<%BANNER%>
The Tribune.
ALL ISSUES CITATION THUMBNAILS ZOOMABLE PAGE IMAGE
Full Citation
STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00084249/03015
 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: 10/19/2007
 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
System ID: UF00084249:03015

Full Text








McRIB \
PUREBBQ J1
GOODNESS I'n lovin'It,,.
HIGH 88F
LOW 78F

CLOUDS, SUN,
ST-STORM


The


Tribune


., .... ^ I ,,Y ,. -.r ^ i . ... .. .., ^
-KiS?'" -!y y -\ * "** .. ..- ""'' '* *", | *-'.-\ *;*"4 l
..:..I,,1..,
--^; t / ,,' *. ,. . ,

BAHAMAS EDITION


WAKE UP!
New French Toast
Sticks


i-im


F *r L um-S tIj


Volue:103 No.272 FRIDAY OCTOBER 192007 PRICE 75

/ 'nsil, de lit
l e ', .

... ..i,-? ,-"4,


i


School in shock

after 15-year-old

collapses in front

of classmates


* By KARIN HERIG
Tribune Staff Reporter
kherig@tribunemedia.net
STUDENTS at CV Bethel High
School were in shock yesterday
morning after watching a classmate
die in front of them.
Eleventh-grade student, 15-year-
old Samantha Mais was in her
home room at around 8.50am'
when she suddenly experienced a
seizure.
. An ambulance was called imme-
diately and arrived on the scene
at 9.45am. In the meantime, med-
ical personnel from the South
Beach Clinic were called to the
scene and school administrators
attempted to administer CPR to
the student, the Ministry of Edu-


cation said in a statement yester-
day.
On arrival at the school, the
ambulance's emergency medical
team determined that the student
was not responding and declared
her dead at the scene.
Samantha's family members
were contacted and they were on
campus when her body was taken
away in a hearse from Curtis
Memorial Mortuary.
According to a source at CV
Bethel High, Samantha had expe-
rienced chest pains on Tuesday
during school hours and sought
out a cardiologist that afternoon.
It is unknown if she had any fur-
ther history of medical problems.
SEE page 14


San Salvador in uproar over

alleged $4bn buried treasure
* By PAUL TURNQUEST
Tribune Staff Reporter
pturnquest@tribunemedia.net
THE small island of San Salvador is once again in an uproar as the
controversy over the alleged buried treasure of pirate Captain Kid
continued yesterday.
This treasure, which was reportedly estimated by one of the initial
archeologists on the island, is said to be worth close to $4 billion dollars.
However, to date, none of the residents of San Salvador has been paid
the respect or courtesy of knowing what exactly has caught the attention
of so many archeologists who have flown in and taken up residence on
their island.
Rumours of gold, rubies, diamonds, sapphires, and other precious
stones being buried in the caves of the aptly named Fortune Hill have
torn through the island like wildfire for months. And it is understood
that these reports have not escaped the ears of officials from the
Department of Antiquities, Monuments, and Museums.
SEE page 14


'CL

"N
.C.


--
POLICE O .. .S ae SS .
'-'"' "" .'""i I




Anna Nicole's nannies BTC employees demand new board
nonorprco eas agreeme


'fear for their lives'



* By JOHN MARQUIS
ANNA Nicole Smith's
two Haitian nannies fear for
their lives and are under vir-
tual round-the-clock protec-
tion in the run-up to the Daniel Smith inquest at the
end of this month, The Tribune has learned.
They believe they are "potential targets" because
of what they know about the tragic final weeks of
the late cover girl's life and various occurrences
inside her home, Horizons, on the Eastern Road.
The nannies, Quethlie Alexis and Nadine Alex-
ie, revealed their fears in an exclusive interview
this week.
Their representative, local activist and broad-
caster Lincoln Bain, said: "They are key witnesses
SEE page 12


hnonour promit snaring agreement
I By BRENT DEAN
Tribune Staff Reporter
bdean@tribunemedia.net
NEARLY 100 employees of the Bahamas Telecom-
munications Company held a "lunchtime meeting" on
the steps of the corporation yesterday demanding that
the new board honour a profit sharing agreement arrived
at with previous board under the PLP.
The vocal workers were addressed by Claude Hanna,
president of the Bahamas Communications and Public
Managers Union (BCPMU), and Robert Farquharson,
president of the Bahamas Communications and Public
Officers Union (BPCOU).
The industrial agreement between the unions and
the company were from October 2004 to September
30th this year, and included profit sharing without spec-
ifying the amount.
The previous board had reportedly agreed to a prof-
it sharing that would amount to four to five per cent of
the profits of 2005, which totalled $46 million, according
to Mr Hanna, while auditors are still finalising what the
profits were for 2006.
SEE page 14


111 peoIpBle I o Butba [iiifo6mrdr


* By RUPERT MISSICK Jr
Chief Reporter
UP TO September 2007, there
are more than 114 persons out on
bail for murder, 39 persons out
on bail for rape, and over 189 per-
sons out on bail for armed rob-
bery, National Security Minister
Tommy Turnquest said in the
House of Assembly Wednesday
evening.
. The minister said that in 2006,
35 per cent of suspects charged


with murder were on bail at the
time they committed the offence,
and between January and Sep-
tember 2007, 42 per cent of mur-
der suspects were on bail at the
time of the offence.
"Clearly we have to correct this
trend. The number of those on
remand, waiting to stand trial for
the crimes of which they have
been accused, is also alarming.
We have a prison population of
some 1,359. As at 1 October 2007,
some 587. of this number were on


remand, many having been held
on remand for years," Mr Turn-
quest said.
He said that the criminal jus-
tice system is therefore challenged
to provide a quick and speedy tri-
al. Where it is unable to do so,
the accused is either released on
bail or is remanded to Her
Majesty's Prison.
Four hundred and four of the
persons on remand are held from
SEE page 14


Man apprehended
after allegedly
'chopping' COB
student with cutlass
* By BRENT DEAN
Tribune Staff Reporter
bdean@tribunemedia.net
A YOUNG man was appre-
hended by security officers at the
College of the Bahamas yesterday
after allegedly "chopping" a stu-
dent on the arm with a cutlass.
The incident occurred in the
vicinity of the basketball court at
around 2.40pm when the man in
question and a student of the col-
lege reportedly got into an argu-
ment.
Wellington Francis, Director of
Security at COB, told The Tri-
bune that the injuries to the COB
'student are not believed to be seri-
ous. He was treated by the campus
nurse, before being taken to the
Princess Margaret Hospital as a
precaution.
Mr Francis said that once his
officers captured the man, police
responded "very quickly", and the
man was taken into custody. Cam-
pus security, he continued, has a
good working relationship, both
with the Quackoo Street and
Grove stations, enabling quick
responses to any incidents that
may arise on campus.
Early reports to The Tribune
had indicated that a firearm may
have been involved, however Mr
Francis said these reports were
incorrect.
SEE page 14

Concern over
possible loss of jobs
at Broadcasting
Corporation


* By BRENT DEAN
Tribune Staff Reporter
bdean@tribunemedia.net
A PROMINENT union leader
has expressed concern over the
possible loss of 89 jobs at the
Broadcasting Corporation of the
Bahamas.
Robert Farquharson, president
of the Bahamas Communications
and Public Officers Union, said
yesterday at a lunchtime meeting
at BTC that he is aware of a pro-
posal for downsizing at the
Broadcasting Corporation of the
Bahamas (BCB), but he cannot
confirm if downsizing will occur.
"Like Brother Hanna said, we
have a serious problem down at
the Broadcasting Corporation of
the Bahamas. We have approxi-
mately 89 persons what would
lose their jobs between now and
the end of the year," he said. "So
SEE page 14


A7
', iT ,'1


#1 PAPER IN CIRCULATION


4


. I I T l . 1.1 1' l,


da


de


a


S









THE TRIBUNE


PAGE 2. FRIDAY. OCTOBER 19, 2007


One in every 232




Bahamians in prison


ABOUT one in every 232
Bahamians predominantly
young men are in Her
Majesty's Prison, thereby seri-
ously depleting the country's
human capital, Minister of
National Security Tommy Turn-
quest said.
"Imagine what this means for
family and community life, pro-
ductivity and development in
our country," he said.
Presently it costs around
$11,000 per year per. inmate to
maintain the prison population.
The Prison Department, Mr
Turnquest said, while not los-
ing sight of its mandate to pro-
tect the security and stability of
Bahamians by the safe custody
and control of inmates entrusted
to it, must move away from
crime and punishment as a focus
and towards crime, corrections
and rehabilitation.
The minister said that the


Minister: human capital

being seriously depleted


government is implementing
strategies to reduce the rate of
recidivism and to work towards
the successful reintegration of
inmates upon their release from
prison.
A factor that contributes to
the high prison population is the
number of persons incarcerat-
ed for relatively minor offences.
More than 200 persons are
serving time for relatively minor,
non-violent crimes.
Mr Turnquest said that on
July 2 there were 25 inmates
sentenced for vagrancy, 19 for
using obscene language, 12 for
breach of the Road Traffic Act,
-four for breach of the Fisheries


Act and two for loitering. There
are now seven inmates sen-
tenced for overstaying their time
in the Bahamas.
"We are also hamstrung by
the fact that basically, we
employ two sanctions for crimi-
nal wrongdoers: we sentence
them to prison or we fine them.
In cases wherein the fine cah-
not be paid, imprisonment is the
alternative. For minor crimes
this is troubling.
"For example, if John Doe is
fined $500 or six months behind
bars, assuming he does not have
the $500, taxpayers must then
expend $5,500 to keep him
locked up for six months since


it costs approximately $11,000
per year per inmate to maintain
inmates in Her Majesty's
Prison," Mr Turnquest said.
He said another vexing prob-
lem has to do with the petty
offender from the Family Island
who is remanded. The cost to
transport and feed the inmate
and the police escort to and
from the Family Island, often
for a series of postponements,
is exorbitant.
"In an effort to deal with the
large number of persons on
remand, we have established a
protocol as to reduce the
chances of persons being lost in
the system, as many of them do
not have legal representation to
move their cases along. In line
with this protocol, the prison
submits to the Attorney Gen-
eral's Office, on a monthly basis,
a list of all remanded persons,"
Mr Turnquest said.


Turnquest: 'urgent need' to come

to terms with domestic violence


* By RUPERT MISSICK Jr
Chief Reporter
THERE is an "urgent need" for the country to
come to terms with domestic violence, imple-
ment programmes to lower the levels of anger and
frustration and foster and promote non-violent
conflict resolution, National Security Minister
Tommy Turnquest said during debate in the
House of Assembly on Wednesday.
Mr Turnquest said that alarmingly, a growing
number of the perpetrators of serious crimes are
young men and in too many instances boys still in
high school, and others younger than 21.
"In some disturbing cases, young females are
reported as instigators of the violence. Too many
of our young people find themselves before our
courts as a result of poor judgment and wrong
choices on their part. Too many of our young
people are going to jail," the minister said.
The level of recidivism remains too high, he
said, which calls into question the system's abili-
ty to rehabilitate and reintegrate offenders in
society.


"There is also evidence that crime of the nature
that we are experiencing the level of crime in
New Providence is creeping into our more pop-
ulous Family Islands, long fabled as tranquil, rest-
ful and care-free retreats. The level of violence in
our community is not only damaging our social
fabric, it is also gaining the attention of the inter-
national media with potential for damage to our
principal economic activity tourism. People do
not visit violence plagued destinations to relax and
enjoy life," Mr Turnquest said.
The minister said that international criminal
activity, and the fallout from that activity, also
fuels the scope and intensity of crime in the
Bahamas.
"We know that the Bahamas sits astride major
trafficking routes for illicit narcotic drugs and
psychotropic substances, emanating from sources
and supply centres in South America and the
Caribbean and lucrative markets in North Amer-
ica and Europe. It is a small step from drug traf-
ficking to migrant smuggling and small arms traf-
ficking, as the line between criminal enterprises
and criminal activities blur," Mr Turnquest said.


0 In brief

Producers looking
forward to Bahamas
Agricultural, Marine
Resources and
Agribusiness Expo.
FOOD producers are
looking forward with antici-
pation to the Ministry of
Agriculture's four-day
Bahamas Agricultural,
Marine Resources and
Agribusiness Expo.
Slated for the Gladstone
Road Agricultural Centre
beginning November 8, it.
aims to bring together the
best the Bahamas has to
offer in food production.
Under the theme: Promot-
ing locally sustainable agri-
cultural and marine produc-
tion and consumption:
strengthening agribusiness,
the expo encompasses the
full scope of the Ministry of
Agriculture and Marine
Resources.
"This expo is very much
needed," said Charles Gib-
son of Diamond Farms on
Wednesday. "This is a move
in the right direction."
"It is something that was
needed long time," said
Food Technology sub-com-
mittee chairperson Keith
Daley.
"We can feed ourselves
but we need a national
development plan towards
that endeavour," added
Emerson Major, who boasts
the largest cattle ranch in the
Bahamas.
Mr Major will be among
the lecturers on animal hus-
bandry.
"It is very important
because many of us do not
know all of the disciplines
and mannerisms of animals,"
he said. "As such it will be
good for us to attend the
expo and avail ourselves of
the opportunity to know
what is going on pertaining
to animals."
With the right resources,
he believes The Bahamas
can attain self sufficiency in
food in less than 20 years.
TROICA


Large Shipment of Used Cars


IN STOCK


COME CHECK US OUT


New Shipments


Arriving Monthly


For Easy Financing



Bank And Insurance



On Premises

Check Our Prices


Before buying.




Bahamas Bus & Truck



S7Call


Vacancy For The Position Of.






Core responsibilities:

* Conceptualize, design and prepare brochures, flyers and
other promotional material
.* Coordinate the use of artistic and graphic material
Plan and illustrate marketing concepts
* Submit rough layouts of art and copy for approval
Prepare finished copy and art by operating typesetting,
printing, and similar equipment
* Research and recommend new enhancements, software
upgrades, or services that will simplify, contain (or reduce)
costs and increase efficiency.

Knowledge, Skills and Abilities:

* Ability to design layouts for printed and graphic material.
Ability to create technical illustrations, designs, layouts, and
electronic presentations and publications for commercial
print.
Bachelor's Degree in Visual Communication or formal
training in graphic design, website/page design, photo media
and general publication techniques; or five years experience.
Familiarity with PC and Mac operating systems.
Expertise in QuarkXPress 6.0, Macromedia Freehand MX,
Adobe PageMaker, Adobe Photoshop, Adobe Illustrator and
Microsoft Power Point.
Computer Literacy is in the operation of current word
processing, database management, graphics, website and
spreadsheet programs.

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

Interested persons should apply no later than 19th October 2007 to:

c/o The Tribune
DA#14102
P.O. Box N-3207
Nassau, Bahamas


_ ~ ____ _I ~


**^*^HIHI^IIHII^l|^IHB^I|^^IH||HLOCADL NEWS ^^^^^I














Lincoln Bain claims abduction attempt made on him


* FLORIDA
Cash 3: 2-8-3
Play 4: 3-9-9-0
ILLINOIS
Midday Pick 3: 6-8-1
Midday Pick 4: 5-7-9-6
Evening Pick 3: 6-3-1
Evening Pick 4: 7-5-3-4
NEW YORK
Numbers:
Midday: 5-9-2
Evening: 3-5-6
Win 4:
Midday: 5-2-7-6
Evening: 0-1-8-7


@In brief
: .. . .. .. ... ...............
BTC staff
demonstrate
for industrial
agreement
FREEPORT The
Bahamas Communication
and Public Officers Union
and workers at the Bahamas
Telecommunication Compa-
ny (BTC) held a demonstra-
tion on Thursday at the Gov-
ernment Building Complex
in Freeport.
Sean Bowe, BCPOU area
vice president, said that the
union is presently negotiat-
ing a new industrial contract *
for workers at BTC.
A small group of workers
assembled in the front of the
building around noon singing
"Solidarity forever".
According to Mr Bowe,
certain benefits agreed under
the old contract must be dealt
with first before negotiation
can begin on a new industrial
contract.
However, Mr Bowe said he
did not wish to go into details
or specify what benefits are
being sougnt.
The old industrial agree-
hient for BTC workers
expired last month.

Student
believed held
following
stabbing
A MAN was stabbed in the
area of Wendy's, Village
Road, yesterday evening.
Initial reports indicate that
the man was an employee of
Aquapure and was stabbed
by a student of a nearby by.
school.
The Tribune was unable to
confirm the status of the man
up to press time. However,
sources indicate that the
alleged assailant is in police
custody.


Are YOU

Vex?

Email us at
whyyouvex@
tribunemedia.net
and tell us what's
on your mind
:.
.. .. .. .. .. .. .. .. .. .. .. ..


-


ACTIVIST Lincoln Bain
claims he was the target of a
kidnap plot when he travelled
to Washington DC to speak out
about Rita Cosby's book,
Blonde Ambition.
He said an attempt was made
to lure him into the wrong car
when he was invited to appear
on Fox TV to explain his oppo-
sition to the bestseller and its
controversial claims about
Howard K Stern and Larry
Birkhead.


Mr Bain, who says several
false claims in the book were
attributed to Anna Nicole
Smith's two former Haitian
nannies, believes the idea was to
abduct him.
He was supported in his
belief by the nannies' lawyer
Elizabeth Thompson, who said
she thought the plan was to
"dispose" of him.
The claims came during an
interview with The Tribune, in
which Mr Bain and Ms Thomp-


son explained their involvement
in the Cosby furore on the nan-
nies' behalf.

Allegation
The alleged incident hap-
pened at Washington airport,
where his TV hosts had laid on
a car bearing his name.
Mr Bain claimed that an
attempt was made to lure him
into a second car which, it later


transpired, had nothing to do
with the television company. He
considered this to be highly sus-
picious and believes it was part
of a kidnap plot.


PetCoto

1ppclExeinat!.


Challenge to Senate




appointment to be




heard next month


* By KARIN HERIG
Tribune Staff Reporter
kherig@tribunemedia.net
THE PLP's constitutional
challenge to the appointment
of Tanya Wright to the Senate
is back on track and will be
heard before the court next
month.
Acting senior counsel in the
Attorney General's Office
Loren Klein told The Tribune
that the opposition party is now
in the process of filing affidavits
in this case.
The case is scheduled in court
for November 19 and 20.
Last month the PLP suffered
a setback in its efforts to chal-
lenge the appointment of Sena-
tor Tanya Wright when the par-
ty's legal counsel Paul Adder-
ley, failed, according to the
Chief Justice, to follow the cor-
rect procedure in initiating the
challenge.
Supreme Court Chief Justice
Burton Hall struck out an orig-
inating summons filed on June 6
by Mr Adderley because the
lawyer had not obtained leave
of the judge before instituting
proceedings.
Mr Klein said yesterday that
the PLP has since then filed a
new summons and the Attor-
ney General's Office is now


PLP case set for November 19


back io preparing for the trial.
In May. Ms Wright and for-
mer PLP NIP Michlael I lalkitis
were appointed to two of the
remaining three Scnate seats.
According to the country's
constitution, the Senate seats


which do not automatically go
to either party can be appointed
by the prime minister after con-
sultation with the leader of the
opposition.

Claim

However, PLP counsel Mr
Adderley has stated that the
appointment of Ms Wright, the
former president of the Cham-
ber of Commerce, is unlawful.
The PLP maintains that in
accordance with Article 40 of
the Constitution, the seat now
held by Ms Wright should have
been given to a member of the
opposition.
The FNM has argued that
constitutionally, the prime min-
ister has the authority to make
the three Senate appointments,
with or without the opposition
leader's consent.
The dispute of the seats now
revolves around whether or
not the appointments in the
upper chamber reflect the bal-
ance of power in the House of
Assembly.


'Mother' Pratt due to decide on

political future at convention


* By PAUL TURNQUEST
Tribune Staff Reporter
pturnquest@tribunemedia.net
PLP Deputy Leader Cynthia
Pratt confirmed yesterday that
the party is planning a conven-
tion for November, and it is at
that time that she will probably
announce whether or not she
will continue on as deputy
leader of the party for another
term.
However, sources within the
PLP maintain that it makes no
"political sense" for the party
to hold a convention this year
- particularly in view of the
expenses it is now faces, such
as the election court challenges


and expenses incurred in the
lead up to the May 2 election.
Party chairman Raynard Rig-
by confirmed with The Tribune
yesterday that a decision is
"imminent" on the matter, and
should be announced, "at the
latest, next week".
Mrs Pratt: "I know that they
are planning a convention, and
should I make a decision it will
probably be around that time.
"But right now I have not yet
discussed it with my con-
stituents, and I would rather do
it with them, so that I won't go
to the press and they are read-
ing things in the press," she said.
Mrs Pratt added that she first
has to pray over the matter and


discuss it with God, before she
decides whether or not she is
going to retire at this time or
run again for the St Cecilia con-
stituency.


NEW 1:10 3:30 IWA


THINGS WE LOST IN THE FIRE


6:10 8:35 10:50


30DAYSOFNIGHT NEW 1:05 3:30 N/A 6:05 8:25 10:45
RENDITION NEW 1:00 3:25 WA 6:00 8:20 10:40
THE COMEBACKS NEW 1:20 3:45 N/A 6:20 8:40 10:55
YLER PERRY'SWHYDIDIGETMARRIED? T 1:00 3:40 N/A 6:10 8:50 WA
TYLERPERRY'SWHYDIDIGETMARRIED? T 2:00 N/A 4:40 7:30 N/A 10,45
MICHEALCLAYTON C 1:00 3:35 NIA 6:00 8:20 10:45
THESEEKER B 1:15 3:40 NA 6:15 8:35 10:40
ELIZABETH: THE GOLDEN AGE T 1:40 WA 4 40 WA. N/A WA
THE HEARBREAK KID C N/A NH N/A 7:30 NA 10:35
THE GAME PLAN A 1:05 3:35 N/A 6:05 8:30 10:45
THE KINGDOM C 1:00 3:20 N/A 6:00 8:25 11050


JSE YOUR E-CARD TO RESERVE TICKETS AT. 80-3649OR WWW .GALLERIACINEMAS.COM
GONEBABYGONE NEW 1:00 3:40 N/A 6:056 820 10:35
30DAYSOFNIGHT lNEW 100 3:30 WA 6:10 6:30 10:40
TYLERPERRY'SWHYDID I GETARRIED? T 1 :05 3:35 WA 6.00 8:20 10:45
LERPERRWHY DID I GTRRIED? T 2:00 4:30 )1A 7:10 WA WA
THE SEEKER 8 1:20 3:50 WA 6:20 N/A NWA
THEGIEPUAN A 1:00 3:30 N/A 6:00 8:30 10:45
TMEKIDMII CH N/A WN/A N/A 8:25 10401
I H miligggaeltu1 :Tmiaakla .VEgM:MT TIT


COMMONWEALTH

C BANK

NOTICE

Pursuant to the Resolutions passed at the Extraordinary General Meeting of Ordinary
Shareholders held on October 17, 2007, the Board of Directors of Commonwealth Bank
Limited ("the Company") wish to advise the public that the voting Members have approved
the subdivision of the Company's shares such that the Seventy Five Million (75,000,000)
Common Shares having a par value of Six cents ($0.06) each in the capital of the Company
be subdivided into three (3) Common Shares for each Common Share presently authorized
so as to create a total of Two Hundred and Twenty Five Million (225,000,000) Common
Shares having a par value of Two Cents ($0.02) each and that the Company do issue to all
holders of Common Shares Two (2) additional Common Shares for each Common Share
held, which two Common Shares when added to each Common Share held at as at the
date of record for such subdivision shall create a total of Three (3) Common Shares.

And advise further, the following dates relating to the share split:


a. The Announcement Date: October 19, 2007. The date the Company discloses
its intention to perform a Share-split to the public.

b. The Record Date: October 26, 2007. The date determined by the Company
when shareholders become entitled to receive shares pursuant to the Share-
split. Shareholders do not receive shares on this date.

c. The Trading Date (Ex-Split Date): November 7, 2007. The date when trading will
begin using the split-adjusted basis for the new Share on BISX.

d. The Effective Split Date: November 9, 2007. The date the shareholder register
is updated with the split-adjusted shareholdings by shareholders and, thereafter,
notices are mailed to shareholders advising them of their holdings.


"Leader in Personal Banking Services"
www.combankltd.com


FRIDAY, OCTOBER 19, 2007, PAGE 3


THE TRIBUNE









PAGE 4, FRIDAY, OCTOBER 19, 2007


THE TRIBUNE


EIOI AULTTRSTOTH EITOR


The Tribune Limited
NULLIUS ADDICTS JURARE IN VERBA MAGISTRI
Being Bound to Swear to The Dogmas of No Master

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

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

Publisher/Editor 1919-1972.
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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



Major overhaul needed in courts


WHEN WE started reporting the courts as a
Tribune cub reporter more than 50 years ago,
no one accused of murder could get bail.
But in those days murder was a rarity, and
the court calendar was relatively short. The
courts, including the magistrate's courts, start-
ed on time, with witnesses sitting on benches
outside waiting for Mr Grenidge, the bailiff to
call "Court!" Banging his staff loudly on the
floor, everyone in the court room rose to their
feet as a bewigged "Banny" the late Sir
Oswald Bancroft hobbled in. One rap of
the gavel and court was in session, interrupted
for only a few seconds by the loud, ear-piercing
siren that stopped the town to let everyone
know that the hour of noon had struck.
The court calendar was completed in each
session. There was no question of anyone lan-
guishing in jail on remand.
As crime grew over the years, so did the
court calendar. The judiciary was under pres-
sure not enough staff in the Attorney Gen-
eral's office to prepare the cases and a paucity
of judges to hear them. Today with an unprece-
dented 60 murders, and other violent crimes
facing the courts, the judicial system is sagging
under the weight. Crime is in need of urgent
attention, but so are the courts.
National Security Minister Tommy Turn-
quest told the House of Assembly Wednesday
that as of the beginning of this month, 587
accused persons, out of a prison population of
1,359, are in prison on remand, some of them
having been there since 2001.
Instead of focusing on the court system to
speed up the trials, government started to chip
away at the law. At first persons accused of
murder, if not brought to trial before five
years, were allowed out on bail. Today they
are released on bail if there is no trial within
two years.
As a result, up to September this year there
are more than 114 persons walking the streets
on bail. They are all accused of murder.
"When we analyse the murder statistics, so
far this year," Mr Turnquest told the House,
"64 per cent of the murder victims had a prior
criminal record, and 74 per cent of murder sus-
pects had a prior criminal record. In fact," he
said, "10 of the murder suspects charged this
year were previously charged with murder."
"Crime statistics for our country for some
years now," said Mr Turnquest, "suggest that
our effort to inculcate acceptable values and
standards of morality in our children are inad-
equate. Clearly the inadequacy of our efforts
would have repercussions on our societies and
country.
"We did not wake up one morning surprised
to find that murder and other serious crimes
were actually occurring in our country. It hap-
pened over time, as changes to the social norms
that had long directed our behaviour were tol-
erated, and then accepted, as if we were pow-
erless to do otherwise."
We are .not powerless to do otherwise. If
we work together it can be done. But it will take


a concerted effort and the will of a united soci-
ety.
However, we must accept the reality that the
pay for judges is not sufficiently.tempting to
lure a senior Bahamian lawyer with the
training, experience, and integrity to maintain
the high standard of the profession to sit
on the Bench. This means that despite Fred
Mitchell who wants an all Bahamian Bench -
, expatriate judges will have to be engaged. This
is a reality we have to accept, unless, of course,
we want accused murderers walking our streets.
and bumping off citizens at will -
Until this is done, judges will have to recog-
nise that regardless of how liberal they want to
be, persons charged with murder have to be
kept behind bars until trial.
However, attention to the judicial machinery
is crucial to the security of this country. In
Freeport, where lawyers are complaining that
there is almost a complete collapse in the sys-
tem, there is only one judge sitting in the crim-
inal court. And depending upon the outcome of
today's election court case, there is only one
criminal court judge in Nassau, as this case is
engaging the full attention of the second judge.
If the Pinewood election case is lost today,
Mr Justice Jon Isaacs will return to the criminal
bench. If it continues then it is expected to last
to almost the end of the year, whichomeans
that Mr Justice St-epheni Isaaics wilfbe left to
hold the criminal bench alone.
It is obvious that the courts need urgent
attention.
Mr Turnquest said that government is now
considering treating the petty criminal differ-
ently that is those charged with vagrancy,
using obscene language, loitering, breaching
the Road Traffic and the Fisheries Acts. These
petty offenders are sent to jail because they
cannot pay their fines.
To make room for persons committing seri-
ous offences, Mr Turnquest said it has been
suggested that if "John Doe is neither violent
nor dangerous, we ought to consider giving
him three months to pay the fine, with interest."
This, he said, is a growing practice in other
jurisdictions that "view incarceration for petty
offenders as a last resort."
It cost, he said, $11,000 to maintain an
inmate at HM Prison, Fox Hill. "For exam-
ple," he said, "if John Doe is fined $500 or six
months behind bars, assuming he does not have
the $500, taxpayers must then expend $5,500 to
keep him locked up for six months."
These are problems that should have been
remedied years ago. Instead they have been
allowed to creep up on us, and now they pre-
sent a mammoth problem. It is hoped that
under this administration we can return the
Bar to the standard that would give us confi-
dence-- and a judiciary that will understand
society's problems and cooperate better with
the police.
We have to get rid of the revolving door
where the police bring them in, and the courts
let them out.


Sixteen





years as an





'assistant'


EDITOR, The Tribune.
THUMBING through one
of the morning papers the oth-
er day I happened to come
across an article about a play
being produced by one of our
well-known artists. As I read
the article, what stuck out in
my mind weren't the details
about the production but of
all things its title: "Twenty-
Five Years and Een Nutin'
Change."
That got me thinking that
for all the foreign investments,
World Bank loans, etc, the
Bahamas has enjoyed since
gaining Independence, unless
you live on Paradise Island or
Cable Beach, nothing much
has really changed as it relates
to the "look" of the island of
N ew Providence. . .
With the exception of new
subdivisions, the remainder of
the island-infrastructure,
buildings, etc-continues to


this day to.be in a state of dis-
repair. In addition and more
surprisingly, despite our "free-
dom," the majority of Bahami-
ans still exhibit a
"master/slave" mentality as it
relates to how they treat their
fellow countrymen when they
hold a position of power, or
allow themselves to be treated
by their employer and/or
politicians.
Two years after being hired
in 1991 as an Assistant
Teacher by The Ministry of
Education (MOE) and posted
to the Industrial Training Cen-
tre (niow BTVI), I received
Teacher Certification from the
State of Florida Department
of Education. However, in


Tighten up on


employee theft

EDITOR, The Tribune.
SHOULD we accept that if we don't tighten up on employee
theft it is inevitable the cost of living will spin uncontrollably high-
..er and higher and The Bahamas will become more and more
uncompetitive'?
I do not see any reason for employers wanting to take fingerprints
as what does that prove? If the employers wishes to use a security
system which uses a digitised image of a thumbprint or a palm print
to open secured and restricted areas then I suggest they move to the
less evasive system of retinal iris imaging.
Anyway once our new e-passport system is rolled out it is going
to be most interesting if we all will now be required to provide our
fingerprints, both hands for that system? If not we all have to ask
why on earth did we pay a whopping US$12 million for the system?
The current laws do not allow for this but the new passport system
is going to be launched very, very soon!
I think we have to be more responsible and fiscally interested in
educating our employees and the public that when a $1.00 is stolen
we as the consumer pay for that. The principal food stores have
gross sales of $300 million, I am told they include in the prices 2.5
per cent but the losses exceed that by a further 5 per cent so just in
the foodstore area something over $15 million is stolen and so
the prices we scream about cover those losses.
Is it time the Department of Labour provide a polygraph testing
service and the labour laws be amended to provide for this? I
think it is, actually long overdue.
I suggest a totally voluntary system, administered by the Ministry
of Labour and self-financing at the cost of the employers the ser-
vices of expert qualified professional polygraph takers will be
employed by the ministry.
As Prime Minister Ingraham indicated recently he sees the illog-
ic of Price Control and I hope he will see the logic of this propos-
al as the cost of living has to be controlled unless we wish to get into
the spiral of inflation, much higher prices and more and more
taxes.
J MOORE
Nassau,
September 26, 2007.


order to receive the physical
certificate I would have had
to first secure employment
with a Florida school.
Upon learning this, I was
informed by the powers-that-
be at the Ministry of Educa-
tion that I'd.first have to pro-
duce a certificate before they
could begin the reassessment
exercise to Trained Teacher.
After years of back-and-forth
correspondence, I was then
advised to enroll in the teacher
certification programme at
The College of The Bahamas
(COB); that way I would have
a certificate in my possession
and MOE would have no rea-
son to refuse my application.
As such, in 2003 I was award
ed a teaching certificate from
COB and again requested that
I be reassessed based -on -
attainment of additional qual-
ifications.
Four years later, I now dis-
cover that all attempts at
reassessment were hindered
by the Human Resources Offi-
cer here at BTVI.
I've since written the cur-
rent Prime Minister, spoken
with various personnel in sev-
eral ministries and I'm no clos-
er to resolving this matter
today than I was in 1993.
I've recently brought my
concerns to the Under Secre-
tary, Permanent Secretary
and Minister, etc with respbn:
sibility.for BTVI-who, inci-'
dentally, asked that I only give
him a chance to prove how
serious he is about teachers
.and technical education, and
then promised to get back to
me within a few days; I know
now how serious he was/is
since almost two weeks have
passed and I've yet to hear
from him, or any of his "sec-
retaries" for that matter.
Sound familiar?
Until we as Bahamians start
holding these government offi-
cials-most of whom do noth-
ing more than say what they
think we want to hear, even
though we've heard it all-
more accountable for their
inactions, and more impor-
tantly show them we won't
stand for their dismissive atti-
tudes when it comes to the
manner in which they treat us,
this country and its affairs will
remain in a state of disrepair.
Sixteen years as an 'Assistant'.

LEVARPO
L PRATT
Nassau,
October 10, 2007.


jfir t captist CQburcb


"Sacrifice is the true
measure of our giving,"
SUNDAY SERVICES
7:00am, 9:00am, 11:15am
PASTOR EARLE FRANCIS J.P.,D.D.
Marriage Officer, Counsellor, Intercessor
Phone: 323-6452 8 393-5798
._______- Fax: 326-4488/394-4819


KE_


r


OUTSTANDING CAREER OPPORTUNITY
Company Seeks Registered Pharmacist Possessing a Current Bahamian
Pharmacist License
Position Criteria includes (but not limited to) the following...
R-eisifered Pharmacist; to' provide overigitof phartiacycoperations,
supervision of technicians, management of inventory, enforcement of company
policies and procedures MUST also possess strong communication skills,
excellent customer service skills, honesty as well as a VALID and CURRENT
BAHAMIAN PHARMACIST LICENSE. Must be able to work nights, holidays
and weekends
Please respond electronically by October 22nd, 2007 to: bahamian
pharmacist@hotmail.com




FRIEEISS


I


5 CUBE $318.00

5 CUBE $353.00

7 CUBE $445.00

9 CUBE $522.00

15 CUBE $650.00

25 CUBE $995.00


R".
CAUNTI ISOUT U. .UE N
-JIINMRAPPLANCE -BY S G 'AIR
WE ACCEjg T ,L 0 REDIT CARDS
*32 -7758 328-749


.......... PRE-0WNED.

CARS & TRUCKS

For the best deal in town on
pre-owned cars, with warranty!

NOW IN

STOCK
'99 SUZUKI GRAND VITARA
'03 SUZUKI BALENO
'04 SUZUKI IGNIS
'95 TOYOTA AVALON
'98 HYUNDAI ELANTRA Best offer
'00 HYUNDAI ACCENT
'00 HYUNDAI GALLOPER
'01 HYUNDAI COUPE ,
'04 HYUNDAI SANTA FE
Very low mileage, very clean
'06 HYUNDAI ELANTRA Very clean
'06 HYUNDAI TUSCON GLS



UALIT LIMITED
# I AUTO DEALER IN THE BAHAMAS
EAST SHIRLEY STREET 322-3775 325-3079
S , ,,,. T.r., ,,. .. 1 .1 3.,,.1.1 A 1,- -j,,l (F. L. ,, . l.ld l j ul; (J,- 0 --c M- i 52 t,, I ";;
orAbkcoMoioi M.11, Don MacKay Blvd, 367,.916


/
,/


THE

LIGHTHOUSE

QUILTERS


4 th ANNUAL

QUILT SHOW

DATES: OCTOBER
23, 24, 25, 26, 27

TIME:
10A.M. 4P.M.
PLACE:
THE SALVATION
ARMY
IVANHOE ROAD
(OFF MACKEY STREET)

M


I


I


I!










THE TRIBUNE


FRIDAY, OCTOBER 19, 2007, PAGE 5


LOCAL NEWS


OIn brief Bishop hits out at apology to
Man charged
with robbing e trv

gunont tourists issued by ministry


A MAN was arraigned in
Magistrate's Court yesterday
charged with armed robbery.
Jamal Renardo Dawkins,
20, of Christopher Street was
arraigned before Magistrate
Carolita Bethel at court eight
in Bank Lane yesterday.
It is alleged that on Mon-
day, October 15, while armed
with a handgun, Dawkins
robbed Chacka Thompson of
; $350 and two Motorola cel-
, lular phones, the property of
Electro Telecom.
Dawkins was not required
to enter a plea to the charge
and was remanded to Her
Majesty's Prison.
The case was adjourned to
October 24.

'UN votes to
extend Haiti
peacekeeping
mission

UNITED NATIONS
THE UN Security Coun-
cil voted unanimously Mon-
day to extend the UN peace-
keeping mission in Haiti for a
year, noting significant
improvements in security in
recent months but saying the
situation remains fragile,
'according to Associated press.
The UN force of more
than 7,000 troops and 2,000
international police replaced
a US-led force deployed after
an uprising toppled President
Jean-Bertrand Aristide in
February 2004.
More than 400 people died
in clashes involving pro- and
anti-Aristide street gangs,
police, peacekeepers and ex-
soldiers who helped oust
Aristide.
Haiti experienced relative
calm after President Rene
Preval's election in February
2006, but violence flared sev-
eral months later. A UN crack-
down on gangs launched late
last year has led to a sharp
reduction in shootings, but
many people still live in squalor
and are in desperate need of
jobs, hospitals and schools.
In Port-Au-Prince, Haiti,
some political leaders and
residents of the country's
largest slum seemed to wel-
come the extension, saying a
crackdown earlier this year
has made life easier in a
neighborhood previously run
by gangs.

Fury over pet
massacre
sparks web
petition

PUERTO RICO
San Juan
THE fury over the mas-
sacre of dozens of seized
dogs and cats in Puerto Rico
has gone global, according to
Associated Press.
Thousands of people from
SPuerto Rico and around the
world have signed an online
petition calling on the gov-
ernor of the US Caribbean
territory to ensure those who
hurled some 80 pets off a
highway bridge last week are
brought to justice.
Nadia Donato, a 39-year-
old New Yorker, said Wednes-
day an Associated Press story
that appeared Friday about
.the slaughter of the dogs and
cats drove her to tears and to
launch the petition drive.
A. local activist will deliver
the list of names and messages
to Governor Anibal Acevedo
Vila's residence in San Juan
during a demonstration on
Sunday, Donato said.
The petition's website lists
more than 6,000 signatures.
Many who signed are from
Puerto Rico, but signatures
also appear from such far-flung
countries as Finland, Argenti-
na, Malaysia and Australia.
Julio Diaz, owner of the
company that was hired by
the town of Barceloneta to
remove dogs and cats from
three housing projects, has
denied his employees flung
the 50 pets and 30 strays
from the bridge west of San
Juan last week.
Police are investigating.
Puerto Rico police chief
Pedro Toledo has said those
responsible could face cruelty
charges that carry six-month


to three-year prison terms.
About 100 protesters, some
accompanied by their pets,
marched in front of Puerto
Rico's legislature Wednesday
to urge strengthening of ani-
mal-protection laws.


* By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribbunemedia.net
A RELIGIOUS leader
joined those criticising the apol-
ogy issued by the Ministry of
Tourism to the lesbian, gay,
bisexual, and transgender
tourists who were offended by a
police raid at a local nightspot
last week.
Bishop Simeon Hall, senior
pastor of the New Covenant
Baptist Church, hit out the apol-
ogy issued by tourism director
general Vernice Walkine, saying
it "demoralised" the arresting
officers and sends the "wrong
message" about the Bahamas.
The tourists were reportedly
participating at an annual "gay
themed" event at the Hard
Rock Cafe in downtown Nas-
sau on October 6.
According to an employee of
the cafe, workers called the
police to shut down the event
because they were offended by
the activities taking place, which
reportedly-included exotic
dancers clad in flesh toned body
suits.
After the incident attracted
coverage from local and inter-
national media, Ms Walkine .
released an apology on behalf
of the government. She
expressed "regret" that the
LGBT group's visit to the coun-
try "included an incident which
involved the Royal Bahamas
Police Force."
According to one person who
attended the event, RBPF offi-
cers brandished cameras in an
attempt to "embarrass" and dis-
perse the crowd.
DaJuan M Xavier, executive
director of Ebony Pyramid
Entertainment, the group that
organised the event, issued a
statement which claimed that
when, during the raid, he
attempted to ask what was
going on, he was pushed away
'by a police officer and threat-
ened with arrest for "obstruc-
tion. "
"The lead policeman, who
still had not identified himself,
asked me my name and in an
unpleasant tone, 'What do you
think you are doing here?' I
explained that we had rented
the facility for our party. He
barked, 'Where is your licence?
Show me your licence!' I found
the manager of the facility, who
promptly produced all of the
proper licences to hold a pri-
vate party, such as ours," the


w d


Simeon Hall claims police should not be 'demoralised'

after raiding private party at Nassau nightspot


must hang out a flag announc-
ing their sexual preference is
being provocative and con-
frontational," Bishop Hall said.


statement said.
Mr Xavier further claimed
that during his "antagonistic"
exchange with the policeman,
he and his staff were attempting
to cover a female dancer, "but
every attempt was thwarted by
this unpleasant policeman and
his troops. They slapped the
clothes out of our hands or
threw them on the ground. Dur-
ing the intense questioning of
the female entertainer, the
policeman called her a 'whore'
and a 'prostitute' and asked her
why she was coming to their
country doing this."
He added that several of his
staff members and guests were
pushed or threatened with
arrest for attempting to assist
the entertainer or for asking
questions.
In his press statement, Bishop
Hall claimed that persons could
infer from the apology that it
was now considered a normal
practice for those who desire it
"to run through public places
in the nude".
"If the Ministry of Tourism
feels it must apologise, then
concomitantly it is suggesting
that the arresting police were.
in breach of their duty.
"By extension, one can con-
clude that it is now (okay) for .
.. laws promoting public decen-
cy (to) be overlooked and dis-
carded.
"1 agree with the Ministry of
Tourism in welcoming all to our
Bahamas, but any group who


Earlier in the week, outspo-
ken child rights activist Cleaver
Duncombe questioned whether
Ms Walkine possessed the


"moral authority" to issue an
apology on the issue when "the
majority" of Bahamians are
against the gay lifestyle.


Rosetta Street Ph: 325-3331


COURT of Appeal justices
face a "no-win" decision in the
case of convicted murderer
Cordell Farrington, the Court
of Appeal President said yes-
terday.
Dame Joan Sawyer was
speaking during Farrington
ongoing- appeal against his
death sentence for the 2002
murder of Jamal Robbins, 22.
Describing the court's posi-
tion as a difficult one, Dame
Joan outlined what she per-
ceived to be the Court of
Appeal's dilemma.
If the court decides to rule in
favour of the prosecution and
not overturn the death penalty
ruling of Senior Justice Anita
Allen, it would be viewed as
hanging court, Dame Joan said.
On the other hand, she rea-
soned, if the court rules in
favour of Farrington's defence
team, led by Wayne Munroe,
to rescind the death penalty, it
would be seen as "an anti-hang-
ing" judiciary.
She cautioned that a court
cannot base its decisions on
public outcry.
Dame Juan asked Director
of Public Prosecutions Bernard
Turner how a person deter-
mines beyond a reasonable
doubt if the death penalty is
deserved.
She added that a justice must
be satisfied at the end of the
day, that the ruling handed
down was a just and right one.
During his submissions, Mr
Turner appealed for the court
to take into account the appro-
priate nature of the death penal-
ty as a suitable punishment for
Farrington's crimes.
Farrington was convicted in
August, 2006 of the 2002 mur-
der of his lover, Jamal Robbins.
A jury of eight men and four
women unanimously found him
guilty.
He was sentenced to death in
October, 2006 by Senior Justice
Allen.
His case is the latest of sever-


al appeals since the Privy Coun-
cil ruled last year that the
mandatory death sentence as a
punishment for murder was
unconstitutional.
As a consequence of the rul-
ing, death is no longer the only
sentence that can be handed
down if a person is found guilty
of murder.


Cordell Farrington case is

'no-win' situation for judges


CAREER OPPORTUNITY

DO YOU WANT TO BE PART OF A SUCCESSFUL W INNING TEAM?

HAVE YOU GOT WHAT IT TAKES TO GIVE 100% CUSTOMER SATISFACTION?

CAN YOU APPRECIATE THE WORKMANSHIP OF UNIQUE "ONE OF A KIND" PIECES............

WOULD YOU LOVE TO WORK WITH SOME OF THE RAREST AND MOST UNIQUE
GEMSTONES, COINS AND JEWELLERY IN THE WORLD THEN............

ONE OF NASSAU'S MOST ESTABLISHED JEWELLERY STORES IS LOOKING FOR YOU
TO FILL THE POSITIONS OF :

SALES ASSOCIATE (ALL LEVELS)

ASSISTANT OFFICE MANAGER


0 COINOF- r ONLY APPLICANTS WHO ARE PROFESSIONAL, ENTHUSIASTIC,
S BELIEVE IN BEING THE BEST THAT THEY CAN BE AND
TAKE PRIDE IN WHAT THEY )DO NEED) APPLY:
PLEASE BRING IN A RESUME WIT I A PI IOTO AND REFERENCES OR
EMAIL TO coinoftherealhnm'@coralwave.com

7? .", -. .%:.-' DEADLINE FOR ALL APLLI('ATIONS IS OCTOBER 31"' 2007,.
















'The former administration took no further



action on these recommendations'


The following statement was
muide in parliament on Wednes-
day, October 17 by Prime Min-
ister Hubert Ingraham in
response to the following ques-
tion by Fox Hill MP, Fred
Alitchell: What is the status of
the development of the building
fBahamas House) at 137th
Street, Harlem and whether there
have been any developments in
that matter?

JHonourable Members
will recall that the
deputy prime minister and min-
ister of foreign affairs respoind-
ed to this question by advising
honourable members that the
government had determined
not to proceed with proposals to
assist with the repair of
Bahamas House in Harlem,
New York. The building is
owned by the Bahamas Ameri-
can Association Inc (formerly
the Nassau Bahamas Associa-
tion) and has served as the asso-
ciation's headquarters.
The member for Fox Hill, in a
recent press conference, relayed
his disagreement with the gov-
ernment's decision and sug-
gested that it reflected my gov-
ernment's less than genuine
commitment to the promotion
of cultural matters and, specifi-
cally, its lack of support of
Bahamians in diaspora.
I advise honourable members
that the relevant Ministry of
Foreign Affairs file indicates
that a proposal for the govern-
ment of the Bahamas to
become involved in the repair
and restoration of this privately
owned building dates to March,
2006. It would appear that up
to the time of the general elec-
tion on 2nd May, 2007 the for-
mer administration considered,
without success, alternative
means of assisting the Bahamas
American Association in fund-
ing repairs to its building.
All alternatives proffered by
the association appear to
require the government of the
Bahamas to assume full respon-
sibility for funding the repair of


Features for 1.6 litre model include:
automatic transmission, air conditioning,
power windows, locks & mirrors,
immobiliser and CD player.


On Wednesday Hubert Ingraham delivered a lengthy rebuttal of,

Fred Mitchell's claim that the government's refusal to fund repairs

to Bahamas House in New York signified a lack of commitment ot

the Bahamian diaspora. The full text of his reply is printed here,

and on the opposite page is a response by Fred Mitchell.


the building on terms to be
arranged by the Association
and subsequently, to agree to
become the tenant of the build-
ing for 100 years, or in perpetu-
ity, but without ownership con-
trol.
Nothing on the file suggests
that alternative funding
arrangements to that proposed
by the Association had been


Nothing on the
file suggests
that alternative
funding
arrangements
to that proposed
by the
Association
had been
investigated or
were being
investigated by
the government.

investigated or were being
investigated by the government.
Further, nothing on the file
suggests that any discussion had
,beeni initiated with the US
Department of State with
regard to the government's
intention to become involved
in this commercial undertaking


in the United States of America.
Honourable members are
advised that the acquisition by a
foreign government of real
property or the entry into a 100
year lease for real property in
the United States of America
requires the prior approval of
*the US Department of State.
This requirement is usual and
applies, for example, to any for-
eign government seeking to
acquire fee simple title or long-
term lease arrangements for
real property in the Bahamas.
It is not clear to my govern-
ment that the former adminis-
tration's commitment to assist
in this venture was a serious
one.

A chronology of the
government's consid-
eration of the matter is as fol-
lows:
In May, 2006 the Ministry of
Finance having been requested
to comment on a proposal for
the Government to assist in the
repair of Bahamas House in
Harlem, New York recom-
mended to the Ministry of For-
eign Affairs that the govern-
ment limit its contribution to
the renovation of the building to
a donation of $25,000.
The then minister of foreign
affairs did not include that rec-
ommendation in his submission
to Cabinet on the matter.
Rather in June, 2006 Cabinet
was advised that funding to
repair Bahamas House in
Harlem was available from a
number of sources in New York


City but it was.recommended
that the Bahamian Government
undertake to acquire the build-
ing or fund its repair, estimated
to cost between $885,000 and
$1.75 million. Further, Cabinet
was invited to agree that the
government rent/lease the
premises as residences for
Bahamian diplomatic/consular
officers posted in New York
City thereby providing income
to the Bahamas American
Association.
Cabinet did not agree, instead
Cabinet appointed a committee
from the Ministries of Finance,
Culture and Foreign Affairs to
travel to New York to conduct
an inspection of the building to
further guide government's con-
sideration of the proposal.
The delegation endorsed the
earlier recommendation that
the government agree to either:
The outright acquisition of
the building and thereafter to
undertaking its restoration and
use as residences for diplomat-
ic and/or consular officers post-
ed in New York: or
entering into a 100 year
lease of the building so that the
lease might be used by the asso-
ciation to support its loan appli-
cation to an appropriate insti-
tution in New York.
The association did not agree
to any arrangement that would
result in the fee simple title of


--


the building being transferred
to the Government. Reported-
ly, the association is not in a
position to transfer title as title
is held in trust.

n January, 2007 the Cabi-
net noted the advice ten-
dered by its appointed inspec-
tion committee and agreed that
the "Committee work with the
Ministry of Finance to settle
financial arrangements by way
of lease to support the project".
In March 2007 having
reviewed the provisions of a
proposed Memorandum of
Understanding to be conclud-
ed between the government and
the association providing for the
perpetual lease of the building
by the Bahamas government,
the Ministry of Finance advised
that the terms of the MOU


As such, the
Ministry Of
Finance
indicated that
the proposed
arrangements as
then structured
should not be
supported.


were: "highly unusual in that as
a member of the association the
government will be liable for
the loan and as the entity leas-
ing the property in perpetuity
would also be the means of ser-
vicing the loan. In essence the
government would be fully
responsible for Bahamas House
without ownership or control."
As such, the Ministry of
Finance indicated that the pro-
.posed arrangements as then
structured should not be sup-
ported.
The Ministry of Finance went


Features for 1.8 litre model include: automatic
transmission, air conditioning, power windows, locks &
mirrors, immobiliser and remote keyless entry, alloy
wheels, dual airbags, leather upholstery and CD changer.


STOYOTA

Backed by a 3-year/60,000 mile factory warranty.


EXECUTIVE

MOTORS LTD

AU I HORISED TON OTA DEALER


A,\io N .1ll Slil ", 'CLI -.1 'I
y Ipen rili 1to Fr, "n 1 311111
atr Samnd I 2110nI
li: 397-1700
F -mail execmotortcbiatelner bs
Parrt aind servic gualrailiteedl


r I ,ii,.cw's Church)

^*A..:


Available in Grand Bahama at Quality Auto Sales (Freeport) Queens Hwy, 352 6122 Abaco Motor Mall. Don MacKay Blvd, 367-2916


on to advise that the association
needed to develop an alterna-
tive arrangement which could
withstand "independent scruti-
ny and be compatible to those
between the government and a
disinterested third party."
The file reflects that further
meetings were held between
representatives of the govern-
ment and of the association and
on 2nd April, the Ministry of
Finance provided further advice
to the Ministry of Foreign
Affairs informing that the lease
arrangements sought by the
Association called for the gov-
ernment to provide some
$13,000 in lease payments dur-
ing the construction phase of
the repairs (representing inter-
est payments on.a loan to cover
the repairs). Subsequently, the
Government's lease payments
would change subject to mar-
ket conditions. The cost of
funding for the project would
have been around 9%, signifi-
cantly higher than the Govern-
ment is able to obtain. Again,
the Ministry of Finance did not
support the recommended
funding arrangement.


T he Ministry of Finance
suggested for consider-
ation whether either the Gov-
ernment or the National Insur-
ance Board might agree to the
lease of the building at a nomi-
nal rate in perpetuity, under-
take the repairs to the building
and subsequently have the Min-
istry of Foreign Affairs relocate
its overseas staff from present
rented residential accommoda-
tion to Bahamas House. The
rent payments by the Ministry
of Foreign Affairs would then
offset Government's (or NIB's)
funding of the repairs to the
building.
The Ministry of Finance also
drew attention to the fact that
the proposal from the Bahamas
American Association called for
a member of the Association,to
be both the contractor.aind.the
project manager. The Ministry
of Finance recommended':that
these two positions be filled by
separate entities and that one
be subject to competitive bid-
ding.
The former Administration
took no further action on these
recommendations prior to the
May general election.
Given the circumstances my
Government has determined
not to pursue this matter.


;' .*' .' '. .... '"^:.' ,';' if^'V"q3


$ i i our w-ebsite at u w.cob.edu.bs


Read the Plan and respond to

strategicplan @ cob.edu.bs


Where you can get your copy:


1. Newspaper Supplements (2007):
Nassau Guardian Friday, October 19


The Tribune


Tuesday, October 23


2. Electronic Copy:
Write to strategicplan@cob.edu.bs

or,

3. Print Copy from the Office of
Outreach, A-Block Oakes Field Campus.


Because of the national importance of the University, Bahamians from all
walks of life and economic sectors took part in its development through
nine task forces and countless interviews and commentaries.

The Plan is now being circulated again. Secure your copy and tell us what
you think about it. The University of The Bahamas has an essential role
to play in the development of The Bahamas.


Help shape The University of The Bahamas.


T TOYOTA moving forward


THE TRIBUNE


PAGE 6, FRIDAY, OCTOBER 19, 2007















Mitchell calls FNM 'politically dishonest'


* By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net
THE INGRAHAM admin-
istration is being "politically dis-
honest" by claiming the PLP
did not have a clear or serious
commitment to assist with the
renovations of the Bahamas
House in New York a.PLP offi-
cial said yesterday.
This statement came from
former Minister of Foreign
Affairs Fred Mitchell in
response to a speech made by
Prime Minister Hubert Ingra-
ham in the House of Assembly
on Wednesday.
In the press release, Mr
Mitchell claimed the prime min-
ister's statements regarding the
government's decision not to
lease and repair the building in
Harlem sought to "cast the
blame for matters entirely with-
in the power of the FNM and
the prime minister on the PLP."
He also criticised the current
administration for its "coward-
ly... refusal to take responsibil-
ity for its own decisions."
In the House of Assembly,
Prime Minister Ingraham stated
that the PLP's commitment to
assist with the funding of the
building on 137th Street in New
York was not clear when his
government regained power
earlier this year.
The building was to serve as
headquarters for the Bahamas-
American Association and pro-
vide accommodations for
.Bahamian diplomats visiting
New York, the opposition stated
in an earlier press conference.
However; Mr Ingraham
revealed in the House of
Assembly that in March, 2007
the Ministry of Finance advised
that, under the terms of the pro-
posed agreement, the govern-
ment would be "fully responsi-
ble for Bahamas House with-
out ownership or control."
As a result, the Ministry of
Finance advised that the pro-
posal should,not move forward,
the prime minister said.
The opposition's spokesper-


superman
atman
host
ombie
skeleton
rate
doctor
*een Titans
id much more


Supplies
* Masks
* Wigs
* Hats
* Party Decorations
* Candy
* Pumpkins
M Wreaths
Make-up
* Brooms
* Face Paints


ctor
nch Maid
rse I 1ll House&
ssy Witch I illy b Home
npire Man Mondayo 9:OOn8;OOpm
lr: 42n ) 393-4002 Snday :
,ntom Fax: 242) '393 9 n ose' "

^~~ '^


Former minister says PLP had agreed to

assist with funding for Bahamas House


son for public affairs refuted the
comments made by the prime
minister.
"Nothing in the statement by
the prime minister contradicts
what the PLP said on the last
occasion when this matter was
brought to the attention of the
public," said Mr Mitchell.
"In fact, his statement con-
firms that the PLP administra-
tion in January 2007 by Cabi-
net conclusion agreed (to assist
with the project)."
The former administration's


commitment to support the pro-
ject was solidified until "the
Ingraham administration sum-
marily cancelled and revoked
the conclusion by way of its
shocking announcement in the
House of Assembly on 3rd
October 2007," Mr Mitchell
said.
He called for the government
to revisit its decision not to
assist with the renovations of
the building in Harlem and in
turn support Bahamians living
in New York.


f?.I~h


I!


Uids
Barbie Si
Ninja Hero B
Princess G
Dinosaur Z
* Witch S
-Clown Pi
- Devil Girl D
* Vampire T
* Angel an
Adults


*
* *


Loc
Fre


* Nur
* Cla
* Vac
* Pha


Treat ou self right...
A

," mfm


n observance of Breast Cancer Awareness Month, 4.
idee his voucher for 0 off the co;\ forms of a li.
i'nani llimogram at Doctors lr ospi'1 '00 aP d iTil to Dortors Hoaital
M at'etll i l ne in t .. Bu pon nent today Bahamas

L 'l .:.:....... . .. .4.._ .L

In observance of Breast Cancer Awareness Month,
redeem this voucher for S006 off the cost of a
mammograin at Doctors Hospital'
',X ,ti"ei wll w ho I,/ I, I ,thal'j ; tii'i ui gLrai sl od[,!,vt,.S]Vy',it ;P tt.Hospital.
(,all to make n ial)loii>(met today 302-4662


soularize
(A LEARNING PARTY)


October 25-27, 2007
New Pi evidence Community Centre
Blade Road & JI-K Doive




keynotespeakers


NiTWright


Rita Nakashima Brock


if DOCTORS H


HOSPITAL


What makes Soularize unique is the
learning environment. We create a
casual, safe and interactive place
where you can wrestle with issues
your church and faith are facing
today. You'll engage in a wide
variety of learning experiences
like facilitated groups, hands-
on learning experiences, main
sessions with keynote speakers,
and workshops.


Richard Rohr


Registration & Tickets

FULL CONFERENCE LOCAL RESIDENT RATE
POp lS i'/ ,'sitl,-I1, '1ven1it loeS I ,,,_i a 5-' .si.vth 1 ,'0 "

SINGLE DAY PASS
4l-ail3/1 for F( d,itt a Sa1, tlt
PrO i' f I( 'p's. I' itl tl. S/li(tt "' t7 It'ld ll, sI/IIr' -LAt' r. 'l


SINGLE EVENT TICKET


Brennan Manning


$149.00


$75.00


$25.00 pei e'ent


Lie main31 pe.iAel 1 11o., ,rPt en

More information and full conference registration available online at www.
soularize.net or thru the NPCC office. If you would like to register thru the
NPCC office please Contact Keliy at 327-1660 or kelly@npcconline.org.


British American Financial Breast Cancer Tip


Eating properly is important when undergoing breast aonIer theranp.. Treatments can catise Iatigume. re. li'he %,h;ic;al
strength, and damage issue. Patients usually suffer from a reduced appetite as a side effect 'I the lt';nlt nt I at i: l iilts
and vegetables rich in vitamin C. high-protein Ioods like mel beansn, and dairy products, amil cral ,ii ,liile li'l<'in \\h'lil
grains for energy' can help tremendously

You can survive breast cancer. Earh. d'tcctioln lIhrniuIIh regular tbruIsl sell-exaams and a r.qular prI''I ram (f
nmminmogram and physical exams are crucial steps that every ii.1n ,l .h( ',/(d c1114n,' 'lI


B British

,.lAmerican
r I N A N C I A 1.


Sabrina Deleveaux

39


Breast Cancer Survivor for 5 months


Th riue-bere BestCncrAwaens M nh0


/


"How can they hear unless someone tells them?"- Romans 10:14
Orthodox Christian Network -
The Orthodox Christian Media Source!
Every Sunday at 6:00 p.m.
Joy 101.9 FM
Sponsored by Wendy's
Chris & Tay Tsavoussis


lADQ4ATTirI


Red Riding Hood


rLa eslciono
'u~oo Em 'aionl


FRIDAY, OCTOBER 19, 2007, PAGE 7


THE TRIBUNE










PAG 8,FRDAYLOCOBRL1, 207THETRIUN


Exuma's history hailed



in Diaspora event


Vacancy For The Position Of:






Core responsibilities:

Acts as Relationship Manager to high net worth clientele by
liaising with clients to determine needs and resolve issues,
providing answers and communication wherever necessary.
Performs maintenance and records management on existing
portfolios by liaising with attorneys and insurance companies to
prepare legal documents or obtain security.
Performs constant follow up on delinquent and watch-list accounts,
and institutes proper procedures regarding the collections of bad
and doubtful ones.
Advises the Credit Risk Consultant of any issues that may have
a material effect on the credit portfolio.
Prepares credit proposals by conducting comprehensive financial
and non-financial .analysis, collecting and checking required
documents.
'* As lending cap varies, designs and implements marketing initiatives
aimed at attracting targeted business accounts.

Knowledge, Skills and Abilities:

Bachelor's Degree and five or more years of banking experience.
Strong accounting and financial skills to analyze financial
statements.
Strong analytical capabilities to assess and make reasoned
judgments on the viability of a credit candidate.
Detailed knowledge of business operations in many industries to
analyze credit worthiness, economic and statistical theory, and
to understand banking activity and business trends.
Core knowledge of specific legal documents to ensure security
is legitimate.

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

'Interested persons should apply no later than October 19th, 2007 to:

DA14102
c/o The Tribune
P.O. Box N-3207
Nassau, Bahamas


r ", -: e-, ,-^*finm-' MI, ,. ac.
AFRICAN DIASPORA Heritage Trail delegates view tombs of 19th cen-
tury settlers in Exuma


EXUMA has a rich history
to contribute to the proposed
African Diaspora Heritage
Trail, locals say.
The island chain, which has
the sight of a slave rebellion,
still features plantation ruins
and tombs of early settlers.
The trail concept envisions a
series of interconnected sites
with great historical and cultur-
al importance to the story of
the people who were taken
from Africa and dispersed
throughout the Americas as
forced labourers.
The visionaries behind the
trail hope to educate visitors to
African Diaspora countries,
enhance the economic viability
of these countries and conserve
the essence of African descent,
culture and history.
Caribbean government lead-
ers, historians and scholars met
at Paradise Island last week for
the third ADHT Conference.
The conference ended Satur-
day with some participants tour-
ing the heritage sites of Cat
Island, Eleuthera and Exuma.
Those visiting Exuma toured
early settler burial grounds at
Rolle Town and the Hermitage.
They explored the salt beacon
and plantation ruins of Williams
Town, and they received in-depth
information on the commonage
lands enjoyed by Exumians.
Exuma natives explained that
there are five commonages on
the island Ramsey, Thomp-
son, Rolleville, Rolle Town and
Steventon. The use of the land
is governed by the provisions
of the Commonage Act, which


tunity to stop at Pompey's
hometown of Steventon, where
they heard how he and others
rebelled against plans to move
them from Exuma.
Dr Davidson Hepburn, chair-
man of the Antiquities Monu-
mehts and Museum Corpora-
tion (AMMC), said Exuma's
sites are fascinating and experts
in Exuma had an abundance of
information to share.
The AAMC will seek to col-
lect information in Exuma and
other islands, he said.
"AMMC is documenting all
of the sites throughout the
Bahamas," Dr Hepburn said.
"Once we have this finished, we
are going to make a composite
so it can be used as a heritage
trail. So, once you start in Nas-
sau, you can follow it to Cat
Island or Exuma or wherever."


New book published on history

of Royal Bahamas Police Force


THE Royal Bahamas Police
has announced the release of a
new book on the history of
policing in the Bahamas.
The Story of the Royal
Bahamas Police Force is
described as a 'comprehensive
and compelling historical exantm
nation" of The force, which
takes readers through "an in-


depth journey of law enforce-
ment in the Bahamas beginning
with the foundations of polic-
ing across the world."
The book, written by
Chaswell Hanna, Altida Khal-
fani and Keimuel Knowles,
traces the lineage of the RBPF
from its inception in 1840 to
present-day initiatives includ-
ing the school and tourism
policing programmes.
"The Story of the Royal
Bahamas Police Force is filled
with detailed accounts of local
and international events that
have helped to transform the
force into one of the leading
law enforcement agencies in the
region," said the RBPF.
Commissioner of Police Paul
Farquharson has invited the
public to a book launch and
signing ceremony on October
24 at 11am at the Conference
Centre at Police Headquarters
on East Street.
The ceremony will include
exciting presentations and a
performance by the Police Pop
Band. Refreshments will be
served.
The force said the book is a


THE NEW book tells the story of
the RBDF from 1840

"must read" for local and inter-
national students at all ages, as
well as "scholars of Bahamian
history, retired and serving
members of the force and the
general reading public".
. The 608 page case-bound, full
colour volume features full
colour images depicting police
uniforms, badges of rank,
parades and ceremonies.


Invites applications for the following
positions:
The successful candidates should have the
following qualifications for their
Respective areas:-


Water Sports Manager
* Certified Scuba Diving Instructor
* Proficient in Water Sports Medicine
** Qualified in First Aid Instructions
** Fully experienced in basic sea survival procedures
S* Experienced in the hospitality industry is an asset
** Good communication and motivational skills are required.

Executive Chef
** Must have at least five years experience in a similar
position in a Resort Hotel
** Must be a motivator and trainer, with strong
organizational and leadership skills
** International experience would be an asset
** Formal qualifications and computer skills are
desirable

Individuals will be required to live on property.
Both positions would welcome married couples.
Salary will be based on qualifications
and experience.
We offer excellent benefits.


Please send resume to:


P.O. Box CB-13005
Fax 242-327-6961
cmajor@srb.sandals.co m


details who is entitled to the
land and how land can be repos-
sessed by the commonage.
Floyd Ambrister, chairman
of the 1,300 acre Steventon
Commonage, refers to Exumi-
ans as the only descendants of
African slaves to benefit from
reparations for slavery.
"The Americans are still wait-
ing for their 40 acres and a
mule," he said.
Mr Armbrister explained that
Exumians have access to prime
land with beautiful vistas due
to the Commonage Act.
Kenneth Nixon, liaison offi-
cer for the commonages, pro-
vided a history of Exuma and
some of its colourful personali-
ties of the past. The famous
Exuma slave, Pompey, was a
prominent feature in the story.
The visitors had the oppor-


and nbetabe srvie! lus evry eek fo nwuti e. 8t
we are giving away fabulous prizes- appliance iltnsf iu
and alefflyh et s COMEIN:flloutyouenryorm&YOareneretoWIN
WiCth*nopurchase necessary.

1 a. - .. .. : :- : . .. . . ... ... IH HI.. .H .u. *n
^ ^ But hee' moe!Sp nd us $00at aserTec niias r ffli ^ ^ ^ Bes Buyin L Furnitur
and YOU ca ENTER to IN & SPINfor the GRNDPRIZE bein drw on Dec 8th Vilaeoa
^^^^l||H^^I^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^393.5310l 1394.2378y^ ^^^
W^^IN. 1 of 5 EBrand New Vehicles!soCOBME 8~INSIN andWIN! www^astetechahams^co
AtMate Tcniias es By unitu^K| re.ials adrsdlosmy pl.Sei trAftdli w^bsbyaaa~o


I


THE TRIBUNE


PAGE 8, FRIDAY, OCTOBER 19, 2007


S


RA N G E R 0: O P I R U S

. ML .. "'" : '-< a "
"-'"* I

.. .
{,~~~~~~~~~ \ w[f*- .;*- tt <^
r i bga^ S^^^^R H r' .r |.t fm^*^W^W WK








FRIDAY, OCTOBER 19, 2007, PAGE 9


THE TRIBUNE


Cleomi R Anderson
Mark J. Bullard
Alessandro Cabella
Stephanie Q. Clarke-Gay
Magnola Clarke-Gibson
Patrick Darling
Derek 0 Hanna
Valderine D Knowles
Carol T. Knowles
Tesma R. Moss
Denise R Pinder
Roena V. Rolle
George R Sands
Jean-Noel Sangaraille
Clay P. Saunders
Doris M Sherman
Shakira D Thompson
Beaumont L. Todd
Omar Armbrister
Diaquis M. Beneby
Omar M. Brown
Gregory Clarke
Nasheka L Foster
Wayne E Grazette
Tromon R Kemp
Mervin D Roberts
Samuel Santil
Orville J Simms
John Williams
Deangelo Adderley
Levar M. Adderley
Lisa Adderley
Mario Augustive
Dwayne M Bain
Toylee E. Barr
Mannix N Barton
Cebric S Bethel
Darron D Bethel
Walestein Blanc
Troy D Bodie
Desiree Bowe
Shakera R Brown
Kim E. Brown
Anton K Burnside
Leslieanne Burrows
Henry D Butler
Orashio Campbell
Edward Carey
Stacy R. Carey
Bill P Cartwright
Alexandra Cash
Anthony Clarke,
Delcina Cooper
Henry Cooper
Jeremico J Cooper
Kendra Cooper-Simmons
Garnett Cox
Karen Y Cumberbatch
Torshika Curry
Vanderia Curtis
Anastacia Dames
Carelatta P. Darville
Peggy Davis
Randolph Dean
Soma A. Dorsett
Garvin S Duncan
Valentino T. Edden
Hicham Enhaili
Greg D Evans
Eldoray A Ferguson
Shantel Forbes-
Hallam W Gibson
Gilbert Gibson
Kenio D Grant
Richard M Haygood
Trevor F Heastie
Lucen V. Heastie
Lamont V. Henfield
T'ron J Higgs
Kyle H Johnson
Ingrid R. Johnson
Melba M Johnson
Sharon Johnson
Tyrell Johnson
Douglas A. Joseph
Cedric D. Knowles
Esther L Lenord
Darron D Longley
James V Lundy
Keyovano Mckenzie
Kimberley N. McPhee
Torriano T. McPhee
Shavonette N. Minns
Dwight D. Moncur


Ahmad A. Morrison
Stephen E Moss
Sterling R Moxey
Harvey 0. Mullings
Ralph Musgrove
Ricardo Poitier
Barbara Poitier
Cora Pratt
Dewitt E. Pratt
Ricardo I Rahming


Michael C Ramos
Bruce Richards
Hermis N Rolle
Cherice Rolle
Denicia R Rolle
Ron D. Rolle
Steveana Maria Rolle
Bobbyann S Rolle
John A. Rolle
Michael M. Rolle
Monique M Rolle
Jamal A. Rose
Bodkin A Russell
Maxwell J Russell
Beverly J. Sands
Carolyn M Sands
Garin D. Seymour
Trevor A. Simmons
Cardinal D. Smith
Allan J. Smith
Patrice D. Smith
Brendalee Smith
Hector J. Smith
Lavando M Storr
Donna Strachan
Steven S Strachan
Philip S. Thompson
Carol M Thompson
Desiree P Thompson
Charliese Timothy
Joe A. Villarreal
Lynden L Wallace
DeAngelo C. Whyms
Jarrod Jeffrey Williams
Colette M Williams
Winifred E Williams
Kevin G Williams
Cecile B.,Wilson
Teran S Wood


Giovanni A. Laramore
Nelson Mackey
Trevor E Mackey
Vernetta A. Major
Caralee Malone
Gari E. McDonald
Shon K Missick
Marcus A Moncur
Gavin S Murugan
Cecil Newry
Telsine G Pinder-Rolle
Shamika P. Rahming
Derek Ramsey
Stephan A. Ranger
Sophia L Rankine
Sean K. Rolle
Alan P Russell
Jason Saunders
Sherry Saunders
Audwyn H. Scavella
David J. Sears
Daron E Smith-Rollins
Christopher Strachan
Harrison Stubbs
Lamont D. Swaby
Sylester G. Turnquest
Desiree T. Williams
Sambrino Williams
Antonio A. Adderlery
Corissa S Adderley
Felix G. Adderley
Jefferson Ambrose
Sabascio L Armbrister
Requel L. Armbrister
Marion M Bethel
Everetta F Brooks
Antoine Burns
Shirleymae Davis
Stephen Daxon


Shantana E. Watkins
Portia F Wells
Denise R Wilson
Berthamae Woodside
Michael Bowe
Shaniqua E. Deveaux
Rashad A. Fountain
Elsie L. Frazier
Jamie V Johnson
Alexandria F. Carey
Keith W Cash
Rochelle B. Collie
Valentino C. Davis
Clemeka N Duncombe
Phillipa V Ramsey
Lakeisha S Wells
Rommel A Brooks
WillArd D Capron
Jake D Gray
Giovanni Vance Johnson
Dinah. M Knowles
Effie Newbold
Laverne L Pratt
Wavel A Saunders
Tyrone Taylor
Tremmie D. Thompson
Sharon J. Weech
Mario A Bethel
Garvin Blackman
Charles Cleare
Randolph Cooper
Sandy M. Ferguson
Mario Gibson
Godfrey B. Knowles
Donavon R. Jr. McGregor
Raynard A Miller
Zephaniah Newbold
Daniel Northe
Chris A Reckley


One&On y






Ocean Cli


Bahamas


THANK.YOU ALL FOR CONTRIBUTING

TO THIS GREAT RECOGNITION

Best A antic Ocean Resort

Conde Nast Traveler

2007 Readers' Choice Awards


Karen Young
Stephane C Brallet
Emmanuel M. Gibson
Tyrone Moss
Larry H Smith
Valencia E. Thurston
Clever S. Adderley
Claudette M. Andrews
Martha D. Beneby
Branden M Beneby
Naomi E. Bethel
Dawson L. Bullard
WiStler W Charles
Arlene L. Chase
Allison J Colebrooke
Prince M. Collie
Pandora A Darling-Rutherford
Prescola M Davis
Rochelle Davis
Balton Daxon
Tracy Y. Delancy
Elvardo 0. Deleveaux
Eduardo Deveaux .
Derrith E, Duncombe
Leslie Ellis-Tynes
Paula D Eneas
Lamart E. Fernander
Simone A Gibson
Cornesha Gordon
Tonya P. Green
Glenroy M. Hall
LaCorey V. Hall
Timothy Hinsey
Raquel E Huyler
Trevor D Johnson
Roosevelt Joseph
Terrence Kelly


Kensa Delancy
Sandra A Deveaux
Michelle R Dorestant
Loretta N Duncombe
Johnny Farrington
Anton G. Ferguson
Errol Fyne
Sheryl D. Gaitor
Carmetta P. Gibson
Angela M Glinton
Ivan E Hanna
Telrese .A Henfield
Deangelo R Johnson
Kenrick H. Major
Audrey C Mcintosh
Madlyn Mcintosh
Andrew Mcintosh
Alex A McKenzie
Shenique N. McKenzie
Kwame T. McKinney
Kendra K. Mcphee
Mary P Meadows
Cindy M Neely
Denise Y Newbold
Betty Paul
Wingo V Rolle
Rachaele Rolle
Nekelia O Rolle
Jennifer L. Sanchez
Fyrstine Seymour
Sidney F. Simmons
Christine H Smith
Sherlinea S. Smith
Dornell T Taylor
Prenell M Taylor
Shavonne J. Thompson
Deborah Turner


Charlton T Sands
Sivie M Seymour
Basil Smith
Marcion C Sturrup
Cleveland Walker
Ricardo R Wilkinson
Raymond Williams
Rochelle Armbrister
Shavon Nairn
Petra S Rose
Louise E. Stubbs
Kimberley L Talbot
Damian D Thompson
Denero D. Williams
Paula L Williams
Debbie Y Wright
Ricardo E Williams
Perez Adderley
Donald A Albury
Allenell H. Armbrister
Edith E. Bastian
Ason S Braynen
Franklyn A Brown
Calvin Clarke
Edwin Damas
Samantha L Dean
Betsymae Deveaux
Yorick Evans
Valden L. Fernander
Mark A. Grant
Sonia V. Hinsey
Calvin M. Huyler
Cadmus D Inniss
Jamal W Jones
Stanford R. Jones
Kermit Mackey
Shawn A. Major


Joseph Mott
Delano Nesbitt
Christine Pennerman
Frederick A Smith
Edwin-Jr Smith
Nakola L. Stubbs
Clayton Tucker
Vernal Brown
Chavez P. Brown
Jermaine G. Brown
Jeremiah Butler
Gandy Clarke
Darren A Gibson
D'angelo D Moss
Cliff Resias
Albert J. Thompson
Daron D. Wright
Tameco V Black
Yvonne Bonaby
Linda E Brennen
Jennifer Delancy
Kristoff C Edwards
Ranwa J Ferguson
Kirk N Ford
Keith K. Gilbert
Barry G Glinton
Dorothy V Higgs
Paulette M Higgs
Stephen G. Johnson
Tomiko K Knowles
Carmena Miller
Antoinette T Minnis
Esther M Rolle
Rolston Rolle
Tiffany Stuart
Roxybeth D. Whymns
Tego R Adderley
Desmond C Barr
Olive Brown
Marvin D Colebrooke
Requel P Davis
Anthony M Delancy
Domingo Duncan
Valentine dgecombe
Alvina T. Griffith
Jason J. Hollingworth
S. Pauline Jackson
St.Paul 0 Jacques
Leonard Lightbourn
Keturah C McKenLzie
Ivan Miller
Tenen e Ub MsibsLk
Colyn B Motley
James A Murnay
Dwayne T. Pople
Narine 0. Ramotar
Kevin W. Rodgers
Nikymo K. Rolle
Jonathan E Simmons
Marcus V. Smith
Reginald Smith
Belinda G Stubbs
Tamiko T Taylor
David D. Williams
Gerard Burrows
William L Larrimore
Charles Nairn
Leo Rolle
Natasha E. Smith
Leon J Stuobs
Stephen Braynen
Angello A. Horton
Ricardo H Johnson
Jean J Louis
Tamica McKenzie
Demeko C. )Saudert
Reginald R. Strachan
Taurian R Austin
Lavardo N b. I,_-:
Lloyd C. Butler
George A Gibson
Anthon Knowles
Nevelon D. McKenzie
Garvin G. Newball
Robert D. II Sands
James A. Seymour
Michelle Antoinette Smith
Michaella Stuart
Raquel P. Turnquest
Arvin Wallace
Sean T. VAIn in,-,
Joycelyn P Adaeley
Dustin C. Bowe
Gregory Budgewater


Rasheed K. Brown
Darnell U. Burrows
Shecara J Butler
Bridgette E Hall
Devon Kemp
Gwendolyn A. Moss-Smtih
Denise Petithomme
John E. Rolle
Pamela Rolle
Harold Tisma


--ftNo l mlp lmb v l- lo


--


------- --~' ~ -


v


w


I-b















European Union extends powers




at the expense of member states


* By The Nassau Institute

AS European leaders
.Agathered in Lisbon this
week for another potentially con-
troversial summit meeting, the
debate about the new EU reform
treaty could become a cautionary
tale for smaller nations around
the world seeking to protect their
identity. For the issue is all about
the strengthening of EU institu-
tions and imposition of central-
ized authority by an unelected
and unaccountable bureaucracy
in Brussels with a consequent
weakening of the powers of its
member states.
In 2005, French and Dutch
voters rejected a new EU con-
stitution which gave more pow-


er to centralized EU institu-
tions. It is now widely accepted
that the new treaty, some two
years later, is virtually identical
to the constitution.
Structure of the EU

n reality, the EU already
has many of the attributes
of nationhood a parliament, a
supreme cqurt, a passport, a
flag, a common currency and
external frontiers.
The reform treaty provides
for a new European president
and foreign minister with an EU
diplomatic service; the "legal
personality" of an independent
government with treaty-making
powers and the right to sit in


Y OUR I --



OPINION


international associations;
expanded roles for the Euro-
pean Court of Justice and the
European Parliament; extended
majority voting in the EU
Council and a Charter of Fun-
damental Rights.
If these provisions are even-
tually agreed, the dream of the
"founding fathers" in Europe at
the end of the Second World
War of building a supranational


Shift Supervisors

Assistant Managers

Qualified applicants should:

* Have suitable experience

* Have a great attitude toward customer service

* Be willing to work weekends & flexible hours.


Interested persons should submit resume
and complete an Application at
Wendy's Head Office, Harold Road.

Deadline October 26, 2007. No phone calls please.


D Do what tastes'rigitC


structure which would make
armed conflict among European
states impossible will be fulfilled.
They were determined that polit-
ical unity should prevent war as
an alternative to cooperation and
negotiation. To achieve this, the
first step was to integrate their
economies and then gradually
create political institutions.
EU Integration

A strong, integrated
Europe within a cus-
toms union, and with a single
market and free movement of
capital and labour, has brought
substantial benefits. Economic
integration has bound together
the core nations of France, Ger-
many, Italy, Belgium and the
Netherlands so that war
between them is now incon-
ceivable. The new states of an
EU now extended to 27 mem-
bers have gained from trade and
aid. Britain, which suffered
from two world wars, has an
interest in such a united Europe
while retaining its "special rela-
tionship" with the USA.

Opposition to a Federal
Superstate

To many, the vision of
the founding fathers has
already been fulfilled without
taking the next decisive step
towards a federalist Europe. The
notion of further political inte-
gration is increasingly resented.
Opposition is growing to what
is seen as the gradual and inex-
orable extension of the powers


of Brussels resulting in a reduc-
tion of the independence of indi-
vidual countries which would
lose control of their own affairs
to an unacceptable extent.
Furthermore, the quality of
their national life would be
affected by the EU's lack of
democratic accountability, fis-
cal incompetence and interfer-
ence in the detail of everyday
business a top-down central-
ization with power in the hands
of a faceless bureaucracy.
New Developments

The debate about the
new treaty has come to
a head with the forthcoming
summit at which European lead-
ers will be asked to approve it.
In recent months, discussion
has been notably heated in


Commentators
believe that
the British
public would
vote against
acceptance of
the treaty


different from the constitution.
Many commentators believe
that the British public would vote
against acceptance of the treaty,
and Blair's response last summer
was to negotiate "red lines" or
opt-outs in an attempt to sate-
guard Britain's control over for-
eign policy, employment law and
aspects of crime including asy-
lum and immigration cases tax
and social security.
But these have attracted crit-
icism. Observers are sceptical
about their likely effectiveness.
The European Scrutiny Com-
mittee, a bipartisan group of
Westminster MPs, concluded
last week that not only was the
new treaty practically the same
as the constitution but the "red
lines" and opt-outs were at best
temporary safeguards rathti
than guarantees and would not
prove as solid as the new prime
-minister had hoped.
The Committee considered
that all of them were vulnerable
to the increasing power of the
European Court of Justice
which would override the inter-
ests of the member states and
always have the last word.
Britain had therefore failed to
secure its national interests in
the draft treaty.
Conclusion


If the reform treaty is
Britain which traditionally has judged by many to be bad
been ambivalent about full for Britain as a major player in
political integration, the EU, what about the smaller
Former prime minister Tony and less powerful member
Blair is on record as saying that states? Is there perhaps a les-
he would "have no truck with a son here for the Bahamas in its
European superstate" and would own future relationships in the
"fight for British interests and Caribbean and, more widely,
to keep our independence every with the USA and others?
inch of the way"; and it was he For libertarians, who believe
who promised the British people in economic and individual free-
- in the Labour Party's mani- dom and limited government,
festo at the time of the 2005 gen- the tyranny of excessive central-
eral election a referendum on ized control by unelected and
the then EU constitution. unaccountable bureaucrats is
His successor has now refused anathema. It should be resisted
to hold a referendum on the as undemocratic and against the
grounds that the refroitreatyis.'-t antetestof a voioi. '. citizens.


mOTHER JESTINfl m. AfLLER

!od could not be everywhere, and therefore e made mothers.

/hl talt we are, or hope to be, we owe to our angel mother











S. ,.






--





APRIL, 1918 OCTOBER, 2006


uon't think of her as gone away her journey's just
begun, life holds so many facets this earth is only one.
Just think of her as resting from the sorrows and the tears
in a place of warmth and comfort where there are no days
and years.


Think how she must be wishing that we could know today
how nothing but our sadness can really pass away.
And think of her as living in the hearts of those she
touched........
for nothing loved is ever lost and she was loved so much.


-E. Brenneman
Forever in our Hearts!
THE ALLEN FAMILY


KEMP'S FUNERAL HOME LIMITED
22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas




Michael John Fowler, 42

of Highland Park, Nassau, The Bahamas, will be held
at Holy Cross Anglican Church, Soldier Road, Highbury
Park, Nassau on Monday, 22nd October, 2007 at 10am.
The Right Reverend Laish Boyd, Bishop Co-Adjutor
assisted by the Reverend Father Norman Lightbourne, '
the Reverend Beryl L. Higgs and the Reverend Ethan
Ferguson will officiate and interment will be in ,
Lakeview Memorial Gardens, John F. Kennedy Drive.
He is survived by, wife, Sophie Evette Fowler; daughter, ,, i,
Isabel Ariana Fowler; son, Kori Leslie Moncur; mother,
Mitylean Fowler; father, Reverend Joseph Fowler; 4
brothers, Nigel Joseph Fowler and John Fritzgerald
Fowler; nieces, Kaitlin Breanna Fowler and Lorina Tiffany Fowler; nephews, Carlton John
Fowler, Jonathon Fowler, and John Fowler Jr.; mother-in-law, Ruth Wong, sister-in-law,
Stephanie Wong; Godchildren, Livingstone Bevans, Cordero Colebrooke, and D'Vanya
Thompson; grand aunts, Joyceln Higgins and Daisy Johnson; grand uncle, Irvin Williamson;
cousins, Michelle Thompson, Deidre Hanna, Kenrick Hanna, Elton Williamson, Felton
Williamson, and Remilda Williamson. Other Relatives and Close Friends, Randy Raymond
& Family, Nicole Smith & Family, Charles Colebrooke & Family, Geoff, Vanessa & Gigi
Eneas, Kimwood & Marachelle Mott & Family, Margaret Sherman & Family, Ivan & Anya
James & Family, Vaughn Munroe, Bernie & Fran Mancusco & Family, Eileen Engholm,
Herman Russell, Mario Stevenson, Myles Laroda, Eddie & Gladys Darville, Gary Black,
Anthony "Deuce" Gibson, Jeffrey & Gillian Everett, Chris & Laura Bartenfelder, The Staff
& Management and Patrons of the Olde Towne Oyster Bar & Seafood Restaurant, Robert
& Heather D'Albenas & Family, Christopher D'Albenas, Kayette Symmonett, Dr. David
& Victoria Allen, Diane Philips, Joylone & Dionne Smith, the Rotary Club of New Providence
& all other Rotary Clubs of the Bahamas, Mr. & Mr. & Mrs. Eddie Bostwick, Felix Stubbs,
Mr & Mrs. Ken Strachan, Ansel Watson, Rory Higgs, Richard and Lucia Broughton, Andrew
Flowers, "His" Men's Group and Members of the New Providence Community Church,
Dr. Graham, Anita & Joshua Cates, Greg & Debbie White, Ricky & Joann Nixon, Matthew
& Allyson Sweeting & Family, James & Coretta Owen, Ian Moree, Eric Ward, Rick Tialens
& family, Tim & Julia Lee, Tim and Mizpah Bethel, the staff of the Nassau Tourism &
Development Board, Suzanna Pattusche & Family, Norman & Katherine Solomon & Family,
Clint Kemp & Family, Claude (Theo) & Patrice Seymour & Family, Cornelius & Madelene
Cartwright & Family, Marvin & Nancy Pinder & Family, Marsha & Barry Stuart, Sydney
& Barbara Dorsette & Family, Patranella & Maxwell Sawyer & Family, Marjorie & Robert
Archer & Family, Miriam Proctor & Family, Gwendolyn Edilall & family, Bryan Knowles,
Shawn & Stacy Fox, Sydney & Denine Cambridge, Hilton & Inga Bowleg, Cheryl Moncur,
Lemont Nixon & Family, Parishioners of Holy Cross Anglican Church, the staff &
management of the Gul Store including Bridgette Lockhart, the staff of Bally Total Fitness
Team at Sandyport, the staff of Royal Bank Cable Beach branch, the staff of First Caribbean
International Bank Cable Beach branch, the staff at Templeton Global Advisors. Ltd.,
colleagues and special friends at the Atlantis Resort and a host of other relatives and friends
too numerous to mention.
Instead of flowers the family request that donations be sent to Rotary Club of New Providence,
Nassau, P.O. Box N-1942, or to his daughter Isabel Ariana Fowler College fund at the Bank
Of The Bahamas, Main Branch, Shirley Street, Nassau in memory of Michael J Fowler.
Relatives and friends may pay their respects at Kemp's Funeral Home Limited, 22 Palmdale
Avenue, Palmdale, Nassau on Saturday, 20th October, 2007 from 10am to 5pm and at the
Church on Monday from 9am until service time.


PAGE 10, FRIDAY, OCTOBER 19, 2007


THE TRIBUNE


|











FRIDAY, OCTOBER 19, 2007, PAGE 11


B COMMONWEALTH

BAN K CHAIRMAN'S REPORT ON UNAUDITED RESULTS SEPTEMBER 30, 2007


On behalf of the Board of Directors, I am pleased to be able to report that Commonwealth Bank
continued its strong 2007 performance by ending the third quarter of the year with net income
of $36.4 million, an increase of 25.4% over the same period of 2006, ($28.9 million).

Results for the nine months ended September 30th, 2007 with comparisons for September
2006 were as follows:
Net Income $36.4 million, an increase of 25.4% or $7.4 million.
Earnings Per Share 97 cents an increase from 78 cents or 24.35%.
Annualised Return on Common Shareholders' Equity was 36.7% up from 34.1 %
Total Assets at September 30th, 2007 were $1,131.0 million an increase of $112 million or 11.0%
over December 2006.

In July the Board recommended to the shareholders a 3 to 1 share split, and the shareholders
approved this split on October 17th. The split will take effect in early November, once the
regulatory filings and notifications have been completed. The market has shown confidence in
the Bank, with the share price rising to $16.30 at October 11th, an increase of over 30% from
the December 2006 share price of $12.51. At the same time, the Price Earnings ratio remained
at a conservative level, increasing from 11.6 to 13.7.


COMMONWEALTH BANK LIMITED
CONSOLIDATED BALANCE SHEET
(Expressed In B$ '000s) (Unaudited)



ASSETS
Cash and deposits with banks
Balances with Central Bank
Government Stock, Investments and Treasury
Loans Receivable (net)
Premises and equipment
Other assets
TOTAL

LIABILIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Life assurance fund
Other liabilities
Total liabilities

Shareholder's Equity:
Share capital
Share premium
General Reserve'
-Retained earnings
Total shareholders' equity
TOTAL


COMMONWEALTH BANK LIMITED
CONSOLIDATED STATEMENT OF INCOME
(Expressed In B$. 'O00s) (Unaudited)


INCOME:
Interest income
Interest expense
Net interest income
Loan loss provision

Life assurance, net
Fees and other income


NON-INTEREST EXPENSES:
General and administrative
Depreciation and amortization
Directors' fees

NET INCOME

Preference Share Dividends

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS

AVERAGE NUMBER OF COMMON SHARES
(Thousands)
EARNINGS PER SHARE (3 months)


COMMONWEALTH BANK LIMITED
CONSOLIDATED STATEMENT OF INCOME
(Expressed In B$ '000s) (Unaudited)



INCOME:
Interest income
Interest expense
Net interest income
Loan loss provision

Life assurance, net
Fees and other income


NON-INTEREST EXPENSES:
General and administrative
Depreciation and amortization
Directors' fees

NET INCOME

Preference Share Dividends

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS

AVERAGE NUMBER OF COMMON SHARES
(Thousands)
EARNINGS PER SHARE (9 months)


September 30, 2007 December 31, 2006


$ 15,144
60,288
Bills 105,361
917,788
31,017
1,409
$ 1,131,007



$ 889,756
15,485
17,499
922,740


86,948
27,071
10,000
84.248
208,267
$ 1,131,007


$ 31,380
60,915
86,057
809,606
29,669
1,016
$ 1,018,643



$ 798,394
13,353
15,435
827,182


86,947
26,429
.10,000
68.085
191,461
$ 1,018,643


.3 months ending 3 months ending
September 30, 2007 September 30, 2006


$ 31,450
(10,217)
21,233
(2,209)
19,024
1,695
5,170
25,889


11,321
614
39
11,974
13,915

(1,487)

$ 12,428

32,757

$ 0.38


$ 26,986
(8,378)
18,608
(2,580)
16,028
1,190
4,067
21,285


9,597
Q593


Deposit interest rates in the economy are following the seasonal pattern of increasing as we
move from the third quarter into the fourth quarter of the year. Competition in the Banking
sector is strong and we expect to see further upward pressure on deposit rates through the
end of the year.

Notwithstanding the pressure on net interest margins, we look forward to ending 2007 as
another very successful year for Commonwealth Bank.

Our thanks are due to our dedicated and loyal employees whose efforts are able to provide the
quality of service our customers demand and to our shareholders for their continued support
of their Bank.





Chairman


COMMONWEALTH BANK LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(Expressed In B$ '000s) (Unaudited)


9 months ending 9 months ending
September 30, 2007 September 30, 2006


PREFERENCE SHARES
Balance at beginning of period
Issuance of Class "C" & "H" shares
Balance at end of period

COMMON SHARES . .
Balance at beginning of period
Issuance of common shares
Balance at end of period

SHARE PREMIUM
Balance at beginning of period
Issuance of common shares
Balance at end of period

GENERAL RESERVE
Balance at beginning and end of period

RETAINED EARNINGS
Balance at beginning of period
Net income
Common share dividends
Preference share dividends
Balance at end of period

SHAREHOLDERS' EQUITY AT END OF PERIOD


COMMONWEALTH BANK LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
(Expressed In B$ '00Os) Unaudited)


CASH FLOWS FROM OPERATING ACTIVITIES:
Interest Receipts
Interest Payments
Life assurance premiums received
Life assurance claims and expenses paid
Fees and commissions received
Recoveries
Cash payments to employees and suppliers

Increase in loans receivable
Increase in deposits
Net cash from operating activities


CASH FLOWS FROM INVESTING ACTIVITIES:
43 Purchase of Government Stock, investments
10,233 and Treasury Bills
11,052 Interest receipts and repayment of
Government Stock and Treasury Bills
(1,482) Purchases of prerrises and equipment
Net cash used in investing activities


$ 9,570

32,728

$ 0.29


9 months ending 9 months ending
September 30, 2007 September 30, 2006


$ 89,382
(29,651)
59,731
(6,900)
52,831
4,060
13,795
70,686


32,362
1,846
122
34,330
36,356

(4,462 )

$ 31,894

32,757

$ 0.97


$ 76,688
(23,333)
53,355
(9,439)
43,916
3,436
12,039
59,391


28,496
1,779
130
30,405
28,986

(3,612)

$ 25,374

32,728

$ 0.78 0


$ 84,983

84,983


1,964
1
1,965


26,429
642
27,071


10,000


68,085
36,356
(15,731)
(4,462)
84,248

$ 208,267


$ 60,858
24,125
84,983


1,915
49
1,964


21,725
4,941
26,666


10,000


54,948
28,986
(15,651)
(3,612)
64,671

$ 188,284


9 months ending 9 months ending
September 30, 2007 September 30, 2006


$ 81,011
(29,651 )
7,520
(2,623)
15,089
4,426
( 30,813)
44,959
(115,082)
91,362
21,239



(77,014)

61,656
(3,194)
(18,552)


(20,193)
643

(19,550)
(16,863)
92,295
$ 75,432


$ 69,319
(23,333 )
S7,143
(2,068 )
13,187
4,633
(26,790 )
42,091
(100,805)
86.705
27.991



(79,111)

60,086
( 5,278 )
(24,303 )


(19,263 )
4,989
24,125
9,851
13,539
60,418
$ 73,957


See accompanying notes to unaudited interim consolidated financial statements.

COMMONWEALTH BANK LIMITED
NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
NINE MONTHS ENDED SEPTEMBER 30, 2007
(Expressed In B$ '000s) (Unaudited)
1. ACCOUNTING POLICIES
These consolidated interim condensed financial statements have been prepared in accordance with
International Accounting Standards 34 Interim Financial Reporting. The accounting policies used in the
preparation of the interim financial statements are consistent with those used in the annual financial
statement for the year ended December 31, 2006.
The consolidated financial statements include the accounts of Commonwealth Bank Limited ("the Bank")
and its wholly owned subsidiary companies. The subsidiaries are Laurentide Insurance and Mortgage
Company Limited, C.B. Securities Ltd. and C.B. Holding Co. Ltd.
2. BUSINESS SEGMENT
For management purposes, the Bank, including its subsidiaries, is organized into two major operating units
- Bank and Real Estate. The following table shows financial information by business segment:

September 30, 2007 September 30, 2006
REVENUE
Bank segment External $70,485 $59,197
Real Estate segment External $201 $194
Real Estate segment Intersegmeht $1,093 $810

NET INCOME
Bank segment $36,148 $28,860
Real Estate segment $208 $126

3. DIVIDENDS
The Directors have approved interim quarterly dividends in the amount of 12 cents per common share (2006:
12 cents) and an extraordinary dividend of 12 cents per share. The total dividends paid as of the interim date
is 48 cents per share for common shares (2006: 48 cents). The dividends are declared on a quarterly calendar
basis. The interim financial statements only reflect the dividends accrued for the interim period.


See accompanying notes to unaudited interim consolidated financial statements.


CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid
Proceeds from Issue of common shares
Issuance of Class "C" & "H" preference shares
Net cash (used in) / from financing activities
NET.(DECREASE) / INCREASE IN CASH EQUIVALENTS
CASH EQUIVALENTS, BEGINNING OF PERIOD
CASH EQUIVALENTS, END OF PERIOD


_._


I


THE TRIBUNE


A












PAGE 12, FRIDAY, OCTOBER3 19, 2007 THE TRIBUNE


FROM page one

in this inquest where someone
might have been a murderer."
The inquest, due to open on
October 30, will seek to discover
why Daniel died at Doctors Hos-
pital on September 10 last year.
F'he nannies worked for Anna
Nicole after his death during the
final months of 2000.
MIr Bain, an ex-policeman ,
said he was supplying security
for the two women, who claim
they were wrongly cited as
sources for explosive informa-
tion included in TV personality
Rita Cosby's controversial book,
Blonde Ambition, about Anna
Nicole.
He declined to give details of
what this security involved, but
said they were being looked after
"not 24/7" but most of the time.
Their attorney, Elizabeth
Thompson, said the nannies were
"privy" to much that went on at
Horizons during their time there
last fall, and that certain people
- including Howard K Stern -
knew that.
The women's security fears
were revealed during a wide-
ranging interview in which they
expressed their opinions about
several aspects of Anna Nicole's
life.
Firstly, they discounted 'sug-
gestions that Stern is gay and
believe a genuine sexual and
emotional bond existed between
him and Anna Nicole following


Anna Nicole's nannies


Daniel's death.
Secondly. they believe the cou-
ple's "exchange of vows" aboard
a calaniaran off Rose Island soon
after Daniel's death was a gen-
uine act of commitment rather
than simply a lucrative photo
shoot.
Ou thlie said Anna told her
that she felt lonely after Daniel's
death and that she needed some-
one supportive in her life. She
believed there was a "fondness"
between the two.
Meanwhile, both Mr Bain and
Ms Thompson denied they were
"on a mission or witch-hunt" to
bring down Rita Cosby, or that
they felt any personal animosity
towards her.
Although they have appeared
on American television several
times attacking Ms Cosby's
book, they denied being moti-
vated by money and dis-
counted any suggestion they
were acting in any way on Stern's
behalf.
They said they had not met or
spoken to Howard Stern and had
never been approached by an
intermediary acting on his behalf
to discuss any aspect of the case,
or offer money.
In fact, both said they had neg-
ative feelings towards Stern, with
Mr Bain declaring himself "sus-
picious" of him but with no evi-
dence to support his feelings.
The nannies also said they had


Who sa\s you can't hate it all?

When it comes to your GE appliances, Geoffrey
Jones specializes in providing exactly what you want.

The inspiring GE Monogram Series Combines form
and function to produce beautiful, state-of-the-art,
quality appliances.

Come in today and let us put together a GE appliance
order that will best suit the look. style and function of
\our ideal home.


, -l


not spoken to Stern since the end
of last year and had never been
asked by him or anyone acting
for him to say anything about
any aspect of the case.
Ms T'hompson stressed that
justice, not money, was the point
of their involvement in the mat-
ter, and that their main concern
was to see the nannies vindicated
and Ms Cosby punished.
Both nannies also sought a
public apology, having said they
were "upset and hurt" at being
cited as sources when they had
not, in truth, spoken to Ms Cos-
by or made any of the revela-
tions attributed to them.
Mr Bain said he had tapes that
he was ready to hand over to
police if any criminal case was
brought against the Emmy
Award winning journalist. He
has previously accused Ms Cosby
of offering money for the nan-
nies to testify on her behalf and
swear an affidavit supporting her
published claims.
Mr Bain believed the book to
be the result of a "conspiracy of
friends" but said it was "very
offensive" to the nannies because
they were named by Ms Cosby
as sources for many of the most
lurid claims made in the book.
Ms Cosby, he said, was "all
over the media" citing the nan-
nies as sources, yet they had nev-
er even met her or spoken with
her. "This was utter rubbish," he
said.
As a result, he organised a
sting operation in Nassau aimed
at proving that Ms Cosby was
ready to pay money to line up
the nannies as sources after her
book was published.
Ms Thompson said the nan-
nies had been "exploited since
day one" in the Anna Nicole
affair, firstly via an affidavit
allegedly drafted by a Nassau law
firm, secondly by another lawyer,
and thirdly by someone who had
tried to "write a book or make a
movie,"
"These women don't want to
be a part of this," she said.
Mr Bain also insisted that a
phone call tape played on Amer-
ican television this week in which
he appeared to admit that one
of the nannies had seen a com-
promising video of Stern and


Larry Birkhcad was doctored.
He claimed the tape was a
mix-and-match composite
recording which had cherry-
picked phrases from different
conversations to make him
appear to be saying something
he didn't say.
1 however, he added, even had
the tape been genuine, it had to
be remembered that he was
involved in a sting operation at
the time and that certain things
were said to lure Ms Cosby to


Nassau.
Mr Bain also repeated his con-
troversial claim that Ms Cosby
tried to seduce him in a bid to
get him on her side.
lie said the seduction bid took
place in front of a witness and
that an associate described him
as "strong" for turning her down,
declaring that he would not have
been that strong.
"I don't think she really likes
me, I'm not suggesting that," he
said, but here was a woman who


had written a book without
checking her facts. "She told me
the whole book is hearsay," he
added.
Ms Cosby, a former MSNBC
reporter, faces a $60 million law-
suit in which Stern claims she
fabricated several damaging alle-
gations against him.
Her book has featured promi-
nently on both the New York
Tirues and Amazon bestseller
charts since its publication early
in September.


Te:3 5-8 12 p nMo i.8S.-:0.m


C.-


~'$ 4


. l


C', *~
,r)~, "'


- -
" I -


GEOFFREY
.i .


JONES & CO
ll Full r' r f r.iririna l
[.'i ,-"lri ,S /.i ili rlinn-e r\ %i'i t ,i-,

Bm^Haroi^g~ut~u~rK~g ~ 2 2i 1eim.9H


50 % TO




75% OFF

Regular price Storewide


j1 .


MANY ITEMS $5.00 AND UP


EXTRA 5%
OFF SALE ITEMS
FOR
PRIVILEGE CARD
HOLDERS
&
CORPORATE PARTNERS


Harbour bay


13


1 a


PAGE 12, FRIDAY, OCTOBER 19, 2007


I==M


THE TRIBUNE










!"'DAY OCTOBEH 18, 2007, PAGE 13


THE TRIBUNE


FRIDAY EVENING


OCTOBER 19, 2007


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

Issues Round- Washington McLaughlin Bill Moyers Journal (N) ,) (CC) The Vicar of Di- :40) Wakin the
* WPBT table discussion. Week (N) Group (N) (CC) ble "Winter"A Dead "Burn ut"
(CC) (CC)
The Insider (N) Ghost Whisperer Melinda's life is in Moonlight "Fever" Scorching sun- NUMB3RS The team chases a killer
WFOR () (CC) danger when she tries to help a light depletes Mick's vampiric ability who leaves Bible verses at the
stalking victim. (N) (I (CC) to heal himself. (N) f (CC) scenes of his crimes. (N) (CC)
Access Holly- Deal or No Deal (iTV) Celebrities Friday Night Lights Smash and Las Vegas Danny and Mike find a
U WTVJ wood (N) (CC) support a cancer survivor playing for Saracen's problems get the best of crime scene when they arrive at
$1 million. (N) ,) (CC) them; Eric returns. (N) (CC) Cooper's suite. (N) ,) (CC)
Deco Drive The Next Great American Band "Auditions" (Series Premiere) The News (N) (CC)
WSVN judges select -2 ,emiiira,iii1.. (N) n (CC)
Jeopardy! (N) 20/20 (N) (CC) Women's Murder Club Lindsay Men in Trees Marin gets lost in the
WPLG (CC) hunts for a killer who committed a woods when she goes in search of
triple homicide on a subway stew ingredients. (N)

&:00) CSI: Miami CSI: Miami A jet carrying $1.2 bil- * ERIN BROCKOVICH (2000, Drama) Julia Roberts, Albert Finney,
A&E AHorrible Mind" lion in checks crashes in a suburban Aaron Eckhart, A woman probes a power company cover-up over poi-
f" (CC) neighborhood. n (CC) soned water.
(:00) News BBC News World Business BBC News Our World Chil- News
BBC (Latenight). Report (Latenight). dren from Eng-
land.
BET Hell Date (CC) BET Hip-Hop Awards 2007 (CC) American Gangster (CC)
CBC Coronation Air Farce Live Rick Mercer Re- Torchwood "Ghost Machine" (N) CBC News: The National (N) (CC)
Street (N) (CC) (N) (CC) port (CC) (CC)
(:00) Kudlow& Fast Money High Net Worth October '87: Crash and Come- The Big Idea With Donny Deutsch
iCANBC Company (CC)0back0
CNN (:00) The Situa- Out in the Open Larry King Live (CC) Anderson Cooper 360 (CC)
CNNI tion Room
Scrubs Cox and The Daily Show The Colbert Re- Mind of Mencia Mind of Mencla Comedy Central Comedy Central
COM Kelso battle for With Jon Stew- port(CC) Freedom of (CC) Presents Steve Presents Tracy
J.D.'s soul. (CC) art Ben Affleck. Speech. (CC) McGrew. Smith.
COURT Cops f (CC) World's Scariest Police Chases 6 Forensic Files' Forensic Files Forensic Files North Mission
SCOURT ( (CC) "Dark Waters" Road
Hannah Mon- Hannah Mon- Wizards of Wa- * HARRY POTTER AND THE SORCERER'S STONE (2001, Fanta-
DISN tana "Achy Jakey tana (N) n (CC) verly Place Alex sy) Daniel Radcliffe, Rupert Grint, Emma Watson. J.K. Rowling's student
Heart" alters time, wizard has his first adventure. / 'PG' (CC)
This Old House This Old House New Yankee New Yankee Wood Works Burt Builds a Under Construc-
DIY Princeton Elms. Water in a well. Workshop (CC) Workshop (CC) Bandit tion
O Johannes B. Kerner Ich Trage einen Journal: Tages- Europa Aktuell Journal: In Euromaxx
Grossen Nam them Depth
ED The Daily 10 (N) The Girls Next The Girls Next Kimora: Life in Keeping Up-Kar. The Soup (N) Wildest Wed-
T! Door Door Luncheon. the Fab Lane dashians ding
ESPN College Football College Football Louisville at Connecticut. (Live) (CC)
ESPN Live (CC)________ UEFA Champi-____
GoSPNI l ESPN: UEFAChampi- MLB Baseball National League Championship Series Game 6 -- Colorado Rockies at Ari-
ESPNI Fuera de Juego ons League zona Diamondbacks. If necessary. From Chase Field in Phoenix. (Live)
Daily Mass: Our The World Over Life Is Worth The Holy Rosary Defending Life Reasons for Our
EWTN Lady Living Hope
FITF :00) Cardio Ballroom Bootcamp (CC) Get Fresh With Sara Snow "Best Health Cops: New Orleans
FIT TV Blast ,, (CC) of Highlights. Thanksgiving temptations. (CC)
FOX-NC Fox Report- The O'Reilly Factor (CC) Hannity & Colmes (CC) On the Record With Greta Van
FOX-NC Shepard Smith Susteren (CC)
FSNFL BCS Breakdown FSN Pro Football Preview (N) Best Damn Sports Show Period Around the The FSN Final
FSNFL(Live) (CC) Track: Preview Score (Live)
LF PGA Golf Champions Tour-- AT&T Championship-- First Round. From PGA Golf Frs Electronics Open -- Second Round.
GOLF San Antonio. (Same-day Tape) From Scottsdale, Ariz.
N :00) Weakest Who Wants to Be a Millionaire (I That's the Ques- Family Feud Family Feud Chain Reaction
GSN link n (CC) (CC) tion (CC) (CC) (CC)
(:00) Attack of X-Play X-Play Cops 2:0 Hous- Cops 2.0 "Miam~i" Ninja Warrior Ninja Warrior
G4Tech the Show! (N) ton. f (CC) Vice sting.
(:00) Murder,, Murder, She Wrote A fellow profes- CLAIRE (2007, Suspense) Valerie Bertinelli, Fredric Lane, Micole Mercu-
HALL She Wrote (CC) sor challenges Jessica to solve a do. A woman who has second sight provides clues to murders. (CC)
series of muggings. (CC)
SBuy Me"Rob & A Place in Italy Uncharted Terri- House Hunters World's Most Relocation, Relocation "Catherine
HGTV Matthew" Selling Paul and Rita see tory "Poland, International ,, Extreme Homes and Mark" n (CC)
a trendy loft. the abbey. Lower Silesia" (CC) Circular home.
iNS Morris Cerullo Breakthrough Jay Sekulow Inspiration To- Life Today (CC) This Is Your Day The Gospel
(CC) day (CC) Truth
.-.. aReba issues" My Wife and According to Family Guy The Family Guy Two and a Halft Two and a Half
KTLA (CC) Kids'Diary of a Jim "A Crying Griffins are ex- "Death Is a Bitch' Men f (CC) Men t) (CC)
Mad Teen" (CC) Shame" (CC) posed on TV. n (CC)
Still Standing Reba Van gives Reba Dr. Jack Lisa Williams: Life Among the America's Psychic Challenge (N)
LIFE Lauren stars in Cheyenne an al- Morgan returns. Dead Lisa reads for several celebri- (CC)
school play. t lowance. (CC) f (CC) ties. (N) (CC)
MSNBC :00Hardball Countdown With Keith Olber- Lockup: San Quentin Attacks in Lockup: San Quentin Poetry slam.
M NBC cc) manndprison.
NICK Drake & Josh Tak and the Avatar: The Last El Tigre: Manny Back at the Home Improve- George Lopez
SThe Gary Grill" Power of Juju Airbender Rivera Barnyard (CC) ment f (CC) fn (CC)
:00) NUMB3RS Friday Night Lights "Are You Las Vegas "'Run, Cooper, Run" (N) News (N) ft News
NTV Velocity' (N) Ready for riday Night?" (N) (CC) f (CC(CC)
SPEED 0) Trackside Auto Racing NASCAR Toyota All-Star Showdown -- Qualifying. (Live)
SPEED At...(N)
Rediscover the Behind the The Hal Lindsey Joel Osteen Dr. Frederick K. Praise the Lord (CC)
TBN Kingdom Scenes (CC) Report (CC) (CC) Price (CC)
Everybody TBS MLB On MLB Baseball National League Championship.Series Game 6 -- Colorado Rockies at Ari-
TBS Loves Raymond Deck zona Diamondbacks. If necessary. From Chase Field in Phoenix. (Live) f (CC)
ri (CC)
(:00) Say Yes to What Not to Wear "Shireen M." A What Not to Wear (N) (CC) Say Yes to the Dress "Rocking the
TLC the Dress woman wears revealing clothing. Dress; I Do or I Do,'i'C .TimTninig C
(CC) a dress. (N)
(:00) Law & Or- ** WHAT WOMEN WANT (2000, Romance-Comedy) !Mel Gibson, Helen Hunt, Marisa *** SPANG-
TNT der "Thin Ice" ft Tomei. A chauvinistic ad executive can suddenly read women's minds. (CC) LISH (2004)
(CC) (DVS) Adam Sandier.
T ON Home for Imagi- Goosebumps Goosebumps Scary Godmother: The Revenge Out of Jimmy's Home for Imagi-
TOON nary Friends (CC) (CC) of Jimmy Head nary Friends
T:00) Toute une Thalassa Tour du monde: Panama-Tahiti" Passez au vert Une ville un
TV, histoire style
W-m weather Ven- Abrams & Bellttes It Could Happen Full Force Na- Weather: Evening Edition (CC)
TWI C tures ITomorrow ture (CC)
(:00) Yo Amo a Amar sin Limites Un hombre lucha Destilando Amor (N) La Familia P. Retro P. Luche
UNIV Juan Querend6n para salvar a la mujer que ama. (N) Luche Alejandra Guz-
(N) man.
(:00) Law & Or- Law & Order: Special Victims Unit Monk "Mr. Monk and the Naked Law & Order: Criminal Intent
I USA der: Criminal In- Ateen brings molestation charges Man"A murder on a nudists beach. "Seeds" f (CC)
tent f (CC) against her father. (CC) (CC) ___
VH1 Gotti's Way ft I Love New York f Best Week Ever The Salt 'N Pepa Hogan Knows Rise and Fall of
(N) f Show f Best f Joe Francis
VS Winchester Leg- Whitetail Revo- The Bucks of Best & Worst of The Huntley Outdoor Adven- federal Experi-
VS, ends lution Tecomate (CC) Tred Barta Way lures ence
WGN :00) America's * DAYLIGHT (1996, Action) Sylvester Stallone, Amy Brenneman, Vig- WGN News at Nine (N) f (CC)
WGN funniest Home go Mortensen. Explosion traps New Yorkers in the Holland Tunnel. ft
Videos f (CC) (CC) ,
Family Guy The WWE Friday Night SmackDown! (N) f (CC) CW11 News at Ten With Kaity
WPIX Griffins are ex- Tong, Jim Watkins (N) (CC)
posed on TV.
Jeopardy! (N) Dr. Phil (CC) News (N) Jeopardyl (CC) Frasier Maris Frasler A focus
WSBK (cc) renters Niles' group evaluates
_life. f (CC) Frasier. f (CC)

(:00) Inside the ** SNAKES ON A PLANE (2006, Horror) Samuel L. Jackson, Kenan Curb Your En- Curb Your En-
HBO-E NFL f (CC) Thompson, Julianna Margulies. An FBI agent contends with a swarm of thusiasm 'The thusiasm Exter-
deadly serpents. f 'R' (CC) Freak Book" f minator friend.
(:45) Rendition: * HARRY POTTER AND THE GOBLET OF FIRE (2005, Fantasy) Daniel Radcliffe, (:.45) * *
HBO-P HBO First Look Rupert Grint, Emma Watson. Voldemort lays a trap for Harry at the Triwizard Tournament. JARHEAD
ft (CC) f 'PG-13' (CC) (2005) 'R' (CC)
H O-W (:00) Little Rock (:15) ** TOMMY BOY (1995, Comedy) Chris Farley, David Spade, Bri- Inside the NFL f (CC)
H BO-W Central: 50 an Dennehy. An heir tries to save his father's business. f 'PG-13' (CC)
Years Later f


4


(:00) ***A FATAL ATTRACTION (1987, Suspense) **** AMERICAN BEAUTY (1999, Comedy-Drama) Kevin Spacey,
HBO-S Michael Douglas. A husband comes to'regret a fling Annette Bening, Thora Birch. An unhappy husband rebels against his sti-
with an unstable woman. f 'R' (CC) fling existence. f 'R' (CC)
6:30) **%,TEQUILA SUNRISE THE RETURN (2006, Suspense) Sarah Michelle *** CAPE FEAR (1991, Sus-
MAX-E 988, Crime Drama) Mel Gibson, Cellar. Young woman has visions of the murder of a pense) Robert De Niro, Nick Nolle,
Michelle Pfeiffer. n 'R' (CC) woman she has never met. n 'PG-13' (CC) Jessica Lange. n 'R' (CC)
(6:45) * FLAGS OF OUR FATHERS (2006, * * CHILDREN OF MEN (2006, Science Fiction) Clive Owen, Ju-
MOMAX War) Ryan Phillippe. The men who raised the flag on lianne Moore, Michael Caine. Infertility threatens mankind with extinction.
Iwo Jima become heroes. ft 'R' (CC) 'R' (CC)
(:15) ** FAILURE TO LAUNCH (2006) Matthew Mc- Weeds Nancy Californication Brotherhood 'The Lonesome
SHOW Conaughey. iTV. A man's parents hatch a plan to move expands her net- Creative meeting. Death of ... 4:7-8" Colin helps
him out of the house. PG-13' (CC) work. (CC) (CC) Michael and Eileen. (CC)
(6:45) * CRISSCROSS (1992, (25) * WAITING... (2005, Comedy) Ryan FARCE OF THE PENGUINS (2007,
TMC Drama) Goldie Hawn, Arliss Reynolds, Anna Faris, Justin Long. Restaurant employ- Comedy) Voices of Christina Apple-
____ Howard, David Arnott. n 'R' ees ponder their lives, ft 'R' (CC) gate, Lewis Black. 'R'


4ovie Gift Cefffifi

-make great gifts'!










PAGE 14, FRIDAY, OCTOBER 19, 2007


THE TRIBUNE


FROM page one
2007.
One hundred and six are
remanded from 2006, and 39
from 2005.
Seventeen are remanded from
2004; 15 from 2003: five from
2002 and one from 2001.
"We can ill afford to so seri-
ously clog our law enforcement,
court and prison system. The
enormity of this problem, how-
ever, points us in the direction of
alternative strategies for the pre-
vention of crime and the treat-
ment of offenders. The Govern-
ment is actively exploring a
broadened range of sanctions
that may be imposed across the
board, but particularly in respect
of persons found guilty of petty,
non-violent, non-dangerous


Bail for murder
crimes," the minister said.
Mr Turnquest said that plea
bargaining, monitoring by use of
electronic bracelets, community
service, compulsory education
and skills programmes, are some
of the alternatives being consid-
ered with a view to freeing up
the criminal justice system and
importantly, Her Majesty's
Prison.
"Nothing this Government
will propose, or do, will release
from custody violent and dan-
gerous repeat offenders. Neither
will persons granted alternative
sentences be permitted to breach
the terms of their sentences. If
they do, they will go back to
prison," the minister said.


FROM page one
The new board, Mr Hanna con-
tinued, received a legal opinion that
maintained that tile corporation is
required to enter some profit sharing
arrangement with the unions. The
new Chairman, Julian Francis, has
reportedly requested that the unions
allow him to present a new proposal
next Thursday, as he was not satis-
fied with the previous negotiations,
according to Mr Hanna.
To this, Mr Hanna said that they
will review the new offer and accept
it if it is acceptable, and reject it if it
is not.
When pressed as to what the
unions will do if the offer is unac-
ceptable, Mr Farquharson said, that
"both presidents are guided by the
wishes of their members.'

FROM page one

"We don't know really what
caused this to happen," he said,
indicating that there might have
been a feud between the two.
The suspect Mr Francis added
appears to be in his "early teens",
and campus security are not famil-
iar with him.
Sources also indicated to The
Tribune that multiple attackers
may have been involved in the
incident, however, Mr Francis also
debunked this rumour stating that


BTC staff
"We don't make haphazard deci-
sions. We inquire on the factual
information, and then we go to the
membership we advised them of
what the situation is and based on
their response, we know exactly what
we have to do," he added, stating
that virtually all union members
think the money should be paid in
short order.
The lack of engagement by the.
new government over the protracted
attempt to privatise BTC, it was
claimed, is another point of con-
tention for workers.
The Tribune was unable to con-
tact Mr Francis- who was said to be
in a meeting for comment on these
issues.


Man apprehended

the suspect was "alone."
The security chief expressed
strong confidence in his staff for
their actions in capturing the
alleged perpetrator yesterday.
When asked by The Tribune if the
college has problems with violence
on campus Mr Francis said, "No."
"We don't have problems
with violence. But every now and
again you would have a fight or
two, but it is not that extensive,"
he said.


FROM page one
A staff member at CV Bethel
yesterday told The Tribune that
the experience has been a "terri-
ble" one for the entire school and
particularly for the students who
were present when Samantha died.
Classes were dismissed after the
student's death and parents were
asked to collect their children as
soon as possible.
At press time last night it was
not known if classes would resume
today, however, grief counsellors
were expected to be on campus all
day.
Officers from the South Beach
Police Station were also called to
the scene yesterday morning.


Student

Inspector Stephen Dean, offi-
cer in charge, and a team of police
officers responded immediately
and have now launched an inves-
tigation into the matter. An autop-
sy to determine the exact cause of
death will be conducted.
School officials yesterday noti-
fied the Ministry of Education
which sent a team of counsellors
from Social Services to assist stu-
dents and faculty in coping with
the traumatic event. After a short
prayer vigil, students were dis-
missed from school, the Ministry of
Education reported.


FROM page one San Salvad
Yesterday, the director, Dr Kei- Sa S l
th Tinker left San Salvador after
reportedly holding another town "So if we don't know who the
meeting with residents on the company is, and if we don't know
matter, who is authorized, anyone can go
It was here, that residents were there and dig because I can say I
informed that a second company am a part of that company," a
had been registered to begin exca- source on the island said.
vations and "searches" at Fortune Also it is understood that a
Hill. backhoe had started to clear down
Also, they were reportedly the bush around the site again.
warned that if "anything" was However this work has been
removed from the island, the gov- stopped as another family is laying
eminent of the Bahamas had ways claim to the land, and thus the
of finding out. In addition to this, substantial percentage that would
they were also not informed of be owed to the family if any
who the principals of the second precious items were to be
company were. exhumed.

FROM page one Jobs


they have to go and sit with the
chairman and ask some hard
questions and negotiate the best
terms if people have to go home."
The concerns raised by Mr Far-
quharson come after months of
speculation as to how many jobs
will be lost in the Broadcasting
Corporation as a result of the
planned restructuring of the gov-
ernment station.
A meeting was held yesterday
at the BCB between Chairman
Barry Malcolm and the staff.
One source present at the
meeting told The Tribune that on
numerous occasions employees
were told that the BCB is over-
staffed and needs to reduce its
numbers from 270 to 180.
Though no separation package
was discussed, the source said, he
got the. impression that the ref-
erences were intended to pres-
sure some staff to go.
Another source said that the
chairman focused on the way for-
ward for the BCB, the emphasis
being on making ZNS profitable.
When asked if there was any dis-
cussion of lay-offs or separation
packages, the source said:
"No. They didn't get into any


details about that."
"They were talking more about
the new structure for the compa-
ny and where they wanted to go.
They didn't really talk much
about people being let go or any-
thing like that," he said.
In an effort to agitate for the
workers who may lose their jobs
as a result of possible downsizing
at the BCB, Mr Farquharson told
workers at BTC that his union is
already in talks with the manage-
ment of the BCB.
"The management of broad-
casting corporation and both
unions have already begun their
initial discussions and we want to
continue that today to ascertain
exactly if this plan is happening, if
this plan has been approved, and
when if any redundancies will
be effected," said Mr Farquhar-
son.
As part of the restructuring,
Jessica Robertson will become
news director and Jerome Sawyer
will become vice president of
news at ZNS.
The Tribune was unable to
contact Mr Malcolm for com-
ment.


. Smart is Capable




THE ALL NEW 2007 FORD EVEREST


I'''.



, yr


Save NOW on your Choice of New 2007 Ford vehicles



2007 Ford "EVEREST"
.7 passenger seating 2.5L
"W -Commonrail Turbo Diesel
Engine With Automatic
STransmission, power windows,
locks & mirrors, dual a/c, dual air

S bag, alloy wheels, running boards.












Available at

rn FRIENDLY MOTORS CO, LTD Li

THOMPSON BOULEVARD TEL.: 356-7100 FAX: 328-6094
sma,,c,,. EMAIL: friendlymotors@hotmail.com WEBSITE: friendlymotorsbahamas.com W s


LOCAL NEWS.


I9- 1-W


Sale ISA
oo. ONLY^^^I^H^^H^^^











a I' e,


FRIDAY, OCTOBER 19, 2007


SECTION .


business@tribunemedia.net


'Critical' to defuse the




pensions timebomb


* By NEIL HARTNELL
Tribune Business Editor

one in four Bahami-
ans is covered by a
private pension plan,
a low participation
rate that is storing up a social
and retirement timebomb and
increasing the burden on an
over-stretched National Insur-
ance Board (NIB), prompting
one financial expert to yester-
day describe as "critical" the
need for legislation to regulate
service providers and mandate
private pensions.
Kenwood Kerr, chief execu-
tive of Providence Advisors,
said that on drafting and imple-
menting legislation to regulate
and mandate private pensions
in the Bahamas, "consideration
needs to start at the earliest
opportunity. It's critical".
He was commenting after the
Central Bank of the Bahamas
released the findings of its
Bahamian private pension plans
survey for 2005, which received
responses from 92 plan
providers.
The Central Bank found that
private pensions, whose total
assets amounted to $954 mil-
lion in 2005, an increase of 11.9
per cent on 2004 and a sum
equivalent to almost 20 per cent
of the Bahamas' per annum
gross domestic product (GDP),
- were being used to "supple-


ment" the
retirement
benefits pro-
vided by the
m e n t s
National
Insurance
( oNIB
scheme.
Mr Kerr,
though, said
it should be the other way
around, with private pensions
providing the main source of
retirement income and NIB
being used to supplement this.
With just one in four Bahami-
ans covered by private pensions,
and the $1.3 billion NIB reserve
fund likely to be exhausted by
2029 with cash flow problems
experienced even earlier the
state of the Bahamas in retire-
ment is looking far from rosy.
Mr Kerr said private pen-
sions, NIB and individuals'
financial savings were the three
"pillars" upon which Bahami-
ans would retire. He added that
more education on the impor-
tance of savings needed to be
done, as traditionally, savings
rates among Bahamians have
been perceived as "lousy".
This is borne out by the Cen-
tral Bank survey, which noted
that while the bulk of private
individuals savings were in bank
deposits, collectively totalling
$2.612 billion or 43.6 per cent of


'Critical' to get


key investment


projects moving


* By NEIL HARTNELL
Tribune Business Editor

T H E
Bahamas
Chamber of
Commerce's
president
yesterday
said it was
becoming
"critical" for
the Govern-
ment to get
at least one
major for-
eign direct investment project
off the ground and moving,
amid signs that unfavorable
international conditions were
starting to impact this nation's
economy.
Dionisio D'Aguilar said the
need to get developments such
as the $1.3 billion Albany Golf
& Beach Resort and $2.4 bil-
lion Baha Mar project moving
was becoming ever more urgent
amid signs the global economy
was slowing down, as the "sub-
stantial" impact from these
investments would act as a
counterweight to offset that.
Over their lifetime, he added
that the projected economic
impact from the likes of Albany
and Baha Mar would more than
offset what the Bahamas gave
their developers upfront in the
form of investment incentives,
such as customs duty, stamp
duty and real property tax
breaks.
"I think it's critical now," Mr
D'Aguilar said of the need to
unleash the capital inflows from
foreign direct investment pro-
jects.
"The tourism numbers are
down between 10-20 per cent.
Freeport is rated as the worst
destination of any cruise pas-
senger destination in the
Caribbean.
"Maybe we're not hurting
enough in the tourism sector to
get us to move, but it would
provide a major economic boost
to get one of these deals up and
running.
"Whether it's Albany or
Baha Mar or Ritz-Carlton,


New car sales
down 13.3 per-cent,
with construction
starts off 30 per cent,
all signs of faltering
Bahamian economy

something needs to get going.
We've had a lot of talk, a lot of
negotiations, but I wish the par-
ties would solve, it. I can't
understand the hesitation," he
added.
"We need something to
change the tide. I don't know
where the Baha Mar project is,
but sometimes you've got to
give a little to get a little. I'm
very pro-business, and hopeful-
ly in 10-15 years time the incen-
tives we provide will have been
exceeded by some of the eco-
nomic benefits they will pro-
vide."
The Tribune can reveal that
the Bahamian economy may
already be experiencing the
effects from negative external
forces, given the performance
of two sectors likely to feel the
chill winds first new cars (a
form, of luxury goods) and the
housing and construction indus-
tries.
New car sales, as measured
by Bahamas Motor Dealers
Association (BMDA) mem-
bers, fell by 13.3 per cent in Sep-
tember 2007, dropping from 331
vehicles sold during the same
month in 2006 to 287 this time
around a fall of almost 50. The
20o007 total was also down on
the 323 new cars sold in Sep-
tember 2005.
On the construction front, the
Central Bank of the Bahamas'
review of the 2007 second quar-
ter described the sector's out-
put as "relatively subdued". The
total value of mortgages issued
during the period fell by 5.8 per
cent compared to the prior year,
standing at $127.8 million.
But a more significant indi-

SEE page 4


* Just 25 per cent of Bahamians covered

by private pensions and overburdening

NIB, with 75 per cent of savings owned

by less than 10 per cent of population

* Investment adviser calls for pension


provider regulation

GDP, there usefulness in retire-
ment was not as strong as
appeared.
"The skewed distribution of
deposit holdings, however,
diminishes their retirement sig-
nificance for most persons in
the workforce, as more than 75
per cent of the aggregate bal-
ances are concentrated in less
than 10 per cent of the individ-
ual accounts," the Central Bank
said.
Mr Kerr said the widespread
absence of private pensions and
low savings rates meant that the
burden imposed on NIB to pro-
vide for Bahamians in their
retirement was too great, espe-
cially since it had only been
dL,'iiLncd as a supplemental
scheme.
With the Bahamian popula-
tion set to age. as tlchnoloh'
and medical treatments helped
people to live longer, the pro-
portion of people in retirement
age was set to increase, Mr Kerr
\. \pl.iinL1. while the percentage
otf younger people cntk ring the
workforce would decrease as
birth rates dropped.
As a result, a smaller pool of
NIB c. ,niribution-p.i in_' work-
ers would have to support an
enlarged pool of retirees draw-
ing benefits from NIB, some-
thing that would ultimately
cause it to collapse because ben-
efits payments would exceed
incoming revenues.
Mr Kerr said: "When people
stop working, they stop con-
tributing to the fund. The fund
has to pay out to them, and you
have less people contributing
to the fund. The population


base has not expanded enough,
and they are not entering the
workforce quickly enough to
grow the tax base and allow the
fund to grow."
Along with legislation to
make some form of private pen-
sion mandatory, Mr Kerr said:
"That should parallel the imple-
mentation of suitable legisla-
tion to monitor the stakeholders
in the industry, regulating the
service providers."
Regulations needed to set
minimum standards of conduct,
Mr Kerr said, as pension man-
agers, administrators and
trustees were all dealing with
long-term, retirement assets,
that were vital to the well-being
of Bahamians.
Any laws and regulations
needed to look at "making it a
completely transparent
process", with mandated finan-
cial reports provided to trustees
and those vested in the plans;
the independence of trustees
from plan sponsors; and the seg-
regation of pension plan assets
from those of the company's.
"For us, there must be some
commonality by which these
services are provided under law.
We need someone to monitor,
supervise and regulate these
providers. It could come under
the Securities Commission for
the time being," Mr Kerr said.
"We need, in the first
instance, to regulate the current
providers.
"The next step, which is
longer term and needs more
thought, is how do we cover
those persons not in pension
plans?"


Chamber chief



renews call for



Port split-up


* By NEIL HARTNELL
Tribune Business
Editor
THE Grand Bahama
Chamber of Commerce's
president yesterday renewed
calls for the Grand Bahama
Port Authority's (GBPA)
quasi-governmental, licensing
and regulatory functions to be
split off from the profit-mak-
ing activities of its Port Group
Ltd affiliate, as this was cre-
ating perceived conflicts of
interest from "the licensor
also being the licensee".
Christopher Lowe, who is
also Kelly's Freeport's opera-
tions manager, said: "It's a
valid question as to whose
interests are really being
served by the dual roles the
Port Authority plays with
being licensor and licensee at
the same time.
"It's certainly not the citi-
zens of Freeport, the Bahami-
an'people or the island of
Grand Bahama. In my opin-
ion, there's been incredible
wealth generated at the
expense of the public good."
The GBPA is the licensing
and regulatory authority for
Freeport, yet its feuding own-
ers, the Hayward and St
George families, through Port
Group Ltd also have owner-
ship stakes in businesses that
it licences and regulates. such
as Grand Bahama Power
Company, Freeport Harbour
Company, and Sanitation Ser-
vices.
For instance, Lady Henri-
etta St George serves as chair-
man of BISX-listed ICD Util-
ities, the company that holds a
50 per cent stake in Grand
Bahama Power, along with a
number of other Port Author-
ity executives such as Sir
Albert Miller and Ian Barry.
Yet Lady Henrietta is also
owner of a still-disputed 50
per cent stake in the GBPA,
which controls the electricity
rates Grand Bahama Power


charges business and residen-
tial consumers, effectively reg-
ulpting the very entity that she
derives profits from.
The Hayward and St
George families also have
ownership interests in Sanita-
tion Services, and many
observers have speculated
that this is why Bahamas
Waste has so far been denied
a licence to operate in
Freeport, as it would provide
direct competition.
And Port Group Ltd is an
investor, through ICD Invest-
ments, in PharmaChem Tech-
nologies, the Freeport-based
manufacturer that makes the
anti-retroviral ingredient for .
the anti-HIV drug supplied by
Gilead Services.
An August 28, 2003, letter
to the Central Bank from
PharmaChem's then attor-
neys, Dupuch & Turnquest,
filed as part of the GBPA
ownership dispute with the ,
courts, reveals that ICD
Investments is a 20 per cent
shareholder of PharmaChem,
the other 80 per cent held by
Italian entrepreneur Pietro
Stefanutti.
ICD Investments was to
contribute $200,0o0 in share-
holder equity to the project,
the other. $800,000 coming
from Mr Steffanutti.
With the purchase of Phar-
maChem's plant, the former
Honeywell (Syntex) Pharma- I
ceutical operation, set to cost
$3 million, and another $12
million required to start-up
operations, the remaining $14
million was to come from a
$6.5 million shareholder loan
made by Mr Steffanutti, and
$7.5 million in financing from
a loan facility provided by an
international bank.
The GBPA is responsible
for the licensing and regula-
tion of PharmaChem. *
Meanwhile, Mr Lowe said

SEE page 4


thinkretirement

is all play?

Reality Check!
It also means no more p'yi.
Invest in a Family Guardian Annuily
Ioday for a more secure tomorrow.
Call or log on to wiv.v tfanmilyguar'ian.com!





















SFA MILY G U A RD IAN
SINSLIR,,\ANCF. COMPANY LIMITED


ACORPORATECENITRE EASTCBA, STREET,NASSALI P.O. 80XSS6232


FAMILY GUARDIAN
INSURANCE COMPANY LIMITED









THE TRIBUNE


PAGE 2B. FRIDAY, OCTOBER 19, 2007


The


is


'people's


ready-made


franchise'





business


NETWORK or multi-level
marketing (MLM), also known
as the "people's franchise", is a
great opportunity to create a
ready-made business for your-
self. It is a type of business that
operates under, the radar, yet
millions of people work in it. It
is similar to Direct Selling in
that you are selling a product
directly to the consumer.
If done with care and dedi-
cation, it can be a rewarding
home business, from which you
can achieve financial freedom
and also spend quality time
with your family. A surpris-
ingly wide range of products
are sold this way, ranging from
healthcare products to water
filtration systems. There are
two main differences between
MLM and Direct Selling.
First, you have residual
income, as you are encouraged
to help and assist others to
build their own businesses.
You get a percentage of their
income. What this means is
that if you recruit enough peo-
ple, you can earn a good living
from the residual income
alone. Unlike direct sales you
can still earn an income even if
you stop working.
Second, there is a lower cost
of entry. It costs less to enter
than direct selling businesses.
Don't be under the impres-
sion that this is an easy busi-
ness to succeed in. Longevity is
a key to success, as evidenced
by those that have stayed in
the industry for over 10 years.
It will take you three to five
years, with a minimum input
of 15-20 hours a week, to build


i i. Business
Sense

|

a successful MLM business.
There are generally six steps
you need to follow to get into
Multi-Level Marketing:
The first step is to source a
product you want to sell. Net-
work marketing is based on
word of mouth advertising, so
make sure you will personally
be using the products that you
are going to be selling. It will
be much easier to sell some-
thing that you love using.
The second step is to find a
company to represent. This is
the hard part. You need to find
a company that doesn't make
outlandish claims, that stands
behind its products, and is
focused on looking after its dis-
tributors. Google Internet
forums on "network market-
ing" and see what the distribu-
tors have to say. Make sure
you do the following due dili-
gence:
How long has the company
been in business?
fi What sort of support do
you get? Do they leave it up to
you, or do they provide a spon-
sor to help you get your busi-
ness off the ground?
What type of compensa-
tion plan? Is it front or back-
end loaded?
Does the management
have experience? Good man-
agement is essential if the com-


Julius Bar

Julius Baer Group, the leading dedicated Wealth
Manager is seeking candidates for the position of:

ASSISTANT CLIENT ADVISOR
MAIN RESPONSIBILITIES:
Executing various client instruction (wire
transfers, forex, stock exchange orders, Fids,
loans, etc.)
Sending daily advices to clients
Sending financial information to clients
Printing of valuations and regular similar
tasks
Answering clients requests

KNOWLEDGE/SKILLS:
Excellent verbal and written communication
skill
A commitment to service excellence
A team player/ Proficient in Microsoft tools
Series 7 or equivalent
EXPERIENCE:
Minimum 3-5 years experience in Private
Banking in related field.
EDUCATION:

A Bachelor's degree with concentration
in Finance, Economic, Accounting or
Business Administration

FOREIGN LANGUAGES:

The ability to speak a second language
would be an asset
NWedffeLavey.Jcosmpetiti -ecompensation- .......---
and benefits package, a stimulating work.
environmentt and the opportunity to make a
significant contribution to our business while
expanding your career.

Interested candidates should forward a copy
of their resume by October 31st, 2007 to the
attention of:
BY HAND: BY MAIL:
Personal & Confidential Personal & Confidential
Resident Manager Resident Manager
Ocean Centre,Montagu Foreshore, P.O. Box N 4890
East Bay Street Nassau Bahamas
Nassau, Bahamas


Uif


pany is going to survive long
term.
What quotas do you need
to sell? What volumes do you
need to maintain? Can they
cancel your distributorship if
you miss one month's quota?
What training programmes
does the company have?
What competition does the
company have?
The third step is to review
the sales agreement, or con-
tract, to make sure the terms
and conditions are fair. Be
clear as to the length of agree-
ment, how it can be terminat-
ed, what the initial payment
required is, when you expect
to get paid, and exactly what
you get for your money.
The fourth step is to visit the
short-listed companies. Ask
them how long will it take you
to establish your business?
What are the long-term
prospects for the business? Be
wary of glib answers, hard sales
pitches, large initial fees, dis-
missive attitude to competitors,
huge projected sales, huge pay-
outs or unproven schemes.
The fifth step is to review
the information. Decide which
one meets your needs, whether
the proposition stacks up, and
whether it is worth the initial
fee.
Network marketing has its
pitfalls. Here are some tips to
protect you:
1. Beware of programmes
that require no selling and no
recruitment, where the web-
site will do all the marketing,


advertising and recruitment.
Beware of a promise of some-
thing for nothing, or an
overnight get-rich scheme. If
it was that simple, we would
all be doing it, and we wouldn't
be telling others about it.
Building a real business takes
hard graft, determination and
constant marketing,
2. Get all the training that
you can. Look at it as going to
business school. Look for com-
panies that offer marketing
and sales skill training.
3. Provide products that your
average person wants and
needs to buy on a regular basis.
Then you will get continuous
rather than one-off sales.
4. Try and find a sponsor
within the company, or team
leader to mentor you.
5. Make sure you have a
marketing budget. You are in
business and you will need to
have money for PR and adver-
tising at the very least.
6. Start with your family and
friends, as they will be more
forgiving. You will have to go
out and sell, so don't apply if
you are a shrinking violet.
7. Beware of companies that
pay out more than 60 per cent,
as their products are likely to
be over-priced unless they are
of a unique or exclusive nature.
Becoming a network mar-
keter is a process that requires
as much care as setting up a
business. There are many
products and companies out
there to choose from. Don't
ignore the steps and tips above.
Follow them and you could be
on your way to building a valu-
able business.
NB: This column is available
as an eBook at
www.antipreneurship.com
Mark draws on 20 years of
top level business, marketing
and communications experi-
ence in London and the
Bahamas. He is chief operating
officer of
www.ezpzemail.com, currently
lives in Nassau, and can be
contacted at markalex-
paluner@mac.com
Mark Palmer. All rights
reserved


Salesperson

We are looking for an energetic and professional

person to sell generators, golf cars and oil. We

will train. Good attitude a must.


Contact Harbourside Marine.
Tel: 393-0262. Fax resume to 394-7659


Vacancy

Announcement

Blue Shark Golf Course is currently
accepting applications for the position
of


Golf Course

Assistant

Superintendent/

Equipment Tech


Applicants should have a minimum
of an Associate of Science degree in
Turfgrass Management or Horticulture,
along with 3 or more years experience
with golf course operation.


Specific experience with sharpening,
setting and adjusting reels, operat-
ing hydraulic and electric irrigation
systems, and calibrating machines
preferred. Leadership and supervisory
skills a must.


To apply call 424-7333


I


BUSINESS I








THE TRIBUNE FRIDAY, OCTOBER 19, 2007, PAGE 3B


Bank hoping for



stock split nod in



'early November'


* By NEIL HARTNELL
Tribune Business Editor
COMMONWEALTH Bank
is hoping to effect its three-for-
one stock split "some time in
early November" once all regu-
latory approvals are received, its
chairman telling The Tribune
yesterday that the move was
"unanimously approved" by
shareholders in a year when the
bank's profits have grown by
over 25 per cent to date.
T. B. Donaldson confirmed
that Wednesday night's Extra-
ordinary General Meeting
(EGM) of more than 100 share-
holders had given full backing
to the bank's stock split plan,
the next step being to inform the
Securities Commission of the
Bahamas and Bahamas Interna-
tional Securities Exchange
(BISX) of the vote's outcome.
"We're hoping it will be some
time in early November," Mr
Donaldson said of when the
stock split would take place. "I
would suspect it will be some
time in November."
Commonwealth Bank's stock
continues to be in high demand
among investors, closing at
$16.5o on BISX on Wednesday,
October 17, a more than 30 per
cent increase over the price at
December 2006. The bank's
share price has increased by 175
per cent since it went public in
2000, the initial public offering
(IPO) price standing at $6.
Mr Donaldson said Common-
wealth Bank's loyal shareholders
and customers who had bought
in at the 2000 IPO price had
enjoyed a "good return on their
investment" which, when cou-
pled with the bank's regular div-
idend payments, had given
investors "probably a better
return than they would have got
anywhere else".
He described the bank's finan-


cials for
the nine
months to .
September
30, 2007,
as "an
extraordi-
nary per-
f ao r
mance,
with net
inc ome up

$7.4 mil-
lion to
$36.4 million. Earnings per share
(EPS) were up 24.35 per cent to
$0.97 per share, compared to
$0.78 per share.
The annualised return on
shareholders equity was 36.7 per
cent, up from 34.1 per cent, with
total assets standing at $1.131
billion after a $112 million or 11
per cent rise.
"We've done very well again.
We're on track with our projec-
tions for a very good year-end,
so we're feeling very confident
about the future," Mr Donald-
son added.
Among the keys to the bank's
continual growth and record per-
formance, he said, were its loyal
customer and shareholder bases,
and quick turnaround time on
decision-making as it was a 100
per cent Bahamian-owned bank.
"We're competing against for-
eign banks and holding our
own," Mr Donaldson said. "That
makes the staff feel proud. It's a
good story for Bahamians."
The Commonwealth Bank
chairman said there was likely
to be further pressure on deposit
rates in the Bahamian commer-
cial banking sector to increase.
due to intense competition for
deposits amid the seasonal draw
down on liquidity, as merchants
built up their inventories for the
Christmas holiday period.


Mr Donaldson, though, said
Commonwealth Bank was not
experiencing any liquidity prob-
lems and was maintaining a
"fairly tight ship".
He added that it was immune
from some of the problems
afflicting its commercial bank-
ing rivals, due to its loan portfo-
lio being concentrated in con-
sumer lending with some diver-
sification into mortgages.
The average size of Common-
wealth Bank's loans was $14,000,
Mr Donaldson said, and the
absence of large corporate and
commercial clients on the books
meant the bank was not exposed
to sudden, major draw downs
on credit facilities.
Commonwealth Bank has
decided upon the stock split as a
way to make the shares more
accessible to Bahamian
investors, especially the bank's
own customers and depositors,
who may the perceive the exist-
ing $16-plus price as too expen-
sive and discourage them from
attempting to buy in.
The purchase of 1,000 Com-
monwealth Bank shares now
costs $16,500.
The lower price should stimu-
late greater trading volumes,
activity and liquidity in Com-
monwealth Bank's stock, with
more investors attracted to it
because of the lower price.
In addition, due to the
increase in the amount of shares
they owned, existing investors
may be more willing to part with
a small percentage of their hold-
ings.
Commonwealth Bank has
been one of the most active and
liquid stocks traded on BISX
since the exchange went live in
2000, due in no small part to the
fact it has one of the widest own-
ership bases in the Bahamian
market, with about 7,000 share-
holders.


IndiGO
N E T W O R K S
VolP Network Engineer
IndiGO Networks is the registered business name of Systems Resource
Group Limited (SRG), A Bahamian company with a 17-year history in offering
innovative technology and telecommunications solutions to businesses
and residential consumers. The company is currently in search of a highly
qualified individual to fill the position of VolP Network Engineer.
Job Description

Successful candidates should be highly energized and willing to take on
the challenges of a fast-paced network rollout. The Network Services team
is tasked with the 24/7/365 OA&M of an international telecommunications
network. The successful candidate will be challenged with a collection of
objectives in the next year.
Responsibilities
* Administration and maintenance of all network hardware/software,
NMS, and an underlying Cisco telephony infrastructure
* Monitoring and troubleshooting inter-carrier switch-to-switch
interconnection
* Creation and support of network management and maintenance scripts
* Creation and maintenance of Tier 1-3 support documentation
* Creation and maintenance of network diagrams
* Network and subscriber capacity planning

Qualifications
* Proficient in all aspects of network engineering: design, implementation,
monitoring and troubleshooting
* Willing to follow assigned projects through to successful completion
* Willing to work hands-on 24/7/365 and participate in on-call schedule
to resolve network problems
* Minimum of 7-10 years of relevant technical experience
* University degree
* Cisco certifications CCNP, CCVP certifications preferred
* Previous telecom experience in a similar capacity maintaining a service
provider's network preferred
* Experience with Cisco routers, switches (LAN and WAN) required.
Additional expertise with VolP softswitches preferred
* Comprehensive knowledge of TCP/IP
* Broad Knowledge of IP telephony, softswitches, SS7, and SIP
* Fluent with data packet analyzers and IP packet analysis
* Excellent verbal and written communications skills. Experience writing
-OA&M documentation
* Excellent troubleshooting and analytical skills

IndiGO Networks offers a highly competitive package of benefits. Salary
is commensurate with qualifications and experience.
Interested candidates should submit their r6sum6s in writing by
October 26, 2007 to:
Attn.: Human Resources Manager; IndiGO Networks;
P.O. Box N-3920; Nassau, Bahamas
E-mail: hr@indigonetworks.com


2007.EC SIPFE Sunmsine Insumce

SMOLAWP CO"MIPETlTO
offmng $88000 inSdwar&*.s
1st Aface $64 000, 2ndptace $28, 000


How woufdyou 6oost the (Bahamian economy


Essay Contst u&s:


Eain how you wuif improve t& awmem economy
Competition open to aff'Higfh Sch(osopFo morsmjtimios m
senimf
ssays shodube 500 1000 words
&ssys shoufbe douu6 e space
ArSubmssions must inclde tf entry fom undont
htt://www.esmim.ed{u/cpus/dub6/SITE or at the Sushie
Insuran e BwSSg on Sfhidy Street
SU$Mins wil ,ff6T acceptedvia ema atjpyrmOw efimedu
or the Sunshine Insurance buiutg on Sfey Struet no tertan
October 26th 2007


B: Octo6er 26, 2007
fease mc& your name, home adfre te4e number and
pericndemaidaddimss wit your sway s snmfidio


Ten topfindast wuif6e notfief6y Oct6er3o


fmadsts wilprmsent theressay udws *for a pane!ofjudges
Sautt4d W owm6er 17h 2007 at the Snmsf inscwwe
4adquart onm Shi&fey Street


Tor Moie fi nf ation, piws contact


TMnon WM Sona DracteorofSwtshim Iwnmce, 242-394-0013
*ij Rp )ljssista*t to thtPrwsidment
SEA=Ca C 6, 607-735-1S91


1.r-


Vacancies are open to Bahamians only.


FIRSTCARIBBEAN
INTERNATIONAL BANK


CAREER OPPORTUNITY


Attorney


Qualifications:


* Licensed to practice law in Bahamas
* Five to seven years practice as a Attorney- at- law

General Requirements/Responsibilities:

Assists in providing legal services and advice to senior
officers of the FirstCaribbean on a broad range of subjects
and areas of law, including changes in the company's policies
and procedures for regional roll out.

Participate in project teams, identifying and managing legal
risks so that projects can be implemented successfully and
on time.

Work closely with the Compliance Group to provide timely
and practical Legal advice on legal issues raised.

Coordinate and review all legal documentation on behalf
of FirstCaribbean International Bank (Bahamas) Limited.

Provide legal advice on a broad range of complex issues
or in specialized areas of the law to the internal client
departments.

Assist with the standardization of all legal documentation
where necessary. Where needed provide guidance to external
counsel on the form of documentation necessary.

Manages costs and service levels, external legal expense
and progress of litigation.

Applicants are requested to submit their resume with a cover
letter via email by October 24th, 2007 to :
deangelia.deleveaux@FirstCaribbeanBank.com

FirstCaribbean International Bank (Bahamas) Limited thanks all applicants for their
interest, however only those under consideration will be contacted.


FRIDAY, OCTOBER 19, 2007, PAGE 3B


THE TRIBUNE


41










PA GE 4B, FRIDAY, O CTO B R 19, 2007 IHEBUSIN ESS


NOTICE

DAUGAVA INVEST LTD.


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





Romualds Stasaitis
Liquidator




Legal Notice

Notice

LANDINGHIGH INC.
(In Voluntary Liquidation)


Creditors having debts or claims againts the above-named Com-
pany are required to send particulars thereof to the undersigned
at Ocean Centre, Montagu Foreshore, East Bay Street, P.O Box
N-3247, Nassau, Bahamas as sole Liquidator on or before the 2nd
day of November, 2007. In default thereof they will be excluded
from the benefit of any distribution made by the Liquidator.



Dated the 18th day of October 2007

LYNDEN MAYCOCK
LIQUIDATOR


Legal Notice
NOTICE
Landinghigh Inc.

NOTICE IS HEREBY GIVEN as follows:
(a) Landinghigh Inc. is in dissolution under the provisions of
the International Business Companies Act 2000.

(b) The dissolution of the said company commenced
on the 18th October, 2007 when its the Articles of
Dissolution were submitted to and registered by the
Registrar General.

(c) The Liquidator of the said Company is Mr. Lynden
Maycock of Ocean Centre, Montagu Foreshore,
East Bay Street, Nassau, Bahamas, as sole Liquidator.
Dated the 18th day of October 2007.

H & J Corporate Services Ltd.
Registered Agent
for the above-named Company


Join Citibank, N.A.

Nassau Bahamas, a

branch of Citi, the

largest financial

institution in the

world.

We invite outstanding
individuals, wanting to build a
career in Corporate Banking, to
be part of our dynamic global
team. You will interact with
colleagues from around the
Caribbean region and across the
organization globally, providing
relationship management
support to our local team, In
addition to a great career, we
offer a competitive salary and
benefits package.

Interested candidates should
forward a copy of their resume
by October 31, 2007 to:
Business Head, Citi Markets and
Banking, P.O. Box N-8158,
Nassau, Bahamas OR Fax:
(242) 302-8569 OR Email:
ianice.gibson.,citi.com


FROM page 1

cator of the Bahamian econo-
my's softening is new construc-
tion starts and repair projects,
the Central Bank finding: "Sug-
gestive of near-term softness in
domestically financed construc-
tion activity, mortgage commit-
ments for new construction and
repair projects contracted by
29.9 per cent to 260, with a cor-
responding fall-off in value by
34.2 per cent to $34 million."
The number and value of res-
idential construction starts and
repair projects fell by 31 per
cent to 245, and 37.6 per cent to
$31.4 million respectively.
"I've always been a firm
believer in getting these pro-
jects going," Mr D'Aguilar told
The Tribune. "I have had many
debated with my colleagues and
with my wife concerning the
benefits of Albany.
"There's certainly a consen-
sus out there that they should
not get the duty concessions [in
the Heads of Agreement], but I
feel the economic impact of that
project could be so substantial
at a time when we need that the
Government should go ahead
and approve it."
The investment incentives
granted to Albany by the for-
-mer Christie administration are
currently one of the major
stumbling blocks, Prime Minis-
ter Hubert Ingraham saying
that as a private members' club,
the project can not access the
customs duty and stamp duty
exemptions under the Hotels
Encouragement Act as they are
available only to hotels that pro-
vide public access.
The Tribune has since been
told that the Government sent a
letter to the Albany develop-
ers, who are headed by the
Orlando-based Tavistock


Group, the holding company
for worldwide investments
made by Lyford Cay-based bil-
lionaire Joe Lewis, to see to
what extent they were prepared
to open up the project's hotel
component to the public. The
developers had also been await-
ing a government position
paper on Albany that was being
compiled by the Attorney-Gen-
eral's Office.
It is understood that Albany's
investors are still seeking the
Hotels Encouragement Act
incentives granted to them in
the December 2006 Heads of
Agreement signed with the for-
mer Christie administration,
and that talks with the Govern-
ment may be at a temporary
impasse.
The Albany developers them-
selves will invest $211 million
in the project, with the remain-
ing $1.09 billion of its value
coming from residential real
estate buyers, who will be pay-
ing customs duty and stamp tax-
es on all construction materials
and furniture used in their
homes.
Mr D'Aguilar suggested that
Albany should open its hotel
component to the public, and
instead take a leaf out of the
likes of Sandals, SuperClubs
Breezes, the One & Only
Ocean Club and Atlantis, which
all restricted public access to all
or parts of their properties.
In addition, he suggested that
the high pricing of Albany's
boutique, upscale luxury resort
would ensure the project did
not attract the "average Joe off
the street" as a hotel guest.
Mr D'Aguilar said that taking
Ministry of Finance estimates
that stamp duty and customs
duty exemptions granted to
developers were worth 35-40
per cent of a project's total


Chamber chief


renews call for


Port split-up


FROM page 1

the application to the Govern.
ment for the recognition and
incorporation of the Freeport
Licensees and Property Own-


Citi


Relationship Manager


ROLE RESPONSIBILITIES
Reporting to our Business Head for Citi Markets and Banking, the
position is responsible for aggressively marketing our products
and services to targeted businesses in the Northem Caribbean.
Key responsibilities include meeting specific revenue targets by
working with product specialists to identify opportunities and
deliver innovative solutions while ensuring excellent customer
service and adherence to internal policies and external regulatory
requirements. This will require financial statement evaluation, due
diligence reviews on. clients, preparation of client proposals,
maintenance of call reports, and the oversight of the account
opening process. Additional responsibilities include maintaining an
up-to-date portfolio of clients.


KNOWLEDGEi/SKILLS REQUIRED
Candidates must possess a Bachelors degree in Accounting,
Finance, Business, Economics or Engineering and a minimum of 3
years experience. Experience in Credit Analysis, Risk
Management or Relationship Management would be an asset.
Additionally, an MBA and/or CFA are assets. Excellent sales,
marketing, analytical, communication, and interpersonal skills,
combined with high energy and motivation, will round out the ideal
candidate. Travel is required.



Challenge

yourself to a career like no other


ers Association was "still just
sitting on the Attorney Gener-
al's desk" going nowhere.
On the ownership dispute, he
added: "It shouldn't be about
control. It should be about
development and moving for-
ward and correcting the prob-
lems in the structure of the Port
Authority.
"It's not a personal fiefdom to
be fought over. We have a lot of
domestic investors and a lot of
international investors, and to
be fighting over it as if it were
the last piece of the pie is a bit
telling."


investment as a rule of thumb,
then based on the $211 invest-
ment by the Albany develop-
ers, these incentives would
amount to about $84.4 million.
The value of these incentives,
the Chamber president said,
had to be weighed against the
economic benefits provided by
several hundred residential
owners who would pay their
taxes and construct their own
homes, the Bahamas benefiting
economically by several times
those investment incentives.
Currently, the Bahamian
economy is being impacted by
the global credit squeeze result-


ing from the US 'sub-prime'
mortgage fallout. There has
been a recalibration and reeval-
uation of risk in the global cred-
it markets, making the price of
capital and borrowing more
expensive, all of which has the
potential to impact the Bahami-
an real estate and second home
market, plus mixed-use resort
projects.
Not to mention the impact on
US consumer confidence, the
market from where 90 per cent
of this nation's tourists come
from, plus the Western Hemi-'
sphere Travel Initiative
(WHTI).


Tr *SopS



STFiraen Fes lvai


e- eor


















POSITION: Production Assistant
*The Production Assistant assists in the varous physical a .i.e.: C. of
for BIFF;





Assist in theater/event managestien during the Film Festival;
Assists in set up and striking elements for the Theatre & BIFF
Lounge;
Assists in the pick-up/return to all vendors.
EXPERIENCE/SKILLS REQUIRED:
Strong chn.nical and physandorganizational 1 rIi.rig
Previous speciin theater event experience desirable;
Must be detail-oriented, organized and able to work calmly
under pressure;
Outgoing, team player with a good sense of camaraderie;

Ability to deal with rapidly shifting priorities,

Please submit resumes to S 'Ii .LI. i i i .. i
ll l~llll ll l l~ll ll ll ll l I(I~ I~ I I I I II~ I l I~ I III I


At Nova Southeastern University's Fischler School, we inspire educators to inspire their students
to change the world. Become inspired by our fast-track, customizable programs. Earn your master's
degree in education in as little as 18 months, or your doctorate in two years. Courses delivered
on-site in the Bahamas.
ATTEND AN INFORMATION MEETING TO LEARN MORE:
Tuesday, October 23, 2007, at 6:00 p.m.
Nova Southeastern University '. f
c/o Bahamas Baptist Community College .,- .. .
8 Jean Street NOVA SOUTrHASTHN FISCHLER SCHOr
Gleniston Gardens i V U N I V 1 RSNIT EoucaMoN &. HU ls *
Are you ready to cause an effect? 242-364-6766 6 FischterSchoot.nova.edu /Ba h
Nova Southeastern Uniwrtity adtRiO s iudents of any raco, coior, sexual orientliiat and n a tional of t th nili NOva oofh,0Ec ri 'l, I tH y l:l cit, d i' t' l C i x '
of the Southern Association of Colleges and School 11866 Southern Lane, Decatur, Geornl a 30033 409?., lepnno i ni1M ,40 1 0 n01 0 ;i l.,sc 'te. baI'hi'
educational specialist, and docloral dogroes.


'Critical' to get investment




projects moving


I HE I HIBUNE


PAGE 4B, FRIDAY, OCTOBER 19, 2007









E T E R B


Morton Salt predicts


2/3 harvest shortfall


MORTON Salt, the main
employer on Inagua, is pro-
jecting that its 2007 salt har-
vest will be one-third of the
normal annual total, standing
at 400,000 tonnes compared to
1.2 million tonnes.
With heavy rainfall having
persisted since the 2006 fourth
quarter, Morton Bahamas said
yesterday that it had revised
initial forecasts for a 600,000
tonne harvest for 2007.
Glenn Bannister, Morton
Salt's managing director, said
that August, usually the best
month for salt growth, was dis-
appointing as Inagua received
an average of 5.82 inches of
rain compared with the historic
average of 2.33 inches.
The salt pan system received
an.additional six inches of rain
in September, compared to the
historic average of four inches,
and 6.2 inches to October 16 in
the critical stations.
"August is usually a dry hot


month ,and normally our best
month for making and har-
vesting salt. We were expecting
to grow an inch of salt cake,
which would be 300,0(X) tonnes
of salt, but we only got 2/10ths
of an inch of salt or about
60,000 tons, so we have a
deficit of 240,000 tons," Mr
Bannister said.
"I suspect that we will have
enough salt to harvest through
the end of October but come
November we most likely will
run out of salt," he predicted.
If this happens, based on the
present weather conditions and
forecasts, there would proba-
bly be no' more salt to harvest
until the 2008 first quarter.
Morton Bahamas requires
less than 30 inches of rain per
year to produce its annual quo-
ta of 1.2 million tons of salt.
For this reason, the company
collects and reports informa-
tion from 25 rain gauges at var-
ious locations in its salt pan


system on a weekly basis.
According to the company's
records stretching back 52
years, the system has histori-
cally averaged less than 30
inches of rain per year, but this
year the system has already
received a total of 37.29 inches
of rain year-to-date.
Morton Bahamas may be in
for a three or seven-year wet
cycle if weather patterns are
consistent with historical
records kept by the company
over the last 52 years, believes
Vivian Moultrie, its manager
of administrative services.
"It may just be a theory. I'm
not a weather expert but I've
studied the records and what I
see .recurring is that every sev-
en years or so we have a three
or seve- year wet cycle fol-
lowed by a dry cycle, but we
have not received this much
rain since 1987, when the total
rainfall was more than 47 inch-
es," Mr Moultrie said.


Lot #90-E comprising 16,521 sq.ft. and situated on the western side
of the main eleuthera highway and approximately 2,219 ft. northerly
of four-for-nothing road in the Settlement of Lower Bogue,
North Eleuthera, Bahamas.

Infrastructures are in place.

For conditions of the sale and any other information,
please contact: Credit Risk Management Collection Unit
Phone: 356-1685 or 356-1608, Nassau, Bahamas

Interested persons should submit offers in writing addressed to:
The Manager, Credit Risk Management Managing Director's Office

P.O. Box N-7518, Nassau, Bahamas
Offers should reach our office on or before November 16, 2007









VACANT RESIDENTIAL PROPERTY
Lot #30 comprising 8,237 sq.ft. and situated 186 ft. eastwardly from
the Main Eleuthera Highway in the Settlement of Lower Bogue,
North Eleuthera Bahamas.


Utilities: Electricity, Water and Telephone


For conditions of the sale and any other information,
please contact: Credit Risk Management Collection Unit
Phone: 356-1685 or 356-1608, Nassau, Bahamas

Interested persons should submit
offers in writing addressed to:

The Manager, Credit Risk Management Managing Director's
Office RO. Box N-7518, Nassau, Bahamas

Offers should reach our office on or before November 16, 2007




MUST SELL

VACANT COMMERCIAL PROPERTY

Lot #90-G comprising 18,926 sq.ft. and situated on the western
side of the main eleuthera highway and approximately 2,219 ft.
northerly of four-for-nothing road in the Settlement of Lower
Bogue, North Eleuthera, Bahamas.

Infrastructures are in place.

For conditions of the sale and any other information,
please contact: Credit Risk Management Collection Unit
Phone: 356-1685 or 356-1608, Nassau, Bahamas

Interested persons should submit offers in writing addressed to:

The Manager, Credit Risk Management Managing Director's
Office P.O. Box N-7518, Nassau, Bahamas

Offers should reach our office on or before November 16, 2007


MUST SELL



Lot #90-Bcomprising 22,376 sq.ft. and situated on the
western side of the main eleuthera highway and
approximately 2,219 ft. northerly of four-for-nothing road
in the Settlement of Lower Bogue,
North Eleuthera Bahamas.

Infrastructures are in place.

For conditions of the sale and any other information,
please contact: Credit Risk Management Collection Unit
Phone: 356-1685 or 356-1608, Nassau, Bahamas

Interested persons should submit offers in writing addressed to:

The Manager, Credit Risk Management Managing Director's
Office P.O. Box N-7518, Nassau, Bahamas

Offers should reach our office on or before November 16, 2007.





MUST SELL

VACANT COMMERCIAL PROPERTY

Lot #90-C comprising 21,430 sq.ft. and situated on the western
side of the main eleuthera highway and approximately 2,219 ft.
northerly of four-for-nothing road in the Settlement of Lower Bogue,
North Eleuthera, Bahamas.

Infrastructures are in place.

For conditions of the sale and any other information,
please contact: Credit Risk Management Collection Unit
Phone: 356-1685 or 356-1608, Nassau, Bahamas

Interested persons should submit offers in writing addressed to:

The Manager, Credit Risk Management Managing Director's
Office P.O. Box N-7518, Nassau, Bahamas

Offers should reach our" office on or before November 16, 2007






MUST SELL,

VACANT COMMERCIAL PROPERTY


Lot #90-H comprising 15,751 sq.ft. and situated on the western side of the
main eleuthera highway and approximately 2,219 ft. northerly of four-for-
nothing road in the Settlement of L.ower Bogue, North Eleuthera,Bahamas.

Infrastructures are in place.

For conditions of the sale and any other information, please contact:
Credit Risk Management -- Collection Unit
Phone: 356-1685 or 356-1608, Nassau, Bahamas

Interested persons should submit offers in writing addressed to:

The Manager, Credit Risk Management Managing Director's Office
P.O. Box N-7518, Nassau, Bahamas

Offers should reach our office on or before November 16, 2007


Lot of land w\ith a combinixl ,'ar ol f Itio0 ,q.h|'viing l~ots =22 & 23 Kim Ctecscotl in lBailh at1):1,
Sub-division off Baillou Hill Road. Tlh pio0X l\ is comprisAl of an 18yIr old single family rtsidonlv
consisting of 2,000 sq,.ft. \\ith 3 Ili-,oims 2 I:nih[rooims, ing mily, dining, kitchen and laundry
rooms. The building is enclosl ,iId Ilau itkiscali \\il h a graNs lawn, l'lowering plants and fruit tIr ..
Utilities: Elkclricity, \Vat and TnckphoIi ,'











F61OI i/t illi/'( ? i'/x' ,i'" (flid i d(1 )' d (/1 /( il/oin11Ktio1l plaw (lh'tc.t:
Credit Risk Management Managing Director's Office at:
356-1685 or 356-1608

Interested persons should submit offers in writing addressed to:
The Manager, Credit Risk Management Managing Director's Office,
P.O. Box N-7518, Nassau, Bahamas
Offers should reach our office on or before November 16, 2007


FRIDAY, OCTOBER 19, 2007, PAUL ob


THE TRIBUNE









PAGE 6B, FRIDAY, OCTOBER 19, 2007


THE TRIBUNE


COISPG


( Calvin & Hobbes )


South dealer.
East-West vulnerable.
NORTH
4A J7
VQ5
*KJ1084
+1073


WEST
*Q964
YK 10762
+76
+K4


EAST
* K 8 5 2
VAJ943
*952
+6


SOUTH
+103
V8
*AQ3
+AQJ9852
The bidding:
South West North East
1 + Pass 1 Pass
2+ Pass 3+ Pass
5+
Opening lead four of spades.

When this deal occurred in a
team match, it appeared that both
North-South pairs were headed for
the same result. The final contract at
each table was five clubs, and both
Wests led a spade. This seemed to
ensure that South would lose a spade,
a heart and a club for down one, but
that's not the way it turned out.
At the first table, declarer put up
the ace of spades at trick one, East
following with the five and South the
three. A club finesse lost to the king,


L


R

B


A


E


I


E


whereupon West shifted to the six of
hearts.
East took the ace and now had to
decide whether to play the king of
spades or return a heart. But this
wasn't really much. of a problem.-
Since West had led the four of spades
- presumably fourth-best and
since East held the deuce and had
seen South play the three on the first
trick, West could not have started
with more than four spades. Declarer
therefore had to have another spade,
so East cashed the king of spades to
set the contract
At the second table, declarer also
took the first spade with the ace, but
instead of following mechanically
with the three,.he dropped the ten!
Again the club finesse lost, and again
West. shifted to the heart six. After
taking the ace, though, East found
himself faced with an extremely dif-
ficult problem.
Since the three of spades had not
appeared, it was possible West had
originally led the four from Q-9-6-4-
3, in which case South would ruff the
next spade lead. Furthermore, East
had the identical problem in the heart
suit, where the two was missing.
Eventually, East elected to return
a heart, spelling finis for the defense.
Declarer ruffed and took the rest of
the tricks, discarding his remaining
spade on one of dummy's diamonds
to make his game.


The
Target
uses
words in
the main
body of
Chambers
21st
Century
Dictionary
11999
edition)


J ULUHOW many words of four letters
r-N or more can you make from the
"C letters shown here? In making a
word, each letter may be used
once only. Each must contain the
centre letter and there must be at
least one nine-letter word. No
plurals.
TODAY'S TARGET
Good 30; very good 45; excellent
-t u ,-Yr.,..... 59 (or more). Solution tomorrow.


nT i CRYPTIC PUZZLE 1


ACROSS
1 Corporation chap upset
about the UN (6)
7 Tells how hilly areas were
once flat? (8)
8 Vegetarian sausage ingredient (4)
10 Dad may possibly ride with a,
partner (6)
11 Catherine given house room in
hospital? (6)
14 Become a bit fidgety (3)
16 Girl given a i uddy mention? (5)
17 Be disposed to act as nurse (4)
19 Wild crews in prison (5)
21 Chose to be worried? (5)
22 Sorry about a pupil not getting a hot
meal (5)
23 Though enemies, they get a kiss from
crafty types (4)
26 The record book? (5)
28 When silver or gold, it means a lot
more (3)
29 Made one's pile? (6)
30 A tense prospect (6)
31 Winged wader, once worshipped (4)
32 Retrains from giving a seaman bad
marks (8)
33 Deal with a letter as a formal
agreement (6)


Yesterday's cryptic solutions

ACROSS: 1, Blobs b, Sport 9, Oat-meal 10, Cab-by 11,
Lu-CID 12, Angus 13, Serials 15, His 17, Erin 18, He-Lena
19, Shred 20, Sherpa 22, IO-TA 24, Ear 25, Branded 26,
SN-out 27, Roman 28, Noddy 29, Mention 30, Id-L-er 31,
Tee-NS
DOWN: 2, Loader 3, Bobbin(-g) 4, Sa-y 5, Ome-n-s 6,
Saluted 7, Plus 8, Rai-sin 12, Aloha 13, SENSE 14, River
15, Herod 16, Salad 18, Heart 19, S-Pinner 21, Har-old
22, In tone 23, Ten-don 25, Butts 26, Same 28, Not


DOWN
1 Figure there may be strings
attached (6)
2 Came close to having earned a
break? (6)
3 Consideration of having helped to get
a record out? (4)
4 Fred accepts a game to have baffled
himl (7)
5 He was known for his touch with
various maids (5)
6 That's one team out of the wayl (5)
8 Even some bad singers can make
their mark (4)
9 Achieve only half one's target? (3)
12 Success can have its ups and
downs (3)
13 Search and rob of a firearm (5)
15 Break up a fight? (5)
18 No mere birdie (5)
19 That volatile little girl) (3)
20 Radical hatred of going hatless? (3)
21 They're used in making light
pictures (7)
22 Drink up at the Saracen's Head (3)
23 It's no good including one in a flute
composition (6)
24 Work to make soup (4)
25 Ready to fall into the arms of
Morpheus (6)
26 Leading by less than a neck (5)
27 Maybe a slab of something light (5)
28 Leo's youngster? (3)
30 Dukes' handwriting? (4)


Yesterday's easy solutions


ACROSS: 1, Cobra 6, Venus 9, Enacted 10, Elect 11, Nitre
12, Cubit 13, Stellar 15, Mad 17, Well 18, Toledo 19,
Coven 20, Animal 22, Safe 24, Ton 25, Regales 26, Remit
27, Besom 28, Bison 29, Bath bun 30, Ashen 31,
Sepal
DOWN: 2, Oblate 3, Recall 4, Ant 5, Scour 6, Venison 7,
Edit 8, Unread 12, Carol 13, Sweat 14, Elfin 15, Medal 16,
Doles 18, Tenet 19, Caveman 21, Novels 22, Saline 23,
Fedora 25, Right 26, Robe 28, Bus


ACROSS
*1 Crib (6)
7 Abandoned (8)
8 Accept (4)
10 Source (6)
11 Part of speech (6)
14 Age (3)
16 Acceptable
(5)
17 Ripped (4)
19 Less(5)
21 Rational (5)
22 Fish (5)
23 Key (4)
26 Drain (5)
28 Golf peg (3)
29 Sensual (6)
30 Optical illusion (6)
31 Sharp (4)
32 Decreased (8)
33 Come out (6)


DOWN
1 Romp (6)
2 Mythical
creature 6)
3 Paradise (4)
4 Hand over (7)
5 Polite (5)
6 War-horse (5)
8 Layer (4)
9 Family (3)
12 Ruin (3)
13 Supple (5)
15 Exclude (5)
18 Proprietor (5)
19 In favour (3)
20 Moist (3)
21 Goblins (7)
22 Ready (3)
23 Shade of red (6)
24 Metal (4)
25 Stop moving (6)
26 Closes (5)
27 Less good (5)
28 Twitch (3)
30 Manufactured (4)


I


0 6
new-


blitZ
*0
iI0 -


Gata Kamsky v Boris Geltand,
world championship candidates
match, Elista 2007. America's
number one grandmaster
Kamsky retired at the top in
1997 when he was third best in
the world after Garry Kasparov
and Anatoly Karpov. Kamsky
then spent seven years studying
medicine and law, but his
ambition revived in 2004 when
he embarked on a serious
comeback. All went well as he
qualified for the world title
candidates where he easily won
his first match against France's
Etienne Bacrot. Israel's wily
Gelfand proved a more difficult
hurdle. In today's position
Gelfand (Black, to move) was
already one up with two to play
in the match so a full point
would be decisive. Kamsky is
clinging on with queen and
knight against queen and rook,
but with his king wide open to
attack from the black army. A


: Tribune ]

Horoscope


By LINDA BLACK


FRIDAY,

OCT 19
ARIES Mar 21/Apr 20
Pretend it's a rainy day and save,
Aries. Choose financial caution
rather than extravagant spending this
week. Your money has to last a
while, so make sure it does.
TAURUS Apr 21/May 21
Business relationships give you
cause to be celebratory, Taurus.
Spend a night out with friends or
coworkers on Friday to revel in
your success.
GEMINI May 22/Jun 21
Keyed up emotions make it hard for
you to concentrate at work, Gemini.
You have a lot riding on a business
proposal and you can't clear your
mind. Relax ... it will all work out.
CANCER Jun 22/Jul 22
You have contagious enthusiasm
most of the week, Cancer. Others
around you can't seem to get enough
of your positive attitude. This can
prove a benefit at work as well.
LEO Jul 23/Aug 23
Expect a fairly routine week with-
out much in the way of excite-
ment, Leo. You have marked
improvement in concentration
enabling you to get more done.
VIRGO Aug 24/Sep 22
You share magic moments with a
romantic partner or spouse, Virgo.
You're certain to be the envy of
those around you when you gossip
of your romantic trysts.
LIBRA Sep 23/Oct 23
You will butt heads with an opin-
ionated person midweek, Libra.
Luckily it won't get the best of you
and you'll be flying high come
Saturday.
SCORPIO Oct 24/Nov 22
You are in the mood to spend time
with someone you haven't seen
lately. Use this opportunity to catch
up on all of the latest news and
reconnect with this special person.
SAGITTARIUS Nov 23/Dec 21
Leave your carefree mood at home
when you decide to make a shopping
trip. Otherwise, you could make
some rash purchases and end up strik-
ing out in the bargain department
CAPRICORN Dec 22/Jan 20
A refreshing exchange of ideas
occurs between you and your part-
ner, Capricorn. It is a breath of fresh
air from the arguments you've had in
the past.
AQUARIUS Jan 21/Feb 18
Be patient because there are many
minor aggravations to contend with
this week, Aquarius. One nuisance is
an overly sensitive person with
whom you have a disagreement.
PISCES Feb 19/Mar 20
Find time for romance this week,
Pisces, and don't be distracted by
anything else. Be prepared to spend
money as fast as it comes in.


8463


I

a b d e f h
decade ago, Gelfand was an also-
ran during Kamsky's rise to the
top, so the man from Tel Aviv
savoured the moment of revenge.
Black could have made his next
three turns instantaneously, but
took his time and triple checked
his analysis before unleashing a
checkmate sequence. How does
Black force victory?

LEONARD BARDEN


Chess solution 8463: l..Rfl+ 2 Nf2 Rxf2+! 3 Qxf2 Qe4
mate.


SContract Bridge

By Steve Becker


The Value of a Falsecard


PACIFIER?


NON SEQUITUR


TIGER


IO -i3SSy.eonmadreneI-


L


I TARGET~


I











THEITRIIBUNENiRIDAY, OCOE 19, 207 PA


Bank invests $300k in





community initiative s


FIRST Carribean Interna-
tional Bank marked its fifth
year in operation by investing
$300,000 in community invest-
ments, the company recently
announced.
This follows its commitment
started during its first year of
operation, when First-
Caribbean committed 1 per
cent of its prior year post-tax
profits solely for community
activities throughout its now
17-country network.
That policy changed in 2005
when First Carribean
announced it would provide 1
per cent of prior year pre-tax
profits for community work.
To ensure communities
would directly benefit from its
benevolence, the bank estab-
lished the FirstCaribbean
International Comtrust Foun-
dation. The Comtrust is cur-
rently chaired by Sharon
Brown, managing director of
the Bank's operations in the


Bahamas, who is among a
nine-member Board of
Trustees constituting repre-
sentatives of the Bank's Board
of Directors and the Bank's
senior membership.
This year, First Carribean
announced that in observance
of the bank's fifth anniversary,
and in the wake of the passage
of Hurricanes in Jamaica and
Belize, the bank, through the
Comtrust, has set aside $80,000
and $50,000 respectively in
hurricane relief to support
rebuilding efforts in these two
countries.
"As a further demonstration
of its commitment to giving
back to the communities which
have made it successful, the
Comtrust has earmarked
$170,000, which will be evenly
distributed across the bank's
network for special birthday
gifts to the community for
causes identified by the bank,
as part of its wider programme


Senior Legal


Assistant

Leading.Law firm is seeking to employ a highly
qualified legal assistant. The successful candidate
should possess the following skills and experience:

Ability to perform confidential secretarial-
related functions in support of a Partner
Ability to meet changing work demands and
deadlines in a short time frame
Excellent time management and problem
solving skills
"*Abrlity'to manag'rnultiplepriefititi and
work with minimum supervision
Good communication and interpersonal
skills necessary to communicate with clients,
attorneys and staff
Assist in scheduling appointments, meetings
and travel itineraries
5-7 years secretarial experience (legal
experience an asset)
Knowledge of Microsoft Office and shorthand
skills

The position offers an excellent remuneration and
benefits package with medical insurance and
pension.

Interested persons should submit applications to'
fax number 326-5104 re:

Senior Legal Assistant


of activities to mark the occa-
sion," FirstCaribbean.
The bank said it will contin-
ue its flagship community ini-
tiative, the Unsung Heroes
programme.
Unsung Heroes honours
those in society who give of
themselves for the good of oth-
ers, working behind the scenes
to uplift their communities.
The fifth anniversary celebra-


tions will coincide with the
announcement of the winners
of this programme. All coun-
tries have already submitted
their nominees and a distin-
guished panel chaired by
regional luminary, Sir Shridath
Ramphal, will deliberate
towards the end of October to
name the person voted
Regional Unsung Hero along
with two runners-up.


Legal Notice
NOTICE


MAXIGROWTH
INVESTMENTS LIMITED
-

Notice is hereby given that in accordance with
section 138 (8) of the International Business Compa-
nies Act 2000, the dissolution of MAXIGROWTH
INVESTMENTS LIMITED has been completed; a
Certificate of Dissolution has been issued and the
Company has therefore been struck off the Register.


ARGOSA CORP. INC.
.( 'Liquidatdr)


Legal Notice
NOTICE


LINKMIRE
INVESTMENTS PTE. LTD.


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


ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


CASTLELAND DREAMS LTD.

-

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



ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


WHITE PATAGONIA LTD.




Notice is hereby given that in accordance with section 138
(8) of the International Business Companies Act 2000, the
dissolution of WHITE PATAGONIA LTD. has been com-
pleted; a Certificate of Dissolution has been issued and
the Company has therefore been struck off the Register.



ARGOSA CORP. INC.
(Liquidator)


LegalNotice
NOTICE


FLEXIVEST CO.
INVESTMENTS LIMITED
S, i- -


Notice, is, thereby given that in accordance


with


section 138 (8) of the International Business Compa-
nies Act 2000, the dissolution of FLEXIVEST CO.
INVESTMENTS LIMITED has been completed; a


Certificate of
Company has


Dissolution has been issued and the
therefore been struck off the Register.


ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


KASSALA INCORPORATED


-4-

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


ARGOSA CORP. INC.
(Liquidator)



Legal Notice
NOTICE


ALLANBROOKE
INVESTMENTS PTE. LTD.
---

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


ARGOSA CORP. INC.
(Liquidator)


Pricing Information As Of: C F A L"
Thursday, 18 October 2007

52wk-Hi 52wk-Low Securit y Previous Close Today's Close ,Change Daily Vol. EPS $ Div $ P/E Yield
1.66 0.54 Abaco Markets ,1.59 1.59 0.00 0.094 0.000 16.9 0.00%
11.74 11.00 Bahamas Property Fund 11.60 11.60 0.00 1.502 0.400 7.7 3.45%
9.55 7.56 Bank of Bahamas 9.55 9.55 0.00 0.733 0.260 13.0 2.72%
0.85 0.70 Benchmark 0.85 0.85 0.00 0.048 0.020 17.7 2.35%
3.74 1.60 Bahamas Waste 3.70 3.69 -0.01 1,000 0.275 0.060 13.4 1.63%
2.62 1.20 Fidelity Bank 2.62 2.61 -0.01 1,000 0.051 0.040 51.2 1.53%
11.05 9.60 Cable Bahamas 11.00 11.05 0.05 3,600 0.996 0.240 11.1 2.17%
3.15 1.83 Colina Holdings 3.15 3.15 0.00 18,797 0.208 0.080 15.1 2.54%
16.50 11.91 Commonwealth Bank 16.50 16.50 0.00 3,000 1.190 0.680 13.9 4.12%
7.22 4.70 Consolidated Water BDRs 6.55 6.60 0.05 0.112 0.050 58.5 0.76%
2.J6 2.20 Doctor's Hospital 2.35 2.35 0.00 0.284 0.020 8.3 0.85%
6.40 5.54 Famguard 6.32 6.32 0.00 0.804 0.246 7.9 3.80%
12.80 11.51 Finco 12.75 1?.75 0.00 500 0.768 0.570 16.6 4.47%
14.75 13.85 FirstCaribbean 14.65. 14.55 -0.10 1,000 0.934 0.470 15.6 3.23%
6.10 5.18 Focol (S) 6.09 6.09 0.00 5,535 0.364 0.133 16.7 2.18%
1.00 0.54 Freeport Concrete 0.70 0.70 0.00 -0.415 0.000 N/M 0.00%
8.49 7.10 ICD Utilities 7.25 7.25 0.00 0.411 0.200 17.6 2.76%
10.05 8.52 J. S. Johnson 10.05 10.05 0.00 0.991 0.590 10.1 5.87%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 1.167 0.600 8.6 6.00%
Pide iftyl verw.TheA-Counter securttf "e.4 ltj
52WK-H, -. St..Lo rSymol Big Ask It Last Price Weeki, '.ol EPS $ Dv i PiE Y-eld
14 60 14 25 Bahamas SupDrmnrkets 141 60 15 60 16 00 1 160, 1 125 13 ,4 7 71-"
8.00 6.00 Caribbean Crossings (Pref) 6.00 6.25 6.00 0.000 0.480 NM 7.80%
0.54 0.20 RND Holdings 0.35 0.40 0.20 -0.030 0.000 N/M 0.00%
6 C1lna OvernThe-Oaunter Securittes
41.00 41.00 ABDAB 41.00 43.00 41.00 4.450 2.750 9.0 6.70%
14.60 14.00 Bahamas Supermarkets 14.60 15.50 14.00 1.234 1.485 13.9 10.50%
0.55 0.40 RND Holdings 0.45 0.55 0.45 -0.030 0.000 N/IM 0.00%
81ISX Llted MlUBlu Funds
522k-Hi 52.,K.Lo Fund Name NA YTD' Lasl 12 .,Mor,lr.s DI. i Yid -
1.3585 1.3087 Colina Money Market Fund 1.358531*
3.3829 2.9449 Fidelity Bahamas G & I Fund 3.3829***
2.9215 2.4687 Collna MSI Preferred Fund 2.921539-**
1.2741 1.1970 Colina Bond Fund 1.274052"
11.6581 11.2129 Fidelity Prime Income Fund 11.7653"**
FINDFeX. CLO$E ft l iI YToD 17.04% i 2006 34.47%
r i. "LL '. ; I-cE.,-. I .,...: = I ::.. ,. 1.1A f ET rETF.1 YIELD 1. '. ,.] .-., .'J. ,:I 1.. .'. N... E
62wk-HI Highest closing price In last 52 weeks Bid $ Buying price of Colina and Fidelity
52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity 28 September 2007
Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price ** 30 June 2007
Today's Close Current day's weighted price for dally volume Weekly Vol. Trading volume of the prior week *" 30 September 2007
Change Change In closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths ." 31 July 2007
Daily Vol. Number of total shares traded today NAV Net Asset Value
DIV $ Dividends per share paid In the last 12 months N/IM Not Meaningful
P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100
(S) 4-for-1 Stock Split Effective Date 8/8/2007
T........................ RADE CALL: COLINA 42-02:10tIO / FIdEL.ITY 2422-,6-76104 I FOI MOROE DATA & INFORMATION CALL (2 )14'


FRIDAY, OCTOBER 19, 2007, PAGE 7B


THE TRIBUNE











Abaco Club inks water supply


deal with


W&S Corporation


THE Abaco Club at Wind-
ing Bay has agreed to provide
the Water & Sewerage Corpo-
ration with 30,000 gallons of
drinking water per day, which
will provide Cherokee Sound
residents with reverse osmosis
water for the first time ever.
The resort, founded by flam-
boyant UK entrepreneur Peter
de Savary, who has since sold a
50 per cent stake to the Ritz-
Carlton hotel chain, will pro-
vide the water to the Corpo-
ration at an agreed in return
for certain concessions.
The water will be supplied
via a four-inch distribution sys-
tem to residents at Cherokee
Sound and Yellow Wood. An
Abaco sub-contractor, along
with Apex Underground Util-
ities, will install the system that
will connect around 90 homes
at Cherokee Sound, some
6,000 feet of transmission
mains having already been
installed.
Some 9,000 feet of distribu-
tion mains will be laid.
Franklyn Hall, project manag-
er for infrastructure.and utili-


AGREEMENT- Shown (1-r): Franklin Hall, the project manager for infra-
structure and utilities, Abaco Beach Club at Winding Bay; Floyd Swain, gen-
eral manager, Abaco Beach Club at Winding Bay; Godfrey Sherman, gen-
eral manager, Water and Sewerage Corporation; and Robert Deal, assis-
tant general manager, Family Islands, Water and Sewerage Corporation.


ties at the Abaco Beach Club
at Winding Bay, said the work
will be completed in sections
with trenching, pipelaying and
backfilling done 100 feet at a
time within a period of 90 to
120 days.
"Following installation of
the pipe work, roads will be
reinstated using reinforced
concrete," Mr Hall said. Once
completed, the distribution sys-


tem will be handed over and
maintained by the Water and
Sewerage Corporation. -
Godfrey Sherman, the
Water and Sewerage Corpo-
ration's general manager, told
residents at a Town Hall meet-
ing: "You will not get any
water unless you apply for it,
so I encourage you all to get
connected...there will be no
free water coming to town."


EZRA FOX, representative for the Apex Underground Utilities (standing), signs a contract to install a four-inch
distribution system that will deliver reverse osmosis water to Cherokee Sound, Abaco. Also pictured are
Franklin Hall, project manager, infrastructure and utilities, Abaco Beach Club at Winding Bay; and Floyd Swain,
general manager, Abaco Beach Club at Winding Bay.


FAM RECORDS presents the




LA lv.i


Y V E


2


0


0


I '


7



T


YOVE


0 10.20.07
OCTOBER 20, 2007
Appearing LIVE
GOSPEL RECORDING ARTIST
PAPA SAN
CANTON JONES
MONTY G
PROPHET LAWRENCE ROLLE
CHRISTIAN MASSIVE
NAJIE DUN
RUEBEN HIEGHTS


and many more.....

ait au (uartihan


Ministry of Youth, Sports & Culture I Ministry of Health & Social Development
For more info 242.341.0931 | 242.323.2419 I famfestinfo@gmall.com


Our People are the key
to Our Success

Marine Utilities Engineer

An experienced & qualified Marine Utilities
Engineer (gas, electrician & water)
willing to relocate to the island of Rum
Cay. Must have full working knowledge
of installation and management of full
range of underground and underwater
utilities with an understanding of marina
docks and flushing systems.
THE SUCCESSFUL APPLICANT
MUST BE CAPABLE AND WILLING
TO OPERATE A SMALL TRAINING
SCHOOL TO BUILD A SUITABLY
QUALIFIED WORK FORCE. Salary
commensurate with responsibilities.

Marine Utilities Enaineer's Mate


An experienced


Marine Utilities


Engineer's Mate (gas, electrician &
water) willing to relocate to the island
of Rum Cay. Must have knowledge of
underground and underwater utilities.

Salary commensurate with
experience

Please send cover letter and resume


by e-mail


quoting above reference


(Marine Utilities Engineer) to island_
developmentl@yahoo.com or by
post to P.O. Box N-9322, Nassau, The
Bahamas.


under the theme


IN


THE TRIBUNE


PAGE 8B, FRIDAY, OCTOBER 19, 2007


i~iii