provilde(5opesofthe first four pages
    of your passport. CEES reserves the right to change Tuition, Fees, Course Content Couree Schedule and Course.

    .. .., -. .



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    EDUCA];O1N & EXITNSION SERVICE .







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    PERSONAL DEVELOPMENT WORKSHOPS


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    SUPERIOR CUSTOMER SERVICE

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    It focuses on customer value, retention and relationship
    building and employee motivation.

    Date: Thursday, 11 October, 2007
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    Venue: Grovenor Close Nursing School
    Tuition: $170.00

    EFFECTIVE POWERPOINT PRESENTATIONS
    This workshop is designed to provide participants with an
    overview of the fundamentals of Microsoft PowerPoint. It
    focuses on developing effective and dynamic PowerPoint
    presentations.


    Date: Thursday, 4 October, 2007
    Time: 9:30am 4:30pm
    Venue: CEES Computer Lab, Moss Road
    Tuition: $160,00


    This course will cover Web Page Creation, Webstte
    Management and HTML, Persons who enjoy fiddling with
    computers and would like to create their own web pages are
    encouraged to attend, Specific topics will include Formatting,
    Graphics, Multimedia, Forms and Tables and hosting of web
    pages.

    Date: Thursday & Friday 18th & 19th October, 2007
    Time: 9:30am 4:30pm
    Venue: CEES Computer Lab, Moss Road
    Tuition: $550.00


    ENQUIRIES: Contact the Co-ordinator at Tel: (242) 325-5714 / (242) 328-0093/ 328-1936 or email
    perdev@cob.edu.bs. All fees are included with the exception of the application fee of $40.00 (one time). When
    submitting application, kindly provide copies of the first four pages of your passport. CEES reserves the right to
    change Tuition, Fees, Course Content, Course Schedule and Course Materials.


    d$f)5


    average fell 3.01, or 0.02 per-
    cent, to 13,236.53.
    Broader stock indicators also
    rose. The Standard & Poor's
    500 index fell 0.72, or 0.05 per-
    cent, to 1,452.92, and the Nas-
    daq composite index retreated
    2.65, or 0.10 percent, to 2,542.24.
    After enduring sharp swings
    to the downside last week, the
    Dow and other major indexes
    ultimately finished the week
    with a modest gain. Last week's
    trading showed that the most
    predictable thing about the mar-
    kets lately is high volatility.
    "The environment we're in is
    really truly extraordinary, The
    best way for investors to view
    this is from a 30,000-foot view
    to be positioned defensively
    and to continue to pay close
    attention to the U.S. economy
    and the consumer," said J.
    Michael Barron, chief executive
    of Knott Capital in Exton, Pa.
    Investors were in a somewhat
    better mood on Monday. How-
    ever, Wall Street wasn't com-
    fortable enough to hold posi-
    tions overnight, and ultimately
    sold off positions just before the
    closing bell,
    There continues to be a great
    deal of uncertainty in the mar-
    ket over the extent of problems
    in the subprime mortgage sec-
    tor. Defaults among subprime
    mortgage holders borrowers
    with weak credit -- began the
    chain of events that led to the
    turmoil on Wall Street and oth-
    er stock markets in recent
    weeks.
    Those defaults recently led
    to the collapse of two Bear
    Stearns funds with risky mort-
    gage-backed investments and
    last week prompted French
    bank BNP Paribas to freeze
    three funds with exposure to
    the U.S. subprime mortgage
    market.
    Meanwhile, Barron contends
    that investors should look past
    the Fed's liquidity injections and
    to the housing market problems
    that underlie many investors'
    concerns about the availability
    of credit. He sees the fallout
    from an overheated housing
    market and an overextended
    consumer as just beginning to
    emerge,
    "Even if the Fed does cut
    rates what stimulative effect
    does that have on the econo-
    my? The Fed can make money
    available but banks still have to
    lend it," Barron said.
    He said banks likely will still
    be hesitant to make loans easi-
    ly available only a few months
    ago.
    But despite any lingering con-


    cerns about the health of the
    consumer, investors appealed
    pleased with the Commerce
    Department's report that retail
    sales edged up. 0.3 percent in
    July, slightly ahead of market
    expectations. Wall Street has
    been closely monitoring con-
    sumer spending, as it accounts
    for two-thirds of the nation's
    total economic activity.
    Goldman Sachs Group Inc.
    said Monday its funds using
    quantitative strategies, or com-
    puter modeling, "are currently
    under pressure" after global
    markets sold off on worries
    about debt and credit. The
    investment bank said it and cer-
    tain large investors including
    Maurice "Hank" Greenberg
    and Eli Broad have committed
    to a $3 billion equity investment
    in its Global Equity Opportu-
    nities fund, which has "suffered
    significantly." The fund had a
    net asset value of about $3.6 bil-
    lion before the equity invest-
    ment. Goldman fell $3 to
    $177.50.
    Struggling subprime lender
    Accredited Home Lenders
    Holding Co. said it has sued
    Lone Star Fund V LP and two
    affiliates to get the private equi-
    ty firm to follow through with
    an agreed takeover. Lone Star
    said Friday in a regulatory filing
    that Accredited no longer met
    the conditions of its $400 million
    acquisition offer. Without a
    deal, Accredited has cautioned
    that it may face bankruptcy.
    The company fell $3.08 or 34.6
    percent, to $5.82.
    Bond were little changed,
    with the vield on the 10-year
    Treasury note falling to 4.78
    percent from 4.80 percent late
    Friday.
    Overseas Monday, Japan's
    Nikkei stock average gained
    0.21 percent. European stocks
    showed sharp gains after a sell-
    off Friday. Britain's FI'SE 100
    jumped 2.99 percent, Ger-
    many's DAX index added 1.78
    percent, and France's CAC-40
    rose 2.21 percent.
    The dollar was mixed against
    other major world currencies.
    Gold futures fluctuated, while
    oil futures rose. Light, sweet
    crude rose 13 cents to $71.60
    per barrel on the New York
    Mercantile Exchange.
    Advancing issues was about
    c\ en with decliners on the New
    York Stock Exchange, where
    consolidated volume came to
    3.54 billion shares, compared to
    5.11 billion on Friday.
    The Russell 2000 indcx of
    smaller companies slipped 8.97,
    or 1.59 percent, to 779.81.


    -hmmu1


    ST i COLL wiEGE OF. THE BAIb 4
    Visit our website at www.cobedu.bs EDUCA7W;G &7 Z4WByi
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    - -----------


    THE TRIBUNE


    ... .., ,. u/ PAGE 13B


    -,epe







    THE TRIBUNE


    PAGE 14B, TUESDAY, AUGUST 14, 2007


    European Central Bank takes




    leading role in calming markets


    FRANKFURT The rest
    of Europe may be deep into its
    annual summer hiatus, but the
    Frankfurt headquarters of the
    European Central Bank has
    been a hive of activity since
    Thursday, when the bank thrust
    itself into a market rattled by
    fears of a credit crisis, according
    to Associated Press.
    On Monday, the bank inject-
    ed 47.7 billion euros, or $65 bil-
    lion, into the financial system,
    its third emergency operation
    since last week, to keep Euro-
    pean money markets from dry-
    ing up. That came after a land-
    mark injection of 94.8 billion
    euros Thursday morning.
    These bold and costly moves
    have put a spotlight on the
    European Central Bank, which
    has traditionally played a sup-
    porting role to the Federal
    Reserve in global financial
    crises. This time, the Europeans
    acted earlier, and on a far larg-
    er scale, than either the Fed or
    central banks in Asia.
    Some market commentators
    have accused the central bank
    of panicking, and said its inter-
    vention could send the wrong
    signal to hedge funds or other
    institutions engaged in risky
    investing by suggesting they
    could expect to be bailed out.


    Yet its remedy seems to have
    worked at least as a short-
    term measure to prevent the
    problems in the U.S. mortgage-
    lending market from swamping
    the broader, markets in Europe.
    The Federal Reserve and the
    central banks of Japan and Aus-
    tralia also injected funds into
    the market.
    In a statement Monday, the
    European Central Bank said
    "money market conditions are
    normalizing."
    Several economists said the
    bank had little choice but to
    respond on a huge scale after it
    became clear early Thursday
    that banks in Europe were
    unable to obtain credit in a mar-
    ket spooked by the disclosure
    of European losses from the
    U.S. subprime market.
    "Possibly they overdid it,"
    said Erik Nielsen, the chief
    European economist at Gold-
    man Sachs in London. "But if
    they had done less, and we had
    a systemic crisis, they would
    have been blamed for it."
    Nielsen described the bank's
    intervention as a "textbook
    example of what to do when
    trouble emerges."
    To some extent, the Euro-
    pean central bank's central role
    was simply dictated by the


    - -Nw -
    * JEAN Claude Trichet
    (AP Photo/)
    clock. The crisis in confidence
    set off by the mortgage-lending
    problem reached a critical stage
    Thursday morning in Europe,
    hours before the markets
    opened in the United States.
    The first players to feel the
    credit crunch were European
    banks, seeking to borrow in dol-
    lars. The lack of liquidity drove
    up the overnight borrowing rate
    to 4.6 percent, well above the
    bank's benchmark rate of 4 per-
    cent.


    For days, European investors
    had been unnerved by disclo-
    sures that banks and investment
    funds here faced losses because
    of exposure to mortgage-related
    investments. BNP Paribas's
    announcement on Thursday
    that it would suspend opera-
    tions of three funds tipped the
    market into havoc.
    "The problem is, these funds
    looked like normal euro money
    market funds," said Thomas
    Mayer, the chief European
    economist at Deutsche Bank.
    "'That led to a loss of trust in
    the market."
    Like the Fed, the ECB keeps
    in daily touch with officials at
    commercial banks. Through
    these contacts, it became aware
    of the deepening distress in the
    market. Some observers, includ-
    ing Nielsen, suspect the ECB's,
    top leaders were also warned
    about the crisis directly from
    senior executives at major
    European financial institutions.
    However the information
    trickled in, the decision to inter-
    vene in the market was made
    by the bank's executive board, a
    six-member committee chaired
    by the bank's president, Jean-
    Claude Trichet. Officials at the
    ECB said Trichet had been
    closely involved in the recent


    operations.
    In a sign of its success, the
    bank's moves brought the
    overnight borrowing rate quick-
    ly back to 4 percent.
    "It looks like a very successful
    operation to stabilize the mon-
    ey market," Mayer said. "The
    Fed has had slightly more trou-
    ble. On Thursday, they injected
    too little, and on Friday, they
    overcompensated."
    After the European bank's
    initial injection of 94.8 billion
    euros at a rate of 4 percent its
    first such intervention since the
    aftermath of the September 11,
    2001 terrorist attacks the sub-
    sequent tenders on Friday and
    Monday represent a type of
    mopping up, Nielsen said.
    The bank is essentially rolling
    over a portion of the loans it
    issued on Thursday. The fact
    that it is injecting less each day
    indicates that it is gradually
    withdrawing from the market.
    The big question now is
    whether the bank will adjust its
    policy to account for the market
    mayhem. After its last policy
    meeting in early August, as the
    crisis was in an earlier stage,
    Trichet signaled the bank would
    raise rates by a quarter point,
    to 4.25 percent, in September.
    Whether the bank chooses to


    put that increase on hold
    depends on whether markets
    calm down. On Monday, most
    European markets were up
    more than 2 percent. The Bank
    of England, in its first statement
    since the crisis began, said it did
    not plan to inject funds into the
    system.
    "The climate of distrust could
    blow over, with proper central
    bank action," Mayer said.
    "What will remain is a more
    sober calculation of credit risk.
    When a credit bubble deflates,
    you hit hard bumps."
    Mayer said he doubted the
    mortgage-related problems
    would, by themselves, under-
    mine Europe's robust econom-
    ic performance. Deutsche Bank
    projects Europe's economy will
    grow 2.8 percent in 2007, easily
    outstripping the United States,
    which is projected to grow 2
    percent.
    But he says that contrary to
    recent popular belief, a sharp
    slowdown in the United States
    would affect Europe.
    "The good news is that real
    estate markets do not affect
    each other," Mayer said. "But
    as real estate financing tightens
    up, it affects all real estate mar-
    kets, not just in the United
    States."


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