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:
2008
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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‘

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The Tribune









ANY TIME...ANY PLACE, WE’RE #1

Crm ty
to drop to ‘single

Concern that incoming
weather system could
exacerbate the situation

@ By KARIN HERIG

Tribune Staff Reporter
kherig@tribunemedia.net

TIME was of the essence yes-
terday, as the Port Department

- and the Defence Force worked

together to remove the Shell
Oil supertanker from where it
had run aground off Lyford Cay
before an incoming weather sys-
tem could exacerbate the situa-
tion. pn eats Fiabe
Environmentalists were yes-

- terday not only concerned

about the danger of a possible
oil spill, should the vessel’s hull
become compromised, but also
about the damage that may
have been done to an endan-
gered species of coral.

The Port Department of the
Ministry of Maritime Affairs
yesterday oversaw the removal
of the 44,788-ton tanker from

the rocky underground penin-
sula near Goulding’s Cay, with
the Defence Force lending its
assistance.

The Port Department
assigned two government tug
boats and two privately-oper-
ated tugs to remove the vessel.
At press time last night it was
unclear if the efforts had been
successful.

Controller of the Port
Department Captain Anthony

Allens in a statement yesterday -

afternoon said that although the
double-hulled vessel — which is
carrying 120,000 barrels of oil
— is not leaking at present and is
unlikely to do so under current
conditions, it is still important to
move the tanker as soon as pos-
sible.

SEE page 10

Bishop Simeon
Hall warns PM
over court system

@ By PAUL G TURNQUEST
Tribune Staff Reporter
pturnquest@tribunemedia.net

SENIOR Pastor of the New Covenant Baptist Church, Bishop
Simeon Hall warned Prime Minister Hubert Ingraham yesterday
that unless his government repairs the court system during its term
in office, it would have betrayed the trust of the Bahamian people
and proven “unworthy” of continuous national support.

In an address issued to the media entitled “Too much talk — too

SEE page 10



_ little action”, Bishop Hall said that the recent case of convicted



-| in the Grand Bahama Port

git:





Merwe
MRT TR Co UE
A RET aes |
pushing for $12m pay-out

A SPOKESMAN for Sir
Jack Hayward and IDC, his
company that holds shares







Authority and Port Group
Limited, said they are “flab-
bergasted” that GBPA co-
owner, the éstate of the late
Edward St George, is con-
tinuing to push its request
for a pay-out of $12 million
in dividends at a time when
the Grand Bahama Airport
is in debt and is looking for
ways to pay the $33 million it
owes.

“Tt is utterly beyond our
comprehension how anyone
who says they care about the
future of Grand Bahama, its’



































| residents and its economy,

can also go on record as say-
ing that they need a dividend
pay-out of millions of dol-
lars to continue fighting legal
battles when the airport is
faced with huge debts
because there is no money
available to pay the $33 mil-
lion in outstanding loans,”
said Andre Feldman, the
Grand Bahama-based attor-
ney and spokesman for the
Hayward interests. “The
suggestion that the Grand
Bahama Port Authority go
out and borrow money to
pay the debt that is owed to
Hutchinson Whampoa is
ridiculous. Frankly, we are

SEE page 10





BAHAMAS EDITION

FRIDAY, FEBRUARY 29, 2008





Wilchcombe: mid-term —

budget report affirms PLP
govt was on right course

ll By PAUL G TURNQUEST
Tribune Staff Reporter
pturnquest@tribunemedia.net

that the FNM’s mid-term budget

the Perry Christie administration
was on the right course of sys-
temically managing the growth
and sustainability of the Bahami-
an economy.

Noting that the Christie admin-

in the beginning by the FNM,

national organizations including

SEE page 10

Obie Wilchcombe

Senator claims she was unable to locate

31 voters at addresses they provided

@ By TANEKA. THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net

SENATOR Pleasant Bridgewater resumed testimony as the Marco

Registrar before the May, 2007 general elections.

One of these voters is the aunt of Minister of State for Finance and
Marco City MP Zhirvago Laing while another was the estranged hus-
band of Ms Bridgewater’s cousin.

Yesterday the defeated PLP senator, listed as the petitioner, told the
court she knew almost all of the voters and personally visited the

SEE page 10







oa

ST LES Ba,
‘

Nya de
tits ect oe

1 a

FORMER Minister of Tourism ne
; determine the cause of the inci-

Obie Wilchcombe said yesterday
: dent.
pret ee cae : ter of State for Aviation Branville
: McCartney in the House of
: Assembly yesterday, who said
: that it was in keeping with the
.} requirements of local aviation
i safety regulations.
istration was “severely” criticised “ Olle :
; dent investigation, the report will
they, along with a host of inter- { be sent to the director of civil avi-
: ation and the Attorney Gener-
: al’s Office for release to the pub-

Moody, Standard and Poor’s, ; :
Se ee : lic as deemed necessary,” he said.







Felipé Major/T ribune staff

: Investigation
to determine

the cause of

_Leair Jet crash

THE Flight Standards Inspec-

: torate has opened an investiga-

tion into the Leair Jet crash to

This was announced by Minis-

“Upon completion of an acci-

Mr McCartney told parliament

: that on Monday, February 25, at
: around 5pm an Embraer 110 air-
: craft, registration C6-CAB oper-
: ated by Leair Charter Service
:, Ltd, landed at the Lynden Pin-
: dling International Airport on
i runway 32 without first extend-
i ing its landing gear.

The flight was returning from

! New Bight, Cat Island.

“The aircraft was carrying 14

City election court case continued Thursday and went through 31 reg- :} Passengers and two crew mem-

‘istered voters in the Marco City constituency whom she said she was
unable to locate at the addresses they provided to the Parliamentary :

: bers, none of whom were injured
: during the incident,” he said.

He said that as a matter of pol-

: icy and standard operating pro-
: cedures, regular inspections of
: aircraft, maintenance records and
: pilots’ records are carried out by
: the inspectors from the Flight

addresses on the counterfoils multiple times during her election cam- ; Standards Inspectorate (FSI).

These inspections permit the

SEE page 10

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PAGE 2, FRIDAY, FEBRUARY 29, 2008

THE TRIBUNE



BIRD-WATCHING GROUP SAYS WILDLIFE SANCTUARY IS BEING FILLED WITH RUBBLE

‘Stop wetlands destruction’

@ By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

A local bird-watching group is
calling for action to be taken to
stop further destruction of wet-
lands in the Cable Beach area
after discovering that large areas
are being filled with rubble by an
unknown developer.

A member of the ornothology
group, wishing to remain anony-
mous, told The Tribune yester-
day that the area forms one of
the last sanctuaries for birds and
other wildlife on New Providence.

The wildlife enthusiast said that
while the extent of the destruction
is not immediately obvious, a
quick detour reveals a “critical
area” where piles of “dirt and
boulders” appear ready to be
pushed into the wetlands.

“It’s like a little river flowing
through there, and if somebody
cuts the river off at mid-stream,
the rest will suffer,” she said.

Wetlands have been recognised















































as fulfilling critical ecological
functions. Home to many species
of wildlife including nesting and
migratory birds and fish, they also
play a crucial role in storing flood-

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waters and improving water qual-
ity.

The Bahamas became a signa-
tory to the Ramsar convention,
an international treaty for the

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conservation and sustainable use
of wetlands, in 1997.

Yesterday, minister of works
Earl Deveaux told The Tribune
he would direct a ministry
employee to inspect the site
flagged up by the conservationist.

He further confirmed that his

‘ministry is already looking into

extending the 71 acre Baha Mar
“no build zone” already desig-
nated in Cable Beach to include
some more wetlands in the area.

The decision to shield the Baha
Mar acreage from development,
providing for it to be turned into
a public park, was revealed last
week in the supplemental heads
of agreement between the gov-
ernment and the developers
tabled in the House of Assembly.

Yesterday, Mr Deveaux said
that his ministry has also been
instructed to undertake an

PROBLEMS emit UP: atelo) Cem In IM UATS) Melenieetce

“immediate review of the

approvals ” for another develop-
ment taking place in the area in
order to assess its impact on the
wetlands there, “with a view to
scaling back”.

Mr Deveaux said: “We are
mapping the area right now, to
see .. .the extent to which we can:
a) restore the salt water from
Sandyport back to the ocean, b)
integrate the original flow back
to Lake Cunningham and c) con-
serve and protect as much of the
wetlands as we could as a no build
zone,” he said.

Local environmentalists,
including Bahamas National
Trust director Eric Carey have

descried the “alarming rate” at

which these ecologically-sensitive
lands are being destroyed in this
country. .

Last August, Mr Carey pro-
posed that government stipulate
that no further development on
wetlands take place in New Prov-
idence, while requiring that any
such construction on other islands
is “carefully planned and moni-
tored.”

He said that the preservation of
wetlands is not just a matter of
safeguarding habitats for certain
species of wildlife, but also of

NOTICE

IN THE MATTER OF

THE COMPANIES ACT, CHAPTER 308 LAWS OF THE
BAHAMAS, 2000 EDITION

IN THE MATTER OF

CALEDONIA CORPORATE MANAGEMENT GROUP
LIMITED

(Formerly Anglo Offshore Investment Ltd.)

(In Voluntary Liquidation under the Supervision of The
Supreme Court)

NOTICE

Notice is hereby given that on 12 February 2008, by resolution
of its Members, Caledonia Corporate Management Group
Limited (the “Company”) went into voluntary liquidation
and I, Mr. Anthony S. Kikivarakis, of Deloitte & Touche,

2nd Terrace West, Centreville, Nassau, The Bahamas, was
appointed as the Company’s Liquidator. Subsequently, on
20 February 2008, by Order of the Supreme Court of The

Bahamas, I, Anthony S. Kikivarakis, was appointed as the

Company’s Official Liquidator.

Anthony S. Kikivarakis

Official Liquidator

VCarrysut cniy,
_Extia for Deep Dish





maintaining quality of life for all
Bahamians.

“Collectively, private citizen-
ry, the government, the BNT and
other non-government organisa-
tions have to harness our ener-
gies towards protecting what is
left,” he said.

Pericles Maillis, a local attor-
ney and conservationist and for-
mer co-chair of the National Wet-
lands Committee, has explained
that one problem traditionally
contributing to the destruction of
wetlands, is the flimsy nature of
the law under which they are sup-
posed to be protected.

The Conservation and Protec-
tion of the Physical Landscape
Act, he suggested, has various
“loopholes” which have been
exploited by those wishing to
build on the environmentally sig-
nificant areas.

However, he said that there are
early discussions underway to
revise and strengthen the Act.

A ministry of works team, in
conjunction with the Bahamas
Environmental, Science and
Technology (BEST) Commission,
was directed to visit the site
flagged up by the birdwatcher
yesterday.

Verdict expected
today in the
-Esfakis inquest





@ By ALISON LOWE
Tribune Staff
Reporter
alowe@tribunemedia.net








A verdict is expected to

be delivered in the Coro-
_ner’s, Court today. in,the
inquest into the death,of
burns patient Christopher
Esfakis at Doctor’s Hospi.
tal in 2002.

Lawyers for the estate
of Mr Esfakis, the hospi-
tal and the doctors
involved in treating Mr
Esfakis during the two
days he was at the hospital
made their final submis-
sions to coroner William .
Campbell yesterday.

The inquest, which
began on April 25 last year
— almost exactly five years
after 42-year-old Mr
Esfakis’ death at the hos-
pital — saw numerous wit-
nesses called, including Dr
James Iferenta, Dr Regi-
nald Neymour, nurses who
attended the deceased,
forensic pathologist Dr
Govinda Raju and a US
expert in burn injuries and
their treatment.

The court previously
heard that an autopsy per-
formed on Mr Esfakis on
April 25, 2002 by Dr Raju
found his death came. as a
result of cardiac respirato-
ry arrest, acute pulmonary
congestion and oedema, in
addition to an airway
obstruction as a result of
an inhalation injury and
burns.














































THE TRIBUNE

FRIDAY, FEBRUARY 29, 2008, PAGE 3







Oo ln brief

Torry Turnquest



Man charged
with rape

Torry Turnquest, 29, alias
Jamaal Rolle, appeared in
Magistrate’s Court yester-
day and was charged with
one count of rape.

Turnquest is accused of
having sexual intercourse
with a 30-year-old woman
without her consent.

According to court dock-
ets, it is alleged that the rape
took place on Tuesday, Feb-
ruary 19.

Turnquest was granted
$15,000 bail.

His case was adjourned to
July 8.

Veteran journalist
dies in Grand Bahama

@ By DENISE
MAYCOCK
Tribune Freeport
Reporter
dmaycock@
tribunemedia.net

FREEPORT - Veteran
journalist Dudley Byfield
died this week on Grand
Bahama.

Mr Byfield had been
very ill. He was initially
hospitalised at the Rand
Memorial Hospital before
being released. He died at
home.

Mr Byfield, who was
- described locally as the
“dean of journalists”, was
employed as editor of the
Freeport News for many
years.

He later founded his
own small newspaper, The
Grand Bahama Sun.

Mr Byfield joined the
Freeport branch of
Bahamas Information Ser-
vices a few years ago,
where he was employed as
a writer.

A funeral service for Mr
Byfield will be held at St
John’s Jubilee Cathedral
on Settler’s Way on March
8.

Woman
charged with
Stealing by
reason of
employment

A 27-YEAR-OLD
woman appeared before
the courts yesterday
and was accused of 37
counts of stealing by
reason of employment
from the Road Traffic
Department.

Leshann McPhee, of
Smithville Subdivision,
was charged with steal-
ing a total of $21,973.83
from the department’s
Thompson Boulevard
office between Monday,
September 3, 2007 and
November 8 of the
same year.

Court dockets allege
that she stole the funds
over the two-month
period, taking anywhere
between $50 to just
over $950 at a time.

In all, 21 witnesses
are being called to
appear, including the
Road Traffic Contoller,
Jack Thompson.

id ee
ULES)

FOR PEST PROBLEMS
ere



THE BROKEN glass front door at Spotless Clea



LOCAL NEWS

@ By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

AN ATTEMPT to bur-
glarise an Oakes Field
drycleaners in broad daylight
led to massive traffic jams and
inspired rumours of a bank
robbery in Nassau yesterday.

At around ipm police
received a call informing
them that Spotless Cleaners
on Poinciana Drive, opposite
College of the Bahamas, was
under siege by a gunman.
According to Assistant Super-
intendent Walter Evans,
police responded with several
units, including the SWAT
team.

“They cordoned off the
area, however, no one was
found on the inside of that
facility, namely a gunman,”
he said.

According to a source on

Felipé Major/Tribune staff

Om from Confiscated
Assets Fund to go to
police and Defence Force

THE government will use $9 million from
the Confiscated Assets Fund to bolster the bud-
gets of both the Royal Bahamas Police Force
and the Defence Force, Minister of National
Security Tommy Turnquest announced.

Speaking in the House of Assembly yesterday,
Mr Turnquest also said that the government is
expected to purchase a plane for the police,
which will serve two purposes: to help reduce
the cost associated with officers undertaking
their duties throughout the country, and to

‘ensure the safe transport of prisoners.

Mr Turnquest said $5 million of the-money
accessed from the Confiscated Assets Fund will
go to the RBPF capital budget with the remain-
ing $4 million earmarked for the Defence Force.

The money will be accessed in accordance
with Section 52(3) of the Proceeds of Crime
Act (chapter 93), he noted.

The Confiscated Assets Fund contains the
proceeds of criminal activities which have been
recovered under a confiscation order. It cur-
rently has a total of $20 million.

“IT can say that the government is providing
the necessary resources and support to ensure
that the agencies and bodies under the Min-
istry of National Security (as with other min-
istries) get the job done and that we are
strengthening our institutions to make them
more effective,” Mr Turnquest said.

Speaking on the new police aircraft, the min- ©

ister noted that policing the Bahamas requires
extensive travel throughout the islands to inves-
tigate crime, apprehend perpetrators and to see
that suspects are charged and brought before the
courts.

Cost: $325 per person

Includes transportation, accommodation, meals and tours.

Mr Turnquest said an additional $700,000
has been allocated to the police for this pur-
pose. :

“It will be noted from the budget that an

additional $2 million will be allocated to the ©

Royal Bahamas Police Force.

“I must emphasise that our archipelagic con-
figuration bears centrally on the nature of var-
ious aspects of the support the police needs.
Transportation equipment — cars, jeeps, motor-
cycles, bicycles — that we purchase from the
budget amount will be deployed throughout
the Bahamas.”

The increase in the price of fuel has also
increased operation costs for the police, he said,
adding that this fact is being taken into consid-
eration in the allocation of $400,000 for fuel.

“We make these additional allocations to the
police consistent with the importance of their
work and their significant accomplishments,
particularly in the flagship Neighbourhood
Community Policing Programme,” Mr Turn-
quest said.

He said the government will also continue to
give “tangible support” to the growth and devel-
opment of the Royal Bahamas Defence Force as
it is “an important objective” to make the

Defence Force a “Bahamas-wide force rather

than a New Providence-based force.”

He said the government “is very much on
track” with its phased acquisitions of assets for
the Defence Force, which will result in 12 new
vessels being added to its fleet — two of which
have already been received and commissioned
— and the acquisition of two aircraft over the
course of the next year.





Registration and payment must be made at the BNT
headquarters, Village Road, Monday to Friday, 9am to 5pm






the scene, the police’s belief
that the robber was still inside
when they arrived led them
to smash the glass front door
to gain entry.

Police said that the gunman
entered the store and
demanded cash, but when an
employee fled to a rear
restroom, he left the building.

An onsite source said he
had obtained nothing for his
efforts, although police
could not confirm this at the
time.

Employee

The employee, the only
person reported to be in the
building at the time, was not
harmed but police report she
was psychologically trauma-
tised and was taken to the
hospital.

The assailant was at large
up to press time yesterday.



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OPEN HOUSE

February 29" 2008
1:00pm — 6:

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Public Is Invited i

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Light Refreshments Served

a

Gunman attempts
to rob drycleaners

Police were combing the area.

The location of the clean-
ers — next door to Common-
wealth Bank on the corner of
Nassau Street and Poinciana
Drive — and the large police
presence the incident attract-
ed, led many people in the
area to speculate that it was
the bank that had been
robbed.

Closure of a section of
Poinciana Drive by police
caused a massive traffic buiid
up on busy surrounding roads
when many people would
have been on their lunch
hour.

At around 2pm, a-police
officer on the scene told The
Tribune that the road had
been closed for 10 minutes,
and would likely be shut off
for a further 10 minutes while
police took photographs of
the site and conducted other
investigations.

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PAGE 4, FRIDAY, FEBRUARY 29, 2008

THE TRIBUNE





EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
‘ Contributing Editor 1972-199]

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

PLP homes not what cracked up to be

AS THE Opposition taunted the FNM gov-
ernment for not building a single low cost home
after promising 3,000 if elected, former Housing
Minister Shane Gibson was praised for the
speed with which he started his building pro-
gramme when the PLP became the government
— “speedy like a bullet”, according to one of his
political colleagues.

Yes, he was “speedy like a bullet” as he got
off to a rollicking good start because every-
thing had been left in place by the Ingraham
government to enable the “bullet” to move at an
accelerated pace.

Mr Gibson was able to start government’s
low cost building programme as soon as he got
his feet tucked securely under his ministerial
desk, because he had at his Ministry’s disposal
a $6.7 million deposit at the Bahamas Mort-
gage Corporation; $35 million in bonds floated
by the FNM in 2002; and $5 million in the Min-
ister’s Corporation Sole account — more than
$46 million to launch a sound low cost building
programme. ae

When the FNM minister came to office last
year prepared to honour his party’s election
promises of additional low cost homes, he was
faced with a $5 million overdraft at the Bank of
the Bahamas, and the task of having to go back
to the House to ask for $2 million to repair a
large number of poorly constructed homes put
up during the Gibson period. In fact the housing
programme had virtually shut down under the
PLP by October, 2006 for lack of funds.

“TI am proud of my performance as Minister
of Housing and National Insurance. I am proud
of my unmatched record of constructing more
than 1,300 homes in my three and a half years as
the minister, especially compared to the 50-
plus houses the previous administration built
in their first time,” Mr Gibson told the House.
Many of his colleagues applauded his “‘achieve-
ments” and felt that the rest of us should do the
same.

We really don’t know what Mr Gibson had to
feel proud about, particularly when we heard
the many complaints brought to The Tribune by
persons who believed they had been taken
advantage of. They came to us as a last resort
because no one would listen to their grievances.
Most of their complaints had their roots in the
Gibson period.

We felt sorry for the hapless minister who
replaced Mr Gibson after the 2006 cabinet shuf-
fle. Former minister Neville Wisdom, not know-
ing what a hornet’s nest he had stepped into, got
caught in the political crossfire. An unfortu-

_nate exchange between him and a senior mem-
ber of his staff took the attention off Mr Gibson

e

MnCl SIMRO a Melman ki simia

“When everything around you is
crumbling, Christ is the rock on
which you can stand.”

SUNDAY SERVICES
7.Obam, Fo0am, TT T5am

PASTOR EARLE FRANCIS J.P.,D.D.
Marriage Officer, Counsellor, intercessor
Phone: 323-6452 * 383-5798
Fax: 326-4488/394-4819

PUBLIC
AUCTION

LG. STUBBS PUBLIC AUCTIONEER WILL SELL

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Equipment and Accessories comprising:
Stoves, Fryers, Bar and Kitchen Sinks, Chinese Wok Stove,
Walk-In Cooler and Freezer with glass display doors, Hobart

and highlighted an unsuspecting Mr Wisdom.

However, when government went to the
House to debate a resolution to make it legally
possible to transfer land to the minister so that
he could, lease it to the Mortgage Corporation
and the corporation in turn could give con-
veyances to property owners and mortgages
could be executed and issued to provide funds
for continued subdivision development, the
Ministry’s parliamentary secretary let it all hang
out. (See page 11).

Mr Brensil Rolle, MP for Garden Hills, said
the process was followed by the first PLP gov-
ernment and the FNM, but not by the “new”
PLP. The established process enabled the pro-
gramme to sustain itself.

Mr Rolle said that from 2002 to 2007 “this

very simple process was abused and subse-

quently abandoned by the ‘new’ PLP.”

He said the Mortgage Corporation spent
funds for infrastructural development in many
subdivisions, houses were built on land not
owned by the Minister and not leased to the cor-
poration. As a result conveyances could not be
issued, mortgages were not executed, individu-
als could not be given titles. “However,” said Mr
Rolle, “the minister continued to assign houses
and give keys without the confirmation that
individuals could qualify for mortgages.” The
corporation was unable to legally recover funds
expended on infrastructure and developments.
While the funds were continuously being deplet-
ed, income from mortgages was not coming in.

Mr Rolle then accused the minister of intro-
ducing “an illegal policy of collecting rent to

» seek to recover some of the funds expended

by the corporation primarily because it couldn’t
compel individuals to make payments on hous-
es where a legal mortgage was not in place.”

Under such pressure the system collapsed.

During the 2007 election campaign the for-
mer prime minister scoffed at the FNM’s
promise to build 3,000 homes, saying words to
the. effect that the PLP were not interested in
housing, but were “interested in people.”

What kind of interest did the PLP show in
people when they could not give them legal
title to their property, nor deliver homes with-
out cracked walls, uneven floors, inferior mate-
rial and overall shoddy workmanship? Maybe
Mr Gibson can tell us what part of this shambles
he is proud of. Certainly the homeowners who
called The Tribune, came to our offices and
invited our reporters to their poorly construct-
ed homes saw nothing to sing about. We only
saw their anger, and their belief that their gov-
ernment had let them down.

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EDITOR, The Tribune.

OF RECENT times the story
of some Bahamians being pre-
pared to “sell da MA” is mak-
ing the rounds again. The vari-
ous projects around the country
that are making many persons
nervous, may be an indication

that we have sold or given away '

too much in the name of “some-

_ thing new.”

This scenario reminds me of
a new version of the slave trade
where tribal leaders gave away
what was precious for trinkets,
stuff that caught their eyes, but
had no lasting value.

We are allowing the slave

ships to be constructed on the .

land and impact on the social
fabric will be just as negative;
because of what tends to accom-
pany these kind of ventures; and
we are kind of messed up
already with our tendency to
politicise everything that hap-
pens to us.

I am not impressed in the
least by what is going on and
the situation in Bimini is at the
top of my not-impressed list.
What is going on in the minds of
those who are in leadership or
are espoused to it?

Are they concerned with
leading or just going bigger and
better than the last fellow in

LETTERS

letters@tribunemedia.net




charge? Next to Bimini on my
list is the Bahamar project. I am
forming the opinion that it is an
attempt by one administration
to outdo the other, but this one
is beginning to look like a rather
large Junkanoo costume that

- will not be able to make the lap.

There is nothing wrong with
being competitive, but there is a
price to be paid for misman-
agement of a nation’s resources.
I am concerned that the land
that the project is taking up,
costs more than the project
itself, this project could have
happened in other locations in
the Bahamas, that have a
greater need.

The environmental impact
would have been. less and the
economic impact would have
been greater.

We would have also min-
imised the social disruptions
that are bound to happen
because of the amount of man-
power that will have to be
brought in if the project is to
meet its projected schedule.

I am not interested in a “Las

Vegas style” tourist destination
because we do not need some-
thing like that to compete in the
tourist market.

This thing goes against who
we are and what we have to
offer as a tourist destination and
it will impact our already fragile
culture in a very negative fash-
ion.

In the name of common
sense, what can we construct on
the north side of skyline drive
that would be an improvement
on what is proposed? This is too
much land for another “one
shot deal”. I am sure that we
can do a lot better and retain
what we as a nation have to
offer as a tourist destination.

The present administration
has tried to “scale the project
down” all the while listening to -
the criticisms of the opposition.
The opposition should be glad
that an attempt is being made to .
make the size of this project less
objectionable, but, however this
turns out we are going to have a

' visible, ongoing reminder as to

what we should not allow-to
happen in this country in the
future.

EDWARD HUTCHESON
Nassau,
February 27, 2008.

Politicians should be more careful
before speaking on reasons for crime

EDITOR, The Tribune.

IT IS disheartening to hear
some political leaders give their
opinions and their reasons as to
why crime is on the increase.
They imply that the persons
who commit crimes have ade-

quate reasons to do so because’

they are unable to find jobs or
that they are out of work
because certain projects have
slowed down or been put on
hold. We are left to our own
conclusions as to whether this is

true or not, but what is true is
that the spin that is often
applied by those seeking to gain
political points have given per-
sons involved in crime a further
push in a direction that is
already wrong.

Politicians must be careful
when they open their mouths
to articulate their positions and
what comes out of their mouths
does a lot to influence the social
climate that they themselves
have to live in. How about say-
ing something that makes a per-

son think'twice about commit-
ting a crime. :

A person who has access to a
knife or weapon does not need
any encouragement to commit a
crime; they need an encourage-
ment that draws them to a way
of life that is better than what is
being put forth by misguided
leaders who claim to speak for
them.

EDWARD HUTCHESON
Nassau,
February 27, 2008.

Too much political bias in the media

EDITOR, The Tribune.

I WAS impressed by the let-
ter from Jan Mabon in February
9th Tribune emphasising the
importance of an unbiased
press.

There is just too much politi-
cal bias in all the media and The







Tribune is no exception. While
language fluency and righteous

- indication may make for inter-

esting reading in editorial and
personal opinion columns,
much of this is overshadowed
by the constant berating and
disrespect for the former gov-
ernment and its policies.
While readers agree politi-
cians, community leaders and
office holders must be held
accountable for poor judgments
and misconduct, an unbiased
press serve us all better as infor-
mation providers and encour-

agers of good citizenship. It’s
time to stop so much personal
venting just because it’s called
“Insight.” We know columnists
are not neutral, but we expect
when you tell us about our-
selves you do so without the bit-
ter and caustic language. Read-
ers are turned off when much of
it is overkill, the attitude con-
descending, and, oh, so superi-
or. ,

LOUISE KNOWLES
Nassau,
February 18, 2008.

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THE TRIBUNE

FRIDAY, FEBRUARY 29, 2008, PAGE 5



Da cone ee
ynden Pindling airport receives better security ratings

THE Lynden Pindling Inter-
national Airport has finally begun
receiving better security ratings
from US transport officials.

This was revealed by Minister
of State for Tourism and Avia-
tion Branville McCartney yester-
day in the House of Assembly
during his contribution to the gov-
ernment’s mid-year budget
report.

He said that following criticism
of the security at LPIA by US
officials — including former
Ambassador John Rood — “my
ministry was very pleased to note
that positive security ratings have
recently been received from the
Transportation Security Admin-
istration (TSA) for this airport.

“This government has served
notice to the international com-
munity that it is serious about avi-
ation and its national and inter-
national responsibilities. Accord-
ingly, we sought as a first order of
business to demonstrate in a very
tangible way that the political will
now exists to do all that is neces-
sary to ensure the safety and secu-
rity of the traveling public,” he
added.

Mr McCartney said this was
the reason he led a delegation of
officials from the Civil Aviation
Department to the International
Civil Aviation Organisation
(ICAO) meeting in Canada.

“I am pleased to advise you
that the response from the per-
sons attending was overwhelm-
ing. Without exception, both the
ICAO and country delegates

Branville Meena

lauded the presence of the
Bahamas to this premier interna-
tional setting, and they continued
to assure us of their support for
our efforts,” he told parliament.
“May I note that this was a first
for the Bahamas to participate in
such a meeting.”

Mr McCartney said he will
soon be travelling to Mexico to
meet with regional ICAO repre-
sentatives, with a view to contin-
uing dialogue on matters of mutu-
al interest, “in particular the
audits that the Bahamas is sub-
jected to”.

He said his ministry has taken
other concrete steps to solidify
the aviation sector. “In this
respect, the security of the trav-
elling public is pre-eminent
among those tasks which we must
give attention to, and we have
begun to put in place those instru-
ments which are necessary for
securing our airports.”

Mr McCartney noted that the

" government continues to main-

tain a “respectful and cordial”



relationship with Federal Avia-
tion Administration and United
States Embassy officials, and has
held a number of meetings with
both entities, “with a view to fos-
tering mutual aviation objec-
tives”.

He told parliament he was
amazed to discover upon taking
office that although the Bahamas’

‘Civil Aviation legislation requires

the appointment of an aviation
security manager and an aviation
security consul, both of these
posts were left vacant by the for-
mer PLP government. “We there-
fore proceeded immediately with
the appointment of both the man-
ager and the consul, and we have
found that these appointments
have been critical as we seek to
chart a vision for the enhance-
ment of the very critical security
component.”

Mr McCartney said there is
much more to be done, particu-
larly in terms of modernising the
country’s legislation to include
the necessary ICAO protocols.
He added that efforts are under-
way in this regard.

“These improvements will not
come cheap Mr Speaker, as there
are some 18 ICAO annexes which
must be fleshed out and incorpo-
rated into national legislation,”
he said.

He noted that the Civil Avia-
tion Department (CAD) was allo-
cated a total of $9,057,481 during
the current fiscal year with
$2,974,681 earmarked for recur-
rent expenditure and $6,082,800

Government is committed to overcoming
challenges facing Bahamasair, says Grant

@ By TANEKA THOMPSON
Tribune Staff Reporter

tthompson@tribunemedia.net

THE government is commit-
ted to overcoming the “chal-
lenges” facing Bahamasair, Min-
ister of Tourism and Aviation
Neko Grant said.

During his presentation of the
national flag carrier’s mid-year
budget report in the House of
Assembly, the minister outlined
these challenges, saying the high
cost fuel and an aging fleet are
major problems affecting the air-
line.

“These challenges facing
Bahamasair are indeed great, but
not insurmountable. This gov-
ernment was very careful in its

structuring of the board of:direc-:

tors, and ensuring that we identi-
fied the right. mix of individuals
who. not only appreciated, the
importance of commitment to the
consistent delivery of quality ser-
vice, but who were also business-
proven strategists, with a vision
for how the corporation ought to
function and the experience and

aptitude to bring that vision to-

fruition”.

The minister noted that for
more than 20 years, the public
treasury subsidised Bahamasair










Long Island and Exuma.

May he rest in peace.

KEMP’S FUNERAL HOME LIMITED

22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas

MEMORIAL SERVICE

HUGH JOHN ARTHUR COTTIS
1930 -

A Memorial Service will be held at 3pm on 1st March,
2008 at The Marsh Harbour Gospel Chapel for the late
Hugh John Arthur Cottis, aged 77 years, of Dundas Town,
Abaco, The Bahamas and formerly of Essex, England,

He was born on 15th October, 1930 in Tolleshunt D’Arcy,
Essex, England, and died on Thursday, 14th February,
2008 at Doctors Hospital, Nassau, The Bahamas.

Hugh Cottis was an oustanding man of many talents who
dedicated much of his life to community service.

He is survived by his wife of 53 years, Sylvia, his son
Gregory, sister Roma, aunt Margaret, brothers-in-law,
Derek and Ernest, sisters-in-law, Jean and Olive, nephews
Timothy, Michael, Colin and Paul, nieces Beverley,
Lynda, Anne and Jane and their children. Olivia Knowles
and family, members of The Presbyterian Kirk of The
Pines, Marsh Harbour, The Cancer Society, The Rotary
Club of Abaco and friends in The United Kingdom, Long
Island, Exuma, Abaco and Nassau.

Donations in his memory may be made to The Abaco
Branch of The Cancer Society, of which he was President,
or to the building fund for The Presbyterian Kirk of The
Pines, Marsh Harbour, of which he was an Elder.











Including:

repairs (two Dash 8 aircraft)

creditors

Neko Grant

in excess of $20 million per year.
The present administration
determined “that subsidisation at
such steep levels must stop”.
Last June, parliament approved
a subvention of just $11 million to

2008















WHERE FUNDING WILL GO

Of the $39.9 million being sought in supplementary funding by
the government, $11.3 million ts earmarked for Bahamasair.

e $2.85 million for aircraft engine overhauls and repairs (five
Dash 8 engines, one 737 jet engine)
e $1.0 million for mandatory ‘C’ check engine maintenance and

e $2.56 million for aircraft parts and supplies
e $3.39 million for overdue accounts payable to US based

e $1.5 million for aircraft hangar repairs



Bahamasair for the fiscal year
2007-2008, the minister said, and
by the end of December, the air-
line spent $7.14 million of this
allocation. Of this amount, $3.99
million was spent on the airline’s
long term debt service obligations
and $3.15 million on balances out-
standing to US based vendors.

“The board of directors and
the management indeed have
quite the task before them, as
they have been mandated to iden-
tify means by which the airline
could be made attractive enough
to draw interest for potential
strategic partnerships or other-
wise” the minister said.

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for capital works. “Of this amount
some $425,041.34 has been
expended on maintenance work,
painting, tile laying and improve-
ments to terminal structures at
19 Family Island Aerodromes and
CAD headquarters.
“Additionally generators at
Exuma International Airport, at
Marsh Harbour; Treasure Cay
Airport, Governors Harbour and

San Salvador airports have been
repaired at a cost of $25,548.84,
although on-going maintenance
is required.

“Repairs to crash/fire rescue
(CFR) vehicles for South Bimini,
New Bight, Cat Island and Fresh
Creek, Andros are underway.
Repairs to the first of the three
CFR vehicles was completed at
a total cost of $78,060.99 and the

vehicle was shipped to South
Bimini February 18, 2008,” he
said.

Mr McCartney added that
$126,922 was spent replacing and
purchasing new vehicles for Air
Traffic Services, Aeronautical
Information Services (AIS) and
Flight Standards Inspectorate
(FSI).

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PAGE 6, FRIDAY, FEBRUARY 29, 2008

THE TRIBUNE



RE-ELEC | ING | HE FORMER PM HIGHLIGH ; S 7 HE PLP’S REFUSAL fo ACCEE! CHANGE

Who is in line to
succeed Christie?

@ By ADRIAN GIBSON
ajbahama@hotmail.com

T the PLP con-

vention last

week, none of

the much tout-

ed, so-called future leaders

stepped forward to challenge

present leader Perry Christie,

. and thereby showed themselves,

in the opinion of many, to be

nothing more than a weak cabal
of jelly-belly pretenders.

Although the PLP’s leader-

ship bench is not that deep, they

practically handed the FNM the

next election by refusing to

address the inevitable. It °

presently remains unclear as to
who is in line for the leadership
of the PLP.

Last week’s convention
showed that the PLP has once
* again slipped on a rind of sloth-
fulness and fallen into a time
warp, choosing to give the
bogus impression of harmony
rather than pursuing change.






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Can you imagine the party’s

hierarchy fighting and verbally .

jostling in a smoke-filled room

_ about returning Mr Christie—

unopposed—to the party’s
helm, merely to create a per-
ception of unanimity? The con-
vention was supposed to repre-
sent a new beginning for the
PLP, but no one even contested
the deputy leader position.
The convention’s pointless
theme was “the way forward”,
however the PLP stepped back-
wards and contradicted their
very own election mantra “no
turning back.” Having watched
the televised coverage of. the
convention, it’s apparent that
hardly any tangible ideas or
ground-breaking policies were
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ers. Although speakers such as
Raynard Rigby did promote
transformation and the incor-
poration of new ideas on gov-
ernance, several members of the
party’s old guard rambled on
about the white oligarchy and
used perverse rhetoric that
undoubtedly pleased the par-
ty’s base and seemed to be yet
another attempt at further
polarizing our country (along
political and racial lines). Sev-
eral of the convention speakers
seemed delusional and did a
great disservice to the Bahami-
an people by making untrue
statements on a public platform.

Frankly, little substance was
gleaned from the convention,
and once again the PLP persist-
ed—as does the FNM—with a












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Perry Christie

Congratulations to
Glenys Hanna-Martin!

The PLP's Seiectiorti of

Glenys Hanna-Martin to the
post of party chairman was a
step in the right direction. Mrs
Martin’s historic victory led
to her becoming the first
woman political party chair-
person.

The MP for Englerston is a :

bright spot in the party, who is
potentially an agent of



change. By all appearances, she seems knowledgeable about
the whole apparatus of the party and is a long-standing mem-
ber of the organization who seems to appreciate the past
but can also reunite the party and embrace the future.

continuous recycling of washed-
up, political has-beens. At this
rate, it is highly unlikely that
there will be a political earth-
quake at the 2010 general elec-
tions.

Metamorphosis

IF addressing the PLP’s
leadership, Paulette Zon-
icle, a member of the conven-
tion’s organizing committee
said:

“They will not be challenged,
but the leader and deputy
leader will announce at an
appropriate time what they are
going to do and how they will
do it, but in the next few years
you will see a metamorphosis
of change as it relates to the
PLP”

With only four years before



the next general election, is Ms
Zonicle suggesting that the PLP
will transform itself in the next
four years—in the run-up to the
election? Ms Zonicle and others
must know that her party’s
molasses-like transition could
likely splinter the organization
ahead of an election and once
again result in them swaying in
the political abyss.

The uncontested re-election
of former PM Perry Christie as
the party’s leader highlights the
PLP’s refusal to accept change.

- By the next election, Mr

Christie will be almost 70!
During his address, Mr
Christie laid out no plan of
action and simply resorted to
criticizing the FNM. Instead of
offering new ideas and solutions
to the burning issues now facing
Bahamian society, Mr Christie
used the surge in violent crimes,
for example, as a political foot-

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ball. But, Mr Christie, why is
the PLP ready to return as the
government? Is it possible that
neither Mr Christie nor his par-

ty sees the political writing on-

the wall?

Scandals

Be in his term as PM,
—/Mr Christie pledged
that there would be transparen-
cy and accountability in his gov-
ernment. However, we saw fee-
bleness during the five years of
his administration and an
uncanny practice of conceal-
ment when it comes to govern-
ment affairs, Heads of Agree-
ments and scandals. The multi-
tude of scandals that had erupt-
ed and Mr Christie’s dithering
and failure to address them may
have permanently wrecked his
legacy. Under Mr Christie’s
watch, his government was
plagued by scandal, corruption
and internal strife. The MP for
Farm Road seemed like a deer
caught in the headlights, as he
appeared to fumble, bumble
and been wishy-washy with
regard to several major issues
that have confronted his admin-
istration over the past five years.

Mr Christie does have his
high points, particularly as he
had tried to introduce a con-
sensus government. However,
his overly laid-back approach
to this form of governance was
unsuccessful, especially since
hardly any of Mr Christie’s
appointed commissions ever
reported. Perry Christie has
proven to be a weak leader.
Whatever his virtues are, his
faults far outweighed them.
Surely, I thought it would have
taken more than the Christie
shuffle to save him this time! I
was wrong!

While Mr Christie was'a fan-
cy talker (little action) who
dithered for a considerable pro-
portion of his term, I do credit
him with maintaining a stable
economy, initiating the Urban
Renewal Programme that he
championed to provide oppor-
tunities for inner city residents
and discourage crime, his deci-
sion to revitalize historic Nas-
sau and relocate the ports, the
establishment of the Clifton

-Heritage Park and his efforts to

attract foreign investors/capital
to our shores. With that said, as
with most former leaders of
countries that suffer election
defeats, Mr Christie should have
begun grooming potential suc-
cessors and stepped down. In
our parliamentary democracy,

which adheres to the statutes of -

the Westminster system, Mr
Christie should take a cue from
former Barbadian PM Owen
Arthur’s example and relinquish
his post as party leader and par-
liamentary leader.

If reports are true, Mr
Christie deserves credit for
appearing to have at least
accepted his share of the blame
for his party’s defeat at the polls.
However, by this time Mr
Christie should have gracefully
bowed out!

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THE TRIBUNE

FRIDAY, FEBRUARY 29, 2008, PAGE 7



SUE CDIDNENe SDA es 5h par 8 a
GB Power Company gets approval

for electricity base rates increase

Two others
charged in
connection
with burglary

@ By DENISE
MAYCOCK
Tribune Freeport
Reporter
dmaycock@
tribunemedia.net

FREEPORT - Two
other persons have been
charged in the Freeport
Magistrates Court in
connection with the
burglary at the newly
opened Larry Getty
Resort at Bootle Bay.

Marco Marcian Monty
Missick, 35, alias ‘Mar-
co Polo’ of Bimini .
Place, Hawksbill, and
Darshiel George Pratt,
24, alias ‘Dee’ of Abaco.
Drive, Hawksbill,
appeared before Magis-
trate Debbye Ferguson
on charges of burglary
and causing damage.

Prosecution

The prosecution is
alleging that on Febru-
ary 11 at Bootle Bay,
the men, being con-
cerned together and
with others, broke and
entered the house of
Larry Getty situated at
Larry Getty Resort,
with the intent to com-
mit a felony.

It is also alleged that
at same date and place,

Missick and Pratt, being

concerned together and
with others, intentional-
ly and unlawfully
caused material damage
to one door and one
door jam, together val-
ued at $409.47, the
property of Larry Get-
ty.

The defendants were
not required to enter a
plea to the charge of
burglary: They pleaded
not guilty to'causing ~
damage and selected
summary trial.

' Magistrate Ferguson
adjourned the matter to
May 22. Missick was
granted $5,000 bail with
two sureties on the con-
dition that he report at
the Eight Mile Rock
Police Station every
Wednesday before 9am.

Pratt, who was :
already out on bail in
connection with another
matter, was remanded
to Her Majesty’s Prison,
Fox Hill until ths trial
date.





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$159.00

eee de FAX MACHINE PRINTER AND SCANNERS stag on loe it

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BB By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT - The Grand
Bahama Power Company has
been granted approval for an
increase in electricity base rates
which will start after April 1.

Company CEO Excell Ferrell
announced at a press conference
on Wednesday that the base rates
for residential customers will
increase by 4.8 per cent.

Anthony Lopez, vice president
of finance, and Derrick King, direc-
tor of transmission and distribu-
tion, were also present.

Mr Ferrell said that the increase

represents an additional $5 per
month and will be reflected on bills
rendered after April 1, 2008.

“Even with this increase, the
first in base rates in nearly two
years, the cost of electrical service
by Grand Bahama Power Compa-
ny is among the lowest in the
region,” said Mr Ferrell.

“The increase reflects the
increased cost of operation from
October 2005 to October 2007 for
average residential customers —
that is about 50 per cent of our
customers — that use 650kw/hours
per month,” he explained.

Mr Ferrell said that the increase
was driven by two major factors —
a $30 million investment for a sys-
tems upgrade and the inflationary
increase in the cost of equipment,
materials, and parts to repair the
generation, transmission and dis-
tribution systems.

Request

According to the CEO, the com-

pany submitted a request in early _

January to the Grand Bahama
Port Authority to adjust the base
tariff which was approved for
March 1, 2008.

One of the major factors impact-
ing customers’ electricity bills over
the last two years has been the dra-
matic increase in fuel costs. These
costs are subject to world markets
prices. The increase does not apply
to the fuel surcharge portion of
the customer’s bill.

When asked if he was concerned
about a negative reaction from cus-
tomers, Mr Ferrell said although
there is no good time for a rate
increase, it was needed at this time.

He revealed that over the last
two years, there were major
upgrades to sub-stations to
improve reliability, and a great deal

Man in court accused of
having sex with girl, 13




Tim Clarke/T ribune staff

MARVIN CLARKE outside of court yesterday.



A KEMP ROAD man appeared before Magistrate Carolita Bethel yesterday,
and was accused of having sex with a 13-year-old girl.
According to court dockets, it was alleged that on Sunday, February 24,

Marvin Clarke, 21, of Kemp Road had unlawful sexual intercourse with the .

minor.

Clarke was not required to enter a plea, however he was granted bail in »

the sum of $15,000. His case was adjourned until July 17, 2008.

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of work to improve the transmis-
sion and distribution system to bet-
ter withstand hurricane force winds
of up to 150 mph.

Additionally, he noted that the
company has completed installa-
tion of a new system to reduce the
impact of lightning, constructed a
69kv transmission line and sub-sta-
tion in the eastern area of the
island, and has just opened of a
24-hour emergency call-in centre
for customers.

Mr King stated ‘that since the
major system upgrades the com-
pany has seen a significant
improvement in reliability.

He pointed out that after the
severe hurricanes of the last few
years, the power company
embarked on a major upgrade of

- its infrastructure in older neigh-

bourhoods in Freeport, installing
new poles, wires and transform-
ers.

“We then moved to the sub-sta-
tions and we did a complete
upgrade to six of the seven sub-
stations we have throughout
Grand Bahama.

“They were all completely
redone and we have seen since the
work tremendous improvement in
reliability and a number of calls
from our customers diminished
quite a bit after improvements,”
he said.

Mr King said that improvements
are continuing in East End, where
they are presently upgrading lines
and constructing a new sub-station
near South Riding Point.

He also noted that the company

has taken steps to increase securi-,

ty at its sub-stations to prevent.cop-
per wire theft.

He said that such losses
add to the company’s operational
cost.

“The copper wire theft is some-

thing that is happening worldwide,
even as far as Japan. What we have
done is increase security around
sub-stations and we are looking
into changing the way we install
copper wire on our high tension
line.

“We installed an underwater
cable across the canal and three
weeks it was destroyed by persons
attempting to remove it.

“We have had to go back in and
re-install that conductor again and
so it increases our operational
cost.”

Mr King said that they are also
considering the use of aluminum or
a different metal that is less valu-
able than copper, and therefore
less of a draw for thieves.

The Grand Bahama Power
Company has some 19,000 cus-
tomers on Grand Bahama. It is
regulated by the Grand Bahama
Port Authority.





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PAGE 8, FRIDAY, FEBRUARY 29, 2008



ayman Stock Exchange

VIEW FROM AFAR|




Share your news

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.













Mrs. F. ene Russell

‘of Ocala, Florida and formerly Hope Town, Abaco and
Nassau died at her sons home in Margate, Florida on
Thursday February 28, 2008.

Suzanne, predeceased. by her parents Wesley R. Russell
and D. Marie Russell, is survived by her husband James
Russell, sons Capt. Philip Russell and Shaun Wolfe,
daughters Cindy Gittelmacher and Heather Campbell,
son-in-law Devin Gittelmacher. Other relatives include
sister Helen Jordan, brother Capt. Mike Russell, brother-

“in-law Dean Jordan, sister-in-law Harriet Russell, uncles
and aunts Capt. & Mrs. Hartley Elden, Mr. & Mrs.
Arthur Elden, Mr. & Mrs. Robert Elden, Mrs. Heidi
Kemp, nephews Dax Russell, John-Michael Russell,
‘Adam Russell, Matthew Russell and David Russell,
former husband Jimmy Russell of Hope Town and
numerous relatives and friends.



The C

@ By JOHN ISSA

UIETLY over many

years The Cayman
Islands have built up a massive
income earner and employment
generator for their tiny popula-
tion.

Over 6000 international mutu-
al funds are registered in Cay-
man and listed on the Cayman
Stock Exchange. The exchange
also has listings for The Cay-
man National Corp and the
Bank of N.T. Butterfield are
also listed, but most of the list-
ings are for large international
Funds.

It is not unusual for trading
to be valued at over US$600
million on a single day. Now
how does all this help the people
and the economy of Cayman?
Well it may surprise you to



know that this financial industry
directly creates jobs for over 600
lawyers and over 2,500 hundred
accountants, secretaries, audi-
tors, regulators and other sup-
port personnel.

If you add to that all the indi-
rect employment created by
those directly employed you can
imagine the tremendous posi-
tive impact that this industry has
on the economy of The Cayman
Islands. There is also the posi-
tive impact on the revenue. This
small country has been able to
capture a substantial portion of
this business over the years.

Costs of operating in the
Caymans are quite high and
they have to depend on many

expats to fill the skills and man-
power needs. These two facts
suggest that The Bahamas may
have a competitive advantage
should it choose to develop this
service.

The other related business
which is probably worth exam-
ining is the international insur-
ance business which fled from
Nassau to Bermuda at the time
of independence because of irra-
tional fears about the new goy-
ernment. Costs in Bermuda are
even higher than those in the
Caymans so an opportunity may
also exist for recapturing some
of this business.

This column would respect-
fully suggest that one or two of



THE TRIBUNE

John Issa

the very competent Bahamians
with some knowledge of inter-~
national financial a

markets be asked to research.
these possibilities.

)

If they can be developed they ~

would create thousands of qual-

ity jobs.

FirstCaribbean
International |

Bank’s PI Branch

to be relocated

Customers to get ‘new facilities
and improved amenities’

FIRSTCARIBBEAN
International Bank’s Par-
adise Island Branch will
soon find a new home in
the Paradise Village Shop-
ping Centre, a few steps
across the street from its
current location.

The bank said that on
March 3, when the new
branch becomes opera-
tional, “customers can
expect a bright new and
attractive look, with signif-

TOWN CENTRE MALL/356-3205
10am-7pm Monday- Saturday

CLOTHES.



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icantly enhanced and more
contemporary banking
facilities”.

FirstCaribbean Interna-
tional Bank’s retail direc-
tor Annamaria DeGregory
said, “Our move to the new
Paradise Island Shopping
Centre location will bring a
number of positive changes
to our operations.

“We are particularly
pleased to be able to offer
our customers and employ-
ees improved amenities
that will position our Par-
adise Island Branch among
the Bahamas’ best banking
locations.

“We are quite pleased
that this transition will take
We
will cease business at 3pm
at the old location on
Thursday, February 28 and
re-open at our new loca-
tion in the Paradise Village
Shopping Centre on Mon-
day March 3, 2008.

“This strategic move was
designed to ensure that
there will be minimal busi-
ness disruption for our val-
ued customers,” said Mrs
DeGregory.

FirstCaribbean Interna-
tional Bank executives
thanked their customers
and staff for being “quite
understanding during this
transition” and told cus-
tomers that they can expect

“the same quality products

and services that they have
enjoyed over the years,
except, they will be deliv-
ered in more contemporary
banking facilities in a new
location.”

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between the master and guest staterooms. To port is the
galley and storage area. Her salon is large and roomy with
an entertainment center forward, a L-shaped sofa starboard
and a bar in the port aft corner; her cockpit has a custom
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- Horsepower = 540 Each
- Fuel Capacity = 590 gallons












- All Upgrades Done in 2007

- Satellite Weather Station

- Large Stainless Steel
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- Watermaker

- Electronics Updates

- Flat Panel Satellite TV with
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- Bose Sound System

- New 12KW Generator .

- 11’ Boston Whaler w/15
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Many More Features and Upgrades!

- Stern Underwater Lights
- New Ice Maker

- Live Bait Well

- Interior Recently Upgraded
- New Fly Bridge Enclosures



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THE TRIBUNE

FRIDAY, FEBRUARY 29, 2008, PAGE 9





LEFT TO RIGHT ARE: Senator Hazlyn Francis, president of the Senate of Antigua and Barbuda; Dr Jaqui
Quinn-Leandro, president of the Inter-American Commission of Women and Minister responsible for

Gender Affairs in Antigua and Barbuda and Loretta Butler-Turner, Bahamas Minister of State for Social
Development with responsibility for Women’s Affairs.

Minister of State
attends session at
UN headquarters

LORETTA BUTLER-
TURNER, Minister of State for
Social Development, is cur-

rently attending the 52nd Ses-.

sion of the United Nations
Commission on the Status of
Women in New York.

The Commission on the Sta-
tus of women is dedicated
exclusively to gender equality

and the advancement of.

women.
‘ Representatives of member
states gather every year at the
United Nations headquarters in
New York to evaluate the
progress on gender equality,
identify challenges and formu-
late policies to promote gender
















equality and the advancement



Day Session §

of women worldwide.

This year’s session was con-
vened on Monday under the
theme “Financing for gender
equality and the empowerment
of women”.

The session began with the
Secretary General of the United
Nations, Mr Ban Ki-moon,
launching a multi-year cam-
paign to end violence against
women.

The secretary general made
an urgent call to world leaders,
member states, lawmakers,
United Nations entities, civil
society, the private sector, the
media and individuals to work
together to end such violence.
During his address, he stated





MARCH 2nd -

that “violence against women
is never acceptable, never
excusable and never tolerable”.
He also noted that no country,
culture or woman was
immune.
Minister Butler- Turner is
expected to address the com-
mission today. Other members
of the Bahamas’ delegation
include: Paulette Bethel,
Ambassador to the Bahamas
Permanent Mission to the Unit-

ed Nations; Allison Booker,

first secretary of the mission;
Phedra Rahming, first assistant
secretary and officer-in-charge
of the Bureau of Women’s
Affairs, Ministry of Health and
Social Development.

It’s a Time of Tou and Celebration!
Come Let us Worship the Lord, Let us give him the Praise!

OF THE BAHAMAS STATE COUNCIL
OF THE PENTECOSTAL ASSEMBLIES OF THE WORLD INC.

7th, 2008 Greater Bethel Cathedral,
Faith Way, off Blue Hill Road South

(Corner of Carlton E. Francis School)



Early Morning Prayer ---- 5:00am-6:00am
Day Session ---- 12:00noon - 2: 00pm
Evening Worship Service ---- 7:30pm

THEME; “Let God Magnify Thee”
ry I will begin to exalt you in the sight of all Israel.....’””
7. Scripture text; Joshua 3:7 |





Siiragan Bishop Christopher Minnis
Officer of The Royal Bahamas Police Force
Asst. Pastor Elder Troy Mott
Evangelist Brenda Maycock

Evening Worship Speakers:

, Host Pastor | yi ee 2
S uffragan Bishop Christopher Minnis



Bahamas Bus & Truck Co,, Ltd.

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Phone:322-1722 * Fax: 326-7452




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Bishop Ellis Farrington J.P
Suffragan Bishop Ezekiel Munnings
_Suffragan Bishop Wintson Redwood |

Suffragan Bishop Wilfred Mackey
Suffragan Bishop Christopher Minnis
Pastor Sharon Rolle
District Elder Paul Rolle








Don’t miss your blessing! Be there!



PAGE 10, FRIDAY, FEBRUARY 29, 2008

THE TRIBUNE



FROM page one

“There is some urgency in the removal
of the oil tanker because a frontal system
is expected to move through the north-
ern Bahamas,” he said.

Forecasters at the Department of
Meteorology told The Tribune yester-
day that a high pressure system bringing
strong winds was expected to move into
the Bahamas last night.

In a statement to the media yester-
day, Shell International said that the
company immediately activated a
response team after the tanker “Ficus”
ran aground close to Goulding’s Cay,
located off the western tip of New Prov-
idence, at around 9am on Wednesday.

“The tanker is partially laden with

Investigation into crash

Oil tanker

clean products (non-persistent oils) and
is en route to Clifton Pier in the
Bahamas. There are no reported injuries
on board, and no pollution as a result
of this incident,” the company said.

Following an “extensive evaluation
and in the interests of environmental
protection and preserving the integrity of
the vessel and the cargo”, Shell said that
an experienced salvage master was
brought in and is coordinating the
refloating of the vessel.

“The salvage master is from SMIT
International, a renowned salvage com-
pany with extensive experience in this
type of work. In the meantime, the ship

is stable, but remains aground,” the com-
pany said.

Environmentalist and founder of the
ReEarth group Sam Duncombe said yes-
terday that she is very concerned about
any possible damage that could have
been done to the coral species which
grow around Goulding’s Cay.

Mrs Duncombe said that the reef-
building species “elkhorn” and
“staghorn” grow around the Cay. Both
of these species were placed on the Unit-
ed States’ Endangered Species List in
2006.

Mrs Duncombe added that if the
tanker is removed expediently, any dam-
aged coral could be transplanted else-
where.

Eric Carey, executive director of the
Bahamas National Trust (BNT), yester-

day told The Tribune that wardens from
the Trust and scientific researchers are }

monitoring the situation closely and will,

as soon as the tanker is removed, meet i

to locate 31 voters

with Shell Oil to discuss possible mitiga-
tion of any damage caused.

Mr Carey said that he would like to :
know how the vessel could have run :
aground in that area, as the reef around

Goulding’s Cay has been there “forever”

and Shell’s tankers travel that route fre-

quently.

Mr Carey said he hopes that measures paign between October, 2006 and

; ae : May, 2007.
dent from happening again in the future. : ui

will be discussed to prevent such an inci-

However, Mrs Duncombe said that as
long as the Bahamas imports fossil fuel,
these “tragic events” will continue to
occur.

‘Sir Jack Hayward and IDC ‘flabbergasted! that

FROM page one

FSI to verify whether the aircraft
are indeed suitable for commer-
cial and private use and that the
pilots are appropriately certified.
Aircraft operated by Leair Char-
ter Service Ltd are all subject to
the same scrutiny,” he said.
“The aviation safety inspectors
employed at the FSI have all been
trained by the International Civ-
il Aviation Organisation (ICAO),

they include seasoned pilots and
engineers who fully meet the
standards required by ICAO.”

Mr McCartney also revealed
that a report has been completed
into the Bahamasair crash landing
in Eleuthera, and has been for-
warded to the Attorney General’s
Office for advice.

“T wish to assure this hon-
ourable House that every effort is
being taken to ensure the safety
of the travelling public,” he
said.

-GBPA CO-OWnEE still pushing for $12m pay-out

FROM page one

flabbergasted at the idea that the Port Author-
ity should go into deeper debt in order to pay
dividends to one of its owners to fight its own
legal battles. The Haywards have gone on record
as saying they will not accept their share of the
dividend if it is awarded.”

According to Mr Feldman, not paying down

Bahama and never come back.”

tion, clearing the way for Sir Jack to sell his

ed British banking family with vast resources
and a vision for Grand Bahama that includes cre-
ation of a major financial services sector, uni-
versity, medical research facility and improve-
ments to basic infrastructure.

Obie Wilchcombe

FROM page one

the International Monetary Fund all admit that the PLP was “on the
right course.”

“These are the words of North Abaco in his mid-term report, ‘even
if there is a more severe recession in the US in 2008, the capital inflows
and the momentum of some of the major investment projects in the
Bahamas will partially compensate,” Mr Wilchcombe said during his
contribution to the House of Assembly yesterday.

“Mr Speaker, my, what.a difference a day makes,” he said.

However, while admitting that Parliamentarians had been busy in fin-
ger pointing, juvenile discourse, and “foolish debate”, Bahamians
were losing their lives and more Bahamians were joining the unem-
ployment lines.

“Our neighbours to the north, the United States, the principal trad-
ing partners of the Bahamas raised the red flag and were moving with
rapid haste to slow slippage into a recession. While the United States
and other countries were introducing packages to stimulate econom-
ic activity, in fact putting money into the hands of its citizens we were
pulling back.

“The tax relief for first home owners and the duty exemption for taxi
drivers were taken away. The sum total is that spending is reduced. At
a time when the government should be encouraging spending it was
not,” he said.

Mr Wilchcombe also noted that the former Christie Administration
was proactive in its attempts to stimulate economic activity, with such
projects as its Housing Programme, the expansion of resorts such as
Kerzner International, Club Med in San Salvador, and Emerald Bay in
Exuma. These, along with an aggressive “multifaceted” tourism strat-
egys-Mr,Wilchcombe said, -sought;toyensure thatethe yield from the
inve ¥ a in tourism: would a more He 82 billion dollars
a

e Totnes people are only: nine months away from the May 2,
ene elections and we are finally getting to the substance of the FNM
agenda. What is clear is that the Ingraham administration had no eco-
nomic plan and the Ingraham administration has no economic plan,”

, he said.



Butler's Funeral Homes

& Crematorium

Tel: 393-2822, York & Ernest Sts.
P.O. Box N-712, Nassau, Bahamas

FUNERAL SERVICE FOR

Mr. Jack Fritzgerald Rahming, 73

of Sisal Road Golden Gates
wif ‘pe held on Monday, March

, 2008 at 11:00 a.m. at
cnet Life Church, Sea
Breeze Lane. Officiating will
be Dr. Jay Simms and Bishop
Revis Francis. Interment will
follow in Woodlawn Gardens,
Soldier Road.

Left to cherish his memories
are his Wife: Jackie Rahming;
Six (6) Children: Charles and
Cassandra Nottage; Rayford and Cyndi Rahming, Rory
“and Gail Rahming; Four (4) Adoptedchildren: Tyrone
Colebrooke, Bishop Revis Francis, Dr. Mary Nairn and
Helen Rolle; Five (5) Stepchildren: Glenn, Cleophas and
Gregory Taylor, Sheila Rolle and Charlene Taylor; Six (6)
Grandchildren: Charlesa and Charles Nottage Jr., Raykell,
Courtnee, Rayford Jr. and Morgan Rahming; Two (2)
Great-grandchildren: Simon Rahming and Ambrielle
Major; Two (2) Brothers: Johnny and James Rahming;
Three (3) Sisters: Venal Miller, Myrtis Colebrooke and
‘Geroda Adderley; Eighteen (18) Nieces and Nephews:
Willapearl, Alicita, Jessica and Victoria Colebrooke,
Summer Strachan, Demia and Denisha Pratt, Erin and
Carlise Colebrooke, Tyrone, Brenville and Carlos
Colebrooke, Desario Pratt, Anthony Rahming, Keith and
Judy Evans, Mark and Monique Robinson and Monique
Fernander and a host of other relatives and friends
including: Ma Mary Nottage and family, Mr. and Mrs.
Carleton Williams and family, Mr. and Mrs. Perry and
family, Basil Bullard, Dorothy Smith, Bishop Felix Miller,
Jackson Miller, Selvin Adderley, Mr. and Mrs. Henry
Bostwick, Austin Adderley, Letisha Smith, Harcourt Bastian,
Laurel Butler, Nurse McQueen and the Costline Community
family, Dr. Holder, Mrs. Bernie Francis, Donette Williams,
Dr. Richard Pinder BFM, Pastor Reginald and Servant
Andrea Cox, The Butler family, The Annex Baptist Church
family, The Kemp and Wulff Road Communities and The
Christian Life Church family.

In lieu of flowers monetary donations may be sent to
Costline Community Nursing Home, Carmichael Road, in
memory of Jack Rahming.

Viewing will be held at the Chapel of Butlers’ Funeral
Homes and Crematorium, Ernest and York Streets on Friday
from 2:00 p.m. until 5:00 p.m. on Saturday from 10:00 a.m.
until 5:00 p.m. and on Monday from 10:00 a.m. until service
time at the Church.



this loan threatens to endanger the entire airport

infrastructure.

“Airports by their very nature are in constant
need of expensive maintenance and costly
upgrades of security and technological infra-
structure. The Grand Bahama airport is the
most relied on gateway to our island and there is
no incentive to improve it if it is already heavi-
ly in debt and its owners are about to go into fur-
ther debt. The airport debt should be paid down
with the cash that the Port Companies now have.
Instead, that money is likely to leave Grand

FROM page one

rapist Andrew Bridgewater is a
“glaring” example of the need
for change in the country’s
Constitution and its judicial
system.

“A child’s innocence has
been ravaged and brutally vio-
lated; untold psychological
damage has occurred and the
sick perpetrator goes to jail
with little or no attention being
paid to the life of the victim
and her family,” the release
read.

On Wednesday, the Court
of Appeal ruled that Bridge-
water, who was convicted of a
vicious sexual assault on a six-
year-old would not receive 10
lashes from the cat-o’-nine-tails
on the grounds that such pun-
ishment was “unconstitution-

E

Bishop Hall
al.” However, Bridgewater will
still face his seven year fine for
the sexual offence.

With this in mind, Bishop
Hall said that it seemed as if
the laws of the Bahamas were
“out of touch” with the reali-
ties of the modern Bahamas.

“One hundred and fifty per-
sons charged with murder are
out on bail, meanwhile Parlia-
mentarians talk ad nauseam;
their law partners get richer
and judges remain ‘prim and
proper’. The current state of
affairs in our courts should be
a major concern to-all Bahami-
ans and those who know better
should lead the way remediat-
ing this national crisis.

“The Bahamian public must
make greater demands on their

“Further, there are also other important pro- :
jects, including dredging and quay wall rebuild- :
ing for the harbour,” Mr Feldman said. “Monies
should be reserved for that kind of improve-
ment that benefits. all Grand Bahamians, includ- : :
ing the companies themselves. The most sense- | (Went the residence on a number
less part of the argument is to continue seeking { °f 0¢¢asions prior to May, 2007.
and paying dividends to fight the Haywards :
when the Haywards themselves are in the
process of leaving and for all intents and pur-: :
poses have left now that the court has cleared the

way for the Haywards to sell out.”

elected officials to muster the

political will to fix the multi- :
tudinous anomalies and bla- :

tant inconsistencies in our legal
- justice systems,” he said.
Bishop Hall added that the

present chaos in our nation isa
? water recalled. She said she
:; recorded the skirmish on her cell
? phone for evidence. According
? to Ms Bridgewater, that voter
: resides in the Pineridge con-
: stituency, Where his truck can be
: seen parked at his current resi-
? dence. She said Mr Campbell
? moved out of the address listed
: on his counterfoil two years

thy of continuous national sup- petore May 2000:

“clear and present danger” to
the country’s national securi-
ty.

“I wish to warn Prime Min-
ister Hubert Ingraham and his
FNM colleagues, if you fail to
fix the courts this time then
you would have betrayed the
trust of the Bahamian people
and proven yourselves unwor-

port.
“The causes of crime are
many, but above all else it is

clear that criminals are wreak-

ing havoc on our society
because there is no certainty
about punishment,” he said.

» Bethel Brothers Morticians

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

Be US acy e SERVICE FOR

Millicent Alicia Wilson-Johnson, 82

of Faith Ave., North of Carmichael Road will be held
on Saturday 10:00 a.m. at St. Barnabas Anglican
Church, Wulff and Baillou Hill Road. Canon Basil
Tynes assisted by other ministers of the gospel will
officiate. Internment will be made in the Church's



Cemetery.

Left with cherished memory that will linger in our
hearts, are her four sons, Ersley, Victor Jr., Roderick,
and Barrington Johnson; six daughters, Rosalie
Prescola McPhee, Ernestine Dean, Andrea Johnson,
Hyacinth Russell, Vincola Henfield, and Natasha
Johnson; one step daughter, Betty Hepburn; two
brothers, Thaddeus and Donald Wilson; three sisters,
Eloise Wilson, Sister Vernice Wilson of Saint Martin's
Convent, and Hilda Joseph; four daughters-in-law,
Arlene Wilson, Claudell, Marilyn and Susan Johnson; three sons-in-law, Olander
McPhee, Roscoe Russell, and Jay Henfield; one step son-in-law, Ralph Hepburn Sr.;
three sisters-in-law, Eldica, Rosemary, and Viola Wilson; one brother-in-law, Ersley
Johnson Sr. of Haines City Florida; twelve nephews, Tyrone, Gary, Sidney Sawyer,
Cedric, Austin, Vinick and Sidney Wilson Jr., Cornelius Clyde, Paul Major, Leroy
Davis, Ersley Jr., Victor Jr., and Kenneth Johnson, of Haines City Florida, Henry
Williams; sixteen nieces, Bettymae Bain, Louise Rigby, Albertha Archer, Deloris
Clarke, Sharon Clyde, Darnell Adcerley, Altima Johnson, Yvonne Bootle, Deidre
Young, Vanessa Johnson, Donnarose Haley, Dawn and Mahalia Wilson, Carolyn,
Joyce and Janet of Haines City Florida; twenty eight grandchildren, Constantine
McPhee, Yolanda Rolle, Hessica Ingraham, Ersley Johnson Jr., Rochelle Knowles,
Tiffany Johnson, Donnica McPhee, Ernin and Ernan Johnson, Pedro Stuart, Zoie
Wilson, Shancola Rolle, Tanya Martin, Abigail Whyms, Tonya Johnson, Tetuan
Johnson, Javon Wilson, Meredith Johnson, Deon Dean, Jamere Wilson, Osvaldo
Newbold, Rotisha Russell, Dishann Stubbs, Javano Stubbs, Theo, Talnesya and Zakiya
Johnson, and Jayvin Henfield; five grand children-in-law, Shawn Rolle, Firstnell
Rolle, Leslie Ingraham, Dale Knowles, and Graylin Martin; seven step grandchildren,
Bernadette, Christine, Judy, Antoinette, Theresa, Philip and Ralph Jr.; twenty two
great grand children, a host of other relatives and friends including, Courtney
Stubbs, Shari Marshall, Alice Bastian, Dorothea Farnngton, Paulette Turnquest and
family, Caretakers Almarie, and Michelle, Elenore Smith, Larry Rahming, Sean Bain,
Tia Wilson, Mr. Williams and family, Ms Smith and family, Sherrie and family,
Claudine Mortimer, Marsha Murray, The Gaitor family, Oswald Dean and family,
Joyclen Owens, Rosetta Taylor, Judy Barnwell, H.E. Sir Arlington Butler and Lady
Butler, Basil Johnson and family Ruthy Wolff, Lenora Forbes and The Ross Corner
family, Andrea Mitchell, Ms. Mcintosh, Sis Sands, Sis Miller, Carmetta Walks, Franklyn
Wilson, Dr. Dwayne Sands, Dr. Davis and the Surgical Team D, Princess Margaret
Hospital, Joseph Rolle, Darnell and Monty Ward, Mr. and Mrs. Maureen Duvalier

Friends may pay their last respects at Bethel Brothers Morticians, # 44 Nassau Street
on Friday from 10:00 a.m. to 6:00 p.m. and on Saturday at the church from 9:00 a.m.
until service time.



Senator claims
she was unable

at addresses
they provided

FROM page one!

Ms Bridgewater said she knew ~

: voter Lola Louise Campbell as
: the aunt of MP Zhirvago Laing,
: and she had met her “once or
? twice”. The address on the voter’s
? counterfoil was that of Minister
: Laing’s mother, said Ms Bridge-
? water.

She told the court she was “sur-

: prised” the voter was registered at
? this address — where Minister
: Laing also resides — because Ms
? Campbell had moved and was liv-
: ing in the United States for seven

The Hayward Family Trust scored a legal vic- yeate prior tothe 2007 ‘Slech@ns:

tory late Monday when the court lifted an injunc- : this address, I’m shocked,”

{ f ? Ms Bridgewater.
shares to Fleming Family & Partners, arespect- :
: Alfred Campbell, Ms Bridgewa-
? ter told the court that she knew
? he had not lived at the address
i listed on his voter’s card counter
: foil for two years prior to the
: May, 2007 general elections.

“(For her) to even register at
said

In the case of voter Edmund

Mr Campbell’s estranged wife,

: Blanche Campbell, is Ms Bridge-
: water’s cousin and Ms Bridgewa-
? ter said she had reason to fre-

The last time she had contact

: with Mr Campbell was last week,
? when she visited her cousin at her
? residence in Grand Bahama. On
: that occasion, Ms Bridgewater
: said, while she and Blanche
: Campbell were sitting in the

i house, Edmund Campbell
: “barged in” and started “carry-
? ing on”.

He yelled at his estranged wife

: “You tell them people I don’t live
: here!” to which she replied, “No,
? you don’t live here! You live

‘round the corner”, Ms Bridge-

Voter Mavis Pinder, registered

: in the Marco City constituency,
: has been living in the United
: States for the past 12 years with
? her husband, Ms Bridgewater
: said. She told the court she knew
? the voter who works for Bahama-
? sair and her father who was a for-
? mer MP for Eight Mile Rock.

Ms Bridgewater said she has

? seen Mrs Pinder a few times since
? she moved to the US, as the vot-
i? er travelled back and forth to
: Grand Bahama. She said she vis-
: ited the address listed on the
:? counterfoil several times during
: her campaign leading up to the
: 2007 election and never saw Mrs
: Pinder there. Mrs Pinder’s family
? members reside at that address,
: said Ms Bridgewater.

Voter Joel Roger, whose coun-

: terfoil address put him in the
? Marco City constituency, actually
: resides in the Pineridge bound-
: aries, Ms Bridgewater said. While
? she did not know him well, she
? told the court she knew he lives at
? an apartment complex in the
? Pineridge boundary.

“T’ve never known him to live

: there. I’ve never found him there.
: My only evidence on him is that I
i knew he lived apparently in
: Pineridge,”

said Ms Bridgewater.
Marco City registered voters

: Patrick and Florence McGregor
: relocated to Ft Lauderdale, Flori-
: da three years ago, said Ms
: Bridgewater. She told the court
: the couple were teachers at sec-
: ondary schools in the city. When
: she visited the address listed on
: their counter foils, she found that
: Patrick Laing and his wife pur-
: chased the McGregor’s house,
: and live there now on South
? Ponce de Leon Drive.

Other voters mentioned yes-

: ‘terday had either been living in
: New Providence, the High Rock
: Constituency, or the Turks and
: Caicos Islands, Ms Bridgewater
: said, while some addresses listed
: on voter counterfoils led the sen-
: ator to abandoned houses.

Before testimony began yes-

: terday, counsel for the petitioner
: Philip ‘Brave’ Davis told the court
: he had subpoenaed 11 public enti-
: ties to provide evidence on the
: voters in question to the court.

Representative from these enti-

: ties (which include BTC, Cable
? Bahamas, the Registrar General,
: Department of Immigration,
Road Traffic, the Passport Office,
: the Parliamentary Commission,
: Rand Memorial Hospital, PMH,
: and NIB) were in court yester-
: day, but as they had not complet-
: ed their findings they were grant-
: ed until Monday to turn them
: over to the court.

Ms Bridgewater is challenging

: the votes of 103 persons while
: Zhivargo Laing is challenging the
: votes of 98 persons.

They have 14 names in com-

: mon. So far, the petitioner has
: identified more than fifty voters
: she contends were not entitled to
? vote in Marco City during the
: 2007 elections.

The case continues Monday.

\



THE TRIBUNE

|

Brensil Rolle

ions POOR planning, lack of
environmental consideration,
liticisation of the selection
rocess and disregard for deci-
“ator by former housing minis-
“° ters, including their own col-
° “Heagues, doomed the PLP gov-
‘ernment’s housing programme
-30
“from the start.
ye, 1m the debate to transfer
Crown land to the Housing
1 Bi

1YJe

inister, Brensil Rolle, Parlia-
al ,mentary Secretary in the Min-
istry of Housing and National
a49yinsurance, told the House that
enowhen the PLP became the gov-
4g xermment it found more than $46
bisanillion in the Housing pro-
gramme. However, when the
bnaukNM came to office in May last
-swyear, it faced heavy debts.
won. In other words, said Mr
ezoRolle, former PLP minister
19)Shane: Gibson “met a surplus
of more than $42 million and
_ left a deficit of more than $20
i¥pillion for the new govern-
~Sslinent.”
“a= Terie the account, Mr
“Rolle said:
19 = I “He (Shane Gibson) met $6.7
Ss ‘nillion on deposit at Bahamas

B

oe Vy



Mortgage Corporation; he met
$35 million in bonds floated by
the FNM in 2002; $5 million in
the Minister Corporation Sole
account — more than $46 mil-
lion.”

When present Minister Ken-
neth Russell “took office he met
$5 million in overdraft from the
Bank of:the Bahamas; $7 mil-
lion on a demand loan from
NIB; approximately $10 million
in outstanding bills owed to the
Bahamas Mortgage Corpora-
tion. Contractors had not been
paid since October 2006; and a
depleted and broke Corpora-
tion Sole account.”

Yet, said Mr Rolle, “the for-
mer government is demanding
that we are getting off to a slow
start and we should immediate-
ly build houses, but the Bahami-
an public can see why we have
spent so much time trying to
make right their neglect.

“That is why,” he said, “it is
necessary to be here today to
debate this resolution so that
land can be transferred to the
Minister, then leased to the
Mortgage Corporation (BMC)

“OKENYA: Post-election violence

TOIBY

-YUB

vil

vill NAIROBI, Kenya

-agbi

“Rival politicians sign
power-sharing deal

LOCAL/INTERNATIONAL NEWS

es: OPPOSITION ACCUSED OF POOR PLANNING AND POLITICISATION WHILE IN OFFICE —

Sir lale eee

so that conveyances can be giv-
en to property owners and
mortgages executed and issued
so that’ BMC can be paid for
developing the subdivision.”

He said that his government
had discontinued the “illegal
practice of collecting rent; set

up the Minister’s Corporate.

Sole account properly to avoid
abuse, and finally, once again

Mr Rolle said for-
‘mer PLP minister
Shane Gibson “met

a surplus of more
than $42 million and —
left a deficit of more
than $20 million for
the new govern-
ment.”



restored transparency and
openness to the application
selection process of housing so
that all Bahamians who can
qualify will be assured that their
application would be consid-
ered, notwithstanding their
political ideology or persua-
sion.’

Mr Rolle said he knew
Opposition members have been

FRIDAY, FEBRUARY 29, 2008, PAGE 11

“saying that we have not built
one house since we came to
office, and, many have said just
go ahead and build houses. But,
I am happy that we have taken
the responsible position to
make right the process. It has
taken time, more time than we
initially anticipated. But, thank
God, we can now go forward.
We can operate within the legal
framework. Bahamian people
would not have to worry about
their funds and abuse.”
Mr-Rolle said that as Prime
Minister Ingraham and Hous-
ing Minister Kenneth Russell
had indicated the Opposition
“abused substantially the public
affordable housing programme.
Consequently, the system was
doomed from the start.”

Mr Rolle said the PLP gov-
ernment selected and approved
many, many applications based
on the individual’s political pref-
erence, consequently many indi-
viduals who did not share their
political ideology were ‘either
pushed to the bottom of the list,
or removed from the list.

“Many individuals were not

PLP’s housing programme was
doomed from start, says Rolle

given a fair chance to be evalu-
ated based.on their merit and/or
economic standing. They sim~

ply did not get the opportunity.

“Some were ‘given letters of.
assignment by one minister of:
housing and their. assignment
was subsequently withdrawn by!
another minister. In some cases:
without even an opportunity for:
the individuals to be heard. In’
fact, in one case the individual,
had already reached the
advanced stage in the mortgage.
approval process when the new:
minister withdrew the offer.” +

Mr Rolle said that it would.
be recalled that “when the
FNM announced its intention
to build 3,000 homes for,
Bahamians ‘during the 2002:
campaign, the leader of the:
Opposition and former prime;

. minister rebuked the plan and

he made all manner of com+
ments about the FNM’s plan:
He further. framed the state~
ments that I want to paraphrase
for the stake of correctness that;
‘we’, meaning the PLP, ‘are not,
interested in housing, but we
are interested i in people.’”

Intrigue

2 los oF
i)

Re ot mre e

pea
HSS ee
LR eG ey ee)

|
Oke OC On be

|

Rediscover yourself,

or be creative

‘ile Kenya’ s feuding politicians shook hands, smiled for the cameras,
‘ls° {nd finally agreed to share power. But two months after a disput-
gaikgg presidential election unleashed ethnic violence that killed more

*°!4han 1,000 people, the real test is whether the reluctant partners can
od eal a deeply divided nation.
~ igs; Much depends on how President Mwai Kibaki and opposition
; ‘{,ql¢ader Raila Odinga work together in the days ahead.

'ys}e;, “For the last two months, Kenyans have known nothing but
zis Sadness, ” said Odinga, who won a powerful prime minister’s post

in Thursday’s agreement.
oro! He referred to his rival as “my countryman, President Mwai

.voriKibaki” — one clear sign of acceptance after having denounced

otiKibaki’s re-election as a sham. .
«iliw «Kibaki added: “This process has reminded us that as a nation
‘23 Sthere are more issues that unite than that divide us.”
- : - ‘” Under the agreement, the opposition leader will become prime
“'ninister and have the power to “coordinate and supervise” the gov-
“ernment — more authority than Kibaki wanted to yield.
peri, Lhe bitterness between them runs deep, however, and both men
San shave been lashing out at each other since the Dec. 27 election. They
~jovhave traded accusations about inciting violence, stealing the vote,
.o} sand destroying the nation. They had not even been in the same
-eiv room for weeks before Thursday.
edi ¢ Kofi Annan, the mediator, had to prompt them to shake hands
gaivThursday as the cameras rolled.
od} © The two men must try to repair the lives of more than a half-mil-
21M lion people who have been displaced from their homes and require
tien “food, water and medical care. Kenya’s Red Cross says it knows of

-£2at least 500 youngsters who were separated from their families.
see There is also the matter of restoring one of Africa’ 's most promis-
oy Ine economies.
visti Kenya, one of the most prosperous and tourist-friendly countries
“bquif Africa, has seen up to $1 billion in losses linked to the turmoil.
lid. Kenyans welcomed the deal with a skeptical eye.

‘sje ,; In a reminder of the previous weeks’ chaos, police fired tear
tig eogas to disperse dozens who gathered outside Kibaki’s office to
‘sdj Witness the signing.

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PAGE 12, FRIDAY, FEBRUARY 29, 2008 THE TRIBUNE







2008 MISS BAHAMAS UNIVERSE AND MISS TEEN UNIVERSAL: Seminar and workshop

LEARNING TO BE BEAUTIFUL
IN EVERY WAY

THE contestants in the 2008 Miss Bahamas Universe and Miss Teen Universal
pageants participated in a full-day seminar and workshop last Saturday at the Atlantis |
Resort. 1

The ladies heard from Dr Derwin Munroe on dental hygiene, nurse Judith Cooper |
on femine health and the “U define U Experts” in the areas of speech and voice |
training, poise and posture. {

On Monday the ladies along with Miss Bahamas Universe Trinere Lynes and Miss
Teen Universal Bahamas Jessica Thompkins visited the House of Assembly during the
historic mid-year budget presentation and were given words of encouragement from
house members. :

The pageant is set for March 16 at the Rainforest Theatre in the Wyndham Hotel at
8pm. The preliminary round is set for March 9 at Spm at SuperClub Breezes.

CONTESTANTS
and Dr Munroe
from the Bay
View Dental
Centre.



CONTESTANTS
and nurse Judith
Cooper of the
Family Planning
Centre.









aoe an ce mmicls



x iM




TAT CHET ISH :

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THE TRIBUNE





SATIN el Keys



“Difficult to—
accept’ St |
Georges —
serious on
resolution

a By NEIL HARTNELL
‘Tribune Business
Editor

. “IT IS difficult to accept”
that the late Edward St
George’s estate is serious
about resolving the Grand
Bahama Port Authority

- (GBPA) ownership dispute :
‘because it is not willing to. .:
negotiate with the other par-
ty, that owns the shares, its
attorney told The Tribune
yesterday.

‘ Brian Moree, attorney for
Seashells Investments, which
holds a 50 per cent GBPA

ae stake and i is.controlled by.the

steés for the Hayward 4
family trust, said that if the
estate was serious about

~tesalving.the,.dispute.they

would speak to his client.

This meant, he added, that
they would have to recognise
_ that Sir Jack Hayward was
neither the owner, nor con- :
troller, of the Seashells. :
Investmens’ stake, as the
estate had kept insisting.
: “Strictly from the point of
Seashells, it is difficult to -;
peccit that the plaintiffs are

_ SEE page 4B





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BEING OFFERED AS ONE PARCEL FOR

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Contact: Bill Thompson
ABACO REAL ESTATE AGENCY
Marsh Harbour, Abaco, Bahamas
Tel: (242) 367-2719 Fax: {242} 367-2359
www.abacobahamas.com

“FRIDAY,

FEBRUARY 29,

2008



cere a to drop

to ‘single digits’ in ‘08

@ By NEIL HARTNELL
Tribune Business Editor

THE rate of credit growth
in the Bahamian economy is
likely to drop into “single dig-
its” for 2008, the Clearing
Banks Association’s (CBA)
chairman told The Tribune
yore, with the double-

digit expansion rates of the
past two years not sustainable.

Anwer Sunderji, who is also
chief executive of Fidelity
Bank (Bahamas), explained
to The Tribune that it was
“not really sustainable” for
the rate of credit growth in
the Bahamian economy to be
so markedly different from its
gross domestic product (GDP)
growth.

For 2006, the Bahamian
economy had experienced
14.6 per cent credit growth,

* Difference between GDP and
credit growth rates ‘not sustainable’,
Clearing Banks chair says
Competition for deposits causing
interest margin depression for banks

which fell by 4.1 per cent or

$626 million to a 10.5 per cent
expansion rate in 2007. For
the latter year, consumer cred-
it growth moderated by $21.2
million to $215.4 million, while
the pace of mortgage lending
dropped by $33.9 million to
$300 million.

Yet projected GDP growth
estimates for the Bahamian
economy in 2008 were 3.5-4

per cent, according to the

Government’s projections,

while the International Mon-

“etary Fund (IMF) and Stan-

dard & Poor’s (S&P) rating
agency had both predicted
that economic growth would
be closer to the 3-3.5 per cent
range.

Either way, the projected
GDP growth rate is well
below that for credit expan-
sion in the past two years. Mr
Sunderji said of credit growth
yesterday: “I suspect that it
might ease substantially. .

“It’s not really sustainable
to have credit expansion at a

Remote Family Islands
‘devastated’ if no EPA

* Rules of origin regime ‘absolutely essential’
for Bahamas under EU trade deal, with
nation needing to get house ‘in order’ on

_ intellectual property

* Trade.Commission chair says nation ‘ought
to insist’ exclusive economic zone treated as
part of Bahamian waters to aid fisheries

@ By NEIL HARTNELL

Tribune Business Editor

REMOTE Family Island
communities would have been
devastated economically if the
Bahamas did not preserve duty-
free market access for its fish-
eries industry to the European
Union (EU) by signing the Eco-
nomic Partnership Agreement

E (EPA), the Bahamas Trade

Commission’s chairman said
yesterday.

John Delaney, who is also
managing partner at the Higgs
& Johnson law firm, told The
Tribune that while fisheries may
only account for 3 per cent of

‘the Bahamas’ gross domestic _

product (GDP) per annum, for

many Family Islands and their -

residents the industry was an
economic and employment life-
line.

Confirming that the Bahamas
had signed on to the ‘market

access’ or goods offer submit-.

ted by CARIFORUM, the
regional negotiating body that
crafted the EPA on this nation’s
behalf, Mr Delaney said: “That
is not perceived to be a problem
in any way for us.”

He added: “What we were








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most concerned about is the

preferential, duty-free market
access for fisheries products and
Polymers is continued. It is still
being enjoyed in 2008 by those
sectors.”

By signing the EPA, the
Bahamas will secure continued
duty-free market access for
those two sectors, plus Bacardi’s

rum exports for the final year

the company is here, ensuring
they do not incur Most
Favoured Nation (MEN) tariff



John Delaney

rates. This would increase their
prices, and make them uncom-
petitive against global rivals.
“Clearly, there is greater
potential on the fisheries side,”

_SEE page 5B

_ rate substantially higher than

GDP growth. I suspect credit
expansion will be in the high
single digits, rather than dou-
ble digits.”

Meanwhile, Mr Sunderji
said regulators and the major
Bahamian commercial banks





age were unveiled.

dle its ground operations.

SEE page 4B

Morale plummets at Delta
Ua mR ALa rT Wem Wee

lm By CARA BRENNEN- BETHEL
Tribune Business Reporter

‘ MORALE was yesterday said to have plummeted among
the 60-plus Bahamian Delta Airlines staff who are set to be laid-
off by the airline, after details of the company’s severance pack-

The employees, who will be terminated next month, had
been told of Delta’s plans to downsize as a means of reducing
operational costs at the beginning of 2008, but the details of the
severance package have just been released in a letter to employ-
| ees dated February 25, 2008.

A source close to the employees said that following the letter’s

receipt, morale. was lower than ever among the Bahamian staff,
who handle check-in, baggage and maintenance for Delta at
‘Lynden Pindling International Airport (LPIA).

Delta, although terminating its Bahamian employees, is not

exiting the Bahamas and intends to hire another operator to han-

Sources yesterday said the front-runner for this will be a
Delta subsidiary, Delta Global, a company that typically pro-
vides charter service for sports team and other special groups.

The source said it was felt that Delta Global, which operates
at a lower employee pay scale, will then give the terminated
Bahamian employees first preference for work at:a signifi-
cantly lower pay rate - up to 50 per cent lower in some cases.

“This is just wrong. How can they come in:and do this, if this
is the case, and put us out of work, and why has no one in the
Government come forward,” the source said.

However, Delta’s regional manager for the Caribbean, Car-
los Santos, told Tribune Business he did not know if Delta Glob-
al Services was the likely new operator, but promised to inform

_this newspaper after he made some inquires.

The Tribune’s source also indicated that the Delta employ-

ees had been given until March 17 to sign a waiver indicating
. they would accept the severance package as is and additional
benefits, provided they worked at the same standard of per-
formance and did not take any legal action against the airline.

To be eligible for the severance package, employees must
remain with Delta until the date of termination, which i is April
| 1;2008.
However, this stipulation has left some airline employees

were expecting that foreign
direct investment inflows from
major projects, such as Baha
Mar and Albany, would com-
pensate for softening tourism
foreign currency spend and.

SEE page six










































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PAGE 2B, FRIDAY, FEBRUARY 29, 2008

THE TRIBUNE

















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

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



Share your news

The Tribune wants to hear

National Health plan
was a ‘pipe dream’

THE former government’s pro-
posed National Health Insurance
(NHI) plan was yesterday
slammed as a “hostile takeover
of the Bahamian healthcare indus-
try”, an economic think-tank argu-
ing that it was a “pipe dream” that

. could cause economic ruin.

The Nassau Institute, com-
menting on the “lament” by PLP
convention speakers that the
Ingraham administration had not
implemented the Christie, gov-
ernment’s NHI plan, described it

that would have heaped an unsus-
tainable taxation and debt bur-
den on thé Bahamian people to
fund it.

Arguing that pandering to polit-
ical objectives for too long had
resulted in failed government ser-
vices, the Nassau Institute said:
“Of course many politicians don't
realise that the Pied Piper of
Hamelin was a fairy tale. The dif-
ference with the NHI story is
adults are being sold a bill of
goods that will further enslave

debt load for the country and the
attendant tax burden.

“The Bahamas has endured the
‘political’ thing being done for too
long. Just look where it has led.
Failed public education, failed
public health care, among many
other failed public ASME and
services.

“It's high time some economic
principles were applied to gov-
ernment services, and that most
certainly does not include nation-
alising health care.’

The Nassau Institute added that

as a “mere bill of political goods” _ their children to an even larger

Concern remains
on Port dividend

The late Edward St George’s
estate yesterday came under fire
from its legal opponents, who ques-
tioned why it still wanted the Grand
Bahama Port Authority (GBPA)
Group of Companies to declare'a
$12.1 million dividend, ostensibly
to fund the continuing legal battle,
when it had made an ‘open offer’ to
settle the dispute. ;

An attorney acting for the Hay-
ward side defendants in the GBPA
ownership dispute yesterday said
they were “flabbergasted” that the
St George estate was continuing to
push for the $12.1 million dividend
at a time when the Grand Bahama
Airport Company was struggling to
pay some $33 million in debt.

Andre Feldman said: “Airports
by their very nature are in constant
need of expensive maintenance and igtaememtir
costly upgrades of security and tech-
nological infrastructure. The Grand Bahama airport
is the most relied on gateway to our island, and there
is no incentive to improve it if it is already heavily in
debt and its owners are about to go into further debt.
The airport debt should be paid down with the cash
that the Port Companies now have. Instead, that
money is likely to leave Grand Bahama and never
come back.

"Further, there are also other important projects
including dredging and quay wall re-building for the
harbour. Monies should be reserved for that kind of
improvement that benefits all Grand Bahamians,
including the companies themselves. .

“The most senseless part of the argument is to
continue seeking and paying dividends to fight the

' Haywards when the Haywards themselves are in the

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process of leaving and, for all intents
and purposes, have left now that
the court has cleared the way for
the Haywards to sell out."

Justice Anita Allen, who
removed the injunction prohibiting
Seashells Investments, which owns
the 50 per cent GBPA stake on
behalf of the Hayward family trust
and its trustees, from selling those
shares to Fleming Family &:Part-
ners for $100 million, has yet to rule
on the dividend payment.

Responding to Mr Feldman’s
comments yesterday, the St George
estate’s attorney, Fred Smith, said:
“This matter has been thoroughly
vented in court, and the receivers
took into account the fiscal posi-
tion on the advice of Ian Barry, the
financial controller who has been

mended a dividend be paid. We are
now waiting for the verdict of Justice Allen.”

The receivers previously said they were holding
back enough funds to cover a variety of contingencies,
including the Airport loan from Hutchison Whampoa,
which is a 50 per cent owner of the Grand Bahama
Airport Company. Its joint venture partner is Port
Group Ltd.

Mr Feldman said: "The suggestion that the Grand
Bahama Port Authority go out and borrow money to
pay the debt that is owed to Hutchison Whampoa is
ridiculous. Frankly, we are flabbergasted at the idea
that the Port Authority should go into deeper debt in
order to pay dividends to one of its owners to fight its
own legal battles. The Haywards have gone on record
as saying they will not accept their share of the divi-
dend if it is awarded. "

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the FNM also appeared to be
playing politics with NHI, saying
there were in favour of such a
scheme because it was ‘politically
correct’ to do so.

Referring to the PLP, it said:
“Their intention, if re-elected in
May 2007, was what amounted to
a hostile takeover of the health
care industry. Promising that no
Bahamian would have to endure
the hardship of cookouts to raise
money to help defray medical
expenses ever again.

“But as Greg Mankiw, profes-
sor of economics at Harvard
points out, people in Britain,
where they have had a form of
NHI for 60 years, still have to
raise money for health care ser-
vices.

Mr Mankiw had recently writ-
ten: “Some people like to think
of health care and education of
basic human rights. Maybe they
are. But they are also normal
goods. That is, the income elas-
ticity of demand is positive. It is
hard to escape the conclusion that
the right cost-benefit calculation
for providing the good depends
on the income of the consumer.

“Achieving both efficiency and
equality in the provision of these
goods is impossible. Dealing with
this conflict will provide a major
challenge to the political system in
the years to come.”

The Nassau Institute said the
easiest way to resolve the
Bahamas’ healthcare problems
was for the Government to man-
date that all working employees
buy their own health insurance,
leaving the unemployed and indi-
gent for the administration to take
care of via a catastrophic health-
care plan.

The Nassau Institute said:
“While as a general principle gov-
ernment mandates.are not the
best thing for a free society, it
sure beats nationalising health
care. Some compare it to the law
that forces drivers to buy vehicle
insurance........

“Unless the PLP or FNM have
a wizard in their back pocket, wip-
ing every tear from every eye, and
creating a national health insur-
ance scheme whereby no Bahami-
an will ever have to raise money
to pay for health care services, or
do without services again, is a pipe
dream, A mere bill of political
goods.”



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THE TRIBUNE

FRIDAY, FEBRUARY 29, 2008, PAGE 3B



i nr ee eae ee. re

St Georges °

fear and have

anxieties’ about Fleming

@ By NEIL HARTNELL
Tribune Business Editor

THE late Edward St George ‘s
estate “fear and have anxieties”
about Fleming Family & Partners
becoming its potential Grand

Bahama Port Authority (GBPA)
partner, their suspicions having
been “fuelled” by the fact that it
was the attorney for ousted GBPA
chairman Hannes Babak who has
been commenting on the ongoing
court cases in the media.

Responding to the Supreme
Court decision that removed the
injunction preventing the trustees
for the Hayward family trust from
selling their 50 per cent
GBPA/Port Group Ltd stake to
Fleming, Fred Smith, the St
George estate’s attorney, said his
clients were “considering our
options” on how to respond.

Justice Anita Allen’s verdict
effectively clears the way, as
revealed by Tribune Business ear-
lier this week, for the Hayward
trust’s trustees to sell the 50 per
cent GBPA stake held by their
investment vehicle, Seashells
Investments, to Fleming.

That is barring an appeal, and
The Tribune understands that
Fleming’s attorneys have already
begun working rapidly on prepar-
ing an application to the Govern-
ment’s Investments Board/Nation-
al Economic Council (NEC) for
the purchase of Seashells’ GBPA
stake. That application is likely to
be submitted this week or next.

“We continue to suspect, which
is why we tried to obtained the
injunction in the first place, that
the Flemings are in cahoots with
Sir Jack and Hannes Babak,” Mr
Smith told The Tribune.

“That suspicion continues to be
borne out, as Seashells obtained
the discharge of the injunction, but
we have Andre Feldman, who is
Mr Babak’s lawyer, making the
comments to the press.”

Fleming has denied to both the
Seashells ‘. ustees, who are respon-
sible for safeguarding the Hayward
family’s interests, and the Govern-
ment that Mr Babak is involved
with its attempts to purchase their
50 per cent GBPA stake.

Nonetheless, Mr Smith ques-'
tion, a why Mr Feldman was.

speaking to the media on an issue

that chiefly impacted Fleming, not.

Suspicions ‘fuelled’ by attorney for
Mr Babak speaking to the media

place between the two parties.
Mr Smith said that the St
George estate had only defended
its rights, “but somehow the
impression is being given that the

estate is obstructing growth and
development in Freeport”.

He added. “We implore the
Government to intervene and try
to find a political solution to

encourage a resolution, and our
open offer demonstrates good faith
and willingness to bring a reason-
able settlement for the good of
Freeport.”

on injunction removal

Mr Babak, “who is not supposed to
have anything to do with the pur-
chase of the shares”.

The Callender’s & Co partner
added: “It is very odd, and fuels
our continued suspicions. We: con-
tinue to suspect, fear and have anx-
ieties about the Flemings......

“Our open offer to settle was
not a marketing ploy. It was a very
real and good faith effort to settle.
It was very troubling that Mr Feld-
man, Mr Babak’s attorney, made
comments to The Tribune accusing
us of a marketing ploy with the set-
tlement offer.

“What is Mr Feldman, Mr
Babak’s lawyers, doing in respond-
ing to an open offer to Sir Jack to
sell his shares? This demonstrates
that behind the scenes, Mr Babak
continues to pull the strings.”

Mr Smith’s latter comments
referred to a response by Mr Feld-
man to the St George estate’s
‘open offer’ to the Hayward side to

settle their 16-month dispute over
the latter’s claim to 75 per cent
GBPA ownership. The remarks
were reported in Tribune Business
on February 21, 2008.

The ‘open offer’ “was not meant
to be an opportunity to set the
injunction aside. It was a good faith
offer to settle the action and let Sir
Jack sell his shares to a legitimate,
third party investor that did not
want to continue the fight against
the estate and push us out of the
company.

“Our open offer was intended
to allow both sides to explore sell-

" ing their shares as long as the trans-

fer was accountable to the Gov-
ernment and the Bahamian pub-
lic,” Mr Smith said.

He added that “despite the chit-
ter chatter in Freeport and else-
where”, the St George estate had
received no offer from Fleming for
its 50 per cent stake in the GBPA,
and no negotiations were taking

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PAGE 4B, FRIDAY, FEBRUARY 29, 2008

THE TRIBUNE



ME i PR eee eee
‘Difficult to accept’ St Georges
serious on resolution

FROM page one

bona fide in their attempts to
resolve the disputes if they per-
sist in refusing to accept the fact
that the shares in Seashells are
not owned by Sir Jack,” Mr
Moree told The Tribune.

“He is in no position to agree
to sell any interest that
Seashells has in Intercontinen-
tal Diversified Corporation
(IDC) [the GBPA holding
company].

“Tf the plaintiffs are serious in
their professed objective to try
to settle the dispute, they need
to speak to the party who actu-
ally owns the shares in IDC.
That is Seashells. That is owned
by the trustee, not Sir Jack
Hayward.”

Mr Moree, on Seashells’
behalf, obtained the removal
of the injunction that had
barred the company’s attempts
to sell its 50 per cent GBPA
stake to Fleming Family &
Partners, the private equity and



COMMONWEAL THE OF THE BAHAMAS

IN THE SUPREME COURT 2008
EQUITY SIDE No. F.P. 0003
NOTICE

THE QUIETING TITLES ACT 1959

The Petition of Honeyside Investments Limited, a corporate entity
incorporated under the laws of the Commonwealth of the Bahamas in
respect of:

ALL THAT piece parcel or lot of land situate in the Settlement of
Hunters in the Island of Grand Bahama one of the Island of the
Commonwealth of the Bahamas, and by admeasurement an area of
42.295 acres and being property bounded NORTHWARDLY by land
now or formerly the property of The Grand Bahama Port Authority
Limited and running thereon Eight Hundred and Twenty-eight feet and
Thirty-nine Hundredths of a foot (828.39') EASTWARLY by land said

to be the property of Granville Lewis and running thereon Twenty-

one Hundred and Forty-two feet and Fifty-four Hundredths of a foot
(2142.54) SOUTHWARDLY by the main public road Forty feet (40’)
wide and running thereon Eight Hundred and Eighteen and Sixty-six
Hundredths of a foot (818.66') and WESTWARDLY by a Twenty -five
foot (25’) wide road reservation and running there on Eight Hundred and
Fifty-six feet and Fifty Hundredths of a foot (856.50') and continuing by
land being a portion of the David Wildgoose Tract Fifteen Hundred and
Twenty Eight feet and Ninety - one Hundredths of a foot (1528.91 ‘)said
piece parcel or lot of land having such position marks and dimensions
as are shown on plan 358 G.B, surveyed by Stanley S. Lowe,
Registered Land Surveyor, No. 23 and thereon colour pink.

HONEYSIDE INVESTMENTS LIMITED the Petitioner in this matter
claims to be the owner in fee simple in possession of the said piece
parcel lot of land and has made application to the Supreme Court of the
Commonwealth of the Bahamas under Section 3 of The Quieting Titles
Act 1959 to have its title to the said land investigated and the nature

‘ and extent thereof determined and declared in a Certificate of Title to be
granted by The Court in accordance with the provisions of the Act.

COPIES of the said plan may be inspected during normal office hours at
the following places:

(a) The Registry of the Supreme Court Northern Jurisdiction in the
Garnet Levarity Building in the City of Freeport on the Island of Grand
Bahama.

(b) The office of the Administrator for the Settlement of Eight Mile Rock,
Grand Bahama. ;

(c) The Chambers of Cash, Fountain situate at Suite A, Mable House,
West Sunrise Highway, Freeport, Grand Bahama, Attorneys for the
Petitioner.

NOTICE is hereby given that any person having dower right to dower or
an adverse claim or a claim not recognized in the Petition shall within
Thirty (30) days after last appearance of this Notice in the various local
newspapers file in the Supreme Court of The Commonwealth of the
Bahamas Northern Jurisdiction aforesaid and serve on the Petitioner
or the undersigned a statement of his or her claim in prescribed form,
Verified by affidavit to be filed therewith. Failure of any such person

to file and serve a statement of his or her claim and the requisite
documents on or before the said Thirty (30) days

Stated herein will operate as a bar to such claim, i.e. on or before the
22nd day of March,

A.D. 2008.

CASH, FOUNTAIN .
Chambers
Suite A, Mable House
West Sunrise High Way
Freeport, Grand Bahama
Bahamas

Attorneys for the Petitioner

wealth management house.
That deal, as reported by The
Tribune, is worth $100 million.

With sale documents and an
application for government
approval of that transaction in
the works, the injunction’s
removal may be the first glim-
mer of light at the end of the
long, dark tunnel leading to a
resolution of the GBPA own-
ership dispute.

Several sources suggested

_ that the St George estate was

starting to feel the pressure to
settle, and exit by selling to
Fleming or another party.

That pressure could intensify
if, in addition to the injunction’s
removal, Justice Neville Adder-
ley rules in favour of discharg-
ing the GBPA receivers, BDO
Mann Judd accountants Clif-
ford and Myles Culmer. That
ruling could possibly come
today, or next week.

In addition, Justice Allen is

also due to rule on whether the
Port Group of Companies
should go ahead with a $12.1
million dividend declaration.
The removal of the receivers,
and any block on the dividends,

would both work against the St.

George estate and in favour of
Seashells and Fleming. Ending
the receivership would allow
Seashells to resume its involve-
ment inside the Port at Board
level, via IDC directing the
companies’ affairs, while a bar
on the dividend payout would
starve the St George estate of
much-needed funds to finance
its ongoing legal battle.
Meanwhile, Mr Moree,
senior partner in McKinney,
Bancroft & Hughes, explained
to The Tribune that Seashells
Investments was owned by a
company called Striker
Trustees Ltd, “in its capacity”
as trustee of the Sir Jack Hay-
ward Discretionary Trust.

“The shares in Seashells are
owned by the trustee, subject
to the trust declared in the trust
settlement,” Mr Moree added.
“Sir Jack Hayward is one of the
numerous beneficiaries under
the Sir Jack Hayward Discre-
tionary Trust.

“It is wrong to say that
Seashells is owned by Sir Jack
Hayward or one of his compa-
nies. What is correct is that
Seashells is owned by the
trustee in their capacity as
trustees of the Sir Jack Hay-
ward Discretionary Trust.

“The discharge of the injunc-
tion against Seashells really has
nothing to do with either Sir

Jack Hayward or Hannes
Babak, because Seashells is not
owned by Sir Jack Hayward,
contrary to the erroneous alle-
gations by the plaintiffs.”

Asked to respond to allega-
tions that Mr Babak, the ousted
GBPA chairman, was involved
in Fleming’s bid to acquire
Seashells’ GBPA interest, Mr
Moree added: “As far as
Seashells and the trustees are
concerned, Fleming has repre-
sented to them that neither Sir
Jack nor Mr Hannes Babak are
in any way involved in their
proposal to purchase
Seashells’ 50 per cent interest in
IDC.”





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JON FOTI BARRON LTD.

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VICE PRINCIPAL NEEDED

The Anglican Central Education Authority
invites applications from qualified Bahamians for the
position of Vice Principal for St. John’s College
beginning September 2008.

The applicant must have a Degree in Education

| from a recognized University, with at least 5 years
accumulative experience. The applicant must also
be computer literate.

Key job functions and responsibilities include:

| - Assisting with staff supervision and evaluation

- Admissions and student orientation

- Scheduling (Timetables; examinations,
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- Assisting with discipline

- Assisting with supervision of academic programmes

- Assisting with Curriculum Development

- Administration of School and External
examinations

- Inventory

- Requisitions

Applicants should sumbit a cover letter,
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The Director of Education
Anglican Central education Authority
P.O.Box N-656
Nassau, Bahamas

The Deadline for Applications is
Friday, March 14, 2008

Morale plummets at Delta
over severance packages
FROM page one |

who have been offered jobs elsewhere with the dilemma of either
refusing the severance package in favour of permanent employ-
ment, or taking it and hoping any current job offers still stand.

One employee is understood to have already missed one job
opportunity, and is trying to hang on to another. Other employees
had held off looking for work, awaiting the details of the severance
package, and were now unsure as to whether it made financial
sense to stay or forgo the cash and benefits.

“Basically, Delta is paying a severance package of two weeks’
wages for every year of employment up to a maximum of 24
weeks or 12 years. This means that employees who have worked at
the company for 13-plus years will not be given any additional
pay. However, Delta is also saying that it wants to be more ‘gen-
erous’ than the labour laws require, and are also going to offer an
additional four weeks’ pay,” the source said.

The airline will keep in place the health insurance benefits for
those employees who wish to for the rest of the year, as long as they
still contribute their monthly payments. Flying privileges with
Delta are also to remain for a year.

Alternatively, under Delta’s pension provision, any employee
who has worked for at least 10 years and is aged 52 or older, is eli-
gible for a pensionpackage higher than the severance package.
This is being offered to employees that have been employed with
the airline for, in some cases, 15-20 years.

Mr Santos said Delta will not publically disclose details of the
severance package, as it was considered to be personal and confi-
dential information human resource information.

“We do believe that we are offering a generous package,” he said.

PUBLIC NOTICE ..

INTENT TO CHANGE NAME BY DEED POLL |

The Public is hereby advised that we, JAYSON GREENE and
DENISE GREENE of Sandilands Village Road, Nassau, Bahamas,
intend to change our child’s name from JEFFREY LEE-ANDREW
CHRISTIANO GREENE to CHRISTiIANO LEE-ANDREW JEFFREY
GREENE. If there are any objections to this change of name by
Deed Poll, you may write such objections to the Chief Passport |
Officer, RO.Box N-742, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.

RBC FINCO is considering applications for
































Mortgage Specialist

The successful candidate should possess the following

qualifications:

e ACIB or ABIFS degree in Banking or a related field
would be an asset

e 5 or more years banking experience

e Previous experience in portfolio and liability
administration would be an asset

ey Skills:
e Negotiating/selling
Strong leadership and coaching
Relationship building
Impact & influence
Ability to manage multiple priorities
Demonstrated written and verbal communication
Microsoft Office Proficiency
Ability to make sound credit analysis

Responsibilities include:

¢ Contributing to meeting team sales plans by
acquiring and growing profitable client relationships

e Providing customized solutions and financial advice
designed to satisfy the client’s long-term goals on
obtaining a mortgage

¢ Seeking out new clients by developing relationships
within the community and local centres of influence

e Enhancing the experience of existing clients by
providing accessibility and one-on-one advice and
valuable information on the intricacies of having a
mortgage

e Successfully anchoring clients with the appropriate
delivery channel within RBC Financial Group

A competitive compensation package (base salary &
bonus) will be commensurate with relevant experience
and qualifications.

Please apply before February 29, 2008 to:

Regional Manager

Human Resources
Caribbean Bankin

RBC Royal Bank of Canada
Bahamas Regional Office
East Hill Street

PO. Box N-7549

Nassau, N.P,, Bahamas



Via fax: (242) 328-7145
Via email:bahcayjp@rbc.com



RBC
FINCO
RBC).

RBC > HELPING YOU SUCCEED

Men URC RCS uC an Cuno CUCU eno)



THE TRIBUNE





=) UTS) | Seats)

Remote Family Island

FRIDAY, FEBRUARY 29, 2008, PAGE 5B

a

‘devastated’ if no EP



FROM page one

Mr Delaney told The Tribune.

“The unique thing about fish-
eries, compared to financial ser-
vices, is that it has a way of ben-
efiting remote communities in
the Bahamas.

“Other trade, especially in
services, tends to be concen-
trated in New Providence and
Grand Bahama.

“While fisheries might be 3
per cent of GDP, it is very
important for remote commu-
nities in the Bahamas that have
very little going on, apart from
government services.

“Given our unique geogra-
phy, and archipelago nature,
it’s a very important point for
our country to bear in mind.”

Mr Delaney added that it was
“absolutely essential” that the
Bahamas establish a ‘Rules of
Origin’ regime as part of com-
plying with the EPA and other
international trade agreements,
such as World Trade Organisa-
tion (WTO) membership, the
Caribbean Basin Initiative
(CBI) with the US, and Carib-
Can with Canada.

A Rules of Origin regime
determines which goods are
manufactured and caught in
the CARIFORUM area, to
qualify them for tariff-free
entry to the EU.

This, though, could present a
problem for Bahamian fisher-
men and the crawfish industry,
as the EPA Rules of Origin

specify that fisheries products
can only be specified as
Bahamian if they are caught
in this nation’s terrestrial
waters.

Yet the Ministry of Finance
pointed out: “Traditionally, the
Bahamas has defined the fish-
ing grounds of the Bahamas as
the 200 mile nautical mile
exclusive economic zone.”

Mr Delaney said he did not
know yet whether these Rules
of Origin requirements were an
issue for the Bahamian fisheries
industry.

He added that “it would seem
to me that the Bahamas ought
to insist that regard be had to
the exclusive economic zone”,
as if this nation “cannot exploit
it for economic purposes” it was
not worth such a name.

“Rules of origin will be
absolutely essential infrastruc-
ture we must create,” Mr
Delaney said. “Clearly, the
whole regime is something the
Bahamas has yet to come up
with.

“We’ve never had any need
for a Rules of Origin regime
before.

“It is something we will need
going forward with respect to
where we are in the world
today....

Mr Delaney added that the
Bahamas would also have to
introduce competition laws and
policy, and countervailing duties
and anti-dumping regimes, to
comply with its EPA commit-
ments.

“We would have to look at
intellectual property. That is
something where it is consid-
ered the Bahamas’ house is not
fully in order, and we have to
deal with that,” Mr Delaney
said.

“We also have to deal with
the protection of data, and have
come a long way in that
regard.”

The Trade Commission chair-
man pointed out that some dis-
ciplines the EPA will impose

.would also boost “good gover-

nance” in the Bahamas and
“the development of our com-
munities”.

Leading the way is the EPA’s
requirement on government
procurement, with demands for
transparency and “fair play” in
the bidding and tendering
processes for government con-
tracts.

“That presents us with an
opportunity to have a regime
that benefits us domestically,”
Mr Delaney said. .

The EPA is the first two-way
preferences trade regime the
Bahamas has been asked to par-
ticipate in, meaning that trade
benefits are reciprocal and flow
both ways.

If the EU gives the Bahamas
preferential benefits, this nation
must respond in kind.

As a result, the Bahamas will
be expected to provide duty-
free access for many EU
imports, although many of these
will only be liberalised - and
customs duty reductions

A prominent new car dealership Responsibilities:
- Create and organize vehicle sales activities

is seeking a general manager.

The ideal candidate will have
wide experience in the
automotive business as well as :

good written and oral

communication skills.

Send resumes with references to:

Automotive GM
P.O. Box N-9240
Nassau, Bahamas

operations

Creaté and organize parts and service

Manage follow-up systems for existing

customers

Cultivate new business

Develop and implement company policies and

_ programmes

Train-and lead staff.in a team environment

- Stay up-to-date in dealership technology

Requirements:

- 5+ years of experience in the automotive

industry

Experience with Japanese automotive brands
Strong leadership and management skills

skills

Superior communication and customer service

Account management and budgeting

experience

Proficiency in computers

Abaco Markets Limited, a leading food distribution company
with five retail and club outlets in New Providence, Freeport and
Marsh Harbor Abaco is seeking applications for the position of :

Vice President of Compliance
& Asset Protection

THE JOB

To lead the company’s program to Reduce Risk in the
area of: Inventory Control, Shrink, and Loss Prevention,
Risk Analysis, Safety and Security. The candidate will be
required to create, implement and manage Shrink and Loss
Prevention Programs ensuring that Training programs

and follow-up monitoring 1s

REQUIREMENTS
* College Degree in a similar or related field

¢ A minimum of 5 years Experience in the area of Inventory

Controls

¢ Proficiency M/S suites

¢ A proven track record of success in the field desirable

* Possess strong leadership skills with excellent People and
Communication skills

consistently maintained.

Competitive compensation and benefit packages
(inclusive of incentive based bonuses)

Interested persons should send their resumes to

hr@abacomarkets.com



phased-in - over five, 10, 15, 20
and 25-year periods.

Many EU imports already
enter duty-free as they are relat-
ed to the tourism industry, the
former PLP government hav-
ing estimated that it would only

lose $10-$14 million in import
taxes per annum.
Mr Delaney told The Tribune

yesterday that the Bahamas’

annual import level from the
EU was $50 million “as good
as we can count”, a sum that

NOTICE

GDP.

“In terms of the impact on _

liberalisation of Customs and
so forth, the Bahamas seeks to
mitigate that by an Excise Tax
option,” Mr Delaney said.

Notice is hereby given of the loss of Bahamas Government Registered Stock Certificate as follows:

Stock

2004-20016

Interest
Rate
1.2500 APR

Certificate
No.
48-396

Maturity Amount
Date

23/9/2016 . $30,000.00

I intend to request that the Registrar issuse a replacement certificate.
If this certificte is found, please write to
P.O. Box SP 60743 Nassau, The Bahamas or call 327-5339.






The Chevrolet Optra sedan & hatchback

INVESTMENT OPPORTUNITY
MUST SELL

Three — 2 Storey townhouses about 80% completed which require some repairs. Each unit comprises
676 sq.ft. on the upper floor and 676 sq.ft. on the lower floor (total floor area 1,352 sq.ft. per unit)
and consists of 3 Bedrooms 2 Baths, Living, Dining and Kitchen.

Driveway & Walkways are improved with 12 x 12 Spanish Type Tiles, 1,775 Sq.Ft. Swimming
Pool and Jacuzzi which are 85% completed.

The Buildings are situated on Lot #17376 comprising 10,000 sq.ft. located in
Bahama Sound of Exuma Section 18, Exuma, Bahamas

models are loaded with features to ensure
a smooth riding experience.

Optra Features:

¢ 1.8-litre engine

The units are being sold collectively.

For conditions of the sale and any other
information, please contact:
The Commercial Credit Collection Unit
at: 356-1685 or 356-1608
Nassau, Bahamas

Interested persons should submit offers
in writing addressed to:

The Commercial Credit Collection Unit,

P.O. Box N-7518, Nassau, Bahamas

Serious enquiries only



¢ Great interior space

¢ — Automatic transmission ¢ — Driver side airbag
¢ Power steering e Alarm
¢ Four-wheel disc brakes ¢ Remote entry
* Power locks & windows (select models) * Air-conditioning
¢ Rear defogger ¢ Radio/CD
SNMC & Scotiabank

Shirley Street ¢ 328-3908 © Fax: 323-7272

info@nassaumotor.com ® www.chevroletbahamas.com

|

On-the-spot financing and insurance.
24-month/24,000-mile factory warranty.

amounted to just 2 per cent of

























PAGE 6B, FRIDAY, FEBRUARY 29, 2008

Credit growth to drop
to ‘single digits’ in ‘08

vane

FROM page one

further improve liquidity with-
in the system.

“While there’s adequate
liquidity in the banking sys-
tem it’s not evenly distrib-
uted between banks, so
there have been some spikes
in deposit rates. But we
think it will settle down over
time,” Mr Sunderji said.

“There’s been a slight
firming in rate for term



In the Estate of Dr. HEINZ ULRICH BAENSCH
late of Oahu in the State of Hawaii one of the
United States of America, deceased.

NOTICE is hereby given that all

NOTICE

deposits, typically two to five
years. Those terms are see-
ing some rate increases,
since they are good for
banks, as they lend long-
term.”

The Clearing Banks Asso-
ciation chairman added that
Bahamian commercial banks
were “mismatched” in terms
of assets and liabilities, as
they traditionally lent for the
long-term (assets) but took
in short-term deposits (lia-





persons having any claim or demand against the above

Estate are required to send the same duly certified in
writing to the undersigned on or before the 28th day of
March A.D. 2008, after which date the Executors will

the claims of which they shall then have had notice. _

AND NOTICE is hereby given that ali
persons indebted to the said Estate are requested to
make full settlement on or before the date hereinbefore

mentioned.

bilities).

“Long-term deposits are
at a premium, and we’re see-
ing some of that,” Mr Sun-
derji said. “Banks, all things
being equal, would be inter-
ested in paying higher rates
for term deposits.

“Tf foreign direct invest-
ment comes in as per plan,
and we’re led to believe that
will happen, we should see
an easing of deposit rates in
the latter part of the year.
There’s margin depression
taking place right now, as
loan rates are not going up.
Deposit rates are.”

While the 2008 economic
outlook and performance
was “hard to predict”
because of what was hap-
pening with the US and
global economy, Mr Sunder-
ji said the banks felt they
would “have a reasonable
year, although credit expan-
sion will not be at the same
rate as in the past”.

“There is a lot riding on
Baha Mar and Albany,” Mr
Sunderji said, “in terms of
capital inflows, foreign
exchange reserves and liq-
uidity.

“Our own view, and cer-
tainly this is what we are
told by the Central Bank
Governor and others, is they
expect a reasonable inflow
of foreign direct investment,

particularly the Baha Mar
project, and we are reason-
ably optimistic the situation
will improve during the
year.”

Paul McWeeney, Bank of
the Bahamas International’s
managing director, earlier
this week said Bahamian
commercial banks may look
increasingly to securitisa-
tions and other financing
forms to alleviate any liq-
uidity shortages, as this
would enable better match-
ing of capital funding with
long-term loans.

To mitigate the “liquidity
risk” they faced, Bahamian
commercial banks were like-
ly to exploit their generally
strong balance sheets and
“sound credit risk base” to
launch new and innovative
ways for accessing long-term
capital funding.

Commercial banks, Mr
McWeeney added, “tend to
borrow short and lend long”,
and with the competition for
liquid assets having pushed
deposit rates as high as sev-

en per cent in some cases in.

the December-January peri-
od, some depositors had
been happy to lock-in those
rates for three years.

Mr McWeeney said of the
situation: “It shows the need
for banks to introduce the
type of funding mechanisms

THE TRIBUNE





and match loan books.

to mitigate the liquidity risk.

“We have a fairly sound
credit risk base in the
Bahamas, so that lends itself
to securitisation. It provides
a good basis for securitisa-
tion as a way to better fund

“JT think that in the mar-
ketplace we may see more
of that [securitisation] tak-
ing place to better access
funding that is more long-
term.”



HARRY B. SANDS, LOBOSKY & COMPANY
Attorneys for the Executors
CHAMBERS
Shirley House
Fifty Shirley Street
Nassau, Bahamas

To be advertised in the Tribune on February “+
15th and 29th and March 14th, 2008.37;

Quality Auto Sales Ltd

PARTS DEPARTMENT
Will be CLOSED for
STOCKTAKING
FEB 28 thru MAR 1

(Thursday, Friday & Saturday)

We will re-open for business as usual on Monday, March 3.

We apologise to our valued customers.and regret any
inconvenience this may cause. All other sections of the
AUTO MALL will be open for business as usual.

QUALIT

EAST SHIRLEY STRE

I
Pyicing Information As Of:
| Tinursday, 28 February 200 8
i oe LIS



1
U
‘
r
1
t
'




proceed to distribute the assets having regard only to








MAHA






auto
Sales

LIMITED

oe



=) FIDELITY




NOTICE

NOTICE is hereby given the DWIGHT WEAKLEY of
BUTTONWOOD AVE., PINEWOOD GARDEN, P.O. BOX
CR-65321, NASSAU, BAHAMAS, is applying to the Minister

resposible 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 si

of the facts within twenty-eight days from:the 22ND day: of:



February, 2008 to the Minister responsible ‘for ‘Nationality and: |:



Citizenship, P.O.Box N - 7147, Nassau, Bahamas.

We Move Cargo

Servicing the Family Island for over te
We do Pick-ups from all your Favorite §S

Walmart
Brandsmart USA
BJ’s

Big K

e JC Penney

e Office Max
e 20Street

e Sears

° Office Depo
e Best Buy

e Jettro Cash

e US Payments

e Internet Orders and more

Also No Sales Taming our Pick-Up Servic

Email Your Request

Ask







iexe) na
or Phone (242) 225-2929 or (9

for Mike in Nassau e

icourier@live.
359-6747

Garvin in Ft., Lau

ic)
F











PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, DARON ETHAN FERGUSON
of Sandilands Village Rd., PO. Box EE-15780, Nassau,
Bahamas, intend to change my name to DERON ETHAN
FERGUSON. If there are any objections to this change of name
by Deed Poll, you may, write such obiections..to the, Chief
Passport Officer, RO.Box N-742, Nassau, Bahamas no later
than thirty (80) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given the REVELYN DORVILUS of 3390
NW 30th ST. #2, LAUDERDALE LAKES, FL. 33311, UNITED
STATES OF AMERICA, is applying to the Minister resposible
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 22ND day of February, 2008 to the
Minister responsible for Nationality and Citizenship, P.O.Box

N - 7147, Nassau, Bahamas.

Legal Notice
NOTICE

UTKAI LIMITE

NOTICE IS HEREBY GIVEN as follows:

(a) AITUTKAI LIMITED is in voluntary dissolution under
the provisions of Section 137(4) of the International
Business Companies Act 2000.

(b) The dissolution of the said company commenced on
the 28th February, 2008 when the Articles of
Dissolution were submitted to and registered by the
Registrar General.

(c) The Liquidator of the said company is Verduro

Associated Ltd. Pasea Estate, Road Town, Tortola,
BVI

Dated this 29th day of February, A.D. 2008







es BISX ee
52wk-Hi 52wk-Low me Securit y Previous Close Today's Close Daily Vol. EPS $ Div $ P/E Yield
173 0.75. Abaco Markets 1.73 1.73 0.00 0.157 0.000 11.0 0.00%
11.80 11225 Bahamas Property Fund 11.80 11.80 0.00 1.502 0.400 7.9 3.39%)
19.68 8.50 Bank of Bahamas 9.61 9.61 0.00 0.643 0.260 14.9 2.71% Verd A iated Ltd
0.59 0.83 — Benchmark 0.99 0.99 0.00 0.188 0.030 5.3 3.03% erduro Associated Ltd.
3.74 1.95 Bahamas Waste 3.66 3.66 0.00 500 0.289 0.090 12.7 2.46% Liquidator
}2.70 1.25 Fidelity Bank 2.60 2.60 0.00 0.058 0.040 44.8 1.54%
42.95 10.03 Cable Bahamas 12.95 12.95 0.00 1.030 0.240 12.6 1.85%
3.15 2.00 Colina Holdings 3.14 3.14 0.00 184 0.031 0.040 101.3 1.27%
8.50 4.62. Commonwealth Bank (S1) s 6.97 6.95 -0.02 10,000 0.428 0.260 16.2 3.74%
7.22 _ 4.48 — Consolidated Water BDRs 4.48 4.41 -0.07 0.129 0.052 34.8 1.16%
2.60 2.20 Doctor's Hospital 2.45 2.45 0.00 0.316 0.020 7.8 0.82%) .
le 5.85 Famguard 7.79 7.79 0.00 0.713 0.280 10.9 3.59% Legal Notice
13.01 12.30 Finco 13.00 12.95 -0.05 3,000 0.810 0.570 16.0 4.40%
14.75 13.99 FirstCaribbean 13.99 13.99 0.00 0.914 0.470 15.3 3.36% NO I ICE
jor 5.12 Focol (S) 5.15 5.15 0.00 0.363 0.140 14.2 2.72%
1 Po 0.54 Freeport Concrete 0.74 0.74 0.00 0.035 0.000 21.1 0.00%
48 po 7.20 ICD Utilities 7.25 7.25 0.00 0.411 0.300 17.6 4.14% RE ; :
12.50 8.60 J. S. Johnson 12.30 12.30 0.00 1.059 0610 116 4.96% NOTICE IS HEREBY GIVEN as follows:
f 19.00 10.00 Premier Real Estate LN 10.00 10.00 0.00 |. 1.167 0.600 86 6.00%
Fidelity Over-The-Counter Securities a Ee Eee aE Bath, 4k ;
Sgwk-Hi _52wk-Low Symbol Bid $ Ask $ Last Price Weekly Vol. EPS$ _Div$ P/E Yield (a) TOSEF F UND LIMITED is in dissolution under the
© 74.60 14.25 Bahamas Supermarkets 14.60 15.60 16.00 1.160 1.185 13.4 8.12% provisions of the International Business Companies Act 2000.
; 8.00 6.00 Caribbean Crossings (Pref) 6.00 6.25 6.00 0.000 0.480 NM 7.80%
f * 054 0.20. RND Holdings 0.35 0.40 0.35 -0.023 0.000 N/M 0.00%!
5 2 - s x re, 7e ary
; GéiRa OUSETKS Counter Securities oT y ees (b) The Dissolution of said Company commenced on February 28, 2008
+ 41.00 41.00 ABDAB : 41.00 43.00 41.00 4.450 2.750 9.0 6.70% when its Articles of Dissolution were submitted and registered by
» 14.60 14.00 Bahamas Supermarkets 14.60 15.60 14.00 1.160 1.125 13.4 7.71% the Regist G al
10.55 0.40 RND Holdings . 045 _ 0.55 0.45 -0.030 0.000 __N/M 0.00% fe Nepstar eneral:
f BiSX Listed Mutual Funds j
Jogwk-Hi___ S2wk-Low Fund Name NA Vv YTD% Last 12 Months Div $ Yield % (c) The liquidator of the said company is Lakeisha Collie of 2nd Terrace
73001 1.2037. Colina Bond Fund 7.300059°*~ 0.62% 6.15% ae : Jassau. Bah :
310008 2.4723 Colina MSI Preferred Fund 2.999402"** -0.04% 15.53% West, Centreville, Nassau, Bahamas.
y1 ae 2 1.2647 Colina Money Market Fund 1.381183***** 0.39% 3.85%
13°7969 3.0569 Fidelity Bahamas G & | Fund 3.7442°°* -1.40% 27.72% apes ait eas dC. aa
14.9880 11.3545 Fidelity Prime Income Fund 11.9880°** 0.46% 5.53% (d) All persons having Claims against the above-named Company are
ipo pee 100.0000 CFAL Global Bond Fund 100.00°* required on or before the 28th day of March, 2008 to send their
190.0000 = 100.0000 CFAL Global Equity Fund 100.00** : Read ape + dabteorclajme ‘
1000 1.0000 GFAL High Grade Bond Fund a Got names and addresses and particulars of their debts or claims to the
19.5000 9.6628 _ Fidelity International Investment Fund _9.6628*** Liquidator of the company or, in default thereof, they may be
® FINDEX: CLOSE 912.55 / YTD -4.15% / 2007 34.47% excluded from the benefit of any distribution made before such
phsx ALL SHARE INDEX - 19 Dec 02 = 1,000.00 MARKET TERMS YIELD - last 12 month dividends divided by closing price NAV KEY. aN
5S8wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity debts are proved.
Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity February 29, 2008
se - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price ** - 31 December 2007 ¥
ly © - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week *** 31 January 2008
BAange - Change in closing price from day to day EPS $ - Acompany’s reported earnings per share for the last 12 mths **** 2 January 2008 LAKEISHA COLLIE
Oily vol. - Number of total shares traded today NAV-NetAssetValue ne - 22 February 2008 ‘ ‘
of $ - Dividends per share paid in the last 12 months N/M - Not Meaningful

ice divided by the last 12 month earnings

LIQUIDATOR OF THE ABOVE-NAMED COMPANY




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

k Split - Effective Date 8/8/2007
*k Split - Effective Date 7/11/2007

a
3
AM) - 3-for-1¢
h L TO TRADE CALL: CFAL 242-502-701
:
®
'

FIDELITY 242-356-7764 / FOR MORE DATA & INFORMATION CALL (242) 394-2503

(sa sac caaeaaaaesennnns ite anteater ae aenenieeabaninannttabsteciceatan seetetitaatietasntbeaesatt





THE TRIBUNE

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
Finance Corporation of Bahamas Limited:

We have audited the consolidated financial statements of Finance Corporation of Bahamas Limited (the
“Company”) which comprise the consolidated balance sheet as of October 31, 2007, and the related
consolidated statements of income, changes in equity and cash flows for the year then ended, and a summary

of significant accounting policies and other explanatory notes.
Management’s responsibility for the consolidated financial statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements
in accordance with International Financial Reporting Standards. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated
financial statements that are free from material misstatement, whether due to fraud or error; selecting and
applying appropriate accounting policies; and making accounting estimates that are reasonable in the

circumstances.

Auditors’ responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with International Standar2s on Auditing. Those Standards require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the
consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud
or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s
preparation and fair presentation of the consolidated financial statements in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion

In our opinion, the consolidated financial statements present. fairly, in all material respects, the financial
position of the Company as of October 31, 2007, and its financial performance and its cash flows for the year
then ended in accordance with International Financial Reporting Standards.

Dthe ¢Focke

December 13, 2007

FINANCE CORPORATION OF BAHAMAS LIMITED

CONSOLIDATED BALANCE SHEET
AS OF OCTOBER 31, 2007
(Expressed in Bahamian dollars)



2007 2006
ASSETS : /
Cash (Note 6) $ 1,926,537 $ 1,612,951
Demand deposits (Notes 6 and 15) 14,400,496 16,347,117
Due from banks (Note 6) 1,010,869 3,863,925
Statutory reserve account with ,
The Central Bank of The Bahamas (Note 5) 28,315,862 26,311,954
~ Investments (Note 7) 46,388,244 36,382,275
Loans - Net (Notes 8, 9, 14 and 15) : 616,230,842 559,426,195
Fixed assets - Net (Note 10) 2,824,516: ~~. 2,738,664
Other assets 904,821 1,138,926
TOTAL , : $ 712,002,187 $ 647,822,007
LIABILITIES AND EQUITY
LIABILITIES:
Customer deposits (Notes 11, 14 and 15) * $ 592,399,955 $ 545,995,067
Dividends payable (Note 15) ; 19,200,000 7,800,000
Other liabilities (Note 15) 1,493,723 2,027,682
Deferred fees 5,843,924 5,246,001
Total liabilities 618,937,602 561,068,750
EQUITY:
Share capital (Note 13) . 5,333,334 5,333,334
Share premium : 2,552,258 2,552,258
General.reserve : : 500,000 500,000
Retained earnings : 84,678,993 78,367,665
Total equity 93,064,585 * 86,753,257
TOTAL $ 712,002,187 $ 647,822,007

See notes to consolidated balance sheet.

The balance sheet was approved by the Board of Directors on December 13, 2007 and is signed on

its behalf by:



A

Di Director

' FINANCE CORPORATION OF BAHAMAS LIMITED

CONSOLIDATED STATEMENT OF INCOME
YEAR ENDED OCTOBER 31, 2007
(Expressed in Bahamian dollars)

Hee eee eee

(Restated)
2007 * 2006
INCOME:
Interest income $ 50,739,585 $ 46,689,636

Interest expense (Note 15) 22,506. 182 18,293,573

Net interest income 28,233,403 28,396,063
Allowance for credit losses, net (Note 9) (1,086,089) 560,228

Net interest income after provision for credit losses 29,319,492 27,835,835

Fees and commissions (Notes 15 and 22) 3,228,121 3,054,961
Total income 32,547,613 30,890,796

NON-INTEREST EXPENSE:

Salaries and staff benefits (Notes 12 and 15) 5,240,010 5,167,029
General and administrative (Note 15) : 3,408,358 2,971,264
Occupancy (Note 16) 2,035,827 1,987,359
Depreciation and amortization (Note 10) 5 508,077 491,404
Total non-interest expense 11,192,272 * 10,617,056

NET INCOME $ 21,355,341 $ 20,273,74C
EARNINGS PER SHARE (Basic and Diluted) $ 0.80 $ 0.76

See notes to consolidated financial statements.





FRIDAY, FEBRUARY 29, 2008, PAGE 7B

FINANCE CORPORATION OF BAHAMAS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED OCTOBER 31, 2007
(Expressed in Bahamian dollars)



' Share Share General _ Retained
Capital . Premium Reserve Earnings Tota)

Balance at October 31,
2005 as originally presented $ 5,333,334 $ 2,552,258 $ 500,000 $ 77,771,335 $ 86,156,927

Prior period adjustment (Note 22) - - - (5,466,927) (5,466,927)

Balance at October 31,

2005 restated 7 5,333,334 2,552,258 500,000 72,304,408 80,690,000
Net income restated (Note 22) - - - 20,273,740 20,273,740
Dividends (Note 19) - - - _ (14,933,335) _ (14,933,335
Balance at October 31, 2006 5,333,334 | 2,552,258 500,000 77,644,813 86,030,405
Net income - - - 21,355,341 21,355,341
Dividends (Note 19) - - - _(15,200,001) _ (15,200,001)
Balance at October 31, 2007 $5,333,334 $ 2,552,258 $ 500,000 $ 83,800,153 $ 92,185,745

See notes to consolidated financial statements.

FINANCE CORPORATION OF BAHAMAS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED OCTOBER 31, 2007

(Expressed in Bahamian dollars)

(Restated)
2007 2006

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income
Adjustments for:

$ 21,355,341 $ 20,273,740

Depreciation and arnortization (Note 10) 508,077 491,404
Loss on disposal of fixed assets 7,776 11,677
Allowance for credit losses, net (Note 9) — (1,086,089) 560,228
20,785,105 21,337,049

_ Changes in operating assets and liabilities (Note 17) . (837,753) (1,876,945)

(55,101,603) (48,158,627)

__ 45,075,835 __ 41,548,656

Increase in loans -
Increase in customer deposits

Net cash from operating activities 9,921,584 12,850,133

CASH FLOWS FROM INVESTING ACT! TIVITIES:

Proceeds from disposal of fixed assets . 35,946 13,200
Purchase of fixed assets (Note 10) : (637,651) (651,932)
(Increase) decrease in accrued interest on investments - (56,369) 3,841
Proceeds from maturity of investments . ' 21,500,000 22,533,100

31,449,600 30,869,100:
10,607,674 8,970,891

“Purchase of investments

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITY:

Dividends paid : (3,800,001) (9,533,335)
NET DECREASE IN CASH AND CASH EQUIVALENTS (4,486,091) (5,654,093)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 21,823,993 27,478,086
CASH AND CASH EQUIVALENTS, END OF YEAR (Note 6) $ 17,337,902 $21,823,993

SUPPLEMENTAL INFORMATION:

Intérest received $._ 49,731,814 $45,483,563
Interest paid $ 22,206,182 $ 18,293,573

See notes to consolidated financial statements. © ny E

FINANCE CORPORATION OF BAHAMAS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED OCTOBER 31, 2007 :

(Expressed in Bahamian dollars) ;

1. GENERAL

Finance Corporation of Bahamas Limited (the “Corporation”) is incorporated in the Commonwealth of
The Bahamas and is licensed under the provisions of the Banks and Trust Companies Regulations Act,
2000. The Corporation is also licensed as an Authorized Dealer, pursuant to the Exchange Control
Regulations Act and is 75% owned by R.B.C. Holdings (Bahamas) Limited, a wholly-owned subsidiary
of Royal Bank of Canada. The remaining 25% of the Corporation’s shares are owned by the Bahamian

public.

The Corporation’s registered office is located at Bahamas Financial Center, Charlotte Street, Nassau,

Bahamas and its business activities include the acceptance of savings, term and demand deposits, the
- buying and selling of foreign currency, electronic banking, and mortgage lending in The

Commonwealth of The Bahamas. :

On May 1, 2007, FINCO Insurance Agency Limited (“FIAL”), a wholly owned subsidiary of the
Corporation, commenced operations providing insurance agency, services to mortgage customers of the
Corporation. These services were previously provided by the Corporation. The registered office of
FIAL is located at Bahamas Financial Centre, Charlotte Street, Nassau, Bahamas.

2. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING
STANDARDS

The following new accounting standards and interpretations which were issued by the Intemational
Accounting Standards Board (IASB) or the International Financial Reporting Interpretations Committee
(IFRIC) will become effective and be implemented by the Corporation as follows:

Year Ending

International Financial orting Standards Ss

IFRS 7 - Financial Instruments: Disclosures October 31, 2008

IFRS 8 - Operating Segments October 31, 2010
International Financial Reporting Interpretations Committee (IFRIC) :

IFRIC 11 - IFRS 2-Group and Treasury Share Transactions October 31, 2008

IFRIC 12 - Service Concession Arrangements October 31, 2009

IFRIC 13 - Customer Loyalty Programmes October 31, 2009

IFRIC 14 - LAS 19 - The Limit on a Defined Benefit Asset,

Minimum Funding Requirements and their Interaction October 31, 2009

Management does not anticipate that the adoption of these standards and interpretations will have a
material impact on the consolidated financial statements in the period of initial application. Upon
adoption of IFRS 7 - Financial’ Instruments: Disclosures, the Corporation will disclose additional
information about its financial instruments, their significance cnd the nature and extent of risks to which
they give rise. More specifically, the Corporation will be required to disclose the fair value of its

financial instruments and its risk exposure in greater detail. ‘

3. SIGNIFICANT ACCOUNTING POLICIES

These consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards using the historical cost convention and include the financial position and resulta
of operations of the Corporation and its wholly-owned subsidiary, FIAL, after elimination of all inter-

company balances and transactions.
The following is a summary of the significant accounting policies:

a. Investments - Investments are classified as available for sale. Available for sale investments are
held for an indefinite period of time and may be sold in response to needs for liquidity or changes
in the market, Available-for-sale investments are initially measured at cost and are subsequently
remeasured at fair value based on quoted prices. Fair values for unlisted securities are estimated
using market values of the underlying securities or appropriate valuation methods.

The gain/loss on revaluation of available-for-sale investments are recognised in the equity section
of the consolidated balance sheet. Gains and losses realised on disposal of available-for-sale

financial assets are included in the consolidated statement of income.

b. Income and expenses - Income and expenses are recognized on an accrual basis, except for fees
and commissions, which are recorded when the service has been provided. Commitment fees
received on loans are deferred and recognized as income over the life of the loan.



ME PS

Cash and cash equivalent - Cash and cash equivalent is comprised of cash on hand and demand

deposit held with financial institutions. 7.

Fixed assets - Fixed assets are stated at cost less accumulated depreciation and amortization.
Depreciation and amortization is calculated to write the assets off over their estimated useful

lives as follows:

Buildings and improvements 20 to 40 years straight line

Lease term plus one renewal option period to
a maximum of 10 years

Leasehold premises

Varying from 3 to 7 years straight line or
20% declining balance

Furniture and equipment

Impairment of fixed assets - Fixed assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount exceeds its recoverable amount. Any
impairment loss is recognized in the statement of income.

Loans - Loans are stated net of an allowance for loan losses and unearned income, which
comprises uneamed interest and unamortized loan fees. Loans are classified as non-accrual
whenever a payment is 90 days past due. When a loan is classified as non-accrual, the accrual of
interest is discontinued and any previously accrued but unpaid interest on the loan is reversed.
Non-accrual loans are returned to an accrual status when all amounts including interest have been
collected, all charges for loan impairment have been received and the credit quality has improved
such that there is reasonable assurance of timely collection of principal and interest.

Allowance for credit losses - The allowance for credit losses is maintained at a level that ; :

management considers adequate to absorb identified credit related losses in the portfolio as well
as losses that have been incurred, but are not yet identifiable. The allowance is increased by the
provision for credit losses, which is charged to income, and decreased by the amount of write-
offs, net of recoveries.

s identification and evaluation of problem
e remaining portfolio, and other factors
and changes in economic conditions. The

The allowance is determined based on management’
accounts, estimated probable losses that exist on th
including the composition and quality of the portfolio,
composition of the allowance for credit losses is as follows:

i. Specific provision

The specific provision is maintained to absorb losses on specifically identified borrowers.

ii. — General provision

The general provision represents the best estimate of probable losses within the portion of
the portfolio that has not yet been specifically identified as non-accrual. During the year, —
management revised its estimate of the general allowance for credit losses to a minimum
of either 1.30% of total loans less specific provisions or 40.00% of non-accrual loans less
specific provisions, whichever is greater. Previously, the minimum allowance was 1% of

total loans outstanding.

h. Pension contributions - Pension contributions are actuarially determined on an annual basis and

are expensed in the period to which they relate. _

i. Foreign currency translation - Assets and liabilities in other currencies have been translated into
Bahamian dollars at the appropriate rates of exchange prevailing as of October 31, 2007. Income
and expense items have been translated at the actual rates on the date of the transaction.

Earnings per share - Eamings per share are based on the weighted average number of shares
outstanding during the period. There is no material difference between basic earnings per share

and fully diluted earnings per share.

k. Related parties - Related parties include the Corporation’s parent, its ultimate parent and
companies within the Royal Bank of Canada Group, together with respective officers and

directors.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION
UNCERTAINTY

The preparation of consolidated financial statements 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
consolidated financial statements, and the reported amounts of revenues and expenses during the
reported period. Actual results could differ from those estimates.

reversion ad} seusood bolimil et etree cn fete ab btysty ao teat nhowy add

The carrying amounts of loans to°dtiktomers aré ¢8HEWed for potential impairment whenever events or a
changes in circumstances indicate that the. carrying amount of a particular loan may not ‘be’ fully
recoverable. In such instances, a specific provision would be recognized if the collateral held for the



ACD gRN tes bh UES

RTE WRB

loan appears to be less than the remaining value of the mortgage. In developing estimates of market 9.

values of assets, the Corporation utilizes the professional services of an appraiser. ‘ Although
management believes that the assumptions used to evaluate potential impairment are reasonable and
appropriate, such assumptions are by nature subjective.

General Provisions

As described in Note 3(g), management assesses the adequacy of its general provision using an estimate
of 1.30% and 40.00% of total loans and non-accrual Joans, respectively. In its assessment, management
also takes into consideration the guidelines of the Central Bank of the Bahamas as it relates to
provisions for loans. This percentage is deemed adequate to absorb any losses that should arise based
on historical loss experience.

Impairment

The Corporation has made significant investments in loans and advances. These assets and investments
are tested for impairment when circumstances indicate that there may be a potential impairment.
Factors that are considered important and which could trigger an impairment review are explained in
Note 3(f). Estimating recoverable. amounts of loans and advances is based on management’s
evaluations, including estimates of future performance, revenue generating capacity of the assets,
assumptions of the future market conditions and credit risks associated with the assets. Changes in
circumstances and in management’s evaluations and assumptions may give rise to impairment losses in
the relevant periods.

spreciation orti

Depreciation and amortization is based on management estimates of future useful life of fixed assets.

Estimates may change due to technological developments, competition, changes in market conditions
and other factors and. may result in changes in the estimated useful life and in the amortization or
depreciation charges. The Corporation reviews the future useful life of fixed assets periodically taking —
into consideration the factors mentioned above and all other important factors. Estimated useful life for

similar type of assets may vary due to factors such as growth rate, maturity of the.market, history and 10

expectations for replacements or transfer of assets, climate etc. In case of significant changes in the
estimated useful lives, depreciation and amortization charges are adjusted prospectively.

Legal proceedings, claims and regulatory discussions

The Corporation is subject to various legal proceedings, claims and regulatory discussions, the
outcomes of which are subject to significant uncertainty. The Corporation evaluates, among other
factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable
estimate of the amount of loss. Unanticipated events or changes in these factors may require the
Corporation to increase or decrease the amount the Corporation has accrued for any matter or accrue for
a matter that has not been previously accrued because it was not considered probable, or a reasonable
estimate could not be made. ; ,

Loan commitment fees estimate

In accordance with International Accounting Standard 18: Revenue, loan commitment fees are to be
deferred and recognized over the life of the loan. Management amortizes loan commitment fees using
an average loan term of 20 years.

é

STATUTORY RESERVE ACCOUNT WITH THE CENTRAL BANK OF THE BAHAMAS

The Corporation’s statutory reserve account, which it has placed with the Central Bank of The
Bahamas, is non-interest bearing. The Corporation is subject to the regulatory capital requirements as
defined by The Central Bank of The Bahamas. The Central Bank requires the Corporation to maintain
a minimum Tier ] and Total capital ratio of 4% and 8%, respectively. At October 31, 2007 the
Corporation’s Tier 1 and Total capital ratio was respectively 22.47% and 28.50% (2006: 25.26% and

27.80%).
11.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents included in the statement of cash flows consist of the following balance sheet
amounts:

2007 2006
Cash es . $ 1,926,537 $ 1,612,951
Demand deposits - related party (Note 1 5c) 14,400,496 16,347,117
Due from banks 1,010,869 3,863,925

$__ 17,337,902 $21,823,993

INVESTMENTS

THE TRIBUNE

Investments are classified as available for sale and consist of the following:

Securities issued or guaranteed by
The Bahamas Government:
Treasury bills
Registered stocks
Government bonds

Total investments
Accrued interest thereon

The maturity of investments is as follows:

1 year or less

Over | year through 5 years
Over 5 years through 10 years
Over 10 years

Total investments

LOANS - Net

Loans consist of the following:

Residential Mortgages
Non-residential Mortgages
Government Insured Mortgages
Demand Loans and Overdrafts
Staff Mortgages

Staff Demand Loans

Total loans
Accrued interest thereon

Sub-total
Allowance for credit losses

Total loans net of an allowance for credit losses

Loans mature as follows:

3 months or less
Over’3 months through 6 months
Over 6 months through 1 year
Over 1 year through 3 years
Over 3 years through 5 ye:
Over 5 years ;
Total loans
Accrued interest thereon
Sub-total
Allowance for credit losses

Total loans, net

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

Residential Mortgages
Non-residential Mortgages
Government Insured Mortgages
Demand Loans and Overdrafts

YN. sesh
t aiPRer TR phe!



a ea ed pth eh nae
Loans classified as ‘no
accrued interest; °°"

ALLOWANCE FOR CREDIT LOSSES

Allowance for credit losses consists of the following:

Provision created during the year a
Reversal
Write-offs
Recoveries
Net provision - ,
Balance at beginning of year

Balance at end of year
Consisting of:

’ Specific provisions.
General provisions

a

2007 2006

$ 12,000,000 $ 8,000,000
30,872,900 24,923,300
3,037,300 3,037,300
45,910,200 35,960,600 —
478,044 421,675
$_46,388,244 $_36,382,275
$ 13,000,000 $ 9,500,000
- 1,000,000

5,778,700 5,118,200
27,131,500 ___ 20,342,400

$__ 45,910,200 $ 35,960,600

a

2007 2006 —

$ 568,510,452 $ 514,866,836
33,632,897 31,422,293
3,198,558 3,835,916
8,605,178 9,258,541
5,861,893 5,252,647
1,111,447 1,182,589
620,920,425 565,818,822
3,496,245 2,879,290 _
624,416,670 568,698,112

(8,185,828) (9,271,917)

$_616,230,842 $ 559,426,195

2007 2006
.$ 14,808,671 $ 14,856,986
5,709,758 4,035,238
10,216,579 7,191,533
8,337,101 7,102,102
10,513,275 16,441,353
571,335,041 _ 516,191,610
620,920,425 . 565,818,822

3,496,245 2,879,290
624,416,670 568,698,112

(8,185,828) (9,271,917)

$_616,230,842 $ 559,426,195

$ 15,177,193 $ 16,897,402
956,561 1,136,600
182,637 144,171

73,397 63,850

Ss 16,389,788 S_ 18,242,023
accrual represent 2.64%: (2006: 3.21%) of the total Ish portfilio inchisive of
: Wea Ta re) aves HS ed WOE oh pate

2007 2006
$ 711,449 $ 510,770
(1,500,000) :
(380,693) (40,000)
83,155 89,458
(1,086,089) 560,228
9,271,917 8,711,689

$___ 8,185,828 $ 9,271,917

$ 623,000 $ 577,896
7,562,828 8,694,021

$__ 8,185,828 $ 9,271,917

Allowance for credit losses represents 1.32% (2006: 1.63%) of the total loan portfolio and 49.94%

(2006: 50.82%) of the total non-accrual loans,

During the year, management made an ‘assessment of the adequacy of the Corporation’s provisions and
revised its minimum provision ratios for total loans and non-performing loans (see note 3g). This
revision better aligns the provisions with the industry and complies with Central Bank guidelines.
Additionally, management decided to reverse $1.5 million of its general provision.

FIXED ASSETS - Net

Fixed assets consist of the following:

. Furniture
Landand Leasehold and
Buildings Premises Equipment Total
COST:
At October 31, 2006 $ 1,214,010 $ 1,957,235 $ 2,922,697 $ 6,093,942
Additions 55,629 112,778 469,244 637,651
Disposals —__G,200) ______- ~__(183,866) ___(187,066)

At October 31, 2007
ACCUMULATED DEPRECIATION

AND AMORTIZATION:

At October 31, 2006

Charge for the year 57,912
Disposals —__ 2347)

At October 31, 2007

CARRYING AMOUNT:
At October 31, 2007

At October 31, 2006
CUSTOMER DEPOSITS

Customer deposits consist of the following:

Demand deposits
Savings deposits
Term deposits

Total deposits
Accrued interest thereon

$621,899 $_ 945,630 $ 1,256,987 $ 2,824,516

$__ 625,035 $ 1,044,604 ,069,

$_1,266,439 $ 2,070,013 $ 3,208,075 $ 6,544,527

.

$ 588,975 $ 912,631 $ 1,853,672 $ 3,355,278
211,752

: (140,997) (143,344)

$__ 644,540 $ 1,124,383 $ 1,951,088 $ 3,720,011

238,413 508,077

$_1,256,987 $ 2,824,516

$_1,069,025 $ 2,738,664

2007 2006

$ 27,302,074 $ 27,726,280

122,034,136 121,623,709

437,371,927 392,282,313

586,708,137 541,632,302

4,362,765

5,691,818 362,

$_592,399,955 $ 545,995,067





THE TRIBUNE

12.

13.

15.

14.

Re

c.

f.

Customer deposits maturc as follows:

2007 2006

3 months or less $ 422,535,299 $ 401,328,493
Over 3 months through 6 months 75,955,836 68,490,212
Over 6 months through 1 year 86,952,330 71,689,418
Over 1] year through 3 years 1,264,672 124,179

Total deposits” 586,708,137 541,632,302
Accrued interest thereon 5,691,818 4,362,765

Total $ 592,399,955 $ 545,995,067
PENSION PLAN

The Corporation participates in a defined benefit group pension plan of Royal Bank of Canada.
Employees become eligible for membership in the Plan at age 25 on a contributory or non-contributory

basis.
eamings at retirement. During the year, pension contributions amounted to $128,880 (2006: $141,524).

An actuarial valuation is performed each year to determine the present value of the accrued pension
benefits, based on projections of employees’ compensation levels to the time of retirement. ‘The latest

actuarial valuation was carried out as at January 1, 2007 at which time the actuarial value of the net
assets exceeded the actuarial present value of accrued pension benefits.

SHARE CAPITAL

Share capital consists of the following:

2007 2006
Authorized:
27,500,000 common shares at par value B$0.20
Issued and fully paid: 26,666,670 common shares $ 5,333,334 $ 5,333,334
CONCENTRATION OF LOANS AND CUSTOMER DEPOSITS
Concentration of loans by customers’ account balance is as follows:
2007 % 2006 %
$0 - $100,000 $ 247,129,936 39.80% $§ 242,086,847 42.79%
$100,001 - $300,000 336,348,234 54.17% 291,692,630 51.55%
$300,001 - $500,000 27,123,259 4.37% 21,094,149 3.73%
$500,001 and over 10,318,996 1.66% 10,945,196 1.93%
620,920,425 100.00% 565,818,822 100.06%
Accrued interest : 3,496,245 2,879,290
Sub-total 624,416,670 568,698,112
Allowance for credit losses (8,185,828) (9,271,917)
Total $_616,230,842 $_559,426,195
Concentration of deposits by customers’ account balance is as follows:
2007 Wi) 2006 %
$0 - $100,000 .- $ 150,588,618 25.67% $ 152,425,367 28.14%
$100,001 - $300,000 101,124,783 17.24% 94,436,315 17.44%
$300,001 - $500,000 42,709,271 7.28% 39,918,627 7.37%
$500,001 and over 292,285,465 49.82% 254,851,993 47.05%
Sub-total 586,708,137 100.00% 541,632,302 100.00%
Accrued interest 5,691,818 4,362,765

$ 592,399,955

Total 399,

$ 545,995,067

RELATED PARTY BALANCES AND TRANSACTIONS

B8V VS

: Phe “et portion: “has” ‘cilablished a $5 million overdraft facility at Royal Bank of Canada. The
., dacility is part, of the, Bank’s liquidity management, contingency. plan. required, by its. primary
" ‘regulator. the ‘facility i isa ‘standby arrangement to be utilized when the Bank experiences short

term illiquidity in its operations. Fees for the use of this facility are % of 1% per annum.
Charges incurred in this regard during the year were $12,500 (2006: $12, 500).

Overdraft interest is charged at 6% per annum. During the year overdraft interest paid in
connection with this facility was $Nil (2006: $Nil).

The Corporation has technical service and licence agreements with Royal Bank of Canada. Total
fees under these agreements are $871,418 per annum plus specific service fees depending on
additional services rendered. The Corporation continues to pursue opportunities for outsourcing
with its parent to improve operational efficiency.

During the year, $898,553 (2006: $696,956) was expensed in reference to the above agreement,
and a payable of $Nil (2006: $573,833) related to this agreement is included in other liabilities.

All clearing accounts are maintained at the Royal Bank of Canada, which acts as a clearing bank
for the Corporation. The balance as at October 31, 2007 was $14,400,496 (2006: $16,347,117).
These deposits are non-interest bearing and are held as a part of the Corporation’s Statutory
Reserve Requirement. The funds are also available for investment as opportunities arise.

Loans include advances to directors and officers of the Corporation in the amount of $1,055,671
(2006: $744,441). Some of the loans to officers (as well as those to employees of the
Corporation) are at preferential interest rates. The Corporation waives commitment fees on loans
to its employees and to employees of affiliated entities. Employees of the Corporation receive
concessions on certain fees and services from Royal Biank of Canada.

During the year total remuneration paid to directors and key management personnel was
$540,388 (2006: $757,912).

- Included in general and administrative expenses are expenses of $58,573 (2006: $19,298) paid to .
a related party.
Related party deposits as at the balance sheet date are as follows:

2007 2006
Directors and Officers $ 394,312 $ 245,133
Royal Bank of Canada Trust Company (Bahamas) Limited 6,062,190 5,726,802
Royal Employee Savings and Ownership Plan 4,454,158 4,400,321

The Plan provides pensions based on years of service, contribution to the plan, and average

17.

18.

19.

20.

21.

FRIDAY. FEBRUARY 29. 2008. PAGE 9B

CHANGES IN OPERATING ASSETS AND LIABILITIES

2007 2006

Increase in accrued interest receivable $ (616,955) $ (499,013)
Increase in statutory reserve account with the Central

Bank of The Bahamas _ (2,003,908) (2,583,369)
Decrease (Increase) in other assets 234,105 (525,389)
Increase in accrued interest payable 1,329,053 ' 515,231
(Decrease) increase in other liabilities (533,959) 713,669
Increase in deferred fees __ 753,911 __ 501,926

$ (837,753) $__(1,876,945)

CONTINGENCIES

The Corporation has been named as defendant in various legal actions and lawsuits relating primarily to
the collection of bad debts. Although the ultimate outcome of these actions cannot be ascertained at this
time, it is the opinion of management, after consultation with its legal counsel, that the resolution of
such actions will not have a material adverse effect on the consolidated financial statements.

DIVIDENDS

During the year, dividends were declared to shareholders of record on dates specified as follows:

Cents per

Dates Share mount

November 22, 2006 13 $ 3,466,667
November 22, 2006 5 1,333,333
February 19, 2007 13 3,466,667
May 23, 2007 13 3,466,667
August 22, 2007 13 ___ 3,466,667
Total dividends 357 $ 15,200,001

During 2006 total dividends declared to sharcholders was $14,933,335 ($0.56 cents per share).

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

'

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

/ instruments:

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

b.- Investments - The fair value of investments approximate cost due to the interest rates attached,

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

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

RISK MANAGEMENT

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

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

The credit risk on liquid funds and investments is limited because the counterparties are high-quality
institutions, including the Central Bank of The Bahamas and The Bahamas Government. The
Corporation’s credit risk is concentrated i in, The PADS and is SPreagLonet a number of counterparties
and'customers.

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

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

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

Interest rate risk to the Corporation is significantly mitigated by the fact that the majority of the financial
assets are floating rate loans which are subject to repricing within a short period of time. The interest
rate risk gap shows more assets than liabilities repriced within three months, which is typical for a
financial institution with a large mortgage lending customer base for which the majority of the
mortgages rave floating rates. The following table sets out the Corporation’s interest risk exposure as
of October 3!, 2007 and represents the Corporation’s risk exposure at the balance sheet date.

22. INTEREST RATE RISK (Continued) :

Royal Bank of Canada Bahamas Branch 10,000,000 __15,000,000

$ 25,372,256

$_20,910,660 :

Interest paid on related party deposits were $928,813 (2006: $416,800).

h. Dividends payable to R.B.C Holdings (Bahamas) Limited at October 31, 2007 was $19,200,000

16.

(2006: $7,800,000) and is interest free without any repayment terms.

i. The Corporation subleased three of its leased properties to the Royal Bank of Canada. During
the year $35,304 (2006: $56,610) in rental income was received.

At the balance sheet date, the Corporation contracted with Royal Bank of Canada for the
following minimum lease payments:

Within 1 year $34,026

1-5 years $361,341
COMMITMENTS
The Corporation has the following commitments as of October 31, 2007:
a. The Corporation is obligated under non-cancelable leases on premises, all of which are operating

leases and on which the minimum annual rentals are approximately as follows:

2008 | $204,407
2009 $205,573
2010 $205,573
2011 $205,573
2012 $205,573
b. Mortgage commitments in the normal course of business amounting to $55,976,591 (2006:
$42,882,969).
c. The Corporation is obligated under a non-cancelable finance lease for computer equipment

ending December 2007 with the remaining value of $1,860.



Maturity or Repricing Date of Interest Sensitive Inetruments as of October 31, 2007: °
Within Over Not Interest
a Mihs, +6 Mths, &12 Mihs 1:5 Years Years Rate Sensitive TOTAL
Assets
Cash and cash equivalents $s -$ - $s - $8 -$ - $ 17,337,902 $ 17,337,902
0.00% .
Statutory Reserve account - 26,315,862.00 26,315,862
Investments 12,000,000 1,000,000 - 5,778,700 27,131,500 478,044 46,388,244
2.25% 6.69% 5.99% 5.86%
Loans 604,092,938 437,699 : 11,700,205 616,230,842
8.56% 8.56%
Fired assets - : 2,824,516 2,824,516
Other assets a ts a B94 828
TOTAL $__ 616,092,938 $ 1,437,699 '$ = $5,778,700 $ 27,131,500 $ 61,561,350 $ 712,002,187
Uebitities
Customer deposts $ 422,535,300 $ 75,955,636 $ 86,952,330 $ 1,264,672 $ -$ §.691,817 $ $92,399,955
. 3.75% 4.70% 4.49% 5.11% . :
Oividends payable : - : 19,200,000 19,200,000
Other Nabiities - 1,493,723 4,493,723
Deferred fees 6,722,764 6,722,764
Equity : : : : : 92,185,745 82,185,745
Total ilabitttes and Equity $___422,535,300 375,955,836 S$ 86,952,330 $1,264,672 $ = 3% 125,294,049 $ 712,002,187
Interest Rate Sensitivity Gap S__ 193,557,638 $ 4,518,137) $ (06,952,330) $4,514,028 $ 27,131,600 $ (63,732,699) $ :
Senshtivity Gap $__ 193,557,638 $ 119,039,501 $ 32,067,171 $ 26,601,199 $ 63,732,699 3 - $3 :
Average Yield - Eaming Assets 8.46% 7.26% 0.00% 5.99% 5.06% 0.00% 6.33%
Average Yield - Paying Liabifities 3.75% 4.70% 4.49% 5AI% 9.00% 9.00% 3.23%
Net Interest Margin - 2007 - A TN% 2.56% (4.49)% 0.88% 5.86% 0. 5.10%
Not Interest Margin - 2006 5.09% 4.57% 2.49% 3.11% 5.91% 000% 4.82%

23. PRIOR PERIOD ADJUSTMENT

In accordance with International Accounting Standard 18: Revenue, loan origination

fees are to be

deferred and recognized over the life of the loan. -The Corporation had not applied this accounting

treatment in previous years.

During the year, management has assessed the impact of the adjustment
using.an average loan tenn of 20 years and applied the accounting treatment retroactively.

This retroactive adjustment resulted in a decrease of the previous year’s opening retained earings of
$5,466,927, decrease in the previous year’s fees and commissions of $501,926 and increase in the

previous year’s deferred fees of $5,968,853.

Kreakke





~

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ATE

KPMG Telephone 242 393 2007
PO Box N 123 Fax 242 393 1772
Montague Sterling Centre Internet www.kpmg.com.bs

East Bay Street
Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT
To the Shareholder of Scotiabank (Bahamas) Limited

We have audited the accompanying balance sheet of Scotiabank (Bahamas) Limited (“the Bank”)
as at October 31, 2007; and a summary of significant accounting policies and other explanatory
notes (together “the financial statement”).

' Management's Responsibility for the Financial Statement

Management is responsible for the preparation and fair presentation of this financial statement in
accordance with International Financial Reporting Standards (“IFRS”). This responsibility
includes: designing, implementing and maintaining internal contro! relevant to the preparation
and fair presentation of financial statement that is free from material misstatement, whether due
to fraud or error; selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances. ,

Auditors’ Responsibility

Our responsibility is to express an opinion on this financial statement based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance whether the financial statement is free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statement. The procedures selected depend on our judgment,
including the assessment of the risks of material misstatement of the financial statement, whether
due to fraud or error. In making those risk assessments, we consider internal control relevant to
the Bank’s preparation and fair presentation of the financial statement in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Bank’s internal control. .An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates, if
any, made by management, as well as evaluating the overall presentation of the financial
statement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.

Opinion
In our opinion, the financial statement presents fairly, in all material respects, the financial

- position of the Bank as at October 31, 2007 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that. the balance sheet does not comprise a
complete set of financial statements prepared in accordance with IFRS. Information on results of
operations, cash flows and changes in equity is necessary to obtain a complete understanding of
the financial position, performance and cash flows of the Bank.

Nassau, Bahamas

February 27, 2008

SCOTIABANK (BAHAMAS) LIMITED

Balance Sheet

October 31, 2007, with corresponding figures for 2006
(Expressed in Bahamian dollars) :







2007 _ 2006
Note ($'000s) ($'000s)
Assets
Cash and balances with ;

_ The Central Bank of The Bahamas 3, 14, 16 & 24 105,929 97,635
Treasury bills 14 - 5,000
Loans and advances to banks 4, 14, 16 & 24 663,793 549,666
Investment securities - §&16 151,895 67,856
Loans and advances to customers, net 6, 7, 16 & 21 1,627,693 1,399,682
Property and equipment 8 17,099 17,904
Receivables and other assets . 9 68,987 49,483

;
2,635,396 2,187,226
Liabilities and Equity
Liabilities
Deposits 10, 16 & 21 2,008,269 ‘1,663,032 .
Payables and other liabilities fe 6 72,073 75,104
-2,080,342 1,738,1 36

Equity : .
Share capital . . 12 25,000 25,000
Share premium ; 13 40,000 40,000 ~
Retained earnings 490,054 384,090

555,054 449,090

Commitment & contingencies 17 & 18

"2,635,396 2,187,226

See accompanying notes to balance sheet.

This balance sheet was approved on behalf of the Board of Directors on February 27, 2008, by

the following:
0 Ut
(oS ww.
the - Director : Wel l.

Director



Notes to Balance Sheet
1. Reporting entity

Scotiabank (Bahamas) Limited (‘the Bank”) is incorporated under the Companies Act, 1992
of the Commonwealth of The Bahamas and is licensed under The Bank and Trust Companics
Regulation Act, 2000. The Bank is wholly owned by The Bank of Nova Scotia International
Limited (“the Parent”), a Bahamian company, also incorporated in the Commonwealth of The
Bahamas. The ultimate parent company is the Bank of Nova Scotia (“BNS"), a company
incorporated in Canada.

The Bank providés commercial and retail banking services, including the acceptance of
deposits, granting of loans and the provision of foreign exchange services. The Bank’s
registered office is located on Bay Street and Rawson Square, Nassau, The Bahamas.

Pursuant to terms of a purchase and sales agreement dated August 1, 2006, the Bank sold its
Caribbean Treasury Unit (“CTU”) to Scotiabank Caribbean Treasury Limited (“SCTL”),
which is incorporated in the Commonwealth of The Bahamas and is wholly owned by the
Parent. The sale of CTU represented a transaction between entities under common control
and, as such, is outside the scope of International Financial Reporting Standard 3: Business
Combinations. The assets and liabilities of CTU were transferred to SCTL at book value and
the difference between the purchase price and the net book value has been accounted for as
an adjustment to equity. ;

2. Basis of preparation and significant accounting policies
(a) Statement of compliance

The balance sheet has been prepared in accordance with International Financial
Reporting Standards (“IFRS”). The accounting policies set out below have been applied
consistently. :



PRwWeT, FRONVAMT 2Y, COGS, AE DOR

(b) Basis of measurement

The balance sheet has been prepared on the historical cost basis, except where otherwise
noted below.

(c) Functional and presentation currency

The balance sheet is presented in Bahamian dollars (“B$”), which is the Bank's ;
functional currency. Except as indicated, financial information presented in B$ has been
rounded to the nearest thousand. :

(d) Use of estimates and judgements :

The preparation of the balance sheet in conformity with IFRS requires management to
make judgements, estimates and assumptions that affect the application of accounting
policies and the amounts reported in the balance sheet and the accompanying notes.
These estimates are based on relevant information available at the balance sheet date and,
as such, actual results may. differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and
in any future periods affected. :

In particular, information about significant areas of estimation uncertainty and critical
judgements in applying accounting policies that have the most significant effect on the
amount recognized in the balance sheet are described in note 6.

(e) New standards and interpretations not yet adopted

A number of new standards, amendments to standards and interpretations are not yet
effective for the year ended October 31, 2007, and have not been applied in preparing the
balance sheet. a

IFRS 7 Financial Instruments: Disclosures and the Amendment to IAS 1 Presentation of
Financial Statements: Capital Disclosures require extensive disclosures about the
significance of financial instruments for an entity’s financial position and performance,
and qualitative and quantitative disclosures on the nature and extent of risks. IFRS 7 and
amended IAS 1, which become mandatory for the Bank’s 2008 financial statements, will
require extensive additional disclosures with respect to the Bank’s financial instruments
and capital.

(f) Foreign currency translation

Transactions in foreign currencies are translated at exchange rates prevailing at the dates
of the transactions. Monetary assets and liabilities denominated ‘iin foreign’ currencies at
the veporting date are translated to the functional currency at the mid-market exchange
rates at that date. :

(g) Financial assets and liabilities
: (i) Classification

Financial assets that are loans and advances and accrued interest receivable are
classified as loans and receivables.

Financial assets that are non-derivative financial assets with fixed maturity dates that
the Bank has the positive intent and ability to hold to maturity are classified as held-
to-maturity investments. These’ include treasury bills and investment securities
issued or guaranteed by the Government of The Bahamas (“GOB”) and the Bahamas
Electricity Corporation.

Investments in equity instruments are classified as available-for-sale securities.
Investment securities issued: or guaranteed by the GOB and the‘Bahamas Electricity .
Corporation which the Bank does not have the intent to hold to maturity are also
classified as available-for-sale securities.

Financial assets that are derivative financial instruments are considered to be
financial assets held-for-trading and are classified as investments at fair value
through profit or loss.

Financial liabilities that are not at fair value through profit or loss include deposits
_and accrued interest payable.

(ii) Recognition
The Bank initially recognizes loans and adyances and deposits on the date that they
are originated or accepted, as applicable. All other financial assets and liabilities
(including assets and liabilities designated at fair value through profit or loss) are
initially recognized on the trade date at which the Bank becomes a party to the

contractual provisions of the instrument. a
tere poiaauhs

(iti) Derecognition

The Bank derecognizes a financial asset when the contractual rights to the cash flows
from the asset expire, or it transfers the rights to receive the contractual cash flows on

_ the financial asset in a transaction in which substantially all the risks and rewards of
ownership of the financial asset are transferred. Any interest in transferred financial
assets that is created or retained by the Bank is recognized as a separate asset or
liability.
The Bank derecognizes a financial liability when its contractual obligations are
discharged or cancelled or expire.

(iv) Measurement

Financial instruments are measured initially at fair value plus, in the case of a
financial asset or financial liability not at fair value through profit or loss, transaction
costs that are directly attributable to the acquisition or issue of the financial asset or
financial liability. Transaction costs on financial instruments at fair value through

profit or loss are expensed immediately.

Subsequent to initial recognition, loans and receivables and held-to-maturity
investments ate carried at amortized cost less impairment losses where applicable
using the effective interest rate method.

The amortised cost of a financial asset or liability is the amount at which the financial
asset or liability is measured at initial recognition, minus principal repayments, plus
or minus the cumulative amortization using the effective interest method of any
difference between the initial amount recognised and the maturity amount, minus any
reduction for impairment.

Subsequent to initial recognition, all instruments classified at fair value through profit
or Joss are measured at fair value.

Subsequent to initial recognition, available-for-sale securities whose fair value can be
reliably measured are carried at their fair values. Available-for-sale securities that
do not have a quoted market price in an active market and whose fair value cannot be
reliably measured are carried at cost.

Unrealised gains and losses arising from changes in the fair value of available-for
sale securities are recognised in the investment revaluation reserve.

When the available-for-sale securities are sold, the difference between the net sales
proceeds and the carrying value, including the accumulated fair value adjustments in
the investment revaluation reserve, are treated as gains or losses on disposal.

The determination of fair values is based on quoted market prices or dealer price
quotations for financial instruments traded in active markets. For all other financial

instruments fair value is determined by using valuation techniques. Valuation
techniques include net present value techniques, the discounted cash flow. method,
comparison to similar instruments for which market observable prices exist, and

valuation models. : 7
(v) Identification and measurement of impairment

At each balance sheet date, the Bank assesses whether there is objective evidence that
financial assets not carried at fair value through profit or Joss are impaired. Financial
assets are impaired when objective evidence demonstrates that a loss event has
occurred after the initial recognition of the asset, and that the loss event has an impact
on the future cash flows on the asset that can-be estimated reliably.

The Bank considers evidence of impairment at both a specific asset and collective
level. All individually significant financial assets are assessed for specific
impairment. All significant assets found not to be specifically impaired are than
collectively assessed for any impairment that has been incurred but not yet identified.
Assets that are not individually significant are then collectively assessed for
impairment by grouping together financial assets (carried at amortised cost) with
similar risk characteristics.

Objective evidence that financial assets are impaired can include default or
delinquency by a borrower, restructuring of a loan or advance by the Bank on terms
that the Bank would not otherwise consider, or other observable data relating to a
group of assets such as adverse changes in the payment status of borrowers.

In assessing collective impairment the Bank uses statistical modeling of historical
trends of the probability of default, timing of recoveries and the amount of loss
incurred, adjusted for management's judgment as to whether current economic and
credit conditions are such that the actual losses are likely to be greater or less than
suggested by historic:” modeling. Default rates, loss rates and the expected timing
of future recoveries are regularly benchmarked against actual outcomes to ensure that

they remain appropriate.

vs



PAGE 12B, FRIDAY, FEBRUARY 29, 2008

Impairment losses on assets carried at amortised cost are measured as the difference
between the carrying amount of the financial assets and the present value of
estimated cash flows discounted at the assets’ original effective interest rate. Losses
are recognized in the statement of income and reflected in an allowance account
against loans and advances. Interest on the impaired asset continues to be recognized
through the unwinding of the discount.

(h) Cash and cash equivalents

Cash and cash equivalents include notes and coins on hand, unrestricted balances held
with central banks and highly liquid financial assets with original maturities of less than
three months, which are subject to insignificant risk of changes in their fair value, and are
used by the Bank in the management of its short-term commitments.

Cash and cash equivalents are carried at amortised cost in the balance sheet.
(i) Loans and advances

Loans and advances are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market and that the Bank does not intend to sell
immediately or in the near term. Loans are stated at their principal amount net of

uneamed interest and allowance for credit losses. Advances to banks and customers are
carried at amortized cost and are due on demand.

A loan is classified as non-accrual when in management's opinion there is no longer
reasonable assurance of timely collection of the full amount of principal and interest.

If payment on a loan is contractually 90 days in arrears, the loan is classified as non-
accrual unless it is fully secured and collection efforts in progress are reasonably
expected to result in repayment of the loan or restoration to current status.

A loan that is contractually 180 days in arrears is classified as non-accrual in all
situations. When a loan is classified as non-accrual, recognition of interest in accordance
with the terms of the original loan ceases. Loans are generally returned to accrual status
when the timely collection of both principal and interest is reasonably assured and all
delinquent principal and interest payments are brought current.

(j) Allowance for credit losses

The Bank’s management conducts on-going credit assessments of the portfolio on an
account-by-account basis and establishes specific and general provisions.

Specific provisions reflect the amounts required to reduce the carrying value of loans to
their estimated realizable amount.

General provisions reflect the amounts required to cover losses where- there is objective
evidence that probable losses are present in components of the loan portfolio at the.
balance sheet date. These have been estimated based upon historical patterns of losses in
each component, the credit ratings allocated to the borrowers and reflecting the current
economic climate in which the ‘borrowers operate, and are classified as provisions for
inherent risk in the loan portfolio,

When a loan is deemed to be uncollectible, it is written off against the related provision for
impairments; subsequent recoveries are credited to the bad and doubtful debt expense in the
statement of income.

(k) Property and equipment

Items of property and equipment are measured at cost less accumulated depreciation and
provisions for impairment losses.

The estimated useful lives for the current and comparative periods are as follows:

Buildings - 40 years ©
Leasehold improvements ~- Term of lease plus one renewal —— period
Fumiture and equipment - 3 to.10-years

Property and equipment are periodically reviewed for Least Where the carrying value
amount of an item of property.and equipment is greater than its estimated recoverable
amount, it is written down immediately to its recoverable amount.

Depreciation methods, useful lives and residual values are reassessed at each reporting date.
() Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of

ordinary shares are recognised as a deduction of equity.

i URnGe Shi Te nO NEBIOAb Cis
(m) Related cee. stave on rigioy ce
A number of iransactisH®"are entered’ into with related parties in the normal course of

‘°" business. Balances resulting from such transactions are described as balances with affiliates,

3. Cash and balances with The Central Bank of The Bahamas



2007 _ 2006

($°000s) ($'000s)
Cash (note 18) ; 32,333 22,045

Balances with The Central Bank of The Bahamas

- unrestricted (note 18) 11,483 3,807
- restricted , 32,351 29,006
Bank deposits on call (note 18) 27,797 26,123
Loans and advances to banks-other (note 18) 1,965 16,654
105, 509 97,635

4. Loans and advances to banks

" 2007 2006
($’000s) ($’000s)



Loans and advances to banks
- affiliates 663,793 549,666

663,793 549,666

5., Investment securities

6.

2007 . 2006
($'000s) ($'000s)

Held-to-maturity investment securities:



Bahamas Government Bonds 1,044 1,044
Bahamas Electricity Corporation.Bonds 30,000 =

Bahamas Government Registered Stock 65,760 66,802

: 96,804 67,846

Available-for-sale securities: :

Bahamas Electricity Corporation Bonds 36,020 -

Restricted shares 19,071 -

Other : - 10

151,895 67,856

Bahamas Government Bonds and Bahamas Government Registered Stock are issued or
guaranteed by the GOB.

The Bahamas Government Bonds mature on May 25; 2025 and bear interest at 0.50% per
annum above the Bahamian prime rate.

The Bahamas Electricity Corporation Bonds have maturity dates ranging from December 22,
2016 to December 22, 2026 and bear interest at rates ranging from 6.406% to 6.564% per
annum.

The Bahamas Government Registered Stock mature at various dates between April 25, 2008
and July 26, 2027 and bear interest at rates ranging from 0.0938% to 1.1875% per annum
above the Bahamian prime rate.

Pursuant to the global restructuring of the Visa organization during the year, the Bank
received Class LAC common shares from Visa Inc. on October 2, 2007, the restructuring
date. Subject to limited exceptions, the shares may not be sold or transferred for a period of
three years after the date of a pending initial public offering of Visa Inc.’s common shares.
The Bank recorded: the shares received at fair value, based on an independent valuation.
The Bank classified the shares as available-for-sale.

The Bank sold its available-for-sale securities — other on October 9, 2007 for net proceeds of
$1,496,330.

T.oans and advances to customers, net

2007 2006
; ($’000s) ($’000s)



THE TRIBUNE

Mortgages 656,402 501,725
Personal loans 347,598 305,134
Business loans 633,080 595,939
: 1,637,080 1,402,798
Add: Accrued interest receivable 10,293 10, S37
Less: Provision for credit losses (note 7) (19,680) (13, 153),



1,627,693 1,399,682

SS
7 7

The effective interest rate eared on the loan portfolio for the current year was 8.86% (2006 -
8.71%).

7. Provision for credit losses



Specific Inherent
Credit risk risk _ General 2007 2006
Provisions rovisions Provision Total Total
($°000s) ($'000s) ($'000s) ($'000s) ($'000s)
Balance, beginning of year 1,607 7,209 4,337 13,153 10,249
Doubtful debt expense 929 9,493 4,000 14,422 - 9,037
Write-offs (141) (7,754) - 7,895) (6,133)
Balance, end of year 2,395 8,948 8,337 19,680 13,153

The aggregate amount of non-performing loans on which interest was not being accrued
amounted to approximately $49,819,000 (2006 - $40,784,000). For the. year ended October
31, 2007 amounts totaling $3,225,000 (2006 - $3,202,000), which represent recoveries on
loan balances written-off in prior years, were included in provision for credit losses, net of
recoveries.

In 2006, a general provision was established to comply with the provisions of guidelines for
the management of credit risk issued by The Central Bank of The Bahamas (‘the Central
Bank”). The general provision was expected to be 1% of the balance-of the loan portfolio as
defined by the Central Bank and was to be made in two installments, the first being before
October 31, 2006 and the other in 2007. At October 31, 2007 the general provision was
$8,337,000 (2006 - $4,337). The general provision will continue to be considered by
management in assessing the adequacy of the total provisions for credit losses. Any excess
provisions resulting from the additional general provisions will be accounted for as an
appropriation of retained earnings with no impact on the statement of income.

8. Property and equipment



Leasehold Furniture =

Land Buildin Improvements i Total

($°000s) ($'000s) ($'000s) (s" as) ($'000s)
Cost
October 31, 2006 : "2,156 8,675 13,859 12,152 36,842
Additions - 29 586 749 1,364
Disposals - = - (119) (119)
October 31, 2007 . 2,156 8,704 14,445 : 12,782 38,087
Accumulated depreciation 7 .
October 31, 2006 - 4,614 7745 6,579 18,938
Charge for the period - 244 551 1,353 2,148
Disposals = = : - 98 98
October 31, 2007 - 4,858 8,296 7,834 20,988
Net book value October 31, 2007 156 6,149 4 17,
Net book value October 31, 2006 56 4,061 6,114 5 17,

The Bank owns and occupies eight buildings in The Bahamas.

9. Receivables and other assets



2007 2006

($"000s) ($’000s)
Accrued interest receivable 5,931 3,520
Cheques and other items in transit 55,102 38,344
Other 7,954 7,619

10. Deposits _ ;

, . , "2007 2006

of iss sci na haerchey ai srobtaatcy leemene aA be Hot apy (56008) 1 ae 000s)
Customers ae PVG NO ch (OTE NE oe i 12 oss

Deposits from affiliates ' 757, os reve

Deposits from other banks 1,0 ,

: 2,008,269 1,663,032

The effective interest rate paid on deposits for the current year was 2.69% (2006 - 2:46%).

11. Payables and other liabilities
. 2007 2006

($’000s) ($'000s)

Accrued interest payable - affiliate banks ae oe
Accrued interest payable - other : . rae
Cheques and other items in transit 51, ’
Other ’ 13,030 13,583
ea rw
72,073 75,104

12. Share capital
OVO 7—~S~SS
($'000s) ($'000s)

Authorized, issued and fully paid:
25,000,000 ordinary shares of par value $1.00 each 25,000 25,000

13. Share premium
ne UNE. 7.7" yy
2007 2006
($’000s) ($'000s)
25,000,000 shares issued at a premium of $1 60 each 40,000 40,000
14. Cash and cash equivalents
For the purposes of the statement of cash flows, cash and cash equivalents comprise the
following balances with less than 90 days maturity from the date of acquisition:

2007 2006
($’000s) ($’000s)
se wet ke ee

Cash and unrestricted balances with the Central Bank of

The Bahamas (note 3) » 43,816 a
Loans and advances to banks — other (note 3) 1,965 a
Bank deposits on call (note 3) 27,797 ; 7

73,578 68,629

15. Sale of Caribbean Treasury Unit

As disclosed in Note 1, effective August 1, 2006 the Bank sold its Caribbean Treasury Unit to

Scotiabank Caribbean Treasury Limited. The book value of the assets and liabilities sold on

that date for a purchase consideration of US$2 million was:

NT
(US$’000s)

nN

Loans and advances to banks 4 se
Equipment re
Other assets .
Total assets : 1,919,794
Deposits (1,903,599)

Other liabilities (16,195)

Book value of net assets sold
* The adjustment to equity was as follows:

Se

Cash proceeds 2000

Less: book value of net assets sold

a
Equity adjustment (to retained arnings) 2,000





= THE TRIBUNE



21.

Net cash flow effect of the sale is as follows:



= (US$'000s)
Cash proceeds 2,000
Less: cash and cash equivalents disposed of
included in loans and advances to banks (1,147,688)

(1,145,688)

16. Geographical Analysis of Assets and Liabilities

1

Significant assets and liabilities at October 31 are classified by . area, based on
the domicile of the counterparty, as follows:

The North
Bahamas Europe America Other Total
($'000s) ($'000s) ($'000s) ($'000s) ($'000s)
October 31, 2007
Cash and balances with The Central ;

Bank of The Bahamas 103,964 - 1,965 - 105,929
Loans and advances to banks 456,873 206,920 - - 663,793
Investment securities 151,895 - - - 151,895
Loans and advances to customers, net 1,607,869 - 10,328 9,496 1,627,693
Deposits 1,932,700 952 47,906 26,711 2,008,269
Undrawn commitments 725,967 - b 5,730 40,714 772,411
October 31, 2006

t
Cash and balances with The Central .

Bank of The Bahamas 97,635 - - - 97,635
Loans and advances to banks °$37,012 327 12,327 - 549,666
Investment securities 67,846 - - 10 67,856
Loans and advances to customers, net 1,384,056 2,321 13,234 71 1,399,682
Deposits 1,610,735 1,040 37,663 13,594 1,663,032°
Undrawn commitments 488,014 396 3,661 - 492,071

7. Lease commitments

The Bank has obligations under long-term operating leases for buildings. Future minimum
_ lease payments for such commitments are as follows:



2007
($°000s)
1 year or less . anon 1,499
Over | year to 5 years 2,777
$ 4,276.

EEE IEEE IIIS

18. Guarantees and Lines of Credit

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 October 31, these credit related arrangements were as follows:

1

2007 2006

($'000s) ($'000s)
Undrawn lines of credit and loan commitments $ 734,828 471,166
Guarantees and letters of credit 37,583 20,905
$ 772,411 492,071

19. Pension plan

Fan

Substantially all of the Bank’s employees are members of BNS’ defined benefit pension plan.
The plan provides pension benefits based on length of service and final earnings with
contributions being made by BNS on an ongoing basis to keep the plan fully funded. All
rights and obligations of the defined benefit pension plan are borne by BNS. The last
actuarial valuation of the plan was as’ of November 1, 2006 and based on that independent

o¢-yaluation, the) plan was fully funded. An actuarial valuation is performed on the plan at least

“once every three years: All actuarial information relating to this scheme can be found in the

é{#¢oiisolidatedefinancial statements of BNS. om

The Bank also participates in a contributory plan established by BNS | covering some
employees. As of October 31, 2007, this plan i is also fully funded. vhs

20. Global Employee Share Ownership Plan

The Bank participates in the Global Employee Share Ownership Plan (“GESOP") of BNS,
which allows employees of the Bank to contribute between 1% and 6% of their annual salary.
The contributions are used to purchase shares in the ultimate parent Company, on the Toronto
Stock Exchange, at the prevailing market prices on a semi-monthly basis. The Bank matches
fifty percent (50%) of the employees’ contributions and this. vests with the employees after
two years of participation in GESOP.

Related party transactions
Key management personnel have transacted with the Bank during the year as follows:



2007 : 2006
($'000s) ($'000s)
Loans and advances to customers 4,463 3,108
Deposits (2,398) (869)

Interest rates charged on balances outstanding are a half of the rate that would be charged in
an arm’s length transaction for credit cards and at B$ prime rate for most mortgages. Most of
the other sundry loans bear interest at the annual rate of 3.5%. The mortgages granted are
secured by the property of the respective borrowers.

No impairment losses have been recorded against balances outstanding during the period with
key management personnel, and no specific provisions have been made for i oe losses
on balances with key management personnel at the year end.

22. Financial risk management

Credit risk oy titince My \

Credit risk is the risk of financial loss to the Bank if a counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Bank's loans and
advances to customers and banks and investment securities. The Bank structures the levels of
credit risk it undertakes by placing limits on the amount of risk accepted in relation to one
borrower, or groups of borrowers, and to geographical and industry segments. Credit
disciplines are based on a division of ‘authority, a centralized credit review system, a

committee system for dealing with all major exposures, and Pp iodic independent review by
BNS.

The Bank used a risk rating system to quantify and evaluate proposed credits in order to assist:
officers in understanding the risks inherent in credit proposals and, if they are acceptable to
ensure appropriate returns. In this analytical process, the Bank is pe sensitive to risks
posed to credit quality by environmental exposures.

Retail credits are assessed and authorized daily in branches within lending criteria established
by the Bank. Computer driven scoring systems ensure credit policies are applied consistently
and objectively. Consumer credit portfolios are reviewed monthly using statistical techniques.
Credit lines for off-balance sheet instruments such as foreign exchange contracts, letters of
credit and guarantees are managed as an integral part of this same process..

Exposure to credit risk is managed through regular analysis of the ability of borrowers and
potential borrowers to meet interest and capital repayment obligations and by changing these
lending limits where appropriate. Exposure to credit risk is.also managed in part by obtaining
collateral and corporate and personal guarantees, but a significant portion is personal lending
where no such facilities can be obtained.

Interest rate risk

Interest rate risk arises when there is a mismatch between positions, which are subject to —
interest rate adjustment within a specified period. Exposure is generally managed locally by
currency and regularly reviewed on a consolidated basis by executive management.

For the year ended October 31, 2007, the rates of interest, which approximate the effective
yields of these balance sheet assets and liabilities, were as follows:

Assets
Cash and balances with The Central Bank of The Bahamas 0%
Loans and advances to banks 1.40% - 1.78%
Investment securities 6.09% - 6.29%
Loans and advances to custorers, net 6.63% -17.59%
x 4 “ate
b

WHEN

oRRUATE

24.

FRIDAY, FEBRUARY 29, 2008, PAGE 138

Interest rate risk (continued)

Liabilities

Customers deposits 2.53% - 4.19%
Deposits from affiliates 0.56% - 5.46%
Deposits from other banks 3.35% - 4.35%

For the year ended October 31, 2006, the rates of interest, which approximate the effective
yields of these‘balance sheet assets and liabilities, were as follows:

Assets

Cash and balances with the Central Bank of The Bahamas 0%
Treasury bills 0.11% - 0.57%
Loans and advances to banks 1.68% - 4.92%
Investment securities 5.97% - 5.99%:

Loans and advances to customers, net 4.57% -17.71%

Liabilities

‘Customers deposits 2.52% - 4.14%
Deposits from affiliates 1.58% - 5.38%
Deposits from other banks 3.05% - 3.68%

Liquidity risk
Liquidity risk is the risk that the Bank will encounter difficulty in meeting obligations from
its financial liabilities. The liquidity risk management process ensures that the Bank is able to

honour all of its financial commitments as they fall due. The Bank manages liquidity using
policies, which include:

e measuring and forecasting cash commitments;
e building a large stable base of core deposits from retail and commercial customers;

e ensuring immediate availability of large pools of liquid assets to meet unforeseen
events;

© maintaining a strong credit rating to ensure timely access to borrowing on favourable
rates and terms;

e diversifying funding sources and
© maintaining the ability to securitize the Bank’s assets.

Liquidity risk (continued)



Up tol i-3 3-12 1-5 5 Years
Month Months Months Years &Over . Total
000s a s % 9 > 3

.At October 31, 2007
Assets
Cash and balances with The Central 105,929 - - : - - 105,929

Bank of The Bahamas
Loans and advances to banks 475,887 146,936 31,568 9,402 - 663,793
Investment securities - - 20,571 11,84 119,520 151,895
Loans and advances to

customers, net . 296,994 39,356 79,982 322,425 888,936 1,627,693
Property and equip:nent . - c= - 1,331 15,768 17,099
Receivables and other assets 66,238 2 147 2,600 68,987
Total assets 945,048 186,292 132,123 345,109 1,026,824 2,635,396
Liabilities
Deposits 1,528,831 299,334 150,628 29,475 1 2,008,269
Payables and other liabilities 69,083 984 1,448 558 - 72,073
Total liabilities 1,597,914 300,318 152,076 30,033 1 2,080,342
Net Liquidity gap (652,866) (114,026) (19,953) 315,076 1,026,823 555,054
October 31, 2006
Total assets 785,879 275,253 83,345 397,411 645,338 2,187,226
Total liabilities _ 1,372,299 241,650 117,505 6,682 - 1,738,136
Net liquidity gap (586,420) 33,603 (34,160) 390,729 645,338 449,090

Currency risk

The Bank takes on exposure to the effects of fluctuations in the prevailing foreign currency
exchange rates on its financial position and cash flows. The Board of Directors sets limits on
the level of exposure by currency and in total for both overnight and intra-day positions,
which are monitored on a daily basis.. Thg, fable below summarizes the Bank’s exposure to
foreign currency exchange rate risk at October 31, Included in the table below are the Bank’s
assets and liabilities at carrying amounts, categorized by currency.

BSD USD Other Total
($'000s) ($°000s) ($'000s) ($'000s)
At October 31, 2007
Cash and balances with
The Central Bank of The Bahamas 68,800 36,674 455 105,929
Loans and advances to banks - 447,732 216,061 663,793
Investment securities 81,163 70,732 - 151,895
Loans and advances to
customers, net 1,094,828 514,367 18,498 1,627,693
Property and equipment 17,099 - - 17,099
Receivables and other assets 31,271 29,077 —~ 8,639 68,987"
Total assets 1,293,161 1,098,582 243,653 2,635,396
Liabilities
Deposits 807,548 974,493 226,228 2,008,269
Payables and other liabilities 20,935 39,012 12,126 72,073
Total liabilities 828,483 1,013,505 238,354 2,080,342
Net balance sheet position 464,678 85,077 5,299 555,054
Credit commitments 107,545 664,699 167 772,411
At October 31, 2006
Total assets 1,117,727 980,187 89,312 2,187,226
Total liabilities 749,027 889,991 99,118 1,738,136
Net balance sheet position 368,700 90,196 9,806 449,090
Credit commitments 74,308 417,602 161 492,071

. Capital Management

Regulatory Capital

The Bank’s lead regulator, the Central Bank, sets capital requirements for the Bank. In
implementing current capital requirements, the Central Bank requires the Bank to maintain a
prescribed ratio of total capital (including contributed capital and retained earnings) to total
risk weighted assets or total assets.

The following various limits are applied to the capital base:

(a) Capital must be maintained at a minimum of 5% of total assets or 8% of risk assets
(including off balance sheet items), whichever is greater.

(b) Loans to a single party or connected parties are not to exceed 25% of capital.

(c) Third party deposits are not to exceed 5 times capital.

(d) Open foreign exchange positions in different currencies is not to exceed 10% of capital.

(e) Investments in equity of a single issuer, including affiliates, are not to exceed 10% of
capital.

(f) Exposure to related parties is not to exceed 10% to 15% of capital; however such
exposures are to be on fully collateralized bases and without any concessive terms.

The Bank’s policy is to maintain a strong capital base so as to maintain creditor and market
contidence and to sustain future development of the business. The Board of Directors
monitors the above capital requirements on a quarterly basis.

The Bank has complied with all externally imposed capital requirements throughout the
period. There have been no material changes in the Bank’s management of capital during
the period.

Fair valuc of financial instruments

Fair value ‘amounts represent estimates of the consideration that would be agreed upon
between knowledgeable willing parties who are under no compulsion to act and is best
evidenced by a quoted market price if one exists. The majority of the Bank’s financial
instruments are carried at historical cost and are not adjusted to reflect increases or decreases
in fair value due to market fluctuations including those due to interest rate changes.

yp



A Agee STANe



4

me
?

PAGE 14B, FRIDAY, FEBRUARY 29, 2008

THE TRIBUNE





JUDGE PARKER

WeAZZZZZ I Bn

ZI DON’T
BELIEVE THAT'S
BIFF DICKENS-.--

IT CAN'T BEL

AG GAM AND
a IN THE BARN -

OH, IT 1S! YOU
DION’T READ THE
STORY IN THE PAPER
ABOUT HIMZ

APARTMENT 3-G

GINA, WHAT'S HAPPENED 24













AY





WHAT'S WITH THE
SANTA HAT IN THE
OFFICE, BUMSTEAD?





AFTER MARVIN, JEFF AND

I AREN'T SURE
WE WANT

ANOTHER BABY

TECK haan 774

NONSEQUITUR

DIT. BY UVOPENL PRESS BYHYATE

i eee VALET LK, IHC,

‘TIGER ©



ACROSS

4 Feline let loose on the farm? (6)

7 She lost the race but got the gold (8)

8 Toshop around for pictures (6)

10 Transport to the pierhead — it’s long
walk (5)

13 Chap at the Turk’s Head (carrying
drinks?) (4)

14 Repeatedly, it has its ups and downs
(2:2)

15 Cereal product in the barn (4)

16 Aletter, for instance, to seek a hand-
out (3)

17 You could make love in a tumbledown
hut (4)

19 The lids slipped out of place (4)

On the river, this beats atom splitting! (9)

In need of a postal order, alternatively (4)
























ad
w=

2

>

To increase the pressure, back up a
politician (4)

2
27 Does it mean “never start with more

n

Inexperienced in marine work (3)

than one woman”? (4)
2
32 Regime a German could get rich on? (4)
_ 33 Plant in open land (5)
34 In diplomacy, one needs to be all there (6)
35 He simply uses people (8)
36 After catching fish, do they badly need
to rest? (6)

wo

Food for an artless fellow (4)

w

aw

Yesterday’s cryptic solutions

Once 32, Res.-train 33, Di-mm-er

Bond




Tribune Comics

YOU SAID IT WOULP HAPPEN,

MSN TOMMIE, AND IT HAS/ I...

lf TRYIN : OH, RI Le DON'T KNOW WHERE TO BEGIN...
(4 a

CRYPTIC PUZZLE :

DOWN

1

2
3
4

N
=

2

w

25

- 28

30
31
32
33

ACROSS: 1, Petrol 7, Insulate 8, Sole 10, Boo-Ted 11, Alfred
. 14,Mew 16, Monty 17, Dyed 19, Deb-ag 21,CO-Lon 22, B-
and-y 23, Salt 26, Set up 28, Nib 29, Plinth 30, Buller 31,

DOWN: 1, Pro-bed 2, Rioted 3, Lied 4, Pullman 5, Ba-IR-n
6, Wendy 8, So-me 9,L-E.W. 12, F-o.g. 13, Ethel 15, Welds
18, Yodel 19, Do-n 20, Boy 21, C-apt-ure 22, Bun 23, Sit-
com. 24, Able 25, Tu-RN-er 26, Sport 27, Tips-Y 28, Nun 30,

HE BOUGHT
THAT STEARMAN
AFTER THE COUNTY
APPROVED HIS
AIRSTRIP!

IT ISN'T
WORKING!!







GOO! NY TRUCKS
NEGEV STEEPER

Witty, say, about a lieutenant (5)
Masterly song about a peninsula (5)
Ifelectric, 50 ampere? (4)

As a film director, did Frank surpass an
artist? (5)

Two-headed chap in an ancient city (4)
Appeared good in distributing dole (6)
Get Anderson to order a cab (6)

Start working up the line (3)
Something often said to rise from the
bottom (5)

Instrument perhaps used voluntarily! (7)
Asnake round someone's neck! (3)
The little that sank in (3)

Brave enough to form a choir out East (6)
Failure 1o get peas, perhaps, by the
pound (5)

A female sp wrong-headed! (3)

You could eat it with a portion of rabbit (3)
Some hope for a distressed aunt with
very little food (6)

A determined lot? (3)

Measures out what possibly meets
requirement (5)

Would she give thanks for any change? (5)
It's a question of location (5)

Annual fruit? (4)

He has £50 - possibly to pay? (4)


























EASY PUZZLE



Yesterday’s easy solutions

ACROSS: 1, Thread 7, Inventor 8, Stem 10, Retire 11, Palace
14, Ore 16,Named 17, Tape 19, Lurid 21, Milan 22, Latin
23, Harm 26, Steal 28, Tan 29, Herbal 30, Listen 31, Acts
32, Provided 33, Yonder

DOWN: 1, Turret 2, Entire 3, Dime 4, Melanin 5, Steam 6,
Greed 8, Stop 9,Ere 12,Lad 13, Cedar 15, Tulip 18, Agate
19, Lit 20, Ran 21, Malaria 22, Lab 23, Hasten 24, Ants 25,
Mentor 26, Shape 27, Error 28, Tic 30, Lady

NAS

AIRSTRIP? I
DIDN'T READ
ANYTHING ABOUT
AN AIRSTRIP!



I'VE SET THE BAR SOHIGH
IT WOULDN'T BE FAIR TO ANY
KID WHO FOLLOWED AFTER ME



~ COMICS PAGE













vrwew. kingteatures.com

(2-%

(C2007 by King Features Syndicate, ine. World rights rosarved



ACROSS

4
7
8
10
13

14
15

16
7
19
21
2

24

w

26
2
29
32
33
34
3
3

ert

nw

Next to (6)
Stretch (8)
Back yard (6)
Excite (5)

Part of church
(4)

Fish (4)
Geometric
shape (4)
Beverage (3)
Spoiit child (4)
Tack (4)
Thankfulness (9)
Manner (4)
Mixed school
(2:2)

Boy (3)

Let it stand (4)
Revise (4)
Nobleman (4)
Coarse (5)
Continue (6)
Progressed (8)
Declared (6)

'




GO COINS. COM / pops aattd R

Dennis

“EVERY PAY 1S A DAY OF
FOR MISTER WILSON.”

A Tough Nut to Crack

South dealer.
Neither side vulnerable.
NORTH
KQ963
VA5
652
&K74
WEST
+s
Â¥J10
#KI10983 Q
%Q10985 bJ3
SOUTH
@AJ1082.
63
A74
&A62
The bidding:
South West
1¢ 2.4
44
Opening lead — jack of hearts.

EAST.
&754
Â¥KQ98742

North East
34 44

If you’d like to drive your friends
crazy, show them this hand and chal-
lenge them to make four spades after
West’s lead of the jack of hearts. Best
defense is of course assumed.

After they struggle awhile, they
may tell you the mission is impossi-
ble, since declarer obviously must
lose a heart, two diamonds and a
club. But the fact is that the contract
can be made, even though it does

The
Target
uses
words in
edition).

HOW many words of four"
letters or more can you make
from the letters shown here?
In making a word, each letter
may be used once only. Each

must contain the centre letter
and there must be at least one

nine-letter word. No plurals.
TODAY'S TARGET

Good 12; very good 18;
excellent 24 (or more).
Solution tomorrow.

DOWN

1 Vital organ (5)

2 Petty officer (5)

3 Leer (4)

4 Started (5)

5 Painful (4)

6 Type of fuel (6)

9 Tree-lined street
(6)

Tl Not at home (3)

12 Sword (5)

13 Spotted (7)

15 Feline (3)

16 Bind (3)

18 Kidnapper's
demand (6)

20 Viper (5)

1 Trap (3)

2 Baby (3)

23 Accosi (6)

5 Offer (3)

Step (5)

30 Fool (5)

Toy bear (5)

Desire (4)

Crustacean (4)

NN

NN
co

wow w
Wn >



TARGET



i”

roo

PISS



ZZ

ML

eS





REST



take some fancy doing.
Win the heart lead with the ace
and return a heart. Let’s say East
wins with the queen — his play does-
n’t matter — and returns the queen of
diamonds. Win with the ace, cash the
K-Q of trumps (on which you play
the 10-8 from your hand), then cash
the A-K of clubs, producing this
position:
North
#963
65
&7
West
#KJ10

£Q109
South

@AJ2
74
#6 :

Now play the spade three from
dummy and the deuce from your
hand! East wins with the seven and is
forced to return a heart, on which
you discard a club from your hand
and a‘diamond from dummy!

East is still on lead and forced to
play another heart. This time you ruff
the heart in your hand, discarding
dummy’s last diamond. You can then
claim the rest of the tricks, having
lost only three tricks all told. That’s
all there is to it!

East
o7
Â¥K8742

3
wal
BOM oy
23333"
gea2,
So ade
$23 8S
ay OO
7) oS
5 O30 SE
Zw
g556
oO
Sasso
uo 3p
8U'S oh

new
word
[agriculture

the science of
cultivating soil,
growing crops or
raising livestock






Laszlo Szabo v Istvan Polgar,
Budapest 1969. Hungary's
Szabo in his pomp was one of
the sharpest attackers and
tacticians on the world circuit.
He was witty, confident anc
shrewd, and only some
weaknesses in his black
repertoire kept him behind th
top Russians. Here as White (te
move) Szabo is a pawn up, and
most players would continue
with the routine 1b4 Nxa4 2
Qxa4 when Black is only slightly
worse. Szabo found a much
better idea, forcing Black's
rapid resignation. Can you do as
well as the grandmaster?










MY TIGER, IT SEEMS, IS RUNNING ‘ROUND NUDE.
THIS FUR COAT MUST HAVE MADE HIM PERSPIRE ,
IT LIES ON THE FLOOR- SHOULD THIS BE CONSTRUED
AS A PERMANENT CHANGE OF ATTIRE?

PERHAPS HE CONSIDERS ITS COLORS PASSE,

OR MAYBE JT FIT HIM Too SNUG

WILL HE WANT \T BACK? SHOULD I PUT IT AWAY ?
OR USE IT RIGHT HERE AS A RUG?

eS oN) Leonard Barden











T WONDER WHEN
SCHOOL STARTS.






FRIDAY,
FEB 29
AQUARIUS - Jan 21/Feb 18

Some things can’t be taken seriously,
Aquarius, and it’s high time you real-
ize that. All of these distractions only
keep you from your goals.

PISCES — Feb 19/March 20

Something has piqued your interest
this week, Pisces, but you must fully
commit in order to reap the most
benefit. Look for an old friend in
Friday’s crowd. Cancer plays a role.

ARIES — March 21/April 20
For too long you’ve put off dealing
with a particularly emotional issue,
Aries. However, what happens this
week will show you that you can’t
avoid it forever.

TAURUS - April 21/May 21

Stubborn as you are, Taurus, you tend

.to prefer the status quo, which is why

you won’t be too thrilled by what hap-
pens this week. Nevertheless, don’t
fight the tide; go with the flow.

GEMINI - May 22/June 21
Your feathers are ruffled and you’re
looking for a fight this week,
Gemini. Before- you take your best
shot, make sure you’re fighting for
something worthwhile.

CANCER - June 22/July 22
If you find yourself disagreeing with
a friend this week, it may be wiser to
walk away instead of picking a fight.
It’s a good time to learn a new craft
— focus your energy creatively.

LEO - July 23/August 23

In all areas, but especially in
romance, you will feel and act with
such intensity that no one can resist
you this week. Use your power
wisely, Leo.

VIRGO - Aug 24/Sept 22
-Bad things happen, Virgo. You can’t
right every wrong in the world.
Instead of ranting, comfort the per-
son wronged. They’ll appreciate it.

LIBRA - Sept 23/Oct 23
You’ve been pushing yourself pretty
hard lately and you must.take what
happens this: week as a sign that you
must slow down. Look for creative
ways to balance your life.

SCORPIO — Oct 24/Nov 22
Everyone makes mistakes, Scorpio,
even you, so don’t be so hard on
yourself. After all, what’s life but a
learning experience. You can grow
from this mishap.

SAGITTARIUS — Nov 23/Dec 21
You’ll get a rousing reminder that life
truly is worth living this week,
Sagittarius. In fact, this is one of the
most exciting times of the year for
you. Don’t let anyone talk you out of
living your dream!

CAPRICORN - Dec 22/Jan 20
You have things to do, and can ill
afford to have others waste your
time. You may have to be a bit gruff
with friends and colleagues to get
the point across, but it’s worth it.

8552

Waa, |

b

Cy fe
Cte

LEONARD BARDEN

i ———————

Chess: 8552: 1 Bd7! Nxd7 2 Qxc8! Qxc8 3 Ne7+ Kg7 4

Nxc8 Rxc8 5 Rxd? wins rook for bishop. If Black had

tried Qxd7 then 2 Nf6+ and 3 Nxd7 or Rc7 2 Nxc7 Fi
Qxc7 3 b4 Nxd7 4 Qxc7 Bxc7 5 Rxd7 again with an

easy material win.



THE TRIBUNE
FRIDAY EVENING FEBRUARY 29, 2008

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

Tae els aes aS

Issues Round- |Washington McLaughlin Carreras, Domingo, Pavarotti in Concert Conductor Zubin Mehta,

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(CC) 1990's World Cup with music amid moonlit Roman ruins.

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oO WFOR |n (CC) Spectacular iN} NM (CC) sure” Professor Payne’s date refus- Ae ane plunges to his death.
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WTV4 |wood (N) (CC) (N) A (CC)
Deco Drive Bones “The Woman in the Car’ The|House “Who's Your Daddy” A girl News (N) (CC)

| WSVN suspect is in the Witness Protection |has hallucinations about Hurricane
| Program. 1 (PA) (CC) Katrina. © (PA) (CC)

Jeopardy! (N) |Grey’s Anatomy “Forever Young” 20/20 (N) (CC) 20/20 (N) (CC)
WPLG (cc) ” Teehagers fil he ER afer a school
bus crash. 1 (CC)



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FRIDAY, FEBRUARY 29, 2008, PAGE 15B

Let Charlie the

~ | Bahamian Puppet and o
a his sidekick Derek put

some smiles on your

kids’s faces.

Bring your children to the
McHappy Hour at McDonald's in
Oakes Field every Thursday
from 3:30pm to 4:30pm during the
month of February 2008.

Enjoy Great Food, Prizes and Lots of Fun : ; .

’m lovin’ it —

Max!

Movie Gift Certificates
make great gifts!) :

P ae

xvehanus



PAGE 16B, FRIDAY, FEBRUARY 29, 2008

iii ae a
Wall Street falls after jump in jobless claims,
Bernanke’s comments on bank troubles

m NEW YORK
Associated Press

STOCKS sank Thursday as
investors fretted over a rise in
unemployment claims and the
prospect of more bank fail-
ures. The Dow Jones indus-
trial average fell 112 points,
breaking its four-day winning
streak,

Federal Reserve Chairman
Ben Bernanke said in testi-
mony to Congress that while
large U.S. banks will likely
recover from the recent cred-
it crisis, other banks are at risk
of failing. Three small U.S.
banks have already failed
since the summer, when the
lending industry started los-
ing billions of dollars as mort-
gage defaults soared.

“Implying that some banks
may fail stirs concerns for any
investor who’s familiar with

financial and economic histo- .

ry,” said Hugh Johnson, chair-
man and chief investment offi-
cer of Johnson Illington Advi-
sors. “Investors have been
very edgy about credit mar-
ket conditions and banks’
financial conditions. Very
edgy. And this doesn’t remove
that edginess.”

Earlier, stocks had fallen in
response to a Labor Depart-
ment report that first-time
unemployment claims rose
last week by 19,000 to 373,000,
the highest level since late Jan-
uary. «

Scott Wren, equity strate-
gist for A.G. Edwards & Sons,
said he still believes there’s
less than a 50 percent chance
of a recession, but that it’s

|

clear employers are cautious
about hiring.

“To consistently see claims
up near 400,000, that’s pretty
telling often-times of a reces-
sion,” he said.

Following four straight days
of gains in the Dow — its
longest run of gains so far this
year — the blue-chip index
sank 112.10, or 0.88 percent, to
12,582.18.

Broader stock indicators
also lost ground. The Standard
& Poor’s 500 index declined
12.34, or 0.89 percent, to
1,367.68, and the Nasdaq com-
posite index lost 22.21, or 0.94
percent, to 2,331.57.

Bernahke offered up some
positive comments in his tes-
timony — that most banks will
bounce back from their mort-
gage troubles, that inflation
should ease, and that the Unit-
ed States is nowhere near the
stagflation scenario of the
1970s.

When stagflation is present,

the economy remains weak as _
- inflation accelerates.

But Wall Street was skepti-
cal of Bernanke’s fairly upbeat
take on the economy — par-

ticularly as oil and gold hit -

new records — and latched
onto his admission that more
banks could fail.

“Bernanke is about as skill-
ful a Fed chairman as I have
seen,” said Johnson, whose
more than four-decade career
spans six Fed chairmen. “But
these times require a very,
very skillful chairman. I don’t
believe I’ve seen times as chal-
lenging as these.”

Crude oil jumped $2.95 to

Opportunity:
World Class Retailer

settle at a record $102.59 a
barrel on the New York Mer-
cantile Exchange.

Gold prices also spiked to
an all-time trading high of
$975 an ounce.

Government bonds rose as
stocks slumped. The yield on
the benchmark 10-year Trea-
sury note, which moves oppo-
site its price, tumbled to 3.67
percent from 3.85 percent late
Wednesday.

Meanwhile, corporate news
was gloomy. Sprint Nextel
Corp. posted a $29.5 billion
loss in the fourth quarter after
losing customers and writing
down the remaining value of
its Nextel Communications
buy. It also slashed its divi-
dend. Sprint tumbled 86 cents,
or 9.6 percent, to $8.09. |

Thornburg Mortgage Ine.
plunged after the lender said‘it
has received margin calls —
calls for immediate repayment
of debt — on a portfolio of
securities backed by alt-A
mortgages. Alt-A loans are
those given to customers with
little credit history or minor
credit problems.

Thornburg fell $1.78, or 154
percent, to $9.76. 4

And investors remain jittery
about the prospect of more
problems emerging in the
struggling financial sector. A
few weeks after French bank

Societe Generale revealed a

$7 billion loss due to the
actions of a rogue trader, New
York-based futures and
options broker MF Global
Ltd. said Thursday it lost
$141.5 million after a broker
traded more wheat contracts

Esso, a market leader in the fuels and convenience retailing, is looking
for operators/franchisees for its On The Run Cafes, Tiger Markets, and
service stations across New Providence.

If you have...

* Successful experience in sales, finence, or administration
A minimum of five years successfully supervising a team of

workers

A desire to provide superior customer service

Computer literacy

Organizantional discipline
Access to capital and a good credit history

..We want to know you!

Applications can be obtained from our division Office, Windsor Field
Road, Nassau, Bahamas. Applications from interested parties must be
submitted no later than March 31, 2008

Sonja Gibson, Marketing Specialist
Esso Standard Oil SA Limited
Division office, Windsor Field Road

P.O.Box CB-10998
Nassau, Bahamas

fe i é
ee ee «34



than allowed...

MF Global dropped $8.09,
or 27.6 percent, to $21.19.

After the market closed
Thursday, Dell Inc. reported a
quarterly profit decline that
was worse than Wall Street
expected. Dell shares slipped

trading.

The Russell 2000 index of
smaller companies fell 10.72,
or 1.50 percent, to 705.72.

Declining issues outnum-
bered advancers by more than
2 to 1 on the New York Stock
Exchange. Consolidated vol-

THE TRIBUNE

shares, down from 3.81 billion
shares Wednesday.
Overseas, Japan’s Nikkei
stock average fell 0.75 percent.
Britain’s, FTSE 100 fell 1.75
percent, Germany’s DAX
index fell 1.92 percent, and
France’s CAC-40 fell 1.97 per-

0.8 percent in aftermarket
; e

ume came to 3.76 billion

cent.

Brewer’s Busch
Kae OTIC e LI

MEN CBU MIT Ce
parks in Dubai



@ ST. LOUIS .
Associated Press

THE entertainment division of Anheuser-
Busch Cos. Inc. plans to expand outside the

USS. for the first time by opening four theme .
parks in Dubai, the fast-growing tourist desti- -

nation in the Middle East.

Busch Entertainment Corp. will partner with
Dubai developer Nakheel to create the Worlds
of Discovery. — a complex that will include
SeaWorld, Aquatica, Busch Gardens and Dis-
covery Cove,

All four will be on the Palm Jebel Ali, the
world’s largest man-made island that is part

of a multi-billion-dollar development in Dubai.

Nakheel will build the parks. Busch Enter-
tainment is licensing its brands to Nakheel and
will operate the parks under a management
contract. Financial terms were not disclosed.

‘Destinations -
“Dubai has become one of the world’s lead-

ing tourist destinations, and a key part of the
strategy has.been attracting world-class enter-

tainment brands to the emirate,” Chris O’Don- ;

nell, chief executive of Nakheel, said during a
Webcast from.a ceremony at SeaWorld Orlan-
do in Florida.

The first phase of the project is expected to
open in 2012.

The project is part of the Dubai Waterfront,

a multi-billion-dollar devel®pment of luxury
hotels and homes, along with restaurants, shop-
ping and entertainment. Larger than the islahd
of Manhattan, the development is adding 500
miles of man-made waterfront, according to
Nakheel.

Dubai, one of the seven constituents of the
United Arab Emirates, has thrived and turned

into a magnet for the wealthy as oil money has’

expected in Dubai this year. Fifteen million
are expected in 2012.

Palm Jebel Ali is the second of Nakheel’s
three man-made island developments. Worlds
of Discovery will occupy a section at the peak
of the island known as “the Crown.” "

Jim Atchison, president of Busch Entertain-
ment, said Dubai offers “a true global stage
for our brands, unlike any other.” '

He compared the rapid growth in Dubai to
what happened four decades ago in Orlando,
which quickly grew into one of America’s pre-

miere tourist destinations.

“When I look at Dubai it looks awiully famil-
iar,” he said.

“It’s a momentous occasion for us. It’s the
most significant news we’ve ever had.”

‘SeaWorld Dubai will include many of the
same attractions as in its three U.S. locations —
killer whales, dolphins and sea lions, along

_ with marine- -themed rides.

The Discovery Cove in Dubai will be similar
to the one in Orlando, a reservations-only park
that allows visitors to interact closely with
wildlife —- for example, swimming with bot-
tlenose dolphins, rays and exotic fish.

Busch Gardens is a theme park featuring ©

“rides, attractions.and entertainment. Aquatica

is SeaWorld’s waterpark. The first one: opened
this week in Orlando.

Anheuser-Busch is the nation’s largest brew-
er, based in St. Louis. Its brands include Bud-
weiser, Bud Light and Michelob. Busch Enter-
tainment operates SeaWorld parks in Orlando,
San Diego and San Antonio; Busch, Gardens.
Europe in Williamsburg, Va., and Busch Gar-
dens Africa in Tampa, Fla.; : Discovery Cove in,
Orlando; Sesame Place near Philadelphia;
Aquatica in Orlando; and the water parks
Adventure Island in Tampa and Water Coun-
try USA in Williamsburg.

Anheuser-Busch shares rose 69 cents, or 1.5
percent, to $48.20 in trading Thursday.

. flowed in. O’Donnell said 7 million visitors are

US economy skids to near.
halt in final quarter of 2007































WASHINGTON

Associated Press

THE economy skidded to a
near halt in the final quarter of
last year, clobbered by dual
slumps in housing and credit that
caused people and businesses to

The Commerce Department

domestic product increased ai a
scant 0.6 percent pace in the
October-to-December quarter.
The reading — unchanged from
an initial estimate a month ago —
underscored just how much
momentum the economy has
lost. In the prior quarter, the
economy clocked in at a brisk 4.9
percent pace.

Gross domestic product mea-
sures the value of all goods and
services produced in the United
States and is the best barometer
of the country’s economic
health.

“The economy just kept its
head above water,” said Nigel
Gault, economist at Global
Insight.

Economists had thought the
newly released fourth-quarter
‘GDP would have been bumped
up to a 0.8 percent growth rate.
But the housing picture looked
even more bleak in the new
report.

Builders slashed spending on
housing projects by a whopping
25.2 percent on an annualized
basis in the fourth quarter, the
biggest cut in 26 years.

And even though economic
growth slowed, inflation picked
up — an ominous mix that could

spend and invest more sparingly. .

reported Thursday that the gross

spell further trouble for the econ- -

omy.

percent wasn’t chilling enough,
the Labor Department reported
Thursday that new applications
for unemployment insurance
benefits rose by 19,000 to 373,000
last week, more evidence that the
general economic sluggishness is
‘ spilling over into the job market.

On Wall Street, the latest
batch of economic news rattled
investors. The Dow Jones indus-
trials closed down 112.10 points.

Fears have grown that the
country is heading for a reces-
sion or is already in one.

The National Association for
Business Economics expects eco-
nomic growth in the current Jan-
uary-to-March quarter to slow to
a meager 0.4 percent pace. Some
analysts believe the economy’s
performance could be even
worse and actually shrink during
this period. Under one rough
tule, the economy would have to
contract for six months in a row
for the country to be viewed as in
a recession.

Concerned that the problems
could intensify and further hurt
the economy, Federdl Reserve
Chairman Ben Bernanke made
clear he stands ready to lower a
key interest rate again. The Fed,
which started cutting interest
rates to bolster the economy in
September, has turned much
more aggressive recently. In eight
days in January, the Fed slashed
rates by 1.25 percentage points
— the biggest one-month reduc-
tion in a quarter-century. Rates

As if the newly confirmed
fourth-quarter GDP figure of 0.6 .

’ “core” prices — excluding food

- percent pace. The inflation fig-




are expected to move lower-at
the Fed’s next seeing on March
18.

Bernanke, however, is hope-:
ful that previous rate reductions
and the $168 billion economi¢
aid plan of tax rebates for people
and tax breaks for business will
energize the economy in the sec-
ond half of 2008..

A gauge of inflation linked to
the GDP report showed that

and energy — grew at a rate of
2,7 percent in the fourth quarter.
The inflation reading — although
unchanged from the govern-
ment’s initial estimate — showed
that inflation had picked up
sharply from the third quarter’s 2

ure is above the Fed’s comfort
zone —'the upper bound of
which is a 2 percent inflation rate.

Given rising inflation and a
slowing economy, fears are
increasing that the country may
be headed for a bout of stagfla-
tion, a scenario the country hasn’t
experienced since the 1970s.

Even though Bernanke has
made clear the Fed’s top priority
—— for now — is trying to get the
economy back on track, he also
says he remains mindful of infla-
tion risks, especially from high.
energy prices.

Oil prices reached’ a new
record Thursday of $102. 59 a
barrel.. High energy prices can
spread inflation by boosting the
costs of a wide variety of other
goods and services and can put a
further damper on overail eco-
nomic growth by crimping con-
sumer spending. -



Full Text


‘

WEATHER



DOUBLE FILET
0’ FISH
FOR LENT

HIGH
LOW










i'm lovin’ it.

18F
64F

SUNNY AND
















The Tribune









ANY TIME...ANY PLACE, WE’RE #1

Crm ty
to drop to ‘single

Concern that incoming
weather system could
exacerbate the situation

@ By KARIN HERIG

Tribune Staff Reporter
kherig@tribunemedia.net

TIME was of the essence yes-
terday, as the Port Department

- and the Defence Force worked

together to remove the Shell
Oil supertanker from where it
had run aground off Lyford Cay
before an incoming weather sys-
tem could exacerbate the situa-
tion. pn eats Fiabe
Environmentalists were yes-

- terday not only concerned

about the danger of a possible
oil spill, should the vessel’s hull
become compromised, but also
about the damage that may
have been done to an endan-
gered species of coral.

The Port Department of the
Ministry of Maritime Affairs
yesterday oversaw the removal
of the 44,788-ton tanker from

the rocky underground penin-
sula near Goulding’s Cay, with
the Defence Force lending its
assistance.

The Port Department
assigned two government tug
boats and two privately-oper-
ated tugs to remove the vessel.
At press time last night it was
unclear if the efforts had been
successful.

Controller of the Port
Department Captain Anthony

Allens in a statement yesterday -

afternoon said that although the
double-hulled vessel — which is
carrying 120,000 barrels of oil
— is not leaking at present and is
unlikely to do so under current
conditions, it is still important to
move the tanker as soon as pos-
sible.

SEE page 10

Bishop Simeon
Hall warns PM
over court system

@ By PAUL G TURNQUEST
Tribune Staff Reporter
pturnquest@tribunemedia.net

SENIOR Pastor of the New Covenant Baptist Church, Bishop
Simeon Hall warned Prime Minister Hubert Ingraham yesterday
that unless his government repairs the court system during its term
in office, it would have betrayed the trust of the Bahamian people
and proven “unworthy” of continuous national support.

In an address issued to the media entitled “Too much talk — too

SEE page 10



_ little action”, Bishop Hall said that the recent case of convicted



-| in the Grand Bahama Port

git:





Merwe
MRT TR Co UE
A RET aes |
pushing for $12m pay-out

A SPOKESMAN for Sir
Jack Hayward and IDC, his
company that holds shares







Authority and Port Group
Limited, said they are “flab-
bergasted” that GBPA co-
owner, the éstate of the late
Edward St George, is con-
tinuing to push its request
for a pay-out of $12 million
in dividends at a time when
the Grand Bahama Airport
is in debt and is looking for
ways to pay the $33 million it
owes.

“Tt is utterly beyond our
comprehension how anyone
who says they care about the
future of Grand Bahama, its’



































| residents and its economy,

can also go on record as say-
ing that they need a dividend
pay-out of millions of dol-
lars to continue fighting legal
battles when the airport is
faced with huge debts
because there is no money
available to pay the $33 mil-
lion in outstanding loans,”
said Andre Feldman, the
Grand Bahama-based attor-
ney and spokesman for the
Hayward interests. “The
suggestion that the Grand
Bahama Port Authority go
out and borrow money to
pay the debt that is owed to
Hutchinson Whampoa is
ridiculous. Frankly, we are

SEE page 10





BAHAMAS EDITION

FRIDAY, FEBRUARY 29, 2008





Wilchcombe: mid-term —

budget report affirms PLP
govt was on right course

ll By PAUL G TURNQUEST
Tribune Staff Reporter
pturnquest@tribunemedia.net

that the FNM’s mid-term budget

the Perry Christie administration
was on the right course of sys-
temically managing the growth
and sustainability of the Bahami-
an economy.

Noting that the Christie admin-

in the beginning by the FNM,

national organizations including

SEE page 10

Obie Wilchcombe

Senator claims she was unable to locate

31 voters at addresses they provided

@ By TANEKA. THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net

SENATOR Pleasant Bridgewater resumed testimony as the Marco

Registrar before the May, 2007 general elections.

One of these voters is the aunt of Minister of State for Finance and
Marco City MP Zhirvago Laing while another was the estranged hus-
band of Ms Bridgewater’s cousin.

Yesterday the defeated PLP senator, listed as the petitioner, told the
court she knew almost all of the voters and personally visited the

SEE page 10







oa

ST LES Ba,
‘

Nya de
tits ect oe

1 a

FORMER Minister of Tourism ne
; determine the cause of the inci-

Obie Wilchcombe said yesterday
: dent.
pret ee cae : ter of State for Aviation Branville
: McCartney in the House of
: Assembly yesterday, who said
: that it was in keeping with the
.} requirements of local aviation
i safety regulations.
istration was “severely” criticised “ Olle :
; dent investigation, the report will
they, along with a host of inter- { be sent to the director of civil avi-
: ation and the Attorney Gener-
: al’s Office for release to the pub-

Moody, Standard and Poor’s, ; :
Se ee : lic as deemed necessary,” he said.







Felipé Major/T ribune staff

: Investigation
to determine

the cause of

_Leair Jet crash

THE Flight Standards Inspec-

: torate has opened an investiga-

tion into the Leair Jet crash to

This was announced by Minis-

“Upon completion of an acci-

Mr McCartney told parliament

: that on Monday, February 25, at
: around 5pm an Embraer 110 air-
: craft, registration C6-CAB oper-
: ated by Leair Charter Service
:, Ltd, landed at the Lynden Pin-
: dling International Airport on
i runway 32 without first extend-
i ing its landing gear.

The flight was returning from

! New Bight, Cat Island.

“The aircraft was carrying 14

City election court case continued Thursday and went through 31 reg- :} Passengers and two crew mem-

‘istered voters in the Marco City constituency whom she said she was
unable to locate at the addresses they provided to the Parliamentary :

: bers, none of whom were injured
: during the incident,” he said.

He said that as a matter of pol-

: icy and standard operating pro-
: cedures, regular inspections of
: aircraft, maintenance records and
: pilots’ records are carried out by
: the inspectors from the Flight

addresses on the counterfoils multiple times during her election cam- ; Standards Inspectorate (FSI).

These inspections permit the

SEE page 10

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PAGE 2, FRIDAY, FEBRUARY 29, 2008

THE TRIBUNE



BIRD-WATCHING GROUP SAYS WILDLIFE SANCTUARY IS BEING FILLED WITH RUBBLE

‘Stop wetlands destruction’

@ By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

A local bird-watching group is
calling for action to be taken to
stop further destruction of wet-
lands in the Cable Beach area
after discovering that large areas
are being filled with rubble by an
unknown developer.

A member of the ornothology
group, wishing to remain anony-
mous, told The Tribune yester-
day that the area forms one of
the last sanctuaries for birds and
other wildlife on New Providence.

The wildlife enthusiast said that
while the extent of the destruction
is not immediately obvious, a
quick detour reveals a “critical
area” where piles of “dirt and
boulders” appear ready to be
pushed into the wetlands.

“It’s like a little river flowing
through there, and if somebody
cuts the river off at mid-stream,
the rest will suffer,” she said.

Wetlands have been recognised















































as fulfilling critical ecological
functions. Home to many species
of wildlife including nesting and
migratory birds and fish, they also
play a crucial role in storing flood-

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waters and improving water qual-
ity.

The Bahamas became a signa-
tory to the Ramsar convention,
an international treaty for the

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conservation and sustainable use
of wetlands, in 1997.

Yesterday, minister of works
Earl Deveaux told The Tribune
he would direct a ministry
employee to inspect the site
flagged up by the conservationist.

He further confirmed that his

‘ministry is already looking into

extending the 71 acre Baha Mar
“no build zone” already desig-
nated in Cable Beach to include
some more wetlands in the area.

The decision to shield the Baha
Mar acreage from development,
providing for it to be turned into
a public park, was revealed last
week in the supplemental heads
of agreement between the gov-
ernment and the developers
tabled in the House of Assembly.

Yesterday, Mr Deveaux said
that his ministry has also been
instructed to undertake an

PROBLEMS emit UP: atelo) Cem In IM UATS) Melenieetce

“immediate review of the

approvals ” for another develop-
ment taking place in the area in
order to assess its impact on the
wetlands there, “with a view to
scaling back”.

Mr Deveaux said: “We are
mapping the area right now, to
see .. .the extent to which we can:
a) restore the salt water from
Sandyport back to the ocean, b)
integrate the original flow back
to Lake Cunningham and c) con-
serve and protect as much of the
wetlands as we could as a no build
zone,” he said.

Local environmentalists,
including Bahamas National
Trust director Eric Carey have

descried the “alarming rate” at

which these ecologically-sensitive
lands are being destroyed in this
country. .

Last August, Mr Carey pro-
posed that government stipulate
that no further development on
wetlands take place in New Prov-
idence, while requiring that any
such construction on other islands
is “carefully planned and moni-
tored.”

He said that the preservation of
wetlands is not just a matter of
safeguarding habitats for certain
species of wildlife, but also of

NOTICE

IN THE MATTER OF

THE COMPANIES ACT, CHAPTER 308 LAWS OF THE
BAHAMAS, 2000 EDITION

IN THE MATTER OF

CALEDONIA CORPORATE MANAGEMENT GROUP
LIMITED

(Formerly Anglo Offshore Investment Ltd.)

(In Voluntary Liquidation under the Supervision of The
Supreme Court)

NOTICE

Notice is hereby given that on 12 February 2008, by resolution
of its Members, Caledonia Corporate Management Group
Limited (the “Company”) went into voluntary liquidation
and I, Mr. Anthony S. Kikivarakis, of Deloitte & Touche,

2nd Terrace West, Centreville, Nassau, The Bahamas, was
appointed as the Company’s Liquidator. Subsequently, on
20 February 2008, by Order of the Supreme Court of The

Bahamas, I, Anthony S. Kikivarakis, was appointed as the

Company’s Official Liquidator.

Anthony S. Kikivarakis

Official Liquidator

VCarrysut cniy,
_Extia for Deep Dish





maintaining quality of life for all
Bahamians.

“Collectively, private citizen-
ry, the government, the BNT and
other non-government organisa-
tions have to harness our ener-
gies towards protecting what is
left,” he said.

Pericles Maillis, a local attor-
ney and conservationist and for-
mer co-chair of the National Wet-
lands Committee, has explained
that one problem traditionally
contributing to the destruction of
wetlands, is the flimsy nature of
the law under which they are sup-
posed to be protected.

The Conservation and Protec-
tion of the Physical Landscape
Act, he suggested, has various
“loopholes” which have been
exploited by those wishing to
build on the environmentally sig-
nificant areas.

However, he said that there are
early discussions underway to
revise and strengthen the Act.

A ministry of works team, in
conjunction with the Bahamas
Environmental, Science and
Technology (BEST) Commission,
was directed to visit the site
flagged up by the birdwatcher
yesterday.

Verdict expected
today in the
-Esfakis inquest





@ By ALISON LOWE
Tribune Staff
Reporter
alowe@tribunemedia.net








A verdict is expected to

be delivered in the Coro-
_ner’s, Court today. in,the
inquest into the death,of
burns patient Christopher
Esfakis at Doctor’s Hospi.
tal in 2002.

Lawyers for the estate
of Mr Esfakis, the hospi-
tal and the doctors
involved in treating Mr
Esfakis during the two
days he was at the hospital
made their final submis-
sions to coroner William .
Campbell yesterday.

The inquest, which
began on April 25 last year
— almost exactly five years
after 42-year-old Mr
Esfakis’ death at the hos-
pital — saw numerous wit-
nesses called, including Dr
James Iferenta, Dr Regi-
nald Neymour, nurses who
attended the deceased,
forensic pathologist Dr
Govinda Raju and a US
expert in burn injuries and
their treatment.

The court previously
heard that an autopsy per-
formed on Mr Esfakis on
April 25, 2002 by Dr Raju
found his death came. as a
result of cardiac respirato-
ry arrest, acute pulmonary
congestion and oedema, in
addition to an airway
obstruction as a result of
an inhalation injury and
burns.











































THE TRIBUNE

FRIDAY, FEBRUARY 29, 2008, PAGE 3







Oo ln brief

Torry Turnquest



Man charged
with rape

Torry Turnquest, 29, alias
Jamaal Rolle, appeared in
Magistrate’s Court yester-
day and was charged with
one count of rape.

Turnquest is accused of
having sexual intercourse
with a 30-year-old woman
without her consent.

According to court dock-
ets, it is alleged that the rape
took place on Tuesday, Feb-
ruary 19.

Turnquest was granted
$15,000 bail.

His case was adjourned to
July 8.

Veteran journalist
dies in Grand Bahama

@ By DENISE
MAYCOCK
Tribune Freeport
Reporter
dmaycock@
tribunemedia.net

FREEPORT - Veteran
journalist Dudley Byfield
died this week on Grand
Bahama.

Mr Byfield had been
very ill. He was initially
hospitalised at the Rand
Memorial Hospital before
being released. He died at
home.

Mr Byfield, who was
- described locally as the
“dean of journalists”, was
employed as editor of the
Freeport News for many
years.

He later founded his
own small newspaper, The
Grand Bahama Sun.

Mr Byfield joined the
Freeport branch of
Bahamas Information Ser-
vices a few years ago,
where he was employed as
a writer.

A funeral service for Mr
Byfield will be held at St
John’s Jubilee Cathedral
on Settler’s Way on March
8.

Woman
charged with
Stealing by
reason of
employment

A 27-YEAR-OLD
woman appeared before
the courts yesterday
and was accused of 37
counts of stealing by
reason of employment
from the Road Traffic
Department.

Leshann McPhee, of
Smithville Subdivision,
was charged with steal-
ing a total of $21,973.83
from the department’s
Thompson Boulevard
office between Monday,
September 3, 2007 and
November 8 of the
same year.

Court dockets allege
that she stole the funds
over the two-month
period, taking anywhere
between $50 to just
over $950 at a time.

In all, 21 witnesses
are being called to
appear, including the
Road Traffic Contoller,
Jack Thompson.

id ee
ULES)

FOR PEST PROBLEMS
ere



THE BROKEN glass front door at Spotless Clea



LOCAL NEWS

@ By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net

AN ATTEMPT to bur-
glarise an Oakes Field
drycleaners in broad daylight
led to massive traffic jams and
inspired rumours of a bank
robbery in Nassau yesterday.

At around ipm police
received a call informing
them that Spotless Cleaners
on Poinciana Drive, opposite
College of the Bahamas, was
under siege by a gunman.
According to Assistant Super-
intendent Walter Evans,
police responded with several
units, including the SWAT
team.

“They cordoned off the
area, however, no one was
found on the inside of that
facility, namely a gunman,”
he said.

According to a source on

Felipé Major/Tribune staff

Om from Confiscated
Assets Fund to go to
police and Defence Force

THE government will use $9 million from
the Confiscated Assets Fund to bolster the bud-
gets of both the Royal Bahamas Police Force
and the Defence Force, Minister of National
Security Tommy Turnquest announced.

Speaking in the House of Assembly yesterday,
Mr Turnquest also said that the government is
expected to purchase a plane for the police,
which will serve two purposes: to help reduce
the cost associated with officers undertaking
their duties throughout the country, and to

‘ensure the safe transport of prisoners.

Mr Turnquest said $5 million of the-money
accessed from the Confiscated Assets Fund will
go to the RBPF capital budget with the remain-
ing $4 million earmarked for the Defence Force.

The money will be accessed in accordance
with Section 52(3) of the Proceeds of Crime
Act (chapter 93), he noted.

The Confiscated Assets Fund contains the
proceeds of criminal activities which have been
recovered under a confiscation order. It cur-
rently has a total of $20 million.

“IT can say that the government is providing
the necessary resources and support to ensure
that the agencies and bodies under the Min-
istry of National Security (as with other min-
istries) get the job done and that we are
strengthening our institutions to make them
more effective,” Mr Turnquest said.

Speaking on the new police aircraft, the min- ©

ister noted that policing the Bahamas requires
extensive travel throughout the islands to inves-
tigate crime, apprehend perpetrators and to see
that suspects are charged and brought before the
courts.

Cost: $325 per person

Includes transportation, accommodation, meals and tours.

Mr Turnquest said an additional $700,000
has been allocated to the police for this pur-
pose. :

“It will be noted from the budget that an

additional $2 million will be allocated to the ©

Royal Bahamas Police Force.

“I must emphasise that our archipelagic con-
figuration bears centrally on the nature of var-
ious aspects of the support the police needs.
Transportation equipment — cars, jeeps, motor-
cycles, bicycles — that we purchase from the
budget amount will be deployed throughout
the Bahamas.”

The increase in the price of fuel has also
increased operation costs for the police, he said,
adding that this fact is being taken into consid-
eration in the allocation of $400,000 for fuel.

“We make these additional allocations to the
police consistent with the importance of their
work and their significant accomplishments,
particularly in the flagship Neighbourhood
Community Policing Programme,” Mr Turn-
quest said.

He said the government will also continue to
give “tangible support” to the growth and devel-
opment of the Royal Bahamas Defence Force as
it is “an important objective” to make the

Defence Force a “Bahamas-wide force rather

than a New Providence-based force.”

He said the government “is very much on
track” with its phased acquisitions of assets for
the Defence Force, which will result in 12 new
vessels being added to its fleet — two of which
have already been received and commissioned
— and the acquisition of two aircraft over the
course of the next year.





Registration and payment must be made at the BNT
headquarters, Village Road, Monday to Friday, 9am to 5pm






the scene, the police’s belief
that the robber was still inside
when they arrived led them
to smash the glass front door
to gain entry.

Police said that the gunman
entered the store and
demanded cash, but when an
employee fled to a rear
restroom, he left the building.

An onsite source said he
had obtained nothing for his
efforts, although police
could not confirm this at the
time.

Employee

The employee, the only
person reported to be in the
building at the time, was not
harmed but police report she
was psychologically trauma-
tised and was taken to the
hospital.

The assailant was at large
up to press time yesterday.



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a

Gunman attempts
to rob drycleaners

Police were combing the area.

The location of the clean-
ers — next door to Common-
wealth Bank on the corner of
Nassau Street and Poinciana
Drive — and the large police
presence the incident attract-
ed, led many people in the
area to speculate that it was
the bank that had been
robbed.

Closure of a section of
Poinciana Drive by police
caused a massive traffic buiid
up on busy surrounding roads
when many people would
have been on their lunch
hour.

At around 2pm, a-police
officer on the scene told The
Tribune that the road had
been closed for 10 minutes,
and would likely be shut off
for a further 10 minutes while
police took photographs of
the site and conducted other
investigations.

y








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PAGE 4, FRIDAY, FEBRUARY 29, 2008

THE TRIBUNE





EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
‘ Contributing Editor 1972-199]

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

Shirley Street, PO. Box N-3207, Nassau, Bahamas
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PLP homes not what cracked up to be

AS THE Opposition taunted the FNM gov-
ernment for not building a single low cost home
after promising 3,000 if elected, former Housing
Minister Shane Gibson was praised for the
speed with which he started his building pro-
gramme when the PLP became the government
— “speedy like a bullet”, according to one of his
political colleagues.

Yes, he was “speedy like a bullet” as he got
off to a rollicking good start because every-
thing had been left in place by the Ingraham
government to enable the “bullet” to move at an
accelerated pace.

Mr Gibson was able to start government’s
low cost building programme as soon as he got
his feet tucked securely under his ministerial
desk, because he had at his Ministry’s disposal
a $6.7 million deposit at the Bahamas Mort-
gage Corporation; $35 million in bonds floated
by the FNM in 2002; and $5 million in the Min-
ister’s Corporation Sole account — more than
$46 million to launch a sound low cost building
programme. ae

When the FNM minister came to office last
year prepared to honour his party’s election
promises of additional low cost homes, he was
faced with a $5 million overdraft at the Bank of
the Bahamas, and the task of having to go back
to the House to ask for $2 million to repair a
large number of poorly constructed homes put
up during the Gibson period. In fact the housing
programme had virtually shut down under the
PLP by October, 2006 for lack of funds.

“TI am proud of my performance as Minister
of Housing and National Insurance. I am proud
of my unmatched record of constructing more
than 1,300 homes in my three and a half years as
the minister, especially compared to the 50-
plus houses the previous administration built
in their first time,” Mr Gibson told the House.
Many of his colleagues applauded his “‘achieve-
ments” and felt that the rest of us should do the
same.

We really don’t know what Mr Gibson had to
feel proud about, particularly when we heard
the many complaints brought to The Tribune by
persons who believed they had been taken
advantage of. They came to us as a last resort
because no one would listen to their grievances.
Most of their complaints had their roots in the
Gibson period.

We felt sorry for the hapless minister who
replaced Mr Gibson after the 2006 cabinet shuf-
fle. Former minister Neville Wisdom, not know-
ing what a hornet’s nest he had stepped into, got
caught in the political crossfire. An unfortu-

_nate exchange between him and a senior mem-
ber of his staff took the attention off Mr Gibson

e

MnCl SIMRO a Melman ki simia

“When everything around you is
crumbling, Christ is the rock on
which you can stand.”

SUNDAY SERVICES
7.Obam, Fo0am, TT T5am

PASTOR EARLE FRANCIS J.P.,D.D.
Marriage Officer, Counsellor, intercessor
Phone: 323-6452 * 383-5798
Fax: 326-4488/394-4819

PUBLIC
AUCTION

LG. STUBBS PUBLIC AUCTIONEER WILL SELL

_ Large Quantity used Restaurant , Deli, and Convenience Store
Equipment and Accessories comprising:
Stoves, Fryers, Bar and Kitchen Sinks, Chinese Wok Stove,
Walk-In Cooler and Freezer with glass display doors, Hobart

and highlighted an unsuspecting Mr Wisdom.

However, when government went to the
House to debate a resolution to make it legally
possible to transfer land to the minister so that
he could, lease it to the Mortgage Corporation
and the corporation in turn could give con-
veyances to property owners and mortgages
could be executed and issued to provide funds
for continued subdivision development, the
Ministry’s parliamentary secretary let it all hang
out. (See page 11).

Mr Brensil Rolle, MP for Garden Hills, said
the process was followed by the first PLP gov-
ernment and the FNM, but not by the “new”
PLP. The established process enabled the pro-
gramme to sustain itself.

Mr Rolle said that from 2002 to 2007 “this

very simple process was abused and subse-

quently abandoned by the ‘new’ PLP.”

He said the Mortgage Corporation spent
funds for infrastructural development in many
subdivisions, houses were built on land not
owned by the Minister and not leased to the cor-
poration. As a result conveyances could not be
issued, mortgages were not executed, individu-
als could not be given titles. “However,” said Mr
Rolle, “the minister continued to assign houses
and give keys without the confirmation that
individuals could qualify for mortgages.” The
corporation was unable to legally recover funds
expended on infrastructure and developments.
While the funds were continuously being deplet-
ed, income from mortgages was not coming in.

Mr Rolle then accused the minister of intro-
ducing “an illegal policy of collecting rent to

» seek to recover some of the funds expended

by the corporation primarily because it couldn’t
compel individuals to make payments on hous-
es where a legal mortgage was not in place.”

Under such pressure the system collapsed.

During the 2007 election campaign the for-
mer prime minister scoffed at the FNM’s
promise to build 3,000 homes, saying words to
the. effect that the PLP were not interested in
housing, but were “interested in people.”

What kind of interest did the PLP show in
people when they could not give them legal
title to their property, nor deliver homes with-
out cracked walls, uneven floors, inferior mate-
rial and overall shoddy workmanship? Maybe
Mr Gibson can tell us what part of this shambles
he is proud of. Certainly the homeowners who
called The Tribune, came to our offices and
invited our reporters to their poorly construct-
ed homes saw nothing to sing about. We only
saw their anger, and their belief that their gov-
ernment had let them down.

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- destination

EDITOR, The Tribune.

OF RECENT times the story
of some Bahamians being pre-
pared to “sell da MA” is mak-
ing the rounds again. The vari-
ous projects around the country
that are making many persons
nervous, may be an indication

that we have sold or given away '

too much in the name of “some-

_ thing new.”

This scenario reminds me of
a new version of the slave trade
where tribal leaders gave away
what was precious for trinkets,
stuff that caught their eyes, but
had no lasting value.

We are allowing the slave

ships to be constructed on the .

land and impact on the social
fabric will be just as negative;
because of what tends to accom-
pany these kind of ventures; and
we are kind of messed up
already with our tendency to
politicise everything that hap-
pens to us.

I am not impressed in the
least by what is going on and
the situation in Bimini is at the
top of my not-impressed list.
What is going on in the minds of
those who are in leadership or
are espoused to it?

Are they concerned with
leading or just going bigger and
better than the last fellow in

LETTERS

letters@tribunemedia.net




charge? Next to Bimini on my
list is the Bahamar project. I am
forming the opinion that it is an
attempt by one administration
to outdo the other, but this one
is beginning to look like a rather
large Junkanoo costume that

- will not be able to make the lap.

There is nothing wrong with
being competitive, but there is a
price to be paid for misman-
agement of a nation’s resources.
I am concerned that the land
that the project is taking up,
costs more than the project
itself, this project could have
happened in other locations in
the Bahamas, that have a
greater need.

The environmental impact
would have been. less and the
economic impact would have
been greater.

We would have also min-
imised the social disruptions
that are bound to happen
because of the amount of man-
power that will have to be
brought in if the project is to
meet its projected schedule.

I am not interested in a “Las

Vegas style” tourist destination
because we do not need some-
thing like that to compete in the
tourist market.

This thing goes against who
we are and what we have to
offer as a tourist destination and
it will impact our already fragile
culture in a very negative fash-
ion.

In the name of common
sense, what can we construct on
the north side of skyline drive
that would be an improvement
on what is proposed? This is too
much land for another “one
shot deal”. I am sure that we
can do a lot better and retain
what we as a nation have to
offer as a tourist destination.

The present administration
has tried to “scale the project
down” all the while listening to -
the criticisms of the opposition.
The opposition should be glad
that an attempt is being made to .
make the size of this project less
objectionable, but, however this
turns out we are going to have a

' visible, ongoing reminder as to

what we should not allow-to
happen in this country in the
future.

EDWARD HUTCHESON
Nassau,
February 27, 2008.

Politicians should be more careful
before speaking on reasons for crime

EDITOR, The Tribune.

IT IS disheartening to hear
some political leaders give their
opinions and their reasons as to
why crime is on the increase.
They imply that the persons
who commit crimes have ade-

quate reasons to do so because’

they are unable to find jobs or
that they are out of work
because certain projects have
slowed down or been put on
hold. We are left to our own
conclusions as to whether this is

true or not, but what is true is
that the spin that is often
applied by those seeking to gain
political points have given per-
sons involved in crime a further
push in a direction that is
already wrong.

Politicians must be careful
when they open their mouths
to articulate their positions and
what comes out of their mouths
does a lot to influence the social
climate that they themselves
have to live in. How about say-
ing something that makes a per-

son think'twice about commit-
ting a crime. :

A person who has access to a
knife or weapon does not need
any encouragement to commit a
crime; they need an encourage-
ment that draws them to a way
of life that is better than what is
being put forth by misguided
leaders who claim to speak for
them.

EDWARD HUTCHESON
Nassau,
February 27, 2008.

Too much political bias in the media

EDITOR, The Tribune.

I WAS impressed by the let-
ter from Jan Mabon in February
9th Tribune emphasising the
importance of an unbiased
press.

There is just too much politi-
cal bias in all the media and The







Tribune is no exception. While
language fluency and righteous

- indication may make for inter-

esting reading in editorial and
personal opinion columns,
much of this is overshadowed
by the constant berating and
disrespect for the former gov-
ernment and its policies.
While readers agree politi-
cians, community leaders and
office holders must be held
accountable for poor judgments
and misconduct, an unbiased
press serve us all better as infor-
mation providers and encour-

agers of good citizenship. It’s
time to stop so much personal
venting just because it’s called
“Insight.” We know columnists
are not neutral, but we expect
when you tell us about our-
selves you do so without the bit-
ter and caustic language. Read-
ers are turned off when much of
it is overkill, the attitude con-
descending, and, oh, so superi-
or. ,

LOUISE KNOWLES
Nassau,
February 18, 2008.

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THE TRIBUNE

FRIDAY, FEBRUARY 29, 2008, PAGE 5



Da cone ee
ynden Pindling airport receives better security ratings

THE Lynden Pindling Inter-
national Airport has finally begun
receiving better security ratings
from US transport officials.

This was revealed by Minister
of State for Tourism and Avia-
tion Branville McCartney yester-
day in the House of Assembly
during his contribution to the gov-
ernment’s mid-year budget
report.

He said that following criticism
of the security at LPIA by US
officials — including former
Ambassador John Rood — “my
ministry was very pleased to note
that positive security ratings have
recently been received from the
Transportation Security Admin-
istration (TSA) for this airport.

“This government has served
notice to the international com-
munity that it is serious about avi-
ation and its national and inter-
national responsibilities. Accord-
ingly, we sought as a first order of
business to demonstrate in a very
tangible way that the political will
now exists to do all that is neces-
sary to ensure the safety and secu-
rity of the traveling public,” he
added.

Mr McCartney said this was
the reason he led a delegation of
officials from the Civil Aviation
Department to the International
Civil Aviation Organisation
(ICAO) meeting in Canada.

“I am pleased to advise you
that the response from the per-
sons attending was overwhelm-
ing. Without exception, both the
ICAO and country delegates

Branville Meena

lauded the presence of the
Bahamas to this premier interna-
tional setting, and they continued
to assure us of their support for
our efforts,” he told parliament.
“May I note that this was a first
for the Bahamas to participate in
such a meeting.”

Mr McCartney said he will
soon be travelling to Mexico to
meet with regional ICAO repre-
sentatives, with a view to contin-
uing dialogue on matters of mutu-
al interest, “in particular the
audits that the Bahamas is sub-
jected to”.

He said his ministry has taken
other concrete steps to solidify
the aviation sector. “In this
respect, the security of the trav-
elling public is pre-eminent
among those tasks which we must
give attention to, and we have
begun to put in place those instru-
ments which are necessary for
securing our airports.”

Mr McCartney noted that the

" government continues to main-

tain a “respectful and cordial”



relationship with Federal Avia-
tion Administration and United
States Embassy officials, and has
held a number of meetings with
both entities, “with a view to fos-
tering mutual aviation objec-
tives”.

He told parliament he was
amazed to discover upon taking
office that although the Bahamas’

‘Civil Aviation legislation requires

the appointment of an aviation
security manager and an aviation
security consul, both of these
posts were left vacant by the for-
mer PLP government. “We there-
fore proceeded immediately with
the appointment of both the man-
ager and the consul, and we have
found that these appointments
have been critical as we seek to
chart a vision for the enhance-
ment of the very critical security
component.”

Mr McCartney said there is
much more to be done, particu-
larly in terms of modernising the
country’s legislation to include
the necessary ICAO protocols.
He added that efforts are under-
way in this regard.

“These improvements will not
come cheap Mr Speaker, as there
are some 18 ICAO annexes which
must be fleshed out and incorpo-
rated into national legislation,”
he said.

He noted that the Civil Avia-
tion Department (CAD) was allo-
cated a total of $9,057,481 during
the current fiscal year with
$2,974,681 earmarked for recur-
rent expenditure and $6,082,800

Government is committed to overcoming
challenges facing Bahamasair, says Grant

@ By TANEKA THOMPSON
Tribune Staff Reporter

tthompson@tribunemedia.net

THE government is commit-
ted to overcoming the “chal-
lenges” facing Bahamasair, Min-
ister of Tourism and Aviation
Neko Grant said.

During his presentation of the
national flag carrier’s mid-year
budget report in the House of
Assembly, the minister outlined
these challenges, saying the high
cost fuel and an aging fleet are
major problems affecting the air-
line.

“These challenges facing
Bahamasair are indeed great, but
not insurmountable. This gov-
ernment was very careful in its

structuring of the board of:direc-:

tors, and ensuring that we identi-
fied the right. mix of individuals
who. not only appreciated, the
importance of commitment to the
consistent delivery of quality ser-
vice, but who were also business-
proven strategists, with a vision
for how the corporation ought to
function and the experience and

aptitude to bring that vision to-

fruition”.

The minister noted that for
more than 20 years, the public
treasury subsidised Bahamasair










Long Island and Exuma.

May he rest in peace.

KEMP’S FUNERAL HOME LIMITED

22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas

MEMORIAL SERVICE

HUGH JOHN ARTHUR COTTIS
1930 -

A Memorial Service will be held at 3pm on 1st March,
2008 at The Marsh Harbour Gospel Chapel for the late
Hugh John Arthur Cottis, aged 77 years, of Dundas Town,
Abaco, The Bahamas and formerly of Essex, England,

He was born on 15th October, 1930 in Tolleshunt D’Arcy,
Essex, England, and died on Thursday, 14th February,
2008 at Doctors Hospital, Nassau, The Bahamas.

Hugh Cottis was an oustanding man of many talents who
dedicated much of his life to community service.

He is survived by his wife of 53 years, Sylvia, his son
Gregory, sister Roma, aunt Margaret, brothers-in-law,
Derek and Ernest, sisters-in-law, Jean and Olive, nephews
Timothy, Michael, Colin and Paul, nieces Beverley,
Lynda, Anne and Jane and their children. Olivia Knowles
and family, members of The Presbyterian Kirk of The
Pines, Marsh Harbour, The Cancer Society, The Rotary
Club of Abaco and friends in The United Kingdom, Long
Island, Exuma, Abaco and Nassau.

Donations in his memory may be made to The Abaco
Branch of The Cancer Society, of which he was President,
or to the building fund for The Presbyterian Kirk of The
Pines, Marsh Harbour, of which he was an Elder.











Including:

repairs (two Dash 8 aircraft)

creditors

Neko Grant

in excess of $20 million per year.
The present administration
determined “that subsidisation at
such steep levels must stop”.
Last June, parliament approved
a subvention of just $11 million to

2008















WHERE FUNDING WILL GO

Of the $39.9 million being sought in supplementary funding by
the government, $11.3 million ts earmarked for Bahamasair.

e $2.85 million for aircraft engine overhauls and repairs (five
Dash 8 engines, one 737 jet engine)
e $1.0 million for mandatory ‘C’ check engine maintenance and

e $2.56 million for aircraft parts and supplies
e $3.39 million for overdue accounts payable to US based

e $1.5 million for aircraft hangar repairs



Bahamasair for the fiscal year
2007-2008, the minister said, and
by the end of December, the air-
line spent $7.14 million of this
allocation. Of this amount, $3.99
million was spent on the airline’s
long term debt service obligations
and $3.15 million on balances out-
standing to US based vendors.

“The board of directors and
the management indeed have
quite the task before them, as
they have been mandated to iden-
tify means by which the airline
could be made attractive enough
to draw interest for potential
strategic partnerships or other-
wise” the minister said.

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for capital works. “Of this amount
some $425,041.34 has been
expended on maintenance work,
painting, tile laying and improve-
ments to terminal structures at
19 Family Island Aerodromes and
CAD headquarters.
“Additionally generators at
Exuma International Airport, at
Marsh Harbour; Treasure Cay
Airport, Governors Harbour and

San Salvador airports have been
repaired at a cost of $25,548.84,
although on-going maintenance
is required.

“Repairs to crash/fire rescue
(CFR) vehicles for South Bimini,
New Bight, Cat Island and Fresh
Creek, Andros are underway.
Repairs to the first of the three
CFR vehicles was completed at
a total cost of $78,060.99 and the

vehicle was shipped to South
Bimini February 18, 2008,” he
said.

Mr McCartney added that
$126,922 was spent replacing and
purchasing new vehicles for Air
Traffic Services, Aeronautical
Information Services (AIS) and
Flight Standards Inspectorate
(FSI).

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PAGE 6, FRIDAY, FEBRUARY 29, 2008

THE TRIBUNE



RE-ELEC | ING | HE FORMER PM HIGHLIGH ; S 7 HE PLP’S REFUSAL fo ACCEE! CHANGE

Who is in line to
succeed Christie?

@ By ADRIAN GIBSON
ajbahama@hotmail.com

T the PLP con-

vention last

week, none of

the much tout-

ed, so-called future leaders

stepped forward to challenge

present leader Perry Christie,

. and thereby showed themselves,

in the opinion of many, to be

nothing more than a weak cabal
of jelly-belly pretenders.

Although the PLP’s leader-

ship bench is not that deep, they

practically handed the FNM the

next election by refusing to

address the inevitable. It °

presently remains unclear as to
who is in line for the leadership
of the PLP.

Last week’s convention
showed that the PLP has once
* again slipped on a rind of sloth-
fulness and fallen into a time
warp, choosing to give the
bogus impression of harmony
rather than pursuing change.






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Can you imagine the party’s

hierarchy fighting and verbally .

jostling in a smoke-filled room

_ about returning Mr Christie—

unopposed—to the party’s
helm, merely to create a per-
ception of unanimity? The con-
vention was supposed to repre-
sent a new beginning for the
PLP, but no one even contested
the deputy leader position.
The convention’s pointless
theme was “the way forward”,
however the PLP stepped back-
wards and contradicted their
very own election mantra “no
turning back.” Having watched
the televised coverage of. the
convention, it’s apparent that
hardly any tangible ideas or
ground-breaking policies were
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ers. Although speakers such as
Raynard Rigby did promote
transformation and the incor-
poration of new ideas on gov-
ernance, several members of the
party’s old guard rambled on
about the white oligarchy and
used perverse rhetoric that
undoubtedly pleased the par-
ty’s base and seemed to be yet
another attempt at further
polarizing our country (along
political and racial lines). Sev-
eral of the convention speakers
seemed delusional and did a
great disservice to the Bahami-
an people by making untrue
statements on a public platform.

Frankly, little substance was
gleaned from the convention,
and once again the PLP persist-
ed—as does the FNM—with a












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Perry Christie

Congratulations to
Glenys Hanna-Martin!

The PLP's Seiectiorti of

Glenys Hanna-Martin to the
post of party chairman was a
step in the right direction. Mrs
Martin’s historic victory led
to her becoming the first
woman political party chair-
person.

The MP for Englerston is a :

bright spot in the party, who is
potentially an agent of



change. By all appearances, she seems knowledgeable about
the whole apparatus of the party and is a long-standing mem-
ber of the organization who seems to appreciate the past
but can also reunite the party and embrace the future.

continuous recycling of washed-
up, political has-beens. At this
rate, it is highly unlikely that
there will be a political earth-
quake at the 2010 general elec-
tions.

Metamorphosis

IF addressing the PLP’s
leadership, Paulette Zon-
icle, a member of the conven-
tion’s organizing committee
said:

“They will not be challenged,
but the leader and deputy
leader will announce at an
appropriate time what they are
going to do and how they will
do it, but in the next few years
you will see a metamorphosis
of change as it relates to the
PLP”

With only four years before



the next general election, is Ms
Zonicle suggesting that the PLP
will transform itself in the next
four years—in the run-up to the
election? Ms Zonicle and others
must know that her party’s
molasses-like transition could
likely splinter the organization
ahead of an election and once
again result in them swaying in
the political abyss.

The uncontested re-election
of former PM Perry Christie as
the party’s leader highlights the
PLP’s refusal to accept change.

- By the next election, Mr

Christie will be almost 70!
During his address, Mr
Christie laid out no plan of
action and simply resorted to
criticizing the FNM. Instead of
offering new ideas and solutions
to the burning issues now facing
Bahamian society, Mr Christie
used the surge in violent crimes,
for example, as a political foot-

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ball. But, Mr Christie, why is
the PLP ready to return as the
government? Is it possible that
neither Mr Christie nor his par-

ty sees the political writing on-

the wall?

Scandals

Be in his term as PM,
—/Mr Christie pledged
that there would be transparen-
cy and accountability in his gov-
ernment. However, we saw fee-
bleness during the five years of
his administration and an
uncanny practice of conceal-
ment when it comes to govern-
ment affairs, Heads of Agree-
ments and scandals. The multi-
tude of scandals that had erupt-
ed and Mr Christie’s dithering
and failure to address them may
have permanently wrecked his
legacy. Under Mr Christie’s
watch, his government was
plagued by scandal, corruption
and internal strife. The MP for
Farm Road seemed like a deer
caught in the headlights, as he
appeared to fumble, bumble
and been wishy-washy with
regard to several major issues
that have confronted his admin-
istration over the past five years.

Mr Christie does have his
high points, particularly as he
had tried to introduce a con-
sensus government. However,
his overly laid-back approach
to this form of governance was
unsuccessful, especially since
hardly any of Mr Christie’s
appointed commissions ever
reported. Perry Christie has
proven to be a weak leader.
Whatever his virtues are, his
faults far outweighed them.
Surely, I thought it would have
taken more than the Christie
shuffle to save him this time! I
was wrong!

While Mr Christie was'a fan-
cy talker (little action) who
dithered for a considerable pro-
portion of his term, I do credit
him with maintaining a stable
economy, initiating the Urban
Renewal Programme that he
championed to provide oppor-
tunities for inner city residents
and discourage crime, his deci-
sion to revitalize historic Nas-
sau and relocate the ports, the
establishment of the Clifton

-Heritage Park and his efforts to

attract foreign investors/capital
to our shores. With that said, as
with most former leaders of
countries that suffer election
defeats, Mr Christie should have
begun grooming potential suc-
cessors and stepped down. In
our parliamentary democracy,

which adheres to the statutes of -

the Westminster system, Mr
Christie should take a cue from
former Barbadian PM Owen
Arthur’s example and relinquish
his post as party leader and par-
liamentary leader.

If reports are true, Mr
Christie deserves credit for
appearing to have at least
accepted his share of the blame
for his party’s defeat at the polls.
However, by this time Mr
Christie should have gracefully
bowed out!

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See
THE TRIBUNE

FRIDAY, FEBRUARY 29, 2008, PAGE 7



SUE CDIDNENe SDA es 5h par 8 a
GB Power Company gets approval

for electricity base rates increase

Two others
charged in
connection
with burglary

@ By DENISE
MAYCOCK
Tribune Freeport
Reporter
dmaycock@
tribunemedia.net

FREEPORT - Two
other persons have been
charged in the Freeport
Magistrates Court in
connection with the
burglary at the newly
opened Larry Getty
Resort at Bootle Bay.

Marco Marcian Monty
Missick, 35, alias ‘Mar-
co Polo’ of Bimini .
Place, Hawksbill, and
Darshiel George Pratt,
24, alias ‘Dee’ of Abaco.
Drive, Hawksbill,
appeared before Magis-
trate Debbye Ferguson
on charges of burglary
and causing damage.

Prosecution

The prosecution is
alleging that on Febru-
ary 11 at Bootle Bay,
the men, being con-
cerned together and
with others, broke and
entered the house of
Larry Getty situated at
Larry Getty Resort,
with the intent to com-
mit a felony.

It is also alleged that
at same date and place,

Missick and Pratt, being

concerned together and
with others, intentional-
ly and unlawfully
caused material damage
to one door and one
door jam, together val-
ued at $409.47, the
property of Larry Get-
ty.

The defendants were
not required to enter a
plea to the charge of
burglary: They pleaded
not guilty to'causing ~
damage and selected
summary trial.

' Magistrate Ferguson
adjourned the matter to
May 22. Missick was
granted $5,000 bail with
two sureties on the con-
dition that he report at
the Eight Mile Rock
Police Station every
Wednesday before 9am.

Pratt, who was :
already out on bail in
connection with another
matter, was remanded
to Her Majesty’s Prison,
Fox Hill until ths trial
date.





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BB By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT - The Grand
Bahama Power Company has
been granted approval for an
increase in electricity base rates
which will start after April 1.

Company CEO Excell Ferrell
announced at a press conference
on Wednesday that the base rates
for residential customers will
increase by 4.8 per cent.

Anthony Lopez, vice president
of finance, and Derrick King, direc-
tor of transmission and distribu-
tion, were also present.

Mr Ferrell said that the increase

represents an additional $5 per
month and will be reflected on bills
rendered after April 1, 2008.

“Even with this increase, the
first in base rates in nearly two
years, the cost of electrical service
by Grand Bahama Power Compa-
ny is among the lowest in the
region,” said Mr Ferrell.

“The increase reflects the
increased cost of operation from
October 2005 to October 2007 for
average residential customers —
that is about 50 per cent of our
customers — that use 650kw/hours
per month,” he explained.

Mr Ferrell said that the increase
was driven by two major factors —
a $30 million investment for a sys-
tems upgrade and the inflationary
increase in the cost of equipment,
materials, and parts to repair the
generation, transmission and dis-
tribution systems.

Request

According to the CEO, the com-

pany submitted a request in early _

January to the Grand Bahama
Port Authority to adjust the base
tariff which was approved for
March 1, 2008.

One of the major factors impact-
ing customers’ electricity bills over
the last two years has been the dra-
matic increase in fuel costs. These
costs are subject to world markets
prices. The increase does not apply
to the fuel surcharge portion of
the customer’s bill.

When asked if he was concerned
about a negative reaction from cus-
tomers, Mr Ferrell said although
there is no good time for a rate
increase, it was needed at this time.

He revealed that over the last
two years, there were major
upgrades to sub-stations to
improve reliability, and a great deal

Man in court accused of
having sex with girl, 13




Tim Clarke/T ribune staff

MARVIN CLARKE outside of court yesterday.



A KEMP ROAD man appeared before Magistrate Carolita Bethel yesterday,
and was accused of having sex with a 13-year-old girl.
According to court dockets, it was alleged that on Sunday, February 24,

Marvin Clarke, 21, of Kemp Road had unlawful sexual intercourse with the .

minor.

Clarke was not required to enter a plea, however he was granted bail in »

the sum of $15,000. His case was adjourned until July 17, 2008.

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of work to improve the transmis-
sion and distribution system to bet-
ter withstand hurricane force winds
of up to 150 mph.

Additionally, he noted that the
company has completed installa-
tion of a new system to reduce the
impact of lightning, constructed a
69kv transmission line and sub-sta-
tion in the eastern area of the
island, and has just opened of a
24-hour emergency call-in centre
for customers.

Mr King stated ‘that since the
major system upgrades the com-
pany has seen a significant
improvement in reliability.

He pointed out that after the
severe hurricanes of the last few
years, the power company
embarked on a major upgrade of

- its infrastructure in older neigh-

bourhoods in Freeport, installing
new poles, wires and transform-
ers.

“We then moved to the sub-sta-
tions and we did a complete
upgrade to six of the seven sub-
stations we have throughout
Grand Bahama.

“They were all completely
redone and we have seen since the
work tremendous improvement in
reliability and a number of calls
from our customers diminished
quite a bit after improvements,”
he said.

Mr King said that improvements
are continuing in East End, where
they are presently upgrading lines
and constructing a new sub-station
near South Riding Point.

He also noted that the company

has taken steps to increase securi-,

ty at its sub-stations to prevent.cop-
per wire theft.

He said that such losses
add to the company’s operational
cost.

“The copper wire theft is some-

thing that is happening worldwide,
even as far as Japan. What we have
done is increase security around
sub-stations and we are looking
into changing the way we install
copper wire on our high tension
line.

“We installed an underwater
cable across the canal and three
weeks it was destroyed by persons
attempting to remove it.

“We have had to go back in and
re-install that conductor again and
so it increases our operational
cost.”

Mr King said that they are also
considering the use of aluminum or
a different metal that is less valu-
able than copper, and therefore
less of a draw for thieves.

The Grand Bahama Power
Company has some 19,000 cus-
tomers on Grand Bahama. It is
regulated by the Grand Bahama
Port Authority.





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PAGE 8, FRIDAY, FEBRUARY 29, 2008



ayman Stock Exchange

VIEW FROM AFAR|




Share your news

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.













Mrs. F. ene Russell

‘of Ocala, Florida and formerly Hope Town, Abaco and
Nassau died at her sons home in Margate, Florida on
Thursday February 28, 2008.

Suzanne, predeceased. by her parents Wesley R. Russell
and D. Marie Russell, is survived by her husband James
Russell, sons Capt. Philip Russell and Shaun Wolfe,
daughters Cindy Gittelmacher and Heather Campbell,
son-in-law Devin Gittelmacher. Other relatives include
sister Helen Jordan, brother Capt. Mike Russell, brother-

“in-law Dean Jordan, sister-in-law Harriet Russell, uncles
and aunts Capt. & Mrs. Hartley Elden, Mr. & Mrs.
Arthur Elden, Mr. & Mrs. Robert Elden, Mrs. Heidi
Kemp, nephews Dax Russell, John-Michael Russell,
‘Adam Russell, Matthew Russell and David Russell,
former husband Jimmy Russell of Hope Town and
numerous relatives and friends.



The C

@ By JOHN ISSA

UIETLY over many

years The Cayman
Islands have built up a massive
income earner and employment
generator for their tiny popula-
tion.

Over 6000 international mutu-
al funds are registered in Cay-
man and listed on the Cayman
Stock Exchange. The exchange
also has listings for The Cay-
man National Corp and the
Bank of N.T. Butterfield are
also listed, but most of the list-
ings are for large international
Funds.

It is not unusual for trading
to be valued at over US$600
million on a single day. Now
how does all this help the people
and the economy of Cayman?
Well it may surprise you to



know that this financial industry
directly creates jobs for over 600
lawyers and over 2,500 hundred
accountants, secretaries, audi-
tors, regulators and other sup-
port personnel.

If you add to that all the indi-
rect employment created by
those directly employed you can
imagine the tremendous posi-
tive impact that this industry has
on the economy of The Cayman
Islands. There is also the posi-
tive impact on the revenue. This
small country has been able to
capture a substantial portion of
this business over the years.

Costs of operating in the
Caymans are quite high and
they have to depend on many

expats to fill the skills and man-
power needs. These two facts
suggest that The Bahamas may
have a competitive advantage
should it choose to develop this
service.

The other related business
which is probably worth exam-
ining is the international insur-
ance business which fled from
Nassau to Bermuda at the time
of independence because of irra-
tional fears about the new goy-
ernment. Costs in Bermuda are
even higher than those in the
Caymans so an opportunity may
also exist for recapturing some
of this business.

This column would respect-
fully suggest that one or two of



THE TRIBUNE

John Issa

the very competent Bahamians
with some knowledge of inter-~
national financial a

markets be asked to research.
these possibilities.

)

If they can be developed they ~

would create thousands of qual-

ity jobs.

FirstCaribbean
International |

Bank’s PI Branch

to be relocated

Customers to get ‘new facilities
and improved amenities’

FIRSTCARIBBEAN
International Bank’s Par-
adise Island Branch will
soon find a new home in
the Paradise Village Shop-
ping Centre, a few steps
across the street from its
current location.

The bank said that on
March 3, when the new
branch becomes opera-
tional, “customers can
expect a bright new and
attractive look, with signif-

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FirstCaribbean Interna-
tional Bank’s retail direc-
tor Annamaria DeGregory
said, “Our move to the new
Paradise Island Shopping
Centre location will bring a
number of positive changes
to our operations.

“We are particularly
pleased to be able to offer
our customers and employ-
ees improved amenities
that will position our Par-
adise Island Branch among
the Bahamas’ best banking
locations.

“We are quite pleased
that this transition will take
We
will cease business at 3pm
at the old location on
Thursday, February 28 and
re-open at our new loca-
tion in the Paradise Village
Shopping Centre on Mon-
day March 3, 2008.

“This strategic move was
designed to ensure that
there will be minimal busi-
ness disruption for our val-
ued customers,” said Mrs
DeGregory.

FirstCaribbean Interna-
tional Bank executives
thanked their customers
and staff for being “quite
understanding during this
transition” and told cus-
tomers that they can expect

“the same quality products

and services that they have
enjoyed over the years,
except, they will be deliv-
ered in more contemporary
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THE TRIBUNE

FRIDAY, FEBRUARY 29, 2008, PAGE 9





LEFT TO RIGHT ARE: Senator Hazlyn Francis, president of the Senate of Antigua and Barbuda; Dr Jaqui
Quinn-Leandro, president of the Inter-American Commission of Women and Minister responsible for

Gender Affairs in Antigua and Barbuda and Loretta Butler-Turner, Bahamas Minister of State for Social
Development with responsibility for Women’s Affairs.

Minister of State
attends session at
UN headquarters

LORETTA BUTLER-
TURNER, Minister of State for
Social Development, is cur-

rently attending the 52nd Ses-.

sion of the United Nations
Commission on the Status of
Women in New York.

The Commission on the Sta-
tus of women is dedicated
exclusively to gender equality

and the advancement of.

women.
‘ Representatives of member
states gather every year at the
United Nations headquarters in
New York to evaluate the
progress on gender equality,
identify challenges and formu-
late policies to promote gender
















equality and the advancement



Day Session §

of women worldwide.

This year’s session was con-
vened on Monday under the
theme “Financing for gender
equality and the empowerment
of women”.

The session began with the
Secretary General of the United
Nations, Mr Ban Ki-moon,
launching a multi-year cam-
paign to end violence against
women.

The secretary general made
an urgent call to world leaders,
member states, lawmakers,
United Nations entities, civil
society, the private sector, the
media and individuals to work
together to end such violence.
During his address, he stated





MARCH 2nd -

that “violence against women
is never acceptable, never
excusable and never tolerable”.
He also noted that no country,
culture or woman was
immune.
Minister Butler- Turner is
expected to address the com-
mission today. Other members
of the Bahamas’ delegation
include: Paulette Bethel,
Ambassador to the Bahamas
Permanent Mission to the Unit-

ed Nations; Allison Booker,

first secretary of the mission;
Phedra Rahming, first assistant
secretary and officer-in-charge
of the Bureau of Women’s
Affairs, Ministry of Health and
Social Development.

It’s a Time of Tou and Celebration!
Come Let us Worship the Lord, Let us give him the Praise!

OF THE BAHAMAS STATE COUNCIL
OF THE PENTECOSTAL ASSEMBLIES OF THE WORLD INC.

7th, 2008 Greater Bethel Cathedral,
Faith Way, off Blue Hill Road South

(Corner of Carlton E. Francis School)



Early Morning Prayer ---- 5:00am-6:00am
Day Session ---- 12:00noon - 2: 00pm
Evening Worship Service ---- 7:30pm

THEME; “Let God Magnify Thee”
ry I will begin to exalt you in the sight of all Israel.....’””
7. Scripture text; Joshua 3:7 |





Siiragan Bishop Christopher Minnis
Officer of The Royal Bahamas Police Force
Asst. Pastor Elder Troy Mott
Evangelist Brenda Maycock

Evening Worship Speakers:

, Host Pastor | yi ee 2
S uffragan Bishop Christopher Minnis



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Bishop Ellis Farrington J.P
Suffragan Bishop Ezekiel Munnings
_Suffragan Bishop Wintson Redwood |

Suffragan Bishop Wilfred Mackey
Suffragan Bishop Christopher Minnis
Pastor Sharon Rolle
District Elder Paul Rolle








Don’t miss your blessing! Be there!
PAGE 10, FRIDAY, FEBRUARY 29, 2008

THE TRIBUNE



FROM page one

“There is some urgency in the removal
of the oil tanker because a frontal system
is expected to move through the north-
ern Bahamas,” he said.

Forecasters at the Department of
Meteorology told The Tribune yester-
day that a high pressure system bringing
strong winds was expected to move into
the Bahamas last night.

In a statement to the media yester-
day, Shell International said that the
company immediately activated a
response team after the tanker “Ficus”
ran aground close to Goulding’s Cay,
located off the western tip of New Prov-
idence, at around 9am on Wednesday.

“The tanker is partially laden with

Investigation into crash

Oil tanker

clean products (non-persistent oils) and
is en route to Clifton Pier in the
Bahamas. There are no reported injuries
on board, and no pollution as a result
of this incident,” the company said.

Following an “extensive evaluation
and in the interests of environmental
protection and preserving the integrity of
the vessel and the cargo”, Shell said that
an experienced salvage master was
brought in and is coordinating the
refloating of the vessel.

“The salvage master is from SMIT
International, a renowned salvage com-
pany with extensive experience in this
type of work. In the meantime, the ship

is stable, but remains aground,” the com-
pany said.

Environmentalist and founder of the
ReEarth group Sam Duncombe said yes-
terday that she is very concerned about
any possible damage that could have
been done to the coral species which
grow around Goulding’s Cay.

Mrs Duncombe said that the reef-
building species “elkhorn” and
“staghorn” grow around the Cay. Both
of these species were placed on the Unit-
ed States’ Endangered Species List in
2006.

Mrs Duncombe added that if the
tanker is removed expediently, any dam-
aged coral could be transplanted else-
where.

Eric Carey, executive director of the
Bahamas National Trust (BNT), yester-

day told The Tribune that wardens from
the Trust and scientific researchers are }

monitoring the situation closely and will,

as soon as the tanker is removed, meet i

to locate 31 voters

with Shell Oil to discuss possible mitiga-
tion of any damage caused.

Mr Carey said that he would like to :
know how the vessel could have run :
aground in that area, as the reef around

Goulding’s Cay has been there “forever”

and Shell’s tankers travel that route fre-

quently.

Mr Carey said he hopes that measures paign between October, 2006 and

; ae : May, 2007.
dent from happening again in the future. : ui

will be discussed to prevent such an inci-

However, Mrs Duncombe said that as
long as the Bahamas imports fossil fuel,
these “tragic events” will continue to
occur.

‘Sir Jack Hayward and IDC ‘flabbergasted! that

FROM page one

FSI to verify whether the aircraft
are indeed suitable for commer-
cial and private use and that the
pilots are appropriately certified.
Aircraft operated by Leair Char-
ter Service Ltd are all subject to
the same scrutiny,” he said.
“The aviation safety inspectors
employed at the FSI have all been
trained by the International Civ-
il Aviation Organisation (ICAO),

they include seasoned pilots and
engineers who fully meet the
standards required by ICAO.”

Mr McCartney also revealed
that a report has been completed
into the Bahamasair crash landing
in Eleuthera, and has been for-
warded to the Attorney General’s
Office for advice.

“T wish to assure this hon-
ourable House that every effort is
being taken to ensure the safety
of the travelling public,” he
said.

-GBPA CO-OWnEE still pushing for $12m pay-out

FROM page one

flabbergasted at the idea that the Port Author-
ity should go into deeper debt in order to pay
dividends to one of its owners to fight its own
legal battles. The Haywards have gone on record
as saying they will not accept their share of the
dividend if it is awarded.”

According to Mr Feldman, not paying down

Bahama and never come back.”

tion, clearing the way for Sir Jack to sell his

ed British banking family with vast resources
and a vision for Grand Bahama that includes cre-
ation of a major financial services sector, uni-
versity, medical research facility and improve-
ments to basic infrastructure.

Obie Wilchcombe

FROM page one

the International Monetary Fund all admit that the PLP was “on the
right course.”

“These are the words of North Abaco in his mid-term report, ‘even
if there is a more severe recession in the US in 2008, the capital inflows
and the momentum of some of the major investment projects in the
Bahamas will partially compensate,” Mr Wilchcombe said during his
contribution to the House of Assembly yesterday.

“Mr Speaker, my, what.a difference a day makes,” he said.

However, while admitting that Parliamentarians had been busy in fin-
ger pointing, juvenile discourse, and “foolish debate”, Bahamians
were losing their lives and more Bahamians were joining the unem-
ployment lines.

“Our neighbours to the north, the United States, the principal trad-
ing partners of the Bahamas raised the red flag and were moving with
rapid haste to slow slippage into a recession. While the United States
and other countries were introducing packages to stimulate econom-
ic activity, in fact putting money into the hands of its citizens we were
pulling back.

“The tax relief for first home owners and the duty exemption for taxi
drivers were taken away. The sum total is that spending is reduced. At
a time when the government should be encouraging spending it was
not,” he said.

Mr Wilchcombe also noted that the former Christie Administration
was proactive in its attempts to stimulate economic activity, with such
projects as its Housing Programme, the expansion of resorts such as
Kerzner International, Club Med in San Salvador, and Emerald Bay in
Exuma. These, along with an aggressive “multifaceted” tourism strat-
egys-Mr,Wilchcombe said, -sought;toyensure thatethe yield from the
inve ¥ a in tourism: would a more He 82 billion dollars
a

e Totnes people are only: nine months away from the May 2,
ene elections and we are finally getting to the substance of the FNM
agenda. What is clear is that the Ingraham administration had no eco-
nomic plan and the Ingraham administration has no economic plan,”

, he said.



Butler's Funeral Homes

& Crematorium

Tel: 393-2822, York & Ernest Sts.
P.O. Box N-712, Nassau, Bahamas

FUNERAL SERVICE FOR

Mr. Jack Fritzgerald Rahming, 73

of Sisal Road Golden Gates
wif ‘pe held on Monday, March

, 2008 at 11:00 a.m. at
cnet Life Church, Sea
Breeze Lane. Officiating will
be Dr. Jay Simms and Bishop
Revis Francis. Interment will
follow in Woodlawn Gardens,
Soldier Road.

Left to cherish his memories
are his Wife: Jackie Rahming;
Six (6) Children: Charles and
Cassandra Nottage; Rayford and Cyndi Rahming, Rory
“and Gail Rahming; Four (4) Adoptedchildren: Tyrone
Colebrooke, Bishop Revis Francis, Dr. Mary Nairn and
Helen Rolle; Five (5) Stepchildren: Glenn, Cleophas and
Gregory Taylor, Sheila Rolle and Charlene Taylor; Six (6)
Grandchildren: Charlesa and Charles Nottage Jr., Raykell,
Courtnee, Rayford Jr. and Morgan Rahming; Two (2)
Great-grandchildren: Simon Rahming and Ambrielle
Major; Two (2) Brothers: Johnny and James Rahming;
Three (3) Sisters: Venal Miller, Myrtis Colebrooke and
‘Geroda Adderley; Eighteen (18) Nieces and Nephews:
Willapearl, Alicita, Jessica and Victoria Colebrooke,
Summer Strachan, Demia and Denisha Pratt, Erin and
Carlise Colebrooke, Tyrone, Brenville and Carlos
Colebrooke, Desario Pratt, Anthony Rahming, Keith and
Judy Evans, Mark and Monique Robinson and Monique
Fernander and a host of other relatives and friends
including: Ma Mary Nottage and family, Mr. and Mrs.
Carleton Williams and family, Mr. and Mrs. Perry and
family, Basil Bullard, Dorothy Smith, Bishop Felix Miller,
Jackson Miller, Selvin Adderley, Mr. and Mrs. Henry
Bostwick, Austin Adderley, Letisha Smith, Harcourt Bastian,
Laurel Butler, Nurse McQueen and the Costline Community
family, Dr. Holder, Mrs. Bernie Francis, Donette Williams,
Dr. Richard Pinder BFM, Pastor Reginald and Servant
Andrea Cox, The Butler family, The Annex Baptist Church
family, The Kemp and Wulff Road Communities and The
Christian Life Church family.

In lieu of flowers monetary donations may be sent to
Costline Community Nursing Home, Carmichael Road, in
memory of Jack Rahming.

Viewing will be held at the Chapel of Butlers’ Funeral
Homes and Crematorium, Ernest and York Streets on Friday
from 2:00 p.m. until 5:00 p.m. on Saturday from 10:00 a.m.
until 5:00 p.m. and on Monday from 10:00 a.m. until service
time at the Church.



this loan threatens to endanger the entire airport

infrastructure.

“Airports by their very nature are in constant
need of expensive maintenance and costly
upgrades of security and technological infra-
structure. The Grand Bahama airport is the
most relied on gateway to our island and there is
no incentive to improve it if it is already heavi-
ly in debt and its owners are about to go into fur-
ther debt. The airport debt should be paid down
with the cash that the Port Companies now have.
Instead, that money is likely to leave Grand

FROM page one

rapist Andrew Bridgewater is a
“glaring” example of the need
for change in the country’s
Constitution and its judicial
system.

“A child’s innocence has
been ravaged and brutally vio-
lated; untold psychological
damage has occurred and the
sick perpetrator goes to jail
with little or no attention being
paid to the life of the victim
and her family,” the release
read.

On Wednesday, the Court
of Appeal ruled that Bridge-
water, who was convicted of a
vicious sexual assault on a six-
year-old would not receive 10
lashes from the cat-o’-nine-tails
on the grounds that such pun-
ishment was “unconstitution-

E

Bishop Hall
al.” However, Bridgewater will
still face his seven year fine for
the sexual offence.

With this in mind, Bishop
Hall said that it seemed as if
the laws of the Bahamas were
“out of touch” with the reali-
ties of the modern Bahamas.

“One hundred and fifty per-
sons charged with murder are
out on bail, meanwhile Parlia-
mentarians talk ad nauseam;
their law partners get richer
and judges remain ‘prim and
proper’. The current state of
affairs in our courts should be
a major concern to-all Bahami-
ans and those who know better
should lead the way remediat-
ing this national crisis.

“The Bahamian public must
make greater demands on their

“Further, there are also other important pro- :
jects, including dredging and quay wall rebuild- :
ing for the harbour,” Mr Feldman said. “Monies
should be reserved for that kind of improve-
ment that benefits. all Grand Bahamians, includ- : :
ing the companies themselves. The most sense- | (Went the residence on a number
less part of the argument is to continue seeking { °f 0¢¢asions prior to May, 2007.
and paying dividends to fight the Haywards :
when the Haywards themselves are in the
process of leaving and for all intents and pur-: :
poses have left now that the court has cleared the

way for the Haywards to sell out.”

elected officials to muster the

political will to fix the multi- :
tudinous anomalies and bla- :

tant inconsistencies in our legal
- justice systems,” he said.
Bishop Hall added that the

present chaos in our nation isa
? water recalled. She said she
:; recorded the skirmish on her cell
? phone for evidence. According
? to Ms Bridgewater, that voter
: resides in the Pineridge con-
: stituency, Where his truck can be
: seen parked at his current resi-
? dence. She said Mr Campbell
? moved out of the address listed
: on his counterfoil two years

thy of continuous national sup- petore May 2000:

“clear and present danger” to
the country’s national securi-
ty.

“I wish to warn Prime Min-
ister Hubert Ingraham and his
FNM colleagues, if you fail to
fix the courts this time then
you would have betrayed the
trust of the Bahamian people
and proven yourselves unwor-

port.
“The causes of crime are
many, but above all else it is

clear that criminals are wreak-

ing havoc on our society
because there is no certainty
about punishment,” he said.

» Bethel Brothers Morticians

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

Be US acy e SERVICE FOR

Millicent Alicia Wilson-Johnson, 82

of Faith Ave., North of Carmichael Road will be held
on Saturday 10:00 a.m. at St. Barnabas Anglican
Church, Wulff and Baillou Hill Road. Canon Basil
Tynes assisted by other ministers of the gospel will
officiate. Internment will be made in the Church's



Cemetery.

Left with cherished memory that will linger in our
hearts, are her four sons, Ersley, Victor Jr., Roderick,
and Barrington Johnson; six daughters, Rosalie
Prescola McPhee, Ernestine Dean, Andrea Johnson,
Hyacinth Russell, Vincola Henfield, and Natasha
Johnson; one step daughter, Betty Hepburn; two
brothers, Thaddeus and Donald Wilson; three sisters,
Eloise Wilson, Sister Vernice Wilson of Saint Martin's
Convent, and Hilda Joseph; four daughters-in-law,
Arlene Wilson, Claudell, Marilyn and Susan Johnson; three sons-in-law, Olander
McPhee, Roscoe Russell, and Jay Henfield; one step son-in-law, Ralph Hepburn Sr.;
three sisters-in-law, Eldica, Rosemary, and Viola Wilson; one brother-in-law, Ersley
Johnson Sr. of Haines City Florida; twelve nephews, Tyrone, Gary, Sidney Sawyer,
Cedric, Austin, Vinick and Sidney Wilson Jr., Cornelius Clyde, Paul Major, Leroy
Davis, Ersley Jr., Victor Jr., and Kenneth Johnson, of Haines City Florida, Henry
Williams; sixteen nieces, Bettymae Bain, Louise Rigby, Albertha Archer, Deloris
Clarke, Sharon Clyde, Darnell Adcerley, Altima Johnson, Yvonne Bootle, Deidre
Young, Vanessa Johnson, Donnarose Haley, Dawn and Mahalia Wilson, Carolyn,
Joyce and Janet of Haines City Florida; twenty eight grandchildren, Constantine
McPhee, Yolanda Rolle, Hessica Ingraham, Ersley Johnson Jr., Rochelle Knowles,
Tiffany Johnson, Donnica McPhee, Ernin and Ernan Johnson, Pedro Stuart, Zoie
Wilson, Shancola Rolle, Tanya Martin, Abigail Whyms, Tonya Johnson, Tetuan
Johnson, Javon Wilson, Meredith Johnson, Deon Dean, Jamere Wilson, Osvaldo
Newbold, Rotisha Russell, Dishann Stubbs, Javano Stubbs, Theo, Talnesya and Zakiya
Johnson, and Jayvin Henfield; five grand children-in-law, Shawn Rolle, Firstnell
Rolle, Leslie Ingraham, Dale Knowles, and Graylin Martin; seven step grandchildren,
Bernadette, Christine, Judy, Antoinette, Theresa, Philip and Ralph Jr.; twenty two
great grand children, a host of other relatives and friends including, Courtney
Stubbs, Shari Marshall, Alice Bastian, Dorothea Farnngton, Paulette Turnquest and
family, Caretakers Almarie, and Michelle, Elenore Smith, Larry Rahming, Sean Bain,
Tia Wilson, Mr. Williams and family, Ms Smith and family, Sherrie and family,
Claudine Mortimer, Marsha Murray, The Gaitor family, Oswald Dean and family,
Joyclen Owens, Rosetta Taylor, Judy Barnwell, H.E. Sir Arlington Butler and Lady
Butler, Basil Johnson and family Ruthy Wolff, Lenora Forbes and The Ross Corner
family, Andrea Mitchell, Ms. Mcintosh, Sis Sands, Sis Miller, Carmetta Walks, Franklyn
Wilson, Dr. Dwayne Sands, Dr. Davis and the Surgical Team D, Princess Margaret
Hospital, Joseph Rolle, Darnell and Monty Ward, Mr. and Mrs. Maureen Duvalier

Friends may pay their last respects at Bethel Brothers Morticians, # 44 Nassau Street
on Friday from 10:00 a.m. to 6:00 p.m. and on Saturday at the church from 9:00 a.m.
until service time.



Senator claims
she was unable

at addresses
they provided

FROM page one!

Ms Bridgewater said she knew ~

: voter Lola Louise Campbell as
: the aunt of MP Zhirvago Laing,
: and she had met her “once or
? twice”. The address on the voter’s
? counterfoil was that of Minister
: Laing’s mother, said Ms Bridge-
? water.

She told the court she was “sur-

: prised” the voter was registered at
? this address — where Minister
: Laing also resides — because Ms
? Campbell had moved and was liv-
: ing in the United States for seven

The Hayward Family Trust scored a legal vic- yeate prior tothe 2007 ‘Slech@ns:

tory late Monday when the court lifted an injunc- : this address, I’m shocked,”

{ f ? Ms Bridgewater.
shares to Fleming Family & Partners, arespect- :
: Alfred Campbell, Ms Bridgewa-
? ter told the court that she knew
? he had not lived at the address
i listed on his voter’s card counter
: foil for two years prior to the
: May, 2007 general elections.

“(For her) to even register at
said

In the case of voter Edmund

Mr Campbell’s estranged wife,

: Blanche Campbell, is Ms Bridge-
: water’s cousin and Ms Bridgewa-
? ter said she had reason to fre-

The last time she had contact

: with Mr Campbell was last week,
? when she visited her cousin at her
? residence in Grand Bahama. On
: that occasion, Ms Bridgewater
: said, while she and Blanche
: Campbell were sitting in the

i house, Edmund Campbell
: “barged in” and started “carry-
? ing on”.

He yelled at his estranged wife

: “You tell them people I don’t live
: here!” to which she replied, “No,
? you don’t live here! You live

‘round the corner”, Ms Bridge-

Voter Mavis Pinder, registered

: in the Marco City constituency,
: has been living in the United
: States for the past 12 years with
? her husband, Ms Bridgewater
: said. She told the court she knew
? the voter who works for Bahama-
? sair and her father who was a for-
? mer MP for Eight Mile Rock.

Ms Bridgewater said she has

? seen Mrs Pinder a few times since
? she moved to the US, as the vot-
i? er travelled back and forth to
: Grand Bahama. She said she vis-
: ited the address listed on the
:? counterfoil several times during
: her campaign leading up to the
: 2007 election and never saw Mrs
: Pinder there. Mrs Pinder’s family
? members reside at that address,
: said Ms Bridgewater.

Voter Joel Roger, whose coun-

: terfoil address put him in the
? Marco City constituency, actually
: resides in the Pineridge bound-
: aries, Ms Bridgewater said. While
? she did not know him well, she
? told the court she knew he lives at
? an apartment complex in the
? Pineridge boundary.

“T’ve never known him to live

: there. I’ve never found him there.
: My only evidence on him is that I
i knew he lived apparently in
: Pineridge,”

said Ms Bridgewater.
Marco City registered voters

: Patrick and Florence McGregor
: relocated to Ft Lauderdale, Flori-
: da three years ago, said Ms
: Bridgewater. She told the court
: the couple were teachers at sec-
: ondary schools in the city. When
: she visited the address listed on
: their counter foils, she found that
: Patrick Laing and his wife pur-
: chased the McGregor’s house,
: and live there now on South
? Ponce de Leon Drive.

Other voters mentioned yes-

: ‘terday had either been living in
: New Providence, the High Rock
: Constituency, or the Turks and
: Caicos Islands, Ms Bridgewater
: said, while some addresses listed
: on voter counterfoils led the sen-
: ator to abandoned houses.

Before testimony began yes-

: terday, counsel for the petitioner
: Philip ‘Brave’ Davis told the court
: he had subpoenaed 11 public enti-
: ties to provide evidence on the
: voters in question to the court.

Representative from these enti-

: ties (which include BTC, Cable
? Bahamas, the Registrar General,
: Department of Immigration,
Road Traffic, the Passport Office,
: the Parliamentary Commission,
: Rand Memorial Hospital, PMH,
: and NIB) were in court yester-
: day, but as they had not complet-
: ed their findings they were grant-
: ed until Monday to turn them
: over to the court.

Ms Bridgewater is challenging

: the votes of 103 persons while
: Zhivargo Laing is challenging the
: votes of 98 persons.

They have 14 names in com-

: mon. So far, the petitioner has
: identified more than fifty voters
: she contends were not entitled to
? vote in Marco City during the
: 2007 elections.

The case continues Monday.

\
THE TRIBUNE

|

Brensil Rolle

ions POOR planning, lack of
environmental consideration,
liticisation of the selection
rocess and disregard for deci-
“ator by former housing minis-
“° ters, including their own col-
° “Heagues, doomed the PLP gov-
‘ernment’s housing programme
-30
“from the start.
ye, 1m the debate to transfer
Crown land to the Housing
1 Bi

1YJe

inister, Brensil Rolle, Parlia-
al ,mentary Secretary in the Min-
istry of Housing and National
a49yinsurance, told the House that
enowhen the PLP became the gov-
4g xermment it found more than $46
bisanillion in the Housing pro-
gramme. However, when the
bnaukNM came to office in May last
-swyear, it faced heavy debts.
won. In other words, said Mr
ezoRolle, former PLP minister
19)Shane: Gibson “met a surplus
of more than $42 million and
_ left a deficit of more than $20
i¥pillion for the new govern-
~Sslinent.”
“a= Terie the account, Mr
“Rolle said:
19 = I “He (Shane Gibson) met $6.7
Ss ‘nillion on deposit at Bahamas

B

oe Vy



Mortgage Corporation; he met
$35 million in bonds floated by
the FNM in 2002; $5 million in
the Minister Corporation Sole
account — more than $46 mil-
lion.”

When present Minister Ken-
neth Russell “took office he met
$5 million in overdraft from the
Bank of:the Bahamas; $7 mil-
lion on a demand loan from
NIB; approximately $10 million
in outstanding bills owed to the
Bahamas Mortgage Corpora-
tion. Contractors had not been
paid since October 2006; and a
depleted and broke Corpora-
tion Sole account.”

Yet, said Mr Rolle, “the for-
mer government is demanding
that we are getting off to a slow
start and we should immediate-
ly build houses, but the Bahami-
an public can see why we have
spent so much time trying to
make right their neglect.

“That is why,” he said, “it is
necessary to be here today to
debate this resolution so that
land can be transferred to the
Minister, then leased to the
Mortgage Corporation (BMC)

“OKENYA: Post-election violence

TOIBY

-YUB

vil

vill NAIROBI, Kenya

-agbi

“Rival politicians sign
power-sharing deal

LOCAL/INTERNATIONAL NEWS

es: OPPOSITION ACCUSED OF POOR PLANNING AND POLITICISATION WHILE IN OFFICE —

Sir lale eee

so that conveyances can be giv-
en to property owners and
mortgages executed and issued
so that’ BMC can be paid for
developing the subdivision.”

He said that his government
had discontinued the “illegal
practice of collecting rent; set

up the Minister’s Corporate.

Sole account properly to avoid
abuse, and finally, once again

Mr Rolle said for-
‘mer PLP minister
Shane Gibson “met

a surplus of more
than $42 million and —
left a deficit of more
than $20 million for
the new govern-
ment.”



restored transparency and
openness to the application
selection process of housing so
that all Bahamians who can
qualify will be assured that their
application would be consid-
ered, notwithstanding their
political ideology or persua-
sion.’

Mr Rolle said he knew
Opposition members have been

FRIDAY, FEBRUARY 29, 2008, PAGE 11

“saying that we have not built
one house since we came to
office, and, many have said just
go ahead and build houses. But,
I am happy that we have taken
the responsible position to
make right the process. It has
taken time, more time than we
initially anticipated. But, thank
God, we can now go forward.
We can operate within the legal
framework. Bahamian people
would not have to worry about
their funds and abuse.”
Mr-Rolle said that as Prime
Minister Ingraham and Hous-
ing Minister Kenneth Russell
had indicated the Opposition
“abused substantially the public
affordable housing programme.
Consequently, the system was
doomed from the start.”

Mr Rolle said the PLP gov-
ernment selected and approved
many, many applications based
on the individual’s political pref-
erence, consequently many indi-
viduals who did not share their
political ideology were ‘either
pushed to the bottom of the list,
or removed from the list.

“Many individuals were not

PLP’s housing programme was
doomed from start, says Rolle

given a fair chance to be evalu-
ated based.on their merit and/or
economic standing. They sim~

ply did not get the opportunity.

“Some were ‘given letters of.
assignment by one minister of:
housing and their. assignment
was subsequently withdrawn by!
another minister. In some cases:
without even an opportunity for:
the individuals to be heard. In’
fact, in one case the individual,
had already reached the
advanced stage in the mortgage.
approval process when the new:
minister withdrew the offer.” +

Mr Rolle said that it would.
be recalled that “when the
FNM announced its intention
to build 3,000 homes for,
Bahamians ‘during the 2002:
campaign, the leader of the:
Opposition and former prime;

. minister rebuked the plan and

he made all manner of com+
ments about the FNM’s plan:
He further. framed the state~
ments that I want to paraphrase
for the stake of correctness that;
‘we’, meaning the PLP, ‘are not,
interested in housing, but we
are interested i in people.’”

Intrigue

2 los oF
i)

Re ot mre e

pea
HSS ee
LR eG ey ee)

|
Oke OC On be

|

Rediscover yourself,

or be creative

‘ile Kenya’ s feuding politicians shook hands, smiled for the cameras,
‘ls° {nd finally agreed to share power. But two months after a disput-
gaikgg presidential election unleashed ethnic violence that killed more

*°!4han 1,000 people, the real test is whether the reluctant partners can
od eal a deeply divided nation.
~ igs; Much depends on how President Mwai Kibaki and opposition
; ‘{,ql¢ader Raila Odinga work together in the days ahead.

'ys}e;, “For the last two months, Kenyans have known nothing but
zis Sadness, ” said Odinga, who won a powerful prime minister’s post

in Thursday’s agreement.
oro! He referred to his rival as “my countryman, President Mwai

.voriKibaki” — one clear sign of acceptance after having denounced

otiKibaki’s re-election as a sham. .
«iliw «Kibaki added: “This process has reminded us that as a nation
‘23 Sthere are more issues that unite than that divide us.”
- : - ‘” Under the agreement, the opposition leader will become prime
“'ninister and have the power to “coordinate and supervise” the gov-
“ernment — more authority than Kibaki wanted to yield.
peri, Lhe bitterness between them runs deep, however, and both men
San shave been lashing out at each other since the Dec. 27 election. They
~jovhave traded accusations about inciting violence, stealing the vote,
.o} sand destroying the nation. They had not even been in the same
-eiv room for weeks before Thursday.
edi ¢ Kofi Annan, the mediator, had to prompt them to shake hands
gaivThursday as the cameras rolled.
od} © The two men must try to repair the lives of more than a half-mil-
21M lion people who have been displaced from their homes and require
tien “food, water and medical care. Kenya’s Red Cross says it knows of

-£2at least 500 youngsters who were separated from their families.
see There is also the matter of restoring one of Africa’ 's most promis-
oy Ine economies.
visti Kenya, one of the most prosperous and tourist-friendly countries
“bquif Africa, has seen up to $1 billion in losses linked to the turmoil.
lid. Kenyans welcomed the deal with a skeptical eye.

‘sje ,; In a reminder of the previous weeks’ chaos, police fired tear
tig eogas to disperse dozens who gathered outside Kibaki’s office to
‘sdj Witness the signing.

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PAGE 12, FRIDAY, FEBRUARY 29, 2008 THE TRIBUNE







2008 MISS BAHAMAS UNIVERSE AND MISS TEEN UNIVERSAL: Seminar and workshop

LEARNING TO BE BEAUTIFUL
IN EVERY WAY

THE contestants in the 2008 Miss Bahamas Universe and Miss Teen Universal
pageants participated in a full-day seminar and workshop last Saturday at the Atlantis |
Resort. 1

The ladies heard from Dr Derwin Munroe on dental hygiene, nurse Judith Cooper |
on femine health and the “U define U Experts” in the areas of speech and voice |
training, poise and posture. {

On Monday the ladies along with Miss Bahamas Universe Trinere Lynes and Miss
Teen Universal Bahamas Jessica Thompkins visited the House of Assembly during the
historic mid-year budget presentation and were given words of encouragement from
house members. :

The pageant is set for March 16 at the Rainforest Theatre in the Wyndham Hotel at
8pm. The preliminary round is set for March 9 at Spm at SuperClub Breezes.

CONTESTANTS
and Dr Munroe
from the Bay
View Dental
Centre.



CONTESTANTS
and nurse Judith
Cooper of the
Family Planning
Centre.









aoe an ce mmicls



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THE TRIBUNE





SATIN el Keys



“Difficult to—
accept’ St |
Georges —
serious on
resolution

a By NEIL HARTNELL
‘Tribune Business
Editor

. “IT IS difficult to accept”
that the late Edward St
George’s estate is serious
about resolving the Grand
Bahama Port Authority

- (GBPA) ownership dispute :
‘because it is not willing to. .:
negotiate with the other par-
ty, that owns the shares, its
attorney told The Tribune
yesterday.

‘ Brian Moree, attorney for
Seashells Investments, which
holds a 50 per cent GBPA

ae stake and i is.controlled by.the

steés for the Hayward 4
family trust, said that if the
estate was serious about

~tesalving.the,.dispute.they

would speak to his client.

This meant, he added, that
they would have to recognise
_ that Sir Jack Hayward was
neither the owner, nor con- :
troller, of the Seashells. :
Investmens’ stake, as the
estate had kept insisting.
: “Strictly from the point of
Seashells, it is difficult to -;
peccit that the plaintiffs are

_ SEE page 4B





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2008



cere a to drop

to ‘single digits’ in ‘08

@ By NEIL HARTNELL
Tribune Business Editor

THE rate of credit growth
in the Bahamian economy is
likely to drop into “single dig-
its” for 2008, the Clearing
Banks Association’s (CBA)
chairman told The Tribune
yore, with the double-

digit expansion rates of the
past two years not sustainable.

Anwer Sunderji, who is also
chief executive of Fidelity
Bank (Bahamas), explained
to The Tribune that it was
“not really sustainable” for
the rate of credit growth in
the Bahamian economy to be
so markedly different from its
gross domestic product (GDP)
growth.

For 2006, the Bahamian
economy had experienced
14.6 per cent credit growth,

* Difference between GDP and
credit growth rates ‘not sustainable’,
Clearing Banks chair says
Competition for deposits causing
interest margin depression for banks

which fell by 4.1 per cent or

$626 million to a 10.5 per cent
expansion rate in 2007. For
the latter year, consumer cred-
it growth moderated by $21.2
million to $215.4 million, while
the pace of mortgage lending
dropped by $33.9 million to
$300 million.

Yet projected GDP growth
estimates for the Bahamian
economy in 2008 were 3.5-4

per cent, according to the

Government’s projections,

while the International Mon-

“etary Fund (IMF) and Stan-

dard & Poor’s (S&P) rating
agency had both predicted
that economic growth would
be closer to the 3-3.5 per cent
range.

Either way, the projected
GDP growth rate is well
below that for credit expan-
sion in the past two years. Mr
Sunderji said of credit growth
yesterday: “I suspect that it
might ease substantially. .

“It’s not really sustainable
to have credit expansion at a

Remote Family Islands
‘devastated’ if no EPA

* Rules of origin regime ‘absolutely essential’
for Bahamas under EU trade deal, with
nation needing to get house ‘in order’ on

_ intellectual property

* Trade.Commission chair says nation ‘ought
to insist’ exclusive economic zone treated as
part of Bahamian waters to aid fisheries

@ By NEIL HARTNELL

Tribune Business Editor

REMOTE Family Island
communities would have been
devastated economically if the
Bahamas did not preserve duty-
free market access for its fish-
eries industry to the European
Union (EU) by signing the Eco-
nomic Partnership Agreement

E (EPA), the Bahamas Trade

Commission’s chairman said
yesterday.

John Delaney, who is also
managing partner at the Higgs
& Johnson law firm, told The
Tribune that while fisheries may
only account for 3 per cent of

‘the Bahamas’ gross domestic _

product (GDP) per annum, for

many Family Islands and their -

residents the industry was an
economic and employment life-
line.

Confirming that the Bahamas
had signed on to the ‘market

access’ or goods offer submit-.

ted by CARIFORUM, the
regional negotiating body that
crafted the EPA on this nation’s
behalf, Mr Delaney said: “That
is not perceived to be a problem
in any way for us.”

He added: “What we were








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most concerned about is the

preferential, duty-free market
access for fisheries products and
Polymers is continued. It is still
being enjoyed in 2008 by those
sectors.”

By signing the EPA, the
Bahamas will secure continued
duty-free market access for
those two sectors, plus Bacardi’s

rum exports for the final year

the company is here, ensuring
they do not incur Most
Favoured Nation (MEN) tariff



John Delaney

rates. This would increase their
prices, and make them uncom-
petitive against global rivals.
“Clearly, there is greater
potential on the fisheries side,”

_SEE page 5B

_ rate substantially higher than

GDP growth. I suspect credit
expansion will be in the high
single digits, rather than dou-
ble digits.”

Meanwhile, Mr Sunderji
said regulators and the major
Bahamian commercial banks





age were unveiled.

dle its ground operations.

SEE page 4B

Morale plummets at Delta
Ua mR ALa rT Wem Wee

lm By CARA BRENNEN- BETHEL
Tribune Business Reporter

‘ MORALE was yesterday said to have plummeted among
the 60-plus Bahamian Delta Airlines staff who are set to be laid-
off by the airline, after details of the company’s severance pack-

The employees, who will be terminated next month, had
been told of Delta’s plans to downsize as a means of reducing
operational costs at the beginning of 2008, but the details of the
severance package have just been released in a letter to employ-
| ees dated February 25, 2008.

A source close to the employees said that following the letter’s

receipt, morale. was lower than ever among the Bahamian staff,
who handle check-in, baggage and maintenance for Delta at
‘Lynden Pindling International Airport (LPIA).

Delta, although terminating its Bahamian employees, is not

exiting the Bahamas and intends to hire another operator to han-

Sources yesterday said the front-runner for this will be a
Delta subsidiary, Delta Global, a company that typically pro-
vides charter service for sports team and other special groups.

The source said it was felt that Delta Global, which operates
at a lower employee pay scale, will then give the terminated
Bahamian employees first preference for work at:a signifi-
cantly lower pay rate - up to 50 per cent lower in some cases.

“This is just wrong. How can they come in:and do this, if this
is the case, and put us out of work, and why has no one in the
Government come forward,” the source said.

However, Delta’s regional manager for the Caribbean, Car-
los Santos, told Tribune Business he did not know if Delta Glob-
al Services was the likely new operator, but promised to inform

_this newspaper after he made some inquires.

The Tribune’s source also indicated that the Delta employ-

ees had been given until March 17 to sign a waiver indicating
. they would accept the severance package as is and additional
benefits, provided they worked at the same standard of per-
formance and did not take any legal action against the airline.

To be eligible for the severance package, employees must
remain with Delta until the date of termination, which i is April
| 1;2008.
However, this stipulation has left some airline employees

were expecting that foreign
direct investment inflows from
major projects, such as Baha
Mar and Albany, would com-
pensate for softening tourism
foreign currency spend and.

SEE page six










































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PAGE 2B, FRIDAY, FEBRUARY 29, 2008

THE TRIBUNE

















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

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



Share your news

The Tribune wants to hear

National Health plan
was a ‘pipe dream’

THE former government’s pro-
posed National Health Insurance
(NHI) plan was yesterday
slammed as a “hostile takeover
of the Bahamian healthcare indus-
try”, an economic think-tank argu-
ing that it was a “pipe dream” that

. could cause economic ruin.

The Nassau Institute, com-
menting on the “lament” by PLP
convention speakers that the
Ingraham administration had not
implemented the Christie, gov-
ernment’s NHI plan, described it

that would have heaped an unsus-
tainable taxation and debt bur-
den on thé Bahamian people to
fund it.

Arguing that pandering to polit-
ical objectives for too long had
resulted in failed government ser-
vices, the Nassau Institute said:
“Of course many politicians don't
realise that the Pied Piper of
Hamelin was a fairy tale. The dif-
ference with the NHI story is
adults are being sold a bill of
goods that will further enslave

debt load for the country and the
attendant tax burden.

“The Bahamas has endured the
‘political’ thing being done for too
long. Just look where it has led.
Failed public education, failed
public health care, among many
other failed public ASME and
services.

“It's high time some economic
principles were applied to gov-
ernment services, and that most
certainly does not include nation-
alising health care.’

The Nassau Institute added that

as a “mere bill of political goods” _ their children to an even larger

Concern remains
on Port dividend

The late Edward St George’s
estate yesterday came under fire
from its legal opponents, who ques-
tioned why it still wanted the Grand
Bahama Port Authority (GBPA)
Group of Companies to declare'a
$12.1 million dividend, ostensibly
to fund the continuing legal battle,
when it had made an ‘open offer’ to
settle the dispute. ;

An attorney acting for the Hay-
ward side defendants in the GBPA
ownership dispute yesterday said
they were “flabbergasted” that the
St George estate was continuing to
push for the $12.1 million dividend
at a time when the Grand Bahama
Airport Company was struggling to
pay some $33 million in debt.

Andre Feldman said: “Airports
by their very nature are in constant
need of expensive maintenance and igtaememtir
costly upgrades of security and tech-
nological infrastructure. The Grand Bahama airport
is the most relied on gateway to our island, and there
is no incentive to improve it if it is already heavily in
debt and its owners are about to go into further debt.
The airport debt should be paid down with the cash
that the Port Companies now have. Instead, that
money is likely to leave Grand Bahama and never
come back.

"Further, there are also other important projects
including dredging and quay wall re-building for the
harbour. Monies should be reserved for that kind of
improvement that benefits all Grand Bahamians,
including the companies themselves. .

“The most senseless part of the argument is to
continue seeking and paying dividends to fight the

' Haywards when the Haywards themselves are in the

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process of leaving and, for all intents
and purposes, have left now that
the court has cleared the way for
the Haywards to sell out."

Justice Anita Allen, who
removed the injunction prohibiting
Seashells Investments, which owns
the 50 per cent GBPA stake on
behalf of the Hayward family trust
and its trustees, from selling those
shares to Fleming Family &:Part-
ners for $100 million, has yet to rule
on the dividend payment.

Responding to Mr Feldman’s
comments yesterday, the St George
estate’s attorney, Fred Smith, said:
“This matter has been thoroughly
vented in court, and the receivers
took into account the fiscal posi-
tion on the advice of Ian Barry, the
financial controller who has been

mended a dividend be paid. We are
now waiting for the verdict of Justice Allen.”

The receivers previously said they were holding
back enough funds to cover a variety of contingencies,
including the Airport loan from Hutchison Whampoa,
which is a 50 per cent owner of the Grand Bahama
Airport Company. Its joint venture partner is Port
Group Ltd.

Mr Feldman said: "The suggestion that the Grand
Bahama Port Authority go out and borrow money to
pay the debt that is owed to Hutchison Whampoa is
ridiculous. Frankly, we are flabbergasted at the idea
that the Port Authority should go into deeper debt in
order to pay dividends to one of its owners to fight its
own legal battles. The Haywards have gone on record
as saying they will not accept their share of the divi-
dend if it is awarded. "

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the FNM also appeared to be
playing politics with NHI, saying
there were in favour of such a
scheme because it was ‘politically
correct’ to do so.

Referring to the PLP, it said:
“Their intention, if re-elected in
May 2007, was what amounted to
a hostile takeover of the health
care industry. Promising that no
Bahamian would have to endure
the hardship of cookouts to raise
money to help defray medical
expenses ever again.

“But as Greg Mankiw, profes-
sor of economics at Harvard
points out, people in Britain,
where they have had a form of
NHI for 60 years, still have to
raise money for health care ser-
vices.

Mr Mankiw had recently writ-
ten: “Some people like to think
of health care and education of
basic human rights. Maybe they
are. But they are also normal
goods. That is, the income elas-
ticity of demand is positive. It is
hard to escape the conclusion that
the right cost-benefit calculation
for providing the good depends
on the income of the consumer.

“Achieving both efficiency and
equality in the provision of these
goods is impossible. Dealing with
this conflict will provide a major
challenge to the political system in
the years to come.”

The Nassau Institute said the
easiest way to resolve the
Bahamas’ healthcare problems
was for the Government to man-
date that all working employees
buy their own health insurance,
leaving the unemployed and indi-
gent for the administration to take
care of via a catastrophic health-
care plan.

The Nassau Institute said:
“While as a general principle gov-
ernment mandates.are not the
best thing for a free society, it
sure beats nationalising health
care. Some compare it to the law
that forces drivers to buy vehicle
insurance........

“Unless the PLP or FNM have
a wizard in their back pocket, wip-
ing every tear from every eye, and
creating a national health insur-
ance scheme whereby no Bahami-
an will ever have to raise money
to pay for health care services, or
do without services again, is a pipe
dream, A mere bill of political
goods.”



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THE TRIBUNE

FRIDAY, FEBRUARY 29, 2008, PAGE 3B



i nr ee eae ee. re

St Georges °

fear and have

anxieties’ about Fleming

@ By NEIL HARTNELL
Tribune Business Editor

THE late Edward St George ‘s
estate “fear and have anxieties”
about Fleming Family & Partners
becoming its potential Grand

Bahama Port Authority (GBPA)
partner, their suspicions having
been “fuelled” by the fact that it
was the attorney for ousted GBPA
chairman Hannes Babak who has
been commenting on the ongoing
court cases in the media.

Responding to the Supreme
Court decision that removed the
injunction preventing the trustees
for the Hayward family trust from
selling their 50 per cent
GBPA/Port Group Ltd stake to
Fleming, Fred Smith, the St
George estate’s attorney, said his
clients were “considering our
options” on how to respond.

Justice Anita Allen’s verdict
effectively clears the way, as
revealed by Tribune Business ear-
lier this week, for the Hayward
trust’s trustees to sell the 50 per
cent GBPA stake held by their
investment vehicle, Seashells
Investments, to Fleming.

That is barring an appeal, and
The Tribune understands that
Fleming’s attorneys have already
begun working rapidly on prepar-
ing an application to the Govern-
ment’s Investments Board/Nation-
al Economic Council (NEC) for
the purchase of Seashells’ GBPA
stake. That application is likely to
be submitted this week or next.

“We continue to suspect, which
is why we tried to obtained the
injunction in the first place, that
the Flemings are in cahoots with
Sir Jack and Hannes Babak,” Mr
Smith told The Tribune.

“That suspicion continues to be
borne out, as Seashells obtained
the discharge of the injunction, but
we have Andre Feldman, who is
Mr Babak’s lawyer, making the
comments to the press.”

Fleming has denied to both the
Seashells ‘. ustees, who are respon-
sible for safeguarding the Hayward
family’s interests, and the Govern-
ment that Mr Babak is involved
with its attempts to purchase their
50 per cent GBPA stake.

Nonetheless, Mr Smith ques-'
tion, a why Mr Feldman was.

speaking to the media on an issue

that chiefly impacted Fleming, not.

Suspicions ‘fuelled’ by attorney for
Mr Babak speaking to the media

place between the two parties.
Mr Smith said that the St
George estate had only defended
its rights, “but somehow the
impression is being given that the

estate is obstructing growth and
development in Freeport”.

He added. “We implore the
Government to intervene and try
to find a political solution to

encourage a resolution, and our
open offer demonstrates good faith
and willingness to bring a reason-
able settlement for the good of
Freeport.”

on injunction removal

Mr Babak, “who is not supposed to
have anything to do with the pur-
chase of the shares”.

The Callender’s & Co partner
added: “It is very odd, and fuels
our continued suspicions. We: con-
tinue to suspect, fear and have anx-
ieties about the Flemings......

“Our open offer to settle was
not a marketing ploy. It was a very
real and good faith effort to settle.
It was very troubling that Mr Feld-
man, Mr Babak’s attorney, made
comments to The Tribune accusing
us of a marketing ploy with the set-
tlement offer.

“What is Mr Feldman, Mr
Babak’s lawyers, doing in respond-
ing to an open offer to Sir Jack to
sell his shares? This demonstrates
that behind the scenes, Mr Babak
continues to pull the strings.”

Mr Smith’s latter comments
referred to a response by Mr Feld-
man to the St George estate’s
‘open offer’ to the Hayward side to

settle their 16-month dispute over
the latter’s claim to 75 per cent
GBPA ownership. The remarks
were reported in Tribune Business
on February 21, 2008.

The ‘open offer’ “was not meant
to be an opportunity to set the
injunction aside. It was a good faith
offer to settle the action and let Sir
Jack sell his shares to a legitimate,
third party investor that did not
want to continue the fight against
the estate and push us out of the
company.

“Our open offer was intended
to allow both sides to explore sell-

" ing their shares as long as the trans-

fer was accountable to the Gov-
ernment and the Bahamian pub-
lic,” Mr Smith said.

He added that “despite the chit-
ter chatter in Freeport and else-
where”, the St George estate had
received no offer from Fleming for
its 50 per cent stake in the GBPA,
and no negotiations were taking

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PAGE 4B, FRIDAY, FEBRUARY 29, 2008

THE TRIBUNE



ME i PR eee eee
‘Difficult to accept’ St Georges
serious on resolution

FROM page one

bona fide in their attempts to
resolve the disputes if they per-
sist in refusing to accept the fact
that the shares in Seashells are
not owned by Sir Jack,” Mr
Moree told The Tribune.

“He is in no position to agree
to sell any interest that
Seashells has in Intercontinen-
tal Diversified Corporation
(IDC) [the GBPA holding
company].

“Tf the plaintiffs are serious in
their professed objective to try
to settle the dispute, they need
to speak to the party who actu-
ally owns the shares in IDC.
That is Seashells. That is owned
by the trustee, not Sir Jack
Hayward.”

Mr Moree, on Seashells’
behalf, obtained the removal
of the injunction that had
barred the company’s attempts
to sell its 50 per cent GBPA
stake to Fleming Family &
Partners, the private equity and



COMMONWEAL THE OF THE BAHAMAS

IN THE SUPREME COURT 2008
EQUITY SIDE No. F.P. 0003
NOTICE

THE QUIETING TITLES ACT 1959

The Petition of Honeyside Investments Limited, a corporate entity
incorporated under the laws of the Commonwealth of the Bahamas in
respect of:

ALL THAT piece parcel or lot of land situate in the Settlement of
Hunters in the Island of Grand Bahama one of the Island of the
Commonwealth of the Bahamas, and by admeasurement an area of
42.295 acres and being property bounded NORTHWARDLY by land
now or formerly the property of The Grand Bahama Port Authority
Limited and running thereon Eight Hundred and Twenty-eight feet and
Thirty-nine Hundredths of a foot (828.39') EASTWARLY by land said

to be the property of Granville Lewis and running thereon Twenty-

one Hundred and Forty-two feet and Fifty-four Hundredths of a foot
(2142.54) SOUTHWARDLY by the main public road Forty feet (40’)
wide and running thereon Eight Hundred and Eighteen and Sixty-six
Hundredths of a foot (818.66') and WESTWARDLY by a Twenty -five
foot (25’) wide road reservation and running there on Eight Hundred and
Fifty-six feet and Fifty Hundredths of a foot (856.50') and continuing by
land being a portion of the David Wildgoose Tract Fifteen Hundred and
Twenty Eight feet and Ninety - one Hundredths of a foot (1528.91 ‘)said
piece parcel or lot of land having such position marks and dimensions
as are shown on plan 358 G.B, surveyed by Stanley S. Lowe,
Registered Land Surveyor, No. 23 and thereon colour pink.

HONEYSIDE INVESTMENTS LIMITED the Petitioner in this matter
claims to be the owner in fee simple in possession of the said piece
parcel lot of land and has made application to the Supreme Court of the
Commonwealth of the Bahamas under Section 3 of The Quieting Titles
Act 1959 to have its title to the said land investigated and the nature

‘ and extent thereof determined and declared in a Certificate of Title to be
granted by The Court in accordance with the provisions of the Act.

COPIES of the said plan may be inspected during normal office hours at
the following places:

(a) The Registry of the Supreme Court Northern Jurisdiction in the
Garnet Levarity Building in the City of Freeport on the Island of Grand
Bahama.

(b) The office of the Administrator for the Settlement of Eight Mile Rock,
Grand Bahama. ;

(c) The Chambers of Cash, Fountain situate at Suite A, Mable House,
West Sunrise Highway, Freeport, Grand Bahama, Attorneys for the
Petitioner.

NOTICE is hereby given that any person having dower right to dower or
an adverse claim or a claim not recognized in the Petition shall within
Thirty (30) days after last appearance of this Notice in the various local
newspapers file in the Supreme Court of The Commonwealth of the
Bahamas Northern Jurisdiction aforesaid and serve on the Petitioner
or the undersigned a statement of his or her claim in prescribed form,
Verified by affidavit to be filed therewith. Failure of any such person

to file and serve a statement of his or her claim and the requisite
documents on or before the said Thirty (30) days

Stated herein will operate as a bar to such claim, i.e. on or before the
22nd day of March,

A.D. 2008.

CASH, FOUNTAIN .
Chambers
Suite A, Mable House
West Sunrise High Way
Freeport, Grand Bahama
Bahamas

Attorneys for the Petitioner

wealth management house.
That deal, as reported by The
Tribune, is worth $100 million.

With sale documents and an
application for government
approval of that transaction in
the works, the injunction’s
removal may be the first glim-
mer of light at the end of the
long, dark tunnel leading to a
resolution of the GBPA own-
ership dispute.

Several sources suggested

_ that the St George estate was

starting to feel the pressure to
settle, and exit by selling to
Fleming or another party.

That pressure could intensify
if, in addition to the injunction’s
removal, Justice Neville Adder-
ley rules in favour of discharg-
ing the GBPA receivers, BDO
Mann Judd accountants Clif-
ford and Myles Culmer. That
ruling could possibly come
today, or next week.

In addition, Justice Allen is

also due to rule on whether the
Port Group of Companies
should go ahead with a $12.1
million dividend declaration.
The removal of the receivers,
and any block on the dividends,

would both work against the St.

George estate and in favour of
Seashells and Fleming. Ending
the receivership would allow
Seashells to resume its involve-
ment inside the Port at Board
level, via IDC directing the
companies’ affairs, while a bar
on the dividend payout would
starve the St George estate of
much-needed funds to finance
its ongoing legal battle.
Meanwhile, Mr Moree,
senior partner in McKinney,
Bancroft & Hughes, explained
to The Tribune that Seashells
Investments was owned by a
company called Striker
Trustees Ltd, “in its capacity”
as trustee of the Sir Jack Hay-
ward Discretionary Trust.

“The shares in Seashells are
owned by the trustee, subject
to the trust declared in the trust
settlement,” Mr Moree added.
“Sir Jack Hayward is one of the
numerous beneficiaries under
the Sir Jack Hayward Discre-
tionary Trust.

“It is wrong to say that
Seashells is owned by Sir Jack
Hayward or one of his compa-
nies. What is correct is that
Seashells is owned by the
trustee in their capacity as
trustees of the Sir Jack Hay-
ward Discretionary Trust.

“The discharge of the injunc-
tion against Seashells really has
nothing to do with either Sir

Jack Hayward or Hannes
Babak, because Seashells is not
owned by Sir Jack Hayward,
contrary to the erroneous alle-
gations by the plaintiffs.”

Asked to respond to allega-
tions that Mr Babak, the ousted
GBPA chairman, was involved
in Fleming’s bid to acquire
Seashells’ GBPA interest, Mr
Moree added: “As far as
Seashells and the trustees are
concerned, Fleming has repre-
sented to them that neither Sir
Jack nor Mr Hannes Babak are
in any way involved in their
proposal to purchase
Seashells’ 50 per cent interest in
IDC.”





Travel Agency Manager

gL

Qualifications:

Five years experience in Travel Agency
Management
Experience organizing team work

Analytical skills for Direction.

Fully trained in Tour Tek Computer System
Strong Accounting knowledge.

Fluent Spanish is an asset.

Wide Knowledge of Cuban Tourist Products
Only serious applicant will be considered.

Send the resume to P.O.Box: EE-16319 before
March 15, 2008.
Only the successful applicants will be contacted.

Legal Notice

NOTICE

JON FOTI BARRON LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named Company
is in dissolution, which commenced on the 26th day of
February 2008. The Liquidator is Argosa Corp. Inc., P.O.
Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)



VICE PRINCIPAL NEEDED

The Anglican Central Education Authority
invites applications from qualified Bahamians for the
position of Vice Principal for St. John’s College
beginning September 2008.

The applicant must have a Degree in Education

| from a recognized University, with at least 5 years
accumulative experience. The applicant must also
be computer literate.

Key job functions and responsibilities include:

| - Assisting with staff supervision and evaluation

- Admissions and student orientation

- Scheduling (Timetables; examinations,
invigilations)

- Assisting with discipline

- Assisting with supervision of academic programmes

- Assisting with Curriculum Development

- Administration of School and External
examinations

- Inventory

- Requisitions

Applicants should sumbit a cover letter,
Curriculum Vitae, copies of degree certificates,
three references and passport photographs to;

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

The Deadline for Applications is
Friday, March 14, 2008

Morale plummets at Delta
over severance packages
FROM page one |

who have been offered jobs elsewhere with the dilemma of either
refusing the severance package in favour of permanent employ-
ment, or taking it and hoping any current job offers still stand.

One employee is understood to have already missed one job
opportunity, and is trying to hang on to another. Other employees
had held off looking for work, awaiting the details of the severance
package, and were now unsure as to whether it made financial
sense to stay or forgo the cash and benefits.

“Basically, Delta is paying a severance package of two weeks’
wages for every year of employment up to a maximum of 24
weeks or 12 years. This means that employees who have worked at
the company for 13-plus years will not be given any additional
pay. However, Delta is also saying that it wants to be more ‘gen-
erous’ than the labour laws require, and are also going to offer an
additional four weeks’ pay,” the source said.

The airline will keep in place the health insurance benefits for
those employees who wish to for the rest of the year, as long as they
still contribute their monthly payments. Flying privileges with
Delta are also to remain for a year.

Alternatively, under Delta’s pension provision, any employee
who has worked for at least 10 years and is aged 52 or older, is eli-
gible for a pensionpackage higher than the severance package.
This is being offered to employees that have been employed with
the airline for, in some cases, 15-20 years.

Mr Santos said Delta will not publically disclose details of the
severance package, as it was considered to be personal and confi-
dential information human resource information.

“We do believe that we are offering a generous package,” he said.

PUBLIC NOTICE ..

INTENT TO CHANGE NAME BY DEED POLL |

The Public is hereby advised that we, JAYSON GREENE and
DENISE GREENE of Sandilands Village Road, Nassau, Bahamas,
intend to change our child’s name from JEFFREY LEE-ANDREW
CHRISTIANO GREENE to CHRISTiIANO LEE-ANDREW JEFFREY
GREENE. If there are any objections to this change of name by
Deed Poll, you may write such objections to the Chief Passport |
Officer, RO.Box N-742, Nassau, Bahamas no later than thirty
(30) days after the date of publication of this notice.

RBC FINCO is considering applications for
































Mortgage Specialist

The successful candidate should possess the following

qualifications:

e ACIB or ABIFS degree in Banking or a related field
would be an asset

e 5 or more years banking experience

e Previous experience in portfolio and liability
administration would be an asset

ey Skills:
e Negotiating/selling
Strong leadership and coaching
Relationship building
Impact & influence
Ability to manage multiple priorities
Demonstrated written and verbal communication
Microsoft Office Proficiency
Ability to make sound credit analysis

Responsibilities include:

¢ Contributing to meeting team sales plans by
acquiring and growing profitable client relationships

e Providing customized solutions and financial advice
designed to satisfy the client’s long-term goals on
obtaining a mortgage

¢ Seeking out new clients by developing relationships
within the community and local centres of influence

e Enhancing the experience of existing clients by
providing accessibility and one-on-one advice and
valuable information on the intricacies of having a
mortgage

e Successfully anchoring clients with the appropriate
delivery channel within RBC Financial Group

A competitive compensation package (base salary &
bonus) will be commensurate with relevant experience
and qualifications.

Please apply before February 29, 2008 to:

Regional Manager

Human Resources
Caribbean Bankin

RBC Royal Bank of Canada
Bahamas Regional Office
East Hill Street

PO. Box N-7549

Nassau, N.P,, Bahamas



Via fax: (242) 328-7145
Via email:bahcayjp@rbc.com



RBC
FINCO
RBC).

RBC > HELPING YOU SUCCEED

Men URC RCS uC an Cuno CUCU eno)
THE TRIBUNE





=) UTS) | Seats)

Remote Family Island

FRIDAY, FEBRUARY 29, 2008, PAGE 5B

a

‘devastated’ if no EP



FROM page one

Mr Delaney told The Tribune.

“The unique thing about fish-
eries, compared to financial ser-
vices, is that it has a way of ben-
efiting remote communities in
the Bahamas.

“Other trade, especially in
services, tends to be concen-
trated in New Providence and
Grand Bahama.

“While fisheries might be 3
per cent of GDP, it is very
important for remote commu-
nities in the Bahamas that have
very little going on, apart from
government services.

“Given our unique geogra-
phy, and archipelago nature,
it’s a very important point for
our country to bear in mind.”

Mr Delaney added that it was
“absolutely essential” that the
Bahamas establish a ‘Rules of
Origin’ regime as part of com-
plying with the EPA and other
international trade agreements,
such as World Trade Organisa-
tion (WTO) membership, the
Caribbean Basin Initiative
(CBI) with the US, and Carib-
Can with Canada.

A Rules of Origin regime
determines which goods are
manufactured and caught in
the CARIFORUM area, to
qualify them for tariff-free
entry to the EU.

This, though, could present a
problem for Bahamian fisher-
men and the crawfish industry,
as the EPA Rules of Origin

specify that fisheries products
can only be specified as
Bahamian if they are caught
in this nation’s terrestrial
waters.

Yet the Ministry of Finance
pointed out: “Traditionally, the
Bahamas has defined the fish-
ing grounds of the Bahamas as
the 200 mile nautical mile
exclusive economic zone.”

Mr Delaney said he did not
know yet whether these Rules
of Origin requirements were an
issue for the Bahamian fisheries
industry.

He added that “it would seem
to me that the Bahamas ought
to insist that regard be had to
the exclusive economic zone”,
as if this nation “cannot exploit
it for economic purposes” it was
not worth such a name.

“Rules of origin will be
absolutely essential infrastruc-
ture we must create,” Mr
Delaney said. “Clearly, the
whole regime is something the
Bahamas has yet to come up
with.

“We’ve never had any need
for a Rules of Origin regime
before.

“It is something we will need
going forward with respect to
where we are in the world
today....

Mr Delaney added that the
Bahamas would also have to
introduce competition laws and
policy, and countervailing duties
and anti-dumping regimes, to
comply with its EPA commit-
ments.

“We would have to look at
intellectual property. That is
something where it is consid-
ered the Bahamas’ house is not
fully in order, and we have to
deal with that,” Mr Delaney
said.

“We also have to deal with
the protection of data, and have
come a long way in that
regard.”

The Trade Commission chair-
man pointed out that some dis-
ciplines the EPA will impose

.would also boost “good gover-

nance” in the Bahamas and
“the development of our com-
munities”.

Leading the way is the EPA’s
requirement on government
procurement, with demands for
transparency and “fair play” in
the bidding and tendering
processes for government con-
tracts.

“That presents us with an
opportunity to have a regime
that benefits us domestically,”
Mr Delaney said. .

The EPA is the first two-way
preferences trade regime the
Bahamas has been asked to par-
ticipate in, meaning that trade
benefits are reciprocal and flow
both ways.

If the EU gives the Bahamas
preferential benefits, this nation
must respond in kind.

As a result, the Bahamas will
be expected to provide duty-
free access for many EU
imports, although many of these
will only be liberalised - and
customs duty reductions

A prominent new car dealership Responsibilities:
- Create and organize vehicle sales activities

is seeking a general manager.

The ideal candidate will have
wide experience in the
automotive business as well as :

good written and oral

communication skills.

Send resumes with references to:

Automotive GM
P.O. Box N-9240
Nassau, Bahamas

operations

Creaté and organize parts and service

Manage follow-up systems for existing

customers

Cultivate new business

Develop and implement company policies and

_ programmes

Train-and lead staff.in a team environment

- Stay up-to-date in dealership technology

Requirements:

- 5+ years of experience in the automotive

industry

Experience with Japanese automotive brands
Strong leadership and management skills

skills

Superior communication and customer service

Account management and budgeting

experience

Proficiency in computers

Abaco Markets Limited, a leading food distribution company
with five retail and club outlets in New Providence, Freeport and
Marsh Harbor Abaco is seeking applications for the position of :

Vice President of Compliance
& Asset Protection

THE JOB

To lead the company’s program to Reduce Risk in the
area of: Inventory Control, Shrink, and Loss Prevention,
Risk Analysis, Safety and Security. The candidate will be
required to create, implement and manage Shrink and Loss
Prevention Programs ensuring that Training programs

and follow-up monitoring 1s

REQUIREMENTS
* College Degree in a similar or related field

¢ A minimum of 5 years Experience in the area of Inventory

Controls

¢ Proficiency M/S suites

¢ A proven track record of success in the field desirable

* Possess strong leadership skills with excellent People and
Communication skills

consistently maintained.

Competitive compensation and benefit packages
(inclusive of incentive based bonuses)

Interested persons should send their resumes to

hr@abacomarkets.com



phased-in - over five, 10, 15, 20
and 25-year periods.

Many EU imports already
enter duty-free as they are relat-
ed to the tourism industry, the
former PLP government hav-
ing estimated that it would only

lose $10-$14 million in import
taxes per annum.
Mr Delaney told The Tribune

yesterday that the Bahamas’

annual import level from the
EU was $50 million “as good
as we can count”, a sum that

NOTICE

GDP.

“In terms of the impact on _

liberalisation of Customs and
so forth, the Bahamas seeks to
mitigate that by an Excise Tax
option,” Mr Delaney said.

Notice is hereby given of the loss of Bahamas Government Registered Stock Certificate as follows:

Stock

2004-20016

Interest
Rate
1.2500 APR

Certificate
No.
48-396

Maturity Amount
Date

23/9/2016 . $30,000.00

I intend to request that the Registrar issuse a replacement certificate.
If this certificte is found, please write to
P.O. Box SP 60743 Nassau, The Bahamas or call 327-5339.






The Chevrolet Optra sedan & hatchback

INVESTMENT OPPORTUNITY
MUST SELL

Three — 2 Storey townhouses about 80% completed which require some repairs. Each unit comprises
676 sq.ft. on the upper floor and 676 sq.ft. on the lower floor (total floor area 1,352 sq.ft. per unit)
and consists of 3 Bedrooms 2 Baths, Living, Dining and Kitchen.

Driveway & Walkways are improved with 12 x 12 Spanish Type Tiles, 1,775 Sq.Ft. Swimming
Pool and Jacuzzi which are 85% completed.

The Buildings are situated on Lot #17376 comprising 10,000 sq.ft. located in
Bahama Sound of Exuma Section 18, Exuma, Bahamas

models are loaded with features to ensure
a smooth riding experience.

Optra Features:

¢ 1.8-litre engine

The units are being sold collectively.

For conditions of the sale and any other
information, please contact:
The Commercial Credit Collection Unit
at: 356-1685 or 356-1608
Nassau, Bahamas

Interested persons should submit offers
in writing addressed to:

The Commercial Credit Collection Unit,

P.O. Box N-7518, Nassau, Bahamas

Serious enquiries only



¢ Great interior space

¢ — Automatic transmission ¢ — Driver side airbag
¢ Power steering e Alarm
¢ Four-wheel disc brakes ¢ Remote entry
* Power locks & windows (select models) * Air-conditioning
¢ Rear defogger ¢ Radio/CD
SNMC & Scotiabank

Shirley Street ¢ 328-3908 © Fax: 323-7272

info@nassaumotor.com ® www.chevroletbahamas.com

|

On-the-spot financing and insurance.
24-month/24,000-mile factory warranty.

amounted to just 2 per cent of






















PAGE 6B, FRIDAY, FEBRUARY 29, 2008

Credit growth to drop
to ‘single digits’ in ‘08

vane

FROM page one

further improve liquidity with-
in the system.

“While there’s adequate
liquidity in the banking sys-
tem it’s not evenly distrib-
uted between banks, so
there have been some spikes
in deposit rates. But we
think it will settle down over
time,” Mr Sunderji said.

“There’s been a slight
firming in rate for term



In the Estate of Dr. HEINZ ULRICH BAENSCH
late of Oahu in the State of Hawaii one of the
United States of America, deceased.

NOTICE is hereby given that all

NOTICE

deposits, typically two to five
years. Those terms are see-
ing some rate increases,
since they are good for
banks, as they lend long-
term.”

The Clearing Banks Asso-
ciation chairman added that
Bahamian commercial banks
were “mismatched” in terms
of assets and liabilities, as
they traditionally lent for the
long-term (assets) but took
in short-term deposits (lia-





persons having any claim or demand against the above

Estate are required to send the same duly certified in
writing to the undersigned on or before the 28th day of
March A.D. 2008, after which date the Executors will

the claims of which they shall then have had notice. _

AND NOTICE is hereby given that ali
persons indebted to the said Estate are requested to
make full settlement on or before the date hereinbefore

mentioned.

bilities).

“Long-term deposits are
at a premium, and we’re see-
ing some of that,” Mr Sun-
derji said. “Banks, all things
being equal, would be inter-
ested in paying higher rates
for term deposits.

“Tf foreign direct invest-
ment comes in as per plan,
and we’re led to believe that
will happen, we should see
an easing of deposit rates in
the latter part of the year.
There’s margin depression
taking place right now, as
loan rates are not going up.
Deposit rates are.”

While the 2008 economic
outlook and performance
was “hard to predict”
because of what was hap-
pening with the US and
global economy, Mr Sunder-
ji said the banks felt they
would “have a reasonable
year, although credit expan-
sion will not be at the same
rate as in the past”.

“There is a lot riding on
Baha Mar and Albany,” Mr
Sunderji said, “in terms of
capital inflows, foreign
exchange reserves and liq-
uidity.

“Our own view, and cer-
tainly this is what we are
told by the Central Bank
Governor and others, is they
expect a reasonable inflow
of foreign direct investment,

particularly the Baha Mar
project, and we are reason-
ably optimistic the situation
will improve during the
year.”

Paul McWeeney, Bank of
the Bahamas International’s
managing director, earlier
this week said Bahamian
commercial banks may look
increasingly to securitisa-
tions and other financing
forms to alleviate any liq-
uidity shortages, as this
would enable better match-
ing of capital funding with
long-term loans.

To mitigate the “liquidity
risk” they faced, Bahamian
commercial banks were like-
ly to exploit their generally
strong balance sheets and
“sound credit risk base” to
launch new and innovative
ways for accessing long-term
capital funding.

Commercial banks, Mr
McWeeney added, “tend to
borrow short and lend long”,
and with the competition for
liquid assets having pushed
deposit rates as high as sev-

en per cent in some cases in.

the December-January peri-
od, some depositors had
been happy to lock-in those
rates for three years.

Mr McWeeney said of the
situation: “It shows the need
for banks to introduce the
type of funding mechanisms

THE TRIBUNE





and match loan books.

to mitigate the liquidity risk.

“We have a fairly sound
credit risk base in the
Bahamas, so that lends itself
to securitisation. It provides
a good basis for securitisa-
tion as a way to better fund

“JT think that in the mar-
ketplace we may see more
of that [securitisation] tak-
ing place to better access
funding that is more long-
term.”



HARRY B. SANDS, LOBOSKY & COMPANY
Attorneys for the Executors
CHAMBERS
Shirley House
Fifty Shirley Street
Nassau, Bahamas

To be advertised in the Tribune on February “+
15th and 29th and March 14th, 2008.37;

Quality Auto Sales Ltd

PARTS DEPARTMENT
Will be CLOSED for
STOCKTAKING
FEB 28 thru MAR 1

(Thursday, Friday & Saturday)

We will re-open for business as usual on Monday, March 3.

We apologise to our valued customers.and regret any
inconvenience this may cause. All other sections of the
AUTO MALL will be open for business as usual.

QUALIT

EAST SHIRLEY STRE

I
Pyicing Information As Of:
| Tinursday, 28 February 200 8
i oe LIS



1
U
‘
r
1
t
'




proceed to distribute the assets having regard only to








MAHA






auto
Sales

LIMITED

oe



=) FIDELITY




NOTICE

NOTICE is hereby given the DWIGHT WEAKLEY of
BUTTONWOOD AVE., PINEWOOD GARDEN, P.O. BOX
CR-65321, NASSAU, BAHAMAS, is applying to the Minister

resposible 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 si

of the facts within twenty-eight days from:the 22ND day: of:



February, 2008 to the Minister responsible ‘for ‘Nationality and: |:



Citizenship, P.O.Box N - 7147, Nassau, Bahamas.

We Move Cargo

Servicing the Family Island for over te
We do Pick-ups from all your Favorite §S

Walmart
Brandsmart USA
BJ’s

Big K

e JC Penney

e Office Max
e 20Street

e Sears

° Office Depo
e Best Buy

e Jettro Cash

e US Payments

e Internet Orders and more

Also No Sales Taming our Pick-Up Servic

Email Your Request

Ask







iexe) na
or Phone (242) 225-2929 or (9

for Mike in Nassau e

icourier@live.
359-6747

Garvin in Ft., Lau

ic)
F











PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, DARON ETHAN FERGUSON
of Sandilands Village Rd., PO. Box EE-15780, Nassau,
Bahamas, intend to change my name to DERON ETHAN
FERGUSON. If there are any objections to this change of name
by Deed Poll, you may, write such obiections..to the, Chief
Passport Officer, RO.Box N-742, Nassau, Bahamas no later
than thirty (80) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given the REVELYN DORVILUS of 3390
NW 30th ST. #2, LAUDERDALE LAKES, FL. 33311, UNITED
STATES OF AMERICA, is applying to the Minister resposible
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 22ND day of February, 2008 to the
Minister responsible for Nationality and Citizenship, P.O.Box

N - 7147, Nassau, Bahamas.

Legal Notice
NOTICE

UTKAI LIMITE

NOTICE IS HEREBY GIVEN as follows:

(a) AITUTKAI LIMITED is in voluntary dissolution under
the provisions of Section 137(4) of the International
Business Companies Act 2000.

(b) The dissolution of the said company commenced on
the 28th February, 2008 when the Articles of
Dissolution were submitted to and registered by the
Registrar General.

(c) The Liquidator of the said company is Verduro

Associated Ltd. Pasea Estate, Road Town, Tortola,
BVI

Dated this 29th day of February, A.D. 2008







es BISX ee
52wk-Hi 52wk-Low me Securit y Previous Close Today's Close Daily Vol. EPS $ Div $ P/E Yield
173 0.75. Abaco Markets 1.73 1.73 0.00 0.157 0.000 11.0 0.00%
11.80 11225 Bahamas Property Fund 11.80 11.80 0.00 1.502 0.400 7.9 3.39%)
19.68 8.50 Bank of Bahamas 9.61 9.61 0.00 0.643 0.260 14.9 2.71% Verd A iated Ltd
0.59 0.83 — Benchmark 0.99 0.99 0.00 0.188 0.030 5.3 3.03% erduro Associated Ltd.
3.74 1.95 Bahamas Waste 3.66 3.66 0.00 500 0.289 0.090 12.7 2.46% Liquidator
}2.70 1.25 Fidelity Bank 2.60 2.60 0.00 0.058 0.040 44.8 1.54%
42.95 10.03 Cable Bahamas 12.95 12.95 0.00 1.030 0.240 12.6 1.85%
3.15 2.00 Colina Holdings 3.14 3.14 0.00 184 0.031 0.040 101.3 1.27%
8.50 4.62. Commonwealth Bank (S1) s 6.97 6.95 -0.02 10,000 0.428 0.260 16.2 3.74%
7.22 _ 4.48 — Consolidated Water BDRs 4.48 4.41 -0.07 0.129 0.052 34.8 1.16%
2.60 2.20 Doctor's Hospital 2.45 2.45 0.00 0.316 0.020 7.8 0.82%) .
le 5.85 Famguard 7.79 7.79 0.00 0.713 0.280 10.9 3.59% Legal Notice
13.01 12.30 Finco 13.00 12.95 -0.05 3,000 0.810 0.570 16.0 4.40%
14.75 13.99 FirstCaribbean 13.99 13.99 0.00 0.914 0.470 15.3 3.36% NO I ICE
jor 5.12 Focol (S) 5.15 5.15 0.00 0.363 0.140 14.2 2.72%
1 Po 0.54 Freeport Concrete 0.74 0.74 0.00 0.035 0.000 21.1 0.00%
48 po 7.20 ICD Utilities 7.25 7.25 0.00 0.411 0.300 17.6 4.14% RE ; :
12.50 8.60 J. S. Johnson 12.30 12.30 0.00 1.059 0610 116 4.96% NOTICE IS HEREBY GIVEN as follows:
f 19.00 10.00 Premier Real Estate LN 10.00 10.00 0.00 |. 1.167 0.600 86 6.00%
Fidelity Over-The-Counter Securities a Ee Eee aE Bath, 4k ;
Sgwk-Hi _52wk-Low Symbol Bid $ Ask $ Last Price Weekly Vol. EPS$ _Div$ P/E Yield (a) TOSEF F UND LIMITED is in dissolution under the
© 74.60 14.25 Bahamas Supermarkets 14.60 15.60 16.00 1.160 1.185 13.4 8.12% provisions of the International Business Companies Act 2000.
; 8.00 6.00 Caribbean Crossings (Pref) 6.00 6.25 6.00 0.000 0.480 NM 7.80%
f * 054 0.20. RND Holdings 0.35 0.40 0.35 -0.023 0.000 N/M 0.00%!
5 2 - s x re, 7e ary
; GéiRa OUSETKS Counter Securities oT y ees (b) The Dissolution of said Company commenced on February 28, 2008
+ 41.00 41.00 ABDAB : 41.00 43.00 41.00 4.450 2.750 9.0 6.70% when its Articles of Dissolution were submitted and registered by
» 14.60 14.00 Bahamas Supermarkets 14.60 15.60 14.00 1.160 1.125 13.4 7.71% the Regist G al
10.55 0.40 RND Holdings . 045 _ 0.55 0.45 -0.030 0.000 __N/M 0.00% fe Nepstar eneral:
f BiSX Listed Mutual Funds j
Jogwk-Hi___ S2wk-Low Fund Name NA Vv YTD% Last 12 Months Div $ Yield % (c) The liquidator of the said company is Lakeisha Collie of 2nd Terrace
73001 1.2037. Colina Bond Fund 7.300059°*~ 0.62% 6.15% ae : Jassau. Bah :
310008 2.4723 Colina MSI Preferred Fund 2.999402"** -0.04% 15.53% West, Centreville, Nassau, Bahamas.
y1 ae 2 1.2647 Colina Money Market Fund 1.381183***** 0.39% 3.85%
13°7969 3.0569 Fidelity Bahamas G & | Fund 3.7442°°* -1.40% 27.72% apes ait eas dC. aa
14.9880 11.3545 Fidelity Prime Income Fund 11.9880°** 0.46% 5.53% (d) All persons having Claims against the above-named Company are
ipo pee 100.0000 CFAL Global Bond Fund 100.00°* required on or before the 28th day of March, 2008 to send their
190.0000 = 100.0000 CFAL Global Equity Fund 100.00** : Read ape + dabteorclajme ‘
1000 1.0000 GFAL High Grade Bond Fund a Got names and addresses and particulars of their debts or claims to the
19.5000 9.6628 _ Fidelity International Investment Fund _9.6628*** Liquidator of the company or, in default thereof, they may be
® FINDEX: CLOSE 912.55 / YTD -4.15% / 2007 34.47% excluded from the benefit of any distribution made before such
phsx ALL SHARE INDEX - 19 Dec 02 = 1,000.00 MARKET TERMS YIELD - last 12 month dividends divided by closing price NAV KEY. aN
5S8wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity debts are proved.
Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity February 29, 2008
se - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price ** - 31 December 2007 ¥
ly © - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week *** 31 January 2008
BAange - Change in closing price from day to day EPS $ - Acompany’s reported earnings per share for the last 12 mths **** 2 January 2008 LAKEISHA COLLIE
Oily vol. - Number of total shares traded today NAV-NetAssetValue ne - 22 February 2008 ‘ ‘
of $ - Dividends per share paid in the last 12 months N/M - Not Meaningful

ice divided by the last 12 month earnings

LIQUIDATOR OF THE ABOVE-NAMED COMPANY




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

k Split - Effective Date 8/8/2007
*k Split - Effective Date 7/11/2007

a
3
AM) - 3-for-1¢
h L TO TRADE CALL: CFAL 242-502-701
:
®
'

FIDELITY 242-356-7764 / FOR MORE DATA & INFORMATION CALL (242) 394-2503

(sa sac caaeaaaaesennnns ite anteater ae aenenieeabaninannttabsteciceatan seetetitaatietasntbeaesatt


THE TRIBUNE

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
Finance Corporation of Bahamas Limited:

We have audited the consolidated financial statements of Finance Corporation of Bahamas Limited (the
“Company”) which comprise the consolidated balance sheet as of October 31, 2007, and the related
consolidated statements of income, changes in equity and cash flows for the year then ended, and a summary

of significant accounting policies and other explanatory notes.
Management’s responsibility for the consolidated financial statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements
in accordance with International Financial Reporting Standards. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated
financial statements that are free from material misstatement, whether due to fraud or error; selecting and
applying appropriate accounting policies; and making accounting estimates that are reasonable in the

circumstances.

Auditors’ responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with International Standar2s on Auditing. Those Standards require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the
consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud
or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s
preparation and fair presentation of the consolidated financial statements in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion

In our opinion, the consolidated financial statements present. fairly, in all material respects, the financial
position of the Company as of October 31, 2007, and its financial performance and its cash flows for the year
then ended in accordance with International Financial Reporting Standards.

Dthe ¢Focke

December 13, 2007

FINANCE CORPORATION OF BAHAMAS LIMITED

CONSOLIDATED BALANCE SHEET
AS OF OCTOBER 31, 2007
(Expressed in Bahamian dollars)



2007 2006
ASSETS : /
Cash (Note 6) $ 1,926,537 $ 1,612,951
Demand deposits (Notes 6 and 15) 14,400,496 16,347,117
Due from banks (Note 6) 1,010,869 3,863,925
Statutory reserve account with ,
The Central Bank of The Bahamas (Note 5) 28,315,862 26,311,954
~ Investments (Note 7) 46,388,244 36,382,275
Loans - Net (Notes 8, 9, 14 and 15) : 616,230,842 559,426,195
Fixed assets - Net (Note 10) 2,824,516: ~~. 2,738,664
Other assets 904,821 1,138,926
TOTAL , : $ 712,002,187 $ 647,822,007
LIABILITIES AND EQUITY
LIABILITIES:
Customer deposits (Notes 11, 14 and 15) * $ 592,399,955 $ 545,995,067
Dividends payable (Note 15) ; 19,200,000 7,800,000
Other liabilities (Note 15) 1,493,723 2,027,682
Deferred fees 5,843,924 5,246,001
Total liabilities 618,937,602 561,068,750
EQUITY:
Share capital (Note 13) . 5,333,334 5,333,334
Share premium : 2,552,258 2,552,258
General.reserve : : 500,000 500,000
Retained earnings : 84,678,993 78,367,665
Total equity 93,064,585 * 86,753,257
TOTAL $ 712,002,187 $ 647,822,007

See notes to consolidated balance sheet.

The balance sheet was approved by the Board of Directors on December 13, 2007 and is signed on

its behalf by:



A

Di Director

' FINANCE CORPORATION OF BAHAMAS LIMITED

CONSOLIDATED STATEMENT OF INCOME
YEAR ENDED OCTOBER 31, 2007
(Expressed in Bahamian dollars)

Hee eee eee

(Restated)
2007 * 2006
INCOME:
Interest income $ 50,739,585 $ 46,689,636

Interest expense (Note 15) 22,506. 182 18,293,573

Net interest income 28,233,403 28,396,063
Allowance for credit losses, net (Note 9) (1,086,089) 560,228

Net interest income after provision for credit losses 29,319,492 27,835,835

Fees and commissions (Notes 15 and 22) 3,228,121 3,054,961
Total income 32,547,613 30,890,796

NON-INTEREST EXPENSE:

Salaries and staff benefits (Notes 12 and 15) 5,240,010 5,167,029
General and administrative (Note 15) : 3,408,358 2,971,264
Occupancy (Note 16) 2,035,827 1,987,359
Depreciation and amortization (Note 10) 5 508,077 491,404
Total non-interest expense 11,192,272 * 10,617,056

NET INCOME $ 21,355,341 $ 20,273,74C
EARNINGS PER SHARE (Basic and Diluted) $ 0.80 $ 0.76

See notes to consolidated financial statements.





FRIDAY, FEBRUARY 29, 2008, PAGE 7B

FINANCE CORPORATION OF BAHAMAS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED OCTOBER 31, 2007
(Expressed in Bahamian dollars)



' Share Share General _ Retained
Capital . Premium Reserve Earnings Tota)

Balance at October 31,
2005 as originally presented $ 5,333,334 $ 2,552,258 $ 500,000 $ 77,771,335 $ 86,156,927

Prior period adjustment (Note 22) - - - (5,466,927) (5,466,927)

Balance at October 31,

2005 restated 7 5,333,334 2,552,258 500,000 72,304,408 80,690,000
Net income restated (Note 22) - - - 20,273,740 20,273,740
Dividends (Note 19) - - - _ (14,933,335) _ (14,933,335
Balance at October 31, 2006 5,333,334 | 2,552,258 500,000 77,644,813 86,030,405
Net income - - - 21,355,341 21,355,341
Dividends (Note 19) - - - _(15,200,001) _ (15,200,001)
Balance at October 31, 2007 $5,333,334 $ 2,552,258 $ 500,000 $ 83,800,153 $ 92,185,745

See notes to consolidated financial statements.

FINANCE CORPORATION OF BAHAMAS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED OCTOBER 31, 2007

(Expressed in Bahamian dollars)

(Restated)
2007 2006

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income
Adjustments for:

$ 21,355,341 $ 20,273,740

Depreciation and arnortization (Note 10) 508,077 491,404
Loss on disposal of fixed assets 7,776 11,677
Allowance for credit losses, net (Note 9) — (1,086,089) 560,228
20,785,105 21,337,049

_ Changes in operating assets and liabilities (Note 17) . (837,753) (1,876,945)

(55,101,603) (48,158,627)

__ 45,075,835 __ 41,548,656

Increase in loans -
Increase in customer deposits

Net cash from operating activities 9,921,584 12,850,133

CASH FLOWS FROM INVESTING ACT! TIVITIES:

Proceeds from disposal of fixed assets . 35,946 13,200
Purchase of fixed assets (Note 10) : (637,651) (651,932)
(Increase) decrease in accrued interest on investments - (56,369) 3,841
Proceeds from maturity of investments . ' 21,500,000 22,533,100

31,449,600 30,869,100:
10,607,674 8,970,891

“Purchase of investments

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITY:

Dividends paid : (3,800,001) (9,533,335)
NET DECREASE IN CASH AND CASH EQUIVALENTS (4,486,091) (5,654,093)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 21,823,993 27,478,086
CASH AND CASH EQUIVALENTS, END OF YEAR (Note 6) $ 17,337,902 $21,823,993

SUPPLEMENTAL INFORMATION:

Intérest received $._ 49,731,814 $45,483,563
Interest paid $ 22,206,182 $ 18,293,573

See notes to consolidated financial statements. © ny E

FINANCE CORPORATION OF BAHAMAS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED OCTOBER 31, 2007 :

(Expressed in Bahamian dollars) ;

1. GENERAL

Finance Corporation of Bahamas Limited (the “Corporation”) is incorporated in the Commonwealth of
The Bahamas and is licensed under the provisions of the Banks and Trust Companies Regulations Act,
2000. The Corporation is also licensed as an Authorized Dealer, pursuant to the Exchange Control
Regulations Act and is 75% owned by R.B.C. Holdings (Bahamas) Limited, a wholly-owned subsidiary
of Royal Bank of Canada. The remaining 25% of the Corporation’s shares are owned by the Bahamian

public.

The Corporation’s registered office is located at Bahamas Financial Center, Charlotte Street, Nassau,

Bahamas and its business activities include the acceptance of savings, term and demand deposits, the
- buying and selling of foreign currency, electronic banking, and mortgage lending in The

Commonwealth of The Bahamas. :

On May 1, 2007, FINCO Insurance Agency Limited (“FIAL”), a wholly owned subsidiary of the
Corporation, commenced operations providing insurance agency, services to mortgage customers of the
Corporation. These services were previously provided by the Corporation. The registered office of
FIAL is located at Bahamas Financial Centre, Charlotte Street, Nassau, Bahamas.

2. ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING
STANDARDS

The following new accounting standards and interpretations which were issued by the Intemational
Accounting Standards Board (IASB) or the International Financial Reporting Interpretations Committee
(IFRIC) will become effective and be implemented by the Corporation as follows:

Year Ending

International Financial orting Standards Ss

IFRS 7 - Financial Instruments: Disclosures October 31, 2008

IFRS 8 - Operating Segments October 31, 2010
International Financial Reporting Interpretations Committee (IFRIC) :

IFRIC 11 - IFRS 2-Group and Treasury Share Transactions October 31, 2008

IFRIC 12 - Service Concession Arrangements October 31, 2009

IFRIC 13 - Customer Loyalty Programmes October 31, 2009

IFRIC 14 - LAS 19 - The Limit on a Defined Benefit Asset,

Minimum Funding Requirements and their Interaction October 31, 2009

Management does not anticipate that the adoption of these standards and interpretations will have a
material impact on the consolidated financial statements in the period of initial application. Upon
adoption of IFRS 7 - Financial’ Instruments: Disclosures, the Corporation will disclose additional
information about its financial instruments, their significance cnd the nature and extent of risks to which
they give rise. More specifically, the Corporation will be required to disclose the fair value of its

financial instruments and its risk exposure in greater detail. ‘

3. SIGNIFICANT ACCOUNTING POLICIES

These consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards using the historical cost convention and include the financial position and resulta
of operations of the Corporation and its wholly-owned subsidiary, FIAL, after elimination of all inter-

company balances and transactions.
The following is a summary of the significant accounting policies:

a. Investments - Investments are classified as available for sale. Available for sale investments are
held for an indefinite period of time and may be sold in response to needs for liquidity or changes
in the market, Available-for-sale investments are initially measured at cost and are subsequently
remeasured at fair value based on quoted prices. Fair values for unlisted securities are estimated
using market values of the underlying securities or appropriate valuation methods.

The gain/loss on revaluation of available-for-sale investments are recognised in the equity section
of the consolidated balance sheet. Gains and losses realised on disposal of available-for-sale

financial assets are included in the consolidated statement of income.

b. Income and expenses - Income and expenses are recognized on an accrual basis, except for fees
and commissions, which are recorded when the service has been provided. Commitment fees
received on loans are deferred and recognized as income over the life of the loan.
ME PS

Cash and cash equivalent - Cash and cash equivalent is comprised of cash on hand and demand

deposit held with financial institutions. 7.

Fixed assets - Fixed assets are stated at cost less accumulated depreciation and amortization.
Depreciation and amortization is calculated to write the assets off over their estimated useful

lives as follows:

Buildings and improvements 20 to 40 years straight line

Lease term plus one renewal option period to
a maximum of 10 years

Leasehold premises

Varying from 3 to 7 years straight line or
20% declining balance

Furniture and equipment

Impairment of fixed assets - Fixed assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount exceeds its recoverable amount. Any
impairment loss is recognized in the statement of income.

Loans - Loans are stated net of an allowance for loan losses and unearned income, which
comprises uneamed interest and unamortized loan fees. Loans are classified as non-accrual
whenever a payment is 90 days past due. When a loan is classified as non-accrual, the accrual of
interest is discontinued and any previously accrued but unpaid interest on the loan is reversed.
Non-accrual loans are returned to an accrual status when all amounts including interest have been
collected, all charges for loan impairment have been received and the credit quality has improved
such that there is reasonable assurance of timely collection of principal and interest.

Allowance for credit losses - The allowance for credit losses is maintained at a level that ; :

management considers adequate to absorb identified credit related losses in the portfolio as well
as losses that have been incurred, but are not yet identifiable. The allowance is increased by the
provision for credit losses, which is charged to income, and decreased by the amount of write-
offs, net of recoveries.

s identification and evaluation of problem
e remaining portfolio, and other factors
and changes in economic conditions. The

The allowance is determined based on management’
accounts, estimated probable losses that exist on th
including the composition and quality of the portfolio,
composition of the allowance for credit losses is as follows:

i. Specific provision

The specific provision is maintained to absorb losses on specifically identified borrowers.

ii. — General provision

The general provision represents the best estimate of probable losses within the portion of
the portfolio that has not yet been specifically identified as non-accrual. During the year, —
management revised its estimate of the general allowance for credit losses to a minimum
of either 1.30% of total loans less specific provisions or 40.00% of non-accrual loans less
specific provisions, whichever is greater. Previously, the minimum allowance was 1% of

total loans outstanding.

h. Pension contributions - Pension contributions are actuarially determined on an annual basis and

are expensed in the period to which they relate. _

i. Foreign currency translation - Assets and liabilities in other currencies have been translated into
Bahamian dollars at the appropriate rates of exchange prevailing as of October 31, 2007. Income
and expense items have been translated at the actual rates on the date of the transaction.

Earnings per share - Eamings per share are based on the weighted average number of shares
outstanding during the period. There is no material difference between basic earnings per share

and fully diluted earnings per share.

k. Related parties - Related parties include the Corporation’s parent, its ultimate parent and
companies within the Royal Bank of Canada Group, together with respective officers and

directors.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION
UNCERTAINTY

The preparation of consolidated financial statements 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
consolidated financial statements, and the reported amounts of revenues and expenses during the
reported period. Actual results could differ from those estimates.

reversion ad} seusood bolimil et etree cn fete ab btysty ao teat nhowy add

The carrying amounts of loans to°dtiktomers aré ¢8HEWed for potential impairment whenever events or a
changes in circumstances indicate that the. carrying amount of a particular loan may not ‘be’ fully
recoverable. In such instances, a specific provision would be recognized if the collateral held for the



ACD gRN tes bh UES

RTE WRB

loan appears to be less than the remaining value of the mortgage. In developing estimates of market 9.

values of assets, the Corporation utilizes the professional services of an appraiser. ‘ Although
management believes that the assumptions used to evaluate potential impairment are reasonable and
appropriate, such assumptions are by nature subjective.

General Provisions

As described in Note 3(g), management assesses the adequacy of its general provision using an estimate
of 1.30% and 40.00% of total loans and non-accrual Joans, respectively. In its assessment, management
also takes into consideration the guidelines of the Central Bank of the Bahamas as it relates to
provisions for loans. This percentage is deemed adequate to absorb any losses that should arise based
on historical loss experience.

Impairment

The Corporation has made significant investments in loans and advances. These assets and investments
are tested for impairment when circumstances indicate that there may be a potential impairment.
Factors that are considered important and which could trigger an impairment review are explained in
Note 3(f). Estimating recoverable. amounts of loans and advances is based on management’s
evaluations, including estimates of future performance, revenue generating capacity of the assets,
assumptions of the future market conditions and credit risks associated with the assets. Changes in
circumstances and in management’s evaluations and assumptions may give rise to impairment losses in
the relevant periods.

spreciation orti

Depreciation and amortization is based on management estimates of future useful life of fixed assets.

Estimates may change due to technological developments, competition, changes in market conditions
and other factors and. may result in changes in the estimated useful life and in the amortization or
depreciation charges. The Corporation reviews the future useful life of fixed assets periodically taking —
into consideration the factors mentioned above and all other important factors. Estimated useful life for

similar type of assets may vary due to factors such as growth rate, maturity of the.market, history and 10

expectations for replacements or transfer of assets, climate etc. In case of significant changes in the
estimated useful lives, depreciation and amortization charges are adjusted prospectively.

Legal proceedings, claims and regulatory discussions

The Corporation is subject to various legal proceedings, claims and regulatory discussions, the
outcomes of which are subject to significant uncertainty. The Corporation evaluates, among other
factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable
estimate of the amount of loss. Unanticipated events or changes in these factors may require the
Corporation to increase or decrease the amount the Corporation has accrued for any matter or accrue for
a matter that has not been previously accrued because it was not considered probable, or a reasonable
estimate could not be made. ; ,

Loan commitment fees estimate

In accordance with International Accounting Standard 18: Revenue, loan commitment fees are to be
deferred and recognized over the life of the loan. Management amortizes loan commitment fees using
an average loan term of 20 years.

é

STATUTORY RESERVE ACCOUNT WITH THE CENTRAL BANK OF THE BAHAMAS

The Corporation’s statutory reserve account, which it has placed with the Central Bank of The
Bahamas, is non-interest bearing. The Corporation is subject to the regulatory capital requirements as
defined by The Central Bank of The Bahamas. The Central Bank requires the Corporation to maintain
a minimum Tier ] and Total capital ratio of 4% and 8%, respectively. At October 31, 2007 the
Corporation’s Tier 1 and Total capital ratio was respectively 22.47% and 28.50% (2006: 25.26% and

27.80%).
11.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents included in the statement of cash flows consist of the following balance sheet
amounts:

2007 2006
Cash es . $ 1,926,537 $ 1,612,951
Demand deposits - related party (Note 1 5c) 14,400,496 16,347,117
Due from banks 1,010,869 3,863,925

$__ 17,337,902 $21,823,993

INVESTMENTS

THE TRIBUNE

Investments are classified as available for sale and consist of the following:

Securities issued or guaranteed by
The Bahamas Government:
Treasury bills
Registered stocks
Government bonds

Total investments
Accrued interest thereon

The maturity of investments is as follows:

1 year or less

Over | year through 5 years
Over 5 years through 10 years
Over 10 years

Total investments

LOANS - Net

Loans consist of the following:

Residential Mortgages
Non-residential Mortgages
Government Insured Mortgages
Demand Loans and Overdrafts
Staff Mortgages

Staff Demand Loans

Total loans
Accrued interest thereon

Sub-total
Allowance for credit losses

Total loans net of an allowance for credit losses

Loans mature as follows:

3 months or less
Over’3 months through 6 months
Over 6 months through 1 year
Over 1 year through 3 years
Over 3 years through 5 ye:
Over 5 years ;
Total loans
Accrued interest thereon
Sub-total
Allowance for credit losses

Total loans, net

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

Residential Mortgages
Non-residential Mortgages
Government Insured Mortgages
Demand Loans and Overdrafts

YN. sesh
t aiPRer TR phe!



a ea ed pth eh nae
Loans classified as ‘no
accrued interest; °°"

ALLOWANCE FOR CREDIT LOSSES

Allowance for credit losses consists of the following:

Provision created during the year a
Reversal
Write-offs
Recoveries
Net provision - ,
Balance at beginning of year

Balance at end of year
Consisting of:

’ Specific provisions.
General provisions

a

2007 2006

$ 12,000,000 $ 8,000,000
30,872,900 24,923,300
3,037,300 3,037,300
45,910,200 35,960,600 —
478,044 421,675
$_46,388,244 $_36,382,275
$ 13,000,000 $ 9,500,000
- 1,000,000

5,778,700 5,118,200
27,131,500 ___ 20,342,400

$__ 45,910,200 $ 35,960,600

a

2007 2006 —

$ 568,510,452 $ 514,866,836
33,632,897 31,422,293
3,198,558 3,835,916
8,605,178 9,258,541
5,861,893 5,252,647
1,111,447 1,182,589
620,920,425 565,818,822
3,496,245 2,879,290 _
624,416,670 568,698,112

(8,185,828) (9,271,917)

$_616,230,842 $ 559,426,195

2007 2006
.$ 14,808,671 $ 14,856,986
5,709,758 4,035,238
10,216,579 7,191,533
8,337,101 7,102,102
10,513,275 16,441,353
571,335,041 _ 516,191,610
620,920,425 . 565,818,822

3,496,245 2,879,290
624,416,670 568,698,112

(8,185,828) (9,271,917)

$_616,230,842 $ 559,426,195

$ 15,177,193 $ 16,897,402
956,561 1,136,600
182,637 144,171

73,397 63,850

Ss 16,389,788 S_ 18,242,023
accrual represent 2.64%: (2006: 3.21%) of the total Ish portfilio inchisive of
: Wea Ta re) aves HS ed WOE oh pate

2007 2006
$ 711,449 $ 510,770
(1,500,000) :
(380,693) (40,000)
83,155 89,458
(1,086,089) 560,228
9,271,917 8,711,689

$___ 8,185,828 $ 9,271,917

$ 623,000 $ 577,896
7,562,828 8,694,021

$__ 8,185,828 $ 9,271,917

Allowance for credit losses represents 1.32% (2006: 1.63%) of the total loan portfolio and 49.94%

(2006: 50.82%) of the total non-accrual loans,

During the year, management made an ‘assessment of the adequacy of the Corporation’s provisions and
revised its minimum provision ratios for total loans and non-performing loans (see note 3g). This
revision better aligns the provisions with the industry and complies with Central Bank guidelines.
Additionally, management decided to reverse $1.5 million of its general provision.

FIXED ASSETS - Net

Fixed assets consist of the following:

. Furniture
Landand Leasehold and
Buildings Premises Equipment Total
COST:
At October 31, 2006 $ 1,214,010 $ 1,957,235 $ 2,922,697 $ 6,093,942
Additions 55,629 112,778 469,244 637,651
Disposals —__G,200) ______- ~__(183,866) ___(187,066)

At October 31, 2007
ACCUMULATED DEPRECIATION

AND AMORTIZATION:

At October 31, 2006

Charge for the year 57,912
Disposals —__ 2347)

At October 31, 2007

CARRYING AMOUNT:
At October 31, 2007

At October 31, 2006
CUSTOMER DEPOSITS

Customer deposits consist of the following:

Demand deposits
Savings deposits
Term deposits

Total deposits
Accrued interest thereon

$621,899 $_ 945,630 $ 1,256,987 $ 2,824,516

$__ 625,035 $ 1,044,604 ,069,

$_1,266,439 $ 2,070,013 $ 3,208,075 $ 6,544,527

.

$ 588,975 $ 912,631 $ 1,853,672 $ 3,355,278
211,752

: (140,997) (143,344)

$__ 644,540 $ 1,124,383 $ 1,951,088 $ 3,720,011

238,413 508,077

$_1,256,987 $ 2,824,516

$_1,069,025 $ 2,738,664

2007 2006

$ 27,302,074 $ 27,726,280

122,034,136 121,623,709

437,371,927 392,282,313

586,708,137 541,632,302

4,362,765

5,691,818 362,

$_592,399,955 $ 545,995,067


THE TRIBUNE

12.

13.

15.

14.

Re

c.

f.

Customer deposits maturc as follows:

2007 2006

3 months or less $ 422,535,299 $ 401,328,493
Over 3 months through 6 months 75,955,836 68,490,212
Over 6 months through 1 year 86,952,330 71,689,418
Over 1] year through 3 years 1,264,672 124,179

Total deposits” 586,708,137 541,632,302
Accrued interest thereon 5,691,818 4,362,765

Total $ 592,399,955 $ 545,995,067
PENSION PLAN

The Corporation participates in a defined benefit group pension plan of Royal Bank of Canada.
Employees become eligible for membership in the Plan at age 25 on a contributory or non-contributory

basis.
eamings at retirement. During the year, pension contributions amounted to $128,880 (2006: $141,524).

An actuarial valuation is performed each year to determine the present value of the accrued pension
benefits, based on projections of employees’ compensation levels to the time of retirement. ‘The latest

actuarial valuation was carried out as at January 1, 2007 at which time the actuarial value of the net
assets exceeded the actuarial present value of accrued pension benefits.

SHARE CAPITAL

Share capital consists of the following:

2007 2006
Authorized:
27,500,000 common shares at par value B$0.20
Issued and fully paid: 26,666,670 common shares $ 5,333,334 $ 5,333,334
CONCENTRATION OF LOANS AND CUSTOMER DEPOSITS
Concentration of loans by customers’ account balance is as follows:
2007 % 2006 %
$0 - $100,000 $ 247,129,936 39.80% $§ 242,086,847 42.79%
$100,001 - $300,000 336,348,234 54.17% 291,692,630 51.55%
$300,001 - $500,000 27,123,259 4.37% 21,094,149 3.73%
$500,001 and over 10,318,996 1.66% 10,945,196 1.93%
620,920,425 100.00% 565,818,822 100.06%
Accrued interest : 3,496,245 2,879,290
Sub-total 624,416,670 568,698,112
Allowance for credit losses (8,185,828) (9,271,917)
Total $_616,230,842 $_559,426,195
Concentration of deposits by customers’ account balance is as follows:
2007 Wi) 2006 %
$0 - $100,000 .- $ 150,588,618 25.67% $ 152,425,367 28.14%
$100,001 - $300,000 101,124,783 17.24% 94,436,315 17.44%
$300,001 - $500,000 42,709,271 7.28% 39,918,627 7.37%
$500,001 and over 292,285,465 49.82% 254,851,993 47.05%
Sub-total 586,708,137 100.00% 541,632,302 100.00%
Accrued interest 5,691,818 4,362,765

$ 592,399,955

Total 399,

$ 545,995,067

RELATED PARTY BALANCES AND TRANSACTIONS

B8V VS

: Phe “et portion: “has” ‘cilablished a $5 million overdraft facility at Royal Bank of Canada. The
., dacility is part, of the, Bank’s liquidity management, contingency. plan. required, by its. primary
" ‘regulator. the ‘facility i isa ‘standby arrangement to be utilized when the Bank experiences short

term illiquidity in its operations. Fees for the use of this facility are % of 1% per annum.
Charges incurred in this regard during the year were $12,500 (2006: $12, 500).

Overdraft interest is charged at 6% per annum. During the year overdraft interest paid in
connection with this facility was $Nil (2006: $Nil).

The Corporation has technical service and licence agreements with Royal Bank of Canada. Total
fees under these agreements are $871,418 per annum plus specific service fees depending on
additional services rendered. The Corporation continues to pursue opportunities for outsourcing
with its parent to improve operational efficiency.

During the year, $898,553 (2006: $696,956) was expensed in reference to the above agreement,
and a payable of $Nil (2006: $573,833) related to this agreement is included in other liabilities.

All clearing accounts are maintained at the Royal Bank of Canada, which acts as a clearing bank
for the Corporation. The balance as at October 31, 2007 was $14,400,496 (2006: $16,347,117).
These deposits are non-interest bearing and are held as a part of the Corporation’s Statutory
Reserve Requirement. The funds are also available for investment as opportunities arise.

Loans include advances to directors and officers of the Corporation in the amount of $1,055,671
(2006: $744,441). Some of the loans to officers (as well as those to employees of the
Corporation) are at preferential interest rates. The Corporation waives commitment fees on loans
to its employees and to employees of affiliated entities. Employees of the Corporation receive
concessions on certain fees and services from Royal Biank of Canada.

During the year total remuneration paid to directors and key management personnel was
$540,388 (2006: $757,912).

- Included in general and administrative expenses are expenses of $58,573 (2006: $19,298) paid to .
a related party.
Related party deposits as at the balance sheet date are as follows:

2007 2006
Directors and Officers $ 394,312 $ 245,133
Royal Bank of Canada Trust Company (Bahamas) Limited 6,062,190 5,726,802
Royal Employee Savings and Ownership Plan 4,454,158 4,400,321

The Plan provides pensions based on years of service, contribution to the plan, and average

17.

18.

19.

20.

21.

FRIDAY. FEBRUARY 29. 2008. PAGE 9B

CHANGES IN OPERATING ASSETS AND LIABILITIES

2007 2006

Increase in accrued interest receivable $ (616,955) $ (499,013)
Increase in statutory reserve account with the Central

Bank of The Bahamas _ (2,003,908) (2,583,369)
Decrease (Increase) in other assets 234,105 (525,389)
Increase in accrued interest payable 1,329,053 ' 515,231
(Decrease) increase in other liabilities (533,959) 713,669
Increase in deferred fees __ 753,911 __ 501,926

$ (837,753) $__(1,876,945)

CONTINGENCIES

The Corporation has been named as defendant in various legal actions and lawsuits relating primarily to
the collection of bad debts. Although the ultimate outcome of these actions cannot be ascertained at this
time, it is the opinion of management, after consultation with its legal counsel, that the resolution of
such actions will not have a material adverse effect on the consolidated financial statements.

DIVIDENDS

During the year, dividends were declared to shareholders of record on dates specified as follows:

Cents per

Dates Share mount

November 22, 2006 13 $ 3,466,667
November 22, 2006 5 1,333,333
February 19, 2007 13 3,466,667
May 23, 2007 13 3,466,667
August 22, 2007 13 ___ 3,466,667
Total dividends 357 $ 15,200,001

During 2006 total dividends declared to sharcholders was $14,933,335 ($0.56 cents per share).

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

'

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

/ instruments:

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

b.- Investments - The fair value of investments approximate cost due to the interest rates attached,

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

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

RISK MANAGEMENT

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

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

The credit risk on liquid funds and investments is limited because the counterparties are high-quality
institutions, including the Central Bank of The Bahamas and The Bahamas Government. The
Corporation’s credit risk is concentrated i in, The PADS and is SPreagLonet a number of counterparties
and'customers.

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

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

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

Interest rate risk to the Corporation is significantly mitigated by the fact that the majority of the financial
assets are floating rate loans which are subject to repricing within a short period of time. The interest
rate risk gap shows more assets than liabilities repriced within three months, which is typical for a
financial institution with a large mortgage lending customer base for which the majority of the
mortgages rave floating rates. The following table sets out the Corporation’s interest risk exposure as
of October 3!, 2007 and represents the Corporation’s risk exposure at the balance sheet date.

22. INTEREST RATE RISK (Continued) :

Royal Bank of Canada Bahamas Branch 10,000,000 __15,000,000

$ 25,372,256

$_20,910,660 :

Interest paid on related party deposits were $928,813 (2006: $416,800).

h. Dividends payable to R.B.C Holdings (Bahamas) Limited at October 31, 2007 was $19,200,000

16.

(2006: $7,800,000) and is interest free without any repayment terms.

i. The Corporation subleased three of its leased properties to the Royal Bank of Canada. During
the year $35,304 (2006: $56,610) in rental income was received.

At the balance sheet date, the Corporation contracted with Royal Bank of Canada for the
following minimum lease payments:

Within 1 year $34,026

1-5 years $361,341
COMMITMENTS
The Corporation has the following commitments as of October 31, 2007:
a. The Corporation is obligated under non-cancelable leases on premises, all of which are operating

leases and on which the minimum annual rentals are approximately as follows:

2008 | $204,407
2009 $205,573
2010 $205,573
2011 $205,573
2012 $205,573
b. Mortgage commitments in the normal course of business amounting to $55,976,591 (2006:
$42,882,969).
c. The Corporation is obligated under a non-cancelable finance lease for computer equipment

ending December 2007 with the remaining value of $1,860.



Maturity or Repricing Date of Interest Sensitive Inetruments as of October 31, 2007: °
Within Over Not Interest
a Mihs, +6 Mths, &12 Mihs 1:5 Years Years Rate Sensitive TOTAL
Assets
Cash and cash equivalents $s -$ - $s - $8 -$ - $ 17,337,902 $ 17,337,902
0.00% .
Statutory Reserve account - 26,315,862.00 26,315,862
Investments 12,000,000 1,000,000 - 5,778,700 27,131,500 478,044 46,388,244
2.25% 6.69% 5.99% 5.86%
Loans 604,092,938 437,699 : 11,700,205 616,230,842
8.56% 8.56%
Fired assets - : 2,824,516 2,824,516
Other assets a ts a B94 828
TOTAL $__ 616,092,938 $ 1,437,699 '$ = $5,778,700 $ 27,131,500 $ 61,561,350 $ 712,002,187
Uebitities
Customer deposts $ 422,535,300 $ 75,955,636 $ 86,952,330 $ 1,264,672 $ -$ §.691,817 $ $92,399,955
. 3.75% 4.70% 4.49% 5.11% . :
Oividends payable : - : 19,200,000 19,200,000
Other Nabiities - 1,493,723 4,493,723
Deferred fees 6,722,764 6,722,764
Equity : : : : : 92,185,745 82,185,745
Total ilabitttes and Equity $___422,535,300 375,955,836 S$ 86,952,330 $1,264,672 $ = 3% 125,294,049 $ 712,002,187
Interest Rate Sensitivity Gap S__ 193,557,638 $ 4,518,137) $ (06,952,330) $4,514,028 $ 27,131,600 $ (63,732,699) $ :
Senshtivity Gap $__ 193,557,638 $ 119,039,501 $ 32,067,171 $ 26,601,199 $ 63,732,699 3 - $3 :
Average Yield - Eaming Assets 8.46% 7.26% 0.00% 5.99% 5.06% 0.00% 6.33%
Average Yield - Paying Liabifities 3.75% 4.70% 4.49% 5AI% 9.00% 9.00% 3.23%
Net Interest Margin - 2007 - A TN% 2.56% (4.49)% 0.88% 5.86% 0. 5.10%
Not Interest Margin - 2006 5.09% 4.57% 2.49% 3.11% 5.91% 000% 4.82%

23. PRIOR PERIOD ADJUSTMENT

In accordance with International Accounting Standard 18: Revenue, loan origination

fees are to be

deferred and recognized over the life of the loan. -The Corporation had not applied this accounting

treatment in previous years.

During the year, management has assessed the impact of the adjustment
using.an average loan tenn of 20 years and applied the accounting treatment retroactively.

This retroactive adjustment resulted in a decrease of the previous year’s opening retained earings of
$5,466,927, decrease in the previous year’s fees and commissions of $501,926 and increase in the

previous year’s deferred fees of $5,968,853.

Kreakke


~

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ATE

KPMG Telephone 242 393 2007
PO Box N 123 Fax 242 393 1772
Montague Sterling Centre Internet www.kpmg.com.bs

East Bay Street
Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT
To the Shareholder of Scotiabank (Bahamas) Limited

We have audited the accompanying balance sheet of Scotiabank (Bahamas) Limited (“the Bank”)
as at October 31, 2007; and a summary of significant accounting policies and other explanatory
notes (together “the financial statement”).

' Management's Responsibility for the Financial Statement

Management is responsible for the preparation and fair presentation of this financial statement in
accordance with International Financial Reporting Standards (“IFRS”). This responsibility
includes: designing, implementing and maintaining internal contro! relevant to the preparation
and fair presentation of financial statement that is free from material misstatement, whether due
to fraud or error; selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances. ,

Auditors’ Responsibility

Our responsibility is to express an opinion on this financial statement based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance whether the financial statement is free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statement. The procedures selected depend on our judgment,
including the assessment of the risks of material misstatement of the financial statement, whether
due to fraud or error. In making those risk assessments, we consider internal control relevant to
the Bank’s preparation and fair presentation of the financial statement in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Bank’s internal control. .An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates, if
any, made by management, as well as evaluating the overall presentation of the financial
statement.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.

Opinion
In our opinion, the financial statement presents fairly, in all material respects, the financial

- position of the Bank as at October 31, 2007 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that. the balance sheet does not comprise a
complete set of financial statements prepared in accordance with IFRS. Information on results of
operations, cash flows and changes in equity is necessary to obtain a complete understanding of
the financial position, performance and cash flows of the Bank.

Nassau, Bahamas

February 27, 2008

SCOTIABANK (BAHAMAS) LIMITED

Balance Sheet

October 31, 2007, with corresponding figures for 2006
(Expressed in Bahamian dollars) :







2007 _ 2006
Note ($'000s) ($'000s)
Assets
Cash and balances with ;

_ The Central Bank of The Bahamas 3, 14, 16 & 24 105,929 97,635
Treasury bills 14 - 5,000
Loans and advances to banks 4, 14, 16 & 24 663,793 549,666
Investment securities - §&16 151,895 67,856
Loans and advances to customers, net 6, 7, 16 & 21 1,627,693 1,399,682
Property and equipment 8 17,099 17,904
Receivables and other assets . 9 68,987 49,483

;
2,635,396 2,187,226
Liabilities and Equity
Liabilities
Deposits 10, 16 & 21 2,008,269 ‘1,663,032 .
Payables and other liabilities fe 6 72,073 75,104
-2,080,342 1,738,1 36

Equity : .
Share capital . . 12 25,000 25,000
Share premium ; 13 40,000 40,000 ~
Retained earnings 490,054 384,090

555,054 449,090

Commitment & contingencies 17 & 18

"2,635,396 2,187,226

See accompanying notes to balance sheet.

This balance sheet was approved on behalf of the Board of Directors on February 27, 2008, by

the following:
0 Ut
(oS ww.
the - Director : Wel l.

Director



Notes to Balance Sheet
1. Reporting entity

Scotiabank (Bahamas) Limited (‘the Bank”) is incorporated under the Companies Act, 1992
of the Commonwealth of The Bahamas and is licensed under The Bank and Trust Companics
Regulation Act, 2000. The Bank is wholly owned by The Bank of Nova Scotia International
Limited (“the Parent”), a Bahamian company, also incorporated in the Commonwealth of The
Bahamas. The ultimate parent company is the Bank of Nova Scotia (“BNS"), a company
incorporated in Canada.

The Bank providés commercial and retail banking services, including the acceptance of
deposits, granting of loans and the provision of foreign exchange services. The Bank’s
registered office is located on Bay Street and Rawson Square, Nassau, The Bahamas.

Pursuant to terms of a purchase and sales agreement dated August 1, 2006, the Bank sold its
Caribbean Treasury Unit (“CTU”) to Scotiabank Caribbean Treasury Limited (“SCTL”),
which is incorporated in the Commonwealth of The Bahamas and is wholly owned by the
Parent. The sale of CTU represented a transaction between entities under common control
and, as such, is outside the scope of International Financial Reporting Standard 3: Business
Combinations. The assets and liabilities of CTU were transferred to SCTL at book value and
the difference between the purchase price and the net book value has been accounted for as
an adjustment to equity. ;

2. Basis of preparation and significant accounting policies
(a) Statement of compliance

The balance sheet has been prepared in accordance with International Financial
Reporting Standards (“IFRS”). The accounting policies set out below have been applied
consistently. :



PRwWeT, FRONVAMT 2Y, COGS, AE DOR

(b) Basis of measurement

The balance sheet has been prepared on the historical cost basis, except where otherwise
noted below.

(c) Functional and presentation currency

The balance sheet is presented in Bahamian dollars (“B$”), which is the Bank's ;
functional currency. Except as indicated, financial information presented in B$ has been
rounded to the nearest thousand. :

(d) Use of estimates and judgements :

The preparation of the balance sheet in conformity with IFRS requires management to
make judgements, estimates and assumptions that affect the application of accounting
policies and the amounts reported in the balance sheet and the accompanying notes.
These estimates are based on relevant information available at the balance sheet date and,
as such, actual results may. differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and
in any future periods affected. :

In particular, information about significant areas of estimation uncertainty and critical
judgements in applying accounting policies that have the most significant effect on the
amount recognized in the balance sheet are described in note 6.

(e) New standards and interpretations not yet adopted

A number of new standards, amendments to standards and interpretations are not yet
effective for the year ended October 31, 2007, and have not been applied in preparing the
balance sheet. a

IFRS 7 Financial Instruments: Disclosures and the Amendment to IAS 1 Presentation of
Financial Statements: Capital Disclosures require extensive disclosures about the
significance of financial instruments for an entity’s financial position and performance,
and qualitative and quantitative disclosures on the nature and extent of risks. IFRS 7 and
amended IAS 1, which become mandatory for the Bank’s 2008 financial statements, will
require extensive additional disclosures with respect to the Bank’s financial instruments
and capital.

(f) Foreign currency translation

Transactions in foreign currencies are translated at exchange rates prevailing at the dates
of the transactions. Monetary assets and liabilities denominated ‘iin foreign’ currencies at
the veporting date are translated to the functional currency at the mid-market exchange
rates at that date. :

(g) Financial assets and liabilities
: (i) Classification

Financial assets that are loans and advances and accrued interest receivable are
classified as loans and receivables.

Financial assets that are non-derivative financial assets with fixed maturity dates that
the Bank has the positive intent and ability to hold to maturity are classified as held-
to-maturity investments. These’ include treasury bills and investment securities
issued or guaranteed by the Government of The Bahamas (“GOB”) and the Bahamas
Electricity Corporation.

Investments in equity instruments are classified as available-for-sale securities.
Investment securities issued: or guaranteed by the GOB and the‘Bahamas Electricity .
Corporation which the Bank does not have the intent to hold to maturity are also
classified as available-for-sale securities.

Financial assets that are derivative financial instruments are considered to be
financial assets held-for-trading and are classified as investments at fair value
through profit or loss.

Financial liabilities that are not at fair value through profit or loss include deposits
_and accrued interest payable.

(ii) Recognition
The Bank initially recognizes loans and adyances and deposits on the date that they
are originated or accepted, as applicable. All other financial assets and liabilities
(including assets and liabilities designated at fair value through profit or loss) are
initially recognized on the trade date at which the Bank becomes a party to the

contractual provisions of the instrument. a
tere poiaauhs

(iti) Derecognition

The Bank derecognizes a financial asset when the contractual rights to the cash flows
from the asset expire, or it transfers the rights to receive the contractual cash flows on

_ the financial asset in a transaction in which substantially all the risks and rewards of
ownership of the financial asset are transferred. Any interest in transferred financial
assets that is created or retained by the Bank is recognized as a separate asset or
liability.
The Bank derecognizes a financial liability when its contractual obligations are
discharged or cancelled or expire.

(iv) Measurement

Financial instruments are measured initially at fair value plus, in the case of a
financial asset or financial liability not at fair value through profit or loss, transaction
costs that are directly attributable to the acquisition or issue of the financial asset or
financial liability. Transaction costs on financial instruments at fair value through

profit or loss are expensed immediately.

Subsequent to initial recognition, loans and receivables and held-to-maturity
investments ate carried at amortized cost less impairment losses where applicable
using the effective interest rate method.

The amortised cost of a financial asset or liability is the amount at which the financial
asset or liability is measured at initial recognition, minus principal repayments, plus
or minus the cumulative amortization using the effective interest method of any
difference between the initial amount recognised and the maturity amount, minus any
reduction for impairment.

Subsequent to initial recognition, all instruments classified at fair value through profit
or Joss are measured at fair value.

Subsequent to initial recognition, available-for-sale securities whose fair value can be
reliably measured are carried at their fair values. Available-for-sale securities that
do not have a quoted market price in an active market and whose fair value cannot be
reliably measured are carried at cost.

Unrealised gains and losses arising from changes in the fair value of available-for
sale securities are recognised in the investment revaluation reserve.

When the available-for-sale securities are sold, the difference between the net sales
proceeds and the carrying value, including the accumulated fair value adjustments in
the investment revaluation reserve, are treated as gains or losses on disposal.

The determination of fair values is based on quoted market prices or dealer price
quotations for financial instruments traded in active markets. For all other financial

instruments fair value is determined by using valuation techniques. Valuation
techniques include net present value techniques, the discounted cash flow. method,
comparison to similar instruments for which market observable prices exist, and

valuation models. : 7
(v) Identification and measurement of impairment

At each balance sheet date, the Bank assesses whether there is objective evidence that
financial assets not carried at fair value through profit or Joss are impaired. Financial
assets are impaired when objective evidence demonstrates that a loss event has
occurred after the initial recognition of the asset, and that the loss event has an impact
on the future cash flows on the asset that can-be estimated reliably.

The Bank considers evidence of impairment at both a specific asset and collective
level. All individually significant financial assets are assessed for specific
impairment. All significant assets found not to be specifically impaired are than
collectively assessed for any impairment that has been incurred but not yet identified.
Assets that are not individually significant are then collectively assessed for
impairment by grouping together financial assets (carried at amortised cost) with
similar risk characteristics.

Objective evidence that financial assets are impaired can include default or
delinquency by a borrower, restructuring of a loan or advance by the Bank on terms
that the Bank would not otherwise consider, or other observable data relating to a
group of assets such as adverse changes in the payment status of borrowers.

In assessing collective impairment the Bank uses statistical modeling of historical
trends of the probability of default, timing of recoveries and the amount of loss
incurred, adjusted for management's judgment as to whether current economic and
credit conditions are such that the actual losses are likely to be greater or less than
suggested by historic:” modeling. Default rates, loss rates and the expected timing
of future recoveries are regularly benchmarked against actual outcomes to ensure that

they remain appropriate.

vs
PAGE 12B, FRIDAY, FEBRUARY 29, 2008

Impairment losses on assets carried at amortised cost are measured as the difference
between the carrying amount of the financial assets and the present value of
estimated cash flows discounted at the assets’ original effective interest rate. Losses
are recognized in the statement of income and reflected in an allowance account
against loans and advances. Interest on the impaired asset continues to be recognized
through the unwinding of the discount.

(h) Cash and cash equivalents

Cash and cash equivalents include notes and coins on hand, unrestricted balances held
with central banks and highly liquid financial assets with original maturities of less than
three months, which are subject to insignificant risk of changes in their fair value, and are
used by the Bank in the management of its short-term commitments.

Cash and cash equivalents are carried at amortised cost in the balance sheet.
(i) Loans and advances

Loans and advances are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market and that the Bank does not intend to sell
immediately or in the near term. Loans are stated at their principal amount net of

uneamed interest and allowance for credit losses. Advances to banks and customers are
carried at amortized cost and are due on demand.

A loan is classified as non-accrual when in management's opinion there is no longer
reasonable assurance of timely collection of the full amount of principal and interest.

If payment on a loan is contractually 90 days in arrears, the loan is classified as non-
accrual unless it is fully secured and collection efforts in progress are reasonably
expected to result in repayment of the loan or restoration to current status.

A loan that is contractually 180 days in arrears is classified as non-accrual in all
situations. When a loan is classified as non-accrual, recognition of interest in accordance
with the terms of the original loan ceases. Loans are generally returned to accrual status
when the timely collection of both principal and interest is reasonably assured and all
delinquent principal and interest payments are brought current.

(j) Allowance for credit losses

The Bank’s management conducts on-going credit assessments of the portfolio on an
account-by-account basis and establishes specific and general provisions.

Specific provisions reflect the amounts required to reduce the carrying value of loans to
their estimated realizable amount.

General provisions reflect the amounts required to cover losses where- there is objective
evidence that probable losses are present in components of the loan portfolio at the.
balance sheet date. These have been estimated based upon historical patterns of losses in
each component, the credit ratings allocated to the borrowers and reflecting the current
economic climate in which the ‘borrowers operate, and are classified as provisions for
inherent risk in the loan portfolio,

When a loan is deemed to be uncollectible, it is written off against the related provision for
impairments; subsequent recoveries are credited to the bad and doubtful debt expense in the
statement of income.

(k) Property and equipment

Items of property and equipment are measured at cost less accumulated depreciation and
provisions for impairment losses.

The estimated useful lives for the current and comparative periods are as follows:

Buildings - 40 years ©
Leasehold improvements ~- Term of lease plus one renewal —— period
Fumiture and equipment - 3 to.10-years

Property and equipment are periodically reviewed for Least Where the carrying value
amount of an item of property.and equipment is greater than its estimated recoverable
amount, it is written down immediately to its recoverable amount.

Depreciation methods, useful lives and residual values are reassessed at each reporting date.
() Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of

ordinary shares are recognised as a deduction of equity.

i URnGe Shi Te nO NEBIOAb Cis
(m) Related cee. stave on rigioy ce
A number of iransactisH®"are entered’ into with related parties in the normal course of

‘°" business. Balances resulting from such transactions are described as balances with affiliates,

3. Cash and balances with The Central Bank of The Bahamas



2007 _ 2006

($°000s) ($'000s)
Cash (note 18) ; 32,333 22,045

Balances with The Central Bank of The Bahamas

- unrestricted (note 18) 11,483 3,807
- restricted , 32,351 29,006
Bank deposits on call (note 18) 27,797 26,123
Loans and advances to banks-other (note 18) 1,965 16,654
105, 509 97,635

4. Loans and advances to banks

" 2007 2006
($’000s) ($’000s)



Loans and advances to banks
- affiliates 663,793 549,666

663,793 549,666

5., Investment securities

6.

2007 . 2006
($'000s) ($'000s)

Held-to-maturity investment securities:



Bahamas Government Bonds 1,044 1,044
Bahamas Electricity Corporation.Bonds 30,000 =

Bahamas Government Registered Stock 65,760 66,802

: 96,804 67,846

Available-for-sale securities: :

Bahamas Electricity Corporation Bonds 36,020 -

Restricted shares 19,071 -

Other : - 10

151,895 67,856

Bahamas Government Bonds and Bahamas Government Registered Stock are issued or
guaranteed by the GOB.

The Bahamas Government Bonds mature on May 25; 2025 and bear interest at 0.50% per
annum above the Bahamian prime rate.

The Bahamas Electricity Corporation Bonds have maturity dates ranging from December 22,
2016 to December 22, 2026 and bear interest at rates ranging from 6.406% to 6.564% per
annum.

The Bahamas Government Registered Stock mature at various dates between April 25, 2008
and July 26, 2027 and bear interest at rates ranging from 0.0938% to 1.1875% per annum
above the Bahamian prime rate.

Pursuant to the global restructuring of the Visa organization during the year, the Bank
received Class LAC common shares from Visa Inc. on October 2, 2007, the restructuring
date. Subject to limited exceptions, the shares may not be sold or transferred for a period of
three years after the date of a pending initial public offering of Visa Inc.’s common shares.
The Bank recorded: the shares received at fair value, based on an independent valuation.
The Bank classified the shares as available-for-sale.

The Bank sold its available-for-sale securities — other on October 9, 2007 for net proceeds of
$1,496,330.

T.oans and advances to customers, net

2007 2006
; ($’000s) ($’000s)



THE TRIBUNE

Mortgages 656,402 501,725
Personal loans 347,598 305,134
Business loans 633,080 595,939
: 1,637,080 1,402,798
Add: Accrued interest receivable 10,293 10, S37
Less: Provision for credit losses (note 7) (19,680) (13, 153),



1,627,693 1,399,682

SS
7 7

The effective interest rate eared on the loan portfolio for the current year was 8.86% (2006 -
8.71%).

7. Provision for credit losses



Specific Inherent
Credit risk risk _ General 2007 2006
Provisions rovisions Provision Total Total
($°000s) ($'000s) ($'000s) ($'000s) ($'000s)
Balance, beginning of year 1,607 7,209 4,337 13,153 10,249
Doubtful debt expense 929 9,493 4,000 14,422 - 9,037
Write-offs (141) (7,754) - 7,895) (6,133)
Balance, end of year 2,395 8,948 8,337 19,680 13,153

The aggregate amount of non-performing loans on which interest was not being accrued
amounted to approximately $49,819,000 (2006 - $40,784,000). For the. year ended October
31, 2007 amounts totaling $3,225,000 (2006 - $3,202,000), which represent recoveries on
loan balances written-off in prior years, were included in provision for credit losses, net of
recoveries.

In 2006, a general provision was established to comply with the provisions of guidelines for
the management of credit risk issued by The Central Bank of The Bahamas (‘the Central
Bank”). The general provision was expected to be 1% of the balance-of the loan portfolio as
defined by the Central Bank and was to be made in two installments, the first being before
October 31, 2006 and the other in 2007. At October 31, 2007 the general provision was
$8,337,000 (2006 - $4,337). The general provision will continue to be considered by
management in assessing the adequacy of the total provisions for credit losses. Any excess
provisions resulting from the additional general provisions will be accounted for as an
appropriation of retained earnings with no impact on the statement of income.

8. Property and equipment



Leasehold Furniture =

Land Buildin Improvements i Total

($°000s) ($'000s) ($'000s) (s" as) ($'000s)
Cost
October 31, 2006 : "2,156 8,675 13,859 12,152 36,842
Additions - 29 586 749 1,364
Disposals - = - (119) (119)
October 31, 2007 . 2,156 8,704 14,445 : 12,782 38,087
Accumulated depreciation 7 .
October 31, 2006 - 4,614 7745 6,579 18,938
Charge for the period - 244 551 1,353 2,148
Disposals = = : - 98 98
October 31, 2007 - 4,858 8,296 7,834 20,988
Net book value October 31, 2007 156 6,149 4 17,
Net book value October 31, 2006 56 4,061 6,114 5 17,

The Bank owns and occupies eight buildings in The Bahamas.

9. Receivables and other assets



2007 2006

($"000s) ($’000s)
Accrued interest receivable 5,931 3,520
Cheques and other items in transit 55,102 38,344
Other 7,954 7,619

10. Deposits _ ;

, . , "2007 2006

of iss sci na haerchey ai srobtaatcy leemene aA be Hot apy (56008) 1 ae 000s)
Customers ae PVG NO ch (OTE NE oe i 12 oss

Deposits from affiliates ' 757, os reve

Deposits from other banks 1,0 ,

: 2,008,269 1,663,032

The effective interest rate paid on deposits for the current year was 2.69% (2006 - 2:46%).

11. Payables and other liabilities
. 2007 2006

($’000s) ($'000s)

Accrued interest payable - affiliate banks ae oe
Accrued interest payable - other : . rae
Cheques and other items in transit 51, ’
Other ’ 13,030 13,583
ea rw
72,073 75,104

12. Share capital
OVO 7—~S~SS
($'000s) ($'000s)

Authorized, issued and fully paid:
25,000,000 ordinary shares of par value $1.00 each 25,000 25,000

13. Share premium
ne UNE. 7.7" yy
2007 2006
($’000s) ($'000s)
25,000,000 shares issued at a premium of $1 60 each 40,000 40,000
14. Cash and cash equivalents
For the purposes of the statement of cash flows, cash and cash equivalents comprise the
following balances with less than 90 days maturity from the date of acquisition:

2007 2006
($’000s) ($’000s)
se wet ke ee

Cash and unrestricted balances with the Central Bank of

The Bahamas (note 3) » 43,816 a
Loans and advances to banks — other (note 3) 1,965 a
Bank deposits on call (note 3) 27,797 ; 7

73,578 68,629

15. Sale of Caribbean Treasury Unit

As disclosed in Note 1, effective August 1, 2006 the Bank sold its Caribbean Treasury Unit to

Scotiabank Caribbean Treasury Limited. The book value of the assets and liabilities sold on

that date for a purchase consideration of US$2 million was:

NT
(US$’000s)

nN

Loans and advances to banks 4 se
Equipment re
Other assets .
Total assets : 1,919,794
Deposits (1,903,599)

Other liabilities (16,195)

Book value of net assets sold
* The adjustment to equity was as follows:

Se

Cash proceeds 2000

Less: book value of net assets sold

a
Equity adjustment (to retained arnings) 2,000


= THE TRIBUNE



21.

Net cash flow effect of the sale is as follows:



= (US$'000s)
Cash proceeds 2,000
Less: cash and cash equivalents disposed of
included in loans and advances to banks (1,147,688)

(1,145,688)

16. Geographical Analysis of Assets and Liabilities

1

Significant assets and liabilities at October 31 are classified by . area, based on
the domicile of the counterparty, as follows:

The North
Bahamas Europe America Other Total
($'000s) ($'000s) ($'000s) ($'000s) ($'000s)
October 31, 2007
Cash and balances with The Central ;

Bank of The Bahamas 103,964 - 1,965 - 105,929
Loans and advances to banks 456,873 206,920 - - 663,793
Investment securities 151,895 - - - 151,895
Loans and advances to customers, net 1,607,869 - 10,328 9,496 1,627,693
Deposits 1,932,700 952 47,906 26,711 2,008,269
Undrawn commitments 725,967 - b 5,730 40,714 772,411
October 31, 2006

t
Cash and balances with The Central .

Bank of The Bahamas 97,635 - - - 97,635
Loans and advances to banks °$37,012 327 12,327 - 549,666
Investment securities 67,846 - - 10 67,856
Loans and advances to customers, net 1,384,056 2,321 13,234 71 1,399,682
Deposits 1,610,735 1,040 37,663 13,594 1,663,032°
Undrawn commitments 488,014 396 3,661 - 492,071

7. Lease commitments

The Bank has obligations under long-term operating leases for buildings. Future minimum
_ lease payments for such commitments are as follows:



2007
($°000s)
1 year or less . anon 1,499
Over | year to 5 years 2,777
$ 4,276.

EEE IEEE IIIS

18. Guarantees and Lines of Credit

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 October 31, these credit related arrangements were as follows:

1

2007 2006

($'000s) ($'000s)
Undrawn lines of credit and loan commitments $ 734,828 471,166
Guarantees and letters of credit 37,583 20,905
$ 772,411 492,071

19. Pension plan

Fan

Substantially all of the Bank’s employees are members of BNS’ defined benefit pension plan.
The plan provides pension benefits based on length of service and final earnings with
contributions being made by BNS on an ongoing basis to keep the plan fully funded. All
rights and obligations of the defined benefit pension plan are borne by BNS. The last
actuarial valuation of the plan was as’ of November 1, 2006 and based on that independent

o¢-yaluation, the) plan was fully funded. An actuarial valuation is performed on the plan at least

“once every three years: All actuarial information relating to this scheme can be found in the

é{#¢oiisolidatedefinancial statements of BNS. om

The Bank also participates in a contributory plan established by BNS | covering some
employees. As of October 31, 2007, this plan i is also fully funded. vhs

20. Global Employee Share Ownership Plan

The Bank participates in the Global Employee Share Ownership Plan (“GESOP") of BNS,
which allows employees of the Bank to contribute between 1% and 6% of their annual salary.
The contributions are used to purchase shares in the ultimate parent Company, on the Toronto
Stock Exchange, at the prevailing market prices on a semi-monthly basis. The Bank matches
fifty percent (50%) of the employees’ contributions and this. vests with the employees after
two years of participation in GESOP.

Related party transactions
Key management personnel have transacted with the Bank during the year as follows:



2007 : 2006
($'000s) ($'000s)
Loans and advances to customers 4,463 3,108
Deposits (2,398) (869)

Interest rates charged on balances outstanding are a half of the rate that would be charged in
an arm’s length transaction for credit cards and at B$ prime rate for most mortgages. Most of
the other sundry loans bear interest at the annual rate of 3.5%. The mortgages granted are
secured by the property of the respective borrowers.

No impairment losses have been recorded against balances outstanding during the period with
key management personnel, and no specific provisions have been made for i oe losses
on balances with key management personnel at the year end.

22. Financial risk management

Credit risk oy titince My \

Credit risk is the risk of financial loss to the Bank if a counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Bank's loans and
advances to customers and banks and investment securities. The Bank structures the levels of
credit risk it undertakes by placing limits on the amount of risk accepted in relation to one
borrower, or groups of borrowers, and to geographical and industry segments. Credit
disciplines are based on a division of ‘authority, a centralized credit review system, a

committee system for dealing with all major exposures, and Pp iodic independent review by
BNS.

The Bank used a risk rating system to quantify and evaluate proposed credits in order to assist:
officers in understanding the risks inherent in credit proposals and, if they are acceptable to
ensure appropriate returns. In this analytical process, the Bank is pe sensitive to risks
posed to credit quality by environmental exposures.

Retail credits are assessed and authorized daily in branches within lending criteria established
by the Bank. Computer driven scoring systems ensure credit policies are applied consistently
and objectively. Consumer credit portfolios are reviewed monthly using statistical techniques.
Credit lines for off-balance sheet instruments such as foreign exchange contracts, letters of
credit and guarantees are managed as an integral part of this same process..

Exposure to credit risk is managed through regular analysis of the ability of borrowers and
potential borrowers to meet interest and capital repayment obligations and by changing these
lending limits where appropriate. Exposure to credit risk is.also managed in part by obtaining
collateral and corporate and personal guarantees, but a significant portion is personal lending
where no such facilities can be obtained.

Interest rate risk

Interest rate risk arises when there is a mismatch between positions, which are subject to —
interest rate adjustment within a specified period. Exposure is generally managed locally by
currency and regularly reviewed on a consolidated basis by executive management.

For the year ended October 31, 2007, the rates of interest, which approximate the effective
yields of these balance sheet assets and liabilities, were as follows:

Assets
Cash and balances with The Central Bank of The Bahamas 0%
Loans and advances to banks 1.40% - 1.78%
Investment securities 6.09% - 6.29%
Loans and advances to custorers, net 6.63% -17.59%
x 4 “ate
b

WHEN

oRRUATE

24.

FRIDAY, FEBRUARY 29, 2008, PAGE 138

Interest rate risk (continued)

Liabilities

Customers deposits 2.53% - 4.19%
Deposits from affiliates 0.56% - 5.46%
Deposits from other banks 3.35% - 4.35%

For the year ended October 31, 2006, the rates of interest, which approximate the effective
yields of these‘balance sheet assets and liabilities, were as follows:

Assets

Cash and balances with the Central Bank of The Bahamas 0%
Treasury bills 0.11% - 0.57%
Loans and advances to banks 1.68% - 4.92%
Investment securities 5.97% - 5.99%:

Loans and advances to customers, net 4.57% -17.71%

Liabilities

‘Customers deposits 2.52% - 4.14%
Deposits from affiliates 1.58% - 5.38%
Deposits from other banks 3.05% - 3.68%

Liquidity risk
Liquidity risk is the risk that the Bank will encounter difficulty in meeting obligations from
its financial liabilities. The liquidity risk management process ensures that the Bank is able to

honour all of its financial commitments as they fall due. The Bank manages liquidity using
policies, which include:

e measuring and forecasting cash commitments;
e building a large stable base of core deposits from retail and commercial customers;

e ensuring immediate availability of large pools of liquid assets to meet unforeseen
events;

© maintaining a strong credit rating to ensure timely access to borrowing on favourable
rates and terms;

e diversifying funding sources and
© maintaining the ability to securitize the Bank’s assets.

Liquidity risk (continued)



Up tol i-3 3-12 1-5 5 Years
Month Months Months Years &Over . Total
000s a s % 9 > 3

.At October 31, 2007
Assets
Cash and balances with The Central 105,929 - - : - - 105,929

Bank of The Bahamas
Loans and advances to banks 475,887 146,936 31,568 9,402 - 663,793
Investment securities - - 20,571 11,84 119,520 151,895
Loans and advances to

customers, net . 296,994 39,356 79,982 322,425 888,936 1,627,693
Property and equip:nent . - c= - 1,331 15,768 17,099
Receivables and other assets 66,238 2 147 2,600 68,987
Total assets 945,048 186,292 132,123 345,109 1,026,824 2,635,396
Liabilities
Deposits 1,528,831 299,334 150,628 29,475 1 2,008,269
Payables and other liabilities 69,083 984 1,448 558 - 72,073
Total liabilities 1,597,914 300,318 152,076 30,033 1 2,080,342
Net Liquidity gap (652,866) (114,026) (19,953) 315,076 1,026,823 555,054
October 31, 2006
Total assets 785,879 275,253 83,345 397,411 645,338 2,187,226
Total liabilities _ 1,372,299 241,650 117,505 6,682 - 1,738,136
Net liquidity gap (586,420) 33,603 (34,160) 390,729 645,338 449,090

Currency risk

The Bank takes on exposure to the effects of fluctuations in the prevailing foreign currency
exchange rates on its financial position and cash flows. The Board of Directors sets limits on
the level of exposure by currency and in total for both overnight and intra-day positions,
which are monitored on a daily basis.. Thg, fable below summarizes the Bank’s exposure to
foreign currency exchange rate risk at October 31, Included in the table below are the Bank’s
assets and liabilities at carrying amounts, categorized by currency.

BSD USD Other Total
($'000s) ($°000s) ($'000s) ($'000s)
At October 31, 2007
Cash and balances with
The Central Bank of The Bahamas 68,800 36,674 455 105,929
Loans and advances to banks - 447,732 216,061 663,793
Investment securities 81,163 70,732 - 151,895
Loans and advances to
customers, net 1,094,828 514,367 18,498 1,627,693
Property and equipment 17,099 - - 17,099
Receivables and other assets 31,271 29,077 —~ 8,639 68,987"
Total assets 1,293,161 1,098,582 243,653 2,635,396
Liabilities
Deposits 807,548 974,493 226,228 2,008,269
Payables and other liabilities 20,935 39,012 12,126 72,073
Total liabilities 828,483 1,013,505 238,354 2,080,342
Net balance sheet position 464,678 85,077 5,299 555,054
Credit commitments 107,545 664,699 167 772,411
At October 31, 2006
Total assets 1,117,727 980,187 89,312 2,187,226
Total liabilities 749,027 889,991 99,118 1,738,136
Net balance sheet position 368,700 90,196 9,806 449,090
Credit commitments 74,308 417,602 161 492,071

. Capital Management

Regulatory Capital

The Bank’s lead regulator, the Central Bank, sets capital requirements for the Bank. In
implementing current capital requirements, the Central Bank requires the Bank to maintain a
prescribed ratio of total capital (including contributed capital and retained earnings) to total
risk weighted assets or total assets.

The following various limits are applied to the capital base:

(a) Capital must be maintained at a minimum of 5% of total assets or 8% of risk assets
(including off balance sheet items), whichever is greater.

(b) Loans to a single party or connected parties are not to exceed 25% of capital.

(c) Third party deposits are not to exceed 5 times capital.

(d) Open foreign exchange positions in different currencies is not to exceed 10% of capital.

(e) Investments in equity of a single issuer, including affiliates, are not to exceed 10% of
capital.

(f) Exposure to related parties is not to exceed 10% to 15% of capital; however such
exposures are to be on fully collateralized bases and without any concessive terms.

The Bank’s policy is to maintain a strong capital base so as to maintain creditor and market
contidence and to sustain future development of the business. The Board of Directors
monitors the above capital requirements on a quarterly basis.

The Bank has complied with all externally imposed capital requirements throughout the
period. There have been no material changes in the Bank’s management of capital during
the period.

Fair valuc of financial instruments

Fair value ‘amounts represent estimates of the consideration that would be agreed upon
between knowledgeable willing parties who are under no compulsion to act and is best
evidenced by a quoted market price if one exists. The majority of the Bank’s financial
instruments are carried at historical cost and are not adjusted to reflect increases or decreases
in fair value due to market fluctuations including those due to interest rate changes.

yp
A Agee STANe



4

me
?

PAGE 14B, FRIDAY, FEBRUARY 29, 2008

THE TRIBUNE





JUDGE PARKER

WeAZZZZZ I Bn

ZI DON’T
BELIEVE THAT'S
BIFF DICKENS-.--

IT CAN'T BEL

AG GAM AND
a IN THE BARN -

OH, IT 1S! YOU
DION’T READ THE
STORY IN THE PAPER
ABOUT HIMZ

APARTMENT 3-G

GINA, WHAT'S HAPPENED 24













AY





WHAT'S WITH THE
SANTA HAT IN THE
OFFICE, BUMSTEAD?





AFTER MARVIN, JEFF AND

I AREN'T SURE
WE WANT

ANOTHER BABY

TECK haan 774

NONSEQUITUR

DIT. BY UVOPENL PRESS BYHYATE

i eee VALET LK, IHC,

‘TIGER ©



ACROSS

4 Feline let loose on the farm? (6)

7 She lost the race but got the gold (8)

8 Toshop around for pictures (6)

10 Transport to the pierhead — it’s long
walk (5)

13 Chap at the Turk’s Head (carrying
drinks?) (4)

14 Repeatedly, it has its ups and downs
(2:2)

15 Cereal product in the barn (4)

16 Aletter, for instance, to seek a hand-
out (3)

17 You could make love in a tumbledown
hut (4)

19 The lids slipped out of place (4)

On the river, this beats atom splitting! (9)

In need of a postal order, alternatively (4)
























ad
w=

2

>

To increase the pressure, back up a
politician (4)

2
27 Does it mean “never start with more

n

Inexperienced in marine work (3)

than one woman”? (4)
2
32 Regime a German could get rich on? (4)
_ 33 Plant in open land (5)
34 In diplomacy, one needs to be all there (6)
35 He simply uses people (8)
36 After catching fish, do they badly need
to rest? (6)

wo

Food for an artless fellow (4)

w

aw

Yesterday’s cryptic solutions

Once 32, Res.-train 33, Di-mm-er

Bond




Tribune Comics

YOU SAID IT WOULP HAPPEN,

MSN TOMMIE, AND IT HAS/ I...

lf TRYIN : OH, RI Le DON'T KNOW WHERE TO BEGIN...
(4 a

CRYPTIC PUZZLE :

DOWN

1

2
3
4

N
=

2

w

25

- 28

30
31
32
33

ACROSS: 1, Petrol 7, Insulate 8, Sole 10, Boo-Ted 11, Alfred
. 14,Mew 16, Monty 17, Dyed 19, Deb-ag 21,CO-Lon 22, B-
and-y 23, Salt 26, Set up 28, Nib 29, Plinth 30, Buller 31,

DOWN: 1, Pro-bed 2, Rioted 3, Lied 4, Pullman 5, Ba-IR-n
6, Wendy 8, So-me 9,L-E.W. 12, F-o.g. 13, Ethel 15, Welds
18, Yodel 19, Do-n 20, Boy 21, C-apt-ure 22, Bun 23, Sit-
com. 24, Able 25, Tu-RN-er 26, Sport 27, Tips-Y 28, Nun 30,

HE BOUGHT
THAT STEARMAN
AFTER THE COUNTY
APPROVED HIS
AIRSTRIP!

IT ISN'T
WORKING!!







GOO! NY TRUCKS
NEGEV STEEPER

Witty, say, about a lieutenant (5)
Masterly song about a peninsula (5)
Ifelectric, 50 ampere? (4)

As a film director, did Frank surpass an
artist? (5)

Two-headed chap in an ancient city (4)
Appeared good in distributing dole (6)
Get Anderson to order a cab (6)

Start working up the line (3)
Something often said to rise from the
bottom (5)

Instrument perhaps used voluntarily! (7)
Asnake round someone's neck! (3)
The little that sank in (3)

Brave enough to form a choir out East (6)
Failure 1o get peas, perhaps, by the
pound (5)

A female sp wrong-headed! (3)

You could eat it with a portion of rabbit (3)
Some hope for a distressed aunt with
very little food (6)

A determined lot? (3)

Measures out what possibly meets
requirement (5)

Would she give thanks for any change? (5)
It's a question of location (5)

Annual fruit? (4)

He has £50 - possibly to pay? (4)


























EASY PUZZLE



Yesterday’s easy solutions

ACROSS: 1, Thread 7, Inventor 8, Stem 10, Retire 11, Palace
14, Ore 16,Named 17, Tape 19, Lurid 21, Milan 22, Latin
23, Harm 26, Steal 28, Tan 29, Herbal 30, Listen 31, Acts
32, Provided 33, Yonder

DOWN: 1, Turret 2, Entire 3, Dime 4, Melanin 5, Steam 6,
Greed 8, Stop 9,Ere 12,Lad 13, Cedar 15, Tulip 18, Agate
19, Lit 20, Ran 21, Malaria 22, Lab 23, Hasten 24, Ants 25,
Mentor 26, Shape 27, Error 28, Tic 30, Lady

NAS

AIRSTRIP? I
DIDN'T READ
ANYTHING ABOUT
AN AIRSTRIP!



I'VE SET THE BAR SOHIGH
IT WOULDN'T BE FAIR TO ANY
KID WHO FOLLOWED AFTER ME



~ COMICS PAGE













vrwew. kingteatures.com

(2-%

(C2007 by King Features Syndicate, ine. World rights rosarved



ACROSS

4
7
8
10
13

14
15

16
7
19
21
2

24

w

26
2
29
32
33
34
3
3

ert

nw

Next to (6)
Stretch (8)
Back yard (6)
Excite (5)

Part of church
(4)

Fish (4)
Geometric
shape (4)
Beverage (3)
Spoiit child (4)
Tack (4)
Thankfulness (9)
Manner (4)
Mixed school
(2:2)

Boy (3)

Let it stand (4)
Revise (4)
Nobleman (4)
Coarse (5)
Continue (6)
Progressed (8)
Declared (6)

'




GO COINS. COM / pops aattd R

Dennis

“EVERY PAY 1S A DAY OF
FOR MISTER WILSON.”

A Tough Nut to Crack

South dealer.
Neither side vulnerable.
NORTH
KQ963
VA5
652
&K74
WEST
+s
Â¥J10
#KI10983 Q
%Q10985 bJ3
SOUTH
@AJ1082.
63
A74
&A62
The bidding:
South West
1¢ 2.4
44
Opening lead — jack of hearts.

EAST.
&754
Â¥KQ98742

North East
34 44

If you’d like to drive your friends
crazy, show them this hand and chal-
lenge them to make four spades after
West’s lead of the jack of hearts. Best
defense is of course assumed.

After they struggle awhile, they
may tell you the mission is impossi-
ble, since declarer obviously must
lose a heart, two diamonds and a
club. But the fact is that the contract
can be made, even though it does

The
Target
uses
words in
edition).

HOW many words of four"
letters or more can you make
from the letters shown here?
In making a word, each letter
may be used once only. Each

must contain the centre letter
and there must be at least one

nine-letter word. No plurals.
TODAY'S TARGET

Good 12; very good 18;
excellent 24 (or more).
Solution tomorrow.

DOWN

1 Vital organ (5)

2 Petty officer (5)

3 Leer (4)

4 Started (5)

5 Painful (4)

6 Type of fuel (6)

9 Tree-lined street
(6)

Tl Not at home (3)

12 Sword (5)

13 Spotted (7)

15 Feline (3)

16 Bind (3)

18 Kidnapper's
demand (6)

20 Viper (5)

1 Trap (3)

2 Baby (3)

23 Accosi (6)

5 Offer (3)

Step (5)

30 Fool (5)

Toy bear (5)

Desire (4)

Crustacean (4)

NN

NN
co

wow w
Wn >



TARGET



i”

roo

PISS



ZZ

ML

eS





REST



take some fancy doing.
Win the heart lead with the ace
and return a heart. Let’s say East
wins with the queen — his play does-
n’t matter — and returns the queen of
diamonds. Win with the ace, cash the
K-Q of trumps (on which you play
the 10-8 from your hand), then cash
the A-K of clubs, producing this
position:
North
#963
65
&7
West
#KJ10

£Q109
South

@AJ2
74
#6 :

Now play the spade three from
dummy and the deuce from your
hand! East wins with the seven and is
forced to return a heart, on which
you discard a club from your hand
and a‘diamond from dummy!

East is still on lead and forced to
play another heart. This time you ruff
the heart in your hand, discarding
dummy’s last diamond. You can then
claim the rest of the tricks, having
lost only three tricks all told. That’s
all there is to it!

East
o7
Â¥K8742

3
wal
BOM oy
23333"
gea2,
So ade
$23 8S
ay OO
7) oS
5 O30 SE
Zw
g556
oO
Sasso
uo 3p
8U'S oh

new
word
[agriculture

the science of
cultivating soil,
growing crops or
raising livestock






Laszlo Szabo v Istvan Polgar,
Budapest 1969. Hungary's
Szabo in his pomp was one of
the sharpest attackers and
tacticians on the world circuit.
He was witty, confident anc
shrewd, and only some
weaknesses in his black
repertoire kept him behind th
top Russians. Here as White (te
move) Szabo is a pawn up, and
most players would continue
with the routine 1b4 Nxa4 2
Qxa4 when Black is only slightly
worse. Szabo found a much
better idea, forcing Black's
rapid resignation. Can you do as
well as the grandmaster?










MY TIGER, IT SEEMS, IS RUNNING ‘ROUND NUDE.
THIS FUR COAT MUST HAVE MADE HIM PERSPIRE ,
IT LIES ON THE FLOOR- SHOULD THIS BE CONSTRUED
AS A PERMANENT CHANGE OF ATTIRE?

PERHAPS HE CONSIDERS ITS COLORS PASSE,

OR MAYBE JT FIT HIM Too SNUG

WILL HE WANT \T BACK? SHOULD I PUT IT AWAY ?
OR USE IT RIGHT HERE AS A RUG?

eS oN) Leonard Barden











T WONDER WHEN
SCHOOL STARTS.






FRIDAY,
FEB 29
AQUARIUS - Jan 21/Feb 18

Some things can’t be taken seriously,
Aquarius, and it’s high time you real-
ize that. All of these distractions only
keep you from your goals.

PISCES — Feb 19/March 20

Something has piqued your interest
this week, Pisces, but you must fully
commit in order to reap the most
benefit. Look for an old friend in
Friday’s crowd. Cancer plays a role.

ARIES — March 21/April 20
For too long you’ve put off dealing
with a particularly emotional issue,
Aries. However, what happens this
week will show you that you can’t
avoid it forever.

TAURUS - April 21/May 21

Stubborn as you are, Taurus, you tend

.to prefer the status quo, which is why

you won’t be too thrilled by what hap-
pens this week. Nevertheless, don’t
fight the tide; go with the flow.

GEMINI - May 22/June 21
Your feathers are ruffled and you’re
looking for a fight this week,
Gemini. Before- you take your best
shot, make sure you’re fighting for
something worthwhile.

CANCER - June 22/July 22
If you find yourself disagreeing with
a friend this week, it may be wiser to
walk away instead of picking a fight.
It’s a good time to learn a new craft
— focus your energy creatively.

LEO - July 23/August 23

In all areas, but especially in
romance, you will feel and act with
such intensity that no one can resist
you this week. Use your power
wisely, Leo.

VIRGO - Aug 24/Sept 22
-Bad things happen, Virgo. You can’t
right every wrong in the world.
Instead of ranting, comfort the per-
son wronged. They’ll appreciate it.

LIBRA - Sept 23/Oct 23
You’ve been pushing yourself pretty
hard lately and you must.take what
happens this: week as a sign that you
must slow down. Look for creative
ways to balance your life.

SCORPIO — Oct 24/Nov 22
Everyone makes mistakes, Scorpio,
even you, so don’t be so hard on
yourself. After all, what’s life but a
learning experience. You can grow
from this mishap.

SAGITTARIUS — Nov 23/Dec 21
You’ll get a rousing reminder that life
truly is worth living this week,
Sagittarius. In fact, this is one of the
most exciting times of the year for
you. Don’t let anyone talk you out of
living your dream!

CAPRICORN - Dec 22/Jan 20
You have things to do, and can ill
afford to have others waste your
time. You may have to be a bit gruff
with friends and colleagues to get
the point across, but it’s worth it.

8552

Waa, |

b

Cy fe
Cte

LEONARD BARDEN

i ———————

Chess: 8552: 1 Bd7! Nxd7 2 Qxc8! Qxc8 3 Ne7+ Kg7 4

Nxc8 Rxc8 5 Rxd? wins rook for bishop. If Black had

tried Qxd7 then 2 Nf6+ and 3 Nxd7 or Rc7 2 Nxc7 Fi
Qxc7 3 b4 Nxd7 4 Qxc7 Bxc7 5 Rxd7 again with an

easy material win.
THE TRIBUNE
FRIDAY EVENING FEBRUARY 29, 2008

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

Tae els aes aS

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FRIDAY, FEBRUARY 29, 2008, PAGE 15B

Let Charlie the

~ | Bahamian Puppet and o
a his sidekick Derek put

some smiles on your

kids’s faces.

Bring your children to the
McHappy Hour at McDonald's in
Oakes Field every Thursday
from 3:30pm to 4:30pm during the
month of February 2008.

Enjoy Great Food, Prizes and Lots of Fun : ; .

’m lovin’ it —

Max!

Movie Gift Certificates
make great gifts!) :

P ae

xvehanus
PAGE 16B, FRIDAY, FEBRUARY 29, 2008

iii ae a
Wall Street falls after jump in jobless claims,
Bernanke’s comments on bank troubles

m NEW YORK
Associated Press

STOCKS sank Thursday as
investors fretted over a rise in
unemployment claims and the
prospect of more bank fail-
ures. The Dow Jones indus-
trial average fell 112 points,
breaking its four-day winning
streak,

Federal Reserve Chairman
Ben Bernanke said in testi-
mony to Congress that while
large U.S. banks will likely
recover from the recent cred-
it crisis, other banks are at risk
of failing. Three small U.S.
banks have already failed
since the summer, when the
lending industry started los-
ing billions of dollars as mort-
gage defaults soared.

“Implying that some banks
may fail stirs concerns for any
investor who’s familiar with

financial and economic histo- .

ry,” said Hugh Johnson, chair-
man and chief investment offi-
cer of Johnson Illington Advi-
sors. “Investors have been
very edgy about credit mar-
ket conditions and banks’
financial conditions. Very
edgy. And this doesn’t remove
that edginess.”

Earlier, stocks had fallen in
response to a Labor Depart-
ment report that first-time
unemployment claims rose
last week by 19,000 to 373,000,
the highest level since late Jan-
uary. «

Scott Wren, equity strate-
gist for A.G. Edwards & Sons,
said he still believes there’s
less than a 50 percent chance
of a recession, but that it’s

|

clear employers are cautious
about hiring.

“To consistently see claims
up near 400,000, that’s pretty
telling often-times of a reces-
sion,” he said.

Following four straight days
of gains in the Dow — its
longest run of gains so far this
year — the blue-chip index
sank 112.10, or 0.88 percent, to
12,582.18.

Broader stock indicators
also lost ground. The Standard
& Poor’s 500 index declined
12.34, or 0.89 percent, to
1,367.68, and the Nasdaq com-
posite index lost 22.21, or 0.94
percent, to 2,331.57.

Bernahke offered up some
positive comments in his tes-
timony — that most banks will
bounce back from their mort-
gage troubles, that inflation
should ease, and that the Unit-
ed States is nowhere near the
stagflation scenario of the
1970s.

When stagflation is present,

the economy remains weak as _
- inflation accelerates.

But Wall Street was skepti-
cal of Bernanke’s fairly upbeat
take on the economy — par-

ticularly as oil and gold hit -

new records — and latched
onto his admission that more
banks could fail.

“Bernanke is about as skill-
ful a Fed chairman as I have
seen,” said Johnson, whose
more than four-decade career
spans six Fed chairmen. “But
these times require a very,
very skillful chairman. I don’t
believe I’ve seen times as chal-
lenging as these.”

Crude oil jumped $2.95 to

Opportunity:
World Class Retailer

settle at a record $102.59 a
barrel on the New York Mer-
cantile Exchange.

Gold prices also spiked to
an all-time trading high of
$975 an ounce.

Government bonds rose as
stocks slumped. The yield on
the benchmark 10-year Trea-
sury note, which moves oppo-
site its price, tumbled to 3.67
percent from 3.85 percent late
Wednesday.

Meanwhile, corporate news
was gloomy. Sprint Nextel
Corp. posted a $29.5 billion
loss in the fourth quarter after
losing customers and writing
down the remaining value of
its Nextel Communications
buy. It also slashed its divi-
dend. Sprint tumbled 86 cents,
or 9.6 percent, to $8.09. |

Thornburg Mortgage Ine.
plunged after the lender said‘it
has received margin calls —
calls for immediate repayment
of debt — on a portfolio of
securities backed by alt-A
mortgages. Alt-A loans are
those given to customers with
little credit history or minor
credit problems.

Thornburg fell $1.78, or 154
percent, to $9.76. 4

And investors remain jittery
about the prospect of more
problems emerging in the
struggling financial sector. A
few weeks after French bank

Societe Generale revealed a

$7 billion loss due to the
actions of a rogue trader, New
York-based futures and
options broker MF Global
Ltd. said Thursday it lost
$141.5 million after a broker
traded more wheat contracts

Esso, a market leader in the fuels and convenience retailing, is looking
for operators/franchisees for its On The Run Cafes, Tiger Markets, and
service stations across New Providence.

If you have...

* Successful experience in sales, finence, or administration
A minimum of five years successfully supervising a team of

workers

A desire to provide superior customer service

Computer literacy

Organizantional discipline
Access to capital and a good credit history

..We want to know you!

Applications can be obtained from our division Office, Windsor Field
Road, Nassau, Bahamas. Applications from interested parties must be
submitted no later than March 31, 2008

Sonja Gibson, Marketing Specialist
Esso Standard Oil SA Limited
Division office, Windsor Field Road

P.O.Box CB-10998
Nassau, Bahamas

fe i é
ee ee «34



than allowed...

MF Global dropped $8.09,
or 27.6 percent, to $21.19.

After the market closed
Thursday, Dell Inc. reported a
quarterly profit decline that
was worse than Wall Street
expected. Dell shares slipped

trading.

The Russell 2000 index of
smaller companies fell 10.72,
or 1.50 percent, to 705.72.

Declining issues outnum-
bered advancers by more than
2 to 1 on the New York Stock
Exchange. Consolidated vol-

THE TRIBUNE

shares, down from 3.81 billion
shares Wednesday.
Overseas, Japan’s Nikkei
stock average fell 0.75 percent.
Britain’s, FTSE 100 fell 1.75
percent, Germany’s DAX
index fell 1.92 percent, and
France’s CAC-40 fell 1.97 per-

0.8 percent in aftermarket
; e

ume came to 3.76 billion

cent.

Brewer’s Busch
Kae OTIC e LI

MEN CBU MIT Ce
parks in Dubai



@ ST. LOUIS .
Associated Press

THE entertainment division of Anheuser-
Busch Cos. Inc. plans to expand outside the

USS. for the first time by opening four theme .
parks in Dubai, the fast-growing tourist desti- -

nation in the Middle East.

Busch Entertainment Corp. will partner with
Dubai developer Nakheel to create the Worlds
of Discovery. — a complex that will include
SeaWorld, Aquatica, Busch Gardens and Dis-
covery Cove,

All four will be on the Palm Jebel Ali, the
world’s largest man-made island that is part

of a multi-billion-dollar development in Dubai.

Nakheel will build the parks. Busch Enter-
tainment is licensing its brands to Nakheel and
will operate the parks under a management
contract. Financial terms were not disclosed.

‘Destinations -
“Dubai has become one of the world’s lead-

ing tourist destinations, and a key part of the
strategy has.been attracting world-class enter-

tainment brands to the emirate,” Chris O’Don- ;

nell, chief executive of Nakheel, said during a
Webcast from.a ceremony at SeaWorld Orlan-
do in Florida.

The first phase of the project is expected to
open in 2012.

The project is part of the Dubai Waterfront,

a multi-billion-dollar devel®pment of luxury
hotels and homes, along with restaurants, shop-
ping and entertainment. Larger than the islahd
of Manhattan, the development is adding 500
miles of man-made waterfront, according to
Nakheel.

Dubai, one of the seven constituents of the
United Arab Emirates, has thrived and turned

into a magnet for the wealthy as oil money has’

expected in Dubai this year. Fifteen million
are expected in 2012.

Palm Jebel Ali is the second of Nakheel’s
three man-made island developments. Worlds
of Discovery will occupy a section at the peak
of the island known as “the Crown.” "

Jim Atchison, president of Busch Entertain-
ment, said Dubai offers “a true global stage
for our brands, unlike any other.” '

He compared the rapid growth in Dubai to
what happened four decades ago in Orlando,
which quickly grew into one of America’s pre-

miere tourist destinations.

“When I look at Dubai it looks awiully famil-
iar,” he said.

“It’s a momentous occasion for us. It’s the
most significant news we’ve ever had.”

‘SeaWorld Dubai will include many of the
same attractions as in its three U.S. locations —
killer whales, dolphins and sea lions, along

_ with marine- -themed rides.

The Discovery Cove in Dubai will be similar
to the one in Orlando, a reservations-only park
that allows visitors to interact closely with
wildlife —- for example, swimming with bot-
tlenose dolphins, rays and exotic fish.

Busch Gardens is a theme park featuring ©

“rides, attractions.and entertainment. Aquatica

is SeaWorld’s waterpark. The first one: opened
this week in Orlando.

Anheuser-Busch is the nation’s largest brew-
er, based in St. Louis. Its brands include Bud-
weiser, Bud Light and Michelob. Busch Enter-
tainment operates SeaWorld parks in Orlando,
San Diego and San Antonio; Busch, Gardens.
Europe in Williamsburg, Va., and Busch Gar-
dens Africa in Tampa, Fla.; : Discovery Cove in,
Orlando; Sesame Place near Philadelphia;
Aquatica in Orlando; and the water parks
Adventure Island in Tampa and Water Coun-
try USA in Williamsburg.

Anheuser-Busch shares rose 69 cents, or 1.5
percent, to $48.20 in trading Thursday.

. flowed in. O’Donnell said 7 million visitors are

US economy skids to near.
halt in final quarter of 2007































WASHINGTON

Associated Press

THE economy skidded to a
near halt in the final quarter of
last year, clobbered by dual
slumps in housing and credit that
caused people and businesses to

The Commerce Department

domestic product increased ai a
scant 0.6 percent pace in the
October-to-December quarter.
The reading — unchanged from
an initial estimate a month ago —
underscored just how much
momentum the economy has
lost. In the prior quarter, the
economy clocked in at a brisk 4.9
percent pace.

Gross domestic product mea-
sures the value of all goods and
services produced in the United
States and is the best barometer
of the country’s economic
health.

“The economy just kept its
head above water,” said Nigel
Gault, economist at Global
Insight.

Economists had thought the
newly released fourth-quarter
‘GDP would have been bumped
up to a 0.8 percent growth rate.
But the housing picture looked
even more bleak in the new
report.

Builders slashed spending on
housing projects by a whopping
25.2 percent on an annualized
basis in the fourth quarter, the
biggest cut in 26 years.

And even though economic
growth slowed, inflation picked
up — an ominous mix that could

spend and invest more sparingly. .

reported Thursday that the gross

spell further trouble for the econ- -

omy.

percent wasn’t chilling enough,
the Labor Department reported
Thursday that new applications
for unemployment insurance
benefits rose by 19,000 to 373,000
last week, more evidence that the
general economic sluggishness is
‘ spilling over into the job market.

On Wall Street, the latest
batch of economic news rattled
investors. The Dow Jones indus-
trials closed down 112.10 points.

Fears have grown that the
country is heading for a reces-
sion or is already in one.

The National Association for
Business Economics expects eco-
nomic growth in the current Jan-
uary-to-March quarter to slow to
a meager 0.4 percent pace. Some
analysts believe the economy’s
performance could be even
worse and actually shrink during
this period. Under one rough
tule, the economy would have to
contract for six months in a row
for the country to be viewed as in
a recession.

Concerned that the problems
could intensify and further hurt
the economy, Federdl Reserve
Chairman Ben Bernanke made
clear he stands ready to lower a
key interest rate again. The Fed,
which started cutting interest
rates to bolster the economy in
September, has turned much
more aggressive recently. In eight
days in January, the Fed slashed
rates by 1.25 percentage points
— the biggest one-month reduc-
tion in a quarter-century. Rates

As if the newly confirmed
fourth-quarter GDP figure of 0.6 .

’ “core” prices — excluding food

- percent pace. The inflation fig-




are expected to move lower-at
the Fed’s next seeing on March
18.

Bernanke, however, is hope-:
ful that previous rate reductions
and the $168 billion economi¢
aid plan of tax rebates for people
and tax breaks for business will
energize the economy in the sec-
ond half of 2008..

A gauge of inflation linked to
the GDP report showed that

and energy — grew at a rate of
2,7 percent in the fourth quarter.
The inflation reading — although
unchanged from the govern-
ment’s initial estimate — showed
that inflation had picked up
sharply from the third quarter’s 2

ure is above the Fed’s comfort
zone —'the upper bound of
which is a 2 percent inflation rate.

Given rising inflation and a
slowing economy, fears are
increasing that the country may
be headed for a bout of stagfla-
tion, a scenario the country hasn’t
experienced since the 1970s.

Even though Bernanke has
made clear the Fed’s top priority
—— for now — is trying to get the
economy back on track, he also
says he remains mindful of infla-
tion risks, especially from high.
energy prices.

Oil prices reached’ a new
record Thursday of $102. 59 a
barrel.. High energy prices can
spread inflation by boosting the
costs of a wide variety of other
goods and services and can put a
further damper on overail eco-
nomic growth by crimping con-
sumer spending. -



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