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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BAHAMAS EDITION

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Volume: 101 No.255



MONDAY, MAY 30, 2005





PM gives thanks for prayers

Surprise appearance at
Farm Road luncheon —

& By PAUL G
TURNQUEST |
Tribune Staff Reporter

A WELL-rested and healthy
looking Prime Minister Perry
Christie made a surprise
appearance at the Farm Road
Mothers and Fathers Luncheon
yesterday. .

- His first public appearance
since hospitalization for.a minor
stroke, Prime Minister Christie

-spoke of returning to office
soon and thanked friends; sup-
porters, and well-wishers: for
their prayers during his hum-
bling experience with his recent
illness.

“It is always right to come to
where people are being hon-
oured for community service.
People have-given so much for
such.a long time without ever
being recognized,” he said.

“My illness has given me

cause to recognise that I never -

appreciated life in the way I
ought to. After over 30 years of
marriage I found myself sitting
at evenings having dinner with
my wife.

“A son who I was never there
for because I was always gone,
lying there to rub my head for
the first time I can remember.
And being the romantic I am, to
look at a full moon on my patio,
to thank God for the grace he
has. But I know my battle is not
yet over,” he said. ae

Prime. Minister Christie. was
hospitalised on May 3 after
awakening in his Cable Beach
home around 4.30am experi-
encing some physical discom-
fort on the right side of his





PRIME MINISTER
Perry Christie at yesterday’s
luncheon.

(Photo: Peter Ramsay)

body. First diagnosed with
severe hypertension, MRI’s
however have confirmed that
Mr Christie had suffered a
minor stroke on the left side of
his brain.

Mr Christie’s personal physi-
cian, Dr Perry Gomez, said that
it was the immediate care that
Mr Christie received that made
such a quick recovery possible.

“The prime minister imme-
diately came to us when he
experienced discomfort; this
speed in seeking medical atten-
tion is what has allowed us to

offer him a good chance of

recovery,” said cardiologist Dr
Conville Brown, one of the
team of doctors who took care
of him.



BE

@ FIRST Holy Communion was celebrated throughout the Catholic churches in the
Bahamas yesterday. These youngsters, listening to the sermon at St Joseph Catholic

Church, were all dressed up for their big day. :
(Photo: Mario Duncanson/Tribune staff)





Police vehicle stolen

and stripped down

POLICE yesterday reported
the theft and’ stripping of one
of their own vehicles from the
Lyford Cay police station:

According to Superintendent
Hulan Hanna, sometime
between 10pm and 11.50pm on
Saturday, a blue Nissan Sentra,

‘registration number 143278 was

For more information
please visit your

stolen from the police parking
lot at its Lyford Cay Station.

Around 10.45am yesterday,
the vehicle was recovered in
bushes in the Mount Pleasant
Village area.

However the vehicle was
stripped of its lights, front grill,
battery, and alternator.

The beacon light was also
broken off, but later found in
bushes nearby.

“We are following some leads
at this time, however no arrests
have been made.

“But our investigations
are continuing,” Mr Hanna
said.



‘Unprecedented
developments’ to
help bringin —
more than $4bn

@ By CARA BRENNEN
Tribune Staff Reporter

THE country is expected to
benefit from more than $4 bil-
lion in foreign investment,
excluding the-recently signed
Baha Mar Cable Beach rede-:
velopment project.

.. Financial Services and Invest="
. ment Minister Allyson May-
', nard-Gibson said the “unprece-;
“dented” developments, coupled

with growing trends in the
financial services sector, will
give the Bahamas'a much need-
ed financial boost providing the
funding for employment and
infrastructure for Bahamians.
In keeping with government’s
plan to have an anchor proper-
ty on each Family Island, Mrs

‘Maynard-Gibson said the pro-

jects in the works include two
very significant projects being
processed in Grand Bahama, a
project in Andros and many

SEE page 14

Bahamas

monitors
Oa rte
investigation.

@ By CARA BRENNEN
Tribune Staff
Reporter

BAHAMIAN men who |
rely on the sex enhancing |
drug Viagra may have to |
find an alternative drug if

the United States’ FDA
investigations conclude that
the “little blue pill” does in
fact cause blindness.

According to the Food
and Drug Administration in
the United States, more
than 40 users of the drug to
correct impotence have
complained of some loss of
eyesight. The claims mostly
involve Pfizer Incorpora-
tion’s Viagra, although the
cause has not been officially
determined.

The FDA said it had 38
reports from Viagra users,
four reports from users of
Eli Lilly and Company’s

SEE page 14



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PAGE 2, MONDAY, MAY 30, 2005

THE TRIBUNE



LOCAL NEWS



601 graduate in COB ceremony

@ By CARA BRENNEN
Tribune Staff Reporter

SIX hundred and one stu-
dents graduated from the Col-
lege of the Bahamas yesterday,
receiving various diplomas, cer-
tificates, and associate degrees
and for the first time graduate
degrees.

The class of 2005 at the
nation’s top tertiary institution
held its graduation at the Oakes
Field Campus and were urged

to use their knowledge to
improve the quality of life for all
Bahamians.

Giving the commencement
address was former COB Pres-
ident Dr Keva Bethel, who ear-
lier that day was named Presi-
dent Emerita.

“For whatever of value I was
able to accomplish at the Col-
lege was only possible because
of the talents, imagination, com-
mitment and sheer hard work
of the many hundreds of facul-



Cost of giving away150 Acres
of Crown Land in Guana Cay
for FREE to Developer,

$100 million.

Profit to developer from stamp
and custom tax exemptions
on Baker’s Bay Project,

$210 million.

Saving our heritage

ty, staff and administrators who,
for minimal tangible reward,
found as I did special joy and
satisfaction in helping build this
important national institution,”
she said.

Mrs Bethel noted with sad-
ness that her brother, Anglican
Bishop Michael Eldon, who has
been ill for most of the year,
was unable to share the occa-
sion with her.

She said that COB graduates
are to be found in every pro-

fession, in a wide range of busi-
ness and financial, enterprises,
in the church, in the public sec-
tor and in more recent times as
active participants in the gov-
ernance of the country. They
also play significant roles in the
college itself, helping in this way
to ensure the bright future of
the institution from which they
gained so much.

Mrs Bethel told the gradu-
ates that they are joining this
distinguished company.

“I congratulate you on your
efforts and your achievements,

and on your perseverance and

determining in overcoming
whatever obstacles you may
have had to face.”

She urged the graduates to
use the new knowledge, skills
and understanding gained at
COB to improve in some posi-
tive way the quality of life in
the country, or in any context in
which you find yourself.

Mrs Bethel also noted that

throughout its history, COB has
consistently attempted to adapt
itself, to respond to the chang-
ing needs of the Bahamian soci-
ety.

Receiving the Governor Gen-
eral Award for achieving a
GPA of over 3.70 was Peta N
Worrell an Early Childhood
Education Major and The Pres-
ident’s' Award was won by Jen-
nifer C King for achieving at
least a 3.50 GPA as a Nursing
student.



March to mark beginning of Anglican conference

@ PRESIDENT
Sandra Collie leads
hundreds of women
of the Anglican
Church Women in a
march on Bay Street
yesterday as the
organization started
its 33rd Annual
Conference this
week under the
theme “Witnessing
for Jesus”. Women
then assembled in
Christ Church
Cathedral for a
thanksgiving service,
which was conducted
by the Archbishop
of the West Indies,
Drexel Gomez

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THE TRIBUNE

MONDAY, MAY 30, 2005, PAGE 3















@ THE USS Nassau docks alongside cruise ships

Photo: Mario Duncanson/Tribune staff

Nassau’s namesake makes a port visit

@ By PAUL G TURNQUEST
Tribune Staff Reporter

THE USS Nassau made a port call at
New Providence for the weekend and will
be leaving the country tomorrow.

Twenty stories high, 820 feet in length,
and 106 feet wide, the USS Nassau dis-
places 40,000 tons of seawater when fully
loaded and has a flight deck that measures
more than two square acres.

Nassau has 1,400 compartments — about
the same number as a large hotel, two hor-
izontal conveyors, and nine elevators.

The ship boasts two of the largest boilers
ever manufactured in the United States
Navy, which can generate a total of 400
tons of steam per hour and develop 140,000
horsepower — equivalent to the horsepow-
er of more than 700 average automobiles.

The ship’s electrical power subsystem

creates 14,000 kilowatts of electrical power ©

for the ship — adequate electrical power to
light 11,500 homes for 50,000 people.

The aircraft carrier can ballast 12,000 tons
of seawater for trimming the ship to receive
and discharge landing craft from the well
deck, and was constructed with more than
20,000 tons of steel, 3,000 tons of aluminum,
400 miles of cable and 80 miles of pipe.

Also on board is a 300-bed hospital, four
medical operating rooms and three dental
operating rooms.



New systems considered.
after weekend blackout

lf By PAUL G TURNQUEST
Tribune Staff Reporter



i AN almost island-wide elec-
| trical blackout.at the: weekend ©:
has' spurred: officials into con- ,

cal line became detached, pos-
sibly from corrosion, and
touched another power line,
which closed down most of the
power throughout thei

Bahamas Electricity Corpo:






islan

Minister of Works and Utili-
ties Bradley Roberts said he has
spoken to the general manager
at BEC to see if there is any-
thing that can"be"done’ to"iso*"*
late. such incidents ‘so that'the
whole island will not be affected.

would not cause the system to
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‘wires are deficient it would blow

sidering the installation of a
“circuit breaker” system ‘to han-
dle the island’s electrical needs.

On Saturday night an electri- in 15 to 20 minutes.

Officials deten

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PAGE 4, MONDAY, MAY 30, 2005

EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited |

NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI
Being Bound to Swear to The Dogmas of No Master

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

SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G.,

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

EILEEN DUPUCH CARRON, C.M.G., M.S. B.A, LL.B.

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Minister forgets past scandal

POLITICIANS never seem to learn, but like
Lot’s wife, instead of moving forward, they are
always tempted to look back in an effort to
score cheap brownie points.

Unlike Lot’s wife this look over the shoulder
might not freeze them into pillars of salt, but it
will certainly churn up old memories that would
best be forgotten.

And this is just what Tourism Minister Obie.

Wilchcombe did as he wound up an otherwise
good presentation in the House of Assembly
last week of the heads of agreement for the
Baha Mar Cable Beach project.
What made his slip into the past even worse
was the feigned exclamation of shock — “No!”
“Wow!” — by some of his colleagues. We. give
them the benefit of the doubt by describing
their drawn breath as “feigned shock”. If they
really did not know to what great lengths the
FNM government had to go to raise this coun-
try from the ashes in which the previous PLP
government had left it, then they should not be
directing the affairs of state today. Unfortu-
nately, when people don’t know the pitfalls of

- the past, they are doomed to make the same

mistakes and fall into the same sink holes as
they move into the future.

_ If it had not been for the FNM’s so-called
concessions to start this country’s economy
moving again, and putting the jobless to work,
Mr Wilchcombe could never have stood in the

| House last Wednesday and said: “This project
is a Clear. manifestation of confidence by the

investors, their partners and bankers in the
economy of the-Commonwealth of the
Bahamas, the government and the people.”

This is true, and he has the FNM govern-
ment of Hubert Ingraham to thank for laying
the foundations on which he stood to make
those words possible.

However, where he made his mistake was
stating the following without either elabora-
tion, or an attempt to put his comments into
context. Said Mr Wilchcombe: “With the pre-
sent sales transaction (with Baha Mar) there are
no debt obligations having to be taken over
by the Bahamas government. This is unlike
what happened several years ago when the
Ambassador Beach Hotel, now Breezes, and
the Royal Bahamas Hotel, now Sandals, were
sold by the Hotel Corporation for $7 million
and $8.4 million respéctively.”

“No!” chirped a pained voice behind him.

_Continued Mr Wilchcombe: “At that time
the then government had to. assume a $16.5
million mortgage on the Royal Bahamian Hotel
and pay off the debt.”

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“Wow!” came a chorus from colleagues
behind him, coupled with giggling women’s
voices.

_Continued Mr Wilchcombe: “With the sale
of the Radisson Cable Beach resort and Wyn-
dham Crystal-Palace and casino and Nassau
Beach Hotel, the Public Treasury, National
Insurance Board, Public Utility Corporation
and Pension Fund have considerably benefited
by some $27.8 million.”

In today’s economic climate and with the
Bahamas’ relatively good reputation abroad,
this government could have done even better in
the transaction.

But given the situation in 1992, if they had
been the government then — and not the FNM
— no investor would have done business with
them. One of the large investors walked away
from the Pindling government pre-1992, but
came back with a bang to start the economic ball
rolling when convinced that he could do busi-
ness with the new Ingraham-led government.

Not only did the FNM find the hotels in a

‘shambles, but the reputation of this country

had dropped so low on the international scene
that it was out of sight. No one trusted this
country, no one wanted to do business with it
and even day-tripping tourists found standards
unacceptable.

We all thought it a miracle when, on deciding
that the first. order of business was. to.priva-
tise the hotels, the FNM government was able
to get $7 million for one and $8.5 million for the
other.

If anyone doubts this, just read all about “the
bad financial decisions taken outside of the man-
agement of the Hotel Corporation” as reported
on February 1, 1997 by a Commission of Inquiry
into the Hotel Corporation of the Bahamas.
The report recounted the corporation’s
“absolutely appalling financial condition.”

According to minutes of the corporation’s

‘board meetings when the new FNM govern-

ment approached Scotia Bank for a loan to
repair the shabby hotels, the bank expressed its
“difficulty” with advancing further loans —- even
with government assurances. The bank took
this position because of the corporation’s
“excessive borrowing.”

This government would do well today to
put the years of the Pindling administration
behind it unless it wants to dredge up many
past scandals. :

Just remember that had there been no FNM
government for 10 years to get this country on
a sound footing, there would be.no Baha Mar
deal to debate today.









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THE TRIBUNE



Are we being |
paid enough
for LNG site?

EDITOR, The Tribune

I would appreciate the space
to air my views on the ongoing
LNG controversy.

I would first like to make a
specific point to my fellow
Bahamians, which I have not
heard made so far in this public
debate. Sometime in this year or
next, world oil production will
peak and start to decline. This,
coupled with the rise of China
as an economic power with its
insatiable appetite for oil, is
going to result in an increasing
demand for a shrinking supply
of oil. If you think the cost of
gas and electricity is high now,
you ain’t seen nuttin’ yet.

So what is the fuel of the
future? You guessed it — natur-
al gas. It is this simple dynamic
that is behind the attempts to
develop a natural gas supply to
Florida, which remains one of
the fastest growing states in the
USA, and whose demand for
energy increases unabated.

It is for these two fundamen-
tal reasons that companies are
looking to establish LNG ter-
minals in The Bahamas.

While I do appreciate and
support the efforts of the envi-
ronmental lobby, in this case I
find myself unable to agree with
some of their views of the pro-
posed LNG terminals in gener-
al. But let us focus on the facil-
ity proposed for Ocean Cay, as
that is the option being pro-
moted by the government.

The first objection appears to
be environmental - how could
we consider putting a facility
such as this in our pristine
Bahamaland? The facility is
proposed for Ocean Cay, which
is a man-made (ie artificial) cay
on the edge of the Florida

Straits that has beén. used for

mining arogonite for as long as
I can remember. We are not

talking about placing the facili- —

ty in the middle of Exuma Cays

(to which I would vociferously .

object); we are placing it in a
remote, artificial, pre-existing
industrial facility.
The second objection appears
to be the risks associated with
the facility — it might blow up,
we don’t know how to regulate
it, it might be the target for ter-
rorists etc, etc. There are risks
associated with all forms of
energy. We have managed oil
trans-shipment facilities and oil
refineries in Freeport, LPG
(low propane gas) and gasoline
facilities all over the place, and
we have been able to manage
these facilities without an atten-
dant rash of explosions. So why
should we assume that we are
incompetent or unable to man-

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age an LNG facility? I am sure
our many competent Bahami-
an professionals find the impli-
cation insulting.

As to the terrorist angle, I
consider the current hysteria
regarding the threat of terror-
ism to be a byproduct of the
domestic political agenda of the
United States, and any “terror-
ist” threat to The Bahamas to
be somewhere between mini-
mal and non-existent. If there
were to be an attack, let’s face it
— they are not going to attack
some remote cay that no-one
ever heard of which the press
cannot easily cover, they are
going to go after a high profile
target. If you want to worry
about terrorism, worry about
the impact on our tourism
industry from another attack in
the USA; this is an infinitely
more likely scenario.

This is not to say that I do
not have concerns regarding the
facility, but they are not envi-
ronmental, nor are they based
on the risk assessment. Rather,
they are financial and econom-
ic.
First, the financial benefits
appear to be inadequate at $20
million per year. With annual
revenues of almost $1,000 mil-
lion per year, $20 million is a
relatively insignificant amount .
At this rate it would take 50
years of operation to provide
one year’s worth of revenue to
the Treasury. Given basic eco-
nomics, surely the volumes will
afford a larger income to the
Bahamas? What I would like to

see is a breakdown of the rev-—

enue generated by the gas, and
what percentage we are expect-
ed to receive. Without know-
ing the facts, it appears to this
observer that we are selling our-

selves seriously short.

Secondly, I see no mention
in the proposal for the Bahamas
to receive any of the benefit of .
LNG other than cash; i.e., why
can’t we get some of this natur-
al gas for our own uses?

Given the looming energy cri-
sis outlined at the beginning of
this letter, it would appear to
this observer that our primary
objective in this project would
be to guarantee future supplies
of energy to guard against the
decline of energy sources. This
aspect appears to have been
completely overlooked; at least
I can find no mention of it in
any of the multiplicity of infor-
mation put out by both sides..
If we are going to allow this
facility in our country the least
we can do is to ensure we ben-
efit fully from it.

I trust our politicians will not
be so distracted by environ-
mental and risk issues that they
fail to take into consideration
that real benefits that we could
gain from this project. It would
be unfortunate in ten years time
to find ourselves sending mil-
lions of dollars in gas to Florida,

, while we are unable to fulfil our

own energy needs at affordable
prices.

I can assure you this is going
to have more of an impact on
our tourism industry than any
environmental fallout from this -
proposed project.

As ever, I appreciate the
space.

JOHN G FARMER
Nassau
May 14 2005

Need to protect
Bimini islands

EDITOR, The Tribune

The following is an open let-

ter to the Prime Minister from

a “concerned potential tourist”.

Dear Prime Minister

J am writing to express my
strong concern about the lack
of protection of the Bimini
islands.

This essential ecosystem
houses pristine habitats on land
and sea, a crucial mangrove
forest, and an exceptional vari-
ety of sea life. I am urging the

' Bahamas government to stop
the construction at Phase I of
the Bimini Bay Resort and
immediately implement the

Bimini Marine Protected Area

to protect these ecosystems
and natural resources.

These mangrove ecosystems
protect the human population
from major storms and pro-
vides protective habitat for a
wealth of economically and
ecologically valuable species.

As a tourist, I prefer desti-
nations where natural
resources are protected and
will never patronise a country
or resort that destroys valu-
able mangrove ecosystems.
Once again, I urge you to halt
construction and implement
protection.

KATE TEMPLETON
Denver, Colorado |
May 25 2005

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THE TRIBUNE

MONDAY, MAY 30, 2005, PAGE 5





France says ‘non’ in referendum

HE early exit polls com-
ing in on Sunday evening
all point to a big defeat for those
(President Chirac included) who
campaigned for a “yes” vote in
France’s referendum on the Euro-
pean constitution.
Of the many issues, none exer-
cised the French electorate quite so
much as those that related to who

- Europe is and what it represents.

Sitting at the heart of Europe in
virtually every sense, the French
and Germans had first conceived
of the European project as a
means of so integrating their
economies as to make it impossible
(and not merely undesirable) ever
to fight one another again.

As the peaceful nations of
Europe grew in wealth and devel-
opment, what came to define and
unite them was an increasingly
characteristic “social market”
model of development, wherein
investment in human capital and a
concern for the distribution of
social benefits in line with eco-
nomic growth were salient fea-
tures.

Unlike NATO, that other, more
direct bastion of Western Europe’s
security, the Union would achieve
strength from the promotion of its

social ideals. While Charles de»

Gaulle and Konrad Adenauer
dreamed of an expanded, peaceful
Europe, Churchill, architect of
NATO, stated that body’s objec-
tives as being to keep América in,
Germany down and Russia out.
It was out of the original vision
of the likes of de Gaulle and Ade-
nauer that successive leaders of
France came to base their ideas
and expectations of Europe as a

PERSPECTIVES

Ko DIRE We fake





“Copyrighted Material
Syndicated Content
Available from Commercial News Providers”





A: these states lurched
rightward ( generally far

more rightward than the “origi-

nal” Europe of the Franco-Ger- ©

man vision), the EU came to rep-
resent more a politically or even
ideologically based ideal than the
vision of Adenauer and de Gaulle.
The process took on an even-more



“Unlike NATO, that other,
more direct bastion of Western
Europe’s security, the Union
would achieve strength from
the promotion of its social
ideals. While Charles de Gaulle
and Konrad Adenauer
dreamed of an expanded,
peaceful Europe, Churchill,
architect of NATO, stated that
body’s objectives as being to

‘keep America in, Germany

down and Russia out.”



club wherein the French “social °

market” model was strengthened
rather than weakened.

How times change! There has
been concern for some time
among many who shared this orig-
inal vision ‘for Europe that the
whole project was being side-
tracked in two distinct and unde-
sirable ways.

Firstly, somewhere along the
way, as Europe enlarged, it came
to be seen by some (both inside
and outside Europe) as merely
‘another arm of the western

‘alliance. This process was acceler-

ated by the events that saw the
defection to the greener pastures

- of the west of almost all the states
iof Eastern Europe that once com-
prised the buffer of Soviet Cold

War defence policy.

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sinister turn recently when US
politicians, eager to stoke the divi-
sions, spoke of an “old” and “new”
Europe in terms that were mea-
sured to encourage those in the
“new” countries who longed for a
more NATO-like role for the com-
munity.

The very meaning of the Com-
munity has therefore been dilut-
ed and distorted almost beyond
recognition by the premature
absorption of many new states with
little in common in terms of social
values and whose only notion of
Europe is defined by what it is not
(i.e. not communist, not a dicta-
torship and not in league with Rus-
sia).

This premature and politically
driven expansion is also related to

’ the other main gripe of the French

opponents of the constitution: the
replacement of “social Europe”
with an economically-driven trade
zone, where Anglo-Saxon style
free trade would carry the day and
lead to a race to the bottom, as
countries dismantled their
advanced social structures in order
to compete with the emerging
economies now in their midst.

Clearly this process is already
happening, as the leaders of
France, Germany and others come
to conclude that their sophisticated
social legislation must go if they
are not to be devoured by their
hungry cousins to the East. Just
last week in Germany, the socialist
government was soundly castigat-
ed in local elections in North
Rhine/Westphalia over the speed
of its market-oriented reforms.

In the constitution itself, many
in France saw the codification of
this minimalist, competition-dri-
ven approach to economic union
and clearly did now like what they
saw. They, like the Germans, are
simply on a different page from
most Poles, Czechs or Hungari-
ans, whose thinking on Europe is
closer to Churchill’s than Ade-
nauer’s.

It is time to rethink Europe.

EXPENDITURE
SHOULD BE BETTER
BROKEN DOWN

B ahamian Governments
have a tendency to pat
themselves on the back once a year

as they reflect publicly on the ever
growing sums of money that they



invest in the running of the coun-
try.

Toa when you analyse the esti-
mates of expenditure in detail, it is
clear that much of the annual
increase is accounted for by rising
human resource and other recur-
rent costs in areas where no real
improvement in the quality or even
the quantity of services is achieved.
What no government is particu-
larly ready to acknowledge is that
in running a country, even treading
water costs money.

W e can all see, for
instance, that educa-

tion and health both continue to
account for the proportional bulk
of government expenditure — a
fact that has led successive gov-
ermnments to boast of having social-
ly-oriented policy priorities. But
unless these raw figures are
analysed further, they do not per-
mut us to make a fair assessment of
whether this boast holds true and
(equally importantly) of what val-
ue we are getting for our money in
the process.

In addition to the publication of





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budgetary outlays on a per min-
istry/department basis, government
should look very seriously at
releasing the figures to the public
in a way that differentiates
between expenditure on’ new ser-
vices, equipment and departments
and the mere natural increase in
the cost of existing ones.

This is not simply a distinction
between capital and recurrent
expenditure, since it would actual-
ly seek to differentiate outlays
based upon whether they repre-
sent an increase in services.

The newly created office of
Urban Renewal, for instance, is a
good example of an initiative,
inclusive of personnel and other
recurrent costs, that nonetheless
represents an objective.increase in
the social stock of the country — a
resource that in the past simply
did not exist.

As a first step in concentrating
the public mind on improvement,
rather than merely increased
spending, government should also
publish human resource expendi-
ture separately from other expen-
diture within the various depart-

‘ments.

If, for instance, all government
salaries were grouped under the
heading “the public service”, the

_ remaining expenditure in places

like the ministries of Health, Edu-
cation and Social Services would
give a far clearer picture of quali-:
tative change.





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MORE WORDPLAY
ON CSME

Mise: Fred Mitchell
has developed a pen-

chant for making the whole issue
of his government’s position on
the CSME more complex and
unquantifiable than it need be.
The position seems to change dai-
ly.

Last week, on Darold Miller’s
show, the minister took yet
another dive for cover from his
earlier remarks, this time right
into the thicket of word-play and
sophistry.

Bees claiming (erro-
neously) that CSME is
desirable so as to save us from
isolation in international politi-
cal and trade related affairs, the
minister now claims that we are
not going into CSME after all.

His reasoning this time: that
because of the much-vaunted
“reservations”, we will in fact be
exempting ourselves from all of
the matters that make up the
“economic side” of the arrange-
ment.

This of course is rubbish. As
Minister Mitchell should know,
the only reason given (in the pre-
amble to the document itself) for

the revising of the Treaty of

Chaguaramas is the inclusion of
nine protocols, all of which relate
to aspects of the Single Market
and Economy.

That means that the only sense
in which the treaty has been
revised is to introduce the Single
Market and Economy.

So why sign a revised treaty
whose revision was motivated
solely by the desire to create an
economic union if you do
not in fact want an economic
union?

It is disappointing that Mr.
Miller and some of the other
interviewers who have had the
chance to question him far more
vigorously have instead let the
minister off so lightly with such
fatuous rubbish over an issue of
the utmost importance to The
Bahamas.

. The only question they need to
ask the minister is this: Does the
present government of which he
is a part propose to sign the
Bahamian people onto the
revised Treaty of Chaguaramas
without a referendum?

If so, then, despite whatever
“reservations” it may negotiate
at the time of such signature, this
government is indeed committing
the citizens of The Bahamas to a
self-styled “economic union” with
the countries of the Common-
wealth Caribbean.

Bahamians will then have to
decide how to respond.

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PAGE 6, MONDAY, MAY 30, 2005

THE TRIBUNE





Banks, Merchants and Creditors
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The Hilton name and logo are trademarks owned by Hilton. ©2004 Hilton Hospitalicy, Inc.







& The American ambassador John Rood and his wife are greeted by Benjamin Davis at the Cancer Society Ball .
(Photos: Mario Duncanson/ Tribune staff)

@ By CARA BRENNEN
Telbune Stal Repo

AN evening of glitz and glam-
our netted more than $60,000
for a very worthy cause: the
Cancer Society of the Bahamas.

The fourth annual Cancer
Ball, one of the society’s major
fundraisers was held on Satur-
day evening at the Radisson
Cable Beach resort.

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LOCAL NEW

Society event brings home
than $60,000 for cancer society

Allyson Maynard-Gibson,

«Minister of Financial Services

and Investments, and her hus-
band, stepped in for the ball
patron, Prime Minister Perry
Christie and his wife who were
unable to attend due to the
prime minister’s illness.
Society president Judy Ward-
Carter gratefully accepted a
cheque from the ball commit-
tee for $60,000 and a cheque

from British American, which
included the proceeds from
their “denim days” when
employees made a donation to
wear jeans to work.

“Tt is a fantastic evening
said Mrs Carter.

“Corporate Bahamas has
always been very kind to us and
tonight is proof of that. If it was-
n’t for corporate Bahamas, we

Fl
>

“would not. be where we are

WEDNESDAY MAY 25TH
THRU
THURSDAY JUNE 2ND





today, it is because of them that
the caring centre has been able,
to complete 10 rooms, and
phase two will be completed in,

June and we are looking for-
ward to having the opening in.

September.” 2

The Cancer Caring Centre,
which is to provide a peaceful
retreat for persons travelling for
treatment from the family.
islands, has been the society’s





15 ATION

THE FRIBUNE



‘LOCAL NEWS








“Copyrighted Material

Syndicated Content
Available from Commercial News Providers”



@ THE ball committee presents Judy Ward Carter with a cheque for $60,000.00, the proceeds from
the ball. From left: Allyson Maynard-Gibson, representative for the Prime Minister; Earle Bethel,
co-chairman; Judy Ward-Carter, president; Terry Fountain, vice-president; Winifred Ward,
co-chairman; and American ambassador John Rood

(Photos: Mario Duncanson/Tribune staff)





main project. Now that it is
nearing completion, the com-
mittee still needs funding to
repay bank loans, staff
salaries and operating costs.
With current trends sug-
gesting that cancer diagnosis
i on the rise, the Bahamas

ancer Society continues to
spread its message that early
detection is the key to saving
more lives.

/ Mrs Carter added that the
stigma of cancer seems to be
decreasing.

. “Because you are hearing
so much about it today, I
believe the message is getting
out there.

« “People are more aware
and they are coming forward
and they are more willing to
share to enlighten others
about cancer. The word is
getting out and they are going
out and having their check-
ups. Some cases are caught
earlier but we are ‘still not
catching a lot of them. We
still have women who are pre-
senting very late.”

Mrs Carter said more edu-
cation and awareness is need-
ed so that people know they
do’not have to be afraid.

While she-did not have the
latest statistics, Mrs Carter
said that breast cancer con-
tinues to be most prevalent
in women, prostrate cancer
in men and lung cancer

appears to be equal in both
Sexes.

However, she added that
these three cancers can all be
‘screened and detected early.

She encouraged everyone
‘to get their annual checkups
and screenings.

. “Be attuned to your bod-
ies,” she advised. ““Your body
will tell you if something is
“wrong if you listen.”

Those attending the ball
‘danced to the music of Visage Ce
and the Lou Adams orches- DIANE Lockhart presents a Cheque from British American to
tra. the president of the Cancer Society, Judy Ward-Carter



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THE TRIBUNE



| LOCAL NEWS ve

Road Tratfic Department
expands sub-station services

THE Road Traffic Depart-
ment’s sub-stations at Fort
Charlotte and the Carmichael
Road administrative complex
will offer expanded services to_
the motoring public.

Effective immediately this



The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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

Share your news

will include first-time inspec-
tion and renewal of motor vehi-
cle inspection certificates; vehi-
cle registration and licensing;
transfer of vehicle registration;
and renewal of drivers licences.

Mr Jack Thompson, newly













appointed Controller of Road
Traffic said: “We expect that
this decentralisation of vital ser-
vices will reduce the congestion
at the Department’s headquar-
ters at the Clarence A Bain
Building on Thompson Boule-
vard. .

“We hope that the motoring
public takes advantage of this
enhancement in the quality of
services offered by the Road
Traffic Department and we
remind the public that both dri-
vers, licences and motor vehicle
registrations expire at the end of
birth months.”

The Road Traffic Depart-
ment’s sub-stations at both Fort
Charlotte and at the Carmichael
Road administrative complex
are open Monday _ to
Friday between 9.00 am and
4.00 pm.

PRICEWATERHOUSE(COPERS

POSITIONS AVAILABLE FOR ASSOCIATES

' PricewaterhouseCooper, Freeport Office is offering positions for staff accountants to pursue a programme

_of training culminating in a professional accountancy qualification. Prospective candidates should have a
graduate or undergraduate degree in accounting or related subject, and a track record of outstanding academic
results and social activity that exemplifies success as an achiever and leader. Applications are pele accepted
for the 2005 programme.

Successful candidates will undergo a period of rigorous training, both academically and on-the-job, with the
objective of developing professional skills. The positions offer excellent salaries and promotional opportuntties,
and benefits include medical insurance and provident fund. Also, as a team member of PricewaterhouseCoopers
there are opportunities to participate in the PricewaterhouseCoopers organization’s Dweuoua Exchange
Program. ;

Eligible candidates should submit their application by hand or mail along with a current curriculum vitae
no later than Friday, June 10, 2005 to:

Freeport, Grand Bahama, The Bahamas

Office Administrator
PricewaterhouseCoopers
Regent Centre East - Suite A
P.O. Box F-42682

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THE TRIBUNE MONDAY, MAY 30, 2005, PAGE 9

EL Commission defends its trade
policy: Caribbean should resist it

| insight

a &
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Syndicated|Content

vailable from Commercial News Providers”







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MONDAY, MAY 30, 2005, PAGE 11

THE TRIBUNE



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PAGE 12, MONDAY, MAY 30, 2005

THE TRIBUNE: ”





l@ By KRYSTEL ROLLE

THE Bahamas has much to
celebrate and will have more
in the near future, according
to Financial Services and
Investments Minister Allyson




























Madeira Shopping Plaza
P.O. Box SS-5166
Nassau, Bahamas

Maynard-Gibson.

Mrs Maynard-Gibson was
speaking at the opening of the
ninth annual CEO Network
Conference, which opened at
the British Colonial Hilton
Hotel on Thursday.

Tel: (242) 326-1879
Fax: (242) 324-5706
E-mail: sizes@coralwave.com

Open: Mon. - Sat.: 10am - 6pm








aaa a

CHRONOMAT EVOLU




TION

LOCAL NEWS

Mrs Maynard-Gibson said
that the conference’s theme,
“Global network strategies,”
expressed a positive outlook
for the Bahamas in the global
market.

“What I like about the term
‘globalisation’ are the nuances
of infinity, boundlessness, and
openness that it suggests.

“The opportunities for
Bahamians to participate,
compete and succeed in a
globalised environment are
likewise infinite, boundless,

“These are the attributes
that continue to make the
Bahamas a a strong destina-
tion for tourism, investment
and financial services,” she
said.

“We are citizens of the
world. The reality is that
Bahamians are not afraid to
compete with the best from
around the world. We have
always lived like the world is a
Global Village.”

Many Bahamians receive
world-wide notoriety in sev-



“We are citizens of the world.
The reality is that Bahamians |
are not afraid to compete with
the best from around the
world. We have always lived
like the world is a Global

Village.”



Financial Services and Investments
Minister Allyson Maynard-Gibson.

and wide open,” she said.
Bahamians have seen much
success in globalisation for

‘ many years. “For decades,”

she said, “we have been pro-
viding services to the world,
including people who visit our
shores.”

Some aspects of our global
appeal that have been in place

for years are our 275 years of .

political democracy, a legal
system that is well understood,
being common law based, a
strong relationship with our
neighbors, particularly the
USA, freedom from most
forms of taxation, and the
availability of essential public
services and utilities. ,





eral arenas, including sports,

music and movies. The
Bahamas has reared super-
stars like Sir Sidney Poiter,
Lenny Kravitz, “the Golden
Girls” and many more, she
said.

“Chandra, Savatheta, Deb-
bie, Pauline and Eldeece as

well as Tonique are names’

recognized around the world,”
said Mrs Maynard-Gibson.
The Bahamas is also popu-
lar in the tourism and financial
industries. For years foreign-
ers have had and taken advan-
tage of the opportunities pro-
vided in the Bahamas. The
government now wants to pro-
vide that same luxury for

Bahamians.

“We are actively working
with the banks and trust com-
panies to ensure that Bahami-
ans have the same opportuni-

.ties to live and work abroad,

on the same terms and condi-
tions, as non-Bahamians have
when they live and work in

Opportunities for Bahamas i:
globalised network are ‘infinite

the Bahamas.

“Policies like this would
make for a stronger core of
Bahamian professionals with

.global levels of experience,
and enhance our global com-

petitiveness. This is more than
a concept,” she added, “this
is our plan of action.”

“The wonder. of the
Bahamas is that God lives
here,” said Mrs Maynard-Gib-
son. “It is manifested in our
people whose many stories are

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and is not authorized to undertake business on our
behalf whatsoever.

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LIMITED



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is seeking qualified

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+ Have formal education in Swedish,
Sports, & Deep Tissue massage.

* Hold high school diploma.







like those of our Acting Prime
Minister, from humble begin-
nings to acting Prime: Minis-
ter, or like Sir-Sidney Poiter,
from humble beginning
Oscar winning
accomplishmen




if pos-

sible because these Bahami-
ans are the best in the world
and they embraced their
opportunities to show that fact
to the world.”

The Tribune wants to hear |
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award..

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







% Have successfully passed the 500-hour AMTA curriculum or hold license
from an accredited massage therapy institution (preferably Steiner Education
Group/Florida College of Natural Health). /

** Be CPR certified.
+k Have excellent client care, guest service skills & be an effective communicator.

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values & ethics.

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SIMIAN AA





2005. PAGE 13

MONDAY. MAY 30

THE TRIBUNE



Every Woman



ion

Every Occas

f



Mall at Marathon

ort

oO
®



iera St.

Mad

almdale -

P
















PAGE 14, MONDAY, MAY 30, 2005

LOCAL NEWS

THE TRIBUNE



The Bahamas monitors

FDA Viagra inve

FROM page one

Cialis and one report from a
man who took Levitra, made
by GlaxoSmithKline Plc.
Health Minister Dr Marcus
Bethel said the ministry will
monitor the investigations.
However, he said, it was too
early to consider preventing the
sale of the drug in the country.

“There is no specific study’

at this time. What they are
doing is collecting information.
There is a small number of per-
sons with complaints of blind-
ness, but this is out of the mil-
lions of people who use the
product,” he said.

“Some companies have put
warnings saying that there could
be some loss of vision. Howev-
er the statistical information at

this time does not warrant
alarm. When you have 100 cas-
es around the world out of the
millions of persons who use the
product, that is not really sig-
nificant, statistically,” said Dr
Bethel.

“However we will monitor it.

obviously but I wouldn’t issue
any precautions on a national
basis. We try not to be alarmist,
but at the same time we have to
supply the public with the rele-
vant information.

“Certainly the report raises
the eyebrow, but once it reach-
es a Statistical point for alarm,
then we can go from there,” he
said.

One of the side effects of Via-
gra is minor vision problems in
which men who take the drugs
say they saw a whitish-hue when
looking at the colour blue.

According to the FDA, the
type of blindness can occur in
men who are diabetic or have

’ heart disease — conditions that

can cause impotence and lead to
Viagra use.

Pfizer responded to the
claims on its website Friday say-
ing:

“A review of 103 Viagra clin-

“ical trials involving 13,000

patients found no reports of
non-afrteritic anterior ischemic
optic neuropathy (NAION),.
Outside of clinical trials, Via-
gra has been used by more than
23 million men worldwide over
the past seven years and reports
of visual field loss due to
NAION are extremely rare.”
The release added that there
was no evidence that NAION
occurred more frequently in
men taking Viagra than men of



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INSURANCE MANAGEMENT

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a similar age and health who :

did not take Viagra.
“Pfizer is in discussions, with
the Food and 1 Drug Adminis--







tration;to update the Viagra °
‘ label to: reflect these rare ocular

occurrences.
“Viagra has a strong safety

ha i





j

4

pReble: and remaing an effectivei
medication that benefits mil-

lions of* ‘patients,* the release;

said, fg q



ip pane in

more than $4bn

FROM page one

smaller ones within the other
Family Islands.
While she would not elabo-

rate as to what the investments:

were, she said that the’ projects
would be primarily tourism
related as that was the pro-

pelling force of the Bahamian
economy.

Mrs Maynard-Gibson told
Parliament Street host Jerome
Sawyer that the move was part
of government’s plan in the
2005/2006 budget to ensure that
Bahamians maintained a hap-
py, healthy standard of living






Congratulations to Nia Cooper and her husband Brad.
Her prize includes roundtrip airfare, hotel and

$500 spending money!

Platex and Lowe’s thank all participants.

and that those in need received
assistance.

The minister explained that
government was always look-
ing at the four E’s in investment
when considering. which pro-.
jects to approve — employ-
ment, entrepreneurship, educa+
tion and environmental impact:

She said that more important
than just attracting investment
was to ensure that the projects
fit into the community on a’pars
ticular island.

According to Mrs Maynard-
Gibson, Prime Minister Christie
has focused on planning to
ensure that each island benefits
and can cope with the invest-
ments and that the government
can provide the necessary infra=
structure for the expanded com;
munity.

Mrs Maynard-Gibson said
the end result would be that
more Bahamians would havé
direct benefit through employ-
ment. She noted that although
some jobs may not begin at @
managerial position, there if
room for in-house training
which can take athard workin
individual to thé top of theit
field.

For persons who do not work
in the tourism industry, Mi
Maynard-Gibson said they wi
benefit as a result of ‘the infra
structure which «can be put if
place from the proceeds of the
investments. i













Distributed by Lowe's Wholesale, Soldier Road
Tel: 393-7111 Fax: 393-0440



ss SSLMaL ahi _ MUNDAY, MAY 9.0 PRUE Lo



> dey comin’! q)

‘Thank you PLP from
31% nd Bahama Human Rights Association





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“



PAGE 16, MONDAY, MAY 30, 2005

LOCAL NEWS.

THE TRIBUNE





BARELY visible, yet in tune
with every aspect of work con-
ducted during Exercise Iron
Shield, Kerzner International’s
Director of Security and Sur-
veillance, Don Moss diligently

worked behind the scenes during.

the anti-terrorism exercise
recently staged at the Prince
George Wharf by the Port
Department and the country’s
security forces and emergency
response teams.

Kerzner International’s Secu-
rity Department, headed by
Basil Dean, Senior Vice Presi-
dent of Security and Surveil-
lance, was extended a special
invitation to participate in the
exercise by Captain Anthony

Allens, Controller of the Port.

Department and Lieutenant
Commander Herbert Bain,

Coordinator of the Port Depart-:

ment’s International Ship and
Port Facility Security Code.

Evaluator

Mr Moss, a.certified explo-
sives technician with extensive
training in anti-terrorist. activi-

ties, served as an evaluator dur- .

ing the exercise. He joined
numerous individuals from gov-

ernment and non-government:

organisations assessing the
response of the country’s-secu-
rity forces and emergency
response teams who descended

‘on Prince George Wharf for the

drill.

“It was most certainly consid-



@ KERZNER International’s Director of Security and Surveil-
lance, Don Moss pictured at centre recently served as an evaluator,
during Exercise Iron Shield. Mr Moss, a certified explosives tech-
nician with extensive training in anti-terrorist activities, is pictured
with Captain Anthony Allens, Controller of the Port Department
at left.and Lieutenant Commander Herbert Bain, Coordinator of
the Port Department’s International Ship and Port Facility Secu-

rity Code at right.

invite us (Atlantis) to partici-
pate, considering our proximity

. to.the Port facility and the fact

that we have so many passen-
gers from cruise ships that would

_ be docked at the facility, visiting
- our hotel,” said Mr Moss. “Any

incident having occurred at

(Photo: Anastasia Stubbs)

more than likely have an effect
on our operation, in that it may
be necessary to assist stranded
ship passengers who may have
been visiting our facility at the
time of an incident, in addition
to us possibly having to imple-
ment our own security incident
response plan.”

erate of the Port Department to prince George Wharf would
: : caetuc ee Mr Moss believes that opera-

tions, such as “Exercise Iron
Shield”, are critical to improving .
the response and coordination
of the country’s security forces
and emergency response teams
during a major disaster.

Employed with Kerzner Inter-
national for more than four and
a half years, Mr Moss is a former |
chief superintendent of security
for the Department of Civil Avi-
ation where he was responsible
for security at all government
operated airports.

Workshop

Mr Moss recently represented
Kerzner International at a Trade
Winds Exercise, Weapons of
Mass Destruction’ Incident
Response Workshop, held this
month in Antigua. The work-
shop, which was attended by
participants from several
Caribbean countries, focused on
ways to address terrorism
attacks, and covered topics such
as modern terrorism versus tra- .
ditional terrorism, suicide bomb-
ing ‘tactics, the effects of
weapons of mass destruction,
such as chemical, biological
nuclear and high explosives and
WMD proliferation.

In May of 2004, Mr Moss
attended the Incident Command
Coordination Workshop con-

’ ducted by the National Emer-
gency Management Organisa-
tion in Belmopan, Belize. The
workshop assisted in providing
scores of security and emergency
response experts throughout the:
West Indies with training in
response tactics and manage-
ment of major incidents involv-
ing mass casualties.

While commending Kerzner
International for its aggressive
stance towards the development
of its employees, Mr Moss said,
“It’s certainly exciting to be.a
part of a company that strives
to provide its staff with adequate
training to be able to meet the
challenges of today and one of
those challenges is always the
concern of:a possible attack A
terrorists.”

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PAGE 18, MONDAY, MAY 30, 2005

THE TRIBUNE



LOCAL NEWS



OB recognises students
who have made the grade

@ By LINDSAY
THOMPSON
Bahamas Information
Services

THE College of the
Bahamas held its annual hon-
ours convocation exercise last
week to recognise 1,027 stu-
dents who attained a grade
point average (GPA) of 3.0
and above in various areas of
academics.

Addressing the honourees.

assembled in the parking lot of
the Portia M Smith Student
Services Centre at the Oakes
Field campus, president Dr
Rodney Smith said it was a
great day to make a difference
at the college.

He said the students are
expected to carry the respon-
sibility of leading the country
and the institution to univer-
sity status.

“As we continue to move
forward, toward the establish-
ment of our university, we
must affirm the liberty to

aa

es The Bahamas Telecommunication Company Ltd. wishes to
inform the public that in an effort to improve service, an
equipment upgrade in the Fire Trail Road area will take place

1,027 attain GPA |

of 3.0 and above |

question and to learn without
boundaries imposed by dog-
ma and dictate,” Dr Smith
said. “As we move to establish
our university, we must affirm
the magnificence of an intel-
lectual enterprise charac-
terised by a diversity of view-
points, where intellectual
inheritance is preserved and
enhanced, but where it is
axiomatic that the fullness of
truth is never fully known and
the quest for knowledge is
never complete.”
Some 77 of the 1027 stu-
dents recognised — 498 for fall
2004, 529 for spring 2005 —
made the president’s list.
The honours. convocation
was established in 1994 as a

means to recognise students
for outstanding academic per-
formances during the fall and
spring semesters. Students are
recognised in two categories:
Dean’s List with a GPA of 3.0
to 3.49 and the President’s List
with a GPA of 3.50 or better.

Semester

The honourees were
required to carry 12 or more
credits per semester for con-
sideration to either list. In the
case of the President’s List,
students would have main-
tained at 3.50 or better for
both the fall and spring semes-
ters. é

Students on the Dean’s List

UPGRADE - FIRE TRAIL ROAD

smomeeagt

during the period Wednesday, May 25, to Friday, June 10,
2005 between the hours of 9:00am and 4:30pm.

As a result, subscribers in the following areas will experience
some service disruption:

e Fire Trail Road South of Frelia Subdivision and all
side corners up to Linkford Close .

e Fire Trail Road West of Linkford Close and all
side corners up to Hamster Road

e Shell Fish Road West up to Stanford Street

e Hamster Road West

J

BTC apologizes for any inconvenience caused and assures
that public that every effort will be made to keep disruption

to a minimum.

1

received a certificate bearing
the College/University of the
Bahamas seal and the signa-
ture of the dean. Those on the
President’s List received a
plaque bearing the Col-
lege/University of the
Bahamas seal. Students grad-
uating with an accumulative
GPA of 3.5 or better received
a distinction cord, which will
drape the student’s robe on
commencement day.

President Smith commend-
ed the honourees on their
attainments and congratulated
their parents for supporting
their children.

He referred to a recent
report, “The Millennium Gen-
eration: What’s The Impact
on Campus”, in which
researchers focused on stu-
dents born from 1982 onward.
According to William Straus
and his associates at Life
Course Associates, “this gen-
eration of students is smarter,
more credentialed, and more

tech-savvy than all their pre-

decessors.”

Honours Awards

Regarding the students as
the millennium generation
with several distinct charac-
teristics, Dr Smith told the
honourees that their diversi-
ty includes a bigger gender
shift from males to females
going to college; and that the
parents of the younger “mil-
lennians” are likely to view
college as a product with a
“cash value”.

Challenges

He added that the Millen-
nium Generation must “learn
how to learn” as they continue
to face and conquer new chal-
lenges ahead. Dr Smith also
admonished the honourees to
acknowledge that-they live in
a period of super, rapid
change that is shaping
the domain in which univer-
sities operate “that of knowl-

edge” creation and transmis-

sion.

“Not only are you more
trans-national, you are more
adaptive, more diverse, and

you place a higher value on
higher education than those

‘that went before you,” Dr

Smith said.

“You are also more chal-
lenged by a rapidly changing
world, the very society around
you requires that you learn
how to learn and that you do
it in record time.”

Dr Smith told the students
that in order to fully prepare
themselves and generations
for an ever-emerging and
transforming world, they must
join with COB’s faculty and
staff to ignite its transforma-
tion. .

“In the process of transfor-
mation, however, we must
confirm the significance of this
college, the College of the
Bahamas, as we affirm our
future university’s values, \
values that are the antithesis
of any attack on our humanity.
And in doing, we must affirm
that our university will be a
community of openness,
opportunity and optimism,”
Dr Smith said.

at St Cecilia

TWENTY-SIX students were awarded for their scholastic achievements on Friday at the
St Cecila Community Coconut Grove Festival.
The lucky students, including Cindy Kemp who is pictured here with Acting Prime
Minister Cynthia Pratt and Minister of Education Alfred Sears, were given St Cecilia

Honours Awards and bicycles.











airing on

BAHAMAS

tuesday, may 31

at 8:00 pm

also airs on cable 12
after the news update.





bringing you the latest news and events
from, and about the people at

aves
HARBORSIDE

7CEANTS Meso One@Onb
PARADISE ISLAND oe Ocean Club

the kerzner TODAY team

anastacia stubbs, katie longley, charles johnson, elgin hepburn
‘stacy campbell, eric hall, rachela tirelli, sandra eneas





(Photo: Mario Duncanson/Tribune staff)

“Copyrighted Material

Syndicated Content
Available from Commercial News Providers”












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QUALITY RIGHTS AND PRICES RESERVED

SPECTALS GOOD:
EV GS) V TERA AS BaP



CAGE U.S. CHOICE DANISH

PORK [Mites SPARE



PICNIC

Rugs - Bath Scales Dinnerware

Towels Shower Curtains Sets ! Ba ky
Sheet Sets Bathroom Irons Wa C. OcKs
Table Cloths Accessories Lamps Wall Pictures
Throw Pillows Cookware Sets Blenders ‘Picture Frames
Comforter Sets Glassware Sets Figurines Flatware Sets

OFFERS GOOD MONDAY, MAY 30TH - SATURDAY, JUNE 4TH, 2005

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









GREEN OR RIPE






es ng



499

PER - LB
















RAINBOW

CORNED
ye

MUELLERS CARNATION
READY CUT EVAPORATED



Throw Pillows Glass Sets

Comforters Dinnerware Sets
Rugs Blinds
i Sheet Sets Iron Boards
LIBBY’S Towels Bed Trays
WHOLE KERNEL Irons Bed Rest
Cc O R RN . Toasters Pot Sets
Tablecloths Wall Pictures
OR SLICED . Shower Curtains Wall Mirrors
ie = [= T S Loretta Window Curtains Coffee Makers

Car Mats

15 - OZ



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SALE STARTS MONDAY, MAY 30th- SATURDAY, JUNE 4th, 2005

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WE ACCEPT AMERICAN EXPRESS MASTER, VISA AND SUNCARD, WE ALSO REDEEM QUALITY STAMP CARDS
MACKEY STREET, TOP OF THE HILL (next to Super Value) PHONE: 393-3411/393-5569






a veo ceo BEAN CORN ON

PAGE 20, MONDAY, MAY 30, 2005 THE TRIBU

SAV.A.CHEK ‘Extra-Special’: on each item you purchase, over
a dollar, with One filled SAV.A.CHEK certificate get a Dollar Off!

REDEEM your SAV-A-CHEK now at:
Johns S George, Sandys, Epic Battery, GNC,
Home Fabrics, Godetts Jewelry.
FREEPORT: Dolly Madison Home Centre, GNC, ae ae Play Time Sports

STORE MON. - SAT.: 7:30AM - 9:00PM Extra Extra!
HOURS: ‘SUN: 7:00AM - 12:00PM ® 7:00AM - 2:00PM CABLE BEACH & SAV.A.CHEK Special!

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Fay ay aN eS
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READY CUT) | VIENNASAUSAGE | | ASSORTED | SPRAY STARCH
MACARONI | |Fécuunecucxes| FLavours||CEREAL| | tea
_99 ~ || 2/S 4 C9| 6/S 4 CO :











REAL DEALS |

ORVILLE REDENBACKER

REAL DEALS

REAL DEALS
HUGGIES

REAL DEALS
LAYS

REAL DEALS
MCVITIES



—stax__||DIGESTIVE| | ULTRATRIM, MICROWAVE |
ASSORTED || BISCUITS | | CONV, DIAPERS | POP CORN |



24, 28, 34, 40

sQ°2

16 - OZ@ 500 - GR

renee =1 B99 |




















LYSOL
ALL PURPOSE CLEANERS, ORANGE

SaNESEiPe :
ANTAINS RIPE. GREEN PEPPERS


































PORK
=> /.99¢ = 29 ¢ TRIGGER 22-02 ssscsessseee badeaseneaws $3.99||| RIBS CHICKEN HINES OR |
CABBAGE ||/YSOL
STRAWBERRIES GREEN POUR ABLE LEMON & LAVENDER
Prerfipliciy ESD ce _| | BREEZE 25-00 PRESTIGE | PRESTIGE |
Le LYSOL | le mu we |
POTATOES 5,LB BROCCOLI TBC CLEANERS, CLING COUNTY, — ana Roast STEAKS

EACH

S DE



PACIFIC, SUMMER & TBC 24-02 1111.93.99
LYSOL
BTTC, SUMMER BREEZE TRIG, BASIN, |

$4 QS

EACH

















HICKORY

GLEN MEAT

PORK LOIN

















— - eee meee od TUB, TILE TRIG, GREEN APPLE, TRIG, ENB CUT
eee ENGLISH aes BASIN TUB TILE ; FRANKS

359 CHOPS |
se ee $2999 See AEROSOL 29.3 - 02 sssnncnnnnnunnnnnnnneneens 795 2.5 -LB/ EACH .

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EASY OFF :
| HEAVY DUTY REG &
FUME FREE 16-02 ssssssscnssnensnneneneonn

SPRAY-N-WASH WHITE &
REGULAR & LEMON 1.02 sesesssseesees . WINGS — AMERICAN CHEESE
8s $ 99 i

KRAFT LB

ORANGE JUICE ““Zinacws



















See fs




}

“WINN - DIXIE






























NN DIXIE LYSOL | &/S
Ss THE CoB AEROSOLS ORG SCENT, SPRING WATER : Sali sf

i”, ‘en oz SG 29S FALL, COUNTRY SCENTS, CRISP LINEN, ee | SLICE TURKEY |

sonmMmADALES = 24 °T | oT POWDER, CITRUS SCENT, ROTISSERIE ne BREAST

— ICE eee SUMMER BREEZE 12.02 erescereeseerer : Ss £2 a, $a °e2

5-LB QTS : *

POWER BUYS § POWER BUYSE POWER BUYS POWER BUYS POWER BUYS POWER BUYS|

ISLAND QUEEN KRAFT DEVON JBI | BLUE RIBBON. |


















































| GREEN BBQ . SALAD DRESSING ren ARE |
PIGEON Péas| | sauces | CORNED | ccitinnaoms| | "igoacn, | |PARBOILED
ASSORTED BEEF || Assortep elas RICE .
15-O0OZ || 48-0z 12-0Z 8-02 | 147-02 S5-LBO
99E | 243°? |S Ff C9) |2/sgQ00| .9VY¢| |S 4 sso
POWER BUYS POWER BUYS POWER BUYS POWER BUYS POWER BUYSIE POWER BUYS
ROBIN HOOD TOASTED HUNTS WOOLITE COTTONELLE — CARDINAL .
FLOUR WHEAT KETCHUP LIQUID ORIGINAL nv OUL OEE EVAPORATED |
CRACKERS) | SQUEZEBOTTLE| | &ECYCLE ULTRA SOFT MILK
5-LB 8 - OZ 36 - OZ 32 -0z 4 ~ PAK 410-GR
$4 o2|/ $475) ($219 ||s Zee | FF? 2/$439
POWER BUYS § POWER BUYS B POWER BUYS § POWER BUYS § POWER BUYS & POWER Tied
GATORADE FRANCO AMERICAN |. PALMOLIVE BLANCO CREAMETTE LAYS 4
ALL SUPERIORE | | DISH LIQUIDS VARIETY PACK :
FLAVOURS | |SPAGHETTI & ASSORTED BLEACH RE( SPAGHETT| (24 PACK) CHIPS.
MEATBALLS SCENTS ae (NASSAU ONLY): |
64 - OZ 14.75 -OZ 13 -0OZ 7-02 24 -PACK —



2/.99¢

$19||S2°°

|$@4h39 | |S 439 $4 O22





JBi

MACKERAL
RINE/ TOMATO
- SAUCE

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66 - OZ

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PEL



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. ae. 0. 2 Fe



| FAB

HUNK DOG) AUNDRY
FOOD = ||DETERGENT

: 200 - OZ





FOAM CUPS
20CT

16-02





5









BEETS || SUGAR

404 -0Z

on:
=
iin
©
a a ‘
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Vitara SA OE 5



MALTA

PER - LBS
$4.95

_.. 5= LBS



FLANDER

BEEF
PATTIES 5.LB
BOX - EACH

5 - LB

599







MONDAY, MAY 30, 2005, PAGE 21

THE TRIBUNE












“Copyrighted Material

Syndicated Content
Available from Commercial News Providers”





- With an additional $1500.00 Customer Cash Back
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PAGE 22, MONDAY, MAY 30, 2005 THE TRIBUNE
INTERNATIONAL NEWS j

Bethel Brothers Morticians BR i | | ( li ti tO 1) tO As k

Telephone: 322-4433, 326-7030
Nassau Street, P.O.Box N-1026

for helo for Maldives

PETER ROLLE,
76 o— «



of #20 Yamacraw
Beach Estates, will be
held on Tuesday at 3:00
p.m. at Bethel Baptist o
Church, Meeting Street.
Pastor Timothy
Stewart's church, assisted by Rev. Dr. Kendal
Stubbs and Rev. Elmond King will officiate. 7
Cremation will follow. '

He is survived by his wife, Daisy Rolle;
One son, Brad Rolle; one daughter, Bonnie 7
Rolle; one daughter-in-law, Florence Rolle; a
one aunt, Mary Rolle; two uncles, Josep’
Whymms, and Vernal Rolle; three brothers-
in-law, Alvin, Charles D. and John King; one
sister-in-law, Rose Marie Major.

Be otter «





» Be

Numerous nieces and nephews
| including Norma Wallace, Cynthia Poitier and

“Copyrig! hted Material
Samuel Wallace; numerous grand nieces

: Syndicated Content
Samuel Willam, Govanni, Philp, Kyite va, | AVailable from Commercial News Providers”

Demetrie, Christene, Shania, Sheria King,
Kendra Major; grand nieces, Valencia Miller |
and Diamond Berry.

Many other relatives and friends |

‘including, Mr Gonzalez, Edris Roberts, Ruth
Johnson, Rutherford Johnson, Glen Romer, |

' Philip, Bruce Sweeting and family, Christie
Knowles and family, Tappy Davis and family,
Christine Mackey and family, Bertram
Johnson and family, Net Fernander and family,

| Freddy Ferguson and family, Charles Grant,

| Ed Ferguson, Manfred Strachan and family, |
Kelson Roberts and family, Wenda I. Gaitor,
Paul, "Ghost", Telson Roberts, Marjorie King |
and family, The Atlantis Paradise family, the
Yamacraw Beach Estates family, Enoch
Cunningham and Tom Stubbs, Pastor |
Stewart, the Bethel Baptist Church family |
and Bethel's Senior Saints.



GN - 216

MINISTRY OF FINANCE

CARIBBEAN DEVELOPMENT BANK

CAREER OPPORTUNITIES
Applications are invited from suitably qualified nationals of the Bank’s member countries to fill the
following positions at its headquarters located in Barbados:

‘SALE ON SHOE IS EQUAL OR LESSER n7Nat . Legal Department:

° Legal Counsel

, Economics Department:
, * Social Researcher
* Country Economist
The Bank’s member countries are the Commonwealth Caribbean countries together with Colombia,

Vi ARATH oO EN ue AL L | Mexico, Venezuela, Canada, Germany, Italy, the United Kingdom and the Peoples Republic of China.

Full details including the requirements for each position and general information about the Caribbean

| TOWN C = NI T [= [ee i AL i. Development Bank (CDB) may be obtained by accessing the Bank’s web page at http://www.caribank.org.
The Bank routinely places information on career opportunities on its website.
CENTREVILLE | |

CDB is a multi-lateral istelonitent: finance i institution that works in “Collaboration with its Béiowing psy oe
Member Countries to promote sustainable, social and economic development within these countries
and economic cooperation and integration among them.



BEES PULLERS SPSL LETT TY COSTS BD





THE TRIBUNE



st Peters
Kasil a
dome is
oct to be
restored



_
.Copyrighted Material
Syndicated Content ¢

Available from Commercial News Providers”

GN - 215

DEPARTMENT OF CIVIL AVIATION



PUBLICATION BY THE MINISTRY OF TRANSPORT & AVIATION
DEPARTMENT OF CIVIL AVIATION
PARTICULARS OF AN APPLICATION TO OPERATE

SCHEDULED AIR SERVICES

In accordance with the provisions of Regulation 9 of the Civil Aviation (Licensing
of Air Services) Regulations 1976, the Minister responsible for Aviation hereby
‘| publishes the following particulars of the under-mentioned applicant to operate
scheduled air services to and from The Bahamas.
PARTICULARS OF APPLICATION
1. Application: SPIRIT AIRLINES, INC.
2. Date of first publication: 30th May, 2005

3. Routes: BETWEEN ORLANDO ON THE ONE HAND AND NASSAU
ON THE OTHER. .

4. Purpose of services: Passenger, mail and freight.

5. Provisional time table:
Local Times

Orlando/ Nassau 1430/1555
Nassau/ Orlando 1235/1355

6. Frequency of flights: See above time-table.

7. Type of Aircraft: MD80

Any representation regarding or objection thereto in accordance with Regulation 10
must be received by the Permanent Secretary, Ministry of Transport & Aviation &
the Department of Civil Aviation within fourteen (14) days after the date of first
publication of this Notice.

ARCHIE NAIRN
PERMANENT SECRETARY



MONDAY, MAY 30, 2005, PAGE 23

INTERNATIONAL NEWS



> MINISTRY OF TRANSPORT & AVIATION

MINISTRY OF FINANCE

DECLARATION OF EXIGENCY (No. 10)

The Minister of Finance, pursuant to the provisions of Item 11 of Part
B of the Fourth Schedule to the Tariff Act, hereby declares the following
exigency to be an exigency which qualifies for the purposes of the

exemption permitted under the said Item 11, namely- Xt

the urgent need for goods specified in the Schedule which the
Minister is satisfied are intended for the relief of persons who have
suffered hardship or loss as a result of the hurricanes known as
"Hurricane Frances" and "Hurricane Jeanne", and whose
documentation were received, but the importation was not before a”
31° March 2005. | | ‘i

The Minister of Finance further declares that the importation of goods
under the provisions of the said item 11 are only permitted during the period
commencing on Ist April, 2005 and ending on the 30th June, 2005.

SCHEDULE

’ DUTY FREE GOODS
-Part A

- Building Materials
Electrical fixtures and materials
Plumbing fixtures and materials”

Household furniture and appliance

Part B [Farming Industry]

1. Supplies for the reconstruction and repair to greenhouses
and shade houses: polyethylene sheeting, insect proof mesh,
filters, polyethylene tubing, PVC pipes, PVC connectors,
PVC cement, cables, ties, poly paneling, plant sleeves,
timers, plant pots, and soil-less growing media for plant
growth.

2. Supplies for the reconstruction and repair to poultry houses
and processing plants: layer cages, feed silos, feeders, water
dispensers, poultry processing equipment, egg processing

equipment

3. Refrigeration systems for chilling and freezing of poultry

products: compressors, evaporators, condensers arid

4. Supplies for the reconstruction and repair of irrigation
systems: filters, PVC pipes, PVC fittings, sprinkles,

‘emitters, timers and valves.

5. Nursery stock for the re-establishment of fruit orchards:
grafted plants, liners, cuttings and tissue cultured plantlets.

6. Items required for fencing: fence posts, cattle wire, fencing

pliers, fencing staples and cattle gates.

Part C [Fishing Industry]

1. Galvanized sheeting (galvalume) for the construction of |

crawfish habitats

2. Refrigeration gear and parts for the chilling and freezing of

fisheries products: evaporators, compressors and condensers.

3. Equipment and Supplies for the reconstruction and repair to
seafood processing plants.

Part D

Motor Vehicles*
Motor Cycles*
Golf Cart *

Where any abuse or misuse of goods imported under this Declaration

is observed, the goods. may be seized and disposed of in accordance with

Section 83 of the Customs Management Act.

*Approval to be sought by application to the Ministry of Finance. Exemption shell be based on the market
value of the motor vehicle destroyed on the date of the hurricane.

wt
Dated this A of April, 2005

Signed: Perry G. Christie

Minister of Finance



THE TRIBUNE

PAGE 24, MONDAY, MAY 30, 2005
INTERNATIONAL NEWS



1{Copyrighted\Material
pe Syndicated Content faches

~~ . * see

mmercial News Providers

O.
O
3
o*¢

rr dm «













MONDAY, MAY 30, 2005

SECTION



business@100jamz.com



Probe into

@ By NEIL HARTNELL
Tribune Business Editor

THE Securities Commission
is investigating whether a
Bahamas-domiciled investment
fund with more than $200 mil-
lion in assets, which was placed
into voluntary liquidation by its
directors last week, was oper-
ating without an administrator.

Highly-placed sources sug-
gested that the Olympus Uni-
vest Fund, which is connected to
the controversy-stricken Cana-
dian-based asset manager, Nor-
shield Financial Group, was.a
“potential black eye” for the
Bahamas as a jurisdiction,
depending on the outcome of
the Commission’s investiga-
tions.

One source suggested: “It
ycould result in a serious adverse
reputation for the jurisdiction.”

The Olympus Univest Fund’s
administrator had been Cardi-
nal International, which was
based in the British Colonial
Hilton’s Centre of Commerce
until earlier this year.

Stephen Hancock, Cardinal
International’s former head; is
understood to have been a
director of the Olympus Uni-

vest Fund, although there is

nothing to suggest he or the
company have done anything

wrong. It is normal practice for

administrators to sit on the

Boards of funds they oversee.
After Cardinal International

wound itself up earlier this year, .

a Barbados-based bank, Olym-
pus United Bank & Trust, pur-
portedly took over as the
Olympus Univest Fund’s
administrator, but regulators
are checking into this.

Subsidiary

The bank is part of the Olym-
pus United Group, which in
turn is a subsidiary of the Nor-
shield Financial Group. The
Ontario Securities Commission
temporarily suspended the reg-
istration of both groups earlier
this month, after Olympus
announced on May 2 that it was
deferring redemptions of invest-
ments made in several of its
hedge funds.

The Ontario Securities Com-
mission, after a review of the
two companies, said: “Norshield
and Olympus have been unable
or unwilling to adequately
explain the investment struc-
ture and flow and location of
client funds.”

“TO avery great extent I
think it’s the connection
between Norshield, Olympus

Concerns over
‘CSME providing

required opt-outs|

B By NEIL HARTNELL
Tribune Business Editor

THE revised Caribbean
Single Market and Economy
(CSME) Treaty does not pro-
vide “the unequivocal and
absolute waiver conditions”
the Bahamas wants on reserv-

ing itself from provisions on
the free movement of labour

throughout the Caribbean, the--|

Trade Commission believes.
In its 2003 report on the

implications of joining the

CSME, which has never -

SEE page four



Firm ‘used to
cleavd heonwk’

“Copyrighted Material

‘ Syndicated Content
Available from Commercial News Providers”



@ By YOLANDA DELEVEAUX
Senior Business Reporter

THE Supreme Court ruling
against the Save Guana Cay
Reef Association (SGCRA)
last week, which dismisséd an
injunction filed against the
government to halt the $175

Micronet

Business sector happy with
Great Guana Cay verdict



—_




million Baker’s Bay Golf and
Ocean Club development, has
been supported by the busi-
ness community. Many believe
that a ruling against the gov-
ernment could have spelled

doom for foreign investment. |

SEE page four














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Toshiba copiers have more features, more functions,
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BUSINESS TECHNOLOGY



Univest and Cardinal,” a source
told The Tribune of the Securi-

ties Commission’s investigation

in the Bahamas.
Although the probe is in its
early stages and no findings

have been made, it is claimed:

that “a lot more” than $200 mil-
lion could have been invested
in the Olympus Univest Fund.

Sources told The Tribune

that the fund’s directors had

taken the decision to put Olym-
pus Univest into liquidation last
week, with letters then mailed

out to investors, who typically
make their investments in

mutual and hedge funds by buy-
ing classes of preference shares.

Clifford Culmer, of BDO
Mann Judd, has been appointed
as the Olympus Univest Fund’s
liquidator. He has plenty of
experience in complex liquida-
tions, having in the 1980s taken
care of the Nassau branch of
Banco Ambrosiano, part. of the
network established by the mur-

“dered ‘God’s banker’ Roberto

Calvi, and is currently handling

the Americas International

Bank Corporation liquidation.
‘ Olympus stopped returning
monies invested in its funds to
investors following-a run of
redéimption’ requests sparked

SEE page four

Miami Herald Business, Stocks, Analysis, Wall Street

@ By NEIL HARTNELL
Tribune Business Editor

THE government has been urged to “come
clean” on the costs associated with Caribbean
Single Market and Economy (CSME) mem-
bership, with a Bahamian attorney saying

this nation could end up paying $25 million
per year to a development fund to aid “dis-
advantaged” Caribbean states.

‘Brian Moree, senior partner at McKinney,
Bancroft and Hughes, who has repeatedly
called for the Bahamian people to be properly
informed about the implications of joining
the CSME, said that under the revised treaty’s
Chapter seven discussions were being held
about establishing a CARICOM Develop-
ment Fund for disadvantaged countries.

Mr Moree said: “It has been suggested that

under the requirements of the revised treaty, .

the Bahamas, if it signed that document,
would have to contribute millions of dollars to
certain funds and other regional bodies
designed to assist the less developed coun-
tries.

“While a final decision has not yet been
made, I understand that consideration is being
given to each member state contributing to
this Fund an amount equal to 0.5 per cent of
GDP. In the case of the Bahamas, this would
be approximately $25 million.”

Mr Moree added: “Some of our officials
believe that the Bahamas would not even

. qualify for benefits under this Fund in view of
our favourable economic position.

“The government should’clarify es matter



@ BRIAN Moree

and inform the Bahamian people of the antic-
ipated costs associated with membership in &
the CSME.

“In view of the fact that the Bahamas has &
over twice the GDP per capita of 12 of the
other 14 member states, one would expect |
any contributions by our country to be sub-
stantial. I wonder how many more conditions ji
like that are hanging around? What other.

SEE page three



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PAGE 2B, MONDAY, MAY 30, 2005

THE TRIBUNE



»

Taal



@ By FIDELITY CAPITAL
MARKETS

IT was a quiet week in the
Bahamian market, with 22,964
shares changing hands. For the
week, the market saw seven out
of its 19 listed stocks trade, of
which four advanced, one
declined and two remained
unchanged.

The big advancers for the
week were Cable Bahamas
(CAB) and Bank of the
Bahamas International, whose
share prices rose by $0.15 and
$0.03 respectively to close at
$8.65 and $6.35.

The volume leader for the
week with 7,400 shares trading
was Fidelity Bank (Bahamas),
which accounted for 32 per cent
of total shares traded to close at
a new 52-week high of $1.06.





BISX

SYMBOL PRICE

AML $0.95 $-
BAB" $1.06 $0.01
BBL $0.85 $-
BOB $6.35 $0.03
BPF $8.50 $-
BSL $12.25 $-
BWL $1.50 $-
CAB $8.65 $0.15
CBL $8.62 +$0.02
CHL $2.20 $-
CIB $8.46 $-
DHS $1.79 $-
FAM $4.02 $-
FCC $1.27 $-
FCL $8.35 $-
FIN $10.46 $-
ICD $9.60 $-
JSJ ~ $8.22 $-
KZLB $6.10 $-
PRE $10.00 $-






DIVIDEND/AGM NOTES:



The Local Stock Market

FINDEX 435.63 YTD 1.321%
CLOSING CHANGE VOLUME YTD PRICE

@ AML will hold its Annual General Meeting on June 7, 2005,
at 10am at Our Lucaya Hotel Freeport, Grand Bahama.

@ JSJ will hold its Annual General Meeting on May 30, 2005,
at 6pm at the Radisson Cable Beach Resort, West Bay Street,
Cable Beach, Nassau, Bahamas.

COMPANY NEWS
Freeport Oil Company (FCL)

FCL, the monopolistic dis-
tributor of oil and gas products
in Grand Bahama, produced
flat financial results for the peri-
od ending January 31, 2005.

The results, which lined up
with Fidelity’s expectations,
show the direct impact of
increased expenses due to hur-
ricanes that hit the island in
2004, coupled with an increase
in other income due to insur-
ance payments.

For the six months ended
January 31, 2005, FCL posted
a net income of $2.91 million,
which represents-a small
increase of $9,000 or 0.31 per
cent over the same period last
year. .























CHANGE
0 -13.64%
7400 10.42%
0 0.00%
3000 10.43%
0 6.25%
0 -5.77%
0 - -16.67%
3200 21.83%
1526 21.41%
0 0.00%
0 12.95%
0 19.33%
900 1.52%
0 -36.18%
0 4.38%
500 7.84%
0 -2.93%
0 0.00%
6438 0.83%
0 0.00%













Sales and revenues climbed
by $7.8 million or 30.2 per cent
to total $33.7 million, while
expenses increased by $8.1 mil-
lion or 35.5 per cent to total
$31.1 million.

Operating income stood
at $2.6 million or $308,000
under the equivalent figure in
2004, and earnings per share
(EPS) remained unchanged at
$0.34.

Net income, as a percentage
of revenue, for the period end-
ing January 31, 2005, stood at
8.63 per cent, a 2.58 per cent
decrease from last year’s figure
of 11.21per cent. .

Bahamas Waste Ltd (AGM)

At the BWL Annual General
Meeting held last Tuesday,
shareholders left the meeting
with a smile on their faces.

The main focus and cause of
excitement was the construc-
tion of the new medical waste
facility, which opened in April
2005.

Announced at the meeting
was the signing of BWL's first
medical waste contract with
Doctors Hospital Health Sys-
tems.

And Princess Margaret Hos-
pital will be discontinuing the
incineration of its own medical
waste, which will be handled by
BWL going forward.

When asked about the
expected revenue from medical
waste services, an estimate of
$700,000 for the 2006 year-end-
ing was given, with an estimated
net cost of $250,000.

’ For the year ending Decem-
ber 31, 2004, net income stood
at $513,000, which represented
an increase of $173,000 or 43.5
per cent over 2003's figure of
$357,000.

Net revenues increased by
$598,000 or 13.6 per cent to $4.9
million, while earnings per share
stood at $0.12, a $0.04 or 50 per
cent gain.

Peter Andrews, BWL’s chair-
man , confirmed that the
company resumed the payment
of dividends with a dividend
payment of $0.06 during May
2005.

Colina Holdings (CHL)

The saga continued and came
to a head last week as CHL pro-
vided its shareholders and the
public with an official
announcement.

As anticipated at the Extra-
ordinary General Meeting
(EGM), James Campbell and
Ravi Jesubatham were official-
ly voted off the Board of Direc-
tors and removed from their
posts at Colina Holdings.

Replacing them are three
new directors, Zhivargo Laing,
MacGregor Robertson and
Ednol Farguharson. Also
announced was the name
change from Colina Insurance
Company to Colinalmperial
Insurance Company.

At a directors meeting held
after the EGM, the appoint-
ment of a new management
team was discussed and voted
on.

The new ColinaImperial
Insurance Company manage-
ment team will consist of Guy
Richard as president and chief
executive; Michael Cunning-
ham, vice-president of finance;

Keith Major, senior vice-presi- _

dent and.general manager; Glen
Ritchie as vice-president of
operations; Dashwell Flowers
as vice-president of sales; and
Linda Jarret as vice-president
of group benefits.

Cable Bahamas (CAB)

CAB held its AGM on
Thursday, May 26, at the Nas-
sau Beach Hotel. It was chaired
by the new chairman, Brendan
Paddick.

The highlight of the evening

was the presentation by. Antho- .

ny Butler, Cable’s president and
chief operating officer, on the
2004 results and the results of
the first quarter 2005.

The strong growth in revenue
and net income that occurred
in 2004 continued in the 2005
first quarter. For the quarter,
revenue was up 17 per cent, net
income up 25 per cent and the
share price was up 16 per cent.
These results bode well for the

remained of 2005.



why hon on |

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iD e



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“Copyrighted Material
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Available from Commercial News Providers”

Capital access plagued by:

‘cartel-like stranglehold’ | 2

FRED Mitchell, minister of
foreign affairs, is surprised that

-Bahamian ‘small businesses have

not conducted “a more vocifer-
ous campaign” against what he
described as a “cartel-like stran-
glehold” on access to capital.
Mr Mitchell told Small Busi-
ness Association of the
Bahamas that the proposed
Caribbean Single Market and
Economy (CSME) held out the
prospect of better access to cap-
ital and overseas markets for
Bahamian businesses.
However, Bahamian compa-
nies may not be able to take
advantage of the possible

_CSME capital and market

access benefits, as the minister
reiterated the government’s
standpoint that the Bahamas
wanted to maintain the “status
quo” in regard to CARICOM.
This means that the Bahamas

a
would maintain its political ;
membership in CARICOM;
“but reserve its position on the ,
economic side” and not partici- ;
pate in the CSME.
The minister said: “As the,

‘future demands increase, we,

must find a way to improve the
access to capital and of cheaper;
goods. “4
“T cannot understand why.
there has not been a more vocif:,,
erous campaign to remove the,
cartel-like stranglehold on,
access to capital that has retard-.
ed the growth of the Bahamian
business community.” ie
He denied there was a five;

-year time limit on the CSME.

reservations the Bahamas was,
seeking, contradicting CARI-
COM officials who had said the:
agreement of all other member.
states would be needed to,
extend them beyond this period.

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PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, WYSLAINE LOMOND
of Nassau, Bahamas, intend to change my name to
WYSLAINE MEMENON. If there are any objections to this
change of name by Deed Poll, you may write such objections
to the Chief Passport Officer, RO.Box N-742, Nassau,
Bahamas no later-than thirty (30) days after the date of

publication of this notice.



NOTICE

NOTICE is hereby given that ARTHUR DIEUJUSTE, JR. 10701
ROYAL PALM BLVD #8 CORAL SPRINGS, FL 33065, is applying
to the Minister responsible for Nationality and Citizenship, for

registration/naturalization as a citizen of The Bahamas, and that
any person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 23rd day of MAY,
2005 to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.





THE TRIBUNE

MONDAY, MAY 30, 2005, PAGE 23



Bi By YOLANDA DELEVEAUX
‘Senior Business Reporter

DESPITE evidence of a fairly buoyant
economy in the 2005/2006 Budget, mem-
bers of the Bahamian business commu-
nity expressed concern over the rising
level of expenses and continued borrow-
ing by the government.

In an interview with The Tribune,
Mike Anderson, vice-president and chief
financial officer of Fidelity Merchant
Bank and Trust, said the government’s
inability to increase revenues to ade-
quately cover expenses was cause
fdr concern, and could not continue
indefinitely if the economy was to
experience steady growth over the long-
term.

(Mr Anderson said the government
cguld not indefinitely look to cover its
expenses by borrowing, a situation that
cguld lead to problems for the country
down the road.

‘He added that the fiscal deficit seemed
ta be a recurring problem, and that the
government did not seem be able to
céme up with a solution to fix the prob-
lem

“The government seems unable to cut

Worry at rising government
borrowing and expenditure

Business people voice concern

about levels of public staffing

recurrent expenditures, which is largely
made up of salaries. For both parties,
they need the vote so it’s hard to cut staff
levels, so the bulk of the expenditure
continues forward,” Mr Anderson said.

Challenge

During Wednesday’s reading of the
Budget by acting prime minister Cynthia
Pratt, MPs were told that the govern-
ment was finding it increasingly chal-
lenging to collect revenues equal to 20
per cent of the country’s GDP, which
could mean that other forms of taxation
may be implemented to ensure a strong
economy.

Mrs Pratt said the level of government
debt had risen inexorably since 2000 as
the result of expansion of essential pub-
lic services, a situation that has resulted in

fiscal deficits being serviced by govern-
ment borrowing.

Mr Anderson was, however, happy to
see a reduction in the tax on a number of
imports, such as generators. He said the
decision represented a good step by the
government, and recognised that indi-
viduals should not be penalised for bring-
ing in an emergency power supply, as
generators providean essential supply of
alternate power for businesses and
homes, particularly as the hurricane sea-
son begins.

The chairman of Arawak Homes,
Franklyn Wilson, said of the 2005/2006

_ Budget that there was a lot that could
be called good news, as it reflected a.

favourable economic climate.

. One area of concern for him was
aspects of the Stamp Tax Act, as the pro-
posed changes may have an adverse
impact on the rate of economic growth.





@ FIDELITY Merchant Bank ia Trust’s a Anderson



Hidden cost of CSME

¢
é
¢

‘FROM page one

costs are associated with the

Bahamas signing the revised.

tyeaty?”

Mr Moree said the Bahamas
had already contributed $9 mil-
lion to the Trust Fund that
fimances the Caribbean Court

of Justice, even though it would
not hear the Bahamas’ appel-
late matters, at a time when
“the infrastructure of th courts
in the Bahamas is collapsing
~ and the administration of jus-
tice in this country is in desper-

ate need.of additional funding.” ..

The attorney, who also chairs

the Financial Services Consul- ’

tative Forum, questioned the
Government’s position on what
would happen if the Bahamas
did not sign up to the CSME.
Mr Moree said the suggestion
that the other nations will pro-
céed under the treaty and that
the Bahamas will not be allowed
to be a CARICOM member if it
failed to sign was “doubted by
many Bahamian people”.

“He pointed to article 234 of
the revised Treaty of Chaguara-
mas, which said: “This Treaty

shall enter into force on the ©

deposit of the last instrument
of ratification by the states men-
tioned i in paragraph 1 of Article

"Given that the Bahamas was
among the countries named in
that paragraph, Mr Moree said:
“On this basis it has been sug-
gested by many people that the
revised treaty will not come into
force if the Bahamas does not
sign it. That would leave the
current position in place, where
the Bahamas is a.member of

CARICOM but not a member
of the Common Market.
“Either the Bahamas and
every other member of CARI-
COM can veto the revised
treaty, thereby stopping it from

- coming into force or it cannot.

The government should answer
this simple question.”

Mr Moree said it was “diffi-
cult to understand” the position
adopted by Fred Mitchell, min-
ister of foreign affairs, that there
would be no.economic implica-
tions for the Bahamas if it
signed the revised treaty and

maintained the reservations.on.:

the Common External Tariff,
Caribbean Court of Justice, free
movement of labour and mon-
etary union.

Urging the government to
“make full and frank disclo-
sure” of all material facts relat-
ing to the Bahamas joining the
CSME, Mr Moree called for
“straight talk” on the nature of
the decision made by the cabi-
net on December 21, 2004, in
relation to the CSME.

He urged the government to
publicly state whether it had
already decided to join the
CSME and was now attempting
to educate the Bahamian people
on the issue, or whether that
Cabinet decision just involved
a consultation exercise prior to a
final decision being made.

“Either a final decision has |

been made regardless of the
views of the Bahamian people
or the government has yet to
make its final decision on this
important matter,” Mr Moree
said. “Surely we are entitled to
have.a straight answer to this
fundamental question. If a final

decision has not yet been made,
the government should tell the

.Bahamian people when it

intends to make that decision.”

Acting Prime Minister Cyn-
thia Pratt said during the Bud-
get presentation last Wednes-
day that the government would
not enter the CSME or any oth-
er international agreement if it
was not in the Bahamas’ best
interests, although she did not
confirm whether a decision had
been made.

Mr Moree also said many
government statements on the
CS:



leaders, drawing on a lecture by
Guyanese professor Clive
Thomas, in which he described
political union as “the
inescapable logic” of a single
economy. The latter added that
a single economy could not be
achieved if all CARICOM states
maintained full sovereignty.

The McKinney, Bancroft and
Hughes senior partner added
that the St Kitts and Nevis
prime minister had also recent-
ly observed that the CSME’s
economic goals could not be
achieved without some kind of
political union.

Mr Moree questioned
whether the Bahamas was com-
mitted to the CSME’s “core
objectives” of a single econo-
my and a process of political
integration leading to the cre-

‘ation of a “powerful centralised

bureaucracy” to oversee this.

He added: “If we are not, then
the Bahamas should not sign the
revised treaty and join the
CSME. To join the movement
and seek to ‘opt out’ of its major
objectives is unwise and contrary
to our national interests.

were..“incompatible? foo.
with those of other Caribbean

Approximately one- third

NOTICE
FOR SALE BY PUBLIC TENDER

Commercial Building - Freeport, Grand Bahama - Lot 6, Block
D. In particular the property is on the northeast corner of the
Mall Drive and Pioneer’s Way, in the centre of the downtown
business district of Freeport.

The property consists of a tract of 1.04 acres of land which is
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| mn. approximately 9,141 sq.ft.
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for parking and the remaii en iS srenencaped



Interested parties should: abit written offers with telephone
contacts and postal addresses to the Joint Official Liquidators,
P.O.Box N-3748, Nassau, Bahamas or P.O.Box F-43746,
Freeport, Grand Bahama.

Telephone Inquires: 326-8737 or 373-3015
Fax: 302-4870 or 373-1468

Terms: 10% deposit upon acceptance of offer; balance upon.
completion.

All offers must be received by June 24, 2005

THE LIQUIDATORS RESERVE THE RIGHT TO
REJECT AND/OR REFUSE ANY OFFER.



NOTICE

| NOTICE is hereby given that ARIOLE DIEUJUSTE, 10701
| ROYAL PALM BLVD #8 CORAL SPRINGS, FL 33065, is applying
to the Minister responsible for Nationality and Citizenship, for

Pricing Information As Of:
05

2D

me" (Colina
— Financial Advisors Ltd.

registration/naturalization as a citizen of The Bahamas, and that
any person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 23rd day of MAY,
2005 to the Minister responsible for Nationality and Citizenship,
r RO.Box N- 7147, Nassau, Bahamas. Benchmark
Bahamas Waste

f dl E Fidelity Bank
, A : Cable Bahamas

PUBLIC NOTICE Seales
INTENT TO CHANGE NAME BY DEED POLL

Doctor's Hospital |
Famguard
Finco
FirstCaribbean
The Public is hereby advised that |, LOSIE VERTILUS, of ae Cankiste
Bellot Road, Nassau, Bahamas, intend to change my name 1D Uuntles
to LOSIE LAFRANCE. If there are any objections to this
change of name by Deed Poll, you may write such objections
to the Chief Passport Officer, PO.Box N-742, Nassau,
Bahamas no later than thirty (80) days after the date of
. publication of this notice.

Abaco Markets
Bahamas Property Fund
Bank of Bahamas
















J. S. Johnson
Kerzner International BDRs





Weekly Vol.




Bahamas Supermarkets
Caribbean Crossings (Pref)
RND Holdings




ast 12 Months



Colina Money Market Fund 1.216402*

HELP WANTED

Small family restaurant in Western District is
seeking to employ:

Fidelity Bahamas G & | Fund 2.2420 ***
Fidelity Prime Income Fund 10.3539*****
2.2214 2.0941 Colina MSI Preferred Fund 2.221401**



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

EPS $ - A company's reported earnings per share for the last 12 a
NAV - Net Asset Value

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 voluirie
Today’s Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day

Dally Vol.

| © (1) Cook (must be experienced in Bahamian Dishes)
¢ (1) Bartender
° (1) Waitress (for evenings only).

- 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 MAR. 31, 2005/ **** - AS AT FEB. 28, 2005
- AS AT MAR. 24, 2005/ *** - AS AT APR. 30, 2005/ ***** "AS AT APR. 30, 2005
LINA 2

Applicants please telephone 362-0681 for interview.



IDELITY





PAGE 4B, MONDAY, MAY 30, 2005

THE TRIBUNE .





Concern about CSME opt-outs

FROM page one

before been fully released, the
Bahamas Trade Commission
said that while the monetary
union aspect of CSME would
not become apparent immedi-
ately, it could pose a threat to
this nation’s economic stability.

And it warned that while
Article 48 of the revised CSME
treaty allowed members states,
such as the Bahamas, to seek
reservations from specific pro-
visions, these would only last
for five years.

This is consistent with infor-
mation provided by Winston
Rolle, the former Bahamas
Chamber of Commerce presi-
dent, and a CARICOM offi-
cial, who this week said the
Bahamas’ four reservations -

- on the Common External Tar-
iff (CET), Caribbean Court of
Justice, free movement of peo-
ple and monetary union - could
only be renewed after that five-

year period if all other mem-
ber states agreed to it.

Many observers feel that
because the Bahamas is viewed
as such an important market by
other Caribbean states, they
will be most reluctant to renew
the Bahamas’ reservations on
the above issues.

The Trade Commission
appears to agree in its 2003

: report. It added: “As the treaty’s

accommodations are clearly not
the unequivocal and absolute
waiver conditions the Bahamas
would be keen to seek, there
would need to be very specific
negotiations on the issue of free
movement of CARICOM
nationals in a bid to secure the
interests of the Bahamas.

“The present reality — the
large number of CARICOM
immigrants - should be factored
into any proposed negotiations.”

Fred Mitchell; minister of for-
eign affairs, recently published
a letter from Edwin Carring-

ton, CARICOM’s secretary-
general, which said the mem-
ber states had accepted the
Bahamas’ reservations on the
free movement of people and
monetary union, but the docu-
ment made no mention of the
five-year time limit.

And the Trade Commission
report indicates that the body
established to advise the Gov-
ernment on trade matters, and
which recommended that the
Bahamas defer a decision on
joining the CSME, had doubts

about whether the opt-outs on _

offer in the revised Treaty were
worded in language that suited
the Bahamas’ national interest.

Acknowledging that the
CSME’s ultimate goal was the
free movement of all CARI-
COM nationals within the com-
munity, the Trade Commission
said the first step.towards this
goal had begun through Article
46 of the revised Treaty.

This allows university gradu-

ates, media workers, sports per-
sons, artists and musicians to
move throughout the CARI-
COM community and seek

employment without requiring

work permits.

The Trade Commission’s
report said: “There is a strong
view that the Bahamas would
be significantly disadvantaged
by such unfettered movement
as the CARICOM region does
not represent an employment
area of choice for Bahamians,
while the Bahamas currently
serves as an important labour
market for other CARICOM
nationals.”

Drawing on the Persaud-Dav-
enport report, which in June
2000 analysed the implication
for the Bahamas of signing on to
the CSME, the Trade Commis-
sion’s report said this nation
hosted more CARICOM work-
ers than any other country.

In 2002, the Department of
Immigration issued 5,277 work

permits to CARICOM nation-
als, of which some 4,013 per-
mits went to Haitians. And that
figure did not include
Caribbean nationals employed
via the Ministry of Education.

This “disproportionate rela-
tionship is seen as widening”
through the CSME committing
all countries to free movement
of labour, the Trade Commis-
sion said, although it acknowl-
edged that the Bahamas had
benefited from the influx of
skilled Caribbean workers in
both skilled and unskilled jobs.
These jobs ranged from the
judiciary and medicine to
domestics and farm workers.

It added that it was also open
to the opportunities the CSME
could provide for skilled
Bahamian workers and univer-
sity graduates in opening up
other nations’ labour markets,
“although the possibilities may
not clearly present themselves
at this time”.



Judgment ‘will improve Bahamas image’

FROM page one

projects in the country.

In an interview with The Tri-
bune, George Smith, a broker
and investment adviser for CA
Christie Real Estate, said from
the standpoint of a foreign
investor, the court case demon-
strated that the Bahamas was a

country where even govern-
ment, decisions can be take
before the courts:

..He added that the verdict

delivered by Justice Stephen
Isaacs on the controversial Gua-
na Cay Development would
have. a positive effect on
the Bahamas’ image interna-

tionally.

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Mr Smith said, though, that”

he hoped the very genuine

environmental concerns weré ~

addressed, and while the battle
was lost during this round, fur-
ther legal action could result in
success for the Association.
“Investors like to live in a
country where, if they feel they
have been wronged, they, too,
have a right to challenge it in
court. The right of appeal is
very strong in the Bahamas. If I
were a foreign investor that
would give me some comfort.”
Vice-president of the Small
Business Association of the
Bahamas, Marlon Johnson, said
that while the decision against
the Save Guana Cay Reef
Association may be a blow to
the rights of citizen interven-
tion, it should give great com-
fort to the investment commu-
nity that projects will not be

derailed in such a manner.
“We all breathed a collective
sigh of rélief that there won’t be
a long, drawn out, protracted
legal wrangling and that invest-
ment projects will be able to
move forward smoothly,” he

‘added.

- Looking at the other side, Mr
Johnson said the government
might consider involving affect-
ed citizens at an earlier point in
the discussions, and seek to
address their concerns and any
ramifications from an invest-
ment at an earlier stage.

Businessman Franklyn Wil-
son said he was thrilled to see
the ruling, and adding that a
verdict against the government
would have led the country
down a path that would not be
constructive.

“This is very positive for the
development of the country

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because it eliminates an impor-

tant element of doubt. If the rul-

ing had remained, with investors
just not knowing what govern-
ment can or can’t do, it creates
serious confusion,” he said.
Mr Wilson said a ruling
against the government would
have been significant in that it
would likely have put a break
on the pace of economic devel-
opment in the Bahamas.
Michael Anderson, vice-pres-
ident and chief financial offi-
cer of Fidelity Merchant Bank
and Trust, also saw the ruling as

positive. With growing tensions /

surrounding developments in
Harbour Island, Bimini and
other parts of the country, Mr
Anderson said to allow small
associations to deter investors
from coming into the Bahamas
would have a long-term nega-
tive for the economy.

Investigation
into fund in
liquidation

FROM page one

by bad publicity Norshield has
suffered in relation to invest-
ments made by Cinar, a Cana-
dian animation company, in two
other Bahamian-registered
investment funds with which it
was affiliated: Some $375 mil-

- lion in funds were frozen.

Lawsuits in the Cinar affair |
are continuing to fly in Canada,
with the dispute sparked by $122
million worth of investments
made in two Bahamas-based
funds — Globe-X Management
and Globe-X Canadiana — by
the Canadian animation com-

_ pany, which were allegedly car-

ried out without board approval.
Cinar, according to Canadi-
an press reports, has filed an
amended statement of claim in
its legal action against Norshield '
in the Quebec Superior Court.
Also named as defendants are
Norshield chief executive John
Xanthoudakis, and the man
who ran the company’s Bahami-
an operations, Thomas Muir.
Cinar, which is still seeking
to recover $40 million, has

relied upon reports filed with

the Bahamas. Supreme Court
by its liquidators, Pricewater-
houseCoopers accountants
Wayne Aranha and Clifford
Johnson.

The reports allege that the
funds engaged in “fictitious” .
transactions, including a July.
1999 ‘total swap return’ involv- |

| ing Globe-X Canadiana. and.a :

company called Norshield Com-
posite.

Cinar is also alleging that
some $28 million of its money
was used to make redemptions
to Globe-X clients and pay Nor-
shield-related companies.

However, Norshield and Mr
Xanthoudakis have responded |
by suing Mr Aranha and Mr
Johnson for $10 million, claim-'
ing their reputations have been:
damaged by the allegations. |

They have also filed actions:
against Cinar, seeking damages:
of $82 ae 2

Onan
Opportunity

Financial Services Firm seeking |
applicants for the position of}

| Accounts Officer.

Minimum requirements include:

NASD Series 7 Qualification or}
Canadian Securities Qualification

Please fax Resume to:

(242) 327-4476

NOTICE OF SALE

Caves Point Management Limited (hereafter “the
Company”) invites offers for the purchase of ALL
THAT Unit Number 7F of “Caves Point - Phase IV”
Condominium situate on West Bay Street in the Western
District of the Island of New Providence being a three
(3) bedroom/three (3) bath apartment unit together
with ALL THAT 3.125% share in the common property

of the Condominiums.

The Company makes no representations or warranties
with respect to the state of repair of the ouilding situate

thereon.

The Company will sell under Power of Sale contained
in a Declaration of Condominium dated the 3rd day
of November, A.D., 1999 which is recorded in Volume

77 at pages 299 to 428.

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

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

Interested persons may submit written offers addressed
to the Attorney c/o da 4019 P.O.Box N-3207, Nassau
Bahamas to be received no later than the close of
business on the 13th day of June A.D. 2005.





Cr ee er

Fidelity Bank & Trust International Limited

‘(ncorvorated under the laws of the Commonwealth of The Bahamas) (g) Mortgages, consumer and other loans

Loans and advances are comprised principally of amounts that were originated by the

Consolidated Balance Sheet -. Company and are recognised when cash is advanced to borrowers.

As of 31 December 2004

(Amounts expressed in Bahamian dollars) Loans are stated at outstanding principal plus accrued interest less provisions for losses.

2004 2003 The mortgage loans are secured principally by first mortgages on single-family residences

$ $ and provide for monthly repayments at variable interest rates over periods of up to twenty-

ASSETS five years. Other loans are secured principally by chattel mortgages and provide for
Cash on hand and at banks (Note 4) 71,271,114 24,530,255 monthly repayments over peridds of up to ten years.

Government securities (Note 5) 18,823,800 16,687,350 As soon as the recovery of a loan or advance is identified as doubtful, a provision: for loan

‘Available-for-sale investments (Note 5) 9,093,245 8,312,307 losses is established to reduce the carrying value of the loan to its estimated realizable

Mortgages, consumer and other loans (Notes 6,7) 144,221,677 155,561,039 amount. The provision for ioan losses also covers losses where there i$ objective evidence
Receivables and prepayments 7,319,918 6,080,871 that probable losses are present in the lending portfolio at the consolidated balance sheet
Fixed assets (Note 8) 11,807,818 12,273,868 date, but which have not been specifically identified as such.

Goodwill (Note 10) 1,454,195 1,454,195 .
s 263,991,767 ~ 224,899,885 (h) Non-performing assets

Non-performing assets include all loans on which the status of overdue payments of
principal and interest are such that management considers it prudent to classify them to

LIABILITIES

Customer deposits (Note 11) 208,142,917 187,201,714 non-performing status. All mortgage loans and consumer loans on which principal and

Mortgage-backed bonds (Note 12) 755,543 755,543 interest payments are overdue by in excess of ninety days are considered by management
* 3 : ea

Accrued interest 585,031 1,312,187 to be non-performing.

Ae ee eee) see 3,989,676 When a loan is classified as non-performing, all interest previously accrued in the current

year, but not collected, is reversed against current year interest income and any interest
accrued in prior years is charged against the provision for loan losses. Notwithstanding
these parameters, where a customer has re-established a pattern of prompt payment,
management may agree.to reschedule arrears of loan interest and principal. Thereafter,
interest income will be recognised on an accrual basis.

Other payables and accrued expenses 20,785,992 7,650,672
Em 233,489,220 200,509,792
Minority interest (Note 14) 4,989,430 4,849,320
Preference shares (Note 15) 13,000,000 9,000,000

251,478,650 214,359,112
(i) Fixed assets

SHAREHOLDERS' EQUITY
Share capital (Note 17)
Surplus/(Deficit)

Revaluation surplus

Fixed assets, other than freehold premises, are carried at cost less. accumulated
depreciation and amortization. Freehold premises are carried at market value based upon
periodic independent professional appraisals, which are commissioned at intervals not
exceeding three years. Revaluation increments are shown as “Revaluation surplus” within
shareholders’ equity.

Gj) . Goodwill

10,000,000 10,000,000
143,375 (1,918,651)
2,369,742 2,459,424

12,513,117 10,540,773
263,991,767 224,899,885 :
Goodwill represents the excess of the cost of an acquisition over the fair value of the
Company’s share of the net identifiable assets of the acquired subsidiary at the date of
acquisition. Goodwill is tested annually for impairment and carried at cost less
accumulated impairment losses. Impairment losses aré allocated to the cash-generating
units resulting in the goodwill.

Approved on behalf of the Directors:



Director



Director
(k) Mortgage-backed bonds

27 April 2005 ‘ ‘ : :
: Costs related to the issue of the mortgage-backed bonds are amortised on a straight-line

pee basis over the lives of the respective bond series. Assets pledged as collateral for these
bonds are included in loans.
NOTES

ag Pensions

The Company and its subsidiaries participate in defined benefit and defined contribution
pension plans administered by trustees who include executives of the Company. Pension
plan assets are held ‘independently of the Company’s assets ini separately administered

1. Incorporation and Activity

Fidelity Bank & Trust Intemational Limited (the Company) is incorporated in the Commonwealth



a2 ns

of The Bahamas under the Companies Act, 1992, as amended.

On 4 May 1995 the Company purchased all of the issued and outstanding ordinary shares of British
American Bank (1993) Limited (BNB) and Fidelity Bank (Cayman) Limited (FBC) (formerly
British American Bank Ltd.) from British American Holdings Limited (BAH). As a part of the
transaction, BAH, and certain of its subsidiaries (the BAH Shareholders) were required by The
Central Bank of The Bahamas to retain certain minimum levels of preference share holdings with
BNB and certain minimum levels of deposits with both BNB and FBC. For so long as The Central
Bank of The Bahamas required the BAH Shareholders to meet the minimum investment levels in
BNB and FBC the following principal rights were granted to the BAH Shareholders and the senior
management group of the Company (the Management Shareholders):

: a) The right to each appoint two Directors to the Board (of a total of six Directors);

b) The right to collectively appoint two Directors of the Board in the event collective
agreement can be reached or, where there is no agreement, the right to supa a further
one Director each;

c) That any Director’s resolution with regard to changing the senior ranuee went or Board
of Directors, changing ‘share capital and/or the:rights attaching thereto or amending of

: of at least one’ Diréctor of the ‘Company ‘nominated ‘by ‘each of the: ‘parties:
d). That any Members resolution with regard to the same matters noted under (c) epee:
require the approval of both parties.

the. Memorandum or Articles of Association of the Company would require the Approval. =



Subsidiary Companies

The Company, Giitecily or indirectly; has interest in. the: follo ving entities:

funds.

Defined benefit plans: Pension liabilities are ass¢ssed using the projected unit credit
actuarial cost method. The pension obligation is measured at the present value of the
estimated future cash outflows using an interest discount rate based on high quality
corporate and government securities that have terms of maturity that are consistent with the
esate tenfof the liabilities. Actuarial gains and losses in excess of 10% of plan
assets (or 10°@@bf obligations, if ever greater) are recognised over the average remaining
service lives of the employees.

’

Defined contribution plans: Pension expense is charged in the period to which the
payments relate.



¢

; Country of %
In November 2001, The Central Bank of The Bahamas removed the requirement for the BAH Incorporation Holding
Shareholders to maintain their minimum deposits in FBC. On October 12, 2004, The Central Bank sale aes
of The Bahamas removed the requirement for the BAH Shareholders to maintain the minimum Fidelity Merchant Bank & Trust Limited
investment in deposits and preference share in BNB. As a result of The Central Bank of The (FMBT) and its wholly owned subsidiaries: Bahamas 100%
Bahamas removing the requirement for ‘the BAH Shareholders to maintain the minimum pnts : a
investments in deposits and preference shares at both FBC and BNB, the rights, noted under (a) to Fidelity Capital Markets Limited (FCML) Bahamas 100%
(d) above, terminated on October 12, 2004. Due to the termination of the rights of the BAH Fidelity Share Registrars & Transfer Agents Limited .
shareholders, BAH and its subsidiary companies are no longer considered as related parties. (FSRTAL); and Bahamas 100%
Fideli ‘ : aes .
The Company, through its subsidiaries in The Bahamas and the Cayman Islands, offers a full range neh Renicioniee davestnent Services Linted (FP ISE) e 100
of investment, retail banking and insurance brokerage services. The Company has a restricted _ British American Bank (1993) Limited) Bahamas 68%
banking licence in The Commonwealth of The Bahamas and its primary business is that of a West Bay Development Company Limited (West Bay) - Bahamas 79%
holding and management company for its subsidiaries. : ;
The registered office of the Company is situated at Fidelity Merchant Bank & Trust Limited, #51 Fidelity Bank (Cayman) Limited (FBC) .
Frederick Street, Nassau, The Bahamas. The number of persons employed by the Company as of and its wholly owned subsidiaries: Cayman 100%
31-December 2004 was 170 (2003:168). Fidelity Insurance (Cayman) Limited (FIC); a and Cayman 100%
Fidelity Broking Company Limited (FBCT i ?
Summary of Significant Accounting Policies 2 ad as ) eae ee
4. Cash and Cash Equivalent

The following is a summary of the significant accounting policies: ° Sra ttre ;

usone r Cash and cash equivalents are comprised of the following: ‘ :
(a) asis of preparation . 2004 2003 |

The Company’s consolidated balance sheet has been prepared in accordance with $ $

International Financial Reporting Standards and under the historical cost convention, — :

except for real estate and investment securities, which are carried at estimated fair value in’ Cash on hand and at banks 71,271,114 _ 24,530,255.

’ accordance with International Financial Reporting Standards. 71,271,114 24,530,255

In 2004, the Group early adopted IFRS 3: Business Combinations (IFRS 3), International

Accounting Standard (IAS) 36 (revised 2004) and IAS 38 (revised 2004) effective 1
January 2004.. The early adoption of IFRS 3 resulted in a change to the Company’s
accounting policy for goodwill. Until 31 December 2003, goodwill was amortized. on a
straight-line basis over a period of 15 years and assessed for an indication of impairment at
each balance sheet date.

In accordance with the provisions of IFRS 3, the Company has ceased amortization of
goodwill from 1 January 2004 and for the period onwards goodwill existing as of the
balance sheet date is tested annually for impairment, as well as when there are indications
of impairment. There was no impact on opening retained earnings at 1 January 2004 from
the adoption of IFRS 3, IAS 36 and IAS 38.

The preparation of the consolidated 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 the disclosure of contingent
assets and liabilities at the date of the consolidated balance sheet. Actual results could:
differ from those estimates.

ESET AIO RE EA A RR DR Sa, RO OE RC Eo

TOE

§

The bank is required to maintain a percentage of deposit liabilities as cash or deposits with The
Central Bank of The Bahamas. These funds are not available to finance the Bank’s day-to-day
operations. As of December 2004, the reserve requirement amounted to $5,108,750 (2003:
$5,130,240). Included in cash and cash equivalents is cash at bank in the amount of approximately
$27,600,000 relating to insurance claims expected to be paid out shortly after year end. This cash
at bank is offset by amounts included in both customer deposits and other payables.

Investments and Government Securities
Investments comprise the following:

Held-to-Maturity

Bahamian Government Registered Bonds

(b) Principles of consolidation Interest Nominal 2004 2003
; Rate Due Date Value Cost Cost
The consolidated balance sheet includes the accounts of the Company and its subsidiary $ s $
companies, after elimination of all significant inter-company balances and transactions. Prime + 0.5% 23 September 2004 224,100 0 _ 224,100
Prime + 0.125% 11 May 2005 772,700 » 772,700 772,700
(c) Fiduciary assets and liabilities Prime + 0.875% 2 December 2005 2,000 2,000 2,000
: Prime + 0.156% 11 May 2006 758,800 758,800 758,800
Where the Company acts in a fiduciary capacity such as a nominee, trustee or agent, assets Prime + 0.938% 27 August 2006 1,000,000 1,000,000 1,000,000
and liabilities arising thereon, together with related undertakings to return such assets to pees oe ae ee aon as tae
sto’ d from thi idated bal heet. rime + 0.73% ay , " ,
Gisioiiete oie sxelnde re conoudated batence? Prime + 0.3125% 21 October 2009 150,000 150,000 150,000
(4) _—_—‘ Foreign currency translation Prime + 0.75% 25 April 2010 397,000 397,000 397,000
Prime + 0.9375% 5 July 2011 10,000 10,000 0
. Assets and liabilities denominated in currencies other than the Bahamian dollar have been Prime + 0.688% 24 August 2011 4,878,900 4,878,900 4,878,900
translated at the appropriate rates of exchange prevailing at the consolidated balance sheet Prime + 0.675% 24 August 2012 2,221,100 2,221,100 2,221,100
date. Prime + 1.00% 24 March 2014 129,000 129,000 129,000
‘ j Prime + 0.625% 22 May 2014 6,500 6,500 0
e Val it securities
© arene ar sovecaee Prime + 0.9375% 21 July 2014 1,000 1,000 0
‘ : aioe We i 1259 75,000 75,000 75,000
Government securities comprise registered securities issued by The Bahamas Government Fone eee i> October 2013
d the C ‘ : the ti f i os Prime + 0.1875% 4 December 2015 90,000 90,000 90,000
and the ompany classifies these investments at the time of purchase as originated loans. Prime + 0.25% 15 October 2017 50,000 50,000 50,000
These securities were issued and are redeemable at par value. Semi-annual interest Prime + 0.25% 24 March 2019 110,000 110,000 110,000
payments are calculated based on the principal amounts outstanding. The securities are Prime + 0.469% 21 July 2019 138,700 138,700 138,700
recognized when cash is advanced to the government and are carried at amortized cost. Prime + 0.469% 24 November 2019 “500,000 500,000 500,000
i 5 Prime + 0.5% 12 December 2019 469,700 469,700 469,700
of — “Sz ; ’ ’ ,
RSMO Oe ava eblestoe Hale Wi yeeancats Prime + 0.531% 26 April 2020 334,500 334,500 334,500
. : ie : . 59 40 397,400
Investments classified as available-for-sale are intended to be held for an indefinite period side es o 2) ; sna a - im 207 800 0.000
of time may be sold in response to needs for liquidity or changes in interest rates or equity 20 : 55,000 /
prices and are stated at fair value. Management determines the appropriate classification
Balance carried forward 12,938,900

of its investments at the time of purchase. Fair values of exchange-traded securities are
determined using the closing market price at the close of trading on the balance sheet date.
The fair value of over-the-counter securities are determined using the average bid price
quoted by local broker dealers. Securities for which no quoted price is available are valued by
directors.



12,757,300





PAGE





6B, MONDAY, MAY 30, 2005

Bahamian Government Registered Bonds











Interest Nominal 2004 : 2003
Rate Due Date Value Cost Cost
$ $ $
Balance brought forward 12,757,300 12,938,900
Prime + 0.563% 30 July 2021 1,550,000 1,550,000 1,550,000
Prime + 0.375% 4 December 2021 100,000 100,000 100,000
Prime + 0.5625% 12 December 2021 4,000 12,000 4,000
Prime + 0.4062% 6 September 2022 10,000 10,000 10,000
Prime + 0.4062% 4 December 2022 100,000 100,000 89,450
Prime + 0.344% 9 February 2023 - 1,456,800 1,456,800 ft)
Prime + 0.375% 8 April 2023 898,500 898,500 890,700
Prime + 0.375%" 21 July 2023 878,800 878,800 858,800
Prime + 0.375% 9 February 2024 514,700 514,700 0
Prime + 0.3125% 29 July 2024 394,500 394,500 0
Prime + 0.313% 22 October 2024 151,200 151,200 0
: 18,823,800 16,441,850
Other Bonds
Interest _ Nominal 2004 2003
Rate ‘Due Date Value Cost Cost
. $ $
Balance brought forward 18,823,800 16,441,850
6.25% 24 November 2004 : - 245,500
Total investment held-to-maturity securities 18,823,800 16,687,350
Available-For-Sale Securities
‘ 2004 2003
.., Market Market
“$s. $
“Listed securities: 7,678,405 6,651,089
Fixed Income securities ©” ; fe 1,105,916 976,673
“* Over-the-cotnter securities 0 - 127,616 503,237
“*. Nor quoted securities “0 “++ 181,308 181,308
~ Total investment in available-for-sale securities 9,093,245 __ 8,312,307.
oo Mortgages, Consumer and Other Loans
a E See Period to Maturi ps
Se 2 Under Within one \: Within six Over ten Total
“1 > one year’ fo five years to ten years years 2004 2003
Mortgages 13,892,676. 30,671,714. 30,414,976 47,813,159 «122,792,525 ‘132,629,092
Consumer a ost
and other _ 13,485,522 9,856,461 __ 996,958 179,235 __24,518,176 _ 25,881,352
“Total 27,378,198, __ 40,528,175 __31,411,934 _ 47,992,394 147,310,701 158,510,444
Provision for loan losses (3,089,024) (2,949,405)
144,221,677 “155,561,039
The movements in provision for loan losses during the year are as follows:
2004 2003
$ $
Balance at 1 January 2,949,405 4,818,375
Provision forthe year. 744,373 357,612
Write-off during year against fully provided accounts (744,172) (2,420,073)
s Recvenibg f) kes eas 139,418" 193,491
Balance at.31 December “ 3,089,024 2,949,405

Included in the balaice of $3,089,024 (2003: $2,949,405) is a specific loan loss reserve of $1,122,221
(2003: $1,080,589). The provision ‘for loan losses represents 2.10% (2003: 1.86%) of the total loan

: . portfolio and:44.87 % (2003: 41.65%) of total non-performing loans.

47,

Fixed Assets |
Computer
Software
Land Furniture Motor & Office Leasehold
& Buildings & Fixtures Vehicles Equipment’ Improvements Total
Year enged 31 December 2003
Opening value 7,026,104 848,574 35,187 1,463,922 839,843 10,213,630
Revaluation 2,232,254 - - - - 2,232,254
Additions 4,395 441,580 35,490 210,749 803,531 1,495,745
. Disposals (net) ; - (6,111) (6,123) (1,315) (12,797) (26,346)
Depreciation charge (224,211) (230,840) (39,695) (764,350) (382,319) (1,641,415)
Closing value .- 9,038,542. 1,053,203 24,859 909,006 1,248,258 12,273,868
.. At31 December 2003
Cost or Valuation 2 10,337,060 3,169,492 219,519. 7,651,855 3,754,952 25,132,878 -
Accumulated. Oe ke ee
. depreciation 0 2 (15298,518) ~:..(2;1416;289) . (194,660) (6,742,849) (2,506,694) _ (12,859,010)







Year ended 31 Dece:

Opening vale. 9,038,542" 1,053,203 24,859 909,006 1,248,258 12,273,868
.. Revaluation’ 00) ee ve ne - oe -
_. - Additions : Bae airs 280,593 114,552 332,540 162,394 890,079

Disposals (net) eS (8,478) (3,273) (2,500) (14,251)

“Depreciation charge.» (269,907) __ (247,574) __ (67,652) __(522,945) (233,800) _ (1,341,878)

[Netbook value 8,768,635 __1,077,744 __68,486 _—_—716,101__1,176,852 11,807,818

At 31 December 2004 $1,578,893 (2003: $2,425,591) of the above mortgage loans were pledged as
collateral in. connection with the FBB’s mortgage-backed bonds programme (see Note 13).

“Non-performing Loans
Total non-performing loans at 31 December 2004 are $6,884,169 (2003: $7,082,136).

At 31 December 2004 the Company had extended certain. mortgage loans guaranteed by the
Government of the Cayman Islands totalling $523,428 (2003: ($542,618)) for which payments were
past due in excess of 90 days. Management does not currently consider these loans as non-

performing.









| Net book vatue 9,038,542". 1,053,203 24,859 909,006 1,248,258 12,273,868
igiened Sey Ps ee Computer
- Software






‘Motor |. & Office. Leasehold

_: Furniture -
; me Vehicles ‘Equipment Improvements ‘Total





woe



At3d December 2004

Cost or Valuation : 10,337,060 3,441,606 330,798 7,981,895 3,917,346 26,008,705
Accumulated Same

depreciation (1,568,425) (2,363,862) (262,312) (7,265,794) (2,740,494) _ (14,200,887)
Net book value 8,768,635 1,077,744 . 68,486 716,101 1,176,852 11,807,818

Land and buildings include revaluation increments totalling $2,369,742 (2003:$2,459,424.)

9.

Geographic Information ve

eae Principally all of the Company's operations are carried out in the Bahamas and the Cayman
“Islands... Bak : ee gether. 4
‘Net Income/(Loss) Assets Employed
2004 2003 2004 2003
(000’s) (000’s) (000’s) (000’s)
Bahamas (244) (2,101) 162,637 158,249
’ Cayman 2,220 1,452 101,355 66,650
Total 1,976 (649) 263,992 224,899
Goodwill

10.

Goodwill represents the premium paid, over and above total net asset value, by the Company on the
purchase of 100% of the outstanding ordinary shares of both BNB and FBC.

Goodwill has been calculated as follows:

2004 2003

be $. $
Balance 1 January _ 1,454,195 2,544,845
Amortisation (1,090,650)



Balance at 31 December _ 1,454,195 1,454,195



11.

12.

Bt

14.

THE TRIBUNE BUSINESS.

Savings Certificates

The maturities of savings certificates are as follows:

Within lyear Within 5 years 2004 2003
$ $ $ 3
Demand deposits 55,588,529 - 55,588,529 32,964,173
Savings certificates 147,169,086 5,385,302 152,554,388 154,237,541
Balance as of 31 December 202,757,615 §,385,302 208,142,917 187,201,714

Mortgage-backed bonds

Mortgage-backed bonds are summarised as follows:

Maturity Date Amount issued and outstanding
2004 2003
$ . $
Series G-3-A, Authorised
$4,000,000 Prime - .25% 2005 155,040 155,040
Series G-3-C, Authorised
$4,000,000 Prime ; 2005 600,000 600,000
Accrued interest Sees OU inks oe
Total 755,543 755,543

On 1 December 1998 the Company transferred. approximately 250 of its first legal mortgages
having an aggregate unpaid principal balance of approximately $20.8 million to a trust in exchange
for mortgage-backed bonds represénting an un-divided interest in the trust. These bonds, which are
. redeemable at the option of the Company, are issued to the public at par and have maturity dates
that extend to 1 December.2005. The Company is required to-maintain the value of the trust at a
value equal to or greater than the outstanding principal amount of the bonds. The proceeds from
the issuance of the bonds are used by. the. Company to make new. loans to ‘its customers and for
liquidity purposes. As.of 31 December 2004, the issued and outstanding bonds were secured by

"certain. mortgage. loans that had an- aggregate unpaid principal amount of $1,578,893 (2003:

os $2,425,591). An independent trustee administers the mortgage-backed bonds portfolio, a
Loans from Banks ee _ . 2
$ %
Balance due on short-term loan 2,519,737 2,689,676
Balance due on long-term loan 700,000 900,000 .
Total i . 3,219,737 3,589,676

The short-term loan represents the balance drawn down against a $3 million line of credit
advanced to the Company from a commercial bank: The loan bears interest at B$ prime + 1.5%, is
secured by a charge over 6,600,000 (2003: 6,600,000) ordinary shares of BNB, and is repayable on
demand. : f

The long-term loan represents the balance due under a mortgage loan, in the initial amount of
US$2,000,000 that was advanced to West Bay in April 1998 to facilitate the purchase of a Nassau-
based property.. The loan is secured by a first mortgage over the property owned by West Bay,
bears interest at 3 month LIBOR + 1 1/2% and is repayable over a ten year period in 40 equal
quarterly payments of $50,000, plus any interest accrued at the date of each payment.

Minority Interest :
Minority interest is calculated based on its 32% shareholding in BNB and is comprised as follows:

2004 2003
$ $
Balance at 1 January 4,849,320 4,307,704 .
Minority’s share of BNB’s net income 349,791 391,919
Minority's share of revaluation surplus. 3,914 565,274
5,203,025 5,264,897
Less: | = z, 4 ano rhkaa Ou Ad eh eit ra tik
Minority’s share of amortisation of goodwill
relating to BNB ae : waco gy ehiddes (201,982). ../
Dividends paid to minority shareholders ‘ (213,595) (213,595)
Balance at 31 December 4,989,430 4,849,320,
15. Preference Shares
2004 ‘2003
$ $
Issued & fully paid
Company
- 1,000,000 (2003: 2,000,000) Class C preference shares . :
of $0.10 each at a premium of $0.90 per share 1,000,000 2,000,000
FMBT ee
2,000,000 cumulative redeemable preference shares
. of $1.00 each ¥ 3 Me 2,000,000 7
ENB ee
-. ...7,000,000 cumulative redeemable preference shares.
| ROFSE-00 each Pei 0 oe BRU ans adie - 7,000,000
~~ 10,000,000 cumulative redeemable preference shares ae
of $1.00 each - SEGRE A ine ; 10,000,000
Balance as of 31 December ; 13,000,000 9,000,000

On 4 May 1995, the Company issued 5,000,000 Class C preference shares of par value B$0.10 each
with a premium of $0.90 each. The preference shares are cumulative, redeemable and non-voting.
The Class C preference shares are all owned by third parties and dividends are payable semi-
annually in arrears at the rate of 0.75% above the Bahamian prime rate. The Class C preference
shares, including a proportional share of the related share premium, are redeemable in five equal
annual instalments. The first, second, third and fourth redemption’ of B$1,000,000 each were paid
on 4 May 2001, 4 May 2002, 4 May 2003 and 4 May 2004, respectively. The last redemption of
B$1,000,000 is due to be completed on 4 May 2005.

Dividends paid on the Class C preference shares for the period amounted to $90,801 (2003:
$156,637).

2,000,000 Class B, cumulative, redeemable voting preference shares of par value $0.10 each have
been authorised but no Class B preference shares have been issued.

During the year the $7,000,000 BNB preference shares, all of which were issued to British
American Insurance Company (Bahamas) Limited, were redeemed in full.

A FMBT new issue of cumulative, redeemable, and non-voting preference shares totalling
$2,000,000 was issued on December 20, 2004. The new preference shares are redeemable at the
option of the Bank subject to the approval of The Central Bank of The Bahamas. Dividends are
payable quarterly in arrears at the annual rate of the greater of 0.75% above Prime and 7.50%.

A BNB new issue of cumulative, redeemable, and non-voting preference shares totalling
$10,000,000 was issued on October 20, 2004. The new preference shares are redeemable at the
option of the Bank subject to the approval of The Central Bank of The Bahamas. Dividends are
payable quarterly in arrears at the annual rate of the greater of 0.75% above Prime and 7.50%.

16. Related Party Transactions

Due to the termination of the various rights noted under notes 1(a) through 1(d) above related
parties no longer include companies within the British American Group of Companies.

Loans and deposit accounts with directors and officers amounted to $1,133,112 (2003: $1,317,130)
and $1,148,536 (2003: $2,200,598), respectively.



THE TRIBUNE BUSINESS

17.

18.

19.

20.

21.

22.

5,000,000 ordinary shares of $0.10 each

Share Capital and Share Premium
2004 2003

Share capital
Authorised

500,000 500,000

Issued and fully paid -

3,432,099 ordinary shares of $0.10 each 343,210 343,210

Share premium

1,000,000 ordinary shares at a premium

of $4.90 per share 4,900,000 4,900,000
2,432,099 ordinary shares at an average
premium of $1.96 per share f ____ 4,756,790 ___ 4,756,790
9,656,790 9,656,790
Total Share Capital __ 10,000,000 10,000,000
Commitments

Loan commitments

At 31 December 2004 commitments for mortgage and other loans amounted to $6,478,673 (2003:
$4,361,753).

FBC has arranged a line of credit of $2,500,000 with another financial institution operating in the
Cayman Islands. This facility is secured by a charge over certain of the Company’s land and
buildings and is renewable annually on April 30.

BNB has pledged $3,000,000 (2003: $3,000,000) of Bahamas Government registered stock to
secure the overdraft facility with another Bahamian commercial bank. The facility bears interest at
0.5% above Prime up to $1 million and 1.25% above Prime for amounts in excess of $1 million.
with a stand by fee of 0.25% on any unused portion of the facility. -

Unused lines of credit with commercial banks amounted to $5,980,263 at 31 December 2004
(2003: $5,810,324).

Operating lease commitments

The future minimum rental payments required under operating leases that have initial or remaining
non-cancellable lease terms in excess of one year as of 31 December 2004 are as follow:

2005: ae he eS "685,966

2006 505,552

2007 "308,243

2008 oe 288,864

2009 —. 279,648

Total 2,068,273

Contingent Liabilities ,

Love Estates: In 1988, the Bank loaned the developer of Love Estates certain sums of money and °
also joined in as surety for various performance bonds aggregating $3,328,043 in favour of the
Ministry of Public Works. The loans and the bonds were secured by a first legal mortgage over the
unsold lots in the subdivision. The works under the bonds were.to have been completed within 36
months. The developer defaulted under the mortgage with the Bank. Through the years, the Bank
has been in discussion with the Ministry of Public Works and various prospective purchasers. In
2001, the Ministry obtained a judgement against the developer and the Bank for the amount of the
bonds. ;

The Bank is being sued for specific performance and damages in connection with a sale agreement
dated 24 September 1997 in respect of the Love Estates property. As all conditions of the sale
agreement have still not been met, and in order to resolve this long outstanding matter, the Bank
entered into a Deed of Settlement (“Deed”) with Rolling Hills Development Corporation Limited
(“Rolling Hills”) in April 2005. Under the Deed, Rolling Hills will.assume liability for the
installation of the infrastructure in Phase One and Phase Two of the Love Estates Subdivision and
enter into performance bonds, in a form agreed by the Ministry of Works, to guarantee Rolling
Hills installation of the infrastructure and enable the Bank to have the performance bonds entered
into between the Bank and the Ministry of Works, ae 30" May, Hane caneelen
3

In exchange for Rolling Hills entering into the above noted soiemenee caine the Bank aurea to
pay settlement costs totaling $350,000 to Rolling Hills. Should Rolling Hills not enter into the
performance bonds, in a form agreed by the Ministry of Works, within 9 months of the date of the
Deed, the Deed will become void as if it never existed. All expenses relating to settlement costs,
including the above noted $350,000, have been recognized for the year ended 31 December 2004.

Qther: The Bank is also involved in various other legal proceedings covering a range of matters
that arise in the ordinary course of business activities. Management is of the view that no
significant loss will arise as a result of these proceedings.

Pension Plan

The Company has adopted defined contribution plans for the Bahamian employees of Fidelity

. Merchant Bank & Trust Limited and its subsidiary companies and for the employees of Fidelity

Bank (Cayman) Limited and its subsidiary companies. Employees of the Company and of British
American Bank (1993) Limited participate in two separately administered defined benefit plans.

The Company’s pension expense for the year ended 31 December 2003 for defined contribution
plans was $170,047 (2003: $138,551). The amounts recognized in the consolidated balance sheet
for defined benefit plans were determined as follows:

2004 2003
3 $
Present value of funded obligations . 3,281,830 2,833,987
_ Fair value of plan assets _ (3,541,789) _ (3,065,290
: Excess of plan assets over benefit obligation _ (259,959) (231,303)
Unrecognised actuarial (losses)/gains (83,374) (108,354)
(Asset)/Liability recognised in the consolidated balance sheet 343,333) __ (339,657)

‘The latest actuarial valuations of the BNB plan and the FBT plan were carried out as at 31
December 2004. The liability for defined benefit obligations comprises:

Movements in the net (asset)/liability recognised in the consolidated balance sheet are as follows:

2004 2003
$ $
Net (asset)/liability at beginning of the year , (339,657) (351,032)
Expense recognised in the i income statement 115,848 121,794
‘Contributions received (119,524) (110,419
(Asset)/Liability recognised in the consolidated balance sheet (343,333) (339,657)
The actual return on Plan assets is as follows: 328,426 31,825

The principal actuarial assumptions (expressed as weighted averages) at the consolidated balance
sheet date were:

2004 2003
Discount rate at 31 December : 6.50% 6.50%
Expected return on Plan assets at 31 December 6.50% 6.50%
Future salaries increases , 5.50% 5.50%
Proportion of employees opting for early retirement 4.00% 4.00%
Earnings Per Share
2004 2003

Net income (loss) , $ 1,976,258 $ (649,217)
Divided by: Weighted average of ordinary

shares outstanding 3,432,099 3,432,099
Earnings (loss) per share $ 0.58 $ (0.19)



Risk Management

The Company engages in transactions that may expose it to credit risk, interest rate risk, fiduciary
risk, concentration and liquidity risk in the normal course of business. The Company’s financial
performance is affected by its capacity to understand and effectively manage these risks. The

‘-~ Company’s challenge is not only to measure and monitor these risks, but also to manage them as

profit opportunities.

Credit risk

The Company’s deposits and investments 4. laced with high credit quality financial institutions
and corporations. Mortgage, consumer and other loans are presented net of provisions for loan
losses. Whilst the majority of loans are secured by first mortgages upon single family residences or
by chattel mortgages, credit card receivables and overdrafts advanced in the normal course of
business are generally unsecured. Credit risk with respect to mortgage, consumer and other loans is
limited due to the large number of customers comprising the Company’s customer base.
Accordingly, the company only has a concentration of risk in respect of geographical area, as both
customer and securitised assets are primarily based in The Bahamas and the Cayman Islands.

Interest rate risk

The Company employs effective techniques and procedures to monitor and control its exposure to
interest rate risk. Mortgage, consumer and other loans have variable rates, linked to the Bahamian
dollar and Cayman Islands prime rates. Exposure to interest rate risk, which is mainly due to fixed
rates on both its term deposits with banks and savings certificates sold to customers, is minimised
by the short-term maturities of the majority of these deposits.

Liquidity risk
The loan portfolio principally comprises long-term mortgage loans, which are financed by shorter-

term customer deposits. As such, the Company is exposed to liquidity risk, which is continuously’
monitored by management.

Fiduciary risk:

The Company is susceptible to fiduciary risk, which is the risk that the Company may fail in
carrying out certain mandates in accordance with the wishes of its clients. To manage exposure,
the Company takes a conservative approach in its undertakings.

Fair values of financial instruments

Financial instruments utilised by the Company include recorded financial assets and liabilities, as ,
well as items that principally involve off-balance sheet risk. These financial instruments are
carried at fair value or are relatively short-term in nature and accordingly, the estimated fair values
are not significantly different from the carrying value as reported in the consolidated balance sheet.

23. Subsequent Event

Effective April 1, 2005 BNB changed its name from British American Bank (1993) Limited to
Fidelity Bank (Bahamas) Limited. :

PRICEWATERHOUSE(OOPERS

- MONDAY, MAY 30, 2005, PAGE 7B





PricewaterhouseCoopers
Providence House

East Hill Street

P.O. Box N-3910

Nassau, The Bahamas
Website: www.pwe.com
E-mail: pwcbs@bs.pwe.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS’ REPORT
To the Shareholders of Fidelity Bank & Trust International Limited

We have audited the accompanying consolidated balance sheet of Fidelity Bank & Trust International
Limited and its subsidiaries (the Company) as of 31 December 2004. This consolidated balance sheet is the
responsibility of the Company's management. Our responsibility is to express an opinion on this
consolidated 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 sis presentation. We
believe that our audit provides a reasonable basis for our opinion.

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

PricewaterhouseCoopers

Chartered Accountant
27 April 2005

Balance Sheets
&
TEE aera

The Tribune

call us at

(22-2356





aS Ss RE RUAN Cie eh tho



Fidelity Merchant Bank & Trust Limited

(Incorporated under the laws of the Commonwealth of The Bahamas) () - Tavestment ade transactions

Both proprietary trade transactions and trades executed on behalf of customers are
recorded on the trade date which is the date that the Company commits to purchase or
sell the investments. For securities trade transactions executed through BISX, the
Company records a net settlement receivable or payable to the other broker-dealer.
Realized gains and losses arising from the sale of investments are recognised on the

Consolidated Balance Sheet
As of 31 December 2004
(Amounts expressed in Bahamian dollars)

2004 2003 trade date based on the first-in first-out cost method. Brokerage commissions earned
: $ $ on the purchase and sale of securities on behalf of customers are recognised on the
. ASSETS settlement date. Other brokerage fees are recognised at the time the customers’ account
. : is charged.
Cash on hand and at banks (Note 3) 10,694,099 6,241,261 F
» £ ’ » L
Investment in associate (Note 2 (c)) 842,867 = Seen en ecman ere
a aU eri (Note 4) 9,093,245 8,312,307 Loans and advances are comprised principally of amounts that were originated by the
overnment securities (Note 5) 1,210,300 1,205,450 Company and are recognised when cash is advanced to borrowers.
Loans and advances to customers (net) (Note 6) 4,802,241 4,714,326 . ;
; ‘ es
Receivables and prepayments (Note 7) 2,494,807 4,380,834 Loans and advances are stated at the principal amount outstanding plus accrued interest
Fixed assets (Note 8) 606,971 608,951 and ate comprised principally of fully collateralised loans. The Company generally
receives cash or marketable securities as collateral. The marketable securities held as
29,744,530 25,463,129 collateral for loans are not reflected in the consolidated balance sheet.
LIABILITIES
As soon as the recovery of a loan or advance is identified as doubtful, a specific credit
Gustanaee desosits (Note 9) 25,270,593 22,446,967 risk provision for loan impairment is established to reduce the carrying value of the
Pavables other iabiidesendaacnued loan to its estimated realizable amount. The credit risk provision also covers losses
expenses (Note 10) 955,589 1,732,332 where there is objective evidence that probable losses are present in the lending
Preference shares (Nota:12) 2,000,000 - portfolio at the consolidated balance sheet date, but which have not been specifically
———S identified as such.

ae
28,226,182 ___24,179,299 (k) Fixed assets

1’ . i . . y
SHAREHOLDERS' EQUITY Fixed assets are carried at historical. cost less accumulated depreciation .and

eetae amortization.

Authorised, issued and fully paid () Accounting for leases

1,000,000. ordinary shares of $1 each 1,000,000 1,000,000

Retained i : nts

etaine cannes 518,348 283,830 The Company leases its present office facilities in New Providence and Grand
Bahama, The Bahamas under operating lease agreements.
___ 1,518,348 ___ 1,283,830

‘on ; (m) Offsetting of financial instruments
TOTAL ta BILITIES AND SHAREHOLDERS' EQUITY ___29;744,530 25,463,129.

Financial assets and liabilities are offset and the net amount reported in the
consolidated balance sheet when there. is a legally enforceable right to set off the

sIG
Ne ON Ves OF THE BOARD: recognized amounts and there is an intention to settle on a net basis, or realize the



Alu ae ioe : hi bo co. ke. asset and settle the liability simultaneously.
- Director DEGE Oo Thee oe 3. Cash on hand and‘at banks
| fee ta opos 2004 2003
; oe $ 's
: ' NOTES ‘
; is Incorporation and Activity Cash on hand and deposits with banks "9,690,499 5,299,461
Fidelity Merchant Bank & Trust Limited (the Company) was incorporated under the laws of Statutory reserve deposit __1,003,600 941,800
the Commonwealth of The Bahamas on 19 June 1998, and has been granted an unrestricted :
10,694,099 6,241,261

bank and trust licence under the provisions of the Banks and Trust Companies Regulations

Act, 2000. :
The statutory reserve deposit held with The Central Bank of The Bahamas is

The Company, through its wholly-owned subsidiaries incorporated in The Bahamas, Fidelity restricted and is non-interest bearing. :
‘ Capital Markets Limited (FCML), Fidelity Share Register & Transfer Agents Limited as
i (FSRTAL) and Fidelity Pension & Investment Services Limited (FPISL), and its branch office q
; in Freeport, Grand Bahamas, offers a full range of private banking, investment management,

oe share register and transfer agency, pension, brokerage and investment advisory services.

4. Available-for-sale Investments
Available-for-sale debt and equity investments are as follows:

The Company is a wholly-owned subsidiary of Fidelity Bank & Trust International Limited As of December 2004

(the Parent Company), which is incorporated in the Commonwealth of The Bahamas. The ae oe
registered office of the Company is situated at #51 Frederick Street, Nassau, The Bahamas. . y =
The number of persons employed by the Company as of 31 December 2004 was 25 (2003: at ee:
24) ! re Equity securities listed on BISX 8,203,093 7,678,405 .
2; Sumi f Significant Accounting Polici Fixed income securities ‘ 1,092,411 1,105,916
. ummary of Significant Accounting Policies Cie ees pe hie

Not quoted == 254,642 °° "1815308"

cm 9,093,245

. The following is a summary of the significant accounting policies:
ns Wie) Sie. EMOME TSU tne Soo

OM oF

o a perso As of December 2003

_. The consolidated balance sheet has been prepared in accordance with International - Cost Value

4 Financial Reporting Standards. The consolidated balance sheet is prepared under the $ $

i historical cost convention, as modified by the revaluation of assets and liabilities to :
fair value. ‘ Equity securities listed on BISX 7,876,170 | 6,651,089

Fixed income securities 963,011 976,673

The preparation of the consolidated balance sheet in conformity with International Over the counter 673,443 503,237
-Financial Reporting Standards requires management to make estimates and Not quoted 254,641 181,308

assumptions that affect the reported amounts of assets and liabilities and the
disclosure of contingent assets and liabilities as of the date of the consolidated

‘balance sheet. 9,767,265 8,312,307

5. Government Securities
Principles of consolidation age
() oe Bahamas Government Registered Securities

A subsidiary is an entity in which the Bank has an interest of more than one half of

the voting rights or otherwise has power to exercise control over its operations. Interest Rate Date Value 2004 2003
Subsidiaries are consolidated from the date on which control is transferred to the $ $ $
Bank and are no longer consolidated from the date that control ceases. The Prime + 0.50 23 September 2004 . Z 100,000
- consolidated balance sheet include the accounts of the Company and its subsidiaries, Prime + 0.875 2 December 2005, 2,000 2,000 2,000
FCML, FSRTAL. and FPISL after elimination of all significant inter-company »
transactions. Prime + 0.6875 7 May 2007 100,000 100,000 100,000
: : : Prime + 0.75 7 May 2008 100,000 100,000 100,000
(c) : Taivestinani€ inassociate Prime + 0.3125 21 October 2009 150,000 150,000 150,000
‘ vee : : Prime + 0.9375 5 July 2011 10,000 10,000 >
_ Associates are entities over which the Company has significant influence but not the Prime + 1.00 24 March 2014 129,000 = 129,000 129,000
‘power to govern the financial and operating policies, generally accompanying a Prime + 0.625 22 May 2014 6,500 6,500
shareholding of between 20% and 50% of the voting rights. Investments in associates Prime + 0.9375 21 July 2014 1,000 1,000 4
are carried at cost. As of December 31, 2004, the Company has a 33.33% ownership Prime + 1.125 - 15 October 2015 75,000 75,000
“interest -in.- West Bay Development Company, which is incorporated in the Prime + 0.1875 4 December 2015 90,000 90,000 90,000
Commonwealth of The Bahamas and activities consist of holding investment property Prime + 1.25 15 October 2017 50,000 50,000 50,000
for the purposes of rental income and capital appreciation. Prime + 0.25 - 24 March 2019 110,000 110,000 110,900
ae Prime + 0.50 21 September 2020 10,000 10,000 Bs
(@)_ Fiduciary assets and liabilities Prime + 0.50 25 October 2020 55,000 55,000 + ~—-40,000
No account is taken in the consolidated balance sheet of assets held or liabilities area fecal ia see eta
incurred by the Company and its: subsidiaries in the provisions of custody, trustee, Prime + 0.5625 12 December 2021 12,000 12,000 4,000
laicraaribasiee and investment muanesenen services to third parties. Prime + 0.4062 6 September 2022 10,000 10,000 10,000
“e . Foreign currency transactions © Prime + 0.4062 4 December 2022 100,000 100,000 89,450
: : ; Prime + 0.375 8 April 2023 13,800 13,800 6,000
Assets and liabilities denominated in currencies other than the Bahamian dollar have Prime + 0.375 21 July 2023 20,000 20,000 -
been translated: at. the appropriate rates of exchange prevailing at the consolidated Prime +.0.375 9 February 2024 9,000 9,000 -
Prime + 0.3125 29 July 2024 7,000 7,000 — -

_': balance sheet date. .

(f) Valuation of available-for-sale investments
Investments classified as available-for-sale are intended to be held for an indefinite is 1,210,300 _ 1,205,450
period of time may be sold in response to needs for liquidity or changes in interest

yates or equity prices and are stated at fair value. Management determines the

“appropriate classification of its investments at the time of purchase. Fair values of
exchange-traded securities are determined using the closing market price at the close of
trading on the balance sheet date. The fair value of over-the-counter securities are
determined using the average bid’ price quoted by local broker dealers. Securities for

which no quoted price is available are valued by directors.

As of 31 December 2004, prime was 6.00%.
6. Loans and Advances to Customers

2004 2003
$ $
Unsecured advances to customers 29,514 $2,135

(g) Valuation of government securities
Secured loans and advances to customers:

‘Government securities comprise registered securities issued by The Bahamas aacicstet [anaihiaa cecunaes AMC GA ee
Government and the Company classifies these investments at the time of purchase as oe oo. Baa
originated loans. These securities were issued and are redeemable at par value. Semi- ee eee ae One)

anriual interest’ payments are calculated based on the principal amounts outstanding.
The securities are recognized when cash is advanced to the government and are

carried at amortized cost. -

4,772,727 4,662,191

4,802,241 4,714,326

3 SECEE ELEM E CESS REG LEE ED BORMAN AS RRR, # BE ee UES OS, BD Se A RE HE B,D Te a HM Se eo GE He fo ese ai ei NT ect Bie Wer baw fn Se te Pe

The movements in the provision for credit losses during the year are as follows: °



..(h) Valuation of financial guarantee contract

The financial guarantee contract is recorded at fair value on the date on which the 2004 2003
agreement is entered into and subsequently re-measured at fair value at each reporting $ $
date. Fair value is determined as the difference between the amount the Company

"-would: receive from the contract counterparty in excess of the amount the Company Balance at beginning of year . 259,552 134,139
would pay to the counterparty under the terms of the financial guarantee contract. Provided dddng the year 201,524 125,413
See Note) ° Recoveries (111,302) Z



___ 349,774 __259,552



FY Mam UU GH Or Cem ee Nal Rell U bars te tad

a

Receivables and Prepayments

2004 .2003

$ aes
- Accrued interest ee . 46,885. .35,677
Due from affiliates ~ 1,107,251 123,004
Due from Parent Company | 583,591 3,299,473
Accrued corporate finance fees - . 264,834. 637,747 |
Other — 270,446 170,020
Prepayments - , 221,800 114,913

294907 4,380,834

- An amount of $1,004,609, included in due from sinlistes was received on 5 January 2005.

& y

Fixed Assets
_ Furniture ;
Motor . and Leasehold
Vehicles. Kixtures Equipment Improvements Total.
Year ended
- 31 December 2003 tay seoje 2
Opening net book value 13,750 . 377,719 . 197,710. 201,349 ~ 790,528
Additions 35,490 7,245 48,875 —t«s«8S00S «2100110
Poe (29,057) __ (56,974) __ (96,360) (99,296) __ (281,687)

10..

11.

12.

>

Cloning nt book value ue 327,990 __ 150,225 110,553 608,951

Sop shes ; A ie
Cost 62,990 570,380 700,379 $15,251. 1,849,000

Accumulated depreciation {i 807) C29) oe 154) es 404,698) C,240,040 yo:

Net book value __ 20,183 at 15025 110 53 608,951
Yearended :
31 December 2004 ee oY gatas eat
Opening net book valfe "20,183 327,990. - 150,228 , ae, . 608,951
Additions , 100,557 12,168 164,866 1,430. 279,021
Disposals _ ~* (1,500)°. (2,500) © ‘oh (4,000)
Depreciation (64,616) _- (58,238) _ QI, 165) - (62,982) (277,001)
Closing net book value se 280,420 mises 2a 606,971
"As of 31 December 2004 le ea fit ol ane
Cost 163,547. 581,048. 862,745. 516,681 2,124,081
: ‘Accumulated depesiton (107,423) (300,628)" (641,319) (467,680) a, 517,050)
= Net bookvalue = - 86,124 280,420 221,426 49,001 __ 606,971
Customer oo ae oe ocdie teak ie
oe Sp cleo? Ee oP alien ne 2004-2003
Oh cect ee Ae se Soh eee
. Deposits ere a ~ 8,621,572 8,220,889
Savings certificates Be ete 4 ae 16,649,021 ; 14,226,078

3S, 25,270,593 593, 3 = master

Payables, Other Liabilities and Accrued Expenses oe
2004. 2003
Dividends payable on preference shares oe nes Et AZ500% feces
Accrued interest payable —_- ag ~ 1) 362,746. 442,699
_ Other liabilities and accrued expenses 517,175: 1,212,335
Dueto affiliates io 63,168 -* 19,874
Financial guaratiiee contract (Note 14(b)) vay weet S7Aaa.

4

Maturity Analysis of Assets and Liabilities

955,589 1,732,332

The relevant maturity analysis of assets and liabilities based on the remaining period at the
consolidated balance sheet date to the contractual pay date are as follows:

Cash on hand Loans and’ _ Customer
and at banks advances to customers deposits
Boba 8 $ " $

Demand ot 9,694,099 886,724 - 8,621,572
0-3 months _ "1,000,000 2,014,766 10,893,052
4-6 months = ~ "780,553 3,254,560
-.. 7-9 months : ie >" 211,044 1,301,019
10-12 months a ae 617,547 881,190
Greater than 12 months soe fT '291,607 319,200

409 4,802,241 25,270,593

Assets and Liabilities by Geographical Location .

"Significant assets and liabilities are analysed by geographical location as follows:

Cashonhand ~~ - Loansand - . ee
_and at banks . Investments -sdyances : customers deposits
Por . $ owe $. : is are $s
The Bahamas.” 5,620,274 10,931,666 Pigeon a 429, 412 18,691,577
North America 5,073,825 _ 214;746 372,829 6,579,016:

- 13.

A new issue of cumulative, redeemable, and non-voting preference shares totalling

- 10,694,099 11,146,412 4,802,241 25,270,593

Preference Shares

$2,000,000 were issued. The new preference shares are redeemable at the option of the

_ “Company subject to the approval of The Central Bank of The Bahamas. Dividends are
. payable quarterly i in arrears at the annual rate of ane greater: of 0. 75% above Prime and
“750% ee 3 a .

14.

. exercise ‘significant influence over the Company. in’ making financial. or operational a
decisions, and entities that are e controlled, h Jointly controlled or significantly influenced by

Related Party Balances and Transactions :

Related parties include. those entities and directors which have the ability to control or

them.

: The Company engages in significant transactions with its parent and affiliated companies.
- Business policies and economic decisions of the Parent, Company affect or dictate, toa~

- substantial extent, the Company’s activities. Because of these relationships, it is possible

that the extent and/or terms of these transactions, are not the’ same as those that would result
from transactions among wholly unrelated parties. ;

. Significant balances and transactions with related parties included in the consolidated

“balance sheet, but not separately disclosed, 2 are as follows:

2004 = «ss«-2003

: : te . . S$ : $.
Cash on hand and at banks _ 156,705 3,580,316
Loans.and advances'to customers 7,402. 25,884
Receivables and prepayments 1,690,842. -- 3,422,477
Customer deposits 46,541 . 43,392
Payables, otlier liabilities and accrued expenses . 63,168: "77,298

a) Receivables and prepayments

Receivables a prepayments include amounts due from certain directors and/or
officers of the Company amounting to $Nil (2003: $98,000).

_ INDEPENDENT AUDITORS’ REPORT



oe OE hee Te eR eee





b) Payables, other liabilities and accrued expenses

Pursuant to an agreement dated July 1, 2002, the Company and the Parent Company
have entered into a financial guarantee contract whereby the Company would
receive from the Parent Company the amount by which the return on its portfolio of
Bahamian securities was less than five percent (5%). In exchange for the guaranteed
retum of 5%, the Company will pay to the Parent Company fifty percent (50%) of
gains on its portfolio of Bahamian securities in excess of five percent (5%). The
gain or loss on the financial guarantee contract is calculated and accrued monthly
and settled net within one month subsequent to the anniversary date of the
agreement. The agreement is automatically renewed for successive terms of one year
and may be terminated by either party giving at least six months written notice. The
Board of Directors agreed to terminate the agreement eerie 30 June, 2005.

Included in payables and accrued expenses is $Nil (2003: $54,474) due to the Parent
Company under the terms of the financial guarantee contract.

Included in payables, other liabilities and accrued expenses is $63,168
(2003: $19,874) due to an affiliate company. Pursuant to an informal arrangement,
the Company pays certain operational expenses on behalf of the affiliate entity,
whose principle activity includes the rental of i investment property. The arrangement

_ is such that the Company will offset its rental payments owed to the affiliate against
the receivable.

15. Pension Costs

Effective 30 June 2000, the Company established.a defined contribution plan (the Plan).

All persons employed by the Company on a full time basis are required to participate in the .

Plan. Assets of the Plan are held in a separately administered fund.

The Plan is funded from both eniplavet and employee contributions and employees become
fully vested upon completion of ten years of service..

Previously, the Company and its s egbeidtarids: participated in a defined benefits pension plan
administered by Trustees who included executives-of the Company. This plan was

converted to a defined contribution plan in June 200);
4

16. Commitments .
i) Lease commitments

On 1 July 2000, ‘the Company entered into a aes agreement to rent office space on
. New :Providence. from West: Bay Development Company Limited, an affiliated

company, for a period of 5 years and also entered into a lease agreement, dated 6
a 2003, with First Commercial Centre Tamiee, < Grand pee for a period of
! years

‘The. fitire minimum rental payinents required under the operating leases that have
initial non-cancellable lease terms in excess of one year as of 31 December 2004 are
as follows: .

$ : ' Nassau Freeport
162,653 130,712. 31,941

ii) Loan commitments



As of 31 December 2004, the Company had loan commitments of $956, 848 (2003:
$777,391).

17. Risk Management —
The Company engages in transactions that may expose it to credit risk, interest rate risk,
fiduciary risk, concentration. and liquidity risk in the normal course of business. The
Company’s financial performance is affected by its capacity to understand and effectively
manage these risks.. The Company’s challenge is not only to measure and monitor these
risks, but also to manage them as profit opportunities. 5
Credit risk

‘The Company’s deposits and investments are placed with high credit quality financial

institutions and corporations. The majority of loans are presently secured by cash or.

publicly quoted Bahamian equities, therefore the eee tisk i is limited...
Interest rate risk

The Company employs effective techniques and procedures to monitor and: control its
exposure to interest rate risk. Loans and advances have variable rates linked to The
Bahamian dollar prime rate. Exposure to interest rate risk, which is mainly due to fixed
rates on both its term deposits with banks and savings certificates sold to ons is
minimised by the short-term maturities of the majority of these deposits.

Fiduciary risk

The Company is susceptible to fiduciary risk, which is the risk that the Company may fail
in carrying out certain mandates in accordance with the wishes of its clients. To manage
exposure, the Company takes a conservative approach in its undertakings.

Concentration risk

The Company has significant concentration of risk in respect of geographical area, as both
customers and securitised assets are primarily based in The Bahamas.

Liquidity risk

The Company is exposed to liquidity risk primarily through its investments in Bahamian
securities and its portfolio of loans and advances to customers, where it may not be feasible
to liquidate or exchange such assets for consideration that approximates carrying value. |
The Company monitors this exposure by maintaining sufficient investments in marketable
securities, setting limits to its investments exposure and matching the maturity of its Shon:
term loans with shorter-term customer deposits.

. Fair values of financial instruments

' Financial instruments utilised by the Company include recorded financial assets and
liabilities. These financial instruments are carried at fair value or are relatively short-term:
in nature. Accordingly, the estimated fair values are not significantly different from the

carrying value as reported in the consolidated balance sheet.

- PracenseeroustGorers @

PricewaterhouseCoopers
Providence House

East Hill Street

P.O. Box N-3910

Nassau, The Bahamas
Website: www.pwe.com
E-mail: pwebs@bs.pwe.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

To the Shareholders of Fidelity Merchant Bank & ‘Irust Limited

We have audited the accompanying consolidated balance sheet of Fidelity Merchant Bank & Trust
Limited as of 31 December 2004. This consolidated balance sheet is the responsibility of the
Company's management. Our responsibility is to‘express an opinion on this consolidated 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 consolidated balance sheet presents fairly, in all material respects, the
consolidated financial position of Fidelity Merchant Bank & Trust Limited as of 31 December 2004
in accotdance with International Financial Reporting Standards.

PricewaterhouseCoopers

Chartered Accountants

27 April 2005

come

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Ltt HhL SH RAR RACE BEAN ARAR Ee SCARE RBBR GS EZ LARB RE BMW wee

Ba



PAGE 10B, MONDAY, MAY 30, 2005

TRIBUNE SPORTS |



@ By BRENT STUBBS
Senior Sports Reporter

VETERAN third sacker
Zella Symonette knew the
DHL Brackettes needed a
spark to pull them over the
hump against the Randella's
Swingers and keep their play-
off hopes alive in the New
Providence Softball Associa-
tion.

In their rematch, Symonette
provided just that as she
plugged a bases clearing shot
to left field for a grand slam
in-the-park home run. Her
performance brought the
Brackettes from a 6-3 deficit
to a 7-6 lead and they went on
to pull off a 9-6 victory on
Saturday night at the
Churchill Tener Knowles



National Softball Stadium.

"I just stayed there and
watched the ball because I
knew at that time that we
needed the runs on base," said
Symonette, who came through
with her only hit of the game.
"So I just stayed back and just
got that old time hit.

"It really feels good because
we needed to beat them. If we
didn't beat them, it would
have put us in a dilemma,"
Symonette stressed. "We're

SPORTS

Zella Symonette

Brackettes’ comeback

Playoff hopes
are kept alive

fighting for third and fourth
place, so we needed to beat
that team in particular."

With the win, the Brack-
ettes solidified third place at
the .500 mark with a 5-5
record. The Swingers, dropped
to fourth, a half game behind
the Brackettes at 4-5.

Ace Ernestine Butler-
Stubbs got all the motivation
she needed after Symonette's
spark. In fact, she ignited the
team after the Swingers

Dieteterer finishes college
career on a high note

& By BRENT STUBBS ©
Senior Sports Reporter

metres for seventh in her flight. She was ninth

overall.

surged out front 6-3 with three
runs in the top of the fifth.

Going into the dug-out,
Butler-Stubbs said: "Let’s get
those three runs back."

Rally

Symonette answered the
rally call by producing her
grand slam in-the-parker to
put, not just three, but four
runs on the scoreboard as the
DHL surged out front for
good. Symonette, incidentally,
got DHL on the scoreboard
with a 1-1 tie in the second

’ when she reached third on an

error and scored on an illegal
pitch from losing pitcher
Desiree Taylor.

The Brackettes came up
with a pair of runs in the third,
thanks to Keisha Miller, who
came home on a wild pitch
after she got to first on an
error and Jeannine Wallace

singled and scored on
Vantrice Bowleg's run-pro-’
ducing single.

After Symonette's grand
slam that drove home Wal-
lace, Ebony Evans and Bow-
leg in the fifth, Alicia Rah-
ming got to first on an error
and Wallace singled, scoring
on a consecutive RBI single
from Evans and a sacrifice fly
from Bowleg.

Butler-Stubbs, who was
working on a five hitter
through the first five innings
on the mound, bore down,
retiring the Swingers in order
over the final two innings. She
finished with the five-hitter,
striking out one for the win.

Taylor went the full distance
for the Swingers, giving up
nine hits with a pair of strike
outs for the Swingers.

The Swingers would come
up with their first run in the
second on Debbie Forbes'

Aces win hands down

RBI single that plate Dorothy
'Dot' Marshall, who reached
first on an error.

Claudette Farrington came
through with an RBI single
that drove home Rebecca
Moss, who opened the third
with a one-out single and stole
second.

Triple

And in the fourth, Theresa
Miller got her only hit of the
game - a stand up triple to left
- and she caught a ride home
on an error that put rae
Morris on first.

The Swingers would come
up with their final three runs
in the fifth on a two-run dou-
ble from Beatrice Riley that
sent Nesressa Seymour and
Marshall home.

And Debbie Forbes picked
up Riley with a two-out RBI
single.

EXUMA'‘S native Shandria Brown will come
home as the double NCAA Division II sprint
champion as she closed out her collegian career
at Lincoln University.

Meanwhile over at the NAIA Outdoor
Championships, Derrick Atkins also closed out
his collegian career for Dickenson State with a
men's sprint double, while his team-mates
Aaron Cleare and Trevor Barry secured nation-
al titles in their junior seasons.

It was a repeat performance for Brown as she
ran away with the 100 metre title in a time of
11.59 seconds at Abilene Christine in Abilene,
Texas. Her nearest rival came in second in 11.73.
Brown won her heat of the century in 11.68 for
the second fastest qualifying time.

Untouchable

In the 200, she clocked 23.60 to win as well
and was untouchable as her nearest rival came
in with 23.91. Brown had the fastest qualifying
time of 23.39 in the preliminaries.

Brown also anchored Lincoln University to
victory in the women's 4 x 100 relay in a time of
44.81. And she helped the team to the fastest
time in the preliminaries with 45.27.

Also at the meet, Nathaniel McKinney, a
senior at St. Augustine's College, had to settle
for fifth place in the men's 400 in 46.95.

The race was won in 45.45. McKinney had to
settle for sixth in the men's 200 in 21.37.

The winning time was 20.98. McKinney
was third in his heat in 21.16 for seventh
overall.

McKinney also ran the third leg of St.
Augustine's 4 x 4 relay team that came in second
in 3:07.79. Abilene Christian won in 3:07.08.

Shantell Newbold, a junior at Central Mis-
souri State, was eighth in her heat of the wom-
en's 400 in 57.68 for 21st overall. She didn't
advance to the final.

And Doris Thompson, also of St. Augustine's
College, threw the women's shot put 14.04

At the NAIA Outdoor Championships,
Atkins looked just as spectacular as Brown, as
he clinched the men's century title in 10.34. His
nearest rival ran 10.46.

In the 200, Atkins’ time of 20.89 was good
enough for him to take the title as well. Yhann
Plummer, a junior at Southern University, was
second in 21.33. Atkins won his heat in 21.24 for
the fastest qualifying time.

Senior

Grand Bahamian Wellington Whyms, a
senior at Southern University, was sixth in his
heat in 22.42 for 13th overall. He didn't advance
to the final.

Cleare won his speciality in the men's 400 in
46.20. His nearest rival was clocked in 46.74.

Barry took the men's long jump with a leap of
7.67 metres. But he had to settle for second on
more knockouts after he finished tied at 2.12 in
the high jump with Mark Moore, a sophomore
from MidAmerican University.

Dickinson State also got third in the men's 4
x 100 relay with Cleare on third and Atkins on
anchor. Their team ran 40.57. And they were
fourth in the 4 x 4 with Atkins on third and
Cleare on anchor. They clocked 3:11.23.

Also at the meet, Petra Munroe, a junior at
Notre Dame, came in seventh in the women's
100 in 12.19. Tamara Rigby, a freshman at
Florida Memorial, was eliminated with a false
start.

The two Bahamians hooked up in the same
semifinal with Munroe coming out on top in
12.37 for fourth and Rigby fifth in 12.40 for the
seventh and ninth spots respectively.

In the women's 200, Tamara Rigby got fifth in
25.10. The winning time was 24.02. Rigby came
in second in her heat in 24.92 for fourth overall
in the preliminaries.

Florida Memorial, with Tamara Rigby on
lead off, Angelaine Villarceau on third and
Tavara Rigby, on anchor, was third in the wom-
en's 4x 1 relay in 46.94.





a a By KELSIE JOHNSON
‘Junior Sports Reporter

THE Aces destroyed the Royals on Saturday,
as the Government Basketball Association
(GBA) league got underway

The Aces defeated the Royals 89-57 to win
the first game of the three played at Sir Kendal
Isaacs gymnasium.

In the second game, Batelco put away the
Airport Authority Airliners 73-64, while the
Water Works

The Aces dominated their game from the
tip, outscoring the Royals 16-12 in the first quar-
ter. But they didn’t stop there and went on a 10-
6 run in the first five minutes of the second
quarter.

Jumper

But.the Royals came storming back, pulling
themselves within 10 points, thanks to Wayne
Rolle’s turn around jumper.

Rolle’s, 18- ee forced the Aces to call a
time out.

Returning to iis court and playing a zone
defence against the Aces proved to be devas-
tating to the Royals’ run.

Aces were able to regroup, picking up where
they left off in the first five minutes.

With time winding down, Aces’ Jovan Good-
man connected from behind the arch to polish
off the second quarter. Aces were able to hold
onto an eight point lead, heading into the third,
after having led the game by more than 15
points.



against the Royals






The second half turned out to be an explosive
one for the Aces, who stepped up on the offen-
sive end to score 22, while the Royals secure 16
points. ,

Royals would have been able to score more
than 16 points if they had connected from the
free throw line. .

The team went 10-17 from the line for the
game and 6-10 in the second half.

Scorers

Goodman and Lamont Bain were the game’s
top scorers having banked in 18 points each;
Rolle scored 16 points for the Royals, while his
teammate Demecko Pinder chipped in with 14.

In the second game, Batelco had a difficult
task putting away the Airliners, who’s charge
came late in the fourth. However, Batelco had
an unstoppable formula that helped them secure
the win.

They were consistent on the offensive end,
but fell short on the defensive side. But the.
team managed a superb third quarter perfor-
mance. i

The 23 points scored by them in that quarter |
helped when the team refused to play defence -|:
on the Airliners. ae

Airliners were given open jump shots in the
fourth and crashed the boards on misses. :

Their second opportunity shots pulled them: |.
within 12 points, forcing Batelco to step up.
their game. Mh

Top scorers in the game were Chara Wal-. 3
lace and Pena Bain both having 18 points; Jay |:
Frazier led the Airliners with 17 points.




























Chandra pips Marion
ones to win 100m

“Copyrighted|Material
Syndicated | Content

‘—* ope






TRIBUNE SPORTS MONDAY, MAY 30, 2005, PAGE 11B

eye) ee | i ; j

Ts (avi hor Sek Pues

-
a . - —_
lt ty
.

“Copyrighted Material
~. Syndicated Content

Available from Commercial News Providers”

Paolo celebrates successful Tour of italy :





MONDAY, MAY 30, 2005

SECTION



Fax: (242) 328-2398

E-Mail: sports@100jamz.com





Stingrays
live up to
potential

] @ By BRENT STUBBS
Senior Sports Reporter








THE youthful Nassau
Cruisers Stingrays are show-
ing the potential that manag-
er Godfrey-'Gully' Burnside
feels will make an impact in
the New Providence Softball
Association men's division
this year.

The Cruisers had some of
their returning collegiate play-
ers into their line-up on Sat-
urday night at the Churchill
Tener Knowles National Soft-
ball Stadium and they came
through with a 6-3 win over
the New Breed, the other
youthful team in the league.

"School is closed for col-
lege and 50 per cent of the
team is college players," said
Burnside. "We're going to
show this league what these
young ball players can do."

Burnside said he was par-
ticularly impressed with the
performance of shortstop
Geron Sands, who played a
solid defensive game. He also
went 2-for-4 with a triple,
scoring on both trips to the
plate on the offensive end.
The other three collegians
who made an impact were
catcher Greg Jones, centre
fielder Greg Burrows Jr and
second baseman Brandon
Wells.

"We're going to put in
place the future of fast pitch
softball for the men in this
country," he said of the pro-
jections for his team over the

‘next two months before the
collegians return to school in
August. "We have the veter-
ans too and I think that is
what is going to help us to
win."

Improved

With their win, the
Stingrays improved to 4-5 to
remain in fourth place in the
standings.

Burnside, formerly of the
T-Bird Flyers, got a strong
pitching performance from his
veteran ace Rudolph 'Vida
Blue’ Williams. He was work-
ing on a one-hit shut-out
through the first four innings
before New Breed got a
three-run rally in the fifth to
make it a closely contested
showdown at the end.

Despite the one bad inning
that he had, Williams went
the distance, throwing a four-
hitter, striking out four for the
win.

Martin Burrows Jr. started
his second straight game, but
he only lasted through the
third as he had to switch with
Kieron Munroe, who came in
to close the door at the end.
But it was a little too late as
the damage had already been
done.

New Breed dropped to 2-7
for a two-way tie for last place
with the idled Mighty Mitts.

In their only scoring run,
Darren Stevens got a one-out
single and, after Clement
Wiley got on base on a field-
er's choice, Justin Ferguson
knocked in Stevens with the
first run on a RBI double.
Munroe then helped his own
cause with a two-run double
that plated Wiley and Fergu-
son.

Munroe, however, was left
stranded on base as Williams
retired the next two
batters.






























































































@ By NEIL HARTNELL

THE Bahamas has its “best
ever chance” of progressing
from the Rugby World .Cup’s
northern Caribbean qualifica-
tion tournament, which begins
this weekend when this nation
takes on the Cayman Islands in
a crucial encounter to open the
week-long tournament.

Elystan Miles, the Bahamas
Rugby Football Union’s
(BRFU) development officer,

described Nassau’s selection as’

the host city for the four-team
tournament as “huge for rugby
in this nation”, exposing young
Bahamians players to top-class
action and giving them a taste

of what their future might hold

in the physical 15-a-side con-
tact sport.

Tournament

Miles said the week-long
tournament - featuring six
matches plus a friendly
between the Bahamas ‘B’ team
and the Turks & Caicos - was
“the largest event we’ve ever
held”. He believes that home
advantage could work in the
Bahamas’ favour, with a pas-
sionate. crowd giving it an extra
edge against old rivals, the
Cayman Islands.

“It’s the largest event we’ve
ever held and the best chance
of progress in the Rugby
World Cup,” Miles said.
“Home advantage is such a big
plus. Getting the Rugby World
Cup here will hopefully get
more kids involved in the
game, which is good for the
sport. We’ve got to look to the
future and get more people
involved.”

The Bahamas also faces
matches against Jamaica and
Bermuda, with the tournament
winner progressing to a knock-
out match against the winners
of the southern Caribbean

qualifying tournament.

The winner of that
encounter will then go into a
qualifying pool with regional
top guns, the US and Canada,
in early 2006 to battle for qual-

ification for the Rugby World.

Cup finals, which will be held

in France in 2007. The finals .

tournament is widely regard-
ed as the third biggest sport-
ing event in the world, after
the Olympics and soccer World
Cup.

Miles told The Tribune that
the Bahamas’ selection to host
the tournament had come at
the perfect time to build on the
union’s achievements over the
last year, which have involved
getting the sport and coaches
into New Providence’s schools/

Some 320 -youth players
turned up for last year’s
Lennox Paton sevens tourna-
ment, enabling New Provi-
dence’s three rugby union
teams - Baillou, the Cuckoos
and the Buccaneers - to each
field a youth team this past sea-
son.

Miles said that while
upgrades to the pitch at Win-
ton, where the tournament will
be played, and other infra-
structure have cost some
$75,000, about $50-$60,000 of
that amount has been donated
for free by Bahamian rugby
players giving their time and
equipment without any
charged involved.

The Winton pitch has been
reseeded and provided with a
new irrigation system, and
Miles joked that he has been
visiting the site every day to

“stare at the grass and pray |

that it grows”.

Other work has involved a
renovation of the clubhouse,
the installation of a large spec-
tator deck, a medical centre,
and upgrades to the showers
and changing facilities.

The upgrades are being car-

- ried out to ensure the Bahamas

meets the International Rugby
Board’s criteria and standards
for hosting tournaments, and
Miles said they were going
above and beyond the guide-
lines to leave a long-term infra-
structure that would benefit
Bahamian rugby’s future.

Standards

Miles said: “We put in a very
good bid and now it’s up to us
to meet the standards. We’ll
definitely be there.





‘We’ve already met the min-
imum requirements, but want
this to be a bit special.

“We’ve done everything

_ mandated, but want those vis-

iting teams to go home saying
the Bahamas has got some
proper facilities.”

Miles said the Bahamas
Rugby Football Union had
attracted strong support from
the business community, with
Gillette, which is distributed
by Bahamas Supply Agencies,
paying $2,500 to sponsor the
team kit.

_ the business community is stepping up its support.
Pictured above isAmir Weissfisch of Lyford Cay, presenting a cheque to Marion
Rolle, a national team player as Michael Cole looks-on.
Mr Weissfisch said of his donation: “I have been impressed by the work Gone by
Bahamas rugby, particularly with young Bahamians in inner city areas".
The Rugby World Cup starts at Winton in East Nassau on June 5 at 3pm, whes the

Bahamas play the Cayman Islands in the tournament opener.



Ken Hutton, the head of
John S George, was also help-
ing to finance the air fares of
the team’s three Grand
Bahama-based players, so they
can fly down to Nassau for the
training sessions three times a
week.

Miles said that if the Union
does a good job in hosting the
qualification tournament, it will
give the business community
“more confidence” to back its
plans to create a youth sports

and educational centre at the.

Winton pitch.

@ AS THE Bahamas national rugby team prepares for the Rugby World Cup’ s north-
ern Caribbean qualifying tournament, which begins this aprarnihy weekend in Nassau,





a






MONDAY, MAY 30, 2005



The government is finding it increas-
ingly challenging to collect revenues
equalling 20 per cent of the country’s
GDP, which means that it may be more
difficult to ensure a strong economy
without resorting to other forms of tax-
ation, Acting Prime Minister Cynthia
Pratt (left) said during the 2005/2006
budget communication in the House
of Assembly last week. Mrs Pratt
became the first woman in Bahamian
history to read the budget communi-
cation.



By JOHN MARQUIS

n official com-
plaint lodged
by leading
lawyer Cheryl
Grant-Bethell
against her boss, Attorney
General Alfred Sears, was the
first tremor in what could
become a major eruption at the
government’s legal department.

On the face of it, Mrs Grant-
Bethell’s scorching attack on
Mr Sears was no more than the
product of an unpieasant ver-
bal spat. But there was much
more to it than that.

Alleged “vitriolic” behaviour
by Mr Sears in a furious
exchange with Mrs Grant-
Bethell was only a small part of
the story. Underlying her com-
plaint was a feeling that Mr
Sears and certain Cabinet col-
leagues have been treating
some of the department’s
lawyers like unreliable, semi-
competent second-raters.

It’s a belief that has been
gathering force for some time.
Now Mrs Grant-Bethell’s
damning missive to a group of
senior legal officials, including
Chief Justice Sir Burton Hall,
has brought matters to a head.
And the legal fraternity is eager
to find out how Prime Minister
Perry Christie will resolve the
matter when he returns from
sick leave next month.

Since The Tribune’s exclu-
sive exposure of the row last
week, Mr Sears and Mrs
Grant-Bethell have maintained
a dignified silence. But it’s hard
to see how the government can
resolve this problem without
toxic fallout on all sides. Harsh
words are inevitable as the
lawyers and their bosses try to
bring harmony to a department
riven by suspicion and mistrust.

Sources told INSIGHT that
last week’s revelations articu-
lated, for the first time, growing
frustrations among attorneys
in the AG’s Office. These cen-
tre primarily on Mr Sears’
allegedly lofty attitudes
towards his staff, and his appar-
ent belief that outside help is
needed whenever weighty legal
issues have to be confronted.

Bruised egos, bitter recrimi-
nations and treacherous under-
currents have now become part
of life in an office where staff
feel overburdened and under-



valued. It is a far from happy
situation. ae oe

INSIGHT was told: “Since
the story. appeared, staff have
simply pressed on with their
work, with Mr Sears keeping a
low profile. However, some-
thing will have to happen, and
sooner rather than later.”

The depth of annoyance felt
by the embattled attorneys has
become apparent as more and
more details have leaked out
about the Grant-Bethell
onslaught.

At the root of the conflict is
the question of professional
respect. Staff claim. Mr Sears
has none for them, and they in
turn ‘have none for him. Some
observers feel the deadlock can

only be broken with Mr Sears’:

removal. Mr Christie will have
to tackle that problem when
he gets back to his desk. Will
the PM’s renowned “moderat-
ing hand” bring peace to the
warring factions? Most
observers close to the crisis
think not.

For Mrs Grant-Bethell, the
flashpoint was reached in Mr
Sears’ handling of the Guana
Cay issue, in which she was to
lead the government’s legal
team.

On May 12, Mrs Grant-

Bethell asked the permanent
secretary, Mrs Jacquelyn Mur-
ray, for help in arranging for
the legal team to travel to
Freeport for the resumed hear-
ing on May 18. The permanent
secretary’s reply came as quite
a shock. She said Mrs Grant-
Bethell had been “relieved
from any further involvement”
in the Guana Cay matter by
the Attorney General.

Mrs Grant-Bethell was
severely taken aback by this
information and, more partic-
ularly, by the fact that it was
conveyed to her through the
administrative office rather



Two firefighters narrowly escaped
death last week as they fought a
“disastrous” blaze at Club Nsomnia
(at right), which owners suspect is
the work of a “skilled arsonist.”
The Zoo Night Club on West Bay
Street was taken over by new own-
ers about two months ago. It was
renovated and a large addition
added. It reopened under the
name Club Nsomnia. The fire |

destroyed both buildings.

‘



i UNDER FIRE —- ATTORNEY GENERAL ALFRED SEARS

than the legal department.

As a result, Mrs Grant-
Bethell called for a meeting
with Mr Sears and other senior
legal figures, including the
Director of Public Prosecutions
Bernard Turner and Acting
Director of Legal Affairs Mrs
Deborah Fraser.

In the event, Mrs Fraser was
absent, but the meeting went
ahead and Mr Sears was asked
to explain himself. According
to sources, Mrs Grant-Bethell
did not get anything resembling
an adequate explanation of his
actions but what she described
as “vitriolic and emotive behav-
iour” which she found repre-

hensible. That was the point at
which she lodged a formal
complaint.

Inevitably, the legal profes-
sion, quickly apprised of the
rumblings in their midst, tried
to keep the crisis under wraps.
But The Tribune exposed it in a
front-page lead story. Now
troubles at the AG’s Office are
the talk of the town.

Mrs Grant-Bethell’s unex-
pected removal from the Gua-
na Cay case came after she had
led the government team at
two hearings in April and
worked on documents required
by the court for the adjourned
sitting on May 18.



FREEPORT - A woman was stabbed to death last week during
a domestic dispute at an apartment complex in Caravel Beach. The
incident brought the homicide rate on Grand Bahama to seven for

the year.

A 29-year-old man was in custody assisting Grand Bahama
Police with investigations into the stabbing that occurred around
1:45 pm in Apt #7 at 237 Flyingfish Street. Although the couple’s
identities were not released, police reported that both the man and
woman, who is 25 years old, are employees in the housekeeping
department at Our Lucaya Resort. The couple has had ongoing
domestic problems, and reports are that the wife was seeking legal
separation. They had just returned home from a court hearing

-when the incident took place.



She felt she was not properly
notified of her removal or giv-
en the chance to remain on the
team under Mr Sears’ leader-
ship. She was doubly annoyed
because she was the only one

of the four-strong team taken .

off the case, and even more
furious when she heard her

juniors were being permitted ©
to conduct the case without |

her.

Mrs Grant-Bethell felt the
only reason Mr Sears might
have for removing her was “a
crisis of confidence” in her abil-
ity, or an underlying intention
to bring on board outside con-
sultants. .

As the hearing had not yet
got underway, there was no
possibility that a “plausible
objection” could be raised

against her team leadership or

her general competence in the
case. So she formed the view
that Mr Sears had adopted
arbitrary tactics “with no trans-
parency in the process or any
reference to the facts.”

In her formal complaint Mrs
Grant-Bethell, according to
sources, accused Mr Sears of
“patent disrespect” and of act-
ing in a “high-handed” man-
ner. She also suggested that Mr
Sears’ conduct was “in dire
need of attention” as he had
failed to show the level of cour-
tesy expected of a legal col-
league.

Mrs Grant-Bethell felt she
had been sacrificed on the
“altar of expediency” with no
clear motive other than mal-
ice. As a senior officer in gov-
ernment chambers, she said she
had never experienced, under
any administration, such bla-
tant disregard for basic rules
of natural justice.

Although Guana Cay was
responsible for bringing the
matter to the fore, it was by no
means the first incident to

SAAN

Co

The Law At War

Resentment runs deep as attorney alleges ‘disrespect’

cause aggravation in the AG’s
Office.

The Sidney Stubbs bank-
ruptcy hearing generated so
much heat among government
lawyers that one attorney,
according to well-placed
sources, was reduced to using a
blood pressure pump in the

. office because he was afraid of

suffering a seizure.

The Stubbs affair inflamed
resentment in the department
because of the level of priority
it was given over all other con-
siderations. Already-over-
worked lawyers claimed. they
were expected to work beyond
normal hours to prepare docu-
mentation for the case while
other long-standing issues were
put on the backburner.

It was clearly felt that politi-
cal considerations were being
allowed to over-ride everything
else, much to their disgust.

Then, on top of all that, the
Guana Cay issue erupted, cre-
ating so much tension for Mrs
Grant-Bethell that she began
showing physical symptoms of
distress. ae

In her complaint, Mrs Grant-
Bethell has sought an apology
from Mr Sears and an expla-
nation for her removal from
the case. She has also expressed
“extreme concern” for her pro-
fessional reputation.

As of last Friday, a pall of
silence had settled over the
issue. The DPP, Mr Turner,
claimed to know nothing of the
case other than what he had

read in The Tribune, and Mr

Sears repeatedly failed to
return phone calls. |

By maintaining a stolid
silence, those most affected. by
the controversy are presum-
ably hoping it will go away. But
Mrs Grant-Bethell is said to be
so affronted by Mr Sears that
she is determined to “hang in”
for what she considers an
acceptable conclusion to the
affair.

“It’s impossible to see how
the AG’s Office can rebound
from this without some radical
changes taking place,” said a
source. “There is so much hard
feeling around that it’s hard to
believe it will all be solved by a
shake of hands.”

e What do you think? Fax
328-2398 or e-mail jmar-
quis@tribunemedia.net



PAGE 2C, MONDAY, MAY 30, 2005

Pet PP UWUINE





Press on regardless

Journalists unmoved by the shrieking of their critics

@ By JOHN MARQUIS

very quarter, reports
land on my desk
from international
press organisations

charting, in disturbing detail, the

- trials and tribulations faced by

working journalists in trying to
get to the truth.

All over the globe, and espe-
cially in Third World countries,

newsmen are tortured, incar-
cerated and even killed with dis-
turbing frequency by repressive
regimes and their enforcers.

In Latin America alone, more
than 200 newsmen have died



THERE is a serious prob-
lem that is evident in the
Bahamas in both the govern-
ment and the private sector.
The problem is that whether a
person is elected or appointed
to a position there is no suc-
cession plan available for the
next person to follow.

Great leaders have appren-
tices, Plato had Aristotle and
Aristotle had Alexander the
Great. In addition to this
Mentor had Odysseus - that's
where the term in today’s lan-
guage comes from, to men-
tor. We have no mentorship
programme in place.

Sir Lynden had none.
That’s why the PLP went dor-
mant when his ideas ran out.

The FNM went stagnant
when the former Prime Min-
ister stepped down. This trend
will continue until leaders, be
| it in the private sector or in
| the government, realise that
| they are there for only a sea-
son and half of their job is to
cultivate a successor.
| Until this happens we will
| forever be in a situation
where we are holding our
proverbial breaths when a
leader appears to be falter-
ing.

But, be'that as it may,

‘ even.if. we are left to elect the



Nassau

I, TOO, was raised in a sec-
ular home, but in Canada.
There was no help from on
high nor any excuse from
down below (‘the devil made
me do it’ was only a Flip Wil-
son phrase in our house).

My parents taught that the
only thing in life you truly

- have is your self-respect. In
order to have this you must
be honest, hardworking and
considerate of others before
self. If you lose your self-
respect, you are truly lost.

Unfortunately, far too
many people have no self-
respect. They confuse attitude
and arrogance with respect.
If you cannot respect your-
self others cannot either. This

creates a downward spiral
that ends with a lack of
respect for others, their prop-
erty and their rights.

We see examples of this
every day in robberies (what's
yours is mine), assaults and
often murder of former part-
ners (if I can't have you no-
one can) slovenliness and lazi-
ness in the workplace (he or
she can't make nie do that)







EAST BAY...
CABLE BEACH.
MARATHON MAL
GOLDEN GATES.
BAY STREET....
HARBOUR BAV.....
BLUE HILL RD....
PORT LUCAYA....

sthings:-will always fall'in place.



and a ‘here I come get out of
my way’ attitude on the
streets that leads to devastat-
ing vehicular accidents.

Far too many parents have
no interest in being parents,
only in producing offspring.
Once the babies have out-
grown their "cuteness" they
are left to their own devices
rather than being taught and |
instructed in how to be pro-
ductive citizens. It is rather
like the puppy outgrowing its
appeal and being cast out into
the street.

Far too many parents are
overly concerned with "hav-
ing a life" to be responsible.
for another life. Until parents
realise that their job is to
instruct their children with
equal measures of love and
discipline how to be honest,
hardworking and caring citi-
zens, I fear the problem will
only increase.

L. Major

: ar very enlightening and I am
now using it as a resource in
teaching Bahamian children

AS USUAL, John Marquis:
hit the nail squarely on the:
head with his article on crime...
Here in the Bahamas, religion.
is used to fog issues and.
relieve people of responsibly
ity for their-actions.

Mr Marquis’s ileus ref.
erences. to his mother’s.right:
hand - The Howitzer’- had
serious intent, to show that
someone in Bahamian soci-
ety has to draw the line.
Unfortunately, no-one here
draws the line. Young
Bahamian men are often lost
souls with no direction and
no hope, and their leaders set
no example worth following.

G H Wells

Nassau





JOHN MARQUIS’s out-
standing article on Haiti -
Haiti: Hell on Earth - was as
good as we’re likely to read
anywhere, but the message it
brought was not a cause for
joy in the Bahamas.

Haiti’s continuing decline
into social disorder can only
mean more trouble for us in
the years to come. The -
Bahamas must find a solution.
to the immigration problem
because it will become a real
burden for future generations.

LM Bain

Nassau

eoecece

THE. journalism in

INSIGHT’s appraisal of Haiti
was as good as it gets. The

: 393-8300
. 325-3998 .
373-8000

ulated for exposing us to fine
minds and incisive thinking.

praise INSIGHT, which I
read avidly every week. I am
an English teacher and have ©
saved several of these articles
as examples of how to write
powerful English in a very
effective way. I frequently
: refer to them in class and am
now proposing to compile
them into a dossier.

signed, but they are uniform-
ly outstanding. It is truly
heartening to see such quality
in a small newspaper like The

does not have the resources of
the bigger papers like the
New York Times.

Tribune needs to be congrat-

E L Pinder

PLEASE allow me to

Not all the articles are

Tribune, which obviously

The article on Haiti was

about our neighbours to the
south. It is indeed a tragic and
heartrending situation and
one which appears to offer no



solution.

Clare, New Providence |




THE INSIGHT’: drticle on |
the leadership crisis was
absolutely right, and cogently
presented, but the writer (and
I’m 99 per cent sure it was
John Marquis) never ducks a
chance to take a swing at the
late Sir Lynden Pindling.
When Marquis was in Nassau
during the 1960s, the then Mr

Pindling was a tremendous

admirer of his writing. It

would be pleasant if Marquis

could return the compliment
once in a while.

PLP stalwart

Nassau

INSIGHT has to be con-
gratulated for saying what

needs to be said in a manner
which leaves no room for mis- .

understanding. My weekends
are now spent éagerly antici-
pating Mondays. Can we
impose a ban forthwith on

long holiday weekends so that

I am not denied my
INSIGHT fix? Thanks.
Brent Smith

I LIKE INSIGHT because
it takes no prisoners.
V Darville



over the last ten years. And
elsewhere, scores more have
been thrown into prison on
trumped-up charges.

The desire by national leaders
and their cohorts to keep their
people in the dark is much more
widespread than most people
imagine. And journalists, being
messengers in pursuit of the
facts, are the ones who bear the
brunt of their fury when events
turn against them.

In the last two years alone,
well over 70 journalists have lost
their lives in different parts of
the world while trying to keep
their readers and viewers
informed. The roll call spreads
from Latin America to Africa
and the Far East. In Iraq, sev-
eral have died covering the war.
In countries like Honduras,
Panama and Nicaragua, the
judiciary has been used to sti-
fle press criticism of the author-
ities. Reporters are under fire
from all sides, often literally.

It is necessary, therefore, to
keep things in perspective when
the media gets into trouble, as
has happened recently with the
New York Times, CBS News,
the London Daily Mirror and -
as of last.week - the prestigious
Newsweek magazine.

The Jayson Blair scandal at
the Times, the Dan Rather
debacle at CBS, the fake pic-
ture uproar at the Mirror and
the Koran-down-the-toilet
tumult at Newsweek have all
given press-haters an unprece-
dented run of excuses for joy
and jubilation in recent times.

However, the Jayson Blair

scandal apart - he was simply a
pathological liar who ought nev-
er to have been on a newspa-

"per staff - all these failures were

not the products of irresponsible
journalism, or deliberate ploys
to mislead, but over-reliance on
sources which, in the event,
were flawed. And flawed

sources are now becoming one’
of the biggest hazards in the

lives of working journalists.
Forty-five years ago, when I
started out in newspapers, most
people were relatively honest,
trustworthy and straightforward
in their dealings with the press.
Generally speaking, they were
also more than happy to have
their names attached to any-
thing they said. It would never
have occurred to them to use
newspapers, TV and radio to
bamboozle others, or to hide
behind a screen of anonymity.
Even politicians and lawyers -
traditionally the sleaziest of
operators - had a Dehavioural

_code of sorts.

“Anonymous sources” were
hardly ever used because people
were more honourable and less
fearful. than they are today.
Freedom of expression was a

’ right that people were more

than ready to exercise. And
truth was something for which
those other than the criminal
classes had a high regard. Those
were the days when deals could

‘ be completed ona handshake

and every man’s word was his
bond. If anyone but a lunatic or

_ known criminal told you some-

thing, you were inclined to

believe it. Mutual trust was the .

foundation of people’s lives.
However, the standards of
humankind have plummeted
alarmingly since’ then. Nowa-
days, dishonesty is actually seen
as cool in some quarters, and

The Media has now become

‘the story’ in ways that its most

seasoned and conscientious
practitioners will not welcome.
But before Press-bashers get

too excited, consider what life
would be like without journalists
and their courageous efforts

to get access to the truth.
INSIGHT reports...

almost everyone has a personal,
political or commercial agenda.
Governments employ battalions
of liars called spin doctors to
massage the news, and the pub-
lic’s right to know is rated by

_ them as laughably irrelevant.

As a result, it is no longer pos- .
sible to take information at face
value. Even “documentary evi-
dence”, which journalists pray
to get their hands on whenever
possible, has to be double-.
checked and triple-checked ©

' before being relied on as a

source. The Dan Rather disaster
is the kind of horror story that
can result if you don’t.

Add to all this the underly-
ing apprehension of so many
people about speaking “on the
record”, even on the most
innocuous of subjects, and you
begin to realise the extent of the
problems now facing the media
in obtaining and publishing
accurate information.

Complaint

Last week, The Tribune was
tipped off about an official com-
plaint lodged-against ‘Attorney’
General Alfred Sears by gov-
ernment lawyer.Cheryl Grant-
Bethell. The ‘information
imparted was detailed and con-
vincing. However, when
reporters tried to check out the
story with those directly
involved, none was prepared to
confirm or deny it.

The Tribune was therefore
compelled to assess the quality
of its source, and decide
whether a story could be run on
the basis of what they had to
say. Eventually, a second source
was found who was in a posi-
tion to verify at least part of
what we had been told, and
publication went ahead.

There is no question the story
was of considerable public inter-
est. But, had it not been for the
original source - one who had :
established a reputation for reli-
ability - it would never have
seen the light of day. And that.
would have been the public’s
loss.

As Newsweek pointed out in
outlining the background to its
error, journalism has relied
heavily on anonymous sources
for some of the biggest news-
breaks in history. It’s interesting
to note that the Watergate scan-
dal, which eventually brought
down US President Richard
Nixon in 1973, was essentially
a single source story. And the
source was known only as Deep
Throat to all but the two
reporters covering the story and

the editor who had to make the
big decisions on whether to pub-
lish.
Judging the quality of sources
is now a-daily duty of every
newspaper editor. I have estab-
lished a personal league table
of sources running from Grade
A to Grade D, the As being
seen as accurate, reliable and
with no personal or political
agenda, the Ds being reckless’

“and irresponsible, generally with

an.axe to grind. In between lie
those whose intentions are hon‘
ourable, but whose credibility:
is suspect, and those whose’
information is as unsound than
their motives. Sometimes, it is
not easy to discern where the’
dividing lines fall because inac-.

‘curate information is frequently

offered in good faith and with-
out malice. No wonder editors
find it hard to sleep at nights.

In the CBS, Mirror and
Newsweek incidents, editors
made disastrously wrong judg-
ments on the quality of their
sources, but it would be a brave
journalist indeed who gloated
over their errors, for such haz-
ards-are lurking round every
corner throughout our ‘working:
lives 0s

In the Bahamas, the perils of
anonymous sources are proba-
bly as great as anywhere
because very few people here
are prepared to be quoted on
anything. This is partly due to
this being a small, enclosed soci-
ety, but is also the result of long
years of political victimisation
and intimidation.

A Tribune reader said last
week that she would never
allow her name to appear. in a
newspaper over her views
“because I know I would be
slaughtered” - and she cited the
case of politician Brent Symon-
ette, whose comments about the
prime minister’s illness pro-

‘voked a fusillade of abuse. . :

Unfortunately, most people

. feel'as she does. However, it

requires courage to keep free-
dom alive, even in societies
which claim to be open and
democratic. Constitutional
rights are of little worth if peo-
ple are reluctant to exercise
them.
Journalists are, therefore, the
ones who carry the torch in soci-
ety, exposing the wrongs of our
rulers, highlighting injustice,
ridiculing the self-righteous,
puncturing the pompous and
making fools of those who
would ride roughshod over our

See MEDIA, Page 3C

mm oN CUSTOMERS MAY ADD ON EXTRA TOPPINGS ATS. 75/10 ING.



|
\.
;
{
1

THE TRIBUNE

IVIVJINUA TE, IVIFAE UU, CU, 8 ee Oe





It’s time to honour
our African roots

m@ By A FELICITY
INGRAHAM
Tribune Staff Reporter

6 G I’m proud to be a
Bahamian,” belts out
legendary folk artist
Phil Stubbs in one of

his popular tunes.

But what does it mean to be a
Bahamian? And, specifically,
what does it mean to the hun-
dreds of thousands of black
Bahamians?

The majority of the Bahamian
population is made up of peo-
ple who have some roots planted
in Africa. While American slave
descendants have embraced their
past and today call themselves
"African Americans", Bahami-
ans seem to lean more towards
western culture and philoso-
phies.

e@ ey
Majority

May 25 was celebrated world-
wide as "African Liberation
Day", and The Tribune's Insight
uses the time to delve into the
minds of the black majority, to
see how much "African con-
sciousness" exists in today's soci-
ety.

Comments in response to the
article's topic ranged from a love
for the African continent and a
desire to return, to a nonchalant
attitude and an affinity for
American culture.

It is agreed among culture
experts that Bahamians need to
do more to learn about their cul-
ture, and hence they would find
more African consciousness.

"Babamians throw away their
culture; they lack respect for it,"
said Francis Fawkes, son of the
late Sir Randol Fawkes and offi-
cer at the Culture Resource Cen-
tre.

He said while it is difficult to
resist the inevitable influence of

‘). American culture; it is necessary
* to: preserve: what is ours, as: is .

done mn other Caribbean coun-
tries.

"If you look at our African
roots here in Nassau, in Jamaica,
in Trinidad, or in Dominica for
example, you would find a com-
mon thread. We have words in
our dialect in common, or even
in our dances and rhythms. That
is because we all came from an
area in Africa."

According to Greenwood and
Hamber's "“Arawaks to
Africans", the majority of West

Media (From page 2C)

rights. And all against a back-
drop of stringent libel laws
which don’t always work in the
public interest.

In the book, Impunity No
More, Unpunished Crimes
Against Journalists, published
by the Inter-American Press
Association, one can gauge the
depth of commitment required
to become a serious .front-rank

“newsman.

The book moves from coun-
try to country naming the jour-
nalists killed, imprisoned and
tortured by enemies of the truth,
usually political leaders and
their hired hitmen.

Some of these countries are
disturbingly close to hand.
Colombia, which during the cor-
rupt 1980s had uncomfortably
intimate links with the Bahamas
through the drugs trade, is listed
as the worst offender.

Ana Arana, an investigative
journalist who is also a fellow
at New York University,
describes it as “the most dan-
gerous country in the western
hemisphere” for media person-
nel. “Paradoxically, it is also the
country where some of the bold-
est journalism is being prac-
tised,” she said.

However, such boldness has
its price. Several newsmen have
been killed there, either by cor-
rupt government officials or
drug-traffickers.

One, Gerardo Bedoya, was a
serious loss to his country - “an
erudite, brilliant and sophisti-
cated, writer,”
Arana. He became a target fora
driig cartel, who acted on orders

from a corrupt senator. Anoth-,

er, Jairo Marquez, was also
gunned down by hitmen,
allegedly briefed by the same
politician. There is no more
effective way of blocking the
people’s right to know than by
silencing society’s most powerful
and articulate voices.

In Brazil, more than.a dozen
journalists died in the 1990s as
corrupt politicians were target-
ed by the press. And other

according to.

Indians were descended from
Africans who came from the
area west and south of the River
Niger, which is now Benin and
Dahomey. In their language they
were Edo speakers from Benin,
or Yoruba speakers from
Yorubaland or Old Oyo.

The area was also referred to
as "The forest zone of West
Africa", because the area was
very fertile and densely popu-
lated. It lies along the Gulf of
Guinea (the Guinea Coast) and
is between 150 to 300 kilometres
deep.

In New Providence, many of
the ex-slaves from the Yoruba
and Congo tribes settled in Bain
and Grant's Towns. Bain Town
was divided into two districts:
Congo and Nango Towns.

Dr Cleveland Eneas said the

Yorubas and Congos of Bain.

Town were related, through their
tribe, to those in Fox Hill. He
said the Yoruba and Nangoes
were a "proud people of prince-
ly heritage."

He said the majority of people
from Bain Town were actual
Yorubas from Western Nigeria
or their immediate descendants.

"The length of Meadows
Street, from Blue Hill Road to
Nassau Street, was owned and
inhabited by Yorubas who called
themselves 'N'ongas'. They occu-
pied the whole area, running
north to the brink of the hill, and
south, for one or two blocks off
Meadows Street," he said.

Dr Gail Saunders expands on
the subject, explaining in her
PHD thesis "The slave popula-
tion of The Bahamas" that there
were eight "free black villages"
in New Providence after Eman-
cipation in 1834, including
Carmichael, Creek Village, Fox
Hill, Gambier, Adelaide and
Delancy Town, on which Delan-
cy Street still sits today.

It has been estimated that, in
the period between 1783 and

1790, around_1,600 whites and |

5,700 enslaved persons and freed
blacks from. the United States
settled permanently in the
Bahamas. The Loyalists, who
originally settled in Eleuthera,
migrated mainly from South
Carolina, Georgia, Virginia, East
Florida, and New York.
Commenting on the culture of
these ex-slaves and freed blacks,
Dr Saunders said: "African sur-
vivals today make us believe that
slaves entertained themselves
with music and dance, story-

reporter killings have been
recorded in Haiti, Mexico and
Guatemala, all for political rea-
sons and all carried out by
armed thugs acting on behalf of
others.

Mercifully, the Bahamas
exists at a more civilised level,
but it would be foolish to
become too complacent. There
are elements in every society
who would jump at the chance
to silence the critics, and free-
dom can be sustained only if
society at large is prepared to
be vocal in its defence.

Few would be naive enough
to suggest that every working
journalist is unblemished in his
or her work. But there is no
doubt that, taking the profes-
sion as a whole, the level of pro-
bity is very high, especially in
those countries where freedom
is at constant risk. In countries
like Zimbabwe, where the repel-
lent Robert Mugabe has for 25
years been overlord of a cor-
rupt and incompetent regime,

only courageous reporters and -

editors keep freedom alive.

As a result of recent errors, all _

news organisations are re-exam-
ining their methods and won-
dering to what extent they ought
to rely on confidential sources.
Yet they also know that respon-
sible, inquiring journalism is vir-
tually impossible without them.
Protecting sources at all costs
is a fundamental principle of
good journalism. But newsmen
also recognise that, in these cir-
cumstancés, they are the ones
who carry the can when infor-
mation turns out to be wrong.
Last week’s Newsweek gaffe -
and its bosses have admitted
their mistake - must therefore
be considered in context along-
side the fine work it does week
after week to keep its readers
informed against quite formi-
dable odds. Like publications
everywhere, its staff relies on

‘sources which are sometimes

genuinely mistaken, and not
always entirely pure. Making
the final editorial call on dead-

.or four days.

telling, cooking African dishes,
playing African games, and
enjoying a religious life differ-
ent to that of their masters."

In Sir Clement Bethel's study
of Bahamian music, "the secu-
lar music with its strong empha-
sis on drumming and dancing
originated for the most part in
Africa".

"The only thing reminding us,
but in a commercial way, about
Africa would be the Junkanoo
festival. But 80 per cent of the
participants don't have an aware-
ness of the connection between
Junkanoo and the African cul-
ture," said Dr Myles Munroe of
Bahamas Faith Ministries.

He believes that the average
Bahamian does not have an
appreciation for African culture,
and believes that it is a result of

colonialism in the past, and the ©

influence of American culture
today.

"America's proximity to us
and the impact of its culture has
basically diluted and almost
destroyed even our connectivity
to the continent of Africa, ” he
said.

“We have become so west-
ernised and cultured by the US
that much of our African con-
sciousness is American black-
ness rather than African black-
ness," he said.

Dr Munroe, through his min-
istry, has visited over ten African
countries speaking to thousands
of people. He said the experi-
ence of the real Africa opened
his eyes.

President

"When I first went to Zim-
babwe I was in shock for a
week," he said. "We landed in
an airport better than that of the
Bahamas. My chauffeur was the
president of the bank and J was
driven in a current-year BMW
with a television in the back. We
stayed in a five-star hotel with a
gold plate on the entrance door.

"I was angry for the first three
Someone lied to
me. I had been given a distorted
and disconnected view of the
most beautiful continent in the
world. There are cities in Africa
that would make our downtown
look like a slum. I had to be re-
educated about Africa."

Dr Munroe added that the
education system, which "cre-
ates the social consciousness of a
society", did not contain any sig-

line is never easy, especially in a
competitive environment in
which to miss a story means pro-
fessional ignominy.

Those who say journalists
exercise the prerogative of the
harlot - power without respon-
sibility - are not to be taken seri-
ously. The riots following the
Newsweek piece on the sup-
posed defiling of the Koran led
to several deaths in Afghanistan.
Last year, a single line written
by a young reporter in Nigeria
about the Prophet Muhammd
led to 200 deaths in street clash-
es.

On both occasions, journal-
ists were blamed for horrors
which, in truth, were perpetrat-
ed by religious extremists, peo-
ple with stone age mentalities
whose irrationality knows no
bounds. But the fact that their
insane behaviour was triggered
by words shows that the power
and responsibility carried by
newsmen are awesome - and
few bear the burden lightly.

nificant African content,\and

"the images we have been |pre-
sented and taught has basically
cancelled out our African roots
and consciousness".

Without knowing where you
came from, you cannot know
yourself as an individual, said Dr
Thaddeus McDonald, Dean of
Social and Educational Studies
at The College of The Bahamas.
But he believes Bahamians are
now becoming more aware of
their roots.

In today's society, that con-
sciousness is evident to some
extent in the embracing of orig-
inal African hairstyles that have
become the latest fashions, main-
ly dreadlocks, afros and braids.

In the past three years, .a sig-
nificant amount of the populace
came to appreciate their natural
hair and began twisting and lock-

‘Ing their hair. But even that

expression became popular in
America first.

Culture Affairs Officer Robert
Pinder believes it is pertinent to

the future of the country for’

young people to embrace and
develop their Bahamian culture.
He said during his trip to South
Africa last year, he met young
people who celebrate and
express their culture on a daily
basis. It gave him a new resolve
to find that passion back home,
and he began "Culture Fridays"
at Moor's castle - an event which
showcases Bahamian talent.

More specifically, attempts
have been made to rejuvenate
African pride in recent times.

For example, Fox Hill MP
Fred Mitchell is known for his
efforts to emphasise African cul-
tural awareness in Fox Hill. On
Fox Hill Day, he delivered his
address in African cultural dress.
Recently, there was a special
event series organised by Mr
Mitchell, which celebrated the
170th anniversary of the aboli-
tion of slavery.

The Rastafari movement in
the Bahamas, comprising thou-
sands of Bahamians, continues
to advocate.an awareness and
appreciation for Africa, and cel-
ebrated Africa Liberation Day
last Monday with a church ser-
vice at Windsor Park.

The aim is for the repatriation
of all willing peoples of the dias-
pora to the "motherland".

With Marcus Mosiah Garvey's ,

words ringing out in Windsor
Park, the people of the Rasta
Movement said people's real



For journalists, power and

responsibility go hand in hand. »

And, outside of the tabloid
fringe, where the ethics and

objectives are different, it is ..

hard to find one who doesn’t
take their role very seriously
indeed.
' Maligned and misunderstood
they may be, but the job - “the
best in the world” according to
Nobel Prize winning novelist
Gabriel Garcia Marquez -
means everything to them, and
they understand fully its capac-
ity to hurt and sometimes
destroy.
' That’s why, when presiden-
tial spokesmen try to capitalise
on their occasional errors, and
press-haters weigh in with their
usual inanities, the scribes smile
wryly and carry on. On balance,
they know journalism is the only
hope the people have of seeing
things as they really are.

e What do you think? Fax
328-2398 or e-mail

jmarquis@tribunemedia.net








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strength lies in "a continent and
not an island".

African consciousness reached
its prime in the Bahamas during
the visit of Marcus Garvey,
founder and leader of the Uni-
versal Negro Improvement
Association (UNIA).

Mr Garvey said his "early edu-
cation in race consciousness"
came from Dr Robert Love, a
Bahamian priest, physician, rad-
ical journalist, social reformer
and politician.

Identity

As elsewhere in the
Caribbean, black and coloured
Bahamians in the late 19th cen-
tury expressed a sense of racial
pride and identity.

Paul Adderley argued that by
1880, a small group of non-white
Bahamians organised a Black
Nationalist Movement and iden-
tified with Pan-Africanism. It

openly "advocated an awakening .

of racial consciousness, a pro-

motion of African awareness:

linking Africa with all the dias-
pora".

“~ In Dr Gail Saunders' report
on "Garveyism and the Growth
-of Racial Consciousness in The

Bahamas", she noted that UNIA
members and executives includ-
ed the likes of prestigious people
such as S C McPherson, T A
Toote, C R Walker and A F
Adderley.

During Garvey's visit on
November 19, 1928, he spoke to

a crowd of more than 2,500 peo-
ple who braved the rain to hear
“one of the best and most force-
ful speeches ever made on a plat-
form in the Bahamas".

. It would be decades before the
great uprising of Bahamians of
African descent took place, and
eventually resulted in majority
rule.

The "Father of the Nation",
Sir Lynden Oscar Pindling,
whose countless speeches for
black empowerment stirred
pride in Bahamians, once said:
"Just as Columbus, centuries
before, planted his feet in a new
world and took possession of it
in the name of his sovereign, so
too, on the tenth of January,
1967, the sons and daughters of
slaves broke with the past and,
proclaiming the sovereignty of
majority rule, marched into a
new world of freedom, equality
and social justice."

James C Smith, noted as "per-
haps the foremost leader of the
black community in the last ~
quarter of the nineteenth centu-
ry", urged the "children of
Africa throughout the western
hemisphere" to “remember.
fatherland or motherland, let
them remember Africa which is
sometimes called the dark con-
tinent, but which is to us in the
west, the land of the rising sun".

As Dr McDonald reminds his
fellow countrymen, without
knowledge of your past, there is
little hope for the survival of
indigenous culture in the future.

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PAGE 4C, MONDAY, MAY 30, 2005 rite THE TRIBUNE
i COMICS PAGE 7







WERE IT 1S 8:00
AND WE WANE TO
@ To BED











OKAY, PLL CALL THE
AMERICAN EMBASSY/
HOW MUCH MONEY Jf
DO YOU HAVES g

Pare
2 OS s

SAM, WHAT SHOULD IJ WHAT ABOUT YOUR || HE WAS CALLED

DOP I DON’T KNOW FRIEND THE PRIEST?|}] TO MEXICO CrT~..

ANYONE HERE/ YP WHERE IS HES a HELL BE BACK
All wr = IN A FEW 5

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$3 RS

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nae

rye

v7



T DUNNO... SOMETHING FUM.’
WHATEVER MOM AND DAD
GET To Do!













I JUST WISH SHE WASN’T
LIVING IN MY APARTMENT.



I MET MIM... \ SHE IS... SHE TRIES To
SEEMS LIKE A ) BE HELPFUL, CLEANING
SWEET GIRL. AND COOKING.

OF COURSE NOT, PROFESSOR...
BUT THERE MUST BE SOME-
WHERE ELSE SHE CAN GO. .<«





“But HOW COULD I BE GETTING UNDER YOUR
SKIN? THERES BARELY ENOUGH KOOM FOK
YOU UNDER THERE |” |







1.DON'T EVER AND EVEN WORSE ae
RECALL. IT BEING | 1g ’ >.
THIS BAD! NO ORRERENT It All Adds Up to 13 ae
= Wer . DIRECTIONS .
Coe A XK ; 3
doc ih a South dealer. ah} West leads: a. diamond against ES
Vea Sep) North-South vulnerable. ~ seven hearts, and. declarer:sees. that :
2 - NORTH he has all the tricks provided he does MONDAY,
Say #108 not:lose a club. A. club can be lost
Pea < (ret EN VAI93 only if the missing clubs are divided i MAY 30
§ a Si Wb Cs ay @A74 4-1 or 5-0, so declarer focuses all of | ARTES — Mar 21/Apr 20
ie ( ei #K962 his attention on. that suit. He can | This would be an excellent time to
Hy, U ay WEST EAST -overcome some bad divisions if he. take a trip or-even.a weekend get-
oe : jan COTM 5, #Q975432 a) knows how the opposing clubs are f away. Your health should improve,
ue heey LSS ; 972 V64 distributed before he broaches the {| and you’ll experience a new vitality.
Sg heute ae are Ss #3109 #KQ8532 © suit. es '
= MARVIN : 4A 31075 To gain as much information as aay : aoee aE May 20 in d
| 1 WUST REALIZED SOMETHING... WE BOTH — |b. WE MIGHT 1 HOPE NOT SOUTH possible, South takes the diamond | deep relationship with a Scorpio of the
COME FROM A LONG LINE OF JACK RUSSELLS!/20 BE COUSINS !!]\ KISSING COUSINS. AKG lead with the ace and promptly ruffs } opposite sex. This could be a happy
ae ¥KQ1085 ° a diamond in his hand. After drawing } affair, but, before you fall head-over-

46 trumps in two rounds, he cashes the } heels. kno\ pea Nae

é &AQ83 A-K of spades, ruffs a spade and then CRRGNY NL re Betting mio,

: The bidding: ruffs dummy’s last diamond. Thi ~ May 22/Jun 21
South West North ' East As a result of these preliminary S should be a very amusing but
1Â¥ Pass 39% Pass plays, the grand slam is now assured. peony week for you. You will

oe Pass 44 Pass Declarer has gotten the count he was | 7” a spending more time social-
4¢@ Pass 5 Pass looking for. East’s failure to follow aries abe ak working. ‘That's the
7% to the second spade revealed that | W@Y SiO » you may decide.

CANCER - Jun 22/Jul 22
People won’t be easy to please,.,so
don’t bother trying too hard. Mundane
issues will surround you, and you will
find yourself getting bored and cranky.
Don’t take this out on loved ones.
LEO — Jul 23/Aug 23

Use your imagination if you are

Opening lead — jack of diamonds. West started with seven spades. West

No one can claim to be a good also followed to two heart leads and
cardplayer without leaming to count. three diamond leads, so he could not
out a hand. This is hardly the difficult . have been dealt more than one club.
assignment some make it out to be. Accordingly, :at-trick nine South
About all that is required is the abil- leads a club to dummy’s king and
ity — and willingness — to count to. retums a club. If East plays low,
13. declarer finesses: the eight; if East

a,













Consider this deal where if South © plays the ten, declarer wins with the ] unsure of your next move. A change
; F ‘on ate) TELL does not bother to count, he is virtu- queen, returns. to dummy with a] of Tene could be stunlatina ae
OUR KTTORNEN ally certain to go down ina vulnera- trump and leads a third club toward } you are likely to find the company of
| WORKED 760 (ONG ve ees slam for a total loss of thee to bring in the slam. That’s | certain friends rather boring. Mee
ak : ere 1s to it. : :
IN JUVENILE an pome Aarne VIRGO - Aug 24/Sept 22



You may not be happy with your cur;,
rent position, but with some invéstiga;.
tion, you’ll find that you really don’
have it so bad after all, ibe
LIBRA - Sept 23/Oct 23





E
8 | HOW
g four letter monde ot P 8 This should be a calm, easy week
§ | can you make from e BS FE with no shocks or surprises to upset.
Be i ? | the jetters shown aes things. Try to keep a fair balance.
Tl GER wileyink@comcast.net : here?In making a Ps eB perween work Ang play. as
peighakrct ca ets %Sg~S | SCORPIO - Oct 24/Nov 22 «:
OUR GARAGE WHICH HALE Each must contain the Bee ee eee taleeeuatent
VOOR. OPENER USES VO THEY centre letter and there Se 3 You’ ist is admirable, bi t
V2 HORSEPOWER x must be at least one Oeck BO Ee arte cgi SEAN
Fie nine letter-word: No y bas you must delegate some of your
INO = Zeus responsibilities so you don’t get
plurals or verb forms On ge letel ked "
ending in “s”, no words with initial capitals and no E < bb e OND Rey Romeo gere
words with a hyphen or apostrophe permitted. apse SAGITTARIUS — Nov 23/Dec 21
The first word of a phrase is permitted (e.g, inkjet B°B E g This is going to be one of those weeks
in inkjet printer). y = > r where everything seems to keep you
BEERS waiting. You also will have difficulty
TODAY'S TARGET 5 @= %% _ | doing any clear-cut planning. Don’t
Good 22; very good 33; excellent 43. BeSe E Piet your frustrations get to you; life
Solution tomorrow. act > o = should get easier by week’s end. a
wese § §& | CAPRICORN - Dec 22/Jan 20

Something that happens this week -
will be very important to you. Be
ready for opportunities. This is.ca

good time for buying and/or selling.











| 1 These people are a bad bet, 1 Avvessel to keep cosy? (6) AQUARIUS - Jan 21/Feb 18:
47 or) sya dee 2 Being foreign, he’s not exactly a Don’t waste your energies on vens ~
'] 7. Lengthy aojoum in the field (8) - Briton (6) tures that could prove. worthless:
4: 8 - Where eruptions may start to. 3. Wherein the poor total is about You may be feeling a little sad about
a. buret? (4) = ae lig pound? 0 simpli ya friend moving away. Meditation
: Public relations, to me, m: F rogramme item where Wa should help you relieve the blues.:i*:
fo fin, ey OS madly embraces an officer (7) help y EO
Ee ctodiatalie) - "1. § - Abitof catastrophe increases PISCES - Feb 19/Mar 20
| 11. Nuflifies horrendous ultimate Gerheaal (6) a possible Spending fine eat ber is the
a chaos! (6 ; wrecked in beastly ani} perfect remedy for feeling dowa
14 Se ara esas hs 4 fain re danger in the dumps. Use diplomacy
16 Such charges may said to be “apart” (4 : if-involved in arguments of any
| __be dropped (6) 9 Peditered name ‘3 : __... | kind — especially those at work. ,
Nal Fn 13 Thee so a | Peon ae ee
National Front (4) 13° Three could put you out (5) g ele
19 Started to live 15 Singer in white, normally (5) M eona Gls en
with a killer (5) 18 Hang around the hotel too ) 2
21 Material | mend, maybe much (5) it
3 hwo 19 Elizabeth's gamble (3) a iG
soe 2) 22a oka Ae tekhekolal
23 en renee 2 “Ashot nt (3) ele bape.
23 = Tree full of bats, 5 ook ke]
ese ness potently? (6) :
housing? (5) 24 Cleverly leading a seaman to a Lae
28 A childish story? (3) silly conclusion (4) ay spanked
29 I's sad when a soldier’ in the 25 With this system, the polica
cart, perhaps (6) have a burden to shoulder (6) ACROSS | DOWN 2 Zee
30 Just the bird to attract 26 The boards used in making 1 ——- Pour (6) 1 ‘Floats (6) Ne
31 Sues reduced(4) | 27 Be is baci june 7 (Despips (8 ge abe de f gh
: s ul Form of jazz (4)
32 = Thankful for fat mixed same (5) : i etry (6) 4 Twist a a This unpretentious but tricky little puzzle defeats many _
with gruel (8) 28 There's a fair place for it (3) 11. Foil (6) 5 Got up (5) would-be solvers. Black (to play) makes a move; White makes
33 Fox, maybe, or a teddy (6) 30 Foreigner held in a vault (4) 14 Allow (3) 6 Viper (5) his reply; Black makes a second move; then White
5 8 — Sport (4) checkmates. How do they do it? Playing chess online is an
16 Command (5) increasing attraction for many chessplayers. You can do It
7 Northem Briton (4) 9 — Encountered (3)
1 12 Mineral (3) from your own home and avoid the trek to your club onarainy .
19 Bishop's 13. Long-necked birds (5) evening. Most internet games are played at speed (though
YESTERDAY'S CRYPTIC SOLUTIONS SaeaLe e 15. Shinbone (5) slow games are also available). The top sites for strong
ACROSS: 1, A-mass 6, Sears 9, CO-MP-act 10, Dr-ur-y 11, Rough 12, Ro-D-in 21 players are chessclub.com and playchess.com. Both have
13, Campion 15, Hip 17, Omit 18, Serena 19, Gents 20, Moored 22 Dert 24, Ayr 22 Sleeveless * aa ®) many grandmaster regulars, and England's top pair, Michael
25, Trainee 26, Hear-t 27, St-air 28, Films 29, Lamp-O-on 30, Droll 31, Penny ae (5) i 20° ‘Twitch (3) aoainy and Nigel opty are eee pen playehess:
DOWN: 7 , Script 4, ; : 7, 8, R-e.g.-ai 23 Submissive 1 ; erage or novice players shou! instantchess.com, a
Ay a re io 5 aif colon) eo ae Ss Pu ae, at +, e oO aI 26 Fire (5) a ote ve site with pleasant visual graphics and a large number of
21, Oyster 22, Di-Vi-ne 23, New-man 25, Traps 26, H-ill 28, F(L)op 28 Bad actor (3) 23. Spite (6) Mee an will pees Me a inare festa seconds,
YESTERDAY'S EASY SOLUTIONS 29 Painful 24 Give out (4) ee eee ee ee re " BK
ACROSS: 1, First 6, Scope 9, Pioneer 10, Spum 11, Douse 12, Strap 13, Glances afficion (6) 25 Warden (6) LEONARD BARDEN
15, Pet 17, Rent 18, Secure 19, 20, Allots 22, Asps 24, Toe 25, Compere 30 Salty (6) 26 Ovine mammal (5) nits ;
26, Ached 27, Stick 28, Deuce 29, Regalia 30, Added 31, Press a on z Consiienen Pte Tat
DOWN: 2, impale 3, Sprint 4, Tin 5, Gnats 6, Sedated 7, Crop 8, Pester 12, Seeps Possessed
13, Great 14, Anale ts Purse 16, Tersé 18, Snood 19, Stacked 21, Looted 22, Appear 33 Quake (6) 30 Badger’ home (4)



23, Precis 25, Cedar 26, Acre 28, Dip | “@JEU! EON POH Z ZEW PEW L uognjos











THE TRIBUNE _ MONDAY, MAY 30, 2005, PAGE 5C
INTL Pi ee

ISSUES SIDI EAS

( ompromise
is mere pause
in protracted fight

“Copyrighted Material
Syndicated Content

Available from Commercial f ‘News Providers”

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S _— —-_-







PAGE 6C, MONDAY, MAY 30, 2005 THE TRIBUNE _
: Meee : 3

2C_| SUNDAY, MAY 29, 2005 _ INTERNATIONAL EDITION

NS. KNIGHT ee ALBERTO IBARGUEN, PUBLISHER | TOM FIEDLER, EXECUTIVE EDITOR | JOE OGLESBY, EDITORIAL PAGE EDITOR

'. @ee © « oo“ -_-«.

Patriot Act reconsidered

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BAHAMAS EDITION

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Volume: 101 No.255



MONDAY, MAY 30, 2005





PM gives thanks for prayers

Surprise appearance at
Farm Road luncheon —

& By PAUL G
TURNQUEST |
Tribune Staff Reporter

A WELL-rested and healthy
looking Prime Minister Perry
Christie made a surprise
appearance at the Farm Road
Mothers and Fathers Luncheon
yesterday. .

- His first public appearance
since hospitalization for.a minor
stroke, Prime Minister Christie

-spoke of returning to office
soon and thanked friends; sup-
porters, and well-wishers: for
their prayers during his hum-
bling experience with his recent
illness.

“It is always right to come to
where people are being hon-
oured for community service.
People have-given so much for
such.a long time without ever
being recognized,” he said.

“My illness has given me

cause to recognise that I never -

appreciated life in the way I
ought to. After over 30 years of
marriage I found myself sitting
at evenings having dinner with
my wife.

“A son who I was never there
for because I was always gone,
lying there to rub my head for
the first time I can remember.
And being the romantic I am, to
look at a full moon on my patio,
to thank God for the grace he
has. But I know my battle is not
yet over,” he said. ae

Prime. Minister Christie. was
hospitalised on May 3 after
awakening in his Cable Beach
home around 4.30am experi-
encing some physical discom-
fort on the right side of his





PRIME MINISTER
Perry Christie at yesterday’s
luncheon.

(Photo: Peter Ramsay)

body. First diagnosed with
severe hypertension, MRI’s
however have confirmed that
Mr Christie had suffered a
minor stroke on the left side of
his brain.

Mr Christie’s personal physi-
cian, Dr Perry Gomez, said that
it was the immediate care that
Mr Christie received that made
such a quick recovery possible.

“The prime minister imme-
diately came to us when he
experienced discomfort; this
speed in seeking medical atten-
tion is what has allowed us to

offer him a good chance of

recovery,” said cardiologist Dr
Conville Brown, one of the
team of doctors who took care
of him.



BE

@ FIRST Holy Communion was celebrated throughout the Catholic churches in the
Bahamas yesterday. These youngsters, listening to the sermon at St Joseph Catholic

Church, were all dressed up for their big day. :
(Photo: Mario Duncanson/Tribune staff)





Police vehicle stolen

and stripped down

POLICE yesterday reported
the theft and’ stripping of one
of their own vehicles from the
Lyford Cay police station:

According to Superintendent
Hulan Hanna, sometime
between 10pm and 11.50pm on
Saturday, a blue Nissan Sentra,

‘registration number 143278 was

For more information
please visit your

stolen from the police parking
lot at its Lyford Cay Station.

Around 10.45am yesterday,
the vehicle was recovered in
bushes in the Mount Pleasant
Village area.

However the vehicle was
stripped of its lights, front grill,
battery, and alternator.

The beacon light was also
broken off, but later found in
bushes nearby.

“We are following some leads
at this time, however no arrests
have been made.

“But our investigations
are continuing,” Mr Hanna
said.



‘Unprecedented
developments’ to
help bringin —
more than $4bn

@ By CARA BRENNEN
Tribune Staff Reporter

THE country is expected to
benefit from more than $4 bil-
lion in foreign investment,
excluding the-recently signed
Baha Mar Cable Beach rede-:
velopment project.

.. Financial Services and Invest="
. ment Minister Allyson May-
', nard-Gibson said the “unprece-;
“dented” developments, coupled

with growing trends in the
financial services sector, will
give the Bahamas'a much need-
ed financial boost providing the
funding for employment and
infrastructure for Bahamians.
In keeping with government’s
plan to have an anchor proper-
ty on each Family Island, Mrs

‘Maynard-Gibson said the pro-

jects in the works include two
very significant projects being
processed in Grand Bahama, a
project in Andros and many

SEE page 14

Bahamas

monitors
Oa rte
investigation.

@ By CARA BRENNEN
Tribune Staff
Reporter

BAHAMIAN men who |
rely on the sex enhancing |
drug Viagra may have to |
find an alternative drug if

the United States’ FDA
investigations conclude that
the “little blue pill” does in
fact cause blindness.

According to the Food
and Drug Administration in
the United States, more
than 40 users of the drug to
correct impotence have
complained of some loss of
eyesight. The claims mostly
involve Pfizer Incorpora-
tion’s Viagra, although the
cause has not been officially
determined.

The FDA said it had 38
reports from Viagra users,
four reports from users of
Eli Lilly and Company’s

SEE page 14



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PAGE 2, MONDAY, MAY 30, 2005

THE TRIBUNE



LOCAL NEWS



601 graduate in COB ceremony

@ By CARA BRENNEN
Tribune Staff Reporter

SIX hundred and one stu-
dents graduated from the Col-
lege of the Bahamas yesterday,
receiving various diplomas, cer-
tificates, and associate degrees
and for the first time graduate
degrees.

The class of 2005 at the
nation’s top tertiary institution
held its graduation at the Oakes
Field Campus and were urged

to use their knowledge to
improve the quality of life for all
Bahamians.

Giving the commencement
address was former COB Pres-
ident Dr Keva Bethel, who ear-
lier that day was named Presi-
dent Emerita.

“For whatever of value I was
able to accomplish at the Col-
lege was only possible because
of the talents, imagination, com-
mitment and sheer hard work
of the many hundreds of facul-



Cost of giving away150 Acres
of Crown Land in Guana Cay
for FREE to Developer,

$100 million.

Profit to developer from stamp
and custom tax exemptions
on Baker’s Bay Project,

$210 million.

Saving our heritage

ty, staff and administrators who,
for minimal tangible reward,
found as I did special joy and
satisfaction in helping build this
important national institution,”
she said.

Mrs Bethel noted with sad-
ness that her brother, Anglican
Bishop Michael Eldon, who has
been ill for most of the year,
was unable to share the occa-
sion with her.

She said that COB graduates
are to be found in every pro-

fession, in a wide range of busi-
ness and financial, enterprises,
in the church, in the public sec-
tor and in more recent times as
active participants in the gov-
ernance of the country. They
also play significant roles in the
college itself, helping in this way
to ensure the bright future of
the institution from which they
gained so much.

Mrs Bethel told the gradu-
ates that they are joining this
distinguished company.

“I congratulate you on your
efforts and your achievements,

and on your perseverance and

determining in overcoming
whatever obstacles you may
have had to face.”

She urged the graduates to
use the new knowledge, skills
and understanding gained at
COB to improve in some posi-
tive way the quality of life in
the country, or in any context in
which you find yourself.

Mrs Bethel also noted that

throughout its history, COB has
consistently attempted to adapt
itself, to respond to the chang-
ing needs of the Bahamian soci-
ety.

Receiving the Governor Gen-
eral Award for achieving a
GPA of over 3.70 was Peta N
Worrell an Early Childhood
Education Major and The Pres-
ident’s' Award was won by Jen-
nifer C King for achieving at
least a 3.50 GPA as a Nursing
student.



March to mark beginning of Anglican conference

@ PRESIDENT
Sandra Collie leads
hundreds of women
of the Anglican
Church Women in a
march on Bay Street
yesterday as the
organization started
its 33rd Annual
Conference this
week under the
theme “Witnessing
for Jesus”. Women
then assembled in
Christ Church
Cathedral for a
thanksgiving service,
which was conducted
by the Archbishop
of the West Indies,
Drexel Gomez

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THE TRIBUNE

MONDAY, MAY 30, 2005, PAGE 3















@ THE USS Nassau docks alongside cruise ships

Photo: Mario Duncanson/Tribune staff

Nassau’s namesake makes a port visit

@ By PAUL G TURNQUEST
Tribune Staff Reporter

THE USS Nassau made a port call at
New Providence for the weekend and will
be leaving the country tomorrow.

Twenty stories high, 820 feet in length,
and 106 feet wide, the USS Nassau dis-
places 40,000 tons of seawater when fully
loaded and has a flight deck that measures
more than two square acres.

Nassau has 1,400 compartments — about
the same number as a large hotel, two hor-
izontal conveyors, and nine elevators.

The ship boasts two of the largest boilers
ever manufactured in the United States
Navy, which can generate a total of 400
tons of steam per hour and develop 140,000
horsepower — equivalent to the horsepow-
er of more than 700 average automobiles.

The ship’s electrical power subsystem

creates 14,000 kilowatts of electrical power ©

for the ship — adequate electrical power to
light 11,500 homes for 50,000 people.

The aircraft carrier can ballast 12,000 tons
of seawater for trimming the ship to receive
and discharge landing craft from the well
deck, and was constructed with more than
20,000 tons of steel, 3,000 tons of aluminum,
400 miles of cable and 80 miles of pipe.

Also on board is a 300-bed hospital, four
medical operating rooms and three dental
operating rooms.



New systems considered.
after weekend blackout

lf By PAUL G TURNQUEST
Tribune Staff Reporter



i AN almost island-wide elec-
| trical blackout.at the: weekend ©:
has' spurred: officials into con- ,

cal line became detached, pos-
sibly from corrosion, and
touched another power line,
which closed down most of the
power throughout thei

Bahamas Electricity Corpo:






islan

Minister of Works and Utili-
ties Bradley Roberts said he has
spoken to the general manager
at BEC to see if there is any-
thing that can"be"done’ to"iso*"*
late. such incidents ‘so that'the
whole island will not be affected.

would not cause the system to
be impacted to such a large
extent.

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‘could implenrent a form of
~breaker-box ‘system so ‘that if
‘wires are deficient it would blow

sidering the installation of a
“circuit breaker” system ‘to han-
dle the island’s electrical needs.

On Saturday night an electri- in 15 to 20 minutes.

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PAGE 4, MONDAY, MAY 30, 2005

EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited |

NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI
Being Bound to Swear to The Dogmas of No Master

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

SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G.,

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

EILEEN DUPUCH CARRON, C.M.G., M.S. B.A, LL.B.

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Minister forgets past scandal

POLITICIANS never seem to learn, but like
Lot’s wife, instead of moving forward, they are
always tempted to look back in an effort to
score cheap brownie points.

Unlike Lot’s wife this look over the shoulder
might not freeze them into pillars of salt, but it
will certainly churn up old memories that would
best be forgotten.

And this is just what Tourism Minister Obie.

Wilchcombe did as he wound up an otherwise
good presentation in the House of Assembly
last week of the heads of agreement for the
Baha Mar Cable Beach project.
What made his slip into the past even worse
was the feigned exclamation of shock — “No!”
“Wow!” — by some of his colleagues. We. give
them the benefit of the doubt by describing
their drawn breath as “feigned shock”. If they
really did not know to what great lengths the
FNM government had to go to raise this coun-
try from the ashes in which the previous PLP
government had left it, then they should not be
directing the affairs of state today. Unfortu-
nately, when people don’t know the pitfalls of

- the past, they are doomed to make the same

mistakes and fall into the same sink holes as
they move into the future.

_ If it had not been for the FNM’s so-called
concessions to start this country’s economy
moving again, and putting the jobless to work,
Mr Wilchcombe could never have stood in the

| House last Wednesday and said: “This project
is a Clear. manifestation of confidence by the

investors, their partners and bankers in the
economy of the-Commonwealth of the
Bahamas, the government and the people.”

This is true, and he has the FNM govern-
ment of Hubert Ingraham to thank for laying
the foundations on which he stood to make
those words possible.

However, where he made his mistake was
stating the following without either elabora-
tion, or an attempt to put his comments into
context. Said Mr Wilchcombe: “With the pre-
sent sales transaction (with Baha Mar) there are
no debt obligations having to be taken over
by the Bahamas government. This is unlike
what happened several years ago when the
Ambassador Beach Hotel, now Breezes, and
the Royal Bahamas Hotel, now Sandals, were
sold by the Hotel Corporation for $7 million
and $8.4 million respéctively.”

“No!” chirped a pained voice behind him.

_Continued Mr Wilchcombe: “At that time
the then government had to. assume a $16.5
million mortgage on the Royal Bahamian Hotel
and pay off the debt.”

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“Wow!” came a chorus from colleagues
behind him, coupled with giggling women’s
voices.

_Continued Mr Wilchcombe: “With the sale
of the Radisson Cable Beach resort and Wyn-
dham Crystal-Palace and casino and Nassau
Beach Hotel, the Public Treasury, National
Insurance Board, Public Utility Corporation
and Pension Fund have considerably benefited
by some $27.8 million.”

In today’s economic climate and with the
Bahamas’ relatively good reputation abroad,
this government could have done even better in
the transaction.

But given the situation in 1992, if they had
been the government then — and not the FNM
— no investor would have done business with
them. One of the large investors walked away
from the Pindling government pre-1992, but
came back with a bang to start the economic ball
rolling when convinced that he could do busi-
ness with the new Ingraham-led government.

Not only did the FNM find the hotels in a

‘shambles, but the reputation of this country

had dropped so low on the international scene
that it was out of sight. No one trusted this
country, no one wanted to do business with it
and even day-tripping tourists found standards
unacceptable.

We all thought it a miracle when, on deciding
that the first. order of business was. to.priva-
tise the hotels, the FNM government was able
to get $7 million for one and $8.5 million for the
other.

If anyone doubts this, just read all about “the
bad financial decisions taken outside of the man-
agement of the Hotel Corporation” as reported
on February 1, 1997 by a Commission of Inquiry
into the Hotel Corporation of the Bahamas.
The report recounted the corporation’s
“absolutely appalling financial condition.”

According to minutes of the corporation’s

‘board meetings when the new FNM govern-

ment approached Scotia Bank for a loan to
repair the shabby hotels, the bank expressed its
“difficulty” with advancing further loans —- even
with government assurances. The bank took
this position because of the corporation’s
“excessive borrowing.”

This government would do well today to
put the years of the Pindling administration
behind it unless it wants to dredge up many
past scandals. :

Just remember that had there been no FNM
government for 10 years to get this country on
a sound footing, there would be.no Baha Mar
deal to debate today.









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Are we being |
paid enough
for LNG site?

EDITOR, The Tribune

I would appreciate the space
to air my views on the ongoing
LNG controversy.

I would first like to make a
specific point to my fellow
Bahamians, which I have not
heard made so far in this public
debate. Sometime in this year or
next, world oil production will
peak and start to decline. This,
coupled with the rise of China
as an economic power with its
insatiable appetite for oil, is
going to result in an increasing
demand for a shrinking supply
of oil. If you think the cost of
gas and electricity is high now,
you ain’t seen nuttin’ yet.

So what is the fuel of the
future? You guessed it — natur-
al gas. It is this simple dynamic
that is behind the attempts to
develop a natural gas supply to
Florida, which remains one of
the fastest growing states in the
USA, and whose demand for
energy increases unabated.

It is for these two fundamen-
tal reasons that companies are
looking to establish LNG ter-
minals in The Bahamas.

While I do appreciate and
support the efforts of the envi-
ronmental lobby, in this case I
find myself unable to agree with
some of their views of the pro-
posed LNG terminals in gener-
al. But let us focus on the facil-
ity proposed for Ocean Cay, as
that is the option being pro-
moted by the government.

The first objection appears to
be environmental - how could
we consider putting a facility
such as this in our pristine
Bahamaland? The facility is
proposed for Ocean Cay, which
is a man-made (ie artificial) cay
on the edge of the Florida

Straits that has beén. used for

mining arogonite for as long as
I can remember. We are not

talking about placing the facili- —

ty in the middle of Exuma Cays

(to which I would vociferously .

object); we are placing it in a
remote, artificial, pre-existing
industrial facility.
The second objection appears
to be the risks associated with
the facility — it might blow up,
we don’t know how to regulate
it, it might be the target for ter-
rorists etc, etc. There are risks
associated with all forms of
energy. We have managed oil
trans-shipment facilities and oil
refineries in Freeport, LPG
(low propane gas) and gasoline
facilities all over the place, and
we have been able to manage
these facilities without an atten-
dant rash of explosions. So why
should we assume that we are
incompetent or unable to man-

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age an LNG facility? I am sure
our many competent Bahami-
an professionals find the impli-
cation insulting.

As to the terrorist angle, I
consider the current hysteria
regarding the threat of terror-
ism to be a byproduct of the
domestic political agenda of the
United States, and any “terror-
ist” threat to The Bahamas to
be somewhere between mini-
mal and non-existent. If there
were to be an attack, let’s face it
— they are not going to attack
some remote cay that no-one
ever heard of which the press
cannot easily cover, they are
going to go after a high profile
target. If you want to worry
about terrorism, worry about
the impact on our tourism
industry from another attack in
the USA; this is an infinitely
more likely scenario.

This is not to say that I do
not have concerns regarding the
facility, but they are not envi-
ronmental, nor are they based
on the risk assessment. Rather,
they are financial and econom-
ic.
First, the financial benefits
appear to be inadequate at $20
million per year. With annual
revenues of almost $1,000 mil-
lion per year, $20 million is a
relatively insignificant amount .
At this rate it would take 50
years of operation to provide
one year’s worth of revenue to
the Treasury. Given basic eco-
nomics, surely the volumes will
afford a larger income to the
Bahamas? What I would like to

see is a breakdown of the rev-—

enue generated by the gas, and
what percentage we are expect-
ed to receive. Without know-
ing the facts, it appears to this
observer that we are selling our-

selves seriously short.

Secondly, I see no mention
in the proposal for the Bahamas
to receive any of the benefit of .
LNG other than cash; i.e., why
can’t we get some of this natur-
al gas for our own uses?

Given the looming energy cri-
sis outlined at the beginning of
this letter, it would appear to
this observer that our primary
objective in this project would
be to guarantee future supplies
of energy to guard against the
decline of energy sources. This
aspect appears to have been
completely overlooked; at least
I can find no mention of it in
any of the multiplicity of infor-
mation put out by both sides..
If we are going to allow this
facility in our country the least
we can do is to ensure we ben-
efit fully from it.

I trust our politicians will not
be so distracted by environ-
mental and risk issues that they
fail to take into consideration
that real benefits that we could
gain from this project. It would
be unfortunate in ten years time
to find ourselves sending mil-
lions of dollars in gas to Florida,

, while we are unable to fulfil our

own energy needs at affordable
prices.

I can assure you this is going
to have more of an impact on
our tourism industry than any
environmental fallout from this -
proposed project.

As ever, I appreciate the
space.

JOHN G FARMER
Nassau
May 14 2005

Need to protect
Bimini islands

EDITOR, The Tribune

The following is an open let-

ter to the Prime Minister from

a “concerned potential tourist”.

Dear Prime Minister

J am writing to express my
strong concern about the lack
of protection of the Bimini
islands.

This essential ecosystem
houses pristine habitats on land
and sea, a crucial mangrove
forest, and an exceptional vari-
ety of sea life. I am urging the

' Bahamas government to stop
the construction at Phase I of
the Bimini Bay Resort and
immediately implement the

Bimini Marine Protected Area

to protect these ecosystems
and natural resources.

These mangrove ecosystems
protect the human population
from major storms and pro-
vides protective habitat for a
wealth of economically and
ecologically valuable species.

As a tourist, I prefer desti-
nations where natural
resources are protected and
will never patronise a country
or resort that destroys valu-
able mangrove ecosystems.
Once again, I urge you to halt
construction and implement
protection.

KATE TEMPLETON
Denver, Colorado |
May 25 2005

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THE TRIBUNE

MONDAY, MAY 30, 2005, PAGE 5





France says ‘non’ in referendum

HE early exit polls com-
ing in on Sunday evening
all point to a big defeat for those
(President Chirac included) who
campaigned for a “yes” vote in
France’s referendum on the Euro-
pean constitution.
Of the many issues, none exer-
cised the French electorate quite so
much as those that related to who

- Europe is and what it represents.

Sitting at the heart of Europe in
virtually every sense, the French
and Germans had first conceived
of the European project as a
means of so integrating their
economies as to make it impossible
(and not merely undesirable) ever
to fight one another again.

As the peaceful nations of
Europe grew in wealth and devel-
opment, what came to define and
unite them was an increasingly
characteristic “social market”
model of development, wherein
investment in human capital and a
concern for the distribution of
social benefits in line with eco-
nomic growth were salient fea-
tures.

Unlike NATO, that other, more
direct bastion of Western Europe’s
security, the Union would achieve
strength from the promotion of its

social ideals. While Charles de»

Gaulle and Konrad Adenauer
dreamed of an expanded, peaceful
Europe, Churchill, architect of
NATO, stated that body’s objec-
tives as being to keep América in,
Germany down and Russia out.
It was out of the original vision
of the likes of de Gaulle and Ade-
nauer that successive leaders of
France came to base their ideas
and expectations of Europe as a

PERSPECTIVES

Ko DIRE We fake





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A: these states lurched
rightward ( generally far

more rightward than the “origi-

nal” Europe of the Franco-Ger- ©

man vision), the EU came to rep-
resent more a politically or even
ideologically based ideal than the
vision of Adenauer and de Gaulle.
The process took on an even-more



“Unlike NATO, that other,
more direct bastion of Western
Europe’s security, the Union
would achieve strength from
the promotion of its social
ideals. While Charles de Gaulle
and Konrad Adenauer
dreamed of an expanded,
peaceful Europe, Churchill,
architect of NATO, stated that
body’s objectives as being to

‘keep America in, Germany

down and Russia out.”



club wherein the French “social °

market” model was strengthened
rather than weakened.

How times change! There has
been concern for some time
among many who shared this orig-
inal vision ‘for Europe that the
whole project was being side-
tracked in two distinct and unde-
sirable ways.

Firstly, somewhere along the
way, as Europe enlarged, it came
to be seen by some (both inside
and outside Europe) as merely
‘another arm of the western

‘alliance. This process was acceler-

ated by the events that saw the
defection to the greener pastures

- of the west of almost all the states
iof Eastern Europe that once com-
prised the buffer of Soviet Cold

War defence policy.

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MAY 30
6:30 Bahamas @ Sunrise - Live
11:00 Immediate Response



12noon ZNS News Update Live

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12°58 Caribbean Today News Update
1:00 Health For The Nation

1:30 A Design For Success

2:00 Mr. Ballooney B.

2:30 Treasure Attic

3:00 Timothy Wright

3:30 Bishop Neil Ellis

4:00 . Hurricane Preparedness 2005

} 4:58 — ZNS News Update

5:00 Hurricane Preparedness Cont'd.
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6:00 — Holy Hip Hop

6:25 Life Line

6:30 News Night 13

7:00 Bahamas Tonight

8:00 You & Your Money

8:30 Baptist Women Awards



























Banquet
9:00 Legends From Whence We
Came:
Jacqueline, Lady Fawkes
10:30 News Night 13 -
11:00 Bahamas Tonight
11:30 Immediate Response




1:30 Comm. Page 1540AM

"NOTE: ZNS-TV 13 reserves
-the right to make last minute
programme changes!









sinister turn recently when US
politicians, eager to stoke the divi-
sions, spoke of an “old” and “new”
Europe in terms that were mea-
sured to encourage those in the
“new” countries who longed for a
more NATO-like role for the com-
munity.

The very meaning of the Com-
munity has therefore been dilut-
ed and distorted almost beyond
recognition by the premature
absorption of many new states with
little in common in terms of social
values and whose only notion of
Europe is defined by what it is not
(i.e. not communist, not a dicta-
torship and not in league with Rus-
sia).

This premature and politically
driven expansion is also related to

’ the other main gripe of the French

opponents of the constitution: the
replacement of “social Europe”
with an economically-driven trade
zone, where Anglo-Saxon style
free trade would carry the day and
lead to a race to the bottom, as
countries dismantled their
advanced social structures in order
to compete with the emerging
economies now in their midst.

Clearly this process is already
happening, as the leaders of
France, Germany and others come
to conclude that their sophisticated
social legislation must go if they
are not to be devoured by their
hungry cousins to the East. Just
last week in Germany, the socialist
government was soundly castigat-
ed in local elections in North
Rhine/Westphalia over the speed
of its market-oriented reforms.

In the constitution itself, many
in France saw the codification of
this minimalist, competition-dri-
ven approach to economic union
and clearly did now like what they
saw. They, like the Germans, are
simply on a different page from
most Poles, Czechs or Hungari-
ans, whose thinking on Europe is
closer to Churchill’s than Ade-
nauer’s.

It is time to rethink Europe.

EXPENDITURE
SHOULD BE BETTER
BROKEN DOWN

B ahamian Governments
have a tendency to pat
themselves on the back once a year

as they reflect publicly on the ever
growing sums of money that they



invest in the running of the coun-
try.

Toa when you analyse the esti-
mates of expenditure in detail, it is
clear that much of the annual
increase is accounted for by rising
human resource and other recur-
rent costs in areas where no real
improvement in the quality or even
the quantity of services is achieved.
What no government is particu-
larly ready to acknowledge is that
in running a country, even treading
water costs money.

W e can all see, for
instance, that educa-

tion and health both continue to
account for the proportional bulk
of government expenditure — a
fact that has led successive gov-
ermnments to boast of having social-
ly-oriented policy priorities. But
unless these raw figures are
analysed further, they do not per-
mut us to make a fair assessment of
whether this boast holds true and
(equally importantly) of what val-
ue we are getting for our money in
the process.

In addition to the publication of





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budgetary outlays on a per min-
istry/department basis, government
should look very seriously at
releasing the figures to the public
in a way that differentiates
between expenditure on’ new ser-
vices, equipment and departments
and the mere natural increase in
the cost of existing ones.

This is not simply a distinction
between capital and recurrent
expenditure, since it would actual-
ly seek to differentiate outlays
based upon whether they repre-
sent an increase in services.

The newly created office of
Urban Renewal, for instance, is a
good example of an initiative,
inclusive of personnel and other
recurrent costs, that nonetheless
represents an objective.increase in
the social stock of the country — a
resource that in the past simply
did not exist.

As a first step in concentrating
the public mind on improvement,
rather than merely increased
spending, government should also
publish human resource expendi-
ture separately from other expen-
diture within the various depart-

‘ments.

If, for instance, all government
salaries were grouped under the
heading “the public service”, the

_ remaining expenditure in places

like the ministries of Health, Edu-
cation and Social Services would
give a far clearer picture of quali-:
tative change.





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MORE WORDPLAY
ON CSME

Mise: Fred Mitchell
has developed a pen-

chant for making the whole issue
of his government’s position on
the CSME more complex and
unquantifiable than it need be.
The position seems to change dai-
ly.

Last week, on Darold Miller’s
show, the minister took yet
another dive for cover from his
earlier remarks, this time right
into the thicket of word-play and
sophistry.

Bees claiming (erro-
neously) that CSME is
desirable so as to save us from
isolation in international politi-
cal and trade related affairs, the
minister now claims that we are
not going into CSME after all.

His reasoning this time: that
because of the much-vaunted
“reservations”, we will in fact be
exempting ourselves from all of
the matters that make up the
“economic side” of the arrange-
ment.

This of course is rubbish. As
Minister Mitchell should know,
the only reason given (in the pre-
amble to the document itself) for

the revising of the Treaty of

Chaguaramas is the inclusion of
nine protocols, all of which relate
to aspects of the Single Market
and Economy.

That means that the only sense
in which the treaty has been
revised is to introduce the Single
Market and Economy.

So why sign a revised treaty
whose revision was motivated
solely by the desire to create an
economic union if you do
not in fact want an economic
union?

It is disappointing that Mr.
Miller and some of the other
interviewers who have had the
chance to question him far more
vigorously have instead let the
minister off so lightly with such
fatuous rubbish over an issue of
the utmost importance to The
Bahamas.

. The only question they need to
ask the minister is this: Does the
present government of which he
is a part propose to sign the
Bahamian people onto the
revised Treaty of Chaguaramas
without a referendum?

If so, then, despite whatever
“reservations” it may negotiate
at the time of such signature, this
government is indeed committing
the citizens of The Bahamas to a
self-styled “economic union” with
the countries of the Common-
wealth Caribbean.

Bahamians will then have to
decide how to respond.

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PAGE 6, MONDAY, MAY 30, 2005

THE TRIBUNE





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The Hilton name and logo are trademarks owned by Hilton. ©2004 Hilton Hospitalicy, Inc.







& The American ambassador John Rood and his wife are greeted by Benjamin Davis at the Cancer Society Ball .
(Photos: Mario Duncanson/ Tribune staff)

@ By CARA BRENNEN
Telbune Stal Repo

AN evening of glitz and glam-
our netted more than $60,000
for a very worthy cause: the
Cancer Society of the Bahamas.

The fourth annual Cancer
Ball, one of the society’s major
fundraisers was held on Satur-
day evening at the Radisson
Cable Beach resort.

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LOCAL NEW

Society event brings home
than $60,000 for cancer society

Allyson Maynard-Gibson,

«Minister of Financial Services

and Investments, and her hus-
band, stepped in for the ball
patron, Prime Minister Perry
Christie and his wife who were
unable to attend due to the
prime minister’s illness.
Society president Judy Ward-
Carter gratefully accepted a
cheque from the ball commit-
tee for $60,000 and a cheque

from British American, which
included the proceeds from
their “denim days” when
employees made a donation to
wear jeans to work.

“Tt is a fantastic evening
said Mrs Carter.

“Corporate Bahamas has
always been very kind to us and
tonight is proof of that. If it was-
n’t for corporate Bahamas, we

Fl
>

“would not. be where we are

WEDNESDAY MAY 25TH
THRU
THURSDAY JUNE 2ND





today, it is because of them that
the caring centre has been able,
to complete 10 rooms, and
phase two will be completed in,

June and we are looking for-
ward to having the opening in.

September.” 2

The Cancer Caring Centre,
which is to provide a peaceful
retreat for persons travelling for
treatment from the family.
islands, has been the society’s


15 ATION

THE FRIBUNE



‘LOCAL NEWS








“Copyrighted Material

Syndicated Content
Available from Commercial News Providers”



@ THE ball committee presents Judy Ward Carter with a cheque for $60,000.00, the proceeds from
the ball. From left: Allyson Maynard-Gibson, representative for the Prime Minister; Earle Bethel,
co-chairman; Judy Ward-Carter, president; Terry Fountain, vice-president; Winifred Ward,
co-chairman; and American ambassador John Rood

(Photos: Mario Duncanson/Tribune staff)





main project. Now that it is
nearing completion, the com-
mittee still needs funding to
repay bank loans, staff
salaries and operating costs.
With current trends sug-
gesting that cancer diagnosis
i on the rise, the Bahamas

ancer Society continues to
spread its message that early
detection is the key to saving
more lives.

/ Mrs Carter added that the
stigma of cancer seems to be
decreasing.

. “Because you are hearing
so much about it today, I
believe the message is getting
out there.

« “People are more aware
and they are coming forward
and they are more willing to
share to enlighten others
about cancer. The word is
getting out and they are going
out and having their check-
ups. Some cases are caught
earlier but we are ‘still not
catching a lot of them. We
still have women who are pre-
senting very late.”

Mrs Carter said more edu-
cation and awareness is need-
ed so that people know they
do’not have to be afraid.

While she-did not have the
latest statistics, Mrs Carter
said that breast cancer con-
tinues to be most prevalent
in women, prostrate cancer
in men and lung cancer

appears to be equal in both
Sexes.

However, she added that
these three cancers can all be
‘screened and detected early.

She encouraged everyone
‘to get their annual checkups
and screenings.

. “Be attuned to your bod-
ies,” she advised. ““Your body
will tell you if something is
“wrong if you listen.”

Those attending the ball
‘danced to the music of Visage Ce
and the Lou Adams orches- DIANE Lockhart presents a Cheque from British American to
tra. the president of the Cancer Society, Judy Ward-Carter



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DE Chipman-Johngon Vice President of the College of the Bahamas ° Felix
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Taking Control of Personal Finances, Mutual Funds and Retirement
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THE TRIBUNE



| LOCAL NEWS ve

Road Tratfic Department
expands sub-station services

THE Road Traffic Depart-
ment’s sub-stations at Fort
Charlotte and the Carmichael
Road administrative complex
will offer expanded services to_
the motoring public.

Effective immediately this



The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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

Share your news

will include first-time inspec-
tion and renewal of motor vehi-
cle inspection certificates; vehi-
cle registration and licensing;
transfer of vehicle registration;
and renewal of drivers licences.

Mr Jack Thompson, newly













appointed Controller of Road
Traffic said: “We expect that
this decentralisation of vital ser-
vices will reduce the congestion
at the Department’s headquar-
ters at the Clarence A Bain
Building on Thompson Boule-
vard. .

“We hope that the motoring
public takes advantage of this
enhancement in the quality of
services offered by the Road
Traffic Department and we
remind the public that both dri-
vers, licences and motor vehicle
registrations expire at the end of
birth months.”

The Road Traffic Depart-
ment’s sub-stations at both Fort
Charlotte and at the Carmichael
Road administrative complex
are open Monday _ to
Friday between 9.00 am and
4.00 pm.

PRICEWATERHOUSE(COPERS

POSITIONS AVAILABLE FOR ASSOCIATES

' PricewaterhouseCooper, Freeport Office is offering positions for staff accountants to pursue a programme

_of training culminating in a professional accountancy qualification. Prospective candidates should have a
graduate or undergraduate degree in accounting or related subject, and a track record of outstanding academic
results and social activity that exemplifies success as an achiever and leader. Applications are pele accepted
for the 2005 programme.

Successful candidates will undergo a period of rigorous training, both academically and on-the-job, with the
objective of developing professional skills. The positions offer excellent salaries and promotional opportuntties,
and benefits include medical insurance and provident fund. Also, as a team member of PricewaterhouseCoopers
there are opportunities to participate in the PricewaterhouseCoopers organization’s Dweuoua Exchange
Program. ;

Eligible candidates should submit their application by hand or mail along with a current curriculum vitae
no later than Friday, June 10, 2005 to:

Freeport, Grand Bahama, The Bahamas

Office Administrator
PricewaterhouseCoopers
Regent Centre East - Suite A
P.O. Box F-42682

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THE TRIBUNE MONDAY, MAY 30, 2005, PAGE 9

EL Commission defends its trade
policy: Caribbean should resist it

| insight

a &
“Copyrighted || Material

Syndicated|Content

vailable from Commercial News Providers”







cg «ube

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THE TRIBUNE


Se

MONDAY, MAY 30, 2005, PAGE 11

THE TRIBUNE



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PAGE 12, MONDAY, MAY 30, 2005

THE TRIBUNE: ”





l@ By KRYSTEL ROLLE

THE Bahamas has much to
celebrate and will have more
in the near future, according
to Financial Services and
Investments Minister Allyson




























Madeira Shopping Plaza
P.O. Box SS-5166
Nassau, Bahamas

Maynard-Gibson.

Mrs Maynard-Gibson was
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ninth annual CEO Network
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the British Colonial Hilton
Hotel on Thursday.

Tel: (242) 326-1879
Fax: (242) 324-5706
E-mail: sizes@coralwave.com

Open: Mon. - Sat.: 10am - 6pm








aaa a

CHRONOMAT EVOLU




TION

LOCAL NEWS

Mrs Maynard-Gibson said
that the conference’s theme,
“Global network strategies,”
expressed a positive outlook
for the Bahamas in the global
market.

“What I like about the term
‘globalisation’ are the nuances
of infinity, boundlessness, and
openness that it suggests.

“The opportunities for
Bahamians to participate,
compete and succeed in a
globalised environment are
likewise infinite, boundless,

“These are the attributes
that continue to make the
Bahamas a a strong destina-
tion for tourism, investment
and financial services,” she
said.

“We are citizens of the
world. The reality is that
Bahamians are not afraid to
compete with the best from
around the world. We have
always lived like the world is a
Global Village.”

Many Bahamians receive
world-wide notoriety in sev-



“We are citizens of the world.
The reality is that Bahamians |
are not afraid to compete with
the best from around the
world. We have always lived
like the world is a Global

Village.”



Financial Services and Investments
Minister Allyson Maynard-Gibson.

and wide open,” she said.
Bahamians have seen much
success in globalisation for

‘ many years. “For decades,”

she said, “we have been pro-
viding services to the world,
including people who visit our
shores.”

Some aspects of our global
appeal that have been in place

for years are our 275 years of .

political democracy, a legal
system that is well understood,
being common law based, a
strong relationship with our
neighbors, particularly the
USA, freedom from most
forms of taxation, and the
availability of essential public
services and utilities. ,





eral arenas, including sports,

music and movies. The
Bahamas has reared super-
stars like Sir Sidney Poiter,
Lenny Kravitz, “the Golden
Girls” and many more, she
said.

“Chandra, Savatheta, Deb-
bie, Pauline and Eldeece as

well as Tonique are names’

recognized around the world,”
said Mrs Maynard-Gibson.
The Bahamas is also popu-
lar in the tourism and financial
industries. For years foreign-
ers have had and taken advan-
tage of the opportunities pro-
vided in the Bahamas. The
government now wants to pro-
vide that same luxury for

Bahamians.

“We are actively working
with the banks and trust com-
panies to ensure that Bahami-
ans have the same opportuni-

.ties to live and work abroad,

on the same terms and condi-
tions, as non-Bahamians have
when they live and work in

Opportunities for Bahamas i:
globalised network are ‘infinite

the Bahamas.

“Policies like this would
make for a stronger core of
Bahamian professionals with

.global levels of experience,
and enhance our global com-

petitiveness. This is more than
a concept,” she added, “this
is our plan of action.”

“The wonder. of the
Bahamas is that God lives
here,” said Mrs Maynard-Gib-
son. “It is manifested in our
people whose many stories are

NOTICE

Please be advised that effective 24-May-05,

Ms. Veronica Higgs

is no longer employed by Morley Realty Limited

and is not authorized to undertake business on our
behalf whatsoever.

MORLEY REALTY

LIMITED



World class spa facility |

is seeking qualified

Massage Therapists

Applicant must:

+ Have formal education in Swedish,
Sports, & Deep Tissue massage.

* Hold high school diploma.







like those of our Acting Prime
Minister, from humble begin-
nings to acting Prime: Minis-
ter, or like Sir-Sidney Poiter,
from humble beginning
Oscar winning
accomplishmen




if pos-

sible because these Bahami-
ans are the best in the world
and they embraced their
opportunities to show that fact
to the world.”

The Tribune wants to hear |
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award..

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







% Have successfully passed the 500-hour AMTA curriculum or hold license
from an accredited massage therapy institution (preferably Steiner Education
Group/Florida College of Natural Health). /

** Be CPR certified.
+k Have excellent client care, guest service skills & be an effective communicator.

** Be self motivated, a team player & also maintain a neat, professional
appearance at all times.

** Be responsible, reliable, flexible & honest with high personal standards,
values & ethics.

** Prior experience in spa/hotel industry preferred.

Please email resume to dpaoffice@coralwave.com



SIMIAN AA


2005. PAGE 13

MONDAY. MAY 30

THE TRIBUNE



Every Woman



ion

Every Occas

f



Mall at Marathon

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iera St.

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PAGE 14, MONDAY, MAY 30, 2005

LOCAL NEWS

THE TRIBUNE



The Bahamas monitors

FDA Viagra inve

FROM page one

Cialis and one report from a
man who took Levitra, made
by GlaxoSmithKline Plc.
Health Minister Dr Marcus
Bethel said the ministry will
monitor the investigations.
However, he said, it was too
early to consider preventing the
sale of the drug in the country.

“There is no specific study’

at this time. What they are
doing is collecting information.
There is a small number of per-
sons with complaints of blind-
ness, but this is out of the mil-
lions of people who use the
product,” he said.

“Some companies have put
warnings saying that there could
be some loss of vision. Howev-
er the statistical information at

this time does not warrant
alarm. When you have 100 cas-
es around the world out of the
millions of persons who use the
product, that is not really sig-
nificant, statistically,” said Dr
Bethel.

“However we will monitor it.

obviously but I wouldn’t issue
any precautions on a national
basis. We try not to be alarmist,
but at the same time we have to
supply the public with the rele-
vant information.

“Certainly the report raises
the eyebrow, but once it reach-
es a Statistical point for alarm,
then we can go from there,” he
said.

One of the side effects of Via-
gra is minor vision problems in
which men who take the drugs
say they saw a whitish-hue when
looking at the colour blue.

According to the FDA, the
type of blindness can occur in
men who are diabetic or have

’ heart disease — conditions that

can cause impotence and lead to
Viagra use.

Pfizer responded to the
claims on its website Friday say-
ing:

“A review of 103 Viagra clin-

“ical trials involving 13,000

patients found no reports of
non-afrteritic anterior ischemic
optic neuropathy (NAION),.
Outside of clinical trials, Via-
gra has been used by more than
23 million men worldwide over
the past seven years and reports
of visual field loss due to
NAION are extremely rare.”
The release added that there
was no evidence that NAION
occurred more frequently in
men taking Viagra than men of



KIDZ Ciryv

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Montrose Avenue & Oxford Street ¢ 2 Doors North Of Multi Discount Furniture

Children vig Shoes, Socks, Hair Accessories, ats {aps etc









We Apologize For Any

INSURANCE MANAGEMENT

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a similar age and health who :

did not take Viagra.
“Pfizer is in discussions, with
the Food and 1 Drug Adminis--







tration;to update the Viagra °
‘ label to: reflect these rare ocular

occurrences.
“Viagra has a strong safety

ha i





j

4

pReble: and remaing an effectivei
medication that benefits mil-

lions of* ‘patients,* the release;

said, fg q



ip pane in

more than $4bn

FROM page one

smaller ones within the other
Family Islands.
While she would not elabo-

rate as to what the investments:

were, she said that the’ projects
would be primarily tourism
related as that was the pro-

pelling force of the Bahamian
economy.

Mrs Maynard-Gibson told
Parliament Street host Jerome
Sawyer that the move was part
of government’s plan in the
2005/2006 budget to ensure that
Bahamians maintained a hap-
py, healthy standard of living






Congratulations to Nia Cooper and her husband Brad.
Her prize includes roundtrip airfare, hotel and

$500 spending money!

Platex and Lowe’s thank all participants.

and that those in need received
assistance.

The minister explained that
government was always look-
ing at the four E’s in investment
when considering. which pro-.
jects to approve — employ-
ment, entrepreneurship, educa+
tion and environmental impact:

She said that more important
than just attracting investment
was to ensure that the projects
fit into the community on a’pars
ticular island.

According to Mrs Maynard-
Gibson, Prime Minister Christie
has focused on planning to
ensure that each island benefits
and can cope with the invest-
ments and that the government
can provide the necessary infra=
structure for the expanded com;
munity.

Mrs Maynard-Gibson said
the end result would be that
more Bahamians would havé
direct benefit through employ-
ment. She noted that although
some jobs may not begin at @
managerial position, there if
room for in-house training
which can take athard workin
individual to thé top of theit
field.

For persons who do not work
in the tourism industry, Mi
Maynard-Gibson said they wi
benefit as a result of ‘the infra
structure which «can be put if
place from the proceeds of the
investments. i













Distributed by Lowe's Wholesale, Soldier Road
Tel: 393-7111 Fax: 393-0440
ss SSLMaL ahi _ MUNDAY, MAY 9.0 PRUE Lo



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“
PAGE 16, MONDAY, MAY 30, 2005

LOCAL NEWS.

THE TRIBUNE





BARELY visible, yet in tune
with every aspect of work con-
ducted during Exercise Iron
Shield, Kerzner International’s
Director of Security and Sur-
veillance, Don Moss diligently

worked behind the scenes during.

the anti-terrorism exercise
recently staged at the Prince
George Wharf by the Port
Department and the country’s
security forces and emergency
response teams.

Kerzner International’s Secu-
rity Department, headed by
Basil Dean, Senior Vice Presi-
dent of Security and Surveil-
lance, was extended a special
invitation to participate in the
exercise by Captain Anthony

Allens, Controller of the Port.

Department and Lieutenant
Commander Herbert Bain,

Coordinator of the Port Depart-:

ment’s International Ship and
Port Facility Security Code.

Evaluator

Mr Moss, a.certified explo-
sives technician with extensive
training in anti-terrorist. activi-

ties, served as an evaluator dur- .

ing the exercise. He joined
numerous individuals from gov-

ernment and non-government:

organisations assessing the
response of the country’s-secu-
rity forces and emergency
response teams who descended

‘on Prince George Wharf for the

drill.

“It was most certainly consid-



@ KERZNER International’s Director of Security and Surveil-
lance, Don Moss pictured at centre recently served as an evaluator,
during Exercise Iron Shield. Mr Moss, a certified explosives tech-
nician with extensive training in anti-terrorist activities, is pictured
with Captain Anthony Allens, Controller of the Port Department
at left.and Lieutenant Commander Herbert Bain, Coordinator of
the Port Department’s International Ship and Port Facility Secu-

rity Code at right.

invite us (Atlantis) to partici-
pate, considering our proximity

. to.the Port facility and the fact

that we have so many passen-
gers from cruise ships that would

_ be docked at the facility, visiting
- our hotel,” said Mr Moss. “Any

incident having occurred at

(Photo: Anastasia Stubbs)

more than likely have an effect
on our operation, in that it may
be necessary to assist stranded
ship passengers who may have
been visiting our facility at the
time of an incident, in addition
to us possibly having to imple-
ment our own security incident
response plan.”

erate of the Port Department to prince George Wharf would
: : caetuc ee Mr Moss believes that opera-

tions, such as “Exercise Iron
Shield”, are critical to improving .
the response and coordination
of the country’s security forces
and emergency response teams
during a major disaster.

Employed with Kerzner Inter-
national for more than four and
a half years, Mr Moss is a former |
chief superintendent of security
for the Department of Civil Avi-
ation where he was responsible
for security at all government
operated airports.

Workshop

Mr Moss recently represented
Kerzner International at a Trade
Winds Exercise, Weapons of
Mass Destruction’ Incident
Response Workshop, held this
month in Antigua. The work-
shop, which was attended by
participants from several
Caribbean countries, focused on
ways to address terrorism
attacks, and covered topics such
as modern terrorism versus tra- .
ditional terrorism, suicide bomb-
ing ‘tactics, the effects of
weapons of mass destruction,
such as chemical, biological
nuclear and high explosives and
WMD proliferation.

In May of 2004, Mr Moss
attended the Incident Command
Coordination Workshop con-

’ ducted by the National Emer-
gency Management Organisa-
tion in Belmopan, Belize. The
workshop assisted in providing
scores of security and emergency
response experts throughout the:
West Indies with training in
response tactics and manage-
ment of major incidents involv-
ing mass casualties.

While commending Kerzner
International for its aggressive
stance towards the development
of its employees, Mr Moss said,
“It’s certainly exciting to be.a
part of a company that strives
to provide its staff with adequate
training to be able to meet the
challenges of today and one of
those challenges is always the
concern of:a possible attack A
terrorists.”

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PAGE 18, MONDAY, MAY 30, 2005

THE TRIBUNE



LOCAL NEWS



OB recognises students
who have made the grade

@ By LINDSAY
THOMPSON
Bahamas Information
Services

THE College of the
Bahamas held its annual hon-
ours convocation exercise last
week to recognise 1,027 stu-
dents who attained a grade
point average (GPA) of 3.0
and above in various areas of
academics.

Addressing the honourees.

assembled in the parking lot of
the Portia M Smith Student
Services Centre at the Oakes
Field campus, president Dr
Rodney Smith said it was a
great day to make a difference
at the college.

He said the students are
expected to carry the respon-
sibility of leading the country
and the institution to univer-
sity status.

“As we continue to move
forward, toward the establish-
ment of our university, we
must affirm the liberty to

aa

es The Bahamas Telecommunication Company Ltd. wishes to
inform the public that in an effort to improve service, an
equipment upgrade in the Fire Trail Road area will take place

1,027 attain GPA |

of 3.0 and above |

question and to learn without
boundaries imposed by dog-
ma and dictate,” Dr Smith
said. “As we move to establish
our university, we must affirm
the magnificence of an intel-
lectual enterprise charac-
terised by a diversity of view-
points, where intellectual
inheritance is preserved and
enhanced, but where it is
axiomatic that the fullness of
truth is never fully known and
the quest for knowledge is
never complete.”
Some 77 of the 1027 stu-
dents recognised — 498 for fall
2004, 529 for spring 2005 —
made the president’s list.
The honours. convocation
was established in 1994 as a

means to recognise students
for outstanding academic per-
formances during the fall and
spring semesters. Students are
recognised in two categories:
Dean’s List with a GPA of 3.0
to 3.49 and the President’s List
with a GPA of 3.50 or better.

Semester

The honourees were
required to carry 12 or more
credits per semester for con-
sideration to either list. In the
case of the President’s List,
students would have main-
tained at 3.50 or better for
both the fall and spring semes-
ters. é

Students on the Dean’s List

UPGRADE - FIRE TRAIL ROAD

smomeeagt

during the period Wednesday, May 25, to Friday, June 10,
2005 between the hours of 9:00am and 4:30pm.

As a result, subscribers in the following areas will experience
some service disruption:

e Fire Trail Road South of Frelia Subdivision and all
side corners up to Linkford Close .

e Fire Trail Road West of Linkford Close and all
side corners up to Hamster Road

e Shell Fish Road West up to Stanford Street

e Hamster Road West

J

BTC apologizes for any inconvenience caused and assures
that public that every effort will be made to keep disruption

to a minimum.

1

received a certificate bearing
the College/University of the
Bahamas seal and the signa-
ture of the dean. Those on the
President’s List received a
plaque bearing the Col-
lege/University of the
Bahamas seal. Students grad-
uating with an accumulative
GPA of 3.5 or better received
a distinction cord, which will
drape the student’s robe on
commencement day.

President Smith commend-
ed the honourees on their
attainments and congratulated
their parents for supporting
their children.

He referred to a recent
report, “The Millennium Gen-
eration: What’s The Impact
on Campus”, in which
researchers focused on stu-
dents born from 1982 onward.
According to William Straus
and his associates at Life
Course Associates, “this gen-
eration of students is smarter,
more credentialed, and more

tech-savvy than all their pre-

decessors.”

Honours Awards

Regarding the students as
the millennium generation
with several distinct charac-
teristics, Dr Smith told the
honourees that their diversi-
ty includes a bigger gender
shift from males to females
going to college; and that the
parents of the younger “mil-
lennians” are likely to view
college as a product with a
“cash value”.

Challenges

He added that the Millen-
nium Generation must “learn
how to learn” as they continue
to face and conquer new chal-
lenges ahead. Dr Smith also
admonished the honourees to
acknowledge that-they live in
a period of super, rapid
change that is shaping
the domain in which univer-
sities operate “that of knowl-

edge” creation and transmis-

sion.

“Not only are you more
trans-national, you are more
adaptive, more diverse, and

you place a higher value on
higher education than those

‘that went before you,” Dr

Smith said.

“You are also more chal-
lenged by a rapidly changing
world, the very society around
you requires that you learn
how to learn and that you do
it in record time.”

Dr Smith told the students
that in order to fully prepare
themselves and generations
for an ever-emerging and
transforming world, they must
join with COB’s faculty and
staff to ignite its transforma-
tion. .

“In the process of transfor-
mation, however, we must
confirm the significance of this
college, the College of the
Bahamas, as we affirm our
future university’s values, \
values that are the antithesis
of any attack on our humanity.
And in doing, we must affirm
that our university will be a
community of openness,
opportunity and optimism,”
Dr Smith said.

at St Cecilia

TWENTY-SIX students were awarded for their scholastic achievements on Friday at the
St Cecila Community Coconut Grove Festival.
The lucky students, including Cindy Kemp who is pictured here with Acting Prime
Minister Cynthia Pratt and Minister of Education Alfred Sears, were given St Cecilia

Honours Awards and bicycles.











airing on

BAHAMAS

tuesday, may 31

at 8:00 pm

also airs on cable 12
after the news update.





bringing you the latest news and events
from, and about the people at

aves
HARBORSIDE

7CEANTS Meso One@Onb
PARADISE ISLAND oe Ocean Club

the kerzner TODAY team

anastacia stubbs, katie longley, charles johnson, elgin hepburn
‘stacy campbell, eric hall, rachela tirelli, sandra eneas





(Photo: Mario Duncanson/Tribune staff)

“Copyrighted Material

Syndicated Content
Available from Commercial News Providers”









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POWER BUYS POWER BUYS POWER BUYS POWER BUYS POWER BUYSIE POWER BUYS
ROBIN HOOD TOASTED HUNTS WOOLITE COTTONELLE — CARDINAL .
FLOUR WHEAT KETCHUP LIQUID ORIGINAL nv OUL OEE EVAPORATED |
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POWER BUYS § POWER BUYS B POWER BUYS § POWER BUYS § POWER BUYS & POWER Tied
GATORADE FRANCO AMERICAN |. PALMOLIVE BLANCO CREAMETTE LAYS 4
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MEATBALLS SCENTS ae (NASSAU ONLY): |
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MONDAY, MAY 30, 2005, PAGE 21

THE TRIBUNE












“Copyrighted Material

Syndicated Content
Available from Commercial News Providers”





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PAGE 22, MONDAY, MAY 30, 2005 THE TRIBUNE
INTERNATIONAL NEWS j

Bethel Brothers Morticians BR i | | ( li ti tO 1) tO As k

Telephone: 322-4433, 326-7030
Nassau Street, P.O.Box N-1026

for helo for Maldives

PETER ROLLE,
76 o— «



of #20 Yamacraw
Beach Estates, will be
held on Tuesday at 3:00
p.m. at Bethel Baptist o
Church, Meeting Street.
Pastor Timothy
Stewart's church, assisted by Rev. Dr. Kendal
Stubbs and Rev. Elmond King will officiate. 7
Cremation will follow. '

He is survived by his wife, Daisy Rolle;
One son, Brad Rolle; one daughter, Bonnie 7
Rolle; one daughter-in-law, Florence Rolle; a
one aunt, Mary Rolle; two uncles, Josep’
Whymms, and Vernal Rolle; three brothers-
in-law, Alvin, Charles D. and John King; one
sister-in-law, Rose Marie Major.

Be otter «





» Be

Numerous nieces and nephews
| including Norma Wallace, Cynthia Poitier and

“Copyrig! hted Material
Samuel Wallace; numerous grand nieces

: Syndicated Content
Samuel Willam, Govanni, Philp, Kyite va, | AVailable from Commercial News Providers”

Demetrie, Christene, Shania, Sheria King,
Kendra Major; grand nieces, Valencia Miller |
and Diamond Berry.

Many other relatives and friends |

‘including, Mr Gonzalez, Edris Roberts, Ruth
Johnson, Rutherford Johnson, Glen Romer, |

' Philip, Bruce Sweeting and family, Christie
Knowles and family, Tappy Davis and family,
Christine Mackey and family, Bertram
Johnson and family, Net Fernander and family,

| Freddy Ferguson and family, Charles Grant,

| Ed Ferguson, Manfred Strachan and family, |
Kelson Roberts and family, Wenda I. Gaitor,
Paul, "Ghost", Telson Roberts, Marjorie King |
and family, The Atlantis Paradise family, the
Yamacraw Beach Estates family, Enoch
Cunningham and Tom Stubbs, Pastor |
Stewart, the Bethel Baptist Church family |
and Bethel's Senior Saints.



GN - 216

MINISTRY OF FINANCE

CARIBBEAN DEVELOPMENT BANK

CAREER OPPORTUNITIES
Applications are invited from suitably qualified nationals of the Bank’s member countries to fill the
following positions at its headquarters located in Barbados:

‘SALE ON SHOE IS EQUAL OR LESSER n7Nat . Legal Department:

° Legal Counsel

, Economics Department:
, * Social Researcher
* Country Economist
The Bank’s member countries are the Commonwealth Caribbean countries together with Colombia,

Vi ARATH oO EN ue AL L | Mexico, Venezuela, Canada, Germany, Italy, the United Kingdom and the Peoples Republic of China.

Full details including the requirements for each position and general information about the Caribbean

| TOWN C = NI T [= [ee i AL i. Development Bank (CDB) may be obtained by accessing the Bank’s web page at http://www.caribank.org.
The Bank routinely places information on career opportunities on its website.
CENTREVILLE | |

CDB is a multi-lateral istelonitent: finance i institution that works in “Collaboration with its Béiowing psy oe
Member Countries to promote sustainable, social and economic development within these countries
and economic cooperation and integration among them.



BEES PULLERS SPSL LETT TY COSTS BD


THE TRIBUNE



st Peters
Kasil a
dome is
oct to be
restored



_
.Copyrighted Material
Syndicated Content ¢

Available from Commercial News Providers”

GN - 215

DEPARTMENT OF CIVIL AVIATION



PUBLICATION BY THE MINISTRY OF TRANSPORT & AVIATION
DEPARTMENT OF CIVIL AVIATION
PARTICULARS OF AN APPLICATION TO OPERATE

SCHEDULED AIR SERVICES

In accordance with the provisions of Regulation 9 of the Civil Aviation (Licensing
of Air Services) Regulations 1976, the Minister responsible for Aviation hereby
‘| publishes the following particulars of the under-mentioned applicant to operate
scheduled air services to and from The Bahamas.
PARTICULARS OF APPLICATION
1. Application: SPIRIT AIRLINES, INC.
2. Date of first publication: 30th May, 2005

3. Routes: BETWEEN ORLANDO ON THE ONE HAND AND NASSAU
ON THE OTHER. .

4. Purpose of services: Passenger, mail and freight.

5. Provisional time table:
Local Times

Orlando/ Nassau 1430/1555
Nassau/ Orlando 1235/1355

6. Frequency of flights: See above time-table.

7. Type of Aircraft: MD80

Any representation regarding or objection thereto in accordance with Regulation 10
must be received by the Permanent Secretary, Ministry of Transport & Aviation &
the Department of Civil Aviation within fourteen (14) days after the date of first
publication of this Notice.

ARCHIE NAIRN
PERMANENT SECRETARY



MONDAY, MAY 30, 2005, PAGE 23

INTERNATIONAL NEWS



> MINISTRY OF TRANSPORT & AVIATION

MINISTRY OF FINANCE

DECLARATION OF EXIGENCY (No. 10)

The Minister of Finance, pursuant to the provisions of Item 11 of Part
B of the Fourth Schedule to the Tariff Act, hereby declares the following
exigency to be an exigency which qualifies for the purposes of the

exemption permitted under the said Item 11, namely- Xt

the urgent need for goods specified in the Schedule which the
Minister is satisfied are intended for the relief of persons who have
suffered hardship or loss as a result of the hurricanes known as
"Hurricane Frances" and "Hurricane Jeanne", and whose
documentation were received, but the importation was not before a”
31° March 2005. | | ‘i

The Minister of Finance further declares that the importation of goods
under the provisions of the said item 11 are only permitted during the period
commencing on Ist April, 2005 and ending on the 30th June, 2005.

SCHEDULE

’ DUTY FREE GOODS
-Part A

- Building Materials
Electrical fixtures and materials
Plumbing fixtures and materials”

Household furniture and appliance

Part B [Farming Industry]

1. Supplies for the reconstruction and repair to greenhouses
and shade houses: polyethylene sheeting, insect proof mesh,
filters, polyethylene tubing, PVC pipes, PVC connectors,
PVC cement, cables, ties, poly paneling, plant sleeves,
timers, plant pots, and soil-less growing media for plant
growth.

2. Supplies for the reconstruction and repair to poultry houses
and processing plants: layer cages, feed silos, feeders, water
dispensers, poultry processing equipment, egg processing

equipment

3. Refrigeration systems for chilling and freezing of poultry

products: compressors, evaporators, condensers arid

4. Supplies for the reconstruction and repair of irrigation
systems: filters, PVC pipes, PVC fittings, sprinkles,

‘emitters, timers and valves.

5. Nursery stock for the re-establishment of fruit orchards:
grafted plants, liners, cuttings and tissue cultured plantlets.

6. Items required for fencing: fence posts, cattle wire, fencing

pliers, fencing staples and cattle gates.

Part C [Fishing Industry]

1. Galvanized sheeting (galvalume) for the construction of |

crawfish habitats

2. Refrigeration gear and parts for the chilling and freezing of

fisheries products: evaporators, compressors and condensers.

3. Equipment and Supplies for the reconstruction and repair to
seafood processing plants.

Part D

Motor Vehicles*
Motor Cycles*
Golf Cart *

Where any abuse or misuse of goods imported under this Declaration

is observed, the goods. may be seized and disposed of in accordance with

Section 83 of the Customs Management Act.

*Approval to be sought by application to the Ministry of Finance. Exemption shell be based on the market
value of the motor vehicle destroyed on the date of the hurricane.

wt
Dated this A of April, 2005

Signed: Perry G. Christie

Minister of Finance
THE TRIBUNE

PAGE 24, MONDAY, MAY 30, 2005
INTERNATIONAL NEWS



1{Copyrighted\Material
pe Syndicated Content faches

~~ . * see

mmercial News Providers

O.
O
3
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MONDAY, MAY 30, 2005

SECTION



business@100jamz.com



Probe into

@ By NEIL HARTNELL
Tribune Business Editor

THE Securities Commission
is investigating whether a
Bahamas-domiciled investment
fund with more than $200 mil-
lion in assets, which was placed
into voluntary liquidation by its
directors last week, was oper-
ating without an administrator.

Highly-placed sources sug-
gested that the Olympus Uni-
vest Fund, which is connected to
the controversy-stricken Cana-
dian-based asset manager, Nor-
shield Financial Group, was.a
“potential black eye” for the
Bahamas as a jurisdiction,
depending on the outcome of
the Commission’s investiga-
tions.

One source suggested: “It
ycould result in a serious adverse
reputation for the jurisdiction.”

The Olympus Univest Fund’s
administrator had been Cardi-
nal International, which was
based in the British Colonial
Hilton’s Centre of Commerce
until earlier this year.

Stephen Hancock, Cardinal
International’s former head; is
understood to have been a
director of the Olympus Uni-

vest Fund, although there is

nothing to suggest he or the
company have done anything

wrong. It is normal practice for

administrators to sit on the

Boards of funds they oversee.
After Cardinal International

wound itself up earlier this year, .

a Barbados-based bank, Olym-
pus United Bank & Trust, pur-
portedly took over as the
Olympus Univest Fund’s
administrator, but regulators
are checking into this.

Subsidiary

The bank is part of the Olym-
pus United Group, which in
turn is a subsidiary of the Nor-
shield Financial Group. The
Ontario Securities Commission
temporarily suspended the reg-
istration of both groups earlier
this month, after Olympus
announced on May 2 that it was
deferring redemptions of invest-
ments made in several of its
hedge funds.

The Ontario Securities Com-
mission, after a review of the
two companies, said: “Norshield
and Olympus have been unable
or unwilling to adequately
explain the investment struc-
ture and flow and location of
client funds.”

“TO avery great extent I
think it’s the connection
between Norshield, Olympus

Concerns over
‘CSME providing

required opt-outs|

B By NEIL HARTNELL
Tribune Business Editor

THE revised Caribbean
Single Market and Economy
(CSME) Treaty does not pro-
vide “the unequivocal and
absolute waiver conditions”
the Bahamas wants on reserv-

ing itself from provisions on
the free movement of labour

throughout the Caribbean, the--|

Trade Commission believes.
In its 2003 report on the

implications of joining the

CSME, which has never -

SEE page four



Firm ‘used to
cleavd heonwk’

“Copyrighted Material

‘ Syndicated Content
Available from Commercial News Providers”



@ By YOLANDA DELEVEAUX
Senior Business Reporter

THE Supreme Court ruling
against the Save Guana Cay
Reef Association (SGCRA)
last week, which dismisséd an
injunction filed against the
government to halt the $175

Micronet

Business sector happy with
Great Guana Cay verdict



—_




million Baker’s Bay Golf and
Ocean Club development, has
been supported by the busi-
ness community. Many believe
that a ruling against the gov-
ernment could have spelled

doom for foreign investment. |

SEE page four














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Univest and Cardinal,” a source
told The Tribune of the Securi-

ties Commission’s investigation

in the Bahamas.
Although the probe is in its
early stages and no findings

have been made, it is claimed:

that “a lot more” than $200 mil-
lion could have been invested
in the Olympus Univest Fund.

Sources told The Tribune

that the fund’s directors had

taken the decision to put Olym-
pus Univest into liquidation last
week, with letters then mailed

out to investors, who typically
make their investments in

mutual and hedge funds by buy-
ing classes of preference shares.

Clifford Culmer, of BDO
Mann Judd, has been appointed
as the Olympus Univest Fund’s
liquidator. He has plenty of
experience in complex liquida-
tions, having in the 1980s taken
care of the Nassau branch of
Banco Ambrosiano, part. of the
network established by the mur-

“dered ‘God’s banker’ Roberto

Calvi, and is currently handling

the Americas International

Bank Corporation liquidation.
‘ Olympus stopped returning
monies invested in its funds to
investors following-a run of
redéimption’ requests sparked

SEE page four

Miami Herald Business, Stocks, Analysis, Wall Street

@ By NEIL HARTNELL
Tribune Business Editor

THE government has been urged to “come
clean” on the costs associated with Caribbean
Single Market and Economy (CSME) mem-
bership, with a Bahamian attorney saying

this nation could end up paying $25 million
per year to a development fund to aid “dis-
advantaged” Caribbean states.

‘Brian Moree, senior partner at McKinney,
Bancroft and Hughes, who has repeatedly
called for the Bahamian people to be properly
informed about the implications of joining
the CSME, said that under the revised treaty’s
Chapter seven discussions were being held
about establishing a CARICOM Develop-
ment Fund for disadvantaged countries.

Mr Moree said: “It has been suggested that

under the requirements of the revised treaty, .

the Bahamas, if it signed that document,
would have to contribute millions of dollars to
certain funds and other regional bodies
designed to assist the less developed coun-
tries.

“While a final decision has not yet been
made, I understand that consideration is being
given to each member state contributing to
this Fund an amount equal to 0.5 per cent of
GDP. In the case of the Bahamas, this would
be approximately $25 million.”

Mr Moree added: “Some of our officials
believe that the Bahamas would not even

. qualify for benefits under this Fund in view of
our favourable economic position.

“The government should’clarify es matter



@ BRIAN Moree

and inform the Bahamian people of the antic-
ipated costs associated with membership in &
the CSME.

“In view of the fact that the Bahamas has &
over twice the GDP per capita of 12 of the
other 14 member states, one would expect |
any contributions by our country to be sub-
stantial. I wonder how many more conditions ji
like that are hanging around? What other.

SEE page three



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PAGE 2B, MONDAY, MAY 30, 2005

THE TRIBUNE



»

Taal



@ By FIDELITY CAPITAL
MARKETS

IT was a quiet week in the
Bahamian market, with 22,964
shares changing hands. For the
week, the market saw seven out
of its 19 listed stocks trade, of
which four advanced, one
declined and two remained
unchanged.

The big advancers for the
week were Cable Bahamas
(CAB) and Bank of the
Bahamas International, whose
share prices rose by $0.15 and
$0.03 respectively to close at
$8.65 and $6.35.

The volume leader for the
week with 7,400 shares trading
was Fidelity Bank (Bahamas),
which accounted for 32 per cent
of total shares traded to close at
a new 52-week high of $1.06.





BISX

SYMBOL PRICE

AML $0.95 $-
BAB" $1.06 $0.01
BBL $0.85 $-
BOB $6.35 $0.03
BPF $8.50 $-
BSL $12.25 $-
BWL $1.50 $-
CAB $8.65 $0.15
CBL $8.62 +$0.02
CHL $2.20 $-
CIB $8.46 $-
DHS $1.79 $-
FAM $4.02 $-
FCC $1.27 $-
FCL $8.35 $-
FIN $10.46 $-
ICD $9.60 $-
JSJ ~ $8.22 $-
KZLB $6.10 $-
PRE $10.00 $-






DIVIDEND/AGM NOTES:



The Local Stock Market

FINDEX 435.63 YTD 1.321%
CLOSING CHANGE VOLUME YTD PRICE

@ AML will hold its Annual General Meeting on June 7, 2005,
at 10am at Our Lucaya Hotel Freeport, Grand Bahama.

@ JSJ will hold its Annual General Meeting on May 30, 2005,
at 6pm at the Radisson Cable Beach Resort, West Bay Street,
Cable Beach, Nassau, Bahamas.

COMPANY NEWS
Freeport Oil Company (FCL)

FCL, the monopolistic dis-
tributor of oil and gas products
in Grand Bahama, produced
flat financial results for the peri-
od ending January 31, 2005.

The results, which lined up
with Fidelity’s expectations,
show the direct impact of
increased expenses due to hur-
ricanes that hit the island in
2004, coupled with an increase
in other income due to insur-
ance payments.

For the six months ended
January 31, 2005, FCL posted
a net income of $2.91 million,
which represents-a small
increase of $9,000 or 0.31 per
cent over the same period last
year. .























CHANGE
0 -13.64%
7400 10.42%
0 0.00%
3000 10.43%
0 6.25%
0 -5.77%
0 - -16.67%
3200 21.83%
1526 21.41%
0 0.00%
0 12.95%
0 19.33%
900 1.52%
0 -36.18%
0 4.38%
500 7.84%
0 -2.93%
0 0.00%
6438 0.83%
0 0.00%













Sales and revenues climbed
by $7.8 million or 30.2 per cent
to total $33.7 million, while
expenses increased by $8.1 mil-
lion or 35.5 per cent to total
$31.1 million.

Operating income stood
at $2.6 million or $308,000
under the equivalent figure in
2004, and earnings per share
(EPS) remained unchanged at
$0.34.

Net income, as a percentage
of revenue, for the period end-
ing January 31, 2005, stood at
8.63 per cent, a 2.58 per cent
decrease from last year’s figure
of 11.21per cent. .

Bahamas Waste Ltd (AGM)

At the BWL Annual General
Meeting held last Tuesday,
shareholders left the meeting
with a smile on their faces.

The main focus and cause of
excitement was the construc-
tion of the new medical waste
facility, which opened in April
2005.

Announced at the meeting
was the signing of BWL's first
medical waste contract with
Doctors Hospital Health Sys-
tems.

And Princess Margaret Hos-
pital will be discontinuing the
incineration of its own medical
waste, which will be handled by
BWL going forward.

When asked about the
expected revenue from medical
waste services, an estimate of
$700,000 for the 2006 year-end-
ing was given, with an estimated
net cost of $250,000.

’ For the year ending Decem-
ber 31, 2004, net income stood
at $513,000, which represented
an increase of $173,000 or 43.5
per cent over 2003's figure of
$357,000.

Net revenues increased by
$598,000 or 13.6 per cent to $4.9
million, while earnings per share
stood at $0.12, a $0.04 or 50 per
cent gain.

Peter Andrews, BWL’s chair-
man , confirmed that the
company resumed the payment
of dividends with a dividend
payment of $0.06 during May
2005.

Colina Holdings (CHL)

The saga continued and came
to a head last week as CHL pro-
vided its shareholders and the
public with an official
announcement.

As anticipated at the Extra-
ordinary General Meeting
(EGM), James Campbell and
Ravi Jesubatham were official-
ly voted off the Board of Direc-
tors and removed from their
posts at Colina Holdings.

Replacing them are three
new directors, Zhivargo Laing,
MacGregor Robertson and
Ednol Farguharson. Also
announced was the name
change from Colina Insurance
Company to Colinalmperial
Insurance Company.

At a directors meeting held
after the EGM, the appoint-
ment of a new management
team was discussed and voted
on.

The new ColinaImperial
Insurance Company manage-
ment team will consist of Guy
Richard as president and chief
executive; Michael Cunning-
ham, vice-president of finance;

Keith Major, senior vice-presi- _

dent and.general manager; Glen
Ritchie as vice-president of
operations; Dashwell Flowers
as vice-president of sales; and
Linda Jarret as vice-president
of group benefits.

Cable Bahamas (CAB)

CAB held its AGM on
Thursday, May 26, at the Nas-
sau Beach Hotel. It was chaired
by the new chairman, Brendan
Paddick.

The highlight of the evening

was the presentation by. Antho- .

ny Butler, Cable’s president and
chief operating officer, on the
2004 results and the results of
the first quarter 2005.

The strong growth in revenue
and net income that occurred
in 2004 continued in the 2005
first quarter. For the quarter,
revenue was up 17 per cent, net
income up 25 per cent and the
share price was up 16 per cent.
These results bode well for the

remained of 2005.



why hon on |

ECO

iD e



W





foe hr El

att"

CE. LOWEST

7 CONN ec 7 ED:
f ’

O RR KS
RATES. PERIOD.

942 677 1111

www. incdigonetworks.com

HUNTING * CLASS FEATURES
>MMUNICATIONS SOLUTIONS —

International Markets

FOREX Rates

Weekly
1.2539
1.8237
1.2579

% Change
-0.94
-0.17
0.16

CAD$
GBP
EUR

Commodities

Weekly
$51.85
$425.20

% Change
10.79
1.79

Crude Oil
Gold

International Stock Market Indexes:
Weekly
10,542.55
1198.78
2,075.73
11,192.33

% Change
0.67
0.79
1.43
1.40

DJIA
S&P500
NASDAQ
Nikkei



“Copyrighted Material
Syndicated Content

Available from Commercial News Providers”

Capital access plagued by:

‘cartel-like stranglehold’ | 2

FRED Mitchell, minister of
foreign affairs, is surprised that

-Bahamian ‘small businesses have

not conducted “a more vocifer-
ous campaign” against what he
described as a “cartel-like stran-
glehold” on access to capital.
Mr Mitchell told Small Busi-
ness Association of the
Bahamas that the proposed
Caribbean Single Market and
Economy (CSME) held out the
prospect of better access to cap-
ital and overseas markets for
Bahamian businesses.
However, Bahamian compa-
nies may not be able to take
advantage of the possible

_CSME capital and market

access benefits, as the minister
reiterated the government’s
standpoint that the Bahamas
wanted to maintain the “status
quo” in regard to CARICOM.
This means that the Bahamas

a
would maintain its political ;
membership in CARICOM;
“but reserve its position on the ,
economic side” and not partici- ;
pate in the CSME.
The minister said: “As the,

‘future demands increase, we,

must find a way to improve the
access to capital and of cheaper;
goods. “4
“T cannot understand why.
there has not been a more vocif:,,
erous campaign to remove the,
cartel-like stranglehold on,
access to capital that has retard-.
ed the growth of the Bahamian
business community.” ie
He denied there was a five;

-year time limit on the CSME.

reservations the Bahamas was,
seeking, contradicting CARI-
COM officials who had said the:
agreement of all other member.
states would be needed to,
extend them beyond this period.

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PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, WYSLAINE LOMOND
of Nassau, Bahamas, intend to change my name to
WYSLAINE MEMENON. If there are any objections to this
change of name by Deed Poll, you may write such objections
to the Chief Passport Officer, RO.Box N-742, Nassau,
Bahamas no later-than thirty (30) days after the date of

publication of this notice.



NOTICE

NOTICE is hereby given that ARTHUR DIEUJUSTE, JR. 10701
ROYAL PALM BLVD #8 CORAL SPRINGS, FL 33065, is applying
to the Minister responsible for Nationality and Citizenship, for

registration/naturalization as a citizen of The Bahamas, and that
any person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 23rd day of MAY,
2005 to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.


THE TRIBUNE

MONDAY, MAY 30, 2005, PAGE 23



Bi By YOLANDA DELEVEAUX
‘Senior Business Reporter

DESPITE evidence of a fairly buoyant
economy in the 2005/2006 Budget, mem-
bers of the Bahamian business commu-
nity expressed concern over the rising
level of expenses and continued borrow-
ing by the government.

In an interview with The Tribune,
Mike Anderson, vice-president and chief
financial officer of Fidelity Merchant
Bank and Trust, said the government’s
inability to increase revenues to ade-
quately cover expenses was cause
fdr concern, and could not continue
indefinitely if the economy was to
experience steady growth over the long-
term.

(Mr Anderson said the government
cguld not indefinitely look to cover its
expenses by borrowing, a situation that
cguld lead to problems for the country
down the road.

‘He added that the fiscal deficit seemed
ta be a recurring problem, and that the
government did not seem be able to
céme up with a solution to fix the prob-
lem

“The government seems unable to cut

Worry at rising government
borrowing and expenditure

Business people voice concern

about levels of public staffing

recurrent expenditures, which is largely
made up of salaries. For both parties,
they need the vote so it’s hard to cut staff
levels, so the bulk of the expenditure
continues forward,” Mr Anderson said.

Challenge

During Wednesday’s reading of the
Budget by acting prime minister Cynthia
Pratt, MPs were told that the govern-
ment was finding it increasingly chal-
lenging to collect revenues equal to 20
per cent of the country’s GDP, which
could mean that other forms of taxation
may be implemented to ensure a strong
economy.

Mrs Pratt said the level of government
debt had risen inexorably since 2000 as
the result of expansion of essential pub-
lic services, a situation that has resulted in

fiscal deficits being serviced by govern-
ment borrowing.

Mr Anderson was, however, happy to
see a reduction in the tax on a number of
imports, such as generators. He said the
decision represented a good step by the
government, and recognised that indi-
viduals should not be penalised for bring-
ing in an emergency power supply, as
generators providean essential supply of
alternate power for businesses and
homes, particularly as the hurricane sea-
son begins.

The chairman of Arawak Homes,
Franklyn Wilson, said of the 2005/2006

_ Budget that there was a lot that could
be called good news, as it reflected a.

favourable economic climate.

. One area of concern for him was
aspects of the Stamp Tax Act, as the pro-
posed changes may have an adverse
impact on the rate of economic growth.





@ FIDELITY Merchant Bank ia Trust’s a Anderson



Hidden cost of CSME

¢
é
¢

‘FROM page one

costs are associated with the

Bahamas signing the revised.

tyeaty?”

Mr Moree said the Bahamas
had already contributed $9 mil-
lion to the Trust Fund that
fimances the Caribbean Court

of Justice, even though it would
not hear the Bahamas’ appel-
late matters, at a time when
“the infrastructure of th courts
in the Bahamas is collapsing
~ and the administration of jus-
tice in this country is in desper-

ate need.of additional funding.” ..

The attorney, who also chairs

the Financial Services Consul- ’

tative Forum, questioned the
Government’s position on what
would happen if the Bahamas
did not sign up to the CSME.
Mr Moree said the suggestion
that the other nations will pro-
céed under the treaty and that
the Bahamas will not be allowed
to be a CARICOM member if it
failed to sign was “doubted by
many Bahamian people”.

“He pointed to article 234 of
the revised Treaty of Chaguara-
mas, which said: “This Treaty

shall enter into force on the ©

deposit of the last instrument
of ratification by the states men-
tioned i in paragraph 1 of Article

"Given that the Bahamas was
among the countries named in
that paragraph, Mr Moree said:
“On this basis it has been sug-
gested by many people that the
revised treaty will not come into
force if the Bahamas does not
sign it. That would leave the
current position in place, where
the Bahamas is a.member of

CARICOM but not a member
of the Common Market.
“Either the Bahamas and
every other member of CARI-
COM can veto the revised
treaty, thereby stopping it from

- coming into force or it cannot.

The government should answer
this simple question.”

Mr Moree said it was “diffi-
cult to understand” the position
adopted by Fred Mitchell, min-
ister of foreign affairs, that there
would be no.economic implica-
tions for the Bahamas if it
signed the revised treaty and

maintained the reservations.on.:

the Common External Tariff,
Caribbean Court of Justice, free
movement of labour and mon-
etary union.

Urging the government to
“make full and frank disclo-
sure” of all material facts relat-
ing to the Bahamas joining the
CSME, Mr Moree called for
“straight talk” on the nature of
the decision made by the cabi-
net on December 21, 2004, in
relation to the CSME.

He urged the government to
publicly state whether it had
already decided to join the
CSME and was now attempting
to educate the Bahamian people
on the issue, or whether that
Cabinet decision just involved
a consultation exercise prior to a
final decision being made.

“Either a final decision has |

been made regardless of the
views of the Bahamian people
or the government has yet to
make its final decision on this
important matter,” Mr Moree
said. “Surely we are entitled to
have.a straight answer to this
fundamental question. If a final

decision has not yet been made,
the government should tell the

.Bahamian people when it

intends to make that decision.”

Acting Prime Minister Cyn-
thia Pratt said during the Bud-
get presentation last Wednes-
day that the government would
not enter the CSME or any oth-
er international agreement if it
was not in the Bahamas’ best
interests, although she did not
confirm whether a decision had
been made.

Mr Moree also said many
government statements on the
CS:



leaders, drawing on a lecture by
Guyanese professor Clive
Thomas, in which he described
political union as “the
inescapable logic” of a single
economy. The latter added that
a single economy could not be
achieved if all CARICOM states
maintained full sovereignty.

The McKinney, Bancroft and
Hughes senior partner added
that the St Kitts and Nevis
prime minister had also recent-
ly observed that the CSME’s
economic goals could not be
achieved without some kind of
political union.

Mr Moree questioned
whether the Bahamas was com-
mitted to the CSME’s “core
objectives” of a single econo-
my and a process of political
integration leading to the cre-

‘ation of a “powerful centralised

bureaucracy” to oversee this.

He added: “If we are not, then
the Bahamas should not sign the
revised treaty and join the
CSME. To join the movement
and seek to ‘opt out’ of its major
objectives is unwise and contrary
to our national interests.

were..“incompatible? foo.
with those of other Caribbean

Approximately one- third

NOTICE
FOR SALE BY PUBLIC TENDER

Commercial Building - Freeport, Grand Bahama - Lot 6, Block
D. In particular the property is on the northeast corner of the
Mall Drive and Pioneer’s Way, in the centre of the downtown
business district of Freeport.

The property consists of a tract of 1.04 acres of land which is
the subject of a lease from Freeport Commercial and Industrial
Limited which has 64 years to run. Erected on the said land is
| mn. approximately 9,141 sq.ft.
é property is paved with asphalt
for parking and the remaii en iS srenencaped



Interested parties should: abit written offers with telephone
contacts and postal addresses to the Joint Official Liquidators,
P.O.Box N-3748, Nassau, Bahamas or P.O.Box F-43746,
Freeport, Grand Bahama.

Telephone Inquires: 326-8737 or 373-3015
Fax: 302-4870 or 373-1468

Terms: 10% deposit upon acceptance of offer; balance upon.
completion.

All offers must be received by June 24, 2005

THE LIQUIDATORS RESERVE THE RIGHT TO
REJECT AND/OR REFUSE ANY OFFER.



NOTICE

| NOTICE is hereby given that ARIOLE DIEUJUSTE, 10701
| ROYAL PALM BLVD #8 CORAL SPRINGS, FL 33065, is applying
to the Minister responsible for Nationality and Citizenship, for

Pricing Information As Of:
05

2D

me" (Colina
— Financial Advisors Ltd.

registration/naturalization as a citizen of The Bahamas, and that
any person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 23rd day of MAY,
2005 to the Minister responsible for Nationality and Citizenship,
r RO.Box N- 7147, Nassau, Bahamas. Benchmark
Bahamas Waste

f dl E Fidelity Bank
, A : Cable Bahamas

PUBLIC NOTICE Seales
INTENT TO CHANGE NAME BY DEED POLL

Doctor's Hospital |
Famguard
Finco
FirstCaribbean
The Public is hereby advised that |, LOSIE VERTILUS, of ae Cankiste
Bellot Road, Nassau, Bahamas, intend to change my name 1D Uuntles
to LOSIE LAFRANCE. If there are any objections to this
change of name by Deed Poll, you may write such objections
to the Chief Passport Officer, PO.Box N-742, Nassau,
Bahamas no later than thirty (80) days after the date of
. publication of this notice.

Abaco Markets
Bahamas Property Fund
Bank of Bahamas
















J. S. Johnson
Kerzner International BDRs





Weekly Vol.




Bahamas Supermarkets
Caribbean Crossings (Pref)
RND Holdings




ast 12 Months



Colina Money Market Fund 1.216402*

HELP WANTED

Small family restaurant in Western District is
seeking to employ:

Fidelity Bahamas G & | Fund 2.2420 ***
Fidelity Prime Income Fund 10.3539*****
2.2214 2.0941 Colina MSI Preferred Fund 2.221401**



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

EPS $ - A company's reported earnings per share for the last 12 a
NAV - Net Asset Value

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 voluirie
Today’s Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day

Dally Vol.

| © (1) Cook (must be experienced in Bahamian Dishes)
¢ (1) Bartender
° (1) Waitress (for evenings only).

- 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 MAR. 31, 2005/ **** - AS AT FEB. 28, 2005
- AS AT MAR. 24, 2005/ *** - AS AT APR. 30, 2005/ ***** "AS AT APR. 30, 2005
LINA 2

Applicants please telephone 362-0681 for interview.



IDELITY


PAGE 4B, MONDAY, MAY 30, 2005

THE TRIBUNE .





Concern about CSME opt-outs

FROM page one

before been fully released, the
Bahamas Trade Commission
said that while the monetary
union aspect of CSME would
not become apparent immedi-
ately, it could pose a threat to
this nation’s economic stability.

And it warned that while
Article 48 of the revised CSME
treaty allowed members states,
such as the Bahamas, to seek
reservations from specific pro-
visions, these would only last
for five years.

This is consistent with infor-
mation provided by Winston
Rolle, the former Bahamas
Chamber of Commerce presi-
dent, and a CARICOM offi-
cial, who this week said the
Bahamas’ four reservations -

- on the Common External Tar-
iff (CET), Caribbean Court of
Justice, free movement of peo-
ple and monetary union - could
only be renewed after that five-

year period if all other mem-
ber states agreed to it.

Many observers feel that
because the Bahamas is viewed
as such an important market by
other Caribbean states, they
will be most reluctant to renew
the Bahamas’ reservations on
the above issues.

The Trade Commission
appears to agree in its 2003

: report. It added: “As the treaty’s

accommodations are clearly not
the unequivocal and absolute
waiver conditions the Bahamas
would be keen to seek, there
would need to be very specific
negotiations on the issue of free
movement of CARICOM
nationals in a bid to secure the
interests of the Bahamas.

“The present reality — the
large number of CARICOM
immigrants - should be factored
into any proposed negotiations.”

Fred Mitchell; minister of for-
eign affairs, recently published
a letter from Edwin Carring-

ton, CARICOM’s secretary-
general, which said the mem-
ber states had accepted the
Bahamas’ reservations on the
free movement of people and
monetary union, but the docu-
ment made no mention of the
five-year time limit.

And the Trade Commission
report indicates that the body
established to advise the Gov-
ernment on trade matters, and
which recommended that the
Bahamas defer a decision on
joining the CSME, had doubts

about whether the opt-outs on _

offer in the revised Treaty were
worded in language that suited
the Bahamas’ national interest.

Acknowledging that the
CSME’s ultimate goal was the
free movement of all CARI-
COM nationals within the com-
munity, the Trade Commission
said the first step.towards this
goal had begun through Article
46 of the revised Treaty.

This allows university gradu-

ates, media workers, sports per-
sons, artists and musicians to
move throughout the CARI-
COM community and seek

employment without requiring

work permits.

The Trade Commission’s
report said: “There is a strong
view that the Bahamas would
be significantly disadvantaged
by such unfettered movement
as the CARICOM region does
not represent an employment
area of choice for Bahamians,
while the Bahamas currently
serves as an important labour
market for other CARICOM
nationals.”

Drawing on the Persaud-Dav-
enport report, which in June
2000 analysed the implication
for the Bahamas of signing on to
the CSME, the Trade Commis-
sion’s report said this nation
hosted more CARICOM work-
ers than any other country.

In 2002, the Department of
Immigration issued 5,277 work

permits to CARICOM nation-
als, of which some 4,013 per-
mits went to Haitians. And that
figure did not include
Caribbean nationals employed
via the Ministry of Education.

This “disproportionate rela-
tionship is seen as widening”
through the CSME committing
all countries to free movement
of labour, the Trade Commis-
sion said, although it acknowl-
edged that the Bahamas had
benefited from the influx of
skilled Caribbean workers in
both skilled and unskilled jobs.
These jobs ranged from the
judiciary and medicine to
domestics and farm workers.

It added that it was also open
to the opportunities the CSME
could provide for skilled
Bahamian workers and univer-
sity graduates in opening up
other nations’ labour markets,
“although the possibilities may
not clearly present themselves
at this time”.



Judgment ‘will improve Bahamas image’

FROM page one

projects in the country.

In an interview with The Tri-
bune, George Smith, a broker
and investment adviser for CA
Christie Real Estate, said from
the standpoint of a foreign
investor, the court case demon-
strated that the Bahamas was a

country where even govern-
ment, decisions can be take
before the courts:

..He added that the verdict

delivered by Justice Stephen
Isaacs on the controversial Gua-
na Cay Development would
have. a positive effect on
the Bahamas’ image interna-

tionally.

“LEMCO

Ne Design & Construction

Telecommunications & Computer Network Design
& Infrastructure Specialist
Homes * Offices ‘ ee

E-mail: info@leniconetworks.com



management

We offer:



documents:

card, job references.

LENNOX PATON

Counsel and Attorneys-at-Law, Notaries Public

The Partners of

LENNOX PATON

are pleased to announce that
ANDREW G. S, OBRIEN II

has become a Partner
“of the Firm,

Come join the best
Coffee Company!

The #1 Coffee Company is looking for people who:
° Know what it means to give outstanding customer service
¢ Have an interest in Food and Beverage sales and

° Desire to bring fun and enthusiasm to our company

° Truly believe the customer always comes first

¢ Preferably have 1-2 years customer service experience
in a retail or restaurant environment

¢ A great group of people to work with
e Acompetitive salary and benefits package
¢ All of the training you’ll need to be highly successful

We are currently interviewing for:

Baristas
(Coffee Bar Specialist)

All interested applicants should bring in person to John

Bull Business Centre, Robinson Road on Thursday, June
2, 2005 between the hours of 10am and 1pm the following

Resume, passport picture, copy of passport, copy of NIB





















Mr Smith said, though, that”

he hoped the very genuine

environmental concerns weré ~

addressed, and while the battle
was lost during this round, fur-
ther legal action could result in
success for the Association.
“Investors like to live in a
country where, if they feel they
have been wronged, they, too,
have a right to challenge it in
court. The right of appeal is
very strong in the Bahamas. If I
were a foreign investor that
would give me some comfort.”
Vice-president of the Small
Business Association of the
Bahamas, Marlon Johnson, said
that while the decision against
the Save Guana Cay Reef
Association may be a blow to
the rights of citizen interven-
tion, it should give great com-
fort to the investment commu-
nity that projects will not be

derailed in such a manner.
“We all breathed a collective
sigh of rélief that there won’t be
a long, drawn out, protracted
legal wrangling and that invest-
ment projects will be able to
move forward smoothly,” he

‘added.

- Looking at the other side, Mr
Johnson said the government
might consider involving affect-
ed citizens at an earlier point in
the discussions, and seek to
address their concerns and any
ramifications from an invest-
ment at an earlier stage.

Businessman Franklyn Wil-
son said he was thrilled to see
the ruling, and adding that a
verdict against the government
would have led the country
down a path that would not be
constructive.

“This is very positive for the
development of the country

NURSING CAREER
OPPORTUNITY

Plastic Surgery office is seeking
A full time Registered Nurse,
with Operating Room
Experience. Great benefits
including assistance in funding
for specialized training
Interested persons please
fax resume to: 328-6479

FABULOUS CAREER OPPORTUNITY

Leading fitness. centre
is in search of a

Fitness/Aerobic
Instructor

The ideal applicant must have:

Bachelor's degree from an accredited university
in Phys. Ed. or Exercise Science.

Certification in Aerobic 8& Personal Training
Certification in CPR & First Aid.

Minimum 2 years’ experience as a personal trainer
& step aerobic instructor.

Knowledge of cardiovascular machines,
weights & body fat testing.

Experience with fitness testing, nutrition
assessments & dietary guidelines an asset.

Applicants must also be
Highly energetic with a passion for fitness
Able to interact with high-end clientele
Willing to maintain strict grooming standards

GREAT JOB FOR THE RIGHT PERSON!
Excellent conditions & benefits
Interested persons may apply at

dpaoffice@coralwave.com

because it eliminates an impor-

tant element of doubt. If the rul-

ing had remained, with investors
just not knowing what govern-
ment can or can’t do, it creates
serious confusion,” he said.
Mr Wilson said a ruling
against the government would
have been significant in that it
would likely have put a break
on the pace of economic devel-
opment in the Bahamas.
Michael Anderson, vice-pres-
ident and chief financial offi-
cer of Fidelity Merchant Bank
and Trust, also saw the ruling as

positive. With growing tensions /

surrounding developments in
Harbour Island, Bimini and
other parts of the country, Mr
Anderson said to allow small
associations to deter investors
from coming into the Bahamas
would have a long-term nega-
tive for the economy.

Investigation
into fund in
liquidation

FROM page one

by bad publicity Norshield has
suffered in relation to invest-
ments made by Cinar, a Cana-
dian animation company, in two
other Bahamian-registered
investment funds with which it
was affiliated: Some $375 mil-

- lion in funds were frozen.

Lawsuits in the Cinar affair |
are continuing to fly in Canada,
with the dispute sparked by $122
million worth of investments
made in two Bahamas-based
funds — Globe-X Management
and Globe-X Canadiana — by
the Canadian animation com-

_ pany, which were allegedly car-

ried out without board approval.
Cinar, according to Canadi-
an press reports, has filed an
amended statement of claim in
its legal action against Norshield '
in the Quebec Superior Court.
Also named as defendants are
Norshield chief executive John
Xanthoudakis, and the man
who ran the company’s Bahami-
an operations, Thomas Muir.
Cinar, which is still seeking
to recover $40 million, has

relied upon reports filed with

the Bahamas. Supreme Court
by its liquidators, Pricewater-
houseCoopers accountants
Wayne Aranha and Clifford
Johnson.

The reports allege that the
funds engaged in “fictitious” .
transactions, including a July.
1999 ‘total swap return’ involv- |

| ing Globe-X Canadiana. and.a :

company called Norshield Com-
posite.

Cinar is also alleging that
some $28 million of its money
was used to make redemptions
to Globe-X clients and pay Nor-
shield-related companies.

However, Norshield and Mr
Xanthoudakis have responded |
by suing Mr Aranha and Mr
Johnson for $10 million, claim-'
ing their reputations have been:
damaged by the allegations. |

They have also filed actions:
against Cinar, seeking damages:
of $82 ae 2

Onan
Opportunity

Financial Services Firm seeking |
applicants for the position of}

| Accounts Officer.

Minimum requirements include:

NASD Series 7 Qualification or}
Canadian Securities Qualification

Please fax Resume to:

(242) 327-4476

NOTICE OF SALE

Caves Point Management Limited (hereafter “the
Company”) invites offers for the purchase of ALL
THAT Unit Number 7F of “Caves Point - Phase IV”
Condominium situate on West Bay Street in the Western
District of the Island of New Providence being a three
(3) bedroom/three (3) bath apartment unit together
with ALL THAT 3.125% share in the common property

of the Condominiums.

The Company makes no representations or warranties
with respect to the state of repair of the ouilding situate

thereon.

The Company will sell under Power of Sale contained
in a Declaration of Condominium dated the 3rd day
of November, A.D., 1999 which is recorded in Volume

77 at pages 299 to 428.

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

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

Interested persons may submit written offers addressed
to the Attorney c/o da 4019 P.O.Box N-3207, Nassau
Bahamas to be received no later than the close of
business on the 13th day of June A.D. 2005.


Cr ee er

Fidelity Bank & Trust International Limited

‘(ncorvorated under the laws of the Commonwealth of The Bahamas) (g) Mortgages, consumer and other loans

Loans and advances are comprised principally of amounts that were originated by the

Consolidated Balance Sheet -. Company and are recognised when cash is advanced to borrowers.

As of 31 December 2004

(Amounts expressed in Bahamian dollars) Loans are stated at outstanding principal plus accrued interest less provisions for losses.

2004 2003 The mortgage loans are secured principally by first mortgages on single-family residences

$ $ and provide for monthly repayments at variable interest rates over periods of up to twenty-

ASSETS five years. Other loans are secured principally by chattel mortgages and provide for
Cash on hand and at banks (Note 4) 71,271,114 24,530,255 monthly repayments over peridds of up to ten years.

Government securities (Note 5) 18,823,800 16,687,350 As soon as the recovery of a loan or advance is identified as doubtful, a provision: for loan

‘Available-for-sale investments (Note 5) 9,093,245 8,312,307 losses is established to reduce the carrying value of the loan to its estimated realizable

Mortgages, consumer and other loans (Notes 6,7) 144,221,677 155,561,039 amount. The provision for ioan losses also covers losses where there i$ objective evidence
Receivables and prepayments 7,319,918 6,080,871 that probable losses are present in the lending portfolio at the consolidated balance sheet
Fixed assets (Note 8) 11,807,818 12,273,868 date, but which have not been specifically identified as such.

Goodwill (Note 10) 1,454,195 1,454,195 .
s 263,991,767 ~ 224,899,885 (h) Non-performing assets

Non-performing assets include all loans on which the status of overdue payments of
principal and interest are such that management considers it prudent to classify them to

LIABILITIES

Customer deposits (Note 11) 208,142,917 187,201,714 non-performing status. All mortgage loans and consumer loans on which principal and

Mortgage-backed bonds (Note 12) 755,543 755,543 interest payments are overdue by in excess of ninety days are considered by management
* 3 : ea

Accrued interest 585,031 1,312,187 to be non-performing.

Ae ee eee) see 3,989,676 When a loan is classified as non-performing, all interest previously accrued in the current

year, but not collected, is reversed against current year interest income and any interest
accrued in prior years is charged against the provision for loan losses. Notwithstanding
these parameters, where a customer has re-established a pattern of prompt payment,
management may agree.to reschedule arrears of loan interest and principal. Thereafter,
interest income will be recognised on an accrual basis.

Other payables and accrued expenses 20,785,992 7,650,672
Em 233,489,220 200,509,792
Minority interest (Note 14) 4,989,430 4,849,320
Preference shares (Note 15) 13,000,000 9,000,000

251,478,650 214,359,112
(i) Fixed assets

SHAREHOLDERS' EQUITY
Share capital (Note 17)
Surplus/(Deficit)

Revaluation surplus

Fixed assets, other than freehold premises, are carried at cost less. accumulated
depreciation and amortization. Freehold premises are carried at market value based upon
periodic independent professional appraisals, which are commissioned at intervals not
exceeding three years. Revaluation increments are shown as “Revaluation surplus” within
shareholders’ equity.

Gj) . Goodwill

10,000,000 10,000,000
143,375 (1,918,651)
2,369,742 2,459,424

12,513,117 10,540,773
263,991,767 224,899,885 :
Goodwill represents the excess of the cost of an acquisition over the fair value of the
Company’s share of the net identifiable assets of the acquired subsidiary at the date of
acquisition. Goodwill is tested annually for impairment and carried at cost less
accumulated impairment losses. Impairment losses aré allocated to the cash-generating
units resulting in the goodwill.

Approved on behalf of the Directors:



Director



Director
(k) Mortgage-backed bonds

27 April 2005 ‘ ‘ : :
: Costs related to the issue of the mortgage-backed bonds are amortised on a straight-line

pee basis over the lives of the respective bond series. Assets pledged as collateral for these
bonds are included in loans.
NOTES

ag Pensions

The Company and its subsidiaries participate in defined benefit and defined contribution
pension plans administered by trustees who include executives of the Company. Pension
plan assets are held ‘independently of the Company’s assets ini separately administered

1. Incorporation and Activity

Fidelity Bank & Trust Intemational Limited (the Company) is incorporated in the Commonwealth



a2 ns

of The Bahamas under the Companies Act, 1992, as amended.

On 4 May 1995 the Company purchased all of the issued and outstanding ordinary shares of British
American Bank (1993) Limited (BNB) and Fidelity Bank (Cayman) Limited (FBC) (formerly
British American Bank Ltd.) from British American Holdings Limited (BAH). As a part of the
transaction, BAH, and certain of its subsidiaries (the BAH Shareholders) were required by The
Central Bank of The Bahamas to retain certain minimum levels of preference share holdings with
BNB and certain minimum levels of deposits with both BNB and FBC. For so long as The Central
Bank of The Bahamas required the BAH Shareholders to meet the minimum investment levels in
BNB and FBC the following principal rights were granted to the BAH Shareholders and the senior
management group of the Company (the Management Shareholders):

: a) The right to each appoint two Directors to the Board (of a total of six Directors);

b) The right to collectively appoint two Directors of the Board in the event collective
agreement can be reached or, where there is no agreement, the right to supa a further
one Director each;

c) That any Director’s resolution with regard to changing the senior ranuee went or Board
of Directors, changing ‘share capital and/or the:rights attaching thereto or amending of

: of at least one’ Diréctor of the ‘Company ‘nominated ‘by ‘each of the: ‘parties:
d). That any Members resolution with regard to the same matters noted under (c) epee:
require the approval of both parties.

the. Memorandum or Articles of Association of the Company would require the Approval. =



Subsidiary Companies

The Company, Giitecily or indirectly; has interest in. the: follo ving entities:

funds.

Defined benefit plans: Pension liabilities are ass¢ssed using the projected unit credit
actuarial cost method. The pension obligation is measured at the present value of the
estimated future cash outflows using an interest discount rate based on high quality
corporate and government securities that have terms of maturity that are consistent with the
esate tenfof the liabilities. Actuarial gains and losses in excess of 10% of plan
assets (or 10°@@bf obligations, if ever greater) are recognised over the average remaining
service lives of the employees.

’

Defined contribution plans: Pension expense is charged in the period to which the
payments relate.



¢

; Country of %
In November 2001, The Central Bank of The Bahamas removed the requirement for the BAH Incorporation Holding
Shareholders to maintain their minimum deposits in FBC. On October 12, 2004, The Central Bank sale aes
of The Bahamas removed the requirement for the BAH Shareholders to maintain the minimum Fidelity Merchant Bank & Trust Limited
investment in deposits and preference share in BNB. As a result of The Central Bank of The (FMBT) and its wholly owned subsidiaries: Bahamas 100%
Bahamas removing the requirement for ‘the BAH Shareholders to maintain the minimum pnts : a
investments in deposits and preference shares at both FBC and BNB, the rights, noted under (a) to Fidelity Capital Markets Limited (FCML) Bahamas 100%
(d) above, terminated on October 12, 2004. Due to the termination of the rights of the BAH Fidelity Share Registrars & Transfer Agents Limited .
shareholders, BAH and its subsidiary companies are no longer considered as related parties. (FSRTAL); and Bahamas 100%
Fideli ‘ : aes .
The Company, through its subsidiaries in The Bahamas and the Cayman Islands, offers a full range neh Renicioniee davestnent Services Linted (FP ISE) e 100
of investment, retail banking and insurance brokerage services. The Company has a restricted _ British American Bank (1993) Limited) Bahamas 68%
banking licence in The Commonwealth of The Bahamas and its primary business is that of a West Bay Development Company Limited (West Bay) - Bahamas 79%
holding and management company for its subsidiaries. : ;
The registered office of the Company is situated at Fidelity Merchant Bank & Trust Limited, #51 Fidelity Bank (Cayman) Limited (FBC) .
Frederick Street, Nassau, The Bahamas. The number of persons employed by the Company as of and its wholly owned subsidiaries: Cayman 100%
31-December 2004 was 170 (2003:168). Fidelity Insurance (Cayman) Limited (FIC); a and Cayman 100%
Fidelity Broking Company Limited (FBCT i ?
Summary of Significant Accounting Policies 2 ad as ) eae ee
4. Cash and Cash Equivalent

The following is a summary of the significant accounting policies: ° Sra ttre ;

usone r Cash and cash equivalents are comprised of the following: ‘ :
(a) asis of preparation . 2004 2003 |

The Company’s consolidated balance sheet has been prepared in accordance with $ $

International Financial Reporting Standards and under the historical cost convention, — :

except for real estate and investment securities, which are carried at estimated fair value in’ Cash on hand and at banks 71,271,114 _ 24,530,255.

’ accordance with International Financial Reporting Standards. 71,271,114 24,530,255

In 2004, the Group early adopted IFRS 3: Business Combinations (IFRS 3), International

Accounting Standard (IAS) 36 (revised 2004) and IAS 38 (revised 2004) effective 1
January 2004.. The early adoption of IFRS 3 resulted in a change to the Company’s
accounting policy for goodwill. Until 31 December 2003, goodwill was amortized. on a
straight-line basis over a period of 15 years and assessed for an indication of impairment at
each balance sheet date.

In accordance with the provisions of IFRS 3, the Company has ceased amortization of
goodwill from 1 January 2004 and for the period onwards goodwill existing as of the
balance sheet date is tested annually for impairment, as well as when there are indications
of impairment. There was no impact on opening retained earnings at 1 January 2004 from
the adoption of IFRS 3, IAS 36 and IAS 38.

The preparation of the consolidated 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 the disclosure of contingent
assets and liabilities at the date of the consolidated balance sheet. Actual results could:
differ from those estimates.

ESET AIO RE EA A RR DR Sa, RO OE RC Eo

TOE

§

The bank is required to maintain a percentage of deposit liabilities as cash or deposits with The
Central Bank of The Bahamas. These funds are not available to finance the Bank’s day-to-day
operations. As of December 2004, the reserve requirement amounted to $5,108,750 (2003:
$5,130,240). Included in cash and cash equivalents is cash at bank in the amount of approximately
$27,600,000 relating to insurance claims expected to be paid out shortly after year end. This cash
at bank is offset by amounts included in both customer deposits and other payables.

Investments and Government Securities
Investments comprise the following:

Held-to-Maturity

Bahamian Government Registered Bonds

(b) Principles of consolidation Interest Nominal 2004 2003
; Rate Due Date Value Cost Cost
The consolidated balance sheet includes the accounts of the Company and its subsidiary $ s $
companies, after elimination of all significant inter-company balances and transactions. Prime + 0.5% 23 September 2004 224,100 0 _ 224,100
Prime + 0.125% 11 May 2005 772,700 » 772,700 772,700
(c) Fiduciary assets and liabilities Prime + 0.875% 2 December 2005 2,000 2,000 2,000
: Prime + 0.156% 11 May 2006 758,800 758,800 758,800
Where the Company acts in a fiduciary capacity such as a nominee, trustee or agent, assets Prime + 0.938% 27 August 2006 1,000,000 1,000,000 1,000,000
and liabilities arising thereon, together with related undertakings to return such assets to pees oe ae ee aon as tae
sto’ d from thi idated bal heet. rime + 0.73% ay , " ,
Gisioiiete oie sxelnde re conoudated batence? Prime + 0.3125% 21 October 2009 150,000 150,000 150,000
(4) _—_—‘ Foreign currency translation Prime + 0.75% 25 April 2010 397,000 397,000 397,000
Prime + 0.9375% 5 July 2011 10,000 10,000 0
. Assets and liabilities denominated in currencies other than the Bahamian dollar have been Prime + 0.688% 24 August 2011 4,878,900 4,878,900 4,878,900
translated at the appropriate rates of exchange prevailing at the consolidated balance sheet Prime + 0.675% 24 August 2012 2,221,100 2,221,100 2,221,100
date. Prime + 1.00% 24 March 2014 129,000 129,000 129,000
‘ j Prime + 0.625% 22 May 2014 6,500 6,500 0
e Val it securities
© arene ar sovecaee Prime + 0.9375% 21 July 2014 1,000 1,000 0
‘ : aioe We i 1259 75,000 75,000 75,000
Government securities comprise registered securities issued by The Bahamas Government Fone eee i> October 2013
d the C ‘ : the ti f i os Prime + 0.1875% 4 December 2015 90,000 90,000 90,000
and the ompany classifies these investments at the time of purchase as originated loans. Prime + 0.25% 15 October 2017 50,000 50,000 50,000
These securities were issued and are redeemable at par value. Semi-annual interest Prime + 0.25% 24 March 2019 110,000 110,000 110,000
payments are calculated based on the principal amounts outstanding. The securities are Prime + 0.469% 21 July 2019 138,700 138,700 138,700
recognized when cash is advanced to the government and are carried at amortized cost. Prime + 0.469% 24 November 2019 “500,000 500,000 500,000
i 5 Prime + 0.5% 12 December 2019 469,700 469,700 469,700
of — “Sz ; ’ ’ ,
RSMO Oe ava eblestoe Hale Wi yeeancats Prime + 0.531% 26 April 2020 334,500 334,500 334,500
. : ie : . 59 40 397,400
Investments classified as available-for-sale are intended to be held for an indefinite period side es o 2) ; sna a - im 207 800 0.000
of time may be sold in response to needs for liquidity or changes in interest rates or equity 20 : 55,000 /
prices and are stated at fair value. Management determines the appropriate classification
Balance carried forward 12,938,900

of its investments at the time of purchase. Fair values of exchange-traded securities are
determined using the closing market price at the close of trading on the balance sheet date.
The fair value of over-the-counter securities are determined using the average bid price
quoted by local broker dealers. Securities for which no quoted price is available are valued by
directors.



12,757,300


PAGE





6B, MONDAY, MAY 30, 2005

Bahamian Government Registered Bonds











Interest Nominal 2004 : 2003
Rate Due Date Value Cost Cost
$ $ $
Balance brought forward 12,757,300 12,938,900
Prime + 0.563% 30 July 2021 1,550,000 1,550,000 1,550,000
Prime + 0.375% 4 December 2021 100,000 100,000 100,000
Prime + 0.5625% 12 December 2021 4,000 12,000 4,000
Prime + 0.4062% 6 September 2022 10,000 10,000 10,000
Prime + 0.4062% 4 December 2022 100,000 100,000 89,450
Prime + 0.344% 9 February 2023 - 1,456,800 1,456,800 ft)
Prime + 0.375% 8 April 2023 898,500 898,500 890,700
Prime + 0.375%" 21 July 2023 878,800 878,800 858,800
Prime + 0.375% 9 February 2024 514,700 514,700 0
Prime + 0.3125% 29 July 2024 394,500 394,500 0
Prime + 0.313% 22 October 2024 151,200 151,200 0
: 18,823,800 16,441,850
Other Bonds
Interest _ Nominal 2004 2003
Rate ‘Due Date Value Cost Cost
. $ $
Balance brought forward 18,823,800 16,441,850
6.25% 24 November 2004 : - 245,500
Total investment held-to-maturity securities 18,823,800 16,687,350
Available-For-Sale Securities
‘ 2004 2003
.., Market Market
“$s. $
“Listed securities: 7,678,405 6,651,089
Fixed Income securities ©” ; fe 1,105,916 976,673
“* Over-the-cotnter securities 0 - 127,616 503,237
“*. Nor quoted securities “0 “++ 181,308 181,308
~ Total investment in available-for-sale securities 9,093,245 __ 8,312,307.
oo Mortgages, Consumer and Other Loans
a E See Period to Maturi ps
Se 2 Under Within one \: Within six Over ten Total
“1 > one year’ fo five years to ten years years 2004 2003
Mortgages 13,892,676. 30,671,714. 30,414,976 47,813,159 «122,792,525 ‘132,629,092
Consumer a ost
and other _ 13,485,522 9,856,461 __ 996,958 179,235 __24,518,176 _ 25,881,352
“Total 27,378,198, __ 40,528,175 __31,411,934 _ 47,992,394 147,310,701 158,510,444
Provision for loan losses (3,089,024) (2,949,405)
144,221,677 “155,561,039
The movements in provision for loan losses during the year are as follows:
2004 2003
$ $
Balance at 1 January 2,949,405 4,818,375
Provision forthe year. 744,373 357,612
Write-off during year against fully provided accounts (744,172) (2,420,073)
s Recvenibg f) kes eas 139,418" 193,491
Balance at.31 December “ 3,089,024 2,949,405

Included in the balaice of $3,089,024 (2003: $2,949,405) is a specific loan loss reserve of $1,122,221
(2003: $1,080,589). The provision ‘for loan losses represents 2.10% (2003: 1.86%) of the total loan

: . portfolio and:44.87 % (2003: 41.65%) of total non-performing loans.

47,

Fixed Assets |
Computer
Software
Land Furniture Motor & Office Leasehold
& Buildings & Fixtures Vehicles Equipment’ Improvements Total
Year enged 31 December 2003
Opening value 7,026,104 848,574 35,187 1,463,922 839,843 10,213,630
Revaluation 2,232,254 - - - - 2,232,254
Additions 4,395 441,580 35,490 210,749 803,531 1,495,745
. Disposals (net) ; - (6,111) (6,123) (1,315) (12,797) (26,346)
Depreciation charge (224,211) (230,840) (39,695) (764,350) (382,319) (1,641,415)
Closing value .- 9,038,542. 1,053,203 24,859 909,006 1,248,258 12,273,868
.. At31 December 2003
Cost or Valuation 2 10,337,060 3,169,492 219,519. 7,651,855 3,754,952 25,132,878 -
Accumulated. Oe ke ee
. depreciation 0 2 (15298,518) ~:..(2;1416;289) . (194,660) (6,742,849) (2,506,694) _ (12,859,010)







Year ended 31 Dece:

Opening vale. 9,038,542" 1,053,203 24,859 909,006 1,248,258 12,273,868
.. Revaluation’ 00) ee ve ne - oe -
_. - Additions : Bae airs 280,593 114,552 332,540 162,394 890,079

Disposals (net) eS (8,478) (3,273) (2,500) (14,251)

“Depreciation charge.» (269,907) __ (247,574) __ (67,652) __(522,945) (233,800) _ (1,341,878)

[Netbook value 8,768,635 __1,077,744 __68,486 _—_—716,101__1,176,852 11,807,818

At 31 December 2004 $1,578,893 (2003: $2,425,591) of the above mortgage loans were pledged as
collateral in. connection with the FBB’s mortgage-backed bonds programme (see Note 13).

“Non-performing Loans
Total non-performing loans at 31 December 2004 are $6,884,169 (2003: $7,082,136).

At 31 December 2004 the Company had extended certain. mortgage loans guaranteed by the
Government of the Cayman Islands totalling $523,428 (2003: ($542,618)) for which payments were
past due in excess of 90 days. Management does not currently consider these loans as non-

performing.









| Net book vatue 9,038,542". 1,053,203 24,859 909,006 1,248,258 12,273,868
igiened Sey Ps ee Computer
- Software






‘Motor |. & Office. Leasehold

_: Furniture -
; me Vehicles ‘Equipment Improvements ‘Total





woe



At3d December 2004

Cost or Valuation : 10,337,060 3,441,606 330,798 7,981,895 3,917,346 26,008,705
Accumulated Same

depreciation (1,568,425) (2,363,862) (262,312) (7,265,794) (2,740,494) _ (14,200,887)
Net book value 8,768,635 1,077,744 . 68,486 716,101 1,176,852 11,807,818

Land and buildings include revaluation increments totalling $2,369,742 (2003:$2,459,424.)

9.

Geographic Information ve

eae Principally all of the Company's operations are carried out in the Bahamas and the Cayman
“Islands... Bak : ee gether. 4
‘Net Income/(Loss) Assets Employed
2004 2003 2004 2003
(000’s) (000’s) (000’s) (000’s)
Bahamas (244) (2,101) 162,637 158,249
’ Cayman 2,220 1,452 101,355 66,650
Total 1,976 (649) 263,992 224,899
Goodwill

10.

Goodwill represents the premium paid, over and above total net asset value, by the Company on the
purchase of 100% of the outstanding ordinary shares of both BNB and FBC.

Goodwill has been calculated as follows:

2004 2003

be $. $
Balance 1 January _ 1,454,195 2,544,845
Amortisation (1,090,650)



Balance at 31 December _ 1,454,195 1,454,195



11.

12.

Bt

14.

THE TRIBUNE BUSINESS.

Savings Certificates

The maturities of savings certificates are as follows:

Within lyear Within 5 years 2004 2003
$ $ $ 3
Demand deposits 55,588,529 - 55,588,529 32,964,173
Savings certificates 147,169,086 5,385,302 152,554,388 154,237,541
Balance as of 31 December 202,757,615 §,385,302 208,142,917 187,201,714

Mortgage-backed bonds

Mortgage-backed bonds are summarised as follows:

Maturity Date Amount issued and outstanding
2004 2003
$ . $
Series G-3-A, Authorised
$4,000,000 Prime - .25% 2005 155,040 155,040
Series G-3-C, Authorised
$4,000,000 Prime ; 2005 600,000 600,000
Accrued interest Sees OU inks oe
Total 755,543 755,543

On 1 December 1998 the Company transferred. approximately 250 of its first legal mortgages
having an aggregate unpaid principal balance of approximately $20.8 million to a trust in exchange
for mortgage-backed bonds represénting an un-divided interest in the trust. These bonds, which are
. redeemable at the option of the Company, are issued to the public at par and have maturity dates
that extend to 1 December.2005. The Company is required to-maintain the value of the trust at a
value equal to or greater than the outstanding principal amount of the bonds. The proceeds from
the issuance of the bonds are used by. the. Company to make new. loans to ‘its customers and for
liquidity purposes. As.of 31 December 2004, the issued and outstanding bonds were secured by

"certain. mortgage. loans that had an- aggregate unpaid principal amount of $1,578,893 (2003:

os $2,425,591). An independent trustee administers the mortgage-backed bonds portfolio, a
Loans from Banks ee _ . 2
$ %
Balance due on short-term loan 2,519,737 2,689,676
Balance due on long-term loan 700,000 900,000 .
Total i . 3,219,737 3,589,676

The short-term loan represents the balance drawn down against a $3 million line of credit
advanced to the Company from a commercial bank: The loan bears interest at B$ prime + 1.5%, is
secured by a charge over 6,600,000 (2003: 6,600,000) ordinary shares of BNB, and is repayable on
demand. : f

The long-term loan represents the balance due under a mortgage loan, in the initial amount of
US$2,000,000 that was advanced to West Bay in April 1998 to facilitate the purchase of a Nassau-
based property.. The loan is secured by a first mortgage over the property owned by West Bay,
bears interest at 3 month LIBOR + 1 1/2% and is repayable over a ten year period in 40 equal
quarterly payments of $50,000, plus any interest accrued at the date of each payment.

Minority Interest :
Minority interest is calculated based on its 32% shareholding in BNB and is comprised as follows:

2004 2003
$ $
Balance at 1 January 4,849,320 4,307,704 .
Minority’s share of BNB’s net income 349,791 391,919
Minority's share of revaluation surplus. 3,914 565,274
5,203,025 5,264,897
Less: | = z, 4 ano rhkaa Ou Ad eh eit ra tik
Minority’s share of amortisation of goodwill
relating to BNB ae : waco gy ehiddes (201,982). ../
Dividends paid to minority shareholders ‘ (213,595) (213,595)
Balance at 31 December 4,989,430 4,849,320,
15. Preference Shares
2004 ‘2003
$ $
Issued & fully paid
Company
- 1,000,000 (2003: 2,000,000) Class C preference shares . :
of $0.10 each at a premium of $0.90 per share 1,000,000 2,000,000
FMBT ee
2,000,000 cumulative redeemable preference shares
. of $1.00 each ¥ 3 Me 2,000,000 7
ENB ee
-. ...7,000,000 cumulative redeemable preference shares.
| ROFSE-00 each Pei 0 oe BRU ans adie - 7,000,000
~~ 10,000,000 cumulative redeemable preference shares ae
of $1.00 each - SEGRE A ine ; 10,000,000
Balance as of 31 December ; 13,000,000 9,000,000

On 4 May 1995, the Company issued 5,000,000 Class C preference shares of par value B$0.10 each
with a premium of $0.90 each. The preference shares are cumulative, redeemable and non-voting.
The Class C preference shares are all owned by third parties and dividends are payable semi-
annually in arrears at the rate of 0.75% above the Bahamian prime rate. The Class C preference
shares, including a proportional share of the related share premium, are redeemable in five equal
annual instalments. The first, second, third and fourth redemption’ of B$1,000,000 each were paid
on 4 May 2001, 4 May 2002, 4 May 2003 and 4 May 2004, respectively. The last redemption of
B$1,000,000 is due to be completed on 4 May 2005.

Dividends paid on the Class C preference shares for the period amounted to $90,801 (2003:
$156,637).

2,000,000 Class B, cumulative, redeemable voting preference shares of par value $0.10 each have
been authorised but no Class B preference shares have been issued.

During the year the $7,000,000 BNB preference shares, all of which were issued to British
American Insurance Company (Bahamas) Limited, were redeemed in full.

A FMBT new issue of cumulative, redeemable, and non-voting preference shares totalling
$2,000,000 was issued on December 20, 2004. The new preference shares are redeemable at the
option of the Bank subject to the approval of The Central Bank of The Bahamas. Dividends are
payable quarterly in arrears at the annual rate of the greater of 0.75% above Prime and 7.50%.

A BNB new issue of cumulative, redeemable, and non-voting preference shares totalling
$10,000,000 was issued on October 20, 2004. The new preference shares are redeemable at the
option of the Bank subject to the approval of The Central Bank of The Bahamas. Dividends are
payable quarterly in arrears at the annual rate of the greater of 0.75% above Prime and 7.50%.

16. Related Party Transactions

Due to the termination of the various rights noted under notes 1(a) through 1(d) above related
parties no longer include companies within the British American Group of Companies.

Loans and deposit accounts with directors and officers amounted to $1,133,112 (2003: $1,317,130)
and $1,148,536 (2003: $2,200,598), respectively.
THE TRIBUNE BUSINESS

17.

18.

19.

20.

21.

22.

5,000,000 ordinary shares of $0.10 each

Share Capital and Share Premium
2004 2003

Share capital
Authorised

500,000 500,000

Issued and fully paid -

3,432,099 ordinary shares of $0.10 each 343,210 343,210

Share premium

1,000,000 ordinary shares at a premium

of $4.90 per share 4,900,000 4,900,000
2,432,099 ordinary shares at an average
premium of $1.96 per share f ____ 4,756,790 ___ 4,756,790
9,656,790 9,656,790
Total Share Capital __ 10,000,000 10,000,000
Commitments

Loan commitments

At 31 December 2004 commitments for mortgage and other loans amounted to $6,478,673 (2003:
$4,361,753).

FBC has arranged a line of credit of $2,500,000 with another financial institution operating in the
Cayman Islands. This facility is secured by a charge over certain of the Company’s land and
buildings and is renewable annually on April 30.

BNB has pledged $3,000,000 (2003: $3,000,000) of Bahamas Government registered stock to
secure the overdraft facility with another Bahamian commercial bank. The facility bears interest at
0.5% above Prime up to $1 million and 1.25% above Prime for amounts in excess of $1 million.
with a stand by fee of 0.25% on any unused portion of the facility. -

Unused lines of credit with commercial banks amounted to $5,980,263 at 31 December 2004
(2003: $5,810,324).

Operating lease commitments

The future minimum rental payments required under operating leases that have initial or remaining
non-cancellable lease terms in excess of one year as of 31 December 2004 are as follow:

2005: ae he eS "685,966

2006 505,552

2007 "308,243

2008 oe 288,864

2009 —. 279,648

Total 2,068,273

Contingent Liabilities ,

Love Estates: In 1988, the Bank loaned the developer of Love Estates certain sums of money and °
also joined in as surety for various performance bonds aggregating $3,328,043 in favour of the
Ministry of Public Works. The loans and the bonds were secured by a first legal mortgage over the
unsold lots in the subdivision. The works under the bonds were.to have been completed within 36
months. The developer defaulted under the mortgage with the Bank. Through the years, the Bank
has been in discussion with the Ministry of Public Works and various prospective purchasers. In
2001, the Ministry obtained a judgement against the developer and the Bank for the amount of the
bonds. ;

The Bank is being sued for specific performance and damages in connection with a sale agreement
dated 24 September 1997 in respect of the Love Estates property. As all conditions of the sale
agreement have still not been met, and in order to resolve this long outstanding matter, the Bank
entered into a Deed of Settlement (“Deed”) with Rolling Hills Development Corporation Limited
(“Rolling Hills”) in April 2005. Under the Deed, Rolling Hills will.assume liability for the
installation of the infrastructure in Phase One and Phase Two of the Love Estates Subdivision and
enter into performance bonds, in a form agreed by the Ministry of Works, to guarantee Rolling
Hills installation of the infrastructure and enable the Bank to have the performance bonds entered
into between the Bank and the Ministry of Works, ae 30" May, Hane caneelen
3

In exchange for Rolling Hills entering into the above noted soiemenee caine the Bank aurea to
pay settlement costs totaling $350,000 to Rolling Hills. Should Rolling Hills not enter into the
performance bonds, in a form agreed by the Ministry of Works, within 9 months of the date of the
Deed, the Deed will become void as if it never existed. All expenses relating to settlement costs,
including the above noted $350,000, have been recognized for the year ended 31 December 2004.

Qther: The Bank is also involved in various other legal proceedings covering a range of matters
that arise in the ordinary course of business activities. Management is of the view that no
significant loss will arise as a result of these proceedings.

Pension Plan

The Company has adopted defined contribution plans for the Bahamian employees of Fidelity

. Merchant Bank & Trust Limited and its subsidiary companies and for the employees of Fidelity

Bank (Cayman) Limited and its subsidiary companies. Employees of the Company and of British
American Bank (1993) Limited participate in two separately administered defined benefit plans.

The Company’s pension expense for the year ended 31 December 2003 for defined contribution
plans was $170,047 (2003: $138,551). The amounts recognized in the consolidated balance sheet
for defined benefit plans were determined as follows:

2004 2003
3 $
Present value of funded obligations . 3,281,830 2,833,987
_ Fair value of plan assets _ (3,541,789) _ (3,065,290
: Excess of plan assets over benefit obligation _ (259,959) (231,303)
Unrecognised actuarial (losses)/gains (83,374) (108,354)
(Asset)/Liability recognised in the consolidated balance sheet 343,333) __ (339,657)

‘The latest actuarial valuations of the BNB plan and the FBT plan were carried out as at 31
December 2004. The liability for defined benefit obligations comprises:

Movements in the net (asset)/liability recognised in the consolidated balance sheet are as follows:

2004 2003
$ $
Net (asset)/liability at beginning of the year , (339,657) (351,032)
Expense recognised in the i income statement 115,848 121,794
‘Contributions received (119,524) (110,419
(Asset)/Liability recognised in the consolidated balance sheet (343,333) (339,657)
The actual return on Plan assets is as follows: 328,426 31,825

The principal actuarial assumptions (expressed as weighted averages) at the consolidated balance
sheet date were:

2004 2003
Discount rate at 31 December : 6.50% 6.50%
Expected return on Plan assets at 31 December 6.50% 6.50%
Future salaries increases , 5.50% 5.50%
Proportion of employees opting for early retirement 4.00% 4.00%
Earnings Per Share
2004 2003

Net income (loss) , $ 1,976,258 $ (649,217)
Divided by: Weighted average of ordinary

shares outstanding 3,432,099 3,432,099
Earnings (loss) per share $ 0.58 $ (0.19)



Risk Management

The Company engages in transactions that may expose it to credit risk, interest rate risk, fiduciary
risk, concentration and liquidity risk in the normal course of business. The Company’s financial
performance is affected by its capacity to understand and effectively manage these risks. The

‘-~ Company’s challenge is not only to measure and monitor these risks, but also to manage them as

profit opportunities.

Credit risk

The Company’s deposits and investments 4. laced with high credit quality financial institutions
and corporations. Mortgage, consumer and other loans are presented net of provisions for loan
losses. Whilst the majority of loans are secured by first mortgages upon single family residences or
by chattel mortgages, credit card receivables and overdrafts advanced in the normal course of
business are generally unsecured. Credit risk with respect to mortgage, consumer and other loans is
limited due to the large number of customers comprising the Company’s customer base.
Accordingly, the company only has a concentration of risk in respect of geographical area, as both
customer and securitised assets are primarily based in The Bahamas and the Cayman Islands.

Interest rate risk

The Company employs effective techniques and procedures to monitor and control its exposure to
interest rate risk. Mortgage, consumer and other loans have variable rates, linked to the Bahamian
dollar and Cayman Islands prime rates. Exposure to interest rate risk, which is mainly due to fixed
rates on both its term deposits with banks and savings certificates sold to customers, is minimised
by the short-term maturities of the majority of these deposits.

Liquidity risk
The loan portfolio principally comprises long-term mortgage loans, which are financed by shorter-

term customer deposits. As such, the Company is exposed to liquidity risk, which is continuously’
monitored by management.

Fiduciary risk:

The Company is susceptible to fiduciary risk, which is the risk that the Company may fail in
carrying out certain mandates in accordance with the wishes of its clients. To manage exposure,
the Company takes a conservative approach in its undertakings.

Fair values of financial instruments

Financial instruments utilised by the Company include recorded financial assets and liabilities, as ,
well as items that principally involve off-balance sheet risk. These financial instruments are
carried at fair value or are relatively short-term in nature and accordingly, the estimated fair values
are not significantly different from the carrying value as reported in the consolidated balance sheet.

23. Subsequent Event

Effective April 1, 2005 BNB changed its name from British American Bank (1993) Limited to
Fidelity Bank (Bahamas) Limited. :

PRICEWATERHOUSE(OOPERS

- MONDAY, MAY 30, 2005, PAGE 7B





PricewaterhouseCoopers
Providence House

East Hill Street

P.O. Box N-3910

Nassau, The Bahamas
Website: www.pwe.com
E-mail: pwcbs@bs.pwe.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

INDEPENDENT AUDITORS’ REPORT
To the Shareholders of Fidelity Bank & Trust International Limited

We have audited the accompanying consolidated balance sheet of Fidelity Bank & Trust International
Limited and its subsidiaries (the Company) as of 31 December 2004. This consolidated balance sheet is the
responsibility of the Company's management. Our responsibility is to express an opinion on this
consolidated 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 sis presentation. We
believe that our audit provides a reasonable basis for our opinion.

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

PricewaterhouseCoopers

Chartered Accountant
27 April 2005

Balance Sheets
&
TEE aera

The Tribune

call us at

(22-2356


aS Ss RE RUAN Cie eh tho



Fidelity Merchant Bank & Trust Limited

(Incorporated under the laws of the Commonwealth of The Bahamas) () - Tavestment ade transactions

Both proprietary trade transactions and trades executed on behalf of customers are
recorded on the trade date which is the date that the Company commits to purchase or
sell the investments. For securities trade transactions executed through BISX, the
Company records a net settlement receivable or payable to the other broker-dealer.
Realized gains and losses arising from the sale of investments are recognised on the

Consolidated Balance Sheet
As of 31 December 2004
(Amounts expressed in Bahamian dollars)

2004 2003 trade date based on the first-in first-out cost method. Brokerage commissions earned
: $ $ on the purchase and sale of securities on behalf of customers are recognised on the
. ASSETS settlement date. Other brokerage fees are recognised at the time the customers’ account
. : is charged.
Cash on hand and at banks (Note 3) 10,694,099 6,241,261 F
» £ ’ » L
Investment in associate (Note 2 (c)) 842,867 = Seen en ecman ere
a aU eri (Note 4) 9,093,245 8,312,307 Loans and advances are comprised principally of amounts that were originated by the
overnment securities (Note 5) 1,210,300 1,205,450 Company and are recognised when cash is advanced to borrowers.
Loans and advances to customers (net) (Note 6) 4,802,241 4,714,326 . ;
; ‘ es
Receivables and prepayments (Note 7) 2,494,807 4,380,834 Loans and advances are stated at the principal amount outstanding plus accrued interest
Fixed assets (Note 8) 606,971 608,951 and ate comprised principally of fully collateralised loans. The Company generally
receives cash or marketable securities as collateral. The marketable securities held as
29,744,530 25,463,129 collateral for loans are not reflected in the consolidated balance sheet.
LIABILITIES
As soon as the recovery of a loan or advance is identified as doubtful, a specific credit
Gustanaee desosits (Note 9) 25,270,593 22,446,967 risk provision for loan impairment is established to reduce the carrying value of the
Pavables other iabiidesendaacnued loan to its estimated realizable amount. The credit risk provision also covers losses
expenses (Note 10) 955,589 1,732,332 where there is objective evidence that probable losses are present in the lending
Preference shares (Nota:12) 2,000,000 - portfolio at the consolidated balance sheet date, but which have not been specifically
———S identified as such.

ae
28,226,182 ___24,179,299 (k) Fixed assets

1’ . i . . y
SHAREHOLDERS' EQUITY Fixed assets are carried at historical. cost less accumulated depreciation .and

eetae amortization.

Authorised, issued and fully paid () Accounting for leases

1,000,000. ordinary shares of $1 each 1,000,000 1,000,000

Retained i : nts

etaine cannes 518,348 283,830 The Company leases its present office facilities in New Providence and Grand
Bahama, The Bahamas under operating lease agreements.
___ 1,518,348 ___ 1,283,830

‘on ; (m) Offsetting of financial instruments
TOTAL ta BILITIES AND SHAREHOLDERS' EQUITY ___29;744,530 25,463,129.

Financial assets and liabilities are offset and the net amount reported in the
consolidated balance sheet when there. is a legally enforceable right to set off the

sIG
Ne ON Ves OF THE BOARD: recognized amounts and there is an intention to settle on a net basis, or realize the



Alu ae ioe : hi bo co. ke. asset and settle the liability simultaneously.
- Director DEGE Oo Thee oe 3. Cash on hand and‘at banks
| fee ta opos 2004 2003
; oe $ 's
: ' NOTES ‘
; is Incorporation and Activity Cash on hand and deposits with banks "9,690,499 5,299,461
Fidelity Merchant Bank & Trust Limited (the Company) was incorporated under the laws of Statutory reserve deposit __1,003,600 941,800
the Commonwealth of The Bahamas on 19 June 1998, and has been granted an unrestricted :
10,694,099 6,241,261

bank and trust licence under the provisions of the Banks and Trust Companies Regulations

Act, 2000. :
The statutory reserve deposit held with The Central Bank of The Bahamas is

The Company, through its wholly-owned subsidiaries incorporated in The Bahamas, Fidelity restricted and is non-interest bearing. :
‘ Capital Markets Limited (FCML), Fidelity Share Register & Transfer Agents Limited as
i (FSRTAL) and Fidelity Pension & Investment Services Limited (FPISL), and its branch office q
; in Freeport, Grand Bahamas, offers a full range of private banking, investment management,

oe share register and transfer agency, pension, brokerage and investment advisory services.

4. Available-for-sale Investments
Available-for-sale debt and equity investments are as follows:

The Company is a wholly-owned subsidiary of Fidelity Bank & Trust International Limited As of December 2004

(the Parent Company), which is incorporated in the Commonwealth of The Bahamas. The ae oe
registered office of the Company is situated at #51 Frederick Street, Nassau, The Bahamas. . y =
The number of persons employed by the Company as of 31 December 2004 was 25 (2003: at ee:
24) ! re Equity securities listed on BISX 8,203,093 7,678,405 .
2; Sumi f Significant Accounting Polici Fixed income securities ‘ 1,092,411 1,105,916
. ummary of Significant Accounting Policies Cie ees pe hie

Not quoted == 254,642 °° "1815308"

cm 9,093,245

. The following is a summary of the significant accounting policies:
ns Wie) Sie. EMOME TSU tne Soo

OM oF

o a perso As of December 2003

_. The consolidated balance sheet has been prepared in accordance with International - Cost Value

4 Financial Reporting Standards. The consolidated balance sheet is prepared under the $ $

i historical cost convention, as modified by the revaluation of assets and liabilities to :
fair value. ‘ Equity securities listed on BISX 7,876,170 | 6,651,089

Fixed income securities 963,011 976,673

The preparation of the consolidated balance sheet in conformity with International Over the counter 673,443 503,237
-Financial Reporting Standards requires management to make estimates and Not quoted 254,641 181,308

assumptions that affect the reported amounts of assets and liabilities and the
disclosure of contingent assets and liabilities as of the date of the consolidated

‘balance sheet. 9,767,265 8,312,307

5. Government Securities
Principles of consolidation age
() oe Bahamas Government Registered Securities

A subsidiary is an entity in which the Bank has an interest of more than one half of

the voting rights or otherwise has power to exercise control over its operations. Interest Rate Date Value 2004 2003
Subsidiaries are consolidated from the date on which control is transferred to the $ $ $
Bank and are no longer consolidated from the date that control ceases. The Prime + 0.50 23 September 2004 . Z 100,000
- consolidated balance sheet include the accounts of the Company and its subsidiaries, Prime + 0.875 2 December 2005, 2,000 2,000 2,000
FCML, FSRTAL. and FPISL after elimination of all significant inter-company »
transactions. Prime + 0.6875 7 May 2007 100,000 100,000 100,000
: : : Prime + 0.75 7 May 2008 100,000 100,000 100,000
(c) : Taivestinani€ inassociate Prime + 0.3125 21 October 2009 150,000 150,000 150,000
‘ vee : : Prime + 0.9375 5 July 2011 10,000 10,000 >
_ Associates are entities over which the Company has significant influence but not the Prime + 1.00 24 March 2014 129,000 = 129,000 129,000
‘power to govern the financial and operating policies, generally accompanying a Prime + 0.625 22 May 2014 6,500 6,500
shareholding of between 20% and 50% of the voting rights. Investments in associates Prime + 0.9375 21 July 2014 1,000 1,000 4
are carried at cost. As of December 31, 2004, the Company has a 33.33% ownership Prime + 1.125 - 15 October 2015 75,000 75,000
“interest -in.- West Bay Development Company, which is incorporated in the Prime + 0.1875 4 December 2015 90,000 90,000 90,000
Commonwealth of The Bahamas and activities consist of holding investment property Prime + 1.25 15 October 2017 50,000 50,000 50,000
for the purposes of rental income and capital appreciation. Prime + 0.25 - 24 March 2019 110,000 110,000 110,900
ae Prime + 0.50 21 September 2020 10,000 10,000 Bs
(@)_ Fiduciary assets and liabilities Prime + 0.50 25 October 2020 55,000 55,000 + ~—-40,000
No account is taken in the consolidated balance sheet of assets held or liabilities area fecal ia see eta
incurred by the Company and its: subsidiaries in the provisions of custody, trustee, Prime + 0.5625 12 December 2021 12,000 12,000 4,000
laicraaribasiee and investment muanesenen services to third parties. Prime + 0.4062 6 September 2022 10,000 10,000 10,000
“e . Foreign currency transactions © Prime + 0.4062 4 December 2022 100,000 100,000 89,450
: : ; Prime + 0.375 8 April 2023 13,800 13,800 6,000
Assets and liabilities denominated in currencies other than the Bahamian dollar have Prime + 0.375 21 July 2023 20,000 20,000 -
been translated: at. the appropriate rates of exchange prevailing at the consolidated Prime +.0.375 9 February 2024 9,000 9,000 -
Prime + 0.3125 29 July 2024 7,000 7,000 — -

_': balance sheet date. .

(f) Valuation of available-for-sale investments
Investments classified as available-for-sale are intended to be held for an indefinite is 1,210,300 _ 1,205,450
period of time may be sold in response to needs for liquidity or changes in interest

yates or equity prices and are stated at fair value. Management determines the

“appropriate classification of its investments at the time of purchase. Fair values of
exchange-traded securities are determined using the closing market price at the close of
trading on the balance sheet date. The fair value of over-the-counter securities are
determined using the average bid’ price quoted by local broker dealers. Securities for

which no quoted price is available are valued by directors.

As of 31 December 2004, prime was 6.00%.
6. Loans and Advances to Customers

2004 2003
$ $
Unsecured advances to customers 29,514 $2,135

(g) Valuation of government securities
Secured loans and advances to customers:

‘Government securities comprise registered securities issued by The Bahamas aacicstet [anaihiaa cecunaes AMC GA ee
Government and the Company classifies these investments at the time of purchase as oe oo. Baa
originated loans. These securities were issued and are redeemable at par value. Semi- ee eee ae One)

anriual interest’ payments are calculated based on the principal amounts outstanding.
The securities are recognized when cash is advanced to the government and are

carried at amortized cost. -

4,772,727 4,662,191

4,802,241 4,714,326

3 SECEE ELEM E CESS REG LEE ED BORMAN AS RRR, # BE ee UES OS, BD Se A RE HE B,D Te a HM Se eo GE He fo ese ai ei NT ect Bie Wer baw fn Se te Pe

The movements in the provision for credit losses during the year are as follows: °



..(h) Valuation of financial guarantee contract

The financial guarantee contract is recorded at fair value on the date on which the 2004 2003
agreement is entered into and subsequently re-measured at fair value at each reporting $ $
date. Fair value is determined as the difference between the amount the Company

"-would: receive from the contract counterparty in excess of the amount the Company Balance at beginning of year . 259,552 134,139
would pay to the counterparty under the terms of the financial guarantee contract. Provided dddng the year 201,524 125,413
See Note) ° Recoveries (111,302) Z



___ 349,774 __259,552
FY Mam UU GH Or Cem ee Nal Rell U bars te tad

a

Receivables and Prepayments

2004 .2003

$ aes
- Accrued interest ee . 46,885. .35,677
Due from affiliates ~ 1,107,251 123,004
Due from Parent Company | 583,591 3,299,473
Accrued corporate finance fees - . 264,834. 637,747 |
Other — 270,446 170,020
Prepayments - , 221,800 114,913

294907 4,380,834

- An amount of $1,004,609, included in due from sinlistes was received on 5 January 2005.

& y

Fixed Assets
_ Furniture ;
Motor . and Leasehold
Vehicles. Kixtures Equipment Improvements Total.
Year ended
- 31 December 2003 tay seoje 2
Opening net book value 13,750 . 377,719 . 197,710. 201,349 ~ 790,528
Additions 35,490 7,245 48,875 —t«s«8S00S «2100110
Poe (29,057) __ (56,974) __ (96,360) (99,296) __ (281,687)

10..

11.

12.

>

Cloning nt book value ue 327,990 __ 150,225 110,553 608,951

Sop shes ; A ie
Cost 62,990 570,380 700,379 $15,251. 1,849,000

Accumulated depreciation {i 807) C29) oe 154) es 404,698) C,240,040 yo:

Net book value __ 20,183 at 15025 110 53 608,951
Yearended :
31 December 2004 ee oY gatas eat
Opening net book valfe "20,183 327,990. - 150,228 , ae, . 608,951
Additions , 100,557 12,168 164,866 1,430. 279,021
Disposals _ ~* (1,500)°. (2,500) © ‘oh (4,000)
Depreciation (64,616) _- (58,238) _ QI, 165) - (62,982) (277,001)
Closing net book value se 280,420 mises 2a 606,971
"As of 31 December 2004 le ea fit ol ane
Cost 163,547. 581,048. 862,745. 516,681 2,124,081
: ‘Accumulated depesiton (107,423) (300,628)" (641,319) (467,680) a, 517,050)
= Net bookvalue = - 86,124 280,420 221,426 49,001 __ 606,971
Customer oo ae oe ocdie teak ie
oe Sp cleo? Ee oP alien ne 2004-2003
Oh cect ee Ae se Soh eee
. Deposits ere a ~ 8,621,572 8,220,889
Savings certificates Be ete 4 ae 16,649,021 ; 14,226,078

3S, 25,270,593 593, 3 = master

Payables, Other Liabilities and Accrued Expenses oe
2004. 2003
Dividends payable on preference shares oe nes Et AZ500% feces
Accrued interest payable —_- ag ~ 1) 362,746. 442,699
_ Other liabilities and accrued expenses 517,175: 1,212,335
Dueto affiliates io 63,168 -* 19,874
Financial guaratiiee contract (Note 14(b)) vay weet S7Aaa.

4

Maturity Analysis of Assets and Liabilities

955,589 1,732,332

The relevant maturity analysis of assets and liabilities based on the remaining period at the
consolidated balance sheet date to the contractual pay date are as follows:

Cash on hand Loans and’ _ Customer
and at banks advances to customers deposits
Boba 8 $ " $

Demand ot 9,694,099 886,724 - 8,621,572
0-3 months _ "1,000,000 2,014,766 10,893,052
4-6 months = ~ "780,553 3,254,560
-.. 7-9 months : ie >" 211,044 1,301,019
10-12 months a ae 617,547 881,190
Greater than 12 months soe fT '291,607 319,200

409 4,802,241 25,270,593

Assets and Liabilities by Geographical Location .

"Significant assets and liabilities are analysed by geographical location as follows:

Cashonhand ~~ - Loansand - . ee
_and at banks . Investments -sdyances : customers deposits
Por . $ owe $. : is are $s
The Bahamas.” 5,620,274 10,931,666 Pigeon a 429, 412 18,691,577
North America 5,073,825 _ 214;746 372,829 6,579,016:

- 13.

A new issue of cumulative, redeemable, and non-voting preference shares totalling

- 10,694,099 11,146,412 4,802,241 25,270,593

Preference Shares

$2,000,000 were issued. The new preference shares are redeemable at the option of the

_ “Company subject to the approval of The Central Bank of The Bahamas. Dividends are
. payable quarterly i in arrears at the annual rate of ane greater: of 0. 75% above Prime and
“750% ee 3 a .

14.

. exercise ‘significant influence over the Company. in’ making financial. or operational a
decisions, and entities that are e controlled, h Jointly controlled or significantly influenced by

Related Party Balances and Transactions :

Related parties include. those entities and directors which have the ability to control or

them.

: The Company engages in significant transactions with its parent and affiliated companies.
- Business policies and economic decisions of the Parent, Company affect or dictate, toa~

- substantial extent, the Company’s activities. Because of these relationships, it is possible

that the extent and/or terms of these transactions, are not the’ same as those that would result
from transactions among wholly unrelated parties. ;

. Significant balances and transactions with related parties included in the consolidated

“balance sheet, but not separately disclosed, 2 are as follows:

2004 = «ss«-2003

: : te . . S$ : $.
Cash on hand and at banks _ 156,705 3,580,316
Loans.and advances'to customers 7,402. 25,884
Receivables and prepayments 1,690,842. -- 3,422,477
Customer deposits 46,541 . 43,392
Payables, otlier liabilities and accrued expenses . 63,168: "77,298

a) Receivables and prepayments

Receivables a prepayments include amounts due from certain directors and/or
officers of the Company amounting to $Nil (2003: $98,000).

_ INDEPENDENT AUDITORS’ REPORT



oe OE hee Te eR eee





b) Payables, other liabilities and accrued expenses

Pursuant to an agreement dated July 1, 2002, the Company and the Parent Company
have entered into a financial guarantee contract whereby the Company would
receive from the Parent Company the amount by which the return on its portfolio of
Bahamian securities was less than five percent (5%). In exchange for the guaranteed
retum of 5%, the Company will pay to the Parent Company fifty percent (50%) of
gains on its portfolio of Bahamian securities in excess of five percent (5%). The
gain or loss on the financial guarantee contract is calculated and accrued monthly
and settled net within one month subsequent to the anniversary date of the
agreement. The agreement is automatically renewed for successive terms of one year
and may be terminated by either party giving at least six months written notice. The
Board of Directors agreed to terminate the agreement eerie 30 June, 2005.

Included in payables and accrued expenses is $Nil (2003: $54,474) due to the Parent
Company under the terms of the financial guarantee contract.

Included in payables, other liabilities and accrued expenses is $63,168
(2003: $19,874) due to an affiliate company. Pursuant to an informal arrangement,
the Company pays certain operational expenses on behalf of the affiliate entity,
whose principle activity includes the rental of i investment property. The arrangement

_ is such that the Company will offset its rental payments owed to the affiliate against
the receivable.

15. Pension Costs

Effective 30 June 2000, the Company established.a defined contribution plan (the Plan).

All persons employed by the Company on a full time basis are required to participate in the .

Plan. Assets of the Plan are held in a separately administered fund.

The Plan is funded from both eniplavet and employee contributions and employees become
fully vested upon completion of ten years of service..

Previously, the Company and its s egbeidtarids: participated in a defined benefits pension plan
administered by Trustees who included executives-of the Company. This plan was

converted to a defined contribution plan in June 200);
4

16. Commitments .
i) Lease commitments

On 1 July 2000, ‘the Company entered into a aes agreement to rent office space on
. New :Providence. from West: Bay Development Company Limited, an affiliated

company, for a period of 5 years and also entered into a lease agreement, dated 6
a 2003, with First Commercial Centre Tamiee, < Grand pee for a period of
! years

‘The. fitire minimum rental payinents required under the operating leases that have
initial non-cancellable lease terms in excess of one year as of 31 December 2004 are
as follows: .

$ : ' Nassau Freeport
162,653 130,712. 31,941

ii) Loan commitments



As of 31 December 2004, the Company had loan commitments of $956, 848 (2003:
$777,391).

17. Risk Management —
The Company engages in transactions that may expose it to credit risk, interest rate risk,
fiduciary risk, concentration. and liquidity risk in the normal course of business. The
Company’s financial performance is affected by its capacity to understand and effectively
manage these risks.. The Company’s challenge is not only to measure and monitor these
risks, but also to manage them as profit opportunities. 5
Credit risk

‘The Company’s deposits and investments are placed with high credit quality financial

institutions and corporations. The majority of loans are presently secured by cash or.

publicly quoted Bahamian equities, therefore the eee tisk i is limited...
Interest rate risk

The Company employs effective techniques and procedures to monitor and: control its
exposure to interest rate risk. Loans and advances have variable rates linked to The
Bahamian dollar prime rate. Exposure to interest rate risk, which is mainly due to fixed
rates on both its term deposits with banks and savings certificates sold to ons is
minimised by the short-term maturities of the majority of these deposits.

Fiduciary risk

The Company is susceptible to fiduciary risk, which is the risk that the Company may fail
in carrying out certain mandates in accordance with the wishes of its clients. To manage
exposure, the Company takes a conservative approach in its undertakings.

Concentration risk

The Company has significant concentration of risk in respect of geographical area, as both
customers and securitised assets are primarily based in The Bahamas.

Liquidity risk

The Company is exposed to liquidity risk primarily through its investments in Bahamian
securities and its portfolio of loans and advances to customers, where it may not be feasible
to liquidate or exchange such assets for consideration that approximates carrying value. |
The Company monitors this exposure by maintaining sufficient investments in marketable
securities, setting limits to its investments exposure and matching the maturity of its Shon:
term loans with shorter-term customer deposits.

. Fair values of financial instruments

' Financial instruments utilised by the Company include recorded financial assets and
liabilities. These financial instruments are carried at fair value or are relatively short-term:
in nature. Accordingly, the estimated fair values are not significantly different from the

carrying value as reported in the consolidated balance sheet.

- PracenseeroustGorers @

PricewaterhouseCoopers
Providence House

East Hill Street

P.O. Box N-3910

Nassau, The Bahamas
Website: www.pwe.com
E-mail: pwebs@bs.pwe.com
Telephone (242) 302-5300
Facsimile (242) 302-5350

To the Shareholders of Fidelity Merchant Bank & ‘Irust Limited

We have audited the accompanying consolidated balance sheet of Fidelity Merchant Bank & Trust
Limited as of 31 December 2004. This consolidated balance sheet is the responsibility of the
Company's management. Our responsibility is to‘express an opinion on this consolidated 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 consolidated balance sheet presents fairly, in all material respects, the
consolidated financial position of Fidelity Merchant Bank & Trust Limited as of 31 December 2004
in accotdance with International Financial Reporting Standards.

PricewaterhouseCoopers

Chartered Accountants

27 April 2005

come

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Ltt HhL SH RAR RACE BEAN ARAR Ee SCARE RBBR GS EZ LARB RE BMW wee

Ba
PAGE 10B, MONDAY, MAY 30, 2005

TRIBUNE SPORTS |



@ By BRENT STUBBS
Senior Sports Reporter

VETERAN third sacker
Zella Symonette knew the
DHL Brackettes needed a
spark to pull them over the
hump against the Randella's
Swingers and keep their play-
off hopes alive in the New
Providence Softball Associa-
tion.

In their rematch, Symonette
provided just that as she
plugged a bases clearing shot
to left field for a grand slam
in-the-park home run. Her
performance brought the
Brackettes from a 6-3 deficit
to a 7-6 lead and they went on
to pull off a 9-6 victory on
Saturday night at the
Churchill Tener Knowles



National Softball Stadium.

"I just stayed there and
watched the ball because I
knew at that time that we
needed the runs on base," said
Symonette, who came through
with her only hit of the game.
"So I just stayed back and just
got that old time hit.

"It really feels good because
we needed to beat them. If we
didn't beat them, it would
have put us in a dilemma,"
Symonette stressed. "We're

SPORTS

Zella Symonette

Brackettes’ comeback

Playoff hopes
are kept alive

fighting for third and fourth
place, so we needed to beat
that team in particular."

With the win, the Brack-
ettes solidified third place at
the .500 mark with a 5-5
record. The Swingers, dropped
to fourth, a half game behind
the Brackettes at 4-5.

Ace Ernestine Butler-
Stubbs got all the motivation
she needed after Symonette's
spark. In fact, she ignited the
team after the Swingers

Dieteterer finishes college
career on a high note

& By BRENT STUBBS ©
Senior Sports Reporter

metres for seventh in her flight. She was ninth

overall.

surged out front 6-3 with three
runs in the top of the fifth.

Going into the dug-out,
Butler-Stubbs said: "Let’s get
those three runs back."

Rally

Symonette answered the
rally call by producing her
grand slam in-the-parker to
put, not just three, but four
runs on the scoreboard as the
DHL surged out front for
good. Symonette, incidentally,
got DHL on the scoreboard
with a 1-1 tie in the second

’ when she reached third on an

error and scored on an illegal
pitch from losing pitcher
Desiree Taylor.

The Brackettes came up
with a pair of runs in the third,
thanks to Keisha Miller, who
came home on a wild pitch
after she got to first on an
error and Jeannine Wallace

singled and scored on
Vantrice Bowleg's run-pro-’
ducing single.

After Symonette's grand
slam that drove home Wal-
lace, Ebony Evans and Bow-
leg in the fifth, Alicia Rah-
ming got to first on an error
and Wallace singled, scoring
on a consecutive RBI single
from Evans and a sacrifice fly
from Bowleg.

Butler-Stubbs, who was
working on a five hitter
through the first five innings
on the mound, bore down,
retiring the Swingers in order
over the final two innings. She
finished with the five-hitter,
striking out one for the win.

Taylor went the full distance
for the Swingers, giving up
nine hits with a pair of strike
outs for the Swingers.

The Swingers would come
up with their first run in the
second on Debbie Forbes'

Aces win hands down

RBI single that plate Dorothy
'Dot' Marshall, who reached
first on an error.

Claudette Farrington came
through with an RBI single
that drove home Rebecca
Moss, who opened the third
with a one-out single and stole
second.

Triple

And in the fourth, Theresa
Miller got her only hit of the
game - a stand up triple to left
- and she caught a ride home
on an error that put rae
Morris on first.

The Swingers would come
up with their final three runs
in the fifth on a two-run dou-
ble from Beatrice Riley that
sent Nesressa Seymour and
Marshall home.

And Debbie Forbes picked
up Riley with a two-out RBI
single.

EXUMA'‘S native Shandria Brown will come
home as the double NCAA Division II sprint
champion as she closed out her collegian career
at Lincoln University.

Meanwhile over at the NAIA Outdoor
Championships, Derrick Atkins also closed out
his collegian career for Dickenson State with a
men's sprint double, while his team-mates
Aaron Cleare and Trevor Barry secured nation-
al titles in their junior seasons.

It was a repeat performance for Brown as she
ran away with the 100 metre title in a time of
11.59 seconds at Abilene Christine in Abilene,
Texas. Her nearest rival came in second in 11.73.
Brown won her heat of the century in 11.68 for
the second fastest qualifying time.

Untouchable

In the 200, she clocked 23.60 to win as well
and was untouchable as her nearest rival came
in with 23.91. Brown had the fastest qualifying
time of 23.39 in the preliminaries.

Brown also anchored Lincoln University to
victory in the women's 4 x 100 relay in a time of
44.81. And she helped the team to the fastest
time in the preliminaries with 45.27.

Also at the meet, Nathaniel McKinney, a
senior at St. Augustine's College, had to settle
for fifth place in the men's 400 in 46.95.

The race was won in 45.45. McKinney had to
settle for sixth in the men's 200 in 21.37.

The winning time was 20.98. McKinney
was third in his heat in 21.16 for seventh
overall.

McKinney also ran the third leg of St.
Augustine's 4 x 4 relay team that came in second
in 3:07.79. Abilene Christian won in 3:07.08.

Shantell Newbold, a junior at Central Mis-
souri State, was eighth in her heat of the wom-
en's 400 in 57.68 for 21st overall. She didn't
advance to the final.

And Doris Thompson, also of St. Augustine's
College, threw the women's shot put 14.04

At the NAIA Outdoor Championships,
Atkins looked just as spectacular as Brown, as
he clinched the men's century title in 10.34. His
nearest rival ran 10.46.

In the 200, Atkins’ time of 20.89 was good
enough for him to take the title as well. Yhann
Plummer, a junior at Southern University, was
second in 21.33. Atkins won his heat in 21.24 for
the fastest qualifying time.

Senior

Grand Bahamian Wellington Whyms, a
senior at Southern University, was sixth in his
heat in 22.42 for 13th overall. He didn't advance
to the final.

Cleare won his speciality in the men's 400 in
46.20. His nearest rival was clocked in 46.74.

Barry took the men's long jump with a leap of
7.67 metres. But he had to settle for second on
more knockouts after he finished tied at 2.12 in
the high jump with Mark Moore, a sophomore
from MidAmerican University.

Dickinson State also got third in the men's 4
x 100 relay with Cleare on third and Atkins on
anchor. Their team ran 40.57. And they were
fourth in the 4 x 4 with Atkins on third and
Cleare on anchor. They clocked 3:11.23.

Also at the meet, Petra Munroe, a junior at
Notre Dame, came in seventh in the women's
100 in 12.19. Tamara Rigby, a freshman at
Florida Memorial, was eliminated with a false
start.

The two Bahamians hooked up in the same
semifinal with Munroe coming out on top in
12.37 for fourth and Rigby fifth in 12.40 for the
seventh and ninth spots respectively.

In the women's 200, Tamara Rigby got fifth in
25.10. The winning time was 24.02. Rigby came
in second in her heat in 24.92 for fourth overall
in the preliminaries.

Florida Memorial, with Tamara Rigby on
lead off, Angelaine Villarceau on third and
Tavara Rigby, on anchor, was third in the wom-
en's 4x 1 relay in 46.94.





a a By KELSIE JOHNSON
‘Junior Sports Reporter

THE Aces destroyed the Royals on Saturday,
as the Government Basketball Association
(GBA) league got underway

The Aces defeated the Royals 89-57 to win
the first game of the three played at Sir Kendal
Isaacs gymnasium.

In the second game, Batelco put away the
Airport Authority Airliners 73-64, while the
Water Works

The Aces dominated their game from the
tip, outscoring the Royals 16-12 in the first quar-
ter. But they didn’t stop there and went on a 10-
6 run in the first five minutes of the second
quarter.

Jumper

But.the Royals came storming back, pulling
themselves within 10 points, thanks to Wayne
Rolle’s turn around jumper.

Rolle’s, 18- ee forced the Aces to call a
time out.

Returning to iis court and playing a zone
defence against the Aces proved to be devas-
tating to the Royals’ run.

Aces were able to regroup, picking up where
they left off in the first five minutes.

With time winding down, Aces’ Jovan Good-
man connected from behind the arch to polish
off the second quarter. Aces were able to hold
onto an eight point lead, heading into the third,
after having led the game by more than 15
points.



against the Royals






The second half turned out to be an explosive
one for the Aces, who stepped up on the offen-
sive end to score 22, while the Royals secure 16
points. ,

Royals would have been able to score more
than 16 points if they had connected from the
free throw line. .

The team went 10-17 from the line for the
game and 6-10 in the second half.

Scorers

Goodman and Lamont Bain were the game’s
top scorers having banked in 18 points each;
Rolle scored 16 points for the Royals, while his
teammate Demecko Pinder chipped in with 14.

In the second game, Batelco had a difficult
task putting away the Airliners, who’s charge
came late in the fourth. However, Batelco had
an unstoppable formula that helped them secure
the win.

They were consistent on the offensive end,
but fell short on the defensive side. But the.
team managed a superb third quarter perfor-
mance. i

The 23 points scored by them in that quarter |
helped when the team refused to play defence -|:
on the Airliners. ae

Airliners were given open jump shots in the
fourth and crashed the boards on misses. :

Their second opportunity shots pulled them: |.
within 12 points, forcing Batelco to step up.
their game. Mh

Top scorers in the game were Chara Wal-. 3
lace and Pena Bain both having 18 points; Jay |:
Frazier led the Airliners with 17 points.




























Chandra pips Marion
ones to win 100m

“Copyrighted|Material
Syndicated | Content

‘—* ope



TRIBUNE SPORTS MONDAY, MAY 30, 2005, PAGE 11B

eye) ee | i ; j

Ts (avi hor Sek Pues

-
a . - —_
lt ty
.

“Copyrighted Material
~. Syndicated Content

Available from Commercial News Providers”

Paolo celebrates successful Tour of italy :


MONDAY, MAY 30, 2005

SECTION



Fax: (242) 328-2398

E-Mail: sports@100jamz.com





Stingrays
live up to
potential

] @ By BRENT STUBBS
Senior Sports Reporter








THE youthful Nassau
Cruisers Stingrays are show-
ing the potential that manag-
er Godfrey-'Gully' Burnside
feels will make an impact in
the New Providence Softball
Association men's division
this year.

The Cruisers had some of
their returning collegiate play-
ers into their line-up on Sat-
urday night at the Churchill
Tener Knowles National Soft-
ball Stadium and they came
through with a 6-3 win over
the New Breed, the other
youthful team in the league.

"School is closed for col-
lege and 50 per cent of the
team is college players," said
Burnside. "We're going to
show this league what these
young ball players can do."

Burnside said he was par-
ticularly impressed with the
performance of shortstop
Geron Sands, who played a
solid defensive game. He also
went 2-for-4 with a triple,
scoring on both trips to the
plate on the offensive end.
The other three collegians
who made an impact were
catcher Greg Jones, centre
fielder Greg Burrows Jr and
second baseman Brandon
Wells.

"We're going to put in
place the future of fast pitch
softball for the men in this
country," he said of the pro-
jections for his team over the

‘next two months before the
collegians return to school in
August. "We have the veter-
ans too and I think that is
what is going to help us to
win."

Improved

With their win, the
Stingrays improved to 4-5 to
remain in fourth place in the
standings.

Burnside, formerly of the
T-Bird Flyers, got a strong
pitching performance from his
veteran ace Rudolph 'Vida
Blue’ Williams. He was work-
ing on a one-hit shut-out
through the first four innings
before New Breed got a
three-run rally in the fifth to
make it a closely contested
showdown at the end.

Despite the one bad inning
that he had, Williams went
the distance, throwing a four-
hitter, striking out four for the
win.

Martin Burrows Jr. started
his second straight game, but
he only lasted through the
third as he had to switch with
Kieron Munroe, who came in
to close the door at the end.
But it was a little too late as
the damage had already been
done.

New Breed dropped to 2-7
for a two-way tie for last place
with the idled Mighty Mitts.

In their only scoring run,
Darren Stevens got a one-out
single and, after Clement
Wiley got on base on a field-
er's choice, Justin Ferguson
knocked in Stevens with the
first run on a RBI double.
Munroe then helped his own
cause with a two-run double
that plated Wiley and Fergu-
son.

Munroe, however, was left
stranded on base as Williams
retired the next two
batters.






























































































@ By NEIL HARTNELL

THE Bahamas has its “best
ever chance” of progressing
from the Rugby World .Cup’s
northern Caribbean qualifica-
tion tournament, which begins
this weekend when this nation
takes on the Cayman Islands in
a crucial encounter to open the
week-long tournament.

Elystan Miles, the Bahamas
Rugby Football Union’s
(BRFU) development officer,

described Nassau’s selection as’

the host city for the four-team
tournament as “huge for rugby
in this nation”, exposing young
Bahamians players to top-class
action and giving them a taste

of what their future might hold

in the physical 15-a-side con-
tact sport.

Tournament

Miles said the week-long
tournament - featuring six
matches plus a friendly
between the Bahamas ‘B’ team
and the Turks & Caicos - was
“the largest event we’ve ever
held”. He believes that home
advantage could work in the
Bahamas’ favour, with a pas-
sionate. crowd giving it an extra
edge against old rivals, the
Cayman Islands.

“It’s the largest event we’ve
ever held and the best chance
of progress in the Rugby
World Cup,” Miles said.
“Home advantage is such a big
plus. Getting the Rugby World
Cup here will hopefully get
more kids involved in the
game, which is good for the
sport. We’ve got to look to the
future and get more people
involved.”

The Bahamas also faces
matches against Jamaica and
Bermuda, with the tournament
winner progressing to a knock-
out match against the winners
of the southern Caribbean

qualifying tournament.

The winner of that
encounter will then go into a
qualifying pool with regional
top guns, the US and Canada,
in early 2006 to battle for qual-

ification for the Rugby World.

Cup finals, which will be held

in France in 2007. The finals .

tournament is widely regard-
ed as the third biggest sport-
ing event in the world, after
the Olympics and soccer World
Cup.

Miles told The Tribune that
the Bahamas’ selection to host
the tournament had come at
the perfect time to build on the
union’s achievements over the
last year, which have involved
getting the sport and coaches
into New Providence’s schools/

Some 320 -youth players
turned up for last year’s
Lennox Paton sevens tourna-
ment, enabling New Provi-
dence’s three rugby union
teams - Baillou, the Cuckoos
and the Buccaneers - to each
field a youth team this past sea-
son.

Miles said that while
upgrades to the pitch at Win-
ton, where the tournament will
be played, and other infra-
structure have cost some
$75,000, about $50-$60,000 of
that amount has been donated
for free by Bahamian rugby
players giving their time and
equipment without any
charged involved.

The Winton pitch has been
reseeded and provided with a
new irrigation system, and
Miles joked that he has been
visiting the site every day to

“stare at the grass and pray |

that it grows”.

Other work has involved a
renovation of the clubhouse,
the installation of a large spec-
tator deck, a medical centre,
and upgrades to the showers
and changing facilities.

The upgrades are being car-

- ried out to ensure the Bahamas

meets the International Rugby
Board’s criteria and standards
for hosting tournaments, and
Miles said they were going
above and beyond the guide-
lines to leave a long-term infra-
structure that would benefit
Bahamian rugby’s future.

Standards

Miles said: “We put in a very
good bid and now it’s up to us
to meet the standards. We’ll
definitely be there.





‘We’ve already met the min-
imum requirements, but want
this to be a bit special.

“We’ve done everything

_ mandated, but want those vis-

iting teams to go home saying
the Bahamas has got some
proper facilities.”

Miles said the Bahamas
Rugby Football Union had
attracted strong support from
the business community, with
Gillette, which is distributed
by Bahamas Supply Agencies,
paying $2,500 to sponsor the
team kit.

_ the business community is stepping up its support.
Pictured above isAmir Weissfisch of Lyford Cay, presenting a cheque to Marion
Rolle, a national team player as Michael Cole looks-on.
Mr Weissfisch said of his donation: “I have been impressed by the work Gone by
Bahamas rugby, particularly with young Bahamians in inner city areas".
The Rugby World Cup starts at Winton in East Nassau on June 5 at 3pm, whes the

Bahamas play the Cayman Islands in the tournament opener.



Ken Hutton, the head of
John S George, was also help-
ing to finance the air fares of
the team’s three Grand
Bahama-based players, so they
can fly down to Nassau for the
training sessions three times a
week.

Miles said that if the Union
does a good job in hosting the
qualification tournament, it will
give the business community
“more confidence” to back its
plans to create a youth sports

and educational centre at the.

Winton pitch.

@ AS THE Bahamas national rugby team prepares for the Rugby World Cup’ s north-
ern Caribbean qualifying tournament, which begins this aprarnihy weekend in Nassau,





a



MONDAY, MAY 30, 2005



The government is finding it increas-
ingly challenging to collect revenues
equalling 20 per cent of the country’s
GDP, which means that it may be more
difficult to ensure a strong economy
without resorting to other forms of tax-
ation, Acting Prime Minister Cynthia
Pratt (left) said during the 2005/2006
budget communication in the House
of Assembly last week. Mrs Pratt
became the first woman in Bahamian
history to read the budget communi-
cation.



By JOHN MARQUIS

n official com-
plaint lodged
by leading
lawyer Cheryl
Grant-Bethell
against her boss, Attorney
General Alfred Sears, was the
first tremor in what could
become a major eruption at the
government’s legal department.

On the face of it, Mrs Grant-
Bethell’s scorching attack on
Mr Sears was no more than the
product of an unpieasant ver-
bal spat. But there was much
more to it than that.

Alleged “vitriolic” behaviour
by Mr Sears in a furious
exchange with Mrs Grant-
Bethell was only a small part of
the story. Underlying her com-
plaint was a feeling that Mr
Sears and certain Cabinet col-
leagues have been treating
some of the department’s
lawyers like unreliable, semi-
competent second-raters.

It’s a belief that has been
gathering force for some time.
Now Mrs Grant-Bethell’s
damning missive to a group of
senior legal officials, including
Chief Justice Sir Burton Hall,
has brought matters to a head.
And the legal fraternity is eager
to find out how Prime Minister
Perry Christie will resolve the
matter when he returns from
sick leave next month.

Since The Tribune’s exclu-
sive exposure of the row last
week, Mr Sears and Mrs
Grant-Bethell have maintained
a dignified silence. But it’s hard
to see how the government can
resolve this problem without
toxic fallout on all sides. Harsh
words are inevitable as the
lawyers and their bosses try to
bring harmony to a department
riven by suspicion and mistrust.

Sources told INSIGHT that
last week’s revelations articu-
lated, for the first time, growing
frustrations among attorneys
in the AG’s Office. These cen-
tre primarily on Mr Sears’
allegedly lofty attitudes
towards his staff, and his appar-
ent belief that outside help is
needed whenever weighty legal
issues have to be confronted.

Bruised egos, bitter recrimi-
nations and treacherous under-
currents have now become part
of life in an office where staff
feel overburdened and under-



valued. It is a far from happy
situation. ae oe

INSIGHT was told: “Since
the story. appeared, staff have
simply pressed on with their
work, with Mr Sears keeping a
low profile. However, some-
thing will have to happen, and
sooner rather than later.”

The depth of annoyance felt
by the embattled attorneys has
become apparent as more and
more details have leaked out
about the Grant-Bethell
onslaught.

At the root of the conflict is
the question of professional
respect. Staff claim. Mr Sears
has none for them, and they in
turn ‘have none for him. Some
observers feel the deadlock can

only be broken with Mr Sears’:

removal. Mr Christie will have
to tackle that problem when
he gets back to his desk. Will
the PM’s renowned “moderat-
ing hand” bring peace to the
warring factions? Most
observers close to the crisis
think not.

For Mrs Grant-Bethell, the
flashpoint was reached in Mr
Sears’ handling of the Guana
Cay issue, in which she was to
lead the government’s legal
team.

On May 12, Mrs Grant-

Bethell asked the permanent
secretary, Mrs Jacquelyn Mur-
ray, for help in arranging for
the legal team to travel to
Freeport for the resumed hear-
ing on May 18. The permanent
secretary’s reply came as quite
a shock. She said Mrs Grant-
Bethell had been “relieved
from any further involvement”
in the Guana Cay matter by
the Attorney General.

Mrs Grant-Bethell was
severely taken aback by this
information and, more partic-
ularly, by the fact that it was
conveyed to her through the
administrative office rather



Two firefighters narrowly escaped
death last week as they fought a
“disastrous” blaze at Club Nsomnia
(at right), which owners suspect is
the work of a “skilled arsonist.”
The Zoo Night Club on West Bay
Street was taken over by new own-
ers about two months ago. It was
renovated and a large addition
added. It reopened under the
name Club Nsomnia. The fire |

destroyed both buildings.

‘



i UNDER FIRE —- ATTORNEY GENERAL ALFRED SEARS

than the legal department.

As a result, Mrs Grant-
Bethell called for a meeting
with Mr Sears and other senior
legal figures, including the
Director of Public Prosecutions
Bernard Turner and Acting
Director of Legal Affairs Mrs
Deborah Fraser.

In the event, Mrs Fraser was
absent, but the meeting went
ahead and Mr Sears was asked
to explain himself. According
to sources, Mrs Grant-Bethell
did not get anything resembling
an adequate explanation of his
actions but what she described
as “vitriolic and emotive behav-
iour” which she found repre-

hensible. That was the point at
which she lodged a formal
complaint.

Inevitably, the legal profes-
sion, quickly apprised of the
rumblings in their midst, tried
to keep the crisis under wraps.
But The Tribune exposed it in a
front-page lead story. Now
troubles at the AG’s Office are
the talk of the town.

Mrs Grant-Bethell’s unex-
pected removal from the Gua-
na Cay case came after she had
led the government team at
two hearings in April and
worked on documents required
by the court for the adjourned
sitting on May 18.



FREEPORT - A woman was stabbed to death last week during
a domestic dispute at an apartment complex in Caravel Beach. The
incident brought the homicide rate on Grand Bahama to seven for

the year.

A 29-year-old man was in custody assisting Grand Bahama
Police with investigations into the stabbing that occurred around
1:45 pm in Apt #7 at 237 Flyingfish Street. Although the couple’s
identities were not released, police reported that both the man and
woman, who is 25 years old, are employees in the housekeeping
department at Our Lucaya Resort. The couple has had ongoing
domestic problems, and reports are that the wife was seeking legal
separation. They had just returned home from a court hearing

-when the incident took place.



She felt she was not properly
notified of her removal or giv-
en the chance to remain on the
team under Mr Sears’ leader-
ship. She was doubly annoyed
because she was the only one

of the four-strong team taken .

off the case, and even more
furious when she heard her

juniors were being permitted ©
to conduct the case without |

her.

Mrs Grant-Bethell felt the
only reason Mr Sears might
have for removing her was “a
crisis of confidence” in her abil-
ity, or an underlying intention
to bring on board outside con-
sultants. .

As the hearing had not yet
got underway, there was no
possibility that a “plausible
objection” could be raised

against her team leadership or

her general competence in the
case. So she formed the view
that Mr Sears had adopted
arbitrary tactics “with no trans-
parency in the process or any
reference to the facts.”

In her formal complaint Mrs
Grant-Bethell, according to
sources, accused Mr Sears of
“patent disrespect” and of act-
ing in a “high-handed” man-
ner. She also suggested that Mr
Sears’ conduct was “in dire
need of attention” as he had
failed to show the level of cour-
tesy expected of a legal col-
league.

Mrs Grant-Bethell felt she
had been sacrificed on the
“altar of expediency” with no
clear motive other than mal-
ice. As a senior officer in gov-
ernment chambers, she said she
had never experienced, under
any administration, such bla-
tant disregard for basic rules
of natural justice.

Although Guana Cay was
responsible for bringing the
matter to the fore, it was by no
means the first incident to

SAAN

Co

The Law At War

Resentment runs deep as attorney alleges ‘disrespect’

cause aggravation in the AG’s
Office.

The Sidney Stubbs bank-
ruptcy hearing generated so
much heat among government
lawyers that one attorney,
according to well-placed
sources, was reduced to using a
blood pressure pump in the

. office because he was afraid of

suffering a seizure.

The Stubbs affair inflamed
resentment in the department
because of the level of priority
it was given over all other con-
siderations. Already-over-
worked lawyers claimed. they
were expected to work beyond
normal hours to prepare docu-
mentation for the case while
other long-standing issues were
put on the backburner.

It was clearly felt that politi-
cal considerations were being
allowed to over-ride everything
else, much to their disgust.

Then, on top of all that, the
Guana Cay issue erupted, cre-
ating so much tension for Mrs
Grant-Bethell that she began
showing physical symptoms of
distress. ae

In her complaint, Mrs Grant-
Bethell has sought an apology
from Mr Sears and an expla-
nation for her removal from
the case. She has also expressed
“extreme concern” for her pro-
fessional reputation.

As of last Friday, a pall of
silence had settled over the
issue. The DPP, Mr Turner,
claimed to know nothing of the
case other than what he had

read in The Tribune, and Mr

Sears repeatedly failed to
return phone calls. |

By maintaining a stolid
silence, those most affected. by
the controversy are presum-
ably hoping it will go away. But
Mrs Grant-Bethell is said to be
so affronted by Mr Sears that
she is determined to “hang in”
for what she considers an
acceptable conclusion to the
affair.

“It’s impossible to see how
the AG’s Office can rebound
from this without some radical
changes taking place,” said a
source. “There is so much hard
feeling around that it’s hard to
believe it will all be solved by a
shake of hands.”

e What do you think? Fax
328-2398 or e-mail jmar-
quis@tribunemedia.net
PAGE 2C, MONDAY, MAY 30, 2005

Pet PP UWUINE





Press on regardless

Journalists unmoved by the shrieking of their critics

@ By JOHN MARQUIS

very quarter, reports
land on my desk
from international
press organisations

charting, in disturbing detail, the

- trials and tribulations faced by

working journalists in trying to
get to the truth.

All over the globe, and espe-
cially in Third World countries,

newsmen are tortured, incar-
cerated and even killed with dis-
turbing frequency by repressive
regimes and their enforcers.

In Latin America alone, more
than 200 newsmen have died



THERE is a serious prob-
lem that is evident in the
Bahamas in both the govern-
ment and the private sector.
The problem is that whether a
person is elected or appointed
to a position there is no suc-
cession plan available for the
next person to follow.

Great leaders have appren-
tices, Plato had Aristotle and
Aristotle had Alexander the
Great. In addition to this
Mentor had Odysseus - that's
where the term in today’s lan-
guage comes from, to men-
tor. We have no mentorship
programme in place.

Sir Lynden had none.
That’s why the PLP went dor-
mant when his ideas ran out.

The FNM went stagnant
when the former Prime Min-
ister stepped down. This trend
will continue until leaders, be
| it in the private sector or in
| the government, realise that
| they are there for only a sea-
son and half of their job is to
cultivate a successor.
| Until this happens we will
| forever be in a situation
where we are holding our
proverbial breaths when a
leader appears to be falter-
ing.

But, be'that as it may,

‘ even.if. we are left to elect the



Nassau

I, TOO, was raised in a sec-
ular home, but in Canada.
There was no help from on
high nor any excuse from
down below (‘the devil made
me do it’ was only a Flip Wil-
son phrase in our house).

My parents taught that the
only thing in life you truly

- have is your self-respect. In
order to have this you must
be honest, hardworking and
considerate of others before
self. If you lose your self-
respect, you are truly lost.

Unfortunately, far too
many people have no self-
respect. They confuse attitude
and arrogance with respect.
If you cannot respect your-
self others cannot either. This

creates a downward spiral
that ends with a lack of
respect for others, their prop-
erty and their rights.

We see examples of this
every day in robberies (what's
yours is mine), assaults and
often murder of former part-
ners (if I can't have you no-
one can) slovenliness and lazi-
ness in the workplace (he or
she can't make nie do that)







EAST BAY...
CABLE BEACH.
MARATHON MAL
GOLDEN GATES.
BAY STREET....
HARBOUR BAV.....
BLUE HILL RD....
PORT LUCAYA....

sthings:-will always fall'in place.



and a ‘here I come get out of
my way’ attitude on the
streets that leads to devastat-
ing vehicular accidents.

Far too many parents have
no interest in being parents,
only in producing offspring.
Once the babies have out-
grown their "cuteness" they
are left to their own devices
rather than being taught and |
instructed in how to be pro-
ductive citizens. It is rather
like the puppy outgrowing its
appeal and being cast out into
the street.

Far too many parents are
overly concerned with "hav-
ing a life" to be responsible.
for another life. Until parents
realise that their job is to
instruct their children with
equal measures of love and
discipline how to be honest,
hardworking and caring citi-
zens, I fear the problem will
only increase.

L. Major

: ar very enlightening and I am
now using it as a resource in
teaching Bahamian children

AS USUAL, John Marquis:
hit the nail squarely on the:
head with his article on crime...
Here in the Bahamas, religion.
is used to fog issues and.
relieve people of responsibly
ity for their-actions.

Mr Marquis’s ileus ref.
erences. to his mother’s.right:
hand - The Howitzer’- had
serious intent, to show that
someone in Bahamian soci-
ety has to draw the line.
Unfortunately, no-one here
draws the line. Young
Bahamian men are often lost
souls with no direction and
no hope, and their leaders set
no example worth following.

G H Wells

Nassau





JOHN MARQUIS’s out-
standing article on Haiti -
Haiti: Hell on Earth - was as
good as we’re likely to read
anywhere, but the message it
brought was not a cause for
joy in the Bahamas.

Haiti’s continuing decline
into social disorder can only
mean more trouble for us in
the years to come. The -
Bahamas must find a solution.
to the immigration problem
because it will become a real
burden for future generations.

LM Bain

Nassau

eoecece

THE. journalism in

INSIGHT’s appraisal of Haiti
was as good as it gets. The

: 393-8300
. 325-3998 .
373-8000

ulated for exposing us to fine
minds and incisive thinking.

praise INSIGHT, which I
read avidly every week. I am
an English teacher and have ©
saved several of these articles
as examples of how to write
powerful English in a very
effective way. I frequently
: refer to them in class and am
now proposing to compile
them into a dossier.

signed, but they are uniform-
ly outstanding. It is truly
heartening to see such quality
in a small newspaper like The

does not have the resources of
the bigger papers like the
New York Times.

Tribune needs to be congrat-

E L Pinder

PLEASE allow me to

Not all the articles are

Tribune, which obviously

The article on Haiti was

about our neighbours to the
south. It is indeed a tragic and
heartrending situation and
one which appears to offer no



solution.

Clare, New Providence |




THE INSIGHT’: drticle on |
the leadership crisis was
absolutely right, and cogently
presented, but the writer (and
I’m 99 per cent sure it was
John Marquis) never ducks a
chance to take a swing at the
late Sir Lynden Pindling.
When Marquis was in Nassau
during the 1960s, the then Mr

Pindling was a tremendous

admirer of his writing. It

would be pleasant if Marquis

could return the compliment
once in a while.

PLP stalwart

Nassau

INSIGHT has to be con-
gratulated for saying what

needs to be said in a manner
which leaves no room for mis- .

understanding. My weekends
are now spent éagerly antici-
pating Mondays. Can we
impose a ban forthwith on

long holiday weekends so that

I am not denied my
INSIGHT fix? Thanks.
Brent Smith

I LIKE INSIGHT because
it takes no prisoners.
V Darville



over the last ten years. And
elsewhere, scores more have
been thrown into prison on
trumped-up charges.

The desire by national leaders
and their cohorts to keep their
people in the dark is much more
widespread than most people
imagine. And journalists, being
messengers in pursuit of the
facts, are the ones who bear the
brunt of their fury when events
turn against them.

In the last two years alone,
well over 70 journalists have lost
their lives in different parts of
the world while trying to keep
their readers and viewers
informed. The roll call spreads
from Latin America to Africa
and the Far East. In Iraq, sev-
eral have died covering the war.
In countries like Honduras,
Panama and Nicaragua, the
judiciary has been used to sti-
fle press criticism of the author-
ities. Reporters are under fire
from all sides, often literally.

It is necessary, therefore, to
keep things in perspective when
the media gets into trouble, as
has happened recently with the
New York Times, CBS News,
the London Daily Mirror and -
as of last.week - the prestigious
Newsweek magazine.

The Jayson Blair scandal at
the Times, the Dan Rather
debacle at CBS, the fake pic-
ture uproar at the Mirror and
the Koran-down-the-toilet
tumult at Newsweek have all
given press-haters an unprece-
dented run of excuses for joy
and jubilation in recent times.

However, the Jayson Blair

scandal apart - he was simply a
pathological liar who ought nev-
er to have been on a newspa-

"per staff - all these failures were

not the products of irresponsible
journalism, or deliberate ploys
to mislead, but over-reliance on
sources which, in the event,
were flawed. And flawed

sources are now becoming one’
of the biggest hazards in the

lives of working journalists.
Forty-five years ago, when I
started out in newspapers, most
people were relatively honest,
trustworthy and straightforward
in their dealings with the press.
Generally speaking, they were
also more than happy to have
their names attached to any-
thing they said. It would never
have occurred to them to use
newspapers, TV and radio to
bamboozle others, or to hide
behind a screen of anonymity.
Even politicians and lawyers -
traditionally the sleaziest of
operators - had a Dehavioural

_code of sorts.

“Anonymous sources” were
hardly ever used because people
were more honourable and less
fearful. than they are today.
Freedom of expression was a

’ right that people were more

than ready to exercise. And
truth was something for which
those other than the criminal
classes had a high regard. Those
were the days when deals could

‘ be completed ona handshake

and every man’s word was his
bond. If anyone but a lunatic or

_ known criminal told you some-

thing, you were inclined to

believe it. Mutual trust was the .

foundation of people’s lives.
However, the standards of
humankind have plummeted
alarmingly since’ then. Nowa-
days, dishonesty is actually seen
as cool in some quarters, and

The Media has now become

‘the story’ in ways that its most

seasoned and conscientious
practitioners will not welcome.
But before Press-bashers get

too excited, consider what life
would be like without journalists
and their courageous efforts

to get access to the truth.
INSIGHT reports...

almost everyone has a personal,
political or commercial agenda.
Governments employ battalions
of liars called spin doctors to
massage the news, and the pub-
lic’s right to know is rated by

_ them as laughably irrelevant.

As a result, it is no longer pos- .
sible to take information at face
value. Even “documentary evi-
dence”, which journalists pray
to get their hands on whenever
possible, has to be double-.
checked and triple-checked ©

' before being relied on as a

source. The Dan Rather disaster
is the kind of horror story that
can result if you don’t.

Add to all this the underly-
ing apprehension of so many
people about speaking “on the
record”, even on the most
innocuous of subjects, and you
begin to realise the extent of the
problems now facing the media
in obtaining and publishing
accurate information.

Complaint

Last week, The Tribune was
tipped off about an official com-
plaint lodged-against ‘Attorney’
General Alfred Sears by gov-
ernment lawyer.Cheryl Grant-
Bethell. The ‘information
imparted was detailed and con-
vincing. However, when
reporters tried to check out the
story with those directly
involved, none was prepared to
confirm or deny it.

The Tribune was therefore
compelled to assess the quality
of its source, and decide
whether a story could be run on
the basis of what they had to
say. Eventually, a second source
was found who was in a posi-
tion to verify at least part of
what we had been told, and
publication went ahead.

There is no question the story
was of considerable public inter-
est. But, had it not been for the
original source - one who had :
established a reputation for reli-
ability - it would never have
seen the light of day. And that.
would have been the public’s
loss.

As Newsweek pointed out in
outlining the background to its
error, journalism has relied
heavily on anonymous sources
for some of the biggest news-
breaks in history. It’s interesting
to note that the Watergate scan-
dal, which eventually brought
down US President Richard
Nixon in 1973, was essentially
a single source story. And the
source was known only as Deep
Throat to all but the two
reporters covering the story and

the editor who had to make the
big decisions on whether to pub-
lish.
Judging the quality of sources
is now a-daily duty of every
newspaper editor. I have estab-
lished a personal league table
of sources running from Grade
A to Grade D, the As being
seen as accurate, reliable and
with no personal or political
agenda, the Ds being reckless’

“and irresponsible, generally with

an.axe to grind. In between lie
those whose intentions are hon‘
ourable, but whose credibility:
is suspect, and those whose’
information is as unsound than
their motives. Sometimes, it is
not easy to discern where the’
dividing lines fall because inac-.

‘curate information is frequently

offered in good faith and with-
out malice. No wonder editors
find it hard to sleep at nights.

In the CBS, Mirror and
Newsweek incidents, editors
made disastrously wrong judg-
ments on the quality of their
sources, but it would be a brave
journalist indeed who gloated
over their errors, for such haz-
ards-are lurking round every
corner throughout our ‘working:
lives 0s

In the Bahamas, the perils of
anonymous sources are proba-
bly as great as anywhere
because very few people here
are prepared to be quoted on
anything. This is partly due to
this being a small, enclosed soci-
ety, but is also the result of long
years of political victimisation
and intimidation.

A Tribune reader said last
week that she would never
allow her name to appear. in a
newspaper over her views
“because I know I would be
slaughtered” - and she cited the
case of politician Brent Symon-
ette, whose comments about the
prime minister’s illness pro-

‘voked a fusillade of abuse. . :

Unfortunately, most people

. feel'as she does. However, it

requires courage to keep free-
dom alive, even in societies
which claim to be open and
democratic. Constitutional
rights are of little worth if peo-
ple are reluctant to exercise
them.
Journalists are, therefore, the
ones who carry the torch in soci-
ety, exposing the wrongs of our
rulers, highlighting injustice,
ridiculing the self-righteous,
puncturing the pompous and
making fools of those who
would ride roughshod over our

See MEDIA, Page 3C

mm oN CUSTOMERS MAY ADD ON EXTRA TOPPINGS ATS. 75/10 ING.
|
\.
;
{
1

THE TRIBUNE

IVIVJINUA TE, IVIFAE UU, CU, 8 ee Oe





It’s time to honour
our African roots

m@ By A FELICITY
INGRAHAM
Tribune Staff Reporter

6 G I’m proud to be a
Bahamian,” belts out
legendary folk artist
Phil Stubbs in one of

his popular tunes.

But what does it mean to be a
Bahamian? And, specifically,
what does it mean to the hun-
dreds of thousands of black
Bahamians?

The majority of the Bahamian
population is made up of peo-
ple who have some roots planted
in Africa. While American slave
descendants have embraced their
past and today call themselves
"African Americans", Bahami-
ans seem to lean more towards
western culture and philoso-
phies.

e@ ey
Majority

May 25 was celebrated world-
wide as "African Liberation
Day", and The Tribune's Insight
uses the time to delve into the
minds of the black majority, to
see how much "African con-
sciousness" exists in today's soci-
ety.

Comments in response to the
article's topic ranged from a love
for the African continent and a
desire to return, to a nonchalant
attitude and an affinity for
American culture.

It is agreed among culture
experts that Bahamians need to
do more to learn about their cul-
ture, and hence they would find
more African consciousness.

"Babamians throw away their
culture; they lack respect for it,"
said Francis Fawkes, son of the
late Sir Randol Fawkes and offi-
cer at the Culture Resource Cen-
tre.

He said while it is difficult to
resist the inevitable influence of

‘). American culture; it is necessary
* to: preserve: what is ours, as: is .

done mn other Caribbean coun-
tries.

"If you look at our African
roots here in Nassau, in Jamaica,
in Trinidad, or in Dominica for
example, you would find a com-
mon thread. We have words in
our dialect in common, or even
in our dances and rhythms. That
is because we all came from an
area in Africa."

According to Greenwood and
Hamber's "“Arawaks to
Africans", the majority of West

Media (From page 2C)

rights. And all against a back-
drop of stringent libel laws
which don’t always work in the
public interest.

In the book, Impunity No
More, Unpunished Crimes
Against Journalists, published
by the Inter-American Press
Association, one can gauge the
depth of commitment required
to become a serious .front-rank

“newsman.

The book moves from coun-
try to country naming the jour-
nalists killed, imprisoned and
tortured by enemies of the truth,
usually political leaders and
their hired hitmen.

Some of these countries are
disturbingly close to hand.
Colombia, which during the cor-
rupt 1980s had uncomfortably
intimate links with the Bahamas
through the drugs trade, is listed
as the worst offender.

Ana Arana, an investigative
journalist who is also a fellow
at New York University,
describes it as “the most dan-
gerous country in the western
hemisphere” for media person-
nel. “Paradoxically, it is also the
country where some of the bold-
est journalism is being prac-
tised,” she said.

However, such boldness has
its price. Several newsmen have
been killed there, either by cor-
rupt government officials or
drug-traffickers.

One, Gerardo Bedoya, was a
serious loss to his country - “an
erudite, brilliant and sophisti-
cated, writer,”
Arana. He became a target fora
driig cartel, who acted on orders

from a corrupt senator. Anoth-,

er, Jairo Marquez, was also
gunned down by hitmen,
allegedly briefed by the same
politician. There is no more
effective way of blocking the
people’s right to know than by
silencing society’s most powerful
and articulate voices.

In Brazil, more than.a dozen
journalists died in the 1990s as
corrupt politicians were target-
ed by the press. And other

according to.

Indians were descended from
Africans who came from the
area west and south of the River
Niger, which is now Benin and
Dahomey. In their language they
were Edo speakers from Benin,
or Yoruba speakers from
Yorubaland or Old Oyo.

The area was also referred to
as "The forest zone of West
Africa", because the area was
very fertile and densely popu-
lated. It lies along the Gulf of
Guinea (the Guinea Coast) and
is between 150 to 300 kilometres
deep.

In New Providence, many of
the ex-slaves from the Yoruba
and Congo tribes settled in Bain
and Grant's Towns. Bain Town
was divided into two districts:
Congo and Nango Towns.

Dr Cleveland Eneas said the

Yorubas and Congos of Bain.

Town were related, through their
tribe, to those in Fox Hill. He
said the Yoruba and Nangoes
were a "proud people of prince-
ly heritage."

He said the majority of people
from Bain Town were actual
Yorubas from Western Nigeria
or their immediate descendants.

"The length of Meadows
Street, from Blue Hill Road to
Nassau Street, was owned and
inhabited by Yorubas who called
themselves 'N'ongas'. They occu-
pied the whole area, running
north to the brink of the hill, and
south, for one or two blocks off
Meadows Street," he said.

Dr Gail Saunders expands on
the subject, explaining in her
PHD thesis "The slave popula-
tion of The Bahamas" that there
were eight "free black villages"
in New Providence after Eman-
cipation in 1834, including
Carmichael, Creek Village, Fox
Hill, Gambier, Adelaide and
Delancy Town, on which Delan-
cy Street still sits today.

It has been estimated that, in
the period between 1783 and

1790, around_1,600 whites and |

5,700 enslaved persons and freed
blacks from. the United States
settled permanently in the
Bahamas. The Loyalists, who
originally settled in Eleuthera,
migrated mainly from South
Carolina, Georgia, Virginia, East
Florida, and New York.
Commenting on the culture of
these ex-slaves and freed blacks,
Dr Saunders said: "African sur-
vivals today make us believe that
slaves entertained themselves
with music and dance, story-

reporter killings have been
recorded in Haiti, Mexico and
Guatemala, all for political rea-
sons and all carried out by
armed thugs acting on behalf of
others.

Mercifully, the Bahamas
exists at a more civilised level,
but it would be foolish to
become too complacent. There
are elements in every society
who would jump at the chance
to silence the critics, and free-
dom can be sustained only if
society at large is prepared to
be vocal in its defence.

Few would be naive enough
to suggest that every working
journalist is unblemished in his
or her work. But there is no
doubt that, taking the profes-
sion as a whole, the level of pro-
bity is very high, especially in
those countries where freedom
is at constant risk. In countries
like Zimbabwe, where the repel-
lent Robert Mugabe has for 25
years been overlord of a cor-
rupt and incompetent regime,

only courageous reporters and -

editors keep freedom alive.

As a result of recent errors, all _

news organisations are re-exam-
ining their methods and won-
dering to what extent they ought
to rely on confidential sources.
Yet they also know that respon-
sible, inquiring journalism is vir-
tually impossible without them.
Protecting sources at all costs
is a fundamental principle of
good journalism. But newsmen
also recognise that, in these cir-
cumstancés, they are the ones
who carry the can when infor-
mation turns out to be wrong.
Last week’s Newsweek gaffe -
and its bosses have admitted
their mistake - must therefore
be considered in context along-
side the fine work it does week
after week to keep its readers
informed against quite formi-
dable odds. Like publications
everywhere, its staff relies on

‘sources which are sometimes

genuinely mistaken, and not
always entirely pure. Making
the final editorial call on dead-

.or four days.

telling, cooking African dishes,
playing African games, and
enjoying a religious life differ-
ent to that of their masters."

In Sir Clement Bethel's study
of Bahamian music, "the secu-
lar music with its strong empha-
sis on drumming and dancing
originated for the most part in
Africa".

"The only thing reminding us,
but in a commercial way, about
Africa would be the Junkanoo
festival. But 80 per cent of the
participants don't have an aware-
ness of the connection between
Junkanoo and the African cul-
ture," said Dr Myles Munroe of
Bahamas Faith Ministries.

He believes that the average
Bahamian does not have an
appreciation for African culture,
and believes that it is a result of

colonialism in the past, and the ©

influence of American culture
today.

"America's proximity to us
and the impact of its culture has
basically diluted and almost
destroyed even our connectivity
to the continent of Africa, ” he
said.

“We have become so west-
ernised and cultured by the US
that much of our African con-
sciousness is American black-
ness rather than African black-
ness," he said.

Dr Munroe, through his min-
istry, has visited over ten African
countries speaking to thousands
of people. He said the experi-
ence of the real Africa opened
his eyes.

President

"When I first went to Zim-
babwe I was in shock for a
week," he said. "We landed in
an airport better than that of the
Bahamas. My chauffeur was the
president of the bank and J was
driven in a current-year BMW
with a television in the back. We
stayed in a five-star hotel with a
gold plate on the entrance door.

"I was angry for the first three
Someone lied to
me. I had been given a distorted
and disconnected view of the
most beautiful continent in the
world. There are cities in Africa
that would make our downtown
look like a slum. I had to be re-
educated about Africa."

Dr Munroe added that the
education system, which "cre-
ates the social consciousness of a
society", did not contain any sig-

line is never easy, especially in a
competitive environment in
which to miss a story means pro-
fessional ignominy.

Those who say journalists
exercise the prerogative of the
harlot - power without respon-
sibility - are not to be taken seri-
ously. The riots following the
Newsweek piece on the sup-
posed defiling of the Koran led
to several deaths in Afghanistan.
Last year, a single line written
by a young reporter in Nigeria
about the Prophet Muhammd
led to 200 deaths in street clash-
es.

On both occasions, journal-
ists were blamed for horrors
which, in truth, were perpetrat-
ed by religious extremists, peo-
ple with stone age mentalities
whose irrationality knows no
bounds. But the fact that their
insane behaviour was triggered
by words shows that the power
and responsibility carried by
newsmen are awesome - and
few bear the burden lightly.

nificant African content,\and

"the images we have been |pre-
sented and taught has basically
cancelled out our African roots
and consciousness".

Without knowing where you
came from, you cannot know
yourself as an individual, said Dr
Thaddeus McDonald, Dean of
Social and Educational Studies
at The College of The Bahamas.
But he believes Bahamians are
now becoming more aware of
their roots.

In today's society, that con-
sciousness is evident to some
extent in the embracing of orig-
inal African hairstyles that have
become the latest fashions, main-
ly dreadlocks, afros and braids.

In the past three years, .a sig-
nificant amount of the populace
came to appreciate their natural
hair and began twisting and lock-

‘Ing their hair. But even that

expression became popular in
America first.

Culture Affairs Officer Robert
Pinder believes it is pertinent to

the future of the country for’

young people to embrace and
develop their Bahamian culture.
He said during his trip to South
Africa last year, he met young
people who celebrate and
express their culture on a daily
basis. It gave him a new resolve
to find that passion back home,
and he began "Culture Fridays"
at Moor's castle - an event which
showcases Bahamian talent.

More specifically, attempts
have been made to rejuvenate
African pride in recent times.

For example, Fox Hill MP
Fred Mitchell is known for his
efforts to emphasise African cul-
tural awareness in Fox Hill. On
Fox Hill Day, he delivered his
address in African cultural dress.
Recently, there was a special
event series organised by Mr
Mitchell, which celebrated the
170th anniversary of the aboli-
tion of slavery.

The Rastafari movement in
the Bahamas, comprising thou-
sands of Bahamians, continues
to advocate.an awareness and
appreciation for Africa, and cel-
ebrated Africa Liberation Day
last Monday with a church ser-
vice at Windsor Park.

The aim is for the repatriation
of all willing peoples of the dias-
pora to the "motherland".

With Marcus Mosiah Garvey's ,

words ringing out in Windsor
Park, the people of the Rasta
Movement said people's real



For journalists, power and

responsibility go hand in hand. »

And, outside of the tabloid
fringe, where the ethics and

objectives are different, it is ..

hard to find one who doesn’t
take their role very seriously
indeed.
' Maligned and misunderstood
they may be, but the job - “the
best in the world” according to
Nobel Prize winning novelist
Gabriel Garcia Marquez -
means everything to them, and
they understand fully its capac-
ity to hurt and sometimes
destroy.
' That’s why, when presiden-
tial spokesmen try to capitalise
on their occasional errors, and
press-haters weigh in with their
usual inanities, the scribes smile
wryly and carry on. On balance,
they know journalism is the only
hope the people have of seeing
things as they really are.

e What do you think? Fax
328-2398 or e-mail

jmarquis@tribunemedia.net








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strength lies in "a continent and
not an island".

African consciousness reached
its prime in the Bahamas during
the visit of Marcus Garvey,
founder and leader of the Uni-
versal Negro Improvement
Association (UNIA).

Mr Garvey said his "early edu-
cation in race consciousness"
came from Dr Robert Love, a
Bahamian priest, physician, rad-
ical journalist, social reformer
and politician.

Identity

As elsewhere in the
Caribbean, black and coloured
Bahamians in the late 19th cen-
tury expressed a sense of racial
pride and identity.

Paul Adderley argued that by
1880, a small group of non-white
Bahamians organised a Black
Nationalist Movement and iden-
tified with Pan-Africanism. It

openly "advocated an awakening .

of racial consciousness, a pro-

motion of African awareness:

linking Africa with all the dias-
pora".

“~ In Dr Gail Saunders' report
on "Garveyism and the Growth
-of Racial Consciousness in The

Bahamas", she noted that UNIA
members and executives includ-
ed the likes of prestigious people
such as S C McPherson, T A
Toote, C R Walker and A F
Adderley.

During Garvey's visit on
November 19, 1928, he spoke to

a crowd of more than 2,500 peo-
ple who braved the rain to hear
“one of the best and most force-
ful speeches ever made on a plat-
form in the Bahamas".

. It would be decades before the
great uprising of Bahamians of
African descent took place, and
eventually resulted in majority
rule.

The "Father of the Nation",
Sir Lynden Oscar Pindling,
whose countless speeches for
black empowerment stirred
pride in Bahamians, once said:
"Just as Columbus, centuries
before, planted his feet in a new
world and took possession of it
in the name of his sovereign, so
too, on the tenth of January,
1967, the sons and daughters of
slaves broke with the past and,
proclaiming the sovereignty of
majority rule, marched into a
new world of freedom, equality
and social justice."

James C Smith, noted as "per-
haps the foremost leader of the
black community in the last ~
quarter of the nineteenth centu-
ry", urged the "children of
Africa throughout the western
hemisphere" to “remember.
fatherland or motherland, let
them remember Africa which is
sometimes called the dark con-
tinent, but which is to us in the
west, the land of the rising sun".

As Dr McDonald reminds his
fellow countrymen, without
knowledge of your past, there is
little hope for the survival of
indigenous culture in the future.

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PAGE 4C, MONDAY, MAY 30, 2005 rite THE TRIBUNE
i COMICS PAGE 7







WERE IT 1S 8:00
AND WE WANE TO
@ To BED











OKAY, PLL CALL THE
AMERICAN EMBASSY/
HOW MUCH MONEY Jf
DO YOU HAVES g

Pare
2 OS s

SAM, WHAT SHOULD IJ WHAT ABOUT YOUR || HE WAS CALLED

DOP I DON’T KNOW FRIEND THE PRIEST?|}] TO MEXICO CrT~..

ANYONE HERE/ YP WHERE IS HES a HELL BE BACK
All wr = IN A FEW 5

oS

QR?

SAS
oN
$3 RS

las
S05
KS

N2

‘Secs by, Neen Apetion Sate ines i not eet.
nae

rye

v7



T DUNNO... SOMETHING FUM.’
WHATEVER MOM AND DAD
GET To Do!













I JUST WISH SHE WASN’T
LIVING IN MY APARTMENT.



I MET MIM... \ SHE IS... SHE TRIES To
SEEMS LIKE A ) BE HELPFUL, CLEANING
SWEET GIRL. AND COOKING.

OF COURSE NOT, PROFESSOR...
BUT THERE MUST BE SOME-
WHERE ELSE SHE CAN GO. .<«





“But HOW COULD I BE GETTING UNDER YOUR
SKIN? THERES BARELY ENOUGH KOOM FOK
YOU UNDER THERE |” |







1.DON'T EVER AND EVEN WORSE ae
RECALL. IT BEING | 1g ’ >.
THIS BAD! NO ORRERENT It All Adds Up to 13 ae
= Wer . DIRECTIONS .
Coe A XK ; 3
doc ih a South dealer. ah} West leads: a. diamond against ES
Vea Sep) North-South vulnerable. ~ seven hearts, and. declarer:sees. that :
2 - NORTH he has all the tricks provided he does MONDAY,
Say #108 not:lose a club. A. club can be lost
Pea < (ret EN VAI93 only if the missing clubs are divided i MAY 30
§ a Si Wb Cs ay @A74 4-1 or 5-0, so declarer focuses all of | ARTES — Mar 21/Apr 20
ie ( ei #K962 his attention on. that suit. He can | This would be an excellent time to
Hy, U ay WEST EAST -overcome some bad divisions if he. take a trip or-even.a weekend get-
oe : jan COTM 5, #Q975432 a) knows how the opposing clubs are f away. Your health should improve,
ue heey LSS ; 972 V64 distributed before he broaches the {| and you’ll experience a new vitality.
Sg heute ae are Ss #3109 #KQ8532 © suit. es '
= MARVIN : 4A 31075 To gain as much information as aay : aoee aE May 20 in d
| 1 WUST REALIZED SOMETHING... WE BOTH — |b. WE MIGHT 1 HOPE NOT SOUTH possible, South takes the diamond | deep relationship with a Scorpio of the
COME FROM A LONG LINE OF JACK RUSSELLS!/20 BE COUSINS !!]\ KISSING COUSINS. AKG lead with the ace and promptly ruffs } opposite sex. This could be a happy
ae ¥KQ1085 ° a diamond in his hand. After drawing } affair, but, before you fall head-over-

46 trumps in two rounds, he cashes the } heels. kno\ pea Nae

é &AQ83 A-K of spades, ruffs a spade and then CRRGNY NL re Betting mio,

: The bidding: ruffs dummy’s last diamond. Thi ~ May 22/Jun 21
South West North ' East As a result of these preliminary S should be a very amusing but
1Â¥ Pass 39% Pass plays, the grand slam is now assured. peony week for you. You will

oe Pass 44 Pass Declarer has gotten the count he was | 7” a spending more time social-
4¢@ Pass 5 Pass looking for. East’s failure to follow aries abe ak working. ‘That's the
7% to the second spade revealed that | W@Y SiO » you may decide.

CANCER - Jun 22/Jul 22
People won’t be easy to please,.,so
don’t bother trying too hard. Mundane
issues will surround you, and you will
find yourself getting bored and cranky.
Don’t take this out on loved ones.
LEO — Jul 23/Aug 23

Use your imagination if you are

Opening lead — jack of diamonds. West started with seven spades. West

No one can claim to be a good also followed to two heart leads and
cardplayer without leaming to count. three diamond leads, so he could not
out a hand. This is hardly the difficult . have been dealt more than one club.
assignment some make it out to be. Accordingly, :at-trick nine South
About all that is required is the abil- leads a club to dummy’s king and
ity — and willingness — to count to. retums a club. If East plays low,
13. declarer finesses: the eight; if East

a,













Consider this deal where if South © plays the ten, declarer wins with the ] unsure of your next move. A change
; F ‘on ate) TELL does not bother to count, he is virtu- queen, returns. to dummy with a] of Tene could be stunlatina ae
OUR KTTORNEN ally certain to go down ina vulnera- trump and leads a third club toward } you are likely to find the company of
| WORKED 760 (ONG ve ees slam for a total loss of thee to bring in the slam. That’s | certain friends rather boring. Mee
ak : ere 1s to it. : :
IN JUVENILE an pome Aarne VIRGO - Aug 24/Sept 22



You may not be happy with your cur;,
rent position, but with some invéstiga;.
tion, you’ll find that you really don’
have it so bad after all, ibe
LIBRA - Sept 23/Oct 23





E
8 | HOW
g four letter monde ot P 8 This should be a calm, easy week
§ | can you make from e BS FE with no shocks or surprises to upset.
Be i ? | the jetters shown aes things. Try to keep a fair balance.
Tl GER wileyink@comcast.net : here?In making a Ps eB perween work Ang play. as
peighakrct ca ets %Sg~S | SCORPIO - Oct 24/Nov 22 «:
OUR GARAGE WHICH HALE Each must contain the Bee ee eee taleeeuatent
VOOR. OPENER USES VO THEY centre letter and there Se 3 You’ ist is admirable, bi t
V2 HORSEPOWER x must be at least one Oeck BO Ee arte cgi SEAN
Fie nine letter-word: No y bas you must delegate some of your
INO = Zeus responsibilities so you don’t get
plurals or verb forms On ge letel ked "
ending in “s”, no words with initial capitals and no E < bb e OND Rey Romeo gere
words with a hyphen or apostrophe permitted. apse SAGITTARIUS — Nov 23/Dec 21
The first word of a phrase is permitted (e.g, inkjet B°B E g This is going to be one of those weeks
in inkjet printer). y = > r where everything seems to keep you
BEERS waiting. You also will have difficulty
TODAY'S TARGET 5 @= %% _ | doing any clear-cut planning. Don’t
Good 22; very good 33; excellent 43. BeSe E Piet your frustrations get to you; life
Solution tomorrow. act > o = should get easier by week’s end. a
wese § §& | CAPRICORN - Dec 22/Jan 20

Something that happens this week -
will be very important to you. Be
ready for opportunities. This is.ca

good time for buying and/or selling.











| 1 These people are a bad bet, 1 Avvessel to keep cosy? (6) AQUARIUS - Jan 21/Feb 18:
47 or) sya dee 2 Being foreign, he’s not exactly a Don’t waste your energies on vens ~
'] 7. Lengthy aojoum in the field (8) - Briton (6) tures that could prove. worthless:
4: 8 - Where eruptions may start to. 3. Wherein the poor total is about You may be feeling a little sad about
a. buret? (4) = ae lig pound? 0 simpli ya friend moving away. Meditation
: Public relations, to me, m: F rogramme item where Wa should help you relieve the blues.:i*:
fo fin, ey OS madly embraces an officer (7) help y EO
Ee ctodiatalie) - "1. § - Abitof catastrophe increases PISCES - Feb 19/Mar 20
| 11. Nuflifies horrendous ultimate Gerheaal (6) a possible Spending fine eat ber is the
a chaos! (6 ; wrecked in beastly ani} perfect remedy for feeling dowa
14 Se ara esas hs 4 fain re danger in the dumps. Use diplomacy
16 Such charges may said to be “apart” (4 : if-involved in arguments of any
| __be dropped (6) 9 Peditered name ‘3 : __... | kind — especially those at work. ,
Nal Fn 13 Thee so a | Peon ae ee
National Front (4) 13° Three could put you out (5) g ele
19 Started to live 15 Singer in white, normally (5) M eona Gls en
with a killer (5) 18 Hang around the hotel too ) 2
21 Material | mend, maybe much (5) it
3 hwo 19 Elizabeth's gamble (3) a iG
soe 2) 22a oka Ae tekhekolal
23 en renee 2 “Ashot nt (3) ele bape.
23 = Tree full of bats, 5 ook ke]
ese ness potently? (6) :
housing? (5) 24 Cleverly leading a seaman to a Lae
28 A childish story? (3) silly conclusion (4) ay spanked
29 I's sad when a soldier’ in the 25 With this system, the polica
cart, perhaps (6) have a burden to shoulder (6) ACROSS | DOWN 2 Zee
30 Just the bird to attract 26 The boards used in making 1 ——- Pour (6) 1 ‘Floats (6) Ne
31 Sues reduced(4) | 27 Be is baci june 7 (Despips (8 ge abe de f gh
: s ul Form of jazz (4)
32 = Thankful for fat mixed same (5) : i etry (6) 4 Twist a a This unpretentious but tricky little puzzle defeats many _
with gruel (8) 28 There's a fair place for it (3) 11. Foil (6) 5 Got up (5) would-be solvers. Black (to play) makes a move; White makes
33 Fox, maybe, or a teddy (6) 30 Foreigner held in a vault (4) 14 Allow (3) 6 Viper (5) his reply; Black makes a second move; then White
5 8 — Sport (4) checkmates. How do they do it? Playing chess online is an
16 Command (5) increasing attraction for many chessplayers. You can do It
7 Northem Briton (4) 9 — Encountered (3)
1 12 Mineral (3) from your own home and avoid the trek to your club onarainy .
19 Bishop's 13. Long-necked birds (5) evening. Most internet games are played at speed (though
YESTERDAY'S CRYPTIC SOLUTIONS SaeaLe e 15. Shinbone (5) slow games are also available). The top sites for strong
ACROSS: 1, A-mass 6, Sears 9, CO-MP-act 10, Dr-ur-y 11, Rough 12, Ro-D-in 21 players are chessclub.com and playchess.com. Both have
13, Campion 15, Hip 17, Omit 18, Serena 19, Gents 20, Moored 22 Dert 24, Ayr 22 Sleeveless * aa ®) many grandmaster regulars, and England's top pair, Michael
25, Trainee 26, Hear-t 27, St-air 28, Films 29, Lamp-O-on 30, Droll 31, Penny ae (5) i 20° ‘Twitch (3) aoainy and Nigel opty are eee pen playehess:
DOWN: 7 , Script 4, ; : 7, 8, R-e.g.-ai 23 Submissive 1 ; erage or novice players shou! instantchess.com, a
Ay a re io 5 aif colon) eo ae Ss Pu ae, at +, e oO aI 26 Fire (5) a ote ve site with pleasant visual graphics and a large number of
21, Oyster 22, Di-Vi-ne 23, New-man 25, Traps 26, H-ill 28, F(L)op 28 Bad actor (3) 23. Spite (6) Mee an will pees Me a inare festa seconds,
YESTERDAY'S EASY SOLUTIONS 29 Painful 24 Give out (4) ee eee ee ee re " BK
ACROSS: 1, First 6, Scope 9, Pioneer 10, Spum 11, Douse 12, Strap 13, Glances afficion (6) 25 Warden (6) LEONARD BARDEN
15, Pet 17, Rent 18, Secure 19, 20, Allots 22, Asps 24, Toe 25, Compere 30 Salty (6) 26 Ovine mammal (5) nits ;
26, Ached 27, Stick 28, Deuce 29, Regalia 30, Added 31, Press a on z Consiienen Pte Tat
DOWN: 2, impale 3, Sprint 4, Tin 5, Gnats 6, Sedated 7, Crop 8, Pester 12, Seeps Possessed
13, Great 14, Anale ts Purse 16, Tersé 18, Snood 19, Stacked 21, Looted 22, Appear 33 Quake (6) 30 Badger’ home (4)



23, Precis 25, Cedar 26, Acre 28, Dip | “@JEU! EON POH Z ZEW PEW L uognjos








THE TRIBUNE _ MONDAY, MAY 30, 2005, PAGE 5C
INTL Pi ee

ISSUES SIDI EAS

( ompromise
is mere pause
in protracted fight

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PAGE 6C, MONDAY, MAY 30, 2005 THE TRIBUNE _
: Meee : 3

2C_| SUNDAY, MAY 29, 2005 _ INTERNATIONAL EDITION

NS. KNIGHT ee ALBERTO IBARGUEN, PUBLISHER | TOM FIEDLER, EXECUTIVE EDITOR | JOE OGLESBY, EDITORIAL PAGE EDITOR

'. @ee © « oo“ -_-«.

Patriot Act reconsidered

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