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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Full Text
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‘BAHAMAS EDITION





Volume: 104 No.148





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MONDAY, MAY 19, 2008

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smuggling hora

US police seek
two Bahamian
men suspected. of |
human trafficking

US police are searching for’ —
two Bahamian men who they

suspect of being key players in a

smuggling ring that began in

2005 and has resulted in more

than 30 innocent men and .

women being killed at sea near
Florida’s coastline.

Both men were featured over
the weekend on the popular
crime show America’s Most
Wanted.

Sketch of

cop shooting



suspect

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

POLICE are hoping that a
composite sketch of the man
believed to be responsible for
shooting a New Jersey cop vaca-

tioning in Nassau will lead to a '

speedy arrest.

SEE page 14

‘One of the’ men is described
by officials as'a “recruiter” in
the smuggling operation and is

‘wanted for “alien smuggling”.

The 38-year-old, according to

US officials, finds men and .

women\from Haiti; Jamaica and
The Bahamas willing to pay
$3,500 a head to travel to the
US.

SEE page 12



ae 26
Have you seen this man?

ATLANTA 384

LOS ANGELES



AIRLINE TAXES & FEES INCLUDED!

RATES SUBJECT To CHANGE & BASED ON AVAILABILITY

| RESTRICTIONS Cie



m@ PHOTO:
Felipé Major/
Tribune staff




MORE than a ton of mari-
juana valued at $1.2 million was
seized in a West Bay Street
home over the weekend by
Drug Enforcement Unit offi-
cers acting on a a tip from the
public.

A DEU OFFICER helps remove a ton of marijuana
from a house in the West Bay Street area














It took officers well over two

hours to package the illegal
drugs, hidden in numerous

places throughout the
Bougainvillea Avenue home.
SEE page 14

Coast Guard rescue

@ By DENISE MAYCOCK

Tribune Freeport Reporter.

dmaycock@tribunemedia.net

FREEPORT - Four Grand
Bahama men were rescued after
‘ US Coast Guard officials spot-
ted a capsized vessel off The
Great Isaacs on Friday.

According to Chief Supt Basil
Rahming, the men had been







stranded on the cay for 12 hours
before being rescued by Bimini
police.

Kelsey Dorsette, 39, Kenny
McQueen, 35, Jeffrey Russell,
29, and 54-year-old Alfred
Sanchez left Freeport around
8am on Thursday.

SEE page 14



‘Show us why

SARIN
r Sere aia oer





gLocal activist challenges

the country’s judiciary

lm By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.neti.

A LOCAL gay rights activist

last ‘night challenged the
Bahamian judiciary to present

specific reference to any law

that precludes gay couples from
legally marrying in the
Bahamas. :

i. Rainbow. Alliance spokesper-

son Erin’ Greene argued that

one reason gays are not allowed
to marry in the Bahamas is the
“perpetuation of erchale funda-
mental beliefs.”
But the “will of the gay com-
munity” to speak out publicly

against these infringements is
lacking in The Bahamas, said
Ms Greene. .

Her comments came in the
wake of an historic ruling by a

_California Supreme Court which
overturned its ban on gay. mar-

riage last week.

“The truth is there are no.
laws that preclude gay people
from getting married, it’s an

archaic interpretation of the laws.

~or a particular archaic policy
‘coming out of the Registrar’s
Office,” Ms Greene told The
Tribune.

SEE page 12

MP feels residents’ heat |
over brush fire response



lm By REUBEN SHEARER

PINEWOOD residents were
outraged yesterday as Fire
Department officials and MP
Byran Woodside seemed to

. have been slow in responding

to a major bush blaze in

Baygeranium Avenue and

Pinecrest Drive.

The intense fire started for
the first time last Friday, said
Judy Bosfield, a local resident.

According to Ms Bosfield, the
blaze was put out that same

. evening, but sprang up a sec-

SEE page 14




2000 Chevy 1500 truck.
SEE page 12

Teenager killed in road
tragedy blamed on gunfire

» A TEENAGE passenger died after a collision with a vehi-
cle attempting to escape gunfire from another motorist in a
tragic accident over the weekend. :
The male driver of a 2000 Chevy Impala had just left a pri-
vate function at Workers House when a truck overtook and
stopped some distance ahead on Tonique Williams Darling
Highway around 2.25 am on Saturday .
_ An occupant of the truck got out and fired shots from a
shotgun at the Chevy Impala, causing damage to the vehicle.
The driver of the Impala, on hearing the gunshots, low-
ered his head and sped away. The impale hit the rear of a red

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f eat 58 a7,
| . PAGE 2, MONDAY, MAY 19, 2008 __ THE TRIBUNE
GROUP OF COMPANIES



~ With love -

Remembe

pI Macushlént'Hazlewoed: | |
December 16, 1919 to May 12, 2008













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you can smile because she has lived. Woon

The John Bull rarity s deeply secon by the loss of its Matriarch and Vice presidents | 3p :

, Nira Macushla A. He encod : During life's journey, Mrs, Hazlewood remained committed to pi eh : |
relentless pursuit OF excellence In al Facets of the IUXUPY retail puiieds She has unquestionably. 2
ieee us with an neon legacy. AS,LONG AS WE LIVE, ShE TOO SHALL LIVE, | pate. :





ne =

THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 3



NEW JERSEY POLICEMAN SPEAKS FROM HOSPITAL BED

THREE pastors and an expert on Nas-
sau’s gang culture visited wounded New
Jersey policeman John Casper in hospital

over the weekend.

The officer, who was shot in the chest
during an attempted robbery on Cable
Beach last week, spoke to the delegation for
several minutes from his bed at Princess
Margaret Hospital. Bishop Simeon Hall,
chairman of the Bahamas Crime Commis-
sion, said the officer was “very receptive
to our message”, which was designed to
offset negative impressions of Nassau.

He added: “We wanted the world to
know that we are a praying people and that

we are not criminals.”

Bishop Hall was accompanied by Carlos
Reid, a member of the Crime Commission
who is also an expert on the gang culture,
Dr Marilyn Thompson, pastor of Mount
Paran Baptist Church, Union Village, and
Bishop Robert McPhee, pastor of The .
Church of God in The Bahamas.

Bishop Hall said the officer was respon-.
sive and appeared to be in good spirits.

Mr Casper, who was vacationing in Nas-





PHOTO:
Rodney
Moncur

DELEGATION: From left: Pastor Carlos Reid, Bishop Simeon Hall, Rev. Dr Mar-
ilyn Thompson and Bishop Robert McPhee visted New Jersey police officer John
Casper at the Princes Margaret Hospital on Saturday May 17, 2008.

sau, was walking with three women com-
panions from his hotel to a Cable Beach
casino when the attack occurred.





He was shot while resisting two robbers
who fled the scene in a white car along
Ruby Avenue.

Concern over lack of European focus on Caribbean





MANY in the Caribbean
have come to believe that the
region is in constant danger
of falling off the radar of the
European Union, Prime Min-
ister Hubert Ingraham said
during his statement over the

weekend at the CARIFO- .

RUM-EU Summit in Lima,
Peru. He said the strong cul-
tural and linguistic ties served
over a number of years to dis-
guise diverging interests in the
relationship between the con-
tinent and the region.

Mr Ingraham, who also.
serves as chairman of CARI-
COM CARIFOUM, said it
appears that there is no con-
sistent European focus on the
Caribbean. Instead interest
ebbs and flows depending on

’ the interest of a particular EU



Police finally —
recapture
escaped
prisoner

Kendrick Rahming



POLICE have finally cap-
tured Kendrick Rahming, a’
prisoner who escaped last week
from awork gang.

Officers from Internal Secu-
rity Division acted on a tip over
the weekend and went to an

area off Charles Saunders High- |

way near Mount Tabor Estates
and arrested the escapee.

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.

FOR 3 IN 1 LAWN SERVICE
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member or group of members
in their relationship with the
Caribbean.

He said while the Bahamas
and countries like it in the
Caribbean are happy to be a
popular vacation destination
for Europeans the region is
looking forward to the devel-
opment of a new, mature and
sustainable relationship, one
that is focused and construc-

. tive, characterised by strength-

ened.and enhanced co-oper-
ation and dialogue.

For now, the prime ‘minis-
ter said, the relationship

between the region and the. .
continent remains in transi-"
tion as they move or “are:
moved” away from the era of |

preferential trading arrange-
ments.

Fashion Advice,

_ and Inspiration

ye Lt

Sharon Turner/BIS Photo

“ABOVE: PRIME MINISTER HUBERT INGRA-
HAM (front row, third left) was.among heads of
government and state of the European Union,
Latin America and Caribbean at the Fifth Euro-
pean Union/Latin American Caribbean Summit
(EU/LAC) held at the National Museum in Lima,
Peru, on Friday. Minister of State for Finance
Zhivargo Laing was also at the Summit.
LEFT: Mr Ingraham.in a thoughtful pose.

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PAGE 4, MONDAY, MAY 19, 2008

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE





The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published ‘Daily Monday to Saturday

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

TELEPHONES
S withbari (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

What’s slowing down the courts

A JOURNALISM classmate of 50 years ago
sent us an article this week that he had written
about the Bahamas for a Mexican publication.
It was entitled: “Discovering Atlantis.” J

_ On the whole it was favourable to the
Bahamas, but there was one sentence that we
wondered if he would have written if he had vis-
ited Nassau during the past 10 days.

In his article he referred to the Fish Fry at
Arawak Cay, which he did not have time to
visit while here, but of which he had heard
much.

He described it as “a collection of shanties
where Bahamians dine and where many tourists
join them.

The Royal Bahamian Police makes certain
everyone is safe. In any event, Nassau is not
Jamaica.’

It is true that Nassau in not yet Jamaica, but
if what we have seen continues we shall soon be

* a second Jamaica. Brazen daylight shoot-outs

and robberies have burst from the inner cities
and spilled over into our tourist areas, even
onto busy Bay Street.

However, what is now similar to Jamaica is

the behaviour of the criminal.

Like Jamaica, once a criminal has a gun in his
hand, he has no fear and does not wait for dark
to cover his tracks.

He will carry out his dastardly act wherever
he finds his prey, even if it’s on a busy street

where the lives of innocent bystanders are put at ©

risk.
According to police most of the crime being
’ committed today are by persons on bail —
either for a first serious offence, which can
include murder, or who, having already served
a jail term, are by now hardened criminals.
They really have nothing to lose. Their crimes
are usually crimes of retaliation. Their mission
might also be to eliminate, evidence — as we
know, a:dead man tells no tales. ,
Many police officers are anxious for the

wearing of ankle bracelets to be made manda- .

tory for all persons.on bail so that their every
move can be monitored.

Not only would it make policing much easier,
but it would cut down on the time wasted hunt-
ing these criminals, and trying to collect evi-
dence to unravel their alibis.

A man with a bracelet can hardly deny being
at the scene of a crime if the bracelet notifies the
police that that is where he is.

If his movements are suspicious the police
can track him and probably thwart his evil intent
before he finds his target.

According to some officers they only need
the legislative stamp for the ankle bracelet to
become law, so that they take control and start

BEAUTY GUARD

SECURITY DOORS

Serving The Bahamian Community

Since 1978

‘rounding up the offenders.
We understand that Asst. Supt. ‘McKinney

_ will now move up into the vacancy left by the

sudden resignation of Chief Supt. Keith Bell,
officer in charge of prosecutions. Like Mr Bell,
Mr McKinney is also a qualified lawyer, and
has assisted Mr Bell in the Prosecutor’s Office.
However, no one would envy the task he has
inherited.

Currently, there are some 60 000 warrant files
outstanding in the prosecution office, some

’ 48,000 traffic files, and about 11,000 criminal

matters pending before the courts.

Attorney General Claire Hepburn, whose
office is responsible for bringing cases before the
courts, in her report to the Senate in March
said that the number of prosecutions taken to
court were “disturbingly low.”

We have been told-that in North Eleuthera
more than 130 cases are pending, but there is no
magistrate to hear them.

- It is claimed that when an Eleutheran asked ©

why the circuit magistrate was not making the
circuit, he was told that there was no money
for the magistrate’s ticket or accommodation. If
this is true why can’t the ticket be purchased out
of local government’s budget?

If this is indeed true of North Eleuthera,
then in how many other islands are cases build-
ing — probably with all offenders free on bail.

We are also told that there are many factors
that contribute to the postponement Of cases.
Fingers point mainly at lawyers who have too.
many cases set down for the same time in dif-
ferent courts.

The courts,.are always postponing cases to

- accommodate the lawyers.

Our informant believes that unless the cir-
cumstances are exceptional, at no time should a
court slow down its calendar to accommodate a
lawyer. Lawyers should have juniors who can
appear for them, and get dates that will not
conflict.

We have also been told that defendants are
now producing sick slips to excuse their appear-
ance in court and asking for new dates that they
know will be set months into the future.

Our informant not only felt that there were
too many court adjournments, but that wit-
nesses were being interfered with and when
police go to line up the witnesses, they have
disappeared.

They are no longer at the addresses given
the police, and no one seems to know where
they have gone.

There is much interference in the courts,
and, according to our information, that inter-

_ference is increasing and slowing down the judi-

cial process.



The Bahamas
must look out
for its own
citizens first

EDITOR, The Tribune.

IN READING an article in
the paper recently on racism I
have been drawn to respond to
it as I have found that racism
may not be the appropriate
word for the problems we face
today in this society.

It seems as though a lot of
our issues stem from ignorance

‘ or egos. In this country we have

a bigger problem with our gov-
ernment selling off not just land,
but more importantly, not
securing all of the high-end jobs
that should be for qualified
Bahamians. I am a college grad-
uate who has had extensive edu-
cational and work experience
in my field. What may come as
a surprise to many of you is that
the field I work in is actually
Hospitality Management.
When I went off to college, I
took great care in choosing my

. Major as I knew that. I wanted

to return home and I also knew

’ that I wanted a job paying me a

salary where I could advance
my life, not just make it from
day to day as most Bahamians

0. ;

Initially when I graduated
from my Master’s. programme
I was immediately hired by a
foreign company to come back
to The Bahamas to work for
them. After seeing the corpo-
rate bureaucracy and the man-
ner in which these foreign com-
panies treated our Bahamian
people, I refused to be a part
of it. When I found suspicious
confidential information that

_could create a problem for the

company I even informed them
of this information and they in
turn responded “do not open

Do Mbt

letters@tribunemedia.net






that can of worms.”

Being a woman of ethics and
morals, I resigned from my posi-
tion in anticipation of finding
another job at a different organ-
isation.

It is now over a year and I
still have not been able to finda
job that does not say, “you are
over qualified” or “we just do
not have that type of budget for
the position” or “we do not
have any positions with that
type of pay.” My question then
becomes, why I receive e-mails
from my networking liaisons in
Florida telling me of jobs that
are open to-Americans only for
positions that I, a Bahamian am
qualified for in The Bahamas.
This has got to stop! How is it
that Bahamians can be passed
over or ignored for the “big
positions” in our number one

industry, yet someone from’

another land is being persuaded
to take a job in the “beautiful
pristine Bahamas”? Is there
anyone in our government who
is looking out for the economic
welfare of the youth of this
country? We are told go off to
college, get an education and
we will be able to find a job pay-
ing us well. This is surely not
the case.

Our government needs to
learn to stand up for-our people

‘and stop writing off their signa-

tures on heads of agreement
with no thought of the educated
Bahamians who are returning

from the USA with very high
credentials. Not all Bahamians
want to hustle, not all Bahami-
ans want to be entzepreneurs,

some of us just want to work
‘hard in our field and be well
compensated for it just as any
American flying into our coun-
try who is willingly being given
housing, 401k, insurance, dental
and health insurance and to top
it off a hefty salary. Why is it
that if Bahamians are even con-
sidered for the same job, they
do not receive the same sort of
“package” as an expatriate?
Why can’t a Bahamian receive
at least the same pay that they
are offering...it would make
sense seeing that they would be
saving the money for housing,
401k, insurance etc but that just
is not the case.

If we as a Bahamian people
continue to.see ourselves as an
Inferior people then the world
will also see us as the same!
The Bahamas must look out for
Bahamians first and let go of
this second class nature that has
kept this country down and con-
we to affect all social class-

. regardless of race! For-
signers in this land get every-

‘thing while Bahamians...white

or black get left with the scraps,

PS...I am a Bahamian, I am
white (ok mangraskin) and I am
a female so I have ever ying
working against me.

I just hope one day we can
get this-right...or else our econ-
omy will continue to be
restrained.

NO NAME
Nassau,
‘May, 2008.

I wish the political class would protect my interest

EDITOR, The Tribune.

One often reads statements
by the political class like,
BahamasAir belongs to the
Bahamian people.

I'm really not sure what com-
fort a statement like this pro-
vides, but whenever they're
made at a political rally or the
like, the crowd is bound to
applaud or look happy about it:

But of course that's as far as
it goes for me knowing what is
going on in the public corpora-
tions that "belong to me".

I am yet to receive a notice
to attend the Annual General
Meeting, or receive a proxy in
the. mail to vote for the new
Board of Directors, etc. Not to
mention the fact that I have
never once received the annual

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audited financial statements, or

even the quarterly financial _

review.

In contrast, I have some
shares in a publicly traded, pri-
vate company, and I am inun-
dated with information.

I'm told the private company
gives me this information as a
result of laws laid down by the
political class to protect my
interest.

But, come to think of it, I
don't even have a share certifi-
cate for my portion of Bahama-
sAir, BTC, BEC, etc, theg iam
told I own.

So let me get this straight.
The companies that I voluntar-
ily do business with are forced
by law to be accountable, yet,
the companies that I am forced

to participate in through taxa- .

tion or debt, like BahamasAir,
BTC and BEC are not held to
the same standard?

With a private company that
is losing money I can cut my
losses and get out. With
BahamasAir for example, I am
continually forced to invest
good money after bad in a los-
ing venture.

I just wish the political class
would protect my interest, and
that of generations unborn with
the public corporations that the
Bahamian taxpayer supposedly
owns.

Is that asking too much?

RICK LOWE
Nassau,
May, 2008

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the position of:

RETAIL PHARMACIST

The pharmacist works according to established
legal and ethical guidelines to ensure the correct
dispensing of pharmaceutical products to the ©
public. This person should be an experienced
pharmacist with a proven track record of
maintaining high standards within the profession.

Interested persons should possess:

|

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<> A Bahamian Pharmacy Licence or Bachelor's
degree in pharmacy with a minimum of five
years’ experience as a licensed pharmacist

Training and experience in customer service

The ability to build: rapport with customers,
suppliers and colleagues

* Excellent communication skills
Experience in both hospital and retail settings

Proficiency in a variety of computer
applications

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(PROTECTION) LTD.

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PHONE: 322-8160 OR 322-8219

Please send application letter, resumé and two
references by June 5, 2008 to:

Retail Pharmacist
P.O. Box N-7504
Nassau, Bahamas
or Fax: 393-0440

We thank all applicants for their interest; however,
only short-listed candidates will be contacted.

ty ‘ar similar deals, Queens Hwy, 352-6122
or Abaco Mator Mall, Don MacKay Bivd, 367-2916





THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 5



Have you
seen them?

DESCRIPTION:
NAME: Danella Nixon
COMPLEXION: Brown
AKA:
None
HEIGHT:
57537
D.O.B:
March 23, 1982
WEIGHT:
120 Ibs
P.O.B: Nas-
sau,Bahamas
BUILD: Medium Build
NATIONALITY: Bahami-
an
AGE: 26 yrs.
LAST
KNOWN ADDRESS:
Eneas Street, Stapledon Gar-
dens, and
Bougainvillea Avenue |

The suspect is wanted by the
Drug Enforcement Unit for
questioning in reference to
possession of dangerous drugs.
If you have any information
on the suspect’s whereabouts
please contact: DEU at 323-
7139 or 397-3801; Police Con-
trol Room at 322-3333; Crime
Stoppers at 328-8474 or the
nearest Police Station. Subject
is considered ARMED AND
DANGEROUS.

DESCRIPTION:
NAME: Melvin Maycock
COMPLEXION: Dark
Brown
DOB: February 11,1966
HEIGHT: Sft 7ins
Birthplace:
Nassau,
Bahamas
WEIGHT:
165 lbs
NATION-
ALITY:
Bahamian
BUILD: Slim
AGE: 41 yrs.
LAST
KNOWN ADDRESS:
Joan’s Height South and
Bougainvillia Avenue

The suspect is wanted by the
Drug Enforcement Unit for
questioning in reference to
possession of dangerous drugs.
If you have any information
on the suspect’s whereabouts
please contact: DEU at 323-
7139 or 397-3801; Police Con-
trol Room at 322-3333; Crime
Stoppers at 328-8474 or the
nearest police station. Subject
is considered ARMED AND
DANGEROUS.





Colors:

Brown
Black





unman is wounded in early
morning shoot-out with police

Illegal weapon recovered in incident near Club Rock

AN early morning shoot-out
involving police and an armed
man ended with the suspect
being shot and an illegal
weapon recovered.

At 4.30am yesterday a secu-
rity officer at the Internation-
al Bazaar, Freeport, tele-
phoned the duty officer at the
police dispatch centre and
reported that a young man
was near Club Rock firing a

handgun. Uniformed and
plain clothes officers were dis-
patched to the scene.

The suspect immediately
fired at the officers and began
running.

Police returned fire. The
suspect was hit in the upper
right arm and grazed in the
back.

He fell to the ground, drop-
ping a .357 magnum revolver

which was retrieved by an offi-
cer.

The wounded gunman, later
identified as Michael Gibson
of Shaftsbury Lane, North
Bahamia, was taken.by EMS

personnel to the trauma sec- .

tion at Rand Memorial Hos-
pital where he was treated and
is presently detained in stable
condition.

INTERNET forums dealing
with important Bahamian issues
have been launched. The web-
sites can be visited by searching
for Bahamas Ecoforum and
Bahamas Patient Advocacy.

Bahamas Ecoforum was creat-
ed in February by journalist Lar-
ry Smith, who writes the weekly
Tough Call column for The Tri-
bune.

It is “a volunteer effort to share
information and ideas on the use
of clean technologies in the
Bahamas”.

According to Smith, the web-
site’s goal is to promote sustain-
able development by expanding
public awareness of issues and
opportunities. It was developed
following the Freedom 2030
renewable energy conference
hosted-at the Island School by
the Cape Eleuthera Institute.

“Conference participants felt
that alot was happening locally in
terms of sustainable development,
but little was known about it,”
Smith said.

“Combining our efforts and
sharing ideas and information on

‘a variety of energy, recycling and

sustainability issues might help to
move things along at a faster
pace, and the easiest way to do
that was with a website.”

The Cape Eleuthera Institute is
a non-profit adjunct of the Island
School at Cape Eleuthera.

It is researching ways to make
Eleuthera a model of sustainabil-
ity in terms of energy, food pro-
duction and waste recycling.



“Conference
participants felt
that a lot was
happening
locally in terms
of sustainable
development, but
little was known

about it.”



The forum features posts by
Smith, who writes frequently on
environmental issues related to
Bahamian development, and oth-
ers interested in sustainable ener-
gy and clean technology solutions.
The site is organised as a weblog
and visitors can leave comments
on any post.

Bahamas Patient Advocacy
was created by lawyer Leandra
Esfakis, who has been fighting a
running battle with medical
authorities since the 2002 death of
her brother, Christopher, at Doc-
tors Hospital.

Ms Esfakis is the daughter of’

the late Dr Andrew Esfakis, who
was a well-known Nassau GP,

and Violet Esfakis, a nurse.

The website’s goal is “to eae?
greater accountability and trans-
parency to Bahamian healthcare

eras





Rosetta St.



Ph: 325-3336

Leather



services by advocating the rights

of patients within the context of a _

proper regulatory framework.”

A special feature on the web-
site is the court transcript of Mag-
istrate William Campbell’s recent
verdict in, the Esfakis inquest,
which began in April, 2007, and
heard about 20 witnesses.

The magistrate ruled that
Esfakis’ death was a result of
“natural causes with a substan-
tive contribution of neglect.”

In April, 2005, Ms Esfakis filed
a complaint with the Healthcare
Facilities Board, which licenses
local hospitals.

The complaint has been

ignored under three successive
ministers of health.

Earlier this month she filed a
complaint with the Bahamas
Medical Council, which governs
local doctors.

A civil lawsuit by Mr Esfakis’
widow is also pending against
Doctors Hospital and a local doc-
tor.

The website features informa-
tion on the Esfakis case as well as

advice and commentaries on

healthcare regulation and news
items of interest to patients and
their families.

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PAGE 6, MONDAY, MAY 19, 2008

THE TRIBUNE



i LOCAL NEWS |

PARENTING SEMINAR: Pinewood Gardens Urban Renewal Programme

Building a bond of trust

Raymond A Bethel/BIS Photo

PINEWOOD GARDENS URBAN RENEWAL PROJECT held a “Liveable Neighbourhood’s Parenting Seminar” for parents
in Pinewood Gardens at The Church of Jesus Christ on Charles Saunders Highway. At the lectern making a presentation
is evangelist and school counsellor Cooliemae Colliemore.

>) TOYOTA moving forward

Single Cab



Hi By Llonella Gilbert

ESTABLISHING a bond of
trust between parent and child
was one of the main themes that
came out of a parenting seminar
held by the Pinewood Gardens
Urban Renewal Programme. The
seminar was held in partnership
with the Bahamas Crisis Centre.

The parenting seminar was
intended to increase community
spirit, a key objective of the
Urban Renewal Liveable Neigh-
bourhood Programme.

Chief Welfare Officer, Health
Social Services (PMH) Leonard
Cargill, who spoke on Sharpening
Your Parenting Skills, said a baby
has to rely on his or her parents
for help. “On his or her own the
child could hardly do anything.
You have to change it when it is
wet; when it is hungry you have to
get something and feed it,” Mr
Cargill said. “The child then
begins to develop trust in you. If
the child is wet and on the bed
needing to be changed and you
are looking at the child and ignor-
ing the child, then these are the
things that cause the child not to
develop trust so much.”

He explained that to get even
closer to their children, some peo-
ple (especially in Africa) work
with them on their backs.

Mr Cargill noted that discipline



“Talk, ask
questions, explain,
especially to your
teenagers.”



is an important step in raising a
child, but he insisted that it is
important to be specific with chil-
dren and give them good rules.

He said parents should not
delay in addressing negative
behaviour but, alternatively, they
should not punish their children
when they are angry.

“When you are angry at a child
and you punish the child then you
may abuse the child,” he noted.
“Tf you abuse the child and Social
Services has to step in, there is a
process that must be followed;
and if it is determined that you
were extremely abusive you could
lose your children.”

Mr Cargill said parents should
also try to set a good example
and not just tell their child to be
on their best behaviour. “You
have to set and establish some
self-control in yourself and this
has to be on-going.”

Educational psychologist in the
Ministry of Education, Youth,
Sports and Culture Rhoda Bain
said parents who are divorcing or

between parent and child

separating must talk with their
children weeks before the
changes to prepare them. “You
know your children and you
know the maturity of them and
what they can accept and how
much they will accept and under-
stand, but try not to hide things if
you can help it.”

Ms Bain said the same is nec-
essary with remarriages. “Talk,
ask questions, explain, especially
to your teenagers.”

She also said parents must be
aware if their child has a change
in attitude, a lack of concentra-
tion, is overly sensitive, or not
being able to sleep as all of these
are signs of depressiun.

If a child will not say what is
wrong, Ms Bain said parents
should ask them to write down
the problem and set a time to dis-
cuss it. She also noted that par-
ents should play games with their
children and have a family day
when they listen and learn more
about their children.

“Give your child every oppor-
tunity to express themselves.”

Additional parenting seminars
as well as other activities in the
Urban Renewal centres around
the island are planned, which will
serve to increase public safety and —
wealth, to increase independence
and give people and the commu-
nities a sense of responsibility.



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| HE recent shooting
and stabbing on

‘Cable Beach and:Paradise’

‘ Island maybe the shock treat: ’
ment we need to make us:
realize that our way of life is
under threat and time is run-
ning out for us to defend
against that threat.

The defense must be
multifaceted because since
there-is no single cause of the
crime wave, therefore, there
is no single simple ‘solution.
The long term. solutions
involve improving our
schools and promoting sound
stable family units.

These solutions need to be
kept on top of the national
agenda and should always
have bipartisan support. This
column will however try to
deal with some short term
solutions which are available
to us.

In a recent column I sug-
gested the introduction of a
National Identification Card,
I repeat that call. A great
deal of the criminal activity
can be connected to illegal
immigrants.

A National I.D. will be
helpful in the control of ille-
gal immigration. Additional-
ly legislation which creates
penalties for anyone aiding
and abetting illegal immi-
grants would go a long way to
controlling this plague.

Another short term solu-
tion involves pressuring those
nations to the north and
south of us, which use our
nation as a highway for their
illegal drug trade, to provide
the financial, material and
human resources we need to
fight this invasion, exploita-
tion and corruption of our
people and way.of life.

There is no cocaine pro-
duced in The Bahamas.
There are no guns manufac-
tured in The Bahamas.

They are brought here by
the new exploiters and aid-
ed by the anti-social mem-
bers

of our Bahamian family. I
am not saying that we would
be an idyllic crime free trop-
ical paradise if it were not for
the international drug trade
but we would have less crime,
a smaller number of families
damaged by addicted mem-
bers and a more prosperous
happier society.

This column doesn’t claim
to have all the answers but
the arguments are compelling
jto at least debate these two
suggestions.

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THE | HIBUNG



SERRE, ew Men en aoe VES Oa oe ee ee |]
‘Crime crisis will soon become a catastrophe’

Leading pastor sends out grim warning

Initiatives ‘ignored’

THE leader of a national anti-crime campaign claims several
government departments and business bodies have ignored or been
dismissive of new initiatives to tackle the upsurge in theft and vio-
lence. In some cases, letters had been ignored, with the implication
that only crime’s impact on international tourist business was con-

sidered the real priority.

The Rev C B Moss, executive director of Bahamas Against Crime,
said Minister of Tourism Neko Grant (pictured) was among those
who had ignored his campaign’s attempts to set up joint discus-
sions. “Their prime concern is whether the US Embassy is going to
put us on their advisory list,” he said, “Once again, all they are

concerned about is whether we are going to be on the



restricted list. What is important is what is going on
and how we are going to avoid it.

“My message is we have to deal with this crisis
now. We have to come together as a community and
decide how to deal with the problem. Bahamas

Against Crime has written to most leaders in various
sectors requesting a meeting and i in most cases they
did not even honour us with a response.’

The Bahamas Hotel Association had said its own crime co-ordi-
nation plans were underway. “In other words, they didn’t need a
meeting with us. We are a committee of creditable people and they
did not even bother to meet with us.

“We also wrote to the president of the Chamber of Commerce.
We didn’t get a response from him, either.”

Rev Moss said crime was no longer an “us and them,” situation.

Politicians and police chiefs had lulled a lot of Bahamians to
sleep with assurances that crime was confined to inner city neigh-
bourhoods. But this was no longer so, he said. It was spilling into all
areas and often in broad daylight. Villains were not even bothering
to wait until the dark hours to commit crime.

“Violence breeds violence,” he said, “We are going to become
another Trinidad unless we act, with kidnappings for ransom mon-

”

ey.

The pastor said he was still positive that the situation could be

saved, but political and corporate leaders had to become serious.
The danger was that both the criminals and the community at large
would fall into thinking that it was already too late.

Working in tourism
industry is not about
slavery, Rotarians told

CARIBBEAN Tourism
Organisation chief, Vincent Van-
derpool Wallace, told hundreds
of Rotarians from around the
region that working in the
tourism industry was not about
slavery.

“The big elephant in our
rooms is that, for many of our
people, tourism represents the
‘sons and daughters of former
slaves serving the sons and daugh-
ters of former slave owners,” he
said at.a Rotary district confer-
ence, in. the Atlantis Resort
recently.

“I am the only one from my.
class at Government High School
who has a core job in tourism
today.”

Mr Vanderpool Wallace is a
former director-general at the
Bahamas Ministry of Tourism. A
Harvard graduate, he also worked
for 11 years as an executive man-
ager with Resorts International,
the company that preceded
Kerzner Interna-
tional on Paradise

named CTO sec-
retary-general in
2005.
si A former
eMxjaay Rotarian himself,
OCCU he told the con-
ference delegates
in the Atlantis
ballroom that, according to
research, the impression of ser-
vility was the reason why tourism
jobs were often avoided by the
brightest and best in the region.
“Tremember my mother, who
was a housekeeper, reminding me



' that she was working hard to
’ make sure I would not have to

work in the tourism industry,” he
said. “And if you think you can
make the largest sector of your
economy globally competent
while it is being shunned by your
best and brightest, you are an
idiot.”

As the world’s most tourism-
dependent region, he said, the
Caribbean had to overcome its

ambivalence and become the .

most tourism-competent in order
to deliver the social and econom-
ic benefits from the industry that
the region's people deserve.

“The unrelenting force of
globalisation requires two things
of us to survive. The first is that it
is far better for us to compete in
those areas of natural global com-
parative advantage. The second is
that we must focus on making our
strengths stronger.

“Modern tourism is not my
mother’s tourism. Tourism is sim-
ply that part of our GDP that is
derived from the economic activ-
ities of visitors. Tourism is an eco-
nomic development tool. It is not
a career, it is not an industry,
tourism is an economic sector.”

He said a new definition of
quality service was required, one
that anticipates customer needs
and provides for those needs
before customers ask and before
they even know what they want.
But even more than that is the
need for people with great per-
sonalities to handle the interac-
tion with customers.”

He referred to a resort in Las
Vegas receiving 80,000 applica-
tions and interviewing 27,000 per-
sons for 9,000 jobs. “That is the
kind of filtration to find quality
people that few destinations in
our region can afford either
socially or politically. So when we

Island. He was .





“We need the
physical
geniuses, the
mental geniuses
and the
personality
geniuses for the
sustainable
development of

our sector.”



Vincent Vanderpool
Wallace

find these personality geniuses,
we must find a way to keep them,
and keep them on the front line.

“We must stop the silliness that
pays these people the least, and in
order to reward them we move
them away from the very posi-
tion in which they provide us the
greatest benefit. We must keep

them in place and reward them °

properly for doing so. We need

_ the physical geniuses, the mental

geniuses and the personality
geniuses for the sustainable devel-
opment of our sector.

“Even the great Einstein said:

Everything that can be counted
does not necessarily count; every-
thing that counts cannot neces-
sarily be counted. Personality can-
not be counted, but it is one of
those things in tourism that
counts for very much.”

Mr Vanderpool Wallace was a
keynote speaker at the Rotary
District 7020 conference which
was held from May 6-10 on Par-
adise Island. Over a thousand del-

egates attended from Rotary:

Clubs in Florida, the Bahamas
and the Caribbean. The confer-
ence was opened by. Prime Min-
ister Hubert Ingraham.

printers copiers

anniversary

Ey wo mm @

THE Bahamas is now in the
midst of a crime crisis that very
soon will become a catastrophe, a
leading pastor warned last night.

Unless political, corporate and
civic leaders mobilise to tackle
the problem, the country will find
itself in the same position as
Trinidad, where crime is rampant
and kidnappings are common.

The Rev CB Moss, executive
director of Bahamas Against
Crime, was responding to alarm-
ing developments in recent days,
including the shooting of an
American tourist on Cable Beach
and the stabbing death of a
teenage boy at Paradise Island
over the holiday weekend.

“T feel the leaders of this coun-
try must wake up and smell the
coffee,” Rev Moss said, “Political,
corporate and civic leaders must
wake up. Violent crimes are now
spilling out of the inner city com-
munities. Several months ago I
said crime would not be confined
to the inner city. Now my words
have come true. It is happening in
all areas in broad daylight - and
the criminals don’t care.”

He added: “I am calling on
leaders to deal with what is a
crime crisis or face catastrophe
very soon.”

He said Bahamas Against
Crime had already taken positive
measures to engage those who
live in crime hotspots.

He and colleagues had targeted

- places like Montell Heights, the

Betty Taylor

Journalist / Entrepreneur

Rockcrusher and Chippingham
areas of Oakes Field, and the Mil-
ton Street area of East Street in
an attempt to bring peace to those
communities.

But he said more needed to be
done to identify sources of the
crime problem and try to deal
with them in a positive way.

“We must band together
behind a comprehensive plan of
action and we must all put our
shoulders to the wheel,” he
added. Rev Moss, whose ministry
is based in Bain Town, said crime
often stemmed from people who
felt marginalised in society.

“Criminals are not just after
material gain. These people are
alienated from the mainstream of
society,” he said.

Ways had to be found to —

engage them positively because
many inner city communities
were isolated, with young people
frequently suffering hurt, abuse
and deprivation.

His views are shared by other

‘anti-crime campaigners who

believe the problem has to be
tackled at source.

One said: “They can’t find the
kind of work that brings them the
kind of income they want. They
feel they are falling behind. I
sense a lot of anger and hostility.
They blame society for their
predicament.”

While society’s leaders talked
endlessly about multi-billion dol-

lar developments, inner city youth ,

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was left to ponder a very bleak
future with no means of sharing in
the prosperity. They are left
bewildered, out of things. As long
as we exclude them from the
mainstream, they are going to
throw stones at the building.
“These young men are begging
for help. They are telling us they
don’t want to live this way.”s
Crime experts believe the trend
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PAGE 8, MONDAY, MAY 19, 2008

THE TRIBUNE





i By Sir Ronald Sanders

IGHT now it
would be difficult
to convince any
banana farmer in
the Caribbean island of Domini-
ca that the Economic Partner-
ship Agreement (EPA), ini-
tialled between the European
Union (EU) countries and the
several Caribbean countries,
benefits him in any way.

Edison James, Prime Minis-
ter of this small island State
from 1995 to 2000 and Leader of
the Opposition in Parliament
from 2000 to 2007, has been a
banana farmer since 1980. Now,
he is seriously considering aban-
doning banana cultivation
entirely.

For more than 50 years, the
banana “industry was the
lifeblood of Dominica, sustain-
ing its population of some 72,000

» people 65 per cent of whom are
in their productive years.

Today, compliments of for-
mer US President, Bill Clinton,
and the favours he owed to two
US companies, Chiquita and
Dole, for campaign financing, a
special agreement with the EU
which allowed former British
colonies in the Caribbean a
guaranteed share of the Euro-
pean market was wiped out.

In the late 1990s, the US gov-
_ ernment joined with Latin
* American countries in which the
US companies operated to chal-
lenge the EU’s special banana
regime for the Caribbean. The
result was that Caribbean coun-
tries, and particularly Dominica
and the neighbouring islands of
St Vincent and St Lucia, found
‘that almost overnight their

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banana industry was serourly
imperilled.

Under the EU regime, while
Caribbean bananas entered the
United Kingdom market (as
part of the EU) duty-free, the
produce of the US owned
estates in Latin America were
subject to a tariff. Once the tar-
iff was removed, the Caribbean
banana industry could not com-
pete on prices, particularly as
workers in the US'owned
banana plantations in Latin
America were paid as little as
$2 a day.

In St Lucia, St Vincent,
Jamaica and Belize which are
also banana suppliers to the EU
market, the economies have oth-
er strands such as tourism and

_ financial services. In Jamaica’s

case, it also has bauxite and a
thriving manufacturing sector.
But Dominica was hardest hit; it
had no other productive sectors

on which to rely.

In the 1980s, Dominica did
try to develop a Financial Ser-
vices Sector and it attracted a
number of offshore banks. How-

‘ ever, the sector was poorly reg-

ulated, and the country fell foul
of two organisations, established
by the world’s richest countries.
The two. organisations’ are:
the Organisation for Economic
Cooperation and Development
(OECD) and the Financial
Action Task Force (FATF).
One introduced what it called a
‘harmful tax competition initia-
tive’ and the other imposed a
set of criteria for unilaterally
judging whether countries were
“cooperative jurisdictions” or
not. ,
Dominica was blacklisted by
both the OECD and the FATF,
and lacking the capacity to
quickly put in place the neces-
sary legislation and regulatory
and enforcement machinery, its

. financial services evaporated. :*

The sad aspect of all this is

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“Dominica,
always a poor
country subject

_to the devastation:
of hurricanes,

did not easily

- survive the blows

to its banana
industry and its
financial services
sector”



that, instead of the OECD and

‘ FATF working to help Domini-

ca to establish the architecture it
needed to retain its financial ser-
vices sector and so help the

country to survive, they did |

everything they could to do the
exact opposite.

Dominica, always.a poor.

country subject to the devasta-
tion of hurricanes, did not easi-
ly survive the blows to its
banana industry and its finan-
cial services sector.

Today, unofficial figures
place unemployment at between
25 per cent and 30 per cent;
some argue that it is higher.

A poverty assessment study
in 2002 found that poverty is
huge — about 29 per cent of
households and 39 per cent of

the population. These figures:

are high by the standards of the
15-nation Caribbean Commu-
nity and Common Market
(CARICOM) group of which
Dominica is:a part.

The exception, of course, is
Haiti which remains the poor-
est colintry in the Caribbean.
And, as if to exemplify this,
despite its severe economic dif-
ficulties, Dominica is a refuge

‘for a few hundred Haitian illegal

immigrants to whom the gov-
ernment and people of Domini-
ca have turned a blind eye, and
who have become hard work-
ers in the agricultural sector.
But, Dominicans are forced
to leave their homeland to seek
opportunities abroad. Conserv-
ative estimates suggest that
some 160,000 adults — more
than double the existing
Dominican population — live
in the United Kingdom, Canada
and the United States.
Fortunately, they remit mon-
ey home to their relatives and
while there are no official
records, it is estimated that their
remittances account for over 12
per cent of Dominica’s GDP.

Dominica: poverty and potential

The highest incidence of
poverty exists among the Caribs
— the original people of Domini-
ca. And, this portends a problem
for the future. Already, there is
a discernible militancy in the
leadership of the Caribs
amongst whom poverty is rated
at 70 per cent with almost half of
the population listed as very
poor.

In the banana industry,
Dominica looked for salvation
under the broad rubric of “fair
trade”. This was a niche which
gave a diminishing banana farm-
ing community a chance to sur-
vive. From a couple of thousand
banana farmers, the community
is reduced to about 700. But, a
row between the managers of
Windward Islands Banana
Development and Exporting
Company and the Dominica
banana producers over the vol-
ume of bananas that Dominica
can export under the “fair
trade” label — and the price —
threatens to harm the industry
even more.

It is.a real problem for any
government, but particularly for
the present government of
Dominica to whom the popula-
tion are looking for answers to
their problems.

So far, it appears that the
answers are being sought from
grants from other countries.

The present Dominican
administration, led by Prime
Minister Roosevelt Skerrit, has
secured help from the govern-
ment of the Peoples Republic
of China, after it broke diplo-
matic ties to Taiwan in the game
of ‘dollar diplomacy’ that is
being played by the smaller
Caribbean islands.

Dominica is also the only
Caribbean country — other than
Cuba — to.sign up to the Boli-
varian Alternative for the
Americas (ALBA), which was
created by Venezuela’s Presi-
dent Hugo Chavez, supposedly
as an alternative to the Free
Trade Area of the Americas
proposed by the United States.

And while ALBA is nothing
more than a declaration of prin-
ciples at the moment - and
therefore presents no problem
for any of Dominica’s existing
treaty obligations — it does have
a fund provided by the Hugo
Chavez government from which
Dominica has drawn some ben-
efits, though how much and in
what form is not generally
known.

Limitation of space does not

, permit the conclusion of this

commentary on Dominica. .I
will return to it next week.

\(The writer is a business con-
sultant and former Caribbean
Diplomat)

Responses to: ronald-
sanders29@hotmail.com to:ronaldsanders29@hotmail.co
m>

TENDER FOR THE PROVISION OF
SECURITY SERVICES :

for

POWER STATIONS &
OUTLYING LOCATIONS

The Bahamas Electricity Corporation
invites Tenders from eligible bidders for the
provision of Security Services for the Mall-

at-Marathon, Main Post Office Depot and

Clifton Pier, Soldier Road & Blue Hills

Power Stations for the Corporation. —

Bidders are required to collect packages _
from the Corporation’s Administration _
Office, Blue Hill & Tucker Roads by
contacting Mrs. Delmeta Seymour,
Phone No. 302-1158.

Tenders are to be delivered on or before
26th May, 2008, 3:00 p.m. and addressed

as follows:

Mr. Kevin Basden
General Manager

Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

- Marked: Tender No. 666/08
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Blue Hills Power Stations

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7

THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 9



LOCAL NEWS

"NATIONAL WORKSHOP ON DISASTER MANAGEMENT

Tourism must be protected —
from ‘catastrophic events’

THE importance of protect-
ing the country’s tourism indus-
try in the face of catastrophic
events was emphasised at a
national workshop on disaster
management.

“We are actually aware that
tourism is our number one

; industry and is certainly worth

protecting,” said senior direc-
tor at the Ministry of Tourism
and Aviation Geneva Cooper
in an address to the workshop,
held at Wyndham Nassau
Resort.

“The importance of tourism
cannot be overstated. Firstly,

the economic value — it is vital

for generating income, creating
and sustaining jobs, encouraging
foreign investments, providing
trade opportunities and earn-

. ing foreign: exchange for

Bahamians.
“Secondly, we all now realise

‘that true protection of our

tourism industry is only possible
through real partnerships, which
include regional, private/public
collaboration, inter-govern-
mental and internal co-opera-
tion within each of our own
organisations,” Mrs Cooper
said.

Workshop © participants
included representatives from
hotels, travel agencies, food and
service organisations, emer-
gency services and local gov-
ernment districts.

Mrs Cooper encouraged

more stakeholders to become

involved in workshops and
training programmes, and give
practical support in risk man-

_. agement towards the continu-

ing efforts to protect the indus-
try.
The workshop was conducted

. by consultants from Disaster

_ uct.

Risk Management, Switzerland,
who presented the methodology
for sustaining the tourism prod-

Ina consensus-building work-

, shop, participants were asked

to identify and make recom-

~ mendations towards this goal.



Kristaan Ingraham/BIS Photo

DR MANFRED THURING, consultant, Disaster Risk ic Martoetfent in
Switzerland, facilitating a workshop on the Development of Standards for
Conducting Hazard Mapping, Vulnerability Assessment and Economic
Valuation for Risk Assessment for the Tourism Sector, at the Wyndham

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The workshop was held by
the Caribbean Disaster Emer-
gency Response Agency
(CDERA), with the support of
the Inter-American Develop-
ment Bank, and in collabora-
tion with the Caribbean
Tourism Organisation, CARI-
COM Regional Organisation

‘for Standards and Quality, and

the University of the West
Indies.

The partners will implement
the Regional Disaster Risk
Management for Sustainable
Tourism in the Caribbean Pro-
ject over the period January

. 2007 to June 2010.

Under the project, a Region-
al Disaster Risk Management
Framework, a Regional Disas-
ter Risk Management Strategy
and Plan of Action for the
Tourism Sector will be :devel-
oped through the collective

action of regional as well as .

national stakeholders in the
tourism and disaster sectors.

“A fundamental component
of the strategy will be the devel-
opment of. standardised
methodologies for conducting

hazard mapping, vulnerability -

assessment and economic val-
uation for risk assessment for
the tourism sector,” said
CDERA.

A consultancy firm was
engaged by CDERA to prepare
draft standards for the con-
ducting of and cartographic pre-
sentation of hazard mapping,
vulnerability. assessments and
economic valuation for risk
assessment for the tourism sec-
tor in the Caribbean.

To facilitate consensus build-
ing for the standards develop-
ment process, in collaboration
with national focal points,
CDERA convened one-day
workshops in each of the five
project pilot states - The
Bahamas, Dominican Repub-
lic, Jamaica, the: Turks and
Caicos Islands and Barbados.

The workshop was the-sec-.
ond in a series being held in The
Bahamas. The first was held on

Friday, April 25.

The project is being funded
by the Inter-American Devel-
opment Bank.



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PAGE 10, MONDAY, MAY 19, 2008

THE TRIBUNE



LOCAL author
Lester Ferguson
presents an
autographed

copy of his book
to West End
Primary School

in Grand Bahama.
Pictured

from left are:

Bob Van Bergen,
vice-president and
general manager,
Ginn sur Mer; Car-
dinal Woods, prin-
cipal, West End
Primary School;
Lester Ferguson,
author; and Don-
ald Glass, vice-
president human
resources, Old
Bahama Bay by
Ginn sur Mer.














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Local author treats West End
Primary School students

WEST END, Grand Bahama
— Local author Lester Ferguson
whisked West End Primary
School students off to a world of
fairies, elves and other make-
believe characters as he read
excerpts from his book Forest of
the Sprites during the school’s
weekly reading programme
organised by Old Bahama Bay
by Ginn sur Mer.

Ferguson, a graduate of the
Art Institute of Fort Lauderdale,
is a published author who
released his first book, Bliss, in
2000. In 2004, Ferguson pub-
lished Forest of the Sprites, the
first instalment of his trilogy of
magical adventures.

“The students and teachers
were on the edge of their seats as
I read,” Ferguson said. “The kids
were attentive and well-behaved,
and their keen interest gave me
hope that all is not lost in The
Bahamas.”

Ferguson was inspired to cre-
ate the fictional piece after study-
ing world history, amassing Bible
stories, works of Professor CS
Lewis and classic Walt Disney
animations.

“As long as I can remember
I’ve had these characters in my
head,” he said. “So I created a
symbolic and imaginative story
about the restoration of planet
earth featuring a variety of mys-

tical characters that kids could
relate to.”

The book features both Fer-
guson’s writing and his vivid illus-
trations which make the story
come to life. The entire project,
from writing to production, took
almost five years to complete and
was almost lost entirely had it
not been sent to New York one
week prior to Hurricane Frances,
the hurricane that devastated
Grand Bahama in 2004.

Ferguson plans to release the
second instalment, Swift Willow,
later this year. “This wondrous
adventure will continue and have
you anticipating more,” Fergu-
son promised.

Fifth Annual Island Roots Heritage Festival

THE people of Green Turtle
Cay demonstrated an unbeliev-
able sense of community togeth-
erness and pride when they pre-
sented the Fifth Annual Island
Roots Heritage Festival to the
hundreds of spectators.

This year’s theme, “The
Bahamas, The Jewel of the
Crown,” was yet another creative
idea by committee members of
the Island Roots Heritage Festi-
val.

Although the event celebrates
the “Sister City” relationship

shared between New Plymouth,’

Green Turtle Cay, and Key West,
Florida, the committee saw it fit-
ting to also recognise the
Bahamas’ symbolic tie to Britain,
which has influenced Bahamian
traditions greatly.

Karen McIntosh, the festival’s
chairperson, said the festival is

meant to bring families back
together, while at the same time
sharing the rich and unique
Bahamian heritage with the world
and to just feel good about being
Bahamian.

Officially declaring the 2008
festival open was Prime Minister
Hubert Ingraham. He applaud-
ed and expressed appreciation to
the festival’s committee and the
people of Green Turtle Cay for
doing an excellent job for the past
five years, showing a good exam-
ple of what volunteers can really
do.

Mr Ingraham, who looks for-
ward to joining this event next
year and the year after, offered
his encouragement to committee
members and the support of the
Bahamas Government towards
the continued success of this

~ event.

The three-day event attracted
descendants of Green Turtle Cay,
visitors from all walks of life and
many royal subjects. Creativity,
activities and community pride
were endless, which provided
Bahamians and visitors alike the
opportunity to be a part of some-
thing special and unique.

Charity Armbrister, director
for Family Islands with the Min-
istry of Tourism, said the Island
Roots Heritage Festival repre-
sents “Best Practices” for her-
itage events.

Rich Cherlson, a first-time vis-
itor from Rochester, New York,
has already made plans to return
to next year’s event with a group
of friends because of his experi-
ence.

Mr Cherlson said this is one of
the better-run, well-attended,
well-behaved and well-orches-

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‘The Bahamas Electricity Gorooretion invites
Tenders from eligible bidders for the provision of
Security Services for its Administration Building, —
Big Pond Complex and Jumbey Village & Huyler -

. Street Parking Lots for the Corporation.

Bidders are required to collect packages from
the Corporation’s Administration Office, Blue
Hill & Tucker Roads by
contacting Mrs. Delmeta Seymour,
Phone No. 302-1158.

Tenders are to be delivered on or before 26th
May, 2008, 3:00 p.m. and addressed as follows: —

Mr. Kevin Basden
General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Marked: Tender No. 667/08
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Consumer Healthcare





THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 11



LOCAL NEWS

ae ee a ae
Jason Callender to play
key role in Albany sales

ALBANY has announced
Jason Callender as vice-president
of sales and marketing for the
luxury beach resort in south-west
New Providence.

Callender, a fourth generation
Bahamian, will play an integral
role in the development and sales
of Albany.

Positioned in The Bahamas, he
will be responsible for managing
sales efforts for the $1.3 billion
community, which broke ground
in March. Callender has been
involved with Albany since its
inception in 2004.

“As the community now enters
the sales phase, we are thrilled to
have Jason on the ground leading .
the effort to introduce families
and visitors to all that Albany and
The Bahamas have to offer,” said
Christopher Anand, Albany’s
managing partner.

“Jason has been an integral
member of the Albany team since
it began and has been instrumen-
tal in helping to make Albany a
reality. In his new capacity, Jason °
will be responsible for continu-
ing to establish our broker rela-
tionships across The Bahamas as
we are now open for business.

“His deep passion for The.
Bahamas is evident in everything
that he does, and this will allow
him to expose much of what The

Liabilities
into assets!

GETTING ready to place your
home on the market? If it is in
anything less than “like new”
condition, you'll need a little real-
ity check before you can deter-
mine a fair asking price.

_ ASK yourself if you like sur-
prises! If repair issues are identi-
fied, you have time to decide
whether to pay now for the
improvements, or adjust your ask-
ing price accordingly. An old and
sometimes used rule of thumb
dictates that buyers will offer $2
less for every $1 in needed
repairs, so make your decision

2



Jason Callendar

Bahamas kas to offer to the
future residents and guests of
Albany. He will continue to be a
great ambassador for both
Albany and the country.”

Albany is a new luxury resort
community being developed by
Tiger Woods, Ernie Els and Joe
Lewis. The resort project will cel-
ebrate the very best of island life
with an unparalleled combination
of setting, quality architecture,
sporting amenities and service
designed for the entire famaly' tp to
enjoy.

Albany will be one of the new
anchor developments, bringing
new jobs, services, restaurants and
shops to the residents of south-
western New Providence.

“T am excited and honoured to
be a part of the team which will



transform the south-western end
of New Providence,” said Callen-
der.

“As a Bahamian, I fully under-
stand the magnitude of this pro-
ject and the endless jobs and
opportunities it is creating for all
Bahamians. I believed Albany
would be a landmark develop-
ment when we began the project
three years ago, and now that we
have broken ground, I am confi-
dent everyone will agree that
Albany will become another out-
standing Bahamian achievement
that is known globally for excel-
lence in every way.”

Callender earned a law degree
from Southampton University
and a bachelor’s degree from
McGill University.

Before joining Albany, Callen-
der worked for five years in his
family law firm, Callenders and
Co, then joined New Providence’
Development Co to gain experi-
ence in the development business.

Albany’s amenities will include
a luxury boutique hotel, mega-
yacht marina, equestrian centre,

state-of-the-art fitness centre with.’

lap pool, spa, tennis centre, water
park, adult pool and an 18-hole
championship golf course
designed by Ernie Els.

Albany is expected to open in
about two years.

REAL
Jee WAe es

CARMEN MASSONI



liability and challenging sales
point. Market your home with a
brand new roof, and suddenly





you’ve got a great asset.

‘ment solutions before you make
your final pricing decision. To do
otherwise simply invites unpleas-
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today’s highly competitive mar-
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steps that assure your home’s val-
ue stands out in the crowd.





Discover problems and imple- -



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9th June, 2008.

bank account.



following address:












4

Label Envelope




ofvz new roof, you’ve got a real

CAP Experience and past performance of the compa
i} Capability of the company to undertake the project with respect to personnel,
equipment, structure, piganieciian and financial r

All decisions of the corporation will be final.




cheques at your Business
Ee cattery
cards, with the confidence of cash



Documents may be obtained by contaeting the address below no later than 4:00 PM on

All documents must be prepared in English and every request made for the documents must be
accompanied by a non-refundable application fee of US$ 100 if applying from outside the
Bahamas and B$50 if applying from within the Bahamas. Documents may be sent by electronic
mail. The method of payment will be ‘by cashier’s check or Wire transferto a specified

Completed documents must be received no later than 4:00 PM EDT, 21 st July, 2008 at the

Kevin Basden,
General Manager

Bahamas Electricity Corporation,

Executive Offices .

P.O. Box N-7509, Nassau, Sahamas.

Renewable Technologies Committee (RTC)
E-Mail: Rtc@Bahamaselectricity.com

Fax: +1 {242} 323 6852

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PAGE 12, MONDAY, MAY 19, 2008

THE TRIBUNE



LOCAL NEWS

Police seek Bahamians suspected of
involvement in human smuggling

FROM page one

Once recruited, they would meet at a marina in
Freeport and travel in the darkness of night in a
go-fast boat for several hours.

The second man, a 29-year-old wanted for
manslaughter and alien smuggling, also believed
to be in the Bahamas, is thought to be the oper-
ation’s boat captain.

In this particular case, in which the two Bahami-
ans are wanted, as the smugglers approached the
Florida coast, it is believed the 29-year-old forced
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Robinson Road

393-5964

FROM page one

“The Rainbow Alliance chal-
lenges any lawyer or member
of the Registrar’s Office to pro-
vide the particular - the specific
law - that precludes same-sex
couples from getting married.

“It’s just the perpetuation of
archaic fundamental beliefs that
have permeated our legal sys-
tem and our democracy and
that’s not exclusive to the issue
of gay marriage. Human beings
have the right to be in relation-
ships with whom they want, cit-
izens of any country have the
right to participate equally (in
society), to have equal access
to the benefits that the govern-
ment or the country provides.”

Ms Greene contended the
Bahamian gay community had
the same desires'as their Amer-
ican counterparts to wed, but
have not been outspoken in an
effort to overturn “archaic”
laws for fear of being “outed”
or persecuted.

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Gay marriage challenge

“Well, everybody feels that
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they want to build healthy rela-
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outside of the institutions of the
country.”

She said the recent “over-
turn” in California is not cause
for celebration because the free-
dom to marry is a democratic
right.

“It is not a celebratory event
because we know what the law
says, we know that this is what a
democracy provides for all of
its citizens and we know that
anything else is a deliberate



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attempt to oppress and margin-
alise the gay community.”

A California Supreme Court
overturned a ban on gay mar-
riage on Thursday meaning
homosexual couples in the state
are free to marry.

The historic ruling made Cal-
ifornia the second state - with
Massachusetts being the first -
in the US to effectively legalise
gay marriage.

A seven-member panel voted
4-3 in favour of US plaintiffs
who contend that restricting
marriage to heterosexuals was
discriminatory, according to the
Associated Press.

California’s courts have been
noted for handing down
ground-breaking rulings in the
past. ‘

The state’s courts were the
first to eliminate laws barring
inter-racial marriage in the 20th
century.

Teen dies
" FROM page one

Two passengers of the truck
were thrown from the vehicle.
A 19-year-old man from
Augusta Street received a bro-
ken left arm and was taken to
hospital.
The second male, a 17-year-
old Dumping Ground Corner
resident, died from his injuries.
Traffic police conducted
investigations which led them
to Sixth Street, Coconut Grove,
around 10.15am on Saturday.
A 31-year-old male suspect
‘who is believed to have fired
the shots was arrested and the
shotgun believed to have been
used in this incident was recov-
ered.

The weapon had seven live
rounds of ammunition. Investi-
gations continue.



Share our
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. .














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THE TRIBUNE MONDAY, MAY 19, 2008, PAGE 13

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LOCAL NEWS

THE TRIBUNE





"FROM page one

The marijuana was stored in
bales, buckets, small bags prop-
erly packaged in the kitchen
cupbeard and in the bedroom.

Police also found a shoebox .
which contained a very large
sum of US and Bahamian cash.
Three 9mm handguns and one
box of ammunition were also



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discovered. The quantity of
marijuana weighed in at 1,203
pounds. The drugs were esti-
mated to have a local street val-
ue of over $1.2 million.

No arrests have been made
but investigations are continu-
ing.

In other crime news, police
received information around
3.30am yesterday of thieves try-
ing to enter Super Value Food

Store in Golden Gates Shop-
ping Centre.

Mobile Division officers
quickly responded and saw
three men near the entrance
(one with a lock-cutter in his
hand).

Upon seeing the police, the
men ran.

Police chased them and
caught two, aged 40 and 26.
They are in custody.

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P.O. Box N-3737, Nassau, Bahamas



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Coast Guard rescue | Shooting

FROM page one

They were aboard a 20-foot blue and white boat with an 85hp
Yahama outboard engine.

The men had planned a week-long fishing trip in the Great
Isaacs, which is about 28 miles south-west of Freeport.

After a full day of fishing on Thursday, the men went ashore fot
the night. They anchored their vessel and set up camp on the cay.

At about 8am on Friday, when the men awoke, they discovered
that the vessel had capsized overnight due to rough seas.

US Coast Guard officials spotted the capsized vessel and con-
tacted Bimini police around 10.40am on Friday.

Coast Guard officials also told police that several persons
appeared to be stranded on the cay.

A team of officers from Bimini was dispatched to the location,
where they discovered a vessel floating just offshore from the cay.

The four men were transported to North Bimini and contacted
their relatives in Freeport, who made arrangements for them to be
flown to Freeport.

Supt Rahming said that Mr Dorsette plans to return to the cay to

. try and salvage the capsized vessel.

Anger over brush fire response
FROM page one

ond time “in the same spot” early Saturday morning.

Since then, the fire had been “dying down, and picking up all
week,” she said.

Around 3. 40pm Friday, Ms Bosfield told The Tribune that she
could “hear the fire crackling” right inside her front room.

“This fire is causing residents to stay inside and close the windows
in their homes,” she said.

Fumes from the blaze prompted Ms Bosfield’s first attempt to
report the fire to the Pinewood constituency HQ after efforts to get
firefighters on the scene failed.

Apparently, the secretary at the Pinewood constituency HQ
failed to contact MP Byran Woodside. A Tribune reporter then tele-
phoned the Pinewood HQ, and the secretary relayed the same
information. :

“T’ve been trying to call Mr Woodside to contact the Fire Depart-
ment,” she said, “but I’m getting a voice message on his answering
machine. I can see the smoke from where I am, but I have to wait
because I can’t put out no fire.”

Minutes later, Ms Bosfield contacted The Tribune saying that a
fire truck had not arrived. She said a man who saw her watching the
blaze outside her home also called the Fire Department.

Meanwhile, a reporter contacted fire services to inquire about the |

delay. When the person found:out what the call was in reference to,
he said: “Shucks, why she call The Tribune?”

“Boss, I then tell this lady that we had to replenish our water sup-
ply,” he said. “We will be out there shortly.” The individual then
abruptly hung up the phone. According to Ms Bosfield, Fire
Department officials had already given her that reason for their
delay. “My thing is, if they’re out of water, that means they’re
parking their trucks empty,” she said. “How could you park your
truck empty at this time of the year, when fires are expected?”

According to Ms Bosfield “when the fire sprung up again on Sat-
urday, firefighters were complaining that they couldn’t get to it
because of some obstruction.”

She recalls one of them saying: “We're just going to have to let
the fire burn since it’s not threatening life or property.”

Up to press time on Friday, The Tribune was informed that the
fire was still active in Pinewood, and moved on to the eastern end
of a park that former MP Allyson Maynard-Gibson spearheaded in
conjunction with Sun International.

According to Ms Bosfield, Pinewood MP Byran Woodside came
to the scene and dispatched firefi hters a third time. She told. The



PETER THOMAS ROTH

gpiLABLE EXCLUSIVpyy, re

utique at Harbour Bay Plaza.

suspect
sketch

FROM page one

Yesterday, police circulated
the photo of a dark-skinned
male about 5ft 7ins, about 150-
170 pounds, and of slim build
last seen leaving the West Bay
Street area in an unidentified
white vehicle. He is suspected of
Wednesday’s attempted armed
robbery and subsequent shoot-
ing of Mr John Casper.

Police have not released a
sketch of a second suspect
believed to be an accomplice
as they are still compiling wit-
ness accounts, Chief Supt Glenn
Miller said yesterday.

According to police, Mr
Casper was walking along West
Bay Street when he and three
female companions were accost-
ed by two gunmen who
demanded cash.

Mr Casper reportedly resisted
turning over his wallet to the
would-be thieves and was shot
once to the chest during the
exchange.

The two men fled the scene
by car along Ruby Avenue.

The father-of-three, with 23

iT

years in law enforcement, over _

20 commendations and two life-
saving awards ironically
received his first injury while
off-duty and vacationing in the
country, Bergenfield Chief of
Police Rick McGarril said.

He is currently in hospital in
stable condition. “He’s still seri-
ous but pretty much improv-
ing,” said CSP Miller yesterday.

He added that the Cable
Beach community has been
helpful with assisting police with
their investigation.

The brazen shooting in the
centre of the Cable Beach
tourist hub merely steps away
from the home of former prime
minister Perry Christie has gar-
nered attention from the inter-

national press as the Ministry -

of Tourism braces for a possible
fall-out. Persons with informa-
tion leading to the arrest of the
suspect should contact police at
919, the Central Detective Unit
at 502-9930/9991, the police con-
trol room at 322-3333, Crime
Stoppers at 328-8477, or the
nearest police station.



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THE TRIBUNE MONDAY, MAY 19, 2008, PAGE 15



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PAGE 16, MONDAY, MAY 19, 2008 THE TRIBUNE

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THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 17



French workers strike in

protest against job cuts




Michel Euler/AP-Photo

STUDENTS shouts slogans during a demonstration in Paris, Thursday, May 15, 2008. Civil servants,
teachers and students unions called for a general strike to protest against plans by President Nicolas
Sarkozy's government to cut civil servants jobs.

@ PARIS, France ,

TEACHERS, postal workers
and other public servants staged
a one-day strike and tens of thou-
sands marched through French
cities, a widespread protest
against President Nicolas
Sarkozy’s planned job cuts,
according to the Associated Press.
’ Schools were shut around the
country as nearly half the teach-
ers stayed away from work, while
about 15 percent of all public
workers adhered to the 24-hour
walkout, according to the Public
Service Ministry.

At the same time, tens of thou-
sands of protesters marched
through Paris and other cities to
oppose the government austeri-
ty moves.

Still the government stayed
firm on its plans to. trim thou-

sands of government jobs to cut,

costs. in the overstretched bud-
get. Sarkozy said strikes pre-
sented “insurmountable difficul-
ties for many families” and pro-
posed a new law that would
" require schools to-shelter stu-
dents during strike days.

As the marches were winding |

down, Sarkozy went on national
television and announced, that
he had asked the government to
propose the new law, which
would require local authorities
to arrange care for pupils on
strike days. The central govern-
ment would foot the bill, he said.

The law would also require
teachers to alert school officials
48 hours in advance if they plan
to strike.

Sarkozy has sought to trim

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bureaucracy and lessen the
impact of France’s frequent
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year. A law passed last summer:

requires a minimum level of ser-
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Sarkozy insisted that French

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PAGE 18, MONDAY, MAY 19, 2008



INTERNATIONAL NEWS

THE TRIBUNE





Colombia gets
Interpol backing

& BOGOTA, Colombia

INTERPOL said that com-
puter files suggesting Venezuela
was arming and financing
Colombian guerrillas came from
a rebel camp and were not tam-
pered with, discrediting
Venezuela’s assertions that
Colombia faked them.

Venezuelan President Hugo
Chavez denounced the Interpol
verdict as “ridiculous,” saying a

“clown show” surrounded the
announcement. But the findings -

are sure to increase pressure on
Chavez to explain his ties to the
Revolutionary Armed Forces of
Coiombia, or FARC.

‘More revelations are likely to
emerge, as Interpol also turned
over to Colombia 983 files it
decrypted.

“We are absolutely certain
that the computer exhibits that
our experts examined came from
a FARC terrorist camp,” said
Interpol’s secretary general,

Ronald Noble, adding: “No one

can ever question whether or’

not the Colombian government
- tampered with the seized FARC

computers.”
Chavez did just that, calling
Nowe “a tremendous actor” and

n “immoral police officer who’
applause killers.”

“Do you think we should

_waste time here on something »
‘so ridiculous?” Chavez told
_ reporters, He denies arming or

funding the FARC — though he
openly sympathizes with Latin
America’s most powerful rebel

‘army — and threatened on

Thursday to scale back econom-
ic ties with Colombia over the

_ incident.
Colombian commandos

recovered the three Toshiba
Satellite laptop computers, two

external hard drives and three

USB memory sticks in a March 1
cross-border raid into Ecuador
that killed FARC foreign minis-

ter Raul Reyes and 24 others.
Interpol addressed Chavez.

charges that no computer could
have survived the bombardment,

showing photographs in the i

report and video on its Web site

of metal cases that protected

\



Fernando Vergara/AP Photo

INTERPOL'S Secretary General Ronald Noble speaks at a press
conference in Bogota, Thursday, May 15, 2008.

them from-Colombian bombs.

“Mr. Reyes is now dead. But
they were definitely his comput-
ers, his disks, his hardware,”
Noble said.

The Interpol study was done
at Colombia’s request; and
Colombia got a major bonus:
Interpol ran 10 computers non-
stop for two weeks to crack the
encrypted files. Noble said it was
up to Colombia to decide
whether to make their contents

-public. Interpol also gave

Colombia a separate confidential
report for use in criminal inves-
tigations.

President Alvaro Uribe
expressed satisfaction with the
results. 3

“The only thing Colombia

' wants is that the terrorism we

have so suffered does not affect
our brother countries,” he said

Thursday night in Peru after:

arriving fora summit at which
Chavez was also expected. Ter-
rorism doesn’t have borders or
ethics.” ©

He refused to answer
reporters’ question: about .



whether the Interpol report’ s
findings would further damage

relations with Venezuela. |
The 39-page public forensic

_ report by the France-based inter-

national police agency conclud-
ed Colombian authorities did
not always follow international-
ly accepted methods for han-
dling computer evidence, but
said that didn’t taint the data.
Interpol said it reviewed 610
gigabytes of data including

- 210,888 images, 37,872 written

documents, 22,481 Web pages,
10,537 sound and video files,
7,989 e-mail addresses and 452
spreadsheets.

Interpol limited itself to veri-
fying whether Colombia altered
the files and correctly handled
the evidence, but did not address
the contents of the documents,
even making a point to use two
forensic experts — from Aus-
tralia and Singapore — who do
not read Spanish.

A Colombian anti-terrorism
officer accessed the comput-
ers before they were handed
over to Interpol, leaving mul-
tiple traces in operating sys-
tem files, which Noble said »
runs against internationally .
accepted protocol.

British Colonial Hilton

; Nassau







THE TRIBUNE

AviNy iNew twee Oy ete



US Marine
‘Sentenced to

4 years in
Japan sex case

m@ TOKYO

A USS. court-martial sen-
tenced a Marine to four -
years in prison on Friday
for sexually abusing a 14-
year-old Japanese girl in
February, ending a case
that had deepened anger
over the American military
presence in Japan, accord-
ing to the Associated Press.

The Marine, Staff. Sgt.
Tyrone Luther Hadnott,

38, pleaded guilty to “abu-
sive sexual contact” at the
court martial at Camp Fos-
ter in Okinawa, but was
cleared of rape, the U.S.
military said. He was also
given a dishonorable dis-
charge.

In February, Hadnott, i
who was stationed at a base :
in Okinawa, was arrested:
after the girl accused him
of raping her inside his car. }
The Marine, who had given :
the girlaride, denied the
accusation but admitted
pressing her down and try-
ing to kiss her.

The incident caused -
widespread anger in Ok1-
nawa, home to most of the
40,000 American service-
men based in Japan, and
led to protests by Japanese
politicians, including Prime
Minister Yasuo Fukuda.

On a visit to Japan in
February, Secretary of
State Condoleezza Rice
expressed deep regret over
the case.

Japanese anger subsided :
after the girl, who was criti- :
cized in the media for get-
ting into the car with the
Marine, withdrew her com-
plaint and Japanese prose-
cutors dropped the charges
against the serviceman.

“Even though he was not
prosecuted under the:
Japanese judicial system,
we found that there was
enough evidence to prose-

cute:-him-under the U.S...: 4,4.

system,” Lt. Gen. Edward
Rice, the commander of
the U.S. forces in Japan,
said at a news conference
Friday. ;

The case was one of sev-
eral involving American
servicemen in Japan in :
recent months. Last month, :
Olatunbosun Ugbogu, 22, a :
Navy seaman who had :
been wanted for deserting
his base in Yokosuka, i
south of Tokyo, was :
charged with killing a taxi |;
driver and running off with- :
out paying his fare. i

INSIGHT

For the stories behind §
the news, read Insight &
on Mondays :





INTERNATIONAL NEWS

Back to the drawing



Bush fails to win Saudi
help on gas prices

@ RIYADH, Saudi Arabia

PRESIDENT Bush failed to
win the help he sought from
Saudi Arabia to relieve sky-
rocketing American gas prices
on Friday, a setback for the for-
mer Texas oilman who took
office predicting-he would jaw-
bone oil-producing nations to
help the U.S, according to the
Associated Press.

Bush got a red-carpet wel-
come to this desert kingdom,
home to the world’s largest oil
reserves, and promised to ask
King Abdullah to increase pro-
duction to reduce pressure on
prices, which soared past $127
for the first time Friday. But
Saudi officials said they already
were meeting the needs of their
customers worldwide and there
was no need to pump more.

Their answer recalled Bush’s
trip to Saudi Arabia in January
when he urged an increase in
production but was rebuffed.

Saudi oil minister Ali al-Nai-
mi said the kingdom decided on
May 10 to increase production
by 300,000 barrels a day to help
meet U.S. needs after
Venezuela and Mexico cut back
deliveries. ;

“Supply and demand are in
balance today,” al-Naimi told a
news conference, bristling at
criticism from the U.S. Con-
gress. “How much does Saudi
Arabia need to do to satisfy peo-
ple who are questioning our oil
practices and policies?”

Early ‘this week, Senate

Democrats introduced a reso-

lution to block $1.4 billion in
arms sales to Saudi Arabia
unless Riyadh agreed to increase
its oil production by 1 million
barrels per day.

Saudi Foreign Minister Saud
al-Faisal said the discussion with
Bush about oil was friendly. “He
didn’t punch any tables or shout
at anybody,” the minister said.
“T think he was satisfied.”

That couldn’t be said for at
least one of the candidates hop-
ing to succeed Bush in January.
Said Democrat Hillary Rodham
Clinton: “I think it’s very impor-
tant that we do something more
dramatic than going to have tea
with the Saudis.”

National Security Adviser
Stephen Hadley said consumers
would not see dramatic price
reductions. Oil experts agreed.

Bernard Picchi, an energy
analyst .at Wall Street Access,

.an independent research firm,

called the 300,000 barrel Saudi
production increase “a token
amount.” :

It would be different, he said,
if Saudi Arabia boosted pro-
duction by 1 million or 1.5 mil-
lion barrels a day. The
announced increase will have
Saudi Arabia pumping 9.45 mil-
lion barrels a day by June, Sau-
di officials said. That’s about 2
million barrels below its capaci-
ty. Analysts also discounted the
impact of the U.S. Energy

-Department’s announcement

that it would cancel shipments
into the Strategic Petroleum
Reserve for six months begin-
ning July 1.

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PRESIDENT
Bush, left,
stands with
Saudi King
Abdullah during
the playing of
the U.S. National
Anthem at an
arrival ceremony
at Riyadh-King
Khalid Interna-
tional Airport in
Riyadh, Saudi
Arabia, Friday,
May 16, 2008.



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PAGE 20, MONDAY, MAY 19, 2008

‘

THE TRIBUNE



INTERNATIONAL NEWS



In brief

Democracy
funding for
Iraq under

more scrutiny

m@ WASHINGTON

WITH upcoming provin-
cial elections in Iraq, a Sen-
ate committee approved $75
million this week to fund
American groups charged
with carrying out grassroots
democracy-building efforts
there, exceeding a State
Department request despite
lawmakers’ frustrations over
a lack of political progress
and a desire to shift more of
the costs to Iraqis, according
to the Associated Press.

Many lawmakers had
hoped:that Iraq would use
some of its projected $70 bil-
lion in oil revenue this year
to support these groups. But
USS. officials say Iraqis _
already setting aside $100
million for the elections and
they are instead pushing the
fledgling government to -
spend its revenue on bigger-
ticket reconstruction pro-
jects. U.S. funding for these
organizations would other-
wise run out in October,

when the voting is to be held.
The two lead organizations :

tasked with the mission - the
Washington-based National

Democratic Institute (NDI)

and its sister organization,

the International Republican
Institute (IRI) - left Baghdad :

a little over a year ago amid
increasingly violent condi-
tions, moving most of their
staffs 400 miles away to Irbil
in the Kurdish north.

Backed by more than $280

million and charged with

assisting parliament and nur- :

turing political parties and
‘civil society groups, they

have far less to show now for

their efforts, observers say.
Their absence has been
keenly felt at a time when
some Iraqi political parties
are changing direction and
could use help preparing for
the elections, officials and
former staffers in Baghdad
say. i









Greg Baker/AP Photo
BI KAIWEI holds a photo of his daughter Bi Yuexing, who was killed

when her schoolroom collapsed in Monday's earthquake, in the
rubble of the school in Wufu, in China's southwest Sichuan
province Friday May 16, 2008. Most of the students killed when

Wufu's school collapsed were only children, deepening the pain of

parents who had stuck to China's one-child policy.













Sister Sister

Breast Cancer Support Group



The Tribune

My Vetce, ly Vlewpqpe!

DOCTORS HOSPITAL

Where have all the children




@ WUFU, China
BI KAIWEI and his wife,

‘Meilin, stopped having chil-

dren after their daughter was
born, taking to heart China’s
one-child policy and its slogan
“Have fewer kids, live better
lives,” according to the Associ-
ated Press

For them and other couples
who lost an only child in this
week’s massive earthquake,
the tragedy has been doubly
cruel. Robbed of their sole
progeny and a hope for the
future, they find it even hard-
er to restart their shattered
lives, haunted by added guilt,
regret and gnawing loss.

“She died before becoming
even a young adult,” said Bi,
an intense, wiry chemical
plant worker, standing beside
the grave of 13-year-old
Yuexing — one of dozens
sprinkled amid fields of
ripened spring wheat and

. newly planted rice. “She nev-

er really knew what life was
like.”

Yuexing, a bright sixth-
grader, was in school when
Monday’s quake struck,
bringing the Fuxin No. 2 Pri-

‘mary School crashing down,

killing her and 200 other stu-
dents. Teachers had locked all
but one of the school’s doors
during break time, parents
said, leaving only a single -

’ door to escape through.

Many among the more than
22,000 people killed across
central China were students in
school. Nearly 6,900 class-
rooms collapsed, government
officials said Friday, in an
admission that highlighted a
chronically underfunded edu-
cation system especially in
small towns and compounded
the anger of many Chinese
over the quake:



















rn”

China's 1-child policy causes extra pain

Essay Comp

ic: ‘Give Blood Regularl

WBDD Essay Campaign
4. In the body of the e-mail; type your tul name, telephone
~ number, school and grade
5. Essays can be submitted directly to the Ministry of Health
(National Blood Programme Office, Meeting St.)

In Wutfu, a farming village
two hours north of the
Sichuan provincial capital of

_ Chengdu, most of the dead

students were a couple’s only

‘child — born under a policy

launched in the late 1970s to
limit many families to one off-
spring. The policy was meant
to rein in China’s exploding
population and ensure better
education and health tare.
The “one-child policy” has
been contentious inside China
as well as out. The govern-
ment says it has prevented an
additional 400 million births.

But critics say it has also led

to forced abortions, steriliza-
tions and a dangerously
imbalanced sex ratio as local
authorities pursue sometimes
severe birth quotas set by Bei-
jing and families abort girls
out of a traditional preference
for male heirs. The policy is °

‘law but there are exceptions.

Farther down the lane from
where Yuexing is buried, 10
more graves were laid out,
some accompanied by favorite
items — textbooks for English
and music, a pencil box, a
Chinese chess set. At one,
grandmother threw herself to
the dirt and wailed as her hus-
band lit a handful of “spirit
paper” believed to comfort -
the dead in the afterlife.

Another bereaved parent,
Sang Jun, stood where his
daughter, Rui, is buried, a
simple mound of dirt beside

his quake-shattered farm-

house. The house is surround-
ed by burned bushes — a tra-
ditional disinfectant.

“The house is gone and the

’ child is dead,” said Sang, who

wore a T-shirt and plastic san-
dals. His parents, both in their
70s, looked on with tears in
their eyes.

Resistance by ordinary Chi-

World Blood Donor Day

14th June 2008 ©

Theme - “Giving Blood Regularly”

Ministry of Health and Social Development

ee

For more information please
contact 502-4871.





nese has forced Beijing to
relax the policies, allowing
many rural families to have a
second child if the first was a
girl. But in Wufu, the family
planning committee seems to
have prevailed on most fami-
lies to stop at one child. Slo-
gans daubed on boundary
walls and houses all along the
rutted country road leading to
Wutfu call on families to “sta-
bilize family planning and cre-
ate a brighter future.”
Standing in the rubble of
the school holding his daugh-
ter’s ID and a posed shot tak-

en at a local salon, Bi — pro-

nounced “Bee” — said start-
ing a new family, either by
having another.child or adop-
tion, is simply imponderable.
“T’m 37 years old and my.
child was 13. If we were to do
it again, I’d be 50 when this
stage comes along,” Bi said.
Parents who lose children in
disasters often feel intense
guilt for what they see as a
failure to protect them, said
psychology professor Shi
Zhanbiao. Parents, he said,
may also recall their past rela-
tionships with their children
with regret, thinking they
were too stern, did not show
them sufficient love or did not
interact with them enough.
“They'll think that if they
just hadn’t sent their children

_to school that day, they would

have been saved,” said Shi, a
researcher with the Chinese
Academy of Science in Bei-
jing.

The loss is intensified fot
those with no other offspring
to lavish with care and affec-
tion, Shi said. And in China,
other, more practical concerns
may also come into play
because children are generally
expected to care for their
aging parents.



THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 21



Y PIP YOU CATCH THE
+ MAN WHO KILLED
THE ELDER'S FAMILY?

PALS BURIED A
MINE OUTSIDE
MY TENT!

I MEANT TO TELL ALAN
ABOUT THE NEWSPAPER:
STORY, TOMMIE, BUT I
KEPT PUTTING IT OFF;

I'M AFRAID HELL
FIND 1T

UNPROFESSIONAL
AND... TACKY.



PUBLICITY.

YOU LET THE LADIES’
‘REO HAT SOCIETY*
BOOK YOUR DINER?
WHAT ABOUT ME?I!



MS. MAAGEE HAS A
GENIUS FOR



YOUR ORDER,
GLORIA__.GAY

“GHOSTLY STUDIO }
INSPIRES ARTIST.” #
IS my ~*@
NAME
MENTIONED.
IN THIS



TO WHAT DO WE

OWE THIS RARE
KODAK MOMENT?

AMAZING, IGN'T IT?
OVER A MILLION
YENRG OLD, BUT
LOOKS LIKE IT
COULD'VE BEEN
PRAWN
VNESTERDNN...

€ :
pe

e
78m WILEN@NOD-SEQUITUR COM

ape CRYPTIC PUZZLE

ACROSS _g DOWN
4 Support a defender better? (4,2) 1 In one outburst, resorts to ultimate
AD : ; ; harm (5) :
7 Su for probing, ‘
praise BOOS 9 asexpected’ (8) 2 Maybe he worked ina studio or in
8 — Walk about a yard (6) bed! (5)
10 It’s usual to keep a supply (5} 3 Depend on a finance house (4)
13. Ifyou push it out, it shouldn’t go 4 Tosome, perhaps, a bottle opener
down (4) useful in the park (5)
5 Court without lave, in short (4)
14 Itcomes to light (4) “ 6 — Ruined due to work
15 Amember standing by the door (4) being neglected? (6)
16 Some part of Tuscany (3) , _ 9 They don't allow boats out for
‘ ot i palais nothing! (6)
; Ssue them with the thing in 1 Jomany aman lost, a diversion (3)
question (4) 2 Todo socauses a college
19 Nogreat maneater? (4} head anger {5}

13 Asnack in the tub? (4,3)

$ Adance, butitcouldbe
mechanical {3}

The chap with the knack (3)

21 Rumbled and dismissed! (6,3}
23 Avessel to make jokes about? (4}
24 Treacherous supporter? (4) 6




I WOKE
UP. ON THE
WRONG SID
OF THE BED

DIST. BY UNKUERSAL PRESS SYPOICRTE

WANN. NOW-SEGUITUR, CONN,

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COMICS PAGE











25, Hoy-d-en 26, Stamp 27, Pinta 28, Pie 30, All-Y

DOWN: 1, Amused 2, Hailed 3, Roar 4, Tit-ular 5, Wings 6,
inner 8, Life 9, M-ow 12, Nod 13, Leeds 15, B-ones 18, El-gar
19, Nil 20, MOT 21, Med.-Lars 22, Rip 23, Haras-s 24, A-R-id



32, Instance 33, Dredge

DOWN: |, Rescue 2, Scales 3, Abet 4, Steamer 5, Bread 6,
Lapel 8, Sate 9, Fen 12, Cos 13, Deign 15, Rodeo 18, Wafer
19, Rid 20, Bet 21, Radical 22, Cot 23, Mirage 24, Idol 25,
Twelve 26, Helix 27, Rouse 28, Ate 30, Sped

26 Formerly the Tory leader, 18 Quietly start a monologue, say (6) ! ACROSS
20 One paying to be a lodger? (5) 4 Dress (6)
nevertheless (3) 21 What to do before you 7 Aquatic
27 Sounds dull, yet has impact? (4) come again (3) : al: ia
magini
29 Anerrot in the field (4) 22° In Portadown, it means very little (3) 10 Rub out (5)
32 Itonly means money when you "33 Earlier spilling of beer (6) j e Stn (4)
tain 5 Uk a eee
9 Soe _ 28 t's unsuitable for getting N 16 tmplore (3)
33 All the same, it’s a picture (5) married in (5) 1 ™N 17 Along
34 The watetmen swore to turn to the 30 Figures it’s as far as one can go (5) = 19 Al a 4)
right! (6) 31 Pretends dramatically to > n rated
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35 Toa child, Italy possibly means all (8) 32. Crooked mountain top initially (4) 2 23 Determination
36 Pay fora seat (6) 33 Awhite glider (4) | Ww (4)
- 24 Region (4)
26 Craft (3)
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(4)
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: quality {4)
Yesterday’s cryptic sotutions Yesterday’ . ' 33 Join{>)
; ah ‘ . iy’ easy solutions 34 Meaning (6)
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: a ae hone . aa ey ie 22, Relet | 14, Ten 16, Model 17, Ewes 19, Robes 21, Rider 22, Cadet (8)
, Has-H 26, Sap-'d 28, Par 29, Tipe 30, Airily 31, Lead | 23, Mi id 29. Erotic 30 5 36 Black
32, Matertal 23, Yes man ¥ Mint 26, Herod 28, Aid 29, Erotic 30, Strobe 31, Peal eye {6)



Dennis
ij

af 18

ABOUT PLUMBING, RIGHT2 ”



“Hey Dap! You Do KNOW SOMETHING













lust, DENN/GTHEMENACE. Com

Bidding Quiz

Partner bids One Spade, next
player passes, neither side vulnera-
ble. What would you respond with
each of the following five hands?

1. #383 ¥ 9654 @ 75 & AKI3

2. @ Q953 WAINT # KQE & 43

3. # KI764 ¥ 73 % QI652 & 6

4.@AQ75 ¥ KI6 4 & KQI82

5. Q76 ¥AQ3.# KID & AJ94

EK

1. Two spades. The possible bids
over one spade are one notrump, two
clubs or two spades. One notrump
(not forcing) would suppress your
spade support, while you don’t. have
quite enough points to bid two clubs.

The most practical solution is to
raise right away and let partner
choose the next action. He will know
you have six to 10 points, including
trump support, and will be in good
position to judge what, if anything, to

. do next.

2. Three spades. The jump-raise to
three announces a game in the com-
bined hands regatdless of opener’s
actual strength. It is a forcing bid and
promises at least four tramps and 13
to 15 points in high cards and distri-
bution. Those who play that a three-.

spade bid in this situation would
promise only 11 or 12 points (a
“limit raise”) would have to make
_ whatever forcing bid their methods
called for with this type of hand.

3. Four spades. The triple raise

: The
(O/H |=
uses
i words in
body of
Chambers
Century
Dictionary
(1989
edition),
HOW many words of four letters

'C Y eae.
21st
or more can you make from the

- Jetters shown here? In making a

word, each letter 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

Goad 19; very good 29; excellent 38
{or more). Solution tomorrow.

DOWN

1 Navigate (5)

2 Operatic
songs (5) -

3 Pastime (4)

4 = Mountain
range (5)

5 Long
journey (4)

6 = Cavorted (6)

9 Stop

working (6)
1 Abrade (3)

12 Delay (5)
13 Error (7} EM
15 Allow (3)
16 Cot (3)
18 — Liquid
measure (6)
20 Stop (5)

21 Suitable (3)
22‘ Before (3}

23 Twist (6)

25 — Insect (3)

28 Bury (5)

30 = Conceited (5)
3 Answer
ge MSD

32 Sea bird (4)
33) Quarry (4)



TARGET

shows much less in high cards than
the double raise, but more in the way
of distribution. It is/primarily a pre-
emptive bid aimed at disrupting the

‘ opponents’ bidding, and there is nor-

mally no assurance the contract will
be made. Typically, if partner cannot
make four spades, it will be found
that the opponents can often make a
game — and sometimes even slam

‘— in their own long suit.

4. Three clubs. This hand has
decided slam possibilities, and it is
best to alert parmer immediately to
this fact via a jump-shift. You intend
to support partner’s spades at your
next opportunity. . .

The jump-shift is seldom made.

with hands of less than 17 points, and’.

also implies either a fit for opener’s
suit or a self-sufficient suit. It
strongly suggests a potential slam
but does not commit the partnership
to reaching one. .

5. Three notrump. A response of
two notrump would show 13 to 15
points, balanced distribution and
stoppers in the three unbid suits.

A:response of three notrump sends
the same message, except that the
point count is 16 or 17. The distribu-

tion is almost invariably 4-3-3-3 or °

4-4-3-2: The jump to three notrump

invites opener to move towarda slam |

if he has values that could produce a
slam opposite a hand of this type.

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Paul Keres v Giuseppe Stalda,
postal game 1934. Estonia's
Keres was one of the finest

players never to become world , ° i

champion. His career was

blighted when he competed in ©

wartime German tournaments. .
On his return home Soviet :
authorities, who favoured 4
Keres's Russian rival Mikhail
Botvinnik, coerced him with
threats to his family. Though no 2
smoking gun has emerged,
suspicions linger that Keres
chose to play below form when
he lost four straight games to
Botvinnik in the 1948 world title
event. As a youthful talent,
Keres honed his game by postal
chess, taking on 150 opponents
at once. When he died,
thousands attended his funeral
4 he was honoured with his

~ Calvin & Hobbes

HEX, DAD, I'M \ You INVENTED

OVT HOW To
MAKE. (T Do
WHAT WE WANT,

“ctally make











WELL, HEPE IT 1S So FAR.
HOBBES AND T HAVE BEEN
WORKING ON TT ALL AFTERNOON
WS NOT QUITE PERFECTED

YET, BUT YOu GET THE IDEA.



©1989 Universal Press Syndicate

DONT GET DISCOURAGED. YouR
Moi AND TL Gor THE SAME

RESULTS AFTER WORKING ON
You FoR SIX YEARS.












ae o
T2 ey Boe 5 a
| re Bee Oy

MONDAY,

MAY 19

AQUARIUS — Jan 21/Feb 18
Even though you feel exposed and
unready to conquer a major obstacle.
Aquarius, you are actually ahead of
the game. You have nothing to lose,
so put your heart into your work.
PISCES - Feb 19/March 20
You're the lite of the party this week,
Pisces, and are having a wonderful
time in the spotlight. The team is sup-
porting you in all you do, so delight in
the moment while it lasts.

ARIES - March 21/April 20
You're not popular this week, Aries,
und you feel like you're stranded
behind enemy lines with nothing but
your wits. For the next few days
don’t seek out confrontations.
TAURUS — April 21/May 21
One way or another, you'll make a
name for yourself this weck,
Taurus. You attract people who like

| controversy. Conversations at work

vet personal, but you started them.
GEMINI - May 22/June 21
Like so many others these days,
Gemini, you're a slave to your reac-
tions. An unpredictable move con-
fuses an opponent, but you already
. know where the relationship is going.
CANCER — June 22/July 22
If your-clients or coworkers are
smart this week, Cancer, they'll
give you the power of final say.

. Cancer's vision is the perfect mix

of art and emotion. Your touch
deeply affects many people.

LEO — July 23/August 23

If pushed too far, you might be unable *

to stop this week, Leo. Be careful what
you say before you spit out words that
could get you into trouble. Aquarius
provides a needed breath of fresh air,

__ VIRGO - Aug 24/Sept 22

You're ona roll, Virgo, and espe-
your mark on
Thursday. You ure a hero, a genius
and generally entertaining to many
coworkers. Enjoy your success,

LIBRA - Sept 23/Oct 23

If you're too eager this week, Libra,

youw ll only alienate friends and
coworkers. Be self-sufficient even as
you track others’ progress. Your time
to shine will come shortly,
SCORPIO ~ Oct 24/Nov 22
Once again you are looked toward
for leadership. Scorpio. Tuesday
presents your most challenging day
yet. Be clear about what you want to
accomplish, because you will,
SAGITTARIUS — Nov 23/Dec 21
Sagittarians know what they can and
cannot do. A realistic attitude
inspires confidence in someone who
is tired of excuses, Atuempt to mend
a space that has occurred between a
friend and you. :
CAPRICORN -— Dec 22/Jan 20
Surprise everyone with your extensive
knowledge and charismatic personulity,
Right now you can justify anything,
Capricom. Appreciate what you gan do,
others surely agree with your efforts.

boc doe foe ae

image ona stamp. Here Keres
looks set for victory with his Qg6
mate threat, while the queen also
stops Qxe2 +. It looks resignable
for Stalda, but the Italian produced
a surprise resource. What
happened?

LEONARD BARDEN



Chess solution 8340: L.Rgl+ 2 Kh2 Rhi+! when if 3
Kxhl? Qbl+ and Qgl mate, -» White must play 3 Kg2

Rgl+ with a draw by perpetual check.

aS ahh ¥



| PAGE 22, MONDAY, MAY 19, 2008 : THE TRIBUNE

| MONDAY EVENING . | MAY 19, 2008

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

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L



THE TRIBUNE



4



Win Or |





Losing racehorses in Puerto
Rico condemned to die

CANOVANAS, Puerto Rico

FOR thoroughbred race-
horses in Puerto Rico, success
can be a matter of life and
death. Many losers don’t make
it off the racetrack grounds
alive.

More than 400 horses, many
in perfect health, are killed each
year by lethal injection at a clin-
ic tucked behind the Hipodro-
mo Camarero racetrack, chief
veterinarian Jose Garcia told
The Associated Press after
checking clinic log books going
back seven years.

Unlike on the U.S. mainland,
where many former racehorses
are retrained for riding or sent
to special refuges, the animals
have few options in this U.S.
Caribbean territory. Owners say
caring for and feeding a losing
racehorse is too expensive.

“If it doesn’t produce, after
a while I give it away or I kill
it,” said Arnoldo Maldonado,
60, a businessman who races
about five horses a year. “It
bothers me, but it has to be
done because there is no money
to pay for them ... I’m not going
to keep losing.”

The killings also bother vet-
erinarians who carry them out.

While many horses are
unsuitable for adoption because
of injuries or bad tempers, far
more could be rescued than the
current few dozen a year, Gar-
cia said. ‘

The veterinarians at the race-
track clinic have an informal
system of contacting farms and
breeders when a healthy horse
comes in to die. But so far there
are no programs such as the
U.S.-based Thoroughbred
Retirement Foundation, which
rescues and advocates for hors-
es coming off the track.

_ The killing of so many race-
horses in Puerto Rico isn’t hap-
pening because they have suf-
fered a serious injury, like Eight

Belles, the filly euthanized after ,

breaking both front ankles rac-
ing in the Kentucky Derby on
May 3. Here, even when a sec-
ond home is available, veteri-
‘narians say that some owners
want losing horses executed
‘anyway — some to save money,
others to have revenge.

“You'll get a few owners who
get so upset, they just want the
horse dead,” said veterinarian
Shakyra Rosario.

She often asks trainers if they
have extra space so she doesn’t
have to kill a healthy horse, and

there are Puerto Ricans such as ©

trainer Berti Zequeira who
make it their business to rescue
the rejects. ;

Lionel Muller, senior vice
president at Hipodromo
Camarero, Puerto Rico’s only
racetrack, said owners general-
ly have the horses killed only
as a last resort when they can-
-not find a suitable second home.

“Most of the horse owners
really love the horses., You
don’t want to get rid of a horse
that way,” he said.

With a stable of about 1,300
horses, the flower-trimmed
track on the north coast holds
races five days a week. Tourists

and other fans cheer from open-
air grandstands and a skybox
restaurant. About $210 million
a year is bet at the Hipodromo
and at off-track betting booths.

The U.S. horse racing indus-
try also struggles with unwanted —
thoroughbreds. AP’s efforts to
obtain figures were unsuccess-
ful, but advocacy groups say
sanctuaries created over the last
two decades have dramatically
cut the likelihood that a former
racer will be executed.

“If you’re a thoroughbred
and you’re not dangerous to
humans, there’s a home out
there for you,” said Gail Hirt, a
Michigan-based board member
of The Communication
Alliance to Network Thor-
oughbred Ex-Racehorses.

Horses that don’t win in
Puerto Rico quickly become lia-
bilities for their owners. It costs

-about $750 a month in food and
stable fees to keep a thorough-
bred at the track, and many
owners would rather spend on
horses that still have a chance of
winning. at eos

Farms and ranches that could
take retired horses often prefer
lower-maintenance breeds such
as the Paso Finos, bred locally
since Spanish colonial times and
prized for their smooth gait.

That often leaves euthanasia
as the cheapest option. The clin-
ic charges owners only about
$20 for the chemicals, Garcia
said. .



“You'll get a
few owners
who get so |
upset, they just
want the horse
dead.”

Shakyra Rosario

‘The sport attracts many
small-time businessmen such as
Maldonado, who devotes most
of his time to running a booth at
a flea market in nearby Rio
Grande. Garcia said many take
on more horses than they can
afford in hopes of striking it
rich.

“A lot of times people will
have good luck with one horse,
that horse will make them a lot
of money, and they feel they
can do that with every horse,”
he said. .““What ends up hap-
pening is this renewable
,resource, which is the racehorse,
ends up being treated like just
another raw material. When it
doesn’t produce, you toss it
away. And that’s sad.”

The thoroughbreds, mostly
imported from the United
States, often begin racing before
their third birthday. After a
brief career on the track, they
can live to 30 or older.

But veterinarians say they
would rather see unwanted
horses destroyed humanely than
given away or sold to somebody
who cannot afford to feed and
care forthem. ~



MONDAY, MAY 19, 2008, PAGE 23

INTERNATIONAL NEWS



“Andres Leighton/AP Photo

A thoroughbred who suffers an intestiial obstruction rests on the grass at the veterinary clinic at Camarero racetrack in Canovanas, Puerto Rico,
Friday, April 11, 2008. For thoroughbreds in this U.S. Caribbean territory, being fast enough to win, place or show is a matter of life and death.






















































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PAGE 24, MONDAY, MAY 19, 2008

THE TRIBUNE



Many thousands killed by
US’s Korean ally in 1950

@ DAEJEON, South Korea

GRAVE by mass grave,
South Korea is unearthing the
skeletons and buried truths of a
cold-blooded slaughter from ear-
ly in the Korean War, when this
nation’s U.S.-backed regime
killed untold thousands of leftists
and hapless peasants in a sum-
mer of terror in 1950, according
to the Associated Press.

With U.S. military. officers
sometimes present, and as North
Korean invaders pushed down
the peninsula, the southern army
and police emptied South Kore-
an prisons, lined up detainees
and shot them in the head,
dumping the bodies into hastily
dug trenches. Others were
thrown into abandoned mines
or into the sea. Women and chil-
dren were among those killed.
Many victims never faced
charges or trial.

The mass executions —
intended to keep possible.south-
ern leftists from reinforcing the
northerners — were carried out
over mere weeks and were large-
ly hidden from history for a half-
century. They were “the most
tragic and brutal chapter of the
Korean War,” said historian
Kim Dong-choon, a member of
a 2-year-old government com-

Lares eee

fact@isigtin tiny nee te

mission investigating the killings.

Hundreds of sets of remains
have been uncovered so far, but
researchers say they are only a
tiny fraction of the deaths. The
commission estimates at least
100,000 people were executed,
in a South Korean population
of 20 million.

That estimate is based on pro-
jections from local surveys and is
“very conservative,” said Kim.
The true toll may be twice that
or more, he told The Associated
Press.

In addition, thousands of
South Koreans who allegedly
collaborated with the commu-

nist occupation were slain by |

southern forces later in 1950, and
the invaders staged their own
executions of rightists.

Through the postwar decades
of South Korean right-wing dic-
tatorships, victims’ fearful fami-
lies kept silent about that blood-
soaked summer. American mil-
itary reports of the South Kore-
an slaughter were stamped
“secret” and filed away in Wash-
ington. Communist accounts
were dismissed as lies.

Only since the 1990s, and

South Korea’s democratization, _

has the truth begun to seep out.
In 2002, a typhoon’s fury
uncovered one mass grave.

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INTERNATIONAL NEWS

South Korea’s hidden chapters:





THIS U.S. Army photograph, once classified "top secret,"’



National Archives, Major Abbott/AP Photo

is one of a series depicting the summary

execution of 1,800 South Korean political prisoners by the South Korean military at Taejon, South
Korea, over three days in July 1950.

Another was found by a televi-
sion news team that broke into a
sealed mine. Further corrobora-
tion comes from a trickle of:

_ declassified U.S. military docu-

ments, including U.S. Army pho-
tographs of a mass killing outside
this central South Korean city.
Now Kim’s Truth and Recon-
ciliation Commission has added
government authority to the
work of scattered researchers,
family, members and journalists
trying to peel away the long-run-
ning cover-up. The commission-



LENOVO THINKPAD R6t



ers have the help of'a handful
of remorseful old men.

“Even now, | feel guilty that I
pulled the trigger,” said Lee
Joon-young, 83, one of the exe-
cutioners in a secluded valley
near Daejeon in early July 1950.

The retired prison guard told
the AP he knew that many of
those shot and buried en masse
were ordinary convicts or illit-
erate peasants wrongly ensnared
in roundups of supposed com-
munist sympathizers. They didn’t
deserve to die, he said. They

“knew nothing about commu-
nism.”

The 17 investigators of the
commission’s subcommittee on
“mass civilian sacrifice,” led by
Kim, have been dealing with
petitions from more than 7,000
South Koreans, involving some
1,200 alleged incidents — not
just mass planned executions,
but also 215 cases in which the
U.S. military is accused of the
indiscriminate killing of South
Korean civilians in 1950-51, usu-
ally in air attacks.

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oln brief

runner Wins
Fight to try.
for Olympics

_ MILAUSANNE, Switzerland

DOUBLE-AMPUTEE

: sprinter Oscar Pistorius won
: his appeal Friday and can
: compete for a place in the Bei-
: jing Olympics, according to the
: Associated Press.

The Court of Arbitration

: for Sport ruled that the 21-
: year-old South African is eli-
: gible to race against able-bod-
: ied athletes, overturning a ban
: imposed by the International
: Association of Athletics Fed-
: erations.

CAS said the unanimous

ruling goes into effect imme-
: diately.

“T am ecstatic,” Pistorius

: told reporters in Milan, Italy.
: “When I found out, I cried. It
: 1s a battle that has been going
: on for far too long. It’s a great
: day for sport. I think this day
: is going to go down in history
: for the equality of disabled
: people.”

Pistorius still must reach a

: qualifying time to run in the
; individual 400 meters at the
; Aug. 8-24 Beijing Games.
: However, he can be picked
:; for the South African relay
; squad without qualifying. That
; relay squad has not yet quali-
: fied for the Olympics.

Pistorius appealed to CAS,

: world sport’s highest tribunal,
: to overturn a Jan. 14 ruling by
: the IAAF that banned him
:; from competing. The IAAF
: said his carbon fiber blades
: give him a mechanical advan-
: tage.

A two-day hearing was held

i before a panel of three arbi-
; trators at CAS headquarters
: last month. Pistorius now is
: expected to-get invitations
: from track and field promot-

, } ers across the world who want
‘} him to run at their meets
: before Beijing.

Pistorius said he will be run-

: ning in both able-bodied and
: Paralympic events before Bei-
: Jing. His manager, Peet van
:; Zyl, said the runner will com-
; pete in Milan on July 2 and
: the Golden Gala meet in
: Rome on July 11.

“Oscar will be welcomed ‘

: wherever he competes this
; summer,” IAAF president
; Lamine Diack said in a state-
: ment. “He is an inspirational
; man and we look forward to
; admiring his achievements in
; the future.”

The International Olympic

Committee welcomed the ver-
: dict.

“Oscar Pistorius is a deter-

: mined and gutsy athlete who
; will now no doubt put all his
; energy into reaching the qual-
: ification standards for the
: Olympic Games,” the IOC
: said in a statement.
: makes it we would be delight-
i ed to welcome him.”

“If he

Pistorius holds the 400-

: meter Paralympic world
: record of 46.56 seconds, but
i that time is outside the
: Olympic qualifying standard
: of 45.55. His training has been
: disrupted by the appeal
; process.

Even if Pistorius fails to get

: the qualifying time, South
: African selectors could add
: the University of Pretoria stu-
: dent to the Olympic 1,600-
: meter relay squad.

Pistorius would not require

: a qualifying time and could be
: taken to Beijing as an alter-
? naie. Six runners can be
: picked for the relay squad. Pis-
: torius also expects to compete
: in Beijing at the Sept. 6-17
: Paralympic Games. ©

The verdict also clears Pis-

! torius to dedicate himself to
: competing at the 2012 Lon-
: don Olympics.



Denis Farrell/AP Photo

: IN this Thursday June 21, 2007
: file photo South African amputee
: champion runner, Oscar Pistorius,
: sprints during a training session
: in Pretoria, South Africa.

9





‘THE TRIBUNE





@ By NEIL HARTNELL
Tribune Business
Editor

BEN.CHMARK
(Bahamas) saw $1.06: per
share removed from its
2007 year-end book value,
and its retained earnings
virtually wiped-out, after its

agement subsidiary was
forced to take a one-time
$5.616 million bad debt pro-
vision related to client mar-
‘gintrading.

As a result, the BISX-list-
ed company suffered a
$3.208 million net loss for
the 2007 full-year compared
to.a $641,283 profit in 2006.
This was despite recording
an unconsolidated $2.189
million net operating profit

, SEE E page 7B



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SECTION B e business@tribuncaediasset

British American p:



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rofits

up 20% for year to April

@ By NEIL HARTNELL
Tribune Business Editor

ritish

Amer-

ican
Financial saw
revenues and
net profits
increase year-
on-year by 20
per cent for the
four months to
April 2008, as it
completes its transition to a
full financial services provider

through launching a credit

card, moving into the money
transfer business and eyeing
regional expansion.

Film producer
raises $289,000
needed to fil

By NEIL HARTNELL

_- Tribune Business Editor

A BAHAMIAN film pro-
ducer/director told The Tri-
bune he has enough financing
to-hegin-shooting of his latest
film on schedule in July, having
raised some 70 per cent of the
$299,000 netted to date from
Bahamas-based investors.

Kareem Mortimer, who pro-
duced and directed the inter-
nationally-acclaimed Float,
said he and his crew were “def-
initely shooting in July” his lat-

est film, Daybreak, which also’

has Bahamian roots.
“We've raised $299,000, so
we’re definitely shooting,” Mr

Mortimer told The Tribune. -

“We’re still looking for financ-
ing, but are definitely shoot-
ing the movie and will be rais-

ing raising money throughout

production.

“J raised most of the money,
some 70 per cent, locally in the
Bahamas. It has been wonder-

SEE page 9B |

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* New owners ‘awaken sleeping giant’, and anticipate thvestiag $2m
in systems and new business initiatives ‘when the dust settles’

* British American to launch Visa credit card, on-line insurance platform and become
Family Island Western Union sub-agent as final stages of full-product menu roll-out

* Caribbean expansion eyed, although T&C launch may be delayed

* First year exceeds new owners’ ‘expectations and targets for growth of the business.
across all sectors’, with general insurance agency and mutual fund launches

Chester Cooper, British
American Financial’s president
and chief executive, told The
Tribune that the 88 year-old
company’s new owners would

have invested “just under $2
million when the dust settles”
into the business during its first
year under their charge. .
With its on-line insurance

platform due to launch in late
2008 or early 2009, as part of a
more than $500,000 informa-
tion technology (IT) upgrade,
Mr Cooper said the manage-

ment (payout che led to com-
pletion y in eke a had

SEE page 4B

Renewable energy RFP requests may be issued this week

i By NEIL HARTNELL

Tribune Business Editor

THE Bahamas Electricity

Corporation (BEC) could as
early as this week issue
Requests for Proposal (RFP)
for the private sector to sub-

mit proposals on supplying it:
with energy from renewable

resources, inthe hope that ulti-
mately. 10 per cent ofits power

needs are met from such.

sources:
Jerome Elliott, the. engirieer

who heads up BEC’s internal

BEC hoping up to 10% of peel to ultimately come from sustainable sources

renewable energy committee,
told The Tribune: “We are
near to issuing an RFP in the
local dailies, international and
trade journals for persons to
send us proposals for providing
renewable energy from any
island in the Bahamas where
BEC operates.”

Indicating that these RFPS!
could be issued as early as this.

week, the only islands exclud-.

ed from such an initiative are

-Exuma

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Walker’s Cay and Spanish
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vately-owned companies pro-
vide the electrical power.

Mr Elliott told The Tribune:

“We are looking at a phased
approach to it, and hoping to
be able to supply as much as 10

He added that several “leg-
islative changed have to take
place to allow persons to pro-
vide power and sell it to BEC”,

' particularly amending the law ,

that states homes and busi- *
nesses must use BEC power.
supplies when they are avail-
able in their area.

per cent’ [of BEC’s eléctricity~* “The committee-itself has

renewable energy

in over several years.”

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PAGE 2B, MONDAY, MAY 19, 2008

THE TRIBUNE







remaining unchanged.

Freeport Oil Holdings
Company (FCL) led the
advance for the week, with
4,400 shares trading, climbing
by $0.10, or 1.8 per cent to
end the week at $5.55.

Commonwealth Bank
(CBL) led the volume for
another week with 9,470
shares trading, increasing by
$0.07 to end the week at
$7.15. Abaco Markets
(AML) was this week's mar-
ket loser, with 1,736 of its
shares trading, declining by
$0.10 to end the

week at $1.85.

19 listed stocks. A total of
23,356 shares changed hands,
a decline of 58 per cent com-
pared to last week's trading
volume of 55,170 shares.
There were three advancers,
four decliners and five issuers

@ By Royal Fidelity Capital
Markets

TRADING momentum in
the Bahamian stock markets
dropped this week, with
investors trading in 12 out of

_ Bahamas Law Enforcement
Co-operative Credit Union Ltd

COMPANY NEWS:
Earnings Releases:

CONSOLIDATED Water

Company (CWCO) released
_ its u-audited financial results

for the quarter ending March
31, 2008. CWCO reported
net income of $1.6 million, a
decrease of $1.9 million or 53
per cent compared to the
same period in 2007.

For the first quarter, /
income from operations of

_ $2.1 million declined by

$895,000 or 30 per cent, with
total revenues of $12.7 mil-
lion remaining consistent
with the 2007 first quarter.
Costs of revenues, at $8.2
million, increased by
$768,000 or 10 per cent.

CWCO’s other income, -
$467,000, was down by $1. J
million over the prior quarter
due primarily to an adjust-
ment to equity value in the
income of the company's
BVI affiliate, stemming from
ongoing negotiations
between the affiliate and the
BVI government. CWCO’s
total assets of $148.5 million

NOTICE OF
ANNUAL GENERAL MEETING

THERE WILL NOT BE A SECOND
CALIOAS PER THE CO-OPERATIVE
ACT 20085 SECTION 22

The 23" Annual General Meeting of the Bahamas
Law Enforcement Co-operative Credit Union Ltd will
be held on

Saturday, May 24", 2008

9: 00 am
| pa’ Goes
Holy Trinity Activities Centre
Trinity Way
Stapledon Gardens

Refreshments will be provided



ee



declined by $812,000 or 0.5
per cent, while total liabilities
of $29.3 million declined by
$1.1 million or 3.6 per cent
from year-end amounts.

On the publication of its
results this week, the CWCO
share price in the internation-
al markets had a drastic drop,
declining by $4.85 per share,
which translated into a per
share decline of $0.97 for the
local BDRs. They closed the
week at a new 52-week low

* of $3.32.

Offering Notices:

Fidelity Bank (Bahamas)
(FBB) last week opened its
offering of $10 million unse-
cured fixed and floating rate
notes under its $50 million
note programme. The fixed
rate series, Series C, is being
offered at 7 per cent annually
with a five-year maturity, -
while the floating rate series,
Series D is being offered at
prime + 1.75 per cent annual-
ly (currently 7.25 per cent)
with a seven-year maturity.
Both series will be offered for
a total of $5 million each.

The proceeds from this
offering will be used for gen-
eral banking purposes. The
offering closes on May 30,
2008. For further information
contact Royal Fidelity Capi- -

tal Markets, who will be act-

ing as the placement agent |
for the offering. —

© FOCOL Holdings (FCL)
announced it will be extend-
ing the deadline of its private
placement offering over the
course'of the next six months.

' The preferred shares will be

paying a dividend rate of prime
+ 1.75 per cent, payable semi-
annually. :

Tn hae
TRAD se a eee
just call 502-2371 today!



Home to
amas

\







CENTREVILLE MEI

The Bahamian Stock Market

‘FINDEX 905.41 (-4.90%)

¢ Bahamas Waste (BWL) announced it will be holding its

BISX CLOSING CHANGE
SYMBOL PRICE
AML $1.85 $-0.10 1,736
BBL $0.89 $-0.01 3,000
BOB $9.61 $- 100
BPF $11.80 $- 0
BSL $14.60 $- 0
BWL $3.50 $- 200
CAB $14.06 $+0.06 1,600
CBL $7.15 $+0.07 9,470
CHL $2.87 - 0
CIB $13.24 $- 100

| CWCB $3.32 $-0.97 0
DHS $3.00 $- 200
FAM $8.00 $- 0
FBB- $2.35 $-0.04 ' 1,000
FCC $0.41° °° $-0.04 1,000
FCL $5.55 * $+0.10 4,400
FIN $12.50 $- 550
ICD $6.79 $- _0
JSJ $12.30 $- 0
PRE $10.00 $- 0
DIVIDEND/AGM NOTES:

VOLUME YTD PRICE

CHANGE
11.45%
4.71%
0.00%
0.00%
0.00%
-4.37%
16.68%
-15.18%
-8.89%
-9.32%
-34.13%
27.66%
11.11%
-11.32%
-46.75%
7.14%
-3.47%
-6.34%

11.82% .

0:00%

Annual General Meeting on May 22, 2008, at 6pm at the
National Tennis Centre, Nassau, Bahamas.

¢ Commonwealth Bank (CBL) announced it will be hold-

ing its Annual General Meeting on Wednesday, May 21,
2008, at 5pm at SuperClubs Breezes, West Bay Street,
Cable Beach, Nassau, Bahamas.

e J.S. Johnson & Company (JSJ) announced it will be
holding its Annual General Meeting on Wednesday, May
28, 2008. at 6pm in the Governor's Ballroom A at the
British Colonial Hotel, No.1 Bay Street, Nassau, Bahamas.

FOREX Rates

CAD$
GBP
EUR

Commodities

Crude Oil
Gold

‘DJIA

ie S& P500.) se ne aioe SySiiy
2%. | NASDAQeesiiet 6 oo6 i

Nikkei

Weekly
1.0008

1.9574
1.5578

Weekly

$126.29°
$899.90

International Stock Market Indexes:

Weekly
12,986.80

u1A25.35. ieisire
2528.85 sca

14,219.48



ad

‘A T

a CAL se

% Change
+5.58

+0.22
+0.65

% Change

+0.10
+1.59

% Change

+189...
$2.670%
+3:41 7}

+4.13

AVILION

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THE TRIBUNE

MUNDAY, VIAY 19, 2008, PAGE 3b



Sa eee ee
M&A activity pick-up
likely given economy

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamian mergers and
acquisitions (M&A) market,
though quiet so far for 2008,
could pick up in the next six to
nine months, investment ana-
lysts telling The Tribune that
the current economic downturn
is creating a ripe environment
for “the stronger companies to
gobble up the weaker ones”.

Kenwood Kerr, Providence
Advisors’ chief executive, said
the pace of M&A activity could
quicken in the 2008 second half
and 2009 if the global and US
economic slump became pro-
tracted, due to the knock-on
effects this would have in a
Bahamian economy where most
businesses were impacted by
tourism.

For smaller companies, or
those who were already strug-
gling with high debt levels and
minimal cash flow and rev-
enues, any lasting downturn in
tourism as a result of the US
economy’s woes could leave
their owners with no choice but
to look for suitors.

“J think the market is ripe for
the strong to pick up the weak,”
Mr Kerr told The Tribune. “In
this kind of environment, -it’s
typical of when the stronger
companies gobble up the weak-
er ones, who can’t compete,

whether it’s an issue of rev- .

enues, economies of scale, mar-
keting or cash flow.

“The system is cleansing
itself, where the stronger ones
take over the weaker compa-
nies and make the system more
efficient.”

Mr Kerr said the current eco-
nomic climate was the sort in
which M&A activity, and
takeovers of smaller or weaker
companies, thrived until condi-
tions improved and those firms
found themselves able to com-
pete.on a more even playing
field.

He acknowledged, though,
that M&A activity in the
Bahamas year-to-date had been

“pretty quiet”, the last major
deal being the management-led
buyout of British American

Yinsurance Company (now



British
American
Financial)
for an eight-
figure sum
in February
2007.

The year
before that,
2006, had
been a big
one for
M&A activi-
ty, with a
number of
major deals.
These
included the $54 million pur-

Kenwood Kerr

chase of a majority 78 per cent.

stake in Bahamas Supermar-
kets, the City Markets. parent,
by BSL Holdings; the $33 mil-
lion acquisition of Shell
(Bahamas) by FOCOL Hold-
ings; and the takeover of
Caribbean Bottling, the Coca-
Cola supplier, by ex-Common-

_ wealth Bank banker Walter

Wells and his consortium.
“Maybe people are waiting,
sticking to their guns and wait-

ing for more certainty, rather.

than adding debt, and getting
balance sheets cleaned up,” Mr
Kerr said. “It’s not the kind of
period to be aggressive in.
“But if the global economic
situation becomes protracted}
you may have some fallout, and
M&A may pick-up in the next
six-nine months. The more pro-
tracted that is, the more the
squeeze on companies, and the
more it may pick up.”
Michael Anderson, Royal

Fidelity Merchant Bank &

Trust’s president, agreed that
M&A activity had slowed in the
Bahamian market. However, if
the economic slowdown became
deeper and longer-lasting, he
said takeover opportunities may
emerge in cases where compa-
nies were already struggling or
over-leveraged.

Mr Anderson said M&A
activity typically took place
under three market conditions —
a buoyant market, where pri-
vate equity-type players bought
assets for near or above asking
price; a middle stage market,
where some consolidation took

place; and a distressed market;



where companies were forced
to sell.

The Bahamas, Mr Anderson
said, was still in the ‘middle
stage’, “and people are not
being forced to sell. There’s no
rescues taking place. We
haven’t seen that level of dis-
tress, You'll start to see it in
property developments where
people have leveraged them-
selves and need to pay back
money, having been light on
capital going into it”.

Among those sectors that
may be especially vulnerable to
M&A activity, Mr Anderson
said, was the tourism industry,
especially if Bahamian-owned
providers had a bad Christ-
mas/New Year season later this
year.

One factor acting as a poten-
tial constraint on M&A activity,
Mr Anderson said, was the rel-
atively low level of liquidity in
the commercial banking system,
which. had yet to fully recover
from the lending boom of 2006.

As a result, commercial banks
did not have a large quantity of
surplus assets available to
finance debt-driven commercial
transactions. ,

“The banks are not flush with
liquidity. to make deals hap-
pen,” Mr Anderson said. “It’s
reasonably tight, so if you need
to borrow $20-$30 million to do
a deal,.it’s not easy by any
means.

“There’s been a low level of
liquidity in the market since the
end of 2006. There was a brief

respite last year, but it’s not .

been good. There’s not a lot of
liquidity making things happen.
Liquidity remains tight.”

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PAGE 4B, MONDAY, MAY 19, 2008

THE TRIBUNE





British American profits
up 20% for year to April

FROM page 1B

“exceeded expectations and
targets for growth of the busi-
ness across all sectors” during
the first year.

Mr Cooper told The Tribune
in an interview that British
American Financial would
launch as a Family Island sub-
agent for the Western Union
money transfer business by
June 1, 2008, with Exuma
being the first island for the
roll-out.

He added that the company
would also launch a Visa cred-
it card product, initially to its
existing 70,000 client base only,
“in the next 60 days” as it
moves to capitalise on British
American Financial’s strong
insurance heritage by trans-
forming itself into a one-stop-
shop full financial services
provider.

“Year-to-date to April,
we’re up 20 per cent across the
board in terms of sales rev-
enues and net profits,” Mr
Cooper told The Tribune.
““We’ve been able to build on
the momentum we achieved
last year. We hope that it
holds, but we’re expecting
tough times in the economy
and taking precautionary mea-
sures.”

British American Financial,
formerly called British Amer-
ican Insurance, was focusing
on financial planning for its
clients, Mr Cooper said, and
targeting areas such as savings,

endowments and retirement- :

type products.

“We’re also finding ways to
help clients see the necessity
of such products in the first
place, so we’re doing a lot of
education and looking to pro-
vide products that are con-
vertible in the future,” Mr

Cooper said.

As an example of convert-
ibility, he pointed to clients
who wanted to convert their
term life insurance products —
often taken out to provide cov-
er for the duration of a mori-
gage loan — to whole life,
meaning they would remain
covered by insurance for life.

On the credit card product,
Mr Cooper said British Amer-
ican Financial would be the

. first Bahamian insurer to issue

such a tool. He added: “We’ve
essentially done all the plan-
ning and preparation for it; it’s
now an issue of timing and
rolling out.....

“It completes our circle of
product offerings. 'A client can
now come to us for all of their
financial solutions for life —
from birth to their senior years,
where they can be offered
retirement products.

“The credit card provides

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INTERNAL CONTROL AND ACCOUNTING MANAGER

Bahamian Subsidiary of International Company seeks an. Internal Control
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Responsibilities

* Design and implement internal control‘and accounting procedures, in
accordance with the company standards.
* Assess and monitor business risks and controls continuously.

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and valuation of financial instruments.
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* Excellent experience with banks and or private company.

* Strong financial, analytical and methodical skills.

Benefits

Competitive salary commensurate with banks and or private company.
Medical insurance and pension scheme.

Apply in confidence to:

Treasury Vacancy
P.O. Box N-4875
Nassau, The Bahamas

Deadline for Application 30th May, 2008.





convenience and safety in not
having to transfer or carry
large amounts of cash, given
that crime statistics are rising.
We’ve found many of our
clients operate on a cash

basis.”
Added

Mr Cooper added that
British American Financial
was aiming to provide “more
on-line services for our clients”
through its investment of
“close to $1 million” in a new
database system.

“This is going to compre-
hensively revamp our operat-
ing systems and provide real
time data to our Family Island
clients,” the British American
Financial president and chief
executive told The Tribune,
“and more on-line services for
our clients.
- “One-line banking is old in
the Bahamas, but the insur-
ance companies have not yet
caught on to on-line insurance

in the true sense of the word. It
will allow us to be more ser-
vice-oriented, and provide
more cutting edge services to
our clients — even in their bed-
room, if they need it.”

Mr Cooper said the first
three phases of the IT upgrade
had already been installed,
with the on-line function set
to follow later in 2008/early
2009.

More than $1.5 million had
been invested in “new initia-

tives and business develop-

ment” by British American
Financial’s new owners, the
BAB Holdings consortium,
since the buy-out, in areas such
as systems, the opening of an
Abaco branch and the compa-
ny’s new general insurance
agency, Bramer General Insur-
ance Agency.

“On all levels, we are
strengthening the foundations
of our business, reinvesting in
the business and making the

‘ foundations stronger for the

future,” Mr Cooper said.

‘Legal Notice

NOTICE

PYSTER LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) PYSTER 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 15th May, 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 of Pasea Estate, Road Town,
« Tortola, RO. Box 958, Tortola, British Virgin Islands

Dated this 19th day of May, A.D. 2008

. Verduro Associated Ltd.
Liquidator

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT

New Providence



2008
CLE/Qui/

IN THE MATTER of the Quieting Titles Act, 1959.

AND

(IN THE MATTER of the Petition of
Judd and Dale Rosen.

AND

IN THE MATTER of Lot No. 176, Phase Three, Section
One, Stella Maris Subdivision, Long Island, Bahamas.

NOTICE

NOTICE is hereby given that Judd and Dale Rosen are
applying to the Supreme Court to have their Title to the
following investigated under Section 3 of The Quieting
Titles Act, and the nature and extent thereof determined
and declared in a Certificate of Title to be granted by the
said Court in accordance with the provisions of the said

Act.

“ALL THAT piece parcel or lot of land being Lot
No. 176 of Phase Three, Section One of the Stella
Maris Subdivision situate on the Northeastern side
of Skyview Crescent in the vicinity of the
Northeastern coast of Long Island and bounded
NORTHEASTWARDLY by Lot No. 177 the
property of the Petitioner and running thereon One

_ hundred and Eighty-one and Seventy-four One
hundredths (181.74) Feet SOUTHEASTWARDLY
by Lot No. 179 and running thereon One hundred
and Ten (110.00) Feet SOUTHWESTWARDLY
by Lot No. 175 and running thereon One hundred
and Sixty and Fifty-one One-hundredths (160.51)
Feet and NORTHWESTWARDLY by a road called
Skyview Crescent and running thereon One hundred
and Eighty (180.00) Feet.”

Copies of the Plans may be inspected during normal office
hours at the following places:- ;

1. The Registry of the Supreme Court, East Street
North in the City of Nassau, N.P., Bahamas;

or,

The Chambers of James M. Thompson, Terrace
House, First Terrace, Collins Avenue,
Centreville in the City of Nassau, afosesaid.

Any person who objects to the granting of the said Certificate
of Title is required to file in the Supreme Court and serve
on the Petitioner or its Attorney a Statement of his, her or
its Claim in the prescribed form, verified by an Affidavit
and other related requirements to be filed and served
therewith by the 7th day of July, 2008. Failure of any such
person to file and serve a Statement of his, her of its Claim
by the 7th day of July, 2008 will operate as a bar to such

Claim.

Andrew J. Thompson
Attorney For The Petitioners |



Apart from the Abaco
branch, Mr Cooper said the
company had also opened a
sub-office in Rock Sound,
Eleuthera, part of a strategy
to “take our business where
the people are as British
American Financial mulls
Caribbean regional expansion.

Although company had
placed its Turks & Caicos
expansion, originally scheduled
for this year, on hold, Mr
Cooper said it was “looking in
two other territories” in the
Caribbean, who he declined to
identify.

“With a population of
300,000 in the Bahamas, and
with the Caribbean on our
doorstep, I think regional
expansion is going to be
extremely important for us,”
Mr Cooper said.

“It’s a key part of our strat-
egy for the future, but we’re
going to do it in a very
methodical manner to make
sure we’re finding the right
opportunities, so that we’re not
risking the goose that laid the
golden egg for the sake of
expansion. We’re carefully

‘ looking at new opportunities

across the region.”

Mr Cooper said British
American Financial had not
completely given up on its
Turks & Caicos launch this
year, explaining that it would
be “reassessed” in light of
changing economic conditions -
impacting that island’s invest-
ment, construction and tourism
sectors.

In the Bahamas, Mr Cooper
said British American Finan- _
cial was “focused on growing |
the business organically. We’re
looking to see where the
growth is in the Bahamas, and
are following the growth to see
where people might relocate”.

As an example of this strat-
egy, he pointed to British
American Financial’s Exuma
branch, which had done
“tremendously well across all
business lines” since it opened
two years ago. :

Mr Cooper said British
American Financial’s general
insurance agency, Bramer, had
‘been operational for about

- three months from downtown

Nassau’s British American

‘Financial Centre, offering

motor, homeowners and gen-
eral insurance policies with a
staff of four.

British American Financial
was looking to recruit two
more staff for Bramer, Mr
Cooper said, with most of the
policies placed with RoyalStar

Assurance — a carrier in which _

British American Financial has
an equity stake of around 10
per cent.

The Bramer move again fur-

‘thers the ‘one-stop-shop’, full

financial services provider con-
cept, as it allows British Amer-
ican Financial and its affiliates
to offer life, health and gener-
al insurance, mortgages, annu-
ities and other retirement
products, and investments and |
mutual funds.

Mr Cooper said the response
to British American Financial’s
first launched mutual fund had
been “excellent” from the
company’s existing 70,000
insurance policyholder base.
Yet to market it to the general
public, Mr Cooper said 5 per
cent or some 3,500 of those
clients had already invested in
the fund, a number he
described as “fairly signifi-
cant”.

Designed to encourage
Bahamians to invest and save
more, Mr Cooper said the min- *
imum initial investment was
$500, with people able to invest
a further $100 per month as
part of an investments strategy.

Mr Cooper added that
British American Financial
had increased its sales staff by
10 per cent since the BAB
Holdings buyout was complet-
ed, in addition to adding five
new people to staff its Abaco
office and two persons at
Bramer. The company now
employs some 215 persons, of
whom 65 are administrative
personnel.

Mr Cooper said the first-year
strategy had been to build
upon British American Finan-
cial’s 88-year history, and its
strong legacy and core values
in the insurance business, to
leverage the company into oth-
er growth areas. The new own-
ers, Mr Cooper said, had “
awakened the sleeping giant”.



THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 5B





BFSB voices
concern over
Securities Act

THE Bahamas Financial
Services Board (BFSB) has
added its voice to those
expressing concern over the
process that has ultimately fur-
ther delayed passage of the
amended Securities. Industry
Act, its chief executive saying it
was “imperative” that regula-
tors understood the market’s
needs.

Wendy Warren, who i is also
BFSB's executive director, said
in a statement that it was criti-
cal that the Securities Com-
mission be empowered and
resourced to properly govern
the industry.

"It is critical for the safe-
guarding of the industry's rep-
utation that the Securities
Commission understands the
business so that it can provide
a business-friendly environ-
ment, while recognising and
mitigating risks," she said.

The revised Securities Indus-
try Act (SIA) is key to this
process.

“Capital markets have
changed substantially since the
introduction of the first SIA in
1999. We believe the intro-
duction of the updated SIA is a
critical step in moving the secu-
rities industry forward," said
Ms Warren. "It will provide an
important regulatory frame-
work and clarity- of policy,
thereby increasing the attrac-

.. tiveness of the Bahamas as a
1, place from which to conduct’



is that the legislation supports

‘good governance, rather than
the legislation leading or con-
straining the development of
business.

The Securities Commission
has actively supported the
efforts of the BFSB's Working
Group in helping the Securi-
ties Industry Bill move for-

_ ward, and both parties have
expended considerable
resources to get to this point.
"BFSB appreciates the con-
siderable amount of time that
has been devoted by our SIA
Working Group," said Ms
Warren.

"We were pleased that 2008

Wendy Warre

asset management and other

investment-related activities."
The BFSB's SIA Working
Group, which has been work-

ing closely with the Securities .

Commission on the draft Bill,
plans to organise a series of
roundtable discussions with
industry professionals for final
input on the legislation when
the regulations are released.
An important consideration
from the industry's-perspective

saw the publication of the draft
Act, but expressed concern
that the regulations were not
available to support the judi-
cious review and implementa-
tion of the SJA at the earliest
date. We will continue to sup-
port all efforts of the Govern-
ment and the Securities Com-

_ mission to provide a modern

and appropriate legislative
framework, and will work with

Legal Notice —
NOTICE

ALD

NOTICE IS HEREBY GIVEN as follows:

WY

TMA Cg as

PTA
ese
on Mondays



under the provisions of Section 137(4) of the
International Business Companies: Act 2000.

(b) The dissolution of the said company commenced on
the 15th May, 2008 when the Articles of Dissolution
were submitted to and registered by the Registrar
General.

_ (c) The Liquidator of the said ees is Mr. Michael
Low of 1 Raffles Link# 05-02 Singapore 039393

Dated this 19th day of May, A.D. 2008

Mr. Michael Low
Liquidator

Kelly's Team

Learning & Development
Manager

Kelly's is seeking a fully-qualified and experienced professional to become the full-

‘ time Learning and Development Manager for the 350 + employees in Kelly's House

& Home and Kelly's Lumber. The position requires an experienced and resourceful
communicator able to motivate adults with varying educational backgrounds and °
qualifications, and capable of continuing the development and implementation of on-
going in-house learning and development programs, with their attendant-testing and
evaluation procedures. Such programs will include, but not necessarily be limited to:

» * Orientation courses for all new employees
* Supervisory courses for new and prospective supervisors
* Customer Service courses for all retail employees
* Computer familiarisation courses
* Product-specific knowledge courses for all retai! employees
* Safety courses for drivers and warehouse/yard personnel
* Personal development courses for career advancement

The successful applicant will also be expected to develop and maintain strong links
with other providers of on-going work-related courses in specialised and technical
areas. Previous experience in learning and development or in adult education would
be an asset.

This is a management position for an experienced and qualified professional, who is
willing to demonstrate a long-term commitment to Kelly's development and expansion.
Benefits include medical, pension, and profit-sharing plans, with remuneration package
dependant on qualifications and experience.

E-mail letter of application with comprehensive resume to info@kellysbahamas.com
with "Learning and Development Manager’ as subject.

No phone calls please
Houseg

Kelly‘ S Home

Mall at Marathon
Tel: (242 393.4002 Monday-Friday 3.00 9:00pm

Fax: (242) 393-4096 ney



(a) VALDERAMA LIMITED is in voluntary dissolution -



all parties with this objective
in mind.

“Timing is essential, as finan-
cial market developments will
clearly cause many global - and
perhaps local - players to
reconsider business plans, with

the Bahamas being a potential -

beneficiary of these develop-
ments. Clarity of the regulato-
ry framework continues to
serve as the trigger for releas-
ing the starting blocks and
one's ability to enter the race."



Sa oe |
SEAM AAS Ie)
UES MIR) er ey A

Legal Notice

NOTICE

CEBTOLA LIMITED
NOTICE IS HEREBY GIVEN as follows:

(a) CEBTOLA 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 15th May, 2008 when the Articles of Dissolution
were submitted to and registered by the Registrar
General.

(c) .The Liquidator of the said company is Mr. Paul

Evans Ltd. of Helvetia Court, South Esplanade,
St. Peter Port, Guernsey,

Dated this 19th day of May, A.D. 2008

Mr. Paul Evans
Liquidator

TZ) OT

“We offer the Lowest Prices
with the quickest turn around time”

Nassau Airport

Development Company





NASSAU AIRPORT DEVELOPMENT COMPANY LPIA -
EXPANSION PROJECT

Request for proposal D-107 IT consultant — design & construction administration
services.

NAD is seeking IT design and construction administration services from

qualified IT Consultants for the LPIA Expansion Project. The scope of work
includes:

Qualifications:

_Ph: (242) 325-1643

newlinebusiness@gmail.com



Meeting with all stakeholders and preparing a design requirement
report;

Preparing technical specifications and drawings for the IT component of
the Project;

Providing administrative and inspection services during construction;
and

System commissioning and training.



Consultant should be familiar with Airport Operations Database Systems
(AODB) and the integration of security systems, FIDS / BIDS, baggage
control and monitoring, fire and alarm, access control, CCTV and.
building systems monitoring;

Good communication, reporting and tracking procedures; and

A design qualty control program.

RFP eee can abe Soaked up between
‘May 7th - 23rd, 2008 at:
The Lynden Pindling International Airport
_ Nassau Airport Development Company, _
Terminal 1, Concourse 2nd Floor,
- POBox AP-59229 |
. Nassau, Bahamas





- Contact: Ms.Coakley a at 377-0209



GN-679

OFFICE OF THE PRIME MINISTER



COMMONWEALTH OF THE BAHAMAS
island of New Providence

NOTICE OF POSSESSION
Given Under
THE ACQUISITION OF LAND ACT

Chapter 233 ©

WHEREAS by Declaration of Intended Acquisition dated 18 day of
March A.D., 2008 and published in the Extraordinary Gazette dated 1* day of

April A.D., 2008, the Minister responsible for Acquisition and Disposition of



Lands, the Promoter, declared that the said land described in the Schedule
hereto was required for a public purpose, namely, construction of a Public

School, other Public Buildings and for uses related thereto.

AND WHEREAS the Minister responsible for Acquisition and Disposition
of Lands, Is of the opinion that possession of the said land should be obtained

before payment is made to the rightful claimants thereto.

NOW THEREFORE it is hereby declared that the said land has been
appropriated by the Minister responsible for Acquisition and Disposition of
Lands for the purpose mentioned in the said Declaration of Intended

Acquisition with effect from the date hereof.

Deted this 8 Day of May AD., 2008

“Hubert A. Ingraham —
_ Minister Responsible for
The Acquisition and Disposition of Lands

Schedule
(Annexed)

SCHEDULE

~ AREA= 2.76 ACRES

All that certain lot piece or parcel of land containing by admeasurement Two and
Seventy-Six Hundredreths (2.76) acres situate between Queens Highway and King’s
Highway immediately north of Coopers Court in the Northern Limits of Alice Town,
on the island of North Bimini in the Commonwealth of the Bahamas. Abutting and
Bounding towards the East on King’s Highway towards the South on Coopers
’ Court, towards the West on Queen’s Highway towards the North on Allotment
Number 26 or however else the same may abut and bound which said lot, piece or
parcel of land is more particularly delineated and shown coloured pink on the

diagram attached.

E 670 900(m)
E671 000(m)

N2846 600(m)

GRID NORTH

N2846 500(m)



We.102 Om, 02 OM. &
PU TOH6
COMPILED PLAN
| SHOWNG
A PARCEL OF LAND CONTAINING AN AREA 2.76 ACRES
: SITUATE
BETWEEN QUEEN'S HIGHWAY AND KINGS HIGHWAY
AT THE JUNCTION OF COOPER'S COURT
IN THE NORTHERN LIMITS OF ALICE TOWN
NORTH BIMINI - BAHAMAS
PREPARED AT THE INSTANCE OF THE SURVEYOR GENERAL
s00F ° 100 200 300 400 500 FT
SCALE: 1: INCH = 100 FEET JANUARY, 2008

DRAWN BY: M.Stubbs OLS JOB FILE NO. GO9/08

PAGE 6B, MONDAY, MAY 19, 2008

THE TRIBUNE



ii ain a
Renewable energy RFP requests

may be issued this week

FROM page 1B

been working very diligently
and assiduously over the past
several months, and recognizes
that the cost of energy is a con-
cern to everyone,” Mr Elliott
said.

“The committee has recom-
mended wind and solar as the
obvious ones, through to waste
energy. As we all know, we
have a.solid waste disposal
facility on Tonique Williams-
Darling Highway that.has a lot
of methane gas that can be
used. These are the ones that
we have an abundant supply
of in the Bahamas.”

Mr Elliott added that wave
and ocean energy, known as
hydrokinetic energy, was
another option that have been
considered internally by BEC’s
renewable energy committee.

Adding that BEC’s chair-
man, Fred Gottlieb, and gen-
eral manager, Kevin Basden,
had been firm supporters of

the committee and renewable, |

sustainable energy, Mr Elliott
said that ultimately the system
would involve BEC buying
power/electricity from private
sector operators of renewable
energy facilities. ‘
Adding that this “seems the
most sensible way to go”, Mr
Elliott said that casting BEC
in the role of distributor, and
the private sector as supplier,
of renewable energy would
help to weed out “speculators”
interested in just selling tech-
nology to the Corporation.

Process

Through the RFP process,
BEC aimed to end up with
well-capitalised and financed
providers of electricity from
renewable energy sources, who
had the track record and tech-
nology to succeed.

In addition, the investment
and risk will all be borne by
the private sector suppliers,
minimizing costs to BEC and,
potentially, the Government
and taxpayer. Another advan-
tage is separating the powet

producer and distributor roles.





VOMMence

Mr Elliott said that while it
was unknown what renewable
energy providers would charge
BEC for their electricity,
“we’re expecting that it won’t
cost BEC a whole lot of invest-

-ment, because we’re asking

persons to sell the energy to
us at a point on any of these
islands. They will take it from a
particular point and supply it
to the BEC system”.

Report

A report by US-based con-
sultants Haley & Aldrich said
the Bahamas can “open new
industries”, increase employ-
ment and stimulate economi
growth if it invests in develop-
ing renewable energy sources.
In a report supplied to the
Government, it concluded that
“energy costs will become a
proportionately larger part of
the economy” if the status quo
is maintained.

_Solar,energy, given the
Bahamas’ constant exposure
to sunlight, was “an excellent
resource”, Haley & Aldrich
said, generating on average 5.5
kilowatt hours per square
metre per day.

Using PV technology, the
report said electricity could be
generated at similar per unit

costs to the Bahamas Electric-

ity Corporation’s (BEC) cur-
rent diesel-driven facilities,
using both utility size and
rooftop systems.

Electricity prices in New
Providence and Grand
Bahama, incorporating both
the basic rate and fuel sur-
charge, varied between $0.22
to $0.25 per kilowatt hour
(Kwh). 3

Even in the absence of gov-
ernment support, Haley &
Aldrich found: “The cost per
kilowatt hour to produce elec-
tricity using a rooftop PV unit
in the Bahamas would vary
from $0.12 in the summer to
$0.23 in the winter, with an
average cost of $0.15.”

On solar PV, the consultants
estimated that the purchase. of

250 kilowatts of generating

“16 Weeks U.S.A. Accredi

in Collaboration with
Florida Medical Training Institute

ath 3



capacity could generate 285
megawatt hours of electricity
capacity per year, cost $1 mil-
lion and save 22,000 gallons of
fuel imports per year.

“The cost of a passive solar
thermal system will vary
between $1,000 and $3,000,
depending on the type of sys-
tem and size,” the report said.
“Assuming an installation cost
of $3,000, a solar thermal sys-
tem will pay for itself in four to
eight years and provide for the
hot water needs of a family for
15 to 30 years.”

On solar thermal, Haley &
Aldrich again estimated that a
$1 million investment would
fund 500 passive solar systems,
generate 365 megawatt hours
of electricity per annum and
save on 280,000 gallons of fuel
imports for the Bahamas.

Wastes

Solid and other wastes also
presented an opportunity for
the Bahamas, as energy could
be recovered from its combus-
tion. “Based on the amount of
solid waste generated on New
Providence, approximately 20
MWh (megawatt hours) of
electricity could be generated
from combusting the waste dis-
posed of each day at the Har-
rold Road landfill,” Haley &
Aldrich said.

“Grand Bahama produces
enough waste each day to gen-
erate about SMWh of electric-

. ity. Construction and opera-

tion of waste-to-energy facili-
ties at these two locations
could more than double the
existing tipping fees being
charged for waste disposal,
although the sale of electricity
could help reduce these
charges.”

To tap into this source of
potential energy, the report
urged that the landfill sites in
New Providence and Grand
Bahama be fitted with gas col-
lection and energy generation
systems.

_ It recommended that waste
management, systems; also. be
revised. cists Eh at






Eee



| Ambulance
ride times



THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 7B



LR a me a ae eT ey a
Benchmark retained earnings

FROM page 1B

for 2007.

Explaining Alliance’s deci-
sion to record a fourth quar-
ter bad debt provision, Julian
Brown, Benchmark’s presi-
dent, said: “We had a client we
were doing some trading for,
and holding securities as col-
‘ lateral. The value [of those
securities] fell with the fall in
the markets during the last
quarter.

“We were not able to get out
of that position in time to get
out of our liabilities in time, so
we had to make provisions.”

Mr Brown indicated that the
bad debt provision related to a
margin loan, where clients are
able to borrow funds from a
broker/dealer such as Alliance
by pledging shares or securi-
ties they own as collateral. Yet
if the loan goes bad, and the
value of the shares plummets,
broker/dealers can be left with
virtually worthless stock and
unable to recover the funds
advanced.

Without the $5.616 million
bad debt provision, Mr Brown
said both Alliance and Bench-
mark as a whole would have
enjoyed good years, with the
latter coming “ pretty close to
$2.5 million” in net profit. He
pointed out that Alliance had
generated $900,000 in net prof-
its at the 2007 third quarter-
end, compared to the $5.404
million loss for the full-year it
ultimately produced.

“Tt was the result of the pro-

vision we took at Alliance that -

made everything look bad,” he
added. “If Alliance did nothing
during the year and was sitting
with a zero, we’re sitting pret-
ty. ”

‘Adding that Benchmark had

to “take the good with the -

bad”, Mr Brown said
Alliance’s bad debt provision
had reduced the company’s
book (effectively its net asset
value) from $1.53 per share at
the 2007 third quarter end to
$0.47 at yearend.’

“It’s eroded all our retained
earnings to this point, which
we’ve accumulated over the
years. It has cost us in that
vein,” Mr Brown said.

He denied that Benchmark
(Bahamas) would need an
injection of fresh equity capital
as a result, pointing out that
the fundamentals for Alliance
and all its business subsidiaries
were still strong in terms of
cash flow and business opera-
tions.

Alliance experienced a 9 per
cent revenue growth in 2007,
supplemented by growth in
new business activity that
fuelled increases in manage-
ment fees and securities deal-

ings.

Mr Brown added: “The busi-
ness as an operational business
is still going very well in terms
of operational cash flow, but
it’s a brokerage business, and
what happens at the top end
gets impacted by our experi-
ence with clients.”

Alliance

The Alliance bad debt pro-
vision would not impact on the
projects Benchmark
(Bahamas) had already com-
mitted to, namely the com-
mercial property development
on an acre of land at
Carmichael and Fire Trail
Roads that is being spear-

- headed by its Benchmark

Properties (Bahamas) sub-
sidiary.

Mr Brown said the con-
struction contract for that pro-
ject had now gone out to bid,
with Benchmark “shooting for
July” 2008 as the date for when
ground will be broken on its
construction.

All necessary architectural
and engineering plans for the
development had been sub-
mitted to the Ministry of
Works and other relevant gov-
ernment agencies for approval,
something Mr’ Brown
described as “all-in train and
progressing quite nicely”.

When it came to tenants for
the property, he added: “Oth-
er than Bank of the Bahamas
International, which has com-
mitted to taking out the branch
down there, we don’t have
anything written, but we have
received significant interest
from operational companies,
and don’t believe we'll have
any difficulty in filling that
property.

-“Bank of the Bahamas Inter-
national wants to be there and
needs a presence there, and
were willing to take an
approval in principle to do it.
I’ve had conversations with a
number of major retailers, who
have said that once we get
going they will sit down and
formalize agreements in prin-
ciple.

“The response has been so
positive that I have no doubt
we’re going to fill that place
up well within the period of
construction.”

While Benchmark
(Bahamas) had sold its invest-
ment in Ken Hutton’s investor
group, which bought John S
George in 2003 only to sell it
less than four years later, Mr
Brown said he was still a direc-
tor of the retail company “to
protect our investment”.

He explained: “We have not
taken back the capital we
invested into John S George
yet, as we did the transaction

Legal Notice

NOTICE

PIJARQ HOLDING INC.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on

the 13th day of May 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

|

NOTICE

THE DANCASTER CORPORATION
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on

the 13th day of May 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)



on a promissory note. Once
John S George has done that,
we will be able to write back
some of that investment.”

For the 2007 full-year, Mr
Brown said that apart from
Alliance, when it came to the
company’s other subsidiaries,
Benchmark Advisors
(Bahamas) produced $6,764 in
net profits; Benchmark’
(Bahamas) $2.189 million; and
Benchmark Properties a minor
$350 loss. The combined net
realized and unrealized gain
on investments was $1.47 mil-
lion, and the company’s con-
solidated net assets at year-end
were $2.346 million.

Mr Brown said Benchmark
(Bahamas) domestic securities



portfolio had performed well
up until 2007 year-end, driven
largely by Commonwealth
Bank’s shares post-stock split,
in which the company has a
large stake.

“The [Alliance] provision
takes away from the book val-
ue of the company, but not the
value of the securities we hold
and our ability to trade those
securities as we deem appro-
priate in terms of market-con-
ditions and value,” Mr Brown
added.

When it came to the compa-
ny’s 2008 outlook, Mr Brown
said 2007 fourth quarter trends
had carried over to this year’s
fourth quarter in both the
Bahamian and international

securities markets, with the
downward pressure continu-
ing. Global trends, he added,
had carried over to the
Bahamas in the 2008 first quar-
ter, with “some contracting in
prices” of Bahamian securities.

“The first quarter of the year
is pretty much the same as
what we saw in the fourth
quarter of last year, and it’s
too early to call what it looks
like for the full year,” Mr
Brown added.

If Alliance was able to
recover any of the $5.616 mil-
lion debt, it would write it
back, providing a boost for the
company and Benchmark
(Bahamas). The 2007 year-end
financials, Mr Brown said,

NOTICE

were the most conservative set
possible.

TST

For the stories

WAU he
eS
on Mondays



‘WE WISH TO ADVISE THAT OUR OFFICES IN FREEPORT, ABACO |
AND EXUMA WILL BE CLOSED ON FRIDAY MAY 23", 2008.

ALL OF OUR OFFICES IN NASSAU (INDEPENDENCE DRIVE,
CARMICHAEL & ROSETTA STREET) WILL BE CLOSED UNTIL

1:00PM DUE TO OUR COMPANY'S AWARDS CEREMONY.

WE DO APOLOGISE FOR ANY INCONVIENCE CAUSED.










Finished Shell
































S2wk-Hi 52wk-Low.



J. S. Johnson










100.0000 98.2100

Fidell



52wk-Hi - Highest closing price in last 52 weeks
S2wk-Low - Lowest closing price in last 52 weeks
Previous Close



Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today

(8) - 4-for-1 Stock Split - Effective Date 8/8/2007

Premier Real Estate

Bahamas Supermarkets
Caribbean Crossings (Pref)

Bahamas Supermarkets

un
Colina Bond Fund

CFAL Global Equity Fund

CFAL High Grade Bond Fund

International Investment Fund :
rosseusnet te sagan

- Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for dally volume

DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings

ES{AEUTHRE 142.

BV ier

FINARNE

‘

Ranging From 1,332 to 2,807 sq. ft.

Parking Facilities Available
For More Information Call 396-0000

BISK ROYAL Q FIDELITY Gc S'

e
e
© Ready For Immediate Occupancy
@
e



x 1.18 Abaco Markets 1.95
11.80 11.50 Bahamas Property Fund 11.80
19.68 9.05 Bank of Bahamas 9.61
0.99 0.85 Benchmark 0.90
3.74 2.70 Bahamas Waste 3.50
12.70 1.30 Fidelity Bank 2.39
14.06 10.42 Cable Bahamas 14.00
3.15 2.10 Colina Holdings 2.87
8.50 4.77 Commonwealth Bank (S1) 7.15
7.22 3.32 Consolidated Water BDRs 3.42
3.00 2.20 Doctor's Hospital 3.00
8.00 5.96 Famguard 8.00
13.01 12.50 Finco 12.50
14.75 13.24 FirstCaribbean 13.24
6.10 5.05 Focol (S) 5.55
1.00 0.41 Freeport Concrete 0.41

ICD Utilities

1.312381°*

2.6629 Colina MSI Preferred Fund 2.989349"****
1.3901 1.2647 Colina Money Market Fund 1.390052°***
3.7969 3.2018 Fidelity Bahamas G & | Fund 3.6960*****
12.1564 11.5519 Fidelity Prime Income Fund 12.1564°***
100.0000 100.0000 CFAL Global Bond Fund 100.00**



Saffrey Square
Bay Street

www. bahamasrealty.bs
www.cbrichardellis.com

PRIME OFFICE SUITES

BAHAMAS REALTY rp.
COMMERCIAL
In association with:

CBRE

CB RICHARD ELLIS
NAVIGATING A NEW WORLD

Bid $ - Buying price of Colina and Fidelity




crFAL”

Change

1.85 ‘.
11.80 .

9.61 .

0.89 -0.01 3,000

* 3.50 0.00

2.35 -0.04 1,000
14.06 0.06 1,400

2.87 0.00

7.15 0.00 4,500

3.32 -0.10

3.00 0.00

8.00 0.00
12.50 0.00 550
13.24 0.00

5.55 0.00

0.41 0.00



Ask S - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price
Weokly Vol.
EPS $ - Acompany's reported earnings per share for the last 12 mths

- Trading volume of the prior week

NAV - Net Asset Value
N/M - Not Meaningful

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



BROKERAGE & ADVISORY. SERVICES








G CAPITAL cS

0.030 4.7
0.090 12.1

0.055 0.040 42.7 © 1.70%
1.121 0.240 12.5 1.71%
0.091 0.040 31.5 1.39%
0.440 0.290 16.3 4.06%
0.131 0.052 26.1 1.52%
0.316 0.040 9.5 1.33%
0.713 0.280 11.2 3.50%
0.810 0.570 15.4 4.56%
0.651 0.470 20.3 3.55%
0.386 0.140 14.4 2.52%
0.035 0.000 11.7 0.00%

16.5 4.42%











31 December 2007
*-9 May 2008
* - 31 April 2008
earn ~ 30 April 2008
eae - 31 March 2008





PAGE 8B, MONDAY, MAY 19, 2008

PRICEVATERHOUSE(OOPERS @



INDEPENDENT AUDITORS’ REPORT Pacalmile (242) 300-5356
To the Shareholder of Pasche Bank & Trust Limited

We have audited the accompanying consolidated balance sheet of Pasche Bank & Trust Limited
(the Bank) and its subsidiary (together, the Group) as of 31 December 2007 and a summary of
significant accounting policies and other explanatory notes,

Management's Responsibility for the Financial Statements

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

Auditors’ Responsibility

dig Wasaesisay ls dissebe ak sous oa Colby: Acne bcudioe use Mead a
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 balance sheet is fee from material missistement,

‘An endit“involveh pecfoanuing peocodnees:5 ‘abtald: audit Grideaoe about’ Ge. ensoiotha -and
disclosures in the financial statements. The procedures selected depend on the auditors’
judgment, including the assessment of the riskt of material misstatement of the 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 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 intemal control. An
audit aiso includes evaluating the appropriateness of accounting policies used and the
seasoanbloncas of accouming estimates made by. macagement, aswell sa evaluating the overall
Presentation of the financial stmements.

We blest te md evince we hee band sented aproprite povie
basis for our audit opinion.

Opinion

Jobs huiton ioe anssiogcoicy Seboliainad esses ‘vase gion ely in all material
ee ee
International Financial Reporting Standards

Emphasis of Matter

sic Gnidia oe Soils Cs casente ts ts ops coasted bende ibe
does not comprise a complete set of financial statements in ancordance with Intemational
Financial Reporting Standards. Information on results of operations, cash flows and changes in
equity is necessary to obtain a complete understanding of the financial position, performance and
changes in financial position ofthe Group.

" Chartered Accountants
it April 2008
Pasche Bank & Trust Limited
Consolidated Balance Sheet
As of 31 December 2007
(Amounts expressed in Swiss francs)
zeF 2606
CHF cr
ASSETS : .
Cash and demand deposits with cane i $36,025,110 138,376,355
Term: deposits with darks $34,407,261 73,732,004
Loans and advances to customers _ 8,607,823 2,426,634
Derivative financial instraments (Note 6} : 64,968 2,012,465
Other assets i103.425 ° __ 1.079.260
Total assets 283.208 287 wd 26218
LIABILITIES
Customers’ deposits : 164,365,065 130,142,290
Due to banks 99,987,228 66,884,409
Derivative financial instruments (Note 6) : ; | $5,311 2,002,196
Other liabilities ; _LS1L122 964,457
‘Total Rabitities aes / SSIS oR
EQUITY
Share capital:
Authorised, issued and fully paid:
2,000 shares at CHF 1,000 cach = 2,000,000 2,000,000
Total equity ; : a : - 47399561 14,633,366
_ Total Habilities and equity z y 703,208,287 214.626,718

APPROVED BY THE BOARD OF DIRECTORS AND SIGNED ON ITS BEBALF BY:





Date
Notes to Consolidated Balance Sheet
31 December 2007

1. General Information

Pasche Bank & Trust Limited (the Bunk) is incorporated unider the Companies Act, 1992 of

' the Commonwealth of The Bahamas, and is licensed under the Banks and Trust Companies
Regulation Act, 2000 to carry om banking and trust business from within The Bshanses.
The Bank is also licensed in The Bahamas under the Seturities Industry Act, 1999 and
related regulations as a Ciass I Broker Dealer. The principal activities of the Bank and its
subsidiary (together, the Group) are providing banking, custody, trustee, investment
tnanagement and advisory services. :

‘The registered office is situated at Bayside Executive Park, Blake Road, New Providence,

The Bank is 2 wholly-owned subsidiary of Pasche international Holding Ltd., a company
incorporated in the Commonwealth of The Bahamas, which is an indirect, wholiy-owned
subsidiary of Banque Pasche S.A. (the Parent}, a company incorporated in Switzerland.

The ultimate holding entity is the Crédit Mutuel Group, an entity domiciled in France,,.....wcnunndsnnne

2. Sunsmary of Significant Accounting Pollcips

The principal accounting policies applied in the preparation of the consolidated balance
sheet are set out below. These policies have been consistently applied to all the years
presented, unless otherwise stated.

(a) Basis of preparation : .

The consolidated balance sheet hasbeen prepared.in accordance with International
Financial Reporting Standards (IFRS) and under the historical cost convention, as
modified by the revaluation of derivative financial. instruments. The preparation of
consolidated financial statements in accordance with IFRS requires management to
exercise judgment in the process of applying the Bank's accounting policies. It also
requires management to make estimates and. assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities as of
the date of the consolidated balance sheet. Actual results could differ from those
estimates.

In the current year, the Group adopted IFRS 7 Financial instruments: Disclosures and

the amendments to AS 1 Presentatior of Financial Statements, which became effective

for fiscal periods beginning on or after | January 2007. The impact of the adoption of

IFRS 7 and the changes to LAS 1 bas been to expand disclosures regarding the Group's
‘ financial instruments and management of capital.

The remaining standards and amendments and intespretations to published standards
that became effective for fiscal periods beginning on or after 1 January 2007 were not
a
accounting policies or consolidated balance sheet.

The application of new standards and amendments and intetpretations to existing
standards that have been published but are not yet effective are not expected to have a
material impact on the Group’s secounting policies or consolidated balance sheet in the
period of initial application.

(b} Principles of consolidation and investment in subsidiary
Subsidiaries are entities over which the Bank has the power to govern the financial and

operating policies, generally accompanying a shareholding of more than one half of the
voting rights.

THE TRIBUNE

Intercompany transactions, belances and unrealised gains os transactions between group
companies are eliminated, Unrealised losses are also eliminated unless the transaction
provides evidence of impairment of the asset transferred. The accounting policies of
subsidiaries are changed where necessary to ensure consistency with the policies
adopted by the Group.

The consolidated balance sheet includes the accounts of the Bank and its wholly-owned
subsidiary Pasche Sociedad Anénims Montevideo (PSM), which was incorporated
under the laws of Uruguay during 2007. PSM intends to engage in activities such as,
but not limited to, disseminating information sbout the Bank, and acting as a
coordination centre between the Bank snd its potential clients in Uruguay. As of 31
December 2007, PSM has not received its licence from. the Central Bank of Uruguay,
and the Bank’s approval from the Central Bank of The Bahamas regarding its
subsidiary is subject to the receipt of the aforementioned licence. Therefore, PSM has
not commenced its operating activities.

{c) Foreign currency transactions

The consolidated balance sheet is presented in Swiss francs, which is the Group’s
functional and presentation currency. Foreign currency transactions are translated into
the. functional currency using the exchange mites prevailing at the dates of transactions.
Foreign exchange gains and losses resulting from setdement of such transactions and
from the translation at year end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the consolidated income statement.

(d) Loans and advances fo customers
Loans and advances to customers are recognised initially at fair value and subsequently

measured at amortised cost, less provision for impairment. A provision for impairment
is established when there is objective evidence that the Group will not be able to collect
all amounts according to the original terms of the loan or advance. The provision is the
Gifference between the carrying amount and present value of estimated cash flows
discounted at the original effective interest rate.

(e) Derivative financial instruments

Derivatives are initially recognised at fair value on the date on which a derivative
contract is entered into and subsequently remeasured at fair value. Fair values are
determined based on quoted market prices in active markets, recent market transactions
and valuation techniques, including discounted cash flow models and option pricing
models, az appropriate, Ail derivatives are carried as assets when fair value is positive
and as liabilities when fair value is negative.

() Fiduciary activities

The Group wots ag trustee and in other fiduciary capacities that result in the holding or
placing of assets on behalf of individuals, trusts and other institutions. These assets are
excluded from the consolidated balance sheet as they do not belong to the Group.

{g) Income and expense recognition

Rees and commissions are generally recognised on the sccrual basis when the service
has been provided. Fees and commissions arising from negotiating, or participating in
the negotiation of a transaction for a client such as the arrangement of the acquisition or
erodes SA vere eee are ge on completion of the underlying transaction,

Posshilio inlcageiatek,- edlvisiey: aud costody. Recs. aot Snsagalued Wael: ats
applicable service contract, usually on a time apportionate basis. The Group’s billing
cycle is much that management and administration fees charged to clients are generally
billed and collected in the same accounting period that they are earned,

Interest income and expense for all interest bearing financial instruments are recognised
in the consolidated income statement using the effective interest method.

All other income and expenses are recognised on the accrual basis.
(bh) Employee benefits

The Group bas a defined contribution plan for all eligible employees, which is managed
and administered by a third party incorporated in the Commonwealth of The Bahamas,
Participating employees contribute 2.5% of their eligible earnings, and the Group
contributes three times that amount as its share of total contributions. The Group's
contributions fully vest with a participant after two years of service, and the Group has
no further payment obligations once the contributions have been made. The Group's
contributions are recognised in the consolidated income statement in the year to which
they relate,
Gi) Leases

‘The leases entered into by the Group are operating leases, which are leases where a
significant portion of the risks and newards of ownership are retained by the lessor.

_ Payments made under operating Ieases are chatged to the consolidated income
statement on a straight-line basis over the period of the iease.

@)} Taxation
Under the current laws of the Commomwealth of The Bahamas, soe conaiy. ei. damnice
: Of Ge Banke, there ete, no lepine, Sepia gens or othe aes leopard 2 F

(s) Corresponding figures

Where necessary, corresponding figures are adjusted to conform with changes in
presentation in the current year.

3. Related Party Balances
. Related parties include: i) key management personnel, including directors; ii) entities that

have the ability to control or exercise significant influence over the Group in making
financial or operational decisions; and iff} entities that are controlled, jointly controlled or
significantly influenced by parties described in i) and ii}. Balances with related parties are
as follows:

2087 2006

CHF : CHF
Balance sheet 3 i
Demand deposits with banks 109,886,269 133,982,132
Term deposits with banks 184,407,261 73,732,004
Loans and advances to customers 11,589,085 ”
Derivative financial instruments 60,323 1,874,851
Other assets 1,022,762 - 1,000,000
Customers’ deposits 40,289,797 26,978,506
Due to banks 99,987,228 66,884,409
Derivative financial instruments . 131,318
Other liabilities . 4,120,006 220,000

Management and investment advisory agreements

“The Bank has an agreement with Pasche Fund Management Lid, (PFML), a related
company, to provide PFML with investment advisory and fund administration services, as
weil as other support services including information technology, accounting and back office
functions.

The Group also has an agreement with the Parent, in which the Parent provides trading and
cash management services, communications, risk management, accounting and other
general services,

4. Capital Management

The Group's objectives when managing capital, which is a broader concept than * a on
De ve Of Gncougs eas balance sheet, are:

° To comply with the capital requirements ect by the Central Bank of The Bahemas (the
eh) Cee, ee Oe ey, ey See ee eae
operate;

° To safeguard the Group's ability 10 continue as a going concem sa that it can continue
to provide retums for the Parent and benefits for other stakeholders; and

* To maintain a strong capital base to support the development of its business.

Capital adequacy and the use of regulatory capital are monitored by the Bank's
management, employing techniques designed te ensure compliance with guidelines
established by the Central Bank. The required information is filed with the Central Bank
on 2 quarterly basis.

The Cintra! Bank rogues thi the catty slain‘ rai f tal egulatory capital to tke
weighted agsets at or above a minimum of 8%.

The table below summarises the composition of regulatory capital and shows the capital
adequacy ratio of the Bank as of the consolidated balance sheet date. The Bank has
complied with all of the externally imposed capital requirements to which itis subject.

2087 ‘ 2006

CHF CHF
Tier 1 capital
Share capital 2,000,000 2,000,000
Retained earnings 15,289,561 12,633,366
Total 17289561 14,633,366
Risk-weighted assets 67,106,912 47,119,533
Capital adequacy ratio 6% _ 31%



5. Risk Management

The Group engages in transactions that expose it to various types of risk in the nonnal
course of business. Such risks include fiduciary, credit, interest rate, liquidity and currency
risks. The Group’s financial performance is dependent on its ability to understand and
effectively manage these risks to achieve an appropriate balance between risk and return.

Fiduciary risk

The Group provides significant custody, investment management, advisory, and other
fiduciary services. These activities give rise to fiduciary risk, which is the risk that the
Group may fail in carrying out certain mandstes in accordance with the wishes of its
customers or fail to achieve expected performance goals, To manage this exposure, the
Group generally takes 8 conservative approach in its undertakings for customers.

LA EGAN SRR BA EE APRS ROE BLE Naor

Semskaet

: Dy

cram

ssteuatiieaeiiaaia

eects



aR aha

PK

tees



aS tt ARRAN

Sr ic AD

a as an Sh ES p





SERS ETE RO EERE TLR REECE





THE TRIBUNE

—~

4

Credit risk

~ Credit risk arises from the potential failure of a counterparty to perform according to the
terms of a contract. From this perspective, the Group’s credit risk exposure is concentrated
in its deposits placed with other institutions, loans and advances to customers, guarantees
issued to third parties on behalf of customers and derivative pel ee
positive fair values. :

The Group’s deposits have been placed with high quality intemnational banking institutions
and loans and advances to customers and guarantees issued on behalf of customers are fully
supported by assets pledged as collateral and held by the Group on behaif of the customers,
Derivative contracts are either with reputable financial institutions or with customers whose
obtigations are fully supported by assets they have lodged with the Group as collateral, As
of 31 December 2007 and 2006, all credit exposures were current, with no past due
amounts, Accordingly, there are no provisions for doubtful accounts.

The geographical location of the Group’s assets based on the damicile of the counterparty
are as follows {expressed in CHFO00s):



Europe Other Total
Cash and demand deposits with banks 109,886 6,139 116,025
Term: deposits with banks 154,407 - 154,407
Loans and advances to customers 3,883 7,725 13,608
Derivative financial instruments 65 - 65
Other assets , : 3.103 1,103
As of 33 December 2007 768,244 $4967 —s- 283.208
As of 31 December 2006 ZNTS2G Ed28 «= 2S GIG

Enterest rate risk -

Interest rate risk is the risk that the fiture cash flows or fair value of a financial instrament *

- will fluctuate because of changes in market interest rates. The Group takes on exposure to
the effects of fluctuations in the prevailing levels of market interest rates on both its cash
flow and fair value risks, Interest margins may increase as a result of such changes but may
decrease or create losses in the event that unexpected movements arise. The Group
manages this risk by seeking to maintain assets and liabilities with similar principal values,
interest rates and maturity or repricing dates.

‘The table below summarises the Group's exposure to interest mate risk, It includes the
Groug’s assets and liabilities at carrying amounts, categorised by the earlier of contractual
ropricing or maturity date from the consolidated balance sheet date.

Nen-
Up te 1-3 32 1S S10 taterent
: ¥ month months months years years hearing Toral
Ag af3! December 2007 F
{expressed in CHFO00s)
Anes
Cash and demand deposits :
with banks 144,327 wily - . + $698 $46,028
Term deposits with bunks 43,920 110,487 oe a R ‘ 154,407
Loans and advances to
customers: 8,924 - . - 488 . EAS
: Nog.
Upto 13 312 1S SAG interest
+ month months conths years years hearing Total
instruments ‘ . . “ . + 65 &8
‘Other sasets ena renee ae ee AAD een ere LAR
Total assets SEAT a ADE SE ness Sennrerere ieee A A et RR rr RE
Liabliities :
Customers’ deposits 139,206 33,548 aL AE - - : 164,368
Due to banks 93,390 6,448 49 - - - 99,987
Derivative financial
instruments + - : - ~ ‘35 $$
Other abilities : s - : Seba LSE
‘Total Habisities PREG eos DERG, nlite
‘Total interest ;
oeustitvity gap “pb S SY ne BEAST en ELGAR
As of 31 December 2006
‘Total asvets 438,937 1878 - - ORE 18626
‘Totet Rabitiies : * “
Totad iuterest
seusttivity gap eel SE ALES nse
"Liquidity risk

Liquidity risk is the risk that the Group will not have the necessary resources to meet its
contractual obligations as they come due. The Group manages its liquidity by matching
fiabilities with assets of similar maturity periods. The analysis of assets and liabilities
disclosed under interest rate risk is indicative of a contractual maturity analysis. With the
exception of certain loans and advances, all assets and liabilities are classified as current,
Le. expect to be realised within swelve months of the consolidated balance sheet date.

Currency risk

‘The Group takes on exposure to currency risk arising from the effect of fluctuations in the
prevailing foreign currency exchange rates on its financial position and cash flows.
Management sets limits on the level of exposure by currency and in aggregate for both
overnight and intra-day positions, which are monitored daily with oversight from the
Parent. The table below summarises the Group's exposure t foreign currency exchange
tisk.

United
franc “ Rural doltar Other Totat
AS 31 December 2007 ;
(expressed in CHFO0@s}
Assets
‘Cash sad demand deposits ;
with 26,216 56,391 23,559 2,065 124,025
_ Tesm deposits with banks 20,972 $402 , 38,033 - 154,407
Loans and advances to 5 .
customers 13,269 248 9 " FOS
Derivative flannciat
65 - - - 85
Other assets EL scenes ernest aeceensceeneeeal DE
‘Fotal aseets 2563 aa, 739 ngs 283.208
Linthttittes:
Customers’ deposits 25,530 ; 61,054 72,691 8,650 164,365
Bue to hanks 2,732 Fig GAOL AD 99,987
Desivative finnnolal
instruments 35 * * ” $8
Other liabifities Ri den oh a eS Seen SLE
"Fotal tiabiities SSO TR IRD nave DOSING
Net ou-bulauve sheet \
poutien SRS FFE nd DRO
Credit commitments!
Guerantess sien A a ea pepsin da
As of 32 December 2896.
Total asazts 44,890 182,08¢ 55,078 32,618 244,626
Total tebitictes SRE eee ETRE SATE eee ERSTE esr STOOD
Net om-balence sheet :
Credit cocsealtoente
Guarantees eS ner A reece Timeenyaenensrnentinennnmneioer tie,

6 Commitments and Contingencies

(a) Derivative financial instruments

‘The Group enters into forerard cunreach ooutracta. solely #3 part of its. costomenselatedd
activities. Forward currency contracts are contracts to purchase or sell foreign
currencies at specific rates of exchange on specific dates in the future. Risk arises from
the potential inability of counterparties.to perform under the terms of the contumts
(srédit risk) and from fluctuations in the foreign exchange rates (market risk). The
Group manages its market risk of customer-related positions by taking offsetting
positions with its affiliates, resulting in. minimal market exposure. The oredit risk of
customer positions is managed by applying uniform credit standards maintained for all
activities with credit risk. Collateral held generally includes cash, cash equivalents, and
marketable securities.

The contract amounts of these instruments reflect the extent of the Group's involvement -
in forward currency contracts and do not represent the Group’s tisk of loss due to
counterparty nonperformance. The Group's exposure to credit risk of such instruments
is Limited to those contracts with positive fair values, as reported in the consolidated
balance sheet.

As of 31 Deceinbec; the Group’ had cdetmctnal conudlemets wader’ open ‘orvand
currency contracts as follows:

2807 2066
; CHF CHF
Commitments to purchase foreign currencies :
~ Affiliates 14,740,731 38,810,251
~ Customers 16,180,640 38,331,824
Commitments to sell foreign currencies
- Affitiates 14,687,464 38,331,763
~ Customers 16,224,250 38,800,043
(b) Guarantees

As of 31 December 2007, the Group was contingently tiable for guarantees issued to
third parties totalling approximately CHF! ,904,000 (2606: CHF825,000}. Assets held
by the Group on behalf of customers have been pledged as collateral in full support of
these guarantees.

(c} Lease conmmitments

The Group has entered into operating lease agreements for its office space and
residential property for certain key management personnel.

Future minimum lesse payments as of 31 December 2007 are as follows:

2067
CHF
Within one year : PA1,272
One year to five years 61,134

Fair value of financial instruments

Financial instruments utilised by the Group comprise the recorded financial assets and
liabilities disclosed in the consolidated balance sheet. The Group’s financial instruments
are principally short-term in nature; accordingly, their fair value approximates their
camying vaiuc. -

’ MONDAY, MAY 19, 2008, PAGE 9B
OE] StS





Microsoft:
New talks for
alternative
Yahoo deal

@ By JESSICA MINTZ
AP Technology Writer

SEATTLE (AP) —
Microsoft Corporation said
Sunday it is talking to Yahoo
Incorporated about a transac-
tion that doesn’t involve a full
buyout like the software mak-
er’s $47.5 billion offer that fell
apart earlier this month.

Redmond, Washington-
based Microsoft walked away
May 3 from its offer to buy the
Web pioneer. Since then, bil-
lionaire investor Carl Icahn has
launched an effort to oust
Yahoo’s board.

In a statement Sunday,
Microsoft says it is consider-
ing a different kind of deal with
Yahoo as it pursues ways to
improve and expand its online
services and advertising busi-
ness. “Microsoft is considering
and has raised with Yahoo an
alternative that would involve

Film producer raises

FROM page 1B

fully supported by some indi-
viduals who have recognised
the value of film in this coun-
try, and that it could oe prof-
itable.”

stood to be Owen Bethel, pres-
ident of the Nassau-based
Montaque Group, the finan-
cial services provider. Mr
Bethel has set Be a film financ- ~

a transaction with Yahoo but
not an acquisition of all of
Yahoo,” the statement said.
“Microsoft is not proposing to
make a new bid to acquire all
of Yahoo at this time, but
reserves the right to reconsider
that alternative depending on
future developments and dis-
cussions that may take place
with Yahoo or discussions with

shareholders of Yahoo or

Microsoft or with other third
parties.”

Spokesman

A Microsoft spokesman
declined to comment beyond

the written statement. Yahoo '

representatives could not

immediately be reached for

comment.
The statement may be a sign

that Yahoo founders. Jerry.

Yang and David Filo and
Chairman Roy Bostock are

)

ing company based in
Delaware and, while still
cranking up to full operations,
it has already committed funds
to Mr Mortimer and another

‘film, an Italian production,
sawhich will be shot in the
‘Among the backers i is ; under-

Bahamas.

Daybreak’s full budget is
$650,000, and pre-production
is due to start in two weeks —
early June..Mr Mortimer said
all the lead roles had been cast,



scrambling to avert an ugly
shareholder mutiny ahead of
the company’s July 3 annual
meeting.

Icahn has proposed his own
slate of directors to replace
Yang, Bostock and the rest of
the board, in hopes of bringing
Microsoft back to the bargain-
ing table. The results of his
effort would come to a vote at
the meeting.

Many analysts believe that
despite Microsoft’s assurances
it is moving ahead without
Yahoo, the software maker
would revive its bid, likely at a
lower price, if the Silicon Val-
ley icon’s stock continues to
languish.

Icahn told Yahoo’s board it
could quickly quell the share-
holder revolt by renewing
negotiations with Microsoft,
but the software maker warned
Sunday that it’s possible no
deal will be struck.

$299,000

and he was now looking for
supporting actors in Nassau
and Freeport.

“We're going to make a gor-

geous film. It’s going really
well,” said Mr Mortimer. “We
have.really high hopes of Day-:;,
break. We have a good, solid’!
cast of Bahamian talent, who!
have been living abroad and
locally.”
' Adding that. Daybreak
would be the second film he
did in 2008, Mr Mortimer said:
“We feel very confident: My
dream is to have it released in
US theatres. I know this film
will be beautiful. I know what
Float did, and it is continuing
to do well. I think Daybreak
will do 10 times as well.”

Mr Mortimer said Float had *

already aired on MTV’s Logo

network, and was rated by
viewers as the best film during
the first week it was aired. As a
result, it was played four times,
benefiting Mr Mortimer finan-
cially as he earns every time
Logo screens Float. As a result,
the budget for producing Float
has now been covered.

Mr Mortimer told The Tri-
bune he was still in post-pro-
duction on his Iam not a
Dummy documentary, which
focuses on the moving life sto-
ry of Bahamian Michael Wells,
who learnt to read and write -
by watching Sesame Street on
TV despite being born with
serious neurological damage.

He added that future pro-
ductions he is eyeing may —

include a mini-series, and pos-

sibly something related to

human trafficking.

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currently undergoing market expansion wishes to employ
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A degree in marketing or business is preferred but not a must.

Persons interested should submit CV’s and reference letters to:

by May 31, 2008.

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‘P.O. Box N-3207
Nassau, Bahamas





PAGE 10B, MONDAY, MAY 19, 2008



@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

WITH the Bahamas at an
“economic crossroads”, the
country needs to solidify its
position on trade and trade
arrangements, the Bahamas
Chamber of Commerce’s exec-
utive director said.

Philip Simon said the issue












































Internet &

of trade has now come to the
fore, with the Economic Part-
nership Agreement (EPA) due
to be signed in July with the
European Union (EU) being
one of the most pressing eco-
nomic and trade-related mat-
ters the Bahamas is consider-
ing right now.

Mr Simon said that given its
significance, the Chamber has
asked the minister of state for
finance, Zhivargo Laing, to

Telephone Banking

Deposits & Investments

Insurance

Credit Cards

Personal Loans

Mortgages

Wealth Management

Small

Business Banking

Corporate Banking

outline the Government’s posi-
tion on trade at its annual gen-
eral meeting on Wednesday
May.

He said there were a number
of questions to be asked,
including: “What is our nation-
al trade policy? Where do we
see ourselves going in regard to
trade and development agree-
ments within the next five to
ten years?”

Mr Simon added that at the



Foreign Exchange and Derivatives

Capital

Markets

moment, the Bahamas was not
a formal member of any trade
agreement.

“We are the only country in
the Western Hemisphere
which is not a member of the
World Trade Organisation, so
what is the Bahamas’ position

relevant to trade going for- .

ward?” he asked.

Mr Simon said that with the
Government’s intending to
sign the EPA, and with the

ee a a aa | a a
Trade leaves Bahamas a
‘economic crossroads’

Bahamas likely accession to
the full WTO membership
imminent, the country will find
itself going from no trade
agreements to at least two over
the next five years.

“T think the more critical
trade agreement for the
Bahamas will be the Caribbean
Basin Initiative (CBI). That
has more implications than the
EPA by far because the Unit-
ed States is such a major trade
player,” he added.

Mr Simon said that given the

- principles under which the new

trade agreements operate, pri-
marily reciprocity and nation-
al treatment, there will be
tremendous implications for
this country’s revenue.

“They will remove barriers
to trade, because if you pur-
chase something in a unit and

. it is shipped to the Bahamas, it
is tax. We consider it a rev-
enue generator, so there is a
difference in philosophy, but
we are a developing nation and
it is important that a level of

. protection is in place,” the
Chamber’s executive director
added.

He said the Bahamas was
now determining just how far
‘that protection should go, and
whether that protection should
have exemptions, meaning that
certain sectors of the economy
will not be open to foreign
competition permanently or be

‘given grace periods to liber-
alise.

“We certainly cannot com-
pete wholesale with multina-
tional and large companies
coming to the country,” Mr
Simon said.

“Some may say that the
Bahamas has always been

globalised, and open to finan-
cial services and tourism. That
is true, we have competed and
competed well. However, that
is not all of our'economy and
the rules. of engagement are

THE TRIBUNE,




Philip Simon

dictating a different way of
engaging in the game. Eithet
we are going to be in or out.”

Mr Simon said the Bahama
had suffered for being outsid
these rules-based tradin
arrangements, as evidenced by
what happened in 1999-2000
with the financial services
industry’s ‘blacklisting’.

“We saw the repercussions
of our being out,” he noted.
While the Bahamas may have
done things differently, the
bottom line was that the coun-
try had no recourse, no buffer

,against the action which was

taken against it by the inter-
national community.

“We had no colleagues that
we could call upon, no mecha-
nism that we could rely upon
to arbitrate for us,” Mr Simon
said.

“Obviously we have to build
institutional capacity, and the
major thing for us and for gov-
ernment is how do we poten-
tially replace revenue or diver-
sify revenue? We have said for
years that we have outgrown
our revenue system, because
the Government is always
stretched to the limit in being
able to fund projects. How do
we diversify? Obviously we

have to come up with ways to +

increase our revenue.”

We each have our goals, things we’ want to achieve. At

different times of our lives, those aspirations may

change and we may choose a different path. No

matter what stage of life you find yourself in,
FirstCaribbean is right there with you, encouraging,
helping, cheering you on. Take the first step. Make us
the people you talk to. Make us your life partner.



INTERNATIONAL BANK

GET THERE. TOGETHER.

—_—



Full Text
| HAPPY MEAL



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| AMERICAN IDOL a4

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“EUSA TODAY



‘BAHAMAS EDITION





Volume: 104 No.148





Tee etd te

Mio!

So eat es

MONDAY, MAY 19, 2008

SEE | Ase aay





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smuggling hora

US police seek
two Bahamian
men suspected. of |
human trafficking

US police are searching for’ —
two Bahamian men who they

suspect of being key players in a

smuggling ring that began in

2005 and has resulted in more

than 30 innocent men and .

women being killed at sea near
Florida’s coastline.

Both men were featured over
the weekend on the popular
crime show America’s Most
Wanted.

Sketch of

cop shooting



suspect

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

POLICE are hoping that a
composite sketch of the man
believed to be responsible for
shooting a New Jersey cop vaca-

tioning in Nassau will lead to a '

speedy arrest.

SEE page 14

‘One of the’ men is described
by officials as'a “recruiter” in
the smuggling operation and is

‘wanted for “alien smuggling”.

The 38-year-old, according to

US officials, finds men and .

women\from Haiti; Jamaica and
The Bahamas willing to pay
$3,500 a head to travel to the
US.

SEE page 12



ae 26
Have you seen this man?

ATLANTA 384

LOS ANGELES



AIRLINE TAXES & FEES INCLUDED!

RATES SUBJECT To CHANGE & BASED ON AVAILABILITY

| RESTRICTIONS Cie



m@ PHOTO:
Felipé Major/
Tribune staff




MORE than a ton of mari-
juana valued at $1.2 million was
seized in a West Bay Street
home over the weekend by
Drug Enforcement Unit offi-
cers acting on a a tip from the
public.

A DEU OFFICER helps remove a ton of marijuana
from a house in the West Bay Street area














It took officers well over two

hours to package the illegal
drugs, hidden in numerous

places throughout the
Bougainvillea Avenue home.
SEE page 14

Coast Guard rescue

@ By DENISE MAYCOCK

Tribune Freeport Reporter.

dmaycock@tribunemedia.net

FREEPORT - Four Grand
Bahama men were rescued after
‘ US Coast Guard officials spot-
ted a capsized vessel off The
Great Isaacs on Friday.

According to Chief Supt Basil
Rahming, the men had been







stranded on the cay for 12 hours
before being rescued by Bimini
police.

Kelsey Dorsette, 39, Kenny
McQueen, 35, Jeffrey Russell,
29, and 54-year-old Alfred
Sanchez left Freeport around
8am on Thursday.

SEE page 14



‘Show us why

SARIN
r Sere aia oer





gLocal activist challenges

the country’s judiciary

lm By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.neti.

A LOCAL gay rights activist

last ‘night challenged the
Bahamian judiciary to present

specific reference to any law

that precludes gay couples from
legally marrying in the
Bahamas. :

i. Rainbow. Alliance spokesper-

son Erin’ Greene argued that

one reason gays are not allowed
to marry in the Bahamas is the
“perpetuation of erchale funda-
mental beliefs.”
But the “will of the gay com-
munity” to speak out publicly

against these infringements is
lacking in The Bahamas, said
Ms Greene. .

Her comments came in the
wake of an historic ruling by a

_California Supreme Court which
overturned its ban on gay. mar-

riage last week.

“The truth is there are no.
laws that preclude gay people
from getting married, it’s an

archaic interpretation of the laws.

~or a particular archaic policy
‘coming out of the Registrar’s
Office,” Ms Greene told The
Tribune.

SEE page 12

MP feels residents’ heat |
over brush fire response



lm By REUBEN SHEARER

PINEWOOD residents were
outraged yesterday as Fire
Department officials and MP
Byran Woodside seemed to

. have been slow in responding

to a major bush blaze in

Baygeranium Avenue and

Pinecrest Drive.

The intense fire started for
the first time last Friday, said
Judy Bosfield, a local resident.

According to Ms Bosfield, the
blaze was put out that same

. evening, but sprang up a sec-

SEE page 14




2000 Chevy 1500 truck.
SEE page 12

Teenager killed in road
tragedy blamed on gunfire

» A TEENAGE passenger died after a collision with a vehi-
cle attempting to escape gunfire from another motorist in a
tragic accident over the weekend. :
The male driver of a 2000 Chevy Impala had just left a pri-
vate function at Workers House when a truck overtook and
stopped some distance ahead on Tonique Williams Darling
Highway around 2.25 am on Saturday .
_ An occupant of the truck got out and fired shots from a
shotgun at the Chevy Impala, causing damage to the vehicle.
The driver of the Impala, on hearing the gunshots, low-
ered his head and sped away. The impale hit the rear of a red

BN E-UMA UA OLeLe tS L0(
















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f eat 58 a7,
| . PAGE 2, MONDAY, MAY 19, 2008 __ THE TRIBUNE
GROUP OF COMPANIES



~ With love -

Remembe

pI Macushlént'Hazlewoed: | |
December 16, 1919 to May 12, 2008













| ) You can shed tears because she is gone, on fi
you can smile because she has lived. Woon

The John Bull rarity s deeply secon by the loss of its Matriarch and Vice presidents | 3p :

, Nira Macushla A. He encod : During life's journey, Mrs, Hazlewood remained committed to pi eh : |
relentless pursuit OF excellence In al Facets of the IUXUPY retail puiieds She has unquestionably. 2
ieee us with an neon legacy. AS,LONG AS WE LIVE, ShE TOO SHALL LIVE, | pate. :


ne =

THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 3



NEW JERSEY POLICEMAN SPEAKS FROM HOSPITAL BED

THREE pastors and an expert on Nas-
sau’s gang culture visited wounded New
Jersey policeman John Casper in hospital

over the weekend.

The officer, who was shot in the chest
during an attempted robbery on Cable
Beach last week, spoke to the delegation for
several minutes from his bed at Princess
Margaret Hospital. Bishop Simeon Hall,
chairman of the Bahamas Crime Commis-
sion, said the officer was “very receptive
to our message”, which was designed to
offset negative impressions of Nassau.

He added: “We wanted the world to
know that we are a praying people and that

we are not criminals.”

Bishop Hall was accompanied by Carlos
Reid, a member of the Crime Commission
who is also an expert on the gang culture,
Dr Marilyn Thompson, pastor of Mount
Paran Baptist Church, Union Village, and
Bishop Robert McPhee, pastor of The .
Church of God in The Bahamas.

Bishop Hall said the officer was respon-.
sive and appeared to be in good spirits.

Mr Casper, who was vacationing in Nas-





PHOTO:
Rodney
Moncur

DELEGATION: From left: Pastor Carlos Reid, Bishop Simeon Hall, Rev. Dr Mar-
ilyn Thompson and Bishop Robert McPhee visted New Jersey police officer John
Casper at the Princes Margaret Hospital on Saturday May 17, 2008.

sau, was walking with three women com-
panions from his hotel to a Cable Beach
casino when the attack occurred.





He was shot while resisting two robbers
who fled the scene in a white car along
Ruby Avenue.

Concern over lack of European focus on Caribbean





MANY in the Caribbean
have come to believe that the
region is in constant danger
of falling off the radar of the
European Union, Prime Min-
ister Hubert Ingraham said
during his statement over the

weekend at the CARIFO- .

RUM-EU Summit in Lima,
Peru. He said the strong cul-
tural and linguistic ties served
over a number of years to dis-
guise diverging interests in the
relationship between the con-
tinent and the region.

Mr Ingraham, who also.
serves as chairman of CARI-
COM CARIFOUM, said it
appears that there is no con-
sistent European focus on the
Caribbean. Instead interest
ebbs and flows depending on

’ the interest of a particular EU



Police finally —
recapture
escaped
prisoner

Kendrick Rahming



POLICE have finally cap-
tured Kendrick Rahming, a’
prisoner who escaped last week
from awork gang.

Officers from Internal Secu-
rity Division acted on a tip over
the weekend and went to an

area off Charles Saunders High- |

way near Mount Tabor Estates
and arrested the escapee.

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.

FOR 3 IN 1 LAWN SERVICE
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member or group of members
in their relationship with the
Caribbean.

He said while the Bahamas
and countries like it in the
Caribbean are happy to be a
popular vacation destination
for Europeans the region is
looking forward to the devel-
opment of a new, mature and
sustainable relationship, one
that is focused and construc-

. tive, characterised by strength-

ened.and enhanced co-oper-
ation and dialogue.

For now, the prime ‘minis-
ter said, the relationship

between the region and the. .
continent remains in transi-"
tion as they move or “are:
moved” away from the era of |

preferential trading arrange-
ments.

Fashion Advice,

_ and Inspiration

ye Lt

Sharon Turner/BIS Photo

“ABOVE: PRIME MINISTER HUBERT INGRA-
HAM (front row, third left) was.among heads of
government and state of the European Union,
Latin America and Caribbean at the Fifth Euro-
pean Union/Latin American Caribbean Summit
(EU/LAC) held at the National Museum in Lima,
Peru, on Friday. Minister of State for Finance
Zhivargo Laing was also at the Summit.
LEFT: Mr Ingraham.in a thoughtful pose.

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PAGE 4, MONDAY, MAY 19, 2008

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE





The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published ‘Daily Monday to Saturday

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

TELEPHONES
S withbari (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

What’s slowing down the courts

A JOURNALISM classmate of 50 years ago
sent us an article this week that he had written
about the Bahamas for a Mexican publication.
It was entitled: “Discovering Atlantis.” J

_ On the whole it was favourable to the
Bahamas, but there was one sentence that we
wondered if he would have written if he had vis-
ited Nassau during the past 10 days.

In his article he referred to the Fish Fry at
Arawak Cay, which he did not have time to
visit while here, but of which he had heard
much.

He described it as “a collection of shanties
where Bahamians dine and where many tourists
join them.

The Royal Bahamian Police makes certain
everyone is safe. In any event, Nassau is not
Jamaica.’

It is true that Nassau in not yet Jamaica, but
if what we have seen continues we shall soon be

* a second Jamaica. Brazen daylight shoot-outs

and robberies have burst from the inner cities
and spilled over into our tourist areas, even
onto busy Bay Street.

However, what is now similar to Jamaica is

the behaviour of the criminal.

Like Jamaica, once a criminal has a gun in his
hand, he has no fear and does not wait for dark
to cover his tracks.

He will carry out his dastardly act wherever
he finds his prey, even if it’s on a busy street

where the lives of innocent bystanders are put at ©

risk.
According to police most of the crime being
’ committed today are by persons on bail —
either for a first serious offence, which can
include murder, or who, having already served
a jail term, are by now hardened criminals.
They really have nothing to lose. Their crimes
are usually crimes of retaliation. Their mission
might also be to eliminate, evidence — as we
know, a:dead man tells no tales. ,
Many police officers are anxious for the

wearing of ankle bracelets to be made manda- .

tory for all persons.on bail so that their every
move can be monitored.

Not only would it make policing much easier,
but it would cut down on the time wasted hunt-
ing these criminals, and trying to collect evi-
dence to unravel their alibis.

A man with a bracelet can hardly deny being
at the scene of a crime if the bracelet notifies the
police that that is where he is.

If his movements are suspicious the police
can track him and probably thwart his evil intent
before he finds his target.

According to some officers they only need
the legislative stamp for the ankle bracelet to
become law, so that they take control and start

BEAUTY GUARD

SECURITY DOORS

Serving The Bahamian Community

Since 1978

‘rounding up the offenders.
We understand that Asst. Supt. ‘McKinney

_ will now move up into the vacancy left by the

sudden resignation of Chief Supt. Keith Bell,
officer in charge of prosecutions. Like Mr Bell,
Mr McKinney is also a qualified lawyer, and
has assisted Mr Bell in the Prosecutor’s Office.
However, no one would envy the task he has
inherited.

Currently, there are some 60 000 warrant files
outstanding in the prosecution office, some

’ 48,000 traffic files, and about 11,000 criminal

matters pending before the courts.

Attorney General Claire Hepburn, whose
office is responsible for bringing cases before the
courts, in her report to the Senate in March
said that the number of prosecutions taken to
court were “disturbingly low.”

We have been told-that in North Eleuthera
more than 130 cases are pending, but there is no
magistrate to hear them.

- It is claimed that when an Eleutheran asked ©

why the circuit magistrate was not making the
circuit, he was told that there was no money
for the magistrate’s ticket or accommodation. If
this is true why can’t the ticket be purchased out
of local government’s budget?

If this is indeed true of North Eleuthera,
then in how many other islands are cases build-
ing — probably with all offenders free on bail.

We are also told that there are many factors
that contribute to the postponement Of cases.
Fingers point mainly at lawyers who have too.
many cases set down for the same time in dif-
ferent courts.

The courts,.are always postponing cases to

- accommodate the lawyers.

Our informant believes that unless the cir-
cumstances are exceptional, at no time should a
court slow down its calendar to accommodate a
lawyer. Lawyers should have juniors who can
appear for them, and get dates that will not
conflict.

We have also been told that defendants are
now producing sick slips to excuse their appear-
ance in court and asking for new dates that they
know will be set months into the future.

Our informant not only felt that there were
too many court adjournments, but that wit-
nesses were being interfered with and when
police go to line up the witnesses, they have
disappeared.

They are no longer at the addresses given
the police, and no one seems to know where
they have gone.

There is much interference in the courts,
and, according to our information, that inter-

_ference is increasing and slowing down the judi-

cial process.



The Bahamas
must look out
for its own
citizens first

EDITOR, The Tribune.

IN READING an article in
the paper recently on racism I
have been drawn to respond to
it as I have found that racism
may not be the appropriate
word for the problems we face
today in this society.

It seems as though a lot of
our issues stem from ignorance

‘ or egos. In this country we have

a bigger problem with our gov-
ernment selling off not just land,
but more importantly, not
securing all of the high-end jobs
that should be for qualified
Bahamians. I am a college grad-
uate who has had extensive edu-
cational and work experience
in my field. What may come as
a surprise to many of you is that
the field I work in is actually
Hospitality Management.
When I went off to college, I
took great care in choosing my

. Major as I knew that. I wanted

to return home and I also knew

’ that I wanted a job paying me a

salary where I could advance
my life, not just make it from
day to day as most Bahamians

0. ;

Initially when I graduated
from my Master’s. programme
I was immediately hired by a
foreign company to come back
to The Bahamas to work for
them. After seeing the corpo-
rate bureaucracy and the man-
ner in which these foreign com-
panies treated our Bahamian
people, I refused to be a part
of it. When I found suspicious
confidential information that

_could create a problem for the

company I even informed them
of this information and they in
turn responded “do not open

Do Mbt

letters@tribunemedia.net






that can of worms.”

Being a woman of ethics and
morals, I resigned from my posi-
tion in anticipation of finding
another job at a different organ-
isation.

It is now over a year and I
still have not been able to finda
job that does not say, “you are
over qualified” or “we just do
not have that type of budget for
the position” or “we do not
have any positions with that
type of pay.” My question then
becomes, why I receive e-mails
from my networking liaisons in
Florida telling me of jobs that
are open to-Americans only for
positions that I, a Bahamian am
qualified for in The Bahamas.
This has got to stop! How is it
that Bahamians can be passed
over or ignored for the “big
positions” in our number one

industry, yet someone from’

another land is being persuaded
to take a job in the “beautiful
pristine Bahamas”? Is there
anyone in our government who
is looking out for the economic
welfare of the youth of this
country? We are told go off to
college, get an education and
we will be able to find a job pay-
ing us well. This is surely not
the case.

Our government needs to
learn to stand up for-our people

‘and stop writing off their signa-

tures on heads of agreement
with no thought of the educated
Bahamians who are returning

from the USA with very high
credentials. Not all Bahamians
want to hustle, not all Bahami-
ans want to be entzepreneurs,

some of us just want to work
‘hard in our field and be well
compensated for it just as any
American flying into our coun-
try who is willingly being given
housing, 401k, insurance, dental
and health insurance and to top
it off a hefty salary. Why is it
that if Bahamians are even con-
sidered for the same job, they
do not receive the same sort of
“package” as an expatriate?
Why can’t a Bahamian receive
at least the same pay that they
are offering...it would make
sense seeing that they would be
saving the money for housing,
401k, insurance etc but that just
is not the case.

If we as a Bahamian people
continue to.see ourselves as an
Inferior people then the world
will also see us as the same!
The Bahamas must look out for
Bahamians first and let go of
this second class nature that has
kept this country down and con-
we to affect all social class-

. regardless of race! For-
signers in this land get every-

‘thing while Bahamians...white

or black get left with the scraps,

PS...I am a Bahamian, I am
white (ok mangraskin) and I am
a female so I have ever ying
working against me.

I just hope one day we can
get this-right...or else our econ-
omy will continue to be
restrained.

NO NAME
Nassau,
‘May, 2008.

I wish the political class would protect my interest

EDITOR, The Tribune.

One often reads statements
by the political class like,
BahamasAir belongs to the
Bahamian people.

I'm really not sure what com-
fort a statement like this pro-
vides, but whenever they're
made at a political rally or the
like, the crowd is bound to
applaud or look happy about it:

But of course that's as far as
it goes for me knowing what is
going on in the public corpora-
tions that "belong to me".

I am yet to receive a notice
to attend the Annual General
Meeting, or receive a proxy in
the. mail to vote for the new
Board of Directors, etc. Not to
mention the fact that I have
never once received the annual

Quality Auto Sales

PRE-OWNED
CARS & TRUCKS

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

NOW IN

audited financial statements, or

even the quarterly financial _

review.

In contrast, I have some
shares in a publicly traded, pri-
vate company, and I am inun-
dated with information.

I'm told the private company
gives me this information as a
result of laws laid down by the
political class to protect my
interest.

But, come to think of it, I
don't even have a share certifi-
cate for my portion of Bahama-
sAir, BTC, BEC, etc, theg iam
told I own.

So let me get this straight.
The companies that I voluntar-
ily do business with are forced
by law to be accountable, yet,
the companies that I am forced

to participate in through taxa- .

tion or debt, like BahamasAir,
BTC and BEC are not held to
the same standard?

With a private company that
is losing money I can cut my
losses and get out. With
BahamasAir for example, I am
continually forced to invest
good money after bad in a los-
ing venture.

I just wish the political class
would protect my interest, and
that of generations unborn with
the public corporations that the
Bahamian taxpayer supposedly
owns.

Is that asking too much?

RICK LOWE
Nassau,
May, 2008

A leading pharmacy chain in The Bahamas seeks
to identify an ambitious and motivated individual for

the position of:

RETAIL PHARMACIST

The pharmacist works according to established
legal and ethical guidelines to ensure the correct
dispensing of pharmaceutical products to the ©
public. This person should be an experienced
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Interested persons should possess:

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references by June 5, 2008 to:

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ty ‘ar similar deals, Queens Hwy, 352-6122
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THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 5



Have you
seen them?

DESCRIPTION:
NAME: Danella Nixon
COMPLEXION: Brown
AKA:
None
HEIGHT:
57537
D.O.B:
March 23, 1982
WEIGHT:
120 Ibs
P.O.B: Nas-
sau,Bahamas
BUILD: Medium Build
NATIONALITY: Bahami-
an
AGE: 26 yrs.
LAST
KNOWN ADDRESS:
Eneas Street, Stapledon Gar-
dens, and
Bougainvillea Avenue |

The suspect is wanted by the
Drug Enforcement Unit for
questioning in reference to
possession of dangerous drugs.
If you have any information
on the suspect’s whereabouts
please contact: DEU at 323-
7139 or 397-3801; Police Con-
trol Room at 322-3333; Crime
Stoppers at 328-8474 or the
nearest Police Station. Subject
is considered ARMED AND
DANGEROUS.

DESCRIPTION:
NAME: Melvin Maycock
COMPLEXION: Dark
Brown
DOB: February 11,1966
HEIGHT: Sft 7ins
Birthplace:
Nassau,
Bahamas
WEIGHT:
165 lbs
NATION-
ALITY:
Bahamian
BUILD: Slim
AGE: 41 yrs.
LAST
KNOWN ADDRESS:
Joan’s Height South and
Bougainvillia Avenue

The suspect is wanted by the
Drug Enforcement Unit for
questioning in reference to
possession of dangerous drugs.
If you have any information
on the suspect’s whereabouts
please contact: DEU at 323-
7139 or 397-3801; Police Con-
trol Room at 322-3333; Crime
Stoppers at 328-8474 or the
nearest police station. Subject
is considered ARMED AND
DANGEROUS.





Colors:

Brown
Black





unman is wounded in early
morning shoot-out with police

Illegal weapon recovered in incident near Club Rock

AN early morning shoot-out
involving police and an armed
man ended with the suspect
being shot and an illegal
weapon recovered.

At 4.30am yesterday a secu-
rity officer at the Internation-
al Bazaar, Freeport, tele-
phoned the duty officer at the
police dispatch centre and
reported that a young man
was near Club Rock firing a

handgun. Uniformed and
plain clothes officers were dis-
patched to the scene.

The suspect immediately
fired at the officers and began
running.

Police returned fire. The
suspect was hit in the upper
right arm and grazed in the
back.

He fell to the ground, drop-
ping a .357 magnum revolver

which was retrieved by an offi-
cer.

The wounded gunman, later
identified as Michael Gibson
of Shaftsbury Lane, North
Bahamia, was taken.by EMS

personnel to the trauma sec- .

tion at Rand Memorial Hos-
pital where he was treated and
is presently detained in stable
condition.

INTERNET forums dealing
with important Bahamian issues
have been launched. The web-
sites can be visited by searching
for Bahamas Ecoforum and
Bahamas Patient Advocacy.

Bahamas Ecoforum was creat-
ed in February by journalist Lar-
ry Smith, who writes the weekly
Tough Call column for The Tri-
bune.

It is “a volunteer effort to share
information and ideas on the use
of clean technologies in the
Bahamas”.

According to Smith, the web-
site’s goal is to promote sustain-
able development by expanding
public awareness of issues and
opportunities. It was developed
following the Freedom 2030
renewable energy conference
hosted-at the Island School by
the Cape Eleuthera Institute.

“Conference participants felt
that alot was happening locally in
terms of sustainable development,
but little was known about it,”
Smith said.

“Combining our efforts and
sharing ideas and information on

‘a variety of energy, recycling and

sustainability issues might help to
move things along at a faster
pace, and the easiest way to do
that was with a website.”

The Cape Eleuthera Institute is
a non-profit adjunct of the Island
School at Cape Eleuthera.

It is researching ways to make
Eleuthera a model of sustainabil-
ity in terms of energy, food pro-
duction and waste recycling.



“Conference
participants felt
that a lot was
happening
locally in terms
of sustainable
development, but
little was known

about it.”



The forum features posts by
Smith, who writes frequently on
environmental issues related to
Bahamian development, and oth-
ers interested in sustainable ener-
gy and clean technology solutions.
The site is organised as a weblog
and visitors can leave comments
on any post.

Bahamas Patient Advocacy
was created by lawyer Leandra
Esfakis, who has been fighting a
running battle with medical
authorities since the 2002 death of
her brother, Christopher, at Doc-
tors Hospital.

Ms Esfakis is the daughter of’

the late Dr Andrew Esfakis, who
was a well-known Nassau GP,

and Violet Esfakis, a nurse.

The website’s goal is “to eae?
greater accountability and trans-
parency to Bahamian healthcare

eras





Rosetta St.



Ph: 325-3336

Leather



services by advocating the rights

of patients within the context of a _

proper regulatory framework.”

A special feature on the web-
site is the court transcript of Mag-
istrate William Campbell’s recent
verdict in, the Esfakis inquest,
which began in April, 2007, and
heard about 20 witnesses.

The magistrate ruled that
Esfakis’ death was a result of
“natural causes with a substan-
tive contribution of neglect.”

In April, 2005, Ms Esfakis filed
a complaint with the Healthcare
Facilities Board, which licenses
local hospitals.

The complaint has been

ignored under three successive
ministers of health.

Earlier this month she filed a
complaint with the Bahamas
Medical Council, which governs
local doctors.

A civil lawsuit by Mr Esfakis’
widow is also pending against
Doctors Hospital and a local doc-
tor.

The website features informa-
tion on the Esfakis case as well as

advice and commentaries on

healthcare regulation and news
items of interest to patients and
their families.

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PAGE 6, MONDAY, MAY 19, 2008

THE TRIBUNE



i LOCAL NEWS |

PARENTING SEMINAR: Pinewood Gardens Urban Renewal Programme

Building a bond of trust

Raymond A Bethel/BIS Photo

PINEWOOD GARDENS URBAN RENEWAL PROJECT held a “Liveable Neighbourhood’s Parenting Seminar” for parents
in Pinewood Gardens at The Church of Jesus Christ on Charles Saunders Highway. At the lectern making a presentation
is evangelist and school counsellor Cooliemae Colliemore.

>) TOYOTA moving forward

Single Cab



Hi By Llonella Gilbert

ESTABLISHING a bond of
trust between parent and child
was one of the main themes that
came out of a parenting seminar
held by the Pinewood Gardens
Urban Renewal Programme. The
seminar was held in partnership
with the Bahamas Crisis Centre.

The parenting seminar was
intended to increase community
spirit, a key objective of the
Urban Renewal Liveable Neigh-
bourhood Programme.

Chief Welfare Officer, Health
Social Services (PMH) Leonard
Cargill, who spoke on Sharpening
Your Parenting Skills, said a baby
has to rely on his or her parents
for help. “On his or her own the
child could hardly do anything.
You have to change it when it is
wet; when it is hungry you have to
get something and feed it,” Mr
Cargill said. “The child then
begins to develop trust in you. If
the child is wet and on the bed
needing to be changed and you
are looking at the child and ignor-
ing the child, then these are the
things that cause the child not to
develop trust so much.”

He explained that to get even
closer to their children, some peo-
ple (especially in Africa) work
with them on their backs.

Mr Cargill noted that discipline



“Talk, ask
questions, explain,
especially to your
teenagers.”



is an important step in raising a
child, but he insisted that it is
important to be specific with chil-
dren and give them good rules.

He said parents should not
delay in addressing negative
behaviour but, alternatively, they
should not punish their children
when they are angry.

“When you are angry at a child
and you punish the child then you
may abuse the child,” he noted.
“Tf you abuse the child and Social
Services has to step in, there is a
process that must be followed;
and if it is determined that you
were extremely abusive you could
lose your children.”

Mr Cargill said parents should
also try to set a good example
and not just tell their child to be
on their best behaviour. “You
have to set and establish some
self-control in yourself and this
has to be on-going.”

Educational psychologist in the
Ministry of Education, Youth,
Sports and Culture Rhoda Bain
said parents who are divorcing or

between parent and child

separating must talk with their
children weeks before the
changes to prepare them. “You
know your children and you
know the maturity of them and
what they can accept and how
much they will accept and under-
stand, but try not to hide things if
you can help it.”

Ms Bain said the same is nec-
essary with remarriages. “Talk,
ask questions, explain, especially
to your teenagers.”

She also said parents must be
aware if their child has a change
in attitude, a lack of concentra-
tion, is overly sensitive, or not
being able to sleep as all of these
are signs of depressiun.

If a child will not say what is
wrong, Ms Bain said parents
should ask them to write down
the problem and set a time to dis-
cuss it. She also noted that par-
ents should play games with their
children and have a family day
when they listen and learn more
about their children.

“Give your child every oppor-
tunity to express themselves.”

Additional parenting seminars
as well as other activities in the
Urban Renewal centres around
the island are planned, which will
serve to increase public safety and —
wealth, to increase independence
and give people and the commu-
nities a sense of responsibility.



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| HE recent shooting
and stabbing on

‘Cable Beach and:Paradise’

‘ Island maybe the shock treat: ’
ment we need to make us:
realize that our way of life is
under threat and time is run-
ning out for us to defend
against that threat.

The defense must be
multifaceted because since
there-is no single cause of the
crime wave, therefore, there
is no single simple ‘solution.
The long term. solutions
involve improving our
schools and promoting sound
stable family units.

These solutions need to be
kept on top of the national
agenda and should always
have bipartisan support. This
column will however try to
deal with some short term
solutions which are available
to us.

In a recent column I sug-
gested the introduction of a
National Identification Card,
I repeat that call. A great
deal of the criminal activity
can be connected to illegal
immigrants.

A National I.D. will be
helpful in the control of ille-
gal immigration. Additional-
ly legislation which creates
penalties for anyone aiding
and abetting illegal immi-
grants would go a long way to
controlling this plague.

Another short term solu-
tion involves pressuring those
nations to the north and
south of us, which use our
nation as a highway for their
illegal drug trade, to provide
the financial, material and
human resources we need to
fight this invasion, exploita-
tion and corruption of our
people and way.of life.

There is no cocaine pro-
duced in The Bahamas.
There are no guns manufac-
tured in The Bahamas.

They are brought here by
the new exploiters and aid-
ed by the anti-social mem-
bers

of our Bahamian family. I
am not saying that we would
be an idyllic crime free trop-
ical paradise if it were not for
the international drug trade
but we would have less crime,
a smaller number of families
damaged by addicted mem-
bers and a more prosperous
happier society.

This column doesn’t claim
to have all the answers but
the arguments are compelling
jto at least debate these two
suggestions.

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SERRE, ew Men en aoe VES Oa oe ee ee |]
‘Crime crisis will soon become a catastrophe’

Leading pastor sends out grim warning

Initiatives ‘ignored’

THE leader of a national anti-crime campaign claims several
government departments and business bodies have ignored or been
dismissive of new initiatives to tackle the upsurge in theft and vio-
lence. In some cases, letters had been ignored, with the implication
that only crime’s impact on international tourist business was con-

sidered the real priority.

The Rev C B Moss, executive director of Bahamas Against Crime,
said Minister of Tourism Neko Grant (pictured) was among those
who had ignored his campaign’s attempts to set up joint discus-
sions. “Their prime concern is whether the US Embassy is going to
put us on their advisory list,” he said, “Once again, all they are

concerned about is whether we are going to be on the



restricted list. What is important is what is going on
and how we are going to avoid it.

“My message is we have to deal with this crisis
now. We have to come together as a community and
decide how to deal with the problem. Bahamas

Against Crime has written to most leaders in various
sectors requesting a meeting and i in most cases they
did not even honour us with a response.’

The Bahamas Hotel Association had said its own crime co-ordi-
nation plans were underway. “In other words, they didn’t need a
meeting with us. We are a committee of creditable people and they
did not even bother to meet with us.

“We also wrote to the president of the Chamber of Commerce.
We didn’t get a response from him, either.”

Rev Moss said crime was no longer an “us and them,” situation.

Politicians and police chiefs had lulled a lot of Bahamians to
sleep with assurances that crime was confined to inner city neigh-
bourhoods. But this was no longer so, he said. It was spilling into all
areas and often in broad daylight. Villains were not even bothering
to wait until the dark hours to commit crime.

“Violence breeds violence,” he said, “We are going to become
another Trinidad unless we act, with kidnappings for ransom mon-

”

ey.

The pastor said he was still positive that the situation could be

saved, but political and corporate leaders had to become serious.
The danger was that both the criminals and the community at large
would fall into thinking that it was already too late.

Working in tourism
industry is not about
slavery, Rotarians told

CARIBBEAN Tourism
Organisation chief, Vincent Van-
derpool Wallace, told hundreds
of Rotarians from around the
region that working in the
tourism industry was not about
slavery.

“The big elephant in our
rooms is that, for many of our
people, tourism represents the
‘sons and daughters of former
slaves serving the sons and daugh-
ters of former slave owners,” he
said at.a Rotary district confer-
ence, in. the Atlantis Resort
recently.

“I am the only one from my.
class at Government High School
who has a core job in tourism
today.”

Mr Vanderpool Wallace is a
former director-general at the
Bahamas Ministry of Tourism. A
Harvard graduate, he also worked
for 11 years as an executive man-
ager with Resorts International,
the company that preceded
Kerzner Interna-
tional on Paradise

named CTO sec-
retary-general in
2005.
si A former
eMxjaay Rotarian himself,
OCCU he told the con-
ference delegates
in the Atlantis
ballroom that, according to
research, the impression of ser-
vility was the reason why tourism
jobs were often avoided by the
brightest and best in the region.
“Tremember my mother, who
was a housekeeper, reminding me



' that she was working hard to
’ make sure I would not have to

work in the tourism industry,” he
said. “And if you think you can
make the largest sector of your
economy globally competent
while it is being shunned by your
best and brightest, you are an
idiot.”

As the world’s most tourism-
dependent region, he said, the
Caribbean had to overcome its

ambivalence and become the .

most tourism-competent in order
to deliver the social and econom-
ic benefits from the industry that
the region's people deserve.

“The unrelenting force of
globalisation requires two things
of us to survive. The first is that it
is far better for us to compete in
those areas of natural global com-
parative advantage. The second is
that we must focus on making our
strengths stronger.

“Modern tourism is not my
mother’s tourism. Tourism is sim-
ply that part of our GDP that is
derived from the economic activ-
ities of visitors. Tourism is an eco-
nomic development tool. It is not
a career, it is not an industry,
tourism is an economic sector.”

He said a new definition of
quality service was required, one
that anticipates customer needs
and provides for those needs
before customers ask and before
they even know what they want.
But even more than that is the
need for people with great per-
sonalities to handle the interac-
tion with customers.”

He referred to a resort in Las
Vegas receiving 80,000 applica-
tions and interviewing 27,000 per-
sons for 9,000 jobs. “That is the
kind of filtration to find quality
people that few destinations in
our region can afford either
socially or politically. So when we

Island. He was .





“We need the
physical
geniuses, the
mental geniuses
and the
personality
geniuses for the
sustainable
development of

our sector.”



Vincent Vanderpool
Wallace

find these personality geniuses,
we must find a way to keep them,
and keep them on the front line.

“We must stop the silliness that
pays these people the least, and in
order to reward them we move
them away from the very posi-
tion in which they provide us the
greatest benefit. We must keep

them in place and reward them °

properly for doing so. We need

_ the physical geniuses, the mental

geniuses and the personality
geniuses for the sustainable devel-
opment of our sector.

“Even the great Einstein said:

Everything that can be counted
does not necessarily count; every-
thing that counts cannot neces-
sarily be counted. Personality can-
not be counted, but it is one of
those things in tourism that
counts for very much.”

Mr Vanderpool Wallace was a
keynote speaker at the Rotary
District 7020 conference which
was held from May 6-10 on Par-
adise Island. Over a thousand del-

egates attended from Rotary:

Clubs in Florida, the Bahamas
and the Caribbean. The confer-
ence was opened by. Prime Min-
ister Hubert Ingraham.

printers copiers

anniversary

Ey wo mm @

THE Bahamas is now in the
midst of a crime crisis that very
soon will become a catastrophe, a
leading pastor warned last night.

Unless political, corporate and
civic leaders mobilise to tackle
the problem, the country will find
itself in the same position as
Trinidad, where crime is rampant
and kidnappings are common.

The Rev CB Moss, executive
director of Bahamas Against
Crime, was responding to alarm-
ing developments in recent days,
including the shooting of an
American tourist on Cable Beach
and the stabbing death of a
teenage boy at Paradise Island
over the holiday weekend.

“T feel the leaders of this coun-
try must wake up and smell the
coffee,” Rev Moss said, “Political,
corporate and civic leaders must
wake up. Violent crimes are now
spilling out of the inner city com-
munities. Several months ago I
said crime would not be confined
to the inner city. Now my words
have come true. It is happening in
all areas in broad daylight - and
the criminals don’t care.”

He added: “I am calling on
leaders to deal with what is a
crime crisis or face catastrophe
very soon.”

He said Bahamas Against
Crime had already taken positive
measures to engage those who
live in crime hotspots.

He and colleagues had targeted

- places like Montell Heights, the

Betty Taylor

Journalist / Entrepreneur

Rockcrusher and Chippingham
areas of Oakes Field, and the Mil-
ton Street area of East Street in
an attempt to bring peace to those
communities.

But he said more needed to be
done to identify sources of the
crime problem and try to deal
with them in a positive way.

“We must band together
behind a comprehensive plan of
action and we must all put our
shoulders to the wheel,” he
added. Rev Moss, whose ministry
is based in Bain Town, said crime
often stemmed from people who
felt marginalised in society.

“Criminals are not just after
material gain. These people are
alienated from the mainstream of
society,” he said.

Ways had to be found to —

engage them positively because
many inner city communities
were isolated, with young people
frequently suffering hurt, abuse
and deprivation.

His views are shared by other

‘anti-crime campaigners who

believe the problem has to be
tackled at source.

One said: “They can’t find the
kind of work that brings them the
kind of income they want. They
feel they are falling behind. I
sense a lot of anger and hostility.
They blame society for their
predicament.”

While society’s leaders talked
endlessly about multi-billion dol-

lar developments, inner city youth ,

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the prosperity. They are left
bewildered, out of things. As long
as we exclude them from the
mainstream, they are going to
throw stones at the building.
“These young men are begging
for help. They are telling us they
don’t want to live this way.”s
Crime experts believe the trend
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PAGE 8, MONDAY, MAY 19, 2008

THE TRIBUNE





i By Sir Ronald Sanders

IGHT now it
would be difficult
to convince any
banana farmer in
the Caribbean island of Domini-
ca that the Economic Partner-
ship Agreement (EPA), ini-
tialled between the European
Union (EU) countries and the
several Caribbean countries,
benefits him in any way.

Edison James, Prime Minis-
ter of this small island State
from 1995 to 2000 and Leader of
the Opposition in Parliament
from 2000 to 2007, has been a
banana farmer since 1980. Now,
he is seriously considering aban-
doning banana cultivation
entirely.

For more than 50 years, the
banana “industry was the
lifeblood of Dominica, sustain-
ing its population of some 72,000

» people 65 per cent of whom are
in their productive years.

Today, compliments of for-
mer US President, Bill Clinton,
and the favours he owed to two
US companies, Chiquita and
Dole, for campaign financing, a
special agreement with the EU
which allowed former British
colonies in the Caribbean a
guaranteed share of the Euro-
pean market was wiped out.

In the late 1990s, the US gov-
_ ernment joined with Latin
* American countries in which the
US companies operated to chal-
lenge the EU’s special banana
regime for the Caribbean. The
result was that Caribbean coun-
tries, and particularly Dominica
and the neighbouring islands of
St Vincent and St Lucia, found
‘that almost overnight their

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banana industry was serourly
imperilled.

Under the EU regime, while
Caribbean bananas entered the
United Kingdom market (as
part of the EU) duty-free, the
produce of the US owned
estates in Latin America were
subject to a tariff. Once the tar-
iff was removed, the Caribbean
banana industry could not com-
pete on prices, particularly as
workers in the US'owned
banana plantations in Latin
America were paid as little as
$2 a day.

In St Lucia, St Vincent,
Jamaica and Belize which are
also banana suppliers to the EU
market, the economies have oth-
er strands such as tourism and

_ financial services. In Jamaica’s

case, it also has bauxite and a
thriving manufacturing sector.
But Dominica was hardest hit; it
had no other productive sectors

on which to rely.

In the 1980s, Dominica did
try to develop a Financial Ser-
vices Sector and it attracted a
number of offshore banks. How-

‘ ever, the sector was poorly reg-

ulated, and the country fell foul
of two organisations, established
by the world’s richest countries.
The two. organisations’ are:
the Organisation for Economic
Cooperation and Development
(OECD) and the Financial
Action Task Force (FATF).
One introduced what it called a
‘harmful tax competition initia-
tive’ and the other imposed a
set of criteria for unilaterally
judging whether countries were
“cooperative jurisdictions” or
not. ,
Dominica was blacklisted by
both the OECD and the FATF,
and lacking the capacity to
quickly put in place the neces-
sary legislation and regulatory
and enforcement machinery, its

. financial services evaporated. :*

The sad aspect of all this is

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“Dominica,
always a poor
country subject

_to the devastation:
of hurricanes,

did not easily

- survive the blows

to its banana
industry and its
financial services
sector”



that, instead of the OECD and

‘ FATF working to help Domini-

ca to establish the architecture it
needed to retain its financial ser-
vices sector and so help the

country to survive, they did |

everything they could to do the
exact opposite.

Dominica, always.a poor.

country subject to the devasta-
tion of hurricanes, did not easi-
ly survive the blows to its
banana industry and its finan-
cial services sector.

Today, unofficial figures
place unemployment at between
25 per cent and 30 per cent;
some argue that it is higher.

A poverty assessment study
in 2002 found that poverty is
huge — about 29 per cent of
households and 39 per cent of

the population. These figures:

are high by the standards of the
15-nation Caribbean Commu-
nity and Common Market
(CARICOM) group of which
Dominica is:a part.

The exception, of course, is
Haiti which remains the poor-
est colintry in the Caribbean.
And, as if to exemplify this,
despite its severe economic dif-
ficulties, Dominica is a refuge

‘for a few hundred Haitian illegal

immigrants to whom the gov-
ernment and people of Domini-
ca have turned a blind eye, and
who have become hard work-
ers in the agricultural sector.
But, Dominicans are forced
to leave their homeland to seek
opportunities abroad. Conserv-
ative estimates suggest that
some 160,000 adults — more
than double the existing
Dominican population — live
in the United Kingdom, Canada
and the United States.
Fortunately, they remit mon-
ey home to their relatives and
while there are no official
records, it is estimated that their
remittances account for over 12
per cent of Dominica’s GDP.

Dominica: poverty and potential

The highest incidence of
poverty exists among the Caribs
— the original people of Domini-
ca. And, this portends a problem
for the future. Already, there is
a discernible militancy in the
leadership of the Caribs
amongst whom poverty is rated
at 70 per cent with almost half of
the population listed as very
poor.

In the banana industry,
Dominica looked for salvation
under the broad rubric of “fair
trade”. This was a niche which
gave a diminishing banana farm-
ing community a chance to sur-
vive. From a couple of thousand
banana farmers, the community
is reduced to about 700. But, a
row between the managers of
Windward Islands Banana
Development and Exporting
Company and the Dominica
banana producers over the vol-
ume of bananas that Dominica
can export under the “fair
trade” label — and the price —
threatens to harm the industry
even more.

It is.a real problem for any
government, but particularly for
the present government of
Dominica to whom the popula-
tion are looking for answers to
their problems.

So far, it appears that the
answers are being sought from
grants from other countries.

The present Dominican
administration, led by Prime
Minister Roosevelt Skerrit, has
secured help from the govern-
ment of the Peoples Republic
of China, after it broke diplo-
matic ties to Taiwan in the game
of ‘dollar diplomacy’ that is
being played by the smaller
Caribbean islands.

Dominica is also the only
Caribbean country — other than
Cuba — to.sign up to the Boli-
varian Alternative for the
Americas (ALBA), which was
created by Venezuela’s Presi-
dent Hugo Chavez, supposedly
as an alternative to the Free
Trade Area of the Americas
proposed by the United States.

And while ALBA is nothing
more than a declaration of prin-
ciples at the moment - and
therefore presents no problem
for any of Dominica’s existing
treaty obligations — it does have
a fund provided by the Hugo
Chavez government from which
Dominica has drawn some ben-
efits, though how much and in
what form is not generally
known.

Limitation of space does not

, permit the conclusion of this

commentary on Dominica. .I
will return to it next week.

\(The writer is a business con-
sultant and former Caribbean
Diplomat)

Responses to: ronald-
sanders29@hotmail.com to:ronaldsanders29@hotmail.co
m>

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THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 9



LOCAL NEWS

"NATIONAL WORKSHOP ON DISASTER MANAGEMENT

Tourism must be protected —
from ‘catastrophic events’

THE importance of protect-
ing the country’s tourism indus-
try in the face of catastrophic
events was emphasised at a
national workshop on disaster
management.

“We are actually aware that
tourism is our number one

; industry and is certainly worth

protecting,” said senior direc-
tor at the Ministry of Tourism
and Aviation Geneva Cooper
in an address to the workshop,
held at Wyndham Nassau
Resort.

“The importance of tourism
cannot be overstated. Firstly,

the economic value — it is vital

for generating income, creating
and sustaining jobs, encouraging
foreign investments, providing
trade opportunities and earn-

. ing foreign: exchange for

Bahamians.
“Secondly, we all now realise

‘that true protection of our

tourism industry is only possible
through real partnerships, which
include regional, private/public
collaboration, inter-govern-
mental and internal co-opera-
tion within each of our own
organisations,” Mrs Cooper
said.

Workshop © participants
included representatives from
hotels, travel agencies, food and
service organisations, emer-
gency services and local gov-
ernment districts.

Mrs Cooper encouraged

more stakeholders to become

involved in workshops and
training programmes, and give
practical support in risk man-

_. agement towards the continu-

ing efforts to protect the indus-
try.
The workshop was conducted

. by consultants from Disaster

_ uct.

Risk Management, Switzerland,
who presented the methodology
for sustaining the tourism prod-

Ina consensus-building work-

, shop, participants were asked

to identify and make recom-

~ mendations towards this goal.



Kristaan Ingraham/BIS Photo

DR MANFRED THURING, consultant, Disaster Risk ic Martoetfent in
Switzerland, facilitating a workshop on the Development of Standards for
Conducting Hazard Mapping, Vulnerability Assessment and Economic
Valuation for Risk Assessment for the Tourism Sector, at the Wyndham

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The workshop was held by
the Caribbean Disaster Emer-
gency Response Agency
(CDERA), with the support of
the Inter-American Develop-
ment Bank, and in collabora-
tion with the Caribbean
Tourism Organisation, CARI-
COM Regional Organisation

‘for Standards and Quality, and

the University of the West
Indies.

The partners will implement
the Regional Disaster Risk
Management for Sustainable
Tourism in the Caribbean Pro-
ject over the period January

. 2007 to June 2010.

Under the project, a Region-
al Disaster Risk Management
Framework, a Regional Disas-
ter Risk Management Strategy
and Plan of Action for the
Tourism Sector will be :devel-
oped through the collective

action of regional as well as .

national stakeholders in the
tourism and disaster sectors.

“A fundamental component
of the strategy will be the devel-
opment of. standardised
methodologies for conducting

hazard mapping, vulnerability -

assessment and economic val-
uation for risk assessment for
the tourism sector,” said
CDERA.

A consultancy firm was
engaged by CDERA to prepare
draft standards for the con-
ducting of and cartographic pre-
sentation of hazard mapping,
vulnerability. assessments and
economic valuation for risk
assessment for the tourism sec-
tor in the Caribbean.

To facilitate consensus build-
ing for the standards develop-
ment process, in collaboration
with national focal points,
CDERA convened one-day
workshops in each of the five
project pilot states - The
Bahamas, Dominican Repub-
lic, Jamaica, the: Turks and
Caicos Islands and Barbados.

The workshop was the-sec-.
ond in a series being held in The
Bahamas. The first was held on

Friday, April 25.

The project is being funded
by the Inter-American Devel-
opment Bank.



our car.
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AVIS FREDERICA HAVEN THOMAS

_ May 19, 1914 - April 24, 2008

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neighbours we thank you immensely for your love, kindness
and support during the loss of our precious a
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PAGE 10, MONDAY, MAY 19, 2008

THE TRIBUNE



LOCAL author
Lester Ferguson
presents an
autographed

copy of his book
to West End
Primary School

in Grand Bahama.
Pictured

from left are:

Bob Van Bergen,
vice-president and
general manager,
Ginn sur Mer; Car-
dinal Woods, prin-
cipal, West End
Primary School;
Lester Ferguson,
author; and Don-
ald Glass, vice-
president human
resources, Old
Bahama Bay by
Ginn sur Mer.














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Local author treats West End
Primary School students

WEST END, Grand Bahama
— Local author Lester Ferguson
whisked West End Primary
School students off to a world of
fairies, elves and other make-
believe characters as he read
excerpts from his book Forest of
the Sprites during the school’s
weekly reading programme
organised by Old Bahama Bay
by Ginn sur Mer.

Ferguson, a graduate of the
Art Institute of Fort Lauderdale,
is a published author who
released his first book, Bliss, in
2000. In 2004, Ferguson pub-
lished Forest of the Sprites, the
first instalment of his trilogy of
magical adventures.

“The students and teachers
were on the edge of their seats as
I read,” Ferguson said. “The kids
were attentive and well-behaved,
and their keen interest gave me
hope that all is not lost in The
Bahamas.”

Ferguson was inspired to cre-
ate the fictional piece after study-
ing world history, amassing Bible
stories, works of Professor CS
Lewis and classic Walt Disney
animations.

“As long as I can remember
I’ve had these characters in my
head,” he said. “So I created a
symbolic and imaginative story
about the restoration of planet
earth featuring a variety of mys-

tical characters that kids could
relate to.”

The book features both Fer-
guson’s writing and his vivid illus-
trations which make the story
come to life. The entire project,
from writing to production, took
almost five years to complete and
was almost lost entirely had it
not been sent to New York one
week prior to Hurricane Frances,
the hurricane that devastated
Grand Bahama in 2004.

Ferguson plans to release the
second instalment, Swift Willow,
later this year. “This wondrous
adventure will continue and have
you anticipating more,” Fergu-
son promised.

Fifth Annual Island Roots Heritage Festival

THE people of Green Turtle
Cay demonstrated an unbeliev-
able sense of community togeth-
erness and pride when they pre-
sented the Fifth Annual Island
Roots Heritage Festival to the
hundreds of spectators.

This year’s theme, “The
Bahamas, The Jewel of the
Crown,” was yet another creative
idea by committee members of
the Island Roots Heritage Festi-
val.

Although the event celebrates
the “Sister City” relationship

shared between New Plymouth,’

Green Turtle Cay, and Key West,
Florida, the committee saw it fit-
ting to also recognise the
Bahamas’ symbolic tie to Britain,
which has influenced Bahamian
traditions greatly.

Karen McIntosh, the festival’s
chairperson, said the festival is

meant to bring families back
together, while at the same time
sharing the rich and unique
Bahamian heritage with the world
and to just feel good about being
Bahamian.

Officially declaring the 2008
festival open was Prime Minister
Hubert Ingraham. He applaud-
ed and expressed appreciation to
the festival’s committee and the
people of Green Turtle Cay for
doing an excellent job for the past
five years, showing a good exam-
ple of what volunteers can really
do.

Mr Ingraham, who looks for-
ward to joining this event next
year and the year after, offered
his encouragement to committee
members and the support of the
Bahamas Government towards
the continued success of this

~ event.

The three-day event attracted
descendants of Green Turtle Cay,
visitors from all walks of life and
many royal subjects. Creativity,
activities and community pride
were endless, which provided
Bahamians and visitors alike the
opportunity to be a part of some-
thing special and unique.

Charity Armbrister, director
for Family Islands with the Min-
istry of Tourism, said the Island
Roots Heritage Festival repre-
sents “Best Practices” for her-
itage events.

Rich Cherlson, a first-time vis-
itor from Rochester, New York,
has already made plans to return
to next year’s event with a group
of friends because of his experi-
ence.

Mr Cherlson said this is one of
the better-run, well-attended,
well-behaved and well-orches-

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BIG POND COMPLEX —
and .
_JUMBEY VILLAGE & HUYLER STREET
PARKING LOTS —

‘The Bahamas Electricity Gorooretion invites
Tenders from eligible bidders for the provision of
Security Services for its Administration Building, —
Big Pond Complex and Jumbey Village & Huyler -

. Street Parking Lots for the Corporation.

Bidders are required to collect packages from
the Corporation’s Administration Office, Blue
Hill & Tucker Roads by
contacting Mrs. Delmeta Seymour,
Phone No. 302-1158.

Tenders are to be delivered on or before 26th
May, 2008, 3:00 p.m. and addressed as follows: —

Mr. Kevin Basden
General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Marked: Tender No. 667/08
Security Services for
Administration Building, Big Pond

Complex and
Jumbey Village & Huyler Street Parking

am Eme jing ence suggests that nutrients found in Centrum Silver may help” Lots

maintain a healthy heart. Centrum Silver has a group of essential nutrients ee WMWWSe fe

that emerging science suggests may help support heart health. W' eth’
Consult your doctor or pharmacist. www.centrum.com

These statements have not been evaluated by the Food and Drug Administration (U.5.). This product is not intended to diagnose, treat, cure, or prevent any disease.

The Corporation reserves the right to accept or
reject the whole or such part of any Tender the
Corporation deems necessary.

Consumer Healthcare


THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 11



LOCAL NEWS

ae ee a ae
Jason Callender to play
key role in Albany sales

ALBANY has announced
Jason Callender as vice-president
of sales and marketing for the
luxury beach resort in south-west
New Providence.

Callender, a fourth generation
Bahamian, will play an integral
role in the development and sales
of Albany.

Positioned in The Bahamas, he
will be responsible for managing
sales efforts for the $1.3 billion
community, which broke ground
in March. Callender has been
involved with Albany since its
inception in 2004.

“As the community now enters
the sales phase, we are thrilled to
have Jason on the ground leading .
the effort to introduce families
and visitors to all that Albany and
The Bahamas have to offer,” said
Christopher Anand, Albany’s
managing partner.

“Jason has been an integral
member of the Albany team since
it began and has been instrumen-
tal in helping to make Albany a
reality. In his new capacity, Jason °
will be responsible for continu-
ing to establish our broker rela-
tionships across The Bahamas as
we are now open for business.

“His deep passion for The.
Bahamas is evident in everything
that he does, and this will allow
him to expose much of what The

Liabilities
into assets!

GETTING ready to place your
home on the market? If it is in
anything less than “like new”
condition, you'll need a little real-
ity check before you can deter-
mine a fair asking price.

_ ASK yourself if you like sur-
prises! If repair issues are identi-
fied, you have time to decide
whether to pay now for the
improvements, or adjust your ask-
ing price accordingly. An old and
sometimes used rule of thumb
dictates that buyers will offer $2
less for every $1 in needed
repairs, so make your decision

2



Jason Callendar

Bahamas kas to offer to the
future residents and guests of
Albany. He will continue to be a
great ambassador for both
Albany and the country.”

Albany is a new luxury resort
community being developed by
Tiger Woods, Ernie Els and Joe
Lewis. The resort project will cel-
ebrate the very best of island life
with an unparalleled combination
of setting, quality architecture,
sporting amenities and service
designed for the entire famaly' tp to
enjoy.

Albany will be one of the new
anchor developments, bringing
new jobs, services, restaurants and
shops to the residents of south-
western New Providence.

“T am excited and honoured to
be a part of the team which will



transform the south-western end
of New Providence,” said Callen-
der.

“As a Bahamian, I fully under-
stand the magnitude of this pro-
ject and the endless jobs and
opportunities it is creating for all
Bahamians. I believed Albany
would be a landmark develop-
ment when we began the project
three years ago, and now that we
have broken ground, I am confi-
dent everyone will agree that
Albany will become another out-
standing Bahamian achievement
that is known globally for excel-
lence in every way.”

Callender earned a law degree
from Southampton University
and a bachelor’s degree from
McGill University.

Before joining Albany, Callen-
der worked for five years in his
family law firm, Callenders and
Co, then joined New Providence’
Development Co to gain experi-
ence in the development business.

Albany’s amenities will include
a luxury boutique hotel, mega-
yacht marina, equestrian centre,

state-of-the-art fitness centre with.’

lap pool, spa, tennis centre, water
park, adult pool and an 18-hole
championship golf course
designed by Ernie Els.

Albany is expected to open in
about two years.

REAL
Jee WAe es

CARMEN MASSONI



liability and challenging sales
point. Market your home with a
brand new roof, and suddenly





you’ve got a great asset.

‘ment solutions before you make
your final pricing decision. To do
otherwise simply invites unpleas-
ant surprises and low offers. In
today’s highly competitive mar-
ket, you need to take proactive
steps that assure your home’s val-
ue stands out in the crowd.





Discover problems and imple- -



with care.
This is a great opportunity to
take lemons and make some



Manco (LA AB

Take the risk out of accepting

lemonade! Don’t ignore major
repairs that can boost your home-
’s value and desirability. If your
home is marketed while in need

so



i
i





9th June, 2008.

bank account.



following address:












4

Label Envelope




ofvz new roof, you’ve got a real

CAP Experience and past performance of the compa
i} Capability of the company to undertake the project with respect to personnel,
equipment, structure, piganieciian and financial r

All decisions of the corporation will be final.




cheques at your Business
Ee cattery
cards, with the confidence of cash



Documents may be obtained by contaeting the address below no later than 4:00 PM on

All documents must be prepared in English and every request made for the documents must be
accompanied by a non-refundable application fee of US$ 100 if applying from outside the
Bahamas and B$50 if applying from within the Bahamas. Documents may be sent by electronic
mail. The method of payment will be ‘by cashier’s check or Wire transferto a specified

Completed documents must be received no later than 4:00 PM EDT, 21 st July, 2008 at the

Kevin Basden,
General Manager

Bahamas Electricity Corporation,

Executive Offices .

P.O. Box N-7509, Nassau, Sahamas.

Renewable Technologies Committee (RTC)
E-Mail: Rtc@Bahamaselectricity.com

Fax: +1 {242} 323 6852

Request For Proposals: Renewable Energy -Power Generation
Implementation Project

328-4568

2A Dewgard Plaza Madeira Street



Cheque Verification & @ Collection Services



















ECSY

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Financing 8% fixed rate with
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PAGE 12, MONDAY, MAY 19, 2008

THE TRIBUNE



LOCAL NEWS

Police seek Bahamians suspected of
involvement in human smuggling

FROM page one

Once recruited, they would meet at a marina in
Freeport and travel in the darkness of night in a
go-fast boat for several hours.

The second man, a 29-year-old wanted for
manslaughter and alien smuggling, also believed
to be in the Bahamas, is thought to be the oper-
ation’s boat captain.

In this particular case, in which the two Bahami-
ans are wanted, as the smugglers approached the
Florida coast, it is believed the 29-year-old forced
men and women to jump ship and swim to shore.

Survivors in the case told detectives that some
women begged the captain to drive them closer to

Colonial Shutters

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Those who could swim survived, while the oth-
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ashore in the morning.

However, drug and weapon smugglers also on
the trip were given the royal treatment and driven
further north to a pier, where they could make
their getaway.

The 29-year-old is believed to be a resident of
Grand Bahama and the 38-year-old frequents
Freeport and is familiar with Haiti and other
islands in the Caribbean.

Officials believe both men may still be con-
ducting their illegal activity in the Bahamas _

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Robinson Road

393-5964

FROM page one

“The Rainbow Alliance chal-
lenges any lawyer or member
of the Registrar’s Office to pro-
vide the particular - the specific
law - that precludes same-sex
couples from getting married.

“It’s just the perpetuation of
archaic fundamental beliefs that
have permeated our legal sys-
tem and our democracy and
that’s not exclusive to the issue
of gay marriage. Human beings
have the right to be in relation-
ships with whom they want, cit-
izens of any country have the
right to participate equally (in
society), to have equal access
to the benefits that the govern-
ment or the country provides.”

Ms Greene contended the
Bahamian gay community had
the same desires'as their Amer-
ican counterparts to wed, but
have not been outspoken in an
effort to overturn “archaic”
laws for fear of being “outed”
or persecuted.

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Sat. $:30-Spm
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SANPIN MOTORS LIMITED

Gay marriage challenge

“Well, everybody feels that
they should have the right to
get married but everybody is
afraid to take those steps which
require an ‘outing’ of any sort.

“Gay people want to live-in
healthy communities, they want
to (have) healthy families and
they want to build healthy rela-
tionships, but you don’t want
to be martyred or crucified or
murdered to do that - they
would rather build their lives
outside of the institutions of the
country.”

She said the recent “over-
turn” in California is not cause
for celebration because the free-
dom to marry is a democratic
right.

“It is not a celebratory event
because we know what the law
says, we know that this is what a
democracy provides for all of
its citizens and we know that
anything else is a deliberate



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t. 242.326.6377° f. 242.326.6315
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attempt to oppress and margin-
alise the gay community.”

A California Supreme Court
overturned a ban on gay mar-
riage on Thursday meaning
homosexual couples in the state
are free to marry.

The historic ruling made Cal-
ifornia the second state - with
Massachusetts being the first -
in the US to effectively legalise
gay marriage.

A seven-member panel voted
4-3 in favour of US plaintiffs
who contend that restricting
marriage to heterosexuals was
discriminatory, according to the
Associated Press.

California’s courts have been
noted for handing down
ground-breaking rulings in the
past. ‘

The state’s courts were the
first to eliminate laws barring
inter-racial marriage in the 20th
century.

Teen dies
" FROM page one

Two passengers of the truck
were thrown from the vehicle.
A 19-year-old man from
Augusta Street received a bro-
ken left arm and was taken to
hospital.
The second male, a 17-year-
old Dumping Ground Corner
resident, died from his injuries.
Traffic police conducted
investigations which led them
to Sixth Street, Coconut Grove,
around 10.15am on Saturday.
A 31-year-old male suspect
‘who is believed to have fired
the shots was arrested and the
shotgun believed to have been
used in this incident was recov-
ered.

The weapon had seven live
rounds of ammunition. Investi-
gations continue.



Share our
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. .














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BROKERS & AGENTS LTO,


THE TRIBUNE MONDAY, MAY 19, 2008, PAGE 13

_ COMING
SOON!

FYP « 188 Wulff Road 9g © 19 Patton
P.O. Box SS-6366, Nassau, Bahamas P.O. Box RIS Nassau, a aa P.O. Box SS-6366, Nassau, Bahamas

Phone (242) 323-3973 or 325-3976 Phone (242) 326-8543 or 326-5464 Phone (242) 323-3973 or 325-3976
Fax (242) 322-3937 Fax (242) 326-5461 Fax (242) 322-3937
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saturdays 7:00am - 3:00o0m Saturdays 8:00am - 3:00om Saturdays 7:00am - 3:00em

LET’S BUILD, TILE AND PAINT THE BAHAMAS TOGETHER!

©2008 Creative Edge


LOCAL NEWS

THE TRIBUNE





"FROM page one

The marijuana was stored in
bales, buckets, small bags prop-
erly packaged in the kitchen
cupbeard and in the bedroom.

Police also found a shoebox .
which contained a very large
sum of US and Bahamian cash.
Three 9mm handguns and one
box of ammunition were also



Bimini Bay Store

Assistant Manager
Cartier Boutique



Stock/Inventory
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The premier retailer in The Bahamas,
has openings in the following areas:

Sales Associates & Management

Sales Administrative Assistants
John Bull Business Centre

Candidates must have some sales
experience, great interpersonal skills

Cosmeticians/Beauty Advisors
Experience and Certification preferred

MOTORS

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discovered. The quantity of
marijuana weighed in at 1,203
pounds. The drugs were esti-
mated to have a local street val-
ue of over $1.2 million.

No arrests have been made
but investigations are continu-
ing.

In other crime news, police
received information around
3.30am yesterday of thieves try-
ing to enter Super Value Food

Store in Golden Gates Shop-
ping Centre.

Mobile Division officers
quickly responded and saw
three men near the entrance
(one with a lock-cutter in his
hand).

Upon seeing the police, the
men ran.

Police chased them and
caught two, aged 40 and 26.
They are in custody.

We Should Talk

John Bull Ltd. is looking for people who:

management

family

¢ Know what it means to give outstanding
customer service -
e Have an interest in retail'sales and

* Desire to bring fun and enthusiasm to our

® Truly believe the customer always comes first

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¢ A great group of people to work with

* Acompetitive benefits package

e An outstanding employee discount policy.
¢ All of the training you'll need to be highly

successful

Only those interested in helping us uphold our
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need apply. ff you want to learn more about retail
for a future career or would like to grow with us,
please complete an application form (available
at all locations):and attach a current resume,

photo and a copy of a current police certificate,

NIB card and Passport (first 4 pages).

Hand deliver or mail to:
John Bull (any location)

Attn: The Human Resources Dept.
P.O. Box N-3737, Nassau, Bahamas



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Coast Guard rescue | Shooting

FROM page one

They were aboard a 20-foot blue and white boat with an 85hp
Yahama outboard engine.

The men had planned a week-long fishing trip in the Great
Isaacs, which is about 28 miles south-west of Freeport.

After a full day of fishing on Thursday, the men went ashore fot
the night. They anchored their vessel and set up camp on the cay.

At about 8am on Friday, when the men awoke, they discovered
that the vessel had capsized overnight due to rough seas.

US Coast Guard officials spotted the capsized vessel and con-
tacted Bimini police around 10.40am on Friday.

Coast Guard officials also told police that several persons
appeared to be stranded on the cay.

A team of officers from Bimini was dispatched to the location,
where they discovered a vessel floating just offshore from the cay.

The four men were transported to North Bimini and contacted
their relatives in Freeport, who made arrangements for them to be
flown to Freeport.

Supt Rahming said that Mr Dorsette plans to return to the cay to

. try and salvage the capsized vessel.

Anger over brush fire response
FROM page one

ond time “in the same spot” early Saturday morning.

Since then, the fire had been “dying down, and picking up all
week,” she said.

Around 3. 40pm Friday, Ms Bosfield told The Tribune that she
could “hear the fire crackling” right inside her front room.

“This fire is causing residents to stay inside and close the windows
in their homes,” she said.

Fumes from the blaze prompted Ms Bosfield’s first attempt to
report the fire to the Pinewood constituency HQ after efforts to get
firefighters on the scene failed.

Apparently, the secretary at the Pinewood constituency HQ
failed to contact MP Byran Woodside. A Tribune reporter then tele-
phoned the Pinewood HQ, and the secretary relayed the same
information. :

“T’ve been trying to call Mr Woodside to contact the Fire Depart-
ment,” she said, “but I’m getting a voice message on his answering
machine. I can see the smoke from where I am, but I have to wait
because I can’t put out no fire.”

Minutes later, Ms Bosfield contacted The Tribune saying that a
fire truck had not arrived. She said a man who saw her watching the
blaze outside her home also called the Fire Department.

Meanwhile, a reporter contacted fire services to inquire about the |

delay. When the person found:out what the call was in reference to,
he said: “Shucks, why she call The Tribune?”

“Boss, I then tell this lady that we had to replenish our water sup-
ply,” he said. “We will be out there shortly.” The individual then
abruptly hung up the phone. According to Ms Bosfield, Fire
Department officials had already given her that reason for their
delay. “My thing is, if they’re out of water, that means they’re
parking their trucks empty,” she said. “How could you park your
truck empty at this time of the year, when fires are expected?”

According to Ms Bosfield “when the fire sprung up again on Sat-
urday, firefighters were complaining that they couldn’t get to it
because of some obstruction.”

She recalls one of them saying: “We're just going to have to let
the fire burn since it’s not threatening life or property.”

Up to press time on Friday, The Tribune was informed that the
fire was still active in Pinewood, and moved on to the eastern end
of a park that former MP Allyson Maynard-Gibson spearheaded in
conjunction with Sun International.

According to Ms Bosfield, Pinewood MP Byran Woodside came
to the scene and dispatched firefi hters a third time. She told. The



PETER THOMAS ROTH

gpiLABLE EXCLUSIVpyy, re

utique at Harbour Bay Plaza.

suspect
sketch

FROM page one

Yesterday, police circulated
the photo of a dark-skinned
male about 5ft 7ins, about 150-
170 pounds, and of slim build
last seen leaving the West Bay
Street area in an unidentified
white vehicle. He is suspected of
Wednesday’s attempted armed
robbery and subsequent shoot-
ing of Mr John Casper.

Police have not released a
sketch of a second suspect
believed to be an accomplice
as they are still compiling wit-
ness accounts, Chief Supt Glenn
Miller said yesterday.

According to police, Mr
Casper was walking along West
Bay Street when he and three
female companions were accost-
ed by two gunmen who
demanded cash.

Mr Casper reportedly resisted
turning over his wallet to the
would-be thieves and was shot
once to the chest during the
exchange.

The two men fled the scene
by car along Ruby Avenue.

The father-of-three, with 23

iT

years in law enforcement, over _

20 commendations and two life-
saving awards ironically
received his first injury while
off-duty and vacationing in the
country, Bergenfield Chief of
Police Rick McGarril said.

He is currently in hospital in
stable condition. “He’s still seri-
ous but pretty much improv-
ing,” said CSP Miller yesterday.

He added that the Cable
Beach community has been
helpful with assisting police with
their investigation.

The brazen shooting in the
centre of the Cable Beach
tourist hub merely steps away
from the home of former prime
minister Perry Christie has gar-
nered attention from the inter-

national press as the Ministry -

of Tourism braces for a possible
fall-out. Persons with informa-
tion leading to the arrest of the
suspect should contact police at
919, the Central Detective Unit
at 502-9930/9991, the police con-
trol room at 322-3333, Crime
Stoppers at 328-8477, or the
nearest police station.



ENHANCE

Take control with Hydrosaf
and treat problem areas like:
underarms, hands, feet, etc.

dN-4aIVW IVYANIW JIVaGIU! INVL

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THE TRIBUNE MONDAY, MAY 19, 2008, PAGE 15



bye ehhe aie 6

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Males
PAGE 16, MONDAY, MAY 19, 2008 THE TRIBUNE

Is

fp

=

Vi


THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 17



French workers strike in

protest against job cuts




Michel Euler/AP-Photo

STUDENTS shouts slogans during a demonstration in Paris, Thursday, May 15, 2008. Civil servants,
teachers and students unions called for a general strike to protest against plans by President Nicolas
Sarkozy's government to cut civil servants jobs.

@ PARIS, France ,

TEACHERS, postal workers
and other public servants staged
a one-day strike and tens of thou-
sands marched through French
cities, a widespread protest
against President Nicolas
Sarkozy’s planned job cuts,
according to the Associated Press.
’ Schools were shut around the
country as nearly half the teach-
ers stayed away from work, while
about 15 percent of all public
workers adhered to the 24-hour
walkout, according to the Public
Service Ministry.

At the same time, tens of thou-
sands of protesters marched
through Paris and other cities to
oppose the government austeri-
ty moves.

Still the government stayed
firm on its plans to. trim thou-

sands of government jobs to cut,

costs. in the overstretched bud-
get. Sarkozy said strikes pre-
sented “insurmountable difficul-
ties for many families” and pro-
posed a new law that would
" require schools to-shelter stu-
dents during strike days.

As the marches were winding |

down, Sarkozy went on national
television and announced, that
he had asked the government to
propose the new law, which
would require local authorities
to arrange care for pupils on
strike days. The central govern-
ment would foot the bill, he said.

The law would also require
teachers to alert school officials
48 hours in advance if they plan
to strike.

Sarkozy has sought to trim

RTOS Maueieasy
ITY SERWICES

bureaucracy and lessen the
impact of France’s frequent
strikes since taking office last

year. A law passed last summer:

requires a minimum level of ser-
vice on public transport when
transit workers strike.

Sarkozy insisted that French

workers’ freedom to strike —

remained “fundamental,” but
added that strikes in public ser-
vice “pose insurmountable diffi-

culties for many families, espe- ;
_ cially the most modest ones.” }

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PAGE 18, MONDAY, MAY 19, 2008



INTERNATIONAL NEWS

THE TRIBUNE





Colombia gets
Interpol backing

& BOGOTA, Colombia

INTERPOL said that com-
puter files suggesting Venezuela
was arming and financing
Colombian guerrillas came from
a rebel camp and were not tam-
pered with, discrediting
Venezuela’s assertions that
Colombia faked them.

Venezuelan President Hugo
Chavez denounced the Interpol
verdict as “ridiculous,” saying a

“clown show” surrounded the
announcement. But the findings -

are sure to increase pressure on
Chavez to explain his ties to the
Revolutionary Armed Forces of
Coiombia, or FARC.

‘More revelations are likely to
emerge, as Interpol also turned
over to Colombia 983 files it
decrypted.

“We are absolutely certain
that the computer exhibits that
our experts examined came from
a FARC terrorist camp,” said
Interpol’s secretary general,

Ronald Noble, adding: “No one

can ever question whether or’

not the Colombian government
- tampered with the seized FARC

computers.”
Chavez did just that, calling
Nowe “a tremendous actor” and

n “immoral police officer who’
applause killers.”

“Do you think we should

_waste time here on something »
‘so ridiculous?” Chavez told
_ reporters, He denies arming or

funding the FARC — though he
openly sympathizes with Latin
America’s most powerful rebel

‘army — and threatened on

Thursday to scale back econom-
ic ties with Colombia over the

_ incident.
Colombian commandos

recovered the three Toshiba
Satellite laptop computers, two

external hard drives and three

USB memory sticks in a March 1
cross-border raid into Ecuador
that killed FARC foreign minis-

ter Raul Reyes and 24 others.
Interpol addressed Chavez.

charges that no computer could
have survived the bombardment,

showing photographs in the i

report and video on its Web site

of metal cases that protected

\



Fernando Vergara/AP Photo

INTERPOL'S Secretary General Ronald Noble speaks at a press
conference in Bogota, Thursday, May 15, 2008.

them from-Colombian bombs.

“Mr. Reyes is now dead. But
they were definitely his comput-
ers, his disks, his hardware,”
Noble said.

The Interpol study was done
at Colombia’s request; and
Colombia got a major bonus:
Interpol ran 10 computers non-
stop for two weeks to crack the
encrypted files. Noble said it was
up to Colombia to decide
whether to make their contents

-public. Interpol also gave

Colombia a separate confidential
report for use in criminal inves-
tigations.

President Alvaro Uribe
expressed satisfaction with the
results. 3

“The only thing Colombia

' wants is that the terrorism we

have so suffered does not affect
our brother countries,” he said

Thursday night in Peru after:

arriving fora summit at which
Chavez was also expected. Ter-
rorism doesn’t have borders or
ethics.” ©

He refused to answer
reporters’ question: about .



whether the Interpol report’ s
findings would further damage

relations with Venezuela. |
The 39-page public forensic

_ report by the France-based inter-

national police agency conclud-
ed Colombian authorities did
not always follow international-
ly accepted methods for han-
dling computer evidence, but
said that didn’t taint the data.
Interpol said it reviewed 610
gigabytes of data including

- 210,888 images, 37,872 written

documents, 22,481 Web pages,
10,537 sound and video files,
7,989 e-mail addresses and 452
spreadsheets.

Interpol limited itself to veri-
fying whether Colombia altered
the files and correctly handled
the evidence, but did not address
the contents of the documents,
even making a point to use two
forensic experts — from Aus-
tralia and Singapore — who do
not read Spanish.

A Colombian anti-terrorism
officer accessed the comput-
ers before they were handed
over to Interpol, leaving mul-
tiple traces in operating sys-
tem files, which Noble said »
runs against internationally .
accepted protocol.

British Colonial Hilton

; Nassau




THE TRIBUNE

AviNy iNew twee Oy ete



US Marine
‘Sentenced to

4 years in
Japan sex case

m@ TOKYO

A USS. court-martial sen-
tenced a Marine to four -
years in prison on Friday
for sexually abusing a 14-
year-old Japanese girl in
February, ending a case
that had deepened anger
over the American military
presence in Japan, accord-
ing to the Associated Press.

The Marine, Staff. Sgt.
Tyrone Luther Hadnott,

38, pleaded guilty to “abu-
sive sexual contact” at the
court martial at Camp Fos-
ter in Okinawa, but was
cleared of rape, the U.S.
military said. He was also
given a dishonorable dis-
charge.

In February, Hadnott, i
who was stationed at a base :
in Okinawa, was arrested:
after the girl accused him
of raping her inside his car. }
The Marine, who had given :
the girlaride, denied the
accusation but admitted
pressing her down and try-
ing to kiss her.

The incident caused -
widespread anger in Ok1-
nawa, home to most of the
40,000 American service-
men based in Japan, and
led to protests by Japanese
politicians, including Prime
Minister Yasuo Fukuda.

On a visit to Japan in
February, Secretary of
State Condoleezza Rice
expressed deep regret over
the case.

Japanese anger subsided :
after the girl, who was criti- :
cized in the media for get-
ting into the car with the
Marine, withdrew her com-
plaint and Japanese prose-
cutors dropped the charges
against the serviceman.

“Even though he was not
prosecuted under the:
Japanese judicial system,
we found that there was
enough evidence to prose-

cute:-him-under the U.S...: 4,4.

system,” Lt. Gen. Edward
Rice, the commander of
the U.S. forces in Japan,
said at a news conference
Friday. ;

The case was one of sev-
eral involving American
servicemen in Japan in :
recent months. Last month, :
Olatunbosun Ugbogu, 22, a :
Navy seaman who had :
been wanted for deserting
his base in Yokosuka, i
south of Tokyo, was :
charged with killing a taxi |;
driver and running off with- :
out paying his fare. i

INSIGHT

For the stories behind §
the news, read Insight &
on Mondays :





INTERNATIONAL NEWS

Back to the drawing



Bush fails to win Saudi
help on gas prices

@ RIYADH, Saudi Arabia

PRESIDENT Bush failed to
win the help he sought from
Saudi Arabia to relieve sky-
rocketing American gas prices
on Friday, a setback for the for-
mer Texas oilman who took
office predicting-he would jaw-
bone oil-producing nations to
help the U.S, according to the
Associated Press.

Bush got a red-carpet wel-
come to this desert kingdom,
home to the world’s largest oil
reserves, and promised to ask
King Abdullah to increase pro-
duction to reduce pressure on
prices, which soared past $127
for the first time Friday. But
Saudi officials said they already
were meeting the needs of their
customers worldwide and there
was no need to pump more.

Their answer recalled Bush’s
trip to Saudi Arabia in January
when he urged an increase in
production but was rebuffed.

Saudi oil minister Ali al-Nai-
mi said the kingdom decided on
May 10 to increase production
by 300,000 barrels a day to help
meet U.S. needs after
Venezuela and Mexico cut back
deliveries. ;

“Supply and demand are in
balance today,” al-Naimi told a
news conference, bristling at
criticism from the U.S. Con-
gress. “How much does Saudi
Arabia need to do to satisfy peo-
ple who are questioning our oil
practices and policies?”

Early ‘this week, Senate

Democrats introduced a reso-

lution to block $1.4 billion in
arms sales to Saudi Arabia
unless Riyadh agreed to increase
its oil production by 1 million
barrels per day.

Saudi Foreign Minister Saud
al-Faisal said the discussion with
Bush about oil was friendly. “He
didn’t punch any tables or shout
at anybody,” the minister said.
“T think he was satisfied.”

That couldn’t be said for at
least one of the candidates hop-
ing to succeed Bush in January.
Said Democrat Hillary Rodham
Clinton: “I think it’s very impor-
tant that we do something more
dramatic than going to have tea
with the Saudis.”

National Security Adviser
Stephen Hadley said consumers
would not see dramatic price
reductions. Oil experts agreed.

Bernard Picchi, an energy
analyst .at Wall Street Access,

.an independent research firm,

called the 300,000 barrel Saudi
production increase “a token
amount.” :

It would be different, he said,
if Saudi Arabia boosted pro-
duction by 1 million or 1.5 mil-
lion barrels a day. The
announced increase will have
Saudi Arabia pumping 9.45 mil-
lion barrels a day by June, Sau-
di officials said. That’s about 2
million barrels below its capaci-
ty. Analysts also discounted the
impact of the U.S. Energy

-Department’s announcement

that it would cancel shipments
into the Strategic Petroleum
Reserve for six months begin-
ning July 1.

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PRESIDENT
Bush, left,
stands with
Saudi King
Abdullah during
the playing of
the U.S. National
Anthem at an
arrival ceremony
at Riyadh-King
Khalid Interna-
tional Airport in
Riyadh, Saudi
Arabia, Friday,
May 16, 2008.



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PAGE 20, MONDAY, MAY 19, 2008

‘

THE TRIBUNE



INTERNATIONAL NEWS



In brief

Democracy
funding for
Iraq under

more scrutiny

m@ WASHINGTON

WITH upcoming provin-
cial elections in Iraq, a Sen-
ate committee approved $75
million this week to fund
American groups charged
with carrying out grassroots
democracy-building efforts
there, exceeding a State
Department request despite
lawmakers’ frustrations over
a lack of political progress
and a desire to shift more of
the costs to Iraqis, according
to the Associated Press.

Many lawmakers had
hoped:that Iraq would use
some of its projected $70 bil-
lion in oil revenue this year
to support these groups. But
USS. officials say Iraqis _
already setting aside $100
million for the elections and
they are instead pushing the
fledgling government to -
spend its revenue on bigger-
ticket reconstruction pro-
jects. U.S. funding for these
organizations would other-
wise run out in October,

when the voting is to be held.
The two lead organizations :

tasked with the mission - the
Washington-based National

Democratic Institute (NDI)

and its sister organization,

the International Republican
Institute (IRI) - left Baghdad :

a little over a year ago amid
increasingly violent condi-
tions, moving most of their
staffs 400 miles away to Irbil
in the Kurdish north.

Backed by more than $280

million and charged with

assisting parliament and nur- :

turing political parties and
‘civil society groups, they

have far less to show now for

their efforts, observers say.
Their absence has been
keenly felt at a time when
some Iraqi political parties
are changing direction and
could use help preparing for
the elections, officials and
former staffers in Baghdad
say. i









Greg Baker/AP Photo
BI KAIWEI holds a photo of his daughter Bi Yuexing, who was killed

when her schoolroom collapsed in Monday's earthquake, in the
rubble of the school in Wufu, in China's southwest Sichuan
province Friday May 16, 2008. Most of the students killed when

Wufu's school collapsed were only children, deepening the pain of

parents who had stuck to China's one-child policy.













Sister Sister

Breast Cancer Support Group



The Tribune

My Vetce, ly Vlewpqpe!

DOCTORS HOSPITAL

Where have all the children




@ WUFU, China
BI KAIWEI and his wife,

‘Meilin, stopped having chil-

dren after their daughter was
born, taking to heart China’s
one-child policy and its slogan
“Have fewer kids, live better
lives,” according to the Associ-
ated Press

For them and other couples
who lost an only child in this
week’s massive earthquake,
the tragedy has been doubly
cruel. Robbed of their sole
progeny and a hope for the
future, they find it even hard-
er to restart their shattered
lives, haunted by added guilt,
regret and gnawing loss.

“She died before becoming
even a young adult,” said Bi,
an intense, wiry chemical
plant worker, standing beside
the grave of 13-year-old
Yuexing — one of dozens
sprinkled amid fields of
ripened spring wheat and

. newly planted rice. “She nev-

er really knew what life was
like.”

Yuexing, a bright sixth-
grader, was in school when
Monday’s quake struck,
bringing the Fuxin No. 2 Pri-

‘mary School crashing down,

killing her and 200 other stu-
dents. Teachers had locked all
but one of the school’s doors
during break time, parents
said, leaving only a single -

’ door to escape through.

Many among the more than
22,000 people killed across
central China were students in
school. Nearly 6,900 class-
rooms collapsed, government
officials said Friday, in an
admission that highlighted a
chronically underfunded edu-
cation system especially in
small towns and compounded
the anger of many Chinese
over the quake:



















rn”

China's 1-child policy causes extra pain

Essay Comp

ic: ‘Give Blood Regularl

WBDD Essay Campaign
4. In the body of the e-mail; type your tul name, telephone
~ number, school and grade
5. Essays can be submitted directly to the Ministry of Health
(National Blood Programme Office, Meeting St.)

In Wutfu, a farming village
two hours north of the
Sichuan provincial capital of

_ Chengdu, most of the dead

students were a couple’s only

‘child — born under a policy

launched in the late 1970s to
limit many families to one off-
spring. The policy was meant
to rein in China’s exploding
population and ensure better
education and health tare.
The “one-child policy” has
been contentious inside China
as well as out. The govern-
ment says it has prevented an
additional 400 million births.

But critics say it has also led

to forced abortions, steriliza-
tions and a dangerously
imbalanced sex ratio as local
authorities pursue sometimes
severe birth quotas set by Bei-
jing and families abort girls
out of a traditional preference
for male heirs. The policy is °

‘law but there are exceptions.

Farther down the lane from
where Yuexing is buried, 10
more graves were laid out,
some accompanied by favorite
items — textbooks for English
and music, a pencil box, a
Chinese chess set. At one,
grandmother threw herself to
the dirt and wailed as her hus-
band lit a handful of “spirit
paper” believed to comfort -
the dead in the afterlife.

Another bereaved parent,
Sang Jun, stood where his
daughter, Rui, is buried, a
simple mound of dirt beside

his quake-shattered farm-

house. The house is surround-
ed by burned bushes — a tra-
ditional disinfectant.

“The house is gone and the

’ child is dead,” said Sang, who

wore a T-shirt and plastic san-
dals. His parents, both in their
70s, looked on with tears in
their eyes.

Resistance by ordinary Chi-

World Blood Donor Day

14th June 2008 ©

Theme - “Giving Blood Regularly”

Ministry of Health and Social Development

ee

For more information please
contact 502-4871.





nese has forced Beijing to
relax the policies, allowing
many rural families to have a
second child if the first was a
girl. But in Wufu, the family
planning committee seems to
have prevailed on most fami-
lies to stop at one child. Slo-
gans daubed on boundary
walls and houses all along the
rutted country road leading to
Wutfu call on families to “sta-
bilize family planning and cre-
ate a brighter future.”
Standing in the rubble of
the school holding his daugh-
ter’s ID and a posed shot tak-

en at a local salon, Bi — pro-

nounced “Bee” — said start-
ing a new family, either by
having another.child or adop-
tion, is simply imponderable.
“T’m 37 years old and my.
child was 13. If we were to do
it again, I’d be 50 when this
stage comes along,” Bi said.
Parents who lose children in
disasters often feel intense
guilt for what they see as a
failure to protect them, said
psychology professor Shi
Zhanbiao. Parents, he said,
may also recall their past rela-
tionships with their children
with regret, thinking they
were too stern, did not show
them sufficient love or did not
interact with them enough.
“They'll think that if they
just hadn’t sent their children

_to school that day, they would

have been saved,” said Shi, a
researcher with the Chinese
Academy of Science in Bei-
jing.

The loss is intensified fot
those with no other offspring
to lavish with care and affec-
tion, Shi said. And in China,
other, more practical concerns
may also come into play
because children are generally
expected to care for their
aging parents.
THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 21



Y PIP YOU CATCH THE
+ MAN WHO KILLED
THE ELDER'S FAMILY?

PALS BURIED A
MINE OUTSIDE
MY TENT!

I MEANT TO TELL ALAN
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ape CRYPTIC PUZZLE

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7 Su for probing, ‘
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8 — Walk about a yard (6) bed! (5)
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13. Ifyou push it out, it shouldn’t go 4 Tosome, perhaps, a bottle opener
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14 Itcomes to light (4) “ 6 — Ruined due to work
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16 Some part of Tuscany (3) , _ 9 They don't allow boats out for
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19 Nogreat maneater? (4} head anger {5}

13 Asnack in the tub? (4,3)

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mechanical {3}

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21 Rumbled and dismissed! (6,3}
23 Avessel to make jokes about? (4}
24 Treacherous supporter? (4) 6




I WOKE
UP. ON THE
WRONG SID
OF THE BED

DIST. BY UNKUERSAL PRESS SYPOICRTE

WANN. NOW-SEGUITUR, CONN,

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COMICS PAGE











25, Hoy-d-en 26, Stamp 27, Pinta 28, Pie 30, All-Y

DOWN: 1, Amused 2, Hailed 3, Roar 4, Tit-ular 5, Wings 6,
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32, Instance 33, Dredge

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Dennis
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ABOUT PLUMBING, RIGHT2 ”



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Bidding Quiz

Partner bids One Spade, next
player passes, neither side vulnera-
ble. What would you respond with
each of the following five hands?

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1. Two spades. The possible bids
over one spade are one notrump, two
clubs or two spades. One notrump
(not forcing) would suppress your
spade support, while you don’t. have
quite enough points to bid two clubs.

The most practical solution is to
raise right away and let partner
choose the next action. He will know
you have six to 10 points, including
trump support, and will be in good
position to judge what, if anything, to

. do next.

2. Three spades. The jump-raise to
three announces a game in the com-
bined hands regatdless of opener’s
actual strength. It is a forcing bid and
promises at least four tramps and 13
to 15 points in high cards and distri-
bution. Those who play that a three-.

spade bid in this situation would
promise only 11 or 12 points (a
“limit raise”) would have to make
_ whatever forcing bid their methods
called for with this type of hand.

3. Four spades. The triple raise

: The
(O/H |=
uses
i words in
body of
Chambers
Century
Dictionary
(1989
edition),
HOW many words of four letters

'C Y eae.
21st
or more can you make from the

- Jetters shown here? In making a

word, each letter 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

Goad 19; very good 29; excellent 38
{or more). Solution tomorrow.

DOWN

1 Navigate (5)

2 Operatic
songs (5) -

3 Pastime (4)

4 = Mountain
range (5)

5 Long
journey (4)

6 = Cavorted (6)

9 Stop

working (6)
1 Abrade (3)

12 Delay (5)
13 Error (7} EM
15 Allow (3)
16 Cot (3)
18 — Liquid
measure (6)
20 Stop (5)

21 Suitable (3)
22‘ Before (3}

23 Twist (6)

25 — Insect (3)

28 Bury (5)

30 = Conceited (5)
3 Answer
ge MSD

32 Sea bird (4)
33) Quarry (4)



TARGET

shows much less in high cards than
the double raise, but more in the way
of distribution. It is/primarily a pre-
emptive bid aimed at disrupting the

‘ opponents’ bidding, and there is nor-

mally no assurance the contract will
be made. Typically, if partner cannot
make four spades, it will be found
that the opponents can often make a
game — and sometimes even slam

‘— in their own long suit.

4. Three clubs. This hand has
decided slam possibilities, and it is
best to alert parmer immediately to
this fact via a jump-shift. You intend
to support partner’s spades at your
next opportunity. . .

The jump-shift is seldom made.

with hands of less than 17 points, and’.

also implies either a fit for opener’s
suit or a self-sufficient suit. It
strongly suggests a potential slam
but does not commit the partnership
to reaching one. .

5. Three notrump. A response of
two notrump would show 13 to 15
points, balanced distribution and
stoppers in the three unbid suits.

A:response of three notrump sends
the same message, except that the
point count is 16 or 17. The distribu-

tion is almost invariably 4-3-3-3 or °

4-4-3-2: The jump to three notrump

invites opener to move towarda slam |

if he has values that could produce a
slam opposite a hand of this type.

-—— a
5 A
see 5
2 ye
agige" 3
B8838 3
BeBe 4g ;
aufjsacaag
Bvge5eqaxs
a
= Reae
See 28e asa |
a S52 3Een8
3 AR ABO:
gv > Dh eg
aoa d 8823
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BLARB»o 450
a gs
eer EREE Cem



ee

ea

word
| dilate

ta cause to
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eye pupils















Paul Keres v Giuseppe Stalda,
postal game 1934. Estonia's
Keres was one of the finest

players never to become world , ° i

champion. His career was

blighted when he competed in ©

wartime German tournaments. .
On his return home Soviet :
authorities, who favoured 4
Keres's Russian rival Mikhail
Botvinnik, coerced him with
threats to his family. Though no 2
smoking gun has emerged,
suspicions linger that Keres
chose to play below form when
he lost four straight games to
Botvinnik in the 1948 world title
event. As a youthful talent,
Keres honed his game by postal
chess, taking on 150 opponents
at once. When he died,
thousands attended his funeral
4 he was honoured with his

~ Calvin & Hobbes

HEX, DAD, I'M \ You INVENTED

OVT HOW To
MAKE. (T Do
WHAT WE WANT,

“ctally make











WELL, HEPE IT 1S So FAR.
HOBBES AND T HAVE BEEN
WORKING ON TT ALL AFTERNOON
WS NOT QUITE PERFECTED

YET, BUT YOu GET THE IDEA.



©1989 Universal Press Syndicate

DONT GET DISCOURAGED. YouR
Moi AND TL Gor THE SAME

RESULTS AFTER WORKING ON
You FoR SIX YEARS.












ae o
T2 ey Boe 5 a
| re Bee Oy

MONDAY,

MAY 19

AQUARIUS — Jan 21/Feb 18
Even though you feel exposed and
unready to conquer a major obstacle.
Aquarius, you are actually ahead of
the game. You have nothing to lose,
so put your heart into your work.
PISCES - Feb 19/March 20
You're the lite of the party this week,
Pisces, and are having a wonderful
time in the spotlight. The team is sup-
porting you in all you do, so delight in
the moment while it lasts.

ARIES - March 21/April 20
You're not popular this week, Aries,
und you feel like you're stranded
behind enemy lines with nothing but
your wits. For the next few days
don’t seek out confrontations.
TAURUS — April 21/May 21
One way or another, you'll make a
name for yourself this weck,
Taurus. You attract people who like

| controversy. Conversations at work

vet personal, but you started them.
GEMINI - May 22/June 21
Like so many others these days,
Gemini, you're a slave to your reac-
tions. An unpredictable move con-
fuses an opponent, but you already
. know where the relationship is going.
CANCER — June 22/July 22
If your-clients or coworkers are
smart this week, Cancer, they'll
give you the power of final say.

. Cancer's vision is the perfect mix

of art and emotion. Your touch
deeply affects many people.

LEO — July 23/August 23

If pushed too far, you might be unable *

to stop this week, Leo. Be careful what
you say before you spit out words that
could get you into trouble. Aquarius
provides a needed breath of fresh air,

__ VIRGO - Aug 24/Sept 22

You're ona roll, Virgo, and espe-
your mark on
Thursday. You ure a hero, a genius
and generally entertaining to many
coworkers. Enjoy your success,

LIBRA - Sept 23/Oct 23

If you're too eager this week, Libra,

youw ll only alienate friends and
coworkers. Be self-sufficient even as
you track others’ progress. Your time
to shine will come shortly,
SCORPIO ~ Oct 24/Nov 22
Once again you are looked toward
for leadership. Scorpio. Tuesday
presents your most challenging day
yet. Be clear about what you want to
accomplish, because you will,
SAGITTARIUS — Nov 23/Dec 21
Sagittarians know what they can and
cannot do. A realistic attitude
inspires confidence in someone who
is tired of excuses, Atuempt to mend
a space that has occurred between a
friend and you. :
CAPRICORN -— Dec 22/Jan 20
Surprise everyone with your extensive
knowledge and charismatic personulity,
Right now you can justify anything,
Capricom. Appreciate what you gan do,
others surely agree with your efforts.

boc doe foe ae

image ona stamp. Here Keres
looks set for victory with his Qg6
mate threat, while the queen also
stops Qxe2 +. It looks resignable
for Stalda, but the Italian produced
a surprise resource. What
happened?

LEONARD BARDEN



Chess solution 8340: L.Rgl+ 2 Kh2 Rhi+! when if 3
Kxhl? Qbl+ and Qgl mate, -» White must play 3 Kg2

Rgl+ with a draw by perpetual check.

aS ahh ¥
| PAGE 22, MONDAY, MAY 19, 2008 : THE TRIBUNE

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L
THE TRIBUNE



4



Win Or |





Losing racehorses in Puerto
Rico condemned to die

CANOVANAS, Puerto Rico

FOR thoroughbred race-
horses in Puerto Rico, success
can be a matter of life and
death. Many losers don’t make
it off the racetrack grounds
alive.

More than 400 horses, many
in perfect health, are killed each
year by lethal injection at a clin-
ic tucked behind the Hipodro-
mo Camarero racetrack, chief
veterinarian Jose Garcia told
The Associated Press after
checking clinic log books going
back seven years.

Unlike on the U.S. mainland,
where many former racehorses
are retrained for riding or sent
to special refuges, the animals
have few options in this U.S.
Caribbean territory. Owners say
caring for and feeding a losing
racehorse is too expensive.

“If it doesn’t produce, after
a while I give it away or I kill
it,” said Arnoldo Maldonado,
60, a businessman who races
about five horses a year. “It
bothers me, but it has to be
done because there is no money
to pay for them ... I’m not going
to keep losing.”

The killings also bother vet-
erinarians who carry them out.

While many horses are
unsuitable for adoption because
of injuries or bad tempers, far
more could be rescued than the
current few dozen a year, Gar-
cia said. ‘

The veterinarians at the race-
track clinic have an informal
system of contacting farms and
breeders when a healthy horse
comes in to die. But so far there
are no programs such as the
U.S.-based Thoroughbred
Retirement Foundation, which
rescues and advocates for hors-
es coming off the track.

_ The killing of so many race-
horses in Puerto Rico isn’t hap-
pening because they have suf-
fered a serious injury, like Eight

Belles, the filly euthanized after ,

breaking both front ankles rac-
ing in the Kentucky Derby on
May 3. Here, even when a sec-
ond home is available, veteri-
‘narians say that some owners
want losing horses executed
‘anyway — some to save money,
others to have revenge.

“You'll get a few owners who
get so upset, they just want the
horse dead,” said veterinarian
Shakyra Rosario.

She often asks trainers if they
have extra space so she doesn’t
have to kill a healthy horse, and

there are Puerto Ricans such as ©

trainer Berti Zequeira who
make it their business to rescue
the rejects. ;

Lionel Muller, senior vice
president at Hipodromo
Camarero, Puerto Rico’s only
racetrack, said owners general-
ly have the horses killed only
as a last resort when they can-
-not find a suitable second home.

“Most of the horse owners
really love the horses., You
don’t want to get rid of a horse
that way,” he said.

With a stable of about 1,300
horses, the flower-trimmed
track on the north coast holds
races five days a week. Tourists

and other fans cheer from open-
air grandstands and a skybox
restaurant. About $210 million
a year is bet at the Hipodromo
and at off-track betting booths.

The U.S. horse racing indus-
try also struggles with unwanted —
thoroughbreds. AP’s efforts to
obtain figures were unsuccess-
ful, but advocacy groups say
sanctuaries created over the last
two decades have dramatically
cut the likelihood that a former
racer will be executed.

“If you’re a thoroughbred
and you’re not dangerous to
humans, there’s a home out
there for you,” said Gail Hirt, a
Michigan-based board member
of The Communication
Alliance to Network Thor-
oughbred Ex-Racehorses.

Horses that don’t win in
Puerto Rico quickly become lia-
bilities for their owners. It costs

-about $750 a month in food and
stable fees to keep a thorough-
bred at the track, and many
owners would rather spend on
horses that still have a chance of
winning. at eos

Farms and ranches that could
take retired horses often prefer
lower-maintenance breeds such
as the Paso Finos, bred locally
since Spanish colonial times and
prized for their smooth gait.

That often leaves euthanasia
as the cheapest option. The clin-
ic charges owners only about
$20 for the chemicals, Garcia
said. .



“You'll get a
few owners
who get so |
upset, they just
want the horse
dead.”

Shakyra Rosario

‘The sport attracts many
small-time businessmen such as
Maldonado, who devotes most
of his time to running a booth at
a flea market in nearby Rio
Grande. Garcia said many take
on more horses than they can
afford in hopes of striking it
rich.

“A lot of times people will
have good luck with one horse,
that horse will make them a lot
of money, and they feel they
can do that with every horse,”
he said. .““What ends up hap-
pening is this renewable
,resource, which is the racehorse,
ends up being treated like just
another raw material. When it
doesn’t produce, you toss it
away. And that’s sad.”

The thoroughbreds, mostly
imported from the United
States, often begin racing before
their third birthday. After a
brief career on the track, they
can live to 30 or older.

But veterinarians say they
would rather see unwanted
horses destroyed humanely than
given away or sold to somebody
who cannot afford to feed and
care forthem. ~



MONDAY, MAY 19, 2008, PAGE 23

INTERNATIONAL NEWS



“Andres Leighton/AP Photo

A thoroughbred who suffers an intestiial obstruction rests on the grass at the veterinary clinic at Camarero racetrack in Canovanas, Puerto Rico,
Friday, April 11, 2008. For thoroughbreds in this U.S. Caribbean territory, being fast enough to win, place or show is a matter of life and death.






















































Hurry in! Right Now is the best time to get your best deal on a new Ford vehicle.
PAGE 24, MONDAY, MAY 19, 2008

THE TRIBUNE



Many thousands killed by
US’s Korean ally in 1950

@ DAEJEON, South Korea

GRAVE by mass grave,
South Korea is unearthing the
skeletons and buried truths of a
cold-blooded slaughter from ear-
ly in the Korean War, when this
nation’s U.S.-backed regime
killed untold thousands of leftists
and hapless peasants in a sum-
mer of terror in 1950, according
to the Associated Press.

With U.S. military. officers
sometimes present, and as North
Korean invaders pushed down
the peninsula, the southern army
and police emptied South Kore-
an prisons, lined up detainees
and shot them in the head,
dumping the bodies into hastily
dug trenches. Others were
thrown into abandoned mines
or into the sea. Women and chil-
dren were among those killed.
Many victims never faced
charges or trial.

The mass executions —
intended to keep possible.south-
ern leftists from reinforcing the
northerners — were carried out
over mere weeks and were large-
ly hidden from history for a half-
century. They were “the most
tragic and brutal chapter of the
Korean War,” said historian
Kim Dong-choon, a member of
a 2-year-old government com-

Lares eee

fact@isigtin tiny nee te

mission investigating the killings.

Hundreds of sets of remains
have been uncovered so far, but
researchers say they are only a
tiny fraction of the deaths. The
commission estimates at least
100,000 people were executed,
in a South Korean population
of 20 million.

That estimate is based on pro-
jections from local surveys and is
“very conservative,” said Kim.
The true toll may be twice that
or more, he told The Associated
Press.

In addition, thousands of
South Koreans who allegedly
collaborated with the commu-

nist occupation were slain by |

southern forces later in 1950, and
the invaders staged their own
executions of rightists.

Through the postwar decades
of South Korean right-wing dic-
tatorships, victims’ fearful fami-
lies kept silent about that blood-
soaked summer. American mil-
itary reports of the South Kore-
an slaughter were stamped
“secret” and filed away in Wash-
ington. Communist accounts
were dismissed as lies.

Only since the 1990s, and

South Korea’s democratization, _

has the truth begun to seep out.
In 2002, a typhoon’s fury
uncovered one mass grave.

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INTERNATIONAL NEWS

South Korea’s hidden chapters:





THIS U.S. Army photograph, once classified "top secret,"’



National Archives, Major Abbott/AP Photo

is one of a series depicting the summary

execution of 1,800 South Korean political prisoners by the South Korean military at Taejon, South
Korea, over three days in July 1950.

Another was found by a televi-
sion news team that broke into a
sealed mine. Further corrobora-
tion comes from a trickle of:

_ declassified U.S. military docu-

ments, including U.S. Army pho-
tographs of a mass killing outside
this central South Korean city.
Now Kim’s Truth and Recon-
ciliation Commission has added
government authority to the
work of scattered researchers,
family, members and journalists
trying to peel away the long-run-
ning cover-up. The commission-



LENOVO THINKPAD R6t



ers have the help of'a handful
of remorseful old men.

“Even now, | feel guilty that I
pulled the trigger,” said Lee
Joon-young, 83, one of the exe-
cutioners in a secluded valley
near Daejeon in early July 1950.

The retired prison guard told
the AP he knew that many of
those shot and buried en masse
were ordinary convicts or illit-
erate peasants wrongly ensnared
in roundups of supposed com-
munist sympathizers. They didn’t
deserve to die, he said. They

“knew nothing about commu-
nism.”

The 17 investigators of the
commission’s subcommittee on
“mass civilian sacrifice,” led by
Kim, have been dealing with
petitions from more than 7,000
South Koreans, involving some
1,200 alleged incidents — not
just mass planned executions,
but also 215 cases in which the
U.S. military is accused of the
indiscriminate killing of South
Korean civilians in 1950-51, usu-
ally in air attacks.

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oln brief

runner Wins
Fight to try.
for Olympics

_ MILAUSANNE, Switzerland

DOUBLE-AMPUTEE

: sprinter Oscar Pistorius won
: his appeal Friday and can
: compete for a place in the Bei-
: jing Olympics, according to the
: Associated Press.

The Court of Arbitration

: for Sport ruled that the 21-
: year-old South African is eli-
: gible to race against able-bod-
: ied athletes, overturning a ban
: imposed by the International
: Association of Athletics Fed-
: erations.

CAS said the unanimous

ruling goes into effect imme-
: diately.

“T am ecstatic,” Pistorius

: told reporters in Milan, Italy.
: “When I found out, I cried. It
: 1s a battle that has been going
: on for far too long. It’s a great
: day for sport. I think this day
: is going to go down in history
: for the equality of disabled
: people.”

Pistorius still must reach a

: qualifying time to run in the
; individual 400 meters at the
; Aug. 8-24 Beijing Games.
: However, he can be picked
:; for the South African relay
; squad without qualifying. That
; relay squad has not yet quali-
: fied for the Olympics.

Pistorius appealed to CAS,

: world sport’s highest tribunal,
: to overturn a Jan. 14 ruling by
: the IAAF that banned him
:; from competing. The IAAF
: said his carbon fiber blades
: give him a mechanical advan-
: tage.

A two-day hearing was held

i before a panel of three arbi-
; trators at CAS headquarters
: last month. Pistorius now is
: expected to-get invitations
: from track and field promot-

, } ers across the world who want
‘} him to run at their meets
: before Beijing.

Pistorius said he will be run-

: ning in both able-bodied and
: Paralympic events before Bei-
: Jing. His manager, Peet van
:; Zyl, said the runner will com-
; pete in Milan on July 2 and
: the Golden Gala meet in
: Rome on July 11.

“Oscar will be welcomed ‘

: wherever he competes this
; summer,” IAAF president
; Lamine Diack said in a state-
: ment. “He is an inspirational
; man and we look forward to
; admiring his achievements in
; the future.”

The International Olympic

Committee welcomed the ver-
: dict.

“Oscar Pistorius is a deter-

: mined and gutsy athlete who
; will now no doubt put all his
; energy into reaching the qual-
: ification standards for the
: Olympic Games,” the IOC
: said in a statement.
: makes it we would be delight-
i ed to welcome him.”

“If he

Pistorius holds the 400-

: meter Paralympic world
: record of 46.56 seconds, but
i that time is outside the
: Olympic qualifying standard
: of 45.55. His training has been
: disrupted by the appeal
; process.

Even if Pistorius fails to get

: the qualifying time, South
: African selectors could add
: the University of Pretoria stu-
: dent to the Olympic 1,600-
: meter relay squad.

Pistorius would not require

: a qualifying time and could be
: taken to Beijing as an alter-
? naie. Six runners can be
: picked for the relay squad. Pis-
: torius also expects to compete
: in Beijing at the Sept. 6-17
: Paralympic Games. ©

The verdict also clears Pis-

! torius to dedicate himself to
: competing at the 2012 Lon-
: don Olympics.



Denis Farrell/AP Photo

: IN this Thursday June 21, 2007
: file photo South African amputee
: champion runner, Oscar Pistorius,
: sprints during a training session
: in Pretoria, South Africa.

9


‘THE TRIBUNE





@ By NEIL HARTNELL
Tribune Business
Editor

BEN.CHMARK
(Bahamas) saw $1.06: per
share removed from its
2007 year-end book value,
and its retained earnings
virtually wiped-out, after its

agement subsidiary was
forced to take a one-time
$5.616 million bad debt pro-
vision related to client mar-
‘gintrading.

As a result, the BISX-list-
ed company suffered a
$3.208 million net loss for
the 2007 full-year compared
to.a $641,283 profit in 2006.
This was despite recording
an unconsolidated $2.189
million net operating profit

, SEE E page 7B



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SECTION B e business@tribuncaediasset

British American p:



2008



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rofits

up 20% for year to April

@ By NEIL HARTNELL
Tribune Business Editor

ritish

Amer-

ican
Financial saw
revenues and
net profits
increase year-
on-year by 20
per cent for the
four months to
April 2008, as it
completes its transition to a
full financial services provider

through launching a credit

card, moving into the money
transfer business and eyeing
regional expansion.

Film producer
raises $289,000
needed to fil

By NEIL HARTNELL

_- Tribune Business Editor

A BAHAMIAN film pro-
ducer/director told The Tri-
bune he has enough financing
to-hegin-shooting of his latest
film on schedule in July, having
raised some 70 per cent of the
$299,000 netted to date from
Bahamas-based investors.

Kareem Mortimer, who pro-
duced and directed the inter-
nationally-acclaimed Float,
said he and his crew were “def-
initely shooting in July” his lat-

est film, Daybreak, which also’

has Bahamian roots.
“We've raised $299,000, so
we’re definitely shooting,” Mr

Mortimer told The Tribune. -

“We’re still looking for financ-
ing, but are definitely shoot-
ing the movie and will be rais-

ing raising money throughout

production.

“J raised most of the money,
some 70 per cent, locally in the
Bahamas. It has been wonder-

SEE page 9B |

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* New owners ‘awaken sleeping giant’, and anticipate thvestiag $2m
in systems and new business initiatives ‘when the dust settles’

* British American to launch Visa credit card, on-line insurance platform and become
Family Island Western Union sub-agent as final stages of full-product menu roll-out

* Caribbean expansion eyed, although T&C launch may be delayed

* First year exceeds new owners’ ‘expectations and targets for growth of the business.
across all sectors’, with general insurance agency and mutual fund launches

Chester Cooper, British
American Financial’s president
and chief executive, told The
Tribune that the 88 year-old
company’s new owners would

have invested “just under $2
million when the dust settles”
into the business during its first
year under their charge. .
With its on-line insurance

platform due to launch in late
2008 or early 2009, as part of a
more than $500,000 informa-
tion technology (IT) upgrade,
Mr Cooper said the manage-

ment (payout che led to com-
pletion y in eke a had

SEE page 4B

Renewable energy RFP requests may be issued this week

i By NEIL HARTNELL

Tribune Business Editor

THE Bahamas Electricity

Corporation (BEC) could as
early as this week issue
Requests for Proposal (RFP)
for the private sector to sub-

mit proposals on supplying it:
with energy from renewable

resources, inthe hope that ulti-
mately. 10 per cent ofits power

needs are met from such.

sources:
Jerome Elliott, the. engirieer

who heads up BEC’s internal

BEC hoping up to 10% of peel to ultimately come from sustainable sources

renewable energy committee,
told The Tribune: “We are
near to issuing an RFP in the
local dailies, international and
trade journals for persons to
send us proposals for providing
renewable energy from any
island in the Bahamas where
BEC operates.”

Indicating that these RFPS!
could be issued as early as this.

week, the only islands exclud-.

ed from such an initiative are

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hoes such as Grand Bahama,
Walker’s Cay and Spanish
Wells, where independent, pri-
vately-owned companies pro-
vide the electrical power.

Mr Elliott told The Tribune:

“We are looking at a phased
approach to it, and hoping to
be able to supply as much as 10

He added that several “leg-
islative changed have to take
place to allow persons to pro-
vide power and sell it to BEC”,

' particularly amending the law ,

that states homes and busi- *
nesses must use BEC power.
supplies when they are avail-
able in their area.

per cent’ [of BEC’s eléctricity~* “The committee-itself has

renewable energy

in over several years.”

‘Abaco *Freeport *

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PAGE 2B, MONDAY, MAY 19, 2008

THE TRIBUNE







remaining unchanged.

Freeport Oil Holdings
Company (FCL) led the
advance for the week, with
4,400 shares trading, climbing
by $0.10, or 1.8 per cent to
end the week at $5.55.

Commonwealth Bank
(CBL) led the volume for
another week with 9,470
shares trading, increasing by
$0.07 to end the week at
$7.15. Abaco Markets
(AML) was this week's mar-
ket loser, with 1,736 of its
shares trading, declining by
$0.10 to end the

week at $1.85.

19 listed stocks. A total of
23,356 shares changed hands,
a decline of 58 per cent com-
pared to last week's trading
volume of 55,170 shares.
There were three advancers,
four decliners and five issuers

@ By Royal Fidelity Capital
Markets

TRADING momentum in
the Bahamian stock markets
dropped this week, with
investors trading in 12 out of

_ Bahamas Law Enforcement
Co-operative Credit Union Ltd

COMPANY NEWS:
Earnings Releases:

CONSOLIDATED Water

Company (CWCO) released
_ its u-audited financial results

for the quarter ending March
31, 2008. CWCO reported
net income of $1.6 million, a
decrease of $1.9 million or 53
per cent compared to the
same period in 2007.

For the first quarter, /
income from operations of

_ $2.1 million declined by

$895,000 or 30 per cent, with
total revenues of $12.7 mil-
lion remaining consistent
with the 2007 first quarter.
Costs of revenues, at $8.2
million, increased by
$768,000 or 10 per cent.

CWCO’s other income, -
$467,000, was down by $1. J
million over the prior quarter
due primarily to an adjust-
ment to equity value in the
income of the company's
BVI affiliate, stemming from
ongoing negotiations
between the affiliate and the
BVI government. CWCO’s
total assets of $148.5 million

NOTICE OF
ANNUAL GENERAL MEETING

THERE WILL NOT BE A SECOND
CALIOAS PER THE CO-OPERATIVE
ACT 20085 SECTION 22

The 23" Annual General Meeting of the Bahamas
Law Enforcement Co-operative Credit Union Ltd will
be held on

Saturday, May 24", 2008

9: 00 am
| pa’ Goes
Holy Trinity Activities Centre
Trinity Way
Stapledon Gardens

Refreshments will be provided



ee



declined by $812,000 or 0.5
per cent, while total liabilities
of $29.3 million declined by
$1.1 million or 3.6 per cent
from year-end amounts.

On the publication of its
results this week, the CWCO
share price in the internation-
al markets had a drastic drop,
declining by $4.85 per share,
which translated into a per
share decline of $0.97 for the
local BDRs. They closed the
week at a new 52-week low

* of $3.32.

Offering Notices:

Fidelity Bank (Bahamas)
(FBB) last week opened its
offering of $10 million unse-
cured fixed and floating rate
notes under its $50 million
note programme. The fixed
rate series, Series C, is being
offered at 7 per cent annually
with a five-year maturity, -
while the floating rate series,
Series D is being offered at
prime + 1.75 per cent annual-
ly (currently 7.25 per cent)
with a seven-year maturity.
Both series will be offered for
a total of $5 million each.

The proceeds from this
offering will be used for gen-
eral banking purposes. The
offering closes on May 30,
2008. For further information
contact Royal Fidelity Capi- -

tal Markets, who will be act-

ing as the placement agent |
for the offering. —

© FOCOL Holdings (FCL)
announced it will be extend-
ing the deadline of its private
placement offering over the
course'of the next six months.

' The preferred shares will be

paying a dividend rate of prime
+ 1.75 per cent, payable semi-
annually. :

Tn hae
TRAD se a eee
just call 502-2371 today!



Home to
amas

\







CENTREVILLE MEI

The Bahamian Stock Market

‘FINDEX 905.41 (-4.90%)

¢ Bahamas Waste (BWL) announced it will be holding its

BISX CLOSING CHANGE
SYMBOL PRICE
AML $1.85 $-0.10 1,736
BBL $0.89 $-0.01 3,000
BOB $9.61 $- 100
BPF $11.80 $- 0
BSL $14.60 $- 0
BWL $3.50 $- 200
CAB $14.06 $+0.06 1,600
CBL $7.15 $+0.07 9,470
CHL $2.87 - 0
CIB $13.24 $- 100

| CWCB $3.32 $-0.97 0
DHS $3.00 $- 200
FAM $8.00 $- 0
FBB- $2.35 $-0.04 ' 1,000
FCC $0.41° °° $-0.04 1,000
FCL $5.55 * $+0.10 4,400
FIN $12.50 $- 550
ICD $6.79 $- _0
JSJ $12.30 $- 0
PRE $10.00 $- 0
DIVIDEND/AGM NOTES:

VOLUME YTD PRICE

CHANGE
11.45%
4.71%
0.00%
0.00%
0.00%
-4.37%
16.68%
-15.18%
-8.89%
-9.32%
-34.13%
27.66%
11.11%
-11.32%
-46.75%
7.14%
-3.47%
-6.34%

11.82% .

0:00%

Annual General Meeting on May 22, 2008, at 6pm at the
National Tennis Centre, Nassau, Bahamas.

¢ Commonwealth Bank (CBL) announced it will be hold-

ing its Annual General Meeting on Wednesday, May 21,
2008, at 5pm at SuperClubs Breezes, West Bay Street,
Cable Beach, Nassau, Bahamas.

e J.S. Johnson & Company (JSJ) announced it will be
holding its Annual General Meeting on Wednesday, May
28, 2008. at 6pm in the Governor's Ballroom A at the
British Colonial Hotel, No.1 Bay Street, Nassau, Bahamas.

FOREX Rates

CAD$
GBP
EUR

Commodities

Crude Oil
Gold

‘DJIA

ie S& P500.) se ne aioe SySiiy
2%. | NASDAQeesiiet 6 oo6 i

Nikkei

Weekly
1.0008

1.9574
1.5578

Weekly

$126.29°
$899.90

International Stock Market Indexes:

Weekly
12,986.80

u1A25.35. ieisire
2528.85 sca

14,219.48



ad

‘A T

a CAL se

% Change
+5.58

+0.22
+0.65

% Change

+0.10
+1.59

% Change

+189...
$2.670%
+3:41 7}

+4.13

AVILION

THE BAHAMAS HEART & CHEST CENTRE
THE CANCER and IMAGING CENTRES

The Heart & Chest Centre





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THE TRIBUNE

MUNDAY, VIAY 19, 2008, PAGE 3b



Sa eee ee
M&A activity pick-up
likely given economy

@ By NEIL HARTNELL
Tribune Business Editor

THE Bahamian mergers and
acquisitions (M&A) market,
though quiet so far for 2008,
could pick up in the next six to
nine months, investment ana-
lysts telling The Tribune that
the current economic downturn
is creating a ripe environment
for “the stronger companies to
gobble up the weaker ones”.

Kenwood Kerr, Providence
Advisors’ chief executive, said
the pace of M&A activity could
quicken in the 2008 second half
and 2009 if the global and US
economic slump became pro-
tracted, due to the knock-on
effects this would have in a
Bahamian economy where most
businesses were impacted by
tourism.

For smaller companies, or
those who were already strug-
gling with high debt levels and
minimal cash flow and rev-
enues, any lasting downturn in
tourism as a result of the US
economy’s woes could leave
their owners with no choice but
to look for suitors.

“J think the market is ripe for
the strong to pick up the weak,”
Mr Kerr told The Tribune. “In
this kind of environment, -it’s
typical of when the stronger
companies gobble up the weak-
er ones, who can’t compete,

whether it’s an issue of rev- .

enues, economies of scale, mar-
keting or cash flow.

“The system is cleansing
itself, where the stronger ones
take over the weaker compa-
nies and make the system more
efficient.”

Mr Kerr said the current eco-
nomic climate was the sort in
which M&A activity, and
takeovers of smaller or weaker
companies, thrived until condi-
tions improved and those firms
found themselves able to com-
pete.on a more even playing
field.

He acknowledged, though,
that M&A activity in the
Bahamas year-to-date had been

“pretty quiet”, the last major
deal being the management-led
buyout of British American

Yinsurance Company (now



British
American
Financial)
for an eight-
figure sum
in February
2007.

The year
before that,
2006, had
been a big
one for
M&A activi-
ty, with a
number of
major deals.
These
included the $54 million pur-

Kenwood Kerr

chase of a majority 78 per cent.

stake in Bahamas Supermar-
kets, the City Markets. parent,
by BSL Holdings; the $33 mil-
lion acquisition of Shell
(Bahamas) by FOCOL Hold-
ings; and the takeover of
Caribbean Bottling, the Coca-
Cola supplier, by ex-Common-

_ wealth Bank banker Walter

Wells and his consortium.
“Maybe people are waiting,
sticking to their guns and wait-

ing for more certainty, rather.

than adding debt, and getting
balance sheets cleaned up,” Mr
Kerr said. “It’s not the kind of
period to be aggressive in.
“But if the global economic
situation becomes protracted}
you may have some fallout, and
M&A may pick-up in the next
six-nine months. The more pro-
tracted that is, the more the
squeeze on companies, and the
more it may pick up.”
Michael Anderson, Royal

Fidelity Merchant Bank &

Trust’s president, agreed that
M&A activity had slowed in the
Bahamian market. However, if
the economic slowdown became
deeper and longer-lasting, he
said takeover opportunities may
emerge in cases where compa-
nies were already struggling or
over-leveraged.

Mr Anderson said M&A
activity typically took place
under three market conditions —
a buoyant market, where pri-
vate equity-type players bought
assets for near or above asking
price; a middle stage market,
where some consolidation took

place; and a distressed market;



where companies were forced
to sell.

The Bahamas, Mr Anderson
said, was still in the ‘middle
stage’, “and people are not
being forced to sell. There’s no
rescues taking place. We
haven’t seen that level of dis-
tress, You'll start to see it in
property developments where
people have leveraged them-
selves and need to pay back
money, having been light on
capital going into it”.

Among those sectors that
may be especially vulnerable to
M&A activity, Mr Anderson
said, was the tourism industry,
especially if Bahamian-owned
providers had a bad Christ-
mas/New Year season later this
year.

One factor acting as a poten-
tial constraint on M&A activity,
Mr Anderson said, was the rel-
atively low level of liquidity in
the commercial banking system,
which. had yet to fully recover
from the lending boom of 2006.

As a result, commercial banks
did not have a large quantity of
surplus assets available to
finance debt-driven commercial
transactions. ,

“The banks are not flush with
liquidity. to make deals hap-
pen,” Mr Anderson said. “It’s
reasonably tight, so if you need
to borrow $20-$30 million to do
a deal,.it’s not easy by any
means.

“There’s been a low level of
liquidity in the market since the
end of 2006. There was a brief

respite last year, but it’s not .

been good. There’s not a lot of
liquidity making things happen.
Liquidity remains tight.”

IMANI ESTATES

Wonderful, spacious,
semi-gated community
Private homes and
condominium lots
Limited spaces available

“When Real Estates Dreams Come True”

, Selling Quickly
Email: jandreinvest@gmail.com

242-431-6736 ©
c/o P.O. Box CB-1 1065
Nassau, NP, Bahamas —



CARIB INSURANCE

BROKERS & AGENTS LTD.

“EXPERT ADUICE, PERSONAL SERUICE”

In our continued commitment to better serve the
public we are pleased to announce the appointment of
two highly skilled professionals to our progressive and

dynamic team.

Carib’s executive management is pleased to announce
the appointments of:

_ Mrs. Shanria Cooper

Both Ms. Davis and Mrs. Cooper, have a wealth of
insurance knowledge, having successfully managed
many large private and commecial clientele accounts.

Their highly valued technical skills and professional
training are consistent with our commitment to invest
in quality people and supereior products.



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include: king size or
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coffee maker, hair dryer,
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breakfast served daily,
pool with swim-up bar,
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non-smoking areas.

_ Ask about our: local
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+ 7
PAGE 4B, MONDAY, MAY 19, 2008

THE TRIBUNE





British American profits
up 20% for year to April

FROM page 1B

“exceeded expectations and
targets for growth of the busi-
ness across all sectors” during
the first year.

Mr Cooper told The Tribune
in an interview that British
American Financial would
launch as a Family Island sub-
agent for the Western Union
money transfer business by
June 1, 2008, with Exuma
being the first island for the
roll-out.

He added that the company
would also launch a Visa cred-
it card product, initially to its
existing 70,000 client base only,
“in the next 60 days” as it
moves to capitalise on British
American Financial’s strong
insurance heritage by trans-
forming itself into a one-stop-
shop full financial services
provider.

“Year-to-date to April,
we’re up 20 per cent across the
board in terms of sales rev-
enues and net profits,” Mr
Cooper told The Tribune.
““We’ve been able to build on
the momentum we achieved
last year. We hope that it
holds, but we’re expecting
tough times in the economy
and taking precautionary mea-
sures.”

British American Financial,
formerly called British Amer-
ican Insurance, was focusing
on financial planning for its
clients, Mr Cooper said, and
targeting areas such as savings,

endowments and retirement- :

type products.

“We’re also finding ways to
help clients see the necessity
of such products in the first
place, so we’re doing a lot of
education and looking to pro-
vide products that are con-
vertible in the future,” Mr

Cooper said.

As an example of convert-
ibility, he pointed to clients
who wanted to convert their
term life insurance products —
often taken out to provide cov-
er for the duration of a mori-
gage loan — to whole life,
meaning they would remain
covered by insurance for life.

On the credit card product,
Mr Cooper said British Amer-
ican Financial would be the

. first Bahamian insurer to issue

such a tool. He added: “We’ve
essentially done all the plan-
ning and preparation for it; it’s
now an issue of timing and
rolling out.....

“It completes our circle of
product offerings. 'A client can
now come to us for all of their
financial solutions for life —
from birth to their senior years,
where they can be offered
retirement products.

“The credit card provides

TOO Beste

: (242) 325-1 643 |

ewlinebusiness@gmail. com





TREASURY MANAGEMENT
INTERNAL CONTROL AND ACCOUNTING MANAGER

Bahamian Subsidiary of International Company seeks an. Internal Control
and Accounting Manager for its Treasury Investment Operations based in

Nassau.

Responsibilities

* Design and implement internal control‘and accounting procedures, in
accordance with the company standards.
* Assess and monitor business risks and controls continuously.

- Supervise the accounting function; prepare monthly accounts statements
and reports to the General Manager.
* Implement control for day-to-day investment operations.

* Monitoring of various investments limits (notional, counterparty, VaR, stop
loss, etc.) in accordance with investment policy.

* Design.and implement cash flows model and estimates.

* Support for the General Manager in the analysis of investments and
performance measurement.
* Evaluate the risk in investments vehicles (international and emerging

markets)

- Substitute for the General Manager as required.
* Manage special projects as required. :
* Support internal and external auditors during their periodic reviews.

Profile

* Degree in business administration, accounting or similar.
* Strong expertise in internal control (implementation of COSO model) and
audit, CIA certification preferred.
* 5+ years international experience in risk management/audit in a ‘treasury
‘and investment environment, including risk measurement (VaR, stress test)
and valuation of financial instruments.
* Knowledge of treasury and investments processes, from and accounting
and control standpoint.
* French written and spoken (required), Spanish written and spoken

(desirable).

* International experience in financial services auditing at management level.
* Excellent experience with banks and or private company.

* Strong financial, analytical and methodical skills.

Benefits

Competitive salary commensurate with banks and or private company.
Medical insurance and pension scheme.

Apply in confidence to:

Treasury Vacancy
P.O. Box N-4875
Nassau, The Bahamas

Deadline for Application 30th May, 2008.





convenience and safety in not
having to transfer or carry
large amounts of cash, given
that crime statistics are rising.
We’ve found many of our
clients operate on a cash

basis.”
Added

Mr Cooper added that
British American Financial
was aiming to provide “more
on-line services for our clients”
through its investment of
“close to $1 million” in a new
database system.

“This is going to compre-
hensively revamp our operat-
ing systems and provide real
time data to our Family Island
clients,” the British American
Financial president and chief
executive told The Tribune,
“and more on-line services for
our clients.
- “One-line banking is old in
the Bahamas, but the insur-
ance companies have not yet
caught on to on-line insurance

in the true sense of the word. It
will allow us to be more ser-
vice-oriented, and provide
more cutting edge services to
our clients — even in their bed-
room, if they need it.”

Mr Cooper said the first
three phases of the IT upgrade
had already been installed,
with the on-line function set
to follow later in 2008/early
2009.

More than $1.5 million had
been invested in “new initia-

tives and business develop-

ment” by British American
Financial’s new owners, the
BAB Holdings consortium,
since the buy-out, in areas such
as systems, the opening of an
Abaco branch and the compa-
ny’s new general insurance
agency, Bramer General Insur-
ance Agency.

“On all levels, we are
strengthening the foundations
of our business, reinvesting in
the business and making the

‘ foundations stronger for the

future,” Mr Cooper said.

‘Legal Notice

NOTICE

PYSTER LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) PYSTER 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 15th May, 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 of Pasea Estate, Road Town,
« Tortola, RO. Box 958, Tortola, British Virgin Islands

Dated this 19th day of May, A.D. 2008

. Verduro Associated Ltd.
Liquidator

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT

New Providence



2008
CLE/Qui/

IN THE MATTER of the Quieting Titles Act, 1959.

AND

(IN THE MATTER of the Petition of
Judd and Dale Rosen.

AND

IN THE MATTER of Lot No. 176, Phase Three, Section
One, Stella Maris Subdivision, Long Island, Bahamas.

NOTICE

NOTICE is hereby given that Judd and Dale Rosen are
applying to the Supreme Court to have their Title to the
following investigated under Section 3 of The Quieting
Titles Act, and the nature and extent thereof determined
and declared in a Certificate of Title to be granted by the
said Court in accordance with the provisions of the said

Act.

“ALL THAT piece parcel or lot of land being Lot
No. 176 of Phase Three, Section One of the Stella
Maris Subdivision situate on the Northeastern side
of Skyview Crescent in the vicinity of the
Northeastern coast of Long Island and bounded
NORTHEASTWARDLY by Lot No. 177 the
property of the Petitioner and running thereon One

_ hundred and Eighty-one and Seventy-four One
hundredths (181.74) Feet SOUTHEASTWARDLY
by Lot No. 179 and running thereon One hundred
and Ten (110.00) Feet SOUTHWESTWARDLY
by Lot No. 175 and running thereon One hundred
and Sixty and Fifty-one One-hundredths (160.51)
Feet and NORTHWESTWARDLY by a road called
Skyview Crescent and running thereon One hundred
and Eighty (180.00) Feet.”

Copies of the Plans may be inspected during normal office
hours at the following places:- ;

1. The Registry of the Supreme Court, East Street
North in the City of Nassau, N.P., Bahamas;

or,

The Chambers of James M. Thompson, Terrace
House, First Terrace, Collins Avenue,
Centreville in the City of Nassau, afosesaid.

Any person who objects to the granting of the said Certificate
of Title is required to file in the Supreme Court and serve
on the Petitioner or its Attorney a Statement of his, her or
its Claim in the prescribed form, verified by an Affidavit
and other related requirements to be filed and served
therewith by the 7th day of July, 2008. Failure of any such
person to file and serve a Statement of his, her of its Claim
by the 7th day of July, 2008 will operate as a bar to such

Claim.

Andrew J. Thompson
Attorney For The Petitioners |



Apart from the Abaco
branch, Mr Cooper said the
company had also opened a
sub-office in Rock Sound,
Eleuthera, part of a strategy
to “take our business where
the people are as British
American Financial mulls
Caribbean regional expansion.

Although company had
placed its Turks & Caicos
expansion, originally scheduled
for this year, on hold, Mr
Cooper said it was “looking in
two other territories” in the
Caribbean, who he declined to
identify.

“With a population of
300,000 in the Bahamas, and
with the Caribbean on our
doorstep, I think regional
expansion is going to be
extremely important for us,”
Mr Cooper said.

“It’s a key part of our strat-
egy for the future, but we’re
going to do it in a very
methodical manner to make
sure we’re finding the right
opportunities, so that we’re not
risking the goose that laid the
golden egg for the sake of
expansion. We’re carefully

‘ looking at new opportunities

across the region.”

Mr Cooper said British
American Financial had not
completely given up on its
Turks & Caicos launch this
year, explaining that it would
be “reassessed” in light of
changing economic conditions -
impacting that island’s invest-
ment, construction and tourism
sectors.

In the Bahamas, Mr Cooper
said British American Finan- _
cial was “focused on growing |
the business organically. We’re
looking to see where the
growth is in the Bahamas, and
are following the growth to see
where people might relocate”.

As an example of this strat-
egy, he pointed to British
American Financial’s Exuma
branch, which had done
“tremendously well across all
business lines” since it opened
two years ago. :

Mr Cooper said British
American Financial’s general
insurance agency, Bramer, had
‘been operational for about

- three months from downtown

Nassau’s British American

‘Financial Centre, offering

motor, homeowners and gen-
eral insurance policies with a
staff of four.

British American Financial
was looking to recruit two
more staff for Bramer, Mr
Cooper said, with most of the
policies placed with RoyalStar

Assurance — a carrier in which _

British American Financial has
an equity stake of around 10
per cent.

The Bramer move again fur-

‘thers the ‘one-stop-shop’, full

financial services provider con-
cept, as it allows British Amer-
ican Financial and its affiliates
to offer life, health and gener-
al insurance, mortgages, annu-
ities and other retirement
products, and investments and |
mutual funds.

Mr Cooper said the response
to British American Financial’s
first launched mutual fund had
been “excellent” from the
company’s existing 70,000
insurance policyholder base.
Yet to market it to the general
public, Mr Cooper said 5 per
cent or some 3,500 of those
clients had already invested in
the fund, a number he
described as “fairly signifi-
cant”.

Designed to encourage
Bahamians to invest and save
more, Mr Cooper said the min- *
imum initial investment was
$500, with people able to invest
a further $100 per month as
part of an investments strategy.

Mr Cooper added that
British American Financial
had increased its sales staff by
10 per cent since the BAB
Holdings buyout was complet-
ed, in addition to adding five
new people to staff its Abaco
office and two persons at
Bramer. The company now
employs some 215 persons, of
whom 65 are administrative
personnel.

Mr Cooper said the first-year
strategy had been to build
upon British American Finan-
cial’s 88-year history, and its
strong legacy and core values
in the insurance business, to
leverage the company into oth-
er growth areas. The new own-
ers, Mr Cooper said, had “
awakened the sleeping giant”.
THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 5B





BFSB voices
concern over
Securities Act

THE Bahamas Financial
Services Board (BFSB) has
added its voice to those
expressing concern over the
process that has ultimately fur-
ther delayed passage of the
amended Securities. Industry
Act, its chief executive saying it
was “imperative” that regula-
tors understood the market’s
needs.

Wendy Warren, who i is also
BFSB's executive director, said
in a statement that it was criti-
cal that the Securities Com-
mission be empowered and
resourced to properly govern
the industry.

"It is critical for the safe-
guarding of the industry's rep-
utation that the Securities
Commission understands the
business so that it can provide
a business-friendly environ-
ment, while recognising and
mitigating risks," she said.

The revised Securities Indus-
try Act (SIA) is key to this
process.

“Capital markets have
changed substantially since the
introduction of the first SIA in
1999. We believe the intro-
duction of the updated SIA is a
critical step in moving the secu-
rities industry forward," said
Ms Warren. "It will provide an
important regulatory frame-
work and clarity- of policy,
thereby increasing the attrac-

.. tiveness of the Bahamas as a
1, place from which to conduct’



is that the legislation supports

‘good governance, rather than
the legislation leading or con-
straining the development of
business.

The Securities Commission
has actively supported the
efforts of the BFSB's Working
Group in helping the Securi-
ties Industry Bill move for-

_ ward, and both parties have
expended considerable
resources to get to this point.
"BFSB appreciates the con-
siderable amount of time that
has been devoted by our SIA
Working Group," said Ms
Warren.

"We were pleased that 2008

Wendy Warre

asset management and other

investment-related activities."
The BFSB's SIA Working
Group, which has been work-

ing closely with the Securities .

Commission on the draft Bill,
plans to organise a series of
roundtable discussions with
industry professionals for final
input on the legislation when
the regulations are released.
An important consideration
from the industry's-perspective

saw the publication of the draft
Act, but expressed concern
that the regulations were not
available to support the judi-
cious review and implementa-
tion of the SJA at the earliest
date. We will continue to sup-
port all efforts of the Govern-
ment and the Securities Com-

_ mission to provide a modern

and appropriate legislative
framework, and will work with

Legal Notice —
NOTICE

ALD

NOTICE IS HEREBY GIVEN as follows:

WY

TMA Cg as

PTA
ese
on Mondays



under the provisions of Section 137(4) of the
International Business Companies: Act 2000.

(b) The dissolution of the said company commenced on
the 15th May, 2008 when the Articles of Dissolution
were submitted to and registered by the Registrar
General.

_ (c) The Liquidator of the said ees is Mr. Michael
Low of 1 Raffles Link# 05-02 Singapore 039393

Dated this 19th day of May, A.D. 2008

Mr. Michael Low
Liquidator

Kelly's Team

Learning & Development
Manager

Kelly's is seeking a fully-qualified and experienced professional to become the full-

‘ time Learning and Development Manager for the 350 + employees in Kelly's House

& Home and Kelly's Lumber. The position requires an experienced and resourceful
communicator able to motivate adults with varying educational backgrounds and °
qualifications, and capable of continuing the development and implementation of on-
going in-house learning and development programs, with their attendant-testing and
evaluation procedures. Such programs will include, but not necessarily be limited to:

» * Orientation courses for all new employees
* Supervisory courses for new and prospective supervisors
* Customer Service courses for all retail employees
* Computer familiarisation courses
* Product-specific knowledge courses for all retai! employees
* Safety courses for drivers and warehouse/yard personnel
* Personal development courses for career advancement

The successful applicant will also be expected to develop and maintain strong links
with other providers of on-going work-related courses in specialised and technical
areas. Previous experience in learning and development or in adult education would
be an asset.

This is a management position for an experienced and qualified professional, who is
willing to demonstrate a long-term commitment to Kelly's development and expansion.
Benefits include medical, pension, and profit-sharing plans, with remuneration package
dependant on qualifications and experience.

E-mail letter of application with comprehensive resume to info@kellysbahamas.com
with "Learning and Development Manager’ as subject.

No phone calls please
Houseg

Kelly‘ S Home

Mall at Marathon
Tel: (242 393.4002 Monday-Friday 3.00 9:00pm

Fax: (242) 393-4096 ney



(a) VALDERAMA LIMITED is in voluntary dissolution -



all parties with this objective
in mind.

“Timing is essential, as finan-
cial market developments will
clearly cause many global - and
perhaps local - players to
reconsider business plans, with

the Bahamas being a potential -

beneficiary of these develop-
ments. Clarity of the regulato-
ry framework continues to
serve as the trigger for releas-
ing the starting blocks and
one's ability to enter the race."



Sa oe |
SEAM AAS Ie)
UES MIR) er ey A

Legal Notice

NOTICE

CEBTOLA LIMITED
NOTICE IS HEREBY GIVEN as follows:

(a) CEBTOLA 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 15th May, 2008 when the Articles of Dissolution
were submitted to and registered by the Registrar
General.

(c) .The Liquidator of the said company is Mr. Paul

Evans Ltd. of Helvetia Court, South Esplanade,
St. Peter Port, Guernsey,

Dated this 19th day of May, A.D. 2008

Mr. Paul Evans
Liquidator

TZ) OT

“We offer the Lowest Prices
with the quickest turn around time”

Nassau Airport

Development Company





NASSAU AIRPORT DEVELOPMENT COMPANY LPIA -
EXPANSION PROJECT

Request for proposal D-107 IT consultant — design & construction administration
services.

NAD is seeking IT design and construction administration services from

qualified IT Consultants for the LPIA Expansion Project. The scope of work
includes:

Qualifications:

_Ph: (242) 325-1643

newlinebusiness@gmail.com



Meeting with all stakeholders and preparing a design requirement
report;

Preparing technical specifications and drawings for the IT component of
the Project;

Providing administrative and inspection services during construction;
and

System commissioning and training.



Consultant should be familiar with Airport Operations Database Systems
(AODB) and the integration of security systems, FIDS / BIDS, baggage
control and monitoring, fire and alarm, access control, CCTV and.
building systems monitoring;

Good communication, reporting and tracking procedures; and

A design qualty control program.

RFP eee can abe Soaked up between
‘May 7th - 23rd, 2008 at:
The Lynden Pindling International Airport
_ Nassau Airport Development Company, _
Terminal 1, Concourse 2nd Floor,
- POBox AP-59229 |
. Nassau, Bahamas





- Contact: Ms.Coakley a at 377-0209
GN-679

OFFICE OF THE PRIME MINISTER



COMMONWEALTH OF THE BAHAMAS
island of New Providence

NOTICE OF POSSESSION
Given Under
THE ACQUISITION OF LAND ACT

Chapter 233 ©

WHEREAS by Declaration of Intended Acquisition dated 18 day of
March A.D., 2008 and published in the Extraordinary Gazette dated 1* day of

April A.D., 2008, the Minister responsible for Acquisition and Disposition of



Lands, the Promoter, declared that the said land described in the Schedule
hereto was required for a public purpose, namely, construction of a Public

School, other Public Buildings and for uses related thereto.

AND WHEREAS the Minister responsible for Acquisition and Disposition
of Lands, Is of the opinion that possession of the said land should be obtained

before payment is made to the rightful claimants thereto.

NOW THEREFORE it is hereby declared that the said land has been
appropriated by the Minister responsible for Acquisition and Disposition of
Lands for the purpose mentioned in the said Declaration of Intended

Acquisition with effect from the date hereof.

Deted this 8 Day of May AD., 2008

“Hubert A. Ingraham —
_ Minister Responsible for
The Acquisition and Disposition of Lands

Schedule
(Annexed)

SCHEDULE

~ AREA= 2.76 ACRES

All that certain lot piece or parcel of land containing by admeasurement Two and
Seventy-Six Hundredreths (2.76) acres situate between Queens Highway and King’s
Highway immediately north of Coopers Court in the Northern Limits of Alice Town,
on the island of North Bimini in the Commonwealth of the Bahamas. Abutting and
Bounding towards the East on King’s Highway towards the South on Coopers
’ Court, towards the West on Queen’s Highway towards the North on Allotment
Number 26 or however else the same may abut and bound which said lot, piece or
parcel of land is more particularly delineated and shown coloured pink on the

diagram attached.

E 670 900(m)
E671 000(m)

N2846 600(m)

GRID NORTH

N2846 500(m)



We.102 Om, 02 OM. &
PU TOH6
COMPILED PLAN
| SHOWNG
A PARCEL OF LAND CONTAINING AN AREA 2.76 ACRES
: SITUATE
BETWEEN QUEEN'S HIGHWAY AND KINGS HIGHWAY
AT THE JUNCTION OF COOPER'S COURT
IN THE NORTHERN LIMITS OF ALICE TOWN
NORTH BIMINI - BAHAMAS
PREPARED AT THE INSTANCE OF THE SURVEYOR GENERAL
s00F ° 100 200 300 400 500 FT
SCALE: 1: INCH = 100 FEET JANUARY, 2008

DRAWN BY: M.Stubbs OLS JOB FILE NO. GO9/08

PAGE 6B, MONDAY, MAY 19, 2008

THE TRIBUNE



ii ain a
Renewable energy RFP requests

may be issued this week

FROM page 1B

been working very diligently
and assiduously over the past
several months, and recognizes
that the cost of energy is a con-
cern to everyone,” Mr Elliott
said.

“The committee has recom-
mended wind and solar as the
obvious ones, through to waste
energy. As we all know, we
have a.solid waste disposal
facility on Tonique Williams-
Darling Highway that.has a lot
of methane gas that can be
used. These are the ones that
we have an abundant supply
of in the Bahamas.”

Mr Elliott added that wave
and ocean energy, known as
hydrokinetic energy, was
another option that have been
considered internally by BEC’s
renewable energy committee.

Adding that BEC’s chair-
man, Fred Gottlieb, and gen-
eral manager, Kevin Basden,
had been firm supporters of

the committee and renewable, |

sustainable energy, Mr Elliott
said that ultimately the system
would involve BEC buying
power/electricity from private
sector operators of renewable
energy facilities. ‘
Adding that this “seems the
most sensible way to go”, Mr
Elliott said that casting BEC
in the role of distributor, and
the private sector as supplier,
of renewable energy would
help to weed out “speculators”
interested in just selling tech-
nology to the Corporation.

Process

Through the RFP process,
BEC aimed to end up with
well-capitalised and financed
providers of electricity from
renewable energy sources, who
had the track record and tech-
nology to succeed.

In addition, the investment
and risk will all be borne by
the private sector suppliers,
minimizing costs to BEC and,
potentially, the Government
and taxpayer. Another advan-
tage is separating the powet

producer and distributor roles.





VOMMence

Mr Elliott said that while it
was unknown what renewable
energy providers would charge
BEC for their electricity,
“we’re expecting that it won’t
cost BEC a whole lot of invest-

-ment, because we’re asking

persons to sell the energy to
us at a point on any of these
islands. They will take it from a
particular point and supply it
to the BEC system”.

Report

A report by US-based con-
sultants Haley & Aldrich said
the Bahamas can “open new
industries”, increase employ-
ment and stimulate economi
growth if it invests in develop-
ing renewable energy sources.
In a report supplied to the
Government, it concluded that
“energy costs will become a
proportionately larger part of
the economy” if the status quo
is maintained.

_Solar,energy, given the
Bahamas’ constant exposure
to sunlight, was “an excellent
resource”, Haley & Aldrich
said, generating on average 5.5
kilowatt hours per square
metre per day.

Using PV technology, the
report said electricity could be
generated at similar per unit

costs to the Bahamas Electric-

ity Corporation’s (BEC) cur-
rent diesel-driven facilities,
using both utility size and
rooftop systems.

Electricity prices in New
Providence and Grand
Bahama, incorporating both
the basic rate and fuel sur-
charge, varied between $0.22
to $0.25 per kilowatt hour
(Kwh). 3

Even in the absence of gov-
ernment support, Haley &
Aldrich found: “The cost per
kilowatt hour to produce elec-
tricity using a rooftop PV unit
in the Bahamas would vary
from $0.12 in the summer to
$0.23 in the winter, with an
average cost of $0.15.”

On solar PV, the consultants
estimated that the purchase. of

250 kilowatts of generating

“16 Weeks U.S.A. Accredi

in Collaboration with
Florida Medical Training Institute

ath 3



capacity could generate 285
megawatt hours of electricity
capacity per year, cost $1 mil-
lion and save 22,000 gallons of
fuel imports per year.

“The cost of a passive solar
thermal system will vary
between $1,000 and $3,000,
depending on the type of sys-
tem and size,” the report said.
“Assuming an installation cost
of $3,000, a solar thermal sys-
tem will pay for itself in four to
eight years and provide for the
hot water needs of a family for
15 to 30 years.”

On solar thermal, Haley &
Aldrich again estimated that a
$1 million investment would
fund 500 passive solar systems,
generate 365 megawatt hours
of electricity per annum and
save on 280,000 gallons of fuel
imports for the Bahamas.

Wastes

Solid and other wastes also
presented an opportunity for
the Bahamas, as energy could
be recovered from its combus-
tion. “Based on the amount of
solid waste generated on New
Providence, approximately 20
MWh (megawatt hours) of
electricity could be generated
from combusting the waste dis-
posed of each day at the Har-
rold Road landfill,” Haley &
Aldrich said.

“Grand Bahama produces
enough waste each day to gen-
erate about SMWh of electric-

. ity. Construction and opera-

tion of waste-to-energy facili-
ties at these two locations
could more than double the
existing tipping fees being
charged for waste disposal,
although the sale of electricity
could help reduce these
charges.”

To tap into this source of
potential energy, the report
urged that the landfill sites in
New Providence and Grand
Bahama be fitted with gas col-
lection and energy generation
systems.

_ It recommended that waste
management, systems; also. be
revised. cists Eh at






Eee



| Ambulance
ride times
THE TRIBUNE

MONDAY, MAY 19, 2008, PAGE 7B



LR a me a ae eT ey a
Benchmark retained earnings

FROM page 1B

for 2007.

Explaining Alliance’s deci-
sion to record a fourth quar-
ter bad debt provision, Julian
Brown, Benchmark’s presi-
dent, said: “We had a client we
were doing some trading for,
and holding securities as col-
‘ lateral. The value [of those
securities] fell with the fall in
the markets during the last
quarter.

“We were not able to get out
of that position in time to get
out of our liabilities in time, so
we had to make provisions.”

Mr Brown indicated that the
bad debt provision related to a
margin loan, where clients are
able to borrow funds from a
broker/dealer such as Alliance
by pledging shares or securi-
ties they own as collateral. Yet
if the loan goes bad, and the
value of the shares plummets,
broker/dealers can be left with
virtually worthless stock and
unable to recover the funds
advanced.

Without the $5.616 million
bad debt provision, Mr Brown
said both Alliance and Bench-
mark as a whole would have
enjoyed good years, with the
latter coming “ pretty close to
$2.5 million” in net profit. He
pointed out that Alliance had
generated $900,000 in net prof-
its at the 2007 third quarter-
end, compared to the $5.404
million loss for the full-year it
ultimately produced.

“Tt was the result of the pro-

vision we took at Alliance that -

made everything look bad,” he
added. “If Alliance did nothing
during the year and was sitting
with a zero, we’re sitting pret-
ty. ”

‘Adding that Benchmark had

to “take the good with the -

bad”, Mr Brown said
Alliance’s bad debt provision
had reduced the company’s
book (effectively its net asset
value) from $1.53 per share at
the 2007 third quarter end to
$0.47 at yearend.’

“It’s eroded all our retained
earnings to this point, which
we’ve accumulated over the
years. It has cost us in that
vein,” Mr Brown said.

He denied that Benchmark
(Bahamas) would need an
injection of fresh equity capital
as a result, pointing out that
the fundamentals for Alliance
and all its business subsidiaries
were still strong in terms of
cash flow and business opera-
tions.

Alliance experienced a 9 per
cent revenue growth in 2007,
supplemented by growth in
new business activity that
fuelled increases in manage-
ment fees and securities deal-

ings.

Mr Brown added: “The busi-
ness as an operational business
is still going very well in terms
of operational cash flow, but
it’s a brokerage business, and
what happens at the top end
gets impacted by our experi-
ence with clients.”

Alliance

The Alliance bad debt pro-
vision would not impact on the
projects Benchmark
(Bahamas) had already com-
mitted to, namely the com-
mercial property development
on an acre of land at
Carmichael and Fire Trail
Roads that is being spear-

- headed by its Benchmark

Properties (Bahamas) sub-
sidiary.

Mr Brown said the con-
struction contract for that pro-
ject had now gone out to bid,
with Benchmark “shooting for
July” 2008 as the date for when
ground will be broken on its
construction.

All necessary architectural
and engineering plans for the
development had been sub-
mitted to the Ministry of
Works and other relevant gov-
ernment agencies for approval,
something Mr’ Brown
described as “all-in train and
progressing quite nicely”.

When it came to tenants for
the property, he added: “Oth-
er than Bank of the Bahamas
International, which has com-
mitted to taking out the branch
down there, we don’t have
anything written, but we have
received significant interest
from operational companies,
and don’t believe we'll have
any difficulty in filling that
property.

-“Bank of the Bahamas Inter-
national wants to be there and
needs a presence there, and
were willing to take an
approval in principle to do it.
I’ve had conversations with a
number of major retailers, who
have said that once we get
going they will sit down and
formalize agreements in prin-
ciple.

“The response has been so
positive that I have no doubt
we’re going to fill that place
up well within the period of
construction.”

While Benchmark
(Bahamas) had sold its invest-
ment in Ken Hutton’s investor
group, which bought John S
George in 2003 only to sell it
less than four years later, Mr
Brown said he was still a direc-
tor of the retail company “to
protect our investment”.

He explained: “We have not
taken back the capital we
invested into John S George
yet, as we did the transaction

Legal Notice

NOTICE

PIJARQ HOLDING INC.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on

the 13th day of May 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

|

NOTICE

THE DANCASTER CORPORATION
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on

the 13th day of May 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.

ARGOSA CORP. INC.
(Liquidator)



on a promissory note. Once
John S George has done that,
we will be able to write back
some of that investment.”

For the 2007 full-year, Mr
Brown said that apart from
Alliance, when it came to the
company’s other subsidiaries,
Benchmark Advisors
(Bahamas) produced $6,764 in
net profits; Benchmark’
(Bahamas) $2.189 million; and
Benchmark Properties a minor
$350 loss. The combined net
realized and unrealized gain
on investments was $1.47 mil-
lion, and the company’s con-
solidated net assets at year-end
were $2.346 million.

Mr Brown said Benchmark
(Bahamas) domestic securities



portfolio had performed well
up until 2007 year-end, driven
largely by Commonwealth
Bank’s shares post-stock split,
in which the company has a
large stake.

“The [Alliance] provision
takes away from the book val-
ue of the company, but not the
value of the securities we hold
and our ability to trade those
securities as we deem appro-
priate in terms of market-con-
ditions and value,” Mr Brown
added.

When it came to the compa-
ny’s 2008 outlook, Mr Brown
said 2007 fourth quarter trends
had carried over to this year’s
fourth quarter in both the
Bahamian and international

securities markets, with the
downward pressure continu-
ing. Global trends, he added,
had carried over to the
Bahamas in the 2008 first quar-
ter, with “some contracting in
prices” of Bahamian securities.

“The first quarter of the year
is pretty much the same as
what we saw in the fourth
quarter of last year, and it’s
too early to call what it looks
like for the full year,” Mr
Brown added.

If Alliance was able to
recover any of the $5.616 mil-
lion debt, it would write it
back, providing a boost for the
company and Benchmark
(Bahamas). The 2007 year-end
financials, Mr Brown said,

NOTICE

were the most conservative set
possible.

TST

For the stories

WAU he
eS
on Mondays



‘WE WISH TO ADVISE THAT OUR OFFICES IN FREEPORT, ABACO |
AND EXUMA WILL BE CLOSED ON FRIDAY MAY 23", 2008.

ALL OF OUR OFFICES IN NASSAU (INDEPENDENCE DRIVE,
CARMICHAEL & ROSETTA STREET) WILL BE CLOSED UNTIL

1:00PM DUE TO OUR COMPANY'S AWARDS CEREMONY.

WE DO APOLOGISE FOR ANY INCONVIENCE CAUSED.










Finished Shell
































S2wk-Hi 52wk-Low.



J. S. Johnson










100.0000 98.2100

Fidell



52wk-Hi - Highest closing price in last 52 weeks
S2wk-Low - Lowest closing price in last 52 weeks
Previous Close



Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today

(8) - 4-for-1 Stock Split - Effective Date 8/8/2007

Premier Real Estate

Bahamas Supermarkets
Caribbean Crossings (Pref)

Bahamas Supermarkets

un
Colina Bond Fund

CFAL Global Equity Fund

CFAL High Grade Bond Fund

International Investment Fund :
rosseusnet te sagan

- Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for dally volume

DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings

ES{AEUTHRE 142.

BV ier

FINARNE

‘

Ranging From 1,332 to 2,807 sq. ft.

Parking Facilities Available
For More Information Call 396-0000

BISK ROYAL Q FIDELITY Gc S'

e
e
© Ready For Immediate Occupancy
@
e



x 1.18 Abaco Markets 1.95
11.80 11.50 Bahamas Property Fund 11.80
19.68 9.05 Bank of Bahamas 9.61
0.99 0.85 Benchmark 0.90
3.74 2.70 Bahamas Waste 3.50
12.70 1.30 Fidelity Bank 2.39
14.06 10.42 Cable Bahamas 14.00
3.15 2.10 Colina Holdings 2.87
8.50 4.77 Commonwealth Bank (S1) 7.15
7.22 3.32 Consolidated Water BDRs 3.42
3.00 2.20 Doctor's Hospital 3.00
8.00 5.96 Famguard 8.00
13.01 12.50 Finco 12.50
14.75 13.24 FirstCaribbean 13.24
6.10 5.05 Focol (S) 5.55
1.00 0.41 Freeport Concrete 0.41

ICD Utilities

1.312381°*

2.6629 Colina MSI Preferred Fund 2.989349"****
1.3901 1.2647 Colina Money Market Fund 1.390052°***
3.7969 3.2018 Fidelity Bahamas G & | Fund 3.6960*****
12.1564 11.5519 Fidelity Prime Income Fund 12.1564°***
100.0000 100.0000 CFAL Global Bond Fund 100.00**



Saffrey Square
Bay Street

www. bahamasrealty.bs
www.cbrichardellis.com

PRIME OFFICE SUITES

BAHAMAS REALTY rp.
COMMERCIAL
In association with:

CBRE

CB RICHARD ELLIS
NAVIGATING A NEW WORLD

Bid $ - Buying price of Colina and Fidelity




crFAL”

Change

1.85 ‘.
11.80 .

9.61 .

0.89 -0.01 3,000

* 3.50 0.00

2.35 -0.04 1,000
14.06 0.06 1,400

2.87 0.00

7.15 0.00 4,500

3.32 -0.10

3.00 0.00

8.00 0.00
12.50 0.00 550
13.24 0.00

5.55 0.00

0.41 0.00



Ask S - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price
Weokly Vol.
EPS $ - Acompany's reported earnings per share for the last 12 mths

- Trading volume of the prior week

NAV - Net Asset Value
N/M - Not Meaningful

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



BROKERAGE & ADVISORY. SERVICES








G CAPITAL cS

0.030 4.7
0.090 12.1

0.055 0.040 42.7 © 1.70%
1.121 0.240 12.5 1.71%
0.091 0.040 31.5 1.39%
0.440 0.290 16.3 4.06%
0.131 0.052 26.1 1.52%
0.316 0.040 9.5 1.33%
0.713 0.280 11.2 3.50%
0.810 0.570 15.4 4.56%
0.651 0.470 20.3 3.55%
0.386 0.140 14.4 2.52%
0.035 0.000 11.7 0.00%

16.5 4.42%











31 December 2007
*-9 May 2008
* - 31 April 2008
earn ~ 30 April 2008
eae - 31 March 2008


PAGE 8B, MONDAY, MAY 19, 2008

PRICEVATERHOUSE(OOPERS @



INDEPENDENT AUDITORS’ REPORT Pacalmile (242) 300-5356
To the Shareholder of Pasche Bank & Trust Limited

We have audited the accompanying consolidated balance sheet of Pasche Bank & Trust Limited
(the Bank) and its subsidiary (together, the Group) as of 31 December 2007 and a summary of
significant accounting policies and other explanatory notes,

Management's Responsibility for the Financial Statements

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

Auditors’ Responsibility

dig Wasaesisay ls dissebe ak sous oa Colby: Acne bcudioe use Mead a
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 balance sheet is fee from material missistement,

‘An endit“involveh pecfoanuing peocodnees:5 ‘abtald: audit Grideaoe about’ Ge. ensoiotha -and
disclosures in the financial statements. The procedures selected depend on the auditors’
judgment, including the assessment of the riskt of material misstatement of the 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 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 intemal control. An
audit aiso includes evaluating the appropriateness of accounting policies used and the
seasoanbloncas of accouming estimates made by. macagement, aswell sa evaluating the overall
Presentation of the financial stmements.

We blest te md evince we hee band sented aproprite povie
basis for our audit opinion.

Opinion

Jobs huiton ioe anssiogcoicy Seboliainad esses ‘vase gion ely in all material
ee ee
International Financial Reporting Standards

Emphasis of Matter

sic Gnidia oe Soils Cs casente ts ts ops coasted bende ibe
does not comprise a complete set of financial statements in ancordance with Intemational
Financial Reporting Standards. Information on results of operations, cash flows and changes in
equity is necessary to obtain a complete understanding of the financial position, performance and
changes in financial position ofthe Group.

" Chartered Accountants
it April 2008
Pasche Bank & Trust Limited
Consolidated Balance Sheet
As of 31 December 2007
(Amounts expressed in Swiss francs)
zeF 2606
CHF cr
ASSETS : .
Cash and demand deposits with cane i $36,025,110 138,376,355
Term: deposits with darks $34,407,261 73,732,004
Loans and advances to customers _ 8,607,823 2,426,634
Derivative financial instraments (Note 6} : 64,968 2,012,465
Other assets i103.425 ° __ 1.079.260
Total assets 283.208 287 wd 26218
LIABILITIES
Customers’ deposits : 164,365,065 130,142,290
Due to banks 99,987,228 66,884,409
Derivative financial instruments (Note 6) : ; | $5,311 2,002,196
Other liabilities ; _LS1L122 964,457
‘Total Rabitities aes / SSIS oR
EQUITY
Share capital:
Authorised, issued and fully paid:
2,000 shares at CHF 1,000 cach = 2,000,000 2,000,000
Total equity ; : a : - 47399561 14,633,366
_ Total Habilities and equity z y 703,208,287 214.626,718

APPROVED BY THE BOARD OF DIRECTORS AND SIGNED ON ITS BEBALF BY:





Date
Notes to Consolidated Balance Sheet
31 December 2007

1. General Information

Pasche Bank & Trust Limited (the Bunk) is incorporated unider the Companies Act, 1992 of

' the Commonwealth of The Bahamas, and is licensed under the Banks and Trust Companies
Regulation Act, 2000 to carry om banking and trust business from within The Bshanses.
The Bank is also licensed in The Bahamas under the Seturities Industry Act, 1999 and
related regulations as a Ciass I Broker Dealer. The principal activities of the Bank and its
subsidiary (together, the Group) are providing banking, custody, trustee, investment
tnanagement and advisory services. :

‘The registered office is situated at Bayside Executive Park, Blake Road, New Providence,

The Bank is 2 wholly-owned subsidiary of Pasche international Holding Ltd., a company
incorporated in the Commonwealth of The Bahamas, which is an indirect, wholiy-owned
subsidiary of Banque Pasche S.A. (the Parent}, a company incorporated in Switzerland.

The ultimate holding entity is the Crédit Mutuel Group, an entity domiciled in France,,.....wcnunndsnnne

2. Sunsmary of Significant Accounting Pollcips

The principal accounting policies applied in the preparation of the consolidated balance
sheet are set out below. These policies have been consistently applied to all the years
presented, unless otherwise stated.

(a) Basis of preparation : .

The consolidated balance sheet hasbeen prepared.in accordance with International
Financial Reporting Standards (IFRS) and under the historical cost convention, as
modified by the revaluation of derivative financial. instruments. The preparation of
consolidated financial statements in accordance with IFRS requires management to
exercise judgment in the process of applying the Bank's accounting policies. It also
requires management to make estimates and. assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities as of
the date of the consolidated balance sheet. Actual results could differ from those
estimates.

In the current year, the Group adopted IFRS 7 Financial instruments: Disclosures and

the amendments to AS 1 Presentatior of Financial Statements, which became effective

for fiscal periods beginning on or after | January 2007. The impact of the adoption of

IFRS 7 and the changes to LAS 1 bas been to expand disclosures regarding the Group's
‘ financial instruments and management of capital.

The remaining standards and amendments and intespretations to published standards
that became effective for fiscal periods beginning on or after 1 January 2007 were not
a
accounting policies or consolidated balance sheet.

The application of new standards and amendments and intetpretations to existing
standards that have been published but are not yet effective are not expected to have a
material impact on the Group’s secounting policies or consolidated balance sheet in the
period of initial application.

(b} Principles of consolidation and investment in subsidiary
Subsidiaries are entities over which the Bank has the power to govern the financial and

operating policies, generally accompanying a shareholding of more than one half of the
voting rights.

THE TRIBUNE

Intercompany transactions, belances and unrealised gains os transactions between group
companies are eliminated, Unrealised losses are also eliminated unless the transaction
provides evidence of impairment of the asset transferred. The accounting policies of
subsidiaries are changed where necessary to ensure consistency with the policies
adopted by the Group.

The consolidated balance sheet includes the accounts of the Bank and its wholly-owned
subsidiary Pasche Sociedad Anénims Montevideo (PSM), which was incorporated
under the laws of Uruguay during 2007. PSM intends to engage in activities such as,
but not limited to, disseminating information sbout the Bank, and acting as a
coordination centre between the Bank snd its potential clients in Uruguay. As of 31
December 2007, PSM has not received its licence from. the Central Bank of Uruguay,
and the Bank’s approval from the Central Bank of The Bahamas regarding its
subsidiary is subject to the receipt of the aforementioned licence. Therefore, PSM has
not commenced its operating activities.

{c) Foreign currency transactions

The consolidated balance sheet is presented in Swiss francs, which is the Group’s
functional and presentation currency. Foreign currency transactions are translated into
the. functional currency using the exchange mites prevailing at the dates of transactions.
Foreign exchange gains and losses resulting from setdement of such transactions and
from the translation at year end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the consolidated income statement.

(d) Loans and advances fo customers
Loans and advances to customers are recognised initially at fair value and subsequently

measured at amortised cost, less provision for impairment. A provision for impairment
is established when there is objective evidence that the Group will not be able to collect
all amounts according to the original terms of the loan or advance. The provision is the
Gifference between the carrying amount and present value of estimated cash flows
discounted at the original effective interest rate.

(e) Derivative financial instruments

Derivatives are initially recognised at fair value on the date on which a derivative
contract is entered into and subsequently remeasured at fair value. Fair values are
determined based on quoted market prices in active markets, recent market transactions
and valuation techniques, including discounted cash flow models and option pricing
models, az appropriate, Ail derivatives are carried as assets when fair value is positive
and as liabilities when fair value is negative.

() Fiduciary activities

The Group wots ag trustee and in other fiduciary capacities that result in the holding or
placing of assets on behalf of individuals, trusts and other institutions. These assets are
excluded from the consolidated balance sheet as they do not belong to the Group.

{g) Income and expense recognition

Rees and commissions are generally recognised on the sccrual basis when the service
has been provided. Fees and commissions arising from negotiating, or participating in
the negotiation of a transaction for a client such as the arrangement of the acquisition or
erodes SA vere eee are ge on completion of the underlying transaction,

Posshilio inlcageiatek,- edlvisiey: aud costody. Recs. aot Snsagalued Wael: ats
applicable service contract, usually on a time apportionate basis. The Group’s billing
cycle is much that management and administration fees charged to clients are generally
billed and collected in the same accounting period that they are earned,

Interest income and expense for all interest bearing financial instruments are recognised
in the consolidated income statement using the effective interest method.

All other income and expenses are recognised on the accrual basis.
(bh) Employee benefits

The Group bas a defined contribution plan for all eligible employees, which is managed
and administered by a third party incorporated in the Commonwealth of The Bahamas,
Participating employees contribute 2.5% of their eligible earnings, and the Group
contributes three times that amount as its share of total contributions. The Group's
contributions fully vest with a participant after two years of service, and the Group has
no further payment obligations once the contributions have been made. The Group's
contributions are recognised in the consolidated income statement in the year to which
they relate,
Gi) Leases

‘The leases entered into by the Group are operating leases, which are leases where a
significant portion of the risks and newards of ownership are retained by the lessor.

_ Payments made under operating Ieases are chatged to the consolidated income
statement on a straight-line basis over the period of the iease.

@)} Taxation
Under the current laws of the Commomwealth of The Bahamas, soe conaiy. ei. damnice
: Of Ge Banke, there ete, no lepine, Sepia gens or othe aes leopard 2 F

(s) Corresponding figures

Where necessary, corresponding figures are adjusted to conform with changes in
presentation in the current year.

3. Related Party Balances
. Related parties include: i) key management personnel, including directors; ii) entities that

have the ability to control or exercise significant influence over the Group in making
financial or operational decisions; and iff} entities that are controlled, jointly controlled or
significantly influenced by parties described in i) and ii}. Balances with related parties are
as follows:

2087 2006

CHF : CHF
Balance sheet 3 i
Demand deposits with banks 109,886,269 133,982,132
Term deposits with banks 184,407,261 73,732,004
Loans and advances to customers 11,589,085 ”
Derivative financial instruments 60,323 1,874,851
Other assets 1,022,762 - 1,000,000
Customers’ deposits 40,289,797 26,978,506
Due to banks 99,987,228 66,884,409
Derivative financial instruments . 131,318
Other liabilities . 4,120,006 220,000

Management and investment advisory agreements

“The Bank has an agreement with Pasche Fund Management Lid, (PFML), a related
company, to provide PFML with investment advisory and fund administration services, as
weil as other support services including information technology, accounting and back office
functions.

The Group also has an agreement with the Parent, in which the Parent provides trading and
cash management services, communications, risk management, accounting and other
general services,

4. Capital Management

The Group's objectives when managing capital, which is a broader concept than * a on
De ve Of Gncougs eas balance sheet, are:

° To comply with the capital requirements ect by the Central Bank of The Bahemas (the
eh) Cee, ee Oe ey, ey See ee eae
operate;

° To safeguard the Group's ability 10 continue as a going concem sa that it can continue
to provide retums for the Parent and benefits for other stakeholders; and

* To maintain a strong capital base to support the development of its business.

Capital adequacy and the use of regulatory capital are monitored by the Bank's
management, employing techniques designed te ensure compliance with guidelines
established by the Central Bank. The required information is filed with the Central Bank
on 2 quarterly basis.

The Cintra! Bank rogues thi the catty slain‘ rai f tal egulatory capital to tke
weighted agsets at or above a minimum of 8%.

The table below summarises the composition of regulatory capital and shows the capital
adequacy ratio of the Bank as of the consolidated balance sheet date. The Bank has
complied with all of the externally imposed capital requirements to which itis subject.

2087 ‘ 2006

CHF CHF
Tier 1 capital
Share capital 2,000,000 2,000,000
Retained earnings 15,289,561 12,633,366
Total 17289561 14,633,366
Risk-weighted assets 67,106,912 47,119,533
Capital adequacy ratio 6% _ 31%



5. Risk Management

The Group engages in transactions that expose it to various types of risk in the nonnal
course of business. Such risks include fiduciary, credit, interest rate, liquidity and currency
risks. The Group’s financial performance is dependent on its ability to understand and
effectively manage these risks to achieve an appropriate balance between risk and return.

Fiduciary risk

The Group provides significant custody, investment management, advisory, and other
fiduciary services. These activities give rise to fiduciary risk, which is the risk that the
Group may fail in carrying out certain mandstes in accordance with the wishes of its
customers or fail to achieve expected performance goals, To manage this exposure, the
Group generally takes 8 conservative approach in its undertakings for customers.

LA EGAN SRR BA EE APRS ROE BLE Naor

Semskaet

: Dy

cram

ssteuatiieaeiiaaia

eects



aR aha

PK

tees



aS tt ARRAN

Sr ic AD

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SERS ETE RO EERE TLR REECE


THE TRIBUNE

—~

4

Credit risk

~ Credit risk arises from the potential failure of a counterparty to perform according to the
terms of a contract. From this perspective, the Group’s credit risk exposure is concentrated
in its deposits placed with other institutions, loans and advances to customers, guarantees
issued to third parties on behalf of customers and derivative pel ee
positive fair values. :

The Group’s deposits have been placed with high quality intemnational banking institutions
and loans and advances to customers and guarantees issued on behalf of customers are fully
supported by assets pledged as collateral and held by the Group on behaif of the customers,
Derivative contracts are either with reputable financial institutions or with customers whose
obtigations are fully supported by assets they have lodged with the Group as collateral, As
of 31 December 2007 and 2006, all credit exposures were current, with no past due
amounts, Accordingly, there are no provisions for doubtful accounts.

The geographical location of the Group’s assets based on the damicile of the counterparty
are as follows {expressed in CHFO00s):



Europe Other Total
Cash and demand deposits with banks 109,886 6,139 116,025
Term: deposits with banks 154,407 - 154,407
Loans and advances to customers 3,883 7,725 13,608
Derivative financial instruments 65 - 65
Other assets , : 3.103 1,103
As of 33 December 2007 768,244 $4967 —s- 283.208
As of 31 December 2006 ZNTS2G Ed28 «= 2S GIG

Enterest rate risk -

Interest rate risk is the risk that the fiture cash flows or fair value of a financial instrament *

- will fluctuate because of changes in market interest rates. The Group takes on exposure to
the effects of fluctuations in the prevailing levels of market interest rates on both its cash
flow and fair value risks, Interest margins may increase as a result of such changes but may
decrease or create losses in the event that unexpected movements arise. The Group
manages this risk by seeking to maintain assets and liabilities with similar principal values,
interest rates and maturity or repricing dates.

‘The table below summarises the Group's exposure to interest mate risk, It includes the
Groug’s assets and liabilities at carrying amounts, categorised by the earlier of contractual
ropricing or maturity date from the consolidated balance sheet date.

Nen-
Up te 1-3 32 1S S10 taterent
: ¥ month months months years years hearing Toral
Ag af3! December 2007 F
{expressed in CHFO00s)
Anes
Cash and demand deposits :
with banks 144,327 wily - . + $698 $46,028
Term deposits with bunks 43,920 110,487 oe a R ‘ 154,407
Loans and advances to
customers: 8,924 - . - 488 . EAS
: Nog.
Upto 13 312 1S SAG interest
+ month months conths years years hearing Total
instruments ‘ . . “ . + 65 &8
‘Other sasets ena renee ae ee AAD een ere LAR
Total assets SEAT a ADE SE ness Sennrerere ieee A A et RR rr RE
Liabliities :
Customers’ deposits 139,206 33,548 aL AE - - : 164,368
Due to banks 93,390 6,448 49 - - - 99,987
Derivative financial
instruments + - : - ~ ‘35 $$
Other abilities : s - : Seba LSE
‘Total Habisities PREG eos DERG, nlite
‘Total interest ;
oeustitvity gap “pb S SY ne BEAST en ELGAR
As of 31 December 2006
‘Total asvets 438,937 1878 - - ORE 18626
‘Totet Rabitiies : * “
Totad iuterest
seusttivity gap eel SE ALES nse
"Liquidity risk

Liquidity risk is the risk that the Group will not have the necessary resources to meet its
contractual obligations as they come due. The Group manages its liquidity by matching
fiabilities with assets of similar maturity periods. The analysis of assets and liabilities
disclosed under interest rate risk is indicative of a contractual maturity analysis. With the
exception of certain loans and advances, all assets and liabilities are classified as current,
Le. expect to be realised within swelve months of the consolidated balance sheet date.

Currency risk

‘The Group takes on exposure to currency risk arising from the effect of fluctuations in the
prevailing foreign currency exchange rates on its financial position and cash flows.
Management sets limits on the level of exposure by currency and in aggregate for both
overnight and intra-day positions, which are monitored daily with oversight from the
Parent. The table below summarises the Group's exposure t foreign currency exchange
tisk.

United
franc “ Rural doltar Other Totat
AS 31 December 2007 ;
(expressed in CHFO0@s}
Assets
‘Cash sad demand deposits ;
with 26,216 56,391 23,559 2,065 124,025
_ Tesm deposits with banks 20,972 $402 , 38,033 - 154,407
Loans and advances to 5 .
customers 13,269 248 9 " FOS
Derivative flannciat
65 - - - 85
Other assets EL scenes ernest aeceensceeneeeal DE
‘Fotal aseets 2563 aa, 739 ngs 283.208
Linthttittes:
Customers’ deposits 25,530 ; 61,054 72,691 8,650 164,365
Bue to hanks 2,732 Fig GAOL AD 99,987
Desivative finnnolal
instruments 35 * * ” $8
Other liabifities Ri den oh a eS Seen SLE
"Fotal tiabiities SSO TR IRD nave DOSING
Net ou-bulauve sheet \
poutien SRS FFE nd DRO
Credit commitments!
Guerantess sien A a ea pepsin da
As of 32 December 2896.
Total asazts 44,890 182,08¢ 55,078 32,618 244,626
Total tebitictes SRE eee ETRE SATE eee ERSTE esr STOOD
Net om-balence sheet :
Credit cocsealtoente
Guarantees eS ner A reece Timeenyaenensrnentinennnmneioer tie,

6 Commitments and Contingencies

(a) Derivative financial instruments

‘The Group enters into forerard cunreach ooutracta. solely #3 part of its. costomenselatedd
activities. Forward currency contracts are contracts to purchase or sell foreign
currencies at specific rates of exchange on specific dates in the future. Risk arises from
the potential inability of counterparties.to perform under the terms of the contumts
(srédit risk) and from fluctuations in the foreign exchange rates (market risk). The
Group manages its market risk of customer-related positions by taking offsetting
positions with its affiliates, resulting in. minimal market exposure. The oredit risk of
customer positions is managed by applying uniform credit standards maintained for all
activities with credit risk. Collateral held generally includes cash, cash equivalents, and
marketable securities.

The contract amounts of these instruments reflect the extent of the Group's involvement -
in forward currency contracts and do not represent the Group’s tisk of loss due to
counterparty nonperformance. The Group's exposure to credit risk of such instruments
is Limited to those contracts with positive fair values, as reported in the consolidated
balance sheet.

As of 31 Deceinbec; the Group’ had cdetmctnal conudlemets wader’ open ‘orvand
currency contracts as follows:

2807 2066
; CHF CHF
Commitments to purchase foreign currencies :
~ Affiliates 14,740,731 38,810,251
~ Customers 16,180,640 38,331,824
Commitments to sell foreign currencies
- Affitiates 14,687,464 38,331,763
~ Customers 16,224,250 38,800,043
(b) Guarantees

As of 31 December 2007, the Group was contingently tiable for guarantees issued to
third parties totalling approximately CHF! ,904,000 (2606: CHF825,000}. Assets held
by the Group on behalf of customers have been pledged as collateral in full support of
these guarantees.

(c} Lease conmmitments

The Group has entered into operating lease agreements for its office space and
residential property for certain key management personnel.

Future minimum lesse payments as of 31 December 2007 are as follows:

2067
CHF
Within one year : PA1,272
One year to five years 61,134

Fair value of financial instruments

Financial instruments utilised by the Group comprise the recorded financial assets and
liabilities disclosed in the consolidated balance sheet. The Group’s financial instruments
are principally short-term in nature; accordingly, their fair value approximates their
camying vaiuc. -

’ MONDAY, MAY 19, 2008, PAGE 9B
OE] StS





Microsoft:
New talks for
alternative
Yahoo deal

@ By JESSICA MINTZ
AP Technology Writer

SEATTLE (AP) —
Microsoft Corporation said
Sunday it is talking to Yahoo
Incorporated about a transac-
tion that doesn’t involve a full
buyout like the software mak-
er’s $47.5 billion offer that fell
apart earlier this month.

Redmond, Washington-
based Microsoft walked away
May 3 from its offer to buy the
Web pioneer. Since then, bil-
lionaire investor Carl Icahn has
launched an effort to oust
Yahoo’s board.

In a statement Sunday,
Microsoft says it is consider-
ing a different kind of deal with
Yahoo as it pursues ways to
improve and expand its online
services and advertising busi-
ness. “Microsoft is considering
and has raised with Yahoo an
alternative that would involve

Film producer raises

FROM page 1B

fully supported by some indi-
viduals who have recognised
the value of film in this coun-
try, and that it could oe prof-
itable.”

stood to be Owen Bethel, pres-
ident of the Nassau-based
Montaque Group, the finan-
cial services provider. Mr
Bethel has set Be a film financ- ~

a transaction with Yahoo but
not an acquisition of all of
Yahoo,” the statement said.
“Microsoft is not proposing to
make a new bid to acquire all
of Yahoo at this time, but
reserves the right to reconsider
that alternative depending on
future developments and dis-
cussions that may take place
with Yahoo or discussions with

shareholders of Yahoo or

Microsoft or with other third
parties.”

Spokesman

A Microsoft spokesman
declined to comment beyond

the written statement. Yahoo '

representatives could not

immediately be reached for

comment.
The statement may be a sign

that Yahoo founders. Jerry.

Yang and David Filo and
Chairman Roy Bostock are

)

ing company based in
Delaware and, while still
cranking up to full operations,
it has already committed funds
to Mr Mortimer and another

‘film, an Italian production,
sawhich will be shot in the
‘Among the backers i is ; under-

Bahamas.

Daybreak’s full budget is
$650,000, and pre-production
is due to start in two weeks —
early June..Mr Mortimer said
all the lead roles had been cast,



scrambling to avert an ugly
shareholder mutiny ahead of
the company’s July 3 annual
meeting.

Icahn has proposed his own
slate of directors to replace
Yang, Bostock and the rest of
the board, in hopes of bringing
Microsoft back to the bargain-
ing table. The results of his
effort would come to a vote at
the meeting.

Many analysts believe that
despite Microsoft’s assurances
it is moving ahead without
Yahoo, the software maker
would revive its bid, likely at a
lower price, if the Silicon Val-
ley icon’s stock continues to
languish.

Icahn told Yahoo’s board it
could quickly quell the share-
holder revolt by renewing
negotiations with Microsoft,
but the software maker warned
Sunday that it’s possible no
deal will be struck.

$299,000

and he was now looking for
supporting actors in Nassau
and Freeport.

“We're going to make a gor-

geous film. It’s going really
well,” said Mr Mortimer. “We
have.really high hopes of Day-:;,
break. We have a good, solid’!
cast of Bahamian talent, who!
have been living abroad and
locally.”
' Adding that. Daybreak
would be the second film he
did in 2008, Mr Mortimer said:
“We feel very confident: My
dream is to have it released in
US theatres. I know this film
will be beautiful. I know what
Float did, and it is continuing
to do well. I think Daybreak
will do 10 times as well.”

Mr Mortimer said Float had *

already aired on MTV’s Logo

network, and was rated by
viewers as the best film during
the first week it was aired. As a
result, it was played four times,
benefiting Mr Mortimer finan-
cially as he earns every time
Logo screens Float. As a result,
the budget for producing Float
has now been covered.

Mr Mortimer told The Tri-
bune he was still in post-pro-
duction on his Iam not a
Dummy documentary, which
focuses on the moving life sto-
ry of Bahamian Michael Wells,
who learnt to read and write -
by watching Sesame Street on
TV despite being born with
serious neurological damage.

He added that future pro-
ductions he is eyeing may —

include a mini-series, and pos-

sibly something related to

human trafficking.

[SALES CAREER]

A multi facetted communications/consulting company that is
currently undergoing market expansion wishes to employ
experienced commission sales executive. The ideal person
would have a minimum of three years in commission sales;

have their own private vehicle. We are looking for excellent
communicators that are driven. Candidates must have computer
skills and be able prepare public presentations on behalf of

companies clients.

A degree in marketing or business is preferred but not a must.

Persons interested should submit CV’s and reference letters to:

by May 31, 2008.

3A#6282
‘P.O. Box N-3207
Nassau, Bahamas


PAGE 10B, MONDAY, MAY 19, 2008



@ By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

WITH the Bahamas at an
“economic crossroads”, the
country needs to solidify its
position on trade and trade
arrangements, the Bahamas
Chamber of Commerce’s exec-
utive director said.

Philip Simon said the issue












































Internet &

of trade has now come to the
fore, with the Economic Part-
nership Agreement (EPA) due
to be signed in July with the
European Union (EU) being
one of the most pressing eco-
nomic and trade-related mat-
ters the Bahamas is consider-
ing right now.

Mr Simon said that given its
significance, the Chamber has
asked the minister of state for
finance, Zhivargo Laing, to

Telephone Banking

Deposits & Investments

Insurance

Credit Cards

Personal Loans

Mortgages

Wealth Management

Small

Business Banking

Corporate Banking

outline the Government’s posi-
tion on trade at its annual gen-
eral meeting on Wednesday
May.

He said there were a number
of questions to be asked,
including: “What is our nation-
al trade policy? Where do we
see ourselves going in regard to
trade and development agree-
ments within the next five to
ten years?”

Mr Simon added that at the



Foreign Exchange and Derivatives

Capital

Markets

moment, the Bahamas was not
a formal member of any trade
agreement.

“We are the only country in
the Western Hemisphere
which is not a member of the
World Trade Organisation, so
what is the Bahamas’ position

relevant to trade going for- .

ward?” he asked.

Mr Simon said that with the
Government’s intending to
sign the EPA, and with the

ee a a aa | a a
Trade leaves Bahamas a
‘economic crossroads’

Bahamas likely accession to
the full WTO membership
imminent, the country will find
itself going from no trade
agreements to at least two over
the next five years.

“T think the more critical
trade agreement for the
Bahamas will be the Caribbean
Basin Initiative (CBI). That
has more implications than the
EPA by far because the Unit-
ed States is such a major trade
player,” he added.

Mr Simon said that given the

- principles under which the new

trade agreements operate, pri-
marily reciprocity and nation-
al treatment, there will be
tremendous implications for
this country’s revenue.

“They will remove barriers
to trade, because if you pur-
chase something in a unit and

. it is shipped to the Bahamas, it
is tax. We consider it a rev-
enue generator, so there is a
difference in philosophy, but
we are a developing nation and
it is important that a level of

. protection is in place,” the
Chamber’s executive director
added.

He said the Bahamas was
now determining just how far
‘that protection should go, and
whether that protection should
have exemptions, meaning that
certain sectors of the economy
will not be open to foreign
competition permanently or be

‘given grace periods to liber-
alise.

“We certainly cannot com-
pete wholesale with multina-
tional and large companies
coming to the country,” Mr
Simon said.

“Some may say that the
Bahamas has always been

globalised, and open to finan-
cial services and tourism. That
is true, we have competed and
competed well. However, that
is not all of our'economy and
the rules. of engagement are

THE TRIBUNE,




Philip Simon

dictating a different way of
engaging in the game. Eithet
we are going to be in or out.”

Mr Simon said the Bahama
had suffered for being outsid
these rules-based tradin
arrangements, as evidenced by
what happened in 1999-2000
with the financial services
industry’s ‘blacklisting’.

“We saw the repercussions
of our being out,” he noted.
While the Bahamas may have
done things differently, the
bottom line was that the coun-
try had no recourse, no buffer

,against the action which was

taken against it by the inter-
national community.

“We had no colleagues that
we could call upon, no mecha-
nism that we could rely upon
to arbitrate for us,” Mr Simon
said.

“Obviously we have to build
institutional capacity, and the
major thing for us and for gov-
ernment is how do we poten-
tially replace revenue or diver-
sify revenue? We have said for
years that we have outgrown
our revenue system, because
the Government is always
stretched to the limit in being
able to fund projects. How do
we diversify? Obviously we

have to come up with ways to +

increase our revenue.”

We each have our goals, things we’ want to achieve. At

different times of our lives, those aspirations may

change and we may choose a different path. No

matter what stage of life you find yourself in,
FirstCaribbean is right there with you, encouraging,
helping, cheering you on. Take the first step. Make us
the people you talk to. Make us your life partner.



INTERNATIONAL BANK

GET THERE. TOGETHER.

—_—





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