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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“== Lhe Tribune





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Volume: 101 No.156



TUESDAY, MAY 31, 2005





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Leadership choice may
altect financial support

@ By RUPERT MISSICK Jr possibility of his return has

Chief Reporter apparently caused some divi-
if, sion. among FNMs.
FNM contributors are threat- Former Cabinet minister in

ening to pull financial support the Ingraham administration

*

from the opposition party
depending on who emerges as
leader after the party’s Novem-
ber convention, sources have
told The Tribune.

It was revealed that some sec-
tors of the FNM’s contributors
have threatened to pull theiz
financial support fot the 2007

general election if former Prime.

Minster Hubert Ingraham is not
returned as party leader.
Although questions still
remain on whether Mr Ingra-
ham even wants the job, the



@ By DANIELLE STUBBS
& CARA BRENNEN
Tribune Staff Reporters

Unification Church leader
challenged at conference

“NO, NO, I don’t agree with that!” interrupted an elderly
Baptist lady as she listened to a Unification Church leader
argue yesterday that man can be better than God.

“A human cannot be bigger or better than God, because God
is the father and we are lis children,” said the concerned
woman. “God made human, so explain that,” she challenged
Rev Dr Sik Yu, continental leader of the Family Federation for
World Peace and Unification (FFWPU). :

Dr Yu had told a joint conference for the FFWPU and the

and current independent mem-
ber of parliament for Bamboo
Town, Tennyson Wells said
that the party is divided on the
issue of the former prime min-
ister returning to the helm of
the party and threats of with-
holding funds have come from
both Ingraham and FNM leader
Tommy Turnquest supporters.

“Some of them said that they
won’t put a penny in the FNM if
Tommy is there and some say

SEE page 10















@ By PAUL G TURNQUEST
Tribune Staff Reporter.

ACROSS America, the Bahamas,
and around the world, Americans
paused to remember those soldiers who
gave their lives for their country.

Yesterday officials from the US
Embassy, the USS Nassau, and the US
Coast Guard paid their respects at a
memorial site at Clifton Pier.

The site marks the location of where

a P2V aircraft crashed on ae 7, 1954
killing all 10 of the US airmen onboard.

At an emotional ceremony, US
Ambassador John Rood thanked the
family and friends of the soldiers who
died that day for attending yesterday’s
ceremony.

“The American ideal has always

required defending against the enemies

of freedom and liberty who would see
our nation’s flame extinguished. The
proud eagle that adorns the familiar

Great Seal of the United States clench-

es a peaceful olive branch in one talon,

but a quiver of sharpened arrows in the
other.

“Simultaneously symbolising our love
for peace and our preparedness for war.
We seldom acknowledge that freedom
isn’t free; sacrifice is the bitter, but nec-
essary price that we must pay to remain
the land of the free,” he said.

SEE page 10






Inter-religious and International Federation for World Peace
(IFWP), which opened at the British Colonial Hilton Mon-
day, that man can be better than God, because a human is vis-
ible, but God is not.

“God will be happy that His children (man) are better than
Him, because he made us all in his image and likeness,” said Dr

SEE page 10





























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Body found in water is
identified as 27-year-old




@ By DENISE MAYCOCK residents, who were out fish-
Tribune Freeport ing. The men immediately
Reporter contacted the police and




returned to shore.

They then took a team of
officers to the location, where
the body of a black man,
about five feet 10 inches tall
with dreadlocks was pulled
from the water. The victim
was bareback, wearing only a
pair of blue jeans and white
socks.

Chief Supt Basil Rahming
reported that the body had
minor abrasions to the face
and appeared to have been in
the water for at least 24 hours.

Attendants at Yager Funer-

SEE page 10




FREEPORT - The body of
a man discovered Sunday
morning floating in the
Grand Lucayan Waterway
was identified as 27-year-old
Patrick Davis of Freeport.

Grand Bahama Police are
trying to determine how the
man’s body ended up in the
water and are awaiting the
results of an autopsy on thé
cause of death.

According to reports, the
body was spotted floating
around 10am about 600 yards
north of the entrance to
Dover Sound by two Freeport
















Prime minister takes
on some ‘light’ duties

@ By TIFFANY GRANT
Tribune Staff Reporter

PRIME Minister Perry Christie
has reassumed some of his
responsibilities, it was confirmed
yesterday.

According to Acting Prime
Minister Cynthia Pratt, Mr
Christie has started to perform
“light” prime ministerial duties
while recuperating at home.

“There are matters he has been
dealing with, before his illness,
that he wanted to go over. Also
anything that he wanted to give
me some instructions on, that I
might not have not been familiar
with,” said Mrs Pratt.

There is no official set date for
Mr Christie to return to work, but
he is expected back soon, said Al
Dillette, the prime minister’s

spokesman.

The prime minister. will not
resume his normal duties until he
is certain he can carry his full
load, said Mrs Pratt.

“T think he has learnt from this,
but he will also use his time more
wisely in terms of recognising that
he is not invincible,” she said.

Mrs Pratt added: “Instead, of
working almost 19 to 20 hours of
a 24-hour day, I am certain he
will really exercise his time with
more wisdom. I think this is what
the public should expect.”

She stressed that the body is
designed to work as well as to
rest. .

Mr Christie was hospitalised at
the Princess Margaret Hospital
on May 3 after he awakened in

SEE page 10





PAGE 2, TUESDAY, MAY 31, 2005

' THE TRIBUNE



iy



Government has been less than
candid on issues to do with CSME

I: was not exactly a great debate
but it now seems certain the con-
clusion must be that the Bahamas cannot
sign on to the economic and trade pro-
visions of the Revised Treaty of
Chaguaramas.

Minister of Foreign Affairs Fred
Mitchell and the PLP government,
despite their attempts to discredit critics
of the proposition, have had to come
around to the position that the critics
had it right all along. They will deny this,
of course, but the contents of their own
propaganda campaign provide ample
evidence.

Acting Prime Minister Cynthia Pratt in
her Budget Communication last week
said that the CSME issue had generated
“a great deal of heat and not a lot of
light being brought to the matter.”

The blame for that must be laid direct-

ly at the feet of the minister and the gov-

ernment. They have the responsibility
to inform the Bahamian people and
bring light to the matter.

It is to be hoped that Mr Mitchell and
his government have learned that it does
not pay in a national debate unneces-
sarily and peevishly to attack one’s oppo-
nents rather than their arguments.

. The Bahamians who have been ques-
tioning the proposition include some
highly qualified and credible individu-
als who have their country’s best interest
at heart.

It was, to be blunt, foolish to describe
them all as a strident minority and to
make other belittling characterisations in
an attempt to discredit them.

IE one of his speeches, Mr Mitchell
named several persons who were
raising questions about CSME and in
the next breath claimed that, “You often
hear from these opponents that the

Bahamas has nothing to trade.” He iden- »

tified Sir William Allen, Zhivargo Laing
and me as being among “these oppo-
nents”.

Then he went on to show that we do

have things to trade. This isan old but
transparent trick in polemics: make a
false attribution to your opponent then
proceed to knock it down. Should your
opponent protest, you simply accuse him
of splitting hairs.



about how worried he was over the pos-
sible environmental effects of “mining”
salt at Inagua.

Salt is produced at Inagua by the evap-
oration process, not mining. But per-
haps this colleague has visited Inagua
by now and knows a little more about
that wonderful island in the south and its
fascinating history.

What some of these opponents might
have said in this debate is that we do
very little trade with the rest of the
Caribbean, and that is true. There was a

time when we did more, at least in the

southern islands.

Then we had exciting products from
Cuba, Haiti, the Dominican Republic,
Jamaica and exotic places far beyond
the Caribbean where the big amps came
from.

I have-not said-during this debate nor. ~-

at any other time that the Bahamas has
nothing to trade and I doubt seriously
that the other persons named by Mr
Mitchell would have said anything so
obviously wrong.

I was born on Inagua many years
before Mr Mitchell arrived on this plan-
et and I remember when my granduncle,
the patrician Arthur Symonette, oper-
ated the salt industry at that island and
when it was taken over by the Erickson
family.

A: a little boy I was awed by the
great ships that came to
Inagua to collect the mountains of salt
that we delighted in climbing.

Iam told that not much of this product
was exported to the Caribbean. So I do
not need Mr Mitchell to tell me that the
economy of Inagua “is based on the pro-
duction and export of salt”.

What he might do is lecture one of his
now parliamentary colleagues who wrote
in The Nassau Guardian a few years ago

A along Mr Mitchell has been
talking about the CSME and
its trade and economic implications for
the Bahamas. |

Only late in the debate did he declare
unambiguously that the government
intended to maintain the status quo in
our relations with CARICOM; that there
would be no fundamental change.

The speech in which Mr Mitchell
referred to some of these opponents was

made to the National Congress of Trade

Unions on May 5.

“In the course of the debate,” he said,
“the opponents of the policy have sought
to use wrong information, fear and irrel-
evant information. Tonight, I wish to
deal with the facts.”

Nowhere in that speech dealing with
the facts did Mr Mitchell give any assur-
ance that in signing the treaty the
Bahamas would maintain the status quo
in its relations with CARICOM.
Nowhere did he say there would be no

’ fundamental change.

Model youth baseball
program JBLN

receives $2,000

The Father Pat Fund is very”

pleased to donate $2,000 to
the Junior Baseball League of
Nassau.

Founded in 1990 by a handful
of parents with the dream of
starting a well-organized
baseball program, the JBLN
has grown impressively.
Sixteen years ago 40
youngsters took to rocky
“fields” and began playing
ball. Parents volunteered as
coaches, structure was
defined and adhered to, and
a little league was born.

Year after year the program
has grown. Says one parent,
“There is no mistaking the
quality. Everything is well
organized and parents and
kids are attracted to that, it’s
that simple.”

Today, JBLN’s nearly 300
young players, take to major
league quality fields, complete
with baby bermuda grass and

clay in-fields and play ball
throughout a season that
spans from January through
June. Spectators sit on shaded
bleachers and a concession
stand offers everything from
popcorn to pizza.

Remarkably, every Saturday
as many as five games may
occur simultaneouly at
JBLN’s five and a half acre
complex on the St. Andrew’s
School campus. Charles
Kemp, President of JBLN,
could not be more proud of
what has been accomplished.
Considered one of the
indefatiguable drivers behind
JBLN’s growth, Kemp knows
what has gone into making the
“field of dreams” come true
and, as he often adds, what it
will take to keep it going in the
future. JBLN relies on the
community to support its goals
and dreams. For more
information on how you can
help please call Charles Kemp
at 636-5594 or 324-5576.



“The Bahamians who have been
questioning the proposition include
some highly qualified and credible
individuals who have their country’s
best interest at heart. It was, to be
blunt, foolish to describe them all as a
strident minority and to make other
belittling characterisations in an
attempt to discredit them.”



To the contrary. Mr Mitchell went-to
great lengths to describe the disadvan-
tages of not signing on to CSME and
the advantages of doing so. —

He was clearly talking about the trade
and economic implications: “So, this is
the essence of the trade proposal called

the Single Market and Economy: it is ©

designed to improve the standard of liv-
ing in the region by lowering the cost of
living while ensuring that top-quality
goods and services are available to the
more than 14 million consumers from
the Bahamas in the north to Suriname in
the south.”

Mr Mitchell went on to explain what is
meant by a single market and what is
meant by a single economy, citing the
Bahamas as a good example of both
with economic activity taking place
freely from Abaco to Inagua. Then he
said: “I should add that the reason why
it is preferable to sign a trade agree-
ment like the CSME is that under the
terms of an agreement, the rules are
known, the procedures are transparent,
and disputes have a clear mechanism
for settlement. This will avoid unfair
practices which can undermine local
economies.”

M: Mitchell seemed quite irri-
tated on the radio pro-

gramme Jones and Company on May
22, 2005, when he was pressed by Brian
Moree as to the permanence or other-
wise of the exemptions being allowed to
the Bahamas. But in the May 5 speech
he said:

“The Revised Treaty, however, which
is what the present national discussion is
all about, does not allow fora state to
join the Caribbean Community but
remain outside of the Single Market and
Economy.

The economic integration movement
has developed to such an extent that
membership in the community by defin-
ition means membership in the Single
Market and Economy.”

It could not have been stated more
clearly than that so Mr Mitchell has no-
one to blame but himself if people ques-
tion whether signing the treaty allows a
state to stay out of the Single Market
and Economy.

The treaty lists among its objectives
the “accelerated, co-ordinated and sus-
tained economic development and con-
vergence” in the community.

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he Bahamas has not yet been

allowed derogation from the
right of establishment and Mr Mitchell
and the government seem to have under-
estimated the importance of this partic-
ular provision of the treaty.

In a speech at Abaco on May 18,
Mr Mitchell listed the provisions from
which The Bahamas proposed to enter
reservations, then he added: “The Right
of Establishment is another issue that
has been identified as an area of con-
tention.”

When did Mr Mitchell and the gov-
ernment identify this as an “area of con-
tention”?

After the circulation of a draft bill
proposing to harmonise CARICOM
qualifications for pharmacists and ‘to
allow Caricom persons to enter this busi-
ness in the Bahamas?

Mr Mitchell and the government have
been less than candid with the Bahami-
an people when they suggest that the
right of establishment applies “princi-
pally” in areas that earn foreign

exchange and that no retail or whole-

sale business in the Bahamas will be
threatened.

, [ would be a great pity if the treaty a

and the Community did not envi-

sion indefinite derogations from its eco-
nomic provisions for the Bahamas.

While there are good reasons for

the Bahamas to stay out of these

arrangements, it is most certainly in.

our interest to continue working
with our sister Caribbean states in other
areas.

We have benefited tremendously over
the years from functional co-operation in
many areas and by working together and
supporting each other in international
forums.

Furthermore, I believe that at some
point in the future it will be in the inter-
est of the Bahamas to participate fully in
a regional court of appeal. Bahamian
Chief Justice Sir Leonard Knowles said
some 30 years ago that the Privy Coun-
cil was suffering from a terminal condi-
tion.

Now, with the British moving to
set up a modern supreme court, it
would appear that Sir Leonard had a
point.





“Copyrighted Material
Syndicated Content

Available from Commercial News Providers”

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.

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THE TRIBUNE

TUESDAY, MAY 31, 2005, PAGE 3



LOCAL NEWS



BPSU hopes for no | *°

‘stalling’ on pay

“i By A FELICITY
» INGRAHAM
Tribune Staff Reporter

BPSU president John
Pinder hopes the govern-
ment will not use the word-
ing of its promise to
address public service pay
increases as a “stalling tac-
tic.”

Responding to com-
ments made by Acting
Prime Minister Cynthia
Pratt, Mr Pinder told The
Tribune he hopes the gov-
ernment does not plan to
delay the end-of-June sign-
ing for a study that would
allow public service pay
issues to be addressed.

Said Mrs Pratt: “In order

_to assist our responses to
the proposals, we expect
to commission a study by
an international expert on
the orderly and equitable
evolution of public sector
pay and other benefits in
the medium term.”

Mr Pinder said he is
expecting to have pay

pension package improve-

increases, benefits and

ments communicated to
him “in black and white.”

Expectation

Mr Smith said while the
study may be conducted
on benefits and pensions,
he does not expect for the
government to hold up the
entire proposal of $24 mil-
lion for public servants.

The proposal includes
an $1,800 yearly increase
for public servants, which
equals a $150 monthly
raise, or about $35 a day.

The BPSU is also
requesting a 50 per cent
increase in hazardous pay, a
$300 to $600 yearly increase
for risk allowances, an
increase in travel allowance
from $30 to $50 daily, a gas
allowance increase from 45
cents per mile to $1.50 per
mile, insurance increases
and performance incen-
tives.



@ BPSU president John Pinder



Limo demos suspended

PUBLIC demonstrations by
disgruntled limousine drivers
have been suspended, it was
announced yesterday.

Members of the United Lim-
ousine Operators Association
said demonstrations planned for
this week were halted at the
request of Transport Minister
Glenys Hanna-Martin.

The ULOA is protesting the
relationship between Kerzner
International and Bahamas
Experience Limousines and

ident, blocked the BELT park-
ing lot at Nassau International
Airport (NIA) for three hours.

The group has also threat-
ened to block the Nassau to
Paradise Island bridge if their
concerns are not addressed.

The minister has called a
meeting today at 2pm with
ULOA, Kerzner International
and the Taxi Cab Union in an
effort to resolve a two-year dis-
pute. |

ULOA has made the follow-



Tours (BELT).

_ Last week Friday, Kendal
Culmer and Charles Brooks,
ULOA president and vice-pres-




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from BELT access to them.

e That ULOA members be
given a desk at the three hotels.

e That there be no referrals to
BELT of walkout guests.

° That BELT limousines car-
rying casino guests have visible
identification.

° That reasonable financial
compensation is given to the
affected ULOA members from
the commencement of BELT’s
contract with Kerzner.

Kerzner has denied all sug-
gestions that it owns or is a part-
ner in BELT.

Disabled
residents
proposal
‘rejected’

@ By TIFFANY GRANT
Tribune Staff Reporter

RESIDENTS of a disabled
home which has been threat-
ened with closure claim that
their proposal to save the home
has been rejected.

Jerome Thompson said that
he and fellow residents of
Cheshire Home want to take
over the management of the
premises and that they had
delivered a proposal to John-
son Hassan, the legal firm acting
on behalf of the home’s man-
agement.

However, residents claim that .

the firm said it was unable to
receive anything from them.

Residents were given a final
deadline of today to vacate the
building.

The Tribune contacted the
chambers of Johnson and Has-
san, but was told that the rele-
vant representative for the case
was not available for comment.

Bail granted
on cocaine
charge

@ By NATARIO McKENZIE



A 34-YEAR-OLD charged
with possessing more than
$100,000 worth of cocaine
appeared in Magistrate’s Court
for the second time yesterday.

Donovan Garvey, who
appeared along with his wife
Christine Ann Garvey on May
23 to face the charge of pos-
sessing drugs with the intent to
supply, was granted $100,000
bail with two sureties.

Christine Garvey has been
granted bail in the same amount.

A preliminary inquiry is set
for January 9 2006.

The couple is charged with
being found with 24.2 pounds
of cocaine in Freeport, Grand
Bahama on Friday May 20.

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in
rt

on theft
charges

@ By NATARIO McKEN-
ZIE ,

A 41-YEAR-OLD Cam-
bridge Lane man was charged
yesterday with house-break-
ing and stealing almost
$70,000 worth of jewellery
and appliances from homes
in New Providence.

Bodie Fritz, AKA Jeffrey
Marshall, pleaded not guilty
to five counts of house-break-
ing and four counts of steal-
ing.

It is alleged that between
8.30am and 12pm on Tuesday
May 10, Fritz broke into the
home of Syndemala Sweeting
on Brooklyn Road.

He was charged with steal-
ing one diamond and gold
wedding band set valued at
$2,000, one diamond and gold
engagement ring valued at
$3,500, one diamond and plat-
inum ring valued at $5,400,
six pearl necklaces valued at
$6,000 in total, and an assort-
ment of other jewellery.

Fritz was also charged with
breaking into the home of
Sherolyn Sears on Harmony
Hill on Thursday May 12.

He allegedly stole an
assortment of bracelets,
watches and electronic items
worth $7,690.

He was also charged with
breaking into the Highland
Terrace home of Edward
Roberts on Thursday May 12,
where he allegedly stole jew-
ellery and electronics worth
$8,092.

On May 3 of this year,
Fritz allegedly broke into the
home of Jeremy Saunders on

Eastlyn and Village Road and -
the home of Jane Newton on

Newgate Road.

The matter was adjourned
to September 20, however
Fritz will return to court today
to produce a worksheet as
proof of his claim that he was
at work at the time of the
alleged offences.

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BEST PRICES, BEST SELECTION, BEST SERVICE, EVERYDAY, EVERY TIME







PAGE 4, TUESDAY, MAY 31, 2005

_EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE









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 1972-199]







/ EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. ~
Pilblishev/E dior 1972-




Published Daily Monday to Saturday



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




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
















as cars shoot past, not driving, but ines in
opposite directions. It makes the head dizzy
to watch them.

A traffic cop, handing out Galtie tickets on
this road could reap a small fortune for the
Public Treasury. The airport road is another
clear stretch that tempts impatient drivers to
push the gas pedal to the floor.

However, the worst offender is the angry, —
impatient driver, who will pull out from
behind a long line of traffic, even though he
sees another line of traffic coming straight for
him in the opposite direction.

With not enough patience to wait until he
can safely pass, he decides to take a chance,
gambling not only with his own life, but with
that of the driver of the car who is heading
towards him. .

Some are lucky. They make it with a
screech at the head of line, just as the oppo-
site car is bearing down on them. Others are

not so lucky. They end up on the front page ©
of The Tribune, cars a tangle of metal, and
drivers, either in the morgue or seriously
injured in hospital.

It is a nightmare for the driver, minding
his own business and keeping to his side of
the road, to be faced with a speeding
machine bearing down on him for a head-on
collision. h

There is no way that he can escape’ s
from the madman behind the wheel coming
at him. He tries to slow down to give the
lunatic enough space to pass the line that
he is overtaking, hoping that he can make it
without taking both of them to heaven... or
hell.

These drivers should be removed perma-
nently from behind the wheel of a car. They
endanger too many lives.

There are also drivers who race each oth-
er on the road. We have seen many cars pull
to the side and almost stop to get out of the
way of the speeding vehicles — sometimes
not two, but three or four of them, racing
only God knows where.

If only speed cops were on the roads, many
of these undesirable drivers could be
removed.

Another suggestion is to make it manda-
tory for young drivers take a driving course
from approved driving schools, Deore they
apply for a licence.

But.somehow and at sometime, sanity
has to be returned to our roads.









Gittens of the ministry as
that the. imposition of a closed



















iffientty here is that the closed
overlap as conch also spawn









ster is out of season, explained
fishermen turn to conch, but if










t erm view. The long term
at if the fisheries are not closed to
both lobster and conch time to multiply,
the. d. will come when there will be nei-
















ting the conch — even if it









istr ill be protecting the long-term
otf rmen. |







the. roads.




ycle traffic cop was visible









‘something has to be done
‘ér testing when a driver applies
ime licence..




















t traffic cciorits are caused by speed.
rtain ‘hours, the Eastern Road







Take a look
at our goals
in long term

EDITOR, The Tribune

TODAY in the Bahamas we
are facing an issue the impor-
tance of which can be matched
by our country’s decision to
seek independence. The issue
whether the Bahamas should
join the Caribbean Single Mar-
ket Economy, is a mammoth
decision. I am of the opinion,
without any fear of contradic-

tion, that we as a country that .

possesses a rich and distinctive
identity should not join CSME.

The idealistic and impracti-
cal agreement is built presently
on three main premises: The
free movement of capital; the
free movement of goods and
services, and the free movement
of labour. This concept is sup-
posed to create a regional sense
of identity establishing a nego-
tiating mechanism to create
improved economies of scale,
Ironically, less than one per cent
of the Bahamas revenue is
dependent on the regional mar-
ket.

The advantages that can be |

reaped by CSME will benefit
countries that manufacture
goods like bauxite; banana, sug-
ar and oil; tangible goods that
can be traded. The Bahamas’
gross domestic product is based
on service which in no logical
way can benefit from collective
bargaining.

The Rt Hon Owen Arthur,
Prime Minister of Barbados, in
his address to Hollymore Hall
University of The West Indies
said, “The goals of a general
West Indian unity atthe politi-
cal level remains for our peo-
ple; it is clear, a sort of Holy
Grail shining on the edge of a
distance too far to matter at the
time being.”

This sense of unity is imprac-
tical for the Bahamas. Business
factions in our own country
cannot peacefully co-exist in our
local community, partially due
to racial prejudice on both sides.
Judge what will happen on the
regional level when the human
element comes into action.

A present mathematical busi-
ness model determining the
validity of us joining CSME will
lean towards an astonishing
refusal. Let us take the average
of the ten best countries, exclud-
ing the Bahamas. Take into
consideration the population,

their unemploymenterate, and

currency and then compare
those to the statistics on the
Bahamas. Guyana’s dollar to
the Bahamian dollar is $179.50
to $1, Jamaica has 2.6 million
people and the unemployment
rate is 12.8 per cent, which is

Bag MesS



letters@tribunemedia.net

more than two-thirds of our
population, as a result the more
feasible answer taking into con-
sideration the facts. should be
no. Communism, a political the-
ory by Karl Marx, was a very
sound “Robin Hood theory”.
On paper wealth is evenly dis-
tributed throughout a country;
but as history has proven, the
execution of this theory
becomes a large callous on the
feet of those who dared to
implement it.

The focus on CSME should

be switched to further strength-
ening diplomatic and trade rela-
tions with the emerging giant
of the East, China, whose
strides and advancement can be
seen in the recent escalation of
gas prices. China, along with the
United States, continues to
make an unrivaled contribution
to the comfortable standard of
living that we enjoy today in the
Bahamas.

The Bahamas, along with a
few other countries, has been
blessed. with a relatively low
population and a plethora of
locations where the economy is

not as complex to manage as
others. If we as a small country
take up the huge slack of other
countries it can lead to demise
of our continued success as a
nation.

I do agree with some
Caribbean initiatives — the
Caribbean Court of Justice
established on April 16, the pur-
pose of which is to replace
Britain’s Court of Appeal is an
example. Consideration of this
would be a move in the right
direction of our country’s quest
to become a republic, totally
independent but not alienated.

If we do not agree with the
long-term goals of CSME which
will have an adverse effect on
our economy, we should not
sign the revised Treaty of
Chaguaramas. Abraham Lin-
coln said: “Any man can rise
above adversity, but if you want
to know the true character of a
man give him power”. The pow-
er in a democratic country is
found in the voice of the people,
the best route to come to a.con-
clusion on this matter is to facil- -.
itate the wishes of the majority
and bring this matter to the peo-
ple in the form of a referendum.

ANTHONE DEVEAUX
Nassau
May 2005 ~





Rewards for the
wrong behaviour

_ EDITOR, The Tribune

‘ ONLY in The Bahamas
does a radio and TV station
give applause and credit to
one who reads another’s work

while its author and chief.

manager receives no atten-
tion. Nor did the reporters
give any consideration or
analysis of the contents of the
material presented (of course,
this might be a prelude to
some future role being con-
templated by the powers-that-
be, which has not yet been
revealed, One never knows).

‘Compare this adulation
with the bizarre treatment
meted out to one of our suc-
cessful business persons and
experienced public servants
for many years for a minor
misunderstanding.

My question is: Are we
becoming a nation of syco-

phants. who only cherish the
outward appearances and for-
get about the real core of
nation-building? What is the
lesson from this behaviour for
young people? Is it that
achievement in life is deter-
mined by who one knows,
rather than one’s own high-
level performance and con-
sistent hard work?

What I see in today’s
Bahamas are Bahamians who
have used their expertise and
assets for the betterment of
Bahamians being trampled
upon, under the guise of
political expediency and this
to me is a:sad state of
affairs which someone should
bring to the attention of the
public.

ENQUIRER
Nassau
May 25 2005

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Call 393 - 0455 ¢ 393 - 6840

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

MORLEY REALTY

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THE TRIBUNE



$300,000
of drugs
are seized

@ By DENISE MAYCOCK

A MAJOR drug bust at
Grand Bahama on Friday
resulted in the apprehension
of four persons and the
seizure of 300 pounds of
marijuana with an estimate
value of $300,000.

However, police yesterday
said that the four persons — a
33-year-old man from Fox
Town, Abaco, a 26-year-old
man from Sea Horse Village,
a 46-year-old man from of
Burbury, Jamaica, and a 26-
year old woman from Cape
Haitian, Haiti — have all
been released pending fur-
ther investigations.

A team of DEU officers
on marine patrol at the
Grand Lucayan Waterway
spotted a white Contender
go-fast boat approaching at
high speed at 7.45pm and
pursued it.

The driver was caught after
he fled ashore. Two other
men and a woman were
found on the vessel, with 12
duffel bags of marijuana.

The four were flown to
New Providence on Friday.



Forum on
CSME issue

THE CSME will be the
topic of the next Bahamian
Forum meeting, to be held
tomorrow at the British
Colonial Hilton.

The meeting will begin at
5.45pm and will feature pre-
sentations by Bahamas Pub-
lic Services Union president
John Pinder and McKinney,
Bankcroft and Hughes
senior managing partner
Brian Moree

A statement prepared by
ambassador to CARICOM
Leonard Archer, will also
be presented.

So far this year, the
Bahamian Forum has cov-
ered topics such as “sweet-
hearting in the Bahamas”
and “education and the
country's future”.

The public is invited to
attend the meeting.

Vee

TUESDAY
MAY 31

Community Pg 1540AM
Immediate Response
ZNS News Update - Live
Immediate Response
Ethnic Health America
Sports Lifestyle

CMJ Club Zone
Treasure Attic

Frank Reid III

Paul S. Morton
Hurricane Preparedness
2005

ZNS News Update
Hurricane Preparedness
2005 Cont'd

Cinema, Cinema, Cinema
Bahamian Things

News Night 13
Bahamas Tonight
Kerzner Today

Good News Excellence
Urban Renewal Update
Da’ Down Home Show
Spoken

News Night 13
Bahamas Tonight
Immediate Response
Community Pg. 1540AM

NOTE: ZNS-TV 13 reserves
the right to make last minute
programme changes!



JOHN TERRACE
LOT NO. 3

PROPERTY SIZE: Single Storey
Residence/ Two Storey Apartment (3,483 sq. ft.)
LOCATION: 200 ft. from Lincoln Blvd./Wulff

Rd. Intersection

d raises fears
of xenophobia

@ By KARIN HERIG
Tribune Staff Reporter

AN ANTI-Caribbean Single
Market Economy advertise-
ment in daily newspapers yes-
terday has raised the question of
how large a role xenophobia
plays in Bahamians’ fear of join-
ing the trade bloc.

The full-page advertisement
by the Grand Bahama Human
Rights Association (GBHRA)
depicted a large group of people
representing different countries
of the Caribbean, lining up at
a ferry dock to take a “fast, free,
job ferry” to the Bahamas.

The text under the advertise-
ment reads: “Tank you PLP, we
ain’t got sneak into de Bahamas
no more.”

Readers of The Tribune
expressed dismay at the publi-
cation of the advertisement as
well as concern that an organi-
sation such as the GBHRA,
which should champion equali-
ty and tolerance, would release
such a seemingly xenophobic
notice.

However, GBHRA president

Fred Smith said yesterday that.

the association is fundamental-
ly opposed “to discrimination,
racism and xenophobia, and
does not condone any kind of
anti-foreign national senti-
ments.”

“But to some degree we need
to preserve the Bahamas first

‘and foremost for the Bahami-

ans,” he said.

Mr Smith explained that
while the GBHRA welcomes
“any kind of trade or political
agreement the Bahamas would
enter into, which provides the
Bahamas with benefits,” the
country has to be cautious of
the “free movement of people
and labour” provision that
comes with joining CSME.

“For diversification we would
encourage a multi-racial, multi-
ethnical community and we
embrace globalisation, but we
must also take care that the
Bahamas does not disappear,
and that’s what would happen if
unrestricted immigration were

lm GBHRA president Fred Smith

allowed — Bahamians would dis-
appear,” he said.

Mr Smith added that the
association is open to “any
Caribbean or other interna-
tional foreign policy which
would contribute to the growth
and the further development of
the Bahamas without taking
away opportunities for Bahami-
ans.”

“The ad campaign merely
seeks to illustrate the pitfalls of
joining the CSME, what would
happen if the floodgates were
to be opened,” he said.

CSME proponent lawyer
Craig Butler said that he would
not go as far to say that the
Bahamians’ reason for not
wanting to join the trade bloc is
xenophobia, “rather I think
ignorance is at fault”.

“And I blame this ignorance
on the lack of information pro-
vided by the Ministry of For-
eign Affairs, the lackadaisical
approach the government has



Hurricane insurance
sales not up on last year

@ By KARAN MINNIS

THERE has been no major
increase in rates of persons pur-
chasing hurricane insurance said
Robert Bartlett, senior under-
writer at Insurance Manage-
ment.

Mr Bartlett said: “The main
persons considering hurricane
coverage are those who have
received intensive damage to
their homes last year.”

According to Robin Hardy,
co-ordinator of the Bahamas
General Insurance Association,
it is important that persons have
adequate insurance coverage
for their homes.

“If your insurance coverage

is less than the value of your

ithe
Et)

FOR PEST PROBLEMS
PHONE: 322-2157



home you may not receive the
full coverage you may be'seek-
ing if your home were to receive
damages,” he explained.

Mr Hardy added that persons
living in flood-prone areas
may not be able to receive full
insurance coverage if their
homes do not meet the founda-
tion height requirements for the

- area.

Policies. can be sold with or
without hurricane coverage,
which either covers damage
from windstorms only, or both
flooding and windstorms, Mr
Hardy said.

He added that it is important
to have the value for your
home reassessed every year to
insure that your coverage is ade-
quate.

“Because build-costs may
change, people need to insure
that they reassess the values of
their homes every year before
they renew their insurance poli-
cies,” Mr Hardy said.

2
g
5
Cy
c
oO
2
og
2
oO
2
§

GLADSTONE ROAD ALLOTMENT
LOT NO. Crown Allotment No. 53 Lot D

APPRAISED VALUE: $135,000

PROPERTY SIZE: Residential (5,995 sq. ft.)
LOCATION: Bellot-Rd. West of Faith Ave.
APPRAISED VALUE: $124,000

INTERESTED PARTIES SHOULD SUBMIT OFFERS TO PURCHASE (WITH TELEPHONE CONTACT AND
POSTAL ADDRESS) TO CHERRY MISSICK, THE PLAZA, MACKEY STREET, OR CALL 502-6200 FOR

FURTHER INFORMATION.



*WE RESERVE THE RIGHT TO REJECT ANY OR ALL OFFERS.



had in presenting the facts of
CSME to the general public,”
he said.

Mr Butler said that in the
Treaty of Chaguaramus, which
governs the country’s partici-
pation in CARICOM and its
relationship with CSME, Article
45 provides for the free move-
ment of people, and Article 46
realises the free movement of
people and seeks to allow for
the free movement of skilled
labour only.

He added that the revised
treaty, however, is silent on at
which time all labour will be
allowed. ;

Mr Butler hopes to organise
town meetings in conjuncture
with the Bahamians Agitating
for a Referendum on the Free
Trade Area of the Americas
(BARF) organisation to further
educate the general public « on
CSME.



TUESDAY, MAY 31, 2005, GE 5:

Bishop comfortable
but still on ventilator

@ By DANIELLE STUBBS
Tribune Staff Reporter

ALTHOUGH he continues
to rely on a ventilator, Bishop
Michael Eldon is “making
slow but steady improvement
in his mental state” according
to his medical team.

In a medical update provided
by Bishop Eldon’s chief physi-
cian Dr Kevin Moss, the Angli-
can assistant bishop “continues
to rest comfortably at home”
after more than four months of
medical complications.

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PAGE 6, TUESDAY, MAY 31, 2005 THE TRIBUNE

ae } | Reyer.

Tribune takes exclusive look

~ on board the USS Nassau

@ THE imposing outline of
the USS Nassau as it docks
in New Providence

















@ A VIEW on the deck of
the USS Nassau, with a
reconnaissance helicopter
in the foreground

(Photos: Felipé Major/
Tribune staff












con,



: . : Bk. | 2 eee BLT Thomas

— — eee _ : Stephens at the

main controls of
the deck office
in the eight-level
superstructure





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“EMAIL: friend









THE TRIBUNE

- TUESDAY, MAY 31, 2005, PAGE 7.



@ A ROLLING air frame missile (RAM) launcher — it houses 2
- missiles in each canister with an extensive range and extreme

accuracy

fi By PAUL G TURNQUEST
Tribune Staff Reporter

TODAY the Bahamas bids
farewell to the third largest ship
in the US Navy, the USS Nas-
sau, which made a port call at
the Prince George Wharf for
the Memorial Day weekend.

Considered the United States
Navy’s “Top Gator,” the USS
Nassau (LHA 4) is named for
the site of the US Navy and
marine Corps’ first amphibious
landing, which took place near
Fort Montagu on March 1 1776.

On a guided tour of the mas-
sive ship, The Tribune learned
about the capabilities of the
USS Nassau and some of her
most recent operations from

' petty officers Cindy Gill, Wayan

Deyette and Lieutenant
Thomas Stephens.
Her next destination classi-

fied, the USS Nassau will be

leaving Nassau today at 10am.

Before arriving in the
Bahamas the ship was on a
short tour in Haiti on a human-

-itarian relief operation.

One of the ship’s many oper-
ating capabilities is evacuation
and civilian disaster relief.

She can carry hundreds of
tons of relief material and deliv-
er it within minutes once arriv-
ing at a destination.

The ship is also capable of
providing fresh water and elec-
tricity from the ships engineer-
ing plant until local services can
be restored.

In one of the three cargo
holding areas, the USS Nassau
kept four amphibious landing
craft utilities (LCU).

Each LCU can carry 75 tons,
and they were commonly used
during World War II to trans-
port troops onto beaches.

LCUs were used on the infa-
mous ‘D Day’ allied landings at
Normandy on June 6 1944.

“These ships actually will
ground themselves on the
beaches and the bows would
come down, just like you saw
in the movie Saving Private
Ryan.

“So the USS Nassau is capa-
ble of launching these vessels



from her stern in an amphibious
assault, and also launch aircraft
from her deck,” said Lieutenant
Stephens.

The primary objective of the —

USS Nassau is to embark,
deploy and land a marine land-
ing force in an assault by heli-
copters, attack aircraft, landing
craft, amphibious vehicles, or
any combination of these meth-
ods.

As an amphibious ship, USS
Nassau can operate indepen-
dently or in conjunction with
other vessels to land a force
at a particular location effec-
tively. 3

airing on

at 8:00 pm



also airs on cable 12
after the news update.

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PAGE 8, TUESDAY, MAY 31, 2005

THE TRIBUNE }





TUESDAY EVENING MAY 31, 2005 |

| 7:30 | 8:00 | 8:30 | 9:00 | 9:30 | 10:00 | 10:30 |
NETWORK CHANNELS

New Florida Nova “The Most panes Woman|Plague Hunters s
WPBT [Surviving the jin America” Mary Mallon spreads ty- leams about the German memorial
Storm’ 1 phoid fever. (CC) (DVS) to Holocaust victims. (N) (CC)

The Insider (N) |NCIS “Call of Silence” A World War |NCIS A telemarketer reports the |48 Hours Mystery “True Story’ A
@ WFOR)n (cc) Il veteran confesses to the murder |murder of a petty officer afterhe man wanted for murder pretends to
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THE TRIBUNE TUESDAY, MAY 31, 2005, PAGE 9



WHAT DOES THIS MEAN?
As of June 1, 2005:

e All deeds and documents submitted to The Registrar General’s Department will be indexed,
scanned and returned within 30 days.

e You can do online searches on the Indices from 1993 to Present.

e Indices from 1993 back 30 years (to obtain a good root of title) will be available as soon as
possible and no later than January 1, 2006. |

e You can search online from your personal computer or from terminals in the Registrar
General’s Department.

e Documents submitted from June 1, 2005 may be printed online within
30 days of submission.

e Documents submitted prior to June 1, 2005 may be printed online no later than
January 1, 2006.

° Certified copies of documents will be available within 30 days of request.



EFFICIENCY IS OUR MISSION

To facilitate the efficient recording of Deeds and Documenis, the Registrar General has —

implemented the following procedures:

i) The pages of all Deeds and Documents, including backing sheets, ‘should be numbered
sequentially.

li) Limit the use of bindings or staples.

iii) Ensure that all plans attached to Deeds and Documents are 11” x 17” or smaller in size.
This | is to facilitate ease of the i imaging process.

FEES :
The fee for a search of the Deeds rey will remain at the current rate of $10.00 per hour,
until further advised. es

PAYMENT METHODS |

Payments for services MUST be made by Certified Cheque, Cash, Credit Card, or payment |
on account by any of these means. These payment methods will permit the Registrar Gen-

eral to expedite the processing of documents. Please note that The Registrar General’s De-

partment will strictly enforce the policy stated above. |

WHAT WE PLAN TO ACCOMPLISH BY DECEMBER 31st, 2005

By the end of 2005, the Registry’s goals are:

e To put 30 years worth of deeds in electronic format to facilitate electronic searches;

¢ To make available electronic copies of such Deeds and Documents. __

e To allow customers to print copies of documents submitted for recording in the last 30
years;

e To receive Certified Copies of documents submitted for recording in the last 30 years.

The ered General's De
lt Lit) Road it) aula AU :





a

PAGE 10, TUESDAY, MAY 31, 2005

THE TRIBUNE





FROM page one

Hope Lamb, the daughter of
Lt William Martin of Massachu-
setts, who was the captain of the
P2V that crashed 300 yards south
of the memorial, thanked the
soldiers who had turned out to
pay their respects to their fallen
comrades in arms.

“When my father died, my
mother was eight months preg-
nant with me. At that time she
said that all she had left was hope

. and that is how I got my
name. When I look at the sea-

Remembering soldiers

Almost lost to nature, the
small memorial that had been }
donated by the Lamb family had :
to be cleared of mangroves and :
sea grape trees for the service. }
As a result, Ambassador Rood }
said he hoped that by next year :
they would be able to officially :
open a proper memorial there,
with cement benches and a ;
plaque telling of the cooperation :
of the Bahamas and the United :

men here this is how I picture
my father, clad in his uniform.
For these men who died, their
purpose was clear... to bring
us all together here today,” she
said.

As a US Coast Guard heli-
copter approached to drop a
wreath at the site of the crash, a
bugler from USS Nassau sound-
ed the ‘Last Post’ as US service
men and women stood at atten-
tion and saluted.

LOCAL NEWS

States.



Body is identified | Prime minister
FROM page one FROM page one

al Home transferred the body to the morgue at Rand | his Cable Beach home experiencing phys-

Memorial Hospital, where an autopsy is being performed. | ical discomfort. Doctors later discovered
that he had suffered a minor stroke.

Within the same week, he was released
from hospital to continue convalescing
at home.

The acting prime minister told The Tri-
bune that she is excited that Mr Christie
will soon be returning to work to contin-
ue his duties.

Mrs Pratt noted that from her experi-
ence as acting prime minister, she has








HB MAN COLLAPSES AND DIES :

A 28-YEAR-OLD resident of Freeport collapsed and died
Saturday evening while patronising a local sportsbar/restaurant
at West End.

Mr Rahming said Jermaine Ronald Spence of Arden Forest
was at the Coffee-on-the Bay around 9.15pm when he suddenly
collapsed. He was rushed by private vehicle to the West End
Clinic.

Despite emergency medical treatment, Spence was pro-






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are; Edmiranda Restaurants Ltd's Vice-President and General Manager, Dino Matsas;
Harrold Road Branch Manager, Jennifer Lockhart; Ms Williams, Ms Moxey, Village Road Branch
Manage’ tal Taylor and Edmiranda Restaurants Ltd's Senior Operations Manager, Deidre Young.





Harrold Road Branch

: ye . Mowey ,

Village Road Branch









in ositive attitude toward guest
service, teamwork and unwavering dedication
and commitment earned you top accolades
from all at Burger King.

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nounced dead by Dr Nyack at 10.15pm. His body was later tak-
en to Rand Memorial Hospital, where an autopsy will be per-
formed to determine the cause of death.

Police do not suspect foul play as the deceased is believed to
have had a history of severe epileptic seizures.









FROM page one

they won’t donate if Ingraham
comes back. I think it’s mixed,
based on what I have been
hearing,” said Mr Wells.

The independent MP sid

‘that the party is split on the

issue of Mr Ingraham’s return
to the forefront of the party.
“At least 30 per cent of the
organisation does not support
him (Mr Ingraham) they will
vote against him, or they would
not vote but I think if he was
to go forward in the party with



FNM

the council as is he would, win
but I think he would lose the
election,” said Mr Wells.

_The opposition party's next
convention, almost five months
away, promises to be the source
of much excitement for many
political observers.

At that convention almost
every major post at the party
level will be contested. The
elected leader of this conven-
tion will guide the party into

‘the 2007 general election.

learned to recognise that the critics will be
there, whether you do good or bad.
Therefore, it is important to remain
focused and to do the things that will
benefit the Bahamian people.

Despite the rumours, howev-
er, FNM Montagu MP and
opposition leader of House
business, Brent Symonette, said
that the finance committee of
the FNM as far as he was aware
has never linked the return of
Mr Ingraham to the collection
of funds to defray the party’s
expenses. |

“The FNM is still proceeding
to carry out its activities. We
had a rally in Freeport, a rally in
Nassau and the Torch will be
coming out this week, which is
evidence that the money is still
coming,” said Mr Symonette.






FROM page one

Yu, speaking through an interpreter.

The conference on “The Ideology of Peace”
for leaders of the Bahamas has created a stir,
because of the organisation’s association with its
founder, Rev. Sun Myung Moon, a man
known world-wide as the head of a cult often
referred to as the “Moonies” or the Unification
Church.

The Korean religious leader was an engineering
student and dock-worker before founding the Uni-
fication Church in 1954 with a doctrine loosely
based on Christianity as interpreted by Rev Moon,
who has suggested that he may be the “real Mes-
siah.”

Rev Moon introduced the movement to the
United States in the 1960s.

Officially known as the Holy Spirit Association
for the Unification for World Christianity, its
world-headquarters is in New York City.

The conference, led by Dr Yu, has been
endorsed by five local Baptist pastors.

They include Rev Dr Kendall Capron, Rev Dr
Enid Capron, and Rev Ruby Ann Darling, as well
as Rev Carl Rahming of St Paul’s Baptist Church.

Kim, also a continental leader of the FFWPU said
that Bahamians have a five, ear wiridow — from
May 2004-2008 — to pray to their ancestors to
eliminate a destructive fate...

Rev Kim said the good and bad Bahamian
ancestors will all be on earth during this five year
period. He said the bad ancestors bring about four



During the afternoon session, Rev Joongsoo -

Unification Church

phenomena: Mental illnesses, disease, accidents,
and crime.

He also claimed that humans are the children of
Eve and Satan, because the two had sexual inter-
course in the Garden of Eden, causing all humans
to be born into sin. God, he said, is working to rid
humans of their sin by having them reborn through
the Messiah.

Rev Dr Kendall Capron, who was instrumental
in organising the conference told The Tribune that
the FFWPU “is definitely not a cult.” He said
“Rev Moon believes in God, believes that Jesus is
the son of God, and that Jesus died, was buried,
and rose again.”

Dr Capron said he has been associated with
Rev Moon for about 20 years, but has only been a
committed member of FFWPU for a year.

Rev Capron heard Rev Moon speak in person
while attending a conference in Washington, DC,
where he claimed more than 4,000 world leaders
were present. He said Rev Moon sponsored the
conference, including airfare, accommodations,
and meals for the participants. Rev Capron said he
did not know where Rev Moon got the funding
from.

“Rev Moon is a good person. If he is a cult, I
would like to be just like him. I have seen the
blessing that God has placed on him and the work
he does for the poor. If he is a cult, then he is a
God-blessed cult and we need more of them,”
said Rev Capron.



































Public Utilities Commission

UNIQUE JOB OPPORTUNITY
Senior Regulatory Economist

The rapid evolution of the telecommunications sector combined with novel

approaches to regulating the sector has made it mandatory for the Public Utili-

ties Commission (PUC) to strengthen its capacity in regulatory economic

analyses.

The Job .

The successful applicant for the position will provide specialist advice on the ©

economic and financial performance of regulated utilities. He will also work as

an integral part of a multi-disciplinary team of professionals to ensure effective

oversight by the PUC of the various providers of utility services in The Bahamas.

The candidate will perform market research and other economic studies relevant

to the current and future development of the telecommunications, electricity,

and water and sewerage sectors in The Bahamas.

Training

The candidate will be trained to carry out economic and financial analyses

involving market research, and changes in price setting methodologies. This

specialist training will be offered principally via short courses and seminars, in

The Bahamas and overseas.

Qualifications

p Bachelor's Degree in Economics or Economics and Accounting; and

p Master's Degree in Economics, or Finance; and

> Minimum of five (5) years relevant experience.

Remuneration

The PUC offers a very attractive benefits package and excellent opportunities for

further development. Starting salary will be commensurate with relevant

experience. Further information about the PUC could be obtained from

our website at: www.PUCBahamas.gov.bs.

Applications should be received by Monday 6 June, 2005

Interested applicants may deliver or fax resumes to:
Executive Director, Public Utilities Commission
4th Terrace East, Collins Avenue
Fax No. (242) 323-7288
E-mail: PUC@pucbahamas.gov.bs





THE TRIBUNE TUESDAY, MAY 31, 2005, PAGE 11

CE as fast as

regular paracetamol tablets’

Sn noe

Distributed by Lowe's Wholesale
Tel: 393-7111 - Fax 393-0440 ©

Meee etomate king a
increased

Travel is valid From 7/4/05 - 11/28/05, and must be purchased by 6/03/05. Fares do not include government imposed taxes, fees and charges of prpronmeately $138. The above advertised fare does not include the addition of a $32, one way ($64 round trip) security and fuel surcharge which will be added to the total fare
as part of the government taxes, fees and charges. Offer valid for Bahamas originating passengers only, Full ticketing for the entire journey must be made at time of booking. No refunds are permitted. Minimum stay is 5 days and the maximum stay is 2 months. 7 day advance purchase required Child pays 75% of fare.
Infant pays 10% of fare. Fares booked in N class will not earn Flying Club miles. This offer may noe be combined with any other Virgin Atlantic promotion or other discount offer. Subject to availability and capacity controlled. Fares are subject to change without notice. Other restrictions apply. 2005 Virgin Atlantic Airways





THE TRIBUNE
PAGE 12, TUESDAY, MAY 31, 2005






British American Bank has changed its name to

Fidelity Bank (Bahamas) Limited

to more closely align with the parent company,
and its other banking and insurance operations in
The Bahamas, Cayman Islands and the Turks
and Caicos Islands.



A Change for the Better

The name change Is part of an
extensive programme to upgrade
and improve the quality and mix
of products and services on offer.

More Products & Services
We will soon have an enhanced
range of attractive loan and
savings products that offer
greater value and flexibility.

And in time you'll be able to
access Fidelity’s financial and —
estate planning advice,
investments, and other financia |
services, just as easily as your
chequing, savings and loan
accounts.

Hon
Rees
x

oxi

____ Ask us about our plans.
7 _ We are happy to talk with you.

— DDT





TUESDAY, MAY 31, 2005






said discussions between the
Government and the Orlando-
based Ginn Corporation had
“stalled” after months of what

' By YOLANDA
DELEVEAUX
Senior Business Reporier

. THE future of the $2.5 bil-
. lion-dollar Ginn Corporation
investment on Grand Bahama

bureaucratic bogdown.

iami Herald Business

insiders were describing as a’

A source close to the devel- .







Grand Bahama, will be realised.

The prospect of losing the
Ginn Corporation investment
is potentially devastating for
both Grand Bahama and

Freeport, as both continue to
recover from last year’s devas-
tating hurricanes.



The outcome of negotiations
with the Government will have
a direct bearing on whether the
Ginn Corporation will contin-
ue with a second multi-million

dollar project, slated for the.

eastern end of the island. ©

ond-home development is a
proposed joint venture with the
Grand Bahama Development
Conipany (DEVCO), the real
estate arm of the Grand
Bahama Port Authority, with
the two parties having already

‘signed a Memorandum of

2 Dae

HELPING YOU CREATE AND MANAGE WEALTH

' Tel: (242) 356-7764

Tel: (242) 351-3010







NASSAU OFFICE




FREEPORT OFFICE




Understanding. It is believed
that should the Government's
West End project fall through,
DEVCO's East End project is
also likely to come to an end.

SEE page five

‘was hanging on a knife-edge last
night, with negotiations with the
developers reaching a “critical
stage” and the Government
having a “48-hour window” to
close an agreement or see them
walk away.

Multiple sources yesterday






@ By NEIL HARTNELL
Tribune Business Editor



Over 90% of companies
expect sales and profits
to increase during 2005

But Central Bank survey highlights
gulf between New Providence and
less hopeful Family Islands

opment said the Government
had only a 48-hour window of
opportunity left to conclude a
Heads of Agreement and deter-
mine whether the company's
plan for a tourism and residen-

tial development expected to_

“change the face" of West End,



















SEE page three

ALMOST 91 per cent of Bahamian businesses expect to
enjoy increased sales and profits in 2005, a Central Bank of the
Bahamas survey has found, with 20.9 per cent of companies
interviewed indicating that there was unmet demand for their
product during the 2004 fourth quarter.

The Central Bank’s first Survey of Economic Activity, con-
ducted in January this year, found that 13.6 per cent of com-
panies and businesses surveyed were operating at excess capac-
ity , with only 9.1 per cent operating at insufficient capacity.

The survey, which drew responses from 39 businesses and !1
Family Island administrators for its assessment of employment,
financing and market conditions, mirrored the Coalition of
Private Sector Organisations’ economic outlook survey in its
findings, both indicating that companies were becoming increas-
ingly optimistic about the economy’s prospects in 2005.

The Central Bank survey, though, highlighted the differ-
ences between the major Bahamian islands - New Providence,

















‘Point of no return’

Court ruled that Campbell’s
Colina stake did not ‘entitle
him’ to block EGM



‘Ml By NEIL HARTNELL
Tribune Business Editor

The Court of Appeal ruled
that it could not interfere with
the wishes of shareholders to

- remove James Campbell as Col-
ina Insurance Company’s pres-
ident, finding that his 45 per
cent minority stake in the Coli-
na Financial Group (CFG) did
not “entitle him” to an injunc-
tion preventing the May 20
Extraordinary General Meet-

ing (EGM) that rubber-
stamped. his ousting.

In a written ruling that is like-
ly to have implications for
future corporate governance
and shareholder disputes, Jus-
tices Churaman, Ganpatsingh
and Osadebay said that if the
Court of Appeal granted Mr
Campbell’s injunction applica-
tion, “we would be, in fact,
declaring his vested right in con-

SEE page five

LAR aH







li By NEIL HARTNELL
Tribune Business Editor



OF

IT MAY take up to 18 months to two
years before government paper and Trea-

International Securities Exchange (BISX),
the minister of state for finance said yes-
terday, with Cabinet approval of 15 rec-
ommendations to revitalise the exchange
having'thrown it a “lifeline”. —

-In an interview with The Tribune, James
Smith said discussions were underway to
permit the National Insurance Board
(NIB) to invest $25 million of assets out-
side the Bahamas ‘in a move timed to coin-
cide with enactmént of the planned
amendments to the exchange control
Tegime. in ee ee:

Mr Smith added that he expected. the
developments with NIB to start between
now and the end.of this year, although he

lion figure was a limit or the amount that
would be invested in a per annum basis.

He said, though, that the amount of NIB
assets invested abroad would be tied to
the level of its reserve fund.

NIB has to increase the rate of return on
its investments and plan assets as part of a
strategy to prevent the social security
scheme going bankrupt by 2029, and finan-
cial analysts have recommended that one
way to achieve this would be to allow it to
invest a portion of its assets abroad.

In addition; one of the 15 recommen-
dations for revitalising BISX was that the

Bahamian capital markets, investifig much
more than it has done in the stocks of pub-

vernment debt trading
ISX may take two years

sury Bills are traded on the Bahamas’

was currently ufisure whether the $25 mil-

NIB should take a greater role in the.





licly-traded companies.

A senior NIB yesterday said it was in the
process of identifying three Bahamian
investment firms, who would each be

' charged with investing and managing up

declined to comment on the issue of mak-
ing foreign investments, saying that nego- -
tiations were ongoing with the Govern-
ment and nothing had been finalised.

- propriate to discuss:the matter without
knowing what the final outcome would

submitted to the Government on how to

‘headed by outgoing Central Bank gover-
_ nor Julian. Francis,.came up with “a sug- .





@ MINISTER of State for:
Finance James Smith





to $20 million of its assets. It was unclear
whether the investments are to be made
locally or internationally, though

NIB director, Lennox McCartney,











‘He said further that it-would be inap-







bere a : Seeks
Meanwhile, Mr Smith said the report





implement the recommndations for revi-
talising BISX, drawn up by a committee






gested timeline” at which to ‘enact®each
suggestion... i

_ With regard to the listing and trading of
government-registered stocks and Trea-
sury Bills on BISX, this might take longer
than other recommendations to imple-
ment as additional technology and soft-
ware might be required.

“Setting up the modalities [for the trad-
ing of government debt instruments]
would take a bit more study to see how it
works and to ensure we don’t lose the lev-
el of efficiency we now have,” Mr Smith.

Government-registered stocks and Trea-
sury Bills are currently allocated to

SEE page three

























Just east of downtown Nassau, and close to many financial institutions,
this attractive 3 storey 14,800 sq. ft. building was originally designed
as a financial centre. Completed in 2000, quality built with marble
floors offers beautiful seaviews and views of Montague Lake. Fully
landscaped 1.3 acre property with 20 parking spaces, gated entrance,
full service standby generator in its own building, and additional
lakeside property at the rear for further development. Alarm system,
vault & safety deposit boxes, hurricane shutters & controlled IT &
communication room, Call for details.

George Damianos - 362-4211
Virginia Damianos :- 322-2305
info@damianos.com
www.damianos.com

Exclusive Affiliate of ff
Knight
Frank

(mui







PAGE 2B, TUESDAY, MAY 31, 2005 THE TRIBUNE

‘FRIENDS’ learn
about planning
for retirement



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
management
Desire to bring fun and enthusiasm to our company
Truly believe the customer always comes first
Preferably have |-2 years customer service experience

in a retail or restaurant environment PS eee Ere eee

often slow in preparing for
MMM OCI) weno Ceeeg yur y (Ce) Came CS) Um MLA om TT amet Com ei ttc
and general manager, gave _now to prepare for retire-
advice to a group of ment.

‘FRIENDS’ (pictured above) With rising prices, he
at St Matthew’s Anglican explained that the costs for
Church on creating a com- _ one to maintain their accus-
fortable ‘nest egg’ when _tomed standard of living
heading into retirement. would be even greater in

Mr Major highlighted the _ those golden years.








| COUR MVE Nye ene
Imperial Insurance Compa-

We offer:

e 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

NOTICE

NOTICE is hereby given that DONALD NAPOLEAN, P.O.BOX
54802, NASSAU, N.P. BAHAMAS, BAHAMAS, is applying to
the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and that
any person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 31st day of MAY,
2005 to the Minister responsible for Nationality and Citizenship,
P.O.Box N-7147, Nassau, Bahamas.



We are currently interviewing for:

Baristas
(Coffee Bar Specialist)

All interested applicants should bring in person to J oa
Bull Business Centre, Robinson Road on Thursday, Jun
2,2005 between the hours of 10am and a the following
documents:

Resume, sassnort picture, copy of passport, copy of NIB .
card, job references.



Small family restaurant in Western District is
seeking to employ:

VACANCY NOTICE
} Job Title: SENIOR SECURITY SUPERVISOR
Core Functions:

¢ Ensure the protection of life, property, confidential
documents and other information and the safety and

NOTICE

NOTICE is hereby given that ROBERTA LUBRUN JUSTE OF
P.O. BOX N-3331, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and that
any person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed statement

of the facts within twenty-eight days from the 24TH day of MAY, |



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

Applicants please telephone 362-0681 for interview.

Well-being of cmployess and-visitors; 2005 to the Minister responsible for Nationality and Citizenship,

LEGAL NOTICE
PO. BORN: 7147, Nassau, Bahamas. BR ’

-..» Perform supervisory duties and assist with
administrative Jnatters.



NOTICE

SCHAAN LIMITED

(In Voluntary Liquidation)

E Education and Other Requirements:

e Three (3) BGCSE/GCE passes with ‘C’ grades or
above or equivalent/ high school diploma and nine (9)
years relevant experience, including three (3) at the
supervisory level.

LEGAL NOTICE

NOTICE

JENNY MARBLE LTD.

(In Voluntary Liquidation)

¢ Good supervisory and communication skills

Notice is hereby given that the above-named Company is
in dissolution, which commenced on the 26th day of May,
2005. The Liquidators is Argosa Corp. Inc., of P.O.Box N-
7757 Nassau, Bahamas.

e Sound human relations skills

° Computer skills and knowledge of surveillance systems
are assets

¢ Knowledge of policing principles ss Nat! :
Notice is hereby given that the above-named Company is

in dissolution, which commenced on the 25th day of May,

2005. The Liquidators is Argosa Corp. Inc., of P.O.Box N-

7757 Nassau, Bahamas.

¢ Punctual, reliable, alert and physically fit
¢ Clean Police Record

¢ Good character

~ARGOSA CORP. INC.

| Interested persons should submit a resume, documentary proof Liquidator
of their qualifications including copies of certificates, and three

character references to:



The Human Resources Manager
DA 4275
P.O. BoxN-3207
Nassau, Bahamas
’ by Thursday, June 9, 2005

ARGOSA CORP. INC.
Liquidator



Colina

Financial Advisors Ltd.



Din

Daily Vol. EPS $

qPricing information As Of:

H 30 May 2005
we
ome _ LE IEE
wk-Hi - Today's Close

Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonweaith Bank
Doctor's Hospital
Famguard

Finco

FirstCaribbean

Focol

Freeport Concrete

ICD Utilities

J. S. Johnson

Kerzner International BDRs





Weekly Vol.
12.50 Bahamas Supermarkets

10.00 Caribbean Crossings (Pref)



28.00 ABDAB
13.00 Bahamas Supermarkets
5 RND Holdings










1.2164 1.1609 Colina Money Market Fund 1.216402"
2.2420 1.9423 Fidelity Bahamas G & | Fund 2.2420 ***
10.3539 10.0000 _— Fidelity Prime Income Fund 10.3539""""* Eola rae Mes agteien
2.2214 2.0941 Colina MSI Preferred Fund 2.221401"*
1.0931 1.0320 Colina Bond Fund 1.093141°**" _in aa Aton. fo:



BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price In last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today
DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings
** - AS AT MAR. 31, 2005/ **** - AS AT FEB. 28, 2005
A

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 $ - Acompany's reported earnings per share for the last 12 mths
NAV - Net Asset Value

N/M - Not Meaningful

FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100





He-SS6-7764





THE TRIBUNE

TUESDAY, MAY 31, 2005, PAGE 3B



Retail and construction sectors
report increase in production costs

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamian construction,
retail and wholesale industries
are all reporting increased pro-

duction costs, which in some
instances has caused consumer
prices to rise as firms pass on
the extra burden, a Central
Bank of the Bahamas survey

The Central Bank’s first Sur-
vey of Economic Activity, con-
ducted in January 2005, said of
the construction industry:
“Despite having positive rev-
enue expectations for 2005, the

nesses that have operations in
New Providence reported that
sales during the last quarter of
2004 were not so favourable,
while those with a presence in
more than one island in addi-

has found.

Increase expected

FROM page one

Grand Bahama and Abaco - and the other Family Islands,
were optimism and economic growth prospects were in limited
supply.

Drawing heavily on the responses of the Family Island admin-
istrators, the Central Bank reported that the outlook and con-
ditions for the southeastern Bahamas - Acklins Island, Crooked
Island and Cat Island - and the Andros and the Berry Islands
were similar.

It said: “The top industries (agriculture and fisheries, small
scale hospitality and construction sectors) were seen as having
subdued market conditions and production levels, attributed in
part to transportation problems and lack of private investment
or infrastructure improvements. Employment conditions are
expected to improve in these areas during 2005.”:

Economic optimisim eas much greater in Abaco, Eleuthera
and Exuma. Abaco’s economy was expected to “continue on a
positive trajectory in 2005”, while the Four Seasons Emerald
Bay resort and associated spin-off developments had boosted
Exuma.

While employment levels and the economy were considered
“weak” during the 2004 fourth quarter, Eleuthera was hopeful
kit would receive a boost from planned tourism developments.

The Central Bank survey said: “In the Family Islands, expec-

: tations were more upbeat in the sub-economies with significant
tourism developments underway.
Skilled
«|e. “However, one high-ranking concern among these economies
“| was the undersupply of skilled labour and the expressed need for
| improved infrastructure. A significant number of Family Island
| communities were not expecting to participate in the general

pick-up in activity during 2005.”

The top four issues identified by the 39 companies and 11
Family Island administrators who responded to the survey
were the general economic climate, a lack of skilled employees,
marketing problems and the level of regulation and bureaucracy
faced by companies.

Fred Mitchell, minister of foreign affairs, alluded to the latter
factor in a speech to the Small Business Association of the
Bahamas last week, when he said it-took 179 days to get into
business in the Bahamas, compared to three to five days in
the US, and seven in Canada.

The Central Bank survey found that employment conditions

» |were expected to be “stable to firming” in 2005, with companies
likely to make increased levels of investments.

For the 2004 fourth quarter, fewer than 20 per cent of the
companies surveyed reported that sales were down upon the
comparative period for the previous year, with more than half
recording higher or unchanged profits.

Some 67.4 per cent of respondents found that demand and
supply for their industry’s products were balanced during the
2004 fourth quarter, with only 11.6 per cent of those surveyed
meeting excess supply conditions.

The Central Bank survey said: “The majority of the busi-
nesses, 81.3 per cent, stated that current inventory levels were
adequate, whereas the remaining were split between excessive
and insufficient levels. These assessments had significant bear-
ing on how businesses viewed staffing levels and on their
revwealed intentions about hiring in the short-term.”

The survey found that assessments of “excessive employ-
ment” were “rather common” among retail and service-related
companies in Grand Bahama, whereas the New Providence
construction industry was experiencing an employee shortage.
Some 77.8 per cent of companies were satisfied with employee
skills levels.



an S

ANSBACHER

majority of contributing busi- _ tion to New Providence opined

Government debt trading on
BISX may take two years

FROM page one

investors on an auction basis by the Central Bank.

Mr Smith said the regulator was “in charge” of implementing
most of the BISX recommendations, particularly those relating
to exchange control amendments, which accounted for 30-35 per
cent of the suggestions for revitalising the exchange.

He added that one change in the pipeline was allowing resi-
dents to participate in Bahamian Depository Receipt (BDR) .
offerings, unlike last year when they were blocked from par-
ticpating alongside Bahamians in the Kerzner International
issue.

Some 40 per cent of the BISX recommendations were relat-
ed to administration and corporate governance, Mr Smith said.
They dealt with issues such as reducing the size of the BISX
Board of Directors and controlling the exchange’s expendi-
ture, and these had already been implemented.

Other recommendations on the administrative side included
an initiative to educate Bahamians about investing, and Mr
Smith said the Government “will be doing something like” a pol- |
icy statement supporting BISX and the wider Bahamian capi-
tal markets.

The Cabinet approved the BISX implementation committee’s
report prior to last week’s Budget, and the minister of state for
finance said: “If one accepts the need to widen and deepen
the capital markets as a prerequisite for growth, BISX has
been thrown a lifeline and probably one thatwill help to get it
back to break-even and exist as a going concern.

“While it’s doing that it will provide an additional avenue for
businesses to expand by providing equity as a way of expansion
rather than leverage or debt.”

Mr Smith said a well-fuctioning capital market would provide
increased investment opportunities for pension funds, assist
with the pricing of assets and help allocate resources to the
most productive areas of the Bahamian economy.




































Legal Notice
NOTICE

GUN POINT INVESTMENTS LIMITED

This is to inform the General Public that all that private
thoroughfare or roadway known as Gun Point situate
northeastwards of the Settlement of Spanish Wells at the
northwestern end of the Island of North Eleuthera will be
closed to the public from 6:00 am to Saturday, 11th June,
2005 to 6:00 am to Sunday, 12 June, 2005 to protect the
right ownership.

EVERETT SANDS
President





that current sales were at a sat-
isfactory level.

“The majority of construction
companies surveyed stated that
while current market conditions
were almost balanced, produc-
tion capacity could be further
improved provided they had an
increased supply of skilled
labour; and that they would
keep or hire more skilled
labour.

“All reported increases in
input prices and the majority
stated that they had opted to
increase output prices.”

Responses

The Central Bank survey
received responses from six con-
struction companies, which
employed a total of more than
500 workers, all with annual
sales worth more than $5 mil-
lion.

Some 10 retail and wholesale
companies responded to the
survey, with all having $5 mil-





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ANSBACHER (BAHAMAS) LIMITED

Ansbacher in the Bahamas invites applications from qualified individuals

fora

| CLIENT ACCOUNTING MANAGER
Salary + Banking Benefits + Performance Based Incentive Scheme

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Candidates should have a minimum of 5 years experience in a senior
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lion or more in annual sales.
While sales were expected to
keep on rising in 2005, “firms
indicated that there
were upward pressures in both
input and output prices, and
signalled that planned
capital expenditures in the
short-term would be concen-
trated on renovations”.
Higher profits were expected in
005.

Insurance companies indicat-
ed that sales conditions in the
life insurance industry were
good, although some believed
there was “unmet demand”,
while product prices were ris-
ing at a slower rate than input
costs.

The manufacturing sector,
with the survey targeting Grand
Bahama and its export indus-
tries, indicated that, the 2005
outlook for sales and profits was
positive, although there was a
feeling that the average skills

levels of workers needed to be ~

increased.



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appropriate, case studies will be introduced. -

In addition to basic salary, benefits include life and medical insurance,
income protection and membership in a personal plan.

Written applications with current C.V. should be submitted to:

The Human Resource Manager,
Ansbacher (Bahamas) Limited,

P.O. Box N-7768,
Nassau, Bahamas
Fax 242-326-5020

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PAGE 4B, TUESDAY, MAY 31, 2005

GUARANTY TRUST BANK LIMITED











THE TRIBUNE BUSINESS

LOANS

4.
BALANCE SHEET Loans totaling $29,947,227 (2004: $81,996,751) are secured by cash collateral (see Note 6).
JANUARY 31, 2005
(Expressed in United States dollars) Loans analyzed by geographital'area, based on the domicile of the borrowers, are as follows:
2005 2004 ‘2005 2004
ASSETS Latin America and the Caribbean $ 57,796,898 $110,421,140
Cash and demand deposits with banks (Note 3) $ 14,131,942 $ 4,039,310 Bae ies ices . 6,327.61 0)
Time deposits with banks (Note 3) 19,559,000 17,972,000 ahi
Loans (Notes 4 and 9) 57,796,898 107,093,530 $ 57,796,898 $107,093,530
Investments (Note 5) 842,461 4,980,715
Accrued interest receivable and other assets (Note 9) 713,034 oe Loans maturing after the balance sheet date are as follows:
Fixed assets - Net (Note 8) _ 42,081 __ 24,307 :
TOTAL $ 93,085,416 $135,007,341 2005 _ 2004
7 : Due within one year $ 11,493,099 $ 9,033,912
LIABILITIES AND SHAREHOLDERS' EQUITY Due after one year up to five years 46,303,799 _ 101,387,228
LIABILITIES: $ 57,796,898 $110,421,140
Due to banks $ - §$ 11,731 aS ees
Customers’ deposits:
Demand and call (Notes 6 and 9) 33,336,188 24,011,360 Movement in the provision for loan losses is as follows:
Time (Notes 6 and 9) 29,947,227 81,994,507
Deposits from banks (Note 7) . Pees 2005 2004
: iabilities 6,244 2 .
Accrued interest payable and other liabilities (Note 9) ___ 356,244 __OE nT Balance, beginning of year $ 3,327,610 $ 5,787,138
Total liabilities 63,639,659 _106,708,506 Provision for the year - 1,727,610
SHAREHOLDERS' EQUITY: Loans written off during the year (3,327,610) (4,187,138)
Share capital: Balance, end of year $ - §$ 3,327,610
Authorized: 20,000,000 shares of $1 each : ————————————
Issued and fully paid: 18,000,000 shares 18,000,000 18,000,000
Contributed surplus 76,824 76,824
Retained earnings _ 11,368,933 _ 10,222,011 5. INVESTMENTS
Total shareholders’ equity 29,445,757 __28,298,835 Investments comprise of the following:
TOTAL § 93,085,416 - $135,007,341 Se |
, Available for sale investments: 2005 2004
See notes to balance sheet. Mutual funds
This balance sheet was approved by the Board of Directors and authorized for issue as of May 6, (Cost $7,332,772) $ - $ 3,635,568 -
2005, and, is signed on its behalf by: , Held to maturity:
_—_ 7 : Purchased loans receivable . 842,461 1,345,147
oe / Total investments ; $ 842,461 4,980,715
Director rector : .
Held to maturity investment represents loans purchased under a factoring agreement. These
: receivables mature in January 2008, and are further analyzed as follows:
GUARANTY TRUST BANK LIMITED
: 2005 . 2004
NOTES TO BALANCE SHEET Due within one year $ 432,659 $ 502,686.
YEAR ENDED JANUARY 31, 2005 Due after one year up to five years 409,802 842,461
(Expressed in United States dollars)
$ 842,461 $ 1,345,147
1. GENERAL . 6. CUSTOMERS’ DEPOSITS
Guaranty Trust Bank Limited (the “Bank”). was incorporated under the laws of The Customers’ demand and call deposits analyzed by geographical area, based on the domicile
Commonwealth of The Bahamas on June 15, 1962. The Bank provides trust, company of the depositor, are as follows:
management, international investment and merchant banking services and is licensed under
the Banks and Trust Companies Regulation Act of 1965, as amended. The Bank was also 2005 | 2004
licensed under the Mutual Funds Act of 1995, as a mutual fund administrator, until January Latin America and the Caribbean $ 29,696,370 $ 22,561,146
28, 2004, when it surrendered its license to the Securities Commission of The Bahamas. Bape Ses ans
The Bank’s registered office is located at Lyford Manor Building, New Providence, North ee 2,808,931 2,388
Bahamas. South Africa 113,566 454,017
Far East 33,158 : -
The number of persons employed by the Bank at January 31, 2005, was 7 (2004: 9). : $ 33,336,188 $ 24,011 360
2. SIGNIFICANT ACCOUNTING: POLICIES : if
; ; : . : Customers’ time deposits analyzed by geographical area, based on the domicile of the
The Bank’s balance sheet has been prepared in accordance with International Financial depositor, are as follows: :
Reporting Standards. The preparation of the balance sheet, in conformity with International
Financial Reporting Standards, requires management to make certain estimates and 2005 2004
assumptions that affect the reported amounts of assets and liabilities and disclosure of :
contingent assets and liabilities at the date of the balance sheet. Actual results could differ Latin America and the Caribbean $ 29,947,227 $ 81,994,507
from those estimates. :
The following is a summary of the significant accounting policies: Maturity analysis of customers’ time deposits:
a. Loans — Loans are carried at principal value less specific and general provisions for 2005 2004
loan . ce provisions for loan losses are established by charges to operating Due within one year ' g a 38 . -
- expenses based upon management’s evaluation of the loan portfolio, current Due after one year 29,947,227 81,994,507
international economic conditions, past loan losses and other factors. Loan losses, if :
deemed necessary by management, are charged to the reserve, and any recoveries are $ 29,947,227 $ 81,994,507
added to the reserve.
: D its fr tomers of $29,947,227 (2004: $81,994,507) are blocked as security against
b. Investments — Investments are recognized on-a trade date basis and are classified as Ga Ge Note 4) oe ¢ ) hee
held to maturity or available for sale. Investments with fixed maturity dates, where ‘
management has both the intent and ability to hold to maturity, are classified as held
to maturity. Investments intended to be held for an indefinite period of time, which 7 DEPOSITS FROM BANKS
may be sold in response to needs for liquidity or changes in the market, are classified :
as available for sale. ; Deposits from‘ banks were $78,737 in 2004 and were received from institutions in Latin
America and the Caribbean. ~ =
Investments are initially measured at cost. Available for sale investments are
subsequently remeasured at fair value based on quoted prices. Fair values for a
unlisted securities are estimated using market values of the underlying securities or 8. FIXED ASSETS - NET
appropriate valuation methods. , The movement of fixed assets during the year is as follows:
Held to maturity investments are carried at amortized cost less any provision for 2005
impairment. Beginning ~~ ~Ending
c. Fixed assets — Fixed assets are stated at cost less accumulated depreciation. _Balance Additions Disposals Balance_
Depreciation ‘is computed using the straight-line method, at the following annual COST:
tes: an .
tar Furniture and fixtures $446,415 $§ - $ - $446,415
Furniture and fixtures 25% - 33% Equipment : 253,967 5,753 a 259,720
Equipment 25% - 33% Motor vehicles __ 73,318 _- 38,483 _ (35,743) _ 76,058
1 ‘0,
Motor yelucies 258 $773,700 $ 44,236 $(35,743) $782,193
Gains and losses on disposal of fixed assets are determined by reference to their — 2005
carrying amount. Beginning Depreciation ~ Ending
d. Commissions and acceptance fees - Commissions and acceptance fees are recorded _Balance Expense Disposals Balance_
on a cash basis. ACCUMULATED
; ; oo DEPRECIATION: :
e. Interest income and expenses — Interest income and expenses are recorded on an Furniture and fixtures $446,415 §$ 2 § - $446,415
accrual basis. Equipment 238,537 7,965 - 246,502
f; Translation of foreign currencies — Assets and liabilities not denominated in United Motor vehicles Ot) oe Sot) aa
States dollars are translated at exchange rates prevailing at the balance sheet date. $749,333 $ 26,522 $(35,743) $740,112
Transactions during the year are translated at the exchange rates prevailing on the ao te S010)
date of the transactions. : 2005. Net movement $ 24,367 $ 17,714 $ - $ 42,081
g. Assets under management — Assets under management which are held in a fiduciary 2004 Net movement $48,303 $23,674) $_(262) Set
capacity for clients are excluded from the balance sheet, other than those assets and 9. RELATED PARTY BALANCES
liabilities which relate to banking services provided by the Bank to these clients. ‘
; Balances with companies controlled either directly or through a vested authority by the
h. Cash and cash equivalents — Cash and cash equivalents include cash and demand shareholders, directors and officers of the Bank are at arm’s length, and as of and for the year
deposits with banks and time deposits maturing within six months of the balance ended January 31 are as follows:
my sheet date. These are subject to an insignificant risk of change in value and are due 2005 2004
within less than three months.
Loans $ 46,846,782 $ 94,164,364
Accrued interest receivable and other assets $ 366,426 $ 435,863
4 CASH, DEMAND AND TIME DEPOSITS WITH BANKS Customers’ deposits:
i eer ; . Demand and call $ 6,189,565 $ 4,444,057
; Cash and demand deposits with banks are analyzed by geographical area as follows: Time $ 26,555,155 $ 81,994,507
2005 2004 Accrued interest payable and other liabilities $ 33,339 $ 455,044 -
10. NET FOREIGN CURRENCY EXPOSURE
Latin America and the Caribbean $ 45,924 $ 280,298
North America 13,560,826 1,619,966 2005 2004
Europe 525,192 2,139,046 Pounds US$ Pounds US$
$ 14,131,942 , Euros Sterling Equivalent Euros Sterling — Equivalent
Assets $ 31,862 § 256,544 $ 525,387 $ 34,692 $ 69,061 $ 168,709
Time deposits with banks mature within six months of the balance sheet date and have Liabilities - _(276,144) _ (520,863) - __(208,767) _ (379,956)



been placed exclusively in E :
ee Coverage (exposure) $ 31,862 $ (19,600) $ 4,524 $34,692 $ (139,706) $ (211,247)

ee



THE TRIBUNE






RISK MANAGEMENT

During the normal course of its banking activities, the Bank manages its exposure to interest
rate, credit, maturity and currency risks using the following methods:

@
(ii)




Interest rate risk is managed by matching deposit liabilities with deposit assets.





Credit risk is managed by placing deposit assets only with reputable financial
institutions or related party entities. All loans are secured by assets which are held to
the order of the Bank or which are otherwise fully collaterised.










Maturity risk is managed by placing deposit assets only in financial instruments that
allow the Bank to meet the maturities of the associated deposit liabilities.

(iii)







(iv)

Currency risk is managed by matching deposit liabilities with deposit assets within
the same currency whenever possible.




FAIR VALUE OF FINANCIAL INSTRUMENTS

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











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



Cash and demand deposits with banks, and time deposits with banks - Due to their short-term
maturity, the carrying values of these financial instruments are assumed to approximate their
fair values.




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

'

Investments - The net asset value of available for sale investments approximate fair values.




Deposits - The estimated fair values of deposits maturing within one year are assumed to be
equal to their carrying values.




COMMITMENT UNDER OPERATING LEASE

The future minimum rental payments under non-cancellable operating leases are as follows:






2005 2004
Due within one year $ 200,000 $ 380,000
Due after more than one year 1,000,000 -760,000

$1,200,000 $ 1,140,000











COMMITMENTS TO EXTEND CREDIT

The Bank has irrevocable undrawn loan commitments to customers as at the balance sheet
date amounting to $5,125,000 (2004: $5,124,122.86).








Deloitte.

Deloitte & Touche -
Chartered Accountants -
and Management Consultants
2nd Terrace, Centreville
P.O, Box N-7120
Nassau, Bahamas









Tel: + 1 (242) 302-4800
Fax: +1 (242) 322-3101
~http://www.deloitte.com.bs






INDEPENDENT AUDITORS’ REPORT



To the Shareholders of
Guaranty Trust Bank Limited:








We have audited the accompanying balance sheet of Guaranty Trust Bank Limited (the “Bank”) as
of January 31, 2005. The balance sheet is the responsibility of the Bank’s management. Our
' responsibility is to Seuss an opinion on this 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 financial statement presentation. We believe that our audit provides a reasonable basis for
our opinion.










In our opinion, the balance sheet presents fairly, in all material respects, the financial position of the
Bank as of January 31, 2005, in accordance with International Financial Reporting Standards.

abo, 0 (Bache.

May 6, 2005








A member firm of
Deloitte Touche Tohmatsu



PUBLISH

Your Balance Sheets & Legal Notices in

The Tribune

Call us at

502-2356



TUESDAY, MAY 31, 2005, PAGE 5B
BUSINESS



FROM page one



cal juncture.

cluded.

to The Tribune yesterday.

not returned by press time.

ject’s fate, but never got it.

vate non-commercial airstrip.

eastwards.



Talks between the Government and the Ginn
Corporation have been ongoing for about a
year and a half, with discussions becoming more
intense in November before reaching this criti-

The danger faced as a result of the stalled
negotiations at this point, The Tribune was told,
is that it is likely the Ginn Corporation will pull
out if negotiations are not imminently con-

“Certainly, that's where we're at. There is a
little window here for it to work, but it's at a crit-
ical stage,” one source close to the talks revealed

Officials at the Grand Bahama Port Author-
ity and the Grand Bahama Development Com-
pany declined to comment on the matter. Calls
to DEVCO president and chief executive Gra-
ham Torode, and government officials, were

Another source close to the situation, when
asked whether the developers had pulled out of
the project, said: “Not quite yet.”

- It is understood that the Ginn Corporation
had been waiting to receive a letter from the
Government on Friday in regard to the pro-

. A leftover project from the previous FNM
administration, the Ginn Corporation proposal
was first officially mentioned as far back as
2002. The proposal involves some 2,500 acres of
land on the old Sammons Estate that would
incorporate, among other amenities, condo-
hotels, two 18-hole golf courses, single family
lots, second homes, three marinas and the
reopening of the West End Airport as a pri-

Government officials have estimated that
over 1,000 direct jobs were to be created for
Grand Bahama residents as a result of the pro-
posed development, in addition to a number
of spin-off jobs and entrepreneurial ventures.

For the second project, the Ginn company
and DEVCO announced plans for the devel-
opment of a $200 million luxury home devel-
opment on the eastern end of the island. The
development involves about 6,000 acres of
DEVCO land stretching from Barbary Beach

. .In January, Prime Minister Perry Christie
told members of the Grand Bahama Chamber
~ of. Commerce that the island would secure its

economic stability for the next 10 years with
the development of a number of projects,’
including the proposed Ginn developments for |
East and West Grand Bahama.
"The reality is that there are people who -
would wish to invest, people who would wish to
travel, people who would wish to have second |.
homes in our Commonwealth, because of the
safety and security in which to bring their chil- |

dren.

Mr Smith said. -

$2.5bn investment’s
fate on a knife edge

"They (investors) demonstrate by their invest- -
ment dollars and their proposals that this coun-
try enjoys a level of confidence because of its ’
democracy, stability and security people enjoy -
in this country," Mr Christie said.

The Prime Minister described the Ginn Cor-
poration proposal as “extraordinary” and pro-
ducing a “major economic transformation”,
with the first phase involving a 400-room condo-
style hotel. “If this isn’t something to applaud, :
then tell me,” the Prime Minister said, adding :}
that the Ginn Corporation was “ready”.

The Tribune understands that Mr Christie-
has given instructions that the Ginn Corporation ‘.].
project must happen, but there are concerns in
government circles that the development might :
be viewed in some quarters as giving more:
Bahamian land away to foreign developers and:
second home owners, rather than being given to:,}:
Bahamians for them to develop. E

The Ginn Corporation situation sounds eeri-:
ly familiar to the $1.2 billion Cable Beach pro-:
ject, which was announced earlier this year but:
only after it almost fell apart twice, largely”
thanks to government footdragging. e],

Adding fuel to the fire, Freeport-based attor- °
ney Fred Smith yesterday said businessmen and
licencées in the Port Authority area were:
unhappy with the Government, believing it had:
muscled into the Ginn Corporation develop-.
ment by causing the West End project to be.
first ahead of the DEVCo joint venture.

He claimed that numerous investors had been -
confronted with a lack of progress, frequently. :
being told ‘yes, yes’ in meetings with govern--
ment officials only for nothing to happen.

“The PLP do not know how to close a deal,”












































Court ruled that Campbell's S
Colina stake did not ‘entitle

him’ to block EGM

FROM page one

tinuing to be a director, even if
it is the will of the sharehold-
ers that he should not”.

They concluded: “That is not a
proper course to take.”

The three Court of Appeal Jus-
tices added that Mr Campbell’s 45
per cent stake in CFG, which in
turn holds a controlling 66 per cent
shareholding in Colina Insurance
Company’s parent, Colina Hold-
ings, was not “sufficient to entitle

him to an injunction to restrain
CFG” from calling the EGM.
They wrote: “The fact that he
[Mr Campbell] might be one of
the personalities behind the cor-

porate veil, and one who had con-:

tributed to the resounding success
of this venture, is'a matter rele-
vant only to the question of what-
ever rights he may have, either in
a winding up or in any other col-
lateral arrangement the parties
may arrive at.

“Tt is not, by itself, a right that
vests him with the right to pose.a

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Development Company Seeks Corporate Attorney

Baha Mar Development Company Ltd. seeks to hire
a bright, energetic, senior level attorney to manage
‘its legal affairs in New Providence. Successful
candidate will report to Baha Mar’s General Counsel,
and must have a minimum of seven years of high-
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skills are essential.

Please forward resume with salary requirements via

e-mail to info @ bahamardevelopment.com or via private
fax to (242) 327-5898 by no later than 17, 2005. All

responses will be held in the strictest confidence.



hal a ys a

challenge to the holding of a meet-
ing which can only be done byia
majority of the shareholders.” .'
The Court of Appeal thus
backed the Supreme Court ver-

. dict délivéréd:by Justice Hugh

Small, dismissing the appeal Dy

Mr: Campbell and refusing is

application for a stay.

The three justices also backéid
Justice Small’s urging that Mr
Campbell try to resolve his differ-
ences with former CFG colleagug¢s,
Emanuel Alexiou and Anthony
Ferguson, saying that if this failed
the only other action open wag ‘a
“fair and just” financial settlement.

Justice Small had initially grant-
ed Mr Campbell’s application for
an ex parte injunction to prevent
the Colina Holdings EGM.
stopped the EGM from being hé id
before May 11, but Mr Alexibu
and Mr Ferguson, who between
them hold the 55 per cent maj
ty stake in CFG, were success: iin
overturning this in the Supreme
Court on May 12.

Mr Campbell’s subsequé : t
appeal of that ruling led to t
Court of Appeal rendering its
dict on the matter on May 19.4In








. his appeal action, Mr Alexiou,

Ferguson and CFG were namedjas
the three ee erere 4,

“reached a point of no return’4
; Reflecting back on 1997, é

confirmed the veracity of cla
made by Mr Campbell and§
allies that the former Colina Ing

Holdings Board “in favour” o:
Campbell.

“The harmony that exis§
between these three individals
conspicuously combined to fhe

startling success that their vengure
achieved,” the three Cour of
Appeal justices wrote. g

“Tt is a matter of some regrdt, if

not misfortune, that whatever Was
the nature of their differenceg or
whatever led to the differeifres

ling empire. -
“It is very clear to us, fronj

return.”



Wa a ete eer eee ee

PAGE 6B, TUESDAY, MAY 31, 2005

SANTANDER BANK & TRUST LIMITED

(Formerly Santander Bank & Trust (Bahamas) Limited)

BALANCE SHEET
AS OF DECEMBER 31, 2004
(Expressed in United States dollars)



2004 2003
ASSETS

Cash and due from banks

Demand - Group $ 6,678,218 $ 21,364,883

- Others 2,783,127 20,060,006
9,461,345 41,424,889

Time - Group 2,816,967,695 2,861,747,403
- - Others 248,159,700 154,333,324
Total cash and due from banks 3,074,588,740 3,057,505,616

Trading securities (Note 3) - 3,150,131

Securities pending settlement 685,712 -

Securities available-for-sale (Note 4) 1,075,391 2,563,717

Foreign currency forward contracts (Note 12) 51,605,419 141,320,161

Investment securities (Note 5) 963,789,539 905,251,309

Loans, net (Note 6) 1,280,619,658 — 1,453,806,467

Investments in Group entities, net ‘(Note 7) 216,538,504 177,738,782 -

Unrealized gain on derivative instruments (Note 12) - 4,547,036

Accrued interest receivable
Group ; 4,811,598 139,645,815
Others 2,177,886 1,814,157

Due from Group entity - 7,477,166

Other assets and receivablés 27,721,043 27,091,258

TOTAL | $5,623,613,490 $5,921,912,215
’

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES:

Due to Group entities ah
Demand $ 356,284,472, $ 447,396,157 ©
Time 1,518,709,184 1,979,616,337

Customer deposits
Demand 9,553,735 .5,187,302
Savings ‘227,300,323 184,257,362
Time 442,261,689 476,257,439

Accrued interest payable pe :
Group 10,247,833 11,623,300
Others. 602,070. 364,496 |

- Accumulated other provisions (Note 14) 1,250,313,321 1,008,503,894 |

Other liabilities © - 1,740,512... 4,297,748

Total liabilities eh 3,817,013,139 _4,117,504,035
SHAREHOLDERS’ EQUITY:

- Share capital:

‘Authorized, issued and filly paid 10, 000 oediaary Shae
shares of $100 each 1,000,000 1,000,000
Additional contributed capital 1,555,836,094 — 1,555,836,094
Retained earnings | 249,764,257 ___ 247,572,086

Total shareholders' equity
TOTAL

See notes to balance shset

The balance sheet was approved by the Board of Directors on n January 31, 2005 and is si

MAN

” Dinestor

behal.



Director

NOTES TO BALANCE SHEET
DECEMBER 31, 2004 -
(Expressed in United States siete)

1. GENERAL

1,806,600,351

1;804,408,180 © -

$5,921,912,215



5 Santander Bank & Trust Limited 4 (formerly Santander Bank & Trust (Bahamas) Limited) (the

“Bank”), is’ incorporated. under: the Jaws of the Commonwealth of The Bahamas (“The
Bahamas”) and is licensed to.carry.on trust and banking business from within The Bahamas. ..

“The: Bank is 100% directly’ owned ‘by: ‘two ‘holding. companies; however, the Bank’s ‘ultimate

. parent is Banco Santander Central. Hispano, S.A. (the “Parent”), incorporated i in open The. :

coal office'i is located at Bahamas Financial Centre, Shirley and Charlotte ar

-Asat December 3 1, 2004 the Ba had ak total of of sixty-four employees (2003: sixty-two),

SIGNIFICANT ACCOUNTING POLICIES.

The balance sheet has. ees prepared in cocasdanice with International Financial Reporting - :

Standards. The fouowing) is a: ‘summary of the significant accounting policies;

a. Use of estimates’ in. ‘the prepatation of ithe balance sheet - The ceeparation of the
“‘palance’ sheet in conformity with International Financial Reporting Standards requires —

management’ to make’ estimates. and: assumptions ‘that ‘affect the ‘reported ‘amounts .of
assets and liabilities’ and disclosure of contingent assets and liabilities at the date of the
balance. sheet. Actual results could. differ from those estimates. Material estimates. that

_ are particularly susceptible to change in the near and medium term relate to the Ls
. determination of the allowance for loan losses and realizability of investments in Group.

entities and umngquoted investment securities.

be Foreign: currency: ‘thanslation’ - “Roreign currency assets and liabilities have been.
“:'. “trarislated into. United Sues dollars at the rate of exchange ruling at the balance sheet

date.

SCs Cash anil cash cqutvilents.- Cash and cash Seuivalents is defined as ; demand deposits
"net of due to.demands and time deposits with maturity periods of less than 90 days from -

year-end.

d. Investment securities - Investment securities on the Bank’s balance sheet are classified

as trading. securities, securities available- for-sale or held-to-maturity investments.
Realized and unrealized yuan ‘and losses. on-securities are determined using the specific
; identification method. ©

i. . Held for trading - The trading portfolio includes those securities, which are
held with the intention of profiting from short-term price movements and. are
carried at fair value as adjusted for gains and losses on committed sales and
purchases.

ii. Held to maturity - Investment securities, held to maturity represent those securities

that the Bank.has both the positive intent and ability to hold to maturity and are

. Tecorded at amortized’ cost (cost adjusted for amortization of premiums and

~accretion of discounts): Investment securities are written down to fair value, if the
fair value represents a permanent impairment in the value of the investment.

iii. Securities avatlable:for-sale - Securities available-for-sale represents those
securities that do not meet the classification of held-to-maturity or trading. These
sécurities are carried at fair value. Unrealized gains and losses on these securities
are reflected as a separate component of shareholders’ equity.

e. Derivative fin iianclal instruments - The Bank enters into derivative transactions to
mitigate the risk associated with foreign currency exchange rates. The Bank may offer
customers certain. investment opportunities, which involve the use of derivative
instruments, such as option contracts.. The Bank may enter into derivatives for
speculative purposes when specific business goals and strategies have been identified.
The derivatives are carried at fair market value.



THE TRIBUNE BUSINESS

f Loans and allowance for loan losses - Loans are stated at the amount of unpaid

principal, reduced by unearned discounts and an allowance for loan losses, Accrual of
interest is discontinued when management believes the borrower’s financial condition is
such that the colleetion’ ‘of principal and interest is doubtful, at which time such loans are
placed on non-accrual status and any past due interest is. reversed. All subsequent
payments are applied first to the interest and then to the outstanding principal of the
loan. ;

_ The allowance for loan losses is an estimate to provide for collection losses in the loan
portfolio. Management’s evaluation of the adequacy of the allowance for loan losses is
based on estimates and ultimate losses‘may vary from the current estimates. Losses are

charged and recoveries are credited to the allowance for loan losses at the same time a

loss is incurred or a recovery takes place.

The Bank accounts for impaired loans by requiring that certain impaired loans be |
measured based on the present value of expected future cash flows discounted at the .
loan’s original effective interest rate. As a practical expedient, impairment may be
measured based on the loan’s observable market price of the fair value of the collateral
if the loan is collateral dependent. When the fair value of the impaired loan is less than
the recorded investment in the loan, the impairment is recorded through a valuation
allowance included in the allowance for loan losses. -

g. Investments in Group entities - Investments in Group entities are carried at lower of
acquisition cost (in the case of investments: denominated in currencies other than U.S...
dollars, these are carried at the equivalent U.S. dollar value at the historical rate) or
underlying net book value of the portfolio of investments (adjusted by the amount of the
unrealized gains or losses. disclosed at.the time of acquisition and still existing at the
date of subsequent valuation). The Bank presents its accounts on an individual basis
due to the fact that it is not obligated to present consolidated accounts, as the parent,
which is part of the Santander Group, presents consolidated accounts. The operations of

” the Bank are ultimately reflected in the consolidated financial accounts of the Parent. If
a decline in fair value is deemed to be other than temporary, the cost basis of the -
individual investments shall be written.down to fair value as a new cost basis. The new

_ Cost basis shall not be changed for subsequent recoveries in fairvalue.

h. Leasehold improvements and office equipment - ; Leasehold improvements and office

equipment are stated at cost less accumulated depreciation and amortization.

i. . Taxation - Under the laws of The Bahamas, the Bank: is not subject to income tax.

Therefore, no provision or liability for income. taxes. has been included -in the above
balance sheet.

, j. Transactions with related parties --In the ordinary course of business, the Bank enters ee ae
into transactions with related entities. These transactions include the funding of-loans

and investments, entering into freien currency forward contracts and transfer of assets
_ and liabilities. . :

-k. Assets under adtainisthation’s No account is taken in the balance sticet of assets held or

5.

Less allowance for loan losses _

" Jiabilities incurred by the Bank as custodian, trustee or nominee, other than those assets

-and liabilities which relate to the banking: service provided by the Bank. for their

paugaty clients.

ADING SECURITIES

ding securities at December 31, 2004, consist of the following:

2004 - 2003,
st eG aa ek AS 85845 958
Book and fair market value $. = $ 3,150,131.

Included in trading securities are investments in Group entities with a fair value of $Nil-and -
$3,150,131 as of December 31, 2004 and 2003, respectively and a cost of SNil and

- $35,345,753 rpecnvely:

SECURITIES AVAILABLE-FOR-SALE

Securities available-for-sale at December 31, 2004, consists of the following:

2 2004" © 2003
Cost "$43,325,091 $ 291,377,848
Book and fair market value : eon $ 1,075,391 $ 2,563,717

Securities. available-for-sale consists primarily. of investments in companies: and. funds

incorporated in the United States and emerging markets. Emerging: markets, which include

South and Central America and Eastern European countries, are countries which are generally *

considered to be emerging or developing countries, ‘by the World Bank, the International
Finance Corporation or the United Nations or its authorities, and ‘that: currently. are not
members of the Organization of Economic Co-operation. and Development (“OECD”). ‘As.
required by LAS 39, the Bank remeasures the available-for-sale securities to fair value.

INVESTMENT SECURITIES —
Investment securities at December 31, 2004, consist of the following: wh
2004. . 2003.

Unquoted debt securities : 8 963,609,539 ‘s 894,701 911
Public quoted debt securities
(2004 market: $Nil

~ 2003 market: $10,316,263) . Sg ees

- Other securities 180,000 233,135 -
$._963,789,539 -$ 905,251,309
LOANS, NET

s ani stated net of an allowance for loan losses at Decéniber 31, 2004, corisist of the |

following:
2004 == 2003
- Private sector - Group - ‘i
- Other’ eee 449,061,485
1,280,819,658 —_1,456,692,367
~_ (200,000). _ - (2,885,900)
$1 280 sis 658 $1,453,806 461

. ; s : 2° = - 2 2 2 <

An ‘analysis of the change in the allowande ‘fot loan: losses: for the year ended December 31,

2004 follows -indicating a $2,685,900 decrease (2003: sone: 949 increase) in the specific
provision:

ih - 2003

General = $200,000. $ 200,000
Specific ce Be 2,685 800
Total : $ 200,000 $2,885,900

INVESTMENTS IN GROUP ENTITIES, NET

At December 31, 2004 and 2003, the Bank had investments in Group entities amounting to .

$216,538,504 and $177,738,782, respectively. Certain Group entities in which the Bank holds
investments have experienced net losses during 2004 or are in a shareholders’ deficit position
as of December 31, 2004. In accordance with IAS 27, the financial statements of these entities
have not been consolidated because the Bank ‘is itself a wholly owned subsidiary of the Parent.
Such financial and equity effect of the accumulated deficits of these entities is not reflected in
the above balance sheet as the deficits are reflected in the Parent’s consolidated financial
statements at December 31, 2004 and 2003, respectively.

The realized losses on investments in group entities of $4,382,219 (2003: $88,084,972) was
applied to ‘specific Group: investments which management of the Bank determined had
incurred a permanent impairment in value. .The Bank's allowance for losses relating to
remaining investments in Group entities amounted to $2,156,118 and $38,864,000 as of
‘December 31, 2004 and 2003, and is reflected as a reduction in investments in group entities in
the accompanying balance sheet.

RELATED PARTY BALANCES
The Bank maintains balances and enters into business transactions with related parties. These

balances, which fluctuate during the year arise in the ordinary course of the Bank’s business.
Balances outstanding as of December 31, 2004 are reflected in the above balance sheet.

10,316,263 -

.. $831,758,173.-$1,115,557,526 ©
341,134,841 ~

Po Seite ener yoo



aoe ee ee ee ne ee Sn

THE TRIBUNE BUSINESS

9. MATURITIES OF ASSETS AND LIABILITIES |

‘The scheduled maturities of the Bank’s fixed-term assets and liabilities from December 31,
2004, to the contractual maturity date are as follows:

2004 Assets Liabilities
Due within one month - $ 516,932,110 $3,099,877,451
One to three months 2,202,718,384 120,135,176
Three to nine months - $6,607,027 589,992,125
Nine to twelve months 983,304,869 3,908,876
Over twelve months £1,616,596,354. -. 1,359,000 .
$.5,376,158,744 $3,815,272,628
2063 : Assets Liabilities
Due within one month ‘$ 1,059,734,199 - $1,724,934,365
One to three ‘months . : : - - 62,570;744 166,945,876
Three to nine months 3,053,975,400 1,206,258,523
Nine to twelve months 23,977,219 9,521,377

1,509,449,629 | 1,340,000

$5,709,707,191 $3,109,000,141

Over twelve months

The assets include cash and due from banks, restricted cash, investment ‘securities, forward
contracts, gross loans (including accrued interest) and. receivable’ from Group entity.
Liabilities include due to Group entities, customer deposits. and other liabilities.

10. CONCENTRATION OF ASSETS AND LIABILITIES

At December 31, 2004, assets and liabilities of the Bank were © concentrated i in. ‘the following

geographical areas:
2004 Assets _ LLiabitties
North America -*'$ 902,821,401. $ 118,475,130
Europe So 1,963,477,123.--. 1,026,904,503
Central and South America . 198,701,653 649,677,062
The Bahamas ~ 2,114,815,371 720,756,555
Other countries 364,896,603 38,396,155
. /$5,544,712,151 $2,554,109,405
2003 Se ae | Assets ——_Liablities"
_ North America ; . ~" $1,043,745,872 $5,902,491
Europe e -.. » 2,104,715,363° - 1,475,131,312
Central and South America "| 191,433,854 374,076,377 .
.The Bahamas 2,189,783,534: . 1,236,844,804
< _ 214,683,271 ee ee

Other countries ee ae
35,704261804 $3,001,954,984 a
The assets ‘include cash and due fron banks, restricted cash, trading securities, eeciitities
available-for-sale, investment securities, securities’ settlement pending, net,” “gross loans
nee (including accrued interest) and investments in Group entities. Liabilities include due: to

sd Group entities and customer deposits.

1 coiuarnwesci AND CONTINGENCIES

The above balance sheet does not reflect various commitments: and contingent: liabilities, . ©
-. which arise in the ordinary course of business. The contractual amounts of these instruments
. Tepresent a credit risk to the Bank should the instrument be fully drawn upon and the client
. defaults. To manage its credit risk related to issuing letters of credit, . the Bank subjects such
activity to the same credit quality and monitoring as its lending activities. These commitments
and contingent liabilities are described in the table below.: Commitments and contingencies,
other than derivative financial instruments, are as follows: .

2004: 2003

- Undrawn portions, of lines of credit: ‘ :
~ Others - Bite 4 $64,174,377 $20,609,109
Stand-by letters of credit: sya SEs . eee
Group ee 26,532,846 $ °.26,138,425 -
Others : 3,297,316 2,404,818

S 29/830) 162. $ 28,543,243 |

Management does not anticipate any material losses as a remult of: these transactions.

Legal matters - The Bank may be involved in litigation arising fiom transactions in the
ordinary course of business. Management believes that the ultimate liability, if any, resulting
from transactions in the ordinary course of business will not have a material effect on the
financial position or results of operations of the Bank.

12. DERIVATIVE FINANCIAL INSTRUMENTS:

Foreign. currency forward contracts to cover open currency positions : ‘The Bank is a nore) to
foreign currency forward. contracts used in the normal course of business to. meet its risk
management needs. These. contracts ey mature within, one cd The Bank does not
speculate i in the foreign excises market.

The fair sale of all Sach foreign currency forward contracts ts outstanding as Sof December 31,
2004 was $51,605,419. (2003: $141,320 Hel. recorded ‘as an asset in’ the accompanying
balance sheet.

Foreign currency forward contracts with. customers - The Bank enters into foreign currency
forward contracts with its customers, purchasing or selling a’ foreign currency at a pre-
determined price to be delivered or received at a pre-determined time. In order to mitigate any
tisk associated with these contracts, the Bank enters into foreign currency forward contracts

‘with related entities that offset the contracts entered into with its customers. The fair value of .

-all foreign currency forward contracts with its customers and the corresponding foreign
currency forward contracts with related entities Seaning. as of December 31, 2004. was
immaterial. . : :

et The table below summarizes, by currency, the notional amounts of all of the Bank’s foreign
- currency forward contracts, all of which expire during the next year, : expressed i in U.S. dollars,
‘as of December 31, 2004: ;

Foreign Currency

Forward Contracts

x? ; aie dee _ Notional US$ _

Currency > Coe BP SS Gee ‘Type _. Equivalent |
Euro s Pg” cong Os SO Bay _ 1,297,740,775
Euro : Se Sell. 1,247,838,346;

. Swiss franc we & ea ea Buy. 1,581,346,341
_ Swiss franc ; Set 590,174,804
_ Sterling pounds oe ee “Sell 14,199,465.
Sterling pounds eae a ee Buy "14,199,465

Derivative financial instruments for sieculatioe’ ‘purposes - The Bank ¢ enters into’ derivative -
financial instruments with non-group entities.in. the.normal course of business for speculative
purposes against the anticipated fluctuations i in market Prices.

13. CAPITAL REQUIREMENTS

The Bank is subject to the regulations of the Central Bank of The Bahamas (“Central Bank’’).
These regulations, which are subject to interpretation by the Central Bank, establish guidelines
to evaluate the capital adequacy of institutions incorporated in The Bahamas. The Central
Bank has established minimum risk-based capital ratios. At. December 31, 2004, the Bank’s
management is of the opinion that the Bank meets the established minimum ratios established
by the Central Bank.

14. ACCUMULATED OTHER PROVISIONS
_ Accumulated other provisions at December 31, 2004, consist of the following:
| : 2004. 2003
Guarantees issued by the Bank to related parties $ 1,238,341,934 $ 998,660,000

Others . 11,971,387 9,843,894
$ 1,250,313,321 $1,008,503,894



TUESDAY, MAY 31, 2005, PAGE 7B.

15. RISK MANAGEMENT
Price risk - Price risk is comes of poe tisk, interest rate ies and market risk.

Currency risk - Currency risk emanatiss from the possibility. that the value OE: a financial
instrument will fluctuate due to changes in foreign exchange rates... The Bank minimizes its
currency risk by monitoring levels of foreign currencies on a daily basis and closing any
positions as appropriate.

Interest risk - Interest rate risk is the risk that the value of a financial instrument may fluctuate
significantly as a result of changes in market interest rates. The Bank’s exposure to interest
risk is monitored on a regular basis.

Credit risk - Credit risk is the risk of financial loss resulting from, for any reason, the failure of
the borrower to honor in full its financial or contractual obligation to the Company.

Deloitte.

Deloitte & Touche os
Chartered: Accountants. -
and Management Consultants
2nd Terrace,: Centreville

P.O. Box N-7120

Nassau, Bahamas

Tel: + 1 (242) 302-4800
Fax: +1 (242) 322-3101.

INDEPENDENT AUDITORS’ REPORT http://www.deloitte.com.bs

To the Board of Directors of
Santander Bank & Trust Limited Alyse txt
(formerly Santander Bank & Trust (Bahamas) Limited):

We have audited the above balance sheet of Santander Bank & Trust Litnited Cotinerly Santander
Bank & Trust (Bahamas) Limited) (the “Bank”) as of December 31; 2004. The balance sheet i is the |
responsibility of the Bank’s management. Our responsibility is to express: an opinion on the balance
sheet based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those Standards
require that we plan and perform the audit to obtain reasonable assurance about whether the balance
sheet is free of material misstatements. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An atidit also. includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the
overall balance sheet presentation. We believe that our audit provides: a reasonable basis for our -
opinion. ;

In our opinion, the balance sheet presents fairly, in all inaterial Tespects, the finaiciat position of the
Bank as of December 31, 2004 in accordance with International Financial Reporting St Standards.

Olothe..€ Trnbe

January 31, 2005

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PAGE 8B, TUESDAY, MAY 31, 2005

British American Bank (1993) Limited
(Incorporated under the laws of the Commonwealth of The Bahamas)

Consolidated Balance Sheet as of 31 December 2004

(Expressed in Bahamian Dollars)





Note 2004 2003
ASSETS $ $
(Notes 47 &
21)
Cash on hand and at banks 3 15,689,298 13,731,739
Government securities 4 17,613,500 15,481,800
Mortgages, consumer and other loans 5 92,715,550 100,652,580
Fixed assets 6 7,079,377 7,580,095
Other assets 7 1,385,262 1,458,724
134,482,987 _ 138,003,038
LIABILITIES AND
SHAREHOLDERS’ EQUITY
LIABILITIES
Customer deposits 8 105,186,672 113,486,050
Mortgage-backed bonds 9 755,543 755,543
Long-term loan 10 700,000 900,000
Other liabilities and accrued expenses 11 2,265,621 1,655,887
108,907,836 116,797,480
Minority interest : 12 842,867 798,363
Preference shares 13 10,000,000 7,000,000
119,750,703 _ 124,695
SHAREHOLDERS’ EQUITY
Share capital 14 5,000,001 5,000,001
Revaluation surplus 1,735,925 1,776,532
Retained earings 7,996,358 7,530,662
14,732,286 __ 14,307,195
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY 134,482,967 138,903,038
¢
Approved on behalf of the Board of Directors: -
1 Z
Director ” Director





26 April'2005 ,

Date

NOTES

—f4

2.

Incorporation and Activity

British American Bank (1993) Limited, (the Bank), is incorporated in the Commonwealth of The Bahamas.
The Bank offers a full range of retail banking services, including internet and telephone banking, the
acceptance of deposits, granting of loans and the provision of foreign exchange services through each of its
four branches In Nassau, New Providence, its branch In Freeport, Grand Bahama and its branch on Paradise
Island. . ;

Fidelity Bank & Trust International Limited, (the Parent Company), a Bahamian resident company, owns 68%
of the issued shares of the Bank, with the balance of 32% being held by the Bahamian public.

The registered office of the Bank is situated at the offices of British American Bank (1993) Limited, Cable
Beach, Nassau, The Bahamas. As of 31 December 2004, 94 (2003: 95) persons were employed by the Bank.

Significant Accounting Policies

Basis of preparation: The Bank's consolidated balance sheet has been prepared in accordance with
International Financial Reporting Standards and under the historical cost convention, except for the
revaluation of land and buildings to fair value. The preparation of the consolidated balance sheet in
accordance 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 as of the date of the consolidated balance sheet. Actual results could differ from those
estimates.

Principles of consolidation: .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 contro! over its operations. Subsidiaries are
consolidated from: the date on which control is transferred to the Bank and are no fonger consolidated from
the date that control ceases. The consolidated balance sheet includes the accounts of the Bank and its
subsidiary, West Bay Development Company Limited, (West Bay), after elimination of all significant inter-
company transactions. West Bay is a Bahamian property holding company in which the Bank has a 66 2/3%
equity interest.

Government Securities: Government securities comprise registered securities issued by The Bahamas
Government and the Company classifies these investments at the time of purchase as originated loans.
These securities were issued and are redeemable at par value. Semi-annual interest payments are caiculated
based on the principal amounts outstanding. The securities are recognised when cash is advanced to the

. government and are.carried at amortized cost.

Mortgages, consumer and other loans: Loans and advances are comprised principally of amounts that were
originated by the Bank and are recognised when cash is advanced to borrowers.

Loans are stated at outstanding principal plus accrued interest less provisions for losses. 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-five years. Other loans are secured principally by chattel
mortgages and provide for monthly repayments over periods of up to ten years.

As soon as the recovery of a loan or advance is identified as doubtful, a provision for joan losses is
established to reduce the carrying value of the loan to its estimated realizable amount. The provision for loan
losses also covers losses where there is objective evidence that probable losses are present in the lending
Portfolio at the consolidated balance sheet date, but which have not been specifically identified as such.

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 non-performing
Status. All mortgage loans and consumer loans on which principal and interest payments are overdue by in
excess of ninety days are considered by management to be non-performing.

.

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.

Fixed assets: Except for land and buildings, fixed assets are stated at cost less accumulated depreciation
and amortisation.

Effective 31 December 2003, the Bank adopted the allowed alternative treatment in accounting for its land
and buildings at the revalued amount. In accordance with International Financial Reporting Standards, the
carrying values of land and buildings are adjusted to reflect their fair values. The fair values of land and
buildings are determined every three to five years by an independent qualified appraiser.

Leases: Leases entered into'by the Bank as lessee are operating leases. Real property owned by the Bank,
which is owner-occupied .and partly leased out under operating leases, is included in fixed assets in the
consolidated balance sheet.



Pension Obligations: The Bank participates in a defined benefit pension plan administered by Trustees who
include executives of the Parent Company. The pension plan is funded by payments from the employees and
the Bank, taking account of the recommendation from an independent qualified actuary. Pension liabilities are
assessed 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 estimated terms

of the liabilities. Actuarial gains and losses in excess of 10% of plan assets (or 10% of obligations, if ever _

greater) are recognised in income over the average remaining service lives of the employees.

Mortgage-backed bonds: Costs related to the issue of mortgage-backed bonds are amortised on a straight-
line basis over the lives of the respective bond series. Assets pledged as collateral for these bonds are
included in loans. - ,

Long-term loans: Borrowings are recognised initially at cost, being their issue proceeds net of transactians
cost incurred. Subsequently, borrowings are stated at amortised cost.

Foreign currency translation: Assets and fiabilities in foreign currencies have been translated into Bahamian
dollars at the appropriate rates of exchange prevailing at the consolidated balance sheet date.

,

Cash on Hand and at Banks

Cash on hand.and at banks comprise the following:

2004 2003

$ $

Cash on hand an at banks 11,584,148 9,543,299
Statutory Reserve with The Central Bank 4,105,150 4,188,440

15,689,298

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 and are non-"

interest bearing.

13,731,739



4.

7.

_ THE TRIBUNE BUSINESS



Government securities
vernment Registered Securities
Amortised Amortised
Interest Due Nominal Cost Cost
Rate Date Value 2004 2003
$ $
Prime + .500% 23 September 2004 124,100 ° 124,100
Prime + .125% 11 May 2005 772,700 772,700 772,700
Prime + .156% 11 May 2006 758,800 758,800 758,800
Prime + .938% 27 August 2006 1,000,000 1,000,000 1,000,000
6.75% 25 April 2010 397,000 397,000 397,000
Prime + .688% 24 August 2011 4,878,900 4,878,900 4,878,900
Prime + .675% 24 August 2012 2,221,100 2,221,100 2,221,100
Prime + 469% 21 July 2019 138,700 138,700 138,700
Prime + .469% 23 November 2019 500,000 500,000 500,000
Prime + 500% 12 December 2019 469,700 469,700 469,700
Prime + .531% 26 April 2020, 334,500 334,500 334,500 °
Prime + .500% .21 September 2020 397,400 397,400 397,400
Prime + .563% 30 July 2021 1,500,000 1,500,000 1,500,000
Prime + .344% 9 February 2023 1,456,800 1,456,800 -
Prime + .375% 8 April 2023 884,700 884,700 884,700
Prime + .375% 21 July 2023 858,800 858,800 858,800
Prime + .375% 9 February 2024 505,700 505,700 -
Prime + .313% 29 July 2024 387,500 387,500 -
Prime + 313% 22 October 2024 151,200 151,200 -
17,613,500 15,236,400
| 1. Bi
Prime + .25% 24 November 2004 245,500 - 245,500
17,613,500 15,481,900
As of 31 December 2004, prime was 6.00%.
Loans to customers
The maturities of mortgages, consumer, and other loans are as follows:
Within 1 1to5 5 to 10 Over 10
ar ars ars ars Total 2003
$ $ $ $ $ $
Mortgages 10,600,992 27,977,368 23,780,700 18,693,177 81,052,237 87,781,591
Consumer &
other
customer ;
loans 5,986,084 —_ 6,095,593 789,202 157,683 13,028,562 14,367,176
Total 16,587,076 34,072,961 24,569,902 18,850,860 94,080,799 102,148,767
Accrued
Interest 413,163 481,518
Provision for :

credit losses

* Balance end -

(1,778,412) - (1,977,705)*

of year - 92,715,550. 100,652,580
The movements in the provision for credit losses during the year are as follows:
2004 2003
$ $
Balance at beginning of year 1,977,705 3,941,504
Provided during the year 242,489 274,918
Write-offs (533,837) (2,250,033)
Recoveries 92,055 11,316

Balance at end of year

1,778,412

1,977,705

included in provision for credit losses is a specific loan loss reserve of $663,078 (2003: $772,916).
The provision for credit losses represents 1.89% (2003: 1.94%) of the total loan portfolio and
40.85% (2003: 34.69%) of total non-accrual loans.

As of 31 December 2004, loans to customers with ‘principal balances outstanding of $4,353,502 (2003:
$5,700,971) were in non-accrual status.

As of the consolidated balance sheet date $1,578,893 (2003: $2,425,591) of the above mortgage
loans to customers were pledged as collateral in connection with the Bank’s mortgage-backed



bonds program (Note 9). :
Fixed Assets
. Computer Leasehold
Land & Furniture Motor Hardware Improve-
mei Total
$ $ $ $ $ $
Cost or valuation:
As of 1 January 2004 6,420,480 1,382,791 41,445 4,122,456 2,343,014 14,310,186
Additions : 54,724 13,995 72,695 16,208 157,622
Disposals ° - : 16,69:
As of 31 December 2004
Accumulated Depreciation &
Amortisation:
As of 1 January 2004 34,311 1,099,242 36,769 3,607,201 1,952,568 6,730,091
Charge for the year 192,862 106,842 3,036 294,620 57,707 655,067
Disposals : : : 3 )
As of 31 December 2004 8, 010,27: 7,371,736

Net Book Value:
As of 31 December 2004

As of 31 December 2003





Land and building include revaluation increments totalling $2,509,127 (2003: $2,549,734).

Other Assets
Note - 2004 2003
$ $
Accrued interest receivable on government
securities 372,519 310,185
Pension plan asset 15 313,388 301,590
Prepayments & other receivables 395,589 815,844
Other 303,766 29,105
Total 1,385,262 1,456,724
Customer Deposits
The maturities of customer deposits at 31 December 2004 are as follows:
Within 4 1 to 5
__ year years 2004 2003
$ $ $ $
Demand deposits 10,287,237 : 10,287,237 12,038,214
Savings deposits 26,572,657 - 26,572,657 25,973,077
Term deposits 66,335,419 891,750 67,227,169 74,353,269
Accrued interest 1,099,609 : 1,099,609 1,121,490
Total 104,294,922 891,750 ___ 105,186,672 113,486,050
Mortgage-backed Bonds
Mortgage-backed bonds are summarised as follows:
Amount issued
Maturity Date 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 503 503
Total 755,543 755,543

On 1 December 1998, the Bank 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 representing an un-divided interest in the trust. These bonds, which are redeemable at the
option of the Bank, are issued to the public at par and have maturity dates that extend to 1 December 2005.
The Bank 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 Bank 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 which had an aggregate unpaid principal amount of
$1,578,893 (2003: $2,425,591). An independent trustee administers the mortgage-backed bonds portfolio.



THE TRIBUNE BUSINESS TUESDAY, MAY 31, 2005, PAGE 9B

10. Lot:g-term Loan Contingent Liabilities:



a a 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’ ~
200,0 200,000 oo ree:
‘sali _ : nn 700.000 Works. The loans and the bonds were'sgcured by a first legal mortgage over the unsold lots in the
a ’ : subdivision. The works under the bonds were to have been completed within 36 months. The developer
on en S60:000 defaulted under the mortgage with the Bank. Through the years, the Bank has been in discussion with the
ota ee eee ee 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.
A bank loan in the amount of US $2,000,000 was advanced to West Bay in April 1998 to facilitate the

purchase of a Nassau-based property. The loan, which is secured by a first mortgage over the property The Bank is being sued for specific performance and damages in connection with a sale agreement dated 24
owned by West Bay, bears interest at three month LIBOR + 1 %% and is repayable over a ten-year period in September 1997 in respect of the Love Estates property. As all conditions of the sale agreement have still not
forty equal quarterly payments of $50,000, plus any interest accrued at the date of each payment. 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 tiability for the installation of the infrastructure in Phase One and Phase Two of the

11. Other Liabilities 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
2004 2003 entered into between the Bank and the Ministry of Works, dated 30" May, 1988, cancelled. ,

$ $ : :

ete , In exchange for Rolling Hills entering into the above noted performance bonds, the Bank agreed to pa

Accrued liabilities ; 372,796 416,692 settlement costs totaling $350,000 to Rolling Hills. Should Rolling Hills not enter into the netolrnance Bee,
Insurance premiums held in escrow 487,824 503,778 in a form agreed by the Ministry of Works, within 9 months of the date of the Deed, the Deed will become void

Other 1,405,001 735,417 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.
Total 2,265,621 1,655,887
Se ee Other: The Bank is also involved in various other legal proceedings covering a range of matters that arise in
12. Minority Interest the ordinary course of its business activities. Management is of the view that no significant loss will arise as a
result of these proceeding.
The minority interest represents the Bank's Parent Company's 33 1/3% interest in West Bay and is calculated
19. Dividends Per Share







as follows:
For Minority share of . The Board of Directors declared quarterly dividends of $0.01 per share in respect of each of the quarters
Share Revaluation Retained ended 31 December 2003, 31 March 2004, 30 June 2004 and 30 September 2004.
Capital Surplus Earnings Total
$ $ $ $
; 20. Financial Instruments
As of 1 January 2003 1 - (7,924) (7,923)
Credit risk
For; ti “ - 33,684 7 33,684 . ene oe
ae ees : The Bank's deposits and investments are placed with high credit quality financial institutions. Mortgages,
Fixed asset revaluation (Note 17) : 772,602 - 772,602 consumer, and other loans are presented net of provisions for credit losses. The majority of mortgages,
As of 31 December 2003 1 772,602 25,760 798,363 * consumer, and other loans have registered charges in respect of the underlying security. Accordingly, the
Bank has a concentration of risk in respect of geographical area only, as both customer and collateralised
As of 1 January 2004 1 "772,602 25,760 - 798,363 assets are primarily based in New Providence and Grand Bahama. :
Minority share of net income a - 44,504 44,504 Interest rate risk
i The Bank employs effective techniques and procedures to monitor and control its exposure to interest rate
pyle eae 18,037 : risk. Mortgages, consumer, and other loans generally have variable rates, which are linked to The Bahamas
izati = ___(18,037). ____18.037_ 7 ; " ee 7 : ah :
ee 2004 4 754,565 88,301 842,867 prime rate. The Bank's exposure to interest rate risk arising from fixed rates on term deposits sold to
ae oF e1 Decomber ee ie CO customers, is minimised by the short-term maturities of the majority of these déposits. - - m. os
Liquidity risk
: The loan portfolio principally comprises long-term mortgage loans, which are financed by shorter-term
13. Preference Shares 2004 2003 customer deposits. As such, the Bank is exposed to liquidity risk, which is continuously monitored by
management.
Authorised $ $ ‘ 7
10,000,000 preference shares of $1.00 each Polevaldes 7
Issued and fully paid : : oe :
10,000,000 preference shares of $1.00 each 10,000,000 7,000,000 Financial instruments utilised by the Bank include recorded Bee and liabilities, as Mis as se i
During the the $7,000,000 preference shares all of which were issued to British American Insurance principally involve off-balance sheet risk. The majority of the Bank's financial instumen Sate el et Snore:
ae a eae : i : ; term in nature or have interest rates that automatically reprice to market on a periodic basis. Accordingly, the
Sey en nese ee et estimated fair value is not significantly different from the carrying value for each major category of the Bank's
fe i: ‘ A . recorded assets and liabilities. However, due to the lack of any formal secondary market, the carrying
A new issue of cumulative, redeemable, and nonvoting preference shares totalling $10,000,000 were issued. amounts for mortgage, consumer and other loans may not be fully realised if the Bank were to fiquidate or

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 Bahamian Prime and 7.50%.

exchange these assets for consideration.

21. Reclassifications

Spee Cate The corresponding figures for customer deposits and other liabilities on the consolidated balance sheet and

: 2004 2003 -
‘ Authorised $ $ the related balances on the consolidated statement of cash flows and Notes 8 and 11; and loans to customers
i 35,000,000 ordinary shares of $0.30 each (gross) and provision for credit losses in Note 5 have been reclassified to accord with the current year's,
7 , presentation. Reclassifications related to minority interest and revaluation surplus were necessary as a result
Issued and fully paid . * cea of a prior period adjustment (See note 17).
16,666,670 ordinary shares of $0.30 each 5,000,001 5,000,001 7 3

22. Subsequent Event

' 15. Pension Plan : . ° ee at eel rn ber,
. E ~~ Effective April 1, 2005, the Bank changed its name from British American Bank (4 993) Limited to Fidelity

Bank (Bahamas) Limited.

The Bank participates in a defined benefit pension plan, the British American Bank Employees’ Pension Plan
; (the Pian). The assets of this funded plan are held independent of the Bank's assets in a separate trustee
‘ administered fund. The fair value of the Plan’s assets as of 31 December 2004 was $2,512,163 (2003:
: $2,177,202). The actual gain on plan assets during 2004 was $269,846 (2003: loss of $19,901). The: plan is !
‘ valued annually by an independent actuary using the projected unit credit actuarial cost method. The latest f : CEV\ATERHOUS OOPERS

‘actuarial valuation was carried out as of 31 December 2004.





é The amount recognised in the consolidated balance sheet was determined as follows:).}'?: 1.4 } i PricewaterhouseCoopers
’ : ‘ : Hips sent eos cevipre Waa ER a UGS aes) Eas ‘ Providence House -
x 2004 2003 . East Hill Street
2 P.O. Box N-3910
< $ $ Nassau, The Bahamas
: Present value of funded obligations 2,124,026 1,843,656 : Website: www.pwe.com
i Fair value of plan assets (2,512,163) (2,177,202) . E-mail: pwebs@bs.pwe.com
: (388,137) (333,546) Telephone (242) 302-5300
‘ Facsimile.(242) 302-5350
‘ Unrecognised actuarial gains 74,749 _ 31,956
; Asset in the balance sheet (313,388) (304.590)
: Movement in the asset recognised in the consolidated balance sheet: .
: og b INDEPENDENT AUDITORS’ REPORT
, 2003 2003
: é ; $ s TO THE SHAREHOLDERS OF BRITISH AMERICAN BANK (1993) LIMITED
4 Balance at beginning of period (301 590) (306,495)
: Expense recognised 51,069 58,553
: Contributions received ; (62,867) : (53,648) We have audited the accompanying consolidated. balance sheet of British American Bank (1993) Limited and its
‘t : subsidiary (the Bank) as of 31 December 2004. This consolidated balance sheet is the responsibility of the Bank's
Balance at end of period (313,388) (301,590) management. Our responsibility is to express an opinion on this consolidated balance sheet based on our audit.
The pancial actuarial assumptions used for accounting purposes were: 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
2004 2003 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
: Di oe cle 6.50% 6.50% management, as well as evaluating the overall balance sheet presentation. We believe that our ‘audit provides a.
: seta reasonable basis for our opinion.
* : Expected retum on plan assets 6.50% 6.50%
: Future salary increase 5.50% 5.50% In our opinion, the consolidated balance sheet presents fairly, in all material respects, the consolidated. financial

position of the Bank as of 31 December 2004 in accordance with International Financial Reporting Standards.
16. Related Party Balances and Transactions : . ; :

Related parties include those entities and directors which have the ability to control or exercise significant , PricewaterhouseCoopers /
influence over the Bank in making financial or operational decisions, and entities that are controlled, jointly TO tee ae Sere neta
‘ controlled or significantly influenced by them. : ~ ;



Chartered Accountants

4 Included in other assets are the following related party balances: . 26 April 2005
2004 2003
7 $ $
€ ’ Other assets -— other related parties (60,442)' 104,550
‘s : — affiliates : (16,826) 19,874
: ‘ —(77.268) =124.424

< ‘ Included in deposits are the following balances:

" 2004 2003
“ $ $
° Due to affiliates: .

Deposits 160,940 4.561.343
* Due to other related parties:

* Deposits ieee 5,347,966

loans and deposit accounts with directors and officers amounted to $504,918, (2003: $660,448), and
$214,609, (2003: $1,095,064), respectively.

RF RLTLE

17. Prior Period Adjustment Note Disclosure

Minority interest and revaluation surplus as of 31 December 2003 have been restated to correct for an error in
the presentation of the minority interest share of the revaluation surplus which arose from the revaluation of
the Company's fixed assets at that date.

18. Contingent Liabilities and Commitments
rf Loan commitments: In the normal course of business various credit-related arrangements are entered into to
meet the needs of customers and earn income. These financial instruments are subject to the Bank's

standard credit policies and procedures.

As of the consolidated balance sheet date, these credit-related arrangements were as follows:

2004 2003
$ $
Loan commitments 4,541,425 2:824,090

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

: follows: 5
: 2005 j 428,867
' 2006 . 420,588
B "2007 271,379
‘ 2008 252,000
t 2009 252,000
: Total minimum payments 1,624,834





PAGE 10B, TUESDAY, MAY 31, 2005

TRIBUNE SPORTS»



GN - 218
MINISTRY OF TRADE AND INDUSTRY

Price Control Regulations
(Motor Vehicles and Motor Vehicle Parts and
Accessories)
(Amendments) Regulations
1973, 1975, 1978.

The Ministry of Trade and Industry advises ALL PERSONS/BUSINESSES
trading in the retail sales of motor vehicles and motor vehicle parts and accessories
of the following requirements of the Price Control (Motor Vehicles and Motor
Vehicle Parts & Accessories) (Amendment) Regulations, 1973, 1975, and 1978
and The Price Control (General) (Amendment) (No. 2) Regulations 1975.

_NEW & USED

1. Motor Vehicles and Motor Vehicle Parts and Accessories are priced controlled
items.

2. The Maximum retail price at which a motor vehicle shall be sold shall be:- »

a) In the case of a new motor vehicle, the sum of the landed duty paid cost
and twenty-five per centum of such landed duty paid cost; and

b) In the case of a used motor vehicle, the sum of the landed duty paid cost
and fifteen per centum of such landed duty paid cost (The Price Control
(Motor Vehicles and Motor Vehicle Parts & Accessories) (Amendment)
Regulations 1978.)

3. The Maximum retail price at which any motor vehicle part or accessory
shall be sold shall be the sum of the landed duty paid cost thereof and seventy-
five per centum of such landed duty paid cost. (The Price Control (Motor
Vehicles & Motor Vehicles Parts & Accessories) (Amendment) Regulations,
1975).

4, Every Importer shall at all times keep and have available for production to
and inspection by any person thereunto authorized in writing by the Minister
all such documents as may be necessary for establishing the landed duty paid
cost of any motor vehicle or motor vehicle part or accessory received by him
from abroad for the purpose of sale. (The Price Control (Motor Vehicles and
Motor Vehicle Parts and Accessories) Regulations, 1973.)

5. A retailer shall mark on each article the retail price of that article so that it
shall be clearly legible to the customer. (The Price Control (General)
- (Amendment) (No. .2) Regulations, 1975).

‘All importers/businesses are hereby warned that failure to comply with the

Price Control (Motor Vehicles and Motor Vehicle Parts and Accessories) Regulations

* 1973, 1975 and 1978 and The Price Control (General) (Amendment) (No. 2)
Regulations 1975, could result in possible court prosecution.

Your cooperation and compliance with the Act/Regulations is appreciated.

Permanent Secretary
MINISTRY OF TRADE AND INDUSTRY

GN - 219

MINISTRY OF TRADE AND INDUSTRY
NOTICE
THE INDUSTRIES ENCOURAGEMENT ACT
(CHAPTER 326)

It is hereby notified pursuant to Section 5 of the Industries Encouragement
Act, Chapter 301, that the Minister is about to consider whether the manufacturer
specified in the first column of the table below should be declared an “APPROVED
MANUFACTURER” in relation to the products specified in the third column.



| | MANUFACTURER ~ LOCATION OF PRODUCTS
FACTORY PREMISES __| .

| Hangar 1, Coral Harbour | Hurricane Shutters

Road

Bahamas Hurricane
Shutters Co. Ltd.

Any interested persons having ay objection to such a declaration should
give notice in writing of his objection and of the grounds thereof to the Office
of the Ministry of Trade and Industry, before the 8th day of June, 2005 by letter
addressed to:-

THE MINISTRY OF THE TRADE AND INDUSTRY
P.O. Box N-4849 :
Nassau, N.P.
THE BAHAMAS

HELEN A. EBONG
Permanent Secretary

MINISTRY OF TRADE AND INDUSTRY
NOTICE

THE INDUSTRIES ENCOURAGEMENT ACT
(CHAPTER 326)

It is hereby notified pursuant to Section 7 of the Industries Encouragement
Act that the Minister is about to consider whether the following products should
be declared an “APPROVED PRODUCTS” for the purpose of that act.

PRODUCTS RAW MATERIALS TO BE USED IN
MANUFACTURE

Hurricane Shutters} Aluminum Extractions, Aluminum Coils,

Aluminum Slats.

Any interested persons having any objection to such a declaration should
give notice in writing of his objection and of the grounds thereof to the Office
of the Ministry of Trade and Industry, before the 8th day of June, 2005 by letter
addressed to:-

THE MINISTRY OF THE TRADE AND INDUSTRY
P.O. Box N-4849
Nassau, N.P.
THE BAHAMAS

HELEN A. EBONG
Permanent Secretary



Shandria hoping
for personal best
on homecoming

@ By BRENT STUBBS
Senior Sports Reporter

EXUMA native Shandria
Brown couldn’t ask for a bet-
ter way to end her collegiate
career than to three-peat as the
national division II sprint cham-
pion.

Competing for Lincoln Uni-
versity, Brown clocked 11.59
seconds to win the 100 metres
and 23.60 to take the 200 title
over the weekend at Abilene,
Christian in Abilene, Texas.

When she ran the century,
Brown said it was thundering,
but she still managed to weath-
er the storm.

“T think it was a great race,
but my time should have been
better,” she insisted.

The 200 race, according to
Brown, was much better.

“T went out there and did the
best that I could,” he noted. “It
was pretty good.”

e
Injury

Still hampered by a left ham-
string injury that she sustained
last year, Brown admitted that it
was a great feeling to know that
she was still able to go out and
repeat‘as champion, winning
both races for the third straight
year.

“I won’t say that winning is
everything,” she stated. “I’m
just happy that I was able to
close out my collegiate career
the way I did.”

llamar are
mrving on up






“I’m just going to come out
there and not be intimidated by
anybod. ’m coming prepared
to run at the nationals.”



Brown, who will stay in Mis-
souri to train for the upcoming
Bahamas Association of Ath-
letic Associations’ National
Open Track and Field Cham-
pionships while attending sum-
mer classes, said her times
should have been ‘better, but
the hamstring injury has hin-
dered her progress.

But she insists that, when she
comes home, she intend to run
faster than her personal best
times of 11.3 (11.25 wind-aid-
ed) and 23.1 (22.9 wind-aided)
in the 100 and-200 respectively
and hopefully secure her berth
on the Senior Central Ameri-
can and Caribbean Champi-
onships as well as the IAAF
World Championships.

“T think my performances will
really get-me prepared for the
Nationals,” said Brown, of the
June 24-25 meet that serves as
the final trials for both the CAC
and World Championships. “I
won’t come home until the
week before nationals. So I
hope to be ready.”

“Copyrighted Material
Syndicated Content

Shandria Brown

While Debbie Ferguson
won’t be back to defend her
titles because of her recupera-
tion from appendix surgery,
Brown said she’s excited about
competing against Chandra
Sturrup, Sevatheda Fynes, Tim-
icka Clarke and other women

. trying to make the national

teams.

Best

“T just want to continue doing
what I do best and that is run-
ning,” said Brown, who was
fourth in last year’s nationals in
the 100.

“T’m just going to come out
there and not be intimidated by
anybody,” she stressed. “I’m
coming prepared to run at the
nationals.”

Having ran on both the last
World Championship and
Olympic Games teams as a
member of the 4 x 100 relay
team, Brown said she hopes to
go for a spot in an individual
event.



Available from Commercial News Providers”

DUSr Amie warle

against Astros

@ By KELSIE JOHNSON
Junior Sports Reporter

out, trouncing the V-8 Splash Tigers.



Down nine runs in the fourth inning, the

CHAMPIONSHIP series in the Junior Base-
ball League of Nassau (JBLN) got underway
this weekend at the St Andrews playing field.

In the first game of the best of three champi-
onships series in the coaches pitch, the Bluebirds
Astros defeated the pennant winners Church’s
Chickens Blue Jays 7-3.

First Caribbean International Bank Twins
also pulled off an upset in their best of three
championship series over the pennant winners
Million Air. Royals.

Air Royals, pennant winners in the junior
division, fell 14-9 to the Twins.

In the minor league series, the HG Christie
Rockies defeated the Super Value Devil Rays 9-
2.

Pennant winners in the junior division,
Mahatma Mariners weren’t about to get left

Mariners bats came to life, batting in nine runs
of 11 hits.

Their defence was able to stop the Tigers
from scoring in the final inning, winning the
game 10-9. With a win next game, the Mariners
can clinch the Major Little League division
championship title.

Championship games in the JBLN will be
played next weekend at the Field of Dreams,
due to the national championships.

The JBLN will compete in the Bahamas
Baseball Federation’s (BBF) national champi-
onships, set for this weekend at the Andre
Rodgers baseball diamond.

The nationals will be in honour of Rodgers,
the first Bahamian professional baseball player.

So far, 12 associations and leagues have
confirmed their participation in the champi-
onships.





IRIBUNG SrUnIO

SPORTS

IULOVAT, WIAT C., HUY, Pore as



Musgrove finishes victorious as
New Providence season closes

@ By BRENT STUBBS
Senior Sports Reporter

BARRON ‘Turbo’ Musgrove closed
the New Providence Cycling Associa-
tion’s track season by winning the time
trial championships on Sunday at the
national cycling track.

Musgrove easily beat out a small
field of competitors, turning in the
fastest times in both the 400 metres
and two-lap races.

He clocked six minutes and 28.58
seconds in the 4,000 metres and 1 min
and 32.77 in the two-lapper.

His nearest rival was Wayne Price,
who did the 400 metres in 7.18.28 and
the two-lapper in 1.47.39. Kevin
Richardson was third in 7.24.47 in the
4,000m and 1.39.17 in the two-lapper.

Finishing fourth in the 4,000m was
Timothy Sturrup in 8.02.71, but was
fifth in the two-lapper in 1.39.35. Sam
Brown got fifth in the 4,000 in 8.03.85,
but he was fourth in the two-lapper in
1.39.35.

“It was good for me, especially since

I haven’t been riding the track much
this year,” Musgrove reflected. “I
thought the times were some of my
best times when I was riding the track.

“So it shows that my conditioning is
still there and I’m improving on it as J
look forward to some of the upcoming
national championships later this year
and the Commonwealth Games and
the CAC Games next year.”

Musgrove, the president of the asso-
ciation, said the crowd wasn’t as big
as they had anticipated, but they were
still pleased with the performances
turned in.

While there were a number of young
competitors who participated, Mus-
grove said they were particularly
pleased with a large amount of juniors
who also competed.

Christine Jones won the women’s
division, taking the 4,000m race in
7.38.75 and the two-lapper in 1.47.59.
Sylvia Russell was second in 8.54.97 in
the 4,000 and 2.09.88 in the two-lapper.

Kevin Richardson was the lone
entrant in the boys’ 17 and under divi-

sion. He was clocked in 7.24.47 in the
4,000 and 1.47.59 in the two-lapper.

Yorkell Bain won the boys under-14
division. He won the 4,000m in 8.03.48
and a five-lapper in 5.07.17. Tres Smith
was second in 8.27.48 in the 4,000m
and 5.07.18 in the five-lapper and Eli-
jah Knowles was third in the 4,000im in
8.39.66 and was fifth in the five-lapper
in 5.07.19.

Roy Colebrook Jr. got fourth in the
4,000m in 8.49.71 and the five-lapper in
5.07.19. Deangelo Sturrup was fifth in
the 4,000m in 9.15.36 and third in the
five-lapper in 5.07.18.

Rounding out the field of competi-

tors were Anthony Colebrook, who.

got sixth in the 4,000m in 9.18.72 and
the five-lapper in 5.08.09; Yelstin Bain
was seventh in the 4,000m in 9.20.33
and the five-lapper in 5.08.29 and
Ricardo Clarke was eighth in the

4,000m in 9.50.45 and the five-lapper in.

5.08.50.
Krishona Williams won the girls
under-14 four-lap race in 3:30.99.
Justin Minnis took the boys under-11

two-lapper in 2.24 and the five-lapper
in 6.05.10, while Adrian Canter had to
settle for second in the two-lapper in
2.31 and the five-lapper in 6.05.40.
“We are encouraged by what we
see,” said Musgrove, of the youth pro-

gramme that is held every Saturday _

from 2pm to 6pm at the cycling track.
“We had a good time watching the
junior competitors compete.”

Pineapple

The local cyclists will now switch
their focus on the Pineapple Festival
that will be held in Gregory Town,
Eleuthera on Saturday.

“We are expecting cyclists like David
Bell, Keith Major and Kim Thompson
from Grand Bahama, Drexel Pratt and
Anthony Dean from Exuma and some
local Defence Force officers in
Eleuthera, who will be competing,”
Musgrove said.

“All of the former champions from
New Providence, Barron Musgrove,

John Cox, along with Team VGM and
Brown’s United. So it should be fast
and fun.”

The 40-mile race for men and women
will start at 9:30 am on Saturday from
Gregory Towen, head north to Hatch-
et Bay and Rainbow Bay, turn around
and head back south to Gregory Town,
past the Glass Bottom Bridge to Low-
er and Upper Bogue and back to Gre-
gory Town where it will finish in front
of Cambridge Village.

The juniors will follow and run a 20-
mile race that leaves Gregory Town,
past the Glass Window bridge, into
Lower Bogue, turn around and end in

_front of Cambridge Village.

A five-mile race will be staged for all
interested persons from Eleuthera.
That race will leave Gregory Town to
the Glass Window Bridge and back.

“We are looking for more partici-
pation from the local riders on the
island,” Musgrove said. “We have an
indication that there are a lot of per-
sons who want to ride, so we are look-
ing forward to having them come out.”



Dolphin girls liven
up Bimini fishing
and boating drive

THE Miami Dolphin Cheerleaders lent a
touch of glamour to Bimini this week as a horde
of luxury yachts and fishing cruisers gathered to
participate in the first annual Bimini Bash Fish-
ing Tournament.

Although considered for sometime as a sum-
mer boating destination, with most tourists
choosing to visit during the months of June, July
and August, Bimini is on the verge of becoming
a year-round boating and fishing mecca.

“This is just the first of several projects that
our office is working on to promote Bimini,”
stated Norma Wilkinson, from the Ministry of
Tourism. “With the objective of increasing
tourism arrivals to the island, our department,
working closely with local Biminites, will pro-
duce additional tournaments, festivals and
events, creating year-round tourism activity for
the island,” she added.

The original plans called for 10 fishing vessels
to participate in what was to be a modest fishing
tournament. This all changed as Ms. Wilkinson
and her team decided to promote the event

“more aggressively, bringing in the Bahamas’
newest promotional partner the Miami Dol-
phins Football Club.” , °

Ads promoting the event were soon featured
on the Bimini website, www.bimini.bahamas.com
and at numerous boating and fishing shows
throughout South Florida, where the Miami
Dolphin Cheerleaders assisted in signing up
tournament participants.

This resulted in 61 yachts cruising into Bimi-

- ni for the tournament, 26 of which carried teams
registered for the fishing tournament.

The Construction Association of South Flori-
da, by far had the greatest representation in the
tournament, accounting for 22 of the 26 yachts
participating.





Atkins ends college
with double win

@ By KELSIE JOHNSON >
Junior sports reporter

DERRICK Atkins eniea his college career
with a double victory at the National Associ-
ation of Intercollegiate Athletics (NAIA)
nationals.

Atkins, a junior at the Dickinson State Uni-
versity, competed in his last eligible track and
field meet for the Blue Hawks at the weekend,
helping the team capture its second consecu-
tive title - with a total of 99 points.

Blue Hawks won five individual titles, four

_ of which came from Bahamian athletes.

Leading the way was Atkins, who repeated
as three-time champion in the century and
two-time gold medallist in the 200m.

Atkins ran a time of 10.34 in a wind aided -
2.2 for the win. Coming in second was Michael
Rodgers, from Lindenwood University, in
10.46 seconds and Yhann Plummer in 10.52
seconds

Atkins said: “I wasn’t to worried about the
other athletes, my focus was mainly on the
athletes from Lindenwood.

“When I got into the blocks for the first
rounds my main goal was to qualify for the
second round. The lane assignments didn’t
matter for the second round, but it was impor-
tant for the finals.

“I wanted to make a statement in the sec-
ond round so I went hard, running for a fast
time and a good lane in the finals. I executed
in the finals, but unfortunately the wind didn’t
play in my favour. The time was wind-aided —
I believe I would have ran a faster time if we
weren’t running into the wind.”

The 10.34 seconds was the fastest time for
Atkins this year. Earlier he ran 10.45 seconds
for the win at the Dac-10 multi-champi-
onships.

The 100m was held on Friday evening, with

Atkins having a feaden schedule on Saturday.,

Atkins ran in the 200m, winning the event in
20.89 seconds, the 4x100m and the 4x400m.

In the 200m, he defeated Plummer and Ter-
rance Johnson for the win. Plummer and John-
son ran 21.33 seconds and 21.35 seconds
respectively.

“T really wanted to end my college career
with a bang,” said Atkins. I still have a year
left to go in college, but the nationals was the
last meet for me in college.

“T will miss running, but I know I will still
have to train. Pll train with the team and help
them where I can.”

The 20.89 seconds was the second: fastest
time posted by Atkins this year. Earlier,
Atkins ran 20.81 seconds and is hoping to dip
under the twenty marker or run times closer to
it,

Atkins believes that the competition at this
year’s nationals will help him achieve his goals,
qualifying him for the Central American and
Caribbean games.

He would have qualified for the games in
the 100m, but the time ran by Atkins over
the weekend was wind-aided. The qualifying
time is 10.34 seconds.

In the 200m, Atkins will have to run 20.81
seconds.

He added: “I am sure I can run the times
needed to qualify. All I have to do is stay
focused, concentrate on what needs to be
done and do it. It won’t be an easy task, but I
have to do it in order to move on.”

Before Atkins wrapped up his season he
earned seven national titles and 16 All-Amer-
ican awards.

The seven national titles came in the 100m,
200m and the indoor 55m. He received three
titles in the 100m, two in the 200m and 55m.

Atkins also helped to set new school records
in the century, half-lap and relays.





ot,



“Copyrighted Material®™
Syndicated Content —

Available from Commercial News Providers”





TUESDAY, MAY 31, 2005

SECTION

Fax: (242) 328-2398

E-Mail: sports@100jamz.com



‘@ By BRENT STUBBS
-. Senior Sports Réporter

THE hard training Lee
‘Farmer went through on the
local scene helped him achieve
‘an historic performance on Sat-
‘urday in Tallahassee, Florida.

Farmer went to the Florida
‘State Championships as a
“member of the VMG team and
-he returned with the red, white
cand blue jersey as the state
‘champion.
> The New Zealand native,

:who resides in the Bahamas,
-won the 80 mile road race. It’s
‘the first time that a Bahamas-
‘based cyclist has won a presti-
»gious race in Florida.

» “Tt was a hot day and the
-field was fairly big,” admitted
‘Farmer, who was awarded a
‘gold medal and a jersey with
‘the seal of Florida on it.

Opener

' Farmer, who captured the
‘New Providence Cycling Asso-
‘ciation’ $ season opener before
‘he went to Florida as a part of
‘a four-man VGM team, said
‘he thought the race was over
‘for him when he caught a flat
'10-miles into the race.

» But he said, before they
;were able to get help during
‘the course of the race, his team
;was able to change his tyre and
‘allow him to get back into the
‘race. He caught the field at the
'20-mile mark.

' Then, on the final 10 miles
‘on the hilly course, Farmer
‘managed a solo break and he
‘was never challenged on his

$99 abide



Way: to an easy victory.

“I felt great. I was really hap-
py,” Farmer stated. “The
VGM guys really helped me
out a lot.

“The support was tremen-
dous. If I didn’t have them, I
think the race would have been
over for me.”



MIAMI HERALD SPORTS

gy. My training was the big dif:

ference. It really helped me in

this race.” .

For the past two Saturdays
heading into the race, Farmer
was training with his VGM
team-mates, riding for six
hours straight a day.

While Farmer competed and



“I felt great. I was really
happy. The VGM guys really
helped me out a lot. The
support was tremendous.

If I didn’t have them, I think
the race would have been

over for me.”



As a part of VMG, Farmer
was eligible to win the jersey
because their club is licensed in
Florida. But, because he’s not
an American, he is not eligi-
ble to compete in the United
States Championships.

“I knew J had the condition
and the form to compete
against these guys,” Farmer
stated.

“But to win a road race, a
lot of things have to come
together and you have to get a
lot of things right.

“On Saturday, I managed to
survive the race and, when I
attacked, they let me. They had
no legs and I had all the ener-

Lee Farmer

dominated the open division,
Rolp Faust, club president
Mark Holowesko and Basil
Goulandris all competed in
their respective age group cat-
egories.

Faust and Holowesko were
both entered in the masters 45-
plus category. Faust, a native
from Sweden, finished in’ the
top 10, while Holowesko came
in the top 20. Goulandris came
in the top 10 in his 35-plus age
group.

Farmer and his VGM team-
mates will be heading to Gre-
gory Town, Eleuthera to this
weekend to compete in the
Pineapple Festival.





delighted with his histo

‘ic Win.





TUESDAY, MAY 31, 2005



Quadruple



“It was pretty surprising and
shocking at first, obviously __.

with all the risks involved with

carrying all four at one time.
But then we were happy and
got excellent advice here on
the island as well as abroad.”



@ By PETURA BURROWS
Tribune Feature Writer

WHEN 34-year-old Andrea
Strommer found out that she
was pregnant, no one — and

that includes mother and

father — expected that she
would give. birth to four
babies.

But in the end expectations
didn’t count.

On November 22, 2004 Mrs
Strommer delivered quadru-
plets — two girls; Danialla and
Olivia; and two boys; Ben-
jamin and Arthur (named
after his father) — in that
order,

“Tt was pretty surprising and
shocking at first, obviously
with all the risks involved with
carrying all four at one time.
But then we were happy and
got excellent advice here on
the island as well as abroad.
So basically, we just carried
on with the pregnancy and I

. think we ended up with a real-
ly big happy family,” Mrs

Strommer told Tribune.

Woman in an interview.
Mrs Strommer, a housewife,

Andrea Strommer

and husband Arthur, who
works in the financial sector,
have been living in the
Bahamas for the past three
years. They already had a 4-
year-old daughter, Alexa. But
a desire to expand the family
led the couple to plan another
pregnancy. -
The goal this time around
was to have just one more
baby. But adding three more
to the bundle was a “pleasant
surprise”, she says.

“We didn’t know that it was

going to be four children at
one go,” she says with a laugh.
“We always wanted to have a
big family but we never imag-
ined that we would have such
a big one, but we are quite
happy about it.”

Though she learned of her
pregnancy five weeks into it,
she had no idea that she was
carrying four children. Mrs
Strummer was nine weeks
pregnant when she learned

SEE page two





ae Are a ‘pleasant ;
urprise’ for the Strommers



@ THE Strommers received some help from a local wholesale distributor who donated six-months worth of diapers to the couple's quadru-
plets. Pictured left to right: Arthur Strommer, father; Andrea Strommer, mother; Alexa: Strommer, four-year-old daughter; Brendamae
Deveaux, BWA, holding baby Benjamin Strommer; Dr. Carlos Thomas, neonatologist/pediatrician: holding baby Olivia Strommer; John
Robertson, VP BWA, holding baby D.-nizlla Strommer; Pauline McPhee, BWA, holding baby Arthur Strommer; and Nellie Dauphin, BWA.

~ CHOOSE





THE TRIBUNE

PAGE 2C, TUESDAY, MAY 31, 2005



; WOMAN

For these kids, ABCs mean
apples, broccoli and carrots

** — = et

“Copyrighted. Material :
_ Syndicated Content,

vailable from Commercial News Providers”

,





Quadruplets are a

eces of furniiure
for the price
of one!

adeira Street





‘pleasant su:

FROM page one

that she would be having multiple births.

For a woman who was carrying four babies,
the pregnancy was “not that bad”, says Mrs
Strommer. The only difficulty was that she
was confined to bed-rest starting at week 15.

“So basically, I was bed-rested for 17 weeks.
As far as the pregnancy it was all right. It’s not
like a seriously complicated pregnancy, but
heavy risks involved pregnancy. So I had to
take loads of medication. J had to go to week-
ly checkups. I had to get shots basically just to
help carry the babies.

“Apart from that, towards the end J had to
be hospitalized for a couple of days, but luck-

ily my blood pressure stayed sort of normal

so it didn’t shoot up. But apart from that there
were no further complications,” she explains.

Since there were four babies, and the med-
ical risks were high, Mrs Strommer was
encouraged to have a caesarean section this
time around. Alexa (her 4-year-old) had been
a natural birth, so if it were at all possible, Mrs

Strommer says that she would have given”

birth to her quadruplets naturally. “I wanted
natural births but it was too risky. Since we all
knew it was going to be a caesarean, the
labour was not a really heavy labour, which I
had with my first child because we didn’t wait
that long with labour and all.”

Both parents are Hungarian but lived in
London before moving to the Bahamas. So at
22 weeks, Andrea travelled to London to
have her babigs. They were born at Chelsea
and Westminster Hospital.

From start to finish, the delivery, including
the epidural, took 40 minutes. The first baby
was born at 3.36pm, and the others followed
one minute apart. The babies were born pre-
maturely, at 32 weeks, and had to be kept in
hospital for six weeks’ observation.

However, the business of raising four tiny
infants would soon begin. It would be over-
whelming, says Mrs Strommer, but they have
worked out a routine, which seems to be
going “pretty well”. _

“We had to adjust but we have a really

‘tothe routine as well. So I can’t really com-
_ plain. I have to say that they are really, really



TiSe’

good routine’ for the babies, feeding them
every four hours. .

“Basically in the beginning we learned how
to feed two babies at a time.

“At the moment it is not bad but it took
some time,” she recalls.

“Basically, you just have to be organised,
have to have your. bottles ready and the food
ready, all their clothes arranged separately, so
that you know exactly where to go in an
instant,” she adds.

From day one, the parents and four helpers -
(which include two grandmothers and aunts),
have effectively been able to carry out this
routine.

And the babies? They seem to be cooper- .
ating.

“We have pretty good babies.

Routine

“The babies are pretty good at accepting
the routine and they are very good at sticking
















good babies.”

But no matter how cooperative they may
be, babies will be babies; and that means wak-
ing up at all hours of the night and lots of cry-
ing (a lot of which was going on at the time of
this interview).

At the moment, only one baby sleeps
through the night, with the remaining three
waking up at intervals, says Mrs Strommer.
She says that the girls are more disciplined
than the boys at night.

“But I don’t have to deal with that really,”
she laughs. “The grandmothers are pretty
good with the night shift.”

- Looking to the future, Mrs Strommer
wants what any good mother would want for
her children.

“Basically, we really just want to be a happy
and healthy family. I hope that they will obvi-
ously be smart and intelligent children with
lots of friends and family around them, she
says. “So. we will see.”

















THE TRIBUNE



WOMAN AND HEALTH

TUESDAY, MAY 31, 2005, PAc. : 3C



‘A lot of people
are walking but
not losing weight’

By PETURA BURROWS
Tribune Feature Writer

utting one foot in
front of the other
for exercise may

seem to be simple.

enough — and it is.

But walkers who trek up the
Paradise Island bridges, around
parks and along highways, may
not be achieving the results
they want, because they may
not be walking to their full
potential.

While it’s all well and good
to walk simply for “walking
sake”, and the individual may
feel “the burn” or think “at
least I’m doing something”,
health professionals say that in
reality many of them are not
seeing the type of weight loss
they desire.

Dr Patti Symonette, nutri-
tionist and weight management
specialist at The Wellness Cen-
tre, Thompson Boulevard, says
that many walkers will not see
results because they are either
exercising above or below what
should be the target.

“Particularly because of the
weight situation in the
Bahamas, you have a lot of
people who are walking but not
losing weight. They give up
because they walk and walk
and walk and can’t lose weight.
But the thing that we need to
keep in mind is that fitness is
not just one component,” she
explains.

Fitness

When looking at fitness, it
includes aerobic endurance,
which is how efficiently the

heart functions; muscle:
strength; muscle endurance;:

body composition, which is the
ratio of body fat to lean muscle
mass; as well as flexibility.

“Now, some people only
walk, so they don’t have a very
effective fitness programme. So
they are getting health bene-
fits from walking but it’s not a
total fitness programme,” Dr
Symonette adds.

According to the nutrition-
ist, another reason why persons
do not get the full benefits from
walking, especially if the goal is
weight loss, relates to the inten-
sity of their exercise, which is
often too low or too high.

“So, if you are walking like
you are window shopping it’s
good for your head because
you are doing something. But if
your goal is to lose weight,
that’s too low of an intensity,”
she explains.

Dr Symonette says that
many walkers do no usually
understand the concept of
walking at too high of an inten-
sity, “meaning that this is too
hard for you to lose weight at”.

“You have what we call
heart rate zones that are dif-
ferent, depending on whether
your goal is fitness, competi-
tion, weight loss or just to per-
form activities of daily living,”
she, notes. :

Intensity

“Now, if you’re walking for
weight loss and the intensity of
your exercise is too high, it
means that you will not be able
to sustain that for a long period
of time, because you are going
to get tired quicker. But the
other thing is that your body
is not using as much of the
body fat stores as a source of
energy,” she adds. “So you’d
want to walk at an intensity
that is somewhere between 55
and 65 per cent of your target
heart rate, or projected maxi-
mum heart rate zone.”

A lot of persons often go “off
course” when it comes to exer-
cise and walking, says Dr
Symonette, because they do
not understand the concept of

the target heart rate. A popular

easy-to-use formula for men is
220 minus their age, which
would give you the projected
maximum heart rate. For
women, the formula is 226
minus the age.

“If you were training in the
Olympics, you would go 90 per
cent of your maximum heart
rate, but for the average person
there is no need to train at that
level. In fact, that is not even
safe because most people

- . “Copyrighted Material



Syndicated Content

Available from Commercial News Providers”



haven’t trained their body to
perform at that level of inten-
sity,” she explains

“So a lot of people are out
there huffing and puffing and
can hardly talk while they are
walking, and they are not
understanding why they are not
losing weight efficiently. Well,
it’s because it’s difficult to sus-
tain that. They end up going
out there, getting tired and giv-
ing up.”

Activity.

For function activity, the
individual should be walking
between 50 and 60 per cent of
his maximum heart rate. For
weight management, between
50 to 70 per cent; for improved
fitness, between 70 to 80 per
cent; and for competitive train-
ing, between 80 to 100 per cent
of maximum heart rate.

But Dr Symonette is quick
to point out that these hard and
fast rules may be only for those
who are serious about walking
effectively. For the serious-
minded walkers, she suggests
investing in a portable heart
rate monitor. And for those
who work out at gyms she rec-
ommends using the hand sen-
sor bars and heart rate guide,
which are on most gym
machines.

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.





Dear Dr Carey,

Iam 66 years
old, completed
menopause and
still bleeding. I
have also gone
through three

D and Cs, not
to mention
hormonal
treatments and
still the bleeding
has not gone
away. Can

you help?

BLEEDING, after a
woman has “changed life” is
referred to as Post-
menopausal bleeding (PMB).
Menopause is defined by the
World Health Organization
(WHO) as the permanent
cessation of menstruation
resulting from the lost of
ovarian follicular activity.
This not only can occur nat-
urally but also can be surgi-
cally induced by the removal
of functional ovaries.

For practical purposes,
when a woman has missed
her periods for six months or
more she is deemed to be in
the menopause. Any vaginal
bleeding thereafter must be

" investigated.

Common

PMB is one of the most
common reasons for referral
to a gynaecologist. It is not to
be taken lightly as an under-
lying cancer of the uterus
must be excluded. This how-
ever is not the most common

cause of PMB as it is only. |

found in about 10 per cent
of cases of PMB. More often,

ters



B Dr Reginald Carey
Obstetrician/
Gynaecologist

it is due to benign lesions
arising on the vulva vagina
or cervix but occasionally
malignant lesions, such as
cancer of the cervix, may pre-
sent with PMB. These are
excluded before a diagnosis
uterine bleeding is made.

If a woman is taking hor-
monal replacement therapy
then this may be the cause.
One of the most common
causes is severe thinning of
the uterine lining (atrophy)
as a post-menopausal woman
ages, which bleeds easily on
occasions producing PMB. In
this case application of a
vaginal estrogen cream is all
the patient needs.

Belief

There is a common belief
that a D&C cures the prob-
lem. However, in most cas-
es it is a test to identify the
problem. If uterine polyps
are growing in the uterus
these may be removed with
theD&C.

Previously, the principle
means of investigation of
PMB was by dilatation of the
cervix and curettage of the

uterus (D&C). This is done

blindly with the surgeon feel-
ing what is in the uterus.

Newer, more modern meth-
ods of investigation involves
actually looking into the
uterus (hysteroscopy), which
enables direct visualisation
of any uterine cause of PMB.
This can be done in a gynae-
cologist office or in the hos-
pital.

Another method that may
be used is an office sampling
of the endometrium (lining
of the uterus) using a small
suction or vacuum device.
This will detect more then 90
per cent of uterine cancers.

Vaginal ultrasound exami-
nation, especially when used
in combination with distend-
ing the uterus with fluid
(sono-hysterography), is
another test that can be used.

Hormones

With the taking of hor-
mones, the PMB may be
compounded and become
confusing. Having had three
D&Cs it is unlikely that an
endometrial cancer is pre-

’ sent.

I have had a few patients
with recurrent PMB who
have elected to have vaginal
hysterectomies to alleviate
the complaint. This, however,
is recommended as a last
resort. If it is proven that all
that is present is atrophy of
the endometrium, then vagi-
nal estrogen cream may be
all that is needed. Oral hor-
monal therapy and skin
patches is an option but
should be taken under strict
supervision of you doctor.

© This informative weekly

_ column provided by Doctors

Hospital is intended to edu-
cate women about important
issues regarding their health
and is not intended as a sub-
stitute for consultation with
an obstetrician/gynaecologist.
Please send questions via e-
mail to tribune@tribuneme-
dia.net or mrassin@doctorsh-
soptial.com. For more infor-
mation call 302-4707.





APPLIANCES & BL NICS
VILLAGE RAA



Phone 393-5310 or 394-2378







oe

PAGE 4C, TUESDAY, MAY 31, 2005 | | THE TRIBUNE

————_ \- =
a
- mene



_—



ON le ,
: BoP copyrighted Material
a .Syndicated Content

:
Available from Commercial News Providers”.



.

at 2 & a”. K. &

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“#7
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THE TRIBUNE



TUESDAY, MAY 31, 2005, PAGE 5C





The Tribune

Tea



‘Even in your 20s, you’ve
already started getting old’

@ By JANICE MATHER .

he next time you

hear young whip-

persnappers in

their 20s and 30s

complaining that

they feel old, try to restrain

yourself from rolling your eyes

heavenward. Even if you — and

_,they — are still a few decades

away from seniors’ prices, the

4 ; Tavages of aging have already
set in.

The bad news? Even when
you’re in your 20s you’ve

~already started getting old,

Not older — old. In men

‘(whose mothers have probably
‘just barely have started consid-
ering them men), hair may
: have already begun to thin. By

‘rthe third decade of life, graying
-hairs may have begun to
"emerge in noticeable numbers,
weight gain is easier and wrin-
kled or sagging skin more evi-
‘ dent.

The good news? All of the
above are perfectly normal, and
some can be minimised.

Proper sun protection can

-help lessen wear and tear on
‘the skin, particularly for the fair
‘tones, since melanin provides
‘some protection for darker skin
tones.

Advice

_ You might also want to fol-
low your mother’s advice from
childhood and fix your face.

: “They say that between zero

‘and 40, you have the face that
‘God gave you, and between 40
“and 80 you have the face that
you give yourself from the

expressions, etcetera, (that you

-‘make)," said Dr Agreta Eneas-
Carey, consultant in geriatric

‘Medicine at Sandilands Reha-
bilitation Centre.

Speaking at last week’s lec-
-ture on Senior Health at Doc-
‘tors Hospital, Dr Eneas-Carey
‘explained that those who
haven’t entered the latter years
‘of life have not only begun
,aging, but have much more
:control over how well they’ll

‘

‘

continue to age than other fac-
tors, such as inherited genetics,
which accounts for less than 30
per cent of aging’s effects.
“By the age of 80, behav-
ioural choices account almost
entirely for a person’s overall
health and longevity. So if you
have good genes, that only
accounts for 30 per cent of how

you age — it’s really your behav- |

iour through your youth that

accounts for how well you will .

be by the time you’re 80,” said
Dr Eneas-Carey.

Memory

Long before memory loss,
incontinence, and other prob-
lems of old age kick in, signs
of getting older begin to show
up, such as presbyopia, which

arises when the lens in the eye’

loses the ability to focus on
near objects such as fine print.
That can become evident in the

40s, making reading glasses a_

necessity. At that age,
osteoarthritis may also start set-
ting in, which can cause morn-
ing stiffness in hands, or for for-
mer athletes, pain in their hips.
The 50s can bring greater
mental awareness of the aging
process; by then, Dr Eneas-
Carey explained, many people
have been married, raised their

' families, may be grandparents,

and may have had to bury one
of their own parents. “By the
time people enter their 50s they
begin to go through a mental
transition where they begin to
think about aging, they begin
to think about their mortality,”
she said.

While there are healthy aging
steps, common but serious ill-
nesses, including the major
cause of death for seniors, car-
diovascular disease and coro-
nary artery, stroke,. heart
attack, heart disease, and high
cholesterol, can arise. Other
problem areas include uncon-
trolled hypertension and. high
blood pressure, obesity, uncon-
trolled diabetes and sedentary
lifestyles...

Hypertension, dubbed the



& DR Agreta Eneas-Carey, consultant in geriatric medicine at Sandilands Rehabilitation Centre, .

“silent killer”, is now known to
be more serious in seniors than
it was once thought. Seniors
should now aim for a blood
pressure reading of 140 over
90, which was once thought to
be a healthy goal for people of
any age.

“People used to feel that
once you were over 65 there

wasn’t any need to worry about
your blood pressure. because
blood pressure automatically
goes up as you get older,” said
Dr Eneas-Carey: “Now, in the
US, 65 per cent of persons over
the age of 60 have hyperten-
sion and J don’t think these sta-
tistics are very different from
here but only 27 per cent of

4

,

these people have adequate
blood pressure control.”

Studies

Studies since 1985, she said, |

have shown that treating hyper-

tension in seniors reduces inci-
’ dences of heart attack and sud-

den death and strokes.

speaks at last week’s lecture on Senior Health at Doctors Hospital.

Just as aging sets on relative-
ly early in life, prevention

should begin long before unig-

norable aches and pains. By -.

middie age, screening for can-

cers, the second leading cause _
‘of death for seniors:should

begin, including lung,-colo-rec-
tal, cervical and prostate can-
cers.



a By JANICE MATHER

wets “TF there isn’t a loud television blar-
ing or a radio blasting out someone
else’s choice of music at annoying vol-
jumes, there’s the internal mayhem of
‘nagging worries about everything —
from what to fix for dinner to weighty
financial, family or health problems.

Stop.

Turn everything off.

Sit quietly, empty your mind of
absolutely everything.

Meditate.

The practice of stillness — external
and internal — can, as two specialists
explain, lower stress levels, help anger
management and increase self-aware-
ness.

Meditation is....
A human birthright?

That’s how Gulshan Noorani, 20- -

year meditation student-turned-
instructor, describes this non-activity.
Meditation, explains Ms Noorani,
who teaches an eight student medita-
tion class locally, requires sitting and
doing nothing.

That sounds easy. Doing nothing,
though, includes focusing on nothing,
except for your own breath or a
mantra, a word or phrase that’s
repeated. For beginners, that can
prove more challenging than expect-

_ ed.

Unlike seemingly meditative activ-
ities, such as yoga or playing an instru-
ment, this “nothing” allows for a com-

~epletely settled mind and gives what
even sleep can’t claim to offer — the

chance for thorough self-knowledge
and reflection.

“Because we are always on the
move mentally and physically, we
never get a moment to settle the mind
without any movement, to actually
see what is going on in the mind. The
purpose of meditation is to still your-
self long enough so that you can actu-
ally see what is just you,” says Ms
Noorani. This examination, she says,
can reveal how much situations are
affected by outside factors, and how
much they are affected by your own
thoughts and mindset.

Why meditate?

Yoga, often popular for its fitness
benefits, actually developed as a way
to prepare the body to be able to
meditate. Why. devote so much effort
simply to sitting still at doing noth-
ing?

That’s a good question, consider-
ing that, according to Ms Noorani,
there’s technically never a “good”
time to meditate. “It’s difficult work,
it’s boring, you have to stop doing all
other things, it requires you coming to
terms with yourself and dealing with
your mind,” she says.

Uninviting as that sounds, it has
benefits that go far beyond the min-
utes spent in a class or quietly alone.

According to Margaret Evans, a
registered yoga teacher who holds
lessons at Trinity Methodist Church,
morning meditation can set a posi-
tive precedence for the entire day, so
that later, when a potential stress trig-
ger such as a long bank line arises,



PART ONE



“enough so that
you can actually |
see what is
lee you.” :

—_ Gulshan Noorani



rather than becoming riled, you see an
opportunity.

“Let go of the idea that you’re in a
rush and take that time to focus on
the breath. Waiting in line no longer
becomes a frustration, it becomes a
chance for me to be quiet for a
moment,” says Ms Evans.



She doesn’t promise that regular
meditation guarantees a stress-free
life, but it can help make challenges
easier to accept and work through.

Meditation requires complete pres-
ence in the present, rather than wor-

rying about things that have or might

happen or analysing sights and sounds
around you. Instead, it requires focus-
ing on the moment.

It’s not hard to see where that can
assist in schoolwork, or on the job.

“If you are not focusing on what
you need to do for lunch, you’re
focusing on the here and now so that
you can actually be more productive

in the moment. By focusing on the.

moment, your focus is one 100 per
cent on whatever it is that you’re
doing so that you’re more effective

and more efficient,” Ms Evans:

explains.

Can you benefit?

By slowing down the mind and
examining it, meditation can help in
identifying and dealing with prob-

lems, like low patience, low tolerance

and a hot temper.

‘When they see anger arising they
have an awareness... they’re able to
make the right decisions to keep
anger at bay, and then eventually, the
more they practice, they’ll be able to
transform anger to a realisation that
their anger no longer arises,” says Ms
Noorani.

A common reaction to meditation
is suspicion — some are worried about
the mental openness associated with
meditation, while others are confused

Meditate: It can lower stress levels

by foreign. aaa i a word or word
repeated to help the mind focus —
used in some meditation styles... .

Ms Noorani, who studied Zen Bud-

dhist meditation, explains that while
students in her class sit in a tradition-

_ al Zen'style, what they get is a stable

mind, through focusing on their

breath, regardless. a of their religious.

beliefs.

“Ultimately, you want to be able
to have meditation in action — you
want your mind to be:so stable that
even when you’re running around,
your centre core is peaceful and sta-
ble,” she explains. “I think that what-
ever religion you practice, you will
be able to experience your concept
of divinity when your mind is empty
of all the discursive thoughts and the

daily running around. Every religion

has meditation. Saint Francis medi-
tated, all the great saints meditated —
meditation is everybody’s birthright.”

Still uncertain? She suggests that

people ask themselves whether they
struggle with one of five problem
areas — anger, jealousy, fear, grasp-
ing and discomfort with being alone.

“If they answer yes,”
think meditation is for them.”

° Look out for meditation part two
in next week’s health section, which
will include advice on how to set up
your own meditation routine, includ-

"ing the best time to meditate, sugges-
tions on how long to meditate for,”

what to say — or not say — during med-
itation, and the pros of joining a med-
itation group or class.

she says, “I

{



PAGE 6C, TUESDAY, MAY 31, 2005

THE TRIBUNE



@ By JANICE MATHER

hen you think of

yoga, in terms of

poses that mimic

the shapes of cats,

dogs, birds, and
trees done with help of giant balls,
the 5,000-year-old practice sounds less
like an ancient art and more like, well,
fun. The sort of fun a four year old
might — and can — enjoy.

This summer, rather than exercising
their thumbs on a video game, chil-
dren can reach for the sky in blowing
palm pose, get more flexible ham-
strings in downward facing dog, and
improve their balance and concentra-
tion in dancer or tree.

In a lighthearted take on the mind-
body fitness form, children as young as
two can get their bodies and minds
strong and supple while they get bet-
ter at balancing and enhance their
focus and concentration.

Children’s yoga classes, held Tues-

days and Thursdays at Namaste Well-
ness Center Pilates and Yoga Studio
beginning next week, offer youngsters
from two to twelve years an alterna-
tive to standard sports.

Yoga can sharpen focus, counter-
act summertime couch slouch, and
tackle the burgeoning problem of
childhood obesity, says Tina Wise,
assistant and instructor at the well-
ness centre, which opened earlier this
year in the Cable Beach Shopping
Centre. ‘

According to Ms Wise, the playful
version of yoga can combat children’s
less active, and increasingly over-
weight lifestyles. Yoga isn’t to replace
cardio-vascular sports, but it can cer-
tainly complement other activities chil-
dren may be interested in, from the
balancing demanded from gymnasts
to the strength needed in soccer. And
even though some of the students may
just be beginning to talk, starting reg-
ular but fuin exercise early on will help
solidify good fitness habits for later

| =

in life.
“In the adult version, we have 12
poses, as well as you go into the

“They don’t see it,
like softball, as ‘oh
a game’ they see it







of these
a







extended poses like headstand and
the shoulderstand. With yoga for (chil-
dren), we take on in terms of animal



forms, and the tree pose — things they
can relate to, things they can bond
with, things that are kind of fun and
exciting,” says Ms Wise.

Even the equipment, which includes
large purple and silver balls that look
like they’re just waiting to be swatted
at or bounced on, is to help make pos-
es playful but challenging, serving as
both flexibility enhancers and as
objects children can focus on to help
them maintain concentration.

Doing poses that mimic nature —
both animals and plants — can also
help children form respect for and
bonds with the world around them,
Ms Wise explains. And while older
children may be happy to work out
on their own, parents are encouraged

.to help smaller yogis, which can make

children feel more comfortable exer-
cising, more interested in the practice
and closer to their parents while doing
it.

“When you were a kid all you want-
ed to do was be playful and have fun,”

i

Children can enjoy yoga too

says Ms Wise, who believes that while’
yoga and Pilates both have objectives,

they also allow space for young prac-

titioners to express themselves

through motion, as they do in theatre

or dance.

“They don’t see it, like softball, as
‘oh a game’ they see it like ‘this is fun,
we're moving, we’re doing all of these
animal shapes’ . . . they can relate to
it,” she says.

While the children are relating, par-
ents can expect to see improved mem-
ory and concentration in addition to:
physical benefits, which include
improved muscle control, flexibility
and overall energy level. Children who
suffer from asthma can benefit from

.yoga’s focus on the breath, since it

helps calm the body and makes
breathing deep, steady and regular.
And if the demand is there, children
may get a chance to try Pilates spe-
cially tailored for them, too, a flowing,
strengthening form of exercise that
can curb problem weight.







Regular exercise beneficial for the elderly

IF you are an older person
who has become more seden-
tary (inactive) over time, you
might well ask, “Why exer-
cise?” Many older persons look
skeptically when it is suggested
that they exercise more or even
at all. Yet the evidence sup-
porting the beneficial effects
of exercise (across the life-
cycle) is growing, and rapidly.

The Surgeon General has |

declared that a sedentary
lifestyle is harmful to your
health, and the American
Heart Association has added
lack of physical activity to its
list of preventable risk factors
for coronary heart disease,
which is the number one cause
of illness and death among peo-
ple over 65 years of age in the
Bahamas.

‘Exercise has been shown to:

Coping with
male menopause

YOU’VE never heard of
male menopause? It’s a term
used to describe the emo-
tional reactions men some-
times have in response to
mid-life transitions.

Between the ages of 40
and 60, some men begin to
feel edgy and dissatisfied,
overwhelmed by their oblig-
ations and pessimistic about
their futures.

Typical symptoms include:
insomnia, sexual problems,
and increased dissatisfaction
with work, marriage and
family life.

Preoccupation with the

past, or worries about illness
and death. Abuse of alcohol,
drugs, or both. Impulsive
behavior or taking unneces-
sary or dangerous risks.

These feelings and behav-
iours are often triggered by
changes, like children mov-
ing away from home or oth-
er typical mid-life events.

The Cancer Society of the
Bahamas meets at 5.30pm
on the second Tuesday of
each month at their Head-
quarters at East Terrace,
Centreville. Call 323-4482
for more info.

REACH -— Resources &
Education for Autism and
related Challenges meets
from 7pm — 9pm the second
Thursday of each month in
the cafeteria of the BEC
building, Blue Hill Road.

MS (Multiple Sclerosis)
Bahamas meets the third
Monday every month, 6pm
@ Doctors Hospital confer-
ence room.

The Bahamas Diabetic
Association meets every
third Saturday, 2.30pm
(except August and Decem-
ber) @ the Nursing School,
Grosvenor Close, Shirley
Street.

Doctors Hospital, the
official training centre of

_and children.



To cope with mid-life
change:

© Don’t make radical or
impulsive changes, like trad-
ing in an economical sedan
for a luxury European sports
car, or suddenly deciding you
want a divorce.

_¢ Don’t use alcohol, drugs
or.casual sex to escape or
lessen the impact of change.

2° Do share your fears and
concerns with your family,
and seek professional coun-
selling if your troubles seem
to be more than you can
handle.

° Do cultivate skills and
interests you’d enjoy but
never took the time to pur-
sue.

If symptoms continue to
affect day-to-day living, con-
sult your medical practition-
er as there are other alter-
natives.

e Source: Doctors Hospital











the American Heart Asso-
ciation offers CPR classes
certified by the AHA.

The course defines the
warning signs of respiratory
arrest and gives prevention
strategies to avoid sudden
death syndrome and the
most common serious
injuries and choking that
can occur in adults, infants


























CPR and First Aid class-
es are offered every third
Saturday of the month from
9am-lpm. Contact a Doc-
tors Hospital Community
Training Representative at
302-4732 for more informa-
tion and learn to save a life
today.

Alcoholics Anonymous
meets @ 16 Rosetta St,
Monday-Friday and Sun-
day, 6pm-7pm & 8.30pm-
9.30pm, and on Saturday,
10am-1lam & 6pm-7pm &
8.30pm-9.30pm; @ Sacred
Heart Catholic Church, -
Shirley St, on Friday at
6pm.



e build muscle and bones;

e reduce high blood pressure,
heart disease, diabetes and
colon cancer;

e alleviate the pain of arthri-
tis and depression;

© improve the quality. of
sleep and one’s sense of well-
being and;

- © contribute to longevity,

' even for someone who goes
from being a ‘couch potato’ to.

slightly more active.

Types of
Exercise

Approaches to increasing
exercise and improved fitness

fall into three categories —_

lifestyle modification, resis-
tance training and aerobic exer-
cise.

Lifestyle ...

modification —

Lifestyle modification means
finding opportunities to stay
active within your usual daily
routine, such as:

° getting off the bus one stop
before your stop;

¢ parking your car in a far
corner of the parking lot of the
place you wish to enter and
walk there;

® vacuuming or mopping
your floors at a faster pace and;

© taking the stairs instead of
the elevator.

Numerous organisations,
including the Surgeon Gener-
al’s office, the National Insti-
tutes of Health, the Center for
Disease Control, and the
American College of Sports-
Medicine recently agreed that
inactive people who wish to
become more physically active
need only 30 minutes of mod-
erately intensive physical activ-
ity during the course of each
day, and that those 30 minutes
can be made up of the types of
activities referred to above,
rather than traditional pro-
grammed exercise.

Minutes

That means that you can
walk to the bus stop for 10 min-
utes, then later during the day

FITNESS



you can either walk another 20
minutes, or vacuum the carpet
vigorously for 20 minutes. But
you must be consistént and do
this every day.

Resistance
training

During resistance training,
muscle strength is increased
over time by progressively
increasing the resistance
against which a muscle gener-
ates force.

For example, one can lift
weights and progressively
increase the amount of weight
over several days. A highly
acclaimed study looked at resis-
tance training in healthy older

adults. The researchers showed:::
“. substantial increases in physical =.

functioning in very elderly per-
sons, (over 90 years old) who
participated in resistance train-
ing. Generally two sessions of
20 to 30 minutes per week are
recommended. Resistance
training helps to reduce the
muscle atrophy and bone loss
that accompany aging in older
adults. Lower extremity resis-

tance training is especially ben- —

eficial, since it increases
strength, balance and bone
mass. This provides excellent
protection against falls and hip
fracture, one of the leading
causes of physical disability in
old adults.

Aerobic
Aerobic exercise is the type

of activity one usually. thinks
of when one thinks of exercise.

It results in increased heart rate,

for an extended period of time,
and includes activities like jog-
ging, swimming and jumping
rope. Even walking, bicycling,
and dancing can be considered
aerobic exercise if one does
them briskly enough, which
means that one achieve a cer-
tain heart rate calculated for
his/her age.

Measuring one’s heart rate
is very simple. Right after the
exercise session is completed
check the pulse rate. This can

be done by placing the tips of
the second and third fingers
lightly over one of the blood
vessels on the neck just to the
left or the right of the Adam’s
apple. Alternatively, one can
try the pulse spot in the inside
of the wrist just below the base
of the thumb. Count the pulse
for 10 seconds and multiply the
number by six: that is the rate
at which the heart is beating
(heart rate or pulse). The target
heart rate for aerobic exercise
is anywhere between 50 to 70
per cent of the maximum pre-
dicted heart rate, which is cal-
culated simply by subtracting
one’s age from 220. So, for
example, if someone is 70 years
old, his/her maximum predict-
ed heart rate would be 220 - 70
= 150. The target heart rate

‘would be 50 to 70 per cent of
150, or between 75 and 113. a

When Should
You Ask a
Doctor?

It is normally suggested that
older people see a doctor
before they start exercising.
Many people do not need to
see a doctor before starting a
sensible, gradual exercise pro-
gramme. However, it would be
wise to check with a doctor
before starting an exercise pro-
gramme or increasing one’s
current level of exercise if an
individual:

¢ Suffered a heart attack in
the past;

¢ Has a heart condition

¢ Is taking medicine for high
blood pressure or for a hear
condition and;

¢ Is over 50 years old and
not used to regular vigorous
exercise.

The doctor may even request
a cardiac (heart). stress test,
which may or may not involve
running on a treadmill while
the heart is monitored. -

Two major American organ-
isations — the American Col-
lege of Sports-Medicine and
the American Heart Associa-
tion — published guidelines for




exercise stress testing. Each set
of guidelines recommends
exercise stress testing before
starting a vigorous exercise
programme for anyone with a
known heart condition and for
older adults who have been
sedentary (inactive), even in
the absence of known or sus-
pected cardiovascular disease.

Moderate

Here’s an exercise prescrip-
tion for individuals who want
to get the most benefit from a
moderate exercise programme:

¢ Burn 3,500 calories per
week by walking one hour per
day, or doing more intense
physical activity such as bicy-
cling or dancing for 30 minutes
a day.

e Perform stamina exercises,
which increase your heart rate
to 70 per cent of maximum for
20 minutes, three times a week.

¢ Perform weight training for
10 to 20 minutes two or three
times a week.

Remember, almost all indi-
viduals will benefit from
increasing their activity level.
It is important to choose an
exercise programme that will
be interesting and enjoyable,
and that fits into your daily
activities. Start slowly and grad-
ually build up to the full pre-
scription described above.

Always listen to your body.
Don’t ignore any warning
symptoms like dizziness, faint-
ing or pain or.pressure in your
chest. Keep your. physician
informed about your progress.
Avoid outdoor exercise on hot
days and drink lots of water
before, during and after exer-
cising. Set goals for yourself
and do your best to achieve
them. MOST OF ALL HA
FUN! os

e For more information on
health and fitness in older per-
sons contact the gerontology
clinic (clinic for older persons)
at the community clinic nearest
your home, or Dr Agreta
Eneas-Carey, Justina Knowles
or the Physical Therapy
Department at the Public Hos-
pitals Authority, Sandilands
Rehabilitation Center at 214-
1246. Hs




Research review finds little
cancer risk from hair dye

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PAGE 8C, TUESDAY, MAY 31, 2005

THE TRIBUNE









ow that it is late

May we can

declare the veg-

etable growing

season official-

ly over. You can still grow
some veggies but they have to
be either field crops or spécial-
ly selected varieties suited to
warm weather.
Cherry tomatoes do very
well in the summer and Italian
plum tomatoes do fairly well.

For sweet peppers, I find’
Cubanelle the best choice. .

They appreciate a degree of
shade in order to avoid sun
scald. Hot peppers of all types
fare well; indeed, summer is
their favourite season.

All in all, the last season was
oné:of the best I have ever
experienced. ~

Everything grew well and my

family could not keep up with
thebounty. A friend said he



had been disappointed with his
snap bean production but his
beets did extraordinarily well
and remained tender at a large
size.

The weather for most of the
winter seemed somewhat cool-
er than normal and I think this
helped produce good crops. I
love heirloom tomatoes and my
pink Brandywines gave a



i TOMATILLOS are a new item in Jack’s garden. They grow very easily
and should be able to take summer conditions.

‘Veggie’ growing
season's Over



hearty harvest. I then moved
on to plum tomatoes and a new
variety of tomato for me called
Top Sirloin. After Brandywine
any tomato would taste inferi-
or, of course, but I was really
disappointed in Top Sirloin and
will never grow it again. In
addition to its lack of good
tomato taste many of the fruits
developed blossom end rot and
had to be thrown away.

The main cause of blossom
end rot is infrequent watering
and to this I must plead guilty.
But the other tomatoes did well
so I must assume Top Sirloin
has a propensity: towards this
particular ailment.

I must confess that, after
Brandywine, the best tomatoes
I had came from the bush. I
make it a habit of throwing
pepper cores, bruised tomatoes
and overripe melons into the
nearby bush. When hurricanes
Frances and Jeanne battered
Abaco it also cleared the bush
of tree cover. Up sprang
papayas and tomatoes by the
dozen. The tomatoes were all
Large Fruited Cherry, a sum-
mer favourite of mine. For
months I have kept bowls of
these tomatoes on my patio
table along with a small dish

‘of Ragged Island salt, nibbling

at will.

A couple of years agoa
Guyanese friend of mine gave
me a couple of celery plants to
use as a herb. We cannot grow
celery in the Bahamas that
remotely resemble the fat,
white giants of California. Cel-
ery grown here remains dark
green and rather stringy. But
the flavour is wonderful and
this year I grew several pots of
it to add to soups and stock.

Back in January our local
supermarket featured Tomatil-
los. (I think it was probably a
mis-order as they have never
reappeared.) I bought some
because one of my daughters
is into Mexican food. Then I



H CUBANELLE peppers
are wonderfully sweet
when sweated in a pan to
bring out the sugars. They’.
can stand summer heat.
betgter than regular bell

pappers.



& THESE poppies made a lovely display from Christmas to
May.

wondered if they could be
grown here so I squeezed some
seeds onto a square of paper
towel and let them dry for a
few days. Plants appeared
quickly and the growth was
robust, with several dozen
fruits being set on each plant. I
have planted some more seeds
because I feel sure Tomatillos
should be able to take our sum-
mer heat.

They make a killer green
chutney.

My main flower selection this
winter consisted of Nasturtiums
and Geraniums. ‘

They are beginning to look a
little worse for wear now but
have given months of beauty.
The Nasturtiums — red, orange,
yellow — also gave an abun-
dance of pea-size seeds so I am
all set for next year.

A married couple who live
quite near to me (both of them
my students from a quarter of a
century ago) have a lovely gar-

den, quite the finest in the dis-
trict, which features Bottle
Palms, a rock garden and some
roadside flower beds. This win-
ter they grew poppies that gave
a really colourful display for a
long time. I have never consid-
ered poppies as a good candi-
date for Bahamian gardens but
now I’ve been proved wrong.
Again.

There was one major disap-
pointment, in February: my
Clerodendrum shrubs did not
flower. They took a real bat-
tering in the hurricanes and
that obviously upset their, cycle.

Early in May I noticed a set
of flowers high up on one of
my Carambola trees. I didn’t
have any fruit from the trees
for three years after

Hurricane Floyd. Signs look
a little better this year.



° gardenerjack@
coconuttelegraphs.net



Section
Missing
or
Unavailable



Full Text
“== Lhe Tribune





i rUn GAN Pm lovie’ it

SOF |



76F |

| cm GLOUDS AND |
“SUNSHINE |





¢ Miami Herald

BAHAMAS EDITION



i Come on in and try one of our breakfast platters, or comtxrs.

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Volume: 101 No.156



TUESDAY, MAY 31, 2005





SPORTS

PRICE — 50¢





Leadership choice may
altect financial support

@ By RUPERT MISSICK Jr possibility of his return has

Chief Reporter apparently caused some divi-
if, sion. among FNMs.
FNM contributors are threat- Former Cabinet minister in

ening to pull financial support the Ingraham administration

*

from the opposition party
depending on who emerges as
leader after the party’s Novem-
ber convention, sources have
told The Tribune.

It was revealed that some sec-
tors of the FNM’s contributors
have threatened to pull theiz
financial support fot the 2007

general election if former Prime.

Minster Hubert Ingraham is not
returned as party leader.
Although questions still
remain on whether Mr Ingra-
ham even wants the job, the



@ By DANIELLE STUBBS
& CARA BRENNEN
Tribune Staff Reporters

Unification Church leader
challenged at conference

“NO, NO, I don’t agree with that!” interrupted an elderly
Baptist lady as she listened to a Unification Church leader
argue yesterday that man can be better than God.

“A human cannot be bigger or better than God, because God
is the father and we are lis children,” said the concerned
woman. “God made human, so explain that,” she challenged
Rev Dr Sik Yu, continental leader of the Family Federation for
World Peace and Unification (FFWPU). :

Dr Yu had told a joint conference for the FFWPU and the

and current independent mem-
ber of parliament for Bamboo
Town, Tennyson Wells said
that the party is divided on the
issue of the former prime min-
ister returning to the helm of
the party and threats of with-
holding funds have come from
both Ingraham and FNM leader
Tommy Turnquest supporters.

“Some of them said that they
won’t put a penny in the FNM if
Tommy is there and some say

SEE page 10















@ By PAUL G TURNQUEST
Tribune Staff Reporter.

ACROSS America, the Bahamas,
and around the world, Americans
paused to remember those soldiers who
gave their lives for their country.

Yesterday officials from the US
Embassy, the USS Nassau, and the US
Coast Guard paid their respects at a
memorial site at Clifton Pier.

The site marks the location of where

a P2V aircraft crashed on ae 7, 1954
killing all 10 of the US airmen onboard.

At an emotional ceremony, US
Ambassador John Rood thanked the
family and friends of the soldiers who
died that day for attending yesterday’s
ceremony.

“The American ideal has always

required defending against the enemies

of freedom and liberty who would see
our nation’s flame extinguished. The
proud eagle that adorns the familiar

Great Seal of the United States clench-

es a peaceful olive branch in one talon,

but a quiver of sharpened arrows in the
other.

“Simultaneously symbolising our love
for peace and our preparedness for war.
We seldom acknowledge that freedom
isn’t free; sacrifice is the bitter, but nec-
essary price that we must pay to remain
the land of the free,” he said.

SEE page 10






Inter-religious and International Federation for World Peace
(IFWP), which opened at the British Colonial Hilton Mon-
day, that man can be better than God, because a human is vis-
ible, but God is not.

“God will be happy that His children (man) are better than
Him, because he made us all in his image and likeness,” said Dr

SEE page 10





























; OFFER ONLY AVAILABLE FOR CARRY;
APPLIES TO HAND -TOSSED CRU:
¢* MAY ADD ON EXTRA TOPPINGS:





Body found in water is
identified as 27-year-old




@ By DENISE MAYCOCK residents, who were out fish-
Tribune Freeport ing. The men immediately
Reporter contacted the police and




returned to shore.

They then took a team of
officers to the location, where
the body of a black man,
about five feet 10 inches tall
with dreadlocks was pulled
from the water. The victim
was bareback, wearing only a
pair of blue jeans and white
socks.

Chief Supt Basil Rahming
reported that the body had
minor abrasions to the face
and appeared to have been in
the water for at least 24 hours.

Attendants at Yager Funer-

SEE page 10




FREEPORT - The body of
a man discovered Sunday
morning floating in the
Grand Lucayan Waterway
was identified as 27-year-old
Patrick Davis of Freeport.

Grand Bahama Police are
trying to determine how the
man’s body ended up in the
water and are awaiting the
results of an autopsy on thé
cause of death.

According to reports, the
body was spotted floating
around 10am about 600 yards
north of the entrance to
Dover Sound by two Freeport
















Prime minister takes
on some ‘light’ duties

@ By TIFFANY GRANT
Tribune Staff Reporter

PRIME Minister Perry Christie
has reassumed some of his
responsibilities, it was confirmed
yesterday.

According to Acting Prime
Minister Cynthia Pratt, Mr
Christie has started to perform
“light” prime ministerial duties
while recuperating at home.

“There are matters he has been
dealing with, before his illness,
that he wanted to go over. Also
anything that he wanted to give
me some instructions on, that I
might not have not been familiar
with,” said Mrs Pratt.

There is no official set date for
Mr Christie to return to work, but
he is expected back soon, said Al
Dillette, the prime minister’s

spokesman.

The prime minister. will not
resume his normal duties until he
is certain he can carry his full
load, said Mrs Pratt.

“T think he has learnt from this,
but he will also use his time more
wisely in terms of recognising that
he is not invincible,” she said.

Mrs Pratt added: “Instead, of
working almost 19 to 20 hours of
a 24-hour day, I am certain he
will really exercise his time with
more wisdom. I think this is what
the public should expect.”

She stressed that the body is
designed to work as well as to
rest. .

Mr Christie was hospitalised at
the Princess Margaret Hospital
on May 3 after he awakened in

SEE page 10


PAGE 2, TUESDAY, MAY 31, 2005

' THE TRIBUNE



iy



Government has been less than
candid on issues to do with CSME

I: was not exactly a great debate
but it now seems certain the con-
clusion must be that the Bahamas cannot
sign on to the economic and trade pro-
visions of the Revised Treaty of
Chaguaramas.

Minister of Foreign Affairs Fred
Mitchell and the PLP government,
despite their attempts to discredit critics
of the proposition, have had to come
around to the position that the critics
had it right all along. They will deny this,
of course, but the contents of their own
propaganda campaign provide ample
evidence.

Acting Prime Minister Cynthia Pratt in
her Budget Communication last week
said that the CSME issue had generated
“a great deal of heat and not a lot of
light being brought to the matter.”

The blame for that must be laid direct-

ly at the feet of the minister and the gov-

ernment. They have the responsibility
to inform the Bahamian people and
bring light to the matter.

It is to be hoped that Mr Mitchell and
his government have learned that it does
not pay in a national debate unneces-
sarily and peevishly to attack one’s oppo-
nents rather than their arguments.

. The Bahamians who have been ques-
tioning the proposition include some
highly qualified and credible individu-
als who have their country’s best interest
at heart.

It was, to be blunt, foolish to describe
them all as a strident minority and to
make other belittling characterisations in
an attempt to discredit them.

IE one of his speeches, Mr Mitchell
named several persons who were
raising questions about CSME and in
the next breath claimed that, “You often
hear from these opponents that the

Bahamas has nothing to trade.” He iden- »

tified Sir William Allen, Zhivargo Laing
and me as being among “these oppo-
nents”.

Then he went on to show that we do

have things to trade. This isan old but
transparent trick in polemics: make a
false attribution to your opponent then
proceed to knock it down. Should your
opponent protest, you simply accuse him
of splitting hairs.



about how worried he was over the pos-
sible environmental effects of “mining”
salt at Inagua.

Salt is produced at Inagua by the evap-
oration process, not mining. But per-
haps this colleague has visited Inagua
by now and knows a little more about
that wonderful island in the south and its
fascinating history.

What some of these opponents might
have said in this debate is that we do
very little trade with the rest of the
Caribbean, and that is true. There was a

time when we did more, at least in the

southern islands.

Then we had exciting products from
Cuba, Haiti, the Dominican Republic,
Jamaica and exotic places far beyond
the Caribbean where the big amps came
from.

I have-not said-during this debate nor. ~-

at any other time that the Bahamas has
nothing to trade and I doubt seriously
that the other persons named by Mr
Mitchell would have said anything so
obviously wrong.

I was born on Inagua many years
before Mr Mitchell arrived on this plan-
et and I remember when my granduncle,
the patrician Arthur Symonette, oper-
ated the salt industry at that island and
when it was taken over by the Erickson
family.

A: a little boy I was awed by the
great ships that came to
Inagua to collect the mountains of salt
that we delighted in climbing.

Iam told that not much of this product
was exported to the Caribbean. So I do
not need Mr Mitchell to tell me that the
economy of Inagua “is based on the pro-
duction and export of salt”.

What he might do is lecture one of his
now parliamentary colleagues who wrote
in The Nassau Guardian a few years ago

A along Mr Mitchell has been
talking about the CSME and
its trade and economic implications for
the Bahamas. |

Only late in the debate did he declare
unambiguously that the government
intended to maintain the status quo in
our relations with CARICOM; that there
would be no fundamental change.

The speech in which Mr Mitchell
referred to some of these opponents was

made to the National Congress of Trade

Unions on May 5.

“In the course of the debate,” he said,
“the opponents of the policy have sought
to use wrong information, fear and irrel-
evant information. Tonight, I wish to
deal with the facts.”

Nowhere in that speech dealing with
the facts did Mr Mitchell give any assur-
ance that in signing the treaty the
Bahamas would maintain the status quo
in its relations with CARICOM.
Nowhere did he say there would be no

’ fundamental change.

Model youth baseball
program JBLN

receives $2,000

The Father Pat Fund is very”

pleased to donate $2,000 to
the Junior Baseball League of
Nassau.

Founded in 1990 by a handful
of parents with the dream of
starting a well-organized
baseball program, the JBLN
has grown impressively.
Sixteen years ago 40
youngsters took to rocky
“fields” and began playing
ball. Parents volunteered as
coaches, structure was
defined and adhered to, and
a little league was born.

Year after year the program
has grown. Says one parent,
“There is no mistaking the
quality. Everything is well
organized and parents and
kids are attracted to that, it’s
that simple.”

Today, JBLN’s nearly 300
young players, take to major
league quality fields, complete
with baby bermuda grass and

clay in-fields and play ball
throughout a season that
spans from January through
June. Spectators sit on shaded
bleachers and a concession
stand offers everything from
popcorn to pizza.

Remarkably, every Saturday
as many as five games may
occur simultaneouly at
JBLN’s five and a half acre
complex on the St. Andrew’s
School campus. Charles
Kemp, President of JBLN,
could not be more proud of
what has been accomplished.
Considered one of the
indefatiguable drivers behind
JBLN’s growth, Kemp knows
what has gone into making the
“field of dreams” come true
and, as he often adds, what it
will take to keep it going in the
future. JBLN relies on the
community to support its goals
and dreams. For more
information on how you can
help please call Charles Kemp
at 636-5594 or 324-5576.



“The Bahamians who have been
questioning the proposition include
some highly qualified and credible
individuals who have their country’s
best interest at heart. It was, to be
blunt, foolish to describe them all as a
strident minority and to make other
belittling characterisations in an
attempt to discredit them.”



To the contrary. Mr Mitchell went-to
great lengths to describe the disadvan-
tages of not signing on to CSME and
the advantages of doing so. —

He was clearly talking about the trade
and economic implications: “So, this is
the essence of the trade proposal called

the Single Market and Economy: it is ©

designed to improve the standard of liv-
ing in the region by lowering the cost of
living while ensuring that top-quality
goods and services are available to the
more than 14 million consumers from
the Bahamas in the north to Suriname in
the south.”

Mr Mitchell went on to explain what is
meant by a single market and what is
meant by a single economy, citing the
Bahamas as a good example of both
with economic activity taking place
freely from Abaco to Inagua. Then he
said: “I should add that the reason why
it is preferable to sign a trade agree-
ment like the CSME is that under the
terms of an agreement, the rules are
known, the procedures are transparent,
and disputes have a clear mechanism
for settlement. This will avoid unfair
practices which can undermine local
economies.”

M: Mitchell seemed quite irri-
tated on the radio pro-

gramme Jones and Company on May
22, 2005, when he was pressed by Brian
Moree as to the permanence or other-
wise of the exemptions being allowed to
the Bahamas. But in the May 5 speech
he said:

“The Revised Treaty, however, which
is what the present national discussion is
all about, does not allow fora state to
join the Caribbean Community but
remain outside of the Single Market and
Economy.

The economic integration movement
has developed to such an extent that
membership in the community by defin-
ition means membership in the Single
Market and Economy.”

It could not have been stated more
clearly than that so Mr Mitchell has no-
one to blame but himself if people ques-
tion whether signing the treaty allows a
state to stay out of the Single Market
and Economy.

The treaty lists among its objectives
the “accelerated, co-ordinated and sus-
tained economic development and con-
vergence” in the community.

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he Bahamas has not yet been

allowed derogation from the
right of establishment and Mr Mitchell
and the government seem to have under-
estimated the importance of this partic-
ular provision of the treaty.

In a speech at Abaco on May 18,
Mr Mitchell listed the provisions from
which The Bahamas proposed to enter
reservations, then he added: “The Right
of Establishment is another issue that
has been identified as an area of con-
tention.”

When did Mr Mitchell and the gov-
ernment identify this as an “area of con-
tention”?

After the circulation of a draft bill
proposing to harmonise CARICOM
qualifications for pharmacists and ‘to
allow Caricom persons to enter this busi-
ness in the Bahamas?

Mr Mitchell and the government have
been less than candid with the Bahami-
an people when they suggest that the
right of establishment applies “princi-
pally” in areas that earn foreign

exchange and that no retail or whole-

sale business in the Bahamas will be
threatened.

, [ would be a great pity if the treaty a

and the Community did not envi-

sion indefinite derogations from its eco-
nomic provisions for the Bahamas.

While there are good reasons for

the Bahamas to stay out of these

arrangements, it is most certainly in.

our interest to continue working
with our sister Caribbean states in other
areas.

We have benefited tremendously over
the years from functional co-operation in
many areas and by working together and
supporting each other in international
forums.

Furthermore, I believe that at some
point in the future it will be in the inter-
est of the Bahamas to participate fully in
a regional court of appeal. Bahamian
Chief Justice Sir Leonard Knowles said
some 30 years ago that the Privy Coun-
cil was suffering from a terminal condi-
tion.

Now, with the British moving to
set up a modern supreme court, it
would appear that Sir Leonard had a
point.





“Copyrighted Material
Syndicated Content

Available from Commercial News Providers”

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from people who are
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for improvements in the
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THE TRIBUNE

TUESDAY, MAY 31, 2005, PAGE 3



LOCAL NEWS



BPSU hopes for no | *°

‘stalling’ on pay

“i By A FELICITY
» INGRAHAM
Tribune Staff Reporter

BPSU president John
Pinder hopes the govern-
ment will not use the word-
ing of its promise to
address public service pay
increases as a “stalling tac-
tic.”

Responding to com-
ments made by Acting
Prime Minister Cynthia
Pratt, Mr Pinder told The
Tribune he hopes the gov-
ernment does not plan to
delay the end-of-June sign-
ing for a study that would
allow public service pay
issues to be addressed.

Said Mrs Pratt: “In order

_to assist our responses to
the proposals, we expect
to commission a study by
an international expert on
the orderly and equitable
evolution of public sector
pay and other benefits in
the medium term.”

Mr Pinder said he is
expecting to have pay

pension package improve-

increases, benefits and

ments communicated to
him “in black and white.”

Expectation

Mr Smith said while the
study may be conducted
on benefits and pensions,
he does not expect for the
government to hold up the
entire proposal of $24 mil-
lion for public servants.

The proposal includes
an $1,800 yearly increase
for public servants, which
equals a $150 monthly
raise, or about $35 a day.

The BPSU is also
requesting a 50 per cent
increase in hazardous pay, a
$300 to $600 yearly increase
for risk allowances, an
increase in travel allowance
from $30 to $50 daily, a gas
allowance increase from 45
cents per mile to $1.50 per
mile, insurance increases
and performance incen-
tives.



@ BPSU president John Pinder



Limo demos suspended

PUBLIC demonstrations by
disgruntled limousine drivers
have been suspended, it was
announced yesterday.

Members of the United Lim-
ousine Operators Association
said demonstrations planned for
this week were halted at the
request of Transport Minister
Glenys Hanna-Martin.

The ULOA is protesting the
relationship between Kerzner
International and Bahamas
Experience Limousines and

ident, blocked the BELT park-
ing lot at Nassau International
Airport (NIA) for three hours.

The group has also threat-
ened to block the Nassau to
Paradise Island bridge if their
concerns are not addressed.

The minister has called a
meeting today at 2pm with
ULOA, Kerzner International
and the Taxi Cab Union in an
effort to resolve a two-year dis-
pute. |

ULOA has made the follow-



Tours (BELT).

_ Last week Friday, Kendal
Culmer and Charles Brooks,
ULOA president and vice-pres-




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discontinued or modified to
allow other operators aside
from BELT access to them.

e That ULOA members be
given a desk at the three hotels.

e That there be no referrals to
BELT of walkout guests.

° That BELT limousines car-
rying casino guests have visible
identification.

° That reasonable financial
compensation is given to the
affected ULOA members from
the commencement of BELT’s
contract with Kerzner.

Kerzner has denied all sug-
gestions that it owns or is a part-
ner in BELT.

Disabled
residents
proposal
‘rejected’

@ By TIFFANY GRANT
Tribune Staff Reporter

RESIDENTS of a disabled
home which has been threat-
ened with closure claim that
their proposal to save the home
has been rejected.

Jerome Thompson said that
he and fellow residents of
Cheshire Home want to take
over the management of the
premises and that they had
delivered a proposal to John-
son Hassan, the legal firm acting
on behalf of the home’s man-
agement.

However, residents claim that .

the firm said it was unable to
receive anything from them.

Residents were given a final
deadline of today to vacate the
building.

The Tribune contacted the
chambers of Johnson and Has-
san, but was told that the rele-
vant representative for the case
was not available for comment.

Bail granted
on cocaine
charge

@ By NATARIO McKENZIE



A 34-YEAR-OLD charged
with possessing more than
$100,000 worth of cocaine
appeared in Magistrate’s Court
for the second time yesterday.

Donovan Garvey, who
appeared along with his wife
Christine Ann Garvey on May
23 to face the charge of pos-
sessing drugs with the intent to
supply, was granted $100,000
bail with two sureties.

Christine Garvey has been
granted bail in the same amount.

A preliminary inquiry is set
for January 9 2006.

The couple is charged with
being found with 24.2 pounds
of cocaine in Freeport, Grand
Bahama on Friday May 20.

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in
rt

on theft
charges

@ By NATARIO McKEN-
ZIE ,

A 41-YEAR-OLD Cam-
bridge Lane man was charged
yesterday with house-break-
ing and stealing almost
$70,000 worth of jewellery
and appliances from homes
in New Providence.

Bodie Fritz, AKA Jeffrey
Marshall, pleaded not guilty
to five counts of house-break-
ing and four counts of steal-
ing.

It is alleged that between
8.30am and 12pm on Tuesday
May 10, Fritz broke into the
home of Syndemala Sweeting
on Brooklyn Road.

He was charged with steal-
ing one diamond and gold
wedding band set valued at
$2,000, one diamond and gold
engagement ring valued at
$3,500, one diamond and plat-
inum ring valued at $5,400,
six pearl necklaces valued at
$6,000 in total, and an assort-
ment of other jewellery.

Fritz was also charged with
breaking into the home of
Sherolyn Sears on Harmony
Hill on Thursday May 12.

He allegedly stole an
assortment of bracelets,
watches and electronic items
worth $7,690.

He was also charged with
breaking into the Highland
Terrace home of Edward
Roberts on Thursday May 12,
where he allegedly stole jew-
ellery and electronics worth
$8,092.

On May 3 of this year,
Fritz allegedly broke into the
home of Jeremy Saunders on

Eastlyn and Village Road and -
the home of Jane Newton on

Newgate Road.

The matter was adjourned
to September 20, however
Fritz will return to court today
to produce a worksheet as
proof of his claim that he was
at work at the time of the
alleged offences.

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PAGE 4, TUESDAY, MAY 31, 2005

_EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE









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 1972-199]







/ EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. ~
Pilblishev/E dior 1972-




Published Daily Monday to Saturday



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




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
















as cars shoot past, not driving, but ines in
opposite directions. It makes the head dizzy
to watch them.

A traffic cop, handing out Galtie tickets on
this road could reap a small fortune for the
Public Treasury. The airport road is another
clear stretch that tempts impatient drivers to
push the gas pedal to the floor.

However, the worst offender is the angry, —
impatient driver, who will pull out from
behind a long line of traffic, even though he
sees another line of traffic coming straight for
him in the opposite direction.

With not enough patience to wait until he
can safely pass, he decides to take a chance,
gambling not only with his own life, but with
that of the driver of the car who is heading
towards him. .

Some are lucky. They make it with a
screech at the head of line, just as the oppo-
site car is bearing down on them. Others are

not so lucky. They end up on the front page ©
of The Tribune, cars a tangle of metal, and
drivers, either in the morgue or seriously
injured in hospital.

It is a nightmare for the driver, minding
his own business and keeping to his side of
the road, to be faced with a speeding
machine bearing down on him for a head-on
collision. h

There is no way that he can escape’ s
from the madman behind the wheel coming
at him. He tries to slow down to give the
lunatic enough space to pass the line that
he is overtaking, hoping that he can make it
without taking both of them to heaven... or
hell.

These drivers should be removed perma-
nently from behind the wheel of a car. They
endanger too many lives.

There are also drivers who race each oth-
er on the road. We have seen many cars pull
to the side and almost stop to get out of the
way of the speeding vehicles — sometimes
not two, but three or four of them, racing
only God knows where.

If only speed cops were on the roads, many
of these undesirable drivers could be
removed.

Another suggestion is to make it manda-
tory for young drivers take a driving course
from approved driving schools, Deore they
apply for a licence.

But.somehow and at sometime, sanity
has to be returned to our roads.









Gittens of the ministry as
that the. imposition of a closed



















iffientty here is that the closed
overlap as conch also spawn









ster is out of season, explained
fishermen turn to conch, but if










t erm view. The long term
at if the fisheries are not closed to
both lobster and conch time to multiply,
the. d. will come when there will be nei-
















ting the conch — even if it









istr ill be protecting the long-term
otf rmen. |







the. roads.




ycle traffic cop was visible









‘something has to be done
‘ér testing when a driver applies
ime licence..




















t traffic cciorits are caused by speed.
rtain ‘hours, the Eastern Road







Take a look
at our goals
in long term

EDITOR, The Tribune

TODAY in the Bahamas we
are facing an issue the impor-
tance of which can be matched
by our country’s decision to
seek independence. The issue
whether the Bahamas should
join the Caribbean Single Mar-
ket Economy, is a mammoth
decision. I am of the opinion,
without any fear of contradic-

tion, that we as a country that .

possesses a rich and distinctive
identity should not join CSME.

The idealistic and impracti-
cal agreement is built presently
on three main premises: The
free movement of capital; the
free movement of goods and
services, and the free movement
of labour. This concept is sup-
posed to create a regional sense
of identity establishing a nego-
tiating mechanism to create
improved economies of scale,
Ironically, less than one per cent
of the Bahamas revenue is
dependent on the regional mar-
ket.

The advantages that can be |

reaped by CSME will benefit
countries that manufacture
goods like bauxite; banana, sug-
ar and oil; tangible goods that
can be traded. The Bahamas’
gross domestic product is based
on service which in no logical
way can benefit from collective
bargaining.

The Rt Hon Owen Arthur,
Prime Minister of Barbados, in
his address to Hollymore Hall
University of The West Indies
said, “The goals of a general
West Indian unity atthe politi-
cal level remains for our peo-
ple; it is clear, a sort of Holy
Grail shining on the edge of a
distance too far to matter at the
time being.”

This sense of unity is imprac-
tical for the Bahamas. Business
factions in our own country
cannot peacefully co-exist in our
local community, partially due
to racial prejudice on both sides.
Judge what will happen on the
regional level when the human
element comes into action.

A present mathematical busi-
ness model determining the
validity of us joining CSME will
lean towards an astonishing
refusal. Let us take the average
of the ten best countries, exclud-
ing the Bahamas. Take into
consideration the population,

their unemploymenterate, and

currency and then compare
those to the statistics on the
Bahamas. Guyana’s dollar to
the Bahamian dollar is $179.50
to $1, Jamaica has 2.6 million
people and the unemployment
rate is 12.8 per cent, which is

Bag MesS



letters@tribunemedia.net

more than two-thirds of our
population, as a result the more
feasible answer taking into con-
sideration the facts. should be
no. Communism, a political the-
ory by Karl Marx, was a very
sound “Robin Hood theory”.
On paper wealth is evenly dis-
tributed throughout a country;
but as history has proven, the
execution of this theory
becomes a large callous on the
feet of those who dared to
implement it.

The focus on CSME should

be switched to further strength-
ening diplomatic and trade rela-
tions with the emerging giant
of the East, China, whose
strides and advancement can be
seen in the recent escalation of
gas prices. China, along with the
United States, continues to
make an unrivaled contribution
to the comfortable standard of
living that we enjoy today in the
Bahamas.

The Bahamas, along with a
few other countries, has been
blessed. with a relatively low
population and a plethora of
locations where the economy is

not as complex to manage as
others. If we as a small country
take up the huge slack of other
countries it can lead to demise
of our continued success as a
nation.

I do agree with some
Caribbean initiatives — the
Caribbean Court of Justice
established on April 16, the pur-
pose of which is to replace
Britain’s Court of Appeal is an
example. Consideration of this
would be a move in the right
direction of our country’s quest
to become a republic, totally
independent but not alienated.

If we do not agree with the
long-term goals of CSME which
will have an adverse effect on
our economy, we should not
sign the revised Treaty of
Chaguaramas. Abraham Lin-
coln said: “Any man can rise
above adversity, but if you want
to know the true character of a
man give him power”. The pow-
er in a democratic country is
found in the voice of the people,
the best route to come to a.con-
clusion on this matter is to facil- -.
itate the wishes of the majority
and bring this matter to the peo-
ple in the form of a referendum.

ANTHONE DEVEAUX
Nassau
May 2005 ~





Rewards for the
wrong behaviour

_ EDITOR, The Tribune

‘ ONLY in The Bahamas
does a radio and TV station
give applause and credit to
one who reads another’s work

while its author and chief.

manager receives no atten-
tion. Nor did the reporters
give any consideration or
analysis of the contents of the
material presented (of course,
this might be a prelude to
some future role being con-
templated by the powers-that-
be, which has not yet been
revealed, One never knows).

‘Compare this adulation
with the bizarre treatment
meted out to one of our suc-
cessful business persons and
experienced public servants
for many years for a minor
misunderstanding.

My question is: Are we
becoming a nation of syco-

phants. who only cherish the
outward appearances and for-
get about the real core of
nation-building? What is the
lesson from this behaviour for
young people? Is it that
achievement in life is deter-
mined by who one knows,
rather than one’s own high-
level performance and con-
sistent hard work?

What I see in today’s
Bahamas are Bahamians who
have used their expertise and
assets for the betterment of
Bahamians being trampled
upon, under the guise of
political expediency and this
to me is a:sad state of
affairs which someone should
bring to the attention of the
public.

ENQUIRER
Nassau
May 25 2005

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THE TRIBUNE



$300,000
of drugs
are seized

@ By DENISE MAYCOCK

A MAJOR drug bust at
Grand Bahama on Friday
resulted in the apprehension
of four persons and the
seizure of 300 pounds of
marijuana with an estimate
value of $300,000.

However, police yesterday
said that the four persons — a
33-year-old man from Fox
Town, Abaco, a 26-year-old
man from Sea Horse Village,
a 46-year-old man from of
Burbury, Jamaica, and a 26-
year old woman from Cape
Haitian, Haiti — have all
been released pending fur-
ther investigations.

A team of DEU officers
on marine patrol at the
Grand Lucayan Waterway
spotted a white Contender
go-fast boat approaching at
high speed at 7.45pm and
pursued it.

The driver was caught after
he fled ashore. Two other
men and a woman were
found on the vessel, with 12
duffel bags of marijuana.

The four were flown to
New Providence on Friday.



Forum on
CSME issue

THE CSME will be the
topic of the next Bahamian
Forum meeting, to be held
tomorrow at the British
Colonial Hilton.

The meeting will begin at
5.45pm and will feature pre-
sentations by Bahamas Pub-
lic Services Union president
John Pinder and McKinney,
Bankcroft and Hughes
senior managing partner
Brian Moree

A statement prepared by
ambassador to CARICOM
Leonard Archer, will also
be presented.

So far this year, the
Bahamian Forum has cov-
ered topics such as “sweet-
hearting in the Bahamas”
and “education and the
country's future”.

The public is invited to
attend the meeting.

Vee

TUESDAY
MAY 31

Community Pg 1540AM
Immediate Response
ZNS News Update - Live
Immediate Response
Ethnic Health America
Sports Lifestyle

CMJ Club Zone
Treasure Attic

Frank Reid III

Paul S. Morton
Hurricane Preparedness
2005

ZNS News Update
Hurricane Preparedness
2005 Cont'd

Cinema, Cinema, Cinema
Bahamian Things

News Night 13
Bahamas Tonight
Kerzner Today

Good News Excellence
Urban Renewal Update
Da’ Down Home Show
Spoken

News Night 13
Bahamas Tonight
Immediate Response
Community Pg. 1540AM

NOTE: ZNS-TV 13 reserves
the right to make last minute
programme changes!



JOHN TERRACE
LOT NO. 3

PROPERTY SIZE: Single Storey
Residence/ Two Storey Apartment (3,483 sq. ft.)
LOCATION: 200 ft. from Lincoln Blvd./Wulff

Rd. Intersection

d raises fears
of xenophobia

@ By KARIN HERIG
Tribune Staff Reporter

AN ANTI-Caribbean Single
Market Economy advertise-
ment in daily newspapers yes-
terday has raised the question of
how large a role xenophobia
plays in Bahamians’ fear of join-
ing the trade bloc.

The full-page advertisement
by the Grand Bahama Human
Rights Association (GBHRA)
depicted a large group of people
representing different countries
of the Caribbean, lining up at
a ferry dock to take a “fast, free,
job ferry” to the Bahamas.

The text under the advertise-
ment reads: “Tank you PLP, we
ain’t got sneak into de Bahamas
no more.”

Readers of The Tribune
expressed dismay at the publi-
cation of the advertisement as
well as concern that an organi-
sation such as the GBHRA,
which should champion equali-
ty and tolerance, would release
such a seemingly xenophobic
notice.

However, GBHRA president

Fred Smith said yesterday that.

the association is fundamental-
ly opposed “to discrimination,
racism and xenophobia, and
does not condone any kind of
anti-foreign national senti-
ments.”

“But to some degree we need
to preserve the Bahamas first

‘and foremost for the Bahami-

ans,” he said.

Mr Smith explained that
while the GBHRA welcomes
“any kind of trade or political
agreement the Bahamas would
enter into, which provides the
Bahamas with benefits,” the
country has to be cautious of
the “free movement of people
and labour” provision that
comes with joining CSME.

“For diversification we would
encourage a multi-racial, multi-
ethnical community and we
embrace globalisation, but we
must also take care that the
Bahamas does not disappear,
and that’s what would happen if
unrestricted immigration were

lm GBHRA president Fred Smith

allowed — Bahamians would dis-
appear,” he said.

Mr Smith added that the
association is open to “any
Caribbean or other interna-
tional foreign policy which
would contribute to the growth
and the further development of
the Bahamas without taking
away opportunities for Bahami-
ans.”

“The ad campaign merely
seeks to illustrate the pitfalls of
joining the CSME, what would
happen if the floodgates were
to be opened,” he said.

CSME proponent lawyer
Craig Butler said that he would
not go as far to say that the
Bahamians’ reason for not
wanting to join the trade bloc is
xenophobia, “rather I think
ignorance is at fault”.

“And I blame this ignorance
on the lack of information pro-
vided by the Ministry of For-
eign Affairs, the lackadaisical
approach the government has



Hurricane insurance
sales not up on last year

@ By KARAN MINNIS

THERE has been no major
increase in rates of persons pur-
chasing hurricane insurance said
Robert Bartlett, senior under-
writer at Insurance Manage-
ment.

Mr Bartlett said: “The main
persons considering hurricane
coverage are those who have
received intensive damage to
their homes last year.”

According to Robin Hardy,
co-ordinator of the Bahamas
General Insurance Association,
it is important that persons have
adequate insurance coverage
for their homes.

“If your insurance coverage

is less than the value of your

ithe
Et)

FOR PEST PROBLEMS
PHONE: 322-2157



home you may not receive the
full coverage you may be'seek-
ing if your home were to receive
damages,” he explained.

Mr Hardy added that persons
living in flood-prone areas
may not be able to receive full
insurance coverage if their
homes do not meet the founda-
tion height requirements for the

- area.

Policies. can be sold with or
without hurricane coverage,
which either covers damage
from windstorms only, or both
flooding and windstorms, Mr
Hardy said.

He added that it is important
to have the value for your
home reassessed every year to
insure that your coverage is ade-
quate.

“Because build-costs may
change, people need to insure
that they reassess the values of
their homes every year before
they renew their insurance poli-
cies,” Mr Hardy said.

2
g
5
Cy
c
oO
2
og
2
oO
2
§

GLADSTONE ROAD ALLOTMENT
LOT NO. Crown Allotment No. 53 Lot D

APPRAISED VALUE: $135,000

PROPERTY SIZE: Residential (5,995 sq. ft.)
LOCATION: Bellot-Rd. West of Faith Ave.
APPRAISED VALUE: $124,000

INTERESTED PARTIES SHOULD SUBMIT OFFERS TO PURCHASE (WITH TELEPHONE CONTACT AND
POSTAL ADDRESS) TO CHERRY MISSICK, THE PLAZA, MACKEY STREET, OR CALL 502-6200 FOR

FURTHER INFORMATION.



*WE RESERVE THE RIGHT TO REJECT ANY OR ALL OFFERS.



had in presenting the facts of
CSME to the general public,”
he said.

Mr Butler said that in the
Treaty of Chaguaramus, which
governs the country’s partici-
pation in CARICOM and its
relationship with CSME, Article
45 provides for the free move-
ment of people, and Article 46
realises the free movement of
people and seeks to allow for
the free movement of skilled
labour only.

He added that the revised
treaty, however, is silent on at
which time all labour will be
allowed. ;

Mr Butler hopes to organise
town meetings in conjuncture
with the Bahamians Agitating
for a Referendum on the Free
Trade Area of the Americas
(BARF) organisation to further
educate the general public « on
CSME.



TUESDAY, MAY 31, 2005, GE 5:

Bishop comfortable
but still on ventilator

@ By DANIELLE STUBBS
Tribune Staff Reporter

ALTHOUGH he continues
to rely on a ventilator, Bishop
Michael Eldon is “making
slow but steady improvement
in his mental state” according
to his medical team.

In a medical update provided
by Bishop Eldon’s chief physi-
cian Dr Kevin Moss, the Angli-
can assistant bishop “continues
to rest comfortably at home”
after more than four months of
medical complications.

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PAGE 6, TUESDAY, MAY 31, 2005 THE TRIBUNE

ae } | Reyer.

Tribune takes exclusive look

~ on board the USS Nassau

@ THE imposing outline of
the USS Nassau as it docks
in New Providence

















@ A VIEW on the deck of
the USS Nassau, with a
reconnaissance helicopter
in the foreground

(Photos: Felipé Major/
Tribune staff












con,



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THE TRIBUNE

- TUESDAY, MAY 31, 2005, PAGE 7.



@ A ROLLING air frame missile (RAM) launcher — it houses 2
- missiles in each canister with an extensive range and extreme

accuracy

fi By PAUL G TURNQUEST
Tribune Staff Reporter

TODAY the Bahamas bids
farewell to the third largest ship
in the US Navy, the USS Nas-
sau, which made a port call at
the Prince George Wharf for
the Memorial Day weekend.

Considered the United States
Navy’s “Top Gator,” the USS
Nassau (LHA 4) is named for
the site of the US Navy and
marine Corps’ first amphibious
landing, which took place near
Fort Montagu on March 1 1776.

On a guided tour of the mas-
sive ship, The Tribune learned
about the capabilities of the
USS Nassau and some of her
most recent operations from

' petty officers Cindy Gill, Wayan

Deyette and Lieutenant
Thomas Stephens.
Her next destination classi-

fied, the USS Nassau will be

leaving Nassau today at 10am.

Before arriving in the
Bahamas the ship was on a
short tour in Haiti on a human-

-itarian relief operation.

One of the ship’s many oper-
ating capabilities is evacuation
and civilian disaster relief.

She can carry hundreds of
tons of relief material and deliv-
er it within minutes once arriv-
ing at a destination.

The ship is also capable of
providing fresh water and elec-
tricity from the ships engineer-
ing plant until local services can
be restored.

In one of the three cargo
holding areas, the USS Nassau
kept four amphibious landing
craft utilities (LCU).

Each LCU can carry 75 tons,
and they were commonly used
during World War II to trans-
port troops onto beaches.

LCUs were used on the infa-
mous ‘D Day’ allied landings at
Normandy on June 6 1944.

“These ships actually will
ground themselves on the
beaches and the bows would
come down, just like you saw
in the movie Saving Private
Ryan.

“So the USS Nassau is capa-
ble of launching these vessels



from her stern in an amphibious
assault, and also launch aircraft
from her deck,” said Lieutenant
Stephens.

The primary objective of the —

USS Nassau is to embark,
deploy and land a marine land-
ing force in an assault by heli-
copters, attack aircraft, landing
craft, amphibious vehicles, or
any combination of these meth-
ods.

As an amphibious ship, USS
Nassau can operate indepen-
dently or in conjunction with
other vessels to land a force
at a particular location effec-
tively. 3

airing on

at 8:00 pm



also airs on cable 12
after the news update.

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stacy campbell, eric hall, rachela tirelli, ‘sandra enieas



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

_ 2c adh

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PAGE 8, TUESDAY, MAY 31, 2005

THE TRIBUNE }





TUESDAY EVENING MAY 31, 2005 |

| 7:30 | 8:00 | 8:30 | 9:00 | 9:30 | 10:00 | 10:30 |
NETWORK CHANNELS

New Florida Nova “The Most panes Woman|Plague Hunters s
WPBT [Surviving the jin America” Mary Mallon spreads ty- leams about the German memorial
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The Insider (N) |NCIS “Call of Silence” A World War |NCIS A telemarketer reports the |48 Hours Mystery “True Story’ A
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(B= WVU |wood (N) (CC) brings many casualties and few victories. 1 (CC)

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Deco Drive Trading Spouses: Meet Your New |House “DNR” House violates a |News (CC)
WSVN Mommy Moms in Califomia and — |DNR order to save the man’s life.
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buys Jay a gift. Trouble" burial plans,
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Late Night With |The Contender © (CC) Mad Money
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DISN ‘The Big Buzz” |venture) Robert Hays, Kim Greist, Jean Smart. Three pets set out ona | The twins witness|Louis leams how
(6 wilderness search for their owners. ‘G’ (CC) romance. to tango.

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THE TRIBUNE TUESDAY, MAY 31, 2005, PAGE 9



WHAT DOES THIS MEAN?
As of June 1, 2005:

e All deeds and documents submitted to The Registrar General’s Department will be indexed,
scanned and returned within 30 days.

e You can do online searches on the Indices from 1993 to Present.

e Indices from 1993 back 30 years (to obtain a good root of title) will be available as soon as
possible and no later than January 1, 2006. |

e You can search online from your personal computer or from terminals in the Registrar
General’s Department.

e Documents submitted from June 1, 2005 may be printed online within
30 days of submission.

e Documents submitted prior to June 1, 2005 may be printed online no later than
January 1, 2006.

° Certified copies of documents will be available within 30 days of request.



EFFICIENCY IS OUR MISSION

To facilitate the efficient recording of Deeds and Documenis, the Registrar General has —

implemented the following procedures:

i) The pages of all Deeds and Documents, including backing sheets, ‘should be numbered
sequentially.

li) Limit the use of bindings or staples.

iii) Ensure that all plans attached to Deeds and Documents are 11” x 17” or smaller in size.
This | is to facilitate ease of the i imaging process.

FEES :
The fee for a search of the Deeds rey will remain at the current rate of $10.00 per hour,
until further advised. es

PAYMENT METHODS |

Payments for services MUST be made by Certified Cheque, Cash, Credit Card, or payment |
on account by any of these means. These payment methods will permit the Registrar Gen-

eral to expedite the processing of documents. Please note that The Registrar General’s De-

partment will strictly enforce the policy stated above. |

WHAT WE PLAN TO ACCOMPLISH BY DECEMBER 31st, 2005

By the end of 2005, the Registry’s goals are:

e To put 30 years worth of deeds in electronic format to facilitate electronic searches;

¢ To make available electronic copies of such Deeds and Documents. __

e To allow customers to print copies of documents submitted for recording in the last 30
years;

e To receive Certified Copies of documents submitted for recording in the last 30 years.

The ered General's De
lt Lit) Road it) aula AU :


a

PAGE 10, TUESDAY, MAY 31, 2005

THE TRIBUNE





FROM page one

Hope Lamb, the daughter of
Lt William Martin of Massachu-
setts, who was the captain of the
P2V that crashed 300 yards south
of the memorial, thanked the
soldiers who had turned out to
pay their respects to their fallen
comrades in arms.

“When my father died, my
mother was eight months preg-
nant with me. At that time she
said that all she had left was hope

. and that is how I got my
name. When I look at the sea-

Remembering soldiers

Almost lost to nature, the
small memorial that had been }
donated by the Lamb family had :
to be cleared of mangroves and :
sea grape trees for the service. }
As a result, Ambassador Rood }
said he hoped that by next year :
they would be able to officially :
open a proper memorial there,
with cement benches and a ;
plaque telling of the cooperation :
of the Bahamas and the United :

men here this is how I picture
my father, clad in his uniform.
For these men who died, their
purpose was clear... to bring
us all together here today,” she
said.

As a US Coast Guard heli-
copter approached to drop a
wreath at the site of the crash, a
bugler from USS Nassau sound-
ed the ‘Last Post’ as US service
men and women stood at atten-
tion and saluted.

LOCAL NEWS

States.



Body is identified | Prime minister
FROM page one FROM page one

al Home transferred the body to the morgue at Rand | his Cable Beach home experiencing phys-

Memorial Hospital, where an autopsy is being performed. | ical discomfort. Doctors later discovered
that he had suffered a minor stroke.

Within the same week, he was released
from hospital to continue convalescing
at home.

The acting prime minister told The Tri-
bune that she is excited that Mr Christie
will soon be returning to work to contin-
ue his duties.

Mrs Pratt noted that from her experi-
ence as acting prime minister, she has








HB MAN COLLAPSES AND DIES :

A 28-YEAR-OLD resident of Freeport collapsed and died
Saturday evening while patronising a local sportsbar/restaurant
at West End.

Mr Rahming said Jermaine Ronald Spence of Arden Forest
was at the Coffee-on-the Bay around 9.15pm when he suddenly
collapsed. He was rushed by private vehicle to the West End
Clinic.

Despite emergency medical treatment, Spence was pro-






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are; Edmiranda Restaurants Ltd's Vice-President and General Manager, Dino Matsas;
Harrold Road Branch Manager, Jennifer Lockhart; Ms Williams, Ms Moxey, Village Road Branch
Manage’ tal Taylor and Edmiranda Restaurants Ltd's Senior Operations Manager, Deidre Young.





Harrold Road Branch

: ye . Mowey ,

Village Road Branch









in ositive attitude toward guest
service, teamwork and unwavering dedication
and commitment earned you top accolades
from all at Burger King.

|






nounced dead by Dr Nyack at 10.15pm. His body was later tak-
en to Rand Memorial Hospital, where an autopsy will be per-
formed to determine the cause of death.

Police do not suspect foul play as the deceased is believed to
have had a history of severe epileptic seizures.









FROM page one

they won’t donate if Ingraham
comes back. I think it’s mixed,
based on what I have been
hearing,” said Mr Wells.

The independent MP sid

‘that the party is split on the

issue of Mr Ingraham’s return
to the forefront of the party.
“At least 30 per cent of the
organisation does not support
him (Mr Ingraham) they will
vote against him, or they would
not vote but I think if he was
to go forward in the party with



FNM

the council as is he would, win
but I think he would lose the
election,” said Mr Wells.

_The opposition party's next
convention, almost five months
away, promises to be the source
of much excitement for many
political observers.

At that convention almost
every major post at the party
level will be contested. The
elected leader of this conven-
tion will guide the party into

‘the 2007 general election.

learned to recognise that the critics will be
there, whether you do good or bad.
Therefore, it is important to remain
focused and to do the things that will
benefit the Bahamian people.

Despite the rumours, howev-
er, FNM Montagu MP and
opposition leader of House
business, Brent Symonette, said
that the finance committee of
the FNM as far as he was aware
has never linked the return of
Mr Ingraham to the collection
of funds to defray the party’s
expenses. |

“The FNM is still proceeding
to carry out its activities. We
had a rally in Freeport, a rally in
Nassau and the Torch will be
coming out this week, which is
evidence that the money is still
coming,” said Mr Symonette.






FROM page one

Yu, speaking through an interpreter.

The conference on “The Ideology of Peace”
for leaders of the Bahamas has created a stir,
because of the organisation’s association with its
founder, Rev. Sun Myung Moon, a man
known world-wide as the head of a cult often
referred to as the “Moonies” or the Unification
Church.

The Korean religious leader was an engineering
student and dock-worker before founding the Uni-
fication Church in 1954 with a doctrine loosely
based on Christianity as interpreted by Rev Moon,
who has suggested that he may be the “real Mes-
siah.”

Rev Moon introduced the movement to the
United States in the 1960s.

Officially known as the Holy Spirit Association
for the Unification for World Christianity, its
world-headquarters is in New York City.

The conference, led by Dr Yu, has been
endorsed by five local Baptist pastors.

They include Rev Dr Kendall Capron, Rev Dr
Enid Capron, and Rev Ruby Ann Darling, as well
as Rev Carl Rahming of St Paul’s Baptist Church.

Kim, also a continental leader of the FFWPU said
that Bahamians have a five, ear wiridow — from
May 2004-2008 — to pray to their ancestors to
eliminate a destructive fate...

Rev Kim said the good and bad Bahamian
ancestors will all be on earth during this five year
period. He said the bad ancestors bring about four



During the afternoon session, Rev Joongsoo -

Unification Church

phenomena: Mental illnesses, disease, accidents,
and crime.

He also claimed that humans are the children of
Eve and Satan, because the two had sexual inter-
course in the Garden of Eden, causing all humans
to be born into sin. God, he said, is working to rid
humans of their sin by having them reborn through
the Messiah.

Rev Dr Kendall Capron, who was instrumental
in organising the conference told The Tribune that
the FFWPU “is definitely not a cult.” He said
“Rev Moon believes in God, believes that Jesus is
the son of God, and that Jesus died, was buried,
and rose again.”

Dr Capron said he has been associated with
Rev Moon for about 20 years, but has only been a
committed member of FFWPU for a year.

Rev Capron heard Rev Moon speak in person
while attending a conference in Washington, DC,
where he claimed more than 4,000 world leaders
were present. He said Rev Moon sponsored the
conference, including airfare, accommodations,
and meals for the participants. Rev Capron said he
did not know where Rev Moon got the funding
from.

“Rev Moon is a good person. If he is a cult, I
would like to be just like him. I have seen the
blessing that God has placed on him and the work
he does for the poor. If he is a cult, then he is a
God-blessed cult and we need more of them,”
said Rev Capron.



































Public Utilities Commission

UNIQUE JOB OPPORTUNITY
Senior Regulatory Economist

The rapid evolution of the telecommunications sector combined with novel

approaches to regulating the sector has made it mandatory for the Public Utili-

ties Commission (PUC) to strengthen its capacity in regulatory economic

analyses.

The Job .

The successful applicant for the position will provide specialist advice on the ©

economic and financial performance of regulated utilities. He will also work as

an integral part of a multi-disciplinary team of professionals to ensure effective

oversight by the PUC of the various providers of utility services in The Bahamas.

The candidate will perform market research and other economic studies relevant

to the current and future development of the telecommunications, electricity,

and water and sewerage sectors in The Bahamas.

Training

The candidate will be trained to carry out economic and financial analyses

involving market research, and changes in price setting methodologies. This

specialist training will be offered principally via short courses and seminars, in

The Bahamas and overseas.

Qualifications

p Bachelor's Degree in Economics or Economics and Accounting; and

p Master's Degree in Economics, or Finance; and

> Minimum of five (5) years relevant experience.

Remuneration

The PUC offers a very attractive benefits package and excellent opportunities for

further development. Starting salary will be commensurate with relevant

experience. Further information about the PUC could be obtained from

our website at: www.PUCBahamas.gov.bs.

Applications should be received by Monday 6 June, 2005

Interested applicants may deliver or fax resumes to:
Executive Director, Public Utilities Commission
4th Terrace East, Collins Avenue
Fax No. (242) 323-7288
E-mail: PUC@pucbahamas.gov.bs


THE TRIBUNE TUESDAY, MAY 31, 2005, PAGE 11

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THE TRIBUNE
PAGE 12, TUESDAY, MAY 31, 2005






British American Bank has changed its name to

Fidelity Bank (Bahamas) Limited

to more closely align with the parent company,
and its other banking and insurance operations in
The Bahamas, Cayman Islands and the Turks
and Caicos Islands.



A Change for the Better

The name change Is part of an
extensive programme to upgrade
and improve the quality and mix
of products and services on offer.

More Products & Services
We will soon have an enhanced
range of attractive loan and
savings products that offer
greater value and flexibility.

And in time you'll be able to
access Fidelity’s financial and —
estate planning advice,
investments, and other financia |
services, just as easily as your
chequing, savings and loan
accounts.

Hon
Rees
x

oxi

____ Ask us about our plans.
7 _ We are happy to talk with you.

— DDT


TUESDAY, MAY 31, 2005






said discussions between the
Government and the Orlando-
based Ginn Corporation had
“stalled” after months of what

' By YOLANDA
DELEVEAUX
Senior Business Reporier

. THE future of the $2.5 bil-
. lion-dollar Ginn Corporation
investment on Grand Bahama

bureaucratic bogdown.

iami Herald Business

insiders were describing as a’

A source close to the devel- .







Grand Bahama, will be realised.

The prospect of losing the
Ginn Corporation investment
is potentially devastating for
both Grand Bahama and

Freeport, as both continue to
recover from last year’s devas-
tating hurricanes.



The outcome of negotiations
with the Government will have
a direct bearing on whether the
Ginn Corporation will contin-
ue with a second multi-million

dollar project, slated for the.

eastern end of the island. ©

ond-home development is a
proposed joint venture with the
Grand Bahama Development
Conipany (DEVCO), the real
estate arm of the Grand
Bahama Port Authority, with
the two parties having already

‘signed a Memorandum of

2 Dae

HELPING YOU CREATE AND MANAGE WEALTH

' Tel: (242) 356-7764

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Understanding. It is believed
that should the Government's
West End project fall through,
DEVCO's East End project is
also likely to come to an end.

SEE page five

‘was hanging on a knife-edge last
night, with negotiations with the
developers reaching a “critical
stage” and the Government
having a “48-hour window” to
close an agreement or see them
walk away.

Multiple sources yesterday






@ By NEIL HARTNELL
Tribune Business Editor



Over 90% of companies
expect sales and profits
to increase during 2005

But Central Bank survey highlights
gulf between New Providence and
less hopeful Family Islands

opment said the Government
had only a 48-hour window of
opportunity left to conclude a
Heads of Agreement and deter-
mine whether the company's
plan for a tourism and residen-

tial development expected to_

“change the face" of West End,



















SEE page three

ALMOST 91 per cent of Bahamian businesses expect to
enjoy increased sales and profits in 2005, a Central Bank of the
Bahamas survey has found, with 20.9 per cent of companies
interviewed indicating that there was unmet demand for their
product during the 2004 fourth quarter.

The Central Bank’s first Survey of Economic Activity, con-
ducted in January this year, found that 13.6 per cent of com-
panies and businesses surveyed were operating at excess capac-
ity , with only 9.1 per cent operating at insufficient capacity.

The survey, which drew responses from 39 businesses and !1
Family Island administrators for its assessment of employment,
financing and market conditions, mirrored the Coalition of
Private Sector Organisations’ economic outlook survey in its
findings, both indicating that companies were becoming increas-
ingly optimistic about the economy’s prospects in 2005.

The Central Bank survey, though, highlighted the differ-
ences between the major Bahamian islands - New Providence,

















‘Point of no return’

Court ruled that Campbell’s
Colina stake did not ‘entitle
him’ to block EGM



‘Ml By NEIL HARTNELL
Tribune Business Editor

The Court of Appeal ruled
that it could not interfere with
the wishes of shareholders to

- remove James Campbell as Col-
ina Insurance Company’s pres-
ident, finding that his 45 per
cent minority stake in the Coli-
na Financial Group (CFG) did
not “entitle him” to an injunc-
tion preventing the May 20
Extraordinary General Meet-

ing (EGM) that rubber-
stamped. his ousting.

In a written ruling that is like-
ly to have implications for
future corporate governance
and shareholder disputes, Jus-
tices Churaman, Ganpatsingh
and Osadebay said that if the
Court of Appeal granted Mr
Campbell’s injunction applica-
tion, “we would be, in fact,
declaring his vested right in con-

SEE page five

LAR aH







li By NEIL HARTNELL
Tribune Business Editor



OF

IT MAY take up to 18 months to two
years before government paper and Trea-

International Securities Exchange (BISX),
the minister of state for finance said yes-
terday, with Cabinet approval of 15 rec-
ommendations to revitalise the exchange
having'thrown it a “lifeline”. —

-In an interview with The Tribune, James
Smith said discussions were underway to
permit the National Insurance Board
(NIB) to invest $25 million of assets out-
side the Bahamas ‘in a move timed to coin-
cide with enactmént of the planned
amendments to the exchange control
Tegime. in ee ee:

Mr Smith added that he expected. the
developments with NIB to start between
now and the end.of this year, although he

lion figure was a limit or the amount that
would be invested in a per annum basis.

He said, though, that the amount of NIB
assets invested abroad would be tied to
the level of its reserve fund.

NIB has to increase the rate of return on
its investments and plan assets as part of a
strategy to prevent the social security
scheme going bankrupt by 2029, and finan-
cial analysts have recommended that one
way to achieve this would be to allow it to
invest a portion of its assets abroad.

In addition; one of the 15 recommen-
dations for revitalising BISX was that the

Bahamian capital markets, investifig much
more than it has done in the stocks of pub-

vernment debt trading
ISX may take two years

sury Bills are traded on the Bahamas’

was currently ufisure whether the $25 mil-

NIB should take a greater role in the.





licly-traded companies.

A senior NIB yesterday said it was in the
process of identifying three Bahamian
investment firms, who would each be

' charged with investing and managing up

declined to comment on the issue of mak-
ing foreign investments, saying that nego- -
tiations were ongoing with the Govern-
ment and nothing had been finalised.

- propriate to discuss:the matter without
knowing what the final outcome would

submitted to the Government on how to

‘headed by outgoing Central Bank gover-
_ nor Julian. Francis,.came up with “a sug- .





@ MINISTER of State for:
Finance James Smith





to $20 million of its assets. It was unclear
whether the investments are to be made
locally or internationally, though

NIB director, Lennox McCartney,











‘He said further that it-would be inap-







bere a : Seeks
Meanwhile, Mr Smith said the report





implement the recommndations for revi-
talising BISX, drawn up by a committee






gested timeline” at which to ‘enact®each
suggestion... i

_ With regard to the listing and trading of
government-registered stocks and Trea-
sury Bills on BISX, this might take longer
than other recommendations to imple-
ment as additional technology and soft-
ware might be required.

“Setting up the modalities [for the trad-
ing of government debt instruments]
would take a bit more study to see how it
works and to ensure we don’t lose the lev-
el of efficiency we now have,” Mr Smith.

Government-registered stocks and Trea-
sury Bills are currently allocated to

SEE page three

























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info@damianos.com
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PAGE 2B, TUESDAY, MAY 31, 2005 THE TRIBUNE

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Know what it means to give outstanding customer service
Have an interest in Food and Beverage sales and
management
Desire to bring fun and enthusiasm to our company
Truly believe the customer always comes first
Preferably have |-2 years customer service experience

in a retail or restaurant environment PS eee Ere eee

often slow in preparing for
MMM OCI) weno Ceeeg yur y (Ce) Came CS) Um MLA om TT amet Com ei ttc
and general manager, gave _now to prepare for retire-
advice to a group of ment.

‘FRIENDS’ (pictured above) With rising prices, he
at St Matthew’s Anglican explained that the costs for
Church on creating a com- _ one to maintain their accus-
fortable ‘nest egg’ when _tomed standard of living
heading into retirement. would be even greater in

Mr Major highlighted the _ those golden years.








| COUR MVE Nye ene
Imperial Insurance Compa-

We offer:

e 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

NOTICE

NOTICE is hereby given that DONALD NAPOLEAN, P.O.BOX
54802, NASSAU, N.P. BAHAMAS, BAHAMAS, is applying to
the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and that
any person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 31st day of MAY,
2005 to the Minister responsible for Nationality and Citizenship,
P.O.Box N-7147, Nassau, Bahamas.



We are currently interviewing for:

Baristas
(Coffee Bar Specialist)

All interested applicants should bring in person to J oa
Bull Business Centre, Robinson Road on Thursday, Jun
2,2005 between the hours of 10am and a the following
documents:

Resume, sassnort picture, copy of passport, copy of NIB .
card, job references.



Small family restaurant in Western District is
seeking to employ:

VACANCY NOTICE
} Job Title: SENIOR SECURITY SUPERVISOR
Core Functions:

¢ Ensure the protection of life, property, confidential
documents and other information and the safety and

NOTICE

NOTICE is hereby given that ROBERTA LUBRUN JUSTE OF
P.O. BOX N-3331, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and that
any person who knows any reason why registration/ naturalization
should not be granted, should send a written and signed statement

of the facts within twenty-eight days from the 24TH day of MAY, |



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

Applicants please telephone 362-0681 for interview.

Well-being of cmployess and-visitors; 2005 to the Minister responsible for Nationality and Citizenship,

LEGAL NOTICE
PO. BORN: 7147, Nassau, Bahamas. BR ’

-..» Perform supervisory duties and assist with
administrative Jnatters.



NOTICE

SCHAAN LIMITED

(In Voluntary Liquidation)

E Education and Other Requirements:

e Three (3) BGCSE/GCE passes with ‘C’ grades or
above or equivalent/ high school diploma and nine (9)
years relevant experience, including three (3) at the
supervisory level.

LEGAL NOTICE

NOTICE

JENNY MARBLE LTD.

(In Voluntary Liquidation)

¢ Good supervisory and communication skills

Notice is hereby given that the above-named Company is
in dissolution, which commenced on the 26th day of May,
2005. The Liquidators is Argosa Corp. Inc., of P.O.Box N-
7757 Nassau, Bahamas.

e Sound human relations skills

° Computer skills and knowledge of surveillance systems
are assets

¢ Knowledge of policing principles ss Nat! :
Notice is hereby given that the above-named Company is

in dissolution, which commenced on the 25th day of May,

2005. The Liquidators is Argosa Corp. Inc., of P.O.Box N-

7757 Nassau, Bahamas.

¢ Punctual, reliable, alert and physically fit
¢ Clean Police Record

¢ Good character

~ARGOSA CORP. INC.

| Interested persons should submit a resume, documentary proof Liquidator
of their qualifications including copies of certificates, and three

character references to:



The Human Resources Manager
DA 4275
P.O. BoxN-3207
Nassau, Bahamas
’ by Thursday, June 9, 2005

ARGOSA CORP. INC.
Liquidator



Colina

Financial Advisors Ltd.



Din

Daily Vol. EPS $

qPricing information As Of:

H 30 May 2005
we
ome _ LE IEE
wk-Hi - Today's Close

Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonweaith Bank
Doctor's Hospital
Famguard

Finco

FirstCaribbean

Focol

Freeport Concrete

ICD Utilities

J. S. Johnson

Kerzner International BDRs





Weekly Vol.
12.50 Bahamas Supermarkets

10.00 Caribbean Crossings (Pref)



28.00 ABDAB
13.00 Bahamas Supermarkets
5 RND Holdings










1.2164 1.1609 Colina Money Market Fund 1.216402"
2.2420 1.9423 Fidelity Bahamas G & | Fund 2.2420 ***
10.3539 10.0000 _— Fidelity Prime Income Fund 10.3539""""* Eola rae Mes agteien
2.2214 2.0941 Colina MSI Preferred Fund 2.221401"*
1.0931 1.0320 Colina Bond Fund 1.093141°**" _in aa Aton. fo:



BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price In last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today
DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings
** - AS AT MAR. 31, 2005/ **** - AS AT FEB. 28, 2005
A

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 $ - Acompany's reported earnings per share for the last 12 mths
NAV - Net Asset Value

N/M - Not Meaningful

FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100





He-SS6-7764


THE TRIBUNE

TUESDAY, MAY 31, 2005, PAGE 3B



Retail and construction sectors
report increase in production costs

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamian construction,
retail and wholesale industries
are all reporting increased pro-

duction costs, which in some
instances has caused consumer
prices to rise as firms pass on
the extra burden, a Central
Bank of the Bahamas survey

The Central Bank’s first Sur-
vey of Economic Activity, con-
ducted in January 2005, said of
the construction industry:
“Despite having positive rev-
enue expectations for 2005, the

nesses that have operations in
New Providence reported that
sales during the last quarter of
2004 were not so favourable,
while those with a presence in
more than one island in addi-

has found.

Increase expected

FROM page one

Grand Bahama and Abaco - and the other Family Islands,
were optimism and economic growth prospects were in limited
supply.

Drawing heavily on the responses of the Family Island admin-
istrators, the Central Bank reported that the outlook and con-
ditions for the southeastern Bahamas - Acklins Island, Crooked
Island and Cat Island - and the Andros and the Berry Islands
were similar.

It said: “The top industries (agriculture and fisheries, small
scale hospitality and construction sectors) were seen as having
subdued market conditions and production levels, attributed in
part to transportation problems and lack of private investment
or infrastructure improvements. Employment conditions are
expected to improve in these areas during 2005.”:

Economic optimisim eas much greater in Abaco, Eleuthera
and Exuma. Abaco’s economy was expected to “continue on a
positive trajectory in 2005”, while the Four Seasons Emerald
Bay resort and associated spin-off developments had boosted
Exuma.

While employment levels and the economy were considered
“weak” during the 2004 fourth quarter, Eleuthera was hopeful
kit would receive a boost from planned tourism developments.

The Central Bank survey said: “In the Family Islands, expec-

: tations were more upbeat in the sub-economies with significant
tourism developments underway.
Skilled
«|e. “However, one high-ranking concern among these economies
“| was the undersupply of skilled labour and the expressed need for
| improved infrastructure. A significant number of Family Island
| communities were not expecting to participate in the general

pick-up in activity during 2005.”

The top four issues identified by the 39 companies and 11
Family Island administrators who responded to the survey
were the general economic climate, a lack of skilled employees,
marketing problems and the level of regulation and bureaucracy
faced by companies.

Fred Mitchell, minister of foreign affairs, alluded to the latter
factor in a speech to the Small Business Association of the
Bahamas last week, when he said it-took 179 days to get into
business in the Bahamas, compared to three to five days in
the US, and seven in Canada.

The Central Bank survey found that employment conditions

» |were expected to be “stable to firming” in 2005, with companies
likely to make increased levels of investments.

For the 2004 fourth quarter, fewer than 20 per cent of the
companies surveyed reported that sales were down upon the
comparative period for the previous year, with more than half
recording higher or unchanged profits.

Some 67.4 per cent of respondents found that demand and
supply for their industry’s products were balanced during the
2004 fourth quarter, with only 11.6 per cent of those surveyed
meeting excess supply conditions.

The Central Bank survey said: “The majority of the busi-
nesses, 81.3 per cent, stated that current inventory levels were
adequate, whereas the remaining were split between excessive
and insufficient levels. These assessments had significant bear-
ing on how businesses viewed staffing levels and on their
revwealed intentions about hiring in the short-term.”

The survey found that assessments of “excessive employ-
ment” were “rather common” among retail and service-related
companies in Grand Bahama, whereas the New Providence
construction industry was experiencing an employee shortage.
Some 77.8 per cent of companies were satisfied with employee
skills levels.



an S

ANSBACHER

majority of contributing busi- _ tion to New Providence opined

Government debt trading on
BISX may take two years

FROM page one

investors on an auction basis by the Central Bank.

Mr Smith said the regulator was “in charge” of implementing
most of the BISX recommendations, particularly those relating
to exchange control amendments, which accounted for 30-35 per
cent of the suggestions for revitalising the exchange.

He added that one change in the pipeline was allowing resi-
dents to participate in Bahamian Depository Receipt (BDR) .
offerings, unlike last year when they were blocked from par-
ticpating alongside Bahamians in the Kerzner International
issue.

Some 40 per cent of the BISX recommendations were relat-
ed to administration and corporate governance, Mr Smith said.
They dealt with issues such as reducing the size of the BISX
Board of Directors and controlling the exchange’s expendi-
ture, and these had already been implemented.

Other recommendations on the administrative side included
an initiative to educate Bahamians about investing, and Mr
Smith said the Government “will be doing something like” a pol- |
icy statement supporting BISX and the wider Bahamian capi-
tal markets.

The Cabinet approved the BISX implementation committee’s
report prior to last week’s Budget, and the minister of state for
finance said: “If one accepts the need to widen and deepen
the capital markets as a prerequisite for growth, BISX has
been thrown a lifeline and probably one thatwill help to get it
back to break-even and exist as a going concern.

“While it’s doing that it will provide an additional avenue for
businesses to expand by providing equity as a way of expansion
rather than leverage or debt.”

Mr Smith said a well-fuctioning capital market would provide
increased investment opportunities for pension funds, assist
with the pricing of assets and help allocate resources to the
most productive areas of the Bahamian economy.




































Legal Notice
NOTICE

GUN POINT INVESTMENTS LIMITED

This is to inform the General Public that all that private
thoroughfare or roadway known as Gun Point situate
northeastwards of the Settlement of Spanish Wells at the
northwestern end of the Island of North Eleuthera will be
closed to the public from 6:00 am to Saturday, 11th June,
2005 to 6:00 am to Sunday, 12 June, 2005 to protect the
right ownership.

EVERETT SANDS
President





that current sales were at a sat-
isfactory level.

“The majority of construction
companies surveyed stated that
while current market conditions
were almost balanced, produc-
tion capacity could be further
improved provided they had an
increased supply of skilled
labour; and that they would
keep or hire more skilled
labour.

“All reported increases in
input prices and the majority
stated that they had opted to
increase output prices.”

Responses

The Central Bank survey
received responses from six con-
struction companies, which
employed a total of more than
500 workers, all with annual
sales worth more than $5 mil-
lion.

Some 10 retail and wholesale
companies responded to the
survey, with all having $5 mil-





JOINT CONSULTATIVE CO

ANSBACHER (BAHAMAS) LIMITED

Ansbacher in the Bahamas invites applications from qualified individuals

fora

| CLIENT ACCOUNTING MANAGER
Salary + Banking Benefits + Performance Based Incentive Scheme

The Client Accounting Manager reports to the Director of Fiduciary
and is responsible for the overseeing of a profitable Client Accouting
Department in the preparation of financial statements for clients. He/she
is also responsible for maintaining accounting records for Trust and
Companies while complying with ABL’s Systems of Internal Control

and liason with Internal and External Auditors.

Candidates should have a minimum of 5 years experience in a senior
management position with proven ability to achieve objectives and

meet deadlines.

Education should be to a degree level with a relevant professional
qualification such as CPA. It is also important that candidates satisfy
the regulatory requirements. The successful candidate must be able
to demonstrate solid team work, communication skills and a practical

“can do” attitude.

BEY Ce
Arte

Time:
Cost:

Po

[JCC

In Collaboration with

EUROPEAN CONSTRUCTION
VENTURES LIMITED

20th & 21st June 2005
Jamaica Pegasus Hotel —
#81 Knutsford Boulevard, Kingston 5, Jamaica, W.I.
8:00 am 4:30 pam
USD. $1000 per person (
more participants

The successful candidate will be ex
hardware & terminology, MS Windows

lion or more in annual sales.
While sales were expected to
keep on rising in 2005, “firms
indicated that there
were upward pressures in both
input and output prices, and
signalled that planned
capital expenditures in the
short-term would be concen-
trated on renovations”.
Higher profits were expected in
005.

Insurance companies indicat-
ed that sales conditions in the
life insurance industry were
good, although some believed
there was “unmet demand”,
while product prices were ris-
ing at a slower rate than input
costs.

The manufacturing sector,
with the survey targeting Grand
Bahama and its export indus-
tries, indicated that, the 2005
outlook for sales and profits was
positive, although there was a
feeling that the average skills

levels of workers needed to be ~

increased.



COMPUTERS LIMITED
—tThe Know How Team™——

Systems Engineer / Field Technician

Custom Computers Ltd. has been providing network
integration and system solutions for more than 18
years, and is looking to recruit an experienced Systems
Engineer / Field Technician. This position provides high
level field support and consulting to our clients.



LODO) erm Om meas
Te colts eect acveCOly)

nt ECV)

‘The programme will consist of an introduction to new FIDIC décuments

and address the following areas/ issues:

Majeure & Termination,
Responsibilites.

Constraction/ Design-Build Contracts, Responsibilities of Main Parties, Management of
Projects-Key Areas, Workmanship & Time, Financial Clauses & Procedures, Risks, Force
Claims & Disputes & Arbitration and the First 100 Days of

Throughout the programme there will be opportunites for questions, and where

appropriate, case studies will be introduced. -

In addition to basic salary, benefits include life and medical insurance,
income protection and membership in a personal plan.

Written applications with current C.V. should be submitted to:

The Human Resource Manager,
Ansbacher (Bahamas) Limited,

P.O. Box N-7768,
Nassau, Bahamas
Fax 242-326-5020

LOM ran ea ei iiias Ayia



ONECARIBBEAN...
ONE COMPANY

www. teigraup. com



t Employers,
egal Advisers and all -

Arthur @ 662-6224 - Fax: 645-6345
PAGE 4B, TUESDAY, MAY 31, 2005

GUARANTY TRUST BANK LIMITED











THE TRIBUNE BUSINESS

LOANS

4.
BALANCE SHEET Loans totaling $29,947,227 (2004: $81,996,751) are secured by cash collateral (see Note 6).
JANUARY 31, 2005
(Expressed in United States dollars) Loans analyzed by geographital'area, based on the domicile of the borrowers, are as follows:
2005 2004 ‘2005 2004
ASSETS Latin America and the Caribbean $ 57,796,898 $110,421,140
Cash and demand deposits with banks (Note 3) $ 14,131,942 $ 4,039,310 Bae ies ices . 6,327.61 0)
Time deposits with banks (Note 3) 19,559,000 17,972,000 ahi
Loans (Notes 4 and 9) 57,796,898 107,093,530 $ 57,796,898 $107,093,530
Investments (Note 5) 842,461 4,980,715
Accrued interest receivable and other assets (Note 9) 713,034 oe Loans maturing after the balance sheet date are as follows:
Fixed assets - Net (Note 8) _ 42,081 __ 24,307 :
TOTAL $ 93,085,416 $135,007,341 2005 _ 2004
7 : Due within one year $ 11,493,099 $ 9,033,912
LIABILITIES AND SHAREHOLDERS' EQUITY Due after one year up to five years 46,303,799 _ 101,387,228
LIABILITIES: $ 57,796,898 $110,421,140
Due to banks $ - §$ 11,731 aS ees
Customers’ deposits:
Demand and call (Notes 6 and 9) 33,336,188 24,011,360 Movement in the provision for loan losses is as follows:
Time (Notes 6 and 9) 29,947,227 81,994,507
Deposits from banks (Note 7) . Pees 2005 2004
: iabilities 6,244 2 .
Accrued interest payable and other liabilities (Note 9) ___ 356,244 __OE nT Balance, beginning of year $ 3,327,610 $ 5,787,138
Total liabilities 63,639,659 _106,708,506 Provision for the year - 1,727,610
SHAREHOLDERS' EQUITY: Loans written off during the year (3,327,610) (4,187,138)
Share capital: Balance, end of year $ - §$ 3,327,610
Authorized: 20,000,000 shares of $1 each : ————————————
Issued and fully paid: 18,000,000 shares 18,000,000 18,000,000
Contributed surplus 76,824 76,824
Retained earnings _ 11,368,933 _ 10,222,011 5. INVESTMENTS
Total shareholders’ equity 29,445,757 __28,298,835 Investments comprise of the following:
TOTAL § 93,085,416 - $135,007,341 Se |
, Available for sale investments: 2005 2004
See notes to balance sheet. Mutual funds
This balance sheet was approved by the Board of Directors and authorized for issue as of May 6, (Cost $7,332,772) $ - $ 3,635,568 -
2005, and, is signed on its behalf by: , Held to maturity:
_—_ 7 : Purchased loans receivable . 842,461 1,345,147
oe / Total investments ; $ 842,461 4,980,715
Director rector : .
Held to maturity investment represents loans purchased under a factoring agreement. These
: receivables mature in January 2008, and are further analyzed as follows:
GUARANTY TRUST BANK LIMITED
: 2005 . 2004
NOTES TO BALANCE SHEET Due within one year $ 432,659 $ 502,686.
YEAR ENDED JANUARY 31, 2005 Due after one year up to five years 409,802 842,461
(Expressed in United States dollars)
$ 842,461 $ 1,345,147
1. GENERAL . 6. CUSTOMERS’ DEPOSITS
Guaranty Trust Bank Limited (the “Bank”). was incorporated under the laws of The Customers’ demand and call deposits analyzed by geographical area, based on the domicile
Commonwealth of The Bahamas on June 15, 1962. The Bank provides trust, company of the depositor, are as follows:
management, international investment and merchant banking services and is licensed under
the Banks and Trust Companies Regulation Act of 1965, as amended. The Bank was also 2005 | 2004
licensed under the Mutual Funds Act of 1995, as a mutual fund administrator, until January Latin America and the Caribbean $ 29,696,370 $ 22,561,146
28, 2004, when it surrendered its license to the Securities Commission of The Bahamas. Bape Ses ans
The Bank’s registered office is located at Lyford Manor Building, New Providence, North ee 2,808,931 2,388
Bahamas. South Africa 113,566 454,017
Far East 33,158 : -
The number of persons employed by the Bank at January 31, 2005, was 7 (2004: 9). : $ 33,336,188 $ 24,011 360
2. SIGNIFICANT ACCOUNTING: POLICIES : if
; ; : . : Customers’ time deposits analyzed by geographical area, based on the domicile of the
The Bank’s balance sheet has been prepared in accordance with International Financial depositor, are as follows: :
Reporting Standards. The preparation of the balance sheet, in conformity with International
Financial Reporting Standards, requires management to make certain estimates and 2005 2004
assumptions that affect the reported amounts of assets and liabilities and disclosure of :
contingent assets and liabilities at the date of the balance sheet. Actual results could differ Latin America and the Caribbean $ 29,947,227 $ 81,994,507
from those estimates. :
The following is a summary of the significant accounting policies: Maturity analysis of customers’ time deposits:
a. Loans — Loans are carried at principal value less specific and general provisions for 2005 2004
loan . ce provisions for loan losses are established by charges to operating Due within one year ' g a 38 . -
- expenses based upon management’s evaluation of the loan portfolio, current Due after one year 29,947,227 81,994,507
international economic conditions, past loan losses and other factors. Loan losses, if :
deemed necessary by management, are charged to the reserve, and any recoveries are $ 29,947,227 $ 81,994,507
added to the reserve.
: D its fr tomers of $29,947,227 (2004: $81,994,507) are blocked as security against
b. Investments — Investments are recognized on-a trade date basis and are classified as Ga Ge Note 4) oe ¢ ) hee
held to maturity or available for sale. Investments with fixed maturity dates, where ‘
management has both the intent and ability to hold to maturity, are classified as held
to maturity. Investments intended to be held for an indefinite period of time, which 7 DEPOSITS FROM BANKS
may be sold in response to needs for liquidity or changes in the market, are classified :
as available for sale. ; Deposits from‘ banks were $78,737 in 2004 and were received from institutions in Latin
America and the Caribbean. ~ =
Investments are initially measured at cost. Available for sale investments are
subsequently remeasured at fair value based on quoted prices. Fair values for a
unlisted securities are estimated using market values of the underlying securities or 8. FIXED ASSETS - NET
appropriate valuation methods. , The movement of fixed assets during the year is as follows:
Held to maturity investments are carried at amortized cost less any provision for 2005
impairment. Beginning ~~ ~Ending
c. Fixed assets — Fixed assets are stated at cost less accumulated depreciation. _Balance Additions Disposals Balance_
Depreciation ‘is computed using the straight-line method, at the following annual COST:
tes: an .
tar Furniture and fixtures $446,415 $§ - $ - $446,415
Furniture and fixtures 25% - 33% Equipment : 253,967 5,753 a 259,720
Equipment 25% - 33% Motor vehicles __ 73,318 _- 38,483 _ (35,743) _ 76,058
1 ‘0,
Motor yelucies 258 $773,700 $ 44,236 $(35,743) $782,193
Gains and losses on disposal of fixed assets are determined by reference to their — 2005
carrying amount. Beginning Depreciation ~ Ending
d. Commissions and acceptance fees - Commissions and acceptance fees are recorded _Balance Expense Disposals Balance_
on a cash basis. ACCUMULATED
; ; oo DEPRECIATION: :
e. Interest income and expenses — Interest income and expenses are recorded on an Furniture and fixtures $446,415 §$ 2 § - $446,415
accrual basis. Equipment 238,537 7,965 - 246,502
f; Translation of foreign currencies — Assets and liabilities not denominated in United Motor vehicles Ot) oe Sot) aa
States dollars are translated at exchange rates prevailing at the balance sheet date. $749,333 $ 26,522 $(35,743) $740,112
Transactions during the year are translated at the exchange rates prevailing on the ao te S010)
date of the transactions. : 2005. Net movement $ 24,367 $ 17,714 $ - $ 42,081
g. Assets under management — Assets under management which are held in a fiduciary 2004 Net movement $48,303 $23,674) $_(262) Set
capacity for clients are excluded from the balance sheet, other than those assets and 9. RELATED PARTY BALANCES
liabilities which relate to banking services provided by the Bank to these clients. ‘
; Balances with companies controlled either directly or through a vested authority by the
h. Cash and cash equivalents — Cash and cash equivalents include cash and demand shareholders, directors and officers of the Bank are at arm’s length, and as of and for the year
deposits with banks and time deposits maturing within six months of the balance ended January 31 are as follows:
my sheet date. These are subject to an insignificant risk of change in value and are due 2005 2004
within less than three months.
Loans $ 46,846,782 $ 94,164,364
Accrued interest receivable and other assets $ 366,426 $ 435,863
4 CASH, DEMAND AND TIME DEPOSITS WITH BANKS Customers’ deposits:
i eer ; . Demand and call $ 6,189,565 $ 4,444,057
; Cash and demand deposits with banks are analyzed by geographical area as follows: Time $ 26,555,155 $ 81,994,507
2005 2004 Accrued interest payable and other liabilities $ 33,339 $ 455,044 -
10. NET FOREIGN CURRENCY EXPOSURE
Latin America and the Caribbean $ 45,924 $ 280,298
North America 13,560,826 1,619,966 2005 2004
Europe 525,192 2,139,046 Pounds US$ Pounds US$
$ 14,131,942 , Euros Sterling Equivalent Euros Sterling — Equivalent
Assets $ 31,862 § 256,544 $ 525,387 $ 34,692 $ 69,061 $ 168,709
Time deposits with banks mature within six months of the balance sheet date and have Liabilities - _(276,144) _ (520,863) - __(208,767) _ (379,956)



been placed exclusively in E :
ee Coverage (exposure) $ 31,862 $ (19,600) $ 4,524 $34,692 $ (139,706) $ (211,247)

ee
THE TRIBUNE






RISK MANAGEMENT

During the normal course of its banking activities, the Bank manages its exposure to interest
rate, credit, maturity and currency risks using the following methods:

@
(ii)




Interest rate risk is managed by matching deposit liabilities with deposit assets.





Credit risk is managed by placing deposit assets only with reputable financial
institutions or related party entities. All loans are secured by assets which are held to
the order of the Bank or which are otherwise fully collaterised.










Maturity risk is managed by placing deposit assets only in financial instruments that
allow the Bank to meet the maturities of the associated deposit liabilities.

(iii)







(iv)

Currency risk is managed by matching deposit liabilities with deposit assets within
the same currency whenever possible.




FAIR VALUE OF FINANCIAL INSTRUMENTS

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











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



Cash and demand deposits with banks, and time deposits with banks - Due to their short-term
maturity, the carrying values of these financial instruments are assumed to approximate their
fair values.




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

'

Investments - The net asset value of available for sale investments approximate fair values.




Deposits - The estimated fair values of deposits maturing within one year are assumed to be
equal to their carrying values.




COMMITMENT UNDER OPERATING LEASE

The future minimum rental payments under non-cancellable operating leases are as follows:






2005 2004
Due within one year $ 200,000 $ 380,000
Due after more than one year 1,000,000 -760,000

$1,200,000 $ 1,140,000











COMMITMENTS TO EXTEND CREDIT

The Bank has irrevocable undrawn loan commitments to customers as at the balance sheet
date amounting to $5,125,000 (2004: $5,124,122.86).








Deloitte.

Deloitte & Touche -
Chartered Accountants -
and Management Consultants
2nd Terrace, Centreville
P.O, Box N-7120
Nassau, Bahamas









Tel: + 1 (242) 302-4800
Fax: +1 (242) 322-3101
~http://www.deloitte.com.bs






INDEPENDENT AUDITORS’ REPORT



To the Shareholders of
Guaranty Trust Bank Limited:








We have audited the accompanying balance sheet of Guaranty Trust Bank Limited (the “Bank”) as
of January 31, 2005. The balance sheet is the responsibility of the Bank’s management. Our
' responsibility is to Seuss an opinion on this 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 financial statement presentation. We believe that our audit provides a reasonable basis for
our opinion.










In our opinion, the balance sheet presents fairly, in all material respects, the financial position of the
Bank as of January 31, 2005, in accordance with International Financial Reporting Standards.

abo, 0 (Bache.

May 6, 2005








A member firm of
Deloitte Touche Tohmatsu



PUBLISH

Your Balance Sheets & Legal Notices in

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TUESDAY, MAY 31, 2005, PAGE 5B
BUSINESS



FROM page one



cal juncture.

cluded.

to The Tribune yesterday.

not returned by press time.

ject’s fate, but never got it.

vate non-commercial airstrip.

eastwards.



Talks between the Government and the Ginn
Corporation have been ongoing for about a
year and a half, with discussions becoming more
intense in November before reaching this criti-

The danger faced as a result of the stalled
negotiations at this point, The Tribune was told,
is that it is likely the Ginn Corporation will pull
out if negotiations are not imminently con-

“Certainly, that's where we're at. There is a
little window here for it to work, but it's at a crit-
ical stage,” one source close to the talks revealed

Officials at the Grand Bahama Port Author-
ity and the Grand Bahama Development Com-
pany declined to comment on the matter. Calls
to DEVCO president and chief executive Gra-
ham Torode, and government officials, were

Another source close to the situation, when
asked whether the developers had pulled out of
the project, said: “Not quite yet.”

- It is understood that the Ginn Corporation
had been waiting to receive a letter from the
Government on Friday in regard to the pro-

. A leftover project from the previous FNM
administration, the Ginn Corporation proposal
was first officially mentioned as far back as
2002. The proposal involves some 2,500 acres of
land on the old Sammons Estate that would
incorporate, among other amenities, condo-
hotels, two 18-hole golf courses, single family
lots, second homes, three marinas and the
reopening of the West End Airport as a pri-

Government officials have estimated that
over 1,000 direct jobs were to be created for
Grand Bahama residents as a result of the pro-
posed development, in addition to a number
of spin-off jobs and entrepreneurial ventures.

For the second project, the Ginn company
and DEVCO announced plans for the devel-
opment of a $200 million luxury home devel-
opment on the eastern end of the island. The
development involves about 6,000 acres of
DEVCO land stretching from Barbary Beach

. .In January, Prime Minister Perry Christie
told members of the Grand Bahama Chamber
~ of. Commerce that the island would secure its

economic stability for the next 10 years with
the development of a number of projects,’
including the proposed Ginn developments for |
East and West Grand Bahama.
"The reality is that there are people who -
would wish to invest, people who would wish to
travel, people who would wish to have second |.
homes in our Commonwealth, because of the
safety and security in which to bring their chil- |

dren.

Mr Smith said. -

$2.5bn investment’s
fate on a knife edge

"They (investors) demonstrate by their invest- -
ment dollars and their proposals that this coun-
try enjoys a level of confidence because of its ’
democracy, stability and security people enjoy -
in this country," Mr Christie said.

The Prime Minister described the Ginn Cor-
poration proposal as “extraordinary” and pro-
ducing a “major economic transformation”,
with the first phase involving a 400-room condo-
style hotel. “If this isn’t something to applaud, :
then tell me,” the Prime Minister said, adding :}
that the Ginn Corporation was “ready”.

The Tribune understands that Mr Christie-
has given instructions that the Ginn Corporation ‘.].
project must happen, but there are concerns in
government circles that the development might :
be viewed in some quarters as giving more:
Bahamian land away to foreign developers and:
second home owners, rather than being given to:,}:
Bahamians for them to develop. E

The Ginn Corporation situation sounds eeri-:
ly familiar to the $1.2 billion Cable Beach pro-:
ject, which was announced earlier this year but:
only after it almost fell apart twice, largely”
thanks to government footdragging. e],

Adding fuel to the fire, Freeport-based attor- °
ney Fred Smith yesterday said businessmen and
licencées in the Port Authority area were:
unhappy with the Government, believing it had:
muscled into the Ginn Corporation develop-.
ment by causing the West End project to be.
first ahead of the DEVCo joint venture.

He claimed that numerous investors had been -
confronted with a lack of progress, frequently. :
being told ‘yes, yes’ in meetings with govern--
ment officials only for nothing to happen.

“The PLP do not know how to close a deal,”












































Court ruled that Campbell's S
Colina stake did not ‘entitle

him’ to block EGM

FROM page one

tinuing to be a director, even if
it is the will of the sharehold-
ers that he should not”.

They concluded: “That is not a
proper course to take.”

The three Court of Appeal Jus-
tices added that Mr Campbell’s 45
per cent stake in CFG, which in
turn holds a controlling 66 per cent
shareholding in Colina Insurance
Company’s parent, Colina Hold-
ings, was not “sufficient to entitle

him to an injunction to restrain
CFG” from calling the EGM.
They wrote: “The fact that he
[Mr Campbell] might be one of
the personalities behind the cor-

porate veil, and one who had con-:

tributed to the resounding success
of this venture, is'a matter rele-
vant only to the question of what-
ever rights he may have, either in
a winding up or in any other col-
lateral arrangement the parties
may arrive at.

“Tt is not, by itself, a right that
vests him with the right to pose.a

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Interested persons please
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CAREER OPPORTUNITY

Development Company Seeks Corporate Attorney

Baha Mar Development Company Ltd. seeks to hire
a bright, energetic, senior level attorney to manage
‘its legal affairs in New Providence. Successful
candidate will report to Baha Mar’s General Counsel,
and must have a minimum of seven years of high-
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skills are essential.

Please forward resume with salary requirements via

e-mail to info @ bahamardevelopment.com or via private
fax to (242) 327-5898 by no later than 17, 2005. All

responses will be held in the strictest confidence.



hal a ys a

challenge to the holding of a meet-
ing which can only be done byia
majority of the shareholders.” .'
The Court of Appeal thus
backed the Supreme Court ver-

. dict délivéréd:by Justice Hugh

Small, dismissing the appeal Dy

Mr: Campbell and refusing is

application for a stay.

The three justices also backéid
Justice Small’s urging that Mr
Campbell try to resolve his differ-
ences with former CFG colleagug¢s,
Emanuel Alexiou and Anthony
Ferguson, saying that if this failed
the only other action open wag ‘a
“fair and just” financial settlement.

Justice Small had initially grant-
ed Mr Campbell’s application for
an ex parte injunction to prevent
the Colina Holdings EGM.
stopped the EGM from being hé id
before May 11, but Mr Alexibu
and Mr Ferguson, who between
them hold the 55 per cent maj
ty stake in CFG, were success: iin
overturning this in the Supreme
Court on May 12.

Mr Campbell’s subsequé : t
appeal of that ruling led to t
Court of Appeal rendering its
dict on the matter on May 19.4In








. his appeal action, Mr Alexiou,

Ferguson and CFG were namedjas
the three ee erere 4,

“reached a point of no return’4
; Reflecting back on 1997, é

confirmed the veracity of cla
made by Mr Campbell and§
allies that the former Colina Ing

Holdings Board “in favour” o:
Campbell.

“The harmony that exis§
between these three individals
conspicuously combined to fhe

startling success that their vengure
achieved,” the three Cour of
Appeal justices wrote. g

“Tt is a matter of some regrdt, if

not misfortune, that whatever Was
the nature of their differenceg or
whatever led to the differeifres

ling empire. -
“It is very clear to us, fronj

return.”
Wa a ete eer eee ee

PAGE 6B, TUESDAY, MAY 31, 2005

SANTANDER BANK & TRUST LIMITED

(Formerly Santander Bank & Trust (Bahamas) Limited)

BALANCE SHEET
AS OF DECEMBER 31, 2004
(Expressed in United States dollars)



2004 2003
ASSETS

Cash and due from banks

Demand - Group $ 6,678,218 $ 21,364,883

- Others 2,783,127 20,060,006
9,461,345 41,424,889

Time - Group 2,816,967,695 2,861,747,403
- - Others 248,159,700 154,333,324
Total cash and due from banks 3,074,588,740 3,057,505,616

Trading securities (Note 3) - 3,150,131

Securities pending settlement 685,712 -

Securities available-for-sale (Note 4) 1,075,391 2,563,717

Foreign currency forward contracts (Note 12) 51,605,419 141,320,161

Investment securities (Note 5) 963,789,539 905,251,309

Loans, net (Note 6) 1,280,619,658 — 1,453,806,467

Investments in Group entities, net ‘(Note 7) 216,538,504 177,738,782 -

Unrealized gain on derivative instruments (Note 12) - 4,547,036

Accrued interest receivable
Group ; 4,811,598 139,645,815
Others 2,177,886 1,814,157

Due from Group entity - 7,477,166

Other assets and receivablés 27,721,043 27,091,258

TOTAL | $5,623,613,490 $5,921,912,215
’

LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES:

Due to Group entities ah
Demand $ 356,284,472, $ 447,396,157 ©
Time 1,518,709,184 1,979,616,337

Customer deposits
Demand 9,553,735 .5,187,302
Savings ‘227,300,323 184,257,362
Time 442,261,689 476,257,439

Accrued interest payable pe :
Group 10,247,833 11,623,300
Others. 602,070. 364,496 |

- Accumulated other provisions (Note 14) 1,250,313,321 1,008,503,894 |

Other liabilities © - 1,740,512... 4,297,748

Total liabilities eh 3,817,013,139 _4,117,504,035
SHAREHOLDERS’ EQUITY:

- Share capital:

‘Authorized, issued and filly paid 10, 000 oediaary Shae
shares of $100 each 1,000,000 1,000,000
Additional contributed capital 1,555,836,094 — 1,555,836,094
Retained earnings | 249,764,257 ___ 247,572,086

Total shareholders' equity
TOTAL

See notes to balance shset

The balance sheet was approved by the Board of Directors on n January 31, 2005 and is si

MAN

” Dinestor

behal.



Director

NOTES TO BALANCE SHEET
DECEMBER 31, 2004 -
(Expressed in United States siete)

1. GENERAL

1,806,600,351

1;804,408,180 © -

$5,921,912,215



5 Santander Bank & Trust Limited 4 (formerly Santander Bank & Trust (Bahamas) Limited) (the

“Bank”), is’ incorporated. under: the Jaws of the Commonwealth of The Bahamas (“The
Bahamas”) and is licensed to.carry.on trust and banking business from within The Bahamas. ..

“The: Bank is 100% directly’ owned ‘by: ‘two ‘holding. companies; however, the Bank’s ‘ultimate

. parent is Banco Santander Central. Hispano, S.A. (the “Parent”), incorporated i in open The. :

coal office'i is located at Bahamas Financial Centre, Shirley and Charlotte ar

-Asat December 3 1, 2004 the Ba had ak total of of sixty-four employees (2003: sixty-two),

SIGNIFICANT ACCOUNTING POLICIES.

The balance sheet has. ees prepared in cocasdanice with International Financial Reporting - :

Standards. The fouowing) is a: ‘summary of the significant accounting policies;

a. Use of estimates’ in. ‘the prepatation of ithe balance sheet - The ceeparation of the
“‘palance’ sheet in conformity with International Financial Reporting Standards requires —

management’ to make’ estimates. and: assumptions ‘that ‘affect the ‘reported ‘amounts .of
assets and liabilities’ and disclosure of contingent assets and liabilities at the date of the
balance. sheet. Actual results could. differ from those estimates. Material estimates. that

_ are particularly susceptible to change in the near and medium term relate to the Ls
. determination of the allowance for loan losses and realizability of investments in Group.

entities and umngquoted investment securities.

be Foreign: currency: ‘thanslation’ - “Roreign currency assets and liabilities have been.
“:'. “trarislated into. United Sues dollars at the rate of exchange ruling at the balance sheet

date.

SCs Cash anil cash cqutvilents.- Cash and cash Seuivalents is defined as ; demand deposits
"net of due to.demands and time deposits with maturity periods of less than 90 days from -

year-end.

d. Investment securities - Investment securities on the Bank’s balance sheet are classified

as trading. securities, securities available- for-sale or held-to-maturity investments.
Realized and unrealized yuan ‘and losses. on-securities are determined using the specific
; identification method. ©

i. . Held for trading - The trading portfolio includes those securities, which are
held with the intention of profiting from short-term price movements and. are
carried at fair value as adjusted for gains and losses on committed sales and
purchases.

ii. Held to maturity - Investment securities, held to maturity represent those securities

that the Bank.has both the positive intent and ability to hold to maturity and are

. Tecorded at amortized’ cost (cost adjusted for amortization of premiums and

~accretion of discounts): Investment securities are written down to fair value, if the
fair value represents a permanent impairment in the value of the investment.

iii. Securities avatlable:for-sale - Securities available-for-sale represents those
securities that do not meet the classification of held-to-maturity or trading. These
sécurities are carried at fair value. Unrealized gains and losses on these securities
are reflected as a separate component of shareholders’ equity.

e. Derivative fin iianclal instruments - The Bank enters into derivative transactions to
mitigate the risk associated with foreign currency exchange rates. The Bank may offer
customers certain. investment opportunities, which involve the use of derivative
instruments, such as option contracts.. The Bank may enter into derivatives for
speculative purposes when specific business goals and strategies have been identified.
The derivatives are carried at fair market value.



THE TRIBUNE BUSINESS

f Loans and allowance for loan losses - Loans are stated at the amount of unpaid

principal, reduced by unearned discounts and an allowance for loan losses, Accrual of
interest is discontinued when management believes the borrower’s financial condition is
such that the colleetion’ ‘of principal and interest is doubtful, at which time such loans are
placed on non-accrual status and any past due interest is. reversed. All subsequent
payments are applied first to the interest and then to the outstanding principal of the
loan. ;

_ The allowance for loan losses is an estimate to provide for collection losses in the loan
portfolio. Management’s evaluation of the adequacy of the allowance for loan losses is
based on estimates and ultimate losses‘may vary from the current estimates. Losses are

charged and recoveries are credited to the allowance for loan losses at the same time a

loss is incurred or a recovery takes place.

The Bank accounts for impaired loans by requiring that certain impaired loans be |
measured based on the present value of expected future cash flows discounted at the .
loan’s original effective interest rate. As a practical expedient, impairment may be
measured based on the loan’s observable market price of the fair value of the collateral
if the loan is collateral dependent. When the fair value of the impaired loan is less than
the recorded investment in the loan, the impairment is recorded through a valuation
allowance included in the allowance for loan losses. -

g. Investments in Group entities - Investments in Group entities are carried at lower of
acquisition cost (in the case of investments: denominated in currencies other than U.S...
dollars, these are carried at the equivalent U.S. dollar value at the historical rate) or
underlying net book value of the portfolio of investments (adjusted by the amount of the
unrealized gains or losses. disclosed at.the time of acquisition and still existing at the
date of subsequent valuation). The Bank presents its accounts on an individual basis
due to the fact that it is not obligated to present consolidated accounts, as the parent,
which is part of the Santander Group, presents consolidated accounts. The operations of

” the Bank are ultimately reflected in the consolidated financial accounts of the Parent. If
a decline in fair value is deemed to be other than temporary, the cost basis of the -
individual investments shall be written.down to fair value as a new cost basis. The new

_ Cost basis shall not be changed for subsequent recoveries in fairvalue.

h. Leasehold improvements and office equipment - ; Leasehold improvements and office

equipment are stated at cost less accumulated depreciation and amortization.

i. . Taxation - Under the laws of The Bahamas, the Bank: is not subject to income tax.

Therefore, no provision or liability for income. taxes. has been included -in the above
balance sheet.

, j. Transactions with related parties --In the ordinary course of business, the Bank enters ee ae
into transactions with related entities. These transactions include the funding of-loans

and investments, entering into freien currency forward contracts and transfer of assets
_ and liabilities. . :

-k. Assets under adtainisthation’s No account is taken in the balance sticet of assets held or

5.

Less allowance for loan losses _

" Jiabilities incurred by the Bank as custodian, trustee or nominee, other than those assets

-and liabilities which relate to the banking: service provided by the Bank. for their

paugaty clients.

ADING SECURITIES

ding securities at December 31, 2004, consist of the following:

2004 - 2003,
st eG aa ek AS 85845 958
Book and fair market value $. = $ 3,150,131.

Included in trading securities are investments in Group entities with a fair value of $Nil-and -
$3,150,131 as of December 31, 2004 and 2003, respectively and a cost of SNil and

- $35,345,753 rpecnvely:

SECURITIES AVAILABLE-FOR-SALE

Securities available-for-sale at December 31, 2004, consists of the following:

2 2004" © 2003
Cost "$43,325,091 $ 291,377,848
Book and fair market value : eon $ 1,075,391 $ 2,563,717

Securities. available-for-sale consists primarily. of investments in companies: and. funds

incorporated in the United States and emerging markets. Emerging: markets, which include

South and Central America and Eastern European countries, are countries which are generally *

considered to be emerging or developing countries, ‘by the World Bank, the International
Finance Corporation or the United Nations or its authorities, and ‘that: currently. are not
members of the Organization of Economic Co-operation. and Development (“OECD”). ‘As.
required by LAS 39, the Bank remeasures the available-for-sale securities to fair value.

INVESTMENT SECURITIES —
Investment securities at December 31, 2004, consist of the following: wh
2004. . 2003.

Unquoted debt securities : 8 963,609,539 ‘s 894,701 911
Public quoted debt securities
(2004 market: $Nil

~ 2003 market: $10,316,263) . Sg ees

- Other securities 180,000 233,135 -
$._963,789,539 -$ 905,251,309
LOANS, NET

s ani stated net of an allowance for loan losses at Decéniber 31, 2004, corisist of the |

following:
2004 == 2003
- Private sector - Group - ‘i
- Other’ eee 449,061,485
1,280,819,658 —_1,456,692,367
~_ (200,000). _ - (2,885,900)
$1 280 sis 658 $1,453,806 461

. ; s : 2° = - 2 2 2 <

An ‘analysis of the change in the allowande ‘fot loan: losses: for the year ended December 31,

2004 follows -indicating a $2,685,900 decrease (2003: sone: 949 increase) in the specific
provision:

ih - 2003

General = $200,000. $ 200,000
Specific ce Be 2,685 800
Total : $ 200,000 $2,885,900

INVESTMENTS IN GROUP ENTITIES, NET

At December 31, 2004 and 2003, the Bank had investments in Group entities amounting to .

$216,538,504 and $177,738,782, respectively. Certain Group entities in which the Bank holds
investments have experienced net losses during 2004 or are in a shareholders’ deficit position
as of December 31, 2004. In accordance with IAS 27, the financial statements of these entities
have not been consolidated because the Bank ‘is itself a wholly owned subsidiary of the Parent.
Such financial and equity effect of the accumulated deficits of these entities is not reflected in
the above balance sheet as the deficits are reflected in the Parent’s consolidated financial
statements at December 31, 2004 and 2003, respectively.

The realized losses on investments in group entities of $4,382,219 (2003: $88,084,972) was
applied to ‘specific Group: investments which management of the Bank determined had
incurred a permanent impairment in value. .The Bank's allowance for losses relating to
remaining investments in Group entities amounted to $2,156,118 and $38,864,000 as of
‘December 31, 2004 and 2003, and is reflected as a reduction in investments in group entities in
the accompanying balance sheet.

RELATED PARTY BALANCES
The Bank maintains balances and enters into business transactions with related parties. These

balances, which fluctuate during the year arise in the ordinary course of the Bank’s business.
Balances outstanding as of December 31, 2004 are reflected in the above balance sheet.

10,316,263 -

.. $831,758,173.-$1,115,557,526 ©
341,134,841 ~

Po Seite ener yoo
aoe ee ee ee ne ee Sn

THE TRIBUNE BUSINESS

9. MATURITIES OF ASSETS AND LIABILITIES |

‘The scheduled maturities of the Bank’s fixed-term assets and liabilities from December 31,
2004, to the contractual maturity date are as follows:

2004 Assets Liabilities
Due within one month - $ 516,932,110 $3,099,877,451
One to three months 2,202,718,384 120,135,176
Three to nine months - $6,607,027 589,992,125
Nine to twelve months 983,304,869 3,908,876
Over twelve months £1,616,596,354. -. 1,359,000 .
$.5,376,158,744 $3,815,272,628
2063 : Assets Liabilities
Due within one month ‘$ 1,059,734,199 - $1,724,934,365
One to three ‘months . : : - - 62,570;744 166,945,876
Three to nine months 3,053,975,400 1,206,258,523
Nine to twelve months 23,977,219 9,521,377

1,509,449,629 | 1,340,000

$5,709,707,191 $3,109,000,141

Over twelve months

The assets include cash and due from banks, restricted cash, investment ‘securities, forward
contracts, gross loans (including accrued interest) and. receivable’ from Group entity.
Liabilities include due to Group entities, customer deposits. and other liabilities.

10. CONCENTRATION OF ASSETS AND LIABILITIES

At December 31, 2004, assets and liabilities of the Bank were © concentrated i in. ‘the following

geographical areas:
2004 Assets _ LLiabitties
North America -*'$ 902,821,401. $ 118,475,130
Europe So 1,963,477,123.--. 1,026,904,503
Central and South America . 198,701,653 649,677,062
The Bahamas ~ 2,114,815,371 720,756,555
Other countries 364,896,603 38,396,155
. /$5,544,712,151 $2,554,109,405
2003 Se ae | Assets ——_Liablities"
_ North America ; . ~" $1,043,745,872 $5,902,491
Europe e -.. » 2,104,715,363° - 1,475,131,312
Central and South America "| 191,433,854 374,076,377 .
.The Bahamas 2,189,783,534: . 1,236,844,804
< _ 214,683,271 ee ee

Other countries ee ae
35,704261804 $3,001,954,984 a
The assets ‘include cash and due fron banks, restricted cash, trading securities, eeciitities
available-for-sale, investment securities, securities’ settlement pending, net,” “gross loans
nee (including accrued interest) and investments in Group entities. Liabilities include due: to

sd Group entities and customer deposits.

1 coiuarnwesci AND CONTINGENCIES

The above balance sheet does not reflect various commitments: and contingent: liabilities, . ©
-. which arise in the ordinary course of business. The contractual amounts of these instruments
. Tepresent a credit risk to the Bank should the instrument be fully drawn upon and the client
. defaults. To manage its credit risk related to issuing letters of credit, . the Bank subjects such
activity to the same credit quality and monitoring as its lending activities. These commitments
and contingent liabilities are described in the table below.: Commitments and contingencies,
other than derivative financial instruments, are as follows: .

2004: 2003

- Undrawn portions, of lines of credit: ‘ :
~ Others - Bite 4 $64,174,377 $20,609,109
Stand-by letters of credit: sya SEs . eee
Group ee 26,532,846 $ °.26,138,425 -
Others : 3,297,316 2,404,818

S 29/830) 162. $ 28,543,243 |

Management does not anticipate any material losses as a remult of: these transactions.

Legal matters - The Bank may be involved in litigation arising fiom transactions in the
ordinary course of business. Management believes that the ultimate liability, if any, resulting
from transactions in the ordinary course of business will not have a material effect on the
financial position or results of operations of the Bank.

12. DERIVATIVE FINANCIAL INSTRUMENTS:

Foreign. currency forward contracts to cover open currency positions : ‘The Bank is a nore) to
foreign currency forward. contracts used in the normal course of business to. meet its risk
management needs. These. contracts ey mature within, one cd The Bank does not
speculate i in the foreign excises market.

The fair sale of all Sach foreign currency forward contracts ts outstanding as Sof December 31,
2004 was $51,605,419. (2003: $141,320 Hel. recorded ‘as an asset in’ the accompanying
balance sheet.

Foreign currency forward contracts with. customers - The Bank enters into foreign currency
forward contracts with its customers, purchasing or selling a’ foreign currency at a pre-
determined price to be delivered or received at a pre-determined time. In order to mitigate any
tisk associated with these contracts, the Bank enters into foreign currency forward contracts

‘with related entities that offset the contracts entered into with its customers. The fair value of .

-all foreign currency forward contracts with its customers and the corresponding foreign
currency forward contracts with related entities Seaning. as of December 31, 2004. was
immaterial. . : :

et The table below summarizes, by currency, the notional amounts of all of the Bank’s foreign
- currency forward contracts, all of which expire during the next year, : expressed i in U.S. dollars,
‘as of December 31, 2004: ;

Foreign Currency

Forward Contracts

x? ; aie dee _ Notional US$ _

Currency > Coe BP SS Gee ‘Type _. Equivalent |
Euro s Pg” cong Os SO Bay _ 1,297,740,775
Euro : Se Sell. 1,247,838,346;

. Swiss franc we & ea ea Buy. 1,581,346,341
_ Swiss franc ; Set 590,174,804
_ Sterling pounds oe ee “Sell 14,199,465.
Sterling pounds eae a ee Buy "14,199,465

Derivative financial instruments for sieculatioe’ ‘purposes - The Bank ¢ enters into’ derivative -
financial instruments with non-group entities.in. the.normal course of business for speculative
purposes against the anticipated fluctuations i in market Prices.

13. CAPITAL REQUIREMENTS

The Bank is subject to the regulations of the Central Bank of The Bahamas (“Central Bank’’).
These regulations, which are subject to interpretation by the Central Bank, establish guidelines
to evaluate the capital adequacy of institutions incorporated in The Bahamas. The Central
Bank has established minimum risk-based capital ratios. At. December 31, 2004, the Bank’s
management is of the opinion that the Bank meets the established minimum ratios established
by the Central Bank.

14. ACCUMULATED OTHER PROVISIONS
_ Accumulated other provisions at December 31, 2004, consist of the following:
| : 2004. 2003
Guarantees issued by the Bank to related parties $ 1,238,341,934 $ 998,660,000

Others . 11,971,387 9,843,894
$ 1,250,313,321 $1,008,503,894



TUESDAY, MAY 31, 2005, PAGE 7B.

15. RISK MANAGEMENT
Price risk - Price risk is comes of poe tisk, interest rate ies and market risk.

Currency risk - Currency risk emanatiss from the possibility. that the value OE: a financial
instrument will fluctuate due to changes in foreign exchange rates... The Bank minimizes its
currency risk by monitoring levels of foreign currencies on a daily basis and closing any
positions as appropriate.

Interest risk - Interest rate risk is the risk that the value of a financial instrument may fluctuate
significantly as a result of changes in market interest rates. The Bank’s exposure to interest
risk is monitored on a regular basis.

Credit risk - Credit risk is the risk of financial loss resulting from, for any reason, the failure of
the borrower to honor in full its financial or contractual obligation to the Company.

Deloitte.

Deloitte & Touche os
Chartered: Accountants. -
and Management Consultants
2nd Terrace,: Centreville

P.O. Box N-7120

Nassau, Bahamas

Tel: + 1 (242) 302-4800
Fax: +1 (242) 322-3101.

INDEPENDENT AUDITORS’ REPORT http://www.deloitte.com.bs

To the Board of Directors of
Santander Bank & Trust Limited Alyse txt
(formerly Santander Bank & Trust (Bahamas) Limited):

We have audited the above balance sheet of Santander Bank & Trust Litnited Cotinerly Santander
Bank & Trust (Bahamas) Limited) (the “Bank”) as of December 31; 2004. The balance sheet i is the |
responsibility of the Bank’s management. Our responsibility is to express: an opinion on the balance
sheet based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those Standards
require that we plan and perform the audit to obtain reasonable assurance about whether the balance
sheet is free of material misstatements. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An atidit also. includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the
overall balance sheet presentation. We believe that our audit provides: a reasonable basis for our -
opinion. ;

In our opinion, the balance sheet presents fairly, in all inaterial Tespects, the finaiciat position of the
Bank as of December 31, 2004 in accordance with International Financial Reporting St Standards.

Olothe..€ Trnbe

January 31, 2005

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PAGE 8B, TUESDAY, MAY 31, 2005

British American Bank (1993) Limited
(Incorporated under the laws of the Commonwealth of The Bahamas)

Consolidated Balance Sheet as of 31 December 2004

(Expressed in Bahamian Dollars)





Note 2004 2003
ASSETS $ $
(Notes 47 &
21)
Cash on hand and at banks 3 15,689,298 13,731,739
Government securities 4 17,613,500 15,481,800
Mortgages, consumer and other loans 5 92,715,550 100,652,580
Fixed assets 6 7,079,377 7,580,095
Other assets 7 1,385,262 1,458,724
134,482,987 _ 138,003,038
LIABILITIES AND
SHAREHOLDERS’ EQUITY
LIABILITIES
Customer deposits 8 105,186,672 113,486,050
Mortgage-backed bonds 9 755,543 755,543
Long-term loan 10 700,000 900,000
Other liabilities and accrued expenses 11 2,265,621 1,655,887
108,907,836 116,797,480
Minority interest : 12 842,867 798,363
Preference shares 13 10,000,000 7,000,000
119,750,703 _ 124,695
SHAREHOLDERS’ EQUITY
Share capital 14 5,000,001 5,000,001
Revaluation surplus 1,735,925 1,776,532
Retained earings 7,996,358 7,530,662
14,732,286 __ 14,307,195
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY 134,482,967 138,903,038
¢
Approved on behalf of the Board of Directors: -
1 Z
Director ” Director





26 April'2005 ,

Date

NOTES

—f4

2.

Incorporation and Activity

British American Bank (1993) Limited, (the Bank), is incorporated in the Commonwealth of The Bahamas.
The Bank offers a full range of retail banking services, including internet and telephone banking, the
acceptance of deposits, granting of loans and the provision of foreign exchange services through each of its
four branches In Nassau, New Providence, its branch In Freeport, Grand Bahama and its branch on Paradise
Island. . ;

Fidelity Bank & Trust International Limited, (the Parent Company), a Bahamian resident company, owns 68%
of the issued shares of the Bank, with the balance of 32% being held by the Bahamian public.

The registered office of the Bank is situated at the offices of British American Bank (1993) Limited, Cable
Beach, Nassau, The Bahamas. As of 31 December 2004, 94 (2003: 95) persons were employed by the Bank.

Significant Accounting Policies

Basis of preparation: The Bank's consolidated balance sheet has been prepared in accordance with
International Financial Reporting Standards and under the historical cost convention, except for the
revaluation of land and buildings to fair value. The preparation of the consolidated balance sheet in
accordance 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 as of the date of the consolidated balance sheet. Actual results could differ from those
estimates.

Principles of consolidation: .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 contro! over its operations. Subsidiaries are
consolidated from: the date on which control is transferred to the Bank and are no fonger consolidated from
the date that control ceases. The consolidated balance sheet includes the accounts of the Bank and its
subsidiary, West Bay Development Company Limited, (West Bay), after elimination of all significant inter-
company transactions. West Bay is a Bahamian property holding company in which the Bank has a 66 2/3%
equity interest.

Government Securities: Government securities comprise registered securities issued by The Bahamas
Government and the Company classifies these investments at the time of purchase as originated loans.
These securities were issued and are redeemable at par value. Semi-annual interest payments are caiculated
based on the principal amounts outstanding. The securities are recognised when cash is advanced to the

. government and are.carried at amortized cost.

Mortgages, consumer and other loans: Loans and advances are comprised principally of amounts that were
originated by the Bank and are recognised when cash is advanced to borrowers.

Loans are stated at outstanding principal plus accrued interest less provisions for losses. 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-five years. Other loans are secured principally by chattel
mortgages and provide for monthly repayments over periods of up to ten years.

As soon as the recovery of a loan or advance is identified as doubtful, a provision for joan losses is
established to reduce the carrying value of the loan to its estimated realizable amount. The provision for loan
losses also covers losses where there is objective evidence that probable losses are present in the lending
Portfolio at the consolidated balance sheet date, but which have not been specifically identified as such.

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 non-performing
Status. All mortgage loans and consumer loans on which principal and interest payments are overdue by in
excess of ninety days are considered by management to be non-performing.

.

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.

Fixed assets: Except for land and buildings, fixed assets are stated at cost less accumulated depreciation
and amortisation.

Effective 31 December 2003, the Bank adopted the allowed alternative treatment in accounting for its land
and buildings at the revalued amount. In accordance with International Financial Reporting Standards, the
carrying values of land and buildings are adjusted to reflect their fair values. The fair values of land and
buildings are determined every three to five years by an independent qualified appraiser.

Leases: Leases entered into'by the Bank as lessee are operating leases. Real property owned by the Bank,
which is owner-occupied .and partly leased out under operating leases, is included in fixed assets in the
consolidated balance sheet.



Pension Obligations: The Bank participates in a defined benefit pension plan administered by Trustees who
include executives of the Parent Company. The pension plan is funded by payments from the employees and
the Bank, taking account of the recommendation from an independent qualified actuary. Pension liabilities are
assessed 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 estimated terms

of the liabilities. Actuarial gains and losses in excess of 10% of plan assets (or 10% of obligations, if ever _

greater) are recognised in income over the average remaining service lives of the employees.

Mortgage-backed bonds: Costs related to the issue of mortgage-backed bonds are amortised on a straight-
line basis over the lives of the respective bond series. Assets pledged as collateral for these bonds are
included in loans. - ,

Long-term loans: Borrowings are recognised initially at cost, being their issue proceeds net of transactians
cost incurred. Subsequently, borrowings are stated at amortised cost.

Foreign currency translation: Assets and fiabilities in foreign currencies have been translated into Bahamian
dollars at the appropriate rates of exchange prevailing at the consolidated balance sheet date.

,

Cash on Hand and at Banks

Cash on hand.and at banks comprise the following:

2004 2003

$ $

Cash on hand an at banks 11,584,148 9,543,299
Statutory Reserve with The Central Bank 4,105,150 4,188,440

15,689,298

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 and are non-"

interest bearing.

13,731,739



4.

7.

_ THE TRIBUNE BUSINESS



Government securities
vernment Registered Securities
Amortised Amortised
Interest Due Nominal Cost Cost
Rate Date Value 2004 2003
$ $
Prime + .500% 23 September 2004 124,100 ° 124,100
Prime + .125% 11 May 2005 772,700 772,700 772,700
Prime + .156% 11 May 2006 758,800 758,800 758,800
Prime + .938% 27 August 2006 1,000,000 1,000,000 1,000,000
6.75% 25 April 2010 397,000 397,000 397,000
Prime + .688% 24 August 2011 4,878,900 4,878,900 4,878,900
Prime + .675% 24 August 2012 2,221,100 2,221,100 2,221,100
Prime + 469% 21 July 2019 138,700 138,700 138,700
Prime + .469% 23 November 2019 500,000 500,000 500,000
Prime + 500% 12 December 2019 469,700 469,700 469,700
Prime + .531% 26 April 2020, 334,500 334,500 334,500 °
Prime + .500% .21 September 2020 397,400 397,400 397,400
Prime + .563% 30 July 2021 1,500,000 1,500,000 1,500,000
Prime + .344% 9 February 2023 1,456,800 1,456,800 -
Prime + .375% 8 April 2023 884,700 884,700 884,700
Prime + .375% 21 July 2023 858,800 858,800 858,800
Prime + .375% 9 February 2024 505,700 505,700 -
Prime + .313% 29 July 2024 387,500 387,500 -
Prime + 313% 22 October 2024 151,200 151,200 -
17,613,500 15,236,400
| 1. Bi
Prime + .25% 24 November 2004 245,500 - 245,500
17,613,500 15,481,900
As of 31 December 2004, prime was 6.00%.
Loans to customers
The maturities of mortgages, consumer, and other loans are as follows:
Within 1 1to5 5 to 10 Over 10
ar ars ars ars Total 2003
$ $ $ $ $ $
Mortgages 10,600,992 27,977,368 23,780,700 18,693,177 81,052,237 87,781,591
Consumer &
other
customer ;
loans 5,986,084 —_ 6,095,593 789,202 157,683 13,028,562 14,367,176
Total 16,587,076 34,072,961 24,569,902 18,850,860 94,080,799 102,148,767
Accrued
Interest 413,163 481,518
Provision for :

credit losses

* Balance end -

(1,778,412) - (1,977,705)*

of year - 92,715,550. 100,652,580
The movements in the provision for credit losses during the year are as follows:
2004 2003
$ $
Balance at beginning of year 1,977,705 3,941,504
Provided during the year 242,489 274,918
Write-offs (533,837) (2,250,033)
Recoveries 92,055 11,316

Balance at end of year

1,778,412

1,977,705

included in provision for credit losses is a specific loan loss reserve of $663,078 (2003: $772,916).
The provision for credit losses represents 1.89% (2003: 1.94%) of the total loan portfolio and
40.85% (2003: 34.69%) of total non-accrual loans.

As of 31 December 2004, loans to customers with ‘principal balances outstanding of $4,353,502 (2003:
$5,700,971) were in non-accrual status.

As of the consolidated balance sheet date $1,578,893 (2003: $2,425,591) of the above mortgage
loans to customers were pledged as collateral in connection with the Bank’s mortgage-backed



bonds program (Note 9). :
Fixed Assets
. Computer Leasehold
Land & Furniture Motor Hardware Improve-
mei Total
$ $ $ $ $ $
Cost or valuation:
As of 1 January 2004 6,420,480 1,382,791 41,445 4,122,456 2,343,014 14,310,186
Additions : 54,724 13,995 72,695 16,208 157,622
Disposals ° - : 16,69:
As of 31 December 2004
Accumulated Depreciation &
Amortisation:
As of 1 January 2004 34,311 1,099,242 36,769 3,607,201 1,952,568 6,730,091
Charge for the year 192,862 106,842 3,036 294,620 57,707 655,067
Disposals : : : 3 )
As of 31 December 2004 8, 010,27: 7,371,736

Net Book Value:
As of 31 December 2004

As of 31 December 2003





Land and building include revaluation increments totalling $2,509,127 (2003: $2,549,734).

Other Assets
Note - 2004 2003
$ $
Accrued interest receivable on government
securities 372,519 310,185
Pension plan asset 15 313,388 301,590
Prepayments & other receivables 395,589 815,844
Other 303,766 29,105
Total 1,385,262 1,456,724
Customer Deposits
The maturities of customer deposits at 31 December 2004 are as follows:
Within 4 1 to 5
__ year years 2004 2003
$ $ $ $
Demand deposits 10,287,237 : 10,287,237 12,038,214
Savings deposits 26,572,657 - 26,572,657 25,973,077
Term deposits 66,335,419 891,750 67,227,169 74,353,269
Accrued interest 1,099,609 : 1,099,609 1,121,490
Total 104,294,922 891,750 ___ 105,186,672 113,486,050
Mortgage-backed Bonds
Mortgage-backed bonds are summarised as follows:
Amount issued
Maturity Date 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 503 503
Total 755,543 755,543

On 1 December 1998, the Bank 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 representing an un-divided interest in the trust. These bonds, which are redeemable at the
option of the Bank, are issued to the public at par and have maturity dates that extend to 1 December 2005.
The Bank 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 Bank 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 which had an aggregate unpaid principal amount of
$1,578,893 (2003: $2,425,591). An independent trustee administers the mortgage-backed bonds portfolio.
THE TRIBUNE BUSINESS TUESDAY, MAY 31, 2005, PAGE 9B

10. Lot:g-term Loan Contingent Liabilities:



a a 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’ ~
200,0 200,000 oo ree:
‘sali _ : nn 700.000 Works. The loans and the bonds were'sgcured by a first legal mortgage over the unsold lots in the
a ’ : subdivision. The works under the bonds were to have been completed within 36 months. The developer
on en S60:000 defaulted under the mortgage with the Bank. Through the years, the Bank has been in discussion with the
ota ee eee ee 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.
A bank loan in the amount of US $2,000,000 was advanced to West Bay in April 1998 to facilitate the

purchase of a Nassau-based property. The loan, which is secured by a first mortgage over the property The Bank is being sued for specific performance and damages in connection with a sale agreement dated 24
owned by West Bay, bears interest at three month LIBOR + 1 %% and is repayable over a ten-year period in September 1997 in respect of the Love Estates property. As all conditions of the sale agreement have still not
forty equal quarterly payments of $50,000, plus any interest accrued at the date of each payment. 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 tiability for the installation of the infrastructure in Phase One and Phase Two of the

11. Other Liabilities 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
2004 2003 entered into between the Bank and the Ministry of Works, dated 30" May, 1988, cancelled. ,

$ $ : :

ete , In exchange for Rolling Hills entering into the above noted performance bonds, the Bank agreed to pa

Accrued liabilities ; 372,796 416,692 settlement costs totaling $350,000 to Rolling Hills. Should Rolling Hills not enter into the netolrnance Bee,
Insurance premiums held in escrow 487,824 503,778 in a form agreed by the Ministry of Works, within 9 months of the date of the Deed, the Deed will become void

Other 1,405,001 735,417 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.
Total 2,265,621 1,655,887
Se ee Other: The Bank is also involved in various other legal proceedings covering a range of matters that arise in
12. Minority Interest the ordinary course of its business activities. Management is of the view that no significant loss will arise as a
result of these proceeding.
The minority interest represents the Bank's Parent Company's 33 1/3% interest in West Bay and is calculated
19. Dividends Per Share







as follows:
For Minority share of . The Board of Directors declared quarterly dividends of $0.01 per share in respect of each of the quarters
Share Revaluation Retained ended 31 December 2003, 31 March 2004, 30 June 2004 and 30 September 2004.
Capital Surplus Earnings Total
$ $ $ $
; 20. Financial Instruments
As of 1 January 2003 1 - (7,924) (7,923)
Credit risk
For; ti “ - 33,684 7 33,684 . ene oe
ae ees : The Bank's deposits and investments are placed with high credit quality financial institutions. Mortgages,
Fixed asset revaluation (Note 17) : 772,602 - 772,602 consumer, and other loans are presented net of provisions for credit losses. The majority of mortgages,
As of 31 December 2003 1 772,602 25,760 798,363 * consumer, and other loans have registered charges in respect of the underlying security. Accordingly, the
Bank has a concentration of risk in respect of geographical area only, as both customer and collateralised
As of 1 January 2004 1 "772,602 25,760 - 798,363 assets are primarily based in New Providence and Grand Bahama. :
Minority share of net income a - 44,504 44,504 Interest rate risk
i The Bank employs effective techniques and procedures to monitor and control its exposure to interest rate
pyle eae 18,037 : risk. Mortgages, consumer, and other loans generally have variable rates, which are linked to The Bahamas
izati = ___(18,037). ____18.037_ 7 ; " ee 7 : ah :
ee 2004 4 754,565 88,301 842,867 prime rate. The Bank's exposure to interest rate risk arising from fixed rates on term deposits sold to
ae oF e1 Decomber ee ie CO customers, is minimised by the short-term maturities of the majority of these déposits. - - m. os
Liquidity risk
: The loan portfolio principally comprises long-term mortgage loans, which are financed by shorter-term
13. Preference Shares 2004 2003 customer deposits. As such, the Bank is exposed to liquidity risk, which is continuously monitored by
management.
Authorised $ $ ‘ 7
10,000,000 preference shares of $1.00 each Polevaldes 7
Issued and fully paid : : oe :
10,000,000 preference shares of $1.00 each 10,000,000 7,000,000 Financial instruments utilised by the Bank include recorded Bee and liabilities, as Mis as se i
During the the $7,000,000 preference shares all of which were issued to British American Insurance principally involve off-balance sheet risk. The majority of the Bank's financial instumen Sate el et Snore:
ae a eae : i : ; term in nature or have interest rates that automatically reprice to market on a periodic basis. Accordingly, the
Sey en nese ee et estimated fair value is not significantly different from the carrying value for each major category of the Bank's
fe i: ‘ A . recorded assets and liabilities. However, due to the lack of any formal secondary market, the carrying
A new issue of cumulative, redeemable, and nonvoting preference shares totalling $10,000,000 were issued. amounts for mortgage, consumer and other loans may not be fully realised if the Bank were to fiquidate or

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 Bahamian Prime and 7.50%.

exchange these assets for consideration.

21. Reclassifications

Spee Cate The corresponding figures for customer deposits and other liabilities on the consolidated balance sheet and

: 2004 2003 -
‘ Authorised $ $ the related balances on the consolidated statement of cash flows and Notes 8 and 11; and loans to customers
i 35,000,000 ordinary shares of $0.30 each (gross) and provision for credit losses in Note 5 have been reclassified to accord with the current year's,
7 , presentation. Reclassifications related to minority interest and revaluation surplus were necessary as a result
Issued and fully paid . * cea of a prior period adjustment (See note 17).
16,666,670 ordinary shares of $0.30 each 5,000,001 5,000,001 7 3

22. Subsequent Event

' 15. Pension Plan : . ° ee at eel rn ber,
. E ~~ Effective April 1, 2005, the Bank changed its name from British American Bank (4 993) Limited to Fidelity

Bank (Bahamas) Limited.

The Bank participates in a defined benefit pension plan, the British American Bank Employees’ Pension Plan
; (the Pian). The assets of this funded plan are held independent of the Bank's assets in a separate trustee
‘ administered fund. The fair value of the Plan’s assets as of 31 December 2004 was $2,512,163 (2003:
: $2,177,202). The actual gain on plan assets during 2004 was $269,846 (2003: loss of $19,901). The: plan is !
‘ valued annually by an independent actuary using the projected unit credit actuarial cost method. The latest f : CEV\ATERHOUS OOPERS

‘actuarial valuation was carried out as of 31 December 2004.





é The amount recognised in the consolidated balance sheet was determined as follows:).}'?: 1.4 } i PricewaterhouseCoopers
’ : ‘ : Hips sent eos cevipre Waa ER a UGS aes) Eas ‘ Providence House -
x 2004 2003 . East Hill Street
2 P.O. Box N-3910
< $ $ Nassau, The Bahamas
: Present value of funded obligations 2,124,026 1,843,656 : Website: www.pwe.com
i Fair value of plan assets (2,512,163) (2,177,202) . E-mail: pwebs@bs.pwe.com
: (388,137) (333,546) Telephone (242) 302-5300
‘ Facsimile.(242) 302-5350
‘ Unrecognised actuarial gains 74,749 _ 31,956
; Asset in the balance sheet (313,388) (304.590)
: Movement in the asset recognised in the consolidated balance sheet: .
: og b INDEPENDENT AUDITORS’ REPORT
, 2003 2003
: é ; $ s TO THE SHAREHOLDERS OF BRITISH AMERICAN BANK (1993) LIMITED
4 Balance at beginning of period (301 590) (306,495)
: Expense recognised 51,069 58,553
: Contributions received ; (62,867) : (53,648) We have audited the accompanying consolidated. balance sheet of British American Bank (1993) Limited and its
‘t : subsidiary (the Bank) as of 31 December 2004. This consolidated balance sheet is the responsibility of the Bank's
Balance at end of period (313,388) (301,590) management. Our responsibility is to express an opinion on this consolidated balance sheet based on our audit.
The pancial actuarial assumptions used for accounting purposes were: 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
2004 2003 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
: Di oe cle 6.50% 6.50% management, as well as evaluating the overall balance sheet presentation. We believe that our ‘audit provides a.
: seta reasonable basis for our opinion.
* : Expected retum on plan assets 6.50% 6.50%
: Future salary increase 5.50% 5.50% In our opinion, the consolidated balance sheet presents fairly, in all material respects, the consolidated. financial

position of the Bank as of 31 December 2004 in accordance with International Financial Reporting Standards.
16. Related Party Balances and Transactions : . ; :

Related parties include those entities and directors which have the ability to control or exercise significant , PricewaterhouseCoopers /
influence over the Bank in making financial or operational decisions, and entities that are controlled, jointly TO tee ae Sere neta
‘ controlled or significantly influenced by them. : ~ ;



Chartered Accountants

4 Included in other assets are the following related party balances: . 26 April 2005
2004 2003
7 $ $
€ ’ Other assets -— other related parties (60,442)' 104,550
‘s : — affiliates : (16,826) 19,874
: ‘ —(77.268) =124.424

< ‘ Included in deposits are the following balances:

" 2004 2003
“ $ $
° Due to affiliates: .

Deposits 160,940 4.561.343
* Due to other related parties:

* Deposits ieee 5,347,966

loans and deposit accounts with directors and officers amounted to $504,918, (2003: $660,448), and
$214,609, (2003: $1,095,064), respectively.

RF RLTLE

17. Prior Period Adjustment Note Disclosure

Minority interest and revaluation surplus as of 31 December 2003 have been restated to correct for an error in
the presentation of the minority interest share of the revaluation surplus which arose from the revaluation of
the Company's fixed assets at that date.

18. Contingent Liabilities and Commitments
rf Loan commitments: In the normal course of business various credit-related arrangements are entered into to
meet the needs of customers and earn income. These financial instruments are subject to the Bank's

standard credit policies and procedures.

As of the consolidated balance sheet date, these credit-related arrangements were as follows:

2004 2003
$ $
Loan commitments 4,541,425 2:824,090

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

: follows: 5
: 2005 j 428,867
' 2006 . 420,588
B "2007 271,379
‘ 2008 252,000
t 2009 252,000
: Total minimum payments 1,624,834


PAGE 10B, TUESDAY, MAY 31, 2005

TRIBUNE SPORTS»



GN - 218
MINISTRY OF TRADE AND INDUSTRY

Price Control Regulations
(Motor Vehicles and Motor Vehicle Parts and
Accessories)
(Amendments) Regulations
1973, 1975, 1978.

The Ministry of Trade and Industry advises ALL PERSONS/BUSINESSES
trading in the retail sales of motor vehicles and motor vehicle parts and accessories
of the following requirements of the Price Control (Motor Vehicles and Motor
Vehicle Parts & Accessories) (Amendment) Regulations, 1973, 1975, and 1978
and The Price Control (General) (Amendment) (No. 2) Regulations 1975.

_NEW & USED

1. Motor Vehicles and Motor Vehicle Parts and Accessories are priced controlled
items.

2. The Maximum retail price at which a motor vehicle shall be sold shall be:- »

a) In the case of a new motor vehicle, the sum of the landed duty paid cost
and twenty-five per centum of such landed duty paid cost; and

b) In the case of a used motor vehicle, the sum of the landed duty paid cost
and fifteen per centum of such landed duty paid cost (The Price Control
(Motor Vehicles and Motor Vehicle Parts & Accessories) (Amendment)
Regulations 1978.)

3. The Maximum retail price at which any motor vehicle part or accessory
shall be sold shall be the sum of the landed duty paid cost thereof and seventy-
five per centum of such landed duty paid cost. (The Price Control (Motor
Vehicles & Motor Vehicles Parts & Accessories) (Amendment) Regulations,
1975).

4, Every Importer shall at all times keep and have available for production to
and inspection by any person thereunto authorized in writing by the Minister
all such documents as may be necessary for establishing the landed duty paid
cost of any motor vehicle or motor vehicle part or accessory received by him
from abroad for the purpose of sale. (The Price Control (Motor Vehicles and
Motor Vehicle Parts and Accessories) Regulations, 1973.)

5. A retailer shall mark on each article the retail price of that article so that it
shall be clearly legible to the customer. (The Price Control (General)
- (Amendment) (No. .2) Regulations, 1975).

‘All importers/businesses are hereby warned that failure to comply with the

Price Control (Motor Vehicles and Motor Vehicle Parts and Accessories) Regulations

* 1973, 1975 and 1978 and The Price Control (General) (Amendment) (No. 2)
Regulations 1975, could result in possible court prosecution.

Your cooperation and compliance with the Act/Regulations is appreciated.

Permanent Secretary
MINISTRY OF TRADE AND INDUSTRY

GN - 219

MINISTRY OF TRADE AND INDUSTRY
NOTICE
THE INDUSTRIES ENCOURAGEMENT ACT
(CHAPTER 326)

It is hereby notified pursuant to Section 5 of the Industries Encouragement
Act, Chapter 301, that the Minister is about to consider whether the manufacturer
specified in the first column of the table below should be declared an “APPROVED
MANUFACTURER” in relation to the products specified in the third column.



| | MANUFACTURER ~ LOCATION OF PRODUCTS
FACTORY PREMISES __| .

| Hangar 1, Coral Harbour | Hurricane Shutters

Road

Bahamas Hurricane
Shutters Co. Ltd.

Any interested persons having ay objection to such a declaration should
give notice in writing of his objection and of the grounds thereof to the Office
of the Ministry of Trade and Industry, before the 8th day of June, 2005 by letter
addressed to:-

THE MINISTRY OF THE TRADE AND INDUSTRY
P.O. Box N-4849 :
Nassau, N.P.
THE BAHAMAS

HELEN A. EBONG
Permanent Secretary

MINISTRY OF TRADE AND INDUSTRY
NOTICE

THE INDUSTRIES ENCOURAGEMENT ACT
(CHAPTER 326)

It is hereby notified pursuant to Section 7 of the Industries Encouragement
Act that the Minister is about to consider whether the following products should
be declared an “APPROVED PRODUCTS” for the purpose of that act.

PRODUCTS RAW MATERIALS TO BE USED IN
MANUFACTURE

Hurricane Shutters} Aluminum Extractions, Aluminum Coils,

Aluminum Slats.

Any interested persons having any objection to such a declaration should
give notice in writing of his objection and of the grounds thereof to the Office
of the Ministry of Trade and Industry, before the 8th day of June, 2005 by letter
addressed to:-

THE MINISTRY OF THE TRADE AND INDUSTRY
P.O. Box N-4849
Nassau, N.P.
THE BAHAMAS

HELEN A. EBONG
Permanent Secretary



Shandria hoping
for personal best
on homecoming

@ By BRENT STUBBS
Senior Sports Reporter

EXUMA native Shandria
Brown couldn’t ask for a bet-
ter way to end her collegiate
career than to three-peat as the
national division II sprint cham-
pion.

Competing for Lincoln Uni-
versity, Brown clocked 11.59
seconds to win the 100 metres
and 23.60 to take the 200 title
over the weekend at Abilene,
Christian in Abilene, Texas.

When she ran the century,
Brown said it was thundering,
but she still managed to weath-
er the storm.

“T think it was a great race,
but my time should have been
better,” she insisted.

The 200 race, according to
Brown, was much better.

“T went out there and did the
best that I could,” he noted. “It
was pretty good.”

e
Injury

Still hampered by a left ham-
string injury that she sustained
last year, Brown admitted that it
was a great feeling to know that
she was still able to go out and
repeat‘as champion, winning
both races for the third straight
year.

“I won’t say that winning is
everything,” she stated. “I’m
just happy that I was able to
close out my collegiate career
the way I did.”

llamar are
mrving on up






“I’m just going to come out
there and not be intimidated by
anybod. ’m coming prepared
to run at the nationals.”



Brown, who will stay in Mis-
souri to train for the upcoming
Bahamas Association of Ath-
letic Associations’ National
Open Track and Field Cham-
pionships while attending sum-
mer classes, said her times
should have been ‘better, but
the hamstring injury has hin-
dered her progress.

But she insists that, when she
comes home, she intend to run
faster than her personal best
times of 11.3 (11.25 wind-aid-
ed) and 23.1 (22.9 wind-aided)
in the 100 and-200 respectively
and hopefully secure her berth
on the Senior Central Ameri-
can and Caribbean Champi-
onships as well as the IAAF
World Championships.

“T think my performances will
really get-me prepared for the
Nationals,” said Brown, of the
June 24-25 meet that serves as
the final trials for both the CAC
and World Championships. “I
won’t come home until the
week before nationals. So I
hope to be ready.”

“Copyrighted Material
Syndicated Content

Shandria Brown

While Debbie Ferguson
won’t be back to defend her
titles because of her recupera-
tion from appendix surgery,
Brown said she’s excited about
competing against Chandra
Sturrup, Sevatheda Fynes, Tim-
icka Clarke and other women

. trying to make the national

teams.

Best

“T just want to continue doing
what I do best and that is run-
ning,” said Brown, who was
fourth in last year’s nationals in
the 100.

“T’m just going to come out
there and not be intimidated by
anybody,” she stressed. “I’m
coming prepared to run at the
nationals.”

Having ran on both the last
World Championship and
Olympic Games teams as a
member of the 4 x 100 relay
team, Brown said she hopes to
go for a spot in an individual
event.



Available from Commercial News Providers”

DUSr Amie warle

against Astros

@ By KELSIE JOHNSON
Junior Sports Reporter

out, trouncing the V-8 Splash Tigers.



Down nine runs in the fourth inning, the

CHAMPIONSHIP series in the Junior Base-
ball League of Nassau (JBLN) got underway
this weekend at the St Andrews playing field.

In the first game of the best of three champi-
onships series in the coaches pitch, the Bluebirds
Astros defeated the pennant winners Church’s
Chickens Blue Jays 7-3.

First Caribbean International Bank Twins
also pulled off an upset in their best of three
championship series over the pennant winners
Million Air. Royals.

Air Royals, pennant winners in the junior
division, fell 14-9 to the Twins.

In the minor league series, the HG Christie
Rockies defeated the Super Value Devil Rays 9-
2.

Pennant winners in the junior division,
Mahatma Mariners weren’t about to get left

Mariners bats came to life, batting in nine runs
of 11 hits.

Their defence was able to stop the Tigers
from scoring in the final inning, winning the
game 10-9. With a win next game, the Mariners
can clinch the Major Little League division
championship title.

Championship games in the JBLN will be
played next weekend at the Field of Dreams,
due to the national championships.

The JBLN will compete in the Bahamas
Baseball Federation’s (BBF) national champi-
onships, set for this weekend at the Andre
Rodgers baseball diamond.

The nationals will be in honour of Rodgers,
the first Bahamian professional baseball player.

So far, 12 associations and leagues have
confirmed their participation in the champi-
onships.


IRIBUNG SrUnIO

SPORTS

IULOVAT, WIAT C., HUY, Pore as



Musgrove finishes victorious as
New Providence season closes

@ By BRENT STUBBS
Senior Sports Reporter

BARRON ‘Turbo’ Musgrove closed
the New Providence Cycling Associa-
tion’s track season by winning the time
trial championships on Sunday at the
national cycling track.

Musgrove easily beat out a small
field of competitors, turning in the
fastest times in both the 400 metres
and two-lap races.

He clocked six minutes and 28.58
seconds in the 4,000 metres and 1 min
and 32.77 in the two-lapper.

His nearest rival was Wayne Price,
who did the 400 metres in 7.18.28 and
the two-lapper in 1.47.39. Kevin
Richardson was third in 7.24.47 in the
4,000m and 1.39.17 in the two-lapper.

Finishing fourth in the 4,000m was
Timothy Sturrup in 8.02.71, but was
fifth in the two-lapper in 1.39.35. Sam
Brown got fifth in the 4,000 in 8.03.85,
but he was fourth in the two-lapper in
1.39.35.

“It was good for me, especially since

I haven’t been riding the track much
this year,” Musgrove reflected. “I
thought the times were some of my
best times when I was riding the track.

“So it shows that my conditioning is
still there and I’m improving on it as J
look forward to some of the upcoming
national championships later this year
and the Commonwealth Games and
the CAC Games next year.”

Musgrove, the president of the asso-
ciation, said the crowd wasn’t as big
as they had anticipated, but they were
still pleased with the performances
turned in.

While there were a number of young
competitors who participated, Mus-
grove said they were particularly
pleased with a large amount of juniors
who also competed.

Christine Jones won the women’s
division, taking the 4,000m race in
7.38.75 and the two-lapper in 1.47.59.
Sylvia Russell was second in 8.54.97 in
the 4,000 and 2.09.88 in the two-lapper.

Kevin Richardson was the lone
entrant in the boys’ 17 and under divi-

sion. He was clocked in 7.24.47 in the
4,000 and 1.47.59 in the two-lapper.

Yorkell Bain won the boys under-14
division. He won the 4,000m in 8.03.48
and a five-lapper in 5.07.17. Tres Smith
was second in 8.27.48 in the 4,000m
and 5.07.18 in the five-lapper and Eli-
jah Knowles was third in the 4,000im in
8.39.66 and was fifth in the five-lapper
in 5.07.19.

Roy Colebrook Jr. got fourth in the
4,000m in 8.49.71 and the five-lapper in
5.07.19. Deangelo Sturrup was fifth in
the 4,000m in 9.15.36 and third in the
five-lapper in 5.07.18.

Rounding out the field of competi-

tors were Anthony Colebrook, who.

got sixth in the 4,000m in 9.18.72 and
the five-lapper in 5.08.09; Yelstin Bain
was seventh in the 4,000m in 9.20.33
and the five-lapper in 5.08.29 and
Ricardo Clarke was eighth in the

4,000m in 9.50.45 and the five-lapper in.

5.08.50.
Krishona Williams won the girls
under-14 four-lap race in 3:30.99.
Justin Minnis took the boys under-11

two-lapper in 2.24 and the five-lapper
in 6.05.10, while Adrian Canter had to
settle for second in the two-lapper in
2.31 and the five-lapper in 6.05.40.
“We are encouraged by what we
see,” said Musgrove, of the youth pro-

gramme that is held every Saturday _

from 2pm to 6pm at the cycling track.
“We had a good time watching the
junior competitors compete.”

Pineapple

The local cyclists will now switch
their focus on the Pineapple Festival
that will be held in Gregory Town,
Eleuthera on Saturday.

“We are expecting cyclists like David
Bell, Keith Major and Kim Thompson
from Grand Bahama, Drexel Pratt and
Anthony Dean from Exuma and some
local Defence Force officers in
Eleuthera, who will be competing,”
Musgrove said.

“All of the former champions from
New Providence, Barron Musgrove,

John Cox, along with Team VGM and
Brown’s United. So it should be fast
and fun.”

The 40-mile race for men and women
will start at 9:30 am on Saturday from
Gregory Towen, head north to Hatch-
et Bay and Rainbow Bay, turn around
and head back south to Gregory Town,
past the Glass Bottom Bridge to Low-
er and Upper Bogue and back to Gre-
gory Town where it will finish in front
of Cambridge Village.

The juniors will follow and run a 20-
mile race that leaves Gregory Town,
past the Glass Window bridge, into
Lower Bogue, turn around and end in

_front of Cambridge Village.

A five-mile race will be staged for all
interested persons from Eleuthera.
That race will leave Gregory Town to
the Glass Window Bridge and back.

“We are looking for more partici-
pation from the local riders on the
island,” Musgrove said. “We have an
indication that there are a lot of per-
sons who want to ride, so we are look-
ing forward to having them come out.”



Dolphin girls liven
up Bimini fishing
and boating drive

THE Miami Dolphin Cheerleaders lent a
touch of glamour to Bimini this week as a horde
of luxury yachts and fishing cruisers gathered to
participate in the first annual Bimini Bash Fish-
ing Tournament.

Although considered for sometime as a sum-
mer boating destination, with most tourists
choosing to visit during the months of June, July
and August, Bimini is on the verge of becoming
a year-round boating and fishing mecca.

“This is just the first of several projects that
our office is working on to promote Bimini,”
stated Norma Wilkinson, from the Ministry of
Tourism. “With the objective of increasing
tourism arrivals to the island, our department,
working closely with local Biminites, will pro-
duce additional tournaments, festivals and
events, creating year-round tourism activity for
the island,” she added.

The original plans called for 10 fishing vessels
to participate in what was to be a modest fishing
tournament. This all changed as Ms. Wilkinson
and her team decided to promote the event

“more aggressively, bringing in the Bahamas’
newest promotional partner the Miami Dol-
phins Football Club.” , °

Ads promoting the event were soon featured
on the Bimini website, www.bimini.bahamas.com
and at numerous boating and fishing shows
throughout South Florida, where the Miami
Dolphin Cheerleaders assisted in signing up
tournament participants.

This resulted in 61 yachts cruising into Bimi-

- ni for the tournament, 26 of which carried teams
registered for the fishing tournament.

The Construction Association of South Flori-
da, by far had the greatest representation in the
tournament, accounting for 22 of the 26 yachts
participating.





Atkins ends college
with double win

@ By KELSIE JOHNSON >
Junior sports reporter

DERRICK Atkins eniea his college career
with a double victory at the National Associ-
ation of Intercollegiate Athletics (NAIA)
nationals.

Atkins, a junior at the Dickinson State Uni-
versity, competed in his last eligible track and
field meet for the Blue Hawks at the weekend,
helping the team capture its second consecu-
tive title - with a total of 99 points.

Blue Hawks won five individual titles, four

_ of which came from Bahamian athletes.

Leading the way was Atkins, who repeated
as three-time champion in the century and
two-time gold medallist in the 200m.

Atkins ran a time of 10.34 in a wind aided -
2.2 for the win. Coming in second was Michael
Rodgers, from Lindenwood University, in
10.46 seconds and Yhann Plummer in 10.52
seconds

Atkins said: “I wasn’t to worried about the
other athletes, my focus was mainly on the
athletes from Lindenwood.

“When I got into the blocks for the first
rounds my main goal was to qualify for the
second round. The lane assignments didn’t
matter for the second round, but it was impor-
tant for the finals.

“I wanted to make a statement in the sec-
ond round so I went hard, running for a fast
time and a good lane in the finals. I executed
in the finals, but unfortunately the wind didn’t
play in my favour. The time was wind-aided —
I believe I would have ran a faster time if we
weren’t running into the wind.”

The 10.34 seconds was the fastest time for
Atkins this year. Earlier he ran 10.45 seconds
for the win at the Dac-10 multi-champi-
onships.

The 100m was held on Friday evening, with

Atkins having a feaden schedule on Saturday.,

Atkins ran in the 200m, winning the event in
20.89 seconds, the 4x100m and the 4x400m.

In the 200m, he defeated Plummer and Ter-
rance Johnson for the win. Plummer and John-
son ran 21.33 seconds and 21.35 seconds
respectively.

“T really wanted to end my college career
with a bang,” said Atkins. I still have a year
left to go in college, but the nationals was the
last meet for me in college.

“T will miss running, but I know I will still
have to train. Pll train with the team and help
them where I can.”

The 20.89 seconds was the second: fastest
time posted by Atkins this year. Earlier,
Atkins ran 20.81 seconds and is hoping to dip
under the twenty marker or run times closer to
it,

Atkins believes that the competition at this
year’s nationals will help him achieve his goals,
qualifying him for the Central American and
Caribbean games.

He would have qualified for the games in
the 100m, but the time ran by Atkins over
the weekend was wind-aided. The qualifying
time is 10.34 seconds.

In the 200m, Atkins will have to run 20.81
seconds.

He added: “I am sure I can run the times
needed to qualify. All I have to do is stay
focused, concentrate on what needs to be
done and do it. It won’t be an easy task, but I
have to do it in order to move on.”

Before Atkins wrapped up his season he
earned seven national titles and 16 All-Amer-
ican awards.

The seven national titles came in the 100m,
200m and the indoor 55m. He received three
titles in the 100m, two in the 200m and 55m.

Atkins also helped to set new school records
in the century, half-lap and relays.





ot,



“Copyrighted Material®™
Syndicated Content —

Available from Commercial News Providers”


TUESDAY, MAY 31, 2005

SECTION

Fax: (242) 328-2398

E-Mail: sports@100jamz.com



‘@ By BRENT STUBBS
-. Senior Sports Réporter

THE hard training Lee
‘Farmer went through on the
local scene helped him achieve
‘an historic performance on Sat-
‘urday in Tallahassee, Florida.

Farmer went to the Florida
‘State Championships as a
“member of the VMG team and
-he returned with the red, white
cand blue jersey as the state
‘champion.
> The New Zealand native,

:who resides in the Bahamas,
-won the 80 mile road race. It’s
‘the first time that a Bahamas-
‘based cyclist has won a presti-
»gious race in Florida.

» “Tt was a hot day and the
-field was fairly big,” admitted
‘Farmer, who was awarded a
‘gold medal and a jersey with
‘the seal of Florida on it.

Opener

' Farmer, who captured the
‘New Providence Cycling Asso-
‘ciation’ $ season opener before
‘he went to Florida as a part of
‘a four-man VGM team, said
‘he thought the race was over
‘for him when he caught a flat
'10-miles into the race.

» But he said, before they
;were able to get help during
‘the course of the race, his team
;was able to change his tyre and
‘allow him to get back into the
‘race. He caught the field at the
'20-mile mark.

' Then, on the final 10 miles
‘on the hilly course, Farmer
‘managed a solo break and he
‘was never challenged on his

$99 abide



Way: to an easy victory.

“I felt great. I was really hap-
py,” Farmer stated. “The
VGM guys really helped me
out a lot.

“The support was tremen-
dous. If I didn’t have them, I
think the race would have been
over for me.”



MIAMI HERALD SPORTS

gy. My training was the big dif:

ference. It really helped me in

this race.” .

For the past two Saturdays
heading into the race, Farmer
was training with his VGM
team-mates, riding for six
hours straight a day.

While Farmer competed and



“I felt great. I was really
happy. The VGM guys really
helped me out a lot. The
support was tremendous.

If I didn’t have them, I think
the race would have been

over for me.”



As a part of VMG, Farmer
was eligible to win the jersey
because their club is licensed in
Florida. But, because he’s not
an American, he is not eligi-
ble to compete in the United
States Championships.

“I knew J had the condition
and the form to compete
against these guys,” Farmer
stated.

“But to win a road race, a
lot of things have to come
together and you have to get a
lot of things right.

“On Saturday, I managed to
survive the race and, when I
attacked, they let me. They had
no legs and I had all the ener-

Lee Farmer

dominated the open division,
Rolp Faust, club president
Mark Holowesko and Basil
Goulandris all competed in
their respective age group cat-
egories.

Faust and Holowesko were
both entered in the masters 45-
plus category. Faust, a native
from Sweden, finished in’ the
top 10, while Holowesko came
in the top 20. Goulandris came
in the top 10 in his 35-plus age
group.

Farmer and his VGM team-
mates will be heading to Gre-
gory Town, Eleuthera to this
weekend to compete in the
Pineapple Festival.





delighted with his histo

‘ic Win.


TUESDAY, MAY 31, 2005



Quadruple



“It was pretty surprising and
shocking at first, obviously __.

with all the risks involved with

carrying all four at one time.
But then we were happy and
got excellent advice here on
the island as well as abroad.”



@ By PETURA BURROWS
Tribune Feature Writer

WHEN 34-year-old Andrea
Strommer found out that she
was pregnant, no one — and

that includes mother and

father — expected that she
would give. birth to four
babies.

But in the end expectations
didn’t count.

On November 22, 2004 Mrs
Strommer delivered quadru-
plets — two girls; Danialla and
Olivia; and two boys; Ben-
jamin and Arthur (named
after his father) — in that
order,

“Tt was pretty surprising and
shocking at first, obviously
with all the risks involved with
carrying all four at one time.
But then we were happy and
got excellent advice here on
the island as well as abroad.
So basically, we just carried
on with the pregnancy and I

. think we ended up with a real-
ly big happy family,” Mrs

Strommer told Tribune.

Woman in an interview.
Mrs Strommer, a housewife,

Andrea Strommer

and husband Arthur, who
works in the financial sector,
have been living in the
Bahamas for the past three
years. They already had a 4-
year-old daughter, Alexa. But
a desire to expand the family
led the couple to plan another
pregnancy. -
The goal this time around
was to have just one more
baby. But adding three more
to the bundle was a “pleasant
surprise”, she says.

“We didn’t know that it was

going to be four children at
one go,” she says with a laugh.
“We always wanted to have a
big family but we never imag-
ined that we would have such
a big one, but we are quite
happy about it.”

Though she learned of her
pregnancy five weeks into it,
she had no idea that she was
carrying four children. Mrs
Strummer was nine weeks
pregnant when she learned

SEE page two





ae Are a ‘pleasant ;
urprise’ for the Strommers



@ THE Strommers received some help from a local wholesale distributor who donated six-months worth of diapers to the couple's quadru-
plets. Pictured left to right: Arthur Strommer, father; Andrea Strommer, mother; Alexa: Strommer, four-year-old daughter; Brendamae
Deveaux, BWA, holding baby Benjamin Strommer; Dr. Carlos Thomas, neonatologist/pediatrician: holding baby Olivia Strommer; John
Robertson, VP BWA, holding baby D.-nizlla Strommer; Pauline McPhee, BWA, holding baby Arthur Strommer; and Nellie Dauphin, BWA.

~ CHOOSE


THE TRIBUNE

PAGE 2C, TUESDAY, MAY 31, 2005



; WOMAN

For these kids, ABCs mean
apples, broccoli and carrots

** — = et

“Copyrighted. Material :
_ Syndicated Content,

vailable from Commercial News Providers”

,





Quadruplets are a

eces of furniiure
for the price
of one!

adeira Street





‘pleasant su:

FROM page one

that she would be having multiple births.

For a woman who was carrying four babies,
the pregnancy was “not that bad”, says Mrs
Strommer. The only difficulty was that she
was confined to bed-rest starting at week 15.

“So basically, I was bed-rested for 17 weeks.
As far as the pregnancy it was all right. It’s not
like a seriously complicated pregnancy, but
heavy risks involved pregnancy. So I had to
take loads of medication. J had to go to week-
ly checkups. I had to get shots basically just to
help carry the babies.

“Apart from that, towards the end J had to
be hospitalized for a couple of days, but luck-

ily my blood pressure stayed sort of normal

so it didn’t shoot up. But apart from that there
were no further complications,” she explains.

Since there were four babies, and the med-
ical risks were high, Mrs Strommer was
encouraged to have a caesarean section this
time around. Alexa (her 4-year-old) had been
a natural birth, so if it were at all possible, Mrs

Strommer says that she would have given”

birth to her quadruplets naturally. “I wanted
natural births but it was too risky. Since we all
knew it was going to be a caesarean, the
labour was not a really heavy labour, which I
had with my first child because we didn’t wait
that long with labour and all.”

Both parents are Hungarian but lived in
London before moving to the Bahamas. So at
22 weeks, Andrea travelled to London to
have her babigs. They were born at Chelsea
and Westminster Hospital.

From start to finish, the delivery, including
the epidural, took 40 minutes. The first baby
was born at 3.36pm, and the others followed
one minute apart. The babies were born pre-
maturely, at 32 weeks, and had to be kept in
hospital for six weeks’ observation.

However, the business of raising four tiny
infants would soon begin. It would be over-
whelming, says Mrs Strommer, but they have
worked out a routine, which seems to be
going “pretty well”. _

“We had to adjust but we have a really

‘tothe routine as well. So I can’t really com-
_ plain. I have to say that they are really, really



TiSe’

good routine’ for the babies, feeding them
every four hours. .

“Basically in the beginning we learned how
to feed two babies at a time.

“At the moment it is not bad but it took
some time,” she recalls.

“Basically, you just have to be organised,
have to have your. bottles ready and the food
ready, all their clothes arranged separately, so
that you know exactly where to go in an
instant,” she adds.

From day one, the parents and four helpers -
(which include two grandmothers and aunts),
have effectively been able to carry out this
routine.

And the babies? They seem to be cooper- .
ating.

“We have pretty good babies.

Routine

“The babies are pretty good at accepting
the routine and they are very good at sticking
















good babies.”

But no matter how cooperative they may
be, babies will be babies; and that means wak-
ing up at all hours of the night and lots of cry-
ing (a lot of which was going on at the time of
this interview).

At the moment, only one baby sleeps
through the night, with the remaining three
waking up at intervals, says Mrs Strommer.
She says that the girls are more disciplined
than the boys at night.

“But I don’t have to deal with that really,”
she laughs. “The grandmothers are pretty
good with the night shift.”

- Looking to the future, Mrs Strommer
wants what any good mother would want for
her children.

“Basically, we really just want to be a happy
and healthy family. I hope that they will obvi-
ously be smart and intelligent children with
lots of friends and family around them, she
says. “So. we will see.”














THE TRIBUNE



WOMAN AND HEALTH

TUESDAY, MAY 31, 2005, PAc. : 3C



‘A lot of people
are walking but
not losing weight’

By PETURA BURROWS
Tribune Feature Writer

utting one foot in
front of the other
for exercise may

seem to be simple.

enough — and it is.

But walkers who trek up the
Paradise Island bridges, around
parks and along highways, may
not be achieving the results
they want, because they may
not be walking to their full
potential.

While it’s all well and good
to walk simply for “walking
sake”, and the individual may
feel “the burn” or think “at
least I’m doing something”,
health professionals say that in
reality many of them are not
seeing the type of weight loss
they desire.

Dr Patti Symonette, nutri-
tionist and weight management
specialist at The Wellness Cen-
tre, Thompson Boulevard, says
that many walkers will not see
results because they are either
exercising above or below what
should be the target.

“Particularly because of the
weight situation in the
Bahamas, you have a lot of
people who are walking but not
losing weight. They give up
because they walk and walk
and walk and can’t lose weight.
But the thing that we need to
keep in mind is that fitness is
not just one component,” she
explains.

Fitness

When looking at fitness, it
includes aerobic endurance,
which is how efficiently the

heart functions; muscle:
strength; muscle endurance;:

body composition, which is the
ratio of body fat to lean muscle
mass; as well as flexibility.

“Now, some people only
walk, so they don’t have a very
effective fitness programme. So
they are getting health bene-
fits from walking but it’s not a
total fitness programme,” Dr
Symonette adds.

According to the nutrition-
ist, another reason why persons
do not get the full benefits from
walking, especially if the goal is
weight loss, relates to the inten-
sity of their exercise, which is
often too low or too high.

“So, if you are walking like
you are window shopping it’s
good for your head because
you are doing something. But if
your goal is to lose weight,
that’s too low of an intensity,”
she explains.

Dr Symonette says that
many walkers do no usually
understand the concept of
walking at too high of an inten-
sity, “meaning that this is too
hard for you to lose weight at”.

“You have what we call
heart rate zones that are dif-
ferent, depending on whether
your goal is fitness, competi-
tion, weight loss or just to per-
form activities of daily living,”
she, notes. :

Intensity

“Now, if you’re walking for
weight loss and the intensity of
your exercise is too high, it
means that you will not be able
to sustain that for a long period
of time, because you are going
to get tired quicker. But the
other thing is that your body
is not using as much of the
body fat stores as a source of
energy,” she adds. “So you’d
want to walk at an intensity
that is somewhere between 55
and 65 per cent of your target
heart rate, or projected maxi-
mum heart rate zone.”

A lot of persons often go “off
course” when it comes to exer-
cise and walking, says Dr
Symonette, because they do
not understand the concept of

the target heart rate. A popular

easy-to-use formula for men is
220 minus their age, which
would give you the projected
maximum heart rate. For
women, the formula is 226
minus the age.

“If you were training in the
Olympics, you would go 90 per
cent of your maximum heart
rate, but for the average person
there is no need to train at that
level. In fact, that is not even
safe because most people

- . “Copyrighted Material



Syndicated Content

Available from Commercial News Providers”



haven’t trained their body to
perform at that level of inten-
sity,” she explains

“So a lot of people are out
there huffing and puffing and
can hardly talk while they are
walking, and they are not
understanding why they are not
losing weight efficiently. Well,
it’s because it’s difficult to sus-
tain that. They end up going
out there, getting tired and giv-
ing up.”

Activity.

For function activity, the
individual should be walking
between 50 and 60 per cent of
his maximum heart rate. For
weight management, between
50 to 70 per cent; for improved
fitness, between 70 to 80 per
cent; and for competitive train-
ing, between 80 to 100 per cent
of maximum heart rate.

But Dr Symonette is quick
to point out that these hard and
fast rules may be only for those
who are serious about walking
effectively. For the serious-
minded walkers, she suggests
investing in a portable heart
rate monitor. And for those
who work out at gyms she rec-
ommends using the hand sen-
sor bars and heart rate guide,
which are on most gym
machines.

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.





Dear Dr Carey,

Iam 66 years
old, completed
menopause and
still bleeding. I
have also gone
through three

D and Cs, not
to mention
hormonal
treatments and
still the bleeding
has not gone
away. Can

you help?

BLEEDING, after a
woman has “changed life” is
referred to as Post-
menopausal bleeding (PMB).
Menopause is defined by the
World Health Organization
(WHO) as the permanent
cessation of menstruation
resulting from the lost of
ovarian follicular activity.
This not only can occur nat-
urally but also can be surgi-
cally induced by the removal
of functional ovaries.

For practical purposes,
when a woman has missed
her periods for six months or
more she is deemed to be in
the menopause. Any vaginal
bleeding thereafter must be

" investigated.

Common

PMB is one of the most
common reasons for referral
to a gynaecologist. It is not to
be taken lightly as an under-
lying cancer of the uterus
must be excluded. This how-
ever is not the most common

cause of PMB as it is only. |

found in about 10 per cent
of cases of PMB. More often,

ters



B Dr Reginald Carey
Obstetrician/
Gynaecologist

it is due to benign lesions
arising on the vulva vagina
or cervix but occasionally
malignant lesions, such as
cancer of the cervix, may pre-
sent with PMB. These are
excluded before a diagnosis
uterine bleeding is made.

If a woman is taking hor-
monal replacement therapy
then this may be the cause.
One of the most common
causes is severe thinning of
the uterine lining (atrophy)
as a post-menopausal woman
ages, which bleeds easily on
occasions producing PMB. In
this case application of a
vaginal estrogen cream is all
the patient needs.

Belief

There is a common belief
that a D&C cures the prob-
lem. However, in most cas-
es it is a test to identify the
problem. If uterine polyps
are growing in the uterus
these may be removed with
theD&C.

Previously, the principle
means of investigation of
PMB was by dilatation of the
cervix and curettage of the

uterus (D&C). This is done

blindly with the surgeon feel-
ing what is in the uterus.

Newer, more modern meth-
ods of investigation involves
actually looking into the
uterus (hysteroscopy), which
enables direct visualisation
of any uterine cause of PMB.
This can be done in a gynae-
cologist office or in the hos-
pital.

Another method that may
be used is an office sampling
of the endometrium (lining
of the uterus) using a small
suction or vacuum device.
This will detect more then 90
per cent of uterine cancers.

Vaginal ultrasound exami-
nation, especially when used
in combination with distend-
ing the uterus with fluid
(sono-hysterography), is
another test that can be used.

Hormones

With the taking of hor-
mones, the PMB may be
compounded and become
confusing. Having had three
D&Cs it is unlikely that an
endometrial cancer is pre-

’ sent.

I have had a few patients
with recurrent PMB who
have elected to have vaginal
hysterectomies to alleviate
the complaint. This, however,
is recommended as a last
resort. If it is proven that all
that is present is atrophy of
the endometrium, then vagi-
nal estrogen cream may be
all that is needed. Oral hor-
monal therapy and skin
patches is an option but
should be taken under strict
supervision of you doctor.

© This informative weekly

_ column provided by Doctors

Hospital is intended to edu-
cate women about important
issues regarding their health
and is not intended as a sub-
stitute for consultation with
an obstetrician/gynaecologist.
Please send questions via e-
mail to tribune@tribuneme-
dia.net or mrassin@doctorsh-
soptial.com. For more infor-
mation call 302-4707.





APPLIANCES & BL NICS
VILLAGE RAA



Phone 393-5310 or 394-2378




oe

PAGE 4C, TUESDAY, MAY 31, 2005 | | THE TRIBUNE

————_ \- =
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: BoP copyrighted Material
a .Syndicated Content

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THE TRIBUNE



TUESDAY, MAY 31, 2005, PAGE 5C





The Tribune

Tea



‘Even in your 20s, you’ve
already started getting old’

@ By JANICE MATHER .

he next time you

hear young whip-

persnappers in

their 20s and 30s

complaining that

they feel old, try to restrain

yourself from rolling your eyes

heavenward. Even if you — and

_,they — are still a few decades

away from seniors’ prices, the

4 ; Tavages of aging have already
set in.

The bad news? Even when
you’re in your 20s you’ve

~already started getting old,

Not older — old. In men

‘(whose mothers have probably
‘just barely have started consid-
ering them men), hair may
: have already begun to thin. By

‘rthe third decade of life, graying
-hairs may have begun to
"emerge in noticeable numbers,
weight gain is easier and wrin-
kled or sagging skin more evi-
‘ dent.

The good news? All of the
above are perfectly normal, and
some can be minimised.

Proper sun protection can

-help lessen wear and tear on
‘the skin, particularly for the fair
‘tones, since melanin provides
‘some protection for darker skin
tones.

Advice

_ You might also want to fol-
low your mother’s advice from
childhood and fix your face.

: “They say that between zero

‘and 40, you have the face that
‘God gave you, and between 40
“and 80 you have the face that
you give yourself from the

expressions, etcetera, (that you

-‘make)," said Dr Agreta Eneas-
Carey, consultant in geriatric

‘Medicine at Sandilands Reha-
bilitation Centre.

Speaking at last week’s lec-
-ture on Senior Health at Doc-
‘tors Hospital, Dr Eneas-Carey
‘explained that those who
haven’t entered the latter years
‘of life have not only begun
,aging, but have much more
:control over how well they’ll

‘

‘

continue to age than other fac-
tors, such as inherited genetics,
which accounts for less than 30
per cent of aging’s effects.
“By the age of 80, behav-
ioural choices account almost
entirely for a person’s overall
health and longevity. So if you
have good genes, that only
accounts for 30 per cent of how

you age — it’s really your behav- |

iour through your youth that

accounts for how well you will .

be by the time you’re 80,” said
Dr Eneas-Carey.

Memory

Long before memory loss,
incontinence, and other prob-
lems of old age kick in, signs
of getting older begin to show
up, such as presbyopia, which

arises when the lens in the eye’

loses the ability to focus on
near objects such as fine print.
That can become evident in the

40s, making reading glasses a_

necessity. At that age,
osteoarthritis may also start set-
ting in, which can cause morn-
ing stiffness in hands, or for for-
mer athletes, pain in their hips.
The 50s can bring greater
mental awareness of the aging
process; by then, Dr Eneas-
Carey explained, many people
have been married, raised their

' families, may be grandparents,

and may have had to bury one
of their own parents. “By the
time people enter their 50s they
begin to go through a mental
transition where they begin to
think about aging, they begin
to think about their mortality,”
she said.

While there are healthy aging
steps, common but serious ill-
nesses, including the major
cause of death for seniors, car-
diovascular disease and coro-
nary artery, stroke,. heart
attack, heart disease, and high
cholesterol, can arise. Other
problem areas include uncon-
trolled hypertension and. high
blood pressure, obesity, uncon-
trolled diabetes and sedentary
lifestyles...

Hypertension, dubbed the



& DR Agreta Eneas-Carey, consultant in geriatric medicine at Sandilands Rehabilitation Centre, .

“silent killer”, is now known to
be more serious in seniors than
it was once thought. Seniors
should now aim for a blood
pressure reading of 140 over
90, which was once thought to
be a healthy goal for people of
any age.

“People used to feel that
once you were over 65 there

wasn’t any need to worry about
your blood pressure. because
blood pressure automatically
goes up as you get older,” said
Dr Eneas-Carey: “Now, in the
US, 65 per cent of persons over
the age of 60 have hyperten-
sion and J don’t think these sta-
tistics are very different from
here but only 27 per cent of

4

,

these people have adequate
blood pressure control.”

Studies

Studies since 1985, she said, |

have shown that treating hyper-

tension in seniors reduces inci-
’ dences of heart attack and sud-

den death and strokes.

speaks at last week’s lecture on Senior Health at Doctors Hospital.

Just as aging sets on relative-
ly early in life, prevention

should begin long before unig-

norable aches and pains. By -.

middie age, screening for can-

cers, the second leading cause _
‘of death for seniors:should

begin, including lung,-colo-rec-
tal, cervical and prostate can-
cers.



a By JANICE MATHER

wets “TF there isn’t a loud television blar-
ing or a radio blasting out someone
else’s choice of music at annoying vol-
jumes, there’s the internal mayhem of
‘nagging worries about everything —
from what to fix for dinner to weighty
financial, family or health problems.

Stop.

Turn everything off.

Sit quietly, empty your mind of
absolutely everything.

Meditate.

The practice of stillness — external
and internal — can, as two specialists
explain, lower stress levels, help anger
management and increase self-aware-
ness.

Meditation is....
A human birthright?

That’s how Gulshan Noorani, 20- -

year meditation student-turned-
instructor, describes this non-activity.
Meditation, explains Ms Noorani,
who teaches an eight student medita-
tion class locally, requires sitting and
doing nothing.

That sounds easy. Doing nothing,
though, includes focusing on nothing,
except for your own breath or a
mantra, a word or phrase that’s
repeated. For beginners, that can
prove more challenging than expect-

_ ed.

Unlike seemingly meditative activ-
ities, such as yoga or playing an instru-
ment, this “nothing” allows for a com-

~epletely settled mind and gives what
even sleep can’t claim to offer — the

chance for thorough self-knowledge
and reflection.

“Because we are always on the
move mentally and physically, we
never get a moment to settle the mind
without any movement, to actually
see what is going on in the mind. The
purpose of meditation is to still your-
self long enough so that you can actu-
ally see what is just you,” says Ms
Noorani. This examination, she says,
can reveal how much situations are
affected by outside factors, and how
much they are affected by your own
thoughts and mindset.

Why meditate?

Yoga, often popular for its fitness
benefits, actually developed as a way
to prepare the body to be able to
meditate. Why. devote so much effort
simply to sitting still at doing noth-
ing?

That’s a good question, consider-
ing that, according to Ms Noorani,
there’s technically never a “good”
time to meditate. “It’s difficult work,
it’s boring, you have to stop doing all
other things, it requires you coming to
terms with yourself and dealing with
your mind,” she says.

Uninviting as that sounds, it has
benefits that go far beyond the min-
utes spent in a class or quietly alone.

According to Margaret Evans, a
registered yoga teacher who holds
lessons at Trinity Methodist Church,
morning meditation can set a posi-
tive precedence for the entire day, so
that later, when a potential stress trig-
ger such as a long bank line arises,



PART ONE



“enough so that
you can actually |
see what is
lee you.” :

—_ Gulshan Noorani



rather than becoming riled, you see an
opportunity.

“Let go of the idea that you’re in a
rush and take that time to focus on
the breath. Waiting in line no longer
becomes a frustration, it becomes a
chance for me to be quiet for a
moment,” says Ms Evans.



She doesn’t promise that regular
meditation guarantees a stress-free
life, but it can help make challenges
easier to accept and work through.

Meditation requires complete pres-
ence in the present, rather than wor-

rying about things that have or might

happen or analysing sights and sounds
around you. Instead, it requires focus-
ing on the moment.

It’s not hard to see where that can
assist in schoolwork, or on the job.

“If you are not focusing on what
you need to do for lunch, you’re
focusing on the here and now so that
you can actually be more productive

in the moment. By focusing on the.

moment, your focus is one 100 per
cent on whatever it is that you’re
doing so that you’re more effective

and more efficient,” Ms Evans:

explains.

Can you benefit?

By slowing down the mind and
examining it, meditation can help in
identifying and dealing with prob-

lems, like low patience, low tolerance

and a hot temper.

‘When they see anger arising they
have an awareness... they’re able to
make the right decisions to keep
anger at bay, and then eventually, the
more they practice, they’ll be able to
transform anger to a realisation that
their anger no longer arises,” says Ms
Noorani.

A common reaction to meditation
is suspicion — some are worried about
the mental openness associated with
meditation, while others are confused

Meditate: It can lower stress levels

by foreign. aaa i a word or word
repeated to help the mind focus —
used in some meditation styles... .

Ms Noorani, who studied Zen Bud-

dhist meditation, explains that while
students in her class sit in a tradition-

_ al Zen'style, what they get is a stable

mind, through focusing on their

breath, regardless. a of their religious.

beliefs.

“Ultimately, you want to be able
to have meditation in action — you
want your mind to be:so stable that
even when you’re running around,
your centre core is peaceful and sta-
ble,” she explains. “I think that what-
ever religion you practice, you will
be able to experience your concept
of divinity when your mind is empty
of all the discursive thoughts and the

daily running around. Every religion

has meditation. Saint Francis medi-
tated, all the great saints meditated —
meditation is everybody’s birthright.”

Still uncertain? She suggests that

people ask themselves whether they
struggle with one of five problem
areas — anger, jealousy, fear, grasp-
ing and discomfort with being alone.

“If they answer yes,”
think meditation is for them.”

° Look out for meditation part two
in next week’s health section, which
will include advice on how to set up
your own meditation routine, includ-

"ing the best time to meditate, sugges-
tions on how long to meditate for,”

what to say — or not say — during med-
itation, and the pros of joining a med-
itation group or class.

she says, “I

{
PAGE 6C, TUESDAY, MAY 31, 2005

THE TRIBUNE



@ By JANICE MATHER

hen you think of

yoga, in terms of

poses that mimic

the shapes of cats,

dogs, birds, and
trees done with help of giant balls,
the 5,000-year-old practice sounds less
like an ancient art and more like, well,
fun. The sort of fun a four year old
might — and can — enjoy.

This summer, rather than exercising
their thumbs on a video game, chil-
dren can reach for the sky in blowing
palm pose, get more flexible ham-
strings in downward facing dog, and
improve their balance and concentra-
tion in dancer or tree.

In a lighthearted take on the mind-
body fitness form, children as young as
two can get their bodies and minds
strong and supple while they get bet-
ter at balancing and enhance their
focus and concentration.

Children’s yoga classes, held Tues-

days and Thursdays at Namaste Well-
ness Center Pilates and Yoga Studio
beginning next week, offer youngsters
from two to twelve years an alterna-
tive to standard sports.

Yoga can sharpen focus, counter-
act summertime couch slouch, and
tackle the burgeoning problem of
childhood obesity, says Tina Wise,
assistant and instructor at the well-
ness centre, which opened earlier this
year in the Cable Beach Shopping
Centre. ‘

According to Ms Wise, the playful
version of yoga can combat children’s
less active, and increasingly over-
weight lifestyles. Yoga isn’t to replace
cardio-vascular sports, but it can cer-
tainly complement other activities chil-
dren may be interested in, from the
balancing demanded from gymnasts
to the strength needed in soccer. And
even though some of the students may
just be beginning to talk, starting reg-
ular but fuin exercise early on will help
solidify good fitness habits for later

| =

in life.
“In the adult version, we have 12
poses, as well as you go into the

“They don’t see it,
like softball, as ‘oh
a game’ they see it







of these
a







extended poses like headstand and
the shoulderstand. With yoga for (chil-
dren), we take on in terms of animal



forms, and the tree pose — things they
can relate to, things they can bond
with, things that are kind of fun and
exciting,” says Ms Wise.

Even the equipment, which includes
large purple and silver balls that look
like they’re just waiting to be swatted
at or bounced on, is to help make pos-
es playful but challenging, serving as
both flexibility enhancers and as
objects children can focus on to help
them maintain concentration.

Doing poses that mimic nature —
both animals and plants — can also
help children form respect for and
bonds with the world around them,
Ms Wise explains. And while older
children may be happy to work out
on their own, parents are encouraged

.to help smaller yogis, which can make

children feel more comfortable exer-
cising, more interested in the practice
and closer to their parents while doing
it.

“When you were a kid all you want-
ed to do was be playful and have fun,”

i

Children can enjoy yoga too

says Ms Wise, who believes that while’
yoga and Pilates both have objectives,

they also allow space for young prac-

titioners to express themselves

through motion, as they do in theatre

or dance.

“They don’t see it, like softball, as
‘oh a game’ they see it like ‘this is fun,
we're moving, we’re doing all of these
animal shapes’ . . . they can relate to
it,” she says.

While the children are relating, par-
ents can expect to see improved mem-
ory and concentration in addition to:
physical benefits, which include
improved muscle control, flexibility
and overall energy level. Children who
suffer from asthma can benefit from

.yoga’s focus on the breath, since it

helps calm the body and makes
breathing deep, steady and regular.
And if the demand is there, children
may get a chance to try Pilates spe-
cially tailored for them, too, a flowing,
strengthening form of exercise that
can curb problem weight.







Regular exercise beneficial for the elderly

IF you are an older person
who has become more seden-
tary (inactive) over time, you
might well ask, “Why exer-
cise?” Many older persons look
skeptically when it is suggested
that they exercise more or even
at all. Yet the evidence sup-
porting the beneficial effects
of exercise (across the life-
cycle) is growing, and rapidly.

The Surgeon General has |

declared that a sedentary
lifestyle is harmful to your
health, and the American
Heart Association has added
lack of physical activity to its
list of preventable risk factors
for coronary heart disease,
which is the number one cause
of illness and death among peo-
ple over 65 years of age in the
Bahamas.

‘Exercise has been shown to:

Coping with
male menopause

YOU’VE never heard of
male menopause? It’s a term
used to describe the emo-
tional reactions men some-
times have in response to
mid-life transitions.

Between the ages of 40
and 60, some men begin to
feel edgy and dissatisfied,
overwhelmed by their oblig-
ations and pessimistic about
their futures.

Typical symptoms include:
insomnia, sexual problems,
and increased dissatisfaction
with work, marriage and
family life.

Preoccupation with the

past, or worries about illness
and death. Abuse of alcohol,
drugs, or both. Impulsive
behavior or taking unneces-
sary or dangerous risks.

These feelings and behav-
iours are often triggered by
changes, like children mov-
ing away from home or oth-
er typical mid-life events.

The Cancer Society of the
Bahamas meets at 5.30pm
on the second Tuesday of
each month at their Head-
quarters at East Terrace,
Centreville. Call 323-4482
for more info.

REACH -— Resources &
Education for Autism and
related Challenges meets
from 7pm — 9pm the second
Thursday of each month in
the cafeteria of the BEC
building, Blue Hill Road.

MS (Multiple Sclerosis)
Bahamas meets the third
Monday every month, 6pm
@ Doctors Hospital confer-
ence room.

The Bahamas Diabetic
Association meets every
third Saturday, 2.30pm
(except August and Decem-
ber) @ the Nursing School,
Grosvenor Close, Shirley
Street.

Doctors Hospital, the
official training centre of

_and children.



To cope with mid-life
change:

© Don’t make radical or
impulsive changes, like trad-
ing in an economical sedan
for a luxury European sports
car, or suddenly deciding you
want a divorce.

_¢ Don’t use alcohol, drugs
or.casual sex to escape or
lessen the impact of change.

2° Do share your fears and
concerns with your family,
and seek professional coun-
selling if your troubles seem
to be more than you can
handle.

° Do cultivate skills and
interests you’d enjoy but
never took the time to pur-
sue.

If symptoms continue to
affect day-to-day living, con-
sult your medical practition-
er as there are other alter-
natives.

e Source: Doctors Hospital











the American Heart Asso-
ciation offers CPR classes
certified by the AHA.

The course defines the
warning signs of respiratory
arrest and gives prevention
strategies to avoid sudden
death syndrome and the
most common serious
injuries and choking that
can occur in adults, infants


























CPR and First Aid class-
es are offered every third
Saturday of the month from
9am-lpm. Contact a Doc-
tors Hospital Community
Training Representative at
302-4732 for more informa-
tion and learn to save a life
today.

Alcoholics Anonymous
meets @ 16 Rosetta St,
Monday-Friday and Sun-
day, 6pm-7pm & 8.30pm-
9.30pm, and on Saturday,
10am-1lam & 6pm-7pm &
8.30pm-9.30pm; @ Sacred
Heart Catholic Church, -
Shirley St, on Friday at
6pm.



e build muscle and bones;

e reduce high blood pressure,
heart disease, diabetes and
colon cancer;

e alleviate the pain of arthri-
tis and depression;

© improve the quality. of
sleep and one’s sense of well-
being and;

- © contribute to longevity,

' even for someone who goes
from being a ‘couch potato’ to.

slightly more active.

Types of
Exercise

Approaches to increasing
exercise and improved fitness

fall into three categories —_

lifestyle modification, resis-
tance training and aerobic exer-
cise.

Lifestyle ...

modification —

Lifestyle modification means
finding opportunities to stay
active within your usual daily
routine, such as:

° getting off the bus one stop
before your stop;

¢ parking your car in a far
corner of the parking lot of the
place you wish to enter and
walk there;

® vacuuming or mopping
your floors at a faster pace and;

© taking the stairs instead of
the elevator.

Numerous organisations,
including the Surgeon Gener-
al’s office, the National Insti-
tutes of Health, the Center for
Disease Control, and the
American College of Sports-
Medicine recently agreed that
inactive people who wish to
become more physically active
need only 30 minutes of mod-
erately intensive physical activ-
ity during the course of each
day, and that those 30 minutes
can be made up of the types of
activities referred to above,
rather than traditional pro-
grammed exercise.

Minutes

That means that you can
walk to the bus stop for 10 min-
utes, then later during the day

FITNESS



you can either walk another 20
minutes, or vacuum the carpet
vigorously for 20 minutes. But
you must be consistént and do
this every day.

Resistance
training

During resistance training,
muscle strength is increased
over time by progressively
increasing the resistance
against which a muscle gener-
ates force.

For example, one can lift
weights and progressively
increase the amount of weight
over several days. A highly
acclaimed study looked at resis-
tance training in healthy older

adults. The researchers showed:::
“. substantial increases in physical =.

functioning in very elderly per-
sons, (over 90 years old) who
participated in resistance train-
ing. Generally two sessions of
20 to 30 minutes per week are
recommended. Resistance
training helps to reduce the
muscle atrophy and bone loss
that accompany aging in older
adults. Lower extremity resis-

tance training is especially ben- —

eficial, since it increases
strength, balance and bone
mass. This provides excellent
protection against falls and hip
fracture, one of the leading
causes of physical disability in
old adults.

Aerobic
Aerobic exercise is the type

of activity one usually. thinks
of when one thinks of exercise.

It results in increased heart rate,

for an extended period of time,
and includes activities like jog-
ging, swimming and jumping
rope. Even walking, bicycling,
and dancing can be considered
aerobic exercise if one does
them briskly enough, which
means that one achieve a cer-
tain heart rate calculated for
his/her age.

Measuring one’s heart rate
is very simple. Right after the
exercise session is completed
check the pulse rate. This can

be done by placing the tips of
the second and third fingers
lightly over one of the blood
vessels on the neck just to the
left or the right of the Adam’s
apple. Alternatively, one can
try the pulse spot in the inside
of the wrist just below the base
of the thumb. Count the pulse
for 10 seconds and multiply the
number by six: that is the rate
at which the heart is beating
(heart rate or pulse). The target
heart rate for aerobic exercise
is anywhere between 50 to 70
per cent of the maximum pre-
dicted heart rate, which is cal-
culated simply by subtracting
one’s age from 220. So, for
example, if someone is 70 years
old, his/her maximum predict-
ed heart rate would be 220 - 70
= 150. The target heart rate

‘would be 50 to 70 per cent of
150, or between 75 and 113. a

When Should
You Ask a
Doctor?

It is normally suggested that
older people see a doctor
before they start exercising.
Many people do not need to
see a doctor before starting a
sensible, gradual exercise pro-
gramme. However, it would be
wise to check with a doctor
before starting an exercise pro-
gramme or increasing one’s
current level of exercise if an
individual:

¢ Suffered a heart attack in
the past;

¢ Has a heart condition

¢ Is taking medicine for high
blood pressure or for a hear
condition and;

¢ Is over 50 years old and
not used to regular vigorous
exercise.

The doctor may even request
a cardiac (heart). stress test,
which may or may not involve
running on a treadmill while
the heart is monitored. -

Two major American organ-
isations — the American Col-
lege of Sports-Medicine and
the American Heart Associa-
tion — published guidelines for




exercise stress testing. Each set
of guidelines recommends
exercise stress testing before
starting a vigorous exercise
programme for anyone with a
known heart condition and for
older adults who have been
sedentary (inactive), even in
the absence of known or sus-
pected cardiovascular disease.

Moderate

Here’s an exercise prescrip-
tion for individuals who want
to get the most benefit from a
moderate exercise programme:

¢ Burn 3,500 calories per
week by walking one hour per
day, or doing more intense
physical activity such as bicy-
cling or dancing for 30 minutes
a day.

e Perform stamina exercises,
which increase your heart rate
to 70 per cent of maximum for
20 minutes, three times a week.

¢ Perform weight training for
10 to 20 minutes two or three
times a week.

Remember, almost all indi-
viduals will benefit from
increasing their activity level.
It is important to choose an
exercise programme that will
be interesting and enjoyable,
and that fits into your daily
activities. Start slowly and grad-
ually build up to the full pre-
scription described above.

Always listen to your body.
Don’t ignore any warning
symptoms like dizziness, faint-
ing or pain or.pressure in your
chest. Keep your. physician
informed about your progress.
Avoid outdoor exercise on hot
days and drink lots of water
before, during and after exer-
cising. Set goals for yourself
and do your best to achieve
them. MOST OF ALL HA
FUN! os

e For more information on
health and fitness in older per-
sons contact the gerontology
clinic (clinic for older persons)
at the community clinic nearest
your home, or Dr Agreta
Eneas-Carey, Justina Knowles
or the Physical Therapy
Department at the Public Hos-
pitals Authority, Sandilands
Rehabilitation Center at 214-
1246. Hs




Research review finds little
cancer risk from hair dye

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PAGE 8C, TUESDAY, MAY 31, 2005

THE TRIBUNE









ow that it is late

May we can

declare the veg-

etable growing

season official-

ly over. You can still grow
some veggies but they have to
be either field crops or spécial-
ly selected varieties suited to
warm weather.
Cherry tomatoes do very
well in the summer and Italian
plum tomatoes do fairly well.

For sweet peppers, I find’
Cubanelle the best choice. .

They appreciate a degree of
shade in order to avoid sun
scald. Hot peppers of all types
fare well; indeed, summer is
their favourite season.

All in all, the last season was
oné:of the best I have ever
experienced. ~

Everything grew well and my

family could not keep up with
thebounty. A friend said he



had been disappointed with his
snap bean production but his
beets did extraordinarily well
and remained tender at a large
size.

The weather for most of the
winter seemed somewhat cool-
er than normal and I think this
helped produce good crops. I
love heirloom tomatoes and my
pink Brandywines gave a



i TOMATILLOS are a new item in Jack’s garden. They grow very easily
and should be able to take summer conditions.

‘Veggie’ growing
season's Over



hearty harvest. I then moved
on to plum tomatoes and a new
variety of tomato for me called
Top Sirloin. After Brandywine
any tomato would taste inferi-
or, of course, but I was really
disappointed in Top Sirloin and
will never grow it again. In
addition to its lack of good
tomato taste many of the fruits
developed blossom end rot and
had to be thrown away.

The main cause of blossom
end rot is infrequent watering
and to this I must plead guilty.
But the other tomatoes did well
so I must assume Top Sirloin
has a propensity: towards this
particular ailment.

I must confess that, after
Brandywine, the best tomatoes
I had came from the bush. I
make it a habit of throwing
pepper cores, bruised tomatoes
and overripe melons into the
nearby bush. When hurricanes
Frances and Jeanne battered
Abaco it also cleared the bush
of tree cover. Up sprang
papayas and tomatoes by the
dozen. The tomatoes were all
Large Fruited Cherry, a sum-
mer favourite of mine. For
months I have kept bowls of
these tomatoes on my patio
table along with a small dish

‘of Ragged Island salt, nibbling

at will.

A couple of years agoa
Guyanese friend of mine gave
me a couple of celery plants to
use as a herb. We cannot grow
celery in the Bahamas that
remotely resemble the fat,
white giants of California. Cel-
ery grown here remains dark
green and rather stringy. But
the flavour is wonderful and
this year I grew several pots of
it to add to soups and stock.

Back in January our local
supermarket featured Tomatil-
los. (I think it was probably a
mis-order as they have never
reappeared.) I bought some
because one of my daughters
is into Mexican food. Then I



H CUBANELLE peppers
are wonderfully sweet
when sweated in a pan to
bring out the sugars. They’.
can stand summer heat.
betgter than regular bell

pappers.



& THESE poppies made a lovely display from Christmas to
May.

wondered if they could be
grown here so I squeezed some
seeds onto a square of paper
towel and let them dry for a
few days. Plants appeared
quickly and the growth was
robust, with several dozen
fruits being set on each plant. I
have planted some more seeds
because I feel sure Tomatillos
should be able to take our sum-
mer heat.

They make a killer green
chutney.

My main flower selection this
winter consisted of Nasturtiums
and Geraniums. ‘

They are beginning to look a
little worse for wear now but
have given months of beauty.
The Nasturtiums — red, orange,
yellow — also gave an abun-
dance of pea-size seeds so I am
all set for next year.

A married couple who live
quite near to me (both of them
my students from a quarter of a
century ago) have a lovely gar-

den, quite the finest in the dis-
trict, which features Bottle
Palms, a rock garden and some
roadside flower beds. This win-
ter they grew poppies that gave
a really colourful display for a
long time. I have never consid-
ered poppies as a good candi-
date for Bahamian gardens but
now I’ve been proved wrong.
Again.

There was one major disap-
pointment, in February: my
Clerodendrum shrubs did not
flower. They took a real bat-
tering in the hurricanes and
that obviously upset their, cycle.

Early in May I noticed a set
of flowers high up on one of
my Carambola trees. I didn’t
have any fruit from the trees
for three years after

Hurricane Floyd. Signs look
a little better this year.



° gardenerjack@
coconuttelegraphs.net
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Missing
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