Citation
The Tribune

Material Information

Title:
The Tribune
Uniform Title:
Tribune (Nassau, Bahamas)
Portion of title:
Nassau tribune
Place of Publication:
Nassau Bahamas
Publisher:
Tribune
Publication Date:
Copyright Date:
2005
Frequency:
Daily, except Sunday
daily
normalized irregular
Language:
English
Physical Description:
v. : ill. ; 58 cm.

Subjects

Genre:
newspaper ( sobekcm )
newspaper ( marcgt )
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
Holding Location:
University of Florida
Rights Management:
This item was contributed to the Digital Library of the Caribbean (dLOC) by the source institution listed in the metadata. This item may or may not be protected by copyright in the country where it was produced. Users of this work have responsibility for determining copyright status prior to reusing, publishing or reproducing this item for purposes other than what is allowed by applicable law, including any applicable international copyright treaty or fair use or fair dealing statutes, which dLOC partners have explicitly supported and endorsed. Any reuse of this item in excess of applicable copyright exceptions may require permission. dLOC would encourage users to contact the source institution directly or dloc@fiu.edu to request more information about copyright status or to provide additional information about the item.
Resource Identifier:
09994850 ( OCLC )

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Full Text


SUNNY -

és WARM

Volume: 101 No.81



‘Needless’
killing boosts
murders to 11

By KILAH ROLLE
Tribune Staff Reporter

TWO armed men entered a
club on Deveaux Street on Fri-
day evening, robbed the estab-
lishment, aisd ‘before leaving

needlessly shot a 43-) car-oia
man in the head before. fleeing,
police said yesterday.

The murder of Bradley
Stevens, of Pinewood Gardens,

brings the country’s murder .

count up to 11 for the year.

Police reported that shortly
after 10pm, two armed men
entered Twilight Club, located
just off Market Street, “with the
intent to rob the establishment.”

According to their report,
after the men received “
undetermined amount” of cash
they started to flee on foot
when one of the men turned
around arg fired directly at Mr
Stevens, killing him.

“This is what has everyone
so puzzled,” said the club’s pro-
prietor Mr Hubert Smith Jr.
“There is no reason for it, the
guy just turned around and shot
him.”

Mr Smith said that in the
club’s fifty years of operation,
he nor his father, who operated
the neighbourhood club before
him, had ever been robbed.

He added that Mr Stevens
,had been a good friend who he
‘had known for more than 20
‘years, and frequently came to

the club to “unwind.”

According to Mr Smith, the
wifé of Mr Stevens visited the
club on Saturday to talk to him
and gét an idea of what had
happened to her husband. |

Mr Smith told-her afl he
Kutw, and said two young men
in hooded jackets came into the
club and said: “Gimme what
you have.”

Mr Smith did not.-have a cash
register, and he said one culprit
stood by the door and the other
came to the counter where Mr
Smith had the cash box he put
his earnings in. He said the cash
box did not contain a signifi-
cant amount of money because
of the early hour.

He explained to the wife that
her husband had not deserved
to die, and added that he is very
sad about the situation.

“I’m very distraught,” said
Mr Smith, “it’s just a different
generation, things have
changed.”

In response to the robbery, .

Mr Smith said he will have to
turn people away who he does
not recognise.

“If it means that I have to
turn people away, then that’s
what I will have to do.”

Police confirmed on Sunday
that they have one man in cus-
tody for questioning but, could

not confirm if the person would .

be charged. They said investi-
gations were continug.























n The Tribune

The Miami Herald Fe





BAHAMAS EDITION

MONDAY, FEBRUARY 28, 2005

PARAMEDICS attend a man found floating in the water off Potter’s Cay yesterday morning. Unfortunately,

Advertising that



















































the man was already dead - the second drowning victim found near the cay in recent weeks. See also

picture on Page Three.

Body ‘floating near ir bridge’

By PAUL G. TURNQUEST
Tribune Staff Reporter

THE body of a fully-clothed
man was found yesterday morn-
ing floating under the old Nas-
sau to Paradise Island bridge.

Police are investigating
whether there may be a link
with the discovery of another
body in similar circumstances
and in the same area a few

weeks ago.

Inspector Walter Evans said
the latest discovery is “similar”
to the one they had three weeks
ago when the body of 26-year-
old Delroy Pratt was found
floating in the water near Pot-
ter's Cay dock.

Mr Pratt was also discovered
fully-clothed in the sea. '

"Until sufficient information
has been gathered, we cannot

ma Islands’ Leading N

say if there is a direct link
between the two, but we are
investigating to see if anything is
similar to the first case. At this
point we can't rule anything out.

"We need to realise that we

are dealing with two separate .

incidents and take into connec-
tion all the facts. But at this
stage we can't really say much

SEE Page 15



anfbassador to
Bahathids Louis Harold
| Josepfiiyesterday.










DMM ONS een Oe

for you

PRIGE — 50¢

Plans to
monitor

Haitian

migration

By KILAH'ROLLE
Trib ne'Staff Reporter

a

‘PLANS aré*being made

between: Bahamian and
Haitian leaders to formu-

| late atfuture agreement to



monit® “i ie immigration
of Haffians into the
Bahatnas, revealed Haiti’s
the

These plans, however, are
not the priority of the Hait-
ian government, said
Ambassador Joseph, as the
Haitian government is
more concerned now with
establishing stability and
restoring democracy
through a democratic elec-
tion.

According to. Ambas-
sador Joseph there are
25,000 documented Hait-
ian citizens living in the
Bahamas.

When asked whether or
not he supported the
amount quoted by the US
Department of Homeland
‘Security Department that
there are more than 60,000
Haitians in the country, he
said that there is not
enough information avail-
able:to prove or disprove






the embassy for
passport because
ar they will lose

‘their 4 ‘claim to Bahamian

citizenship, “but according
to the constitution, when
they turn 18, they can
apply.”

“We only have the num-
bers of legal immigrants by
passport application,” he
continued, “but we don’t

SEE Page 15



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PAGE 2, MONDAY, FEBRUARY 28, 2005

THE TRIBUNE



LOCAL NEWS



Man in van ‘tried

By KILAH ROLLE
Tribune Staff Reporter

POLICE arrested a num-
ber of people for firearm

the vehicle.
Instead of complying,

‘police say the man jumped

in the car and tried to run

' the two police officers over.

Alley off Kemp Road who
they claim was acting suspi-
ciously. A search of the
young man revealed a pistol
and 10 live rounds of ammu-

to run Over two
police officers’

armed men entered a shoe
store called Shoe Creations
on Balfour Avenue and
forced the cashier to hand
over an undisclosed amount

d suspicious
No Banks Involved* Posse ss10 ee the eeskend The officers shot at the vehi- nition. Police say he will be of cash ie res in a grey
They also arrested a man cle. arraigned early this week. onda vehicle.

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for attempting to run over

two officers in his vehicle.
Early on Saturday morn-
ing, two policemen respond-
ed to reports of a man acting
suspiciously on Bethel
Avenue. Just after 5am the
police spotted the man and
according to their reports, he
was walking down the street
without a shirt and sweating
profusely. Just after Sam, as
the man was entering a Hon-
da vehicle, the police
requested that he step out of

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A second unit was called
in to assist and together the
officers, in the area of Dol-

phin Drive, were able to

intercept and apprehend the
suspect, who they say is a
resident of Second Street in
The Grove.

Another man was arrest-
ed early Saturday morning,
around 12am, after police on
patrol in the Englerston area
observed a man acting sus-
piciously. They approached
him and found a BB’ gun
stuck in the waist of his pants
pocket. He is a 22-year-old
resident of Wulff Road.

At 10.20 Saturday evening,
police arrested a 21-year-old
Jamaican national on Balls



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Police also made several
firearm arrests on Friday
afternoon beginning in a pri-
vate home on Wood Street,
Ridgeland Park.

After executing a search

- warrant that afternoon;

police discovered a 9mm pis-
tol and five live rounds of

ammunition in the home. .

Two 25-year-old men have

been arrested and will be:

arraigned this week before

the courts in connection with

the firearm possession.

Ten minutes after that inci-
dent, around 12.20pm, a con-
cerned citizen found and
turned into the police a pistol

» with live rounds.

Later that afternoon an

The following afternoon
an armed man robbed the"
Paint Depot on Mount Roy-

’ al Avenue. Police described
his complexion as dark and

said after the man received
the cash he locked two
employees of the depot into
the bathroom. Just before
leaving he also managed to
snatch the necklace off a
female customer.

Another arrest was made:

that afternoon in connection

with firearm possession on
First street in The Grove.
After. searching a suspect
officers discovered a 9mm

. pistol with five live rounds.

The suspect is a resident of
Ridgeland Park. $



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THE TRIBUNE

MONDAY, FEBRUARY 28, 2005, PAGE 3
LOCAL NEWS





A MAN’S BODY, found in the water near the pier of the old bridge at Potters Cay Dock yesterday morning around nine am,



is wheeled away from the scene. See story on Page One.



Mitchell urges move to
‘aribbean single marke

‘

By KILAH ROLLE
Tribune Staff Reporter

THE TIME for dialogue has end-
ed and the country must make
the move to join the Caribbean
Single Market and Economy
(CSME), according to Fred
Mitchell, the Minister of Foreign
Affairs and Public Service.

At the launch of a public dia-
logue on the subject, Mr Mitchell
‘told the Civil Society last week
that the decision to join the
CSME would lead to a‘crucial
Peopolitical relationship..

“It seems to me that the course
is clear,” said Mr Mitchell. “We
ought to reaffirm what we already
are in practice - a part of the Cari-
com family.”

In addition to the co-operation
the Bahamas has with the
Caribbean community in areas
such as health, tourism, business,
education and foreign policy, he
said signing on to the new Treaty
of Chaguramus will “put the offi-
cial seal on what we do already.”
The expert in foreign affairs said
that currently all the region’s deci-
sions particularly in the banking
and insurance industry are being
carried out in the capitals of Bar-
bados, Trinidad and Tobago, and
Jamaica.

“T believe that it is in part
because of the country's inability
to embrace the opportunities
inherent in a regional movement

_ that the important centres of deci-
sion making have all fled to the
southern Caribbean,” said Mr
Mitchell. “It is time to reverse
that trend.”

Over the past two years, several
areas of the main treaty have
been identified and according to
Mr Mitchell, may require some
modification in order to suit the
needs of the Bahamas, which he
said is more dependent than any
other on the revenue from cus-
toms duties.

The principal concern he
thought the treaty might pose is
the demand for free movement
of people.

“But at the same time that there
is a reservation on that point, it
must be recognised that in fact
the Bahamas does today very
much embrace the principle,”
explained Mr Mitchell. “The
dynamism of our economy
attracts more Caricom nationals
to this country than any other in
the region.”

This attraction, said Mr Mitchell,
has created a work permit regime
that earns a revenue of more than
$20 million each year.

Another concern identified is
the required participation in the
Caribbean Court of Justice on its
appellate side.

“One must hasten to prepare
for the day when the British
decide to abolish the Privy Coun-
cil,” advised Mr Mitchell.

“Another area is that of any com-

_ TROPICAL
sea

PEST CONTROL



mitment to monetary union,
although in fact that is not part of
the existing structure of Caricom
at the moment.”

He said another important issue
for Bahamians is the decision of a
common external tariff (CET).
The CET is a bar that will be set
for the level of tax at which
goods will enter the Bahamas and
Mr Mitchell said that the CET is
currently ‘lower than the
Bahamas’ present average rate.

“The adjustment of that rate has
revenue implications,” he added.
“The requirement must thembe
for transition provisions’ over a
long time to the required level.
It may also mean the migration to
a system of Value Added Tax.
The Ministry of Finance is, of
course, studying these issues.”

Mr Mitchell said the decision to
join CSME will require great
leadership on the part of politi-
cians, but it is not a matter to be

afraid of. He said it is a choice he

looks forward to contributing dis-
cussions to and said the country
can benefit by embarking on rules
based on a system of trade.
“Now it is possible for this to
be polluted by prejudice and
emotion, but what I am appealing

‘to is rationality,” Mr Mitchell

insisted.

“We cannot continue to box
out business people, denying
them the opportunities for
wealth enhancement by
increased opportunities
throughout the region, not just
confined to the single market
and economy which is the
Bahamas, but a single market
and economy which includes the
Bahamas and the other millions
of people who live in this region.

“I look forward to the discus-
sions, and out of this is to come
a white paper for the approval
of the Cabinet and the consid-
eration of the public,” he said.













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THE TRIBUNE .

PAGE 4, MONDAY, FEBRUARY 28, 2005



EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited | Tnoraham
should not

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

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Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

Switchboard (News, Circulation and Advertising) 322-1986

Advertising Manager - (242) 502-2352

Circulation Department - (242) 502-2387

Nassau Fax: - (242) 328-2398

Freeport, Grand Bahama: 1-(242)-352-6608

Freeport fax: (242) 352-9348

be leader

HERR VE watched and listened

attentively over the recent
weeks to those persons who
personally benefited from for-
mer Prime Minister Hubert

Alexander Ingraham’s reign of -

10 years from August 1992 to
May 2002. They who now stand

again the most to gain by his.

return have been promoting the
view that he should return to
the leadership of the FNM and
take the party into the next gen-
eral election in 2007.

I don’t think anyone could
say it better than Ingraham him-

~ self “enough is enough” and “I

mean what I say and say what I
mean”. These statements cap-
ture the essences of the fact that
Ingraham had his day as he
rightly deserved and now it’s
someone else’s time. He said
that 10 years was more than
enough time for anyone to serve
in the capacity as Prime Minis-
ter and that Pindling was in
office too long. He even went
further to ask if only Pindling
one thought his Ma born child








LETTERS
letters@triounemecia.net

what could be Prime Minister.
Now Mr Ingraham the time has

-come to be honourable and tell

your boys they must allow you

to be honourable and live up toâ„¢

your word because most
Bahamians thought you made

' sense.

This is not the time for you to
be thinking about coming back
it’s now time for you to leave
while the leaving is good.

- The Truth be told Mr Ingra-
ham you know that you no
longer command the support
nor the affection of the majori-

ty of rank and file FNMs, FNMs

feel betrayed and used by you
some-even feel as thou you
were working with the PLP to
secure their defeat simply
because they did not want you
any longer. You check the
record to see how many FNMs

voted PLP in the last election —

just to make sure that you were
not even near the seat of power.

Should by some miraculous
means Mr Ingraham were to
become leader of the FNM
again the party could write its
obituary because I think that
that is formula for the FNM’s
destruction. I am more than cer-

_tain that Mr Ingraham knows

it in his gut, in his heart of.

hearts; and-deep- dow1 in-his:

soul that he just can’t win. If

_there ever was a time that he

needed to have that good old
courage he showed when he:
independently fought the PLP
in the House back in the late
80’s and early 90’s it’s now. He
must stop this charade and call
in the dogs or suffer a humiliat-
ing defeat if not first at-the
FNM convention then surely at
the polls in 2007.: Remember
Pindling in °97, he only got five -
seats - you, my brother, would
not winone.

A word to the wise I believe
is sufficient.

MR OBAMMA _—
Nassau,
February 15, 2005.

ame airport

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EDITOR, The Tribune.

A FEW WEEKS ago we had the
pleasure of listening to a lecture
by Sir Arthur Foulkes on the

- “Life and Times of Sir Milo But-

ler” at St Matthew’s Church.
What struck us, and why we are

writing, is the realization how.

more than one great Bahamian
contributed to the freedoms and
privileges we enjoy in today’s
Bahamas.

Sir Milo was one of them and

he was fighting since the 1930s, °

long before the PLP started. Sir
Lynden Pindling and the others
came along in the 1950s and
delivered the final blow, along
with Sir Milo, that brought in
majority rule.‘As Sir Arthur said,
Sir Milo was the one constant

Deliverance Chu reh

treet South

ee Beg

presence in the progressive _
movement throughout those

years.

As Father Sebastian Campbell .

says, we must not allow Sir Milo
(and the others) to go into obscu-
rity. So we humbly suggest that
instead of naming the airport
after Sir Lynden, we name it
after Sir Milo Butler.

Due respect to Sir Lynden for
his leadership to majority rule
and independence but we don’t
have to name everything after
him.

Also, to name our international
airport after him would cause
the foreign press to dig up all
that stuff about “Nation For
Sale” and after the commission
of inquiry no-one can deny that
Sir Lynden brought much shame
to the country and did much

after Sir Milo



damage in’ later years. cs

Sir Arthur said Sir Milo was
fatherly towards members of the
opposition FNM as well as the
PLP. We think he is a better
father figure than Sir Lynden
and we will not have to be for-
ever defending him internation-
ally.

I hope Prime Minister Christie
can see the wisdom in naming
the airport after him. It would
be a unifying thing in these times
and send a better message.

As we honour others we will
have a more complete view of
our history.

THE WATCHMEN
Nassau,
February 17, 2005.

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THE TRIBUNE



MONDAY, FEBRUARY 28, 2005, PAGE 5





PRIME MINISTER Perry
Christie travelled to Jamaica on
Sunday for 'Bahamas Week'
celebrated by Bahamian stu-
dents there. Last year, Mr
Christie promised the students,
who had been airlifted home to
safety from the hurricanes, that
he would visit them during this
week.

Mr Christie has been accom-
panied by Minister of Foreign
Affairs and the Public Service
Fred Mitchell.

The Bahamas Week celebra-
tions begins on the Mona Cam-
pus of the University of the
West Indies in Kingston.
Bahamian students from other
institutions in Jamaica will also
attend the events. The Prime
Minister will return to the coun-
try later today.

Immigrants ‘round-up’
thwarted by tip-off

By PAUL G. TURNQUEST
Tribune Staff Reporter

THE Minister of Labour
and Immigration Vincent Peet
says a tip-off warning illegal
immigrants in North
Eleuthera last week that raids
were about to be conducted
by immigration officials is
“seriously being looked at.”

According to the minister,
measures are being put in
place to ensure that something
of a similar nature does not
happen again.

"IT know that there was a
leak, but it's something we
are investigating. All I can
say is that there was a leak
that would have caused the
operation not be as effective
as we hoped, but investiga-
tions are ongoing. Measures,
are in place to ensure that it
doesn't happen again, and

the exercises throughout the
islands are continuing," he
said.

Last week he said: “It was
most unfortunate that persons
who should know better do
not keep secrets when it
comes to this type of thing. So
when officers arrived, the
immigrants that we knew were
there were not there any-
more.”

Minister Peet said that as a
result of the leak, only 51 ille-
gal immigrants were appre-
hended in that particular exer-
cise as opposed to the hun-
dreds they had expected to
pick up and detain.

The raids in North
Eleuthera were conducted
last: Wednesday night and
Thursday morning by offi-
cials as part of a sustained
effort to detect and repatri-
ate illegal immigrants living

and working in the country.
Last month the Bahamas
Government spent $67,735

to repatriate a total of 430.

illegal immigrants. Of that
number there were 388
Haitians, 31 Jamaicans, four
Colombians, three
Guyanese, three Americans
and one Mongolian.

Last year the Bahamas
repatriated more than 3,000
illegal immigrants, the vast
majority of them back to
Haiti. Minister Peet has
vowed to continue opera-

tions to round-up and detain:

illegal immigrants through-
out the country.

Currently officials from the
International Organisation
for Migration are in the
Bahamas attempting to
ascertain exactly how many
illegal immigrants are in the
Bahamas.





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or false
dawn?





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7:30 Community Page 1540AM
11:00 Immediate Response
12noon — ZNS News Update Live
12:03 Caribbean Today News Update
12:30 Immediate Response
1:00 Caribbean Today News Update
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1:30 Comm. Page 1540AM

NOTE: ZNS-TV 13 reserves
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VIEWERS at the 35th
Alton Lowe exhibition at the
Nassau Beach Hotel admire a
painting “Behind the Wall”
by the celebrated Bahamian
artist on Friday evening.

The show ends this Wednes-
day. Pictured left to right are
Shana Clarke, Marvin Pinder,
James Mastin, Alton Lowe





equivalent)

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qualifications.



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| C.P.H. would be an asset

| @ At least two years experience in a private client
relationship management role

e Brokerage experience or working in a securities
i environment would be an asset

e Demonstrated sales success and self-motivated
: individual confident to work in a variable
compensation environment

| © Fluency in French and Spanish is a requirement
e Strong communication skills

¢ Willing to work long hours to accommodate
clients located in different time zones

¢ Trust knowledge is an asset
A competitive compensation package (base salary

and attractive variable compensation) will be
commensurate with relevant experience and

Please apply before March 11, 2605 to:

' The Manager, Global Private Banking
Royal Bank of Canada Trust Company
(Bahamas) Limited

Nassau, N.P, Bahamas

Via fax: (242) 326-1319
Via email: carla.jackson@rbc.com

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â„¢ The Lion & Globe symbol and RBC are trademarks of Royal Bank of Canada





and Greg Lowe. Alton Lowe’s
work has an international fol-
lowing and is also popular
among many Bahamians. His
pictures are included in sev-
eral private collections.

Photo by
Franklyn G Ferguson



3



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Royal Bank
Kis. of Canada












Senior Construction Estimator

required by major land developer

Applicants should have extensive background in residential and -
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certifications. The position requires high proficiency in quantity
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PAGE 6, MONDAY, FEBRUARY 28, 2005

THE TRIBUNE





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British Colonial Hilton

Union chief backs
school’s Creole
5 earning initiative

By TIFFANY GRANT
Tribune Staff Reporter

THE president of the =

Bahamas Union of Teachers
Kingsley Black said he supports
the “creative initiative” taken
by the administrators and teach-
ers of the Carmichael Primary
School to learn the Creole lan-
guage.

In an interview with The Tri-
bune yesterday, Mr Black said
that the reality is that teachers
at Carmichael Primary and oth-

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-ducted in two categ

er schools have the challenge
to provide quality education to
the immigrant population,
whose first language is not Eng-
lish.

“Learning Creole, which is
the language Haitians speak,
makes good sense. It improves
the teacher’s ability to provide
quality education to these chil-

‘dren. It is an obligation of the

state to provide education for
all children within our borders
and to do the best possible job,
you need to be equipped. I take
my hat off to the principal and
staff of Carmichael Primary,”

said Mr Black.

He said that the Bahamas
Union of Teachers has set oblig-
ations which its members have
to carry out whether concerning
immigrant or Bahamian chil-

dren. At the same time, he said
the union believes the borders
of the Bahamas are to be pro-
tected and individuals who are
here illegally should to be dealt
with appropriately and be repa-
triated.

“In talking with my members
from the different schools in
New Providence and especially
Abaco, where there is a signifi-
cant Haitian population, some-
times they feel helpless because
they cannot understand the chil-
dren and the children cannot
understand them. It takes some-
time for them to be able to com-
municate, but they do find tech-
niques.

“Human beings will adapt
and make things work, but it
makes good sense when you

deliberately choose to find a.

strategy that will improve your
ability to teach children who do
not speak English as a first lan-
guage,” said Mr Black.

Mr Black noted that there is a -
concern that Bahamian children
are competing for places in the
school system because of the
Haitian immigrant problem.

“The Bahamas Union of
Teachers is also of the view that
we need to enforce our immi-
gration laws to the max, to
make certain we protect our
borders.

“We have limited resources
in this country and we cannot
stretch our resources beyond
those limits to accommodate
the inflow of immigrants who
can eventually eclipse our pop-
ulation and curatmbes us,” he
said.

Essay contest open to students

THE Florida Caribbean
Cruise Association is again
inviting students from the junior
and senior divisions of all
schools throughout the
Bahamas to participate in its
annual FCCA Foundation for
the Caribbean 2005 Children’s
Essay Competition.

The competition will be.con-
ducted in schools throughout

_ the Caribbean. Each student

must submit one essay, approx-
imately 300-500 words in length,

-on-the topic “What Is My Coun-

try Doing Or Should Do To
Encourage Cruise Passengers
To Return As Land-Based
Vacationers?”

Essays will be judged on con-
tent/subject, creativity,
style/structure and grammar.

The essay competitions con-
es, a





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junior division for children ages
12 and under and a senior divi-
sion for children ages 13-16

years. Each individual entry:

must be submitted through the
contestant’s school. Two win-
ners from each school, one from
each age category will be cho-
sen by the teachers and staff
selection committee of that
school. Each school must sub-
mit their entries, one from each
age category, to the Ministry of
Education no later than Friday,
July 1st, 2005.

One winner from each age
group will be chosen by the
Ministry of Education to rep-
resent the Bahamas. The Min-
istry of Education will submit
the essays from the two cate-
gories to the FCCA.

The,CCA’s selection com-
mittee will determine a first,
second and third place winner



Place Tel: 502- 9150/1.

ON THE SPOT
FINANCING WITH

' for the two age categories from

essays submitted by all partici-
pating countries. The winners
will be notified by August 22nd,

"2005.

The 1st, 2nd and 3rd place
winners will be selected from
each category receiving $2,500,
$1,500 and $1,000 respectively,
with their schools receiving a
monetary reward.

In addition, the two first place
winners, one from each age cat-
egory, will be invited to read
their essays and accept their
prizes at the FCCA Caribbean
Cruise Conference in St Kitts,
September 26-30, 2005: All
travel expenses for each winner
and one chaperone will be paid
for by the FCCA. —

For additional information on

_ the contest, persons ¢an,contact

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THE TRIBUNE

Christie makes plea on
behalf of small nations

By LINDSAY THOMPSON
Bahamas Information Services

PRIME MINISTER Perry
Christie has expressed the gov-
ernment’s hope that the newly
constituted UN Security Coun-
cil will be more sensitive to the
challenges of small countries,
as it moves towards reform in
that world body.

Mr Christie was welcoming
Parliamentary Secretary for
Foreign Affairs of Japan,
Itsunori Onodera, at the Office
of the Prime Minister.

Also present were Bahamas
Honorary Consul to Japan Basil
Sands, and representatives from
the Ministry of Foreign Affairs
and Japan’s government.

The visit commemorated the
30th anniversary of diplomatic
relations between the Bahamas
and Japan, which were estab-
lished in March, 1975.

Mr Onodera presented a let-
ter to Mr Christie on behalf of
Japan’s Prime Minister Junichi-
ro Koizumi, seeking support on
UN Security Council reform
among other things.

. The UN Security Council is
mainly responsible for main-
taining international peace and
security in keeping with the
principles and purposes of the
UN, which is in its 60th year of
existence.

At the October 14, 2004 UN

Security Council election, Japan
was the only candidate from the
Asian region to be elected non-
permanent member.

However, Japan believes that
for the UN to effectively
address the threats facing, the
international community, it is
necessary to enhance both the
effectiveness and the credibility
of the Security Council.

“We are generally sympa-
thetic to the interest of Japan,
if only because, of the pre-
eminence of Japan and its
impact on the world’s econo-
my,” Prime Minister Christie
said.

“Most certainly we look for-
ward to closer relations with
Japan. We feel that there are
so many things that we are
able to seek the support of
Japan, all in terms of technical
service and advice.”

He also voiced the concerns of
the Caribbean Community
(Caricom) on how it felt it was
being treated by the developed
world.

“We hope that the newly con-
stituted Security Council has a
greater degree of sensitivity to
the aspirations and challenges
of small countries in this hemi-
sphere and most certainly in our
region,” Mr Christie said.
“Often we are involved in mat-
ters that must necessarily
involve the United States or
Canada and the European
Union. We sometimes make
our case through the Security
Council. We sometimes make
our case on bilateral, multilat-
eral bases or through regional
and hemispheric organisations
like the Organisation of Amer-
ican States. Most certainly over
the recent matter dealing with
Aristide and Haiti, I found that
there wasn’t that listening ear
because our region is commit-
ted, obviously, to a peaceful
world and the democratic
tenets,” Ma. Christie said.

He explained that Caricom
took a lead position advocating
a particular formula it thought
was consistent with its own
democratic experiences and
experienced a set back.

“TI felt personally that we were
not treated the same way that
we were treating our friends in
the exchange of information
and in the effort to bring a gen-
uine resolution to the challenges
of Haiti,” he said.

“So, we feel that given your
own historical experiences that
you have made to place you

preeminently on the world
stage, would enable you to exer-
cise naturally, an understand-
ing of the aspirations and the
necessity for the appreciation
of the challenges of small coun-
tries and not being listened to,”
he said.

Mr Christie recalled the
Bahamas’ experience with the
G7 countries of which Japan is a
member. The Bahamas’ finan-
cial services sector was black-
listed as a harmful tax haven by
the G7, the Organisation for
Economic Co-operation and
Development (OECD)

“We were never wishing to
















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and so we had to work hard to

-get ourselves delisted. But it is

not fair nor will it ever be fair
for a combination of large
countries to impose rules that
do not apply to all,” Mr

Christie said.

The OECD eventually agreed
to bring parity to all involved.
And that is where Japan can
bring “a tremendous balance”
as a powerful non-military

country.
Parliamentary Secretary
Onodera. said he was

impressed by Prime Minister
Christie’s thinking. He

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stressed that Japan would like
to further develop relations in
tourism, souvenir manufac-
turing, and provide technical
expertise in agriculture par-

_ ticularly the lobster industry.

“It’s because of your size,
because of your market,
because of your success in
impacting the world’s econo-
my, we think you must be
regarded as a major player in
world affairs,” Prime Minister
Christie said.

The Bahamas would take “a
great interest” in Japan’s sug-
gestions and would, at the
appropriate stage, formally
indicate the country’s position.





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PAGE 8, MONDAY, FEBRUARY 28, 2005
AUSTRALIAN



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OFFERS GOOD MONDAY, FEBRUARY 28TH - SATURDAY, MARCH 5TH, 2005

Located: Harbour Bay Shopping Center
Ph: 393-4440 or 393-4448

THE TRIBUNE



HOME SALE






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_ Place Mats 20% OFF






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SATURDAY, MARCH 5TH, 2005







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THE TRIBUNE MONDAY, FEBRUARY 28, 2005, PAGE 9
LOCAL NEWS
REAL ESTATE by Carmen Massoni
IF you’re like most folks, you probably working for you, even if-yours is not promi-
believe that print advertising is an excellent _nently featured every time. It has been shown
tool for marketing and selling your home. _ that few people buy the property they first
’ However, the ad does not sell the home, the _ called about. Your home is promoted to any-
sales person does! Print ads are written ina one for whom it seems suitable, even if it’s
oa way to pique the prospect’s interest and con- _ not the one in which they first expressed inter-



“Copyrighted Material *
Syndicated Content

Available from Commercial News Providers”

.

etm

‘\

Trade show aims to
‘empower’ business

By PAUL G. TURNQUEST
Tribune Staff Reporter

THE SECOND Annual
Adventist Small Business Expo
and Trade Show was held yes-
terday at the Bahamas Acade-
my with 28 businesses showcas-
ing their various products and
services.

Among the 30 booths dis:
played were Veggie Delights,
The Greenhouse Nursery,
World Famous Bahamastraw,
Neymour Rentals and Real
Estate Sales, and Triple K's
Design.

Hailed as a success and
improvement from last year’s
trade show, Dr Leonard John-
son, president of the Bahamas
Conference of Seventh-day
Adventists, said this year’s
show was put on mainly
because of the success of last
year’s event.

"Our coming together is
‘seeking to bring professionals
and business owners together
to network and showcase their
products. We even have
members of our church trav-
elling from abroad to bea part
of this trade show. We -hope






Brake Service

that this can inspire people to
become business owners
themselves. More so, given the
strong convictions of Adven-
tists as they relate to Sabbath
observance on Saturday and
health principles, it is crucial
that this organisation be
proactive in assisting its mem-
bers to find and create
employment opportunities
conducive to their worship of
God," he said.

Tony Adderley, owner of
Morgans Wet Pets, said that
he has returned again to show-
case at the Expo because of
the invaluable exposure his
business received.

"You get a chance to reach
out to the public at large and
have a chance to educate your
customer on your products.
We have the largest variety of
tropical fish and Japanese Koi
carp in the Bahamas, and
Bahamians who watch the
House and Garden show on
TV can get anything they want
from that show at our store,"
said Mr Adderley.

A manager at Moderne
Men,.Natalie Frederick, said:
“This 1 is our second time here,

Your car.
Your trust.

Our responsibility

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Tel: 393-6651 or 393-6693

Open: Monday - Saturday

Sam-Spm

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— AUTO SYSTEM EXPERTS 0

"Midas is a business hased on service, quality and reliability
Factory scheduled maintenance is car care.
Midas services your car fully. Our system takes the guesswork
out of auto care for every car model out there.

EAST ST. & SOLDIER RD
Tel: 356-2940 or 356-2941

and this is our way of letting
other Adventists know that
we are out there so they can
support us. Also non-Adven-
tists can get a chance to sée
some of our products."

Don Major, deputy general
manager of the Bahamas
Agricultural and Industrial
Corporation, which is also
partnering with the church to
host the event, said the whole
concept of the Expo comes
from the idea of serving the
"whole man".

"It's our thinking that the
church is a significant organi-
sation designed to look at and
address the whole. man.
Churches are generally known
for proving service to the reli-
gious side. But we are look-
ing to provide service for the
‘whole man,’ which goes
beyond the spiritual and
includes the social, mental,
and physical needs of persons.

“We want to empower our '

members financially by help-
ing them to establish their own
businesses and we want to
help more members get
involved with.this programme
soon," he said.







































tact the agent for more information. est.

Buyers regularly read every available real
estate magazine and newspaper, and they’re
looking to the local real estate authority. to
provide them with the best information and
listings. While ads are important, many buyers
come from signs, referrals, other agents, and
your agent’s list of ready-and-waiting
prospects.

When you’re ready to sell, take advantage
of all these resources!

That’s why the entire story is not included in
the advertising.

By encouraging buyers to call for more
details, the agent can then qualify them as
simply “lookers” or as genuine “prospects.”
This is also how the agent discovers the par-
ticular desires and objections of the buyers,
taking the opportunity to effectively promote
the features of your property.

Keep in mind that all of the agent’s ads are

André 0. Cartwright

Sunrise: May 4th, 1960
Sunset: February 27th, 2004

Every‘morning, hen | see the sunrise and every evening when the’ sunsets, | think of you.
You were so thankful for each moment, you taught me to live,
; and | thank you for that.

It’s been a year since you left your earthly home and family,
to go to join your heavenly home and family, but it seems like yesterday.

The Lord gives and the Lord takes away, blessed be the name of the Lord.
Some Things were not intended for us to understand.
You will always have a special place in our hearts and our souls.
Deeply missed and remembered by your beloved wife and children.

Miriam, Roxanne & André JE

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PAGE 10, MONDAY, FEBRUARY 28, 2005







SUPERINTENDENT of Prison, Dr Elliston Rahming, discusses a number of new measures at Her
Majesty’s Fox Hill Prison aimed at improving the educational, vocational and technical skills of
inmates. Officials anticipate that the new programmes will, over time, reduce the rate of recidivism.
‘The educational, technical and vocational programmes are just three of numerous programmes and
measures to be implemented at the facility. Deputy Superintendent of Her Majesty’s Prison Charles
Rolle is pictured right.

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With your RBC
Client Card you can:

Y make cash
withdrawals
at home and
abroad

Y make
account
deposits

V keep a record of your
transactions

~ make RBC VISA* and
MasterCard* payments

’ transfer funds between accounts

Call or visit your nearest RBC Royal Bank of Canada
branch for more information.

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Royal Bank
ste, of Canada

www.rbcroyalbank.com/caribbean

® Registered trade-mark of Royal Bank of Canada™ The Lion & Globe
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* RBC Royal Bank of Canada, licensee of trade-mark












LOCAL NEWS

Mothers urged to
‘reach out’ in bid

IHE I RIBUNE



to put inmates
on the right trac

By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - In the
wake of the recent mur-
ders on Grand Bahama,
Mothers Against Crime
hosted a special prayer ser-
vice on Thursday evening
at St John’s Jubilee Cathe-
dral, where Deputy Prime
Minister and Min-
ster of National
Security Cynthia
Pratt urged church-
es to reach out to
offenders in prisons. _

Mrs Pratt stressed
that there are too
many young men in
prison who need to
be delivered and
given a second
chance when they come
back into society.

“It grieves me every time
I see a young man stand
before the courts. We need
the church to adopt some
of these young men in
prison and follow their
progress,” she said.

Minister Pratt encour-
aged churches to set up a
liaison station to adopt



offenders in prisons and
follow their progress.

“You will be the one to
follow their progress and
convince people that they
have changed and should
be given a second chance,”
she said.

She noted that the gov-
ernment is also playing its
role in prison reform and
has also taken measures to
change the prison into a





correctional centre by

introducing a rehabilitative

programme.
“TI don’t like what is
going on in the country as
it relates to social ills —
we cannot let the Devil
destroy our children, who
are future of this nation.
“We need to tear down
denominational barriers
and recognise we have to
come together as a people

and cry out to God on
behalf of this nation,” said
Mrs Pratt, who is also an
ordained minister.

“Mothers you must con-
tinue to be strong because
our children need you. I
know it is discouraging
sometimes, but you must
hold on a little bit longer,”
said Mrs Pratt.

She noted that many of
the problems facing the
country stem from
the deterioration of
the home and fami-

Minister says YOUN "coa, she stressed,
men need second
chance on release

must be at the centre
of the home.

She noted that
many young people
do not respect God
and his teachings.

She added that
.many young men in the
nation have not even
prayed or been christened.

Minister Pratt said there
was a time when the

' church was at the centre of

everything.

“The community was
founded around the church
and the God was the cen-
tre. We have gone away
from God’s teaching,” she
said.



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THE TRIBUNE | | MONDAY, FEBRUARY 28, 2005, PAGE 11_

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THE TRIBUNE.

CENTRE FOR CONTINUING EDUCATION |
& EXTENSION SERVICES

Revised Personal Development - Spring Semester 012005

PAGE 12, MONDAY, FEBRUARY 28, 2005

CENTRE FOR

NTREPRENEURSHIP
THE COLLEGE OF THE BAHAMAS






USER ARN ACL SE [ counseno, [see no. [oounsenmwe [Te STAT | OURATON FE
IF YOU HAVE SOME BASIC BUSINESS SKILLS, YOU COULD MANAGE JUST ABOUT ANY anmaLcane|
BUSINESS...EVEN YOUR OWN ANIM800 DOG GROOMING
It’s a new year... You're probably feeling that it’s time to move up in life...But how?
> Option One - Start a business ‘ BUSI900 CREDIT & COLLECTIONS! | 6:00-9:00pm_| Tue __|_&Mar_| 8weeks [$225 | .
> Option Two - Get the training you need to get job promotions BUSI904 INTRODUCTION TO BUSINESS F6:00-9:00pm | Tue] Mar | 8 weeks [$225

> Option Three - Sign up for a seminar or workshop with the Centre for Entrepreneurship at The College of CUSTIO0 SUPERIOR CUST SERVICE WIS $30am4:30om



the Bahamas and let them show you how to acquire the skills you need to start a business of your own
Here's the best news yet: CFE is putting on just the seminar you need, whether you’re aiming for a business COMP960 EFFECTIVE POWERPOINT W/S 9:30am-4:30om | 3-Mar | tday ($160
or a promotion COMP 941 QUICKBOOKS | «6:00-9:00pm
What? How to Organize and Manage your Business COMP930 101. | WEB PAGE DESIGN WORKSHOP 9:30am-4:30pm 24-Feb | 2days [$550 |
Accomprehensive five-day seminar designed to take the mystery Saiyan out of organizing just COSMETOLOGY Weite he ee he Pei neal ol Sel
about any business — A step-by-step, hands-on course to build your foundation for business success
Be ne ae ene COSMB02 MAKE-UP APPLICATION - 600:000m
Your Guides? Business experts with proven track records from the public and private sector COSM804 MANICURE & PEDICURE | 6:00-9:000m
When? March 7, 8, 14,15&16. - “COSMB07 NAIL ART TECHNICIAN | 6:00-9:009m
Time: 6:00 p.m. - 9:00 p.m. COSMB05 SCULPTURED NAILS | 6:00-9:00pm_| Wed __|_9-Mar_| 6weeks [$250 _|
Sade ND i) aoe eee . pcos outer bay ls salen ale aR
Where? Choices Dining Room, School of Hospitality & Tourism Studies FLOR800 FLORAL DESIGN | 6:00-9:00pm | Tue | &Mar | 10weeks [$225 |
The College of the Bahamas, Thompson Boulevard FLOR801 FLORAL DESIGN Il 6:00-9:009m | Mon | 7Mar | 10weeks 1$250 _|
Who Should Attend? FLORG02_-—-{01__—_—| FLORAL DESIGNIl 6:00-9:00pm | Thur __| _10Mar-| 10weeks [$275 _ |
e Aspiring entrepreneurs with business ideas and a willingness to work for what you want Perel INTERIOR SSS EE + eeen pee ef Sie fee
° Managers and supervisors who manage departments in large business organizations ECO801 INTERIOR DECORAT 6:00-9:00pm__| Tue___|_8-Mar_| 8weeks [$250 __|
e Professionals who want to acquire a better understanding of small business management Si eer ok a Alt cut eee coe ll eee th al
as a launch pad to success ; abn
How You Will Benefit - | {ENGo00 [or | EFFECTIVE WRITING SKILLS! __| 6:00-9:000m__| Tue _—|_8-Mar_| 8 weeks [$225 |
Cee | ESL 900 | OF | ENGLISHAS ASECOND LANGUAGE || 6:00-7:30pm__| Mon/Eri_| 7Mar_ | 10weeks [$250 _|
e Discover how a basic business plan can serve as a practical blueprint to the success of a business : ie
: ae eee itis a ech and ae you eee to profitability MASG900 MASSAGE THERAPY ESSENTIALS |_| 6:00-9:00om__| Thur 3-Mar_| 10weeks_|$
e Learn how basic accounting and record keeping will provide guides to profitabili rMAsGo01 | anor ¢
e Understand key elements that will give you a clear picture of your business, as it relates to your MASG901 [01 __| MASSAGE THERAPY ESSENTIALS | 6:00-8:00m _| Mon _| 7Mar_| 10weeks [$620 _|
Soros bes and ee
This is your time - Seize the opportunity and call the Centre for Entrepreneurship now to reserve your CRE 900 CONVERSATIONAL CREOLE | | 6:00-7:300m | Tue/Thur | 8-Mar | 10 weeks |$225 _|
space * ORE 901 f01____| CONVERSATIONAL CREOLE I 6:00-7:309m
Telephone: 328-5613 or 328-5629 OR Fax us: 322-2054. SPA900 [01 ___ | CONVERSATIONALSPANISH| _-_| 6:00-7:30pm
SPA901 '0i____| CONVERSATIONAL SPANISH Il 6:00-7:30pm
SPE 900. fO1___| PUBLIC SPEAKING | 6:00-9:00pm_| Mon __|_7Mar_| 10weeks [$250 __|
LANG9OO ~~. SIGN LANGUAGE | 6:00-9:00pm_| Mon__|_7Mar_| 10weeks |$250__|-
Pee re ae ee Se
SEW 800 BASIC OF FREEHAND CUTTING! | 600-0:00pm | Mon | 7Mar | 1Oweeks [9225 _|
IN AN EFFORT TO UPDATE ITS DATABASE, THE ALUMNI AFFAIRS OFFICE REQUESTS SEW 802 r01__. | BASICOF FREEHAND CUTTING I _ | 6:00-9:00pm
THAT ALL COB ALUMNI COMPLETE THE FORM BELOW AND FORWARD IT TO THE | |SEW/805__]01_L DRAPERY MAKING 6,00-9:000m




‘ALUMNI AFFAIRS OFFICE, THOMPSON BOULEVARD OR COMPLETE THE FORM ON
LINE WWW.COB.EDU.BS » .
FAMILY ISLAND RESIDENTS CAN FAX THEIR FORMS TO (242) 326-7834 Com puter. Offer Ings — Spri ng 2005
OR SEND TO P.O.BOX N-4912
, QUICKBOOKS :
kk This course is designed to train new and existing small business entrepreneurs , _
ALUMNI INFORMATION** (less that 20 employees) how to organize and manage their accounting activities
Title: Mi M Mt using QuickBooks Pro software. Students will learn how to set-up their company:
SN tee Se files, chart of accounts, budget, customers, vendors and employees. > |
*Name:
Date of Birth: Student I.D #:__ Begins: Tuesday, 1 March 2005 Cyeedian “Wee es hagin Vee
Major & Graduation Year: | : _ _ Degree (s) Level: _ ee een nes * geen 90pm eu favo Nao ee hill
Place of Employment: ____- ang $F 4 Vania: GEES Com puter Lab Ou Lane £ ad
Occupation: N.ILB #: : ‘Fees: $330.00
Telephone: (h). 2 (w) (m) ee Sens
Facsimile No: 2 ain Postal Address: Effective PowerPoint Presentations (One Day Workshop) | —

This workshop is designed to provide participants with an overview of the oe Fe
fundamentals of Microsoft PowerPoint. It focuses on developing effective and: ~

Email Address: | t /
dynamic PowerPoint presentations.

*Please include middle initial (s)

** Call our office with any confidential information you are not comfortable submitting via mail or email. Date: Thursday, 3 March, 2005
sees Ae eet tee Nae cna me ts Melee ee emcees ee th) Sees 9:30am — 4:30pm
. Venue: CEES Computer Lab, Moss Road
The School of English Studies presents a meee etetoP

328-1936 or email nlacroix@cob.edu.bs All fees are included with the exception
of the application fee of $40.00 (one time).

PUBLIC LECTURE & READING ENQUIRIES: Contact the Co-ordinator at Tel: (242) 325-5714 / (242) 328-0093/

By Dr. Joanne Hyppolite CEES reserves the right to change Tuition, Fees, Course Content, Course
“‘Multi Ethnic Voices in Children’s | | Schedule and Course Materials.
Literature” . aa ag eI a aD a les Daeg Ne acne eee
Monday, March 6th




a. CONNECTING
o| Choices Dining Room, Thompson
- Boulevard
san Pe THE DOTS

For more information about the lecture and Dr Hyppolite’s
work, please call the School of English Studies at 302-4381.

The School of Hospitality & Tourism Studies (SHTS)

Se eaten hte cated et earth ice ues aces cee ree eS a ea will host a
DIPLOM AS ARE RE ADY _ Tourism Seminar, March 16, 2005
ee ST Ea : 9:00 a.m. — 2:00 p.m.
; THEME:
Persons who completed their degree Connecting the Dots:
programme in July 2004, : Z oss ‘
are advised that diplomas are ready and may || College to University to Industry through Quality
be collected from the Records Office, located Hospitality & Tourism Education
on the first floor of the Portia Smith Building,
Poinciana Drive. Venue: Lecture Theatre, SHTS, Thompson Boulevard
Persons should bring some form of



identification. _ || For more information, please call Dr. Sophia Rolle
at 323-5804 or email her at

For more information, please call the Records Office
drsophanne @ yahoo.com

at 302-4522/3.





THE TRIBUNE





MONDAY, FEBRUARY 28, 2005, PAGE 13

Death of editor who led
Time’s move to centre

NEW YORK (AP) —
Henry A. Grunwald, a Time
_magazine editor who led the
publication’s shift from con-
servatism to a more centrist
view, then later became a
- United States ambassador to
Vienna, has died. He was 82.
’ Grunwald died of heart
failure Saturday at his Man-
hattan home, according to
his daughter, Mandy.
During his. tenure as man-
aging editor at Time, Grun-
_ wald began to award bylines
-.and introduced new depart-
“ments including Behaviour,
~ Energy, the Sexes, Economy

: and Dance. Before being:

named to the position in
. 1968, Grunwald had been a
~.” writer, senior editor and for-
eign editor at the magazine.
. His role in shaping Time

.- Was perhaps second only to

"that of founding editor Hen-
“ry R. Luce. Th
- .. One of the most noted

items of Grunwald’s tenure
was when he personally

‘wrote Time’s editorial dur-

ing the Watergate scandal
asking President Richard
Nixon to resign.

“The nightmare of uncer-
tainty must be ended,” he
wrote in a Nov. 12, 1973 edi-
torial. “A fresh start must be
made. Some at home and
abroad might see in the pres-
ident’s resignation a sign of
American weakness and fail-
ure. It would be a sign of the
very opposite.” ;

Nixon resigned in 1974.

After serving 11 years as
managing editor, Grunwald

“served as editor-in-chief of
-all Time Inc. publications

until retirement in 1987.

He was appointed U.S.
ambassador to Austria, the
country of his birth, by Pres-
ident Reagan and served in
that post from 1988 to 1990.

Born in 1922, Grunwald’s
family fled Nazi-occupied
Austria for the United States
when he was a teenager. His
father was a librettist in
Vienna who failed to find a
foothold in American show
business.

Grunwald himself had ear-
ly ambitions to be a play-
wright but got a job as a copy
boy at Time while a student
at New York University and
stayed there for his entire
career.

After his two-year diplo-

his new country.

matic career, Grunwald

wrote a pair of memoirs.
Grunwald penned the 1997
autobiography, “One Man’s
America: A Journalist’s
Search for the Heart of His
Country,” and a 1999 mem-
oir about losing his sight due
to macular degeneration,

“Twilight: Losing Sight, ,

Gaining Insight.”

His first novel, the critical-
ly-praised “A Saint, More or
Less,” was published in 2003.

As a young man, Grun-
wald immersed himself in
American culture doing
everything from spending his
free time watching movies
on 42nd Street, to taking a
lengthy trip to the Midwest
in order to better understand

Grunwald enrolled in New
York University’s under-
graduate journalism pro-
gram, but switched his major
to philosophy. Still, Grun-
wald became editor of the
school’s student newspaper,
the Washington Square Bul-
letin. Besides his daughter,
Grunwald is survived by his
wife Louise Melhado; two

other children, Peter Grun- .
wald and Lisa Grunwald

Adler; a stepson Bob Savitt;
and four grandchildren.

Quality Auto Sales Ltd
PARTS DEPARTMENT

Will be CLOSED for
STOCKTAKING

| FEBRUARY 25 to 28

(Friday, Saturday, Monday) —

We will reopen for business as usual on Tuesday, March 1.
We apologise to our valued customers and regret any
inconvenience this may cause. All other departments

will be open for business as usual.

QUALITY:

LIMITED |



East Shirley Street 323-3529/323-3709



Black checklist: move

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Available from Commercial News Providers”

Manager,

; Commercial Lending
Basseterre, St. Kitts Branch

The Job : :

As Manager of Commercial Lending you are required to
provide direction and leadership to the main branch lending
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Kitts and be part of RBC Royal Bank of Canada's senior
management team.on the island: Your role is to lead the
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marketing plans by attracting, retaining and producing
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client satisfaction of total financial services and efficient
operations of the business.

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Quantitative



Analysis
ACC 300
Principles of
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masters | ACC 303
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ECE 320
Diagnosis of
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ISA 401
Systems Analysis
& Design

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Art
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As Manager, Commercial Lending, you are self-assured,
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development of your team. You are proactive and customer i
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: The following qualifications are desirable.
poe a strong communication and presentation
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* Solid organizational skills and commitment to quality
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© Strong interpersonal and negotiation skills
© Proven leadership skills and 5 years management/lending
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¢ Experience in sales and relationship building would be
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e You are comfortable working with Microsoft Office
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Please apply before March 8, 2005 to: -
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Royal Bank of Canada
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Via fax: (246)-427-8393 © Via email:barbecjp@rbc.com
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Room 1 PCH 100 ACC 420 ECE 101 - ECO 215
PSY 101 SSC 101 ‘SPCH 101
Room 3 ENG 241 BUS 227 - BUS 370
5:30 English Comp Labor Relations
, I Business
Issues of Adolescents
Room 6 PUB 318 riety
5:30 urriculum
PHI 115
Services
8:05PM CLASSES
Management
Business Law I Elements of
PSY 317 MAT 124 PUB 325
: Room 3 i
— ‘ College Algebra | Introduction to | Business Ethics
: : 8:05 . Z
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Racism
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5:30 undamentals of | Government | Early childhood | Economics I
Introduction to | Education Interpersonal
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Room4 | MASTERS | MASTERS
5:30 CLASS CLASS
Psychology
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Room 7 : BUS 383
5:30 Intro to
ara Philosophy
ISA 326
Adv’d Computer
_ MONDAY | TUESDAY [WEDNESDAY] THURSDAY | FRIDAY
ms Room 1 BUS 400 PUB 311 MAT 121 M 321
oe 8:05 Introduction to Public ‘ollege Math I | Administration &
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Supervision
BUS 300
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Psychology
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: Room 4 MASTER :
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Room 2
5:30 4 SBlepahalisey’ «fl -=- ENG 131 PSY 313
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Budgeting
Marketing Financial
ISA 305
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Ge ce Room 2 PSY 312 ACC 50 BUS 331 ADM 312
Eo 8:05 Psychology of the| Intermediate
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Psychology of
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ee Room 6 BUS 414
: : B05 Composition I Creole I
Counseling
information and registration



MAT 097 I

Basic Math II

ching Se if Ss .
A 327
Data
Management

Teaching Science

Caitus at Ph 393 * Or Fax 394-8!
Olan Bl de edu
or at Gold Circle House. East Bay Street





PAGE 14, MONDAY, FEBRUARY 28, 2005 THE TRIBUNE -
LOCAL NEWS

Charred body in
street after new
Haiti violence





“Copyrighted Material
Syndicated Content

Available from Commercial News Providers”

“Ask about our Tne
Ownership Saving Plan” .



| ee | ||Miignon (Nassau) Limited
O STA | A newly registered Securities Investment Advisory firm
: OD A | | Is seeking candidates for the position of

SINCE 1742 Fund Accounting Supervisor/Compliance officer

Candidates should possess the following qualifications:



Catwalk © Certified Public Accountant or equivalent accounting

Vases qualifications

e Series 7 Examination

e 3-4 years experience in fund accounting, possibly for a fund
administrator

e Fluency in French would be an asset



Personal qualities:

e Ability to work independently

e Excellent organizational skills

e Commitment to quality and excellence
¢ Self motivated.

Responsibilities:
¢ Fund Administration control and supervision

e Compliance Officer
e Office manager

Please send/email your resume to:

% | | Mignon (Nassau) Limited
PO Box AP 59223#365

, Nassau, The Bahamas
SoLomon’s MINES eae

i a ¥

AVAILABLE AT
Solomon’s Mines Main Store Bay Street
Solomon's Mines Mall At Marathon





Bigs wr

THE TRIBUNE

MONDAY, FEBRUARY 28, 2005, PAGE 15 »








Man’s body found near
Paradise Island bridge










Bs

LA CASITA

The Art of Island Living







Classic collection at Arawak Cay >
CLASSIC CAR enthusiasts were treated to a collection of pristine vehicles over the weekend at Arawak

Cay. More than 30 classic cars were displayed by their owners, including examples of Mustangs, Mini-
Coopers and hot-rod trucks at the annual Antique Car Show. Photo Mario Duncanson

FROM Page One

more. But from an investiga-
tion standpoint, once all the
information is compiled then
we can Say exactly what is hap-
pening," he said.

According to the police
report, at about 8am on Sun-
day morning the body of a male
estimated to be in his late 40's
or early 50's, was discovered
under the pier directly beneath
the old Nassau to Paradise
Island bridge.

When the body was pulled
from the water he was wearing
white tennis shoes, a burgundy
short sleeve shirt, and long blue
trousers. He is described as
being of slim build, of dark

complexion and weighing
between 140 to 180 pounds.

He had a low cut moustache
and short hair, police said.

According to Inspector
Evans, the information they
have gathered so far has lead
them to believe that the
deceased regularly frequent-
ed the Potter's Cay area, and
they are asking for anyone
who may have any informa-
tion to contact police head-
quarters at 3288447 or by dial-
ing 911.

There was no physical signs
of abuse to the body, and
police are continuing their
investigations into the matter.

Immigrants plan

FROM Page One

have the numbers of those
born here without a passport,
we need to know that.”

The Haitian ambassador said
the embassy is very concerned
about the increase of illegal
Haitian immigrants, particu-
larly in Abaco and North
Eleuthera.

He said that a shortage of
police officers, particularly
along the borders, is also
adding to the influx of illegal
immigration.

According to Ambassador
Joseph, Haiti has only 3,500
police officers to regulate
more than eight million
Haitians.

“During the last two months
we have assumed stability
mostly in Port-au-Prince
because that is where our
police and the blue helmets of
the United Nations are. They

have not deployed police in
the northwest part of Haiti
yet, but we are in a transition
period and it is very difficult.”

“The relationship between
Haiti and Bahamas is very
good,” he continued, “we
have a good line of commu-
nication open and we are
working very well together for
repatriation but you have to
understand that Haiti is a
member of Caricom and Cari-
com took a decision saying
that we are not going to
engage with Haiti. We are
willing to talk and when the
opportunity comes, my gov-
ernment will talk to the gov-
ernment here.”

Mr Joseph said Haiti is plan-
ning a municipal election in
October and the first round
of presidential elections in
November.



Mare oe Mee aca ec eat
© P.O. BoxN-7771 * Tel: 242-356-7302
-e email: ariana@batelnet.bs

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2AGE 16, MONDAY, FEBHUAHY 25, 2005

When Baha

We say we're going on a trip, but we all know
they're actually expeditions. Returning home to
our family and friends brings a sense of

‘ accomplishment. Celebrating su triumphant return

with a few friends over a couple of Kaliks... that’s

the icing on the cake.

IHE IMIbUNG

© 2005 Creative Relations |





Es



ene

2



oT

SECTION



business@100jamz.com

MONDAY, FEBRUARY 28, 2005

Miami Herald Business, Stocks, Analysis, Wall Street



Let businessmen
out of the box -Page 3B



Bahamas First in talks on

By NEIL HARTNELL
Tribune Business Editor

ahamas First is in
talks to acquire
the general insur-
ance portfolio of
Commonwealth
General, industry sources have
revealed to The Tribune.
Bahamas First, which is
regarded as the market leader
in property and casualty insur-
ance in the Bahamas, with a
market share of more than 30
per cent, was said to be engaged
in “due diligence” on Com-
monwealth General.




“I think they'll be absorbing
that company,” one insurance
industry source told The Tri-
bune. “Something is definitely
afoot,” said one industry exec-
utive on talks between Bahamas
First and Commonwealth Gen-
eral.

When contacted by The Tri-
bune, Patrick Ward, Bahamas

- First’s group president and chief

executive, replied: “There’s
nothing I can say on it at all.
My official response is no com-
ment at this time.”
Commonwealth General,
which has been in business for
20-25 years, is regarded as the

oir William Allen, British American Bank’s chairman

‘Blacklisted’
by financial
industry

By YOLANDA
DELEVEAUX
Tribune Business Reporter

A Bahamian financial ser-
vices professional is claiming he
has been “blacklisted” by the
industry for the past six years
as a result of his legal battle
against a former employer,
Royal Bank of Canada, with the
Government taking little inter-
est in his plight.

Accusing the Minister of
Labour and Immigration, Vin-
cent Peet, who he met with
almost three years ago, of pay-
ing lip service to his dilemma,
Leslie Moss said that what has
perhaps been the ultimate
betrayal is that numerous work
permits have been granted for
jobs he t 2lieves he is qualified
for and applied for.

He said attempts to speak
with officials in the Department

of Labour, as well as other gov-
ernment officials, including the
Attorney General and the
Prime Minister, have been
futile.

"Even before I left Royal, I
was looking [for employment]
elsewhere,” Mr Moss said. [A
bank] had a position available
and I applied. That interview
was a farce. They actually dis-
couraged me from applying and
were shocked at my qualifica-
tions.

“T later found out [the bank
head] walked away with not
one, but two work permits. I
was also told that the deal was
that I was to get one of those
jobs in two years. It has now
been three.

“After I was terminated from
Royal Bank, I applied for jobs
at Credit Suisse. In fact, it was

See JOBS, Page 5B

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Since 1983

BUSINESS TECHNOLOGY

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General insurer has ‘no comment at this time’ on
possible deal to acquire portfolio, with sources.
saying ‘due diligence’ being conducted

smallest of the six Bahamian
general insurance companies. It
has long been regarded as a
takeover target.

It is understood that the talks
with Bahamas First have at least
in part been motivated by the
impending enactment of the
Domestic Insurance Act. The
Act, which is currently making
its way through both Houses of

Parliament, sets higher mini-
mum standards that insurance
carriers have to meet on criteria
such as paid-up share capital.
Ian Fair, Bahamas First’s
chairman, hinted last month
that the company was in expan-
sion mode, and was continuing
to assess both domestic and for-
eign possibilities. Bahamas First
was “certainly in acquisition

mode if the right opportunities
are out there”.

Bahamas First last April
acquired the insurance portfolio
of Colina General Insurance
Company, with the latter con-
tinuing in business as an agency

for the acquirer.

Insurance industry sources
suggested that this was likely to

be the model for any deal for

British American
set for a name change

By NEIL HARTNELL |
Tribune Business Editor

BRITISH AMERICAN
BANK this weekend unveiled
plans to rebrand and rename
itself as Fidelity Bank
(Bahamas) from May 2
onwards, as it seeks to further

= reposition-itself by offering
clients the investment and

estate planning products pro-
vided by its parent company.
The Fidelity Group of Com-

rigage i:

sidiary will be able to boost cus-



Move to re-brand as Fidelity Bank ©

(Bahamas) part of plans for BISX-
listed bank to offer ‘one-stop’
‘product destination

panies, which owns-68 per cent.

of British American: Bank’s
issued ordinary share capital,
believes its retail banking sub-

tomer service and market share

by becoming a ‘one-stop shop’ |

for its clients through offering
non-traditional banking prod-
ucts, moving beyond savings

linked to The Bahamas Prime Rate, we willl contact —

you in the coming days. You will have the choice to reduce your

s or continue at the same amount in order to pay

our loan fasier.

Commonwealth General —

Commonwealth General, as the
latter also has an agency busi-
ness, Carib Insurance Agency..

Rather than acquire other
carriers, Bahamas First has tra-
ditionally bought agents to pro-
vide itself with a sales and dis-
tribution network through
which it channels its business,
keeping head office costs rela-
tively low.

It is likely that Carib Insur-
ance Agency will thus become
an agency for Bahamas First
policies, minimising any redun-
dancies from an acquisition and

‘See INSURE, Page 4B

rie



and loan tools.
. Besides mortgages, fixed

. deposits and chequing and sav-

ings accounts, the move to

adopt the Fidelity name, sig-

nage and stationary will give the
bank’s customers access to
products such as Fidelity’s

‘mutual funds, brokerage ser-

vices, pension funds, college
funds; private banking, trust and
estate planning tools.

See BANK, Page 4B





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PAGE ZB, VIVUINVAY, PEDMUAN TI co, ZUUD

BUSINESS

-MARKET WRAP



= t was an active week of
trading in the Bahami-
an market, as more
than 39,000 shares
changed hands. The
market saw 12 out of its 19 list-
ed stocks trade, of which two
advanced and 10 remained
unchanged.

Two companies posted new
52-week highs last week, name-
ly Commonwealth Bank ($7.90)
and Cable Bahamas ($7.99).
Volume leader in the market
this past week was Kerzner
International’s BDRs (KZLB),
with 18,504 shares changing
hands and accounting for 47.39
per cent of the total shares trad-
ed. The big mover in the market
was Cable Bahamas (CAB),
whose share price rose by a
whopping $0.59 to close at
$7.99.

COMPANY NEWS
Bahamas Supermarkets
Limited (BSL) - 7
The quarter ending January
12, 2005, was an excellent one
for the large retailer, posting
net income of $2.7 million,
which represents a gain of
$727,000 over the equivalent
period last year. —
Net sales grew by 11 per cent





By Fidelity

Capital Markets

to total $41.3 million, while cost
of goods sold increased by 9.7
per cent to total $38.6 million.
Earnings per share (EPS)
gained $0.16 to end the quarter
at $0.60. BSL management cited
the closure of some key com-
petitors’ operations during the
aftermath of hurricane Jeanne
on the island of Grand Bahama
as the impetus behind the sig-
nificant jump in net sales for
the quarter.

In related news, the parent
company of BSL, Winn-Dixie,
filed for charter 11 in a US
bankruptcy court last week.
Officials of BSL have said that
the filing of bankruptcy by its
parent company will have no
material impact on its opera-
tions locally, as BSL is.a dis-
tinct legal entity from its par-
ent. : :

Freeport Concrete Company
(FCC) -

FCC appeats to be "clawing
its way out of the black hole of
financial losses" after posting
two consecutive quarters of pos-
itive earnings. This recovery is
primarily thanks to the sus-
tained efforts of chief executive
Ray Simpson, who took the
helm in 2002.

For the quarter ending
November 30, 2004, FCC
realised net income of $362,000,
an increase of $279,000 over the
same period in 2003. Net sales
increased by 3.8 per cent to total
$5.2 million, while cost of sales
declined slightly to $3.6 million.

FCC has contained its oper-
ating expenses over the last few
quarters, thus enabling the com-
pany to achieve an operating
profit of $436,000 compared to
$205,000 in 2003. Earnings per
share (EPS) grew by $0.06 to
total $0.08 at the end of the
quarter. The growth in profits
can be largely attributed to



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Findex:
Unchanged:
Percentage Change:





Market Capitalisation:
Change:
Volume Traded:









Volume Leaders:

Volume
CAB 4,400
CBL 6,433
KZLB 18,504







Major Market Movers:

Closing Price
CAB $7.99
CBL $7.90
DHS $1.50
KZLB - $6.32



increasing sales revenues gen-
erated by The Home Centre.
Will the recent profits
achieved by FCC persuade the
average investor to buy its
shares? Will present sharehold-
ers re-evaluate their decision to

' sell their shares in FCC? Or,

ultimately, will the lack of divi-
dend payments by FCC be the
deciding factor whether to sell

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Call or visit us today and let Scotiabank help you to ‘Forgive & Forget'



Life. Money. Balance both:

Bahamas stock market

435.63
0.00 points
0.00 per cent

$2.17 billion
$18.1 million
39,047

% of Volume
11.27%
16.48%

' 47.39%

Price Change —
$0.59
$0.26
$0.00
-$0.13

or not to sell?. Only time will
tell how the average investor
will react to FCC's return to
profitability.

Premier Commercial
Real Estate (PRE). -

In its first full financial year
ending September 30, 2004,
PRE posted net income of $2.1

‘million. Investment income |

International markets












FOREX Rates

: Weekly
CAD$ 1.2380
GBP. 1.9196
EUR 1.3245
Commodities

Weekly

Crude Oil $51.49
Gold $436.10

Weekly
DJIA 10,785.22
S & P 500 1,201.59
NASDAQ — 2,058.62
Nikkei

11,658.25

stood at $1:6 million, while

operating expenses were
$515,000.

Net investment income for
fiscal 2004 was $1.1 million. As
at September 30, 2004 total

assets ‘stood at $18.4 million: ::
For the year, PRE paid out '
$758,000 in' dividends to its '

shareholders and grew its NAV
by 12.6 per cent to total $11.26
as at September 30, 2004.

Investors Tip of the Week
Saving for a down payment on
a home’
Step 5 — Go automatic
Arrange for a certain dollar
amount to be taken out of each
pay cheque and automatically

IANA Un acl ne
Bank Approved Financing

ESE TORO (Oe

cust Ra stan

International Stock Market Indexes:

transferred to your savings
account. If you are self-
employed, set up the same type
of plan at your bank.

Step 6 — Reduce credit card
debt

Always pay at least the mini-
mum due each month to avoid
high interest rates. Better still,
pay each bill in full and com-
pletely avoid high rates on
unpaid balances.

Step 7 - Keep on a-paying

When you pay off a car loan
or education loan, or get rid of a
credit card debt, put that same
amount every month into sav-
ings.

Dividend/AGM Notes:

PRE to pay dividends of
$0.195 on February 28, 2005, to
shareholders of record as at
February 21, 2005.

FIN to pay dividends of $0.12
on March 10, 2005, to share-
holders of record as at March 4,
2005.

RND Holdings (RND) will
hold its Annual General Meet-
ing on February 28, 2005, at

% Change
0.54
1.49

- 1.32

% Change
6.49
1.80




% Change
0.52
0.81
0.33
-0.01

12pm at The British Colonial
Hilton, Bay Street, Nassau,’
Bahamas.

5

FINCO (FIN) will hold its:
Annual General. Meeting on;
_March.17,. 2005 at°6.30 pm at.

the British Colonial Hilton, Bay;
Street, Nassau, Bahamas.”



AGENT ACCOUNT EXECUTIVE

Security & General .
Insurance Company Ltd.



is seeking to emmploy a

SR ACCOUNT EXECUTIVE

to assist in the proceduarl maintenance of
angency accounts. Salary will
commensurate with experience.

- Candidates should have:

¢ 5 years or more experience in
underwriting General Insurance

e Strong project management, leadership

and verbal skills

e Fundamental computer proficiency

Resumes should be submitted by March
15, 2005, and addressed

Attn:
HR - Account Executive Position
P.O. Box N-3540
Nassau, Bahamas





mie (MIDVINe



Work permit
raise SO

Mitchell on CSME: ‘We
cannot continue to box
up our business people’

By NEIL HARTNELL
Tribune Business Editor

ork permit

fees are esti-

mated to

generate $20

million per
annum in government revenues
and are not a ‘“‘barrier to entry”,
the minister of foreign affairs
said, adding that the Bahamas
“cannot continue to box up our
business people” in relation to
opportunities created by free
trade.

Fred Mitchell, addressing a
civil society meeting on the
Caribbean Single Market &
Economy (CSME), said that
joining that trading bloc would
“enhance the opportunities for
our businessmen in particular”.

He added: “We cannot con-
tinue to box up our business
people, denying them the
opportunities for wealth
enhancement by increased
opportunities throughout the
region, not just confined to the
single market and economy
which is the Bahamas, but a sin-
gle market and economy which
includes the Bahamas and the
other millions of people who
live in this region........

“The Bahamas can benefit by
embarking on a rules-based sys-
tem of trade, as the ultimate
protection in a system which,
ungoverned, will be predatory.”

Saying that the civil society
discussions would help the Gov-

ernment ta produce 'a White -
Paper on its plans for joining’:
the CSME, Mr'‘Mitchell hinted’:
at concérns that the Bahamas’ ©

reluctance to take a position

i
f

meant that decision-making was
being driven by the likes of Bar-
bados and Jamaica, a trend that
had to be reversed.

Mr Mitchell, said the Gov-
ernment believed it had secured
its main ‘reservation’ from the
CSME treaty and its provisions,
namely the free movement of
people. However, he said this
nation had to acknowledge it
already embraced the free
movement of labour as the
Bahamian economy “attracts
more CARICOM nationals to
work than any country in the
region”.

The Bahamas also needed
“transition provisions” on the
adoption of the CSME’s Com-
mon External Tariff (CET), as
this nation was more dependent
than any other on customs
duties to raise government rev-
enues. The CET established the
“bar” for tariffs charges in the
CSME, and was currently lower
than the Bahamas’ present
average.

Mr Mitchell said: “The
important point about the Com-
mon External Tariff, however,
is that once that level is agreed
and set, then as part of a region-
al group accession to the World
Trade Organisation (WTO)
becomes less problematic since
those are the levels that will be
argued as consistent with our
WTO position.”

Mr Mitchell said he saw no
“downside” to joining the
CSME, a position that appeared
to,put;:him .at-odds with,Dr

Gilbert Morris, head of the :
Landfall Centre, who is known z

to be close to the minister.
Dr Morris said the Bahamas

Private trust

companies a

5

By YOLANDA
DELEVEAUX
Senior Business Reporter

Wendy Warren, the Bahamas
Kinancial Services Board’s
(BFSB) chief executive, said

PhONinivad PA

| KINGSWAY ACADEMY
_ _ ELEMENTARY
ENTRANCE EXAMINATION

Kingsway Academy will be holding
Entrance Examinations for students
wishing to enter Grades 2 through 6,
on SATURDAY, MARCH 5 AND 19.

Parents are asked to collect
Application Forms from the
Elementary School office before the
testing date from 8:30.a.m. - 4:00 p.m.

For further information contact the
school at telephone numbers
324-5049, 324-2158, or 324-6269

key product

private trust companies were
expected to be a key ingredient
to this nation’s product portfo-
lio.

In an interview with The Tri-

See INVENT, Page 12B

















Ce



fees
e $20m



should remain “peculiar in the
region” to maintain an eco-
nomic advantage, and “ought
not to delude ourselves into
thinking that reserve positions
will spare us the implications of
membership in a vessel that
appears to have taken little
stock in where it is going”.

He added that the Bahamas
instead should seek to position
itself as a diplomatic broker
between CARICOM and the
US.

Dr Morris said: “The main
issue of trade draws weight
from, and makes light of, the
intellectual freight in the COME
trade proposition. Each of the
Caribbean nations are hustling
to do business with China, as
well they should, since China
gives them commercial and
political options that were not
imaginable a few years ago.

“However, this means that
they will all be festooned gen-
erally with the same commodi-
ties, and if so, what is the impe-
tus or demand structure that
will compel the trade between
them ?

“And if no trade is in the off-
ing, what is the intellectual basis
for a single currency ?”



Fred Mitchell fe



@
‘Colina Jnana
Financial Advisors Ltd. ie LPerias =
Pricing Information As Of: od 4 Gra ‘
25 February 2005

Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

British American Bank
Cable Bahamas
Colina Holdings
Commonwealth Bank
Doctor's Hospital
Famguard

Finco

FirstCaribbean

Focol gene
Freeport Concrete :
ICD Utilities

J. S. Johnson
Kerzner International BDRs
Pi ierR





Bahamas Supermarkets
Caribbean Crossings (Pref)
olding





ABDAB
Bahamas Supermarkets
RND Holdings ;



u



1.2095 1.1529 Colina Money Market Fund 1.209527*
2.1191 1.8944 Fidelity Bahamas G & | Fund 2.1105 ***
10.2648 10.0000 Fidelity Prime Income Fund 10.2602*****
2.1746 2.0524 2.166020**

Colina MSI Preferred Fund
Coli



wee



YIELD - last 12 month dividends divided by closing price ~
Bid $ - Buying price of Colina and Fidelity :
Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price ‘
Weekly Vol. - Trading volume of the prior week : sos
EPS $ - Acompany's reported earnings per. share for the last 12 mths
NAV - Net Asset Vaiue sna

= “N/M - Not Meaningful ‘
FINDEX - The Fidelity Bahamas Stock index. January 1, 1994 = 100

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
# Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today
DIV $ - Dividends per share paid in the last-12 months
P/E - Closing price divided by the last 12 month earnings
** - AS AT JAN. 31, 2005/ **** - AS AT DEC. 31, 2004
*- AS AT FEB. 11, 2005/ *** - AS AT JAN 31, 2005/ ***** AS AT JAN. 31, 2005







FirstCaribbean
Career Opportunity

TIC WaDIMINKIROOLD
FirstCaribbean International Bank is the region's largest publicly traded bank, with over 3,000 staff serving over

5.3 million people in 16 countries. We manage over 500,000 active accounts through more than 80 branches and_
centres throughout the Caribbean, Bahamas and Belize. : .

Responsibilities

* Provide systems development support for large database applications .

* Responsible for the general administration of all server-based applications including SmartStream, Posh, IST, Internet & Telephone
Banking and other SQL and Access databases :

¢ Provide leadership, guidance and training as needed to the other Database Administrators within the unit

¢ Establish database test environments (unit, system, integration) for assigned applications

* Provide security and control for development database test environment

¢ Participate in database design and definition for assigned projects

Prerequisites

e Excellent interpersonal and communication skills

° Excellent organisational and planning skills

* Typically 2-4 years at an Intermediate Database Administtator level, or equivalent experience
¢ Comprehensive knowledge of information technology principles

° Degree in Computer Science

* Sound working knowledge of database products - MS SQL Server, DB2, Informix

e Technical/general business knowledge for assigned applications and information technologies
* Sound working knowledge of Windows Cluster Technology and HACMP environment

¢ Working knowledge of Tivoli Storage Manager ‘

¢ Sound working knowledge of AIX 5.2 and Windows Operating Systems

We offer an attractively structured compensation and reward package based on experience and qualifications.
Applications with detailed résumés should be submitted with a cover letter no later than March 14, 2005 to:

Nicole Scavella

Technology Department

FirstCaribbean International Bank (Bahamas) Ltd.
Solomon's Building

East West Highway

Nassau

Bahamas

Tel: (242) 394-9835

Fax: (242) 394-3659

E-mail: nicole.scavella@firstcaribbeanbank.com

Only applicants who are short-listed will be contacted.

FIRSTCARIBBEAN

INTERNATIONAL BANK

Caribbean Pride. Intemational Strength. Your Financial Partner.

FirstCaribbean Intemational Bank is an Associated Company
of Barclays Bank PLC and CIBC.





THE TRIBUNE -

Bank (From page 1B) == ek

The name change, which still
has to be approved by share-
holders, is the latest step in
Fidelity’s strategy to “rebuild”
British American Bank’s mar-
ket share and reverse the
decline experienced over the
past few years in both its loan
and deposit books.

Anwer Sunderji, Fidelity’s -

PAGE 4B, MONDAY, FEBRUARY 28, 2005 ~



EMPLOYMENT OPPORTUNITY
FINANCIAL INTELLIGENCE UNIT

This position provides an excellent opportunity for an individual seeking a meaningful
career with the Financial Intelligence Unit.



‘| suspect that the bank will
substantially re-engineer its
customer-related processes to

increase the quality of its
tid In a atitement that he ----CUStomer offerings and care.’

expected Fidelity Bank

The successful candidate would be res;
Director and the Financial Intelligence
Intelligence Unit Act 2000.

POSITION: LEGAL COUNSEL

RESPONSIBLE TO: DIRECTOR

nsible for the provision of legal advice to the
nit relative to its functions under the Financial



QUALIFICATIONS: The successful applicant must:

*Bea appointed in writing by the Minister responsible
for the administration of the Financial Intelligence
Unit Act 2000.

-at-Law in the
ahamas with a minimum

° Be a Counsel & Attorne
~. Commonwealth of The
of 5 years Call.

KEY RESPONSIBILITIES —

1. Responsible for ensuring that the Financial intelligence Unit is kept abreast
of legislative developments relative to its functions.

2. Res Tosuce, for making recommendations to the Director relative to the
legal issues affecting’ the Financial Intelligence Unit. .

3: ee nsible for jiaison between the Financial Intelligence Unit and the

ice of the Attorney General relative to legal is issues 8 affecting the

Ennead Intelligence Unit.. ead

4, Responsible. for the: provision of assistance in the training of industry
participants in the Financial Service Sector in accordance with the
provisions of the Financial Intelligence Unit Act 2000. ,

os 5. Responsible for drafting of legal documents for ‘Memoranda of |
Understanding between the Financial. Intelligence Unit and foreign
Financial Inte lligence Units. |



6. Res ae for assisting with. other duties relative to the proper functioning

e Financial. Intelligence, Unit as required by the. Director.
_ KNOWLEDGE, ‘SKILLS & EXPERIENCE:

° Five years call to the Bahamas Bar Ee oe

¢ Experience in Compliance, Civil, Criminal & Canoes iaw, ‘Assets
Tracing & Forfeiture.

* Excellent attitude, punctuality and attendance. —

ERATION ‘ACKAGE,

* Competitive salary commensurate with experience
¢ 15% gratuity upon successful completion of contract





inerestod persons should submit their application and resume in writing along with
the relevant certificates to:
‘The Director,

_Financial Intelligence Unit
Third Floor, Norfolk House
__ Frederick Street
_ Nassau, The Bahamas



EMPLOYMENT OPPORTUNITY |

(Bahamas) to introduce a new
family of banking products and
services through its six branch-
es later this year.

He added: “This is more than
a name change. I expect that
the bank will substantially re-
engineer its customer-related
processes to significantly
increase the quality of its cus-
tomer offerings and care.

“The re-branding exercise is a
further link in the reposition-
ing exercise that started with an
increase in the bank’s capital in
October 2004, the appointment
of Sir William Allen as the
bank’s new chairman and the
appointment of several new
directors in January 2005.”

The increase in British Amer-
ican Bank’s capital base is
linked to events that helped
prompt the name change.

- Fidelity was required to use
the ‘British American’ name
due to a licence agreement
struck in 1995 with British
American Insurance, as both
Fidelity and its retail banking
subsidiary were created by a
management buyout from the
latter. The licence agreement is
due to expire in May this year.

To kick-start British Ameri-
can Bank’s revitalisation, the
bank redeemed the $7 million in
preference shares that had been

issued to British American.
~ Insurance and effectively recap-
' italised itself by attracting

unnamed investors to purchase
$10 million in new. cumulative,
redeemable non-voting prefer-
ence shares.

The recapitalisation and pref-
erence share redemption also

Insu F@ (From page 1B)

fitting into Bahamas First’s historic strategy.
Commonwealth General, insurance sources
said, was part-owned by Cooper Gay, an insur-
ance broker and reinsurance broker that operates
in the Lloyds of London market.
Apart from Bahamas First, the other general
insurance carriers that will be left in the market



removed what Fidelity is under-
stood to have viewed as a
boardroom log-jam that had
developed at British American
Bank between its representa-

tives and those of British Amer-

ican Insurance.

Following that, Sir William
Allen, the former finance min-
ister in the FNM. government,
replaced Mr Sunderji as British
American Bank’s chairman, as
Fidelity sought to have a major-

ity of independent directors on

the board. Peter Thompson also

resigned as British American -

Bank’s president, to be replaced
by Roderick Goom.

Mr Goom said in a statement
that the name change had
received regulatory approval.
He added: “Fidelity has an envi-
able reputation for innovative

products and a high level of cus-
‘tomer care and service and I

expect Fidelity Bank (Bahamas)
to follow suit. I fully intend for
the bank to not only benefit
from the brand equity inherent
in the Fidelity name, but to
enhance it over time.

“While we'll continue to pro-

. Vide enhanced personal banking

related services, our staff look
forward to helping customers
access a broader range of finan-
cial services, including products
to assist with college education,
estate and retirement planning
and investments.”

Sir William Allen. said:
“Fidelity’s excellent family of
financial lifestyle packages such
as retirement and college plans,
estate planning, brokerage ser-
vices and mutual funds etc., will

business.

be available across the board
all in one place, saving our cus-
tomers time and money.”
However, much work
remains to be done. British
American Bank saw its net :
income in the 2004 third quarter |
fall by 18.55 per cent, something
it blamed in a 15.8 per cent or:
$236,762 decline in net interest :
income. :
. A 3.9 per cent decline in total :
assets compares to 2003 was
largely due to an 8.7 per cent:
decline in the bank’s loan book .
to just over $93 million. a
British American Bank,
which is listed ‘on the Bahamas
International Securities,
Exchange (BISX), has been
seen as the weakest of this
nation’s six clearing banks for |
some time. ;
Royal Bank of Canada’s
mortgage-lending arm, Finance .

Corporation of the Bahamas.»

(FINCO), attempted to acquire
British American Bank in 2002-
2003 but the two sides could not
agree a price. Recent specula-
tion has focused on a possible
acquisition attempt by Bank of
Butterfield.

The rebranding to Fidelity
Bank (Bahamas) follows similar
rebrandings performed by
Fidelity in the Cayman Islands |
and Turks & Caicos in 2002.

The bank hopes to have its
new signage in place before
May 2, with the new name |
rolled out on stationery, cards -:-
and in the banks gradually over
the coming months.

Staff and. management are :
expected to remain unchanged.



are RoyalStar Assurance, Security & General,
which is majority-owned by the Bermuda-based
Colonial Group, and Insurance Company of the
Bahamas and Summit Insurance, through which.
J.S. Johnson and Insurance Management respec-.
tively.channel most of their general insurance

Enterprise Risk Services - Control Assurance Senior Consultant/Manager

Well established firm seeks an IT Auditor manager/senior consultant for its Enterprise Risk
Services Practice.

RESPONSIBILITIES :
Identify and evaluate business and technology risks, internal controls which mitigate risks,
and related opportunities for.internal control improvement
Assist in selecting and tailoring approaches, methods and tools to support services
Actively participate in training efforts

Actively participate in decision making.with engagement manegen'srt and seek to understand
the broader impact of current decisions

Generate innovative ideas and. challenge the. status quo :

Facilitate use of technology-based tools or methodologies tore review, ‘design and/or implement
products and services

Build and nurture positive working relationships with clients with the intention to exceed
client expectations

‘Understand Clients' business environment and basic risk management approaches
» Play. substantive/lead role in engagement planning, economics, and billing.
oe in eee Gerson and sales efforts

~ America On Sale

FT. LAUDERDALE ...............sseseeeeee1$ 88,00
MIAME: s..sscscssecsessetooedcosedas sede: $99.00
NEWYORK.........ccsssceu sees coeseees $198.00
ORLANDO. ..........ssscccceeessaeeeeesn e+ $199.00

ATLANTA ......cccccccccceccssceeceeses $235.00
BOSTON 35 ccssxiecs soe oko ei S167. 00
CHARLOTTE ............cesccesccesceesee« $285.00
PHILADELPHIA, ............0ccccc0ee0e0+ $285.00
BALTIMORE ............eccsccecceseee 000+ $296.00
WASHINGTON ..........ccccccecceecveevees $296.00 —

AND MORE CITES

BOOK NOW & SAVE!

For more details call our office at:
Phone: 328-0264, 328-0257
Fax: 325-6878
Website: premiertravelbahamas.com
57 Collins Avenue, P.O. Box N-9670
Nassau, Bahamas

QUALIFICATIONS:

3+ years experience inthe areas of public accounting, internal auditing or Pconaulting

Bachelors degree in Business Administration, Accounting, Computer Science, Information
Systems Administration or related field. MBA or dual- -degree is an asset '

CISA, CPA, CIA designation or desire and dedication to pursue -

Advanced understanding of business processes, internal control risk management, IT controls
and related standards

Proven analytical skills with ability to tackle prablene systematically to determine causes
and produce effective solutions

~ Experience with accounting control related i issues.

~ Demonstrated ability to plan'and manage. engagements along with ensuring dalverables
meet work plan specifications and deadlines:

Ability to thrive in an environment of pressing deadlines and constantly changing conditions
Successful experience identifying controls, developing and executing test plans
Ability to synthesize information and produce concise synopses/summaries

Excellent written and oral communication skills inueing both technica’ and business writing,
documentation and presentation skills

__ Open to travel requirements
Experience with ACL is an asset
Experience with COSO and/or Sarbanes-Oxley an asset
Technical and/or management background in technical systems/environments an asset



All Major

COMPENSATION Credit Cards

¢ Compensation is negotiable based on combination of years experience and qualification. Acepted

* Fares based on Mid-week Travel

. * tickets must be purchased by March 2nd 2005
Interested persons should submit their resumes before March 18, 2005.

HUMAN RESOURCES DEPARTMENT
P. O. BOX N-7120
NASSAU, BAHAMAS.

* Taxes & Service Fees not included
* Travel completed by June 15th 2005





THE TRIBUNE

’ MONDAY, FEBRUARY 28, 2005, PAGE 5B



Jobs (From page 1B)



that there are numerous of
examples of foreign companies
coming into the Bahamas, being
given preferential treatment but
still leaving.

He added that Lloyds Bank
& Trust (Bahamas) was a prime
example of a foreign investor
who pulled out of the Bahamas,
leaving dozens of Bahamians
jobless.

While the bank received
work permits on demand, Mr
Moss questioned whether the

out by the Financial Services
Consultative Forum, Mr Moss
said the document was nothing
short of a one-sided attempt to
legitimise what had been going
on all along.

He said the Bahamian pub-
lic needed to see through what
the Forum was really trying to
do and ensure their efforts are
put in the same category as the
failed Referendum put forward
by the former Government.

Mr Moss said he wished the

authors and supporters of the
Forum report would address the
numerous cases of Bahamians
in the industry who were unem-
ployed or underemployed.

He emphasised that the
Bahamas, with its qualified pro-
fessionals who are not being
used, was not the Cayman
Islands, whose financial services
industry and entire economy
were dominated by expatriate
workers.

According to Mr Moss, while



a ‘Bahamianisation’ policy
exists, the Government has
failed to enforce it, which is a
major part of the problem.

Mr Moss said: “I think it’s
about time the media in this
country fully investigate and
report on these issues. I would
like to see those in charge called
into accountability and, with-
out fear or favour, those for-
eign banks committing these
breaches challenged and pun-
ished."



CRITICISED - &
Vincent Peet

they who called me, saying that
Minister Peet told them to give
me a job. Deltec, First
Caribbean, Banco Santander,
Central Bank and others where
all contacted but, in each case, a
work permit was issued for the
position.

“What makes matters worse
is that I was terminated with-
out reason. So, even if I were to
come into a job, I could not get






a reference letter from Royal.
In short, I have been blacklist-
ed."

While it remains important
to balance the need for foreign
capital with a flexible ‘Bahami-
anisation’ policy, some would
say the reality is that persons
like Mr Moss, appropriately
qualified, have been left by the
wayside for the greater good.

Mr Moss argues, however,

UBLIC NOTICE

financial services sector and the
Bahamas were better off for
having allowed the institution
to bring in expatriate workers.

"These banks use strong arm
tactics with our government. If
they don’t get their work per-
mits, they threaten to pull out.
What kind of relationship is it:
are we equals or are we a
colony?” Mr Moss said.

“As far as the industry itself is
concerned, the foreign banks
remain silent because adverse
publicity is not in their best
interest. Moreover, the jobs that
are kept from Bahamians are
“sweet” and used for an expat-
only revolving door of luxury, a
life they could never enjoy in
their home countries. Bahami-

. ans in the industry are fully

aware of this scourge. Yet they
remain silent, not wanting to
rock the boat. How demeaning
and disappointing."

One of the more vocal com-

plainants against the contro-
versial Immigration Report put





NAME



BARTLETT, Winifred
MURPHY, Lionel
SMITH; Maurice —

The following persons or their nearest relatives are kindly asked to visit the
PENSIONS DEPARTMENT of the National Insurance Board located in the
Board’s Jumbey Village complex on Baillou Road. For further information,
you may contact the Department at telephone number 502-1500.

N.I. NUMBER

15318737
13812599
~ 10113479 “

ADDRESS



Stapledon Gardens








Blue Hill Road South
Eastern Estates



INVESTMENT OPPORTUNITY
MUST SELL

HARBOUR ISLAND

Lot #13, Block #3, Triana Shores
Subdivision, Harbour Island. This lot is
flat and forms part of the subject of this
assessment. Approximately 10,000 sq.
ft., and is rectangular in shape. Zoning:
Both residential and commercial
development in one. The said property
is elevated and sandy and there is no
chance of flooding.

~ Ground Floor: Accomodation includes
1 bed room, 1 bathroom, powder room, entry room, kitchen, sitting room, utility room,
dining, patio, entry court with wheel chair ramp.

First Floor: Two bedrooms, each with its own bathroom, walidn closets, upper balcony’ Ss
to each bedroom, open foyer.

Roof Area: Well secured patio area with concrete posts for railings and a club house
age: New construction.

Appraisal: $800,753.00 -

For conditions of sale and other information contact
: Philip White @ 502-3077 email philip.white@scotiabank.com or
Delores Johnson @ 502-3038/326-1771 email delores.johnson@scotiabank.com
Please visit www.fsbobahamas.com for interior photos



PVs im aa ain a
MUST SELL

RAINBOW BAY
SUBDIVISION

Lot #44, Block 5, Section A. The lot is
on ahill overlooking the Atlantic Ocean.

: Area is approximately 10,800 sq. ft. This

. site 6ncompasses a two storey §];
aparl t block Of two apariments!One: i}
upstairs and one downstairs. Each

' Comprising one bedroom one bathroom,

front room, dining, kitchen. There is a wooden porch approximately 8 - 6 feet wide on
the upper level secured with a wooden handrail. The garage area has been converted

j into a efficiency apartment and now houses one bedroom/frontroom in one and one
_ bathroom. Age: is 7 years old. The apartments could be rented at $700 per month

Ne Cl eae





_MUST SELL |

VALENTINES EXTENSION

Lot #2 contains a 19 year old 1 1/2
storey four plex with a floor area of 3,621
sq. ft. The two storey section consist
of a master bedroom, bathroom and
sitting area upstairs and two bedrooms,
one bath, living, dining, family room and
kitchen downstairs. The single storey
consist of one two bedroom, one bath
apartment and two efficency -
apartments, land size 7,500 sq. ft.
Family zoning on flat land and not
subject to flooding.

: Appraisal: $347,006.00

The subject property is located on the western side of Valentine’s Extension Road, just
over one hundred feet north of the roadway known as Johnson Terrace. Travel east on
Bernard Road, turn left onto Adderley Street which is opposite SAC, continue left at }
the deep bend, take first right into Johnson Terrace, go to T-junction and turn left, then
first right. Property is second building on right, white trimmed brown.

For conditions of sale and other information contact
Philip White.@ 502-3077 email philip. white@scotiabank.com or
Delores Johnson @ 502-3038/326-1771 email delores.johnson@scotiabank.com

Please visit www.fsbobahamas.com for interior photos

=i det Lae
MUST SELL

YAMACRAW BEACH ESTATES

.

Lot #63, house #19, Cat Island Avenue,
a6 year old single story house with three §
bedrooms, one bathroom, living room,
dining room, kitchen and laundry room.
Property is 70x100 single - family §
residential. This property is on flat terrain
and fairly level with road way. Living area
1,574 sq. ft.

Appraisal: $173,000.00

Traveling south on Fox Hill Road, go pass the Prison Compound, turn left onto Yamacraw
then 1st right, follow the road to 1st left, then first right. The road curves to your left,
the house is #19 Cat Island Avenue, painted white. The grounds are attractively landscape
and well-kept access into the subject property is provided by a concrete paved drive
way along with the walkways of concrete flagstones.

For conditions of sale and other information contact
Philip White @ 502-3077 email philip.white@scotiabank.com or
Delores Johnson @ 502-3038/326-1771 email delores.johnson@scotiabank.com

Please visit www.fsbobahamas.com for interior photos

partly furnished. The efficiency rented at $400 per month.

Appraisal: $308,402.00

For conditions of sale and other information contact
Philip White @ 502-3077 email philip.white@scotiabank.com or :
. Delores Johnson @ 502-3038/326-1771 email delores.johnson@scotiabank. fol

Please visit www.fsbobahamas.com for interior photos



BAHAMAS ELECTRICITY CORPORATION
VACANCY NOTICE

A vacancy exists in the Corporation for the post of Network Support Assistant in the
Information Technology Services Department - Finance Division.

Duties for this job may include, but are not limited to the following:

¢ Assisting with the continuous operation and maintenance of the Corporation’s Local and
Wide Area Networks (New Providence & Family Islands).

¢ Troubleshooting and resolving network hardware/software conflicts

¢ Ensuring that all network devices are properly configured and functioning

¢ Providing end-user support for hardware, software and network access issues.

¢ Network performance monitoring and the maintenance of corresponding statistical data.

¢ Maintaining network architecture documentation.

¢ Repairing Personal Computers and peripheral equipment.

* Monitoring and maintaining computer equipment inventory/supplies.

¢ Identifying and recommending Information Technology solutions

Job minimum requirements include:

e An Associate Degree with concentration in Computer Science (B.S. Degree preferable)
¢ A minimum of 3-5 years experience maintaining LAN/WAN environment.

¢ Network + and / or A+ Certification (Cisco CCNA a plus).
¢ Sound technical knowledge of network and computer operating systems.

¢ Demonstrated knowledge of the operation and function of standard networking equipment.
° Sound knowledge of the office automation software such as the Microsoft Office suite.

¢ Troubleshooting skills

° Excellent written and verbal communications skills
¢ Knowledge of effective user support services

¢ A team player that is performance driven and results oriented

Interested persons may apply by completing and returning the Application form to

The Manager, Human Resources & Training,

on or before Tuesday, March 1, 2005

Blue Hill and Tucker Roads
P.O. Box N-7509,
Nassau, Bahamas



r

CO NON eR ae i a a a

SA. ewe e



PAGE 6B, MONDAY, FEBRUARY 28, 2005 |

THE TRIBUNE |





Mail Boxes Etc franchise

4

opens opposite Sandals

he latest Mail
Boxes Etc fran-
chise, located in
the West Bay
Shopping Plaza

opposite Sandals Resort, aims
to provide “world class service”
to western New Providence.

The new centre joins more
than 5,000 Mail Boxes Etc and
The UPS Store locations world-
wide, reinforcing the company’s
position as the world’s largest
arid fastest growing network of
retail shipping, postal and busi-
ness services centers.

“As a one-stop shop for ship-
ping, postal and business ser-
vices, we look forward to pro-
viding world-class service to the
community in the western area
of New Providence,” said fran-
chise owners Mario and

In addition to shipping
through UPS, FedEx, DHL and
other carriers, the newest Mail
Boxes Etc location in Nassau
will offer a variety of time-sav-
ing products and services,

" including full-service packaging

and supplies, office supplies,
Bahamas mail executive suites,
Bahamian postal addresses, a
global mail box express service,
US addresses, e-commerce ful-
fillment, digital printing and
duplicating, plus high quality
digital colour and black and
white copies and document fin-
ishing, such as binding, lami-
nating and collating.

Gershan Major, chief execu-
tive of Caleb Enterprises, the

master license holding company .

for the Mail Boxes Etc. fran-
chise in the English-speaking

Caribbean, said: “We are in the

Winifred Giovanoli. : : , :
_ business of making life easier



TEACHING VACANCY

The Anglican Central Education Authority invites
applications from qualified Teachers for positions
available at St John’s College, St Anne’s School,
Freeport Anglican High School/Discovery Primary
School and St Andrew’s Anglican School, Exuma.

SECONDARY

Spanish
English Language/Literatur
Biology

Mathematic

Religious Studies
Physical Education:
Special Education
Librarian

Home Economics

Nurse

‘ PRIMARY
Upper Primary
Lower Primary
Kindergarten
Computer Studies

Only qualified Teachers, Nurse, with Bachelor or
Master Degrees from an accredited University or
‘College and Teaching Certificate need apply.

For further details and application forms, please contact
the Anglican Central Education Authority on Sands
Road at telephone (242) 322-3015/6/7.

Letters of application and/or completed application
forms with copies of required documents must be sent
by Friday, March 11, 2005 to the Anglican Education
Department addressed to:-

The Director of Education
Anglican Central Education Authority
P.O. Box N-656
Nassau, Bahamas

POSITION AVAILABLE

Caribbean Regional
Environment
Programme

Administrative
Assistant

The Caribbean Regional Environment

Programme (CREP) is seeking an

Administrative Assistant to provide

administrative support for the Andros

Conservancy and Trust and the CREP
Bie The position is based with ANCAT,
q in Fresh Creek, Andros.

| Skills/Qualifications

7 © Computer literate, especially Microsoft
Office Suite
¢ Minimum of 2-3 years experience in office f
f procedures, including performing basic
accounting tasks, operating office
equipment, and receptionist skills
s © Excellent oral and written
# communication skills
° Positive attitude and self motivated
© Excellent organisational skills and ability
f §=© to multitask
© Detail oriented and able to meet
deadlines
ye ay to maintain confidentiality of
records and information

Financed by the
European Union



Bahamas
Focat Point
Organizations



If you are interested in this exciting
| Opportunity please send resume, cover

letter & other supporting documentation

to: ;

# CREP Position
P.O. N4105
Nassau, Bahamas

OR: CREP Position
P.O. Box 23338

CARIFORUM
| Fresh Creek, Andros

Authorized by the
Caribbean Forum of ACP
States

Material may also be delivered by hand to
the CREP/ANCAT office, Fresh Creek, Andros
or by e-mail to: exancat@batelnet.bs

All applications must be received by
riday 11th March 2005.



- nesses in the country for over 20

for our customers. Mail Boxes
Etc. has a reputation for pro-
viding personalised and conve-
nient business solutions with
world-class customer service,
and we are committed to
upholding that reputation with
our newest franchised location
in the West Bay Shopping
Plaza.”

Neville Wisdom, minister of
Youth, Sports & Culture,
applauded the new owners of
Mail Boxes Etc, noting that the
2,000 new, local mail boxes
being introduced in the Cable
Beach area will go a long way to
facilitate the growing demand
and needs of residents in the
western area of New Provi-
dence.

Mears Ltd, a Bahamian fam-
ily enterprise, has been suc-
cessfully operating other busi-

years. Most recently, the family
has been key in distributing
Sherwin Williams paints and
products through Bahamas
Paint Depot.

There are now two indepen-
dently franchised and operated
Mail Boxes Etc locations in
Nassau, the other location being
in the Harbour Bay Shopping
Plaza, East Bay Street.

WAREHOUSE SPACE
TO SUBLEASE

* 2320 sq. ft. located on



Mt. Pleasant Avenue off Carib Road.

Please call Alice at 393-7020
for further information

vv WAR nroneleh ait) el || ath eet
that repairs left tot _.
WATCH REPAIR —
department for longer Teh 6 mo
will be sold to defray eo
Harare ected -tetiteh oh | -
Oi Celad sme Pele)

A growing Technology Solutions Provider is seeking to
employ a
Client Account Manager

The successful candidate should be self-motivated with
strong communication and networking skills. Experience
with technical products is not necessary as training will
be provided. However, the successful candidate should
have a proven track record in sales and marketing.

Responsibilities include: ~

Managing existing client accounts
Developing new clients

Selling and marketing products
Managing the Marketing Budget
Reporting to the Board of Directors

The successful candidate should have a Bachelors
Degree in business or science with a minimum of 2 years
experience in sales.

Remuneration and Benefits will include a competitive
salary, monthly bonus for meeting sales targets, car
allowance, group health and pension.

Please submit a resume to:-
Ms. J Forsythe, PO Box EE17034, Nassau, Bahamas
Or apply online at http://www.emagine.bs/cam

Closing date for applications is March 18th









i

Gershan Major, chief executive of Caleb Enterprises, the mas-',

ter license holding company for the Mail Boxes Etc. franchise in‘:

the English-speaking Caribbean, speaks at the opening of the |: -
West Bay Shopping Plaza outlet.

(Photo: Mario Duncanson)

The Chambers of Rolle, Newton & Co.,
Counsel & Attorneys-at-Law
has been relocated to

Suite 205B, Saffrey Square, Bay Street and Bank Lane, |
Nassau, Bahamas.



Tel: 325-8633/525-8645
Fax: 525-8658

| TRAIN FOR | vou |
\ professional; .
I S UCCESS ‘accredited \
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i [ a 2005! :or Diploma, |
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| | eea Fax: +44 2380 337200

I j 2@ ¢ <4 email: info@cambridgetraining.com |
: eb nee cambrldgeceliege ruta

NOTICE

TAKE NOTICE that LEROY JOHNSON late of Love :
Lane in the Island of Harbour Island one of the Islands of }
the Commonwealth of The Bahamas died on the 9th October |
A.D., 2003 domiciled in the Commonwealth of The Bahamas |
intestate leaving TERRY CASH JOHNSON, his widow |
and heir at law he surviving. At the date of his death, the +|
deceased left only a bank account at ScotiaBank (Bahamas) :
Ltd. in the Commonwealth of The Bahamas and had no !
other assets in the jurisdiction. Application has been made ;
to the said ScotiaBank (Bahamas) Ltd. to have the assets |
distributed pursuant to $.50 of the Supreme Court Act
without necessitating the Probate of the Estate within the °
Commonwealth of The Bahamas and the Bank has agreed ;
to do so provided the provisions of the Section are complied ;
with and accordingly, this is to advise that anyone having‘
a claim to an interest in the Estate of the deceased person
must within 3 months of the date hereof submit particulars :
of such claim in writing to the Bank herein before stated }
failing which the assets will be distributed by the Bank toi
the persons entitled on the intestacy of the deceased.’





i
i

DATED the 10th day of February A.D., 2005

JOHNSON & CO.
Attorneys for TERRY CASH JOHNSON
Personal Representative of the Estate
of LEROY JOHNSON



THE TRIBUNE BUSINESS

MARSHALL
ROAD

Lot #54, land size 42,130
sq. ft. with a masonry
building with eight inch
concrete block walls. The
front 2 units are 95%
complete.



Appraisal: $256,233.00

hi Heading west on Blue Hill Road, go pass the intersection of Cowpen and Blue
Hill Road, turn right onto Marshall Road (Adventure Learning Center Road),
follow road to the final curve before the beach. The subject property is about
100 feet on the right side, grey trimmed white with unfinished building attached.

MILLARS
HEIGHTS

Lot #7, block 7, contains
a seventeen year old
single storey duplex with
floor space of 1,533 sq.
ft. each apartment consist
of 2 bed, 1 bath,
living/dining and kitchen,
land size 7,500 sq. ft..
75x100.



Appraisal: $220,768.00

Traveling west on Carmichael Road, take the third corner on the left after
Carmichael Road Police Station, take the first right, then first left, Margaret
Street, property is the third on left, painted white with green doors.



ie

Rae,

Be

Be,



Lot #386, Vacant Land 12,000 sq. ft.



TWYNAM HEIGHTS”

(no picture available) -

MONDAY, FEBHUARY 28, ZUUD, FAGE /b5



FRELIA
SUBDIVISION

Lot #24, Land size 6,724
sq. ft. living area 1,223
sq. ft. consisting of 4
year old three bed, two
bath, living, dining,
kitchen and utility room.



Appraisal: $151,115.00

Driving west on Carmichael Road until you arrive at road by More FM, continue
driving north thru a series of curves in the road until you arrive to the double

post sign on the right hand side of the road turn right, house is 5th on right
white trim yellow. Subject property is flat and slightly below the level of the ;
roadway. This is a single family residential zoning. The building is about4 -
years old, with remedial work required.

GOLDEN GATES
#2

Lot #1490, section 2 with
a 25 year old single family
residence 2,480 sq. ft.
consisting of five
bedrooms, two
bathrooms, seperate
living and dining room
with a spacious kitchen,
lot size is 6,000 sq. ft.

Appraisal: $1 20,000.00

Property is at grade and level with adequate drainage, house situated. on road
knowns as “Donahue Road” which is on the southern side of Carmicheal.
Road..Last painted green trimmed white. Enclosed on one side with 5 ft., chain
link fencing and at the front with a low cement block wall with two driveways
and a walkway.



——

i: - ~ Appraisal: $110,000.00

site or building improvements.

Seth SERN?

TARPUM BAY

Commercial Building on
flat land building
consisting of 690 sq. ft.
accessed via main
Eleuthera highway
towards Rock Sound on
the northern side of the
street. Recently renovated
‘and painted, land 38.50
ft easterly, 34.50 feet
shoutherly, 38.50
westerly, 34.50 feet



northerly, lot 1,166.45 sq. ft., building 690 sq. ft.
Appraisal: $56,514.50

LOWER BOGUE

Lot #62, Eleuthera
Highway, lot of land
being 34,210 sa. ft., 10
year old single storey
home comprinsing of
four bedrooms, three
bathrooms, living room,
dining room, kitchen,
washroom and a double
car garage, the ‘toal
square footage is
approximately 2,997.81

sq. ft
Appraisal: $198,186.00 —







if Travel east on Prince Charles Drive untill you get to Super Value in Winton, turn right immediately east of Super Value and follow the road souoth for a third
it of a mile-property is on the left. Single family residential zoning. he land is on high level and not subjec to flooding. Presently the lot is overgrown with no

S77





BOILING HOLE

Lot #7, Boiling Hole
Subdivision, Governor’s
Harbour, Eleuthera,

- contains a single structure
duplex, lot size 80x125,
10,000 sq. ft. building size
55 x 27 sq. ft., apartment
building consists of two
units, two bedrooms, one
bath, kitchen, dinning and
living room.

Appraisal: $1 07,941.50

PALMETTO
POINT

Lot #14B & 7B north of
Ingraham Pond and
eastwardly of North
Palmetto Point, Lot of
land and improvement
commprising of 20,355
s q Pot:
resedential/commercial
development. The site
consist of a two soorey
sturcture compmrising of
three bedroom, two and a half bathroom, front room, dining room, famly room,
utility room, pantry, kitchen, stairwell, two car garage, attic, office. This structure
when completed, will house an intercom system to each room and basement
area the entire house will be central air conditoned.

Appraisal: mor: 363.00

| a _ eee eC Hae

to ...hlLU fae Mail @) on Clears el

elalilioy ye Ok:





PAGE 8B, MONDAY, FEBRUARY 28, 2005 THE TRIBUNE BUSINESS

ROYAL BANK OF CANADA - BAHAMAS BRANCH OPERATIONS

fs late yiniree

he LOANS - Net ;
BALANCE SHEET ; Loans consist of the following

Pod .
AS OF OCTOBER 31, 2004 : : : 2004 - 2003
(Expressed in Bahamian dollars) 7 . < :
: _, Mortgages... $ _ 23,378,765 $ 18,718,600
2004 2003 . 7. ‘*y. Personal loans et : 321,520,507 278,946,283
: Business loans . 395,126,300 395,429,139
ETS ; ; ; Non-accrual loans ; oe 20,176,920 24,309,863
Cash $ 16,966,614 $ 14,910,987 Soe eae 760,202,492 717,403,885
ieee ipsa TSK ge el oe es
e wi e Cen! 0: e Bahamas > 5 F . ee : . : ; 8.300,000' 8 310,267) -
Due from related parties (Note 11) 216,512,284 241,768,868 ae for credit losses ——(8:300,000) __(6,310.267)
Investments (Note 3) 130,381,313 107,832,882 egies S ; $_ 756,640,194 $ 712,402,829
" Loans - Net (Notes 4, 8, and 9) 756,640,194 712,402,829 Pere
Fixed assets - Net (Note 6) 16,971,038 17,897,863. ets te Loans casi as non-accrual represent 2.65% (2003: 3. Av) of the total loan portfolio.
Other assets 22,377,546 13,219,661 eS
Customers’ liability under acceptances, guarantees and See ae _Nowacera ee s (included above) consist of the following: .
letters of credit 25,876,272 24,297,959 ; 2003
TOTAL ._ $1,319,276,751 $1,202,972,609 in es ; :
Te LR Busines oo $ 7,061,922 $ 7,331,551
LIABILITIES ae . :Personal - ners , 12,812,344 ; 16,752,875
tee Monesee 302,654 225,437
Deposits (Notes 7, 8, 9 and 11) $1,133,742,499 $1,056,394,377 yeti oe pes, eae .
* Due to banks 24,500,606 18,366,810 seas, aeeee. ate. yi “i 20,176,920 ies
Due to related parties (Note 1) ; 113,917,215 . 86,688,827. eet Ee ras OE ; .
Cheques and other items in transit (Note 11) 19,733,565 15,916,145 PE ie ee ge ie cee
Other liabilities 1,506,594 - 1,308,491 is au ALLOWANCE F se CREDIT LOSSES
Acceptances, guarantees and letters of credit 25,876,272 24,297,959 = “Allowaase for credit losses écnbists of the following:
TOTAL . $1,319,276,751 $1,202,972,609 gee .
7 nn LER ES COPED te 7 2004 2003
See notes to balance sheet. : . Balance, beginning of year $ 8,310,267 $ 7,033,068
<<" Loans written-off © 7,090,183 4,999,001
The balance sheet was papnioved on behalf of Manse: on janes 31, 2005 and is signed onits ne eet ee ; ; ope ‘ 738 be ¢ 830 ae
behalf by: : _ Provision for ‘creditlosses, . _ 5,341,057 ___5,445,700 :
| | ) - Balance,end of year $_8,300,000 $_8,310,267
Ross McDonald , —— Lanny Wilson | SES Consating of . ,
Senior Vice-President ar Manager, Financial Control & Planning _ Soe a Loe : : : $ Een $ ne :
- General provision . LAs “e
sae . $_8,300,000 § 8,310,267
NOTES TO BALANCE SHEET ; Se ete at ee ee
eget In Bahamian dollers) * Allowince: for credit losses ‘eoratents 1.09% (2003: 1.16%) of the total loan portfolio and
— Al, 13% ee 34.18%) of the total non-accrual loans.
1. GENERAL

Royal Bank of Canada - Bahamas Branch Operations is a chartered bank operating under the cae . Aare Rerele doh ; a na
Bank Act of Canada, with branch operations in The Bahamas (the “Bank”). The ultimate on
parent company is Royal Bank of Canada, 200 Bay Street, Toronto, Canada which is referred
to as “head office” in the balance sheet. The Bank is licensed under the provisions of the

"y Fixed assets consist of the following:





Banks and Trust Companies Regulations Act 2000. The Bank is also licensed as an Tecate 2004 2003
‘ Authorized Dealer, pursuant to the Exchange Control Regulations Act. The Bank is globally a SEC
referred to as RBC - Royal Bank. ° ! 2004 and Net Book Net Book
. See Cost . Amortization Value Value
The Bank’s business activities include the acceptance of savings, term and demand deposits, UPS hn
the buying and selling of foreign currency, electronic banking, personal, commercial and Sook Land Laduaer |e $ 816,238 $ - $ - 816,238 $ 816,238
mortgage lending i in The Commonyeslta of The Bahamas. ; i ; Oy Buildings and improvements 13,239,926 5,398,247 eon 7,841 ,679 8,076,786
‘ ; "Leasehold premises . 6,231,439 4,669,924 1,561,515. 1,878,872
The average number of persons ctaploved by the Bank during the year was 517 (2003: 511). ee Furniture, fixtures and ‘
Mofo other equipment 14,80 803,271 10,224,772 4,578,499 5,013,319
; 2 - Computer equipment 10, "510, 514 8,514,139 1,996,375 ‘1,992, 478°
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES “--Nfotor vehicles ° : 391,597. 214,865 176,732 120,170 :
The balance sheet has been prepared in accordance with International Financial Reporting = 3 oo Ee ae $45,992,985 $29,021,947 $16,971,038 $17,897,863
Standards. The preparation of the balance sheet in conformity with International Financial aed Se de nana ea ee 2 :
Reporting Standards requires management to make estimates and assumptions that affect the oe Cost: 2003 Additions Disposals 2004
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at Pa SEI) Oh = SERED :
the date of the balance sheet. Actual results could differ from those estimates. eee Land ys $ 816,238 $ oe § - + $ 816,238.
o ote ae Buildings and. igi vere 13,039,993 199,933 - - =. 13,239,926 .
Significant accounting police: are as follows: .."s**. Leasehold premises: a 6,231,439 at gt - 6,231,439
- © "\s. Bumniture, fixtures.and’ :
a. Balance with The Central Bank of The Bahamas - The balance with The Central Bank = ERTS other equipment. 14,241,673 561,598 - 14,803,271
pfeThe Bahamas if pon ater t Bearing: “2 Computer equipment «9,678,114. 832,400 - 10,510,514
b. Due to/from. related parties - Balances and transactions with the Head Office and its ©. - Od Motor vehicles - ed Es ss eI jeer are 331 of.
consolidated subsidiaries are described in the balance sheet as due to/from related’ = $44,324,643 - $1,668,342 _- $45,992,985
parties, Page geet AEB s
ee : wae ae Depreciation
c. Investments - Investments are classified as available-for-sale. Investments are initialty pees Accumulated 3 4
recognized at cost and subsequently re-measured at fair value. - es Depreciation ia Amortization
d. Leans and allowance for credit losses - Loans are stated at principal plus accrued Pes Amortization: ey ee 2003 —- Expense’ _ Disposals 2004
interest less allowance for credit losses, Loans are placed on a non-accrual basis ra Z . :
whenever payment of principal and/or interest is ninety days past due or in the opinion eae Buildings and improvements A708 207 97 ee ee
of management there is some doubt as to the ultimate collectibility. ieee ‘Leasehold prema’ 4,352,567 317,357 aS eOOee et
. ; ; -.» .«. Fumiture, fixtures and :
Provisions for possible loan losses are charged against income and are based on Saas other equipment 9,228,354 996,418 - 10,224,772
Management’s estimate of accounts for which collection is doubtful. The provision for ’ Computer equipment 7,685,636 828,503 - 8,514,139
possible loan losses is increased by charges to operating expense net of recoveries. "Motor vehicles 197,016 17,849 _ 7 214,865
A loan is normally written off if it is contractually in arrears, no payment haa been nes : $26,426,780 $_2,595,167 Ss $29,021,947
received in the last 180 days and all collateral has been realized. ;
e. Fixed assets - Fixed assets are stated at cost less- accumulated depreciation and
aes | us | 7. DEPOSITS
f. Foreign currency translation - Assets and liabilities in other currencies have been i i i
: : : Deposit: t of the foll :
_ translated into Bahamian dollars at the appropriate rates of exchange prevailing as of eee, et oe
October 31, 2004. 2004 2003
g- | Acceptances, guarantees, and letters of credit - The contingent liability of the Bank Demand deposits . — 5; $ 420,748,936 $ 365,227,264
under acceptances, guarantees and letters of credit is recorded as a. liability in the Savings deposits 175,830,861 144,666,067
balance sheet. An offsetting asset is recorded to reflect the Bank’s recourse against Term deposits 533,860,589 542,551,561
customers in the case of a call on any of these commitments. Accrued interest payable 3,302,113 3,949,485
h. Related parties - Related parties include the head office, officers, directors and other $1,133,742,499 $1,056,394,377
companies with common ownership.
i. Assets and liabilities under administration - Assets and liabilities under administration 28 Bi MATURITY OF LOANS AND DEPOSITS
on behalf of clients are not included in the balance sheet. °
The maturity dates of loans fall into the following categories:
3. INVESTMENTS
; . : 2004 2003
Investments are classified as available-for-sale and consist of the following: . .
2 years or less $ 292,499,671 $ 222,812,186
2004 2003 es Over 2 years through 5 years : 141,553,171 141,576,271
ae Over 5 years through 10 years 212,084,789 244,134,953
Securities issued or guaranteed by The Bahamas Government: Over 10 years 114,064,861 108.880.475
: See cet
Treasury bills $ 32,119,313 $ 22,057,282 760,202,492 717,403,885
Registered pe rena pele 84,387,300 Accrued interest receivable , 4,737,702 3,309,211
Bducatenel Foam Aumont Bonet oo ae S " Allowance for credit losses (8,300,000) ___ (8,310,267)
Deposit Insurance Corporation Bonds 1,388;300. __1,388,300
; $_ 756,640,194 $ 712,402,829
$ 130,381,313 $ 107,832,882
: . ; The maturity dates of deposits fall into the following categories:
The maturity of investments is as follows:
be aes 2004 2003
2004 2003 aig Ue East! Me a eed ie AE ako Ds
: Sen ge nehe arleag $1,000,536,268 $ 807,581,553
1 year or less . $ 36,384,013 $ 22,354,890 Over 3 months through 2 years ; 129,904,118 244.863.339
Over 1 year through 5 years 20,908,800 22,599,800
Over 5 years through 10 years 14,025,400 16,599,100 Pathe 4 1,130,440,386. 1,052,444,892
Over 10 years 59,063,100 46,279,092 ee Accrued interest payable ___ 3,302,113 __ 3,949,485
$ 130,381,313 $ 107832882 = 9° 61,133, 782,492 $1,056,396377

alleen nee eeee



THE TRIBUNE BUSINESS

10.

11.

12.

CONCENTRATION OF LOANS AND DEPOSITS
Concentration of leans by customers’ account balance is as follows:

2004 % of Total 2003 % of Total



$0 - $100,000 $ 285,988,177 37.62% $ 267,325,001 37.26%
$100,001 - $300,000 75,222,037 9.90% 72,695,718 10.13%
$300,001 - $500,000 37,858,084 4.98% 28,376,716 3.96%
$500,001 and over 361,134,194 47.51% 349,006,450 48.65%

760,202,492 100.00% - 717,403,885 100.00%
Accrued interest receivable 4,737,702 3,309,211
Allowance for credit losses ~ (8,300,000) (8,310,267)

$ 756,640,194 $ 712,402,829

Concentration of deposits by customers’ account balance is as follows:

“2004 % of Total 2003 % of Total
$0 - $10,000 $ 112,268,046 9.93% $ 105,995,027 10.07%
$10,001 - $30,000 119,261,957 10.55% 115,420,715 10.97%
$30,001 - $50,000 72,392,356 6.40% 65,015,475 6.18%
$50,001 and over 826,518,027 73.11% 766,013,675 72.78%
1,130,440,386 100.00% 1,052,444,892 100.00%
Accrued interest payable 3,302,113 3,949,485
, $1,133,742,499 ! $1,056,394,377

PENSION PLAN

The Bank participates in a defined benefit group pension plan of Royal Bank of Canada.
Employees become eligible for membership in the Plan at age 25 on a contributory or non-
contributory basis. The Plan provides. pensions based on years of service and contribution, and .
average earnings at retirement.

‘

‘An actuarial valuation is performed each year to determine the present value of the accrued

pension benefits, based on projections of employees’ compensation levels to the time of
retirement. The latest actuarial valuation was carried out as at January 1, 2004 at which time
the actuarial value of the net assets was less than the actuarial present value of accrued pension
benefits. The head office has taken steps to eliminate the unfunded liability.

RELATED PARTY BALANCES AND TRANSACTIONS

a. Finance Corporation of Bahamas Ltd. (“Finco”), has a stand-by line of credit with the
Bank of $5.0 million (2003: $5.0 million), for which it pays a fee of 1/4. of 1% per
annum on the unutilized portion:

b. The Bank has a Service Level Agreement with Finco in the amount of $337,553 per
annum; additional fees are charged if special services not covered in the agreement are
required. During the year $401,248 (2003: $310,076) was collected i in connection to the
above.

‘c. Included in deposits are interest bearing deposits of $108,521,700 (2003: $80,590,580)
held on behalf of head office. é

d. Due from related parties - These balances bear interest at market rates.

Due to related parties - These balances are non-interest bearing and have no fixed terms
ofrepayment. .

e. Royal Bank of Canada - Bahamas Branch Operations provides cheque clearing services
to.a related party, FINCO, which is shown as cheques. and other items in transit at year

end of. $19,733 ,565 (2003: $15,916, 145). This balarite is non-interest bearing 2 and has .
no, fixed ‘terms ‘of repayment... Management. ds. of. the view that this amount will,



ultimately be settled in the normal course of business. ~“—

f. The Bank holds non-interest bearing demand deposits in the amount of $11,049,734
(2003: $16,120,867) for group companies.

CONTINGENCIES

Various legal proceedings are pending that challenge certain practices or actions of the Bank.
Many of these proceedings are loan-related and are in reaction to steps taken by the Bank to
collect delinquent loans and enforce rights in collateral securing such loans. Management
considers that the aggregate liability resulting from these proceedings will not be material.

13. COMMITMENTS

The Bank has the following commitments as of October 31, 2004:

‘a, The Bank is obligated under leases on premises, all of which are operating leases, and
on which the minimum annual rentals are approximately as follows:

2005 $1,307,502
2006 - 2012 $10,016,040

The annual rentals are to be re-negotiated as the lease agreements expire. On average,
most of the leases expire within four years, with one expiring’ in approximately 10 years.

b. Commitments for loans as at October 31, 2004 totaled $85,092,000 (2003:
$117,275,000).

MONDAY, FEBRUARY 28, 2005, PAGE 9B

!
c. The Bank is obligated under leases on computers, all of which are operating leases, and
on which the minimum annual rentals are approximately as follows:

2005 ; -$300,440
2006 - 2007 $600,880

All such leases are three year contracts.

14. FAIR VALUE OF FINANCIAL INSTRUMENTS

The estimated fair values represent values at which financial instruments could be exchanged
in a current transaction between willing parties. Wherever there is no available trading
market, fair values are estimated using appropriate valuation teshniques. The estimated fair
values of non-financial instruments, such as fixed assets, are not explained below.

The following methods and assumptions have been used in determining fair value:

Cash resources, other assets and other liabilities - Due to their short-term maturity, the
carrying values of these financial instruments are assumed to approximate their fair values.

_ Investments - The estimated fair values of investments are based on quoted market prices,
when available. If quoted market prices are not available, fair values are estimated using
quoted market prices of similar securities, or by appropriate valuation techniques.

Loans - For floating rate loans that. are subject to repricing within a short period of time, fair
values are assumed to be equal to the carrying values.

®
Deposits - The estimated fair values of deposits are assumed to be equal to their carrying
values.

15. CREDIT RISK

Credit risk is the risk that one party to a financial instrument will fail to perform their
obligation and cause the other party to incur a financial loss. ‘The Bank’s credit risk is
primarily attributable to loans receivable. The amount presented in the balance sheet is net of
an allowance for credit losses. The allowance for credit losses is maintained at a level that
management considers adequate to absorb identified credit-related losses in the portfolio as
well as losses that have been incurred, but are not yet identifiable. The allowance is
determined based on factors including the composition and quality of the portfolio, and
changes in economic conditions.

The credit risk on liquid funds and investments is limited because the counterparties are high-
quality institutions, including the Central Bank of The Bahamas and The Bahamas
Government.

The Bank’s credit risk is concentrated in The Bahamas and is spread over a number of
counterparties and customers.

16. . INTEREST RATE RISK’

Interest rate risk arises primarily from differences in the maturity or repricing dates of assets
and liabilities. Interest rate risk exposures, or.“‘gaps” may produce favourable or unfavourable
effects on interest margins depending on the nature of the gap and the direction of interest rate
movement and/or the expected volatility of those interest rates. When assets have a shorter
average maturity or repricing date than liabilities, an increase in interest rates has a positive
impact on net interest margins, and conversely, if more liabilities than assets mature or are
repriced in a particular time interval then a negative impact on net interest margins results.
Interest rate gaps are carefully monitored and interest sensitive assets and liabilities are
adjusted in accordance with changing market conditions. Interest rate risk to. the Bank is
significantly mitigated by the fact that the majority of the financial assets are floating rate
loans which are subject to repricing within a short period cf time.



Deloitte & Touche

Chartered Accountants

and Management Consultants
2nd Terrace, Centreville

INDEPENDENT AUDITORS’ REPORT __ P02 Box Noga2

Nassau, Bahamas

Tel: + 1 (242) 302-4800
| Fax: +1 (242) 322-3101 .
To the Management of http://www.deloitte.com.bs

Royal Bank of Canada - Bahamas Branch Operations:

We have audited the above balance sheet of Royal Bank of Canada - Bahamas Branch Operations
(the “Bank”) ‘as of October 31, 2004. The balance sheet is the responsibility of the Bank’s
management. Our responsibility is to express an opinion on the balance sheet based on our audit.

We condu¢ted our audit in accordance with International Standards on Auditing. Those Standards
require that we plan and perform the audit to obtain reasonable assurance about whether the balance
sheet is free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also includes assessing the

accounting principles used and significant estimates made by management, as well as evaluating the -

overall balance sheet presentation. We believe that our audit provides a reasonable basis for our
opinion. .

In our opinion, the balance sheet presents fairly, in all material respects, the financial position of the
Bank as of October 31, 2004 in accordance with International Financial Reporting Standards.

Dbile. ¢ Tok.

January 31, 2005

NTT a EIEN Cmca ks & Legal Notices

ni

The Tribune
cr tice

()2-2356







PAGE 10B, MONDAY, FEBRUARY 28, 2005 THE TRIBUNE;
LL

: if
‘FINANCE CORPORATION OF BAHAMAS LIMITED

‘BALANCE SHEET .
AS AT OCTOBER 31, 2004 . .
(Expressed in Bahamian dollars)

3. BALANCE WITH CENTRAL BANK

2004 2003
The Corporation’s statutory reserve account, which it has placed with the Central Bank - The
‘ ele ’ Bahamas, is non-interest bearing.
“! Cash $ 1,307,511 $ 1,316,993
"Demand deposits (Note 13) 11,849,394 11,223,174
Due from banks 35,420 2,983,609 4. INVESTMENTS .
Balance with Central Bank (Note 3) 20,816,877 18,406,575
Investments (Note 4) 27,477,309 24,538,166 Investments are classified as available-for-sale and consist of the following:
Loans - Net (Notes 6, 7, 9, 12 and 13) 461,907,755 415,868,325 ‘
Fixed assets - Net (Note 8) 2,453,072 2,33 1,660 2004 2003
Other assets 462,597 580,511 Securities issued or guaranteed by :
TOTAL $526,309,935 $47,249,013 The Bahamas Government:
ee eS ae ae Treasury bills $ 3,000,000 $ 2,000,000 .
' Registered stocks 22,679,500 20,778,300
LIABILITIES AND SHAREHOLDERS' EQUITY ; Penman "671.800 671.800
LIABILITIES Deposit Insurance Corporation bonds 658,300 658,300
Deposits (Notes 5, 9, 12 and 13) $442,582,173 $400,588,701 Total avesanients _ 27,009,600 24,108,400
Dividends payable 2,200,000 - Accrued interest thereon 467,709 429,766
Other liabilities (Note 13) 883,125 1,052,618 ee ee

$_ 27,477,309 §$ 24,538,166

Total liabilities 445,665,298 — 401,641,319

SHAREHOLDERS' EQUITY The maturity of investments is as follows:

Share capital (Note 11) 5,333,334 5,333,334

8
Share premium ’ 2,552,258 2,552,258 yet oles M200 oe
Over 1 year through 5 years 2,534,200 8,933,100
General reserve 500,000 500,000

sia : 72.259.045 67.222. 102 Over 5 years through 10 years 4,113,600 _ 25,900
Retained earnings 2,259, 222, Over 10 years 8,777,600 10,991,100
Total shareholders’ equity © 80,644,637 75,607,694 oe oe = ead aaa yee ae
; $ 27,009,600 $. 24,108,400
TOTAL $526,309,935 $477,249,013 ae ee

See notes to balance sheet. ae 5. DEPOSITS

The balance sheet was approved by the Board of Directors on December 6, 2004 and is signed on its Deposits consist of the following:

behalf by:
2004 2003
Demand deposits $ 22,360,348 $ 20,276,738
Gan fon F eeney, Wathanict Beneby Savings deposits 102,189,948 93,348,153
Director Director Term deposits 314,226,595 . 283,291,234
Accrued interest 3,805,282 3,672,576
$ 442,582,173 $ 400,588,701

NOTES TO BALANCE SHEET

AS AT OCTOBER 31, 2004

(With comparative figures.as at October 31, ae . 6. LOANS - Net

(Expressed in Bahamian dollars)

Loans consist of the following:

1. GENERAL 2004 2003
Finance Corporation of Bahamas Limited (the “Corporation”) is owned 75% by R.B.C. ‘Residential mongance $ 419,020,484 $ 375,675,235
Holdings (Bahamas) Limited which, in ‘turn, is ultimately a wholly-owned subsidiary of Royal Non-residential mortgages 29,298,394 29,096,102
Bank of Canada. The other 25% of the Corporation’s shares are owned by the Bahamian Government insured mortgages 5,746,927 6,595,502
public. Its registered office is located at Bahamas Financial Center, Charlotie Street, Nassau, Demand loans and overdrafts 8,612,720 6,092,873
Bahamas. The Corporation is incorporated in The Commonwealth of The Bahamas and is Staff morigages 4,011,869 3,024,351
licensed under the provisions of the Banks and Trust Companies Regulations Act 2000. The Staff demand loans 1,088,439 1,065,966
Corporation is also. licensed as an Authorized Dealer, pursuant to the Exchange Control Accrued interest 2,403,835 1,960,082
Regulations Act. oN Ge ieee Og eign ce

470,182,668 423,510,111
The Cuetee s business activities include the acceptance of savings, term and demand Less allowance for credit losses (Note 9) 8,274,913 7,641,786

deposits, the buying and selling of foreign currency, electronic banking, and mOriEAre ene

in The Commonwealth of The Bahamas.

The average number of staff employed by the Corporation a thé périod was 123 (2003:
121).

SIGNIFICANT ACCOUNTING POLICIES

The balance sheet has been prepared in accordance with International Financial Reporting
Standards. The preparation of the balance sheet in conformity with International Financial,
Reporting Standards requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at
the date of the balance sheet. Actual results could differ from those estimates.

The following is a summary of the significant accounting policies:
a. Investments - Investments are comprised of securities which the Corporation has both

the intent and the ability to hold until maturity and are carried at cost, plus accrued
interest.

b. Loans - Loans are stated net of an allowance for loan losses and unearned income,

which comprises unearned interest and unamortized loan fees.

Loans are classified as non-accrual when there is no longer reasonable assurance of the
timely collection of the full amount of principal or interest. Whenever a payment is 90

“ oh { , al

$ 461,907,755 ©

Non-accrual loans (included above) Cont of the following:

ors

Residential mortgages $ 16,668,646 $ 14,308,941
Non-residential mortgages 1,337,854 1,397,597
Government insured mortgages 157,878 282,358
Demand loans and overdrafts _____ 36,602 33,978

The aging of the Corporation’s non-accrual loans at October 31, 2004 is summarized

below:
Over three months to six months $ 5,167,819 28.40%
Over six months to one year 4,683,748 25.73%
_ Over one year 8,349,413 45.87%
: $ 18,200,980 100.00%

Loans classified as non-accrual represent 3.87% (2003: 3.78%) of the total loan portfolio.
Substantially all lending is collateralized with real estate, cash deposits or Government

guarantees.

ALLOWANCE FOR CREDIT LOSSES

Allowance for credit losses consists of the following:

days past due, loans are classified as non-accrual unless they are fully secured and

collection efforts are reasonably expected to result in repayment of debt within 180 days 2004 2003
past due. When a loan is identified as non-accrual, the accrual of interest is
discontinued and any previously accrued but unpaid interest on the loan is charged to the Balance, beginning of period a $ 7,641,786 $ 6,850,289
' Provision for credit losses. Interest received on non-accrual loans is credited ‘to the Provision for credit losses, net of recoveries 633,127 791,497
Allowance for loan losses on that loan. Non-accrual loans are returned to performing \
status when all amounts including interest have been collected, all charges for loan Balance, end of period . $_ 8,274,913 $__7,641,786
impairment have been reversed and the credit quality has improved such that there is , '
reasonable assurance of timely collection of principal and interest. Specific provisions $ 563,432 $ 393,860
. General provision “7,711,481 ___7,247,926
c. Allowance for credit losses - The allowance for credit losses is maintained at a level that
management considers adequate to absorb identified credit related losses in the portfolio $__ 8,274,913 $ 7,641,786

as well as losses that have been incurred, but are not yet identifiable. The allowance is
increased by the provision for credit losses, which is charged to income, and decreased
by the amount of charge-offs, net of recoveries.

Allowance for credit losses represents 1.8% (2003: 1.8%) of the total loan portfolio and 45%
(2003: 47%) of the total non-accrual loans.

The allowance is determined based on management’s identification and evaluation of
problem accounts, estimated probable losses that exist on the remaining portfolio, and 8.
other factors including the composition and quality of the portfolio, and changes in
economic conditions.

FIXED ASSETS - Net

Fixed assets consist of the following:

i. Specific provision Furniture
a “ es ee es a cee Land and Leasehold and
€ specific provision is maintained to absorb losses on both specifically buildings premises equipment Total
identified borrowers and other more homogeneous loans that have been :
recognized as non-accrual. COST: :
: At November 1, 2003 $1,101,680 $ 1,330,580 $3,122,373 $5,554,633
ii. General provision Additions - 182,337 340,714 = 523,051
Disposals Ar é - (33,017) (33,017)
The general provision represents the best estimate of probable losses within the =
portion of the portfolio that has not yet been specifically identified as non-accrual. At October 31, 2004 $1,101,680 $ 1,512,917 $3,430,070 $6,044,667
Management has decided, as a matter of policy, that a general allowance for credit
losses should amount to a minimum of 1% of loans outstanding. ACCUMULATED
DEPRECIATION:
d. Fixed assets - Fixed assets are stated at cost less accumulated depreciation and At November 1, 2003 $ 479,075 $ 504,301 $2,239,597 $3,222,973
amortization. Charge for the year 36,439 110,993 245,765 393,197
Disposals ot (24,575 24,575
e. Foreign currency translation - Assets and liabilities in other currencies have been .
translated into Bahamian dollars at the appropriate rates of exchange prevailing as of At October 31, 2004 $515,514 $615,294 $2,460,787 $3,591,595
October 31, 2004. CARRYING AMOUNT:
f. Related parties - Related parties include, the parent, the ultimate parent and companies At October 31, 2004 $ 586,166 $ 897,623 $ 969,283 $2,453,072
with common ownership together with their respective officers and directors. At October 31, 2003 $ 622,605 $ . 826,279 $ 882,776 $2,331,660



THE TRIBUNE BUSINESS

MATURITY OF LOANS AND DEPOSITS

The maturity dates of loans fall into the following categories: 7
2004 2003
3 months or less $ 7,452,112 $ 5,552,235
Over 3 months through 6 months 4,025,449 2,049,998
Over 6 months through 1 year 11,149,982 6,018,892
Over 1 year through 3 years 7,633,415 13,797,332
Over 3 years through 5 years 14,378,721 17,804,165
Over 5 years 423,139,154 376,327,407
; 467,778,833 421,550,029
- Accrued interest thereon 2,403,835 1,960,082
470,182,668 423,510,111
Less allowance for credit losses 8,274,913 7,641,786

$ 461,907,755 $ 415,868,325

The maturity dates of deposits fall into the following categories: .

2004 _ 2003 ,

3 months or less $ 295,701,723 $ 266,617,690
Over 3 months through 6 months 67,374,827 60,930,029
_ Over 6 months through 1 year 75,562,793 67,971,838
Over 1 year through 3 years 137,548 1,396,568
438,776,891 396,916,125
Accrued interest thereon 3,805,282 3,672,576

$ 442,582,173 $ 400,588,701

10. PENSION PLAN

q

LT Ue i ead Oe ER RNY SR ne ee ne te ee ee

Rn ne er nee ee mR RIN EM I FOS BEE AERP SEER SEIT ESE re en er NR TE HSE
oS AA PR NRE A TR eT RR Se pe e .

: are approximately as follows: Cumulative Interest Rate

; Sensitivity Gap $ 158,025,312 $ 93,660,700 $ 19,997,907_$ 24,893,459 _$ 37,810,559_S - $ ,
i I an
2005 $1,104,371 Average Yield - Earnings Assets 8.99% 1.69% 6.88% 7.25% 6.50% : 8.89%
‘ 2006 $1, 130,690 Average Yield - Paying Liabilities 3.69% 4.39% 434% 4.22% 0.00% 0.00% aone
i :

: The annual rentals are to be re-negotiated after 2006. Net Interest Margin 5.30% 3.30% 2.54% 3.03% 6.50% - 4.82%
, “ . ; : ot . Comparative 2003 5.17% 3.28% (4.57%) 2.51% 6.65% 2 448%
t b Mortgage commitments in the normal course of business amounting to $34,703,987 Sea ert ee
; (2003: $24,091,749). i el ‘

i

The Corporation participates in a defined benefit group pension plan of Royal Bank of Canada.
Employees become eligible for membership in the Plan at age 25 on a contributory or non-
contributory basis. The Plan provides pensions based on years of service, contribution to the
plan, and average earnings at retirement.

An actuarial valuation is performed each year to determine the present value of the accrued
pension benefits, based on projections of employees’ compensation levels to the time of
retirement. The latest actuarial valuation was carried out as at January 1, 2004 at which time
the actuarial value of the net assets exceeded the actuarial present value of accrued pension

benefits.

1. SHARE CAPITAL
Share capital consists of the following:

2004 2003
Authorized: so
27,500,000 common shares at par value B$0.20
Issued and fully paid:

26,666,670 common shares $ 5,333,334 $ 5,333,334

2. CONCENTRATION OF LOANS AND DEPOSITS
Concentration of loans by customers’ account balance is as follows:
2004 : 2003
$0 - $100,000 $ 241,361,015 51.60% $ 240,840,768 57.13%
$100,001 - $300,000 203,077,512 43.41% 161,914,519 38.41%
$300,001 - $500,000 15,128,515 3.23% 12,887,958 3.06%
$500,001 and over 8,211,791 1.76% 5,906,784 1.40%
-.. +s) 467,778,833 + 100.00% 421,550,029 100.00%
Accrued interest “2,403,835 1,960,082
470,182,668 493 Stott
Less allowance for
-credit losses 8,274,913 7,641,786
$ 461,907,755 . $ 415,868,325
Concentration of deposits by customers’ account balance is as follows:
2004 2003
$0 - $100,000 143,243,105 32.65% 172,173,967 43.38%
$100,001 - $300,000 82,133,221 18.72% - 57,796,119 14.56%
$300,001 - $500,000 37,486,566 8.54% 27,495,168 6.93%
$500,001 and over 175,913,999 40.09% 139,450,871 35.13%
438,776,891 100.00% : 396,916,125 100.00%
Accrued interest 3,805,282 3,672,576

$ 442,582,173 $ 400,588,701:

43. RELATED PARTY BALANCES AND TRANSACTIONS

a. The Corporation has established a $5 million overdraft facility at Royal Bank of Canada.
The facility is part of the Bank’s liquidity management contingency plan required by its
primary regulator. The facility is a standby arrangement to be utilized when the Bank
may experience short term illiquidity in its operations.

b. The Corporation has technical service and licence agreements with Royal Bank of
Canada. The Corporation is continuing to seek opportunities for outsourcing with its
parent to improve operational efficiency. :

A payable of $4,167 (2003: $59,340) related to this agreement is included in other
' Jiabilities.

-¢, All clearing accounts are maintained at the Royal Bank of Canada, which acts as a
clearing bank for the Corporation. The balance as at October 31, 2004 was $11,849,394
(2003: $11,223,174). These deposits are non-interest bearing and are held as a part of
the Corporation’s Statutory Reserve Requirement. The funds are also available: for

investments.

d. Loans include advances to directors and officers of the Corporation in the amount of
$902,692 (2003: $1,285,357). Some of the loans to officers (as well as those to
employees of the Corporation) are at preferential interest rates.. The Corporation waives
commitment fees on loans to its employees and to employees of related entities.
Employees of the Corporation receive concessions on certain fees and services from

Royal Bank of Canada.

o

e. Deposits include deposits from directors and officers in the amount of $348,578 (2003:

$477,978).

+

14. COMMITMENTS
The Corporation has the following commitments as of October 31, 2004:

a. The Corporation is obligated under non-cancellable leases on premises, all of which are
operating leases, expiring no later than 2006, and on which the minimum annual rentals

PAGE 40, MONDAY, FEBRUARY 25, 2005
seme eevee nga

15. CONTINGENCIES

MONDAY, FEBRUARY 28, 2005, PAGE 11B

t i: .
The Corporation has been named as defendant in various legal actibns and lawsuits. Although
the ultimate outcome of these actions cannot be ascertained at this time, it is the opinion of

management, after consultation with its legal counsel, that the resolution of such actions will
not have a material adverse effect on the balance sheet. ‘

16. OMVIDENDS

During the year, dividends were declared to shareholders of record as follows: =,

Cents per

Date share Amount

November 30, 2003 10 $ 2,666,669
November 30, 2003 3 800,000
February 28, 2004 11 2,933,333
May 31, 2004 11 2,933,333
August 31, 2004 11 2,933,333
Total dividends 46 $ 12,266,668

A dividend of 15 cents per share totaling $4,000,000 was declared to shareholders of record on aa ‘
November 30, 2004. This dividend has not been included in the balance sheet.

\

17. FAIR VALUE OF FINANCIAL INSTRUMENTS

The estimated fair values represent values at which financial instruments could be exchanged
in a current transaction between willing parties. Wherever there is no available trading
market, fair values are estimated using appropriate valuation methods.

The following methods and assumptions have been used in determining fair value of financial
instruments: :

a. Cash resources - The fair value of these instruments are assumed to approximate their
carrying values due to their short-term nature.

b.’ Investments - The fair value of investments approximate cost.

c. Loans - The rates of interest in the portfolio reflect market conditions and the carrying
amounts, net of allowance for credit losses, are assumed to reflect their fair value.

d. Deposits - Deposit liabilities payable on demand are assumed to equal their fair value.
Deposit liabilities payable after notice or.on a fixed date are at rates which - reflect
market conditions and are assumed to have fair values which approximate carrying
values. :

18. REGULATORY CAPITAL

The Corporation is subject to the regulatory capital requirements as defined by the Central
Bank of The Bahamas. The Central Bank requires the Corporation to maintain a minimum
Tier 1 and Total capital ratio of 4% and 8%, respectively. At October 31, 2004 the
Corporation’s Tier 1 and Total capital ratio was 38.01% and 38.25% respectively (2003:
35.62% and 35.86%). Y

—_————————

19. RISK MANAGEMENT .

‘There aré a number of risks that the Corporation manages on an ongoing basis. Among these
risks, the more significant are credit, operational, liquidity and interest rate risks.

Credit risk - Credit risk is the risk that one party to a financial instrument will fail to discharge
an obligation and cause the other party to incur a financial loss. The Corporation’s credit risk
is primarily attributable to loans receivable. The amount presented in the balance sheet is net
of an allowance, for, credit losses, estimated by the Corporation’s management based upon
prior experience and the current economic environment. ie

The credit risk on liquid funds and investments is limited because the counterparties are high-

'° quality institutions, including the ‘Central Bank of The Bahamas and The Bahamas
Government. The Corporation’s credit risk is concentrated in The Bahamas and is spread over
a number of counterparties and customers. :

x

Operational risk - Operational risk is the risk to earnings or capital arising from the possibility
that inadequate information systems, operational/transactional problems in service and product .
delivery, breaches in internal controls, fraud, failure to properly adjust to changes in the
operating complexities of the markets, or unforeseen catastrophes will result in unexpected
losses. These risks are mitigated by strong and robust internal policies and control procedures,
sound Corporate Governance oversight by the Corporation’s Board of Directors and its ultmate

parent.

" Liquidity risk - Liquidity risk arises from the fluctuation in cash flows. The Corporation’s
Liquidity Management policy ensures that the Corporation is able to honour its financial
commitments as they come due.

*

Interest rate risk - Interest rate risk arises primarily from differences in the maturity or
repricing dates of assets and liabilities. “Interest rate risk exposures, or “gaps” ‘may produce
favourable or unfavourable effects on interest margins depending on the nature of the gap and
the direction of interest rate movement and/or the expected volatility of those interest rates.
When assets have a shorter average maturity or repricing date than liabilities, an increase in
interest rates has a positive impact on net interest margins, and conversely, if more liabilities
than assets mature or are repriced in a particular time interval then a negative impact on net
interest margins results.

There is no developed derivative market in the domestic bank sector in The Bahamas to assist
the Corporation in managing interest rate risk. However, interest rate risk to the Corporation
is significant!y mitigated by the fact that the majority of the financial assets are floating rate
loans which are subject to repricing within a short period of time. The interest rate risk gap
shows more assets than liabilities repriced within three months, which is typical fora financial
institution with a large mortgage lending customer base for which the majority of the
mortgages have floating rates. The following table sets out the Corporation’s interest risk
exposure as of October 31, 2004 and represents the Corporation’s risk exposure at this point in

time only.

INTEREST RATE RISK (Continued)

Maturity or Repricing Date of Interest Sensitive Instruments as of October 31, 2004:

; Not Interest
Within 3 Mths. 3-6 Months 6-12 Months 1-5 Years Over 5 Years Rate Sensitive Total

ASSETS

Cash equivalents and statutory reserve accoun! $ - “$ - §$ - $° - $ - $ 34,009,203 $ 34,009,203
- Investments 5,159,400 2,000,000 1,900,000 5,033,100 12,917,100 467,709 27,477,309
3.56% 7.00% . 6.88% 7.25% 6.50% -
Loans 448,567,636 1,010,215 - - - 12,329,903 461,907,754
: 9.06% 9.06% - - - -—
Fixed assets - - - - - 2,453,072 2,453,072
- 462,597 462,597

Other assets ; - : : :

TOTAL : $ 453,727,036 $ 3,010,215 $ 1,900,000 $ 5,033,100 $ 12,917,100 $ 49,722,484 $ 526,309,935

LIABILITIES ;
_ Deposits $ 295,701,724 $ 67,374,827 $ 75,562,793 $ 137,548 $ - § 3,805,281 $ 442,582,173 —
3.69% 4.39% 4.34% 4.22% - -
Dividends payable - - - -, - 2,200,000 2,200,000
Other liabilities - - - 883,125 883,125

Shareholders’ equity ' - - ' : : - 80,644,637 80,644,637

$ 295,701,724 _$ 67,374,827_$ 75,562,793 _$__ 137,548 S____ = S_ 87,533,043 S$ 526,309,935







$ 158,025,312 $(64,364,612) $(73,662,793) $ 4,895,552__$ 12,917,100 _$ (37,810,559) $

Interest Rate Sensitivity Gap



We

PAGE 12B, MONDAY, FEBRUARY 28, 2005

Colina manager passes Series 7

INDEPENDENT AUDITORS’ REPORT

To the Shareholders of
Finance Corporation of Bahamas Limited:

We have audited the above balance sheet of Finance Corporation of Bahamas Limited (the “Corporation”) as
of October 31, 2004. The balance sheet is the responsibility of the Corporation’s management. Our
responsibility is to express an opinion on the balance sheet based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those Standards require that

we plan and perform the audit to obtain reasonable assurance about whether the balance sheet is free of _

material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the balance sheet. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall balance sheet presentation. We
believe that our audit provides a reasonable basis for our opinion.

In our opinion, the balance sheet presents fairly, in all material respects, the financial position of the
Corporation as of October 31, 2004 in accordance with International Financial Reporting Standards.

Rhele t Teche

December 6, 2004

Deloitte & Touche

Chartered Accountants

and Management Consultants
2nd Terrace, Centreville

P.O. Box N-7120

Nassau, Bahamas



GN-172

GOVERNMENT NOTICE
Ministry of Finance

ST. KITTS AND NEVIS _
PROSPECT POWER STATION

EXPANSION PROJECT

STATEMENT OF CAPABILITY:
CONSULTING SERVICES

The Nevis Electricity Company Limited (NEVLEC) has applied for a loan
from the Caribbean Development Bank (CDB) to assist in financing additional
generating capacity at the Prospect Power Station. The objective of the project
is to improve NEVLEC’s operational and reliability capability and cater-to-.:
projected demand for electricity on the island of Nevis.

NEVLEC invites the submission of Statements of Capability from consultants
or joint ventures of consultants interested in providing engineering consultancy
. and supervisory services during the period of project implementation which is
currently estimated as 12 months. Further details of the project can be obtained
from the first address below. In the assessment of submissions, consideration
will be given to the technical competence, qualifications and experience, local
and regional experience on similar assignments, financial capability and existing
commitments. All information shall be submitted in the English language.

Consultants shall be eligible for procurements if:

(a) In the case of a body corporate, it is legally incorporated or otherwise
organized in an eligible country, has its principal place of business in
an eligible country and is more than 50% beneficially owned by a citizen
or citizens and / or a bona fide resident or residents of an eligible country
or countries or by a body or bodies corporate meeting these requirements;

in the case of individuals and unincorporated firms, the person or persons
is or are a citizen or citizens or bona fide resident or residents or an
eligible country; and

in all cases, the Consultant has no arrangement and undertakes not to
make any arrangement whereby any substantial part of the net profits
or other tangible benefits of the contract will accrue or be paid to a
person not a citizen or bona fide resident of an eligible country.

Eligible countries are CDB Member countries.

Three copies of the Statement of Capability must be received by the General
Manager, NEVLEC at the first address below no later than 16:00 hours on
March 30, 2005 with one copy being sent simultaneously to CDB at the second
address below. The sealed envelopes containing the submission should include
the name and address of the applicants and should be clearly marked:

“STATEMENT OF CAPABILITY: ENGINEERING CONSULTING
SERVICES PROSPECT POWER STATION EXPANSION PROJECT”

Following assessment of the submissions, a shortest of between three and six
applicants will be provided with full terms of reference and invited to submit
technical and financial proposals to undertake the assignment. NEVLEC reserves
the right to accept or reject late applications or to cancel the present invitation
partially or in its entirety. It will not be bound to assign any reason for not
shortlisting any applicant and will not defray any costs incurred by any applicant
in the preparation and submission of statements.

(1) The General Manager
Nevis Electricity Company Limited
Pinney’s Commercial Site
Charlestown
Nevis |
Tel: (869) 469-0412
Fax: (869) 469-7249

Division Chief

Project Financing Division
Caribbean Development Bank
Wildey

St. Michael, Barbados

Tel: (246) 431-1600

Fax: (246) 426-7269







THE TRIBUNE?



Michael Cunningham, a senior manager with Colina Insurance Company, has passed the Seriesi7
broker/dealer exam administered by the New York Stock Exchange (NYSE) and the National Asso-
ciation of Securities Dealers (NASD).

Mr Cunningham trained for the examination with the Nassau-based National Association of Secu-
rities Training and Compliance (Nastac) Group. Sree i

He is pictured above right with the Nastac Group’s managing director, Reece Chipman.

Invent (From page 3B)

bune, Ms Warren said the
BFSB had taken the lead on
compiling a report on private
trust companids, along with the
Society of Trust and Estate
Practitioners (STEP) and the
Association of International
Banks and Trust Companies
(AIBT).

Initial findings have been sent
to members for comment, and
BESB officials are in the process
of finalising the report for sub-

LEGAL NOTICE |

hues a At

mission to the Government, the
Financial Services Consultative
Forum and the Central Bank of
the Bahamas, with the latter
group in discussions with indus-
try stakeholders for the last year
and a half on how a'private trust
company would function in the
Bahamas jurisdiction.

In its report on the "high-
lights" from last month's Finan-
‘cial Services Retreat at the Four
Seasons Emerald Bay Resort in



NOTICE

TRANSFORMING GROUP LIMITED

Notice is hereby given that in accordance with Section 137(4) of the
International Business Companies Act (No. 45 of 2000),
TRANSFORMING GROUP LIMITED has been dissolved and struck
off the Register according to the Certificate of Dissolution issued by the
Registrar General on the 17th day of February, 2005.

MR BADRI GOBECHIA
of 6 Kipshidze Str., App. 5,
Tbilisi 380030,
Republic of Georgia
Liquidator





POSITION AVAILABLE

Caribbean Regional
Environment |
Programme

COMMUNITY LIAISON

OFFICER

The Caribbean Regional Environment
Programme (CREP) is coe a
Community Liaison Officer (CLO). The



Financed by the
European Union

Bahamas
Focal Point
Organizations

BEST Commission

CARIFORUM
Authorized by the
Caribbean Forum of ACP
States ;

9

implemented by the
Caribbean Conservation
Association -

CLO will engage Andros communities
and other stakeholders in the CREP

| Project activities and provide support for
} th Pp

the poe Manager. The position is based
with CREP Project, in Fresh Creek,
Andros.

Skills Required

¢ Team player able to work with

communities throughout Andros

e Excellent oral and written
communication skills

¢ Willingness to travel and to work
outside normal hours when
necessary

e Awareness of environmental issues

would be an asset

Qualifications

e Familiar with the communities of

Andros

¢ Strong facilitation skills for
meetings and workshops

¢ Computer literate

® Ability to plan/ conduct

community meetings and

workshops

If you are interested in this exciting
opportunity please send resume, cover
letter & other supporting documentation
to:

CREP Position
P.O. N-4105
Nassau, Bahamas

OR: CREP Position
P.O. Box 23338

‘Fresh Creek, Andros

hand to the
CREP/ANCAT office, Fresh Creek, Andros or
by e-mail to: exancat@batelnet.bs

Material way also be delivered

All applications must be received by
Friday 11th March 2005



nee

Exuma, the BFSB said indus-
try growth opportunities must
increasingly reflect the sophis-
tication and competitive nature
of the global financial servicés
industry by undertaking
research projects to identify tax
compliant applications of
Bahamian products in identj-
fied markets. |
Ms Warren said the Bahamas
had a fairly broad array of prod-
ucts and the question was how
products in the Bahamas should

i interface withthe current. tax

compliant environment for

y) clients in key jurisdictions, _ |

With no formal structure or
presentation to guide them,
industry stakeholders are look-
ing for technical assistance, i
terms of which products to ro
out, and legislative seminars to
better equip themselves to pr¢-
vide the best service for clients
in certain jurisdictions. =

Other initiatives being looked
at to encourage growth oppor-
tunities that are both sophisti-
cated and competitive is the
move to increase the number
of financial institutions in the
Bahamas during a period
marked by industry consolida-
tion. eae sl

Sector leaders are. also

b
i





expected to secure the recogni-.

tion of ,all aspects of the
Bahamas' regulatory regime tp
mirror the improvement of the
regulatory framework for the
bank and trust industry, plus
the securities industry. > |

Another issue highlighted for

ongoing improvement was'the

ability of the Ministry of For-
eign Affairs and Consulate
offices to adequately promote
the financial services industry,
Ms Warren, who also serves
as the BFSB's executive direc-
tor, said the perception prior-to
2000 was that the industry
focused primarily on private
sector to private sector*com-
munication, such as institutions
to intermediary, or company to
client. he aa
After 2001, however, geopo-
litical factors have had a greater
impact on the performance of
financial services, with agencies
such as the International Mon-
etary Fund (IMF), the Organi;
sation for Economic Co-opera-
tion and Development
(OECD), and even individual
countries acting unilaterally in
regard to their citizens cross:
border business.
"There are many stakeholdr
ers that the Bahamas must now
proactively build a relationship
with, credibility with. We
believe the Ministry of Foreign
Affairs has an even greater role
to play and the theme from the
retreat is that we must continué
to build this sort of dialogue
with the Ministry of Foreign
Affairs and Consulates so they
are better aware of the industry
and we are able to provide
information to them more read;
ily, to assist them in promotin
the industry,” Ms Warren said;
Other areas that retreat par:
ticipants touched on during the
working sessions were thé
Bahamas Brand Redevelop;
ment, Professional Develop-
ment for Bahamians and Skills.
Acquisition. ‘



tithes INUAIVINE BYVOHVEOUO

WIVINVAY, FEDMNYUANY <6, cUUd, FAGE 1390





-.| MONDAY EVENING

FEBRUARY 28, 2005

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Let Charlie the
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his sidekick Derek put

some smiles on your

kids’s faces.

Bring your children to the
McHappy Hour at McDonald’s in
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from 3:30pm to 4:30pm during the
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En joy Great Food, Prizes and Lots of Fun.

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Doors open Tipm

Admission:



$7 w/ Movie Tickets
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BU Nr te

rAue 146, MUNUVAY, FEBRUARY 25, 2UUS



@ MEACHER ‘Pain’ Major (right)
wasted very little time inflicting
the pain on American Jeff ‘The
Executioner’ Skyler.

(Photo: Felipé Major/
Tribune Staff)

f By BRENT STUBBS
Senior Sports Reporter

MEACHER 'Pain' Major wasted very lit-
tle time inflicting the pain on American Jeff
"The Executioner’ Skyler.

Skyler, who suffered a four-round decision
to Ray Minus Jr back in the 1990s, was
pounded by Major, Minus' protégé, for two
rounds on Saturday night at the Wyndham
Nassau Resort & Crystal Palace Casino.

Skyler didn't answer the bell as Major
inked his sixth victory in nine fights in the
co-main event of First Class Promotions'
'A Night to Remember' show that saw
Jerome 'The Bahamian Bronze Bomber'
Ellis win the vacant Bahamas Junior Mid-
dleweight Title over Wilson 'Kid Wonder'
Theophile.

"I was sure that because Ray knew his
style, we had the edge over him," said
Major, who had Minus Jr as one of his cor-

nermen. "I just went out there and did what

they told me to do."

Major thanked the Lord, his cornermen,
parents and the huge crowd that showed up
to watch the show.



Former undisputed world heavyweight
champion Michael Moorer, who along with
trainer Anthony 'Chills' Wilson worked in
the corner with Minus Jr, said Major did
exactly what he had to do.

"If he continues to listen, he will be an
excellent tough fighter," said Moorer, who
helped train Major at their Warriors Boxing
Club in Fort Lauderdale.

Anthony 'Cougass' Major, Major's
younger brother, made his pro debut a suc-
cessful one after he stopped Ricardo 'One
Shot' Bethel 53 seconds into the second
round for technical knockout.

"I really went in there to have a lot of
fun, but it seemed as if he wanted to go to
war, so I took him to war," said Major, who
was all over Bethel from the opening bell.

Bethel got a standing eighth count in the
first from referee Gregory Storr, but in the
second, he couldn’t withstand the pressure
Major applied as he was pinned on the
ropes. '

In another short bout, Jerry ‘Big Daddy'
Butler stopped his opponent one minute
and 17 seconds in the second round to win
his first pro fight.

Butler was scheduled to fight James 'Kid
Freeport' Tynes but Tynes pulled out at the
weigh-in for medical reasons and ended up
working in Butler's corner.

"The fight was a good fight. I have to give
him the props for coming out to fight me,"
Butler stressed. "I thought I would end it a
little earlier in the ring, but J will take it."

Butler claims that his motto is: "Look
Who’s Back, Big Daddy". After losing his
pro debut in Canada a couple weeks ago,
Butler said he was hoping that his oppo-
nent would have given him a stiffer chal-
lenge.

The stiff challenge, however, came for
Jermaine 'Cho-Cho' Mackey as he had to
endure the full four rounds against Jamaican
Ricardo 'Ever Ready' Planter before he
pulled off an unanimous decision in the
Super Middleweight Division.

"IO came out to box and really show my
footwork, but the guy came out boxing and
holding," said Mackey, who was in control of
each round although Planter landed some
solid blows. "I like boxing, I like to show off,
I like to make you look bad, but he just
keep coming at me and holding me, so |

had to change my game plan and keeping
working at him," Mackey added.

Mackey said it was a good tune-up for
‘Marvellous’ Marvin Smith. The fighters are
scheduled to square off for Smith's title on
April 28.

After a two-year hiatus, Duran 'Hands
of Stone' Miller was back in the ring and he
was simply too much for Dencil 'Death'
Miller to handle.

After absorbing all he could in the first
round, Dencil Miller decided not to come
out for the second round. He pointed to a
cut on his hand that prevented him from
counter-punching Duran Miller.

"Death was a good fighter, but I was look-
ing to stop him in the first round because I
knew he was coming out wild," Duran Miller
stressed. "But I was being cautious and not
throw anything wild. I decided to wait until
the second after I hit him with a body shot
and he crunched. The referee called off the
fight," he added.

Not having a chance to see the cut on

Dencil's hand, Duran said his opponent was

just trying to make excuses for the punish-
ment he got.



rand Bahamian quarter milers shine



By BRENT STUBBS
Senior Sports Reporter

GRAND Bahamian quarter-milers
Andrae Williams and Michael Mat-
tieu shined for Texas Tech at the Big
12 Conference Indoor Track and
Field Championships.

“he duo are making their initial
scason with Texas Tech after trans-
ferring from two different colleges
during the off season.

Williams, who came over from
South Plains College where he won
two national titles, moved up to the
600 metres where he won the final

on Saturday at the Bob Devaney Cen-
tre in Lincoln, Nebraska.

The 21-year-old member of last
year's Olympic sixth place 4 x 400
relay team, ran one minute and 10.77
seconds to take section one and the
overall fastest time in the final.

His winning time matched the
1:10.71 that he clocked as the second
fastest qualifying time behind Kevin
Matai of Baylor in 1:10.62.

Mattieu, on the other hand, ran in
the 400. The 21-year-old Southwest
Christian College transfer won his
heat in 47.44 to lead all qualifiers in
the final.

However, Mattieu finished tied
with Darold Williamson of Baylor in
the same time of 47.44.

Williamson was given the victory
with Mattieu having to settle for sec-
ond.

Mattieu and Williams later teamed
up on Texas Tech's 4 x 400 relay team
that ran 3:07.42 for second behind
Baylor's winning time of 3:07.17.

While Mattieu ran the second leg,
Williams was on the anchor matched
against Williamson.

Texas Tech would go on to finish
fourth in the men's division with 76
points. Nebraska won the title with

132.

A number of other Bahamians also
competed in different meets around
the United States this weekend.
Among the list are the following:

BAIN REFLEXES MUSCLES

At the Southeast Championships
(SEC) at the University of Arkansas
- Randal Tyson Track, Chafree Bain
of the University of Alabama threw
the shot put 42-feet, | 1-inches for 12th
place. Candice Scott of Florida won
with a heave of 57-03.

Bain was also scheduled to com-

pete in the discus on Sunday, but the
result of that event was not available
until press time.

MARTIN IN JUMPS DOUBLE

And over at the 2005 Missouri Val-
ley Conference (MVC) Indoor Cham-
pionships at Carbondale, I]linios,
Donovette Martin popped 18-7 for
sixth place in the long jump. The win- |
ning mark was 20-8. Martin, compet-
ing for Southwest Missouri, also
cleared 38-9 for ninth place in the
triple jump. The winning mark was |
A1-7 1/4.



Chelsea beats Liverpool to
win English League Cup

ae.
| » Copyrighted Material
2. Syndicated |Content 1=2—

Available from COR meta) News Providers”.

'







MONDAY, FEBRUARY 28, 2005

SECTION

Fax: (242) 328-2398
E-Mail: sports@100jamz.com



MIAMI HERALD SPORTS





ji JEROME ‘Bahamian Bronze Bomber’
Ellis (left) takes a swing at Wilson ‘Kid
Wonder’ Theophile, who is shown
below in an ambulance just before
being driven to hospital.








(Photos by Felipé Major/







‘E By BRENT STUBBS
Senior Sports Reporter

IT was certainly a night to remember
as Jerome 'Bahamian Bronze Bomber'
Ellis snapped Wilson 'Kid Wonder'
Theophile's perfect record to win the
vacant Bahamas Junior Middleweight
Title.

The title was last held by Elisha
Obed back in the 1970s. Obed was on
hand at the Wyndham Nassau Resort
& Crystal Palace Casino where he got
a Standing ovation when he received a
relica of his World Boxing Council's
middleweight title from First Class Pro-
motions.

Theophile paid the price in 1 the ring
when he suffered a fractured jaw. He
had to be escorted in the ambulance
and taken to hospital for treatment.

Courtesy of two knockdowns in the
second round, Ellis jabbed his way to
an outpowering performance that had
Theophile countering with some big
blows before he couldn't take anymore
in the seventh.

He was checked out for the second
time in the fight by ring doctors Rickey
Davis and Munir Rashad, who deter-
mined that his jaw had taken enough
abuse.

"His jawbone was dislocated. It's
possible that it's broken. The bone
came out of place," said Davis, who
qave an early assessment of Wilson
after they instructed ring referee



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2005 Subway
February, 261i 2005.

Matthew Rolle to call off the fight.

Ellis, back home from his training
sessions in Florida with former world
champion Johnny Buttus, admitted that
the 12-round title bout was a little too
much for himself and Wilson in their
young careers.

"But I was the better fighter, I'm in
better shape and I had the experience
with the former world champion in my
corner, Johnny Buttus," a jubilant Ellis
stated with the new title belt around
his waist and a broad smile on his face.

"If I would have trained here and
fought him, we probably would have
gone 12 rounds. But I went away and
get sharp up, so I could make a hard
fight look so easy."

Effective

Improving his record to 7-2-1, the
Inagua native used his six-inch and
four-inch height advantage to pound
the more power packed Theophile with
an effective jab.

The younger Theophile, who didn't
fight anybody outside of the Bahamas
in his young pro career, also got caught

with a vicious flurry that stunned him in-

the third before Dr Davis rushed in
the ring to check him out.

Theophile survived the eight count -
his third in the match - before the
sound of the bell. He came back and
was much more aggressive in the
fourth.



Fun Run/



In the ring, Ellis slipped as the fans at
ringside went wild throwing money into
the ring. Once they resumed fighting,
Theophile continued the onslaught for
his best performance.

He continued to work his way inside,
attacking Ellis' head where he landed
some solid shots. But Ellis countered at
the end to keep the fans cheering.

Ellis seemingly caught his wind and
was able to pin Theophile on the ropes
in the fifth as he went to work on his
body. .

Both fighters then made it an inter-
esting sixth round as they went after
each other.

But after Rolle summoned the doc-
tors to the ring at the sound of the bell,
it signalled the end for Theophile as
Ellis began his celebrations. Although
this was his first fight schedule for more
than six rounds, Buttus, the former
world junior middleweight and
Olympic champion,.said he had Ellis
prepared to go 12 rounds if he had too.

"All I want to do is take it one step at
a time because it ain't over yet," a
proud Ellis proclaimed. "I've never
been this happy in all my life. I just
can't keep on smiling right now."

An excited Ellis said he's so confi-
dent in himself that he's prepared to
return to West Palm Beach and fight
again this weekend.

But he said he's looking forward to
taking on all local challengers to his
crown.







Tribune Staff)





oo



The Tribune

MONDAY, FEBRUARY 28, 2005

Government may be acting illegally in
paying out more than $8 million in redun-
dancy benefits to laid-off Royal Oasis
employees, Independent MP Tennyson
Wells told the House of Assembly last
week. Mr Wells has called on Attorney
General Alfred Sears to present an opinion
on the legality of government’s decision.
The decision to advance payment to dis-
placed workers is based on the under-
standing that the government will be reim-
bursed following the settlement of the insur-
ance claim by the Royal Oasis Insurers ...

Centre for Girls, who died in a fire in 2003, were the
result of an “accident with contribution of neglect”, the
Coroner’s Court ruled last week. Although satisfied with
the verdict, the mothers of the two girls said they hoped to
explore other legal avenues to bring justice to those they
believe to be responsible for their children’s deaths. The
seven-member jury returned after a two-hour deliberation
period to give their unanimous verdict in the inquest into
the deaths of 16-year-olds Anastacia Alexander and
Deshawn Ingraham. The two girls were rescued from a
blaze in the dorms.of the rehabilitative centre on October
24, 2003, but later died as a result of their burns ...

New day or false dawn?

College needs clearer strategy for future, say critics

A Roman Catholic woman
places her hand onto a stone
platform inside the Edicule,
thought by many Christians to
be the tomb of Jesus Christ,
within the Church of the Holy
Sepulchre in Jerusalem.



or many years now,
the College of the

The appointment of Harvard graduate Dr Rodney Smith as

Bahamas has failed
to fulfil its early
promise. Its critics
say a huge quantity of intellec-
tual energy has been squan-
dered wantonly on dark con-
spiracies and internecine war-

fare. And the ‘product’ - the .

academic health of its students -
has suffered badly, they claim.
The appointment of $120,000-
a-year Dr Rodney Smith as
president late last year was seen
_ by many as a fresh dawn, a time
for laying-aside old differences
.and-launching out anew. But,
they say, the sun has barely risen
since his arrival. Long shadows
still make life at COB less than
it ought to be...and the sugges-
tion of light on the horizon has
yet to bloom into a new day.
Now, according to campus
sources, there are signs that the
_ curse of modern business - the
cold, blank eye of the accoun-
tancy profession - is about to
exacerbate the college’s prob-
lems still further by sweeping
away some of its foreign staff,

undermining morale and jeop-.

_ ardising educational standards
in the process.

College council chairman
Frankly:. Wilson, a chartered
accountant turned highly suc-
cessful businessman, is now
being credited, or maybe
‘blamed?’ is a better word in the
eyes of some, for a proposed
streamlining scheme aimed at
getting “more bang for his
buck” at the Oakes Field cam-
pus.

The idea, according to
observers, is to achieve higher
productivity at less cost, with
the phasing out of slack prac-
_ tices across the board and an
: increase in lecturers’ student
contact hours. Though laudable
enough in itself, there is con-
cern that many of the people on
the way out are, in fact, the ones
who carry much of the class-
room workload, and that stu-
dents will be the ones to suffer
as the cuts take effect.

It’s a prospect that will do lit-
tle to ease tensions at Oakes
Field, where the perception of

under-achievement remains in
: spite of Mr Wilson’s earnest
. hopes and ambitions for an insti-
‘ tution which has never really
‘ achieved lift-off in its 30 years in
existence.

Reservations about Dr Smith,
an extremely well-qualified
Bahamian academic, surfaced

president of the College of the Bahamas was heralded as a
bright new beginning. But some faculty members are already |
wondering whether he can overcome the culture of intrigue

and confusion at the root of the college’s past failures.
INSIGHT repotts... |



@ THE College of the Bahamas (pictured) has failed to fulfil its early promise for many years now ...

even before he arrived back in
Nassau from the United States
to assume his post last fall.
There were rumblings in the
FNM that his background had
not been properly researched,
and demands that his appoint-
ment should be deferred until
all the loose ends had been tied
up.

There was also talk of a pos-
sible inability to adapt, with so
much of his career having been
spent in the relatively ordered
atmosphere of North American
academia. GOB, by comment
consent, offers a unique chal-
lenge, and there were doubts
that Dr Smith’s relatively
sophisticated background would
leave him sufficiently equipped
to meet the task head-on.

However, the new president’s
bold and buoyant opening
address to faculty seemed to
wipe away, at least temporarily,
the misgivings of the critics.
Here was a man, said his fans,
who knew where he was going
and how to get there.

Certainly, a firm hand was

* advertis sing * BST Atal)

needed. For years now, COB
has plunged and rolled on
uncertain seas. It required some-
one with a bold new vision to
cut a swathe into the future. Dr
Smith, according to his support-
ers, was just the man, with the
added advantage of being
Bahamian, and therefore alert

to the college’s often exasper-

ating peculiarities.

Now, alas, fears are develop-
ing that Dr Smith may not have
the resolve, or the clout, to
change the culture of a college
which, in spite of its consistent-
ly high faculty standards, con-
tinues to wallow in a mire of its
own making.

“There is still no sense of
direction, no sense of purpose,
and no real grasp of what is
required to make this institu-
tion get to where it needs to be,”
said one disgruntled lecturer.

“The victims are the students
who, in my book, are not get-
ting the kind of education they
need to make it elsewhere as
they try to build a future.”

Dr Smith, despite his impec-

* publice relations * TRE SL eTE ES

media pla HCG SHel

cable paper credentials, has yet
to prove he is the man to “cut
it” as a charismatic leader and
bold innovator. Already, say his
detractors, the culture shows

signs of swallowing him whole.’
And that is bad news for’a col-.

lege with ambitions of univer-
sity status in the next few years.

It must be said that, for every
campus source that laments
COB’s failings, there is at least
one other that promotes its
attributes. It would be wrong to
portray the college as a total
basket-case because there are
undoubtedly areas in which
highly skilled and dedicated staff
achieve excellent results.

There are also those who
believe Dr Smith needs more
time - a period of consolidation
- before being judged on his
ability to move the college for-
ward.

Those who support him say
he is an agreeable person with
an incisive mind. The doubters
feel he is already being engulfed
by the forces which made Dr
Higgs’ life such a misery during

his last three years.

From an outsider’s perspec-
tive, it is clear from even the
most cursory research that few
believe COB is anything like as
effective as it ought to be. And
the reasons for its inadequacies
are many and varied.

One of the most perplexing
characteristics of COB is its
“revolving door” policy for
recruiting and dispensing with
foreign lecturing staff.

Over many years now, well-
qualified expatriates have been
imported in a wide range of dis-
ciplines to add expertise and
gravitas to various college
departments.

Though remuneration is rela-

‘tively modest, the foreigners
have generally been more than ~

willing to infuse new enthusi-
asm and skill into the college

for the benefit of students in.

exchange for two or three-year
contracts.

The lure of the Bahamas -

See COB, Page 2C

BOLO eT A
aM vere laitoyn





“president

task forces had been set up

_ expatriate staff, Dr Smith

‘There will
be no
faculty

cuts’ says
college







COB president Dr Rodney
Smith has countered faculty
fears: of pending staff cut-
backs, saying the drive is
towards a bigger faculty and
more foreign students.

The suggestion that the
college intends to achieve a
net loss of staff “‘is definitely .
not the case,” he told The
Tribune. And he said cam-
pus morale was high as COB
headed towards university
status in 2007.

"The president said nine
















to examine every aspect of
the institution, including
degree programmes.

“We are going through the
annual review and looking at
all faculty,” he said, “this is
all part of the normal process,
but there is no effort on any-
one’s part to decrease facul-

99 é,














Dr Smith said he was
working flat-out on a two-
and-a-half year plan to
achieve university status by
the fall of 2007.

Despite fears among some





made it clear that foreign fac-
ulty were an important part
of the college’s future plans.

“We intend to increase the
diversity of the faculty and
bring in more foreign stu-
dents,” he added.

While accepting that anxi-
ety was inevitable at times of
change and transition, Dr
Smith said morale on cam-
pus was very high as COB |
moved towards its new role. |
Asked if he saw himself as |

See FACULTY, 2C |














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PAGE 2C, MONDAY, FEBRUARY 28, 2005

THE TRIBUNE



“OB (From page 1C)

and especially the sea and sun -
has been a powerful recruitment
device, especially for Europeans
and North Americans desper-
ate to escape the cold. They
arrive in Nassau full of high
hopes and enthusiasm.

But disillusionment quickly

sets in. This is based not just on,

the bitter realisation that the
salary package is inadequate giv-
en Nassau’s staggeringly high
living costs. It also has to do with
college attitudes. “It’s as though
quality is not actually wel-
comed,” said one baffled facul-

ty member who found that.

dynamism was resisted rather
than applauded.

“There seems to be a belief
among many established staff
that life is cosy so let’s keep it
that way. They don’t want



upstarts coming in with bright
new ideas because that might
mean more work for all.

“The slackness of some local
lecturers is appalling. They
come and go as they please and
seem to fit work around their
social and domestic arrange-
ments.

“I’m not suggesting this is true
of all staff, because it isn’t, but
there are people at COB who
do not perform anything like a
full day’s work for a full day’s
pay. One wonders why they are
not accountable. Why does no-
one take them in hand?”

Some staff see this year’s
pending cull of lecturers as a
cost-cutting measure which
could backfire badly. They
believe students will be left with
even less of a deal than they

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The situation is seen as dou-
bly puzzling because quality, or
lack of it, is evidently not the
yardstick by which contracts are
terminated. “In fact, it’s amazing
how many people are let go
because they appear to be good
at their jobs,” said one staff
member.

“People come here, get high
student assessments, show drive

and enthusiasm, and then fall.

foul of a senior colleague who
doesn’t appreciate their energy.
It’s the weirdest place I’ve ever
worked.”

This sense of bewilderment is
shared by some students who
have seen fine lecturers with a
real feel for their welfare
despatched without ceremony
or explanation. “I simply don’t
get it,” said one. “If someone’s
good, don’t we get to keep
them?” ,

With its $25 million-plus
budget, and a college “popula-
tion” of around 2,500, COB is
not exactly a money-spinner, or
even a cost-effective institution.
In fact, government subsidises
its activities to the tune of some
90 per cent. It is, therefore,
important that its returns can at
least be measured scholastically.

“Some parents use COB as a
holding college for their chil-
dren so they can save money,”
said one college source, “But
it’s important when COB stu-
dents move to other colleges
abroad that they are at the right
level.

“COB is basically a two-year
college where kids can learn
something towards the degrees

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they will receive elsewhere. But
it needs to be good, and the con-
cern today is whether it’s where
it needs to be. Most people
think not.”

In Dr Leon Higgs, the former
president, COB had a man
whose intentions were hon-
ourable and heartfelt. Howev-
er, campus sources believe he
was cruelly undermined by fel-
low administrators.

During his six-year tenure,
COB forever appeared to be
encumbered by conspiracies of
one kind or another. Dr Higgs
was ultimately depicted as too
kind, and too conciliatory, to

counter the plots thickening |

around him.

In Dr Smith, COB identified
a man used to networking in
leading US academic circles.
With his Harvard credentials,
he was seen as more of an
“international” figure than his
predecessor, whose humble

Andros origins led him to play.

hard on his affinity with poorer
students, an attitude which did
not sit well with some of his
class-concious senior staff.

In appointing Dr Smith, Mr
Wilson was, according to col-
lege sources, trying to create a

‘higher profile for COB abroad,

laying the groundwork for the
institution’s eventual emergence
as a fully-fledged university with
strong attachments to North
American colleges.

However, there are fears that
Mr Wilson’s towering presence
makes him the de facto presi-
dent, the man calling all the
shots, leaving Dr Smith with a
kind of vice-presidential role

amid a cadre of administrators
whose own ambitions have yet
to be fully realised. This is a sit-
uation he is not expected to tol-
erate for long.

As things stand, there is still
much faculty and student uncer-
tainty at COB, especially as yet
another raft of foreign staff pre-
pare to take their leave in an
atmosphere of puzzlement and
disbelief. -~

“Tt seems,” said one lecturer,
“that the foreigners are seen as
workhorses who carry the day-
to-day load while the locals talk
airily in high-flown terms about
the future of COB.

“However, because many of ©

these people are despatched for
seemingly no good reason, one
wonders whether there is actu-
ally a strategy in place, or
whether the college stumbles
from year to year with no clue
about its destination.”

If Mr Wilson can achieve a
leaner, fitter and more motivat-
ed institution, few will be able to
criticise him. But if this really is
his purpose, it could be that the
wrong people are being shown
the door.

What’s needed, according to
those claiming to be in the
know, is a total: reconstruction
job, a shake-up and shake-down
of unprecedented scale, a whole-
sale disposal of time-serving
deadwood.

It needs a realignment of atti- ©

tudes, a new sense of purpose,
an administrative upheaval to
break up the cliques and cadres
whose poisonous roots under-
mine everything the college is
trying to do.

MICHAELN
ANTHONY

wt hice 5

Seren

QV



“The real test is whether Wil-
son and Smith have what it
takes to put this place on track,”
said one faculty source. “many
of us personally doubt it, but
that is no cause for jubilation.

“Using and abusing foreign
staff, making them work in
uncongenial circumstances, is
poor policy for many reasons,
not least of which is that
Bahamian students need expo-
sure to other cultures as part of
their education.

“COB ought to be a wonder-
ful place to work. Academic
ability can only flourish when
there is an element of peace all
around. On this campus, there
always seems to be another cri-
sis afoot.”

Can the Wilson-Smith axis
achieve a renaissance at COB?
The jury is out, and a consensus
is still far off. But hope survives
among those who genuinely
have the college’s interests at
heart.

‘jin Nassau for the long haul,
Dr Smith said: “I am here to
get the job done and that job
is to achieve university sta-
tus.” He said he was enjoying
the challenge, as he enjoyed
every challenge.

There were some areas .
where he would like to move
a little faster, “but given how
much we have accomplished,
I think we are on target,” he
said.



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THE TRIBUNE



THE deaths of the two resi-
dents of the Williemae Pratt
Centre for Girls, who died in a
fire in 2003, were the result of
an “accident with contribution
of neglect”, the Coroner’s
Court ruled last week.

Although satisfied with the
verdict, the mothers of the two
girls said they hoped to
explore other legal avenues to
bring justice to those they
believe to be responsible for
their children’s deaths.

The seven-member jury
returned after a two-hour
deliberation period to give
their unanimous verdict in the
inquest into the deaths of 16-
year-olds Anastacia Alexan-
der and Deshawn Ingraham.

The two girls were rescued
from a blaze in the dorms of
the rehabilitative centre on
October 24; 2003, but later,
died as a result of their burns.

third girl, Shantia Minus,
was left seriously injured fol-
lowing the incident.

aeoksksk2k

GOVERNMENT may be
acting illegally in paying out
more than $8 million in redun-
dancy benefits to laid-off Roy-.
al Oasis employees, Indepen-
dent MP Tennyson Wells told
the House of Assembly last
week.

Mr Wells has called on
Attorney General Alfred
Sears to present an opinion on
the legality of government’s
decision.

The decision to advance



payment to displaced workers
is based on the understanding
that the government will be
reimbursed following the set-
tlement of the insurance claim
by the Royal Oasis Insurers.

Government has said that it
is willing to pay out some $8.4
million in redundancy benefits
once it is concluded and
agreed as to how much each
individual worker should be
awarded.

This will happen on the con-
dition that employees assign
their redundancy benefits to
government, as it waits for the
outcome of the final decision
as to what will happen with the

property.

He ot ae 2

THE young man shot during

_an alleged attempted robbery
ofa Village Road convenience



store more than a week ago
died last Wednesday from his

wounds in hospital.

Kalib Rose, 15, of Palm Tree
Avenue, was allegedly
involved in the attempted rob-
bery of Value Discount Store,
along with two other men, one
armed with a shotgun, on
Thursday, February 17.

The store’s owner William
Wong was manning the regis-
ter and pulled out his own
weapon, shooting one of. the
culprits in the neck. Police
reported that the three men
fled the scene but the person
shot collapsed on Village
Road, near the store. A shot-
gun was found near him, police

said.

Whether Kalib Rose intend-
ed to rob the store is a mys-
tery only Kalib can reveal, said
his mother Connie Smith dur-
ing an exclusive interview with
The Tribune last week.

ohok ek

SUPER Value workers last
week rejected union advances
and decided to continue man-
aging their own affairs, accord-
ing to the results of a vote held
last week.

The president of the Com-
mercial Stores, Supermarkets
and Warehouse Workers
Union, alleged that employees
were intimidated.and that bal-
lots were tampered with; how-
ever, monitors say there was
no evidence of irregularities.

_ According to news reports,
the unofficial final vote was
274 against unionisation and
50 in support of it.

It is believed that around 90
per cent of Super Value’s staff
came out to vote.

Super Value president
Rupert Roberts said the deci-

' sion has brought management
and workers closer together.

sk ok 2k ke

A COMMISSION of
Inquiry has found that the cap-
tains of the vessels, Sea Hauler
and the United Star, were to
blame for the deadly collision
in 2003 which took the lives of
four people and injured 25 oth-
ers, Transport and Aviation

Quotes of
the Week

“Two children were mur-
dered and I can only hope
that the demons who killed
them will suffer the same fate
of being locked up in a cell
and put fire to.”

— Phyllis Bowe, mother
of Anastacia Alexander, one
of two girls who died from
burns sustained in a fire at
the Williemae Pratt Centre
for Girls in 2003. A Coro-
ner’s Inquest ruled last week
that their deaths were the
result of an “accident with
contribution of neglect”.

“This will enable us to
serve the public even better.
This year, the Super Value
family will be celebrating its
40th anniversary, and the staff
have managed their own
affairs all of this time.

“Today they have decided
to continue managing their
own affairs without any out-
side help.”

— Super Value president
Rupert Roberts on the staff's
vote to reject union repre-
sentation at the chain of gro-
cery stores.

“The handling of both ves-
sels by their respective cap-
tains has been described as
seriously negligent” and the

incident was described as “a
dark day in the history of the
Bahamas.”

— Minister of Transport
and Aviation Glenys Han-
na-Martin reporting to the
House of Assembly on the

Comunission of Inquiry find- -

ings that the captains of the
Sea Hauler and United Star
were to blame for last year’s
deadly collision at sea.

“It is disastrous when an
investor does not meet its
responsibilities on a timely
basis. It is when the latter
occurs that a responsible gov-
ernment must move to pro-
tect its working citizenry
when those citizens cannot
meet their personal obliga-
tions because an investment
has failed.”

— Works and Utilities
Minister Bradley Roberts
announces government’s
decision to pay out more
than $8 million in redundan-
cy benefits to laid-off
employees of Royal Oasis in
Grand Bahama.

“Government is going to
use public money to pay off
private debt. This is unprece-
dented and I can’t see how
the Cabinet of this country

can sit down and do that.”

— Independent MP Ten-
nyson Wells on governmen-
t’s decision to pay out more
than $8 million in redundan-
cy benefits to laid-off
employees of Royal Oasis in
Grand Bahama.

“I can’t say he was
involved, and I can’t say he
wasn’t, All I know is what I
hear from the media, and
from negative people who are
saying all kinds of things. I
do not want my son’s death to
be made a mockery — he was
not some criminal. He was a
fifteen-year-old boy who was
well loved, well cared for and
had everything he ever want-
ed or needed.”

“He was a leader, he was
well liked and a bright per-
son. I am not saying he was
perfect, he was an adolescent
and that meant he had nor-
mal adolescent problems, but
nothing like what they say he
was involved in that day,
there was never any sign.”

— Connie Smith, mother
of Kalib Rolle on her son’s
death from a gunshot wound.
Kalib was allegedly involved
in an attempted robbery of a
Village Road store.

WEEK IN REVIEW —

MONDAY, FEBRUARY 28, 2005, PAGE 3U



HM MURDER ACCUSED — Kingsley Adderley (centre) on his way to court last week.

Minister Glenys Hanna-Martin
told the House of Assembly
last week.

After more than a year of
hearings and deliberations, the
report from the inquiry con-
cluded that the Sea Hauler had
on board eight times more
than the number of passengers
authorised by the Port Author-
ity, carrying probably as many
as 191 passengers and the
United Star as many as 31
without approval of any kind.

The report concluded that
both vessels were under-
manned, which impacted the
ability to keep a proper naviga-
tional watch.

The collision resulted from
the failure of the captain of each
ship to maintain navigational
watch at all material times.

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SUNDAY, FEBRUARY 27, 2005 | THE MIAMI HERALD









LIFE AND DEATH, SIDE BY SIDE: Workers cleaning a sewer line, above, find a skull amid the trash in Port-au-Prince.
Below, participants dance and chant at a ceremony: overseen by Vodou priest Monaude Pierre near the city.



-
-

ied
-

_ “Copyrighted Material

Syndicated Content
Available from Commercial News Providers”



Visitors are often surprised to find Haiti’s people are
> ou : not broken-down and despondent but instead

ui exuberant, proud —_.



STORY BY JOE MOZINGO/HERALD STAFF @ PHOTOS BY PETER ANDREW BOSCH/HERALD STAFF



ORT-AU-PRINCE— Haiti was in a
panic. President Jean-Bertrand Aristide
had fled the country days before. Men
fought in the street. Drivers blew over curbs
and highway medians in hysteria. Resentment,
~ rage and fear collided from all directions and
left corpses littered on the streets.

Father Rick, a priest and doctor from Con-
necticut, kept body bags in the cab of his
pickup. One morning, he came upon a man
splayed out half-naked on a road, his head
crushed by traffic. Passersby gave the body a
wincing glance. Drivers swerved around him.

With death such a personal act, his depar-
ture was so humiliating, so public — a father or
husband or son finishing his life as a mess to be
cleaned off the highway.

The priest knelt in the road and gave a
prayer, a strangely intimate break in the furor
of the day. Then he and his colleagues gently
put the man in a bag and lifted him over to the



ia Besse eS: SORES ie eae

ON THE BRINK: Urban violence upsets life even in isolated mountain

— side of the road. The morgue wasn’t function- . :
ing so there was nothing else to do. hamlets such as Gaudo, which struggle when prices for staples soar.
“At least everyone is not looking at him
now,” said Father Rick, as he drove away tohis — [NSIDE: QUESTIONS AND ANSWERS WITH AUTHOR DANIEL WHITMAN

°TURN TO HAITI HERALD.COM FOR MORE PHOTOS, CLICK ON TODAY’S EXTRAS





6C SUNDAY, FEBRUARY 27,2005



*HAITI

clinic in the slums. “I could
drive around all day picking
up bodies. It’s such a culture
of death here. It’s every-
where.”

Even now, a year after
Aristide entered exile, life
and death in Haiti remain
stripped of any insulation —
raw and entwined filaments
both terrifying and exhila-
rating.

Witness a Vodou cere-
mony late one night ina
decrepit building behind a
carwash in the capital.

A houngan priest breathes
fire from a Vodka bottle and
women in red dresses dance
and chant on the cracked-
earth floor as if they were
guided by one nervous sys-
tem, losing themselves to
the furious beat of the
drums. A generator rumbles
and rain pounds on the tin “”
roof as their dresses flare
and flicker like flames in a
ring of fire.

The energy pulses and
drops like a fever, and their
faces fill with fear, and then
playfulness and then rap-
ture, as one by one they
quiver and open up to the
spirits, the loas.

Visitors are often sur-
prised to find Haiti’s people
are not broken-down and
despondent — but instead
exuberant and proud and
hopeful.

They laugh hard, cry
hard, play hard. And they
perpetually feel their
blessed country will soon
emerge from centuries of
misery.

It is an infectious spirit.

“When you know your *
. day is full of nothing, you
find anything and you’re
jubilant,” said Father Rick.
“Here you could find an
absolutely cruddy piece of
plastic on the ground and
say, “This is my lucky day, I
can plug that hole in my
roof.’

“For all the physical emp-
tiness here, there is tremen-
dous spiritual and emotional
satisfaction. They’re alive in
a way that many people in
consumer cultures are not.”

In a shanty by Port-au-
Prince’s seaport, a little boy
with no pants or shoes glee-
fully flies a kite made ofa
shredded trash bag and
sticks. His mother watches
through a crack in the door.
The floor is wet from the
rains that routinely swamp
the area with mud and sew-
age. She nibbles a piece of
clay to calm the hunger and
give her baby some more
breast milk.

In the slum of Cité Soleil,
warring gangs turn a neigh-
borhood into a no-man’s
land. Burned houses line an
empty highway that no one
dares to use. Men are argu-
ing in the marketplace over-
looking the road. One is
threatening to pull a gun.

As the sun is dipping into
the bay, two paper-white
apparitions come down the
road. Everyone looks down
in awe.

The ghosts are in fact Bel-
gian missionaries, a elderly

INTERNATIONAL EDITION

6

. PHOTOS BY PETER ANDREW BOSCH/HERALD STAF
HEADING OFF TO WORK: A salt-pit digger pauses in his village outside Gonaives early last year.

Haitians proud, hopeful





IN THE CITY, IN THE COUNTRYSIDE: Top, hauling charcoal
from docks is one of the few ways to earn money in
Port-au-Prince’s Wharf Jérémie slum. Above, Lamaty
Cherrty, 85, bids farewell to Herald reporter Joe
Mozingo in the northern mountain village of Gaudo.

husband and wife out for an
afternoon stroll. The woman
wears a yellow dress. The
man wears a straw beach hat
and shorts and a big knife in
his belt.

He demonstrates how he
thwarted a thief the week
before. “I put my knife on
his neck and went, ‘excuse
me,’ ” he says.

“We have no problems

“here,” his wife adds. As they
walk on, the locals shake
their heads in disbelief, as

entertained as people get in
this part of town.
Downtown, a wedding
becomes a tragicomedy that
could send a first-world cou-
ple to marriage counseling
for the rest of their lives.
The groom is poor, from
the northern mountains.
Now living in the capital, he
has to pay for a wedding to
impress his bride’s family,
who suspects he might be a
deadbeat. He drives a jitney
and hustles for extra cash.





HERALD STAFF

By December, he has
everything set up. He bor-
rows anice black suit and
crisp, white shirt and has
them cleaned and pressed.
On the big day, he rents a

minivan from a friend and
. begins transporting his vast

extended family from vari-
ous suburbs to the crum-
bling old church downtown.
All goes smoothly until he
comes upon a roadblock of
armed men and burning
tires. He tries to turn around
but is trapped by other traf-
fic. He sighs, knowing this

- willnot end well..A kid with

a gun orders him and his rel-
atives out of the car. He
watches the minivan get
doused with gasoline and go
up in flames. . :

The gunmen let them go,
and he and his aunts run to
the church, several miles
away. They won’t be able to
pick up the rest of the fam-
ily. His mom and his sister
will have to miss out.

‘At the church, the bride’s
family gets to talking. Where

- is he? Is he going to ditch this

marriage? They nod know-
ingly. By the time he arrives
at the church — sweating
profusely, his white shirt
blackened by tire soot —
they have come to their con-
clusion: He is a loser.

The ceremony is a fiasco.
The bride and groom liter-
ally flee the church when it
was done. The reception is
canceled. The city is shut
down by gunmen.

When the family finally
gets together for a party two
days later, there is only one
thing they can do: howl and
cry in laughter.



pentane

CORPSE NEAR THE STREET: A passerby sees a body along the main road to Wharf
Jérémie. About a year ago, thugs near here ambushed a boat with 115 desperate
people ready to set sail for Miami; many passengers were gunned down.





As U.S. embassy spokes-
man in Port-au-Prince from
1999-2001, Daniel Whitman
closely observed the violence
and chaos that derailed Hai-
ti’s struggle for democracy. -
Whitman, now with the
State Department’s Africa
bureau in Washington, sees
then-President Jean-Ber-
trand Aristide as a populist-
turned-dictator who stole
the 2000 election and who
either allowed or directed his
armed supporters to intimi-
date and murder his critics

. and political opponents. It’s

a view he expresses in his
newly released book, A Haiti
Chronicle. ,

Herald Caribbean corre-
spondent Joe Mozingo inter-
viewed Whitman about
Aristide’s devolution from a
wildly popular priest who
ministered in the country’s
slums to the autocratic ruler
who was ousted Feb. 29,
2004.

Question: What’s the
relevance of this book to
someone trying to
understand the situation
in Haiti today?

Answer: Some of the
problems Haiti has today,
the provisional govern-
ment, random murders, a
climate of intimidation
where no one quite under-
stands who is doing it: I
hope the book creates a
context by showing how the
democratic process fell
apart.

Q: in your book you
paint a picture of Aristi-
de’s Lavalas Family party
as corrupt and murder-
ous. His supporters deny
everything.

A: In Haiti, you'll almost
never find hard evidence _
for Anything. But there are
indicators. For example, a
lot of criminal acts and
murders were committed in
the name of Lavalas. These
gangsters said they commit-
ted these crimes on behalf
of Lavalas. When asked yes
or no, do these people speak
for you, Aristide never had
an answer. He never said
yesorno. .

Q: But the book clearly
gives the impression that
the violence was directly
orchestrated by Aristide
and Lavalas. Is that your
view? :

A: Yes. We know that
Lavalas paid 200 or 300
troublemakers up to [$9
U.S.] a day. They were dis-
rupting life in the capital of
Port-au-Prince. I saw it. I
took pictures with my own
camera — police, ambu-
lances, trucks, distributing
rocks for rock throwing,
tires for tire burning. I was
an eyewitness to all this. My
office had a window onto a
part of the city that was |
very affected by these
things. There is hard evi-
dence for the government
of Haiti facilitating the ;
gangsters creating unrest in
the capital city.

Q: Did you see the
government delivering
guns?

A: NoI didn’t... There
was a group, Fanmi Selavi.
It was a place where young
boys lived and were sup-
ported by the Lavalas Party.
Street kids. Preadolescent.
We know they were being
trained to be paramilitaries.
I met a Swiss reporter who
was onto the story who was
told he must leave the coun-
try immediately or he’d be
killed... I never saw the
inside of the place. I knew
the address. But if you
knock on the door, you’re
dead. So I never did.

Q: If Aristide’s sup-
porters in the slums were
so well-armed and orga-
nized, as you write, how
did such a small group of
rebels overthrow him?

A: The people getting
paid by Lavalas to create
civil unrest, there were not
that many of them, 200 or
300. Now, in a country with
no functioning police and
no army, a few hundred
armed individuals can call

aa HE MIAMIRERALD



WITH AUTHOR
DANIEL
WHITMAN

the shots.

Q: Where would you
put Aristide in Haiti’s
pantheon of bad rulers?

A: Well, Aristide was
seen as a liberator. He was a
man of the people. He was
trained by Salesian monks
as a promising young child
with intellect. He had tre-»
mendous popular support
and support from the inter-
national community. Why
he turned against his own
people, as I believe he did, I
think you’d have to be a.
psychoanalyst to under-
stand.

‘Q@: Why didn’t the
White House do more to
help.

A: There were constant
statements saying, “Try to
do better.” I would argue
that these statements were
very bland and were not
strong enough to convince
the Haitian government
that they meant business.

Q@: Was this because
[President Bill] Clinton

_had such a vested inter-

est, having reinstalled
him (in 1994, following a
coup three years
before)? .

A: Tl let you draw your
own conclusion on that one.
I can’t say why the criticism
was never adequate as the
Lavalas regime became
more and more dictatorial.

Q: One of the claims in
the book is that the for-
eign media missed this
devolving situation in
Haiti.

A: Absolutely. The Hai- '
tians even have a word for it
in their language. It was
called the blackout. They
were very hurt, very per-
sonally and culturally
wounded. They believed
there was a policy of some
sort that prevented foreign
media from covering events
in their country.

I don’t think there was a
policy. But for example,
CNN, which has bureaus
around the world, including
Cuba, never had one in
Haiti. The Associated Press
was writing about the situa-
tion every day, and Ameri-
can and European newspa-
pers rarely picked the
stories up.

Q: You wrote fairly
positively about the
Democratic Conver-
gence, the political
opposition that helped
push Aristide out of
power.

A: Democratic Conver-
gence was the first alliance
of parties in Haitian history,
I think, where you had a
unified opposition. It’s real
democracy if there is an
opposition. Previously,
Haiti had various opposi-
tion, but only splintered and
fragmented.

Q: And also com-
pletely suppressed by
previous rulers.

A: Yes. .. The regime
would argue that the Con-
vergence were all reaction-
aries, right-wing bourgeois
trying to seize power for
their own benefit.

Q: Was there that ele-
ment?

A: There was. The Con-
vergence certainly included
a wide spectrum from the
very genuine people who
wanted to improve Haiti to,
certainly, individuals in it
for their own personal ben-
efit. The Convergence, did
they truly represent the
people of Haiti? I can’t say.
Many Haitians did not fee!
that Convergence repre-
sented them, but others did.

Q: Now that Aristide’s
gone, do you have any
sense of where the coun-
try is going today?

A: Only a fool would pre-
dict what’s going to happen
to Haiti.

Whitman’s book is avail-
able at orders@traf-
ford.com, bookstore@traf-
ford.com, or through the
Haiti Democracy Project at
haiti@haitipolicy.com. It
will be available on Ama-
zon.com within a few weeks.



ALBERTO IBARGUEN, PUBLISHER | TOM FIEDLER, EXECUTIVE EDITOR | JOE OGLESBY, EDITORIAL PAGE EDITOR

ELECTION REFORM





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SUNNY -

és WARM

Volume: 101 No.81



‘Needless’
killing boosts
murders to 11

By KILAH ROLLE
Tribune Staff Reporter

TWO armed men entered a
club on Deveaux Street on Fri-
day evening, robbed the estab-
lishment, aisd ‘before leaving

needlessly shot a 43-) car-oia
man in the head before. fleeing,
police said yesterday.

The murder of Bradley
Stevens, of Pinewood Gardens,

brings the country’s murder .

count up to 11 for the year.

Police reported that shortly
after 10pm, two armed men
entered Twilight Club, located
just off Market Street, “with the
intent to rob the establishment.”

According to their report,
after the men received “
undetermined amount” of cash
they started to flee on foot
when one of the men turned
around arg fired directly at Mr
Stevens, killing him.

“This is what has everyone
so puzzled,” said the club’s pro-
prietor Mr Hubert Smith Jr.
“There is no reason for it, the
guy just turned around and shot
him.”

Mr Smith said that in the
club’s fifty years of operation,
he nor his father, who operated
the neighbourhood club before
him, had ever been robbed.

He added that Mr Stevens
,had been a good friend who he
‘had known for more than 20
‘years, and frequently came to

the club to “unwind.”

According to Mr Smith, the
wifé of Mr Stevens visited the
club on Saturday to talk to him
and gét an idea of what had
happened to her husband. |

Mr Smith told-her afl he
Kutw, and said two young men
in hooded jackets came into the
club and said: “Gimme what
you have.”

Mr Smith did not.-have a cash
register, and he said one culprit
stood by the door and the other
came to the counter where Mr
Smith had the cash box he put
his earnings in. He said the cash
box did not contain a signifi-
cant amount of money because
of the early hour.

He explained to the wife that
her husband had not deserved
to die, and added that he is very
sad about the situation.

“I’m very distraught,” said
Mr Smith, “it’s just a different
generation, things have
changed.”

In response to the robbery, .

Mr Smith said he will have to
turn people away who he does
not recognise.

“If it means that I have to
turn people away, then that’s
what I will have to do.”

Police confirmed on Sunday
that they have one man in cus-
tody for questioning but, could

not confirm if the person would .

be charged. They said investi-
gations were continug.























n The Tribune

The Miami Herald Fe





BAHAMAS EDITION

MONDAY, FEBRUARY 28, 2005

PARAMEDICS attend a man found floating in the water off Potter’s Cay yesterday morning. Unfortunately,

Advertising that



















































the man was already dead - the second drowning victim found near the cay in recent weeks. See also

picture on Page Three.

Body ‘floating near ir bridge’

By PAUL G. TURNQUEST
Tribune Staff Reporter

THE body of a fully-clothed
man was found yesterday morn-
ing floating under the old Nas-
sau to Paradise Island bridge.

Police are investigating
whether there may be a link
with the discovery of another
body in similar circumstances
and in the same area a few

weeks ago.

Inspector Walter Evans said
the latest discovery is “similar”
to the one they had three weeks
ago when the body of 26-year-
old Delroy Pratt was found
floating in the water near Pot-
ter's Cay dock.

Mr Pratt was also discovered
fully-clothed in the sea. '

"Until sufficient information
has been gathered, we cannot

ma Islands’ Leading N

say if there is a direct link
between the two, but we are
investigating to see if anything is
similar to the first case. At this
point we can't rule anything out.

"We need to realise that we

are dealing with two separate .

incidents and take into connec-
tion all the facts. But at this
stage we can't really say much

SEE Page 15



anfbassador to
Bahathids Louis Harold
| Josepfiiyesterday.










DMM ONS een Oe

for you

PRIGE — 50¢

Plans to
monitor

Haitian

migration

By KILAH'ROLLE
Trib ne'Staff Reporter

a

‘PLANS aré*being made

between: Bahamian and
Haitian leaders to formu-

| late atfuture agreement to



monit® “i ie immigration
of Haffians into the
Bahatnas, revealed Haiti’s
the

These plans, however, are
not the priority of the Hait-
ian government, said
Ambassador Joseph, as the
Haitian government is
more concerned now with
establishing stability and
restoring democracy
through a democratic elec-
tion.

According to. Ambas-
sador Joseph there are
25,000 documented Hait-
ian citizens living in the
Bahamas.

When asked whether or
not he supported the
amount quoted by the US
Department of Homeland
‘Security Department that
there are more than 60,000
Haitians in the country, he
said that there is not
enough information avail-
able:to prove or disprove






the embassy for
passport because
ar they will lose

‘their 4 ‘claim to Bahamian

citizenship, “but according
to the constitution, when
they turn 18, they can
apply.”

“We only have the num-
bers of legal immigrants by
passport application,” he
continued, “but we don’t

SEE Page 15
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PAGE 2, MONDAY, FEBRUARY 28, 2005

THE TRIBUNE



LOCAL NEWS



Man in van ‘tried

By KILAH ROLLE
Tribune Staff Reporter

POLICE arrested a num-
ber of people for firearm

the vehicle.
Instead of complying,

‘police say the man jumped

in the car and tried to run

' the two police officers over.

Alley off Kemp Road who
they claim was acting suspi-
ciously. A search of the
young man revealed a pistol
and 10 live rounds of ammu-

to run Over two
police officers’

armed men entered a shoe
store called Shoe Creations
on Balfour Avenue and
forced the cashier to hand
over an undisclosed amount

d suspicious
No Banks Involved* Posse ss10 ee the eeskend The officers shot at the vehi- nition. Police say he will be of cash ie res in a grey
They also arrested a man cle. arraigned early this week. onda vehicle.

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for attempting to run over

two officers in his vehicle.
Early on Saturday morn-
ing, two policemen respond-
ed to reports of a man acting
suspiciously on Bethel
Avenue. Just after 5am the
police spotted the man and
according to their reports, he
was walking down the street
without a shirt and sweating
profusely. Just after Sam, as
the man was entering a Hon-
da vehicle, the police
requested that he step out of

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A second unit was called
in to assist and together the
officers, in the area of Dol-

phin Drive, were able to

intercept and apprehend the
suspect, who they say is a
resident of Second Street in
The Grove.

Another man was arrest-
ed early Saturday morning,
around 12am, after police on
patrol in the Englerston area
observed a man acting sus-
piciously. They approached
him and found a BB’ gun
stuck in the waist of his pants
pocket. He is a 22-year-old
resident of Wulff Road.

At 10.20 Saturday evening,
police arrested a 21-year-old
Jamaican national on Balls



Wedding
theme for
hotel’s
fashion

WEDDING bells rang out at
the British Colonial Hilton
yesterday as scores of models
at the hotel showed off its
2005 wedding packages for
those looking to walk down
the aisle this year. In addition
to gowns, models displayed

_ honeymoon outfits and gen-

eral wear.
- Photo: Mario Duncanson

Police also made several
firearm arrests on Friday
afternoon beginning in a pri-
vate home on Wood Street,
Ridgeland Park.

After executing a search

- warrant that afternoon;

police discovered a 9mm pis-
tol and five live rounds of

ammunition in the home. .

Two 25-year-old men have

been arrested and will be:

arraigned this week before

the courts in connection with

the firearm possession.

Ten minutes after that inci-
dent, around 12.20pm, a con-
cerned citizen found and
turned into the police a pistol

» with live rounds.

Later that afternoon an

The following afternoon
an armed man robbed the"
Paint Depot on Mount Roy-

’ al Avenue. Police described
his complexion as dark and

said after the man received
the cash he locked two
employees of the depot into
the bathroom. Just before
leaving he also managed to
snatch the necklace off a
female customer.

Another arrest was made:

that afternoon in connection

with firearm possession on
First street in The Grove.
After. searching a suspect
officers discovered a 9mm

. pistol with five live rounds.

The suspect is a resident of
Ridgeland Park. $



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THE TRIBUNE

MONDAY, FEBRUARY 28, 2005, PAGE 3
LOCAL NEWS





A MAN’S BODY, found in the water near the pier of the old bridge at Potters Cay Dock yesterday morning around nine am,



is wheeled away from the scene. See story on Page One.



Mitchell urges move to
‘aribbean single marke

‘

By KILAH ROLLE
Tribune Staff Reporter

THE TIME for dialogue has end-
ed and the country must make
the move to join the Caribbean
Single Market and Economy
(CSME), according to Fred
Mitchell, the Minister of Foreign
Affairs and Public Service.

At the launch of a public dia-
logue on the subject, Mr Mitchell
‘told the Civil Society last week
that the decision to join the
CSME would lead to a‘crucial
Peopolitical relationship..

“It seems to me that the course
is clear,” said Mr Mitchell. “We
ought to reaffirm what we already
are in practice - a part of the Cari-
com family.”

In addition to the co-operation
the Bahamas has with the
Caribbean community in areas
such as health, tourism, business,
education and foreign policy, he
said signing on to the new Treaty
of Chaguramus will “put the offi-
cial seal on what we do already.”
The expert in foreign affairs said
that currently all the region’s deci-
sions particularly in the banking
and insurance industry are being
carried out in the capitals of Bar-
bados, Trinidad and Tobago, and
Jamaica.

“T believe that it is in part
because of the country's inability
to embrace the opportunities
inherent in a regional movement

_ that the important centres of deci-
sion making have all fled to the
southern Caribbean,” said Mr
Mitchell. “It is time to reverse
that trend.”

Over the past two years, several
areas of the main treaty have
been identified and according to
Mr Mitchell, may require some
modification in order to suit the
needs of the Bahamas, which he
said is more dependent than any
other on the revenue from cus-
toms duties.

The principal concern he
thought the treaty might pose is
the demand for free movement
of people.

“But at the same time that there
is a reservation on that point, it
must be recognised that in fact
the Bahamas does today very
much embrace the principle,”
explained Mr Mitchell. “The
dynamism of our economy
attracts more Caricom nationals
to this country than any other in
the region.”

This attraction, said Mr Mitchell,
has created a work permit regime
that earns a revenue of more than
$20 million each year.

Another concern identified is
the required participation in the
Caribbean Court of Justice on its
appellate side.

“One must hasten to prepare
for the day when the British
decide to abolish the Privy Coun-
cil,” advised Mr Mitchell.

“Another area is that of any com-

_ TROPICAL
sea

PEST CONTROL



mitment to monetary union,
although in fact that is not part of
the existing structure of Caricom
at the moment.”

He said another important issue
for Bahamians is the decision of a
common external tariff (CET).
The CET is a bar that will be set
for the level of tax at which
goods will enter the Bahamas and
Mr Mitchell said that the CET is
currently ‘lower than the
Bahamas’ present average rate.

“The adjustment of that rate has
revenue implications,” he added.
“The requirement must thembe
for transition provisions’ over a
long time to the required level.
It may also mean the migration to
a system of Value Added Tax.
The Ministry of Finance is, of
course, studying these issues.”

Mr Mitchell said the decision to
join CSME will require great
leadership on the part of politi-
cians, but it is not a matter to be

afraid of. He said it is a choice he

looks forward to contributing dis-
cussions to and said the country
can benefit by embarking on rules
based on a system of trade.
“Now it is possible for this to
be polluted by prejudice and
emotion, but what I am appealing

‘to is rationality,” Mr Mitchell

insisted.

“We cannot continue to box
out business people, denying
them the opportunities for
wealth enhancement by
increased opportunities
throughout the region, not just
confined to the single market
and economy which is the
Bahamas, but a single market
and economy which includes the
Bahamas and the other millions
of people who live in this region.

“I look forward to the discus-
sions, and out of this is to come
a white paper for the approval
of the Cabinet and the consid-
eration of the public,” he said.













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THE TRIBUNE .

PAGE 4, MONDAY, FEBRUARY 28, 2005



EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited | Tnoraham
should not

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

TELEPHONES

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

Switchboard (News, Circulation and Advertising) 322-1986

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Circulation Department - (242) 502-2387

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Freeport fax: (242) 352-9348

be leader

HERR VE watched and listened

attentively over the recent
weeks to those persons who
personally benefited from for-
mer Prime Minister Hubert

Alexander Ingraham’s reign of -

10 years from August 1992 to
May 2002. They who now stand

again the most to gain by his.

return have been promoting the
view that he should return to
the leadership of the FNM and
take the party into the next gen-
eral election in 2007.

I don’t think anyone could
say it better than Ingraham him-

~ self “enough is enough” and “I

mean what I say and say what I
mean”. These statements cap-
ture the essences of the fact that
Ingraham had his day as he
rightly deserved and now it’s
someone else’s time. He said
that 10 years was more than
enough time for anyone to serve
in the capacity as Prime Minis-
ter and that Pindling was in
office too long. He even went
further to ask if only Pindling
one thought his Ma born child








LETTERS
letters@triounemecia.net

what could be Prime Minister.
Now Mr Ingraham the time has

-come to be honourable and tell

your boys they must allow you

to be honourable and live up toâ„¢

your word because most
Bahamians thought you made

' sense.

This is not the time for you to
be thinking about coming back
it’s now time for you to leave
while the leaving is good.

- The Truth be told Mr Ingra-
ham you know that you no
longer command the support
nor the affection of the majori-

ty of rank and file FNMs, FNMs

feel betrayed and used by you
some-even feel as thou you
were working with the PLP to
secure their defeat simply
because they did not want you
any longer. You check the
record to see how many FNMs

voted PLP in the last election —

just to make sure that you were
not even near the seat of power.

Should by some miraculous
means Mr Ingraham were to
become leader of the FNM
again the party could write its
obituary because I think that
that is formula for the FNM’s
destruction. I am more than cer-

_tain that Mr Ingraham knows

it in his gut, in his heart of.

hearts; and-deep- dow1 in-his:

soul that he just can’t win. If

_there ever was a time that he

needed to have that good old
courage he showed when he:
independently fought the PLP
in the House back in the late
80’s and early 90’s it’s now. He
must stop this charade and call
in the dogs or suffer a humiliat-
ing defeat if not first at-the
FNM convention then surely at
the polls in 2007.: Remember
Pindling in °97, he only got five -
seats - you, my brother, would
not winone.

A word to the wise I believe
is sufficient.

MR OBAMMA _—
Nassau,
February 15, 2005.

ame airport

“Copyrighted Material
Syndicated Content

Available from Commercial News Providers”

auto





EDITOR, The Tribune.

A FEW WEEKS ago we had the
pleasure of listening to a lecture
by Sir Arthur Foulkes on the

- “Life and Times of Sir Milo But-

ler” at St Matthew’s Church.
What struck us, and why we are

writing, is the realization how.

more than one great Bahamian
contributed to the freedoms and
privileges we enjoy in today’s
Bahamas.

Sir Milo was one of them and

he was fighting since the 1930s, °

long before the PLP started. Sir
Lynden Pindling and the others
came along in the 1950s and
delivered the final blow, along
with Sir Milo, that brought in
majority rule.‘As Sir Arthur said,
Sir Milo was the one constant

Deliverance Chu reh

treet South

ee Beg

presence in the progressive _
movement throughout those

years.

As Father Sebastian Campbell .

says, we must not allow Sir Milo
(and the others) to go into obscu-
rity. So we humbly suggest that
instead of naming the airport
after Sir Lynden, we name it
after Sir Milo Butler.

Due respect to Sir Lynden for
his leadership to majority rule
and independence but we don’t
have to name everything after
him.

Also, to name our international
airport after him would cause
the foreign press to dig up all
that stuff about “Nation For
Sale” and after the commission
of inquiry no-one can deny that
Sir Lynden brought much shame
to the country and did much

after Sir Milo



damage in’ later years. cs

Sir Arthur said Sir Milo was
fatherly towards members of the
opposition FNM as well as the
PLP. We think he is a better
father figure than Sir Lynden
and we will not have to be for-
ever defending him internation-
ally.

I hope Prime Minister Christie
can see the wisdom in naming
the airport after him. It would
be a unifying thing in these times
and send a better message.

As we honour others we will
have a more complete view of
our history.

THE WATCHMEN
Nassau,
February 17, 2005.

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THE TRIBUNE



MONDAY, FEBRUARY 28, 2005, PAGE 5





PRIME MINISTER Perry
Christie travelled to Jamaica on
Sunday for 'Bahamas Week'
celebrated by Bahamian stu-
dents there. Last year, Mr
Christie promised the students,
who had been airlifted home to
safety from the hurricanes, that
he would visit them during this
week.

Mr Christie has been accom-
panied by Minister of Foreign
Affairs and the Public Service
Fred Mitchell.

The Bahamas Week celebra-
tions begins on the Mona Cam-
pus of the University of the
West Indies in Kingston.
Bahamian students from other
institutions in Jamaica will also
attend the events. The Prime
Minister will return to the coun-
try later today.

Immigrants ‘round-up’
thwarted by tip-off

By PAUL G. TURNQUEST
Tribune Staff Reporter

THE Minister of Labour
and Immigration Vincent Peet
says a tip-off warning illegal
immigrants in North
Eleuthera last week that raids
were about to be conducted
by immigration officials is
“seriously being looked at.”

According to the minister,
measures are being put in
place to ensure that something
of a similar nature does not
happen again.

"IT know that there was a
leak, but it's something we
are investigating. All I can
say is that there was a leak
that would have caused the
operation not be as effective
as we hoped, but investiga-
tions are ongoing. Measures,
are in place to ensure that it
doesn't happen again, and

the exercises throughout the
islands are continuing," he
said.

Last week he said: “It was
most unfortunate that persons
who should know better do
not keep secrets when it
comes to this type of thing. So
when officers arrived, the
immigrants that we knew were
there were not there any-
more.”

Minister Peet said that as a
result of the leak, only 51 ille-
gal immigrants were appre-
hended in that particular exer-
cise as opposed to the hun-
dreds they had expected to
pick up and detain.

The raids in North
Eleuthera were conducted
last: Wednesday night and
Thursday morning by offi-
cials as part of a sustained
effort to detect and repatri-
ate illegal immigrants living

and working in the country.
Last month the Bahamas
Government spent $67,735

to repatriate a total of 430.

illegal immigrants. Of that
number there were 388
Haitians, 31 Jamaicans, four
Colombians, three
Guyanese, three Americans
and one Mongolian.

Last year the Bahamas
repatriated more than 3,000
illegal immigrants, the vast
majority of them back to
Haiti. Minister Peet has
vowed to continue opera-

tions to round-up and detain:

illegal immigrants through-
out the country.

Currently officials from the
International Organisation
for Migration are in the
Bahamas attempting to
ascertain exactly how many
illegal immigrants are in the
Bahamas.





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12:03 Caribbean Today News Update
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VIEWERS at the 35th
Alton Lowe exhibition at the
Nassau Beach Hotel admire a
painting “Behind the Wall”
by the celebrated Bahamian
artist on Friday evening.

The show ends this Wednes-
day. Pictured left to right are
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James Mastin, Alton Lowe





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PAGE 6, MONDAY, FEBRUARY 28, 2005

THE TRIBUNE





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Union chief backs
school’s Creole
5 earning initiative

By TIFFANY GRANT
Tribune Staff Reporter

THE president of the =

Bahamas Union of Teachers
Kingsley Black said he supports
the “creative initiative” taken
by the administrators and teach-
ers of the Carmichael Primary
School to learn the Creole lan-
guage.

In an interview with The Tri-
bune yesterday, Mr Black said
that the reality is that teachers
at Carmichael Primary and oth-

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-ducted in two categ

er schools have the challenge
to provide quality education to
the immigrant population,
whose first language is not Eng-
lish.

“Learning Creole, which is
the language Haitians speak,
makes good sense. It improves
the teacher’s ability to provide
quality education to these chil-

‘dren. It is an obligation of the

state to provide education for
all children within our borders
and to do the best possible job,
you need to be equipped. I take
my hat off to the principal and
staff of Carmichael Primary,”

said Mr Black.

He said that the Bahamas
Union of Teachers has set oblig-
ations which its members have
to carry out whether concerning
immigrant or Bahamian chil-

dren. At the same time, he said
the union believes the borders
of the Bahamas are to be pro-
tected and individuals who are
here illegally should to be dealt
with appropriately and be repa-
triated.

“In talking with my members
from the different schools in
New Providence and especially
Abaco, where there is a signifi-
cant Haitian population, some-
times they feel helpless because
they cannot understand the chil-
dren and the children cannot
understand them. It takes some-
time for them to be able to com-
municate, but they do find tech-
niques.

“Human beings will adapt
and make things work, but it
makes good sense when you

deliberately choose to find a.

strategy that will improve your
ability to teach children who do
not speak English as a first lan-
guage,” said Mr Black.

Mr Black noted that there is a -
concern that Bahamian children
are competing for places in the
school system because of the
Haitian immigrant problem.

“The Bahamas Union of
Teachers is also of the view that
we need to enforce our immi-
gration laws to the max, to
make certain we protect our
borders.

“We have limited resources
in this country and we cannot
stretch our resources beyond
those limits to accommodate
the inflow of immigrants who
can eventually eclipse our pop-
ulation and curatmbes us,” he
said.

Essay contest open to students

THE Florida Caribbean
Cruise Association is again
inviting students from the junior
and senior divisions of all
schools throughout the
Bahamas to participate in its
annual FCCA Foundation for
the Caribbean 2005 Children’s
Essay Competition.

The competition will be.con-
ducted in schools throughout

_ the Caribbean. Each student

must submit one essay, approx-
imately 300-500 words in length,

-on-the topic “What Is My Coun-

try Doing Or Should Do To
Encourage Cruise Passengers
To Return As Land-Based
Vacationers?”

Essays will be judged on con-
tent/subject, creativity,
style/structure and grammar.

The essay competitions con-
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junior division for children ages
12 and under and a senior divi-
sion for children ages 13-16

years. Each individual entry:

must be submitted through the
contestant’s school. Two win-
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each age category will be cho-
sen by the teachers and staff
selection committee of that
school. Each school must sub-
mit their entries, one from each
age category, to the Ministry of
Education no later than Friday,
July 1st, 2005.

One winner from each age
group will be chosen by the
Ministry of Education to rep-
resent the Bahamas. The Min-
istry of Education will submit
the essays from the two cate-
gories to the FCCA.

The,CCA’s selection com-
mittee will determine a first,
second and third place winner



Place Tel: 502- 9150/1.

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essays submitted by all partici-
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The 1st, 2nd and 3rd place
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each category receiving $2,500,
$1,500 and $1,000 respectively,
with their schools receiving a
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In addition, the two first place
winners, one from each age cat-
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their essays and accept their
prizes at the FCCA Caribbean
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THE TRIBUNE

Christie makes plea on
behalf of small nations

By LINDSAY THOMPSON
Bahamas Information Services

PRIME MINISTER Perry
Christie has expressed the gov-
ernment’s hope that the newly
constituted UN Security Coun-
cil will be more sensitive to the
challenges of small countries,
as it moves towards reform in
that world body.

Mr Christie was welcoming
Parliamentary Secretary for
Foreign Affairs of Japan,
Itsunori Onodera, at the Office
of the Prime Minister.

Also present were Bahamas
Honorary Consul to Japan Basil
Sands, and representatives from
the Ministry of Foreign Affairs
and Japan’s government.

The visit commemorated the
30th anniversary of diplomatic
relations between the Bahamas
and Japan, which were estab-
lished in March, 1975.

Mr Onodera presented a let-
ter to Mr Christie on behalf of
Japan’s Prime Minister Junichi-
ro Koizumi, seeking support on
UN Security Council reform
among other things.

. The UN Security Council is
mainly responsible for main-
taining international peace and
security in keeping with the
principles and purposes of the
UN, which is in its 60th year of
existence.

At the October 14, 2004 UN

Security Council election, Japan
was the only candidate from the
Asian region to be elected non-
permanent member.

However, Japan believes that
for the UN to effectively
address the threats facing, the
international community, it is
necessary to enhance both the
effectiveness and the credibility
of the Security Council.

“We are generally sympa-
thetic to the interest of Japan,
if only because, of the pre-
eminence of Japan and its
impact on the world’s econo-
my,” Prime Minister Christie
said.

“Most certainly we look for-
ward to closer relations with
Japan. We feel that there are
so many things that we are
able to seek the support of
Japan, all in terms of technical
service and advice.”

He also voiced the concerns of
the Caribbean Community
(Caricom) on how it felt it was
being treated by the developed
world.

“We hope that the newly con-
stituted Security Council has a
greater degree of sensitivity to
the aspirations and challenges
of small countries in this hemi-
sphere and most certainly in our
region,” Mr Christie said.
“Often we are involved in mat-
ters that must necessarily
involve the United States or
Canada and the European
Union. We sometimes make
our case through the Security
Council. We sometimes make
our case on bilateral, multilat-
eral bases or through regional
and hemispheric organisations
like the Organisation of Amer-
ican States. Most certainly over
the recent matter dealing with
Aristide and Haiti, I found that
there wasn’t that listening ear
because our region is commit-
ted, obviously, to a peaceful
world and the democratic
tenets,” Ma. Christie said.

He explained that Caricom
took a lead position advocating
a particular formula it thought
was consistent with its own
democratic experiences and
experienced a set back.

“TI felt personally that we were
not treated the same way that
we were treating our friends in
the exchange of information
and in the effort to bring a gen-
uine resolution to the challenges
of Haiti,” he said.

“So, we feel that given your
own historical experiences that
you have made to place you

preeminently on the world
stage, would enable you to exer-
cise naturally, an understand-
ing of the aspirations and the
necessity for the appreciation
of the challenges of small coun-
tries and not being listened to,”
he said.

Mr Christie recalled the
Bahamas’ experience with the
G7 countries of which Japan is a
member. The Bahamas’ finan-
cial services sector was black-
listed as a harmful tax haven by
the G7, the Organisation for
Economic Co-operation and
Development (OECD)

“We were never wishing to
















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be a part.of any irregularity
and so we had to work hard to

-get ourselves delisted. But it is

not fair nor will it ever be fair
for a combination of large
countries to impose rules that
do not apply to all,” Mr

Christie said.

The OECD eventually agreed
to bring parity to all involved.
And that is where Japan can
bring “a tremendous balance”
as a powerful non-military

country.
Parliamentary Secretary
Onodera. said he was

impressed by Prime Minister
Christie’s thinking. He

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stressed that Japan would like
to further develop relations in
tourism, souvenir manufac-
turing, and provide technical
expertise in agriculture par-

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“It’s because of your size,
because of your market,
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The Bahamas would take “a
great interest” in Japan’s sug-
gestions and would, at the
appropriate stage, formally
indicate the country’s position.





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THE TRIBUNE MONDAY, FEBRUARY 28, 2005, PAGE 9
LOCAL NEWS
REAL ESTATE by Carmen Massoni
IF you’re like most folks, you probably working for you, even if-yours is not promi-
believe that print advertising is an excellent _nently featured every time. It has been shown
tool for marketing and selling your home. _ that few people buy the property they first
’ However, the ad does not sell the home, the _ called about. Your home is promoted to any-
sales person does! Print ads are written ina one for whom it seems suitable, even if it’s
oa way to pique the prospect’s interest and con- _ not the one in which they first expressed inter-



“Copyrighted Material *
Syndicated Content

Available from Commercial News Providers”

.

etm

‘\

Trade show aims to
‘empower’ business

By PAUL G. TURNQUEST
Tribune Staff Reporter

THE SECOND Annual
Adventist Small Business Expo
and Trade Show was held yes-
terday at the Bahamas Acade-
my with 28 businesses showcas-
ing their various products and
services.

Among the 30 booths dis:
played were Veggie Delights,
The Greenhouse Nursery,
World Famous Bahamastraw,
Neymour Rentals and Real
Estate Sales, and Triple K's
Design.

Hailed as a success and
improvement from last year’s
trade show, Dr Leonard John-
son, president of the Bahamas
Conference of Seventh-day
Adventists, said this year’s
show was put on mainly
because of the success of last
year’s event.

"Our coming together is
‘seeking to bring professionals
and business owners together
to network and showcase their
products. We even have
members of our church trav-
elling from abroad to bea part
of this trade show. We -hope






Brake Service

that this can inspire people to
become business owners
themselves. More so, given the
strong convictions of Adven-
tists as they relate to Sabbath
observance on Saturday and
health principles, it is crucial
that this organisation be
proactive in assisting its mem-
bers to find and create
employment opportunities
conducive to their worship of
God," he said.

Tony Adderley, owner of
Morgans Wet Pets, said that
he has returned again to show-
case at the Expo because of
the invaluable exposure his
business received.

"You get a chance to reach
out to the public at large and
have a chance to educate your
customer on your products.
We have the largest variety of
tropical fish and Japanese Koi
carp in the Bahamas, and
Bahamians who watch the
House and Garden show on
TV can get anything they want
from that show at our store,"
said Mr Adderley.

A manager at Moderne
Men,.Natalie Frederick, said:
“This 1 is our second time here,

Your car.
Your trust.

Our responsibility

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and this is our way of letting
other Adventists know that
we are out there so they can
support us. Also non-Adven-
tists can get a chance to sée
some of our products."

Don Major, deputy general
manager of the Bahamas
Agricultural and Industrial
Corporation, which is also
partnering with the church to
host the event, said the whole
concept of the Expo comes
from the idea of serving the
"whole man".

"It's our thinking that the
church is a significant organi-
sation designed to look at and
address the whole. man.
Churches are generally known
for proving service to the reli-
gious side. But we are look-
ing to provide service for the
‘whole man,’ which goes
beyond the spiritual and
includes the social, mental,
and physical needs of persons.

“We want to empower our '

members financially by help-
ing them to establish their own
businesses and we want to
help more members get
involved with.this programme
soon," he said.







































tact the agent for more information. est.

Buyers regularly read every available real
estate magazine and newspaper, and they’re
looking to the local real estate authority. to
provide them with the best information and
listings. While ads are important, many buyers
come from signs, referrals, other agents, and
your agent’s list of ready-and-waiting
prospects.

When you’re ready to sell, take advantage
of all these resources!

That’s why the entire story is not included in
the advertising.

By encouraging buyers to call for more
details, the agent can then qualify them as
simply “lookers” or as genuine “prospects.”
This is also how the agent discovers the par-
ticular desires and objections of the buyers,
taking the opportunity to effectively promote
the features of your property.

Keep in mind that all of the agent’s ads are

André 0. Cartwright

Sunrise: May 4th, 1960
Sunset: February 27th, 2004

Every‘morning, hen | see the sunrise and every evening when the’ sunsets, | think of you.
You were so thankful for each moment, you taught me to live,
; and | thank you for that.

It’s been a year since you left your earthly home and family,
to go to join your heavenly home and family, but it seems like yesterday.

The Lord gives and the Lord takes away, blessed be the name of the Lord.
Some Things were not intended for us to understand.
You will always have a special place in our hearts and our souls.
Deeply missed and remembered by your beloved wife and children.

Miriam, Roxanne & André JE

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PAGE 10, MONDAY, FEBRUARY 28, 2005







SUPERINTENDENT of Prison, Dr Elliston Rahming, discusses a number of new measures at Her
Majesty’s Fox Hill Prison aimed at improving the educational, vocational and technical skills of
inmates. Officials anticipate that the new programmes will, over time, reduce the rate of recidivism.
‘The educational, technical and vocational programmes are just three of numerous programmes and
measures to be implemented at the facility. Deputy Superintendent of Her Majesty’s Prison Charles
Rolle is pictured right.

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A SECME School of Excellence

invites your child to become a part of a dynamic smaller, smarter schoo!
Applications for the 2005/2006 academic year
Limited spaces are available in Pre-reception (age 3) through grade six

WE OFFER:
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Telephone: 356-5625 to schedule a viewing
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LOCAL NEWS

Mothers urged to
‘reach out’ in bid

IHE I RIBUNE



to put inmates
on the right trac

By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - In the
wake of the recent mur-
ders on Grand Bahama,
Mothers Against Crime
hosted a special prayer ser-
vice on Thursday evening
at St John’s Jubilee Cathe-
dral, where Deputy Prime
Minister and Min-
ster of National
Security Cynthia
Pratt urged church-
es to reach out to
offenders in prisons. _

Mrs Pratt stressed
that there are too
many young men in
prison who need to
be delivered and
given a second
chance when they come
back into society.

“It grieves me every time
I see a young man stand
before the courts. We need
the church to adopt some
of these young men in
prison and follow their
progress,” she said.

Minister Pratt encour-
aged churches to set up a
liaison station to adopt



offenders in prisons and
follow their progress.

“You will be the one to
follow their progress and
convince people that they
have changed and should
be given a second chance,”
she said.

She noted that the gov-
ernment is also playing its
role in prison reform and
has also taken measures to
change the prison into a





correctional centre by

introducing a rehabilitative

programme.
“TI don’t like what is
going on in the country as
it relates to social ills —
we cannot let the Devil
destroy our children, who
are future of this nation.
“We need to tear down
denominational barriers
and recognise we have to
come together as a people

and cry out to God on
behalf of this nation,” said
Mrs Pratt, who is also an
ordained minister.

“Mothers you must con-
tinue to be strong because
our children need you. I
know it is discouraging
sometimes, but you must
hold on a little bit longer,”
said Mrs Pratt.

She noted that many of
the problems facing the
country stem from
the deterioration of
the home and fami-

Minister says YOUN "coa, she stressed,
men need second
chance on release

must be at the centre
of the home.

She noted that
many young people
do not respect God
and his teachings.

She added that
.many young men in the
nation have not even
prayed or been christened.

Minister Pratt said there
was a time when the

' church was at the centre of

everything.

“The community was
founded around the church
and the God was the cen-
tre. We have gone away
from God’s teaching,” she
said.



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THE TRIBUNE | | MONDAY, FEBRUARY 28, 2005, PAGE 11_

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PAGE 12, MONDAY, FEBRUARY 28, 2005

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Telephone: 328-5613 or 328-5629 OR Fax us: 322-2054. SPA900 [01 ___ | CONVERSATIONALSPANISH| _-_| 6:00-7:30pm
SPA901 '0i____| CONVERSATIONAL SPANISH Il 6:00-7:30pm
SPE 900. fO1___| PUBLIC SPEAKING | 6:00-9:00pm_| Mon __|_7Mar_| 10weeks [$250 __|
LANG9OO ~~. SIGN LANGUAGE | 6:00-9:00pm_| Mon__|_7Mar_| 10weeks |$250__|-
Pee re ae ee Se
SEW 800 BASIC OF FREEHAND CUTTING! | 600-0:00pm | Mon | 7Mar | 1Oweeks [9225 _|
IN AN EFFORT TO UPDATE ITS DATABASE, THE ALUMNI AFFAIRS OFFICE REQUESTS SEW 802 r01__. | BASICOF FREEHAND CUTTING I _ | 6:00-9:00pm
THAT ALL COB ALUMNI COMPLETE THE FORM BELOW AND FORWARD IT TO THE | |SEW/805__]01_L DRAPERY MAKING 6,00-9:000m




‘ALUMNI AFFAIRS OFFICE, THOMPSON BOULEVARD OR COMPLETE THE FORM ON
LINE WWW.COB.EDU.BS » .
FAMILY ISLAND RESIDENTS CAN FAX THEIR FORMS TO (242) 326-7834 Com puter. Offer Ings — Spri ng 2005
OR SEND TO P.O.BOX N-4912
, QUICKBOOKS :
kk This course is designed to train new and existing small business entrepreneurs , _
ALUMNI INFORMATION** (less that 20 employees) how to organize and manage their accounting activities
Title: Mi M Mt using QuickBooks Pro software. Students will learn how to set-up their company:
SN tee Se files, chart of accounts, budget, customers, vendors and employees. > |
*Name:
Date of Birth: Student I.D #:__ Begins: Tuesday, 1 March 2005 Cyeedian “Wee es hagin Vee
Major & Graduation Year: | : _ _ Degree (s) Level: _ ee een nes * geen 90pm eu favo Nao ee hill
Place of Employment: ____- ang $F 4 Vania: GEES Com puter Lab Ou Lane £ ad
Occupation: N.ILB #: : ‘Fees: $330.00
Telephone: (h). 2 (w) (m) ee Sens
Facsimile No: 2 ain Postal Address: Effective PowerPoint Presentations (One Day Workshop) | —

This workshop is designed to provide participants with an overview of the oe Fe
fundamentals of Microsoft PowerPoint. It focuses on developing effective and: ~

Email Address: | t /
dynamic PowerPoint presentations.

*Please include middle initial (s)

** Call our office with any confidential information you are not comfortable submitting via mail or email. Date: Thursday, 3 March, 2005
sees Ae eet tee Nae cna me ts Melee ee emcees ee th) Sees 9:30am — 4:30pm
. Venue: CEES Computer Lab, Moss Road
The School of English Studies presents a meee etetoP

328-1936 or email nlacroix@cob.edu.bs All fees are included with the exception
of the application fee of $40.00 (one time).

PUBLIC LECTURE & READING ENQUIRIES: Contact the Co-ordinator at Tel: (242) 325-5714 / (242) 328-0093/

By Dr. Joanne Hyppolite CEES reserves the right to change Tuition, Fees, Course Content, Course
“‘Multi Ethnic Voices in Children’s | | Schedule and Course Materials.
Literature” . aa ag eI a aD a les Daeg Ne acne eee
Monday, March 6th




a. CONNECTING
o| Choices Dining Room, Thompson
- Boulevard
san Pe THE DOTS

For more information about the lecture and Dr Hyppolite’s
work, please call the School of English Studies at 302-4381.

The School of Hospitality & Tourism Studies (SHTS)

Se eaten hte cated et earth ice ues aces cee ree eS a ea will host a
DIPLOM AS ARE RE ADY _ Tourism Seminar, March 16, 2005
ee ST Ea : 9:00 a.m. — 2:00 p.m.
; THEME:
Persons who completed their degree Connecting the Dots:
programme in July 2004, : Z oss ‘
are advised that diplomas are ready and may || College to University to Industry through Quality
be collected from the Records Office, located Hospitality & Tourism Education
on the first floor of the Portia Smith Building,
Poinciana Drive. Venue: Lecture Theatre, SHTS, Thompson Boulevard
Persons should bring some form of



identification. _ || For more information, please call Dr. Sophia Rolle
at 323-5804 or email her at

For more information, please call the Records Office
drsophanne @ yahoo.com

at 302-4522/3.


THE TRIBUNE





MONDAY, FEBRUARY 28, 2005, PAGE 13

Death of editor who led
Time’s move to centre

NEW YORK (AP) —
Henry A. Grunwald, a Time
_magazine editor who led the
publication’s shift from con-
servatism to a more centrist
view, then later became a
- United States ambassador to
Vienna, has died. He was 82.
’ Grunwald died of heart
failure Saturday at his Man-
hattan home, according to
his daughter, Mandy.
During his. tenure as man-
aging editor at Time, Grun-
_ wald began to award bylines
-.and introduced new depart-
“ments including Behaviour,
~ Energy, the Sexes, Economy

: and Dance. Before being:

named to the position in
. 1968, Grunwald had been a
~.” writer, senior editor and for-
eign editor at the magazine.
. His role in shaping Time

.- Was perhaps second only to

"that of founding editor Hen-
“ry R. Luce. Th
- .. One of the most noted

items of Grunwald’s tenure
was when he personally

‘wrote Time’s editorial dur-

ing the Watergate scandal
asking President Richard
Nixon to resign.

“The nightmare of uncer-
tainty must be ended,” he
wrote in a Nov. 12, 1973 edi-
torial. “A fresh start must be
made. Some at home and
abroad might see in the pres-
ident’s resignation a sign of
American weakness and fail-
ure. It would be a sign of the
very opposite.” ;

Nixon resigned in 1974.

After serving 11 years as
managing editor, Grunwald

“served as editor-in-chief of
-all Time Inc. publications

until retirement in 1987.

He was appointed U.S.
ambassador to Austria, the
country of his birth, by Pres-
ident Reagan and served in
that post from 1988 to 1990.

Born in 1922, Grunwald’s
family fled Nazi-occupied
Austria for the United States
when he was a teenager. His
father was a librettist in
Vienna who failed to find a
foothold in American show
business.

Grunwald himself had ear-
ly ambitions to be a play-
wright but got a job as a copy
boy at Time while a student
at New York University and
stayed there for his entire
career.

After his two-year diplo-

his new country.

matic career, Grunwald

wrote a pair of memoirs.
Grunwald penned the 1997
autobiography, “One Man’s
America: A Journalist’s
Search for the Heart of His
Country,” and a 1999 mem-
oir about losing his sight due
to macular degeneration,

“Twilight: Losing Sight, ,

Gaining Insight.”

His first novel, the critical-
ly-praised “A Saint, More or
Less,” was published in 2003.

As a young man, Grun-
wald immersed himself in
American culture doing
everything from spending his
free time watching movies
on 42nd Street, to taking a
lengthy trip to the Midwest
in order to better understand

Grunwald enrolled in New
York University’s under-
graduate journalism pro-
gram, but switched his major
to philosophy. Still, Grun-
wald became editor of the
school’s student newspaper,
the Washington Square Bul-
letin. Besides his daughter,
Grunwald is survived by his
wife Louise Melhado; two

other children, Peter Grun- .
wald and Lisa Grunwald

Adler; a stepson Bob Savitt;
and four grandchildren.

Quality Auto Sales Ltd
PARTS DEPARTMENT

Will be CLOSED for
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| FEBRUARY 25 to 28

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We will reopen for business as usual on Tuesday, March 1.
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PAGE 14, MONDAY, FEBRUARY 28, 2005 THE TRIBUNE -
LOCAL NEWS

Charred body in
street after new
Haiti violence





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THE TRIBUNE

MONDAY, FEBRUARY 28, 2005, PAGE 15 »








Man’s body found near
Paradise Island bridge










Bs

LA CASITA

The Art of Island Living







Classic collection at Arawak Cay >
CLASSIC CAR enthusiasts were treated to a collection of pristine vehicles over the weekend at Arawak

Cay. More than 30 classic cars were displayed by their owners, including examples of Mustangs, Mini-
Coopers and hot-rod trucks at the annual Antique Car Show. Photo Mario Duncanson

FROM Page One

more. But from an investiga-
tion standpoint, once all the
information is compiled then
we can Say exactly what is hap-
pening," he said.

According to the police
report, at about 8am on Sun-
day morning the body of a male
estimated to be in his late 40's
or early 50's, was discovered
under the pier directly beneath
the old Nassau to Paradise
Island bridge.

When the body was pulled
from the water he was wearing
white tennis shoes, a burgundy
short sleeve shirt, and long blue
trousers. He is described as
being of slim build, of dark

complexion and weighing
between 140 to 180 pounds.

He had a low cut moustache
and short hair, police said.

According to Inspector
Evans, the information they
have gathered so far has lead
them to believe that the
deceased regularly frequent-
ed the Potter's Cay area, and
they are asking for anyone
who may have any informa-
tion to contact police head-
quarters at 3288447 or by dial-
ing 911.

There was no physical signs
of abuse to the body, and
police are continuing their
investigations into the matter.

Immigrants plan

FROM Page One

have the numbers of those
born here without a passport,
we need to know that.”

The Haitian ambassador said
the embassy is very concerned
about the increase of illegal
Haitian immigrants, particu-
larly in Abaco and North
Eleuthera.

He said that a shortage of
police officers, particularly
along the borders, is also
adding to the influx of illegal
immigration.

According to Ambassador
Joseph, Haiti has only 3,500
police officers to regulate
more than eight million
Haitians.

“During the last two months
we have assumed stability
mostly in Port-au-Prince
because that is where our
police and the blue helmets of
the United Nations are. They

have not deployed police in
the northwest part of Haiti
yet, but we are in a transition
period and it is very difficult.”

“The relationship between
Haiti and Bahamas is very
good,” he continued, “we
have a good line of commu-
nication open and we are
working very well together for
repatriation but you have to
understand that Haiti is a
member of Caricom and Cari-
com took a decision saying
that we are not going to
engage with Haiti. We are
willing to talk and when the
opportunity comes, my gov-
ernment will talk to the gov-
ernment here.”

Mr Joseph said Haiti is plan-
ning a municipal election in
October and the first round
of presidential elections in
November.



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2AGE 16, MONDAY, FEBHUAHY 25, 2005

When Baha

We say we're going on a trip, but we all know
they're actually expeditions. Returning home to
our family and friends brings a sense of

‘ accomplishment. Celebrating su triumphant return

with a few friends over a couple of Kaliks... that’s

the icing on the cake.

IHE IMIbUNG

© 2005 Creative Relations |





Es



ene

2
oT

SECTION



business@100jamz.com

MONDAY, FEBRUARY 28, 2005

Miami Herald Business, Stocks, Analysis, Wall Street



Let businessmen
out of the box -Page 3B



Bahamas First in talks on

By NEIL HARTNELL
Tribune Business Editor

ahamas First is in
talks to acquire
the general insur-
ance portfolio of
Commonwealth
General, industry sources have
revealed to The Tribune.
Bahamas First, which is
regarded as the market leader
in property and casualty insur-
ance in the Bahamas, with a
market share of more than 30
per cent, was said to be engaged
in “due diligence” on Com-
monwealth General.




“I think they'll be absorbing
that company,” one insurance
industry source told The Tri-
bune. “Something is definitely
afoot,” said one industry exec-
utive on talks between Bahamas
First and Commonwealth Gen-
eral.

When contacted by The Tri-
bune, Patrick Ward, Bahamas

- First’s group president and chief

executive, replied: “There’s
nothing I can say on it at all.
My official response is no com-
ment at this time.”
Commonwealth General,
which has been in business for
20-25 years, is regarded as the

oir William Allen, British American Bank’s chairman

‘Blacklisted’
by financial
industry

By YOLANDA
DELEVEAUX
Tribune Business Reporter

A Bahamian financial ser-
vices professional is claiming he
has been “blacklisted” by the
industry for the past six years
as a result of his legal battle
against a former employer,
Royal Bank of Canada, with the
Government taking little inter-
est in his plight.

Accusing the Minister of
Labour and Immigration, Vin-
cent Peet, who he met with
almost three years ago, of pay-
ing lip service to his dilemma,
Leslie Moss said that what has
perhaps been the ultimate
betrayal is that numerous work
permits have been granted for
jobs he t 2lieves he is qualified
for and applied for.

He said attempts to speak
with officials in the Department

of Labour, as well as other gov-
ernment officials, including the
Attorney General and the
Prime Minister, have been
futile.

"Even before I left Royal, I
was looking [for employment]
elsewhere,” Mr Moss said. [A
bank] had a position available
and I applied. That interview
was a farce. They actually dis-
couraged me from applying and
were shocked at my qualifica-
tions.

“T later found out [the bank
head] walked away with not
one, but two work permits. I
was also told that the deal was
that I was to get one of those
jobs in two years. It has now
been three.

“After I was terminated from
Royal Bank, I applied for jobs
at Credit Suisse. In fact, it was

See JOBS, Page 5B

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Since 1983

BUSINESS TECHNOLOGY

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General insurer has ‘no comment at this time’ on
possible deal to acquire portfolio, with sources.
saying ‘due diligence’ being conducted

smallest of the six Bahamian
general insurance companies. It
has long been regarded as a
takeover target.

It is understood that the talks
with Bahamas First have at least
in part been motivated by the
impending enactment of the
Domestic Insurance Act. The
Act, which is currently making
its way through both Houses of

Parliament, sets higher mini-
mum standards that insurance
carriers have to meet on criteria
such as paid-up share capital.
Ian Fair, Bahamas First’s
chairman, hinted last month
that the company was in expan-
sion mode, and was continuing
to assess both domestic and for-
eign possibilities. Bahamas First
was “certainly in acquisition

mode if the right opportunities
are out there”.

Bahamas First last April
acquired the insurance portfolio
of Colina General Insurance
Company, with the latter con-
tinuing in business as an agency

for the acquirer.

Insurance industry sources
suggested that this was likely to

be the model for any deal for

British American
set for a name change

By NEIL HARTNELL |
Tribune Business Editor

BRITISH AMERICAN
BANK this weekend unveiled
plans to rebrand and rename
itself as Fidelity Bank
(Bahamas) from May 2
onwards, as it seeks to further

= reposition-itself by offering
clients the investment and

estate planning products pro-
vided by its parent company.
The Fidelity Group of Com-

rigage i:

sidiary will be able to boost cus-



Move to re-brand as Fidelity Bank ©

(Bahamas) part of plans for BISX-
listed bank to offer ‘one-stop’
‘product destination

panies, which owns-68 per cent.

of British American: Bank’s
issued ordinary share capital,
believes its retail banking sub-

tomer service and market share

by becoming a ‘one-stop shop’ |

for its clients through offering
non-traditional banking prod-
ucts, moving beyond savings

linked to The Bahamas Prime Rate, we willl contact —

you in the coming days. You will have the choice to reduce your

s or continue at the same amount in order to pay

our loan fasier.

Commonwealth General —

Commonwealth General, as the
latter also has an agency busi-
ness, Carib Insurance Agency..

Rather than acquire other
carriers, Bahamas First has tra-
ditionally bought agents to pro-
vide itself with a sales and dis-
tribution network through
which it channels its business,
keeping head office costs rela-
tively low.

It is likely that Carib Insur-
ance Agency will thus become
an agency for Bahamas First
policies, minimising any redun-
dancies from an acquisition and

‘See INSURE, Page 4B

rie



and loan tools.
. Besides mortgages, fixed

. deposits and chequing and sav-

ings accounts, the move to

adopt the Fidelity name, sig-

nage and stationary will give the
bank’s customers access to
products such as Fidelity’s

‘mutual funds, brokerage ser-

vices, pension funds, college
funds; private banking, trust and
estate planning tools.

See BANK, Page 4B





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PAGE ZB, VIVUINVAY, PEDMUAN TI co, ZUUD

BUSINESS

-MARKET WRAP



= t was an active week of
trading in the Bahami-
an market, as more
than 39,000 shares
changed hands. The
market saw 12 out of its 19 list-
ed stocks trade, of which two
advanced and 10 remained
unchanged.

Two companies posted new
52-week highs last week, name-
ly Commonwealth Bank ($7.90)
and Cable Bahamas ($7.99).
Volume leader in the market
this past week was Kerzner
International’s BDRs (KZLB),
with 18,504 shares changing
hands and accounting for 47.39
per cent of the total shares trad-
ed. The big mover in the market
was Cable Bahamas (CAB),
whose share price rose by a
whopping $0.59 to close at
$7.99.

COMPANY NEWS
Bahamas Supermarkets
Limited (BSL) - 7
The quarter ending January
12, 2005, was an excellent one
for the large retailer, posting
net income of $2.7 million,
which represents a gain of
$727,000 over the equivalent
period last year. —
Net sales grew by 11 per cent





By Fidelity

Capital Markets

to total $41.3 million, while cost
of goods sold increased by 9.7
per cent to total $38.6 million.
Earnings per share (EPS)
gained $0.16 to end the quarter
at $0.60. BSL management cited
the closure of some key com-
petitors’ operations during the
aftermath of hurricane Jeanne
on the island of Grand Bahama
as the impetus behind the sig-
nificant jump in net sales for
the quarter.

In related news, the parent
company of BSL, Winn-Dixie,
filed for charter 11 in a US
bankruptcy court last week.
Officials of BSL have said that
the filing of bankruptcy by its
parent company will have no
material impact on its opera-
tions locally, as BSL is.a dis-
tinct legal entity from its par-
ent. : :

Freeport Concrete Company
(FCC) -

FCC appeats to be "clawing
its way out of the black hole of
financial losses" after posting
two consecutive quarters of pos-
itive earnings. This recovery is
primarily thanks to the sus-
tained efforts of chief executive
Ray Simpson, who took the
helm in 2002.

For the quarter ending
November 30, 2004, FCC
realised net income of $362,000,
an increase of $279,000 over the
same period in 2003. Net sales
increased by 3.8 per cent to total
$5.2 million, while cost of sales
declined slightly to $3.6 million.

FCC has contained its oper-
ating expenses over the last few
quarters, thus enabling the com-
pany to achieve an operating
profit of $436,000 compared to
$205,000 in 2003. Earnings per
share (EPS) grew by $0.06 to
total $0.08 at the end of the
quarter. The growth in profits
can be largely attributed to



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Findex:
Unchanged:
Percentage Change:





Market Capitalisation:
Change:
Volume Traded:









Volume Leaders:

Volume
CAB 4,400
CBL 6,433
KZLB 18,504







Major Market Movers:

Closing Price
CAB $7.99
CBL $7.90
DHS $1.50
KZLB - $6.32



increasing sales revenues gen-
erated by The Home Centre.
Will the recent profits
achieved by FCC persuade the
average investor to buy its
shares? Will present sharehold-
ers re-evaluate their decision to

' sell their shares in FCC? Or,

ultimately, will the lack of divi-
dend payments by FCC be the
deciding factor whether to sell

Scotiabank's ‘Forgive & Forget' Mortgage Campaign

Call or visit us today and let Scotiabank help you to ‘Forgive & Forget'



Life. Money. Balance both:

Bahamas stock market

435.63
0.00 points
0.00 per cent

$2.17 billion
$18.1 million
39,047

% of Volume
11.27%
16.48%

' 47.39%

Price Change —
$0.59
$0.26
$0.00
-$0.13

or not to sell?. Only time will
tell how the average investor
will react to FCC's return to
profitability.

Premier Commercial
Real Estate (PRE). -

In its first full financial year
ending September 30, 2004,
PRE posted net income of $2.1

‘million. Investment income |

International markets












FOREX Rates

: Weekly
CAD$ 1.2380
GBP. 1.9196
EUR 1.3245
Commodities

Weekly

Crude Oil $51.49
Gold $436.10

Weekly
DJIA 10,785.22
S & P 500 1,201.59
NASDAQ — 2,058.62
Nikkei

11,658.25

stood at $1:6 million, while

operating expenses were
$515,000.

Net investment income for
fiscal 2004 was $1.1 million. As
at September 30, 2004 total

assets ‘stood at $18.4 million: ::
For the year, PRE paid out '
$758,000 in' dividends to its '

shareholders and grew its NAV
by 12.6 per cent to total $11.26
as at September 30, 2004.

Investors Tip of the Week
Saving for a down payment on
a home’
Step 5 — Go automatic
Arrange for a certain dollar
amount to be taken out of each
pay cheque and automatically

IANA Un acl ne
Bank Approved Financing

ESE TORO (Oe

cust Ra stan

International Stock Market Indexes:

transferred to your savings
account. If you are self-
employed, set up the same type
of plan at your bank.

Step 6 — Reduce credit card
debt

Always pay at least the mini-
mum due each month to avoid
high interest rates. Better still,
pay each bill in full and com-
pletely avoid high rates on
unpaid balances.

Step 7 - Keep on a-paying

When you pay off a car loan
or education loan, or get rid of a
credit card debt, put that same
amount every month into sav-
ings.

Dividend/AGM Notes:

PRE to pay dividends of
$0.195 on February 28, 2005, to
shareholders of record as at
February 21, 2005.

FIN to pay dividends of $0.12
on March 10, 2005, to share-
holders of record as at March 4,
2005.

RND Holdings (RND) will
hold its Annual General Meet-
ing on February 28, 2005, at

% Change
0.54
1.49

- 1.32

% Change
6.49
1.80




% Change
0.52
0.81
0.33
-0.01

12pm at The British Colonial
Hilton, Bay Street, Nassau,’
Bahamas.

5

FINCO (FIN) will hold its:
Annual General. Meeting on;
_March.17,. 2005 at°6.30 pm at.

the British Colonial Hilton, Bay;
Street, Nassau, Bahamas.”



AGENT ACCOUNT EXECUTIVE

Security & General .
Insurance Company Ltd.



is seeking to emmploy a

SR ACCOUNT EXECUTIVE

to assist in the proceduarl maintenance of
angency accounts. Salary will
commensurate with experience.

- Candidates should have:

¢ 5 years or more experience in
underwriting General Insurance

e Strong project management, leadership

and verbal skills

e Fundamental computer proficiency

Resumes should be submitted by March
15, 2005, and addressed

Attn:
HR - Account Executive Position
P.O. Box N-3540
Nassau, Bahamas


mie (MIDVINe



Work permit
raise SO

Mitchell on CSME: ‘We
cannot continue to box
up our business people’

By NEIL HARTNELL
Tribune Business Editor

ork permit

fees are esti-

mated to

generate $20

million per
annum in government revenues
and are not a ‘“‘barrier to entry”,
the minister of foreign affairs
said, adding that the Bahamas
“cannot continue to box up our
business people” in relation to
opportunities created by free
trade.

Fred Mitchell, addressing a
civil society meeting on the
Caribbean Single Market &
Economy (CSME), said that
joining that trading bloc would
“enhance the opportunities for
our businessmen in particular”.

He added: “We cannot con-
tinue to box up our business
people, denying them the
opportunities for wealth
enhancement by increased
opportunities throughout the
region, not just confined to the
single market and economy
which is the Bahamas, but a sin-
gle market and economy which
includes the Bahamas and the
other millions of people who
live in this region........

“The Bahamas can benefit by
embarking on a rules-based sys-
tem of trade, as the ultimate
protection in a system which,
ungoverned, will be predatory.”

Saying that the civil society
discussions would help the Gov-

ernment ta produce 'a White -
Paper on its plans for joining’:
the CSME, Mr'‘Mitchell hinted’:
at concérns that the Bahamas’ ©

reluctance to take a position

i
f

meant that decision-making was
being driven by the likes of Bar-
bados and Jamaica, a trend that
had to be reversed.

Mr Mitchell, said the Gov-
ernment believed it had secured
its main ‘reservation’ from the
CSME treaty and its provisions,
namely the free movement of
people. However, he said this
nation had to acknowledge it
already embraced the free
movement of labour as the
Bahamian economy “attracts
more CARICOM nationals to
work than any country in the
region”.

The Bahamas also needed
“transition provisions” on the
adoption of the CSME’s Com-
mon External Tariff (CET), as
this nation was more dependent
than any other on customs
duties to raise government rev-
enues. The CET established the
“bar” for tariffs charges in the
CSME, and was currently lower
than the Bahamas’ present
average.

Mr Mitchell said: “The
important point about the Com-
mon External Tariff, however,
is that once that level is agreed
and set, then as part of a region-
al group accession to the World
Trade Organisation (WTO)
becomes less problematic since
those are the levels that will be
argued as consistent with our
WTO position.”

Mr Mitchell said he saw no
“downside” to joining the
CSME, a position that appeared
to,put;:him .at-odds with,Dr

Gilbert Morris, head of the :
Landfall Centre, who is known z

to be close to the minister.
Dr Morris said the Bahamas

Private trust

companies a

5

By YOLANDA
DELEVEAUX
Senior Business Reporter

Wendy Warren, the Bahamas
Kinancial Services Board’s
(BFSB) chief executive, said

PhONinivad PA

| KINGSWAY ACADEMY
_ _ ELEMENTARY
ENTRANCE EXAMINATION

Kingsway Academy will be holding
Entrance Examinations for students
wishing to enter Grades 2 through 6,
on SATURDAY, MARCH 5 AND 19.

Parents are asked to collect
Application Forms from the
Elementary School office before the
testing date from 8:30.a.m. - 4:00 p.m.

For further information contact the
school at telephone numbers
324-5049, 324-2158, or 324-6269

key product

private trust companies were
expected to be a key ingredient
to this nation’s product portfo-
lio.

In an interview with The Tri-

See INVENT, Page 12B

















Ce



fees
e $20m



should remain “peculiar in the
region” to maintain an eco-
nomic advantage, and “ought
not to delude ourselves into
thinking that reserve positions
will spare us the implications of
membership in a vessel that
appears to have taken little
stock in where it is going”.

He added that the Bahamas
instead should seek to position
itself as a diplomatic broker
between CARICOM and the
US.

Dr Morris said: “The main
issue of trade draws weight
from, and makes light of, the
intellectual freight in the COME
trade proposition. Each of the
Caribbean nations are hustling
to do business with China, as
well they should, since China
gives them commercial and
political options that were not
imaginable a few years ago.

“However, this means that
they will all be festooned gen-
erally with the same commodi-
ties, and if so, what is the impe-
tus or demand structure that
will compel the trade between
them ?

“And if no trade is in the off-
ing, what is the intellectual basis
for a single currency ?”



Fred Mitchell fe



@
‘Colina Jnana
Financial Advisors Ltd. ie LPerias =
Pricing Information As Of: od 4 Gra ‘
25 February 2005

Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

British American Bank
Cable Bahamas
Colina Holdings
Commonwealth Bank
Doctor's Hospital
Famguard

Finco

FirstCaribbean

Focol gene
Freeport Concrete :
ICD Utilities

J. S. Johnson
Kerzner International BDRs
Pi ierR





Bahamas Supermarkets
Caribbean Crossings (Pref)
olding





ABDAB
Bahamas Supermarkets
RND Holdings ;



u



1.2095 1.1529 Colina Money Market Fund 1.209527*
2.1191 1.8944 Fidelity Bahamas G & | Fund 2.1105 ***
10.2648 10.0000 Fidelity Prime Income Fund 10.2602*****
2.1746 2.0524 2.166020**

Colina MSI Preferred Fund
Coli



wee



YIELD - last 12 month dividends divided by closing price ~
Bid $ - Buying price of Colina and Fidelity :
Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price ‘
Weekly Vol. - Trading volume of the prior week : sos
EPS $ - Acompany's reported earnings per. share for the last 12 mths
NAV - Net Asset Vaiue sna

= “N/M - Not Meaningful ‘
FINDEX - The Fidelity Bahamas Stock index. January 1, 1994 = 100

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
# Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today
DIV $ - Dividends per share paid in the last-12 months
P/E - Closing price divided by the last 12 month earnings
** - AS AT JAN. 31, 2005/ **** - AS AT DEC. 31, 2004
*- AS AT FEB. 11, 2005/ *** - AS AT JAN 31, 2005/ ***** AS AT JAN. 31, 2005







FirstCaribbean
Career Opportunity

TIC WaDIMINKIROOLD
FirstCaribbean International Bank is the region's largest publicly traded bank, with over 3,000 staff serving over

5.3 million people in 16 countries. We manage over 500,000 active accounts through more than 80 branches and_
centres throughout the Caribbean, Bahamas and Belize. : .

Responsibilities

* Provide systems development support for large database applications .

* Responsible for the general administration of all server-based applications including SmartStream, Posh, IST, Internet & Telephone
Banking and other SQL and Access databases :

¢ Provide leadership, guidance and training as needed to the other Database Administrators within the unit

¢ Establish database test environments (unit, system, integration) for assigned applications

* Provide security and control for development database test environment

¢ Participate in database design and definition for assigned projects

Prerequisites

e Excellent interpersonal and communication skills

° Excellent organisational and planning skills

* Typically 2-4 years at an Intermediate Database Administtator level, or equivalent experience
¢ Comprehensive knowledge of information technology principles

° Degree in Computer Science

* Sound working knowledge of database products - MS SQL Server, DB2, Informix

e Technical/general business knowledge for assigned applications and information technologies
* Sound working knowledge of Windows Cluster Technology and HACMP environment

¢ Working knowledge of Tivoli Storage Manager ‘

¢ Sound working knowledge of AIX 5.2 and Windows Operating Systems

We offer an attractively structured compensation and reward package based on experience and qualifications.
Applications with detailed résumés should be submitted with a cover letter no later than March 14, 2005 to:

Nicole Scavella

Technology Department

FirstCaribbean International Bank (Bahamas) Ltd.
Solomon's Building

East West Highway

Nassau

Bahamas

Tel: (242) 394-9835

Fax: (242) 394-3659

E-mail: nicole.scavella@firstcaribbeanbank.com

Only applicants who are short-listed will be contacted.

FIRSTCARIBBEAN

INTERNATIONAL BANK

Caribbean Pride. Intemational Strength. Your Financial Partner.

FirstCaribbean Intemational Bank is an Associated Company
of Barclays Bank PLC and CIBC.


THE TRIBUNE -

Bank (From page 1B) == ek

The name change, which still
has to be approved by share-
holders, is the latest step in
Fidelity’s strategy to “rebuild”
British American Bank’s mar-
ket share and reverse the
decline experienced over the
past few years in both its loan
and deposit books.

Anwer Sunderji, Fidelity’s -

PAGE 4B, MONDAY, FEBRUARY 28, 2005 ~



EMPLOYMENT OPPORTUNITY
FINANCIAL INTELLIGENCE UNIT

This position provides an excellent opportunity for an individual seeking a meaningful
career with the Financial Intelligence Unit.



‘| suspect that the bank will
substantially re-engineer its
customer-related processes to

increase the quality of its
tid In a atitement that he ----CUStomer offerings and care.’

expected Fidelity Bank

The successful candidate would be res;
Director and the Financial Intelligence
Intelligence Unit Act 2000.

POSITION: LEGAL COUNSEL

RESPONSIBLE TO: DIRECTOR

nsible for the provision of legal advice to the
nit relative to its functions under the Financial



QUALIFICATIONS: The successful applicant must:

*Bea appointed in writing by the Minister responsible
for the administration of the Financial Intelligence
Unit Act 2000.

-at-Law in the
ahamas with a minimum

° Be a Counsel & Attorne
~. Commonwealth of The
of 5 years Call.

KEY RESPONSIBILITIES —

1. Responsible for ensuring that the Financial intelligence Unit is kept abreast
of legislative developments relative to its functions.

2. Res Tosuce, for making recommendations to the Director relative to the
legal issues affecting’ the Financial Intelligence Unit. .

3: ee nsible for jiaison between the Financial Intelligence Unit and the

ice of the Attorney General relative to legal is issues 8 affecting the

Ennead Intelligence Unit.. ead

4, Responsible. for the: provision of assistance in the training of industry
participants in the Financial Service Sector in accordance with the
provisions of the Financial Intelligence Unit Act 2000. ,

os 5. Responsible for drafting of legal documents for ‘Memoranda of |
Understanding between the Financial. Intelligence Unit and foreign
Financial Inte lligence Units. |



6. Res ae for assisting with. other duties relative to the proper functioning

e Financial. Intelligence, Unit as required by the. Director.
_ KNOWLEDGE, ‘SKILLS & EXPERIENCE:

° Five years call to the Bahamas Bar Ee oe

¢ Experience in Compliance, Civil, Criminal & Canoes iaw, ‘Assets
Tracing & Forfeiture.

* Excellent attitude, punctuality and attendance. —

ERATION ‘ACKAGE,

* Competitive salary commensurate with experience
¢ 15% gratuity upon successful completion of contract





inerestod persons should submit their application and resume in writing along with
the relevant certificates to:
‘The Director,

_Financial Intelligence Unit
Third Floor, Norfolk House
__ Frederick Street
_ Nassau, The Bahamas



EMPLOYMENT OPPORTUNITY |

(Bahamas) to introduce a new
family of banking products and
services through its six branch-
es later this year.

He added: “This is more than
a name change. I expect that
the bank will substantially re-
engineer its customer-related
processes to significantly
increase the quality of its cus-
tomer offerings and care.

“The re-branding exercise is a
further link in the reposition-
ing exercise that started with an
increase in the bank’s capital in
October 2004, the appointment
of Sir William Allen as the
bank’s new chairman and the
appointment of several new
directors in January 2005.”

The increase in British Amer-
ican Bank’s capital base is
linked to events that helped
prompt the name change.

- Fidelity was required to use
the ‘British American’ name
due to a licence agreement
struck in 1995 with British
American Insurance, as both
Fidelity and its retail banking
subsidiary were created by a
management buyout from the
latter. The licence agreement is
due to expire in May this year.

To kick-start British Ameri-
can Bank’s revitalisation, the
bank redeemed the $7 million in
preference shares that had been

issued to British American.
~ Insurance and effectively recap-
' italised itself by attracting

unnamed investors to purchase
$10 million in new. cumulative,
redeemable non-voting prefer-
ence shares.

The recapitalisation and pref-
erence share redemption also

Insu F@ (From page 1B)

fitting into Bahamas First’s historic strategy.
Commonwealth General, insurance sources
said, was part-owned by Cooper Gay, an insur-
ance broker and reinsurance broker that operates
in the Lloyds of London market.
Apart from Bahamas First, the other general
insurance carriers that will be left in the market



removed what Fidelity is under-
stood to have viewed as a
boardroom log-jam that had
developed at British American
Bank between its representa-

tives and those of British Amer-

ican Insurance.

Following that, Sir William
Allen, the former finance min-
ister in the FNM. government,
replaced Mr Sunderji as British
American Bank’s chairman, as
Fidelity sought to have a major-

ity of independent directors on

the board. Peter Thompson also

resigned as British American -

Bank’s president, to be replaced
by Roderick Goom.

Mr Goom said in a statement
that the name change had
received regulatory approval.
He added: “Fidelity has an envi-
able reputation for innovative

products and a high level of cus-
‘tomer care and service and I

expect Fidelity Bank (Bahamas)
to follow suit. I fully intend for
the bank to not only benefit
from the brand equity inherent
in the Fidelity name, but to
enhance it over time.

“While we'll continue to pro-

. Vide enhanced personal banking

related services, our staff look
forward to helping customers
access a broader range of finan-
cial services, including products
to assist with college education,
estate and retirement planning
and investments.”

Sir William Allen. said:
“Fidelity’s excellent family of
financial lifestyle packages such
as retirement and college plans,
estate planning, brokerage ser-
vices and mutual funds etc., will

business.

be available across the board
all in one place, saving our cus-
tomers time and money.”
However, much work
remains to be done. British
American Bank saw its net :
income in the 2004 third quarter |
fall by 18.55 per cent, something
it blamed in a 15.8 per cent or:
$236,762 decline in net interest :
income. :
. A 3.9 per cent decline in total :
assets compares to 2003 was
largely due to an 8.7 per cent:
decline in the bank’s loan book .
to just over $93 million. a
British American Bank,
which is listed ‘on the Bahamas
International Securities,
Exchange (BISX), has been
seen as the weakest of this
nation’s six clearing banks for |
some time. ;
Royal Bank of Canada’s
mortgage-lending arm, Finance .

Corporation of the Bahamas.»

(FINCO), attempted to acquire
British American Bank in 2002-
2003 but the two sides could not
agree a price. Recent specula-
tion has focused on a possible
acquisition attempt by Bank of
Butterfield.

The rebranding to Fidelity
Bank (Bahamas) follows similar
rebrandings performed by
Fidelity in the Cayman Islands |
and Turks & Caicos in 2002.

The bank hopes to have its
new signage in place before
May 2, with the new name |
rolled out on stationery, cards -:-
and in the banks gradually over
the coming months.

Staff and. management are :
expected to remain unchanged.



are RoyalStar Assurance, Security & General,
which is majority-owned by the Bermuda-based
Colonial Group, and Insurance Company of the
Bahamas and Summit Insurance, through which.
J.S. Johnson and Insurance Management respec-.
tively.channel most of their general insurance

Enterprise Risk Services - Control Assurance Senior Consultant/Manager

Well established firm seeks an IT Auditor manager/senior consultant for its Enterprise Risk
Services Practice.

RESPONSIBILITIES :
Identify and evaluate business and technology risks, internal controls which mitigate risks,
and related opportunities for.internal control improvement
Assist in selecting and tailoring approaches, methods and tools to support services
Actively participate in training efforts

Actively participate in decision making.with engagement manegen'srt and seek to understand
the broader impact of current decisions

Generate innovative ideas and. challenge the. status quo :

Facilitate use of technology-based tools or methodologies tore review, ‘design and/or implement
products and services

Build and nurture positive working relationships with clients with the intention to exceed
client expectations

‘Understand Clients' business environment and basic risk management approaches
» Play. substantive/lead role in engagement planning, economics, and billing.
oe in eee Gerson and sales efforts

~ America On Sale

FT. LAUDERDALE ...............sseseeeeee1$ 88,00
MIAME: s..sscscssecsessetooedcosedas sede: $99.00
NEWYORK.........ccsssceu sees coeseees $198.00
ORLANDO. ..........ssscccceeessaeeeeesn e+ $199.00

ATLANTA ......cccccccccceccssceeceeses $235.00
BOSTON 35 ccssxiecs soe oko ei S167. 00
CHARLOTTE ............cesccesccesceesee« $285.00
PHILADELPHIA, ............0ccccc0ee0e0+ $285.00
BALTIMORE ............eccsccecceseee 000+ $296.00
WASHINGTON ..........ccccccecceecveevees $296.00 —

AND MORE CITES

BOOK NOW & SAVE!

For more details call our office at:
Phone: 328-0264, 328-0257
Fax: 325-6878
Website: premiertravelbahamas.com
57 Collins Avenue, P.O. Box N-9670
Nassau, Bahamas

QUALIFICATIONS:

3+ years experience inthe areas of public accounting, internal auditing or Pconaulting

Bachelors degree in Business Administration, Accounting, Computer Science, Information
Systems Administration or related field. MBA or dual- -degree is an asset '

CISA, CPA, CIA designation or desire and dedication to pursue -

Advanced understanding of business processes, internal control risk management, IT controls
and related standards

Proven analytical skills with ability to tackle prablene systematically to determine causes
and produce effective solutions

~ Experience with accounting control related i issues.

~ Demonstrated ability to plan'and manage. engagements along with ensuring dalverables
meet work plan specifications and deadlines:

Ability to thrive in an environment of pressing deadlines and constantly changing conditions
Successful experience identifying controls, developing and executing test plans
Ability to synthesize information and produce concise synopses/summaries

Excellent written and oral communication skills inueing both technica’ and business writing,
documentation and presentation skills

__ Open to travel requirements
Experience with ACL is an asset
Experience with COSO and/or Sarbanes-Oxley an asset
Technical and/or management background in technical systems/environments an asset



All Major

COMPENSATION Credit Cards

¢ Compensation is negotiable based on combination of years experience and qualification. Acepted

* Fares based on Mid-week Travel

. * tickets must be purchased by March 2nd 2005
Interested persons should submit their resumes before March 18, 2005.

HUMAN RESOURCES DEPARTMENT
P. O. BOX N-7120
NASSAU, BAHAMAS.

* Taxes & Service Fees not included
* Travel completed by June 15th 2005


THE TRIBUNE

’ MONDAY, FEBRUARY 28, 2005, PAGE 5B



Jobs (From page 1B)



that there are numerous of
examples of foreign companies
coming into the Bahamas, being
given preferential treatment but
still leaving.

He added that Lloyds Bank
& Trust (Bahamas) was a prime
example of a foreign investor
who pulled out of the Bahamas,
leaving dozens of Bahamians
jobless.

While the bank received
work permits on demand, Mr
Moss questioned whether the

out by the Financial Services
Consultative Forum, Mr Moss
said the document was nothing
short of a one-sided attempt to
legitimise what had been going
on all along.

He said the Bahamian pub-
lic needed to see through what
the Forum was really trying to
do and ensure their efforts are
put in the same category as the
failed Referendum put forward
by the former Government.

Mr Moss said he wished the

authors and supporters of the
Forum report would address the
numerous cases of Bahamians
in the industry who were unem-
ployed or underemployed.

He emphasised that the
Bahamas, with its qualified pro-
fessionals who are not being
used, was not the Cayman
Islands, whose financial services
industry and entire economy
were dominated by expatriate
workers.

According to Mr Moss, while



a ‘Bahamianisation’ policy
exists, the Government has
failed to enforce it, which is a
major part of the problem.

Mr Moss said: “I think it’s
about time the media in this
country fully investigate and
report on these issues. I would
like to see those in charge called
into accountability and, with-
out fear or favour, those for-
eign banks committing these
breaches challenged and pun-
ished."



CRITICISED - &
Vincent Peet

they who called me, saying that
Minister Peet told them to give
me a job. Deltec, First
Caribbean, Banco Santander,
Central Bank and others where
all contacted but, in each case, a
work permit was issued for the
position.

“What makes matters worse
is that I was terminated with-
out reason. So, even if I were to
come into a job, I could not get






a reference letter from Royal.
In short, I have been blacklist-
ed."

While it remains important
to balance the need for foreign
capital with a flexible ‘Bahami-
anisation’ policy, some would
say the reality is that persons
like Mr Moss, appropriately
qualified, have been left by the
wayside for the greater good.

Mr Moss argues, however,

UBLIC NOTICE

financial services sector and the
Bahamas were better off for
having allowed the institution
to bring in expatriate workers.

"These banks use strong arm
tactics with our government. If
they don’t get their work per-
mits, they threaten to pull out.
What kind of relationship is it:
are we equals or are we a
colony?” Mr Moss said.

“As far as the industry itself is
concerned, the foreign banks
remain silent because adverse
publicity is not in their best
interest. Moreover, the jobs that
are kept from Bahamians are
“sweet” and used for an expat-
only revolving door of luxury, a
life they could never enjoy in
their home countries. Bahami-

. ans in the industry are fully

aware of this scourge. Yet they
remain silent, not wanting to
rock the boat. How demeaning
and disappointing."

One of the more vocal com-

plainants against the contro-
versial Immigration Report put





NAME



BARTLETT, Winifred
MURPHY, Lionel
SMITH; Maurice —

The following persons or their nearest relatives are kindly asked to visit the
PENSIONS DEPARTMENT of the National Insurance Board located in the
Board’s Jumbey Village complex on Baillou Road. For further information,
you may contact the Department at telephone number 502-1500.

N.I. NUMBER

15318737
13812599
~ 10113479 “

ADDRESS



Stapledon Gardens








Blue Hill Road South
Eastern Estates



INVESTMENT OPPORTUNITY
MUST SELL

HARBOUR ISLAND

Lot #13, Block #3, Triana Shores
Subdivision, Harbour Island. This lot is
flat and forms part of the subject of this
assessment. Approximately 10,000 sq.
ft., and is rectangular in shape. Zoning:
Both residential and commercial
development in one. The said property
is elevated and sandy and there is no
chance of flooding.

~ Ground Floor: Accomodation includes
1 bed room, 1 bathroom, powder room, entry room, kitchen, sitting room, utility room,
dining, patio, entry court with wheel chair ramp.

First Floor: Two bedrooms, each with its own bathroom, walidn closets, upper balcony’ Ss
to each bedroom, open foyer.

Roof Area: Well secured patio area with concrete posts for railings and a club house
age: New construction.

Appraisal: $800,753.00 -

For conditions of sale and other information contact
: Philip White @ 502-3077 email philip.white@scotiabank.com or
Delores Johnson @ 502-3038/326-1771 email delores.johnson@scotiabank.com
Please visit www.fsbobahamas.com for interior photos



PVs im aa ain a
MUST SELL

RAINBOW BAY
SUBDIVISION

Lot #44, Block 5, Section A. The lot is
on ahill overlooking the Atlantic Ocean.

: Area is approximately 10,800 sq. ft. This

. site 6ncompasses a two storey §];
aparl t block Of two apariments!One: i}
upstairs and one downstairs. Each

' Comprising one bedroom one bathroom,

front room, dining, kitchen. There is a wooden porch approximately 8 - 6 feet wide on
the upper level secured with a wooden handrail. The garage area has been converted

j into a efficiency apartment and now houses one bedroom/frontroom in one and one
_ bathroom. Age: is 7 years old. The apartments could be rented at $700 per month

Ne Cl eae





_MUST SELL |

VALENTINES EXTENSION

Lot #2 contains a 19 year old 1 1/2
storey four plex with a floor area of 3,621
sq. ft. The two storey section consist
of a master bedroom, bathroom and
sitting area upstairs and two bedrooms,
one bath, living, dining, family room and
kitchen downstairs. The single storey
consist of one two bedroom, one bath
apartment and two efficency -
apartments, land size 7,500 sq. ft.
Family zoning on flat land and not
subject to flooding.

: Appraisal: $347,006.00

The subject property is located on the western side of Valentine’s Extension Road, just
over one hundred feet north of the roadway known as Johnson Terrace. Travel east on
Bernard Road, turn left onto Adderley Street which is opposite SAC, continue left at }
the deep bend, take first right into Johnson Terrace, go to T-junction and turn left, then
first right. Property is second building on right, white trimmed brown.

For conditions of sale and other information contact
Philip White.@ 502-3077 email philip. white@scotiabank.com or
Delores Johnson @ 502-3038/326-1771 email delores.johnson@scotiabank.com

Please visit www.fsbobahamas.com for interior photos

=i det Lae
MUST SELL

YAMACRAW BEACH ESTATES

.

Lot #63, house #19, Cat Island Avenue,
a6 year old single story house with three §
bedrooms, one bathroom, living room,
dining room, kitchen and laundry room.
Property is 70x100 single - family §
residential. This property is on flat terrain
and fairly level with road way. Living area
1,574 sq. ft.

Appraisal: $173,000.00

Traveling south on Fox Hill Road, go pass the Prison Compound, turn left onto Yamacraw
then 1st right, follow the road to 1st left, then first right. The road curves to your left,
the house is #19 Cat Island Avenue, painted white. The grounds are attractively landscape
and well-kept access into the subject property is provided by a concrete paved drive
way along with the walkways of concrete flagstones.

For conditions of sale and other information contact
Philip White @ 502-3077 email philip.white@scotiabank.com or
Delores Johnson @ 502-3038/326-1771 email delores.johnson@scotiabank.com

Please visit www.fsbobahamas.com for interior photos

partly furnished. The efficiency rented at $400 per month.

Appraisal: $308,402.00

For conditions of sale and other information contact
Philip White @ 502-3077 email philip.white@scotiabank.com or :
. Delores Johnson @ 502-3038/326-1771 email delores.johnson@scotiabank. fol

Please visit www.fsbobahamas.com for interior photos



BAHAMAS ELECTRICITY CORPORATION
VACANCY NOTICE

A vacancy exists in the Corporation for the post of Network Support Assistant in the
Information Technology Services Department - Finance Division.

Duties for this job may include, but are not limited to the following:

¢ Assisting with the continuous operation and maintenance of the Corporation’s Local and
Wide Area Networks (New Providence & Family Islands).

¢ Troubleshooting and resolving network hardware/software conflicts

¢ Ensuring that all network devices are properly configured and functioning

¢ Providing end-user support for hardware, software and network access issues.

¢ Network performance monitoring and the maintenance of corresponding statistical data.

¢ Maintaining network architecture documentation.

¢ Repairing Personal Computers and peripheral equipment.

* Monitoring and maintaining computer equipment inventory/supplies.

¢ Identifying and recommending Information Technology solutions

Job minimum requirements include:

e An Associate Degree with concentration in Computer Science (B.S. Degree preferable)
¢ A minimum of 3-5 years experience maintaining LAN/WAN environment.

¢ Network + and / or A+ Certification (Cisco CCNA a plus).
¢ Sound technical knowledge of network and computer operating systems.

¢ Demonstrated knowledge of the operation and function of standard networking equipment.
° Sound knowledge of the office automation software such as the Microsoft Office suite.

¢ Troubleshooting skills

° Excellent written and verbal communications skills
¢ Knowledge of effective user support services

¢ A team player that is performance driven and results oriented

Interested persons may apply by completing and returning the Application form to

The Manager, Human Resources & Training,

on or before Tuesday, March 1, 2005

Blue Hill and Tucker Roads
P.O. Box N-7509,
Nassau, Bahamas



r

CO NON eR ae i a a a

SA. ewe e
PAGE 6B, MONDAY, FEBRUARY 28, 2005 |

THE TRIBUNE |





Mail Boxes Etc franchise

4

opens opposite Sandals

he latest Mail
Boxes Etc fran-
chise, located in
the West Bay
Shopping Plaza

opposite Sandals Resort, aims
to provide “world class service”
to western New Providence.

The new centre joins more
than 5,000 Mail Boxes Etc and
The UPS Store locations world-
wide, reinforcing the company’s
position as the world’s largest
arid fastest growing network of
retail shipping, postal and busi-
ness services centers.

“As a one-stop shop for ship-
ping, postal and business ser-
vices, we look forward to pro-
viding world-class service to the
community in the western area
of New Providence,” said fran-
chise owners Mario and

In addition to shipping
through UPS, FedEx, DHL and
other carriers, the newest Mail
Boxes Etc location in Nassau
will offer a variety of time-sav-
ing products and services,

" including full-service packaging

and supplies, office supplies,
Bahamas mail executive suites,
Bahamian postal addresses, a
global mail box express service,
US addresses, e-commerce ful-
fillment, digital printing and
duplicating, plus high quality
digital colour and black and
white copies and document fin-
ishing, such as binding, lami-
nating and collating.

Gershan Major, chief execu-
tive of Caleb Enterprises, the

master license holding company .

for the Mail Boxes Etc. fran-
chise in the English-speaking

Caribbean, said: “We are in the

Winifred Giovanoli. : : , :
_ business of making life easier



TEACHING VACANCY

The Anglican Central Education Authority invites
applications from qualified Teachers for positions
available at St John’s College, St Anne’s School,
Freeport Anglican High School/Discovery Primary
School and St Andrew’s Anglican School, Exuma.

SECONDARY

Spanish
English Language/Literatur
Biology

Mathematic

Religious Studies
Physical Education:
Special Education
Librarian

Home Economics

Nurse

‘ PRIMARY
Upper Primary
Lower Primary
Kindergarten
Computer Studies

Only qualified Teachers, Nurse, with Bachelor or
Master Degrees from an accredited University or
‘College and Teaching Certificate need apply.

For further details and application forms, please contact
the Anglican Central Education Authority on Sands
Road at telephone (242) 322-3015/6/7.

Letters of application and/or completed application
forms with copies of required documents must be sent
by Friday, March 11, 2005 to the Anglican Education
Department addressed to:-

The Director of Education
Anglican Central Education Authority
P.O. Box N-656
Nassau, Bahamas

POSITION AVAILABLE

Caribbean Regional
Environment
Programme

Administrative
Assistant

The Caribbean Regional Environment

Programme (CREP) is seeking an

Administrative Assistant to provide

administrative support for the Andros

Conservancy and Trust and the CREP
Bie The position is based with ANCAT,
q in Fresh Creek, Andros.

| Skills/Qualifications

7 © Computer literate, especially Microsoft
Office Suite
¢ Minimum of 2-3 years experience in office f
f procedures, including performing basic
accounting tasks, operating office
equipment, and receptionist skills
s © Excellent oral and written
# communication skills
° Positive attitude and self motivated
© Excellent organisational skills and ability
f §=© to multitask
© Detail oriented and able to meet
deadlines
ye ay to maintain confidentiality of
records and information

Financed by the
European Union



Bahamas
Focat Point
Organizations



If you are interested in this exciting
| Opportunity please send resume, cover

letter & other supporting documentation

to: ;

# CREP Position
P.O. N4105
Nassau, Bahamas

OR: CREP Position
P.O. Box 23338

CARIFORUM
| Fresh Creek, Andros

Authorized by the
Caribbean Forum of ACP
States

Material may also be delivered by hand to
the CREP/ANCAT office, Fresh Creek, Andros
or by e-mail to: exancat@batelnet.bs

All applications must be received by
riday 11th March 2005.



- nesses in the country for over 20

for our customers. Mail Boxes
Etc. has a reputation for pro-
viding personalised and conve-
nient business solutions with
world-class customer service,
and we are committed to
upholding that reputation with
our newest franchised location
in the West Bay Shopping
Plaza.”

Neville Wisdom, minister of
Youth, Sports & Culture,
applauded the new owners of
Mail Boxes Etc, noting that the
2,000 new, local mail boxes
being introduced in the Cable
Beach area will go a long way to
facilitate the growing demand
and needs of residents in the
western area of New Provi-
dence.

Mears Ltd, a Bahamian fam-
ily enterprise, has been suc-
cessfully operating other busi-

years. Most recently, the family
has been key in distributing
Sherwin Williams paints and
products through Bahamas
Paint Depot.

There are now two indepen-
dently franchised and operated
Mail Boxes Etc locations in
Nassau, the other location being
in the Harbour Bay Shopping
Plaza, East Bay Street.

WAREHOUSE SPACE
TO SUBLEASE

* 2320 sq. ft. located on



Mt. Pleasant Avenue off Carib Road.

Please call Alice at 393-7020
for further information

vv WAR nroneleh ait) el || ath eet
that repairs left tot _.
WATCH REPAIR —
department for longer Teh 6 mo
will be sold to defray eo
Harare ected -tetiteh oh | -
Oi Celad sme Pele)

A growing Technology Solutions Provider is seeking to
employ a
Client Account Manager

The successful candidate should be self-motivated with
strong communication and networking skills. Experience
with technical products is not necessary as training will
be provided. However, the successful candidate should
have a proven track record in sales and marketing.

Responsibilities include: ~

Managing existing client accounts
Developing new clients

Selling and marketing products
Managing the Marketing Budget
Reporting to the Board of Directors

The successful candidate should have a Bachelors
Degree in business or science with a minimum of 2 years
experience in sales.

Remuneration and Benefits will include a competitive
salary, monthly bonus for meeting sales targets, car
allowance, group health and pension.

Please submit a resume to:-
Ms. J Forsythe, PO Box EE17034, Nassau, Bahamas
Or apply online at http://www.emagine.bs/cam

Closing date for applications is March 18th









i

Gershan Major, chief executive of Caleb Enterprises, the mas-',

ter license holding company for the Mail Boxes Etc. franchise in‘:

the English-speaking Caribbean, speaks at the opening of the |: -
West Bay Shopping Plaza outlet.

(Photo: Mario Duncanson)

The Chambers of Rolle, Newton & Co.,
Counsel & Attorneys-at-Law
has been relocated to

Suite 205B, Saffrey Square, Bay Street and Bank Lane, |
Nassau, Bahamas.



Tel: 325-8633/525-8645
Fax: 525-8658

| TRAIN FOR | vou |
\ professional; .
I S UCCESS ‘accredited \
| | Certificate |
i [ a 2005! :or Diploma, |
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j invest in accredited qualifications and skills to
secure a bright future; aim for a good career and highs
i pay. Everything YOU need for success is provided;
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| Advanced, Honours & Graduate Diplomas and MBAs |

j * Business, Account, Marketing, Finance, Personnel
For a FREE Prospectus/information book contact: |

deeaeea > Seat _ ae. a

aa a = |

| CAM BRIDGE INTERNATIONAL COLLEGE ,

l PO Box 53, Southampton, SO14 OYP, Britain |

| | eea Fax: +44 2380 337200

I j 2@ ¢ <4 email: info@cambridgetraining.com |
: eb nee cambrldgeceliege ruta

NOTICE

TAKE NOTICE that LEROY JOHNSON late of Love :
Lane in the Island of Harbour Island one of the Islands of }
the Commonwealth of The Bahamas died on the 9th October |
A.D., 2003 domiciled in the Commonwealth of The Bahamas |
intestate leaving TERRY CASH JOHNSON, his widow |
and heir at law he surviving. At the date of his death, the +|
deceased left only a bank account at ScotiaBank (Bahamas) :
Ltd. in the Commonwealth of The Bahamas and had no !
other assets in the jurisdiction. Application has been made ;
to the said ScotiaBank (Bahamas) Ltd. to have the assets |
distributed pursuant to $.50 of the Supreme Court Act
without necessitating the Probate of the Estate within the °
Commonwealth of The Bahamas and the Bank has agreed ;
to do so provided the provisions of the Section are complied ;
with and accordingly, this is to advise that anyone having‘
a claim to an interest in the Estate of the deceased person
must within 3 months of the date hereof submit particulars :
of such claim in writing to the Bank herein before stated }
failing which the assets will be distributed by the Bank toi
the persons entitled on the intestacy of the deceased.’





i
i

DATED the 10th day of February A.D., 2005

JOHNSON & CO.
Attorneys for TERRY CASH JOHNSON
Personal Representative of the Estate
of LEROY JOHNSON
THE TRIBUNE BUSINESS

MARSHALL
ROAD

Lot #54, land size 42,130
sq. ft. with a masonry
building with eight inch
concrete block walls. The
front 2 units are 95%
complete.



Appraisal: $256,233.00

hi Heading west on Blue Hill Road, go pass the intersection of Cowpen and Blue
Hill Road, turn right onto Marshall Road (Adventure Learning Center Road),
follow road to the final curve before the beach. The subject property is about
100 feet on the right side, grey trimmed white with unfinished building attached.

MILLARS
HEIGHTS

Lot #7, block 7, contains
a seventeen year old
single storey duplex with
floor space of 1,533 sq.
ft. each apartment consist
of 2 bed, 1 bath,
living/dining and kitchen,
land size 7,500 sq. ft..
75x100.



Appraisal: $220,768.00

Traveling west on Carmichael Road, take the third corner on the left after
Carmichael Road Police Station, take the first right, then first left, Margaret
Street, property is the third on left, painted white with green doors.



ie

Rae,

Be

Be,



Lot #386, Vacant Land 12,000 sq. ft.



TWYNAM HEIGHTS”

(no picture available) -

MONDAY, FEBHUARY 28, ZUUD, FAGE /b5



FRELIA
SUBDIVISION

Lot #24, Land size 6,724
sq. ft. living area 1,223
sq. ft. consisting of 4
year old three bed, two
bath, living, dining,
kitchen and utility room.



Appraisal: $151,115.00

Driving west on Carmichael Road until you arrive at road by More FM, continue
driving north thru a series of curves in the road until you arrive to the double

post sign on the right hand side of the road turn right, house is 5th on right
white trim yellow. Subject property is flat and slightly below the level of the ;
roadway. This is a single family residential zoning. The building is about4 -
years old, with remedial work required.

GOLDEN GATES
#2

Lot #1490, section 2 with
a 25 year old single family
residence 2,480 sq. ft.
consisting of five
bedrooms, two
bathrooms, seperate
living and dining room
with a spacious kitchen,
lot size is 6,000 sq. ft.

Appraisal: $1 20,000.00

Property is at grade and level with adequate drainage, house situated. on road
knowns as “Donahue Road” which is on the southern side of Carmicheal.
Road..Last painted green trimmed white. Enclosed on one side with 5 ft., chain
link fencing and at the front with a low cement block wall with two driveways
and a walkway.



——

i: - ~ Appraisal: $110,000.00

site or building improvements.

Seth SERN?

TARPUM BAY

Commercial Building on
flat land building
consisting of 690 sq. ft.
accessed via main
Eleuthera highway
towards Rock Sound on
the northern side of the
street. Recently renovated
‘and painted, land 38.50
ft easterly, 34.50 feet
shoutherly, 38.50
westerly, 34.50 feet



northerly, lot 1,166.45 sq. ft., building 690 sq. ft.
Appraisal: $56,514.50

LOWER BOGUE

Lot #62, Eleuthera
Highway, lot of land
being 34,210 sa. ft., 10
year old single storey
home comprinsing of
four bedrooms, three
bathrooms, living room,
dining room, kitchen,
washroom and a double
car garage, the ‘toal
square footage is
approximately 2,997.81

sq. ft
Appraisal: $198,186.00 —







if Travel east on Prince Charles Drive untill you get to Super Value in Winton, turn right immediately east of Super Value and follow the road souoth for a third
it of a mile-property is on the left. Single family residential zoning. he land is on high level and not subjec to flooding. Presently the lot is overgrown with no

S77





BOILING HOLE

Lot #7, Boiling Hole
Subdivision, Governor’s
Harbour, Eleuthera,

- contains a single structure
duplex, lot size 80x125,
10,000 sq. ft. building size
55 x 27 sq. ft., apartment
building consists of two
units, two bedrooms, one
bath, kitchen, dinning and
living room.

Appraisal: $1 07,941.50

PALMETTO
POINT

Lot #14B & 7B north of
Ingraham Pond and
eastwardly of North
Palmetto Point, Lot of
land and improvement
commprising of 20,355
s q Pot:
resedential/commercial
development. The site
consist of a two soorey
sturcture compmrising of
three bedroom, two and a half bathroom, front room, dining room, famly room,
utility room, pantry, kitchen, stairwell, two car garage, attic, office. This structure
when completed, will house an intercom system to each room and basement
area the entire house will be central air conditoned.

Appraisal: mor: 363.00

| a _ eee eC Hae

to ...hlLU fae Mail @) on Clears el

elalilioy ye Ok:


PAGE 8B, MONDAY, FEBRUARY 28, 2005 THE TRIBUNE BUSINESS

ROYAL BANK OF CANADA - BAHAMAS BRANCH OPERATIONS

fs late yiniree

he LOANS - Net ;
BALANCE SHEET ; Loans consist of the following

Pod .
AS OF OCTOBER 31, 2004 : : : 2004 - 2003
(Expressed in Bahamian dollars) 7 . < :
: _, Mortgages... $ _ 23,378,765 $ 18,718,600
2004 2003 . 7. ‘*y. Personal loans et : 321,520,507 278,946,283
: Business loans . 395,126,300 395,429,139
ETS ; ; ; Non-accrual loans ; oe 20,176,920 24,309,863
Cash $ 16,966,614 $ 14,910,987 Soe eae 760,202,492 717,403,885
ieee ipsa TSK ge el oe es
e wi e Cen! 0: e Bahamas > 5 F . ee : . : ; 8.300,000' 8 310,267) -
Due from related parties (Note 11) 216,512,284 241,768,868 ae for credit losses ——(8:300,000) __(6,310.267)
Investments (Note 3) 130,381,313 107,832,882 egies S ; $_ 756,640,194 $ 712,402,829
" Loans - Net (Notes 4, 8, and 9) 756,640,194 712,402,829 Pere
Fixed assets - Net (Note 6) 16,971,038 17,897,863. ets te Loans casi as non-accrual represent 2.65% (2003: 3. Av) of the total loan portfolio.
Other assets 22,377,546 13,219,661 eS
Customers’ liability under acceptances, guarantees and See ae _Nowacera ee s (included above) consist of the following: .
letters of credit 25,876,272 24,297,959 ; 2003
TOTAL ._ $1,319,276,751 $1,202,972,609 in es ; :
Te LR Busines oo $ 7,061,922 $ 7,331,551
LIABILITIES ae . :Personal - ners , 12,812,344 ; 16,752,875
tee Monesee 302,654 225,437
Deposits (Notes 7, 8, 9 and 11) $1,133,742,499 $1,056,394,377 yeti oe pes, eae .
* Due to banks 24,500,606 18,366,810 seas, aeeee. ate. yi “i 20,176,920 ies
Due to related parties (Note 1) ; 113,917,215 . 86,688,827. eet Ee ras OE ; .
Cheques and other items in transit (Note 11) 19,733,565 15,916,145 PE ie ee ge ie cee
Other liabilities 1,506,594 - 1,308,491 is au ALLOWANCE F se CREDIT LOSSES
Acceptances, guarantees and letters of credit 25,876,272 24,297,959 = “Allowaase for credit losses écnbists of the following:
TOTAL . $1,319,276,751 $1,202,972,609 gee .
7 nn LER ES COPED te 7 2004 2003
See notes to balance sheet. : . Balance, beginning of year $ 8,310,267 $ 7,033,068
<<" Loans written-off © 7,090,183 4,999,001
The balance sheet was papnioved on behalf of Manse: on janes 31, 2005 and is signed onits ne eet ee ; ; ope ‘ 738 be ¢ 830 ae
behalf by: : _ Provision for ‘creditlosses, . _ 5,341,057 ___5,445,700 :
| | ) - Balance,end of year $_8,300,000 $_8,310,267
Ross McDonald , —— Lanny Wilson | SES Consating of . ,
Senior Vice-President ar Manager, Financial Control & Planning _ Soe a Loe : : : $ Een $ ne :
- General provision . LAs “e
sae . $_8,300,000 § 8,310,267
NOTES TO BALANCE SHEET ; Se ete at ee ee
eget In Bahamian dollers) * Allowince: for credit losses ‘eoratents 1.09% (2003: 1.16%) of the total loan portfolio and
— Al, 13% ee 34.18%) of the total non-accrual loans.
1. GENERAL

Royal Bank of Canada - Bahamas Branch Operations is a chartered bank operating under the cae . Aare Rerele doh ; a na
Bank Act of Canada, with branch operations in The Bahamas (the “Bank”). The ultimate on
parent company is Royal Bank of Canada, 200 Bay Street, Toronto, Canada which is referred
to as “head office” in the balance sheet. The Bank is licensed under the provisions of the

"y Fixed assets consist of the following:





Banks and Trust Companies Regulations Act 2000. The Bank is also licensed as an Tecate 2004 2003
‘ Authorized Dealer, pursuant to the Exchange Control Regulations Act. The Bank is globally a SEC
referred to as RBC - Royal Bank. ° ! 2004 and Net Book Net Book
. See Cost . Amortization Value Value
The Bank’s business activities include the acceptance of savings, term and demand deposits, UPS hn
the buying and selling of foreign currency, electronic banking, personal, commercial and Sook Land Laduaer |e $ 816,238 $ - $ - 816,238 $ 816,238
mortgage lending i in The Commonyeslta of The Bahamas. ; i ; Oy Buildings and improvements 13,239,926 5,398,247 eon 7,841 ,679 8,076,786
‘ ; "Leasehold premises . 6,231,439 4,669,924 1,561,515. 1,878,872
The average number of persons ctaploved by the Bank during the year was 517 (2003: 511). ee Furniture, fixtures and ‘
Mofo other equipment 14,80 803,271 10,224,772 4,578,499 5,013,319
; 2 - Computer equipment 10, "510, 514 8,514,139 1,996,375 ‘1,992, 478°
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES “--Nfotor vehicles ° : 391,597. 214,865 176,732 120,170 :
The balance sheet has been prepared in accordance with International Financial Reporting = 3 oo Ee ae $45,992,985 $29,021,947 $16,971,038 $17,897,863
Standards. The preparation of the balance sheet in conformity with International Financial aed Se de nana ea ee 2 :
Reporting Standards requires management to make estimates and assumptions that affect the oe Cost: 2003 Additions Disposals 2004
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at Pa SEI) Oh = SERED :
the date of the balance sheet. Actual results could differ from those estimates. eee Land ys $ 816,238 $ oe § - + $ 816,238.
o ote ae Buildings and. igi vere 13,039,993 199,933 - - =. 13,239,926 .
Significant accounting police: are as follows: .."s**. Leasehold premises: a 6,231,439 at gt - 6,231,439
- © "\s. Bumniture, fixtures.and’ :
a. Balance with The Central Bank of The Bahamas - The balance with The Central Bank = ERTS other equipment. 14,241,673 561,598 - 14,803,271
pfeThe Bahamas if pon ater t Bearing: “2 Computer equipment «9,678,114. 832,400 - 10,510,514
b. Due to/from. related parties - Balances and transactions with the Head Office and its ©. - Od Motor vehicles - ed Es ss eI jeer are 331 of.
consolidated subsidiaries are described in the balance sheet as due to/from related’ = $44,324,643 - $1,668,342 _- $45,992,985
parties, Page geet AEB s
ee : wae ae Depreciation
c. Investments - Investments are classified as available-for-sale. Investments are initialty pees Accumulated 3 4
recognized at cost and subsequently re-measured at fair value. - es Depreciation ia Amortization
d. Leans and allowance for credit losses - Loans are stated at principal plus accrued Pes Amortization: ey ee 2003 —- Expense’ _ Disposals 2004
interest less allowance for credit losses, Loans are placed on a non-accrual basis ra Z . :
whenever payment of principal and/or interest is ninety days past due or in the opinion eae Buildings and improvements A708 207 97 ee ee
of management there is some doubt as to the ultimate collectibility. ieee ‘Leasehold prema’ 4,352,567 317,357 aS eOOee et
. ; ; -.» .«. Fumiture, fixtures and :
Provisions for possible loan losses are charged against income and are based on Saas other equipment 9,228,354 996,418 - 10,224,772
Management’s estimate of accounts for which collection is doubtful. The provision for ’ Computer equipment 7,685,636 828,503 - 8,514,139
possible loan losses is increased by charges to operating expense net of recoveries. "Motor vehicles 197,016 17,849 _ 7 214,865
A loan is normally written off if it is contractually in arrears, no payment haa been nes : $26,426,780 $_2,595,167 Ss $29,021,947
received in the last 180 days and all collateral has been realized. ;
e. Fixed assets - Fixed assets are stated at cost less- accumulated depreciation and
aes | us | 7. DEPOSITS
f. Foreign currency translation - Assets and liabilities in other currencies have been i i i
: : : Deposit: t of the foll :
_ translated into Bahamian dollars at the appropriate rates of exchange prevailing as of eee, et oe
October 31, 2004. 2004 2003
g- | Acceptances, guarantees, and letters of credit - The contingent liability of the Bank Demand deposits . — 5; $ 420,748,936 $ 365,227,264
under acceptances, guarantees and letters of credit is recorded as a. liability in the Savings deposits 175,830,861 144,666,067
balance sheet. An offsetting asset is recorded to reflect the Bank’s recourse against Term deposits 533,860,589 542,551,561
customers in the case of a call on any of these commitments. Accrued interest payable 3,302,113 3,949,485
h. Related parties - Related parties include the head office, officers, directors and other $1,133,742,499 $1,056,394,377
companies with common ownership.
i. Assets and liabilities under administration - Assets and liabilities under administration 28 Bi MATURITY OF LOANS AND DEPOSITS
on behalf of clients are not included in the balance sheet. °
The maturity dates of loans fall into the following categories:
3. INVESTMENTS
; . : 2004 2003
Investments are classified as available-for-sale and consist of the following: . .
2 years or less $ 292,499,671 $ 222,812,186
2004 2003 es Over 2 years through 5 years : 141,553,171 141,576,271
ae Over 5 years through 10 years 212,084,789 244,134,953
Securities issued or guaranteed by The Bahamas Government: Over 10 years 114,064,861 108.880.475
: See cet
Treasury bills $ 32,119,313 $ 22,057,282 760,202,492 717,403,885
Registered pe rena pele 84,387,300 Accrued interest receivable , 4,737,702 3,309,211
Bducatenel Foam Aumont Bonet oo ae S " Allowance for credit losses (8,300,000) ___ (8,310,267)
Deposit Insurance Corporation Bonds 1,388;300. __1,388,300
; $_ 756,640,194 $ 712,402,829
$ 130,381,313 $ 107,832,882
: . ; The maturity dates of deposits fall into the following categories:
The maturity of investments is as follows:
be aes 2004 2003
2004 2003 aig Ue East! Me a eed ie AE ako Ds
: Sen ge nehe arleag $1,000,536,268 $ 807,581,553
1 year or less . $ 36,384,013 $ 22,354,890 Over 3 months through 2 years ; 129,904,118 244.863.339
Over 1 year through 5 years 20,908,800 22,599,800
Over 5 years through 10 years 14,025,400 16,599,100 Pathe 4 1,130,440,386. 1,052,444,892
Over 10 years 59,063,100 46,279,092 ee Accrued interest payable ___ 3,302,113 __ 3,949,485
$ 130,381,313 $ 107832882 = 9° 61,133, 782,492 $1,056,396377

alleen nee eeee
THE TRIBUNE BUSINESS

10.

11.

12.

CONCENTRATION OF LOANS AND DEPOSITS
Concentration of leans by customers’ account balance is as follows:

2004 % of Total 2003 % of Total



$0 - $100,000 $ 285,988,177 37.62% $ 267,325,001 37.26%
$100,001 - $300,000 75,222,037 9.90% 72,695,718 10.13%
$300,001 - $500,000 37,858,084 4.98% 28,376,716 3.96%
$500,001 and over 361,134,194 47.51% 349,006,450 48.65%

760,202,492 100.00% - 717,403,885 100.00%
Accrued interest receivable 4,737,702 3,309,211
Allowance for credit losses ~ (8,300,000) (8,310,267)

$ 756,640,194 $ 712,402,829

Concentration of deposits by customers’ account balance is as follows:

“2004 % of Total 2003 % of Total
$0 - $10,000 $ 112,268,046 9.93% $ 105,995,027 10.07%
$10,001 - $30,000 119,261,957 10.55% 115,420,715 10.97%
$30,001 - $50,000 72,392,356 6.40% 65,015,475 6.18%
$50,001 and over 826,518,027 73.11% 766,013,675 72.78%
1,130,440,386 100.00% 1,052,444,892 100.00%
Accrued interest payable 3,302,113 3,949,485
, $1,133,742,499 ! $1,056,394,377

PENSION PLAN

The Bank participates in a defined benefit group pension plan of Royal Bank of Canada.
Employees become eligible for membership in the Plan at age 25 on a contributory or non-
contributory basis. The Plan provides. pensions based on years of service and contribution, and .
average earnings at retirement.

‘

‘An actuarial valuation is performed each year to determine the present value of the accrued

pension benefits, based on projections of employees’ compensation levels to the time of
retirement. The latest actuarial valuation was carried out as at January 1, 2004 at which time
the actuarial value of the net assets was less than the actuarial present value of accrued pension
benefits. The head office has taken steps to eliminate the unfunded liability.

RELATED PARTY BALANCES AND TRANSACTIONS

a. Finance Corporation of Bahamas Ltd. (“Finco”), has a stand-by line of credit with the
Bank of $5.0 million (2003: $5.0 million), for which it pays a fee of 1/4. of 1% per
annum on the unutilized portion:

b. The Bank has a Service Level Agreement with Finco in the amount of $337,553 per
annum; additional fees are charged if special services not covered in the agreement are
required. During the year $401,248 (2003: $310,076) was collected i in connection to the
above.

‘c. Included in deposits are interest bearing deposits of $108,521,700 (2003: $80,590,580)
held on behalf of head office. é

d. Due from related parties - These balances bear interest at market rates.

Due to related parties - These balances are non-interest bearing and have no fixed terms
ofrepayment. .

e. Royal Bank of Canada - Bahamas Branch Operations provides cheque clearing services
to.a related party, FINCO, which is shown as cheques. and other items in transit at year

end of. $19,733 ,565 (2003: $15,916, 145). This balarite is non-interest bearing 2 and has .
no, fixed ‘terms ‘of repayment... Management. ds. of. the view that this amount will,



ultimately be settled in the normal course of business. ~“—

f. The Bank holds non-interest bearing demand deposits in the amount of $11,049,734
(2003: $16,120,867) for group companies.

CONTINGENCIES

Various legal proceedings are pending that challenge certain practices or actions of the Bank.
Many of these proceedings are loan-related and are in reaction to steps taken by the Bank to
collect delinquent loans and enforce rights in collateral securing such loans. Management
considers that the aggregate liability resulting from these proceedings will not be material.

13. COMMITMENTS

The Bank has the following commitments as of October 31, 2004:

‘a, The Bank is obligated under leases on premises, all of which are operating leases, and
on which the minimum annual rentals are approximately as follows:

2005 $1,307,502
2006 - 2012 $10,016,040

The annual rentals are to be re-negotiated as the lease agreements expire. On average,
most of the leases expire within four years, with one expiring’ in approximately 10 years.

b. Commitments for loans as at October 31, 2004 totaled $85,092,000 (2003:
$117,275,000).

MONDAY, FEBRUARY 28, 2005, PAGE 9B

!
c. The Bank is obligated under leases on computers, all of which are operating leases, and
on which the minimum annual rentals are approximately as follows:

2005 ; -$300,440
2006 - 2007 $600,880

All such leases are three year contracts.

14. FAIR VALUE OF FINANCIAL INSTRUMENTS

The estimated fair values represent values at which financial instruments could be exchanged
in a current transaction between willing parties. Wherever there is no available trading
market, fair values are estimated using appropriate valuation teshniques. The estimated fair
values of non-financial instruments, such as fixed assets, are not explained below.

The following methods and assumptions have been used in determining fair value:

Cash resources, other assets and other liabilities - Due to their short-term maturity, the
carrying values of these financial instruments are assumed to approximate their fair values.

_ Investments - The estimated fair values of investments are based on quoted market prices,
when available. If quoted market prices are not available, fair values are estimated using
quoted market prices of similar securities, or by appropriate valuation techniques.

Loans - For floating rate loans that. are subject to repricing within a short period of time, fair
values are assumed to be equal to the carrying values.

®
Deposits - The estimated fair values of deposits are assumed to be equal to their carrying
values.

15. CREDIT RISK

Credit risk is the risk that one party to a financial instrument will fail to perform their
obligation and cause the other party to incur a financial loss. ‘The Bank’s credit risk is
primarily attributable to loans receivable. The amount presented in the balance sheet is net of
an allowance for credit losses. The allowance for credit losses is maintained at a level that
management considers adequate to absorb identified credit-related losses in the portfolio as
well as losses that have been incurred, but are not yet identifiable. The allowance is
determined based on factors including the composition and quality of the portfolio, and
changes in economic conditions.

The credit risk on liquid funds and investments is limited because the counterparties are high-
quality institutions, including the Central Bank of The Bahamas and The Bahamas
Government.

The Bank’s credit risk is concentrated in The Bahamas and is spread over a number of
counterparties and customers.

16. . INTEREST RATE RISK’

Interest rate risk arises primarily from differences in the maturity or repricing dates of assets
and liabilities. Interest rate risk exposures, or.“‘gaps” may produce favourable or unfavourable
effects on interest margins depending on the nature of the gap and the direction of interest rate
movement and/or the expected volatility of those interest rates. When assets have a shorter
average maturity or repricing date than liabilities, an increase in interest rates has a positive
impact on net interest margins, and conversely, if more liabilities than assets mature or are
repriced in a particular time interval then a negative impact on net interest margins results.
Interest rate gaps are carefully monitored and interest sensitive assets and liabilities are
adjusted in accordance with changing market conditions. Interest rate risk to. the Bank is
significantly mitigated by the fact that the majority of the financial assets are floating rate
loans which are subject to repricing within a short period cf time.



Deloitte & Touche

Chartered Accountants

and Management Consultants
2nd Terrace, Centreville

INDEPENDENT AUDITORS’ REPORT __ P02 Box Noga2

Nassau, Bahamas

Tel: + 1 (242) 302-4800
| Fax: +1 (242) 322-3101 .
To the Management of http://www.deloitte.com.bs

Royal Bank of Canada - Bahamas Branch Operations:

We have audited the above balance sheet of Royal Bank of Canada - Bahamas Branch Operations
(the “Bank”) ‘as of October 31, 2004. The balance sheet is the responsibility of the Bank’s
management. Our responsibility is to express an opinion on the balance sheet based on our audit.

We condu¢ted our audit in accordance with International Standards on Auditing. Those Standards
require that we plan and perform the audit to obtain reasonable assurance about whether the balance
sheet is free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also includes assessing the

accounting principles used and significant estimates made by management, as well as evaluating the -

overall balance sheet presentation. We believe that our audit provides a reasonable basis for our
opinion. .

In our opinion, the balance sheet presents fairly, in all material respects, the financial position of the
Bank as of October 31, 2004 in accordance with International Financial Reporting Standards.

Dbile. ¢ Tok.

January 31, 2005

NTT a EIEN Cmca ks & Legal Notices

ni

The Tribune
cr tice

()2-2356




PAGE 10B, MONDAY, FEBRUARY 28, 2005 THE TRIBUNE;
LL

: if
‘FINANCE CORPORATION OF BAHAMAS LIMITED

‘BALANCE SHEET .
AS AT OCTOBER 31, 2004 . .
(Expressed in Bahamian dollars)

3. BALANCE WITH CENTRAL BANK

2004 2003
The Corporation’s statutory reserve account, which it has placed with the Central Bank - The
‘ ele ’ Bahamas, is non-interest bearing.
“! Cash $ 1,307,511 $ 1,316,993
"Demand deposits (Note 13) 11,849,394 11,223,174
Due from banks 35,420 2,983,609 4. INVESTMENTS .
Balance with Central Bank (Note 3) 20,816,877 18,406,575
Investments (Note 4) 27,477,309 24,538,166 Investments are classified as available-for-sale and consist of the following:
Loans - Net (Notes 6, 7, 9, 12 and 13) 461,907,755 415,868,325 ‘
Fixed assets - Net (Note 8) 2,453,072 2,33 1,660 2004 2003
Other assets 462,597 580,511 Securities issued or guaranteed by :
TOTAL $526,309,935 $47,249,013 The Bahamas Government:
ee eS ae ae Treasury bills $ 3,000,000 $ 2,000,000 .
' Registered stocks 22,679,500 20,778,300
LIABILITIES AND SHAREHOLDERS' EQUITY ; Penman "671.800 671.800
LIABILITIES Deposit Insurance Corporation bonds 658,300 658,300
Deposits (Notes 5, 9, 12 and 13) $442,582,173 $400,588,701 Total avesanients _ 27,009,600 24,108,400
Dividends payable 2,200,000 - Accrued interest thereon 467,709 429,766
Other liabilities (Note 13) 883,125 1,052,618 ee ee

$_ 27,477,309 §$ 24,538,166

Total liabilities 445,665,298 — 401,641,319

SHAREHOLDERS' EQUITY The maturity of investments is as follows:

Share capital (Note 11) 5,333,334 5,333,334

8
Share premium ’ 2,552,258 2,552,258 yet oles M200 oe
Over 1 year through 5 years 2,534,200 8,933,100
General reserve 500,000 500,000

sia : 72.259.045 67.222. 102 Over 5 years through 10 years 4,113,600 _ 25,900
Retained earnings 2,259, 222, Over 10 years 8,777,600 10,991,100
Total shareholders’ equity © 80,644,637 75,607,694 oe oe = ead aaa yee ae
; $ 27,009,600 $. 24,108,400
TOTAL $526,309,935 $477,249,013 ae ee

See notes to balance sheet. ae 5. DEPOSITS

The balance sheet was approved by the Board of Directors on December 6, 2004 and is signed on its Deposits consist of the following:

behalf by:
2004 2003
Demand deposits $ 22,360,348 $ 20,276,738
Gan fon F eeney, Wathanict Beneby Savings deposits 102,189,948 93,348,153
Director Director Term deposits 314,226,595 . 283,291,234
Accrued interest 3,805,282 3,672,576
$ 442,582,173 $ 400,588,701

NOTES TO BALANCE SHEET

AS AT OCTOBER 31, 2004

(With comparative figures.as at October 31, ae . 6. LOANS - Net

(Expressed in Bahamian dollars)

Loans consist of the following:

1. GENERAL 2004 2003
Finance Corporation of Bahamas Limited (the “Corporation”) is owned 75% by R.B.C. ‘Residential mongance $ 419,020,484 $ 375,675,235
Holdings (Bahamas) Limited which, in ‘turn, is ultimately a wholly-owned subsidiary of Royal Non-residential mortgages 29,298,394 29,096,102
Bank of Canada. The other 25% of the Corporation’s shares are owned by the Bahamian Government insured mortgages 5,746,927 6,595,502
public. Its registered office is located at Bahamas Financial Center, Charlotie Street, Nassau, Demand loans and overdrafts 8,612,720 6,092,873
Bahamas. The Corporation is incorporated in The Commonwealth of The Bahamas and is Staff morigages 4,011,869 3,024,351
licensed under the provisions of the Banks and Trust Companies Regulations Act 2000. The Staff demand loans 1,088,439 1,065,966
Corporation is also. licensed as an Authorized Dealer, pursuant to the Exchange Control Accrued interest 2,403,835 1,960,082
Regulations Act. oN Ge ieee Og eign ce

470,182,668 423,510,111
The Cuetee s business activities include the acceptance of savings, term and demand Less allowance for credit losses (Note 9) 8,274,913 7,641,786

deposits, the buying and selling of foreign currency, electronic banking, and mOriEAre ene

in The Commonwealth of The Bahamas.

The average number of staff employed by the Corporation a thé périod was 123 (2003:
121).

SIGNIFICANT ACCOUNTING POLICIES

The balance sheet has been prepared in accordance with International Financial Reporting
Standards. The preparation of the balance sheet in conformity with International Financial,
Reporting Standards requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at
the date of the balance sheet. Actual results could differ from those estimates.

The following is a summary of the significant accounting policies:
a. Investments - Investments are comprised of securities which the Corporation has both

the intent and the ability to hold until maturity and are carried at cost, plus accrued
interest.

b. Loans - Loans are stated net of an allowance for loan losses and unearned income,

which comprises unearned interest and unamortized loan fees.

Loans are classified as non-accrual when there is no longer reasonable assurance of the
timely collection of the full amount of principal or interest. Whenever a payment is 90

“ oh { , al

$ 461,907,755 ©

Non-accrual loans (included above) Cont of the following:

ors

Residential mortgages $ 16,668,646 $ 14,308,941
Non-residential mortgages 1,337,854 1,397,597
Government insured mortgages 157,878 282,358
Demand loans and overdrafts _____ 36,602 33,978

The aging of the Corporation’s non-accrual loans at October 31, 2004 is summarized

below:
Over three months to six months $ 5,167,819 28.40%
Over six months to one year 4,683,748 25.73%
_ Over one year 8,349,413 45.87%
: $ 18,200,980 100.00%

Loans classified as non-accrual represent 3.87% (2003: 3.78%) of the total loan portfolio.
Substantially all lending is collateralized with real estate, cash deposits or Government

guarantees.

ALLOWANCE FOR CREDIT LOSSES

Allowance for credit losses consists of the following:

days past due, loans are classified as non-accrual unless they are fully secured and

collection efforts are reasonably expected to result in repayment of debt within 180 days 2004 2003
past due. When a loan is identified as non-accrual, the accrual of interest is
discontinued and any previously accrued but unpaid interest on the loan is charged to the Balance, beginning of period a $ 7,641,786 $ 6,850,289
' Provision for credit losses. Interest received on non-accrual loans is credited ‘to the Provision for credit losses, net of recoveries 633,127 791,497
Allowance for loan losses on that loan. Non-accrual loans are returned to performing \
status when all amounts including interest have been collected, all charges for loan Balance, end of period . $_ 8,274,913 $__7,641,786
impairment have been reversed and the credit quality has improved such that there is , '
reasonable assurance of timely collection of principal and interest. Specific provisions $ 563,432 $ 393,860
. General provision “7,711,481 ___7,247,926
c. Allowance for credit losses - The allowance for credit losses is maintained at a level that
management considers adequate to absorb identified credit related losses in the portfolio $__ 8,274,913 $ 7,641,786

as well as losses that have been incurred, but are not yet identifiable. The allowance is
increased by the provision for credit losses, which is charged to income, and decreased
by the amount of charge-offs, net of recoveries.

Allowance for credit losses represents 1.8% (2003: 1.8%) of the total loan portfolio and 45%
(2003: 47%) of the total non-accrual loans.

The allowance is determined based on management’s identification and evaluation of
problem accounts, estimated probable losses that exist on the remaining portfolio, and 8.
other factors including the composition and quality of the portfolio, and changes in
economic conditions.

FIXED ASSETS - Net

Fixed assets consist of the following:

i. Specific provision Furniture
a “ es ee es a cee Land and Leasehold and
€ specific provision is maintained to absorb losses on both specifically buildings premises equipment Total
identified borrowers and other more homogeneous loans that have been :
recognized as non-accrual. COST: :
: At November 1, 2003 $1,101,680 $ 1,330,580 $3,122,373 $5,554,633
ii. General provision Additions - 182,337 340,714 = 523,051
Disposals Ar é - (33,017) (33,017)
The general provision represents the best estimate of probable losses within the =
portion of the portfolio that has not yet been specifically identified as non-accrual. At October 31, 2004 $1,101,680 $ 1,512,917 $3,430,070 $6,044,667
Management has decided, as a matter of policy, that a general allowance for credit
losses should amount to a minimum of 1% of loans outstanding. ACCUMULATED
DEPRECIATION:
d. Fixed assets - Fixed assets are stated at cost less accumulated depreciation and At November 1, 2003 $ 479,075 $ 504,301 $2,239,597 $3,222,973
amortization. Charge for the year 36,439 110,993 245,765 393,197
Disposals ot (24,575 24,575
e. Foreign currency translation - Assets and liabilities in other currencies have been .
translated into Bahamian dollars at the appropriate rates of exchange prevailing as of At October 31, 2004 $515,514 $615,294 $2,460,787 $3,591,595
October 31, 2004. CARRYING AMOUNT:
f. Related parties - Related parties include, the parent, the ultimate parent and companies At October 31, 2004 $ 586,166 $ 897,623 $ 969,283 $2,453,072
with common ownership together with their respective officers and directors. At October 31, 2003 $ 622,605 $ . 826,279 $ 882,776 $2,331,660
THE TRIBUNE BUSINESS

MATURITY OF LOANS AND DEPOSITS

The maturity dates of loans fall into the following categories: 7
2004 2003
3 months or less $ 7,452,112 $ 5,552,235
Over 3 months through 6 months 4,025,449 2,049,998
Over 6 months through 1 year 11,149,982 6,018,892
Over 1 year through 3 years 7,633,415 13,797,332
Over 3 years through 5 years 14,378,721 17,804,165
Over 5 years 423,139,154 376,327,407
; 467,778,833 421,550,029
- Accrued interest thereon 2,403,835 1,960,082
470,182,668 423,510,111
Less allowance for credit losses 8,274,913 7,641,786

$ 461,907,755 $ 415,868,325

The maturity dates of deposits fall into the following categories: .

2004 _ 2003 ,

3 months or less $ 295,701,723 $ 266,617,690
Over 3 months through 6 months 67,374,827 60,930,029
_ Over 6 months through 1 year 75,562,793 67,971,838
Over 1 year through 3 years 137,548 1,396,568
438,776,891 396,916,125
Accrued interest thereon 3,805,282 3,672,576

$ 442,582,173 $ 400,588,701

10. PENSION PLAN

q

LT Ue i ead Oe ER RNY SR ne ee ne te ee ee

Rn ne er nee ee mR RIN EM I FOS BEE AERP SEER SEIT ESE re en er NR TE HSE
oS AA PR NRE A TR eT RR Se pe e .

: are approximately as follows: Cumulative Interest Rate

; Sensitivity Gap $ 158,025,312 $ 93,660,700 $ 19,997,907_$ 24,893,459 _$ 37,810,559_S - $ ,
i I an
2005 $1,104,371 Average Yield - Earnings Assets 8.99% 1.69% 6.88% 7.25% 6.50% : 8.89%
‘ 2006 $1, 130,690 Average Yield - Paying Liabilities 3.69% 4.39% 434% 4.22% 0.00% 0.00% aone
i :

: The annual rentals are to be re-negotiated after 2006. Net Interest Margin 5.30% 3.30% 2.54% 3.03% 6.50% - 4.82%
, “ . ; : ot . Comparative 2003 5.17% 3.28% (4.57%) 2.51% 6.65% 2 448%
t b Mortgage commitments in the normal course of business amounting to $34,703,987 Sea ert ee
; (2003: $24,091,749). i el ‘

i

The Corporation participates in a defined benefit group pension plan of Royal Bank of Canada.
Employees become eligible for membership in the Plan at age 25 on a contributory or non-
contributory basis. The Plan provides pensions based on years of service, contribution to the
plan, and average earnings at retirement.

An actuarial valuation is performed each year to determine the present value of the accrued
pension benefits, based on projections of employees’ compensation levels to the time of
retirement. The latest actuarial valuation was carried out as at January 1, 2004 at which time
the actuarial value of the net assets exceeded the actuarial present value of accrued pension

benefits.

1. SHARE CAPITAL
Share capital consists of the following:

2004 2003
Authorized: so
27,500,000 common shares at par value B$0.20
Issued and fully paid:

26,666,670 common shares $ 5,333,334 $ 5,333,334

2. CONCENTRATION OF LOANS AND DEPOSITS
Concentration of loans by customers’ account balance is as follows:
2004 : 2003
$0 - $100,000 $ 241,361,015 51.60% $ 240,840,768 57.13%
$100,001 - $300,000 203,077,512 43.41% 161,914,519 38.41%
$300,001 - $500,000 15,128,515 3.23% 12,887,958 3.06%
$500,001 and over 8,211,791 1.76% 5,906,784 1.40%
-.. +s) 467,778,833 + 100.00% 421,550,029 100.00%
Accrued interest “2,403,835 1,960,082
470,182,668 493 Stott
Less allowance for
-credit losses 8,274,913 7,641,786
$ 461,907,755 . $ 415,868,325
Concentration of deposits by customers’ account balance is as follows:
2004 2003
$0 - $100,000 143,243,105 32.65% 172,173,967 43.38%
$100,001 - $300,000 82,133,221 18.72% - 57,796,119 14.56%
$300,001 - $500,000 37,486,566 8.54% 27,495,168 6.93%
$500,001 and over 175,913,999 40.09% 139,450,871 35.13%
438,776,891 100.00% : 396,916,125 100.00%
Accrued interest 3,805,282 3,672,576

$ 442,582,173 $ 400,588,701:

43. RELATED PARTY BALANCES AND TRANSACTIONS

a. The Corporation has established a $5 million overdraft facility at Royal Bank of Canada.
The facility is part of the Bank’s liquidity management contingency plan required by its
primary regulator. The facility is a standby arrangement to be utilized when the Bank
may experience short term illiquidity in its operations.

b. The Corporation has technical service and licence agreements with Royal Bank of
Canada. The Corporation is continuing to seek opportunities for outsourcing with its
parent to improve operational efficiency. :

A payable of $4,167 (2003: $59,340) related to this agreement is included in other
' Jiabilities.

-¢, All clearing accounts are maintained at the Royal Bank of Canada, which acts as a
clearing bank for the Corporation. The balance as at October 31, 2004 was $11,849,394
(2003: $11,223,174). These deposits are non-interest bearing and are held as a part of
the Corporation’s Statutory Reserve Requirement. The funds are also available: for

investments.

d. Loans include advances to directors and officers of the Corporation in the amount of
$902,692 (2003: $1,285,357). Some of the loans to officers (as well as those to
employees of the Corporation) are at preferential interest rates.. The Corporation waives
commitment fees on loans to its employees and to employees of related entities.
Employees of the Corporation receive concessions on certain fees and services from

Royal Bank of Canada.

o

e. Deposits include deposits from directors and officers in the amount of $348,578 (2003:

$477,978).

+

14. COMMITMENTS
The Corporation has the following commitments as of October 31, 2004:

a. The Corporation is obligated under non-cancellable leases on premises, all of which are
operating leases, expiring no later than 2006, and on which the minimum annual rentals

PAGE 40, MONDAY, FEBRUARY 25, 2005
seme eevee nga

15. CONTINGENCIES

MONDAY, FEBRUARY 28, 2005, PAGE 11B

t i: .
The Corporation has been named as defendant in various legal actibns and lawsuits. Although
the ultimate outcome of these actions cannot be ascertained at this time, it is the opinion of

management, after consultation with its legal counsel, that the resolution of such actions will
not have a material adverse effect on the balance sheet. ‘

16. OMVIDENDS

During the year, dividends were declared to shareholders of record as follows: =,

Cents per

Date share Amount

November 30, 2003 10 $ 2,666,669
November 30, 2003 3 800,000
February 28, 2004 11 2,933,333
May 31, 2004 11 2,933,333
August 31, 2004 11 2,933,333
Total dividends 46 $ 12,266,668

A dividend of 15 cents per share totaling $4,000,000 was declared to shareholders of record on aa ‘
November 30, 2004. This dividend has not been included in the balance sheet.

\

17. FAIR VALUE OF FINANCIAL INSTRUMENTS

The estimated fair values represent values at which financial instruments could be exchanged
in a current transaction between willing parties. Wherever there is no available trading
market, fair values are estimated using appropriate valuation methods.

The following methods and assumptions have been used in determining fair value of financial
instruments: :

a. Cash resources - The fair value of these instruments are assumed to approximate their
carrying values due to their short-term nature.

b.’ Investments - The fair value of investments approximate cost.

c. Loans - The rates of interest in the portfolio reflect market conditions and the carrying
amounts, net of allowance for credit losses, are assumed to reflect their fair value.

d. Deposits - Deposit liabilities payable on demand are assumed to equal their fair value.
Deposit liabilities payable after notice or.on a fixed date are at rates which - reflect
market conditions and are assumed to have fair values which approximate carrying
values. :

18. REGULATORY CAPITAL

The Corporation is subject to the regulatory capital requirements as defined by the Central
Bank of The Bahamas. The Central Bank requires the Corporation to maintain a minimum
Tier 1 and Total capital ratio of 4% and 8%, respectively. At October 31, 2004 the
Corporation’s Tier 1 and Total capital ratio was 38.01% and 38.25% respectively (2003:
35.62% and 35.86%). Y

—_————————

19. RISK MANAGEMENT .

‘There aré a number of risks that the Corporation manages on an ongoing basis. Among these
risks, the more significant are credit, operational, liquidity and interest rate risks.

Credit risk - Credit risk is the risk that one party to a financial instrument will fail to discharge
an obligation and cause the other party to incur a financial loss. The Corporation’s credit risk
is primarily attributable to loans receivable. The amount presented in the balance sheet is net
of an allowance, for, credit losses, estimated by the Corporation’s management based upon
prior experience and the current economic environment. ie

The credit risk on liquid funds and investments is limited because the counterparties are high-

'° quality institutions, including the ‘Central Bank of The Bahamas and The Bahamas
Government. The Corporation’s credit risk is concentrated in The Bahamas and is spread over
a number of counterparties and customers. :

x

Operational risk - Operational risk is the risk to earnings or capital arising from the possibility
that inadequate information systems, operational/transactional problems in service and product .
delivery, breaches in internal controls, fraud, failure to properly adjust to changes in the
operating complexities of the markets, or unforeseen catastrophes will result in unexpected
losses. These risks are mitigated by strong and robust internal policies and control procedures,
sound Corporate Governance oversight by the Corporation’s Board of Directors and its ultmate

parent.

" Liquidity risk - Liquidity risk arises from the fluctuation in cash flows. The Corporation’s
Liquidity Management policy ensures that the Corporation is able to honour its financial
commitments as they come due.

*

Interest rate risk - Interest rate risk arises primarily from differences in the maturity or
repricing dates of assets and liabilities. “Interest rate risk exposures, or “gaps” ‘may produce
favourable or unfavourable effects on interest margins depending on the nature of the gap and
the direction of interest rate movement and/or the expected volatility of those interest rates.
When assets have a shorter average maturity or repricing date than liabilities, an increase in
interest rates has a positive impact on net interest margins, and conversely, if more liabilities
than assets mature or are repriced in a particular time interval then a negative impact on net
interest margins results.

There is no developed derivative market in the domestic bank sector in The Bahamas to assist
the Corporation in managing interest rate risk. However, interest rate risk to the Corporation
is significant!y mitigated by the fact that the majority of the financial assets are floating rate
loans which are subject to repricing within a short period of time. The interest rate risk gap
shows more assets than liabilities repriced within three months, which is typical fora financial
institution with a large mortgage lending customer base for which the majority of the
mortgages have floating rates. The following table sets out the Corporation’s interest risk
exposure as of October 31, 2004 and represents the Corporation’s risk exposure at this point in

time only.

INTEREST RATE RISK (Continued)

Maturity or Repricing Date of Interest Sensitive Instruments as of October 31, 2004:

; Not Interest
Within 3 Mths. 3-6 Months 6-12 Months 1-5 Years Over 5 Years Rate Sensitive Total

ASSETS

Cash equivalents and statutory reserve accoun! $ - “$ - §$ - $° - $ - $ 34,009,203 $ 34,009,203
- Investments 5,159,400 2,000,000 1,900,000 5,033,100 12,917,100 467,709 27,477,309
3.56% 7.00% . 6.88% 7.25% 6.50% -
Loans 448,567,636 1,010,215 - - - 12,329,903 461,907,754
: 9.06% 9.06% - - - -—
Fixed assets - - - - - 2,453,072 2,453,072
- 462,597 462,597

Other assets ; - : : :

TOTAL : $ 453,727,036 $ 3,010,215 $ 1,900,000 $ 5,033,100 $ 12,917,100 $ 49,722,484 $ 526,309,935

LIABILITIES ;
_ Deposits $ 295,701,724 $ 67,374,827 $ 75,562,793 $ 137,548 $ - § 3,805,281 $ 442,582,173 —
3.69% 4.39% 4.34% 4.22% - -
Dividends payable - - - -, - 2,200,000 2,200,000
Other liabilities - - - 883,125 883,125

Shareholders’ equity ' - - ' : : - 80,644,637 80,644,637

$ 295,701,724 _$ 67,374,827_$ 75,562,793 _$__ 137,548 S____ = S_ 87,533,043 S$ 526,309,935







$ 158,025,312 $(64,364,612) $(73,662,793) $ 4,895,552__$ 12,917,100 _$ (37,810,559) $

Interest Rate Sensitivity Gap
We

PAGE 12B, MONDAY, FEBRUARY 28, 2005

Colina manager passes Series 7

INDEPENDENT AUDITORS’ REPORT

To the Shareholders of
Finance Corporation of Bahamas Limited:

We have audited the above balance sheet of Finance Corporation of Bahamas Limited (the “Corporation”) as
of October 31, 2004. The balance sheet is the responsibility of the Corporation’s management. Our
responsibility is to express an opinion on the balance sheet based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those Standards require that

we plan and perform the audit to obtain reasonable assurance about whether the balance sheet is free of _

material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the balance sheet. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall balance sheet presentation. We
believe that our audit provides a reasonable basis for our opinion.

In our opinion, the balance sheet presents fairly, in all material respects, the financial position of the
Corporation as of October 31, 2004 in accordance with International Financial Reporting Standards.

Rhele t Teche

December 6, 2004

Deloitte & Touche

Chartered Accountants

and Management Consultants
2nd Terrace, Centreville

P.O. Box N-7120

Nassau, Bahamas



GN-172

GOVERNMENT NOTICE
Ministry of Finance

ST. KITTS AND NEVIS _
PROSPECT POWER STATION

EXPANSION PROJECT

STATEMENT OF CAPABILITY:
CONSULTING SERVICES

The Nevis Electricity Company Limited (NEVLEC) has applied for a loan
from the Caribbean Development Bank (CDB) to assist in financing additional
generating capacity at the Prospect Power Station. The objective of the project
is to improve NEVLEC’s operational and reliability capability and cater-to-.:
projected demand for electricity on the island of Nevis.

NEVLEC invites the submission of Statements of Capability from consultants
or joint ventures of consultants interested in providing engineering consultancy
. and supervisory services during the period of project implementation which is
currently estimated as 12 months. Further details of the project can be obtained
from the first address below. In the assessment of submissions, consideration
will be given to the technical competence, qualifications and experience, local
and regional experience on similar assignments, financial capability and existing
commitments. All information shall be submitted in the English language.

Consultants shall be eligible for procurements if:

(a) In the case of a body corporate, it is legally incorporated or otherwise
organized in an eligible country, has its principal place of business in
an eligible country and is more than 50% beneficially owned by a citizen
or citizens and / or a bona fide resident or residents of an eligible country
or countries or by a body or bodies corporate meeting these requirements;

in the case of individuals and unincorporated firms, the person or persons
is or are a citizen or citizens or bona fide resident or residents or an
eligible country; and

in all cases, the Consultant has no arrangement and undertakes not to
make any arrangement whereby any substantial part of the net profits
or other tangible benefits of the contract will accrue or be paid to a
person not a citizen or bona fide resident of an eligible country.

Eligible countries are CDB Member countries.

Three copies of the Statement of Capability must be received by the General
Manager, NEVLEC at the first address below no later than 16:00 hours on
March 30, 2005 with one copy being sent simultaneously to CDB at the second
address below. The sealed envelopes containing the submission should include
the name and address of the applicants and should be clearly marked:

“STATEMENT OF CAPABILITY: ENGINEERING CONSULTING
SERVICES PROSPECT POWER STATION EXPANSION PROJECT”

Following assessment of the submissions, a shortest of between three and six
applicants will be provided with full terms of reference and invited to submit
technical and financial proposals to undertake the assignment. NEVLEC reserves
the right to accept or reject late applications or to cancel the present invitation
partially or in its entirety. It will not be bound to assign any reason for not
shortlisting any applicant and will not defray any costs incurred by any applicant
in the preparation and submission of statements.

(1) The General Manager
Nevis Electricity Company Limited
Pinney’s Commercial Site
Charlestown
Nevis |
Tel: (869) 469-0412
Fax: (869) 469-7249

Division Chief

Project Financing Division
Caribbean Development Bank
Wildey

St. Michael, Barbados

Tel: (246) 431-1600

Fax: (246) 426-7269







THE TRIBUNE?



Michael Cunningham, a senior manager with Colina Insurance Company, has passed the Seriesi7
broker/dealer exam administered by the New York Stock Exchange (NYSE) and the National Asso-
ciation of Securities Dealers (NASD).

Mr Cunningham trained for the examination with the Nassau-based National Association of Secu-
rities Training and Compliance (Nastac) Group. Sree i

He is pictured above right with the Nastac Group’s managing director, Reece Chipman.

Invent (From page 3B)

bune, Ms Warren said the
BFSB had taken the lead on
compiling a report on private
trust companids, along with the
Society of Trust and Estate
Practitioners (STEP) and the
Association of International
Banks and Trust Companies
(AIBT).

Initial findings have been sent
to members for comment, and
BESB officials are in the process
of finalising the report for sub-

LEGAL NOTICE |

hues a At

mission to the Government, the
Financial Services Consultative
Forum and the Central Bank of
the Bahamas, with the latter
group in discussions with indus-
try stakeholders for the last year
and a half on how a'private trust
company would function in the
Bahamas jurisdiction.

In its report on the "high-
lights" from last month's Finan-
‘cial Services Retreat at the Four
Seasons Emerald Bay Resort in



NOTICE

TRANSFORMING GROUP LIMITED

Notice is hereby given that in accordance with Section 137(4) of the
International Business Companies Act (No. 45 of 2000),
TRANSFORMING GROUP LIMITED has been dissolved and struck
off the Register according to the Certificate of Dissolution issued by the
Registrar General on the 17th day of February, 2005.

MR BADRI GOBECHIA
of 6 Kipshidze Str., App. 5,
Tbilisi 380030,
Republic of Georgia
Liquidator





POSITION AVAILABLE

Caribbean Regional
Environment |
Programme

COMMUNITY LIAISON

OFFICER

The Caribbean Regional Environment
Programme (CREP) is coe a
Community Liaison Officer (CLO). The



Financed by the
European Union

Bahamas
Focal Point
Organizations

BEST Commission

CARIFORUM
Authorized by the
Caribbean Forum of ACP
States ;

9

implemented by the
Caribbean Conservation
Association -

CLO will engage Andros communities
and other stakeholders in the CREP

| Project activities and provide support for
} th Pp

the poe Manager. The position is based
with CREP Project, in Fresh Creek,
Andros.

Skills Required

¢ Team player able to work with

communities throughout Andros

e Excellent oral and written
communication skills

¢ Willingness to travel and to work
outside normal hours when
necessary

e Awareness of environmental issues

would be an asset

Qualifications

e Familiar with the communities of

Andros

¢ Strong facilitation skills for
meetings and workshops

¢ Computer literate

® Ability to plan/ conduct

community meetings and

workshops

If you are interested in this exciting
opportunity please send resume, cover
letter & other supporting documentation
to:

CREP Position
P.O. N-4105
Nassau, Bahamas

OR: CREP Position
P.O. Box 23338

‘Fresh Creek, Andros

hand to the
CREP/ANCAT office, Fresh Creek, Andros or
by e-mail to: exancat@batelnet.bs

Material way also be delivered

All applications must be received by
Friday 11th March 2005



nee

Exuma, the BFSB said indus-
try growth opportunities must
increasingly reflect the sophis-
tication and competitive nature
of the global financial servicés
industry by undertaking
research projects to identify tax
compliant applications of
Bahamian products in identj-
fied markets. |
Ms Warren said the Bahamas
had a fairly broad array of prod-
ucts and the question was how
products in the Bahamas should

i interface withthe current. tax

compliant environment for

y) clients in key jurisdictions, _ |

With no formal structure or
presentation to guide them,
industry stakeholders are look-
ing for technical assistance, i
terms of which products to ro
out, and legislative seminars to
better equip themselves to pr¢-
vide the best service for clients
in certain jurisdictions. =

Other initiatives being looked
at to encourage growth oppor-
tunities that are both sophisti-
cated and competitive is the
move to increase the number
of financial institutions in the
Bahamas during a period
marked by industry consolida-
tion. eae sl

Sector leaders are. also

b
i





expected to secure the recogni-.

tion of ,all aspects of the
Bahamas' regulatory regime tp
mirror the improvement of the
regulatory framework for the
bank and trust industry, plus
the securities industry. > |

Another issue highlighted for

ongoing improvement was'the

ability of the Ministry of For-
eign Affairs and Consulate
offices to adequately promote
the financial services industry,
Ms Warren, who also serves
as the BFSB's executive direc-
tor, said the perception prior-to
2000 was that the industry
focused primarily on private
sector to private sector*com-
munication, such as institutions
to intermediary, or company to
client. he aa
After 2001, however, geopo-
litical factors have had a greater
impact on the performance of
financial services, with agencies
such as the International Mon-
etary Fund (IMF), the Organi;
sation for Economic Co-opera-
tion and Development
(OECD), and even individual
countries acting unilaterally in
regard to their citizens cross:
border business.
"There are many stakeholdr
ers that the Bahamas must now
proactively build a relationship
with, credibility with. We
believe the Ministry of Foreign
Affairs has an even greater role
to play and the theme from the
retreat is that we must continué
to build this sort of dialogue
with the Ministry of Foreign
Affairs and Consulates so they
are better aware of the industry
and we are able to provide
information to them more read;
ily, to assist them in promotin
the industry,” Ms Warren said;
Other areas that retreat par:
ticipants touched on during the
working sessions were thé
Bahamas Brand Redevelop;
ment, Professional Develop-
ment for Bahamians and Skills.
Acquisition. ‘
tithes INUAIVINE BYVOHVEOUO

WIVINVAY, FEDMNYUANY <6, cUUd, FAGE 1390





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FEBRUARY 28, 2005

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Let Charlie the
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his sidekick Derek put

some smiles on your

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from 3:30pm to 4:30pm during the
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BU Nr te

rAue 146, MUNUVAY, FEBRUARY 25, 2UUS



@ MEACHER ‘Pain’ Major (right)
wasted very little time inflicting
the pain on American Jeff ‘The
Executioner’ Skyler.

(Photo: Felipé Major/
Tribune Staff)

f By BRENT STUBBS
Senior Sports Reporter

MEACHER 'Pain' Major wasted very lit-
tle time inflicting the pain on American Jeff
"The Executioner’ Skyler.

Skyler, who suffered a four-round decision
to Ray Minus Jr back in the 1990s, was
pounded by Major, Minus' protégé, for two
rounds on Saturday night at the Wyndham
Nassau Resort & Crystal Palace Casino.

Skyler didn't answer the bell as Major
inked his sixth victory in nine fights in the
co-main event of First Class Promotions'
'A Night to Remember' show that saw
Jerome 'The Bahamian Bronze Bomber'
Ellis win the vacant Bahamas Junior Mid-
dleweight Title over Wilson 'Kid Wonder'
Theophile.

"I was sure that because Ray knew his
style, we had the edge over him," said
Major, who had Minus Jr as one of his cor-

nermen. "I just went out there and did what

they told me to do."

Major thanked the Lord, his cornermen,
parents and the huge crowd that showed up
to watch the show.



Former undisputed world heavyweight
champion Michael Moorer, who along with
trainer Anthony 'Chills' Wilson worked in
the corner with Minus Jr, said Major did
exactly what he had to do.

"If he continues to listen, he will be an
excellent tough fighter," said Moorer, who
helped train Major at their Warriors Boxing
Club in Fort Lauderdale.

Anthony 'Cougass' Major, Major's
younger brother, made his pro debut a suc-
cessful one after he stopped Ricardo 'One
Shot' Bethel 53 seconds into the second
round for technical knockout.

"I really went in there to have a lot of
fun, but it seemed as if he wanted to go to
war, so I took him to war," said Major, who
was all over Bethel from the opening bell.

Bethel got a standing eighth count in the
first from referee Gregory Storr, but in the
second, he couldn’t withstand the pressure
Major applied as he was pinned on the
ropes. '

In another short bout, Jerry ‘Big Daddy'
Butler stopped his opponent one minute
and 17 seconds in the second round to win
his first pro fight.

Butler was scheduled to fight James 'Kid
Freeport' Tynes but Tynes pulled out at the
weigh-in for medical reasons and ended up
working in Butler's corner.

"The fight was a good fight. I have to give
him the props for coming out to fight me,"
Butler stressed. "I thought I would end it a
little earlier in the ring, but J will take it."

Butler claims that his motto is: "Look
Who’s Back, Big Daddy". After losing his
pro debut in Canada a couple weeks ago,
Butler said he was hoping that his oppo-
nent would have given him a stiffer chal-
lenge.

The stiff challenge, however, came for
Jermaine 'Cho-Cho' Mackey as he had to
endure the full four rounds against Jamaican
Ricardo 'Ever Ready' Planter before he
pulled off an unanimous decision in the
Super Middleweight Division.

"IO came out to box and really show my
footwork, but the guy came out boxing and
holding," said Mackey, who was in control of
each round although Planter landed some
solid blows. "I like boxing, I like to show off,
I like to make you look bad, but he just
keep coming at me and holding me, so |

had to change my game plan and keeping
working at him," Mackey added.

Mackey said it was a good tune-up for
‘Marvellous’ Marvin Smith. The fighters are
scheduled to square off for Smith's title on
April 28.

After a two-year hiatus, Duran 'Hands
of Stone' Miller was back in the ring and he
was simply too much for Dencil 'Death'
Miller to handle.

After absorbing all he could in the first
round, Dencil Miller decided not to come
out for the second round. He pointed to a
cut on his hand that prevented him from
counter-punching Duran Miller.

"Death was a good fighter, but I was look-
ing to stop him in the first round because I
knew he was coming out wild," Duran Miller
stressed. "But I was being cautious and not
throw anything wild. I decided to wait until
the second after I hit him with a body shot
and he crunched. The referee called off the
fight," he added.

Not having a chance to see the cut on

Dencil's hand, Duran said his opponent was

just trying to make excuses for the punish-
ment he got.



rand Bahamian quarter milers shine



By BRENT STUBBS
Senior Sports Reporter

GRAND Bahamian quarter-milers
Andrae Williams and Michael Mat-
tieu shined for Texas Tech at the Big
12 Conference Indoor Track and
Field Championships.

“he duo are making their initial
scason with Texas Tech after trans-
ferring from two different colleges
during the off season.

Williams, who came over from
South Plains College where he won
two national titles, moved up to the
600 metres where he won the final

on Saturday at the Bob Devaney Cen-
tre in Lincoln, Nebraska.

The 21-year-old member of last
year's Olympic sixth place 4 x 400
relay team, ran one minute and 10.77
seconds to take section one and the
overall fastest time in the final.

His winning time matched the
1:10.71 that he clocked as the second
fastest qualifying time behind Kevin
Matai of Baylor in 1:10.62.

Mattieu, on the other hand, ran in
the 400. The 21-year-old Southwest
Christian College transfer won his
heat in 47.44 to lead all qualifiers in
the final.

However, Mattieu finished tied
with Darold Williamson of Baylor in
the same time of 47.44.

Williamson was given the victory
with Mattieu having to settle for sec-
ond.

Mattieu and Williams later teamed
up on Texas Tech's 4 x 400 relay team
that ran 3:07.42 for second behind
Baylor's winning time of 3:07.17.

While Mattieu ran the second leg,
Williams was on the anchor matched
against Williamson.

Texas Tech would go on to finish
fourth in the men's division with 76
points. Nebraska won the title with

132.

A number of other Bahamians also
competed in different meets around
the United States this weekend.
Among the list are the following:

BAIN REFLEXES MUSCLES

At the Southeast Championships
(SEC) at the University of Arkansas
- Randal Tyson Track, Chafree Bain
of the University of Alabama threw
the shot put 42-feet, | 1-inches for 12th
place. Candice Scott of Florida won
with a heave of 57-03.

Bain was also scheduled to com-

pete in the discus on Sunday, but the
result of that event was not available
until press time.

MARTIN IN JUMPS DOUBLE

And over at the 2005 Missouri Val-
ley Conference (MVC) Indoor Cham-
pionships at Carbondale, I]linios,
Donovette Martin popped 18-7 for
sixth place in the long jump. The win- |
ning mark was 20-8. Martin, compet-
ing for Southwest Missouri, also
cleared 38-9 for ninth place in the
triple jump. The winning mark was |
A1-7 1/4.
Chelsea beats Liverpool to
win English League Cup

ae.
| » Copyrighted Material
2. Syndicated |Content 1=2—

Available from COR meta) News Providers”.

'




MONDAY, FEBRUARY 28, 2005

SECTION

Fax: (242) 328-2398
E-Mail: sports@100jamz.com



MIAMI HERALD SPORTS





ji JEROME ‘Bahamian Bronze Bomber’
Ellis (left) takes a swing at Wilson ‘Kid
Wonder’ Theophile, who is shown
below in an ambulance just before
being driven to hospital.








(Photos by Felipé Major/







‘E By BRENT STUBBS
Senior Sports Reporter

IT was certainly a night to remember
as Jerome 'Bahamian Bronze Bomber'
Ellis snapped Wilson 'Kid Wonder'
Theophile's perfect record to win the
vacant Bahamas Junior Middleweight
Title.

The title was last held by Elisha
Obed back in the 1970s. Obed was on
hand at the Wyndham Nassau Resort
& Crystal Palace Casino where he got
a Standing ovation when he received a
relica of his World Boxing Council's
middleweight title from First Class Pro-
motions.

Theophile paid the price in 1 the ring
when he suffered a fractured jaw. He
had to be escorted in the ambulance
and taken to hospital for treatment.

Courtesy of two knockdowns in the
second round, Ellis jabbed his way to
an outpowering performance that had
Theophile countering with some big
blows before he couldn't take anymore
in the seventh.

He was checked out for the second
time in the fight by ring doctors Rickey
Davis and Munir Rashad, who deter-
mined that his jaw had taken enough
abuse.

"His jawbone was dislocated. It's
possible that it's broken. The bone
came out of place," said Davis, who
qave an early assessment of Wilson
after they instructed ring referee



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Matthew Rolle to call off the fight.

Ellis, back home from his training
sessions in Florida with former world
champion Johnny Buttus, admitted that
the 12-round title bout was a little too
much for himself and Wilson in their
young careers.

"But I was the better fighter, I'm in
better shape and I had the experience
with the former world champion in my
corner, Johnny Buttus," a jubilant Ellis
stated with the new title belt around
his waist and a broad smile on his face.

"If I would have trained here and
fought him, we probably would have
gone 12 rounds. But I went away and
get sharp up, so I could make a hard
fight look so easy."

Effective

Improving his record to 7-2-1, the
Inagua native used his six-inch and
four-inch height advantage to pound
the more power packed Theophile with
an effective jab.

The younger Theophile, who didn't
fight anybody outside of the Bahamas
in his young pro career, also got caught

with a vicious flurry that stunned him in-

the third before Dr Davis rushed in
the ring to check him out.

Theophile survived the eight count -
his third in the match - before the
sound of the bell. He came back and
was much more aggressive in the
fourth.



Fun Run/



In the ring, Ellis slipped as the fans at
ringside went wild throwing money into
the ring. Once they resumed fighting,
Theophile continued the onslaught for
his best performance.

He continued to work his way inside,
attacking Ellis' head where he landed
some solid shots. But Ellis countered at
the end to keep the fans cheering.

Ellis seemingly caught his wind and
was able to pin Theophile on the ropes
in the fifth as he went to work on his
body. .

Both fighters then made it an inter-
esting sixth round as they went after
each other.

But after Rolle summoned the doc-
tors to the ring at the sound of the bell,
it signalled the end for Theophile as
Ellis began his celebrations. Although
this was his first fight schedule for more
than six rounds, Buttus, the former
world junior middleweight and
Olympic champion,.said he had Ellis
prepared to go 12 rounds if he had too.

"All I want to do is take it one step at
a time because it ain't over yet," a
proud Ellis proclaimed. "I've never
been this happy in all my life. I just
can't keep on smiling right now."

An excited Ellis said he's so confi-
dent in himself that he's prepared to
return to West Palm Beach and fight
again this weekend.

But he said he's looking forward to
taking on all local challengers to his
crown.







Tribune Staff)





oo
The Tribune

MONDAY, FEBRUARY 28, 2005

Government may be acting illegally in
paying out more than $8 million in redun-
dancy benefits to laid-off Royal Oasis
employees, Independent MP Tennyson
Wells told the House of Assembly last
week. Mr Wells has called on Attorney
General Alfred Sears to present an opinion
on the legality of government’s decision.
The decision to advance payment to dis-
placed workers is based on the under-
standing that the government will be reim-
bursed following the settlement of the insur-
ance claim by the Royal Oasis Insurers ...

Centre for Girls, who died in a fire in 2003, were the
result of an “accident with contribution of neglect”, the
Coroner’s Court ruled last week. Although satisfied with
the verdict, the mothers of the two girls said they hoped to
explore other legal avenues to bring justice to those they
believe to be responsible for their children’s deaths. The
seven-member jury returned after a two-hour deliberation
period to give their unanimous verdict in the inquest into
the deaths of 16-year-olds Anastacia Alexander and
Deshawn Ingraham. The two girls were rescued from a
blaze in the dorms.of the rehabilitative centre on October
24, 2003, but later died as a result of their burns ...

New day or false dawn?

College needs clearer strategy for future, say critics

A Roman Catholic woman
places her hand onto a stone
platform inside the Edicule,
thought by many Christians to
be the tomb of Jesus Christ,
within the Church of the Holy
Sepulchre in Jerusalem.



or many years now,
the College of the

The appointment of Harvard graduate Dr Rodney Smith as

Bahamas has failed
to fulfil its early
promise. Its critics
say a huge quantity of intellec-
tual energy has been squan-
dered wantonly on dark con-
spiracies and internecine war-

fare. And the ‘product’ - the .

academic health of its students -
has suffered badly, they claim.
The appointment of $120,000-
a-year Dr Rodney Smith as
president late last year was seen
_ by many as a fresh dawn, a time
for laying-aside old differences
.and-launching out anew. But,
they say, the sun has barely risen
since his arrival. Long shadows
still make life at COB less than
it ought to be...and the sugges-
tion of light on the horizon has
yet to bloom into a new day.
Now, according to campus
sources, there are signs that the
_ curse of modern business - the
cold, blank eye of the accoun-
tancy profession - is about to
exacerbate the college’s prob-
lems still further by sweeping
away some of its foreign staff,

undermining morale and jeop-.

_ ardising educational standards
in the process.

College council chairman
Frankly:. Wilson, a chartered
accountant turned highly suc-
cessful businessman, is now
being credited, or maybe
‘blamed?’ is a better word in the
eyes of some, for a proposed
streamlining scheme aimed at
getting “more bang for his
buck” at the Oakes Field cam-
pus.

The idea, according to
observers, is to achieve higher
productivity at less cost, with
the phasing out of slack prac-
_ tices across the board and an
: increase in lecturers’ student
contact hours. Though laudable
enough in itself, there is con-
cern that many of the people on
the way out are, in fact, the ones
who carry much of the class-
room workload, and that stu-
dents will be the ones to suffer
as the cuts take effect.

It’s a prospect that will do lit-
tle to ease tensions at Oakes
Field, where the perception of

under-achievement remains in
: spite of Mr Wilson’s earnest
. hopes and ambitions for an insti-
‘ tution which has never really
‘ achieved lift-off in its 30 years in
existence.

Reservations about Dr Smith,
an extremely well-qualified
Bahamian academic, surfaced

president of the College of the Bahamas was heralded as a
bright new beginning. But some faculty members are already |
wondering whether he can overcome the culture of intrigue

and confusion at the root of the college’s past failures.
INSIGHT repotts... |



@ THE College of the Bahamas (pictured) has failed to fulfil its early promise for many years now ...

even before he arrived back in
Nassau from the United States
to assume his post last fall.
There were rumblings in the
FNM that his background had
not been properly researched,
and demands that his appoint-
ment should be deferred until
all the loose ends had been tied
up.

There was also talk of a pos-
sible inability to adapt, with so
much of his career having been
spent in the relatively ordered
atmosphere of North American
academia. GOB, by comment
consent, offers a unique chal-
lenge, and there were doubts
that Dr Smith’s relatively
sophisticated background would
leave him sufficiently equipped
to meet the task head-on.

However, the new president’s
bold and buoyant opening
address to faculty seemed to
wipe away, at least temporarily,
the misgivings of the critics.
Here was a man, said his fans,
who knew where he was going
and how to get there.

Certainly, a firm hand was

* advertis sing * BST Atal)

needed. For years now, COB
has plunged and rolled on
uncertain seas. It required some-
one with a bold new vision to
cut a swathe into the future. Dr
Smith, according to his support-
ers, was just the man, with the
added advantage of being
Bahamian, and therefore alert

to the college’s often exasper-

ating peculiarities.

Now, alas, fears are develop-
ing that Dr Smith may not have
the resolve, or the clout, to
change the culture of a college
which, in spite of its consistent-
ly high faculty standards, con-
tinues to wallow in a mire of its
own making.

“There is still no sense of
direction, no sense of purpose,
and no real grasp of what is
required to make this institu-
tion get to where it needs to be,”
said one disgruntled lecturer.

“The victims are the students
who, in my book, are not get-
ting the kind of education they
need to make it elsewhere as
they try to build a future.”

Dr Smith, despite his impec-

* publice relations * TRE SL eTE ES

media pla HCG SHel

cable paper credentials, has yet
to prove he is the man to “cut
it” as a charismatic leader and
bold innovator. Already, say his
detractors, the culture shows

signs of swallowing him whole.’
And that is bad news for’a col-.

lege with ambitions of univer-
sity status in the next few years.

It must be said that, for every
campus source that laments
COB’s failings, there is at least
one other that promotes its
attributes. It would be wrong to
portray the college as a total
basket-case because there are
undoubtedly areas in which
highly skilled and dedicated staff
achieve excellent results.

There are also those who
believe Dr Smith needs more
time - a period of consolidation
- before being judged on his
ability to move the college for-
ward.

Those who support him say
he is an agreeable person with
an incisive mind. The doubters
feel he is already being engulfed
by the forces which made Dr
Higgs’ life such a misery during

his last three years.

From an outsider’s perspec-
tive, it is clear from even the
most cursory research that few
believe COB is anything like as
effective as it ought to be. And
the reasons for its inadequacies
are many and varied.

One of the most perplexing
characteristics of COB is its
“revolving door” policy for
recruiting and dispensing with
foreign lecturing staff.

Over many years now, well-
qualified expatriates have been
imported in a wide range of dis-
ciplines to add expertise and
gravitas to various college
departments.

Though remuneration is rela-

‘tively modest, the foreigners
have generally been more than ~

willing to infuse new enthusi-
asm and skill into the college

for the benefit of students in.

exchange for two or three-year
contracts.

The lure of the Bahamas -

See COB, Page 2C

BOLO eT A
aM vere laitoyn





“president

task forces had been set up

_ expatriate staff, Dr Smith

‘There will
be no
faculty

cuts’ says
college







COB president Dr Rodney
Smith has countered faculty
fears: of pending staff cut-
backs, saying the drive is
towards a bigger faculty and
more foreign students.

The suggestion that the
college intends to achieve a
net loss of staff “‘is definitely .
not the case,” he told The
Tribune. And he said cam-
pus morale was high as COB
headed towards university
status in 2007.

"The president said nine
















to examine every aspect of
the institution, including
degree programmes.

“We are going through the
annual review and looking at
all faculty,” he said, “this is
all part of the normal process,
but there is no effort on any-
one’s part to decrease facul-

99 é,














Dr Smith said he was
working flat-out on a two-
and-a-half year plan to
achieve university status by
the fall of 2007.

Despite fears among some





made it clear that foreign fac-
ulty were an important part
of the college’s future plans.

“We intend to increase the
diversity of the faculty and
bring in more foreign stu-
dents,” he added.

While accepting that anxi-
ety was inevitable at times of
change and transition, Dr
Smith said morale on cam-
pus was very high as COB |
moved towards its new role. |
Asked if he saw himself as |

See FACULTY, 2C |














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PAGE 2C, MONDAY, FEBRUARY 28, 2005

THE TRIBUNE



“OB (From page 1C)

and especially the sea and sun -
has been a powerful recruitment
device, especially for Europeans
and North Americans desper-
ate to escape the cold. They
arrive in Nassau full of high
hopes and enthusiasm.

But disillusionment quickly

sets in. This is based not just on,

the bitter realisation that the
salary package is inadequate giv-
en Nassau’s staggeringly high
living costs. It also has to do with
college attitudes. “It’s as though
quality is not actually wel-
comed,” said one baffled facul-

ty member who found that.

dynamism was resisted rather
than applauded.

“There seems to be a belief
among many established staff
that life is cosy so let’s keep it
that way. They don’t want



upstarts coming in with bright
new ideas because that might
mean more work for all.

“The slackness of some local
lecturers is appalling. They
come and go as they please and
seem to fit work around their
social and domestic arrange-
ments.

“I’m not suggesting this is true
of all staff, because it isn’t, but
there are people at COB who
do not perform anything like a
full day’s work for a full day’s
pay. One wonders why they are
not accountable. Why does no-
one take them in hand?”

Some staff see this year’s
pending cull of lecturers as a
cost-cutting measure which
could backfire badly. They
believe students will be left with
even less of a deal than they

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The situation is seen as dou-
bly puzzling because quality, or
lack of it, is evidently not the
yardstick by which contracts are
terminated. “In fact, it’s amazing
how many people are let go
because they appear to be good
at their jobs,” said one staff
member.

“People come here, get high
student assessments, show drive

and enthusiasm, and then fall.

foul of a senior colleague who
doesn’t appreciate their energy.
It’s the weirdest place I’ve ever
worked.”

This sense of bewilderment is
shared by some students who
have seen fine lecturers with a
real feel for their welfare
despatched without ceremony
or explanation. “I simply don’t
get it,” said one. “If someone’s
good, don’t we get to keep
them?” ,

With its $25 million-plus
budget, and a college “popula-
tion” of around 2,500, COB is
not exactly a money-spinner, or
even a cost-effective institution.
In fact, government subsidises
its activities to the tune of some
90 per cent. It is, therefore,
important that its returns can at
least be measured scholastically.

“Some parents use COB as a
holding college for their chil-
dren so they can save money,”
said one college source, “But
it’s important when COB stu-
dents move to other colleges
abroad that they are at the right
level.

“COB is basically a two-year
college where kids can learn
something towards the degrees

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they will receive elsewhere. But
it needs to be good, and the con-
cern today is whether it’s where
it needs to be. Most people
think not.”

In Dr Leon Higgs, the former
president, COB had a man
whose intentions were hon-
ourable and heartfelt. Howev-
er, campus sources believe he
was cruelly undermined by fel-
low administrators.

During his six-year tenure,
COB forever appeared to be
encumbered by conspiracies of
one kind or another. Dr Higgs
was ultimately depicted as too
kind, and too conciliatory, to

counter the plots thickening |

around him.

In Dr Smith, COB identified
a man used to networking in
leading US academic circles.
With his Harvard credentials,
he was seen as more of an
“international” figure than his
predecessor, whose humble

Andros origins led him to play.

hard on his affinity with poorer
students, an attitude which did
not sit well with some of his
class-concious senior staff.

In appointing Dr Smith, Mr
Wilson was, according to col-
lege sources, trying to create a

‘higher profile for COB abroad,

laying the groundwork for the
institution’s eventual emergence
as a fully-fledged university with
strong attachments to North
American colleges.

However, there are fears that
Mr Wilson’s towering presence
makes him the de facto presi-
dent, the man calling all the
shots, leaving Dr Smith with a
kind of vice-presidential role

amid a cadre of administrators
whose own ambitions have yet
to be fully realised. This is a sit-
uation he is not expected to tol-
erate for long.

As things stand, there is still
much faculty and student uncer-
tainty at COB, especially as yet
another raft of foreign staff pre-
pare to take their leave in an
atmosphere of puzzlement and
disbelief. -~

“Tt seems,” said one lecturer,
“that the foreigners are seen as
workhorses who carry the day-
to-day load while the locals talk
airily in high-flown terms about
the future of COB.

“However, because many of ©

these people are despatched for
seemingly no good reason, one
wonders whether there is actu-
ally a strategy in place, or
whether the college stumbles
from year to year with no clue
about its destination.”

If Mr Wilson can achieve a
leaner, fitter and more motivat-
ed institution, few will be able to
criticise him. But if this really is
his purpose, it could be that the
wrong people are being shown
the door.

What’s needed, according to
those claiming to be in the
know, is a total: reconstruction
job, a shake-up and shake-down
of unprecedented scale, a whole-
sale disposal of time-serving
deadwood.

It needs a realignment of atti- ©

tudes, a new sense of purpose,
an administrative upheaval to
break up the cliques and cadres
whose poisonous roots under-
mine everything the college is
trying to do.

MICHAELN
ANTHONY

wt hice 5

Seren

QV



“The real test is whether Wil-
son and Smith have what it
takes to put this place on track,”
said one faculty source. “many
of us personally doubt it, but
that is no cause for jubilation.

“Using and abusing foreign
staff, making them work in
uncongenial circumstances, is
poor policy for many reasons,
not least of which is that
Bahamian students need expo-
sure to other cultures as part of
their education.

“COB ought to be a wonder-
ful place to work. Academic
ability can only flourish when
there is an element of peace all
around. On this campus, there
always seems to be another cri-
sis afoot.”

Can the Wilson-Smith axis
achieve a renaissance at COB?
The jury is out, and a consensus
is still far off. But hope survives
among those who genuinely
have the college’s interests at
heart.

‘jin Nassau for the long haul,
Dr Smith said: “I am here to
get the job done and that job
is to achieve university sta-
tus.” He said he was enjoying
the challenge, as he enjoyed
every challenge.

There were some areas .
where he would like to move
a little faster, “but given how
much we have accomplished,
I think we are on target,” he
said.



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THE TRIBUNE



THE deaths of the two resi-
dents of the Williemae Pratt
Centre for Girls, who died in a
fire in 2003, were the result of
an “accident with contribution
of neglect”, the Coroner’s
Court ruled last week.

Although satisfied with the
verdict, the mothers of the two
girls said they hoped to
explore other legal avenues to
bring justice to those they
believe to be responsible for
their children’s deaths.

The seven-member jury
returned after a two-hour
deliberation period to give
their unanimous verdict in the
inquest into the deaths of 16-
year-olds Anastacia Alexan-
der and Deshawn Ingraham.

The two girls were rescued
from a blaze in the dorms of
the rehabilitative centre on
October 24; 2003, but later,
died as a result of their burns.

third girl, Shantia Minus,
was left seriously injured fol-
lowing the incident.

aeoksksk2k

GOVERNMENT may be
acting illegally in paying out
more than $8 million in redun-
dancy benefits to laid-off Roy-.
al Oasis employees, Indepen-
dent MP Tennyson Wells told
the House of Assembly last
week.

Mr Wells has called on
Attorney General Alfred
Sears to present an opinion on
the legality of government’s
decision.

The decision to advance



payment to displaced workers
is based on the understanding
that the government will be
reimbursed following the set-
tlement of the insurance claim
by the Royal Oasis Insurers.

Government has said that it
is willing to pay out some $8.4
million in redundancy benefits
once it is concluded and
agreed as to how much each
individual worker should be
awarded.

This will happen on the con-
dition that employees assign
their redundancy benefits to
government, as it waits for the
outcome of the final decision
as to what will happen with the

property.

He ot ae 2

THE young man shot during

_an alleged attempted robbery
ofa Village Road convenience



store more than a week ago
died last Wednesday from his

wounds in hospital.

Kalib Rose, 15, of Palm Tree
Avenue, was allegedly
involved in the attempted rob-
bery of Value Discount Store,
along with two other men, one
armed with a shotgun, on
Thursday, February 17.

The store’s owner William
Wong was manning the regis-
ter and pulled out his own
weapon, shooting one of. the
culprits in the neck. Police
reported that the three men
fled the scene but the person
shot collapsed on Village
Road, near the store. A shot-
gun was found near him, police

said.

Whether Kalib Rose intend-
ed to rob the store is a mys-
tery only Kalib can reveal, said
his mother Connie Smith dur-
ing an exclusive interview with
The Tribune last week.

ohok ek

SUPER Value workers last
week rejected union advances
and decided to continue man-
aging their own affairs, accord-
ing to the results of a vote held
last week.

The president of the Com-
mercial Stores, Supermarkets
and Warehouse Workers
Union, alleged that employees
were intimidated.and that bal-
lots were tampered with; how-
ever, monitors say there was
no evidence of irregularities.

_ According to news reports,
the unofficial final vote was
274 against unionisation and
50 in support of it.

It is believed that around 90
per cent of Super Value’s staff
came out to vote.

Super Value president
Rupert Roberts said the deci-

' sion has brought management
and workers closer together.

sk ok 2k ke

A COMMISSION of
Inquiry has found that the cap-
tains of the vessels, Sea Hauler
and the United Star, were to
blame for the deadly collision
in 2003 which took the lives of
four people and injured 25 oth-
ers, Transport and Aviation

Quotes of
the Week

“Two children were mur-
dered and I can only hope
that the demons who killed
them will suffer the same fate
of being locked up in a cell
and put fire to.”

— Phyllis Bowe, mother
of Anastacia Alexander, one
of two girls who died from
burns sustained in a fire at
the Williemae Pratt Centre
for Girls in 2003. A Coro-
ner’s Inquest ruled last week
that their deaths were the
result of an “accident with
contribution of neglect”.

“This will enable us to
serve the public even better.
This year, the Super Value
family will be celebrating its
40th anniversary, and the staff
have managed their own
affairs all of this time.

“Today they have decided
to continue managing their
own affairs without any out-
side help.”

— Super Value president
Rupert Roberts on the staff's
vote to reject union repre-
sentation at the chain of gro-
cery stores.

“The handling of both ves-
sels by their respective cap-
tains has been described as
seriously negligent” and the

incident was described as “a
dark day in the history of the
Bahamas.”

— Minister of Transport
and Aviation Glenys Han-
na-Martin reporting to the
House of Assembly on the

Comunission of Inquiry find- -

ings that the captains of the
Sea Hauler and United Star
were to blame for last year’s
deadly collision at sea.

“It is disastrous when an
investor does not meet its
responsibilities on a timely
basis. It is when the latter
occurs that a responsible gov-
ernment must move to pro-
tect its working citizenry
when those citizens cannot
meet their personal obliga-
tions because an investment
has failed.”

— Works and Utilities
Minister Bradley Roberts
announces government’s
decision to pay out more
than $8 million in redundan-
cy benefits to laid-off
employees of Royal Oasis in
Grand Bahama.

“Government is going to
use public money to pay off
private debt. This is unprece-
dented and I can’t see how
the Cabinet of this country

can sit down and do that.”

— Independent MP Ten-
nyson Wells on governmen-
t’s decision to pay out more
than $8 million in redundan-
cy benefits to laid-off
employees of Royal Oasis in
Grand Bahama.

“I can’t say he was
involved, and I can’t say he
wasn’t, All I know is what I
hear from the media, and
from negative people who are
saying all kinds of things. I
do not want my son’s death to
be made a mockery — he was
not some criminal. He was a
fifteen-year-old boy who was
well loved, well cared for and
had everything he ever want-
ed or needed.”

“He was a leader, he was
well liked and a bright per-
son. I am not saying he was
perfect, he was an adolescent
and that meant he had nor-
mal adolescent problems, but
nothing like what they say he
was involved in that day,
there was never any sign.”

— Connie Smith, mother
of Kalib Rolle on her son’s
death from a gunshot wound.
Kalib was allegedly involved
in an attempted robbery of a
Village Road store.

WEEK IN REVIEW —

MONDAY, FEBRUARY 28, 2005, PAGE 3U



HM MURDER ACCUSED — Kingsley Adderley (centre) on his way to court last week.

Minister Glenys Hanna-Martin
told the House of Assembly
last week.

After more than a year of
hearings and deliberations, the
report from the inquiry con-
cluded that the Sea Hauler had
on board eight times more
than the number of passengers
authorised by the Port Author-
ity, carrying probably as many
as 191 passengers and the
United Star as many as 31
without approval of any kind.

The report concluded that
both vessels were under-
manned, which impacted the
ability to keep a proper naviga-
tional watch.

The collision resulted from
the failure of the captain of each
ship to maintain navigational
watch at all material times.

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PAGE 4C, MONDAY, FEBRUARY 26, 2005 THE TRIBUNE









—- a Syndicated Content = ___














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SUNDAY, FEBRUARY 27, 2005 | THE MIAMI HERALD









LIFE AND DEATH, SIDE BY SIDE: Workers cleaning a sewer line, above, find a skull amid the trash in Port-au-Prince.
Below, participants dance and chant at a ceremony: overseen by Vodou priest Monaude Pierre near the city.



-
-

ied
-

_ “Copyrighted Material

Syndicated Content
Available from Commercial News Providers”



Visitors are often surprised to find Haiti’s people are
> ou : not broken-down and despondent but instead

ui exuberant, proud —_.



STORY BY JOE MOZINGO/HERALD STAFF @ PHOTOS BY PETER ANDREW BOSCH/HERALD STAFF



ORT-AU-PRINCE— Haiti was in a
panic. President Jean-Bertrand Aristide
had fled the country days before. Men
fought in the street. Drivers blew over curbs
and highway medians in hysteria. Resentment,
~ rage and fear collided from all directions and
left corpses littered on the streets.

Father Rick, a priest and doctor from Con-
necticut, kept body bags in the cab of his
pickup. One morning, he came upon a man
splayed out half-naked on a road, his head
crushed by traffic. Passersby gave the body a
wincing glance. Drivers swerved around him.

With death such a personal act, his depar-
ture was so humiliating, so public — a father or
husband or son finishing his life as a mess to be
cleaned off the highway.

The priest knelt in the road and gave a
prayer, a strangely intimate break in the furor
of the day. Then he and his colleagues gently
put the man in a bag and lifted him over to the



ia Besse eS: SORES ie eae

ON THE BRINK: Urban violence upsets life even in isolated mountain

— side of the road. The morgue wasn’t function- . :
ing so there was nothing else to do. hamlets such as Gaudo, which struggle when prices for staples soar.
“At least everyone is not looking at him
now,” said Father Rick, as he drove away tohis — [NSIDE: QUESTIONS AND ANSWERS WITH AUTHOR DANIEL WHITMAN

°TURN TO HAITI HERALD.COM FOR MORE PHOTOS, CLICK ON TODAY’S EXTRAS


6C SUNDAY, FEBRUARY 27,2005



*HAITI

clinic in the slums. “I could
drive around all day picking
up bodies. It’s such a culture
of death here. It’s every-
where.”

Even now, a year after
Aristide entered exile, life
and death in Haiti remain
stripped of any insulation —
raw and entwined filaments
both terrifying and exhila-
rating.

Witness a Vodou cere-
mony late one night ina
decrepit building behind a
carwash in the capital.

A houngan priest breathes
fire from a Vodka bottle and
women in red dresses dance
and chant on the cracked-
earth floor as if they were
guided by one nervous sys-
tem, losing themselves to
the furious beat of the
drums. A generator rumbles
and rain pounds on the tin “”
roof as their dresses flare
and flicker like flames in a
ring of fire.

The energy pulses and
drops like a fever, and their
faces fill with fear, and then
playfulness and then rap-
ture, as one by one they
quiver and open up to the
spirits, the loas.

Visitors are often sur-
prised to find Haiti’s people
are not broken-down and
despondent — but instead
exuberant and proud and
hopeful.

They laugh hard, cry
hard, play hard. And they
perpetually feel their
blessed country will soon
emerge from centuries of
misery.

It is an infectious spirit.

“When you know your *
. day is full of nothing, you
find anything and you’re
jubilant,” said Father Rick.
“Here you could find an
absolutely cruddy piece of
plastic on the ground and
say, “This is my lucky day, I
can plug that hole in my
roof.’

“For all the physical emp-
tiness here, there is tremen-
dous spiritual and emotional
satisfaction. They’re alive in
a way that many people in
consumer cultures are not.”

In a shanty by Port-au-
Prince’s seaport, a little boy
with no pants or shoes glee-
fully flies a kite made ofa
shredded trash bag and
sticks. His mother watches
through a crack in the door.
The floor is wet from the
rains that routinely swamp
the area with mud and sew-
age. She nibbles a piece of
clay to calm the hunger and
give her baby some more
breast milk.

In the slum of Cité Soleil,
warring gangs turn a neigh-
borhood into a no-man’s
land. Burned houses line an
empty highway that no one
dares to use. Men are argu-
ing in the marketplace over-
looking the road. One is
threatening to pull a gun.

As the sun is dipping into
the bay, two paper-white
apparitions come down the
road. Everyone looks down
in awe.

The ghosts are in fact Bel-
gian missionaries, a elderly

INTERNATIONAL EDITION

6

. PHOTOS BY PETER ANDREW BOSCH/HERALD STAF
HEADING OFF TO WORK: A salt-pit digger pauses in his village outside Gonaives early last year.

Haitians proud, hopeful





IN THE CITY, IN THE COUNTRYSIDE: Top, hauling charcoal
from docks is one of the few ways to earn money in
Port-au-Prince’s Wharf Jérémie slum. Above, Lamaty
Cherrty, 85, bids farewell to Herald reporter Joe
Mozingo in the northern mountain village of Gaudo.

husband and wife out for an
afternoon stroll. The woman
wears a yellow dress. The
man wears a straw beach hat
and shorts and a big knife in
his belt.

He demonstrates how he
thwarted a thief the week
before. “I put my knife on
his neck and went, ‘excuse
me,’ ” he says.

“We have no problems

“here,” his wife adds. As they
walk on, the locals shake
their heads in disbelief, as

entertained as people get in
this part of town.
Downtown, a wedding
becomes a tragicomedy that
could send a first-world cou-
ple to marriage counseling
for the rest of their lives.
The groom is poor, from
the northern mountains.
Now living in the capital, he
has to pay for a wedding to
impress his bride’s family,
who suspects he might be a
deadbeat. He drives a jitney
and hustles for extra cash.





HERALD STAFF

By December, he has
everything set up. He bor-
rows anice black suit and
crisp, white shirt and has
them cleaned and pressed.
On the big day, he rents a

minivan from a friend and
. begins transporting his vast

extended family from vari-
ous suburbs to the crum-
bling old church downtown.
All goes smoothly until he
comes upon a roadblock of
armed men and burning
tires. He tries to turn around
but is trapped by other traf-
fic. He sighs, knowing this

- willnot end well..A kid with

a gun orders him and his rel-
atives out of the car. He
watches the minivan get
doused with gasoline and go
up in flames. . :

The gunmen let them go,
and he and his aunts run to
the church, several miles
away. They won’t be able to
pick up the rest of the fam-
ily. His mom and his sister
will have to miss out.

‘At the church, the bride’s
family gets to talking. Where

- is he? Is he going to ditch this

marriage? They nod know-
ingly. By the time he arrives
at the church — sweating
profusely, his white shirt
blackened by tire soot —
they have come to their con-
clusion: He is a loser.

The ceremony is a fiasco.
The bride and groom liter-
ally flee the church when it
was done. The reception is
canceled. The city is shut
down by gunmen.

When the family finally
gets together for a party two
days later, there is only one
thing they can do: howl and
cry in laughter.



pentane

CORPSE NEAR THE STREET: A passerby sees a body along the main road to Wharf
Jérémie. About a year ago, thugs near here ambushed a boat with 115 desperate
people ready to set sail for Miami; many passengers were gunned down.





As U.S. embassy spokes-
man in Port-au-Prince from
1999-2001, Daniel Whitman
closely observed the violence
and chaos that derailed Hai-
ti’s struggle for democracy. -
Whitman, now with the
State Department’s Africa
bureau in Washington, sees
then-President Jean-Ber-
trand Aristide as a populist-
turned-dictator who stole
the 2000 election and who
either allowed or directed his
armed supporters to intimi-
date and murder his critics

. and political opponents. It’s

a view he expresses in his
newly released book, A Haiti
Chronicle. ,

Herald Caribbean corre-
spondent Joe Mozingo inter-
viewed Whitman about
Aristide’s devolution from a
wildly popular priest who
ministered in the country’s
slums to the autocratic ruler
who was ousted Feb. 29,
2004.

Question: What’s the
relevance of this book to
someone trying to
understand the situation
in Haiti today?

Answer: Some of the
problems Haiti has today,
the provisional govern-
ment, random murders, a
climate of intimidation
where no one quite under-
stands who is doing it: I
hope the book creates a
context by showing how the
democratic process fell
apart.

Q: in your book you
paint a picture of Aristi-
de’s Lavalas Family party
as corrupt and murder-
ous. His supporters deny
everything.

A: In Haiti, you'll almost
never find hard evidence _
for Anything. But there are
indicators. For example, a
lot of criminal acts and
murders were committed in
the name of Lavalas. These
gangsters said they commit-
ted these crimes on behalf
of Lavalas. When asked yes
or no, do these people speak
for you, Aristide never had
an answer. He never said
yesorno. .

Q: But the book clearly
gives the impression that
the violence was directly
orchestrated by Aristide
and Lavalas. Is that your
view? :

A: Yes. We know that
Lavalas paid 200 or 300
troublemakers up to [$9
U.S.] a day. They were dis-
rupting life in the capital of
Port-au-Prince. I saw it. I
took pictures with my own
camera — police, ambu-
lances, trucks, distributing
rocks for rock throwing,
tires for tire burning. I was
an eyewitness to all this. My
office had a window onto a
part of the city that was |
very affected by these
things. There is hard evi-
dence for the government
of Haiti facilitating the ;
gangsters creating unrest in
the capital city.

Q: Did you see the
government delivering
guns?

A: NoI didn’t... There
was a group, Fanmi Selavi.
It was a place where young
boys lived and were sup-
ported by the Lavalas Party.
Street kids. Preadolescent.
We know they were being
trained to be paramilitaries.
I met a Swiss reporter who
was onto the story who was
told he must leave the coun-
try immediately or he’d be
killed... I never saw the
inside of the place. I knew
the address. But if you
knock on the door, you’re
dead. So I never did.

Q: If Aristide’s sup-
porters in the slums were
so well-armed and orga-
nized, as you write, how
did such a small group of
rebels overthrow him?

A: The people getting
paid by Lavalas to create
civil unrest, there were not
that many of them, 200 or
300. Now, in a country with
no functioning police and
no army, a few hundred
armed individuals can call

aa HE MIAMIRERALD



WITH AUTHOR
DANIEL
WHITMAN

the shots.

Q: Where would you
put Aristide in Haiti’s
pantheon of bad rulers?

A: Well, Aristide was
seen as a liberator. He was a
man of the people. He was
trained by Salesian monks
as a promising young child
with intellect. He had tre-»
mendous popular support
and support from the inter-
national community. Why
he turned against his own
people, as I believe he did, I
think you’d have to be a.
psychoanalyst to under-
stand.

‘Q@: Why didn’t the
White House do more to
help.

A: There were constant
statements saying, “Try to
do better.” I would argue
that these statements were
very bland and were not
strong enough to convince
the Haitian government
that they meant business.

Q@: Was this because
[President Bill] Clinton

_had such a vested inter-

est, having reinstalled
him (in 1994, following a
coup three years
before)? .

A: Tl let you draw your
own conclusion on that one.
I can’t say why the criticism
was never adequate as the
Lavalas regime became
more and more dictatorial.

Q: One of the claims in
the book is that the for-
eign media missed this
devolving situation in
Haiti.

A: Absolutely. The Hai- '
tians even have a word for it
in their language. It was
called the blackout. They
were very hurt, very per-
sonally and culturally
wounded. They believed
there was a policy of some
sort that prevented foreign
media from covering events
in their country.

I don’t think there was a
policy. But for example,
CNN, which has bureaus
around the world, including
Cuba, never had one in
Haiti. The Associated Press
was writing about the situa-
tion every day, and Ameri-
can and European newspa-
pers rarely picked the
stories up.

Q: You wrote fairly
positively about the
Democratic Conver-
gence, the political
opposition that helped
push Aristide out of
power.

A: Democratic Conver-
gence was the first alliance
of parties in Haitian history,
I think, where you had a
unified opposition. It’s real
democracy if there is an
opposition. Previously,
Haiti had various opposi-
tion, but only splintered and
fragmented.

Q: And also com-
pletely suppressed by
previous rulers.

A: Yes. .. The regime
would argue that the Con-
vergence were all reaction-
aries, right-wing bourgeois
trying to seize power for
their own benefit.

Q: Was there that ele-
ment?

A: There was. The Con-
vergence certainly included
a wide spectrum from the
very genuine people who
wanted to improve Haiti to,
certainly, individuals in it
for their own personal ben-
efit. The Convergence, did
they truly represent the
people of Haiti? I can’t say.
Many Haitians did not fee!
that Convergence repre-
sented them, but others did.

Q: Now that Aristide’s
gone, do you have any
sense of where the coun-
try is going today?

A: Only a fool would pre-
dict what’s going to happen
to Haiti.

Whitman’s book is avail-
able at orders@traf-
ford.com, bookstore@traf-
ford.com, or through the
Haiti Democracy Project at
haiti@haitipolicy.com. It
will be available on Ama-
zon.com within a few weeks.
ALBERTO IBARGUEN, PUBLISHER | TOM FIEDLER, EXECUTIVE EDITOR | JOE OGLESBY, EDITORIAL PAGE EDITOR

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