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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Fears that banks —
loreclse On ti § Sur me

But resort
developer says *
‘nothing is
decided’

@ By NEIL HARTNELL
Tribune Business Editor

CONCERNS were mounting
last night that a group of inter-
national banks might foreclose
on the $4.9 billion Ginn sur mer
development in Grand
Bahama’s West End, although‘a~
spokesman for the resort devel-
oper said discussions with the
lenders were “ongoing and
nothing is decided.”

Sources close to the develop-
ment said yesterday that a lend-
ing syndicate headed by Ctedit
Suisse were now threatening to
take possession of the Grand
Bahama project after months
of protracted negotiations over
a $675 million loan that Ginn
defaulted on this summer..

It is understood that the lend-
ing syndicate has a mortgage.
that covers half of Ginn’s more

SEE page nine

lawyer should be allowed to return

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

MEMBERS of the public can come to the Supreme Court today to say
whether or not they think disbarred lawyer Leon Smith should be allowed
to return to the profession.

Mr Smith, who was disbarred for refusing to return hundreds of thou-
sands of dollars belonging to his clients, will have his application to be rein-
stated as an attorney heard at 3pm today in the Supreme Court.

“It’s a public hearing,” said President of the Bar Association Wayne
Munroe yesterday. “Anybody that has anything to say can come and
attend.”







lm By ALEX
MISSICK

STATE Minister
of Finance, Zhivargo
Laing was close to
tears yesterday as he
recalled how he had
been “victimised” by [i
West End and Bimini
MP Obediah Wilch-
combe.

Mr Laing told
House Speaker Alvin
Smith Wednesday that he was
responsible for caring for his
mother. He blamed his inabili-
ty to take care of her as he once
did on the same Member of
Parliament who was then ask-

ing the FNM government “to_

use their hearts.”

“This member of Parliament
for West End and Bimini said
use your heart. I also heard this
Member of Parliament talk
about how this is the Bahamas
and this is a democracy and

Bahamians ought to be able to
flourish and do what they want
in their country,” Mr Laing

said.

Zhivargo Laing



Felipé Major/Tribune staff



DUMPING OF old cars, refrigerators and other refuse continues to plague New aratiencee= as illustrat-
_ ed by this junk photographed off Carmichael Road yesterday.

UAC Lhivargo Laing claims he was



“After much
reflection,” he said, “I
made a decision in
this election gone by
(2002) and continued
to write my column.”

When Mr Laing
lost his seat as MP for
Fort Charlotte in the
2002 election he start-
ed to write a weekly
column in The:Tri-
bune — “Straight
Talk.” He discontin-
ued the column after his elec-
tion to the House last year as
MP for Grand Bahama where
he was then living.

Mr Laing said that at that
time Julian Francis, the new
chairman of the Grand
Bahama Port Authority,
offered him a job.

“We sat, we spoke about it,
we agreed a contract, and it
was a handsome consultancy,
no question about it, but I was
doing real and genuine work
for them. Three months later |
could hear the uneasiness in his

SEE page nine





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Ti GR. Sweeting's

Ba

SCORER We LcLahY wy 3 ie

Steady increase in
prices of household
eoods, foodstuff
and medical care

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

AS US confidence remains
"near historic lows" the Central
Bank revealed that there has
been a steady increase in the
prices of household goods, food-
stuff, and medical care during
the past 12 months.

The monthly Economic and
Financial Developments report
released by the Bank encour-
ages households to make fur-
ther spending adjustments in
response to the significant ero-
sion in financial wealth.

The Bank also said during the
period that there was "contin-
ued moderation” in economic
momentum, "tempered" con-
struction activity and "sustained
weakness" in the tourism sec-
tor.

The demand for the country's

number one industry is expected
to "wane further" over the
remainder of 2008 and the first
half of 2009, the report also said.

Released this week, the
report reveals that for the 12-
month period ending July, 2008
average consumer prices
increased to 3.29 per cent from
2.42, or 0.87 per cent, during the
same period last year.

The "most significant" price
inereases were seen in furniture
and household areas (7.23 per
cent), medical care (4.80 per
cent), food and beverage (4.24
per cent), other goods and ser-
vices (3.83) per cent) and trans-
portation and communication
(3.42).

The remaining areas rose by
less than 3 per cent, according to
the report.

* Despite a reduction in inter-

SEE page nine

GB hotel workers reduced to
one-day, four-hour weekly shift

@ By PAUL G TURNQUEST

Tribune Staff Reporter

pturnquest@tribunemedia.net

HOTEL workers in Grand Bahama
have been reduced to working a one-
day, four-hour weekly shift, as the occu-
pancy level for the remaining two major
hotels has dropped to 13 per cent, West
End and Bimini MP Obie Wilchcombe

revealed.

Obie Wilchcombe



Speaking to The Tribune yesterday
about the deplorable state of Grand Bahama’s s economy, Mr
Wilchcombe said he would have to describe it as being some-

where between “bad”

SEE page 10

and “terrible.”

Murder accused claims Jamaican
Rastas killed Mario Miller

m@ By CHESTER ROBARDS
Tribune Staff Reporter

MURDER accused Ricardo
Miller, alias Tamar Lee, stood in
the confines of the prisoner's
dock yesterday and in an
unsworn statement, told the jury
that Jamaican Rastas killed
Mario Miller. He said that over
a week he and Mario had built a
trusting relationship.

He recounted a far different
story of Mario’s death than any
he had told police. His brother
Ryan, in his unsworn statement,
claimed again that he was never
at the scene.

Ricardo told a story-that
began almost a week before
Mario’s death.

He said he had been asked by

a man named Marco, whom he
supposed was a friend of Mario,
to come to Nassau to help them
“trade some bricks.”

Ricardo then went to Nassau
on Monday, June 17 and met
Mario at Marco’s house, where
they discussed what Ricardo
would be paid. Afterwards, they
made an agreement and then
made a few phone calls.

According to him, between
Monday and Thursday he had
sold around 32 pieces of cocaine,
some of which he said belonged
to Mario, and on Friday Mario
decided to raise the price of the
cocaine.

He said on Friday around 3
pm they went to the Prison Offi-

SEE page 10

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THE TRIBUNE



Gambling charges against 78-year-old
are dropped before his bail signed

GAMBLING charges brought
against Lyford Cay resident
Robert Halat were dropped
before his $2,000 bail was signed
on Wednesday.

The 78-year-old retired Amer-
ican pleaded not guilty to the
charge of gambling as a Bahami-
an citizen and was granted $2,000
bail by magistrate Guillimina

Archer in a Nassau Street court. °

But before the bail was issued,
defence attorney Michael Kemp
argued the charge had to be dis-
missed as Mr Halat is not a
Bahamian citizen but an Ameri-
can resident of the Bahamas.

Sidney Strachan, spokesman
for the Committee for Gaming
Reform (CGR), described the
procedure as a fiasco and
believes Mr Halat was being
used to set an example to
Bahamian gamblers.

He said: "It's clearly what I
consider to be elective prosecu-
tion. It shouldn't be that diffi-

cult to find somebody to prose- °

cute for gaming in the Bahamas,
but for us it seemed like he was
being taken advantage of, and it

Robert Halat

could have been dealt with dif-
ferently considering his age and
status here."

Mr Halat moved to New Prov-
idence upon retirement 18 years
ago with his French wife, and has
been gambling throughout his
residency as he considers. him-
self a permanent tourist or finan-
cial resident who has never

i



earned money in the country.

He was charged after he was
found playing poker in the
Atlantis casino on September 24,
his 78th birthday. He did not
wish to comment on the case.

Mr Strachan said: "Frankly,
the Robert Halat incident is both
frustrating and embarrassing.

"Our hope is that the decision
to drop charges against Mr Halat
signifies a willingness on the pari
of the government to open dis-
cussion of gaming law reform."

The Committee for Gaming
Reform plans to meet with Mal-
colm Adderley, chairman of the
gaming board, to discuss the cur-
rent gaming laws.

Mr Strachan said: "The gam-
ing reform committee contends
that Bahamian gaming law is
arcane and discriminatory by
nature.

"Tt is out of step with conven-
tion and fundamental democrat-
ic principles. It is contradictory,
awkward and an impediment to
economic growth. Common
sense says the laws need to be
reformed."



FORMER SPEAKER Sir Arlington Butler pays his respects as the body of formerWest End MP Harold Ran-
dolph DeGregory lies in state at the House of Assembly. Officer PC3202 Cius stands guard by the coffin.

Court of Appeal ‘may hear AG’s Office
appeal to bail application next week’

EARLY INDICATIONS
are that the Court of Appeal
may hear the Office of the
Attorney General’s appeal to
“Emperor” Dion Knowles’
bail application next week,
public prosecutor Darnelle
Dorsett said.

On Wednesday the Office of
the Attorney General

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appealed the $50,000‘ bail:
granted a day earlier by Acting.

Supreme Justice. Elliott Lock-
hart to accused murderer Mr
Knowles, 41.

Ms Dorsett said that “to the
best of (the office’s) knowl-
edge”, this means that Mr
Knowles, charged with the
2007 killing of his nephew, is
not free at present.”

Asked if this is the case, Mr
Knowles’ lawyer Murrio
Ducille said: “As it stands right
now he has bail. I don’t know
if it has been signed yet. But he

Man charged with
assaulting his mother

A 27-YEAR-OLD Elizabeth
Estates resident charged with
assaulting his mother and threat-
ening her with death via the
internet pleaded not guilty to
two charges yesterday.

Nicholas Hanna, of Com-
monwealth Blvd, appeared
before Chief Magistrate Roger
Gomez in Bank Lane charged
with threats of death and assault
against Cynthia Hanna on Sep- -
tember 30.

Hanna asked Magistrate
Gomez if he could explain what
happered, and a trial was set for
January 20, 2009.

Hanna, who was in custody,
was granted $2,500 bail and
ordered to stay away from his
mother.

























‘has bail.”
| According: to.Ms. Dorsett,
the Bail Amendment Act 2007
states that when a judge grants
bail and counsel from the
Attorney General’s Office or
defence give notice that they
intend to appeal the matter,
the judge’s grant of bail is sus-



pended pending the outcome |

of the appeal.
It is alleged that
Knowles, a carpenter by trade

Mr

according to his lawyer, inten- |

tionally caused the death of his
nephew, Knowles, on Sunday
August 19, 2007.

The 26 year-old father-of-six |

was reportedly shot in his
abdomen during an argument
in the Fox Hill area.

Norman Solomon's
body to lie in state

THE BODY of former Mem-
ber of Parliament Norman
Solomon will lie in state in the foy-
er of the House of Assembly on
Friday from 11am to 6pm, and on
Saturday from 9am-6pm.

The funeral service will be held
on Monday at Christ Church
Cathedral at 2pm. Dean Patrick
Adderley will officiate.

Mr Solomon, who died on Mon-
day after a battle with cancer, was
a highly respected businessman
and politician who worked tire-
lessly for the development of his
country.

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THE TRIBUNE



FRIDAY, OCTOBER 3, 2008, PAGE 3



o in brief |Buckle up for a bumpy ride, economist tells Bahamians

Moves to help
local economy
rebound after
global turmoil

ZHIVARGO Laing, Min-
ister of State for Finance, said
the Bahamas will be able to
find balance amidst the dete-
riorating global economic con-
ditions through several spe-
cific initiatives.

These include:

e strategically refined and
expanded public sector fund-
ing facilities

° expanded financing of
commercial enterprises by
commercial banks

e an significant increase in
venture capital

¢ a facilitated liaison mar-
ket for investors and entre-
preneurs

¢ amore dynamic and
developed formal capital
market

Through these measures,
the minister said, he is more
certain that the local econo-
my will find an equilibrium,
and eventually rebound.

R M Bailey
Class of ‘88 to
hold ‘souse-out'

The R M Bailey Class of
1988 will be holding a
“souse-out” in aid of school
projects and other activities
on Saturday, October 11, at
R M Bailey Park from 7am
to 1lam. Tickets can be pur-
chased by calling 393 6502 or
302 2783.

Lil Wayne:
Correction

Lil TENT :

IN an article on Page 5
of Thursday’s Tribune,
event promoter Lisa
Tottle discussed that fact
that rap star Lil Wayne ©
did not appear at a Nas-
sau concert as scheduled
last Saturday.

She noted that the rap-
per was at Aura night-
club in the Atlantis
Resort that night.

Ms Tottle was quoted
as saying that she felt Lil
Wayne was at Aura
rather than at the con-
cert because Atlantis
was able to pay him
more than her company,
Red City could afford.

However, The Tribune
has learned that Atlantis
paid nothing money to
Lil Wayne during his
time in the Bahamas.

In fact, the rapper was
staying at The Cove at
Atlantis and visited club
Aura as a guest of the
resort.

The Tribune would
like to apologise for any
inconvenience this error:
caused.



’ take a hit.

m By LLOYD L ALLEN
Tribune Staff Reporter

A LOCAL economist says Bahami-
ans should prepare to endure a bumpy
ride for at least another 15 months.

He predicts a drastic decline in the
local economy, and adds that govern-
ment’s attempt to stabilise the econo-
my through initiatives with the IDB
will be temporary successes at best.

Trade economist at the Chamber of

Tourism industry —
faces ‘rough future’

m@ By LLOYD AL.LEN
Tribune Staff Reporter

THE tourism industry had
better prepare for a “rough
future” the government’s
financial chief warned yester-

conference, Minister of State
for Finance Zhivargo Laing
noted that the Bahamas’ eco-
nomic fortunes are directly
influenced by what happens
to the American economy.

He pointed out that Amer-
ican tourists account for more
than 80 per cent of visitors and
are the largest contributors of
foreign currency. to ae
Bahamas.

"With key markets in thie
US such as Florida and New
York exhibiting signs of weak-
ness in the face of the housing
and financial crisis ... visitor
arrivals from this country are
expected to remain anemic
and weak in the near future,”
Mr Laing said.

The minister predicted that
as a result of the US financial
troubles, tourism, tourism
investments, and the banking
sector in the Bahamas will all

The minister said that with

Commerce Hank Ferguson said: “We
can expect a reduced work week, we
can expect less money in our system,
and therefore some deterioration on
expectations in terms of what the econ-
omy generally would have done, as
well as in the way we are accustomed
to living.”

Mr Ferguson said based on the cur-
rent economic conditions, he does not
predict a rebound in the economy at
least until the end of 2009.

He also noted that due to the heavy

Finance Minister points
to links between US and
Peas ata globalisation Bahamian economies

“.. Visitor ©
arrivals
from this’
country are
expected to

remain
anaemic and

9



reliance on the tourism product, “our

situation will be particularly dire.”
Mr Ferguson looked at the example

of St Lucia where strategic plans have

been initiated to help offset the effects”

of the global economic downturn.

This has come in the form of subsi-
dies and rebates not only in the
tourism industry, but also in some con-
sumer items like flour.

As these measures have helped to
softened the economic blow for St
Lucians, Mr Ferguson argues that sim-

MIRRORS





























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the pull-out of the KOR group
in June of this year from a
250-room hotel project in
Mayaguana - citing that they
were incapable of withstand-
ing the deteriorating market
conditions — and with exter-
nal funding uncertainties in
the tourism investment mar-
ket due to bankruptcies: and
takeovers of US and Euro-
pean financial institutions, the
sector is undoubtedly in for a
rough future.

Amidst this uncertainty, Mr
Laing said.he does anticipate
some hope in the form of
“financing and private sector
development in_ the

Bahamas.”

The minister argued that
across the board, local indus-
tries are ripe for entrepre-
neurial development, and
through “creativity, innova-
tion and service improve-
ment,” these new business can

-generate huge growth for the

local economy.

He added that considering
the funding required for such
initiatives, future entrepre-
neurs) should properly
research, organise and com-
municate their business pro-
posals iin order to attract sup-
port.

Mr Laing added: “Work is

ener pe A)
aces pro peste





s





‘ness to flourish.




tion,” he said.

“With projections ofa significant decline i in the econo-

_ my, some are asking whether it is time to step away from:

the ‘Golden Goose’ tourism industry and begin to

ag ssively develop alternatives.

ut according to Minister of State for Finance Zhiva-

_ go Laing, "diversification is not a government project”

| but one that involves the private sector.

Speaking at a globalisation symposium, Mir Laing said
government’s job is merely to set the climate for busi-

"Businesses themselves go out there and seek oppor-
tunities, take advantage of opportunities, and lby doing
that they create areas and kinds of enterprises through- |
out the country, and that in effect provides diversifica-



being done now with the Col-
lege of the Bahamas and the
Ministry of Finance which will
make it possible for Bahamian
entrepreneurs to develop busi-
ness plans that can meet the
rigours of any local or inter-
national financial scrutiny or
analysis and improve their
prospects for success.”

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ilar initiatives are needed in the
Bahamas. However, Minister of State
for Finance Zhivargo Laing said: “We
are not subsidising anything. . . the
only thing that we have done anything
about in terms of subsidies is the fuel
surcharge for electricity.”

He remains optimistic that “the US
authorities will find a means to ease
their current economic dilemma... .
which in turn will have a positive effect
on our economy.”

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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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PAGE 4, FRIDAY, OCTOBER 3, 2008

THE TRIBUNE



acca SSSA SSS SSS
EDITORIAL/LETTERS TO THE EDITOR ee

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

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

Candidates, media foster ‘free ride’ mentality

NEW YORK — Most of this week’s talk
about the presidential race concerned the
vice-presidential debate, but your reporter
was still chewing on something he heard
over and over in the coverage following
the first McCain-Obama matchup — the
complaint that, when pressed by moderator
Jim Lehrer, neither candidate offered any
specifics about what he would “give up, in
terms of the priorities that you would bring
as president of the United States, as a result
of having to pay for the financial rescue
plan.”

First, it’s not even strictly accurate that
neither candidate offered cuts to his respec-
tive agenda. Barack Obama offered that he

might have to sacrifice individual compo- |

nents of his alternative-energy investment
plan.

And John McCain, in an answer that
didn’t receive nearly enough attention, pro-
posed “a spending freeze on everything
but defence, veteran affairs and entitle-
ment programmes.”

But more to the point, as the press and
punditry wring their hands over a political
environment in which neither candidate is
“willing to level” with the American p yore
about the hard choices facing the next/pres-
ident, perhaps these media acto

done to create this environment.

Because I’m willing to bet the trailer
money that, had either McCain or Obama
sacrificed a major pillar of his domestic or
foreign-policy agenda on the altar of bud-
getary restraint, the press would have
pounced.

Would the headlines have read: “In
Laudatory Moment of Campaign Candour,
McCain/Obama Levels With Taxpayers”?

Perhaps. But I’m guessing they would
more closely resemble something along
the lines of, for McCain: “Straight Talk
Express in Ditch: McCain Admits U.S. Can
No Longer Afford Iraq Occupation.” Or,
for Obama: “Short Changed: Obama Con-
fesses He’ll Drop Health Care Reform,
Rationale for Campaign.”

Or, worse, the current fashion for
process- -obsessed campaign reporting
would yield breathless commentary and

uld’
take a moment to consider what the ey'l ave

instant analysis about how one or the oth-

* er’s admission was “bound to hurt him”

— and how the opposite party’s candidate
was “sure to pounce” on the admission.

Conspicuously absent, of course, would
be any sense that such a line of attack
would constitute an unfair punishment for
having told the truth.

And if such an attack came, the candi-
date on the receiving end could probably
forget about any impartial defence com-
ing from the press, which long ago abdi-
cated any role for itself as an independent
arbiter of the truth in favour of the much
safer “he said/she said” model.

We've heard a lot lately about “gotcha”
journalism, mostly in response to Sarah
Palin’s shaky answers to interview ques-
tions about everything from the Bush Doc-
trine to the Supreme Court to her choice of
reading material.

-To my mind, though, the real gotcha
journalism is that which, when it comes to
truth-telling on hard choices, offers a choice
of damned if you don’t, damned more if
you do.

American voters are often criticised for
what some describe as the expectation that

“they can get something from the govern-
‘ment without having to give up something

else.

Call it a free ride or something-for-noth-
ing mentality. ,

Taxes remain the classic example, as

- everyone wants them to be lower while

few are willing to sacrifice their own pet
programmes in the name of budgetary
responsibility.

Our politicians, too, come under fire for
enabling this attitude.

There is surely merit to both criticisms,
and the electoral evidence to back them
up.

But before members of the American
political press go pointing fingers, we might
also consider what we have done to foster
an attitude that invites bad faith and cor-
rodes our democratic processes.

(This article was written by Dan Rather -
c.2008 Hearst Newspapers).



Government |

should set up a_

—e wae mS

National Disaster
Insurance Board

EDITOR, The Tribune.

As I sat and watched the
weather report on my TV and
hearing about the devastation
that occurred to our brothers
and sisters in our family
islands, my mind went on
those people who do not have
or are unable to afford home
insurances.

The insurance companies
today in my opinion are the
most unjust operation of busi-
ness.

As far as I see it they are
out for what they can get out
of people, especially those
who are struggling.

They charge you extrava-
gant fees and when a claim is
made most persons still have
to inject much of their own
funds to repair their homes.

My suggestion is for the’
Government to start up a Dis-
aster Insurance Board similar
to the National Insurance
Board. There are many bene-
fits that can come out of this:

° It will create employment

e It will build up our econo-

letters@triblunemedia.net



my

e When disaster comes and,
God forbid, every working
homeowner would have con-
tributed to the restoration.

e In terms of people’s
homes getting damaged from
the storm: or hurricane, this
will help to provide funds to
restore oy rebuild their homes.

e Contribution to this
should be in a similar format
as the collection of National
Insurance, eg, if your home is
valued ‘$50,000 up to $100,000
you could pay a specified
amount based on the value
using a scale of charges.

I would rather and feel bet-
ter to know that my money is
being set aside in case some
disaster strikes.

At least the money will be
in this country and not going
to those country whose build-
ing codes are not as good as

ours.

Some of the money can also
go towards fixing the docks or,
other things that are destroyed
on the Family Islands.

. I will have confidence to
know that my money will be
helping our people.

This will help especially the

’ homeowners who are strug-

gling to pay those extremely
high insurances or help Mrs
Brown around the comer: who
might not have the means of

paying extravagant insurance,

fees.

Something to seriously think :

about.

A CONCERNED
BAHAMIAN CITIZEN
Nassau,

September 15, 2008.

(If this writer were privy to

some of the allegations being |

leaked to us from the opera-~

, tions of National Insurance, ,

we don’t think he would be so ,

anxious to encourage the cre-
ation of another potential dis-
aster. — Ed).

To those who may wish to shut :
me up: I cannot be frightened ©

I also wonder if the tactic,

EDITOR, The Tribune.

Upon my return from the
Democratic Convention I
wrote a Letter to the Editor
expressing my feelings about
the strength of the family in
nation building.

I alluded to the fact that a
strong family builds strong
communities and eventually
strong countries.

I thought that my senti-
ments were shared by the
majority of upright, well inten-
tioned Bahamians.

But when you through a
rock into a pack of dogs, the
dog that gets hit is tlae one
who will holler, “iro, iron,
iron!”

In my letter I also joked that

- there would be some “shot

gun weddings” real soon.
This must have struick a raw

nerve, because since then I ~

have been inundated with

phone calls objecting to the
suggestion that politicians
should be family men. What
could be wrong with that
statement?

Surprisingly, ‘today I was
approached by a young man
who said that he was from Fox
Hill with the most insults,
innuendoes, verbal abuse and
threats of physical abuse.

He was not someone that I
had seen before or knew, but
he knew me.

He questioned how I could '

say such a thing.
He went on to name mem-

bers of parliament who were '

not married and how much
they contributed to the coun-
try, and that I was wrong.
Because of his demeanour, I
quickly abandon the conver-
sation.

I am flabbergasted how

something that was so posi-,

tive could be received so neg-
atively.

used was to prevent me. from

sensitising the public, a vol-”
untary exercise that I have'<
been doing for more than'25

years.

Well if there is a plan to’

shut me up by anyone, this is'”
simply to say up front and:
unequivocally that I cannot be,
frightened. I will not allows
cowards who hide behind false’,

names and duck behind gown),
tails and not face me like a}

man, to intimidate me.

I continue to fear the one
who is mightier that I, w hose§
shoes I am not worthy to;

stoop and unloose. I fear Jesus |

Christ only.

When are people going to —
get it through their thick skull? |
Well this is just a reminder. }

Send the memo.

IVOINE INGRAHAM
Nassau,
September, 2008.

Teh

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THE TRIBUNE

FRIDAY, OCTOBER 3, 2008, PAGE 5



© In brief.

Man arrested
over firearm —
alnmo possession

e A 23-year-old man was
arrested on Wednesday in con-
nection with the possession of
firearm ammunition.

At around’10pm on Wednes-
day, officers from the Elizabeth
Estates Police Station conducted
a search of a home in Yamacraw
Estates and found 43 shot gun
shells and two live rounds of
ammunition for a .25 handgun.

The 23-year-old resident of the
home was arrested and is cur-
rently in police custody.

Police find drugs
in private home

e THREE persons were arrest-
ed yesterday after police discov-
ered almost $7,000 worth of mar-
ijuana in a private residence on
Palmetto Avenue.

At around Sam yesterday, offi-
cers from the Mobile Division
carried out a search of a home
on Palmetto Avenue. Inside the
house, police found approxi-
mately seven pounds of marijua-
na. Two men, aged 41 and 34, and
a 38-year-old woman were arrest-
ed and are in police custody.

Two arrested
over vehicle theft

e POLICE yesterday appre-
hended two suspects in connec-
tion with the theft of a Nissan
Sentra vehicle. :

Between 9pm on Wednesday,
October 1, and 3am on Thursday,
October 2, police received a
report of a Nissan Sentra that was
stolen from a home located in
Fraser Estates. Officers from the
Mobile Division were on patrol at
around 4am on Thursday when
they saw a car on fire on Cox
Way. As the officers approached
the burning vehicle, they
observed two men standing near-
by, holding car parts in their
hands.

The vehicle was later discov-
ered to be the Nissan Sentra that
was reported stolen.

The car parts the men were
holding also belonged to the
stolen vehicle.

The two men, aged 19 and 20,
were taken into custody and are
being questioned in connection
with this matter.

PLP CHAIRMAN GLENYS HANNA-MARTIN MOUNTS SCATHING ATTACK

Government accused of failing to
tackle ‘emerging economic crisis’

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

PLP Chairman Glenys Han-
na-Martin chastised the gov-
ernment yesterday for failing to
address the “emerging eco-
nomic crisis” which is negative-
ly impacting Bahamians
throughout the country.

“It is shocking that this gov-
ernmenf has stood by and
allowed a crisis to arise in our
country when more than 5,000
homes were disconnected from
electrical supply as a result of
people’s inability to meet the
sustained rise in the cost of this
essential commodity,” Mrs

Hanna-Martin said in a State- -

ment.

Financial experts: Prudent spending key

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

PRUDENT spending and the
avoidance of unnecessary debt
should be practiced in these
uncertain economic times, finan-
cial experts advised yesterday.

Job availability and consumer
income will undoubtedly be put
"under pressure" because of the
downturn in the tourism and con-
struction sectors - evident in the
recent labour force statistics which
show the unemployment rate at
8.7 per cent this year. The study
also revealed the average house-
hold income dropped almost
$2,000, from $45,221 in 2007 to
$43,427 in 2008.

Speaking with The Tribune, for-
mer governor of the Central Bank
Julian Francis said banks need to
adjust lending policies for "Vvul-
nerable" applicants to avoid the

- risk of default.

He said in light of the US cred-
it crunch, local banks are "moni-
toring" the environment and
"adjusting" their lending practices
on business and personal loans -—
even though the Bahamian bank-



“The government's response
to this economic crisis bears
no resemblance to good gover-
nance. This is abandonment.”



Glenys Hanna-Martin

“When the whole world
seems to be painfully aware that
global events are threatening
the quality of life of people
everywhere, our government
appears to be oblivious and to
have no prepared policy
approach to ensure that more
and more people are not

&
RS
ul
XS
SS
<<

Julian Francis



ing system is significantly insulat-
ed against foreigm banking prob-
lems through Central Bank
exchange control regulations.

"Our banks have got to realise
that jobs in our economy are
going to be more under pressure,
that income is going to conseé-
quently be under pressure and
that means that the banks would
normally, lets say, be more selec-
tive in the consumer type lending
which they do.

“But there is a certain category

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pushed into the abyss of pover-
ty.
“As I speak, people are fear-
ful and apprehensive about
meeting the rising cost of all
manner of things including bank
payments, school fees, the cost
of food.

“While the government has

of lending which I believe should
not largely be affected by this and
that is areas like housing (loans).

“I believe those areas should
not be as severely impacted like
some of the areas which are much
more vulnerable to the current
problems,” he said.

Because the commercial sector
has the opportunity to create jobs
not linked to tourism, he believes
local banks should not adopt any
broad discontinuation of lending
to the business sector.

"And so yes, there's got to be
more caution and discretion which
is exercised, but we're not suffer-
ing the same types of problems
which you probably have in (the
US) where the banks have literal-
ly stopped lending because they
don't have any liquidity. Our sys-
tem at the moment is quite liquid
really — I personally am very con-

ua ee
US)
aM tds
PHONE: 322-2157

the power through the mecha-
nism of price control to ensure
that breadbasket items are kept
at affordable prices so that in
the least, essential food items
are protected, they have taken
an apparent laissez faire
approach, leaving the pressure
to bear on the embattled citi-
zen to face the ravages of what
is being described as the most
significant economic crisis in
recent memory,” she said.

Mrs Hanna-Martin said that
the government has the respon-
sibility to stimulate the econo-
my and one such way is through
capital projects which have
already.been approved by par-
liament and which have been
previously announced by the
government.



een Hanna-Martin

“They should now move
immediately to commence these
projects so as to keep our econ-
omy afloat and create jobs in
these difficult times. The gov-
ernment’s response to this eco-
nomic crisis bears no resem-
blance to good governance. This
is abandonment,” she said.

during economic turmoil

fident that our banks are very,
very sound.

“We really have a sound bank-
ing system so we don't have the
kinds of worries or liquidity con-
cerns you see discussed in the US,
the UK and in Switzerland even,"
he said.

The country's state minister for
finance also advised consumers to
spend prudently as the country
‘continues to feel ripple effects
from the credit crisis in America.
But he is optimistic the Bahamas'
"resilient" economy will weather
the financial crisis abroad.

Said Zhirvargo Laing: "This is
not the first time the United States
has had an economic downturn
or faced the threat of a downturn
even though this circumstance is
more severe but we have been
able to endure those cycles in
times past".

He said the administration in
America has a vested interest in
ensuring liquidity is returned to
America's lending market and
believes that it will happen.

Mr Laing was responding to
questions regarding a recent Cen-
tral Bank report which said the
financial crisis in the US will "soft-
en" the outlook for the Bahamian
economy.

Last night, the US Senate
passed a revised "bail out" plan
for troubled financial institutions
by a vote of 74 to 25 sending it to
the House of Representatives for
a Friday vote.

The new, controversial legisla-
tion (whose original version was
rejected by the House last week)
still allocates billions of US tax-
payer dollars to allow the. US
Treasury to buy bad mortgage
loans.

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PAGE 6, FRIDAY, OCTOBER 3, 2008
Govt outlines moves to cut unemployment

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

7,



THE government is accelerating infra-
structure projects, creating more opportu-
nities for domestic investors, and contem-
plating expansion of a work assistance pro-
gramme to create employment opportuni-
ties for those Bahamians working in the
ailing tourism and construction sectors.

Minister of State for Finance Zhivargo
Laing outlined these initiatives to The Tri-
bune on Wednesday when.asked what pro-
active measures the government is taking to
off-set the increasing unemployment num-
bers.

His statements came a day after the
Department of Statistics released its latest
Labour Force and Household Survey.

The statistics show although the labour
force has grown by 2.9 per cent compared
to last year, the total number of unem-
ployed persons has increased by 12.4 per
cent. The rate of the country's unemploy-
ment rose from 7.9 per cent in 2007 to 8.7
per cent this year.

. Minister Laing said the rise in unem-
ployment was due to a softening in tourism
and construction sectors. "There are no
nets to us that the unemployment rate

has gone up, even if slightly, because you're
talking about less than a percentage
increase. With the global economic cir-
cumstances that we are faced with, one
could expect that. (This time last year) in

. May, when the statistics were taken there

was a slight increase, and that was reflective
of the global economic circumstances, the
winding down of the investment projects -

in particular Kerzner's projects - the:

decrease in the growth of the credit expan-
sion, and these kinds of things that tend to
soften the economy.

"I think that it is a reflection of a number
of things, in particular the fact that the eco-
nomic circumstances in the country are
softer than we are accustomed to. Tourism
is not as robust as it was and so that is going
to have an effect on employment levels.
That's our major employment area, it's a
major sector of our economy, the con-
struction area is not as robust as it was and
so that's going to have an impact on
employment levels. So by and large it's a
reflection of the global economic situation
that's impacted our own circumstances in
the country,” he said.

He said the country has to be "cautious-
ly optimistic" about the economic future,

but added that there were certain steps the -

government is taking to cushion Bahamians
from the blow of a US recession, "Whether
you see the rate rising or not, there are
things which the government is doing and
things which the government can do. For
instance you see the social relief that we
have provided, included in that is consid-
eration for an expanded work assistance
programme. So that will give opportuni~
ties to some of the neediest persons who are
unemployed to have an opportunity for a
level of employment over a definite period
of time. You also see us accelerating our
infrastructure projects (like) the road
improvement project, the housing project -
these things will generate employment, will
create new economic activity, and put some
liquidity in the system and so you see us
doing that. “








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Grand Bahama consumers to
have power restored,

m@ BY SHARON TURNER

THE government will cause all
disconnected residential Grand
Bahama Power Company con-

_sumers to have their electricity

restored, and will, as it did for
Bahamas Electricity Corporation
(BEC) consumers, cause the fuel
surcharge to be limited for some
15,000 consumers on Grand
Bahama, Minister of State for
Finance Zhivargo’ Laing
announced in parliament on
Wednesday.

The announcement represent-
ed a fulfillment of a pledge made
to electricity consumers on Grand
Bahama by Prime Minister
Hubert Ingraham when he
announced the government’s
social assistance plan for BEC

. consumers throughout the coun-

try on September 17.

Mr Ingraham pledged that the
government would do no less for
Grand Bahama than it did for
BEC consumers throughout the
country.

Minister Laing said: “We will
be able to subsidise the surcharge
level that is charged to those con-
sumers so that for the next three
months ending in December, res-
idential consumers in Grand
Bahama consuming under
suukwh will be charged no more
than 15 cents per kilowatt hour
for the fuel surcharge just as is
the case with BEC.”

The subvention, he added, will
impact some 15,000 consumers
on the island - 75 per cent of the

foe, Iced tea and food





Zhivargo nn

Power Company’s customers, and
will cost the government between
$1 million to $1.5 million.

During his September
announcement in parliament on
relief for BEC consumers, Prime
Minister Ingraham said the gov-
ernment would meet with offi-
cials from the Grand Bahama
Power Company, “to explore
means by which similar relief
might can be brought to con-
sumers of electrigity in Grand
Bahama.”

Minister Laing travelled to
Freeport the following day to
meet with Power Company offi-
cials.

Highlighting the government’s
stance in addressing the needs of
businesses on Grand Bahama in
the meantime, the Mr Laing told
parliamentarians of his recent dis-
cussions with business owners in
the Port Lucaya district who



says Laing



“We will be
able to
subsidise the
surcharge
level that is
charged to
those
consumers...”



expressed concerns about high
operating costs coupled with
decreased revenue streams, and
who inquired about what the gov-
ernment could do to assist.

“I spoke to the leadership of
the Grand Bahama Port Author-
ity and I asked them, ‘can we talk
about what can do together in
respect of relief for them’,” Mr
Laing said.

“T got a call from that leader-
ship today (Wednesday) to say
that they are working out some
things and that by the end of next
week he would be able to call me
and tell me what they are doing in
an attempt to bring relief to those
kinds of people in the Port
Lucaya area.

“While we can come in here
(parliament) and talk, we have to

go out there and act, and act is’
exactly. what, we have. done,” he

said.

THE TRIBUNE



In brief

Fantasy Web
women deny
causing harm
to co-worker

a By MEGAN REYNOLDS
Tribune Staff Reporter

YOUNG women accused of
causing harm to a co-worker at
Fantasy Web in Wulff Road
denied the charges, saying the

‘claimant was lying about the

fight.

Zeldeme Bethel, a supervisor
at Fantasy Web, told Chief
Magistrate Roger Gomez yes-
terday that 23-year-old Leslie
Woodside and 25-year-old Kish-
ner Young punched her, kicked
her and pulled her hair when at
work on May 7.

Miss Bethel maintains there
had been an altercation outside
the shop earlier that evening,
and when Woodside was telling
her mother about what had hap-
pened, Miss Bethel asked her to
stop talking about the incident
while in the shop.

She said: "Leslie Woodside
called some languages, saying,

'you are the bitch who is go and
report stuff to the office and
nobody round here likes you’,

so I said, 'If you don't stop
someone is going to slap you in
your mouth’,

"Then Kishner Young dashed
over to me, knocking me in my
head, pulling my ‘hair with her
hands. I tried to struggle to get
back into the office where she
continued kicking and punching
me. When everyone was trying
to tear us apart, Leslie came
over and threw a punch in my
head whilst I was on the
ground.",

Miss Bethel was treated in
hospital for injured ribs and an
injured hand, and had five days
off work with her hand in a
sling. Her $500 medical bill was
covered by Miss Bethel's
employer. PC Anton Curry of
the Wulff Road Police Station
charged Young, of Nassau
Street, and Woodside, of Coral
Harbour, on May 21 for causing
harm to Miss Bethel.

Young said: "What she said
up there is.a lie. This whole sto-
ry is made up. I need to give my
side of the story of what hap-
pened because she lying."

Magistrate Gomez adjourned
the case until December 2.

HALSBURY
CHAMBERS



Counsel and Attorneys-at-Law

Notaries Public
4th Annual

Free Legal Clinic

‘Information You Need For the Life You Want’

Saturday, October 4, 2008
New Providence Community Centre, Blake Road

Registration - 8:45am
Topic

Real Estate: What's Your Home Worth?

Building or Renovating:
Safeguarding Your Investment

The High Cost of Energy & How to Save

BEC Explains Fuel Surcharge
& Energy-saving Tips

Customs: Changes in Duty Rates

EPA & Trade Agreements:

Job Threat or New Opportunities

Better Banking Through BACH

Surviving Divorce or Husband's Death:

Who Gets What?

Work Permits, Permanent Residency,
Right to Work: Making the system work for you

Protect Your Family:
Gang-proofing your Children

Time
9:15am

Speaker
Rachel Pinder

Island Living Real Estate

9:45am.

Stephen Wrinkle, President

Bahamian Contractors Association

10:15am
BEC

10:45am

Kevin Basden, General Manager

Berchenal Bethel, Dep. Comptroller

Charles Turner, Superintendent

Department of Customs

1:15am

Simon Wilson

Director of Economic Planning

Ministry of Finance

Refreshment Break
12:10pm

Brian Smith, Business Manager

Bahamas Automated Clearing House

12:30pm

Netissa A. Greene, Partner

* Halsbury Chambers

1:00pm

1:30pm

Lambert Campbell, Dep. Dir.

Department of Immigration

ACP Hulan Hanna

Royal Bahamas Police Force

Group presentations, individual discussion, a rare opportunity

Lawyers available until 3 pm for free consultation

Call 393-4551 to reserve your seat.

A community service event brought to you by Halsbury Chambers and sponsors:
Bamboo Shack ® Bank of The Bahamas International @ BEC @ Chelsea’s Choice ¢ CFAL
CLICO © Pepsi © Stardust ¢Wilmac’s Pharmacy @ Zonta Club of New Providence



IHeE | RIBUNE

CTAIVAY, VUILUDEN vo, CUUO, Fruer s










DEATH NOTICE

WITH the aim of assisting
Bahamians in reducing their high
electricity bills, a local entrepre-
neurial group is introducing new
solar powered household appliances.

The Environmental Technologies
Group will be displaying a number of
innovative products at the Bahamas
Business Trade Show at the Sheraton
Hotel on Friday and Saturday.

“ETG is committed to assisting
Bahamians in the reduction of high

statement.



Solar appliances

Ella Bethel, 91 of Fritz Lane off East Street formally of
Bullocks Harbour, Berry Island died at the her
residence on Sunday, September 28, 2008.







@ BY KATHRYN CAMPBELL
Bahamas Information Ser vices

She is survived by 1 sister, Raphelita Pinder; 1
daughter, Stephaine Bethel; 1 son, Kevin Bethel; 11
grandchildren, 17 great grand children and 1 great
great grandson. ;

THE Bahamas Post Office recently issued a set of five stamps to
highlight the Royal Bank of Canada’s one hundred years of existence
in the Bahamas. Ross McDonald, Caribbean Banking head, said
RBC’s commitment to the Bahamas is due to the bank’s close ties to
the people of the Caribbean region.

“We are part of local history,” said Mr McDonald, “As we celebrate
100 years of service to the Bahamas this centennial also marks RBC’s
100th anniversary of continuous and unbroken service to the Caribbean
region.”

Four commitment is to help Bahamians succeed,” said Nathaniel
Beneby, vice-president and Country Head at RBC, Bahamas. “Every
time we help someone save for an education, buy a first home, provide
a job or make a charitable donation, we hope to contribute to the pros-
perity and health of the Bahamian community,” added Mr Beneby.

ANNIVERSARY STAMPS: 15cents,
100th anniversary logo; 25 cents,
RBC Regional Head Office (photo:
Mike Toogood); 50cents, RBC main
branch, Bay Street - early 1900s;
65cents, A rendering of RBC’s new
location on Carmichael Road;
70cents, A century of leadership —
Ross McDonald, Head of Caribbean
Banking and Nathaniel Beneby Jr,
vice-president and Country Head,
RBC Royal Bank of Canada,
Bahamas. (Photo: International
Review)

Funeral Service would be held on Saturday, October
11, 2008. at 10 a.m. at The Church of God Cathedral,
East Street & Lilly of The Valley Corner



a! Bahamas Conference of The Methodist Church
Conference Weekend Schedule
October 3 - 5, 2008



ERIDAY, 3! OCTOBER, 2008
6.00 p.m.
7.00 p.m.

Dinner at the Q Café — Queen's College

_ FOCUS EVENT SESSION ONE — Primary Hall — Q.C.
“Servant Leadership”
END ,

SATURDAY, 44 OCTOBER, 2008a

8.00 a.m. Breakfast at the Q Café — Queen's College

9.00 a.m. FOCUS EVENT SESSION TWO — Primary Hall — Q.C.
“Servant Leadership” (Cost of the material is $25)

9.30 p.m.

12.00 Noon END

@ By Kathryn Campbell
Bahamas Information
Services

NIGHT OF TRIBUTE AND THANKS

Banquet to honour the Conference Officers demitting
office. The Wyndham Hotel, Cable Beach.
Honourees: ‘

Mrs. Kenris Carey Rev. Dr. Laverne Lockhart

Dr. Reginald Eldon Mr. Vincent Knowles

Ms. Janice Knowles Ms. Jocelyn Demeritte
Ms. Janet Hall

7.00 p.m.



WORLD Post Day is observed each year to mark
the anniversary of the founding of the Universal
Postal Union (UPU) on October 9, 1874. ;

In the Bahamas, the Post Office Department will
mark this occasion with a week of activities starting .
on October 5 through October 11.

The local postal service began recognising World
Post Day some 12 years ago with Post Office
employee activities, and issued a proclamation on the
history or achievements of the international postal
service. Since then, World Post Day has evolved
into a week of activities under the direction of Post
Master General Godfrey Clarke.

Mabelene Miller, Post Office CEO, training offi-
cer and chairperson of the World Post Day Com-
mittee, said the objectives of World Post Day cele-
brations are to “unite the staff in a time of fellowship
and to seek to improve the product and delivery of
service.”

Among the activities planned for this year are a
church service at llam on Sunday, October 5, at
Zion Baptist Church on East and Shirley Streets;

CONFERENCE WEEKEND PULPIT EXCHANGES
speaking engagements at primary schools; a lun-

Sunday, October 5, 2008 cheon to announce the 2008 Employee of the Year

E S f Be Caeanuball and recognise outstanding employees; tours of the
nundas Towa Me-Andre Danale Post Office for high students, and employee T-shirt
Cherokee Sound: Mrs. Jennifer Cleare

“ SUNDAY, 5™4 OCTOBER, 2008
a.m. PULPIT EXCHANGES -— All Methodist Churches

Service of Installation, Consecration and Induction
Ebenezer Methodist Church — East Shirley Street
Rev. Bill Higgs — President

Mrs. Elmena Bethell — Vice President

Mr. Henry Knowles — Secretary

Rev. Laverne Lockhart — Treasurer

Rev. Philip Stubbs - Assistant Secretary

Rev. Christopher Neely — Assistant Secretary

Ms. Andrea Gibson — Assistant Secretary

Mrs. Audrey Culmer — Assistant Treasurer

7.00 p.m.

Reception at Epworth Hall

OS
Staniard Creek: Mrs. Pamela Brice
oO U

arbour Island:
The Current:
Lower Bogue:
The Bluff:
Current Island:

CENTRAL GLEUTHERA REGION
fO90r own:

Hatchet Bay:
James’ Cistern:
Governor's Harbour:
Palmetto Point:

SOUTH ELEUTHERA REGION.
Savannah Sound:

Tarpum Bay:
Rock Sound:
Deep Creek/.
Wemyss Bight

Neu Hope?
NASSAU REGION.

Agape |

Ascension |

Coke Memorial
Curry Memorial
Ebenezer

St, Michael's

Trinity

Wesley, Grant's Town

Great Bethel, Cat Island

Mr. Hartis Pinder

Mr. George Knowles
Mrs. Minerva Knowles
Mrs. Tezel Anderson
Pastor Henry Whyte

Mr. Earl Pinder
Mr.Ernest Miller

Mr. Christopher Pinder
Mr. Ricardo Burrows
Rev. Mark Carey

Doctors Hospital Marketing Department
P.O.Box N3018 Nassau, Bahamas

Name:

Mr. Percy Sands Address:

Mr. Livingston Parks
Mrs. Jacqueline Pinder
Mrs. Jacqueline Pinder

Age:
Tel:
* Mobile:

Email:

Mr. Wade Higgs

Mr. Granville Bethel
Rev. Marie Neilly

Rev, Charles Sweeting
Mr. Vernon Malone

Mr. Christopher Neely
Mrs. Elmena Bethell
Rev. Jean Seme Joseph
Rev. Godfrey Bethell
Pastor Ednol Cash

Mr. Martin Gaitor

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83
The Tribune observes Breast Cancer Awareness Month 2008

Breast Cancer Survivor for 2 1/2 years

The solar powered appliances that
will be introduced include refrigera-
tors, freezers, electric vehicles, back-
up and standby generators; hot
water; solar lighting; energy audits
and retrofits, and thermal coatings
that insulate a building and substan-
tially reduce cooling, costs. “All per-

P.OrBoxt eS RS AOS ERS ANSSSSS

Pn A OS a
Possible solar solution

cutting electricity bills

electricity bills through education
and the introduction of innovative
products,” the group said in a press

sons and businesses who currently
own an electric golf.cart can come
and learn how their vehicle can be
converted to run off solar. ;

“The range of solar vehicles avail-
able includes golf carts, security and
recreational vehicles, mass transit
(buses and jitneys), a variety of ser-
vice vehicles including small dump
trucks, lift trucks and cold storage,”
ETG said.

Stamps highlight Royal Bank of Canada’s 100th anniversary






Post Office Department to hold World Post Day activities

Letisha Henderson/BIS

MABELENE Miller, Post Office CEO, training officer and

chairperson of the World Post Day Committee. |
day on Friday, October 10. Students from. high
schools throughout New Providence have been invit-
ed to write letters and address them to family and
friends locally or abroad. They will take these letters
to the Post Office on the day of the arranged tours.

“We will allow them to purchase stamps from
the stamp counter here and show them how to put
the stamps on because not everyone knows how to
address a letter and put on stamps. ‘

“Then we will show them how to drop the letters
in the mail bag and we will clear the mail. We will
actually demonstrate the mail process with the stu-
dents’ letters. Obviously some will reach to their
destinations before others,” Ms Miller said.

Nominations are now being accepted from staff
members for Employee of the Year for each depart-
ment.

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PAGE 8, FRIDAY, OCTOBER 3, 2008

THE TRIBUNE



HULAN HANNA TO SPEAK AT HALSBURY CHAMBERS FREE LEGAL CLINIC

Learn to ‘gang-proof your child

NEMA accepts $15,000 in
shingles for Inagua effort

COMMANDER
Stephen Russell,
director of the
National Emer-
gency Management
Agency (NEMA)
accepted $15,000
worth of roofing
materials from the
Rotary clubs of the
Bahamas to assist
residents in Inagua
whose homes were
damaged by Hurricane Ike on September 7.

The presentation was made at the FYP builders mall on Wulff
Road.

Janet Johnson, chairman of disaster relief for Rotary Bahamas,
explained that it was the first supply of materials for the relief effort.





Derek Smith/BIS Photo

Commander Russell said the shingles would be shipped and delivered

to Mathew Town, Inagua, by Monday, October 6. He said a team of vol-
unteers are on the ground, waiting for the arrival of building materials
to complete repairs to the homes in a timely manner.

Pictured from left are Sean Tully, managing director of FYP builders
mall; Gayle Moncur, NEMA; Brian Moodie, president of the East
Nassau Rotary Club; Peter Goudie, South East Nassau Rotary; Jamal
Davis, president of the Rotary Club of Nassau; Fintan Mooney, disaster
chairman for East Nassau Rotary Club; Janet Johnson, chairman dis-
aster relief for Rotary Bahamas; Conimander Stephen Russell, direc-
tor of NEMA; Felix Stubbs, assistant district governor of Rotary
Bahamas; Andrew Pike, president of the Sunrise Rotary Club, and
Tamboura Coleby of the FYP builders mall.









WITH violent crime on the
rise in the Bahamas and the
offenders getting younger
every day, concern over the
safety of the nation’s youth
is expected to be high on the
agenda at this year’s Hals-
bury Chambers Free Legal
Clinic.

Leading a session entitled
“Protect Your Family: Gang-
proofing your Children” is
Acting Assistant Commis-
sioner of Police Hulan Han-
na.

Mr Hanna’s session will list
danger signs parents should
be aware of in the “Informa-
tion You Need for the Life
You Want” series on Octo-
ber 4 at the New Providence
Community Centre on Blake
Road.

ACP Hanna will discuss
tell-tale signs of gang influ-
ence on youth and how to
educate and prevent a slide
into a life of crime.

“If we don’t
do something
about the
level of crime
in our
country we
risk losing
everything.”



Nerissa A Greene

“If we don’t do something
about the level of crime in
our country we risk losing
everything,” said Nerissa A
Greene, partner at Halsbury
Chambers.

“Crime prevention begins

with our youth. Educating

them and keeping them away
from dangerous influences is
the first step towards a safer
society”, she said.

Mr Hanna joined the Roy-
al Bahamian Police Force’s
Fire Department in 1978. In
1994, he became second in-
charge of the Central Divi-
sion and has since been in
charge of the Western and
Southern Divisions, as well
as the Southern Bahamas.

Since 2007, he has served
as the officer in-charge of
neighbourhood policing and
the director of media rela-
tions.

He also currently serves as
the Acting Assistant Com-
missioner of Police.

Mr Hanna holds a B A in
Business Administration
from Sojourner Douglas Col-
lege in Baltimore, Maryland,
and has received police train-
ing in Barbados, Canada and
Utah.



The Hub directors receive grant from Inter-American
Development Bank’s Cultural Development Programme



PICTURED (Left to right): Camille Davis-Thompson, IDB's cultural co-ordinator;
Jonathan Murray, exhibitions director of The Hub, Margot Bethel, executive
pseu of The Hub, and Oscar Spencer, representative of the IDB's Cultur-
al Centre.

A new art collaborative arts
centre has received a grant from
the Inter-American Development
Bank’s cultural development pro-
gramme.

Yesterday, directors of “The
Hub”, Margot Bethel and
Jonathan Murray, met with Oscar
Spencer, representative of the
IDB's Cultural Centre and
Camille Davis-Thompson, the
IDB's cultural co-ordinator, to
officially receive the funding.

The Hub received the grant for
a proposed project to increase
opportunities for art and artists
in Nassau.

The funds will be put towards
expanding the usable space at
The Hub and for purchasing
equipment to improve the lighting
and seating for their performance
and visual arts departments.

The directors said they also
plan to use the funds to facilitate
a community-based mural to

$1000.00
REWARD

For Information leading

to the recovery of a Galvanized triple axle

boat trailer suitable for a 30 foot boat,

trailer stolen last week from a residence in

Blair Estate, person providing the information

leading to its recovery will remain anonymous,

Call: 376-3710 / cell:328-6092







ae IS

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FEMME

‘Harbour Bay



Is cutting the store in

THE OTHER

HALF IS
50% OFF 15% off

New Arrivals

Junior,
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actively engage youth in learning
new skills while simultaneously
helping enhance The Hub's
downtown location on East Bay
Street.

The IDB's Cultural Centre
gave grants to 45 cultural initia-
tives in 26 countries within the
Caribbean and Latin America a
year.

The IDB Cultural Centre's
programme promotes cultural
development by financing innov-
ative projects that provide tech-
nical training in restoring tradi-
tions, preserving cultural heritage
and educating youth.

“On behalf of the many sup-
porters, donors and volunteers
who have made possible an inspi-
rational first year of program-
ming, I would like to thank the
Inter-American Bank's Cultural,
Centre for its generous support
of our initiatives,” said Margot
Bethel.

Sela

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THE TRIBUNE

FRIDAY, OCTOBER 3, 2008, PAGE 9





Thivargo Laing

FROM page ene

voice, I could see the imidity ;

with which he came tc me and

said I had to end the @ntract,”

said Mr Laing.

“T want you to beir in mind, ;
Mr Speaker, this vas with a ;
private company,not a gov- ;
ernment contrac and I was :
using my skills inyway, Mr :
Speaker, the lon; and short of
it was....” Here le paused and ;
banged his desk with emotion :
as he tried to rgain his com- ;

posure.

“I had a peculiar responsi- :
bility to take care of my mum- :
my. And I tned to do what I :
could ...” he said, his voice :

cracking with emotion.

“I was doing real and gen- :
uine work for them and three :
months later I could hear the :
uneasiness in his voice. I could }
see the timidity to which he :
came to me to say that he had :
to end my contract. This was :
with a private company, nota :
government contract and I was :

using my skills,” he said.

Mr Laing said he knew }
there was something peculiar :
about the ending of his con- :

tract with the Port Authority.

“IT came to learn that I lost :
that contract at the behest of :
this same member who asked
us to use our hearts. Iwas told :
in the Bahamas that Icouldn’t ;
feed my family and speak my
mind at the same time,” Mr

Laing said.

Mr Laing said it was all right
for them as Members of Par- :
liament to come and say to oth- :
ers to have a heart, but they :
had to remember what they :

had done.

“For those who think some
of us don’t understand victim- :
ization, my brother, I under- :
stand it very well,” Mr Laing :

said.

through him.

“T have the most respect for :
him and he is a brother of :
mine,” said Mr Wilchcombe. :
“I don’t care what they say. At :
the end of the day it was a bad :
situation that developed and at :
the end of the day I apologized :

to him.”

Several House members
and persons in the gallery were :
teary-eyed as Mr Laing :
described the injustice he had :

suffered.

a *
Pressure Washer/Hidrol



Mr Wilchcombe denied that
Mr Laing had lost his job :

FROM page one

than-2,000 acre site, encom-
passing some 1,400 lots, which
was taken out as security for
the loan.

However, Ryan Julison, Gin-
n’s vice-president of communi-
cations, said talks with the Cred-
it Suisse syndicate on the
defaulted loan and a solution
to this were still continuing with
nothing resolved.

“We are still negotiating,” he
told The Tribune. “We’re work-
ing hard to restructure this.
Many, many things have been
discussed, but nothing has been
decided or formalised. It’s been
going for some time, is quite
complex and is something we
want to close.

“Nothing has been decided
and nothing has been agreed.
It’s a work in progress. Noth-

Ginn sur mer

ing has been formalised in any
regard. We’re hopeful we can
restructure.”

It is understood that Ginn
had proposed a debt for equity
swap, which would have given
Credit Suisse and the other
lenders an equity stake in the
Ginn sur mer project and three
other developments covered by
the same loan.

But the lenders were trying
to drive a hard bargain and
force Lubert-Adler, the real-
estate private equity firm based
in Philadelphia that. works in
partnership with Ginn and pro-
vides it with seed capital for its
projects, including the Ginn sur
mer.development, to invest
more equity.

And Tribune sources have

also suggested there is a real
fear that, if the Credit Suisse
group moves to foreclosure or
takes an equity stake, Prime
Minister Hubert Ingraham will
move to renegotiate the original
Heads of Agreement obtained
from the Christie administra-
tion. He is thought to believe
the terms are too generous.

But Mr Julison said last night
he was ‘unsure whether this sce-
nario was a concern. “There’s a
number of hypothetical situa-
tions, but we’re‘not focused on
‘what ifs’,” he said.

“We're focused on the nego-
tiations and the restructuring.”

Mr Julison also denied claims
that Ginn was poised to file for
Chapter | 1 bankruptcy protec-
tion as a result of its financial

Steady increase in prices

FROM page one

national oil prices during the
period, diesel prices increased
by 0.82 per cent to $6.12 a
gallon while the average cost
of gasoline fell by 1.0 per cent
to $5.68 a gallon at the end
of August.

Showing further softening
in the tourism industry, the
report said visitor arrivals for
the first half of the year
shrunk by 2.2 per cent, to 2.37
million compared to the same
period in 2007.

"This development reflect-
ed a 3.8 per cent reduction in
sea passengers, which out-
paced the 1.1 per cent
improvement in air traffic. A
breakdown of tourist arrivals
by port of entry revealed that
both New Providence and
Grand Bahama experienced
declines in visitors of 5.9 per
cent and 14.7 per cent,
respectively; whereas arrivals
to the Family Islands
strengthened by 11.7 per
cent," according to the
report.

The Bank added that the
"deepening of the global
financial crisis underscored
by the collapse of the sub-
prime lending market in the
US has increased the short
and medium term uncertain-
ties" confronting our econo-
my.

avadora

maboutleventmoreignreatiitems,

"Initial data for August
highlighted continued mod-
eration in the economic
momentum, reflecting a slow-
down in the expansion of
consumer demand, tempered
construction activity and sus-
tained weakness in the
tourism sector. Buoyed by a
contraction in private sector
credit growth, along with
public sector borrowings, liq-
uidity conditions improved
during the period, and exter-
nal reserve levels stabilized."

"In particular, as US confi-
dence remains near historic
lows and households make
further spending adjustment
in response to the significant
erosion in financial wealth,
demand for tourism is expect-
ed to wane further over the
remainder of 2008 and the
first half of 2009.

"However, continued
weakness in the US curren-











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cy, partly in response to the
expansionary effects of the
proposed rescue package,
could offer some competitive
gains for the Bahamas, rela-
tive to non-dollar priced
tourist destinations. Mean-
while, despite steadied sup-
port to construction from
domestic financing, overall
activity is expected to ease,
as a result of reduced stimu-
lus from foreign investments
that are impacted by the
global contraction in the sup-
ply of credit and the dimin-
ished ability of some
investors to sustain their
equity support for these pro-

jects.
This report was issued late
Wednesday — the same day

US Senators passed a revised
"bail out" bill by a vote of
74-25. The bill was sent to the
US House of Representatives
for a vote today.






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difficulties, adding: “There’s no
truth to that at all.”

Ginn, which has also pur-
chased the Old Bahama Bay
Resort as part of its West End
development, has continued
with marina and infrastructure
work at the site, having
escrowed $160 million into bank
accounts that cannot be touched
by the lending group.

The defaulted loans are with
two Ginn-affiliated companies
— Ginn-LA CS Borrower LLC
and Ginn-LA Conduit Lender
Inc. The companies failed to
make a June 30 payment and
then entered into a 30-day for-
bearance agreement. Such an
agreement allows a company to

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keep its property while work-
ing out anew payment plan.
Robert Gidel, Ginn’s presi-

dent, said at the time: “Due to

the ongoing slowdown in the
residential real estate market,
it became clear that it would
not be possible to meet the
homesite sales objectives nec-
essary to make payments due
under the credit facility.”

Any further problems for
Ginn will deepen Grand
Bahama’s economic woes, with
the island having never fully
recovered from the 2004 hurri-
cane season, Royal Oasis clo-
‘sure and Grand Bahama Port
Authority (GBPA) ownership
battle. /

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PAGE 10, FRIDAY, OCTOBER 3, 2008

[SEIU CT Ea ae RR EE ERA cps co he a |
GB hotel workers :



FROM page one

As a former Minister of
Tourism, Mr Wilchcombe
said he can fully appreciate
the predicament that the cur-
rent Minister of Tourism,
Vincent Vanderpool-Wallace
now finds himself in terms of
revitalizing the country’s
main industry. ,

It is with. this in mind, he
said, that he hopes govern-
ment will assist Mr Vander-
pool-Wallace by providing
him with the funds needed
to again jump start the tourist
industry.

“Last year I began talking
about this. Last year I began

reduced to one-day,

four-hour weekly shift

talking about what was com-
ing. We saw it, we looked at
it, we assessed it and we rec-
ognized there were problems

coming. The Minister of

Tourism at that time (Neko
Grant) ignored those prob-
lems. He talked about this
magical month and how he
was going to turn it around,
but he did nothing to help.

“So the Minister of
Tourism present is now
expected to come in when
tourism is at rock bottom and
now he ts expected to work
magic. He can’t work magic.
It cannot happen. He literal-
ly has to re-architect the
entire industry to begin to
look at where the leakage has
taken place, where we’ve lost

our market share, to see
where we have lost our busi-
ness to,” he said.

Mr Wilchcombe also
advised State Finance Min-
ister Zhivargo Laing, not to
create “false hope” in these
troubling times by promising
residents in Grand Bahama
who have had their electrici-
ty disconnected that they will
have their lights turned back
on by the Grand Bahama
Power and Light company.

On Wednesday night, Mr
Laing announced in the
House of Assembly that gov-
ernment will cause all dis-
connected residential elec-
tricity consumers in Grand
Bahama to have their elec-
tricity restored, as was done
for BEC consumers through-
out the rest of the country.

In addition to reconnection,
Mr Laing also added that
government will limit the fuel
surcharge to some 15,000
consumers on Grand
Bahama.

Mr Wilchcombe noted that
Mr Laing referred to meeting
a representative from Grand
Bahama Power and Light,
but refused to name the indi-
vidual with whom he had
made the agreement.

“Who did he make the

arrangements with and why

didn’t he produce for all of us
to see the letter that the
GBPC sent to him when he
wrote to them thé first time.
Because you can’t be creat-
ing false hope when there
might be none. We need to
know what the situation is,”
he said.

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KEMP’S FUNERAL HOME LIMITED

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

AN OFFICIAL FUNERAL SERVICE
i









Mr. Norman
S. Solomon, C.M.G.,

- of the Eastern District, Nassau, N.P.,
The Bahamas, 78, who quietly passed
anny in Naples, Florida on Monday, },
2th September, 2008, will be held at
Christ Church Cathedral, George Street,
Nassau, on Monday, 6th October, 2008
at 2:00 p.m.














The Very Reverend Patrick L. Adderley, Dean of Nassau, Rector
of Christ Church Cathedral, Vicar General, The Diocese of The
Bahamas & The Turks & Caicos, will officiate.






Mr. Solomon is survived by his wife, Katherine Solomon; children
Andrya Solomon-Schulte, Alexya Solomon, Sean Solomon and
Spencer Solomon; grandchildren Christy Solomon, Alexander
Sharpe, Austin Wells and Valentina Solomon; son-in-law, Christian
Schulte, daughter-in-law, Julija Solomon and his mother-in-law
Mrs. Alvanette Kennan; brothers-in-law, John and Alex Kennan
and Michael Boulus; sisters-in-law, Marion Boulus and Frances
Kennan; nephews, John and Paul Boulus; niece, Elizabeth Boulus;
goddaughter, Julia Culleton; and a host of other relatives and
friends.














In lieu of flowers, the family requests that donations be. sent to
The Cancer Society of The Bahamas, P. O. Box SS-6539 and
Ardastra Gardens, Zoo & Conservation Centre, P. O. Box N-
4882, Nassau or The Kingdor National Parkinson Foundation,
P.O.Box N-1463, Nassau in honour of Mr. Norman Solomon.








Mr. Solomon will lay in state in the foyer of the House of Assembly
on Friday, 3°4 October, 2008 from 11:00 a.m. to 6:00 p.m. and
on Saturday, 4th October, 2008 from 9:00 a.m. to 6:00 p.m.




Arrangements by Kemp’s Funeral Home Limited, 22 Palmdale
Avenue, Nassau, N.P., The Bahamas.





Pinder’s Funeral Home

“Service Beyoud Measure”
y

PALMDALE AVENUE, NASSAU, BAHAMAS
PHONE: 322-4570/ 393-1351 * CELL: 357-3617
RANNIE PINDER President _

FUNERAL SERVICE FOR

STELLA HELEN |
DARVILLE, 83

of Johnson Road and formerly of
Matthew Town Inagua, will be held
at Saint George's Anglican Church
Montrose Ave. on Tuesday October
7th, 2008 at 10:00am. Burial will be
in the Eastern Cemetery Shirley Street.
The Rev. Father G. Kingsley Knowles,
assisted by Fr. Kirkland Russell Jr.,
The Rev. Dr. Roland Hamilton
officiating.

She is pre-deceased by her husband, Napoleon "Caddy" Darville and
granddaughter, Michelle Lewless-Storr.

Left to mourn are her five daughters and two sons, Joel and Janet
Underwood, Michael and Mary Minns, Jerome and Ivy Knowles,
Henry and Ruth Sands, Derek and Dellie Wells; Edward Darville of
Florida and Henry and Gloria Nixon; twelve grandchildren, Chuck
and Cheryl Underwood of Lakeland, FL., Ken and Camille Curry,
Kenford and Monika Stubbs, Michael and Abigail Minns, Gordon

and Lisa Major, Jerome and Bernadette Knowles, Sean and Kaisha-

Wright, Brent and Jennifer Wells of Maitland, FL., Dan and Kim
Horton of Las Vegas, Nevada, Christopher and Richard Nixon;

eighteen greatgrandchildren, C.J. and Cameron Underwood, Clive
and Cara Curry, Nakita and Nikko Storr, Kenford and Alexa Stubbs,

Anjelo, Antonio and Andre Kemp, Michael Minns II, Alaunte and
Alaina Major, Jonathan and Jerome Knowles, Alex Wright and
Napoleon Wells; one brother, Hanford Cartwright and family of
Freeport; one brother-in-law, George and Bloneva Darville and family;
one sister-in-law, Juanita Mullings and family, the Cunningham
family, the Cartwright family of Inagua; numerous nieces, nephews
and friends, including, Joy Darville, Amarylis Bethel, Gwenneth
Lockhart and Miriam Knowles and family.

Friends may pay their last respects at Pinders Funeral Home, Palmdale
Ave., Palmdale on Monday October 6th, 2008 from 5:00pm until
7:00pm.

In lieu of flowers donations may be made to the Diabetic Association
in memory of Stella Darville.



Robinson and Soldier Roads,
P.O, Box CB-12072
Telephone: (242) 394-8043 / (242} 394-8047
Pager: (242) 340-8043 » Fax; (242) 340-8034

11 as Cora Rae repr, 8, Bahamas
0, Box F-42312
Telephone: ot 873-4415 / (242) 373-1471
Pager: (242) 340-8043 » Fax: (242) 373-3005

FUNERAL SERVICE FOR



CECIL JEROME
RAMSEY, 65

Of St. Croix Road Off St. Vincent
Road, Will Be Held On Sunday
October 5th, 2008 At 11:00A.M. At
Berea Seventh Day Adventist Church,
Baillou Hill Road South. Officiating
Will Be Pastor Leo Rolle And
Archdeacon Etienne Bowleg. Interment
Will Follow In Woodlawn Gardens,
Soldier Road.

He Is Survived By His Wife: Stephanie Alvilda Rohe: Daughters:
Gia Williams, Colette Ramsey-antonio, Chrishna Ramsey And Cecille
Ramsey; Sisters: Elizabeth Gibson, Francis Ramsey-morley, Helena
And Alice Ramsey; Brothers: Phillip And Alpheus Ramsey;

Grandchildren: Wenzel Ramsey, Deniqua Sands, Da’renique Antonio,
Jade Ferguson, Jhemma Ferguson, Darren And Antonio Jr, Nieces:

Families Of Allison Thompson, Susan Morley, Anastacia Bowe, Norma
Cox, Jacqualine Powell, Janice Evans, Sharon Miller, Quincy Austin,
Lanardo, Alisa Armbrister, Takera Perigord, Terricita Capron, Rosemary
Gibson, Tameka Gray, Patrice Ramsey, Annamae Ferguson, Adrianna
Ramsey, Amastacia Ramsey-isaacs, Denise, Gertrude, Cindy, Maria,
Raquel And Rochelle Mackey; Nephews: Robert, Cedric, Philip Jr,
Spence , Alpheus Jr. Anthony, ‘And Adrian Ramsey, Derek And Patrick
Gibson, Raymond Whylly, Martin, Terrance And Randy Powell.

Antoine Miller And Family, Ashlyn Miller And Family, Terrance
Williams And Family, And Kenneth Gibson Jr., Brother-in-law:

Whitfield Williams; Sisters-in-law: Lillis And Brenda Ramsey, Gloria
Kemp And Naomi Williams, Sons-in-law: Darren Antonio And James
Ferguson; Other Relatives And Friends: Marion Lightbourne,
Jacqualine Hepburn, Janet Williams, Families Of Keith And Mable
Mason, Oswald And Mildred Ferguson, Aldora Curtis, Cydlaura Rolle,
Phillippa Armbrister, Glenda Laing, Mrs. Seymour, Mrs. Cunningham,
Maquerita Lowe, Laurel Butler, Hazel Davis, Darlene Treco Valencia
Davis, Salomie Farrington, Sylvia Charlton, Agatha Dean, Gwendolyn
Bain, Cleome Hilda Antonio, Apostle Leon Wallace, Linda Jordan
And Glenda Rolle, Andy Gibson, Allan, Edna, Entire St. Croix Road
Family, Nursing Staff And Clerical Staff Male Health Initiative Clinic,
Mr. And Mrs. “Tedwin Dorsett, The Staff Of Infinity Health Care
Pharmacy, The Family Of Holy Trinity Especially The Outreach
Committee And Fr. Etienne Bowleg, The Entire Staff Of The
Department Of Public Health Especially The Cned Team Including
Margaret Daxon, Daphne Clarke, Mr. And Mrs. Anthony Roberts,
The Staff Of Ministry Of Finance, The Entire Church Family Of Berea
Seventh Day Adventist, Staff Of Sandilands Rehabilitation Centre,
The Ghana Circle Family And The Statf Of Higgs And Johnson, Many
Other Relative And Friends Too Numerous To Mention.

Viewing will be held in The Celestial Suite at Restview Me »morial
Mortuary and Crematorium Ltd., Robinson and Soldier Roads on
Friday October 3rd, 2008 from 10:00A.M to 6:00P.M and From 9:30
A.M. until service time.

THE TRIBUNE



Vurder accused
F ROM page one

cer’s heuse because he knew
some pesple who might buy the
drugs at he higher price.

Later tat day, he contends,
Mario calkd to inform him that
he knew ;omeone who was
interested n 20 bricks, but that
he only hadeight.

Ricardo tld Mario that he
would take tie eight pieces and
put them witl 10 of his own.

He then hié the drugs in his
personal hiding spot somewhere
in Yamacraw Eeach.

He told juror that later that
day he met some men at a bar
who. told him tkat Mario was
“running the streets hot” and
causing “heat on them.”

He said later Friday night
“Pretty Boy” was at his house,
but they never discussed drugs
and that early Saturday morning

\ he called Mario to ask him if
“the people reach to buy the

drugs.”

Ricardo Miller broke the con-
tinuity of his statement to tell
the jury that his brother knew
about the cocaine, but was “nev-
er there for the transaction Sat-
urday.”

He' continued his statement,
saying he and Mario agreed to
meet at the Winton Super Value
store and that Mario wanted
him to be the one to negotiate
the trading of the drugs.

According to him, he and
Mario had built a trusting rela-
tionship. He said $320,000
passed between them and the
drugs were never short.

Ricardo said when he arrived
at the Winton foodstore, Mario
was already there sitting in the
passenger side of his Infinity
jeep, so he sat in the driver’s
seat.

A black SUV then pulled up
alongside them and a Jamaican
Rasta, as well as another man
got out, and got into the back
seat of the jeep.

He said he began to negotiate
the exchange of the drugs with
the men in the back seat, while
another Rasta standing outside
took a knife out to sample the
drugs. -

Then the men in the back seat
pulled out guns and demanded
the rest of the drugs; torturing
them and asphyxiating them for
the information. He said one of
the men tried to stab him in the —
chest, but he blocked the knife
and suffered a cut to his hand.

Ricardo then said the men
demanded that they tell them
where their drugs were.

He said he told them he only
knew where his were and vol-
unteered to lead them to the
place he had hidden them.

They took Mario’s jeep to the
Yamacraw beach location where
Ricardo gave the men the drugs, *
which they sampled and con-
cluded to be “pure white.”

He said the men spared his
life because he had given them
10 bricks of his own cocaine, but
they insisted that the other eight
bricks, which were given to him
by Mario, were theirs and had
been stolen from them.

According to Ricardo, he
hoped the men would spare
Mario’s life as well because he
had surrendered the drugs.

However, when the men left
him, he never went back to the
Winton Super Value.

He said he learned Mario was
dead while watching the news
in Andros later that night.

Ricardo told the jury that he
had been selling drugs for Mario
the entire week and asked “w hy
would I kill Mario on Satur-
day?’

Before he took his seat, he
accused Detective Sergeant
Meronard of twisting the words
of his statement because, he
claimed, the officer was under
pressure by former Cabinet
Minister Leslie Miller to find
Mario’s killers.

He also suggested that Mario
had been selling cocaine that
had been stolen from a man he
called “Donkey”, who then
worked for Samuel “Ninety”
Knowles.

When Ryan Miller completed
his statement to the jury,
defense lawyers Romauld Fer-
reira and Ramona Farquharson
closed their cases.

The Crown rested their case
the day before without calling
any further witnesses, however,
Det Sgt Meronard took the
stand to be re-examined by the
defence.

The jury will hear closing
arguments on Monday and

could deliver a verdict as early
as Tuesday.

Thirty-two prosecution wit-
nesses took the stand over
almost a month, most for the
second time, to present evidence
to the jury

The initial trial was thrown
out by Justice, Anita Allen in
2006 after it was discovered that
a juror sitting on the case was
closely connected to one of the
accused. That juror was found in
contempt of court and was jailed
for 14 days.



issn Pinas Cara Curry ane her bat against SAC.

Big Red Machine

routs the Comets

SAC got 11 of its 14 runs in the
top of the fifth for a 14-4 victory

@ By BRENT STUBBS
Senior Sports Reporter

bstubbs@tribunemedia.net

THE St. Augustine’s College
Big Red Machines are on the roll
in the Bahamas Association of
Independent Secondary Schools’
senior girls softball.

The Big Red Machines
exploded for 11 runs in the top of
the fifth inning enroute to a 14-4
rout over the Queen’s College
Comets at Queen’s College play-
ing field yesterday.

Capped by the 1-2 pitching
punch from Avoni Seymour and
Vanricka Rose, along with the
perfect 4-for-4 plate appearance
from Tarea Sweeting, the Big

Red Machines pushed their front,

running record to 4-0.

It was the season opener for
the Comets, whose coach Ken
Curry said they can only get bet-
ter as a result of their disap-
pointing loss to SAC.

“T have a lot of young girls
who haven’t played before.
They’ve got the skills, but they
haven’t had any game experi-
ence,” Curry said.

“Starting against SAC, it was a
learning lesson. They got a little
emotional at the end, but we will
meet them again in the playoffs.
We will get better by then.”

If there was one thing that
Curry felt hurt his team the most
was the wind-mill pitching from
Seymour and Rose.



Lact

RENALDO'S RAMBLINGS



In her start, Seymour was
working on a two-hitter with four
strike outs three the first three
and a quarter inning after she
she walked the first two batters.

Rose, starting in shortstop,
swapped places with Seymour
and continued to bring the heat.
She struck out track star Sparkyl
Cash and after hitting losing
pitcher Shadell Williams with a
pitch, got another strike out on
Cara Curry.

She then walked Mia
Andrews, but Mercedes Martin
popped out to end the rally in
which the Comets came up with
two unearned runs to take a 4-3

lead.

In the fifth, the Big Red
Machine put the game out of
reach.

Tarea Sweeting opened the
frame with a single, stoke sec-
ond and got to third on an error
before she tied the score on Sey-
mour’s RBI single.

Gernyka Gibson would follow
with a single, advanced all the
way to third on an error and
came home on a wild pitch for
the game winning run.

Everything after that was
insurance for SAC.

In the inning, Sweeting fin-
ished with a pair of hits, including

Welcome to Week 5 of NFL picks in Renaldo’s Ramblings. The Titans

a RBI double, scoring twice; Sey-
mour and Gibson also crossed
the plate twice and Ashley Smith
had a pair of hits with a RBI.

Anastacia Moultrie, one of
SAC’s coaches, said they were
pleased with the way the team
came around offensively in the
final inning. Better late than nev-
er, she lamented.

“Despite the few obsticles that
we had to go through, we didn’t
play up to par,” Moultrie said.
“But we still managed to pull it
off.”

Moultrie, who was working in
the coaches box with Michelle
Wilson, said as long as they can
work on cutting down on the
mental mistakes and they hit the
ball, they should go all the way
and win the title this year.

Rose, who opened the game
with a solo homer in her lead off
at bat and it seemed as if they
were On the verge for a big
inning when Annique Williams,
singled, stole second and scored
on Sweeting’s RBI single, said
they could have played much
better.

“T knew we could do it,” she
stressed. “We fell off at one
point, but I knew that eventually
we will come around and get it
together to win.”




‘See page 12

John Russell/AP Photo

remain undefeated playing with an ‘us against the world’ attitude that
seems to be doing the trick and provide crazy and entertaining games.

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r
i

-PAGE 12, FRIDAY, OCTOBER 3, 2008

TRIBUNE SPORTS



Be eS etc nae otto
vo

t

\

§

By RENALDO DORSETT
_ Sports Reporter

ST ae

» - MY FRIENDS as you may or may
ot have, known, there were no Ram-
lings last week. Due to the crisis on

all St. affecting the United States

and indeed much of the world, I decid-
sd to suspend my picks column and
devote my full attention towards assist-
ing members of the legislature in reach-
g an agreement on the 700 billion
ollar bailout/rescue/lifevest/hanging
yn by a thread because the fabric of
ciety is about to be ripped apart Plan.
on’t scoff...I contributed just as much
owards this bill as anyone else who
uspended themselves from their job
iver the past few weeks.

* For satire, comedic genius and

enostic liberalism there’s nothing bet-

er than Real Time with Bill Maher.
€atching Maher on an election cycle is
ike watching Marion Jones run during

e 1990s...it’s beautiful, even though

jou get the feeling he may be on some-

ing. His "New Rules" segment is
pspiring everyone from Chris Rock,
the Bill Simmons to usher their own
et of "New Rules." I would be remiss

I didn't offer mine.
® New Rule - The Bahamas needs a
Jouvert, and we need one now. After
pending a weekend in Miami, I am
| aba that there should be at least
ine Jouvert per year in every country
across the globe. Forced to live in a
sdciety without a party infused with

Water, paint, an open bar and void of
jl inhibitions, should be considered
suel and unusual punishment.

& New Rule — Now that the legal trou-

Bles are done, Darold Miller should

Be on the radio again. I challenge you

f© find a more compelling character,
gspecially on the talk show circuit.

Fhere's no one that would draw in

m ore listeners than he does on a daily

Basis and ratings should be all that mat-

pers. Also, I feel as if his extensive list
f friends and supporters surrounding
jim at the end of the trial should all be

ot in a reality show of some sort..
fle has his own ring tone! Who else
gan pull that off in the Bahamas?

& New Rule - Let Aaron Sorkin write
ee: I don’t even know why we’re
orced to sit through this whole thing.
Bidn’t we already learn how this whole
thing is going to end from season sev-
én of the West Wing? By the way sea-
sen four and the whole “Bingo” Bob

at



















Pt Vat aoa Gee tT He Eel ge ES



Pi Sg SARNIA Se LSE LAGGED ER EE AEN REE II RCS



{

a i,
i
t

RENALDO'S RAMBL





NGS

Titans ahead of the pack for

Russell fiasco should also clarify alot of
things for us. On to week 5...

9-4 .692
37-21 .637

WEEK 4:
SEASON:




KANSAS CITY CHIEFS @
CAROLINA PANTHERS

e Exit Tyler Thigpen, enter Damon
Huard...instant success and the first
win of the season. The Chiefs fell
behind in the worst team in the league
race with their unfortunate mishap vic-
tory over the Broncos last week.
They’ve tarnished all the work and
dedication they put into being
absolutely putrid over the first three
weeks and the dream of challenging
the ‘07 Dolphins for worst team of the
decade is no more,

The warm up period for Steve Smith
and Jake Delhomme is done, now at
home they can air it out. What’s a Pan-
ther season without a Steve Smith fight
and a series of grandiose touchdown
celebration. Someone has to do it. T.O
is tame and Chad Johnson apparently
retired.




CHICAGO BEARS
@ DETROIT LIONS

¢ Do not underestimate the power of
the cloud of euphoria surrounding the
entire Lions organization with the
exorcism of the world’s most vile foot-
ball demon...Matt Millen. The Lions
finally firing Millen was a Jot like a
battered wife finally leaving home and
getting out of an abusive relationship.
The only thing that could have made
this better was if Rod Marinelli ran
away from the team and created and
extensive playback plan like J-Lo did in
Enough. I could see Marinelli breaking

into Ford Field in his black suit, setting ,

the traps and just sitting there, waiting
for Millen to get home. I would watch
this.

Is everyone else just as amazed
about Cowboy Bob Orton’s three
touchdown passes last week against
the Eagles, but are still not sold on this
team because the Eagles were a goaline
stance away from winning?

THE CLRARING Baws ASSOCIATION

DONATES
TO

: THE NATIONAL EMERGENCY MANAGEMENT AGENCY

$150,000.00 2



The Gleariny Banks Association au Frilay, 20" September, 2008 presented Cammanier Stephen
Russell, Director of "NEMIA’, with a cheque in the amauut of $150,000.00 as a lonation to The Bahamas
Natiqual Disaster Relief Fun in ail of the victins af Tropical Storm Hanna anil Hurricane Ike.

Cammanter Russell thanked the members and stated that “fhe donadion wilt enable” NEMA” fo

dounle our efforts fo connalete the repair & reconstruction worl ny Thantsgiving instead of
Christmas as he had previously envisaged.”
Pictureil frain left ta riynt are: fulr, tolichael Liynthaurne, Deputy Governor of The Central Baik af The
Banaras; flr. Barry tulalcalmn, tilanayiny Director, Scatiahauk (Bahamas) Lirnited; tilt, Vauynu Delaney
Deputy tilanayiny Dire ctar, IT2 HR, Bauk af The Banaras Lirnited; tls. Wenly Craiyy, Gavernar, The
Gautral Bank af Toe Banaras, tolr. Lué Garlas Ochoa, Chairman af The Cleariny Banks Association &
Gauutry Business Heal-Gitihank: Gammauer Stepnen Russell - Director af MEWIA: tulrs. folich ell
Garliner, Finance Officer MERA: tilt. Mathauiel Benely Vice Presilent & Gauutry Heal, Royal Bauk af




SEATTLE SEAHAWKS




ATLANTA FALCONS @
GREEN BAY PACKERS

e It's an off week for the Falcons.
I'm not sure if they only get up for
games at home or if it’s that they only
try to win every other week...week five
will be the barometer. In their two wins
at home in weeks one and three,
they've averaged 36 points, but in the
week two and four losses on the road
they managed just nine points per out-
ing in blowout losses.

As usual I refuse to bow to the dog-
mas of objectivity...so here’s hoping
Aaron Rodgers gets better in a hurry.
The last thing we want to do is fan the
flames of the frenetic Farve frenzy (My
literature professor, Dr. Guzman,
would be so proud of that alliteration).

SAN DIEGO CHARGERS
@ MIAME DOLPHINS

e Awesome! The Chargers exorcised
many demons of the first two games
last week against the Jets. The win over
the Raiders was exactly what the team
needed to get out of their system
before they play the Dolphins this
week. It’s only natural that they relax a
little being in the AFC West and get-
ting back to .500.

If you’re the Dolphins you have to
keep the throwback theme going right?
What comes this week? My guess is
the Knute Rockne Notre Dame Box,
or maybe the Statute of Liberty, or the
Hook and Lateral. I would however
give up watching the entire MLB play-
offs if Sparano promised to try a Fum-
blerooski. :

ene eRe
Nay Sea




@ NEW YORK GIANTS

e The Giants’ cakewalk schedule
continues this week against the NFC
West. Why couldn’t the Dolphins be in
the NFC: West. Instead we get the team
that almost went perfect, Brett Farve
and the Toronto Bills. This is all just
really unfair. I still say the Giants are
playing this season with a carefree

« All locations

TICKET LOCATIONS: -
DIAMONDS INTERNATIONAL

CARLOS VALENTINO
» Bay & Victoria St



*“You know what, all of this is a moot
point, we won already, we’re win-
ners... FOREVER.” You blew it New
England, you never ever ever give New
Yorkers something to talk about.



WASHINGTON REDSKINS

@ PHILADELPHIA EAGLES

e When did Jason Campbell become
the last hope for the black quarter-
back? You may not have noticed it but
think about it. After Donovan McNabb
leaves in the next three to four years,
who else is left? Campbell is it. How
did this happen? Vick?...prison, Left-
wich?...bench, Garrard?...plays in Jack-
sonville, Young?...crazy. Oh, yea, that’s
how it happened. If the Redskins win.a
Super Bowl he has to be considered
the Barack. Obama of quarterbacks.
Assuming that'll happen, from now on
we have to begin calling him Jasrack
Campbama.

The entire Eagles roster is listed as
probable. I'm not kidding, they're all
hurt. The most glaring probable,
DeSean Jackson is probable to drop
the ball at the one yard line again.




TENNESSEE TITANS @
BALTIMORE RAVENS
e Sure it’s surprising the Titans are 4-
0. What may even be more surprising is
that they’re even better than you think.
They’ve won seven games in a row dat-
ing back to last season and have given
up just 11.5 points per game. It’s a lot
like Mad Men. It’s new, it’s fresh, it’s
outside the box...sure you’ve heard so
much about it, reviews have been great,
it’s won all these awards but you
assume it can’t be as good as people all
say. That’s until you watch it, and you
realize...Wow it really really is, why
haven’t I been watching this, this could
be the best thing on TV in a long time.
Remember this. There are several fac-
tors that place the Titans ahead of the
“it team” curve right now. They have a
niche they play with it they’re sticking
to that formula, they’ve rallied around
the adversity of a crazy teammate, and
they have a team dominated by B-list
stars boasting of an “Us against the












FLAUNT IT
« Rosetta St.

URBAN NATION
» Mall at Marathon







©
Wl

COCO-NUTS BAHAMA GRILL
“¢ West Bay Street

LEE

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world” attitude. Scary good.

INDIANAPOLIS COLTS
@ HOUSTON TEXANS |

° This is going to be a statement
game for the Colts. It’s like after you
lose a game of Madden to one of your
friends and you have a few days to lis-
ten to all the ridicule and yo remember
“Wait I’m better than him” and you
devote days to a new gameplan in |
preparation to slap him around next
time (This means you Bullard). Get
ready for the clap back. The offensive
line will be back to 100% for the first
time all season, giving Peyton some
time to actually get the all downfield.
Their defense still has major hurdles to
overcome, because Bob Sanders is
apparently made completely of paper
mache.

Here’s the problem with Matt
Schaub...he needs Michael Vick. With-
out Vick, Schuab has no one for people
to constantly compare him to. He
needs Vick so people can say "Hey
that kid Mat Schaub should play
more", "Matt Schuab should start,"
"Matt Schuab has never been apart of
a pitbull fighting ring." Well here you
go Matt, how’s it working out for you?
Their running game became more
solidified with Steve Slanton. He’s one
of those players I wished never came to
the NFL and stayed in college forever.
He joins Raghib Ishmail, Herschel
Walker, Kordell Stewart, Heath
Shuler, Lavar Arrington...(I hope Pat
White doesn’t join this list next year)

us
see

TAMPA BAY BUCCANEERS
@ DENVER BRONCOS

e Has anyone else noticed that Jay
Cutler has quietly turned into the
league's best quarterback this season?
If only there was someone with the
type of vision and foresight to see this ©
coming and think so highly of Jay Cut-
ler that he would take him in the first
round of his fantasy league draft
despite the ridicule of his closest friends
and family. Wait...that was me wasn't

SEE page 14

U nder the Stars
ae

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Wid
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Kags

GP?
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In Honor of Pepper
Johnson and Pat Paul

Tickets are $50 general admission, $25 Students (with ID) and $100 V.1.P. which includes pre-event

reception at CoCo Nuts Grill, West Bay Street on Friday, October 3, 2008 and event after party.

Canala; lls. Auuablaria DeGreyary, Directar Retail Banking, FinstCarihhean luternational Bank
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For further information please contact 456-0283 or 456-8835 or email us at models242bahamas@yahoo.com.







TRIBUNE SPORTS

cycling doping sting

CYCLING
MADRID, Spain
Associated Press

OPERATION Puerto,
cycling? s biggest doping inves-
tigation, has been shut down
without a single conviction.

Spanish media reported that
a judge officially sealed Oper-
ation Puerto, a civil guard
probe that had implicated
more than 50 riders. Raids in
Madrid and Zaragoza in May
2006 turned up steroids, hor-
mones and the endurance-
boosting substance EPO, near-
ly 100 bags of frozen blood,
and equipment for treating
blood.

Repeated calls by The Asso-
ciated Press to the Madrid
court, Thursday went unan-
swered:

The reports said Judge
Antonio Serrano decided to
close the case after tested sam-
ples showed levels of EPO that
were too low to merit a health
risk — in line with Spanish
doping laws of the time.

“I am very disappointed but
not necessarily surprised that
Serrano has closed the case,”
International Cycling Union





Sime: 7:00 pan.





No convictions in

president Pat McQuaid told
the AP. “He never gave us the
impression that he really want-
ed to do much with it anyway.”

The UCI hasn’t given up on
the case, however, and is work-
ing with the legal departments
at the World Anti-Doping
Agency.and International
Olympic Committee to try to
see the evidence gathered in
the investigation.

“We are in touch with our
Spanish lawyers about where
we can go from here, and can
we get access to the material,”
McQuaid said.

Serrano had originally closed
the case last year because the
riders and doctors involved
could not be charged under
Spanish laws, which have since
been updated.

The Spanish Sports ministry
asked for the case to be
reopened in February to inves-
tigate whether doctors carry-
ing out blood doping may have
violated public health laws
governing the way blood and
blood, products were handled.

Nine riders were excluded
from the Tour de France fol-
lowing the raids, including
2006 Giro d’Italia champion
Ivan Basso and 1997 Tour de
France winner Jan Ullrich.
Alberto Contador, the 2007
Tour champion, has been
linked to the scandal and tes-
tified before a Madrid court.

Five people — cycling team
officials and doctors — were
arrested following the initial
raids but charges were never
brought.

INSIGHT

For the stories behind
the news, read Insight
on Mondays







Fhe Rotary Club. of West Nassau
Jn association with The Broadcasting Corporation of The Bahamas

and

Fhe £, Clement Bethel National Cuts Festival
is pleased to present the official Launching of its new singing contest
6 , ’
Bahamian Stars
under the patronage of The Governor General of The Bahamas and
She Minister of State for Culture

On Friday 3 October 2008 at the National Centre for the Fefouning
Cuts on Eaot Shirley Stueet, Nassau, Bahamas

Donation: $10.00

¢ <
Power to Surprise”

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the styling, features and options you want, alc the usual hefty

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PUBLIC NOTICE



_ MINISTRY OF PUBLIC WORKS AND TRANSPORT

NOTICE FOR ROAD CLOSURE
(EAST STREET FROM WULFF RO TO SHIRLEY §7).

The Ministry of Public Works and Transport wishes to advise members of the General

Public that East Street and a number of adjacent roads will be closed to vehicular traffic,

commencing Friday, 3° October, 2008 in order to facilitate the repaving of a section of |

East Street, between Wulff Road and ashley Street.
TIMES OF CLOSURE:

The road paving Contractors have programmed the work.on East Street during the “off-
peak” hours between 7 pm in the evenings and 5 am in the mornings in order to
minimize the disruption to traffic flow and business activities in the affected area

PROPOSED ON-SITE WORK SCHEDULES AND PHASING OF THE
WORKS

This work will be carried out in phase of approximately 1000 ft each. Therafae, the
road diversions during the execution of these warks are as fnilows:

1. Phase [: from Wulff Road going North up to junctions with

Lifebouy and Milton Streets

Diversion No 1. Wulff Road/East Street:
west to Market Street, north along Market Street to Mitton,
east on Milton Street and back to East Street

cS
wo 6
V . A Diversions No 2. East Street/Lifebuoy Street:
. Ne from East Street east on Lifebuoy Street to Fritz Lane then
=a - south to Plantol Street, to Collins Avenue, south on Collins

Avenue to Wulff Road and back to East Street

2. Phase Il: from Milton Street going north up to Fowar Stree

DiversionNo 1. — from East Street west on Milton Steret to Market. Street,
north on Market Street: up to Fowler Street, nant on
Fowler Street, back to East Street

Diversion No. 2. from East Street go east on Fritz Lane, dum right io Lifebuoy

Street and back to East Street
3, Phase Ill: from Fowler Street to Taylor Streat,
from East Street go west to Fowler Street, north on Market

Street and tum right to Taylor, continue east on Taylor and
back to East Street

Diversions No 1.

Diversion No. 2. fram East Street go east on Gibbs Comer to West Avenue;
turn right along West Avenue up to Seventh Terrace, west
on Seventh Terrace to Fritz Lane, tum right to Toote Shop
Comer and back to East Street

4, Phase IV: from Taylor Street to Lewis Street

Diversion No. 1: from East Street west on Taylor Street along Market Street,
continue up to West Hill Road, turn east along West Hill
Road and north to East Hill Street continue niche East Hill
Street back to East Street.

5. Phase V: from Lewis Street to Sands Road

Diversion No. 1: from East Street west on Taylor Street, along Market Street,
continue up to West Hill Road, tum east along West Hill
Road and north to East Hill Street continue along East Hil
Street back to East Street.

6. Phase VI: from Sands Road to Shirley Street

from East Street go along East Hill turn north to Parliament
Street and on to Shirley Street which is a One-Way Street
going west.

Diversion No, 1.

from East Street east to Sands Road north east to Elizabeth
Avenue and on to Shirley Street from Shirley Street turn left
and go south back to East Street.

WARNING AND CAUTIONERY SIGNS

Diversion No. 2.

The paving contractor will erect precautionary signs to enhance road safety to both
motorized and non-motorized traffic (pedestrians).

Members of the public and motorist in particular, are therefore urged to take note of the
warming, diversionary or prohibitory road signs along the construction route and
adjacent roads at all times. Further notifications of possible traffic flow disruptions will
be issued to the Public in a timely manner hereafter as they may be found necessary.

Signed: Anita Berard (Mrs.)
PERMANENT SECRETARY

GN757

N





PAGE 14, FRIDAY, OCTOBER 3, 2008

TRIBUNE SPORTS







WEDNESDAY’S.
EUROPEAN
CUP SCORES

CHAMPIONS LEAGUE :

» First Round

GROUP A
- Bordeaux (France) 1,
+ AS Roma (Italy) 3



- CFR Cluj (Romania) 0,
- Chelsea (England) 0

GROUP §

- Anorthosis Famagusta
(Cyprus) 3,

- Panathinaikos (Greece) 1

. Inter Milan (Italy) 1, ;
+ Werder Bremen (Germany) 1

GROUP ¢
+ Shakhtar Donetsk

(Ukraine) 1,

+ Barcelona (Spain) 2
§

= Sporting Lisbon (Portu-
gal) 2,
+ Basel (Switzerland) 0

3
§

GROUP D
+ Atletico Madrid (Spain) 2, ;
+ Olympique Marseille i
(France) 1

E

= Liverpool (England) 3,

+ PSV Eindhoven (Nether-
lands) 1 .

e
‘
5





| Last Name:
Company:
Telephone # Home:
Fax #:

Exact Street Address:

C Milan, Spurs into

EFA Cup group stage



RONALDINHO, left, from Milan fight for the ball with Florian Stahel, right from Zurich during the UEFA Cup
first round second leg match between Zurich and AC Milan in Zurich, Switzerland, Thursday, Oct. 2, 2008.

m@ SOCCER.
Associated Press

AC MILAN eased past FC
Zurich 1-0 into the UEFA
Cup group stage Thursday
along with two-time cham-
pion Tottenham Hotspur,
which edged Wisla Krakow.

In a good night for Ger-
man clubs, Stuttgart, Schalke

_ and Wolfsburg all drew but

advanced thanks to first-leg
victories.









'
»

Title:

Andriy Shevchenko scored
for seven-time European
Cup champion Milan, which
progressed 4-1 on total
goals. Milan, favored to win
UEFA Cup title in May, did-
n’t need to exert itself to
defend its 3-1 lead from the
first leg at the San Siro two
weeks ago.

Tottenham completed a 3-
1 total-goals win with a 1-1
draw at Wisla. Standard
Liege defeated Everton 2-1





First Name:

Work:
P.0.Box:

to take the two-leg series 4-3
and be one of 40 teams in
Tuesday’s draw.

Stuttgart drew 2-2 with
Cherno More Varna, but
progressed 4-3 past the Bul-
garian club. Schalke had a
comfortable 4-1 first-leg
advantage over Apoel
Nicosia and played out a 1-1
tie. Wolfsburg tied Rapid
Bucharest 1-1 to oust the
Romanians 2-1 on total
goals.



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Walter Bieri/AP Photos

Silvan Aegerter, left, of Zurich fights for the ball with Massimo



Ambrosini, right, of Milan during the UEFA Cup first round second leg
match between Zurich and AC Milan in Zurich, Switzerland, Thursday,

Oct. 2, 2008.

S SSI.





‘Titans ahead of the pack for Week 3

FROM page 12

it? His "I told you so" should
last for years. Mike Shannahan
has made one of the most seam-
less changes in philosophy since
Christopher Walken started
doing comedy. Remember
when the Broncos were all
about the running game and
they found expendable 1200
yard rushers from the Terrell
Davis to the Reuben Droughns
eras? Now Cutler just chucks it
up and down the field to his
group of reci-, uhh, to Brandon
Marshall with the running game
virtually not existent. Isn't that
alot like how Christopher
Walken was known for his grit-
ty roles in A View to Kill, King
of New York and Last Man
Standing but gained a newfound
cult following hosting SNL and
being funny? No one thought
twice about, we just wanted
more cowbell.



BUFFALO BILLS @

SSG

SNES

RAY KN

am in
SS NN

XN
8

AN NY

e There will be no stopping
the Bills until election season is
over. Not as long as Trent
Edwards is still the quarterback.
The Rams' only hope to win
this game is if Edwards decides
to suspend his season until the
$700 billion bailout plan reach-
es a resolution. Wait, that hap-
pened already? Not good for
the Cardinals. Marshawn Lynch
has absolutely the worst profile
picture in league and his quest is
obviously to run over as much
people as possible until the NFL
changes it.

Ky

oe
ZZ

Yn

VW SF



NEW ENGLAND PATRIOTS

¢ Great news for the Pats this
week. They won't have to face
the Wildcat formation or any-
thing else from the late 19th
century. Their defense usually
holds up pretty well against any-
thing from the 20th century.

Here's a thought, if Mike
Martz is such an offensive
genius and can get just about
any team to post en average of
24 points...they wwwhhhhyyyyy
wouldn't a team like the
Vikings, Bears, Bills, or Jaguars,
who have a great defense
already, just sign him and go on
and win the Superbowl? I






CINCINNATI BENGALS

Bengals. First of all they
released Rudi Johnson, the
most unheralded but arguably
the most important part of the
offense, then Chad Johnson’s



corpse started to line up at
receiver masquerading as Ocho
Cinco, then they lose Carson
Palmer and he’s replaced by
former TRL host Ryan Fitz-
patrick. And only one part of
that statement is untrue.
Dallas has all the tools, Tony
Romo is morphed into Brett
Farve circa 1996, only with the
powerful addition of an incred-
ibly hot celebrity girlfriend; they
have a loudmouthed brash wide
receiver, a better bailout plan
than Washington does in Jason
Witten, and most importantly,
they have a Catcher Freeman.



AKUANL

Will,




e The Steelers’ options for
running back are down to me,
Mwelde Moore, and a recently
signed Najeh Davenport. Last
week Big Ben became undone
under duress against the Eagles.
Hmmmm what'll happen
against league's top pass rush?
Ben is banged up, Willie Parker
is out so rookie Rashard
Mendenhall will get his first
start. The problem is Menden-
hall has hands made complete-
ly of butter, I predict at least
two fumbles, one will be caused
by Ray Lewis just staring him
down for about 10 seconds.

The panic in Jacksonville.was
quelled somewhat by a a pair
of must-wins against the Colts
and Texans. After the perfor-
mance Fred Taylor and MJD
put in week two against the
Colts, and the passing game
inching closer towards
respectability in week four, both
aspect of the offense will need
to be on point s given up over
30 points in both outings is
exactly what they need to get
to .500.

MINNESOTA VIKINGS @
e The Saints have two major
concerns they're going to be
forced to work through, being
able to keep possessions going
and finding a way for their 28th
ranked defense to slow down
Adrian Peterson. The first issue
is a little difficult because they'll
be without their two best pos-
session receivers and bailout
options, Marques Colston and
Jeremy Shockey. Now Brees is
flanked by a slew of extremely
fast but unproved deep threats
and Mr. Kardashian. The sec-
ond issue is even more difficult
because it remains to be seen if
Adrian Peterson is actually a
human being. NoW he has
Mount MckKinne returning from
his four game suspension to bol-
ster the best left side of any
offensive line in the NFL.

WOT W WRG
ING \















ANY \
at

AK



FRIDAY, OCTOBER 38, 2008, PAGE 15

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‘
‘
\
\
\



City Markets
chief departs

Neal & Massy ‘crisis
team’ overhauling
embattled chain’s
operations

@ By NEIL HARTNELL

Tribune Business
Editor

BAHAMAS Supermarkets :
chief executive Stephen Boyle
has left the company after just ;
four months in the post, Tri- :

bune Business can reveal.

The move is likely to further ;
stun the 22 per cent minority ;
shareholders. in Bahamas ;
Supermarkets and its sub- }
sidiary, the 12-strong City Mar- }
kets grocery store chain, given :
his short tenure in the job and :
the need for stability at the }
company given that it has been }
forecast to incur a $10 million :

loss for its 2008 financial year.

When Tribune Business con- :
tacted Mr Boyle yesterday and }
asked him whether it was true }
that he had resigned from City ;

Markets, he replied: “Yes, it is.”

Speaking only briefly and

reluctantly to this newspaper,

Mr Boyle said: “I can’t say any- }
thing. The Board will make a :
statement on it, rather than any- :
thing from me. It’s a substantial :
change, and the Board has to :

go through a due process.
“In fairness to the Board,

they've treated me very well :
and it’s a professional and ami-. :
He declined to }
comment further, bit it is under- ;
stood his departure was }

cable split.”

finalised on Wednesday night,

and may have been in the :

works for a week or so.

Mr Boyle’s departure is like-

ly to take City Markets staff,

not to mention investors and }
analysts, by surprise given that :
he has only been with City Mar- :
kets for just over a year. He :
only took the chief executive’s :
post in May 2008, replacing the :
Ken ;

previous incumbent,
Burns.

The rapid management :
changes are likely to unsettle :
shareholders, but represent fur- :
ther evidence of the grip :
Trinidadian conglomerate Neal
& Massy, and its Barbadian :
subsidiary, Barbados Shipping :
& Trading, are taking on every :
aspect of City Markets’ busi- :

ness.

restore it to a stable footing.

A Neal & Massy executive is
likely to replace Mr Boyle as }

chief executive in the interim,
sources told Tribune Business,

with the company heading a so- :
called ‘crisis committee’ -a }
management oversight and }
action team - that Bahamas :
Supermarkets’ chairman, Basil :
Sands, previously told the com- }
pany’s annual general meeting :
(AGM) would “now cover all :
aspects of City Markets’ busi- :

Itess”’.

Sands said at the time.

“Further, we anticipate that }
the buying clout of our com- : .
bined businesses will help to }
reduce our product costs and }
provide greater value to our }

SEE page seven



“FRIDAY,

OCTOBER 3

2008

FAMILY, GUARDIAN

INSURANCE COMPANY LIMITED

Bidder: BTC’s value is

‘drastically diminished’

@ By NEIL HARTNELL
Tribune Business Editor’

THE LEADING bidder for the Bahamas
Telecommunications Company (BTC) will offer
a substantially lower sum for a stake in the state-
owned firm due to the Government's decision to
reduce the post-privatisation exclusivity periods
to the bare minimum, Tribune Business was told
yesterday.

Philip Davis, of Davis & Co, the attorney for
the Bluewater Communications Holdings con-
sortium, said Prime Minister Hubert Ingraham’s
announcement this week that BTC would only
maintain a “maximum” one-year cellular monop-
oly post-privatisation had dramatically “dimin-
ished” the company’s value and the price his

’ clients were likely to pay.

He added that if the Government had stuck to
the original terms and had been prepared to sell
a75 per cent stake in BTC, as it had indicated in
talks with Bluewater, the group would have been
prepared “to pay $400 million”.

“Our client is still willing and anxious to con-
summate the agreement that was arrived at, on
the same terms that have been on the table,” Mr
Davis told Tribune Business.

“With the new announcement that has been
made, this obviously diminishes the value of
BTC and we will have to assess the agreement
we have in the light of the stated intent of the
Government.

“That will definitely require a revision of the

‘Floating itseeaeM Abaco Markets sees 20%
call for petroleum
industry dealers

Dealer describes existing price
control system as ‘terrible model’
that forces dealers to make a loss
and subsidise consumers.

* Bluewater attorney says PM’s announcement will cause
‘revision of the numbers’ and lead it to offer lower price
* Group previously prepared to offer ‘up to $400m’ if
government put 75% stake on table, as it had indicated

numbers. It will affect the rate of return on
invested capital. It will further diminish the val-
ue drastically.”

BTC’s real value lies in its cellular monop-
oly, which generates almost two-thirds of its rev-
enue. The longer the cellular exclusivity period
post-privatisation, the more a buyer is likely to be
induced to pay, given that it will generate rev-
enues and profits to cover the purchase price
and obtain time to ready the state-owned incum-

. bent for competition.

BTC’s fixed-line revenues have been eroded
by IndiGo Networks, plus Voice over Internet
Protocol (VoIP) and callback services, while
Cable Bahamas has edged it out on the Internet
side. As a result, cellular is the only valuable
service left.

But the Prime Minister’s announcement on
Monday of a seismic shift in government policy
towards liberalisation/deregulation, as opposed
to preserving BTC’s value and maximising its
profits, while benefiting the likes of Cable
Bahamas and IndiGo is not in favour of BTC
and its potential privatisation partners.

Bluewater concluded an agreement in princi-

ple with the former Christie government short- .

ly before it left office that would have seen it pay

$260 million for a 49 per cent BTC stake over a’

six-year period.

Some $225 million was to be paid up front; a
further $30 million after the five-year cellular
exclusivity was ended, and $5 million after year
six.

Yet Mr, Davis said that if the Government
had been prepared to sell 75 per cent of BTC, as
it had indicated in talks with Bluewater, and
stuck to the original agreement, his clients would
have been “prepared to pay $400 million”.

Based on a $260 million price for a 49 per
cent stake, Tribune Business’s calculations show
that 75 per cent of BTC would have fetched
$398 million if the terms and conditions had
remained unaltered.

Bluewater has been locked in talks with the
Government over BTC’s privatisation for three
to four years, and is understood to have spent $6-
$7 million on the process to date.

SEE page eight

Back to School rise

* August profits up, as
retail group sees costs
and economic climate
depress margins and
cut half-year profits to
less than a third of
2007 comparatives

* 5% top-line sales
growth helps nullify



Neal & Massy executives :
have been in the Bahamas for : »
several weeks, Tribune Busi- :
ness understands, combing :
through every aspect of City :
Markets’ business and working
out what needs to be done to }
revive the ailing chain and

“This team is charged with }
ensuring the adoption of strong :
processes and management sys- :
tems that will assist in the re- }
engineering and retooling of }
City Markets’ operations,” Mr ;



@ By NEIL HARTNELL
Tribune Business Editor

A GAS station dealer yester-
day urged that he and other
petroleum retailers be given “a
floating margin” price control
structure, describing the existing
system as “a terrible model”
that was causing the entire
industry to operate at a loss.

Bruce Elliott, the dealer who
operates the Shell gas station
at the corner of Blue Hill Road
and Poinciana Drive, said that
given the petroleum sector’s
experience the liquefied
propane gas (LPG) industry
should not adopt the same price
control model, which relies on
fixed retail and wholesale mar-
gins based on the landed cost
of petroleum products.

Mr Elliott explained that
because their margins were
fixed, gas station retailers actu-
ally earned a decreasing per-
centage per gallon of gasoline
sold as the price rose.

And this problem had been
made especially acute with the
recent explosion in global oil

prices, which hit $145 per barrel -

this summer before sinking to
the level of around $100 per
barrel it is now hovering at.

Mr Elliott said that in 2002,
when Bahamian petroleum
retailers last experienced an
increase in their fixed margin
to $0.44 per gallon, that ensured
they earned 15.7 per cent out
of the $2.80 per gallon price that
gasoline was then sold at.

But following the oil price
explosion, per gallon prices
were now at $5.34, while the
retail margin had remained the
same. As a result, Bahamian gas
station retailers had seen the
per gallon percentage that made
up their earnings fall to 8.2 per
cent from that 15.7 per cent.

“Petroleum is a bad model,”
Mr Elliott told Tribune Busi-
ness. “What we need is a float-
ing margin. We’re losing money
every day. It’s a terrible model.
LPG is wrong and motor gas is
wrong.

“The $0.44 per gallon was
good in 2002, but in 2008 it’s no
good. We need this increase
because we’re losing money, but
I doubt we’ll get it. The margin
has to float so that we enjoy the
same percentage whichever way
the fuel price goes.”

Politicians have been reluc-
tant to increase the prices of
price-controlled staple com-

modities, such as petroleum
gasoline and LPG, for fear it
will lose votes among con-
sumers who have to live with
the increases.

Yet if an industry is forced to
effectively subsidise consumers
by selling its products at a loss,
or a price that does not cover its
overheads, then they have no

SEE page seven

for a better life

impact of 25% utility
bill growth.

@ By NEIL HARTNELL
Tribune Business Editor

ABACO MARKETS bucked
the declining Bahamian retail
trend by generating a 20 per
cent “across-the-board” sales
increase and a year-on-year
profits rise for the Back-to-

MORTGAGE





io 8 ownership =

ey

Gavin Watchom

School shopping season, as the
BISX-listed group unveiled first
half profits of $244,000 that
were less than one-third of pri-
or year comparatives.

Gavin Watchorn, Abaco
Markets president, told Tribune

SEE page six



[J rent forever

[J wait to inherit a home
C21 {ive with your in-laws ee
own your own home

Bank ‘concern’ on
non-performing
loans increase

Foreclosures up
‘significantly’

@ By NEIL HARTNELL
Tribune Business
Editor

AN INCREASE of almost
two percentage points in the
commercial banking sector’s

non-performing loans during -

the first eight months of 2008 is
“important”, the Clearing

‘Banks Association’s chairman

conceded last night, but while
the sector would remain. “vigi-
lant” the situation was nowhere
near a crisis point.

Luis Ochoa, who is also
Citibank (Bahamas) country
manager, acknowledged that
while the increase in non-per-
forming loans - those 90 days

_ past due and on which clients

have missed three payments or
more - from 9.2 per cent of
total loans as at December 31,
2007, to 10.7 per cent at end-
August 2008, was concerning,
the situation was still “man-
ageable”. -

This was because non-accru-
al loans were “at the same lev-
el as at the beginning of the
year”, even though there had
been a rise in loan delinquen-
cies during 2008 and “foreclo-
sures have seen a significant

’ increase”.

“We need to remain vigilant,
but the overall message is that
we remain positive, and this
bailout will bring positive sen-
timent and liquidity to the glob-
al markets,” Mr Ochoa said.

The Central Bank of the
Bahamas, in its report on
monthly economic develop-
ments for August, said that for
the first eight months non-per-
forming loans had increased by
32.4 per cent or $81.6 million to
$333 million.

Non-performing loans
accounted for more than 50 per
cent of total loan arrears
(meaning those bank loans 31
days or more overdue), which
had grown by $114.5-million or
21.6 per cent to $644 million.

Delinquent loans, those
between 31-90 days overdue,
grew by $33 million or 11.9 per
cent in the year'to August,
reaching $311 million.

“In terms of the main com-

SEE page eight

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PAGE 2B, FRIDAY, OCTOBER 3, 2008

MUTA Ha el a

Entrepreneurs urged to
seek international funds

m@ By CARA
BRENNEN-BETHEL
Tribune Business Reporter

INCREASED funding must be
made available for viable busi-
ness plans if the Bahamas is to
truly grow its economy, the min-
ister of state for finance said yes-
terday, particularly via interna-
tional funding avenues and more
dynamic capital markets.

Zhivargo Laing, though, said
there can no longer be sympathy
for those persons who seek fund-
ing with business ideas that are
simply not viable.

Mr Laing told persons attend-
ing a globalisation conference
sponsored by the Chamber of

Commerce that while the
Bahamas had certainly benefited
from commercial bank financing,
supported by tourism and finan-
cial services, “this has limited the
depth and breadth of our eco-
nomic development, having not
promoted growth in the industri-
al/ technology areas of our econ-
omy”.

The minister said several things
needed to be done to change this,
including refining and expanding
existing public sector funding
facilities. He stressed that current
mechanisms in place have proven
extremely beneficial to many
Bahamians, even if changes need
to be made.

Mr Laing added, though, that
government initiatives were sim-
ply not enough to fuel the kind of
economic expansion that is pos-
sible.

He called for expanded financ-
ing of commercial enterprises by
traditional commercial bank,s and
for a huge increase in the avail-
ability of venture capital funding
in the Bahamas. He including in
that international venture financ-
ing sources, which would be aided
by the easing of capital exchange
controls.

Mr Laing said that in most cas-
es, Bahamians only seek out
domestic financing sources. He
added that he would like to see
the development of a mechanism
to bring Bahamian entrepreneurs
in contact with international fund-
ing sources.

Noting the current state of eco-



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Future: Glébalization,
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3
2nd"

PRESENTATION - Oct
gy and Private Sector Development
ASE aps a ‘

KEYNOTE PRESENTATION: Rt. Hon. Hubert
Ingraham, Prime Minister of the Comnionwealth
of the Bahamas

and Foreign A
Committee, BCOC Director, BCOC

“Realities. of Economic Globalization ane Small

Island Developing States: Trade Negotiation and

: the Caribbean Reality” x

Topic: Report Roadmap for Improv SME | \ \
Competitiveness” H.E. Henry

som Gadbbean.

, Director-General i
anal. Negotiating Machinery. (CRNM) wn

“Small States f
vulnerable...”

: Development Bank e by their nature weak and

SESSION Il

S
MODERATOR: I. Chester Coop
Bahamas Chamber of Commerce ©

Topic: “SME Challenge: Venture cates :

aon: Treasui

Edison Sumner, Bahamas Venture Capital Funi
Darron Cash, Bahamas Development Bank
Michael Anderson, Royal Fidelity

Frank Davis, Sahamas Cooperative Credit League

OFFICIAL OPENING CEREMONY - Oct. 3rd
MODERATOR: Philip Simon

; Executive Director, Bahamas Chamber of Commerce.

AP WELCOME REMARKS: Gershan Major
.». Chairperson, Globalization and Foreign Affairs
, Sommittes, BCOC :

REMARKS/ INTRODUCTION OF KEYNOTE
SPEAKER; Dionisio D’Aguilar, President, BCOC

§essiaha are Free

i.unehi $50.00 per Person

MODERATOR: Hank Ferguson, BCOC. Consultant/

Economist

Session A:
“A Panel. Discussion. fo}

de Agreements.And
Negotiations” : 4

‘John, Delanéy,

Commission ‘
A. Leonard Afther,,

‘to CARICOM

Dave Kowlessar, Trade PSR iy yon
Development Group

Brian Moree, Senior Partner, McKinney Bancroft
& Hughes

"Caribbean Economies in an Era of Free Trade”

; Vincent Vanderpool-Wallace, Minister of Tourism

Brass: Business Attire
Valet Service Available

* Minister suggests exchange control easing
to aid Bahamian access to global capital”
* Calls for more dynamic Bahamian capital

markets

nomic affairs in the US and its
impact locally, Mr Laing said:
“The present economic crisis
notwithstanding, the Government
firmly believes that the Bahamas’
best days are ahead of it.”

He said the Government
remained hopeful that US author-
ities could find ways to ease their
current economic woes, and said

this is why the issue of HANNE | Is

so important.

“Bahamian entrepreneurs have
not yet tapped into their creative
resources fully, and have the
capacity to contribute in a much

Ce er a

EE

greater way to further growth and
devclopment in the Bahamas,”
Mr Laing said.

He added that in any area,
there remains enormous capacity
for creativity, innovation and ser-
vice improvement right here in
the Bahamas.

“This would lead to the cre-
ation of thousands more jobs with
the ability to create full employ-
ment... and lead to new domestic

wealth and local wealthy, with the”

means to enhance the social and
cultural life of our nation,” Mr
Laing said, adding that this could

THE TRIBUNE

AERTS Laing

happen even without new foreign
direct investment.

To achieve this, Mr Laing said
sound business plans - at present
a major weakness - were essential.

Therefore, discussions were ongo- ©

ing with the Inter-American
Development Bank (IDB), Col-
lege of the Bahamas (COB) and
the Ministry of Finance to
improve expertise in this area,
which will make it possible for
Bahamian entrepreneurs to
develop business plans that
can meet the rigors of any local
or international financial
scrutiny.

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THE TRIBUNE

FRIDAY, OCTOBER 3, 2008, PAGE 3B





Wor

kforce quality tops

concerns for small businesses

m By CARA
BRENNEN-BETHEL
Tribune Business
Reporter

SEVENTY-THREE per
cent of Bahamian small busi-
nesses cited the scarcity of a
properly-trained workforce as
a priority issue to address in
maintaining their competi-
tiveness. ,

Michael Schneuwly, a con-
sultant at the Inter-American

Development Bank (IDB), °

told persons attending the
‘Chamber of Commerce Glob-
alisation Conference that
based on a survey conducted

by the College of the Bahamas
last year, a trained workforce
(73 per cent) and the lack of
adequate professional train-
ing courses (44 per cent) were
the priority concerns.

Importance

The survey examined the
overall importance of access
to finance, business develop-
ment and workforce, public
administration and service,
rules and regulations and
courts and business opportu-
nity.

The most important concern

was the workforce, followed
by finance and rules, which
were of almost equal concern
followed by business oppor-

tunities and then public,

administration and service.
Based on the survey, Mr
Schneuwly said the survey
indicated that micro Bahami-
an businesses were most con-
cerned with their personal dai-
ly obstacles, and there was no
clear sectoral pattern to the
concerns. Crime and theft, the
cost and quality of the public
service and infrastructure, and
a.lack of transparency in the
public sector and public cor-
porations also scored very

Development

high priority marks.

To foster the development
of the workforce and small
business, Mr Schneuwly said
there needed to be develop-
ment of a permanent mecha-
nism to assess labour needs
by sector, and adjustments to
the educational system and
technical training supply in
order to assure required work-
force output on a medium and
long-term basis.

Further, there needed to be
a national entrepreneurship
programme and a focus on
redefining the role of govern-
ment as a facilitator for devel-
opment. There also needs to

be a functioning market for potential for creating back-
training and foreign direct’ ward and forward linkages
investments projects with high with domestic enterprise.

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.













PRICEWATERHOUSE(COPERS

Bank needs
total overhaul

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

THE Bahamas Development Bank needs a
complete overhaul to ensure it can play a
more dynamic role in funding local projects,
with minister of state for finance Zhivargo
Laing saying it would that if one examined ten
BDB accounts, eight were likely to be non-
“performing.

Gershan Major, chairperson of the
Bahamas Chamber of Commerce’s Globali-
sation.and Foreign Affairs Committee
responded to Mr Laing’s comments at the
chamber’s globalisation conference held yes-
terday.

Mr Laing said that while there was the
belief that more funding should be given, the
. bank has done much to assist Bahamians and
suggested that if one looked at ten accounts,
he believes as many as eight would be non-
performing.

Mr Major told Tribune Business this indi-
cates that the BDB needs a total overhaul.

“When you talk about eight out of 10 loans
going non-accrual or going bad, there is a
systemic issue where those funds are not
going back into the system to fund new ideas
.” he said. “When you look at the Bahamas







beaches and in our oceans.



eC MerT Ceremia Cite

ey

ont

Plastic grocery bags ‘are everywhere
and their numbers are staggering. No
matter how careful we are they end
up as unsightly litter on our roadways, annually by plastic bags.

‘These littered plastic bags are an
eyesore and send a poor message to
visitors about The Bahamas, However,
these bags not only mar the beauty

act us at: 242-393-1 3t

Development Bank, as it has existed since
the 1970s and the laws it operates on, that
has to change and it has to change because if
we are going to fund the tourism projects,
and other ideas such as farming and mari-
culture and all of these other opportunities,
the BDB has to play a more dynamic role in
those initiatives.”

Projects

He noted the need for the projects to be
viable; and said that is the aim of the confer-
ence and other events the Chamber puts on.
. “This is one of the things in putting on a
conference like this,, When we bring expertise
in the field to talk about the need for putting
together proper business plans and how to
fund those business plans,” Mr Major said.

He said the other part of the equation was
to determine how to effectively manage those
funds once received.

“Moving forward, I am in agreement with
several points the minister made relative to
commercial banks needing to increase oppor-
tunities, to make available sound funding
platforms for business to expand, and for per-
sons getting into business,” Mr Major said.

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POSITIONS AVAILABLE FOR
AUDIT MANAGER

PricewaterhouseCoopers has vacancy in its Nassau and Freeport Offices for Audit
Managers whose qualifications make the individuals eligible for membership in
the Bahamas Institute of Chartered Accountants. Prospective candidates should be
employed in public accounting and have at least (1) year of experience at the As-
sistant Manager/Manager level in managing a portfolio of diverse client engage-
ments. Candidates are also required to have a high level of computer literacy.
The position offers challenging work in the financial services industry and other
areas of industry and commerce. The salary scale, which recognizes different lev-
els of experience and skill, is designed to reward high performance. In addition,
the Firm provides excellent medical insurance and provident fund benefits.

Please submit your application letter with your Curriculum Vitae to:

Human Resources Partner
“Audit Manager Position”
PricewaterhouseCoopers

P.O.Box N-3910

Nassau, Bahamass.2 3.

REWAR

A reward is being offered for information leading
to the recovery of and/or the arrest of the persons
responsible for the theft of a 2008 Toyota Yaris;
which occurred around August 13, 2008 in Redland
Acres, off Soldier Road



Colour: Olive Green

Serial #: JT DBW93320-1105523

License #: 201820 ‘
Identifying Markings “Apple”? on front wind-
shield, ‘“‘Appleseed’’ on rear windshield, a scratch
on left rear fender and dent on rear bumper.

Please call, CDU, Stolen Vehicles Unit 502-9938,
502-9942, 302-3900 or 357-7502.

Yd)

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GE 4B, FRIDAY, OCTOBER 3, 2008





ys RY mw NE
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EVALUATIONS”

NOTICE TO
SHAREHOLDERS

S. Johnson & Company Limited hereby notifies all







)f its shareholders that based on unaudited results
for the quarter ended September 30, 2008, the
soard of. Directors has declared an _ interim
lividend of sixteen cents (16¢) per ordinary share
o be paid on October 15, 2008 to all shareholders

of record as of October 10, 2008.










THE TRIBUNE





Small hotels offered
group insurance plan

mM By CARA
BRENNEN-BETHEL
Tribune Business

Reporter

THE Florida-based Royal
Marine Insurance Group is
working with its Bahamian
counterparts to devise a group
insurance plan for this
nation’s small hotel owners,
which would provide them
with secondary insurance in
the event of natural disasters
and loss of business.

Upton Bright, an accounts
executive with the company,
told the 2008 Small Hotels
Forum that they are looking
to secure a minimum of 10
properties to be a part of the
group offering.

He could not say what the
premium rates would be
because that would have to
come from the underwriters,
but added that the claim pay-
offs would range from $1-$10
million.

Mr Bright said the storm
tracker insurance policy was
designed to be secondary
insurance, and would trigger
once a hurricane reaches a 50-
mile radius from the property.
The trigger would be deter-
mined by the National Hurri-
cane Centre.

He explained that in addi-
tion to actual property dam-
age, the proposed plan would
also cover loss of business due
to storm ramifications.

“For instance, let’s say that

oY

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aa ne ee ee

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Join Citibank, N.A.
Nassau, Bahamas, a
branch of Citi, the
largest financial
institution in the
world.

‘managing

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Reporting to our Regional Treasury team,
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currency



your hotel is not damaged but
the airport is and all flights
are cancelled, or the threat of
the storm results in cancella-
tions. Once you can prove you
lost business as a result,
you are covered,” Mr Bright
said.

_ The policy would also cover
beach erosion and damage to
outside areas such as golf

courses, landscaped areas,
docks and marines.

“Let’s say you have $10,000
worth of food in your freezer
for guests, and the electricty
remains off as a result of the
storm, or you have to relocate
your guests, even if it is only
across the street. Once you
can prove it, you are cov-
ered,” he explained.

Mr Bright said that given
the recent increase in hurri-
cane activity in the Caribbean,
insurance premiums for cata-
strophic coverage will only
increase in the future.

He said the company was
ironing out the final details of
the plan, which should be
completed within the next two
to three weeks.

Small hotels back project
as ‘best thing to happen’

m@ By CARA
BRENNEN-BETHEL
Tribune Business
Reporter

THE Sustainable Tourism
Entrepreneurial Management
and Marketing Project devised
by the Bahamas Hotel Asso-
ciation (BHA) and Inter-
American Development Bank
(IDB) have had a tremendous
impact on the development of
the small hotel sector, two
hoteliers said yesterday.

Speaking with the media
during the 2008 Small Hotels
Forum, Sammy Thurston, the
owner and manager of Sam-



my T’s on Cat island, said it
has been beneficial in helping
that island identify areas
where it needs improvement,
and to ensure that there was a
unified standard throughout
the entire island.

“The STEMM programme
is the best thing to ever hap-

pen to the Family Island hote- °

liers,” he said.

Mr Thurston said the island
has been challenged, like else-
where, by the economic chal-
lenges and had seen occupan-
cies levels drop down to 60
per cent.

To counter this, he said they
have conducted extra promo-



Real Estate

UES Te CS Ua Cs Rentals LL de,

Gs Wt i ha sk



the position is

Key

responsibilities include marketing and quoting rates for corporate
foreign exchange contracts, money market instruments and

We invite outstanding
individuals, wanting to build a
career in Corporate Banking, to
be part of aur dynamic global
team. You will interact with
colleagues from around the
Cariobean region and across the
organization globally, providing
treasury management to our
ocal team. In addition to a great
career, we offer a competitive
salary and benefits package.
candidates should
orward a copy of their resume
October 3, 2008 to: Human
P.O. Box N-1576,
i, Bahamas OR Fax:
) 302-8779 “OR Email:
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Candidates must possess a Bachelor's degree in Economics,
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Challenge

derivative products and projecting liquidity and rate trends. The
role is also focused on risk management through monitoring
liquidity and foreign exposure, ensuring compliance with legal,
regulatory, and internal policy requirements, and, managing ratios
and reserves. Additional responsibilities include overseeing all
regulatory: and management performance
reporting, and,. supervising and training support staff.



t
aes a aS ceca ceaecaaa te



Nassau Airport

Development Company

Whi




Nassau Airport Development Company is pleased to announce the
following tender associated with the expansion of the Lynden Pindling
International Airport. The Security Fencing Package for Tender C-114
Supply and Installation of Security Fencing contract to include the

following components:





* Survey of security fence line location

* Tree and site clearing along fence line; including onsite
stock piling of cleared materials

* Supply and installation of complete security fencing
package including gates and signage as indicated.

Tender Packages can be picked up after 1:00 pm, on Thursday,

September 25th.

Tender closing is Wednesday, October 8th at 1:00pm.

There will be a Tender Briefing, Wednesday, October ist. Please
RSVP Traci Brisby by ipm Tuesday, September 30th, for briefing

location details.

Mobilization: Tuesday, October 44th
Completion: Friday, November 7th

Ph: (242) 702-1086 « Fax: (242)377.2117
P.O. Box AP 59229, Nassau, Bahamas

ESE IDER'

Contract & Procurement Manager

tions, and granted discounts.
Presently, occupancies have
reached up to 80 per cent.

Benjamin Pratt, who sits on
the Andros Promotion Board,
said the programme has
brought excellent value to the
island. aHe explained that
Family Island properties are
challenged because they do
not have large marketing
pockets.

“It has helped us deal and
focus with our areas of con-
cerns and helped turn them
around,” he said.

The STEMM poroject came
about as a result of a grant-
fund of $1.3 million from the
Inter-American Development
Bank, and the partnership of
the Ministry of Tourism,
Antiquities, Monuments &
Museums Corporation, and
the Caribbean Alliance for
Sustainable Tourism.

It officially began on April
1, 2006.

The target beneficiaries are
Small and Medium sized
Enterprises (SMEs) in seven
pilot island destinations that
to date have not fully bene-
fited from the mass-tourism
approach to marketing that
has concentrated on larger
properties.

The overall objective of the
initiative is to improve the
competitiveness of these des-
tinations in the Bahamas,
positioning the country as a
sustainable tourism destina-
tion.

The specific objective of the
project is to diversify the pre-
sent tourism product, organ-
ising and selling new integrat-
ed tourism packages focusing
on specific market segments,
such as heritage, culturé and
nature, and to identify, imple-
ment and market eco-friendly
activities in order to protect
the natural and cultural envi-
ronment of the Bahamas.


















\
\
N

z






LPIA Expansion Project

-email:trackbrisby@nasbs





Ime INwWuine

Z



Realtor closing
on multi-million

dollar ‘triple play’

A BAHAMIAN realtor is closing on a
‘triple play’ - three individual units sold to
a single buyer at the exclusive Reef Resort
at Atlantis.

Kyla Ralston, of ERA Dupuch ‘Real
Estate, closed on a two-bedroom unit, a
three-bedroom unit and a penthouse at
The Reef, the properties ranging in price
from $2 to $7 million.

Ms Ralston, whose professional experi-

ence in interior design put her in good

stead for a successful luxury realty career,
sees no sign of a downturn in the Bahami-
an real estate market.

“Unlike the US, the Bahamas doesn’t.

have a mortgage crisis, and the credit
crunch isn’t affecting us as much as our
neighbours across the water. The local
market is sure to stay strong. The only
downturn we're seeing is caused by people
hoping for a price drop, and I feel that
they’re going to be very sorry,” she said.

Ms Ralston’s broker, 20-year real estate
veteran and founder of the firm, Peter
Dupuch, agreed.

“The world is getting smaller and small-
er, and the Bahamas isn’t getting any larg-
er,” he says.

“Much of the available land in the west-
ern end of Nassau is being swiftly devel-
oped. I only see property prices continuing
to rise.”

The Bahamas recently hosted the annu-
al invitation-only ERA Beyond Excellence
Conference, which honours the most suc-
cessful sales associates at ERA franchises
across the world.

Five top-performing ERA Dupuch Real
Estate agents - Mr Dupuch, Ms Ralston,
Ken Chaplin, Dave McCorquodale and
Carla Sweeting - were invited to the con-
ference, which required agents to sell a
minimum of 50, units the previous year to
be eligible.

ERA Dupuch has also received another
accolade. Mr Dupuch, Ms Ralston and Mr





Kyla Ralston

Chaplin were named as the first realtors
outside the US to qualify for the highest

certification in the franchise’s luxury real -

estate division, the ERA International
Collection.
The ERA network consists. of 3,000

offices throughout the US and 49 addi-

tional countries. In 2006, ERA Real Estate
won the prestigious J.D. Power and Asso-
ciates Award for Highest Overall Satis-
faction for Repeat Home Sellers Among
National Full-Service Real Estate Firms.

“We feel very fortunate to be partnered
with such a prestigious and recognisable
global leader,” said Mr Dupuch.

ember 27th - October 13th, 2008

“Ip L

place setting ef China

169

place setting consists of: 1 dinner, 1 salad, 1 bread & nes
plate; 1 tea cup & saucer erates Peete) nt)

=U) a

Box Set of Stemware

mya -y AZ

| ‘Oy fi

2nd Box

ere edu ra)

Ty L

eee Ral uel

receive

place setting consists of: 1 goblet; 1 wine; 1 flute
(excludes Lismore and all toasting flutes & net items)

Lynn Chase China
& accessories

promotion applies to Bridal & China Dept only
* must be same or lesser value

Kelly's "es.

Mall at Marathon
Monday-Friday 9:00am-8:00pm
Tel: (242) 393-4002 Saturday Sea

Fax: re 393-4096



nda:
Wi PAN daeenehy com



PIA, VYoUbuUubL vy HUY, rie Ve













NN
NAD

Nassau Airport |
|
|
|

Development Company

Nassau Airport Development Company is pleased to announce the following tender

associated with the expansion of the Lynden Pindling International Airport. The General

Contractor Package for Tender C-116 Early Civil and Relocations lump sum contract
" includes the following components:

* Tree and site clearing, including removal; mulching and composting of
organic materials.

¢ — Security fencing supply and installation;

* Demolition and disposal of buildings, fences, miscellaneous structures,
debris and equipment;

¢ Removal and disposal of 2 underground and 1 above ground fuel storage
tanks;

¢ Removal and disposal of existing utilities & installation of new utility
corridor including sanitary and communication ductbank;

¢ — Removal of HMAC roadway by milling and construction of temporary
parking lot and contractor laydown area utilizing existing pavement and
asphalt millings;

* Relocation, supply and installation of temporary parking lot lighting; and

* Relocation of existing macerator, pump and trash compactor and removal
and disposal of existing lift station and macerator pit.

Tender Packages can be picked up after 1:00 pm, on Monday, October 6th.

Tender closing is Tuesday, October 28th at 1:00pm. .

There will be a Tender Briefing Wednesday, October 15th. Please RSVP Traci Brisby
by 1pm Tuesday, October 14th for briefing location details.

Prestigious Private Members Club is seeking a talented and dynamic

NETWORK ADMINISTRATOR

The successful candidate should possess the following skills and qualifications:

University degree and professional designation or certificates in the area
of Computer Information System, A+ Certification & Network Certification,
Microsoft Certified Professional, Microsoft Certified System Administrator
(MSCE is an advantage) Cisco Certified Associate,

Experience:

The ideal candidate must be proficient in SQL Database Management, Desktop
Security Management, Proven ability to handle diagnostics, troubleshooting and
repair of computer systems, knowledge of Symantec Products and a strong
understanding of network documentation. The candidate must possess good
judgment, discretion and teamwork.

Responsibilities:

The successful candidate will be responsible for Managing and supporting the PBX
System. Manage and support the Internet Security System, Design, implement
and Support WIFI networks, Managing the wireless network.

HELP DESK SUPPORT ADMINISTRATOR
The successful candidate shouid possess the following skills and qualifications:

A+ Certification & Network +Certification,
Basic knowledge of networking, proficiency in Windows operating systems
Proficient in Microsoft Office and general computer skills

Responsibilities:

The successful candidate will be responsible for providing help desk support for
Windows users. Troubleshooting both hardware and software applications.
Customer Service Support, Maintain System Backups and must have excellent
File management skills. Provide support for property management applications

Interested candidates are invited to submit a complete resume inclusive of a cover
Letter to:

The Director, Human Resources
Lyford Cay Club
Nassau, Bahamas
Fax: 362-6245



PAGE 6B, FRIDAY, OCTOBER 3, 2008

THE TRIBUNE



RT Len a
Abaco Markets

For Small & Medium size companies
Lender: Inter-American Investment Corporation

Sectors: Agriculture, Agribusiness, Trade, Services, Farming,
Agro-forestry, Manufacturing, Fishing, Telecommunications,
Commerce, Mailboats, Medical labs

Annual Sales; $500,000 - $600,000

Loan term: 3 - 5 years

Purpose: Investing in fixed assets and /or working capital

Amount of loan: $100,000 - $600,000

Financial statements: 3 years minimum

Preliminary Information: Executive summary

Kindly contact:
L.Syndey Saunders
Tel: 327-4950

Email: Issaundersandco@batelnet.bs

Robert lan Mitchell
Tel: 376-3118

Email: info@bahcorptrade.com

NOTICE

I am the Executrix of the Estate of
LEANNA VEOLA FERGUSON
and I have given NO instructions
for the sale of ANY property or
assets of the estate of the late
LEANNA VEOLA FERGUSON

Katherine Elizabeth Ferguson-Beneby

‘04 NISSAN MURANO
Fully Loaded
LOW MILEAGE, LEATHER, SUNROOF,
6 DISC CD, XM RADIO, SUN ROOF,

POWER EVERYTHING.

’



- Consolidated Water
CC (Bahamas) Ltd.

TENDER — WINDSOR PLANT BUILDING
PAINTING

Consolidated Water (Bahamas) Ltd. (CWBAH)
Is pleased to invite Tenders to provide the
Company with Painting Contractual Services for
its Windsor Reverse Osmosis Plant.

Interested companies may collect a Tender
Specification Document from the Secretary's
Desk located in the Administrative Office at the
Blue Hills Reverse Osmosis Plant on Soldier
Road West, between the hours of 8 a.m. and 5
p.m. Monday through Friday.

The deadline for submission of Tenders is 5
p.m. on 17th October 2008 Tenders should be
sealed and marked “TENDER FOR WINDSOR
PLANT BUILDING PAINTING” and should be
addressed as follows:

The General Manager
Consolidated Water (Bahamas) Ltd.
P O Box CR 54030
Nassau, Bahamas

FROM page one

Business yesterday that while
the company had enjoyed
impressive top-line sales growth
amid a tough economic climate,
margins and overall profitabili-
ty had been impacted by rising
operating costs and their impact
on consumer disposable
incomes and spending.

The company, which oper-
ates the Solomon’s Super-
Centre and Cost Right for-
mats, plus the Domino’s Pizza
franchise, saw sales for the
three months to July 31, 2008,
increase by 4 per cent year-
on-year to $22.7 million. For
the half year, the top-line per-
formance was even better,
growing 5.5 per cent against
2007 comparatives to $44.5
million.

Yet net profits for the 2008
second quarter were less than
one-third of the previous
year’s $510,000, falling to
$162,000. For the 2008 first
half, net profits from existing
operations fell by a similar
margin, dropping to $244,000
compared to $950,000 in 2007.

Total prior year profits had
also been boosted to $1.276
million thanks to a $350,000
contribution from discontin-
ued operations.

Adding to the resiliency
Abaco Markets’ core brands
have displayed, Mr Watchorn

told Tribune Business that the

Back-to-School shopping sea-
son in August - the group’s
second busiest period of the

year after Christmas - “went

very well”.

He added: “We saw sales
increases group-wide of about
20 per cent across-the-board.
Our August finances showed a

higher profit than last year.” ~

Those improvements should
come through in Abaco Mar-
kets’ third quarter numbers,
although Mr Watchorn tem-
pered this by saying there was
likely to be a minor impact
due to losses incurred at its
Cost-Right Abaco operation.

However, he was quick to
point out that the effects from
that would not be material as
far as Abaco Markets’ group-
wide financial performance
was concerned, adding: “In

sees 20% Back |

to School rise

the big scheme of things for
the company, it will not
impact on our profitability.”

Reflecting on the compa-
ny’s 2008 second quarter per-
formance, Mr Watchorn said:
“We're pleased we’ve contin-
ued our sales growth and that
our expenses are under con-
trol. We’ve done a good job
in that area.”

Even though utilities costs -
chiefly electricity - had
increased by around 25 per
cent year-over-year for the
second quarter, the sales
growth and control on all oth-
er expenses had helped to
reduce total expenses as a per-
centage of sales from 28 per
cent in the first quarter to 27.1
per cent in the second period.
The latter figure compared
reasonably well with the 26.9
per cent figure recorded for
the 2007 second quarter.

The Abaco Markets presi-
dent added, though, that the
company’s electricity bill was
“probably still on track” to
increase by $1 million year-
over-year during its current
financial year.

“We expect a little bit of
help on utilities costs in the
second half of the year, but
we expected the price of the
BEC fuel surcharge to drop
and it hasn’t,” Mr Watchorn
said. “I would have expected
the fuel surcharge to have
dropped by 20-30 per cent
now and it hasn’t.”

Mr Watchorn added:
“There’s a lot more competi-
tion about than there was 12
months ago. It’s not because
of extra companies, but the
average consumer - with
unemployment up and aver-
age household income down
- has less and less money to
spend.”

NOTICE

NOTICE is hereby given that ERLINE BECKFORD
CARTWRIGHT of #66 BETHEL AVE. STAPLEDON
GARDENS, P.O. BOX SP-63966, NASSAU, BAHAMAS
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen

of The Bahamas, and that any person who knows any
reason why registration/ naturalization should not be
granted, should send a written and signed statement
of the facts within twenty-eight days from the 26TH day
of SEPTEMBER 2008 to the Minister responsible for
Nationality and Citizenship, PO.Box N- 7147, Nassau,
Bahamas. ;



Legal Notice

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

KALONG LIMITED

In Voluntary liquidation

“Notice is hereby given that in accordance with Section 137
(4) of the International Business Companies Act (No. 45 of
2000), KALONG LIMITED is in Dissolution.”

The date of commencement of dissolution is the 15th day of
September, 2008.

Hamilton Management Services Limited
Fiman House, St. George’s Place
St Peter Port, Guernsey
GY1 2BH
Liquidator

Lender: Inter-American Investment Corporation

Sectors: Agriculture, Agribusiness, Trade, Services, Farming,
Agro-forestry, Manufacturing, Fishing, Telecommunications,
Commerce, Mailboats, Medical labs

Annual Sales: 2 million and 20 million

Purpose: fixed asset acquisition, working capital including
refinancing

Amount of loan: 1 million to 10 million USD per eligible
enterprise
Financial statements: 3 years minimum, executive summary

Kindly contact: ae
L.Syndey Saunders
Tel: 327-4950

Email: Ilssaundersandco@batelnet.bs

Robert lan Mitchell
Tel: 376-3118

Email: info@bahcorptrade,com

Inter-American Investment Corporation
a subsidiary of the
Inter-American Development Bank
Agent: ICWI GROUP

Net margins for the 2008
second quarter were down 2
per cent compared to the
same period in 2007, having
dropped from 30.3 per cent to
28.3 per cent. For the first
half, net margins were down
at 28.7 per cent compared to
29.9 per cent.

Mr Watchorn said net mar-
gins had been impacted by
wholesale market price

increases that it faced, and ;

increase in shrinkage and a
reduction in consumer pur-
chases of big-ticket, high mar-
gin items such as flat-screen
TVs as the economic climate
bites.

Staple commodities were
still selling well, the Abaco
Markets president said,
adding: “Shrinkage is a real
disappointment for us. We
have been working steadily on
and improving that, but for
the last two quarters it’s gone
into a negative trend.

“We've put things in place
to address that. It’s not where
we want it to be, but we’ve
largely contained that.”

Abaco Markets had dealt
with a shrinkage problem at
the perishables department of
its Solomon’s store in Nassau,
caused by over-ordering and
products not being stored cor-
rectly. The company as a
whole is focused on providing
value for consumers in their
grocery purchases.

Meanwhile, Mr Watchorn
said Abaco Markets had
reduced staff levels at its food
stores by around 6 per cent
from the start of the year by
not replacing workers when
they left.

“It’s not through lay-offs,”
he added, “it’s efficiencies
where two people are now
doing the work of three.

“We’ve no plans to drasti-
cally reduce our head count
numbers. If we need to, we'll
do it through non-replace-
ment. You need a minimum
number of staff to run the

store, and it’s probably close
to that number now.”

Mr Watchorn said the group
had created 12 new jobs at
each of its newly-opened
Domino’s Pizza stores on
Carmichael Road and the Sea-
grapes Shopping Centre, the
latter being its 10th outlet.

The company was receiving
“a lot of interest” in taking
Domino’s Pizza to the Family
Islands, especially areas such
as Abaco, but had no firm
plans to do so as it was not
convinced a sales base existed
in those islands yet.

“For now, we want to con-
centrate on what we have. In
the short-term, there are no
plans to open stores,” Mr
Watchorn confirmed.

He declined to comment,
though, on reports reaching
Tribune Business of renewed
interest from possible buyers
of the Abaco Cost Right store.
One group is: understood to
involve Super Value
head Rupert Roberts and
his business partner Chad
Sawyer.

Mr Watchorn said Abaco
Markets’ preference share
debt now stood at $5.7 mil-
lion, having paid a further
$275,000 in September on top
of the $420,000 paid out in the
second quarter. The last pay-
ment means the company has
paid out some $1.15 million
to the preference shareholders
this year. :

Abaco Markets is also
repaying $30,000 per month
to the Royal Bank of Canada
after taking out a $2 million
loan to acquire the Solomon’s
SuperCentre building in
Freeport.

The $2.4-$2.5 million deal
represented good value, Mr
Watchorn said, because it was
$600,000-$700,000 ‘below the
property’s actual value. The
price was fixed five years ago
when Abaco Markets took out
an option to buy it.

“There’s nothing in our
numbers that jumps out and.
is terribly surprising,” Mr
Watchorn said. “I’m not sure
we're seeing the impact of
what’s happening in the US.
We’re seeing the impact of
higher utility, higher gas
prices and the average wage
is not accommodating that
increase.

“We're pleased we’re in the
black, but not pleased at the
level.” As

NOTICE
NOTICE is hereby given that ROY A. JONES of BAYBERRY

LANE, FREEPORT, GRAND BAHAMA, BAHAMAS, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen
of The Bahamas, and that any person who knows any
reason why registration/ naturalization should not be
granted, should send a written and signed statement of
the facts within twenty-eight days from the 3RD day of
OCTOBER 2008 to the Minister responsible for Nationality
and Citizenship, PO.Box N- 7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JULDER JOSEPH of
MARSH HARBOUR, ABACO, BAHAMAS is applying to
the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 26TH day of SEPTEMBER
2008 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that PERKINS JOSEPH of
14 EGRET CIRCLE, ARDEN FOREST, FREEPORT,
GRAND BAHAMA, BAHAMAS is applying to the Minister
responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that
any person who knows any reason why registration/
naturalization should not be granted, should send a
written and signed statement of the facts within twenty-
eight days from the 23RD day of SEPTEMBER 2008 to
the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LELIO ALEXANDRE
JR. of #7 LEWIS STREET, NASSAU, BAHAMAS is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen
of The Bahamas, and that any person who knows any
reason why registration/ naturalization should not be
granted, should send a written and signed statement
of the facts within.twenty-eight days from the 26TH day
of SEPTEMBER 2008 to the Minister responsible for
Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas.

NOTICE

NOTICE is hereby given that TERCILLION DELVA of
MARSH HARBOUR, ABACO, BAHAMAS is applying to
the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 26TH day of SEPTEMBER
2008: to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.





THE TRIBUNE

FRIDAY, OCTOBER 3, 2008, PAGE 7B



City Markets —
chief departs

FROM page one

customers.”

both the Bahamas Supermar-
kets Board and that of BSL
Holdings. i

Neal & Massy, through ::
BS&T, is the largest share-
holder in BSL Holdings, the
buyout group that is the largest
shareholder in Bahamas Super-
markets with a 78 per cent
stake. :
Mr Boyle is a former chief :
executive of Neal & Massy’s :
Hi-Lo Foods chain in Trinidad,
and several sources suggested
yesterday that his departure
may have resulted from the fact
that he did not see eye-to-eye
on strategy with a senior Neal ;
& Massy-executive, Joseph, ;
Teixeira, who has been brought
in to oversee City Markets’
restructuring.

‘Floating margin’ call for

FROM page one

incentive to maintain supply long-term
and will simply go out of business.

A number of gas station dealers have
done just that, judging from the number
of closed stations seen around Nassau.

Yet if floating margins were intro-
duced, with retailers earning a fixed
percentage of each gallon sold - rather
than a fixed amount - their earnings
would remain proportionately the
same, increasing and decreasing based
on global oil price movements.

“We will continually be subsidising
the consumer if we don’t have a float-
ing margin,” Mr Elliott said, adding
that gas station retailers also had to

cover the increased utilities costs and
other expenses like all other businesses.

“It’s very difficult,” Mr Elliott said of
the operating environment faced by gas
station retailers. “We’re selling at a
loss.

“We have to endure shrinkage from
the fuel evaporating if we don’t sell it
and turn it over quickly enough we suf-
fer some loss vecause it’s a perishable
commodity.

“We’re also subject to robberies and
these are things dealers are very con-
cerned about. We had one about a
month ago.”

Dionisio D’Aguilar, the Bahamas
Chamber of Commerce’s president,
said earlier this week that the price

control structure for liquefied propane
gas (LPG) should be switched from one
that is based on a maximum price to a
system linked to global market prices
and the landed cost, mirroring the
petroleum industry.

Mr D’ Aguilar recommended that if
the Government wanted to price con-
trol. LPG, it should switch from the
existing system that imposed a flat max-
imum price to one that was based on
LPG’s landed price, with a fixed mark-
up agreed to that retailers and whole-
salers would have a big enough mar-
gin to make profits.

This was the same model applied to
the Bahamian gasoline industry, which
allowed prices to account for global oil

=x-._ petroleum industry dealers

prices. The Government’s taxes were
based upon the landed cost of fuel,
upon which it imposed $1.16 per gallon
and a7 per cent Stamp Duty.

Retail and wholesale margins were
fixed at $0.44 and $0.33 per gallon
respectively.

Suggesting that this should be the
model employed for the LPG industry,
Mr D’ Aguilar explained: “There’s enor-
mous volatility in the market, and it’s
extremely unfair to expect propane
companies to accept a fixed maximum
price given that volatility. The Gov-
ernment should do exactly what they do
for gasoline. They should abolish that
system and go to the system on gaso-
line.”

ABACOMARKETS

Chairman’s Report — Q2, 2008

We are pleased to report positive trends and sales growth for the second quarter of 2008 as the
business environment continues to present significant challenges with rising costs and an increased
and more competitive market. However, the level of profitability has fallen short of expectations as
results have been impacted by the prevailing economic conditions and internal issues that we have
been addressing since the first quarter. .

As you will note in the accompanying financials, sales have increased and expenses continued to be
well managed and are now back in line with last year as a percentage of sales after an aggressive
effort to contain costs. While we are pleased with these trends, we have also recorded a decrease in
net margin of 2% over the prior year resulting from continued market price increases, reduced sales
of high ticket items and an increase in shrink. In response, our strategic profitability plan announced
to you earlier this year is focused on group sales, cost containment measures and a comprehensive
shrink programme. One area in particular recording a significant increase is shrink resulting from
internal and external theft. This theft, which is often of basic necessities, has increased significantly
over last year and is clearly indicative of the times. Unfortunately, while this is obviously a small
percentage of customers and employees, it is negatively impacting our business, our staff and our
customers and we are aggressively working to protect all of them with our comprehensive shrink
programme. This shrink programme includes enhanced security measures, the implementation of
new technology and programmes and specialized loss prevention training for our employees.

In addition to controlling costs and reducing shrink, we are also utilizing our strategic profitability
plan to build sales by delivering real value, quality products and good service to our customers. We
are achieving this by working with vendors on products and pricing to minimize the impact of
increased costs on our customers and by focusing on areas that will continue to improve service in
our stores. Our Domino’s Pizza franchise is also moving ahead to build sales and better serve our
customers in Eastern New Providence with the opening our 10" Domino's in Seagrapes this
quarter closely on the heels of opening our 9" Domino's on Carmichael Road in the first quarter.
Domino’s in Seagrapes, with the dine-in seating and WiFi wireless internet access, has received
positive feedback and is recording positive sales to date. We continue to reduce our preference
share debt by repaying an additional $420k this quarter for a total of $840k YTD.

While there has been good improvement and positive trends, we also recognize that we have to
continue to aggressively manage the factors we can control that are contributing to the decline in
profitability. To this end, we are focusing our resources on building sales, achieving important
efficiencies and savings to contain costs and addressing shrink using our people and technology for
improved profitability and continued sales growth ahead. While these economic conditions are
expected to persist for some time yet, we are building on the initiatives that have been delivering
positive results for our group.

We look forward to keeping you posted on our progress and thank you for your continued support.

R. Craig Symonette
September 24, 2008

ABACOMARKETS

Lerriveo

INTERIM UNAUDITED FINANCIAL STATEMENTS
FOR THE QUARTER ENDED JULY 31, 2008



CONSOLIDATED BALANCE SHEET

(Expressed in thousands of Bahamian dollars)

July 31, January 31,

2008 2008

Assets $ 29,674 26,197
Liabilities (19,116) (16,499)
Equity $ 10,558 9,698

CONSOLIDATED STATEMENT OF INCOME

(Expressed in thousands of Bahamian dollars)







Quarter Ended Quarter Ended

July 31, 2008 July 31, 2007

Sales $ 22,655 21,777
Cost of sales (16,239) (15,186)

Gross profit 6,416 6,591
Selling, general and administrative expenses (6,150) (5,849)

Other operating income 123 93

Net operating profit 389 835
Pre-opening costs . - (41)
Interest expense (65) (42)
Dividends on preference shares (162) (208)

Net profit on continuing operations 162 544
Net loss on discontinued operations - (34)

Net profit $ 162 510



Profit per share $0.010 $0.032

(Expressed in thousands of Bahamian dollars)





















\ 6 Months Ended 6 Months Ended

July 31, 2008 July 31, 2007

Sales $ 44,542 42,215
Cost of sales (31,753) (29,594)

Gross profit ‘ 12,789 12,621
Selling, general and administrative expenses (12,288) (11,393)

Other operating income 219 197

Net operating profit 720 1,425

Gain on disposal of investment - 150
Pre-opening costs (note 4) (24) (106)
Interest expense (108) (123)
Dividends on preference shares” - (344) (419)

Net profit on continuing operations . 244 927
Net loss on discontinued operations - (40)

Gain on disposal of subsidiary - 39

Restructuring reserve - 350

Net profit $ 244 1,276

Profit per share $0.015 $0.080

CONSOLIDATED STATEMENT OF CASH FLOWS
(Expressed in thousands of Bahamian dollars)

6 Months Ended 6 Months Ended

July 31, 2008 July 31, 2007

Net profit for period $ 244 1,276
Net cash provided by/(used in) operating activities 2,004 (500)

Net cash (used in)/provided by investing activities (3,533) 4,161
Net cash provided by/(used in) financing activities 818 (4,043)
Decrease in cash ‘ $ (711) (382)

ABACO MARKETS LIMITED
EXPLANATORY NOTES

TO INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Quarter ended July 31, 2008

1. ACCOUNTING POLICIES

These financial statements have been prepared in accordance with International Financial
Reporting Standards using the same accounting policies and methods of computation as
the Consolidated Financial Statements included in the 2007 Annual Report.

The consolidated financial statements include the accounts of Abaco Markets Limited
(“the Company”) and its significant wholly owned subsidiaries: AML Foods (Nassau)
Limited, Solomon’s Club (Freeport) Limited, Thompson Wholesale Limited and
Caribbean Franchise Holdings Limited.

‘2. PREFERENCE SHARES

The Company made total redemptions of $540,000 on Class A preference shares and
$300,000 on Class B preference shares during six months ended July 31, 2008.

3. CAPITAL ASSETS

On July 3, 2008 the Company completed the purchase of the property on Queen’s
Highway in Freeport for $2.4m. The purchase was partly financed through a loan from
Royal Bank of Canada in amount of $2m bearing the interest of 7% and payable over five
years. Solomon’s Freeport has occupied this property since December 2004.

An appraisal of the property determined a value of $3m. The difference between
appraised value and purchase cost was recorded in the property revaluation surplus.
4. PRE-OPENING COSTS

Pre-opening costs represent costs incurred in the opening of Domino’s Pizza store at
Carmichael Road in Nassau, which were not capital in nature.

Copies of a full set of the unaudited financial statements can be obtained from
Ms. Brendalee Gibson, at Abaco Markets Corporate Offices at Town Centre Mall, Blue Hill
Road, Nassau, The Bahamas, tel. 1 242 325 21.



PAGE 8B, FRIDAY, OCTOBER 3, 2008

eee ee ee eee eee ne nee ee

‘ ; }

FROM page one

ponents, commercial mortgage
arrears rose by $52.8 million (56.2
per cent) over the review period,
amid sustained increases in both
the short and long-term cate-
gories,” the Central Bank said.
“Similarly, consumer loan
arrears grew by $32.8 million (19.1
per ce nt), with these loans contin-
uing to migrate steadily into the
non-accrual segment. Total mort-
gage arrears rose moderately dur-
ing August, resulting in overall

Bank ‘concert’

growth of $28.9. million (11 per
cent) for the eight-month period,
and with all of the gains being
recorded in the non-accrual com-
ponent.

“Tn line with the deterioration in
arrears, banks increased their loan
loss provisions by $27.6 million
(22.9 per cent), although the ratio
of provisions to arrears was rela-
tively stable throughout the period
at 23 per cent.”

Legal Notice

NOTICE

BORAXXAMME LTD.

Notice is hereby given that in accordance with Section
138(8) of the International Business Companies Act
2000, the dissolution of BORAXXAME LTD. has
been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck

off the Register. -

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

Notice

CARDIGAN NAVIGATION
COMPANY LIMITED
(In Voluntary Liquidation)

Creditors having debts or claims againts the above-named Com-

pany are required to send particulars thereof to the undersigned at

Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-
3247, Nassau, Bahamas as sole Liquidator on or before the 17th
day of October, 2008. In default thereof they will be excluded
from the benefit of any distribution made by the Liquidator.

Dated the 3rd day of October 2008.

LYNDEN MAYCOCK
LIQUIDATOR

Legal Notice
NOTICE

FU TAN ADVISERS LLC

NOTICE IS HEREBY GIVEN as follows:

(a) FU TAN ADVISERS LLC is in dissolution under the
provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced
on the 30th September 2008 when its Articles of
Dissolution were submitted to and registered by the

Registrar General.

(c) The Liquidator of the said Company is Lynden D.
Maycock of Ocean Centre, Montagu Foreshore,
East Bay Street, Nassau, Bahamas as sole Liquidator.

Dated the 3rd day of October, 2008.

_H& J Corporate Services Ltd.

Registered Agent
for the above-named Company

Paul McWeeney, Bank of the
Bahamas International’s manag-
ing director, told Tribune Busi-
ness: “Obviously, the banks are
very concerned about asset quali-
ty, because it’s our primary book
of business. If asset quality slips,
loan loss provisions increase and
margins decrease.”

Meanwhile, the Central Bank
warned that the economic down-
turn could impact the Govern-
ment’s finances and fiscal position
by reducing demand for imports
and import-related revenue.

It said: “The deepening of the

FROM page one

Mr Davis yesterday moved to
scotch concerns that Bluewater
would have difficulty in raising debt

- financing to acquire BTC, telling

Tribune Business: “Provision had
been made for a meeting of the
minds between my client and the
Government, and the funds were
properly secured and set aside for
the acquisition.

“Once the Government indicat-
ed its willingness to sell up to as
high as 75 per cent - the Govern-
ment said that to us - provision was
made to accommodate that as well.

“The debt crisis and financial
crunch will not impact their ability
to consummate this deal. The funds
are there and readily available to
acquire 49 per cent or as high as 75
per cent as the Government had
indicated.”

Once as yet unforeseen conse-
quence if the Government proceeds
with its latest plans, which involve
selling a 51 per cent stake and no
and one-year exclusivity periods for

global financial crisis, underscored
by the collapse of the subprime
lending market in the US has
increased the short and medium
term uncertainties facing the
Bahamian economy. In particu-
lar, as US confidence remains near
historic lows and households make
further spending adjustments in
response to the significant erosion
in financial wealth, demand for
tourism is expected to wane fur-
ther over the remainder of 2008
and the first half of 2009.
“However, continued weakness
in the US currency, partly in

Bidder

fixed-line and cellular telecoms, is
that any effort to keep BTC’s cur-
rent bloated staff levels in place
could be doomed to failure due to

the need to downsize and make the -

firm competitive.

Although Mr Davis declined to
comment, it is understood that talks
between the Government and
Bluewater are not going well, with
the latter questioning whether the
administration is negotiating in
good faith.

This is because as T. B. Donald-
son, the privatisation committee
chair has indicated, the Govern-
ment appears increasingly eager to
open up the bidding process and
conduct a ‘beauty contest’ auction
process to see whether there are
better offers than Bluewater’s out
there despite the latter protesting it
still has time to run on an exclusiv-
ity period.

Tribune Business also under-
stands that Bluewater and the Gov-

Legal Notice
NOTICE

CONFIDENCE NAVIGATION
COMPANY LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) CONFIDENCE NAVIGATION COMPANY
LIMITED is in dissolution under the provisions
of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced
on the 29th September 2008 when its Articles of
Dissolution were submitted to and registered by the

Registrar General.

(c) The Liquidator of the said Company is Lynden D.
Maycock of Ocean Centre, Montagu Foreshore,
East Bay Street, Nassau, Bahamas as sole Liquidator.

Dated the 3rd day of October, 2008.

H & J Corporate Services Ltd.

Registered Agent
for the above-named Company

Legal Notice

Notice

FU TAN ADVISERS LLC
(In Voluntary Liquidation)

Creditors having debts or claims againts the above-named Com-

pany are required to send particulars thereof to the undersigned at
Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-
3247, Nassau, Bahamas as sole Liquidator on or before the 17th
day of October, 2008. In default thereof they will be excluded
from the benefit of any distribution made by the Liquidator.

Dated the 3rd day of October 2008.

LYNDEN MAYCOCK
LIQUIDATOR

EG CAPITAL MARKETS

BROKERAGE & ADVISORY SEKVICES

response to the expansionary
effects of the proposed rescue
package, could offer some com-
petitive gains for the Bahamas,
relative to non-dollar priced tourist
destinations.

“Meanwhile, despite steadied
support to construction from
domestic financing, overall activi-
ty is expected to ease, as a result of
reduced stimulus from foreign
investments that are impacted by
the global contraction in the sup-
ply of credit and the diminished
ability of some investors to sus-
tain their equity support for these

ernment are disputing whether the
bidding group has an exclusivity
period and sales agreement in prin-
ciple in place, an issue that could - if
unresolved - send both parties into
arbitration and further delay a pri-
vatisation process that has dragged
on for 10 years and cost taxpayers
and bidding groups millions of dol-
lars.

Yet Zhivargo Laing, minister of
state for finance, previously told

THE TRIBUNE

projects. |

“In terms of inflation, veRDe a
tions are that the rate will stay ele
vated in the near term, as the wea
dollar reduces prospects for -
significant fall back in oil and com+
modity prices. |

“In this uncertain environment,
domestic demand should remain|
relatively subdued and support,
sustainable trends in external!
reserves and bank liquidity.
Nonetheless, fiscal operations!
could be adversely impacted by a,
likely slowdown in revenue col
lections.”

Tribune Business that an exclusivi-|
ty period did exist, although there;
were questions over how many days|
were left on it. {

And Prime Minister Ingraham,
in his immediate post-election vic-!
tory rally, told of a ‘secret agree-|
ment’ that had been made to sell!
BTC to Bluewater, indicating he
had seen some documents)
showing some agreement was in|
place.

Legal Notice

NOTICE
JINOTEGA INTEGRA CORP.

(In Voluntary Liquidation)

Notice is hereby given that the above named
Company is in dissolution, which commenced on
the 26th day of September 2008. The Liquidator
is Argosa Corp. Inc., P. O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE

WENDOVER WILLOW LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above named
Company is in dissolution, which commenced ‘on
the 29th day of September 2008. The Liquidator
is Argosa Corp. Inc., P. O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

laces eee ncn near cern OR A CL NC LI

_ NOTICE |
CONFIDENCE NAVIGATION

C

LI

NOTICE IS HEREBY GIVEN as follows:

(a) CONFIDENCE NAVIGATION COMPANY
LIMITED is in dissolution under the provisions
of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced
on the 29th September 2008 when its Articles of
Dissolution were submitted to and registered by the

Registrar General.

(c) The Liquidator of the said Company is Lynden D.
Maycock of Ocean Centre, Montagu Foreshore,

COOL ONIEAL East Bay Street, Nassau, Bahamas as sole Liquidator.

Dated the 3rd day of October, 2008.

H & J Corporate Services Ltd.

Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
Doctor's Hospital
Famguard
Finco
FirstCaribbean Bank
Focol (S)
Focol Class B Preference
Freeport Concrete
ICD Utilitles
J. S. Johnson

Estate

0.135
1.061
0.643
-0.877
0.152
0.055
1.224
0.118
0.449
0.122
0.256
0.535
0.665
0.682
0.385
0.000
0.035
0.407
1.023
oO. soe

Registered Agent
for the above-named Company

Legal Notice

NOTICE

CARDIGAN NAVIGATION
COMPANY LIMITED

Hae trade on a Pereantese: BGI basa)”
Last Sale
Fidelity Bank Note 17 (Series A) + x 7%
Fidelity Bank Note 22 (Serles B) + Prime + 1.75%
Fidelity Bank Note 13 (Series oe +
lity Bank Not t +

“Interest,

19 October 2017

19 October 2022
30 May 2013

1000.00
1000.00
1000.00
1000.00 _

NOTICE IS HEREBY GIVEN as follows:

(a) CARDIGAN NAVIGATION COMPANY LIMITED
is in dissolution under the provisions of the International
Business Companies Act 2000,

Last Price

14.60

6.00

0.35

BUNLEE: Same
43.00 00
15.60

ee Mutaal Rea” SOS
YTD% Last “42 Months. :

Weekly Vol.
Bahamas Supermarkets
Caribbean Crossings (Pref)
RND Holdings

ABDAB
Bahamas Supermarkets
RND Holdi

74) ‘00

0.45 The dissolution of the said Company commenced

on the 29th September 2008 when its Articles of
Dissolution were submitted to and registered by the
Registrar General.

Yield %
31-Jul-08
31-Aug-08
19-Sep-08
31-Aug-08
31-Aug-08
31-Dec-O7
30-Jun-08
31-Dec-0O7
31-Aug-08
29-Aug-08
29-Aug-08
29-Aug-08

Colina Bond Fund

Colina MSI Preferred Fund
Collna Money Market Fund
Fidelity Bahamas G & | Fund
Fidelity Prime Income Fund
CFAL Global Bond Fund

CFAL Global Equity Fund

CFAL High Grade Bond Fund
Fidelity International Investment Fund
FG Financial Preferred Income Fund
FG Financial Growth Fund

hss alls el 8 eked Di

The Liquidator of the said Company is Lynden D.
Maycock of Ocean Centre, Montagu Foreshore,
East Bay Street, Nassau, Bahamas as sole Liquidator.

Dated the 3rd day of October, 2008.

YIELD - last 12 month dividends dividec a by closing price

Bid & - Buying price of Colina and Fidelity

Ask $ - Selling price of Colina and fidelity

Last Price ~ Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

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

N/M - Not Meaningful

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

BISX ALL SHARE INDEX - 19 Dec 02 = 1 .000

52wk-Hi - Highest closing price In last 62 weeks

52wk-Low - Lowest closing price in last 52 weeks

Previous Close - Previous day's weighted price for dally volume
Today's Close - Current day's weighted price for dally volume
Change - Change in closing price from day to day

Dally Vol. - Number of total shares traded today

DIV & - Dividends per share paid in the last 12 months

H & J Corporate Services Ltd.

Registered Agent
for {he above-named Company

P/E - Closing price divided by the last 12 month earnings
(S) - 4-for-1 Stock Split - Effective Date 8/8/2007
('S1) - 3-for-1 Stock Split - Effec 1 7/11/2007





OCTOBER 3, 2008

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HBO io) % NO RESERVATIONS a Catherine | % DREAMGIRLS (2006, Musical) Jamie Foxx, Beyoncé Knowles,
-S eta-Jones. A career-centered chet becomes the Eddie Murphy. Three singers learn that fame has a high price. 1 ‘PG-13'
guardian of her 9-year-old niece. ‘PG’ (CC) (CC)
6:30) & EPIC | %* *% ROMEO MUST DIE (2000, Action) Jet Li, Aaliyah, Isai ing: ’S THIRTEE!
MAX-E (5:30) ( ) yah, Isaiah Washing- | & * OCEAN N

E (2007) _{ton, Asian and black gangsters vie for control of prime property. 1 ‘R' |(2007, Comedy-Drama) George
Kal Penn, (CC) (CC) ee 1 'PG-13' (CC)
00) * % STAR TREK GENERATIONS (1994) x x HARRY POTTER AND THE ORDER OF THE PHOENIX (2007,

MOMAX pat Stewart, The pues crew encounters a de- |Fantasy) Daniel Radcliffe, Rupert Grint, Emma Watson. Harry prepares a
ranged scientist. ©. ‘PG’ (CC) small group of students to fight Voldemort. ‘PG-13' (CC)

:25) HE WAS A QUIET MAN (2007, Drama) Christian |Weeds Nancy re-|Californication |Dexter “Our Father’ (iTV) Dexter
SHOW oo Elisha Cuthbert, iTV Premiere. A frustrated of- locates to Ren Hank and Karen targets a dope Ha in (CC)
fice worker becomes a reluctant hero, ‘NR’ Mar. (CC) make plans.

6:00) & BOTTOMS UP (2006, Comedy) Paris Hilton, Jason | * CLERKS II (2006, Comedy) Rosario Dawson, Br-
TMC cH OLFOR |Mewes, Brian Hallisay, Premiere, A bartender falls for Jan O'Halloran. Thirtysomething slackers Dante and




















SCOUNDRELS - the ginfriend of a rising star. (1 'R’ (CC) Randal now flip burgers. O'R’ (CC)



let Charlie the
Bahamian Puppet and
his sidekick Derek jut aS

some smiles on your
kids’s faces.

Bring your children to the

McHappy Hour at McDonald's in

Malborough Street every Thursday

from 3:30pm to 4:30pm during the
month of October 2008.

Enjoy Great Food, Prizes and Lots of Fun.

{T)

i'm lovin’ it



PAGE 9B

-



PAGE 10B,FRIDAY, OCTOBER 03, 2008 THE TRIBUNE





CALVIN & HOBBES _

WHY Do YOU ) MAYBE. MARTIANS |] DON'T LIKE US 2” WHAT'S
DON'T LIKE NOT To LIKE 2? THERE'S

ERRTHLINGS NOTHING NRONG JZ

WITH HUMANS !
















Tribune Comics ' T HOD Yon
WELCOME IN
fh 00G THAT

WASNT HOUSE-

HEN, YOU MARTIAN! COME ON
OUT! WE'RE NOT BAD! WE
WUST CAME HERE BECAUSE
PEOPLE POLLUTED OUR ONN
PLANET SO MUCH THAT,..UH..
WHAT I MEAN, IS... UM...

te

SO WHAT ARE
YOU SAYING ?
THAT OUR
REPUTATION,
PRECEDED US?









JUDGE PARKER

SURE, DEWEY
KEPT A LIST OF

YES, 11'S IN
HIS COMPUTER..-
I'LL PRINT IT

THE GUNS FOR
OUT FOR YOU!

HIS INSURANCE!

IT WOULD BE
HELPFUL IF WE
KNEW WHAT GUN

Sudoku is a number-placing puzzle. based: on a 9x9 grid with
several given numbers. The object is to place the numbers 1 to
9 in the empty squares so the each row, each column and each
3x3 box contains the same number only once. The difficulty
level of the Conceptis Sudoku increases from Monday to
; Sunday
:| AND FOR YOUR

INFORMATION, OFFICER,



a









Xf WELL JUST AY
LERY 'M FAR TOO G
OFF AND THERE'S A COP AT, SEE ABOUT DIRECTOR I BE CALLED SHAAUAN
THE DOOR. yXpsay Z NEED 10 CO |! bammes ey oN
2 INSIDE. CS aN 8
5 S wey ‘
Sc i
;





OKTOBERFEST
IS TODAY'S

BRATWURST,
SAUERKRAUT, | ,
THE WORKS!| #

















©2008 Conceptis Puzzles, Dist. by King Features Syndicate, Inc,

‘TM NOT EXPECTIN’ ANY COOKIES, [N CASE
YOU WANT TO SURPRISE ME.”



Best described as a number crossword, the task in Kakuro is to
fill all of the empty squares, using numbers 1 to 9, so the sum of
- each horizontal block equals the number to its left, and the sum
of each vertical block equals the number on its top. No number
may be used in the same block more than once.: The difficulty
level of the Conceptis Kakuro increases from Monday to Sunday.



MARVIN

DON, MARVIN
ISN'T A DOG... HE'S
A BABY










WELL, HOW
CAN I BE
EXPECTED TO

KNOW THAT 2



Yesterday’s
Kakuro Answer _

.*. Yesterday’s
Sudoku Answer



(©2008 by North America Syndicate, Inc. World rights reserved.

www.kingleatures.com











©2008 Conceptis Puzzles, Dist. by King Features Syndicate, Inc. 7





set

Difficulty Level & *&



10/01

TIGER

THEN How
COME YOU
ALWAYS WATCH

Vasily Smysiov v Pal Benko, Monte
Catlo 1969, For 3 couple of dizzy
years, chess seemed to have reached
axtstocratk heights when three elite
Grandmaster tournaments were
staged in the rich peincipatity under
the patronage of Prince Rainier, Only
three? The series ended abruptly
when Bobby Fischer's uncouth
behaviour so antagonised the

prince that he withdrew backing.
There were some fine moments on
the board, though. Former world
champion Smysiow was a specialist in
creating checkmating pattems

from apparently simple endgames,
and here despite level material he
forced Benko's resignation with a
graceful three-move forced sequence.
Can you spot White's winning plan?

(©2008 by King Features Syndicate, Inc. World rights reserved.



Chess: 8686: 1 Kft! Rb22f4 (threat 3.Rf7
h3! (stops Kq4) and Black resigned. meee:



HAGAR THE HORRIBLE

SOMETHING NeW
Oe ACROSS



The
2 Target |

~ TOW many wards of four lelters ar
more can you make from the
letters shown bere? In making &
werd, each letter may be used ane

uses only, Each must contain the centre
letter and there must be at least
words in one nine-letter word. No plurals.

TODAY'S TARGET |
Good 15: vary good 23; excellent 29. |
» (or more), Solution tomorrew.

_ the main
hody of
Chambers
2ist



©2008 by King Features Syndicate, Inc. World rights reserved.



YESTERDAY'S SOLUTION

aport atop evaporite opera
operate OPERATIVE opiate pair |
pare part pate pater patio pave
















































13 Elegant, 14 United, 16 Stern, 18
Dense.

Counsel, 13 Literal, 14 Temper, 16
Raise, 18 Rated.

25

Too thin (6)

”

(5)



spade.

Declarer won with the .ace,
cashed the king, then played a club to
the ten. East took his ace, but had no
safe exit card. A trump return would

7 Century pear peat peatier peer pert |
CRYPTIC PUZZLE a peter pier pirate pivot poet pore |
Dictionary port prat prate private privet |
: tates re aah oe, |
Across Down (1999 repeat ripe rope tape taper tapir |
: . . a Pele Pd 4 _ tope topee toper topi trap tp |
1 A turbulent river 1 Confront with small edition), tripe trope viper
a8 ame hi i ft i a a —
4 Murder mother for the 2 Flier appears to steal in (5) ee a ds eee tes edt Contract Bridge
estate (6) 3 A burning issue may rise AAC \
9 He’s got a job at last (7) out of it (7) bal La fe || z= \ Steve. Becker
-10 She's a hole in her san- 5 Mr Welles gave no backing Reese rhe te Peace \ MOMMA AAAI \
dals, perhaps (5) to horse he withdrew (5) agge "
17
11 Anne’s brought back a 6 One who may take one to "| Ee || || al A Killing Defensive Maneuver
pa ee
12 Alice’s top drawer? (7) 7 Settle down to some South dealer. allow South to win in dummy and
fs i oh | i a || 4 | | fe | i Both sides vulnerable. trap East’s king via a finesse, while a
13 Dead tired? (3,2,6) earnest letter writing (6) NORTH spade or diamond return would allow
18 International insurance 8 Sticking out for the potato leeds | Puce oe eared . 5 declarer to ruff in dummy he are
; J1082 two trump finesses. So South made
oo ies EHREEESsESs&s |
@Q5 four hearts.
20 Artist when old retires 14 Not shrewd? That's QJ 1073 At the second table, the A-K of
Souler avenge (7) (ial ep eh teal WEST EAST diamonds were also cashed, but here
: . . : . QI 10983 @742 East found the way to stop the con-
22 Victor loses his head going 15 Given an income, but at ¥75 VK 63 tract. He was not concerned with
round the bull (5) the end was in debt (7) Lu Across Down A996 @K 108742.) whether West had a aoe aie)
, ‘ ; ; : &o4 RA because he saw an ironclad way 0
23 It’s often faced with resolu- 16 She can turn out to be an ll 1 Leave out (6) 1 Flag of nationality (6) SOUTH scoring the setting trick himself with
tion (3,4) upper class niece (6) N 4 Thinly scattered (6) 2 Throttle (5) @AK the king of hearts. ;
24 Rarely seen part of the 17 Assumes in pretence (6) am 9 Cause of affliction (7) 3 Betoken (7) ine 94 ee ce ede
; ; 1 cashed the ace of clubs. Then he lec
French president's resi- 19 Five Gaelic lines of poetry a 10: Assign (5) 5 Unembellished (5) &K9852 a spade. South was powerless against
dence (6) (5) > 11 Birds of duck family 6 Exclude as possibility The bidding: this thoughtful defense, which lett
Pere : 5 4,3 South West North East him with no means of getting to
25 ASpaniardis ahandsome | 21 Gather it could be an ” (5) ( a) 1’ ia +h 16 dtmmy te take the heat Anesses Be
< y
fellow (6) angel (5) Lu fe Depprsseved Sam FANG 8) 29 Pass 39% 34 knew that if he led a club toward
(7) 8 Noble nature (5,2,4) 4% dummy, it would be ruffed, so he
13 Providing barest 14 Lacking any purpose Opening, lead — ace of diamonds. played the ace of rae i oe eee
, : : , : of catching the singleton king. When
Yesterday’s Cryptic Solution Yesterday’s Easy Solution needs (4-2-5) (7) ‘This deal was played in a team- the monarch failed to fall, he had to
: ; s. : : -four matc ables : settle for down one.
Across: 1 Soprano, 5 Times, 8 Purple = Across: 1 Impeach, 5 Basic, 8 Pure 18 Delay between relat 15 Tapering stone pillar of-four match, At both tables the settle for « ee pane
: nee : ie : final contract was four hearts played East had appraised the situation
emper 2 pwald, 1 Alritt, a and simple, . Lupin, 10 Overlap, 11 ie eveIS vie! (7) by South, but at one table ihe con- accurately, He reasoned, from the
Radish, 12 Genius, 15 Liaison, 17 Create, 12 Flimsy, 15 Unnerve, 17 20 Come after (5) 16 Senseless (6) tract was made, while at the other it bidding and play, that declarer’s dis-
Eland, 19 Orchestration, 20 Talon, 21 Tenor, 19 Self-important, 20 Leave, 22 To offer in excuse (5) 17 Simply (6) was defeated. tribution was almost surely 2-4-2-5,
Detente. 21 Relayed. 23 °F . 19 At the first table, West led the ace in which case South could not pre-
Down: 1 Sepia, 2 Part and parcel, 3 Down: 1 Impel, 2 Paraphernalia, 3 ree time (7) Long-handled deep of diamonds and continued the suit, vent him trom scoring a trump trick
Alludes, 4 One day, 5 Toper, 6 Against, 4 Hudson, 5 Bribe, 6 24 Cause spoon (5) when East signaled with the eight. if he cashed the club ace betore exit
Mortification, 7 Sprites, 11 Rule out, Supplementary, 7 Cheaply, 11 to vanish (6) 21 Reject with contempt Fast took his king and shifted to a ing with a spade,

Defending in this manner could
not do his side any harm, but the fail-
ure to cash the ace of clubs. first
could, as it did at the first table, cost
the contract.

Tomorrow: The power of positive thinking
©2008 King Features Syndicate Inc,



THE TRIBUNE FRIDAY, OCTOBER 3, 2008, PAGE 11B



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CVMLUAVAWISTA MOM el=eel an molly

Latch ko mai

Fears that banks —
loreclse On ti § Sur me

But resort
developer says *
‘nothing is
decided’

@ By NEIL HARTNELL
Tribune Business Editor

CONCERNS were mounting
last night that a group of inter-
national banks might foreclose
on the $4.9 billion Ginn sur mer
development in Grand
Bahama’s West End, although‘a~
spokesman for the resort devel-
oper said discussions with the
lenders were “ongoing and
nothing is decided.”

Sources close to the develop-
ment said yesterday that a lend-
ing syndicate headed by Ctedit
Suisse were now threatening to
take possession of the Grand
Bahama project after months
of protracted negotiations over
a $675 million loan that Ginn
defaulted on this summer..

It is understood that the lend-
ing syndicate has a mortgage.
that covers half of Ginn’s more

SEE page nine

lawyer should be allowed to return

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

MEMBERS of the public can come to the Supreme Court today to say
whether or not they think disbarred lawyer Leon Smith should be allowed
to return to the profession.

Mr Smith, who was disbarred for refusing to return hundreds of thou-
sands of dollars belonging to his clients, will have his application to be rein-
stated as an attorney heard at 3pm today in the Supreme Court.

“It’s a public hearing,” said President of the Bar Association Wayne
Munroe yesterday. “Anybody that has anything to say can come and
attend.”







lm By ALEX
MISSICK

STATE Minister
of Finance, Zhivargo
Laing was close to
tears yesterday as he
recalled how he had
been “victimised” by [i
West End and Bimini
MP Obediah Wilch-
combe.

Mr Laing told
House Speaker Alvin
Smith Wednesday that he was
responsible for caring for his
mother. He blamed his inabili-
ty to take care of her as he once
did on the same Member of
Parliament who was then ask-

ing the FNM government “to_

use their hearts.”

“This member of Parliament
for West End and Bimini said
use your heart. I also heard this
Member of Parliament talk
about how this is the Bahamas
and this is a democracy and

Bahamians ought to be able to
flourish and do what they want
in their country,” Mr Laing

said.

Zhivargo Laing



Felipé Major/Tribune staff



DUMPING OF old cars, refrigerators and other refuse continues to plague New aratiencee= as illustrat-
_ ed by this junk photographed off Carmichael Road yesterday.

UAC Lhivargo Laing claims he was



“After much
reflection,” he said, “I
made a decision in
this election gone by
(2002) and continued
to write my column.”

When Mr Laing
lost his seat as MP for
Fort Charlotte in the
2002 election he start-
ed to write a weekly
column in The:Tri-
bune — “Straight
Talk.” He discontin-
ued the column after his elec-
tion to the House last year as
MP for Grand Bahama where
he was then living.

Mr Laing said that at that
time Julian Francis, the new
chairman of the Grand
Bahama Port Authority,
offered him a job.

“We sat, we spoke about it,
we agreed a contract, and it
was a handsome consultancy,
no question about it, but I was
doing real and genuine work
for them. Three months later |
could hear the uneasiness in his

SEE page nine





\'S: yh VG U AND

Ti GR. Sweeting's

Ba

SCORER We LcLahY wy 3 ie

Steady increase in
prices of household
eoods, foodstuff
and medical care

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

AS US confidence remains
"near historic lows" the Central
Bank revealed that there has
been a steady increase in the
prices of household goods, food-
stuff, and medical care during
the past 12 months.

The monthly Economic and
Financial Developments report
released by the Bank encour-
ages households to make fur-
ther spending adjustments in
response to the significant ero-
sion in financial wealth.

The Bank also said during the
period that there was "contin-
ued moderation” in economic
momentum, "tempered" con-
struction activity and "sustained
weakness" in the tourism sec-
tor.

The demand for the country's

number one industry is expected
to "wane further" over the
remainder of 2008 and the first
half of 2009, the report also said.

Released this week, the
report reveals that for the 12-
month period ending July, 2008
average consumer prices
increased to 3.29 per cent from
2.42, or 0.87 per cent, during the
same period last year.

The "most significant" price
inereases were seen in furniture
and household areas (7.23 per
cent), medical care (4.80 per
cent), food and beverage (4.24
per cent), other goods and ser-
vices (3.83) per cent) and trans-
portation and communication
(3.42).

The remaining areas rose by
less than 3 per cent, according to
the report.

* Despite a reduction in inter-

SEE page nine

GB hotel workers reduced to
one-day, four-hour weekly shift

@ By PAUL G TURNQUEST

Tribune Staff Reporter

pturnquest@tribunemedia.net

HOTEL workers in Grand Bahama
have been reduced to working a one-
day, four-hour weekly shift, as the occu-
pancy level for the remaining two major
hotels has dropped to 13 per cent, West
End and Bimini MP Obie Wilchcombe

revealed.

Obie Wilchcombe



Speaking to The Tribune yesterday
about the deplorable state of Grand Bahama’s s economy, Mr
Wilchcombe said he would have to describe it as being some-

where between “bad”

SEE page 10

and “terrible.”

Murder accused claims Jamaican
Rastas killed Mario Miller

m@ By CHESTER ROBARDS
Tribune Staff Reporter

MURDER accused Ricardo
Miller, alias Tamar Lee, stood in
the confines of the prisoner's
dock yesterday and in an
unsworn statement, told the jury
that Jamaican Rastas killed
Mario Miller. He said that over
a week he and Mario had built a
trusting relationship.

He recounted a far different
story of Mario’s death than any
he had told police. His brother
Ryan, in his unsworn statement,
claimed again that he was never
at the scene.

Ricardo told a story-that
began almost a week before
Mario’s death.

He said he had been asked by

a man named Marco, whom he
supposed was a friend of Mario,
to come to Nassau to help them
“trade some bricks.”

Ricardo then went to Nassau
on Monday, June 17 and met
Mario at Marco’s house, where
they discussed what Ricardo
would be paid. Afterwards, they
made an agreement and then
made a few phone calls.

According to him, between
Monday and Thursday he had
sold around 32 pieces of cocaine,
some of which he said belonged
to Mario, and on Friday Mario
decided to raise the price of the
cocaine.

He said on Friday around 3
pm they went to the Prison Offi-

SEE page 10

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PAGE 2, FRIDAY, OCTOBER 3, 2008

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THE TRIBUNE



Gambling charges against 78-year-old
are dropped before his bail signed

GAMBLING charges brought
against Lyford Cay resident
Robert Halat were dropped
before his $2,000 bail was signed
on Wednesday.

The 78-year-old retired Amer-
ican pleaded not guilty to the
charge of gambling as a Bahami-
an citizen and was granted $2,000
bail by magistrate Guillimina

Archer in a Nassau Street court. °

But before the bail was issued,
defence attorney Michael Kemp
argued the charge had to be dis-
missed as Mr Halat is not a
Bahamian citizen but an Ameri-
can resident of the Bahamas.

Sidney Strachan, spokesman
for the Committee for Gaming
Reform (CGR), described the
procedure as a fiasco and
believes Mr Halat was being
used to set an example to
Bahamian gamblers.

He said: "It's clearly what I
consider to be elective prosecu-
tion. It shouldn't be that diffi-

cult to find somebody to prose- °

cute for gaming in the Bahamas,
but for us it seemed like he was
being taken advantage of, and it

Robert Halat

could have been dealt with dif-
ferently considering his age and
status here."

Mr Halat moved to New Prov-
idence upon retirement 18 years
ago with his French wife, and has
been gambling throughout his
residency as he considers. him-
self a permanent tourist or finan-
cial resident who has never

i



earned money in the country.

He was charged after he was
found playing poker in the
Atlantis casino on September 24,
his 78th birthday. He did not
wish to comment on the case.

Mr Strachan said: "Frankly,
the Robert Halat incident is both
frustrating and embarrassing.

"Our hope is that the decision
to drop charges against Mr Halat
signifies a willingness on the pari
of the government to open dis-
cussion of gaming law reform."

The Committee for Gaming
Reform plans to meet with Mal-
colm Adderley, chairman of the
gaming board, to discuss the cur-
rent gaming laws.

Mr Strachan said: "The gam-
ing reform committee contends
that Bahamian gaming law is
arcane and discriminatory by
nature.

"Tt is out of step with conven-
tion and fundamental democrat-
ic principles. It is contradictory,
awkward and an impediment to
economic growth. Common
sense says the laws need to be
reformed."



FORMER SPEAKER Sir Arlington Butler pays his respects as the body of formerWest End MP Harold Ran-
dolph DeGregory lies in state at the House of Assembly. Officer PC3202 Cius stands guard by the coffin.

Court of Appeal ‘may hear AG’s Office
appeal to bail application next week’

EARLY INDICATIONS
are that the Court of Appeal
may hear the Office of the
Attorney General’s appeal to
“Emperor” Dion Knowles’
bail application next week,
public prosecutor Darnelle
Dorsett said.

On Wednesday the Office of
the Attorney General

1 Grew 1
a ERVECERIA, MODELO, S, h DEG
MEXICO, DLE.

REG. BBA, Win TagaRy UA”

SUPER VALUE COMB

appealed the $50,000‘ bail:
granted a day earlier by Acting.

Supreme Justice. Elliott Lock-
hart to accused murderer Mr
Knowles, 41.

Ms Dorsett said that “to the
best of (the office’s) knowl-
edge”, this means that Mr
Knowles, charged with the
2007 killing of his nephew, is
not free at present.”

Asked if this is the case, Mr
Knowles’ lawyer Murrio
Ducille said: “As it stands right
now he has bail. I don’t know
if it has been signed yet. But he

Man charged with
assaulting his mother

A 27-YEAR-OLD Elizabeth
Estates resident charged with
assaulting his mother and threat-
ening her with death via the
internet pleaded not guilty to
two charges yesterday.

Nicholas Hanna, of Com-
monwealth Blvd, appeared
before Chief Magistrate Roger
Gomez in Bank Lane charged
with threats of death and assault
against Cynthia Hanna on Sep- -
tember 30.

Hanna asked Magistrate
Gomez if he could explain what
happered, and a trial was set for
January 20, 2009.

Hanna, who was in custody,
was granted $2,500 bail and
ordered to stay away from his
mother.

























‘has bail.”
| According: to.Ms. Dorsett,
the Bail Amendment Act 2007
states that when a judge grants
bail and counsel from the
Attorney General’s Office or
defence give notice that they
intend to appeal the matter,
the judge’s grant of bail is sus-



pended pending the outcome |

of the appeal.
It is alleged that
Knowles, a carpenter by trade

Mr

according to his lawyer, inten- |

tionally caused the death of his
nephew, Knowles, on Sunday
August 19, 2007.

The 26 year-old father-of-six |

was reportedly shot in his
abdomen during an argument
in the Fox Hill area.

Norman Solomon's
body to lie in state

THE BODY of former Mem-
ber of Parliament Norman
Solomon will lie in state in the foy-
er of the House of Assembly on
Friday from 11am to 6pm, and on
Saturday from 9am-6pm.

The funeral service will be held
on Monday at Christ Church
Cathedral at 2pm. Dean Patrick
Adderley will officiate.

Mr Solomon, who died on Mon-
day after a battle with cancer, was
a highly respected businessman
and politician who worked tire-
lessly for the development of his
country.

ay boy UST W ec S y Vel

Ay MM acai cela
mum DELUXE Compo

PUA

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eye)









ae






THE TRIBUNE



FRIDAY, OCTOBER 3, 2008, PAGE 3



o in brief |Buckle up for a bumpy ride, economist tells Bahamians

Moves to help
local economy
rebound after
global turmoil

ZHIVARGO Laing, Min-
ister of State for Finance, said
the Bahamas will be able to
find balance amidst the dete-
riorating global economic con-
ditions through several spe-
cific initiatives.

These include:

e strategically refined and
expanded public sector fund-
ing facilities

° expanded financing of
commercial enterprises by
commercial banks

e an significant increase in
venture capital

¢ a facilitated liaison mar-
ket for investors and entre-
preneurs

¢ amore dynamic and
developed formal capital
market

Through these measures,
the minister said, he is more
certain that the local econo-
my will find an equilibrium,
and eventually rebound.

R M Bailey
Class of ‘88 to
hold ‘souse-out'

The R M Bailey Class of
1988 will be holding a
“souse-out” in aid of school
projects and other activities
on Saturday, October 11, at
R M Bailey Park from 7am
to 1lam. Tickets can be pur-
chased by calling 393 6502 or
302 2783.

Lil Wayne:
Correction

Lil TENT :

IN an article on Page 5
of Thursday’s Tribune,
event promoter Lisa
Tottle discussed that fact
that rap star Lil Wayne ©
did not appear at a Nas-
sau concert as scheduled
last Saturday.

She noted that the rap-
per was at Aura night-
club in the Atlantis
Resort that night.

Ms Tottle was quoted
as saying that she felt Lil
Wayne was at Aura
rather than at the con-
cert because Atlantis
was able to pay him
more than her company,
Red City could afford.

However, The Tribune
has learned that Atlantis
paid nothing money to
Lil Wayne during his
time in the Bahamas.

In fact, the rapper was
staying at The Cove at
Atlantis and visited club
Aura as a guest of the
resort.

The Tribune would
like to apologise for any
inconvenience this error:
caused.



’ take a hit.

m By LLOYD L ALLEN
Tribune Staff Reporter

A LOCAL economist says Bahami-
ans should prepare to endure a bumpy
ride for at least another 15 months.

He predicts a drastic decline in the
local economy, and adds that govern-
ment’s attempt to stabilise the econo-
my through initiatives with the IDB
will be temporary successes at best.

Trade economist at the Chamber of

Tourism industry —
faces ‘rough future’

m@ By LLOYD AL.LEN
Tribune Staff Reporter

THE tourism industry had
better prepare for a “rough
future” the government’s
financial chief warned yester-

conference, Minister of State
for Finance Zhivargo Laing
noted that the Bahamas’ eco-
nomic fortunes are directly
influenced by what happens
to the American economy.

He pointed out that Amer-
ican tourists account for more
than 80 per cent of visitors and
are the largest contributors of
foreign currency. to ae
Bahamas.

"With key markets in thie
US such as Florida and New
York exhibiting signs of weak-
ness in the face of the housing
and financial crisis ... visitor
arrivals from this country are
expected to remain anemic
and weak in the near future,”
Mr Laing said.

The minister predicted that
as a result of the US financial
troubles, tourism, tourism
investments, and the banking
sector in the Bahamas will all

The minister said that with

Commerce Hank Ferguson said: “We
can expect a reduced work week, we
can expect less money in our system,
and therefore some deterioration on
expectations in terms of what the econ-
omy generally would have done, as
well as in the way we are accustomed
to living.”

Mr Ferguson said based on the cur-
rent economic conditions, he does not
predict a rebound in the economy at
least until the end of 2009.

He also noted that due to the heavy

Finance Minister points
to links between US and
Peas ata globalisation Bahamian economies

“.. Visitor ©
arrivals
from this’
country are
expected to

remain
anaemic and

9



reliance on the tourism product, “our

situation will be particularly dire.”
Mr Ferguson looked at the example

of St Lucia where strategic plans have

been initiated to help offset the effects”

of the global economic downturn.

This has come in the form of subsi-
dies and rebates not only in the
tourism industry, but also in some con-
sumer items like flour.

As these measures have helped to
softened the economic blow for St
Lucians, Mr Ferguson argues that sim-

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the pull-out of the KOR group
in June of this year from a
250-room hotel project in
Mayaguana - citing that they
were incapable of withstand-
ing the deteriorating market
conditions — and with exter-
nal funding uncertainties in
the tourism investment mar-
ket due to bankruptcies: and
takeovers of US and Euro-
pean financial institutions, the
sector is undoubtedly in for a
rough future.

Amidst this uncertainty, Mr
Laing said.he does anticipate
some hope in the form of
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Bahamas.”

The minister argued that
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He added that considering
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tion,” he said.

“With projections ofa significant decline i in the econo-

_ my, some are asking whether it is time to step away from:

the ‘Golden Goose’ tourism industry and begin to

ag ssively develop alternatives.

ut according to Minister of State for Finance Zhiva-

_ go Laing, "diversification is not a government project”

| but one that involves the private sector.

Speaking at a globalisation symposium, Mir Laing said
government’s job is merely to set the climate for busi-

"Businesses themselves go out there and seek oppor-
tunities, take advantage of opportunities, and lby doing
that they create areas and kinds of enterprises through- |
out the country, and that in effect provides diversifica-



being done now with the Col-
lege of the Bahamas and the
Ministry of Finance which will
make it possible for Bahamian
entrepreneurs to develop busi-
ness plans that can meet the
rigours of any local or inter-
national financial scrutiny or
analysis and improve their
prospects for success.”

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are not subsidising anything. . . the
only thing that we have done anything
about in terms of subsidies is the fuel
surcharge for electricity.”

He remains optimistic that “the US
authorities will find a means to ease
their current economic dilemma... .
which in turn will have a positive effect
on our economy.”

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The Tribune wants to hear
from people who are
making news in their
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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
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: » 3 :
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US, 4, TODAY SPORTS SECTION 12 PAGES


PAGE 4, FRIDAY, OCTOBER 3, 2008

THE TRIBUNE



acca SSSA SSS SSS
EDITORIAL/LETTERS TO THE EDITOR ee

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

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

Candidates, media foster ‘free ride’ mentality

NEW YORK — Most of this week’s talk
about the presidential race concerned the
vice-presidential debate, but your reporter
was still chewing on something he heard
over and over in the coverage following
the first McCain-Obama matchup — the
complaint that, when pressed by moderator
Jim Lehrer, neither candidate offered any
specifics about what he would “give up, in
terms of the priorities that you would bring
as president of the United States, as a result
of having to pay for the financial rescue
plan.”

First, it’s not even strictly accurate that
neither candidate offered cuts to his respec-
tive agenda. Barack Obama offered that he

might have to sacrifice individual compo- |

nents of his alternative-energy investment
plan.

And John McCain, in an answer that
didn’t receive nearly enough attention, pro-
posed “a spending freeze on everything
but defence, veteran affairs and entitle-
ment programmes.”

But more to the point, as the press and
punditry wring their hands over a political
environment in which neither candidate is
“willing to level” with the American p yore
about the hard choices facing the next/pres-
ident, perhaps these media acto

done to create this environment.

Because I’m willing to bet the trailer
money that, had either McCain or Obama
sacrificed a major pillar of his domestic or
foreign-policy agenda on the altar of bud-
getary restraint, the press would have
pounced.

Would the headlines have read: “In
Laudatory Moment of Campaign Candour,
McCain/Obama Levels With Taxpayers”?

Perhaps. But I’m guessing they would
more closely resemble something along
the lines of, for McCain: “Straight Talk
Express in Ditch: McCain Admits U.S. Can
No Longer Afford Iraq Occupation.” Or,
for Obama: “Short Changed: Obama Con-
fesses He’ll Drop Health Care Reform,
Rationale for Campaign.”

Or, worse, the current fashion for
process- -obsessed campaign reporting
would yield breathless commentary and

uld’
take a moment to consider what the ey'l ave

instant analysis about how one or the oth-

* er’s admission was “bound to hurt him”

— and how the opposite party’s candidate
was “sure to pounce” on the admission.

Conspicuously absent, of course, would
be any sense that such a line of attack
would constitute an unfair punishment for
having told the truth.

And if such an attack came, the candi-
date on the receiving end could probably
forget about any impartial defence com-
ing from the press, which long ago abdi-
cated any role for itself as an independent
arbiter of the truth in favour of the much
safer “he said/she said” model.

We've heard a lot lately about “gotcha”
journalism, mostly in response to Sarah
Palin’s shaky answers to interview ques-
tions about everything from the Bush Doc-
trine to the Supreme Court to her choice of
reading material.

-To my mind, though, the real gotcha
journalism is that which, when it comes to
truth-telling on hard choices, offers a choice
of damned if you don’t, damned more if
you do.

American voters are often criticised for
what some describe as the expectation that

“they can get something from the govern-
‘ment without having to give up something

else.

Call it a free ride or something-for-noth-
ing mentality. ,

Taxes remain the classic example, as

- everyone wants them to be lower while

few are willing to sacrifice their own pet
programmes in the name of budgetary
responsibility.

Our politicians, too, come under fire for
enabling this attitude.

There is surely merit to both criticisms,
and the electoral evidence to back them
up.

But before members of the American
political press go pointing fingers, we might
also consider what we have done to foster
an attitude that invites bad faith and cor-
rodes our democratic processes.

(This article was written by Dan Rather -
c.2008 Hearst Newspapers).



Government |

should set up a_

—e wae mS

National Disaster
Insurance Board

EDITOR, The Tribune.

As I sat and watched the
weather report on my TV and
hearing about the devastation
that occurred to our brothers
and sisters in our family
islands, my mind went on
those people who do not have
or are unable to afford home
insurances.

The insurance companies
today in my opinion are the
most unjust operation of busi-
ness.

As far as I see it they are
out for what they can get out
of people, especially those
who are struggling.

They charge you extrava-
gant fees and when a claim is
made most persons still have
to inject much of their own
funds to repair their homes.

My suggestion is for the’
Government to start up a Dis-
aster Insurance Board similar
to the National Insurance
Board. There are many bene-
fits that can come out of this:

° It will create employment

e It will build up our econo-

letters@triblunemedia.net



my

e When disaster comes and,
God forbid, every working
homeowner would have con-
tributed to the restoration.

e In terms of people’s
homes getting damaged from
the storm: or hurricane, this
will help to provide funds to
restore oy rebuild their homes.

e Contribution to this
should be in a similar format
as the collection of National
Insurance, eg, if your home is
valued ‘$50,000 up to $100,000
you could pay a specified
amount based on the value
using a scale of charges.

I would rather and feel bet-
ter to know that my money is
being set aside in case some
disaster strikes.

At least the money will be
in this country and not going
to those country whose build-
ing codes are not as good as

ours.

Some of the money can also
go towards fixing the docks or,
other things that are destroyed
on the Family Islands.

. I will have confidence to
know that my money will be
helping our people.

This will help especially the

’ homeowners who are strug-

gling to pay those extremely
high insurances or help Mrs
Brown around the comer: who
might not have the means of

paying extravagant insurance,

fees.

Something to seriously think :

about.

A CONCERNED
BAHAMIAN CITIZEN
Nassau,

September 15, 2008.

(If this writer were privy to

some of the allegations being |

leaked to us from the opera-~

, tions of National Insurance, ,

we don’t think he would be so ,

anxious to encourage the cre-
ation of another potential dis-
aster. — Ed).

To those who may wish to shut :
me up: I cannot be frightened ©

I also wonder if the tactic,

EDITOR, The Tribune.

Upon my return from the
Democratic Convention I
wrote a Letter to the Editor
expressing my feelings about
the strength of the family in
nation building.

I alluded to the fact that a
strong family builds strong
communities and eventually
strong countries.

I thought that my senti-
ments were shared by the
majority of upright, well inten-
tioned Bahamians.

But when you through a
rock into a pack of dogs, the
dog that gets hit is tlae one
who will holler, “iro, iron,
iron!”

In my letter I also joked that

- there would be some “shot

gun weddings” real soon.
This must have struick a raw

nerve, because since then I ~

have been inundated with

phone calls objecting to the
suggestion that politicians
should be family men. What
could be wrong with that
statement?

Surprisingly, ‘today I was
approached by a young man
who said that he was from Fox
Hill with the most insults,
innuendoes, verbal abuse and
threats of physical abuse.

He was not someone that I
had seen before or knew, but
he knew me.

He questioned how I could '

say such a thing.
He went on to name mem-

bers of parliament who were '

not married and how much
they contributed to the coun-
try, and that I was wrong.
Because of his demeanour, I
quickly abandon the conver-
sation.

I am flabbergasted how

something that was so posi-,

tive could be received so neg-
atively.

used was to prevent me. from

sensitising the public, a vol-”
untary exercise that I have'<
been doing for more than'25

years.

Well if there is a plan to’

shut me up by anyone, this is'”
simply to say up front and:
unequivocally that I cannot be,
frightened. I will not allows
cowards who hide behind false’,

names and duck behind gown),
tails and not face me like a}

man, to intimidate me.

I continue to fear the one
who is mightier that I, w hose§
shoes I am not worthy to;

stoop and unloose. I fear Jesus |

Christ only.

When are people going to —
get it through their thick skull? |
Well this is just a reminder. }

Send the memo.

IVOINE INGRAHAM
Nassau,
September, 2008.

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THE TRIBUNE

FRIDAY, OCTOBER 3, 2008, PAGE 5



© In brief.

Man arrested
over firearm —
alnmo possession

e A 23-year-old man was
arrested on Wednesday in con-
nection with the possession of
firearm ammunition.

At around’10pm on Wednes-
day, officers from the Elizabeth
Estates Police Station conducted
a search of a home in Yamacraw
Estates and found 43 shot gun
shells and two live rounds of
ammunition for a .25 handgun.

The 23-year-old resident of the
home was arrested and is cur-
rently in police custody.

Police find drugs
in private home

e THREE persons were arrest-
ed yesterday after police discov-
ered almost $7,000 worth of mar-
ijuana in a private residence on
Palmetto Avenue.

At around Sam yesterday, offi-
cers from the Mobile Division
carried out a search of a home
on Palmetto Avenue. Inside the
house, police found approxi-
mately seven pounds of marijua-
na. Two men, aged 41 and 34, and
a 38-year-old woman were arrest-
ed and are in police custody.

Two arrested
over vehicle theft

e POLICE yesterday appre-
hended two suspects in connec-
tion with the theft of a Nissan
Sentra vehicle. :

Between 9pm on Wednesday,
October 1, and 3am on Thursday,
October 2, police received a
report of a Nissan Sentra that was
stolen from a home located in
Fraser Estates. Officers from the
Mobile Division were on patrol at
around 4am on Thursday when
they saw a car on fire on Cox
Way. As the officers approached
the burning vehicle, they
observed two men standing near-
by, holding car parts in their
hands.

The vehicle was later discov-
ered to be the Nissan Sentra that
was reported stolen.

The car parts the men were
holding also belonged to the
stolen vehicle.

The two men, aged 19 and 20,
were taken into custody and are
being questioned in connection
with this matter.

PLP CHAIRMAN GLENYS HANNA-MARTIN MOUNTS SCATHING ATTACK

Government accused of failing to
tackle ‘emerging economic crisis’

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

PLP Chairman Glenys Han-
na-Martin chastised the gov-
ernment yesterday for failing to
address the “emerging eco-
nomic crisis” which is negative-
ly impacting Bahamians
throughout the country.

“It is shocking that this gov-
ernmenf has stood by and
allowed a crisis to arise in our
country when more than 5,000
homes were disconnected from
electrical supply as a result of
people’s inability to meet the
sustained rise in the cost of this
essential commodity,” Mrs

Hanna-Martin said in a State- -

ment.

Financial experts: Prudent spending key

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

PRUDENT spending and the
avoidance of unnecessary debt
should be practiced in these
uncertain economic times, finan-
cial experts advised yesterday.

Job availability and consumer
income will undoubtedly be put
"under pressure" because of the
downturn in the tourism and con-
struction sectors - evident in the
recent labour force statistics which
show the unemployment rate at
8.7 per cent this year. The study
also revealed the average house-
hold income dropped almost
$2,000, from $45,221 in 2007 to
$43,427 in 2008.

Speaking with The Tribune, for-
mer governor of the Central Bank
Julian Francis said banks need to
adjust lending policies for "Vvul-
nerable" applicants to avoid the

- risk of default.

He said in light of the US cred-
it crunch, local banks are "moni-
toring" the environment and
"adjusting" their lending practices
on business and personal loans -—
even though the Bahamian bank-



“The government's response
to this economic crisis bears
no resemblance to good gover-
nance. This is abandonment.”



Glenys Hanna-Martin

“When the whole world
seems to be painfully aware that
global events are threatening
the quality of life of people
everywhere, our government
appears to be oblivious and to
have no prepared policy
approach to ensure that more
and more people are not

&
RS
ul
XS
SS
<<

Julian Francis



ing system is significantly insulat-
ed against foreigm banking prob-
lems through Central Bank
exchange control regulations.

"Our banks have got to realise
that jobs in our economy are
going to be more under pressure,
that income is going to conseé-
quently be under pressure and
that means that the banks would
normally, lets say, be more selec-
tive in the consumer type lending
which they do.

“But there is a certain category

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pushed into the abyss of pover-
ty.
“As I speak, people are fear-
ful and apprehensive about
meeting the rising cost of all
manner of things including bank
payments, school fees, the cost
of food.

“While the government has

of lending which I believe should
not largely be affected by this and
that is areas like housing (loans).

“I believe those areas should
not be as severely impacted like
some of the areas which are much
more vulnerable to the current
problems,” he said.

Because the commercial sector
has the opportunity to create jobs
not linked to tourism, he believes
local banks should not adopt any
broad discontinuation of lending
to the business sector.

"And so yes, there's got to be
more caution and discretion which
is exercised, but we're not suffer-
ing the same types of problems
which you probably have in (the
US) where the banks have literal-
ly stopped lending because they
don't have any liquidity. Our sys-
tem at the moment is quite liquid
really — I personally am very con-

ua ee
US)
aM tds
PHONE: 322-2157

the power through the mecha-
nism of price control to ensure
that breadbasket items are kept
at affordable prices so that in
the least, essential food items
are protected, they have taken
an apparent laissez faire
approach, leaving the pressure
to bear on the embattled citi-
zen to face the ravages of what
is being described as the most
significant economic crisis in
recent memory,” she said.

Mrs Hanna-Martin said that
the government has the respon-
sibility to stimulate the econo-
my and one such way is through
capital projects which have
already.been approved by par-
liament and which have been
previously announced by the
government.



een Hanna-Martin

“They should now move
immediately to commence these
projects so as to keep our econ-
omy afloat and create jobs in
these difficult times. The gov-
ernment’s response to this eco-
nomic crisis bears no resem-
blance to good governance. This
is abandonment,” she said.

during economic turmoil

fident that our banks are very,
very sound.

“We really have a sound bank-
ing system so we don't have the
kinds of worries or liquidity con-
cerns you see discussed in the US,
the UK and in Switzerland even,"
he said.

The country's state minister for
finance also advised consumers to
spend prudently as the country
‘continues to feel ripple effects
from the credit crisis in America.
But he is optimistic the Bahamas'
"resilient" economy will weather
the financial crisis abroad.

Said Zhirvargo Laing: "This is
not the first time the United States
has had an economic downturn
or faced the threat of a downturn
even though this circumstance is
more severe but we have been
able to endure those cycles in
times past".

He said the administration in
America has a vested interest in
ensuring liquidity is returned to
America's lending market and
believes that it will happen.

Mr Laing was responding to
questions regarding a recent Cen-
tral Bank report which said the
financial crisis in the US will "soft-
en" the outlook for the Bahamian
economy.

Last night, the US Senate
passed a revised "bail out" plan
for troubled financial institutions
by a vote of 74 to 25 sending it to
the House of Representatives for
a Friday vote.

The new, controversial legisla-
tion (whose original version was
rejected by the House last week)
still allocates billions of US tax-
payer dollars to allow the. US
Treasury to buy bad mortgage
loans.

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Licensed Spintual Educator, Kingston, Jamaica
PAGE 6, FRIDAY, OCTOBER 3, 2008
Govt outlines moves to cut unemployment

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

7,



THE government is accelerating infra-
structure projects, creating more opportu-
nities for domestic investors, and contem-
plating expansion of a work assistance pro-
gramme to create employment opportuni-
ties for those Bahamians working in the
ailing tourism and construction sectors.

Minister of State for Finance Zhivargo
Laing outlined these initiatives to The Tri-
bune on Wednesday when.asked what pro-
active measures the government is taking to
off-set the increasing unemployment num-
bers.

His statements came a day after the
Department of Statistics released its latest
Labour Force and Household Survey.

The statistics show although the labour
force has grown by 2.9 per cent compared
to last year, the total number of unem-
ployed persons has increased by 12.4 per
cent. The rate of the country's unemploy-
ment rose from 7.9 per cent in 2007 to 8.7
per cent this year.

. Minister Laing said the rise in unem-
ployment was due to a softening in tourism
and construction sectors. "There are no
nets to us that the unemployment rate

has gone up, even if slightly, because you're
talking about less than a percentage
increase. With the global economic cir-
cumstances that we are faced with, one
could expect that. (This time last year) in

. May, when the statistics were taken there

was a slight increase, and that was reflective
of the global economic circumstances, the
winding down of the investment projects -

in particular Kerzner's projects - the:

decrease in the growth of the credit expan-
sion, and these kinds of things that tend to
soften the economy.

"I think that it is a reflection of a number
of things, in particular the fact that the eco-
nomic circumstances in the country are
softer than we are accustomed to. Tourism
is not as robust as it was and so that is going
to have an effect on employment levels.
That's our major employment area, it's a
major sector of our economy, the con-
struction area is not as robust as it was and
so that's going to have an impact on
employment levels. So by and large it's a
reflection of the global economic situation
that's impacted our own circumstances in
the country,” he said.

He said the country has to be "cautious-
ly optimistic" about the economic future,

but added that there were certain steps the -

government is taking to cushion Bahamians
from the blow of a US recession, "Whether
you see the rate rising or not, there are
things which the government is doing and
things which the government can do. For
instance you see the social relief that we
have provided, included in that is consid-
eration for an expanded work assistance
programme. So that will give opportuni~
ties to some of the neediest persons who are
unemployed to have an opportunity for a
level of employment over a definite period
of time. You also see us accelerating our
infrastructure projects (like) the road
improvement project, the housing project -
these things will generate employment, will
create new economic activity, and put some
liquidity in the system and so you see us
doing that. “








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Grand Bahama consumers to
have power restored,

m@ BY SHARON TURNER

THE government will cause all
disconnected residential Grand
Bahama Power Company con-

_sumers to have their electricity

restored, and will, as it did for
Bahamas Electricity Corporation
(BEC) consumers, cause the fuel
surcharge to be limited for some
15,000 consumers on Grand
Bahama, Minister of State for
Finance Zhivargo’ Laing
announced in parliament on
Wednesday.

The announcement represent-
ed a fulfillment of a pledge made
to electricity consumers on Grand
Bahama by Prime Minister
Hubert Ingraham when he
announced the government’s
social assistance plan for BEC

. consumers throughout the coun-

try on September 17.

Mr Ingraham pledged that the
government would do no less for
Grand Bahama than it did for
BEC consumers throughout the
country.

Minister Laing said: “We will
be able to subsidise the surcharge
level that is charged to those con-
sumers so that for the next three
months ending in December, res-
idential consumers in Grand
Bahama consuming under
suukwh will be charged no more
than 15 cents per kilowatt hour
for the fuel surcharge just as is
the case with BEC.”

The subvention, he added, will
impact some 15,000 consumers
on the island - 75 per cent of the

foe, Iced tea and food





Zhivargo nn

Power Company’s customers, and
will cost the government between
$1 million to $1.5 million.

During his September
announcement in parliament on
relief for BEC consumers, Prime
Minister Ingraham said the gov-
ernment would meet with offi-
cials from the Grand Bahama
Power Company, “to explore
means by which similar relief
might can be brought to con-
sumers of electrigity in Grand
Bahama.”

Minister Laing travelled to
Freeport the following day to
meet with Power Company offi-
cials.

Highlighting the government’s
stance in addressing the needs of
businesses on Grand Bahama in
the meantime, the Mr Laing told
parliamentarians of his recent dis-
cussions with business owners in
the Port Lucaya district who



says Laing



“We will be
able to
subsidise the
surcharge
level that is
charged to
those
consumers...”



expressed concerns about high
operating costs coupled with
decreased revenue streams, and
who inquired about what the gov-
ernment could do to assist.

“I spoke to the leadership of
the Grand Bahama Port Author-
ity and I asked them, ‘can we talk
about what can do together in
respect of relief for them’,” Mr
Laing said.

“T got a call from that leader-
ship today (Wednesday) to say
that they are working out some
things and that by the end of next
week he would be able to call me
and tell me what they are doing in
an attempt to bring relief to those
kinds of people in the Port
Lucaya area.

“While we can come in here
(parliament) and talk, we have to

go out there and act, and act is’
exactly. what, we have. done,” he

said.

THE TRIBUNE



In brief

Fantasy Web
women deny
causing harm
to co-worker

a By MEGAN REYNOLDS
Tribune Staff Reporter

YOUNG women accused of
causing harm to a co-worker at
Fantasy Web in Wulff Road
denied the charges, saying the

‘claimant was lying about the

fight.

Zeldeme Bethel, a supervisor
at Fantasy Web, told Chief
Magistrate Roger Gomez yes-
terday that 23-year-old Leslie
Woodside and 25-year-old Kish-
ner Young punched her, kicked
her and pulled her hair when at
work on May 7.

Miss Bethel maintains there
had been an altercation outside
the shop earlier that evening,
and when Woodside was telling
her mother about what had hap-
pened, Miss Bethel asked her to
stop talking about the incident
while in the shop.

She said: "Leslie Woodside
called some languages, saying,

'you are the bitch who is go and
report stuff to the office and
nobody round here likes you’,

so I said, 'If you don't stop
someone is going to slap you in
your mouth’,

"Then Kishner Young dashed
over to me, knocking me in my
head, pulling my ‘hair with her
hands. I tried to struggle to get
back into the office where she
continued kicking and punching
me. When everyone was trying
to tear us apart, Leslie came
over and threw a punch in my
head whilst I was on the
ground.",

Miss Bethel was treated in
hospital for injured ribs and an
injured hand, and had five days
off work with her hand in a
sling. Her $500 medical bill was
covered by Miss Bethel's
employer. PC Anton Curry of
the Wulff Road Police Station
charged Young, of Nassau
Street, and Woodside, of Coral
Harbour, on May 21 for causing
harm to Miss Bethel.

Young said: "What she said
up there is.a lie. This whole sto-
ry is made up. I need to give my
side of the story of what hap-
pened because she lying."

Magistrate Gomez adjourned
the case until December 2.

HALSBURY
CHAMBERS



Counsel and Attorneys-at-Law

Notaries Public
4th Annual

Free Legal Clinic

‘Information You Need For the Life You Want’

Saturday, October 4, 2008
New Providence Community Centre, Blake Road

Registration - 8:45am
Topic

Real Estate: What's Your Home Worth?

Building or Renovating:
Safeguarding Your Investment

The High Cost of Energy & How to Save

BEC Explains Fuel Surcharge
& Energy-saving Tips

Customs: Changes in Duty Rates

EPA & Trade Agreements:

Job Threat or New Opportunities

Better Banking Through BACH

Surviving Divorce or Husband's Death:

Who Gets What?

Work Permits, Permanent Residency,
Right to Work: Making the system work for you

Protect Your Family:
Gang-proofing your Children

Time
9:15am

Speaker
Rachel Pinder

Island Living Real Estate

9:45am.

Stephen Wrinkle, President

Bahamian Contractors Association

10:15am
BEC

10:45am

Kevin Basden, General Manager

Berchenal Bethel, Dep. Comptroller

Charles Turner, Superintendent

Department of Customs

1:15am

Simon Wilson

Director of Economic Planning

Ministry of Finance

Refreshment Break
12:10pm

Brian Smith, Business Manager

Bahamas Automated Clearing House

12:30pm

Netissa A. Greene, Partner

* Halsbury Chambers

1:00pm

1:30pm

Lambert Campbell, Dep. Dir.

Department of Immigration

ACP Hulan Hanna

Royal Bahamas Police Force

Group presentations, individual discussion, a rare opportunity

Lawyers available until 3 pm for free consultation

Call 393-4551 to reserve your seat.

A community service event brought to you by Halsbury Chambers and sponsors:
Bamboo Shack ® Bank of The Bahamas International @ BEC @ Chelsea’s Choice ¢ CFAL
CLICO © Pepsi © Stardust ¢Wilmac’s Pharmacy @ Zonta Club of New Providence
IHeE | RIBUNE

CTAIVAY, VUILUDEN vo, CUUO, Fruer s










DEATH NOTICE

WITH the aim of assisting
Bahamians in reducing their high
electricity bills, a local entrepre-
neurial group is introducing new
solar powered household appliances.

The Environmental Technologies
Group will be displaying a number of
innovative products at the Bahamas
Business Trade Show at the Sheraton
Hotel on Friday and Saturday.

“ETG is committed to assisting
Bahamians in the reduction of high

statement.



Solar appliances

Ella Bethel, 91 of Fritz Lane off East Street formally of
Bullocks Harbour, Berry Island died at the her
residence on Sunday, September 28, 2008.







@ BY KATHRYN CAMPBELL
Bahamas Information Ser vices

She is survived by 1 sister, Raphelita Pinder; 1
daughter, Stephaine Bethel; 1 son, Kevin Bethel; 11
grandchildren, 17 great grand children and 1 great
great grandson. ;

THE Bahamas Post Office recently issued a set of five stamps to
highlight the Royal Bank of Canada’s one hundred years of existence
in the Bahamas. Ross McDonald, Caribbean Banking head, said
RBC’s commitment to the Bahamas is due to the bank’s close ties to
the people of the Caribbean region.

“We are part of local history,” said Mr McDonald, “As we celebrate
100 years of service to the Bahamas this centennial also marks RBC’s
100th anniversary of continuous and unbroken service to the Caribbean
region.”

Four commitment is to help Bahamians succeed,” said Nathaniel
Beneby, vice-president and Country Head at RBC, Bahamas. “Every
time we help someone save for an education, buy a first home, provide
a job or make a charitable donation, we hope to contribute to the pros-
perity and health of the Bahamian community,” added Mr Beneby.

ANNIVERSARY STAMPS: 15cents,
100th anniversary logo; 25 cents,
RBC Regional Head Office (photo:
Mike Toogood); 50cents, RBC main
branch, Bay Street - early 1900s;
65cents, A rendering of RBC’s new
location on Carmichael Road;
70cents, A century of leadership —
Ross McDonald, Head of Caribbean
Banking and Nathaniel Beneby Jr,
vice-president and Country Head,
RBC Royal Bank of Canada,
Bahamas. (Photo: International
Review)

Funeral Service would be held on Saturday, October
11, 2008. at 10 a.m. at The Church of God Cathedral,
East Street & Lilly of The Valley Corner



a! Bahamas Conference of The Methodist Church
Conference Weekend Schedule
October 3 - 5, 2008



ERIDAY, 3! OCTOBER, 2008
6.00 p.m.
7.00 p.m.

Dinner at the Q Café — Queen's College

_ FOCUS EVENT SESSION ONE — Primary Hall — Q.C.
“Servant Leadership”
END ,

SATURDAY, 44 OCTOBER, 2008a

8.00 a.m. Breakfast at the Q Café — Queen's College

9.00 a.m. FOCUS EVENT SESSION TWO — Primary Hall — Q.C.
“Servant Leadership” (Cost of the material is $25)

9.30 p.m.

12.00 Noon END

@ By Kathryn Campbell
Bahamas Information
Services

NIGHT OF TRIBUTE AND THANKS

Banquet to honour the Conference Officers demitting
office. The Wyndham Hotel, Cable Beach.
Honourees: ‘

Mrs. Kenris Carey Rev. Dr. Laverne Lockhart

Dr. Reginald Eldon Mr. Vincent Knowles

Ms. Janice Knowles Ms. Jocelyn Demeritte
Ms. Janet Hall

7.00 p.m.



WORLD Post Day is observed each year to mark
the anniversary of the founding of the Universal
Postal Union (UPU) on October 9, 1874. ;

In the Bahamas, the Post Office Department will
mark this occasion with a week of activities starting .
on October 5 through October 11.

The local postal service began recognising World
Post Day some 12 years ago with Post Office
employee activities, and issued a proclamation on the
history or achievements of the international postal
service. Since then, World Post Day has evolved
into a week of activities under the direction of Post
Master General Godfrey Clarke.

Mabelene Miller, Post Office CEO, training offi-
cer and chairperson of the World Post Day Com-
mittee, said the objectives of World Post Day cele-
brations are to “unite the staff in a time of fellowship
and to seek to improve the product and delivery of
service.”

Among the activities planned for this year are a
church service at llam on Sunday, October 5, at
Zion Baptist Church on East and Shirley Streets;

CONFERENCE WEEKEND PULPIT EXCHANGES
speaking engagements at primary schools; a lun-

Sunday, October 5, 2008 cheon to announce the 2008 Employee of the Year

E S f Be Caeanuball and recognise outstanding employees; tours of the
nundas Towa Me-Andre Danale Post Office for high students, and employee T-shirt
Cherokee Sound: Mrs. Jennifer Cleare

“ SUNDAY, 5™4 OCTOBER, 2008
a.m. PULPIT EXCHANGES -— All Methodist Churches

Service of Installation, Consecration and Induction
Ebenezer Methodist Church — East Shirley Street
Rev. Bill Higgs — President

Mrs. Elmena Bethell — Vice President

Mr. Henry Knowles — Secretary

Rev. Laverne Lockhart — Treasurer

Rev. Philip Stubbs - Assistant Secretary

Rev. Christopher Neely — Assistant Secretary

Ms. Andrea Gibson — Assistant Secretary

Mrs. Audrey Culmer — Assistant Treasurer

7.00 p.m.

Reception at Epworth Hall

OS
Staniard Creek: Mrs. Pamela Brice
oO U

arbour Island:
The Current:
Lower Bogue:
The Bluff:
Current Island:

CENTRAL GLEUTHERA REGION
fO90r own:

Hatchet Bay:
James’ Cistern:
Governor's Harbour:
Palmetto Point:

SOUTH ELEUTHERA REGION.
Savannah Sound:

Tarpum Bay:
Rock Sound:
Deep Creek/.
Wemyss Bight

Neu Hope?
NASSAU REGION.

Agape |

Ascension |

Coke Memorial
Curry Memorial
Ebenezer

St, Michael's

Trinity

Wesley, Grant's Town

Great Bethel, Cat Island

Mr. Hartis Pinder

Mr. George Knowles
Mrs. Minerva Knowles
Mrs. Tezel Anderson
Pastor Henry Whyte

Mr. Earl Pinder
Mr.Ernest Miller

Mr. Christopher Pinder
Mr. Ricardo Burrows
Rev. Mark Carey

Doctors Hospital Marketing Department
P.O.Box N3018 Nassau, Bahamas

Name:

Mr. Percy Sands Address:

Mr. Livingston Parks
Mrs. Jacqueline Pinder
Mrs. Jacqueline Pinder

Age:
Tel:
* Mobile:

Email:

Mr. Wade Higgs

Mr. Granville Bethel
Rev. Marie Neilly

Rev, Charles Sweeting
Mr. Vernon Malone

Mr. Christopher Neely
Mrs. Elmena Bethell
Rev. Jean Seme Joseph
Rev. Godfrey Bethell
Pastor Ednol Cash

Mr. Martin Gaitor

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nt to watch your weight. Women who carry extra pounds when diagnosed
treatment, seem to have increased breast cancer recurrence and mortality.

with breast cancer, or who p ‘ 6 eatn
d for breast cancer, find time to exercise, and try to keep your weight under

Difficult as it may seem, if you are be ate
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You cdn survive breast cancer. Early detection through regular breast self-exams and a regular program of
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[BN British Katrina Livingstone
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83
The Tribune observes Breast Cancer Awareness Month 2008

Breast Cancer Survivor for 2 1/2 years

The solar powered appliances that
will be introduced include refrigera-
tors, freezers, electric vehicles, back-
up and standby generators; hot
water; solar lighting; energy audits
and retrofits, and thermal coatings
that insulate a building and substan-
tially reduce cooling, costs. “All per-

P.OrBoxt eS RS AOS ERS ANSSSSS

Pn A OS a
Possible solar solution

cutting electricity bills

electricity bills through education
and the introduction of innovative
products,” the group said in a press

sons and businesses who currently
own an electric golf.cart can come
and learn how their vehicle can be
converted to run off solar. ;

“The range of solar vehicles avail-
able includes golf carts, security and
recreational vehicles, mass transit
(buses and jitneys), a variety of ser-
vice vehicles including small dump
trucks, lift trucks and cold storage,”
ETG said.

Stamps highlight Royal Bank of Canada’s 100th anniversary






Post Office Department to hold World Post Day activities

Letisha Henderson/BIS

MABELENE Miller, Post Office CEO, training officer and

chairperson of the World Post Day Committee. |
day on Friday, October 10. Students from. high
schools throughout New Providence have been invit-
ed to write letters and address them to family and
friends locally or abroad. They will take these letters
to the Post Office on the day of the arranged tours.

“We will allow them to purchase stamps from
the stamp counter here and show them how to put
the stamps on because not everyone knows how to
address a letter and put on stamps. ‘

“Then we will show them how to drop the letters
in the mail bag and we will clear the mail. We will
actually demonstrate the mail process with the stu-
dents’ letters. Obviously some will reach to their
destinations before others,” Ms Miller said.

Nominations are now being accepted from staff
members for Employee of the Year for each depart-
ment.

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PAGE 8, FRIDAY, OCTOBER 3, 2008

THE TRIBUNE



HULAN HANNA TO SPEAK AT HALSBURY CHAMBERS FREE LEGAL CLINIC

Learn to ‘gang-proof your child

NEMA accepts $15,000 in
shingles for Inagua effort

COMMANDER
Stephen Russell,
director of the
National Emer-
gency Management
Agency (NEMA)
accepted $15,000
worth of roofing
materials from the
Rotary clubs of the
Bahamas to assist
residents in Inagua
whose homes were
damaged by Hurricane Ike on September 7.

The presentation was made at the FYP builders mall on Wulff
Road.

Janet Johnson, chairman of disaster relief for Rotary Bahamas,
explained that it was the first supply of materials for the relief effort.





Derek Smith/BIS Photo

Commander Russell said the shingles would be shipped and delivered

to Mathew Town, Inagua, by Monday, October 6. He said a team of vol-
unteers are on the ground, waiting for the arrival of building materials
to complete repairs to the homes in a timely manner.

Pictured from left are Sean Tully, managing director of FYP builders
mall; Gayle Moncur, NEMA; Brian Moodie, president of the East
Nassau Rotary Club; Peter Goudie, South East Nassau Rotary; Jamal
Davis, president of the Rotary Club of Nassau; Fintan Mooney, disaster
chairman for East Nassau Rotary Club; Janet Johnson, chairman dis-
aster relief for Rotary Bahamas; Conimander Stephen Russell, direc-
tor of NEMA; Felix Stubbs, assistant district governor of Rotary
Bahamas; Andrew Pike, president of the Sunrise Rotary Club, and
Tamboura Coleby of the FYP builders mall.









WITH violent crime on the
rise in the Bahamas and the
offenders getting younger
every day, concern over the
safety of the nation’s youth
is expected to be high on the
agenda at this year’s Hals-
bury Chambers Free Legal
Clinic.

Leading a session entitled
“Protect Your Family: Gang-
proofing your Children” is
Acting Assistant Commis-
sioner of Police Hulan Han-
na.

Mr Hanna’s session will list
danger signs parents should
be aware of in the “Informa-
tion You Need for the Life
You Want” series on Octo-
ber 4 at the New Providence
Community Centre on Blake
Road.

ACP Hanna will discuss
tell-tale signs of gang influ-
ence on youth and how to
educate and prevent a slide
into a life of crime.

“If we don’t
do something
about the
level of crime
in our
country we
risk losing
everything.”



Nerissa A Greene

“If we don’t do something
about the level of crime in
our country we risk losing
everything,” said Nerissa A
Greene, partner at Halsbury
Chambers.

“Crime prevention begins

with our youth. Educating

them and keeping them away
from dangerous influences is
the first step towards a safer
society”, she said.

Mr Hanna joined the Roy-
al Bahamian Police Force’s
Fire Department in 1978. In
1994, he became second in-
charge of the Central Divi-
sion and has since been in
charge of the Western and
Southern Divisions, as well
as the Southern Bahamas.

Since 2007, he has served
as the officer in-charge of
neighbourhood policing and
the director of media rela-
tions.

He also currently serves as
the Acting Assistant Com-
missioner of Police.

Mr Hanna holds a B A in
Business Administration
from Sojourner Douglas Col-
lege in Baltimore, Maryland,
and has received police train-
ing in Barbados, Canada and
Utah.



The Hub directors receive grant from Inter-American
Development Bank’s Cultural Development Programme



PICTURED (Left to right): Camille Davis-Thompson, IDB's cultural co-ordinator;
Jonathan Murray, exhibitions director of The Hub, Margot Bethel, executive
pseu of The Hub, and Oscar Spencer, representative of the IDB's Cultur-
al Centre.

A new art collaborative arts
centre has received a grant from
the Inter-American Development
Bank’s cultural development pro-
gramme.

Yesterday, directors of “The
Hub”, Margot Bethel and
Jonathan Murray, met with Oscar
Spencer, representative of the
IDB's Cultural Centre and
Camille Davis-Thompson, the
IDB's cultural co-ordinator, to
officially receive the funding.

The Hub received the grant for
a proposed project to increase
opportunities for art and artists
in Nassau.

The funds will be put towards
expanding the usable space at
The Hub and for purchasing
equipment to improve the lighting
and seating for their performance
and visual arts departments.

The directors said they also
plan to use the funds to facilitate
a community-based mural to

$1000.00
REWARD

For Information leading

to the recovery of a Galvanized triple axle

boat trailer suitable for a 30 foot boat,

trailer stolen last week from a residence in

Blair Estate, person providing the information

leading to its recovery will remain anonymous,

Call: 376-3710 / cell:328-6092







ae IS

eee

FEMME

‘Harbour Bay



Is cutting the store in

THE OTHER

HALF IS
50% OFF 15% off

New Arrivals

Junior,
Missy &

Plus

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First in fashion.



actively engage youth in learning
new skills while simultaneously
helping enhance The Hub's
downtown location on East Bay
Street.

The IDB's Cultural Centre
gave grants to 45 cultural initia-
tives in 26 countries within the
Caribbean and Latin America a
year.

The IDB Cultural Centre's
programme promotes cultural
development by financing innov-
ative projects that provide tech-
nical training in restoring tradi-
tions, preserving cultural heritage
and educating youth.

“On behalf of the many sup-
porters, donors and volunteers
who have made possible an inspi-
rational first year of program-
ming, I would like to thank the
Inter-American Bank's Cultural,
Centre for its generous support
of our initiatives,” said Margot
Bethel.

Sela

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THE TRIBUNE

FRIDAY, OCTOBER 3, 2008, PAGE 9





Thivargo Laing

FROM page ene

voice, I could see the imidity ;

with which he came tc me and

said I had to end the @ntract,”

said Mr Laing.

“T want you to beir in mind, ;
Mr Speaker, this vas with a ;
private company,not a gov- ;
ernment contrac and I was :
using my skills inyway, Mr :
Speaker, the lon; and short of
it was....” Here le paused and ;
banged his desk with emotion :
as he tried to rgain his com- ;

posure.

“I had a peculiar responsi- :
bility to take care of my mum- :
my. And I tned to do what I :
could ...” he said, his voice :

cracking with emotion.

“I was doing real and gen- :
uine work for them and three :
months later I could hear the :
uneasiness in his voice. I could }
see the timidity to which he :
came to me to say that he had :
to end my contract. This was :
with a private company, nota :
government contract and I was :

using my skills,” he said.

Mr Laing said he knew }
there was something peculiar :
about the ending of his con- :

tract with the Port Authority.

“IT came to learn that I lost :
that contract at the behest of :
this same member who asked
us to use our hearts. Iwas told :
in the Bahamas that Icouldn’t ;
feed my family and speak my
mind at the same time,” Mr

Laing said.

Mr Laing said it was all right
for them as Members of Par- :
liament to come and say to oth- :
ers to have a heart, but they :
had to remember what they :

had done.

“For those who think some
of us don’t understand victim- :
ization, my brother, I under- :
stand it very well,” Mr Laing :

said.

through him.

“T have the most respect for :
him and he is a brother of :
mine,” said Mr Wilchcombe. :
“I don’t care what they say. At :
the end of the day it was a bad :
situation that developed and at :
the end of the day I apologized :

to him.”

Several House members
and persons in the gallery were :
teary-eyed as Mr Laing :
described the injustice he had :

suffered.

a *
Pressure Washer/Hidrol



Mr Wilchcombe denied that
Mr Laing had lost his job :

FROM page one

than-2,000 acre site, encom-
passing some 1,400 lots, which
was taken out as security for
the loan.

However, Ryan Julison, Gin-
n’s vice-president of communi-
cations, said talks with the Cred-
it Suisse syndicate on the
defaulted loan and a solution
to this were still continuing with
nothing resolved.

“We are still negotiating,” he
told The Tribune. “We’re work-
ing hard to restructure this.
Many, many things have been
discussed, but nothing has been
decided or formalised. It’s been
going for some time, is quite
complex and is something we
want to close.

“Nothing has been decided
and nothing has been agreed.
It’s a work in progress. Noth-

Ginn sur mer

ing has been formalised in any
regard. We’re hopeful we can
restructure.”

It is understood that Ginn
had proposed a debt for equity
swap, which would have given
Credit Suisse and the other
lenders an equity stake in the
Ginn sur mer project and three
other developments covered by
the same loan.

But the lenders were trying
to drive a hard bargain and
force Lubert-Adler, the real-
estate private equity firm based
in Philadelphia that. works in
partnership with Ginn and pro-
vides it with seed capital for its
projects, including the Ginn sur
mer.development, to invest
more equity.

And Tribune sources have

also suggested there is a real
fear that, if the Credit Suisse
group moves to foreclosure or
takes an equity stake, Prime
Minister Hubert Ingraham will
move to renegotiate the original
Heads of Agreement obtained
from the Christie administra-
tion. He is thought to believe
the terms are too generous.

But Mr Julison said last night
he was ‘unsure whether this sce-
nario was a concern. “There’s a
number of hypothetical situa-
tions, but we’re‘not focused on
‘what ifs’,” he said.

“We're focused on the nego-
tiations and the restructuring.”

Mr Julison also denied claims
that Ginn was poised to file for
Chapter | 1 bankruptcy protec-
tion as a result of its financial

Steady increase in prices

FROM page one

national oil prices during the
period, diesel prices increased
by 0.82 per cent to $6.12 a
gallon while the average cost
of gasoline fell by 1.0 per cent
to $5.68 a gallon at the end
of August.

Showing further softening
in the tourism industry, the
report said visitor arrivals for
the first half of the year
shrunk by 2.2 per cent, to 2.37
million compared to the same
period in 2007.

"This development reflect-
ed a 3.8 per cent reduction in
sea passengers, which out-
paced the 1.1 per cent
improvement in air traffic. A
breakdown of tourist arrivals
by port of entry revealed that
both New Providence and
Grand Bahama experienced
declines in visitors of 5.9 per
cent and 14.7 per cent,
respectively; whereas arrivals
to the Family Islands
strengthened by 11.7 per
cent," according to the
report.

The Bank added that the
"deepening of the global
financial crisis underscored
by the collapse of the sub-
prime lending market in the
US has increased the short
and medium term uncertain-
ties" confronting our econo-
my.

avadora

maboutleventmoreignreatiitems,

"Initial data for August
highlighted continued mod-
eration in the economic
momentum, reflecting a slow-
down in the expansion of
consumer demand, tempered
construction activity and sus-
tained weakness in the
tourism sector. Buoyed by a
contraction in private sector
credit growth, along with
public sector borrowings, liq-
uidity conditions improved
during the period, and exter-
nal reserve levels stabilized."

"In particular, as US confi-
dence remains near historic
lows and households make
further spending adjustment
in response to the significant
erosion in financial wealth,
demand for tourism is expect-
ed to wane further over the
remainder of 2008 and the
first half of 2009.

"However, continued
weakness in the US curren-











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cy, partly in response to the
expansionary effects of the
proposed rescue package,
could offer some competitive
gains for the Bahamas, rela-
tive to non-dollar priced
tourist destinations. Mean-
while, despite steadied sup-
port to construction from
domestic financing, overall
activity is expected to ease,
as a result of reduced stimu-
lus from foreign investments
that are impacted by the
global contraction in the sup-
ply of credit and the dimin-
ished ability of some
investors to sustain their
equity support for these pro-

jects.
This report was issued late
Wednesday — the same day

US Senators passed a revised
"bail out" bill by a vote of
74-25. The bill was sent to the
US House of Representatives
for a vote today.






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difficulties, adding: “There’s no
truth to that at all.”

Ginn, which has also pur-
chased the Old Bahama Bay
Resort as part of its West End
development, has continued
with marina and infrastructure
work at the site, having
escrowed $160 million into bank
accounts that cannot be touched
by the lending group.

The defaulted loans are with
two Ginn-affiliated companies
— Ginn-LA CS Borrower LLC
and Ginn-LA Conduit Lender
Inc. The companies failed to
make a June 30 payment and
then entered into a 30-day for-
bearance agreement. Such an
agreement allows a company to

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keep its property while work-
ing out anew payment plan.
Robert Gidel, Ginn’s presi-

dent, said at the time: “Due to

the ongoing slowdown in the
residential real estate market,
it became clear that it would
not be possible to meet the
homesite sales objectives nec-
essary to make payments due
under the credit facility.”

Any further problems for
Ginn will deepen Grand
Bahama’s economic woes, with
the island having never fully
recovered from the 2004 hurri-
cane season, Royal Oasis clo-
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PAGE 10, FRIDAY, OCTOBER 3, 2008

[SEIU CT Ea ae RR EE ERA cps co he a |
GB hotel workers :



FROM page one

As a former Minister of
Tourism, Mr Wilchcombe
said he can fully appreciate
the predicament that the cur-
rent Minister of Tourism,
Vincent Vanderpool-Wallace
now finds himself in terms of
revitalizing the country’s
main industry. ,

It is with. this in mind, he
said, that he hopes govern-
ment will assist Mr Vander-
pool-Wallace by providing
him with the funds needed
to again jump start the tourist
industry.

“Last year I began talking
about this. Last year I began

reduced to one-day,

four-hour weekly shift

talking about what was com-
ing. We saw it, we looked at
it, we assessed it and we rec-
ognized there were problems

coming. The Minister of

Tourism at that time (Neko
Grant) ignored those prob-
lems. He talked about this
magical month and how he
was going to turn it around,
but he did nothing to help.

“So the Minister of
Tourism present is now
expected to come in when
tourism is at rock bottom and
now he ts expected to work
magic. He can’t work magic.
It cannot happen. He literal-
ly has to re-architect the
entire industry to begin to
look at where the leakage has
taken place, where we’ve lost

our market share, to see
where we have lost our busi-
ness to,” he said.

Mr Wilchcombe also
advised State Finance Min-
ister Zhivargo Laing, not to
create “false hope” in these
troubling times by promising
residents in Grand Bahama
who have had their electrici-
ty disconnected that they will
have their lights turned back
on by the Grand Bahama
Power and Light company.

On Wednesday night, Mr
Laing announced in the
House of Assembly that gov-
ernment will cause all dis-
connected residential elec-
tricity consumers in Grand
Bahama to have their elec-
tricity restored, as was done
for BEC consumers through-
out the rest of the country.

In addition to reconnection,
Mr Laing also added that
government will limit the fuel
surcharge to some 15,000
consumers on Grand
Bahama.

Mr Wilchcombe noted that
Mr Laing referred to meeting
a representative from Grand
Bahama Power and Light,
but refused to name the indi-
vidual with whom he had
made the agreement.

“Who did he make the

arrangements with and why

didn’t he produce for all of us
to see the letter that the
GBPC sent to him when he
wrote to them thé first time.
Because you can’t be creat-
ing false hope when there
might be none. We need to
know what the situation is,”
he said.

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KEMP’S FUNERAL HOME LIMITED

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

AN OFFICIAL FUNERAL SERVICE
i









Mr. Norman
S. Solomon, C.M.G.,

- of the Eastern District, Nassau, N.P.,
The Bahamas, 78, who quietly passed
anny in Naples, Florida on Monday, },
2th September, 2008, will be held at
Christ Church Cathedral, George Street,
Nassau, on Monday, 6th October, 2008
at 2:00 p.m.














The Very Reverend Patrick L. Adderley, Dean of Nassau, Rector
of Christ Church Cathedral, Vicar General, The Diocese of The
Bahamas & The Turks & Caicos, will officiate.






Mr. Solomon is survived by his wife, Katherine Solomon; children
Andrya Solomon-Schulte, Alexya Solomon, Sean Solomon and
Spencer Solomon; grandchildren Christy Solomon, Alexander
Sharpe, Austin Wells and Valentina Solomon; son-in-law, Christian
Schulte, daughter-in-law, Julija Solomon and his mother-in-law
Mrs. Alvanette Kennan; brothers-in-law, John and Alex Kennan
and Michael Boulus; sisters-in-law, Marion Boulus and Frances
Kennan; nephews, John and Paul Boulus; niece, Elizabeth Boulus;
goddaughter, Julia Culleton; and a host of other relatives and
friends.














In lieu of flowers, the family requests that donations be. sent to
The Cancer Society of The Bahamas, P. O. Box SS-6539 and
Ardastra Gardens, Zoo & Conservation Centre, P. O. Box N-
4882, Nassau or The Kingdor National Parkinson Foundation,
P.O.Box N-1463, Nassau in honour of Mr. Norman Solomon.








Mr. Solomon will lay in state in the foyer of the House of Assembly
on Friday, 3°4 October, 2008 from 11:00 a.m. to 6:00 p.m. and
on Saturday, 4th October, 2008 from 9:00 a.m. to 6:00 p.m.




Arrangements by Kemp’s Funeral Home Limited, 22 Palmdale
Avenue, Nassau, N.P., The Bahamas.





Pinder’s Funeral Home

“Service Beyoud Measure”
y

PALMDALE AVENUE, NASSAU, BAHAMAS
PHONE: 322-4570/ 393-1351 * CELL: 357-3617
RANNIE PINDER President _

FUNERAL SERVICE FOR

STELLA HELEN |
DARVILLE, 83

of Johnson Road and formerly of
Matthew Town Inagua, will be held
at Saint George's Anglican Church
Montrose Ave. on Tuesday October
7th, 2008 at 10:00am. Burial will be
in the Eastern Cemetery Shirley Street.
The Rev. Father G. Kingsley Knowles,
assisted by Fr. Kirkland Russell Jr.,
The Rev. Dr. Roland Hamilton
officiating.

She is pre-deceased by her husband, Napoleon "Caddy" Darville and
granddaughter, Michelle Lewless-Storr.

Left to mourn are her five daughters and two sons, Joel and Janet
Underwood, Michael and Mary Minns, Jerome and Ivy Knowles,
Henry and Ruth Sands, Derek and Dellie Wells; Edward Darville of
Florida and Henry and Gloria Nixon; twelve grandchildren, Chuck
and Cheryl Underwood of Lakeland, FL., Ken and Camille Curry,
Kenford and Monika Stubbs, Michael and Abigail Minns, Gordon

and Lisa Major, Jerome and Bernadette Knowles, Sean and Kaisha-

Wright, Brent and Jennifer Wells of Maitland, FL., Dan and Kim
Horton of Las Vegas, Nevada, Christopher and Richard Nixon;

eighteen greatgrandchildren, C.J. and Cameron Underwood, Clive
and Cara Curry, Nakita and Nikko Storr, Kenford and Alexa Stubbs,

Anjelo, Antonio and Andre Kemp, Michael Minns II, Alaunte and
Alaina Major, Jonathan and Jerome Knowles, Alex Wright and
Napoleon Wells; one brother, Hanford Cartwright and family of
Freeport; one brother-in-law, George and Bloneva Darville and family;
one sister-in-law, Juanita Mullings and family, the Cunningham
family, the Cartwright family of Inagua; numerous nieces, nephews
and friends, including, Joy Darville, Amarylis Bethel, Gwenneth
Lockhart and Miriam Knowles and family.

Friends may pay their last respects at Pinders Funeral Home, Palmdale
Ave., Palmdale on Monday October 6th, 2008 from 5:00pm until
7:00pm.

In lieu of flowers donations may be made to the Diabetic Association
in memory of Stella Darville.



Robinson and Soldier Roads,
P.O, Box CB-12072
Telephone: (242) 394-8043 / (242} 394-8047
Pager: (242) 340-8043 » Fax; (242) 340-8034

11 as Cora Rae repr, 8, Bahamas
0, Box F-42312
Telephone: ot 873-4415 / (242) 373-1471
Pager: (242) 340-8043 » Fax: (242) 373-3005

FUNERAL SERVICE FOR



CECIL JEROME
RAMSEY, 65

Of St. Croix Road Off St. Vincent
Road, Will Be Held On Sunday
October 5th, 2008 At 11:00A.M. At
Berea Seventh Day Adventist Church,
Baillou Hill Road South. Officiating
Will Be Pastor Leo Rolle And
Archdeacon Etienne Bowleg. Interment
Will Follow In Woodlawn Gardens,
Soldier Road.

He Is Survived By His Wife: Stephanie Alvilda Rohe: Daughters:
Gia Williams, Colette Ramsey-antonio, Chrishna Ramsey And Cecille
Ramsey; Sisters: Elizabeth Gibson, Francis Ramsey-morley, Helena
And Alice Ramsey; Brothers: Phillip And Alpheus Ramsey;

Grandchildren: Wenzel Ramsey, Deniqua Sands, Da’renique Antonio,
Jade Ferguson, Jhemma Ferguson, Darren And Antonio Jr, Nieces:

Families Of Allison Thompson, Susan Morley, Anastacia Bowe, Norma
Cox, Jacqualine Powell, Janice Evans, Sharon Miller, Quincy Austin,
Lanardo, Alisa Armbrister, Takera Perigord, Terricita Capron, Rosemary
Gibson, Tameka Gray, Patrice Ramsey, Annamae Ferguson, Adrianna
Ramsey, Amastacia Ramsey-isaacs, Denise, Gertrude, Cindy, Maria,
Raquel And Rochelle Mackey; Nephews: Robert, Cedric, Philip Jr,
Spence , Alpheus Jr. Anthony, ‘And Adrian Ramsey, Derek And Patrick
Gibson, Raymond Whylly, Martin, Terrance And Randy Powell.

Antoine Miller And Family, Ashlyn Miller And Family, Terrance
Williams And Family, And Kenneth Gibson Jr., Brother-in-law:

Whitfield Williams; Sisters-in-law: Lillis And Brenda Ramsey, Gloria
Kemp And Naomi Williams, Sons-in-law: Darren Antonio And James
Ferguson; Other Relatives And Friends: Marion Lightbourne,
Jacqualine Hepburn, Janet Williams, Families Of Keith And Mable
Mason, Oswald And Mildred Ferguson, Aldora Curtis, Cydlaura Rolle,
Phillippa Armbrister, Glenda Laing, Mrs. Seymour, Mrs. Cunningham,
Maquerita Lowe, Laurel Butler, Hazel Davis, Darlene Treco Valencia
Davis, Salomie Farrington, Sylvia Charlton, Agatha Dean, Gwendolyn
Bain, Cleome Hilda Antonio, Apostle Leon Wallace, Linda Jordan
And Glenda Rolle, Andy Gibson, Allan, Edna, Entire St. Croix Road
Family, Nursing Staff And Clerical Staff Male Health Initiative Clinic,
Mr. And Mrs. “Tedwin Dorsett, The Staff Of Infinity Health Care
Pharmacy, The Family Of Holy Trinity Especially The Outreach
Committee And Fr. Etienne Bowleg, The Entire Staff Of The
Department Of Public Health Especially The Cned Team Including
Margaret Daxon, Daphne Clarke, Mr. And Mrs. Anthony Roberts,
The Staff Of Ministry Of Finance, The Entire Church Family Of Berea
Seventh Day Adventist, Staff Of Sandilands Rehabilitation Centre,
The Ghana Circle Family And The Statf Of Higgs And Johnson, Many
Other Relative And Friends Too Numerous To Mention.

Viewing will be held in The Celestial Suite at Restview Me »morial
Mortuary and Crematorium Ltd., Robinson and Soldier Roads on
Friday October 3rd, 2008 from 10:00A.M to 6:00P.M and From 9:30
A.M. until service time.

THE TRIBUNE



Vurder accused
F ROM page one

cer’s heuse because he knew
some pesple who might buy the
drugs at he higher price.

Later tat day, he contends,
Mario calkd to inform him that
he knew ;omeone who was
interested n 20 bricks, but that
he only hadeight.

Ricardo tld Mario that he
would take tie eight pieces and
put them witl 10 of his own.

He then hié the drugs in his
personal hiding spot somewhere
in Yamacraw Eeach.

He told juror that later that
day he met some men at a bar
who. told him tkat Mario was
“running the streets hot” and
causing “heat on them.”

He said later Friday night
“Pretty Boy” was at his house,
but they never discussed drugs
and that early Saturday morning

\ he called Mario to ask him if
“the people reach to buy the

drugs.”

Ricardo Miller broke the con-
tinuity of his statement to tell
the jury that his brother knew
about the cocaine, but was “nev-
er there for the transaction Sat-
urday.”

He' continued his statement,
saying he and Mario agreed to
meet at the Winton Super Value
store and that Mario wanted
him to be the one to negotiate
the trading of the drugs.

According to him, he and
Mario had built a trusting rela-
tionship. He said $320,000
passed between them and the
drugs were never short.

Ricardo said when he arrived
at the Winton foodstore, Mario
was already there sitting in the
passenger side of his Infinity
jeep, so he sat in the driver’s
seat.

A black SUV then pulled up
alongside them and a Jamaican
Rasta, as well as another man
got out, and got into the back
seat of the jeep.

He said he began to negotiate
the exchange of the drugs with
the men in the back seat, while
another Rasta standing outside
took a knife out to sample the
drugs. -

Then the men in the back seat
pulled out guns and demanded
the rest of the drugs; torturing
them and asphyxiating them for
the information. He said one of
the men tried to stab him in the —
chest, but he blocked the knife
and suffered a cut to his hand.

Ricardo then said the men
demanded that they tell them
where their drugs were.

He said he told them he only
knew where his were and vol-
unteered to lead them to the
place he had hidden them.

They took Mario’s jeep to the
Yamacraw beach location where
Ricardo gave the men the drugs, *
which they sampled and con-
cluded to be “pure white.”

He said the men spared his
life because he had given them
10 bricks of his own cocaine, but
they insisted that the other eight
bricks, which were given to him
by Mario, were theirs and had
been stolen from them.

According to Ricardo, he
hoped the men would spare
Mario’s life as well because he
had surrendered the drugs.

However, when the men left
him, he never went back to the
Winton Super Value.

He said he learned Mario was
dead while watching the news
in Andros later that night.

Ricardo told the jury that he
had been selling drugs for Mario
the entire week and asked “w hy
would I kill Mario on Satur-
day?’

Before he took his seat, he
accused Detective Sergeant
Meronard of twisting the words
of his statement because, he
claimed, the officer was under
pressure by former Cabinet
Minister Leslie Miller to find
Mario’s killers.

He also suggested that Mario
had been selling cocaine that
had been stolen from a man he
called “Donkey”, who then
worked for Samuel “Ninety”
Knowles.

When Ryan Miller completed
his statement to the jury,
defense lawyers Romauld Fer-
reira and Ramona Farquharson
closed their cases.

The Crown rested their case
the day before without calling
any further witnesses, however,
Det Sgt Meronard took the
stand to be re-examined by the
defence.

The jury will hear closing
arguments on Monday and

could deliver a verdict as early
as Tuesday.

Thirty-two prosecution wit-
nesses took the stand over
almost a month, most for the
second time, to present evidence
to the jury

The initial trial was thrown
out by Justice, Anita Allen in
2006 after it was discovered that
a juror sitting on the case was
closely connected to one of the
accused. That juror was found in
contempt of court and was jailed
for 14 days.
issn Pinas Cara Curry ane her bat against SAC.

Big Red Machine

routs the Comets

SAC got 11 of its 14 runs in the
top of the fifth for a 14-4 victory

@ By BRENT STUBBS
Senior Sports Reporter

bstubbs@tribunemedia.net

THE St. Augustine’s College
Big Red Machines are on the roll
in the Bahamas Association of
Independent Secondary Schools’
senior girls softball.

The Big Red Machines
exploded for 11 runs in the top of
the fifth inning enroute to a 14-4
rout over the Queen’s College
Comets at Queen’s College play-
ing field yesterday.

Capped by the 1-2 pitching
punch from Avoni Seymour and
Vanricka Rose, along with the
perfect 4-for-4 plate appearance
from Tarea Sweeting, the Big

Red Machines pushed their front,

running record to 4-0.

It was the season opener for
the Comets, whose coach Ken
Curry said they can only get bet-
ter as a result of their disap-
pointing loss to SAC.

“T have a lot of young girls
who haven’t played before.
They’ve got the skills, but they
haven’t had any game experi-
ence,” Curry said.

“Starting against SAC, it was a
learning lesson. They got a little
emotional at the end, but we will
meet them again in the playoffs.
We will get better by then.”

If there was one thing that
Curry felt hurt his team the most
was the wind-mill pitching from
Seymour and Rose.



Lact

RENALDO'S RAMBLINGS



In her start, Seymour was
working on a two-hitter with four
strike outs three the first three
and a quarter inning after she
she walked the first two batters.

Rose, starting in shortstop,
swapped places with Seymour
and continued to bring the heat.
She struck out track star Sparkyl
Cash and after hitting losing
pitcher Shadell Williams with a
pitch, got another strike out on
Cara Curry.

She then walked Mia
Andrews, but Mercedes Martin
popped out to end the rally in
which the Comets came up with
two unearned runs to take a 4-3

lead.

In the fifth, the Big Red
Machine put the game out of
reach.

Tarea Sweeting opened the
frame with a single, stoke sec-
ond and got to third on an error
before she tied the score on Sey-
mour’s RBI single.

Gernyka Gibson would follow
with a single, advanced all the
way to third on an error and
came home on a wild pitch for
the game winning run.

Everything after that was
insurance for SAC.

In the inning, Sweeting fin-
ished with a pair of hits, including

Welcome to Week 5 of NFL picks in Renaldo’s Ramblings. The Titans

a RBI double, scoring twice; Sey-
mour and Gibson also crossed
the plate twice and Ashley Smith
had a pair of hits with a RBI.

Anastacia Moultrie, one of
SAC’s coaches, said they were
pleased with the way the team
came around offensively in the
final inning. Better late than nev-
er, she lamented.

“Despite the few obsticles that
we had to go through, we didn’t
play up to par,” Moultrie said.
“But we still managed to pull it
off.”

Moultrie, who was working in
the coaches box with Michelle
Wilson, said as long as they can
work on cutting down on the
mental mistakes and they hit the
ball, they should go all the way
and win the title this year.

Rose, who opened the game
with a solo homer in her lead off
at bat and it seemed as if they
were On the verge for a big
inning when Annique Williams,
singled, stole second and scored
on Sweeting’s RBI single, said
they could have played much
better.

“T knew we could do it,” she
stressed. “We fell off at one
point, but I knew that eventually
we will come around and get it
together to win.”




‘See page 12

John Russell/AP Photo

remain undefeated playing with an ‘us against the world’ attitude that
seems to be doing the trick and provide crazy and entertaining games.

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-PAGE 12, FRIDAY, OCTOBER 3, 2008

TRIBUNE SPORTS



Be eS etc nae otto
vo

t

\

§

By RENALDO DORSETT
_ Sports Reporter

ST ae

» - MY FRIENDS as you may or may
ot have, known, there were no Ram-
lings last week. Due to the crisis on

all St. affecting the United States

and indeed much of the world, I decid-
sd to suspend my picks column and
devote my full attention towards assist-
ing members of the legislature in reach-
g an agreement on the 700 billion
ollar bailout/rescue/lifevest/hanging
yn by a thread because the fabric of
ciety is about to be ripped apart Plan.
on’t scoff...I contributed just as much
owards this bill as anyone else who
uspended themselves from their job
iver the past few weeks.

* For satire, comedic genius and

enostic liberalism there’s nothing bet-

er than Real Time with Bill Maher.
€atching Maher on an election cycle is
ike watching Marion Jones run during

e 1990s...it’s beautiful, even though

jou get the feeling he may be on some-

ing. His "New Rules" segment is
pspiring everyone from Chris Rock,
the Bill Simmons to usher their own
et of "New Rules." I would be remiss

I didn't offer mine.
® New Rule - The Bahamas needs a
Jouvert, and we need one now. After
pending a weekend in Miami, I am
| aba that there should be at least
ine Jouvert per year in every country
across the globe. Forced to live in a
sdciety without a party infused with

Water, paint, an open bar and void of
jl inhibitions, should be considered
suel and unusual punishment.

& New Rule — Now that the legal trou-

Bles are done, Darold Miller should

Be on the radio again. I challenge you

f© find a more compelling character,
gspecially on the talk show circuit.

Fhere's no one that would draw in

m ore listeners than he does on a daily

Basis and ratings should be all that mat-

pers. Also, I feel as if his extensive list
f friends and supporters surrounding
jim at the end of the trial should all be

ot in a reality show of some sort..
fle has his own ring tone! Who else
gan pull that off in the Bahamas?

& New Rule - Let Aaron Sorkin write
ee: I don’t even know why we’re
orced to sit through this whole thing.
Bidn’t we already learn how this whole
thing is going to end from season sev-
én of the West Wing? By the way sea-
sen four and the whole “Bingo” Bob

at



















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Pi Sg SARNIA Se LSE LAGGED ER EE AEN REE II RCS



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NGS

Titans ahead of the pack for

Russell fiasco should also clarify alot of
things for us. On to week 5...

9-4 .692
37-21 .637

WEEK 4:
SEASON:




KANSAS CITY CHIEFS @
CAROLINA PANTHERS

e Exit Tyler Thigpen, enter Damon
Huard...instant success and the first
win of the season. The Chiefs fell
behind in the worst team in the league
race with their unfortunate mishap vic-
tory over the Broncos last week.
They’ve tarnished all the work and
dedication they put into being
absolutely putrid over the first three
weeks and the dream of challenging
the ‘07 Dolphins for worst team of the
decade is no more,

The warm up period for Steve Smith
and Jake Delhomme is done, now at
home they can air it out. What’s a Pan-
ther season without a Steve Smith fight
and a series of grandiose touchdown
celebration. Someone has to do it. T.O
is tame and Chad Johnson apparently
retired.




CHICAGO BEARS
@ DETROIT LIONS

¢ Do not underestimate the power of
the cloud of euphoria surrounding the
entire Lions organization with the
exorcism of the world’s most vile foot-
ball demon...Matt Millen. The Lions
finally firing Millen was a Jot like a
battered wife finally leaving home and
getting out of an abusive relationship.
The only thing that could have made
this better was if Rod Marinelli ran
away from the team and created and
extensive playback plan like J-Lo did in
Enough. I could see Marinelli breaking

into Ford Field in his black suit, setting ,

the traps and just sitting there, waiting
for Millen to get home. I would watch
this.

Is everyone else just as amazed
about Cowboy Bob Orton’s three
touchdown passes last week against
the Eagles, but are still not sold on this
team because the Eagles were a goaline
stance away from winning?

THE CLRARING Baws ASSOCIATION

DONATES
TO

: THE NATIONAL EMERGENCY MANAGEMENT AGENCY

$150,000.00 2



The Gleariny Banks Association au Frilay, 20" September, 2008 presented Cammanier Stephen
Russell, Director of "NEMIA’, with a cheque in the amauut of $150,000.00 as a lonation to The Bahamas
Natiqual Disaster Relief Fun in ail of the victins af Tropical Storm Hanna anil Hurricane Ike.

Cammanter Russell thanked the members and stated that “fhe donadion wilt enable” NEMA” fo

dounle our efforts fo connalete the repair & reconstruction worl ny Thantsgiving instead of
Christmas as he had previously envisaged.”
Pictureil frain left ta riynt are: fulr, tolichael Liynthaurne, Deputy Governor of The Central Baik af The
Banaras; flr. Barry tulalcalmn, tilanayiny Director, Scatiahauk (Bahamas) Lirnited; tilt, Vauynu Delaney
Deputy tilanayiny Dire ctar, IT2 HR, Bauk af The Banaras Lirnited; tls. Wenly Craiyy, Gavernar, The
Gautral Bank af Toe Banaras, tolr. Lué Garlas Ochoa, Chairman af The Cleariny Banks Association &
Gauutry Business Heal-Gitihank: Gammauer Stepnen Russell - Director af MEWIA: tulrs. folich ell
Garliner, Finance Officer MERA: tilt. Mathauiel Benely Vice Presilent & Gauutry Heal, Royal Bauk af




SEATTLE SEAHAWKS




ATLANTA FALCONS @
GREEN BAY PACKERS

e It's an off week for the Falcons.
I'm not sure if they only get up for
games at home or if it’s that they only
try to win every other week...week five
will be the barometer. In their two wins
at home in weeks one and three,
they've averaged 36 points, but in the
week two and four losses on the road
they managed just nine points per out-
ing in blowout losses.

As usual I refuse to bow to the dog-
mas of objectivity...so here’s hoping
Aaron Rodgers gets better in a hurry.
The last thing we want to do is fan the
flames of the frenetic Farve frenzy (My
literature professor, Dr. Guzman,
would be so proud of that alliteration).

SAN DIEGO CHARGERS
@ MIAME DOLPHINS

e Awesome! The Chargers exorcised
many demons of the first two games
last week against the Jets. The win over
the Raiders was exactly what the team
needed to get out of their system
before they play the Dolphins this
week. It’s only natural that they relax a
little being in the AFC West and get-
ting back to .500.

If you’re the Dolphins you have to
keep the throwback theme going right?
What comes this week? My guess is
the Knute Rockne Notre Dame Box,
or maybe the Statute of Liberty, or the
Hook and Lateral. I would however
give up watching the entire MLB play-
offs if Sparano promised to try a Fum-
blerooski. :

ene eRe
Nay Sea




@ NEW YORK GIANTS

e The Giants’ cakewalk schedule
continues this week against the NFC
West. Why couldn’t the Dolphins be in
the NFC: West. Instead we get the team
that almost went perfect, Brett Farve
and the Toronto Bills. This is all just
really unfair. I still say the Giants are
playing this season with a carefree

« All locations

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CARLOS VALENTINO
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*“You know what, all of this is a moot
point, we won already, we’re win-
ners... FOREVER.” You blew it New
England, you never ever ever give New
Yorkers something to talk about.



WASHINGTON REDSKINS

@ PHILADELPHIA EAGLES

e When did Jason Campbell become
the last hope for the black quarter-
back? You may not have noticed it but
think about it. After Donovan McNabb
leaves in the next three to four years,
who else is left? Campbell is it. How
did this happen? Vick?...prison, Left-
wich?...bench, Garrard?...plays in Jack-
sonville, Young?...crazy. Oh, yea, that’s
how it happened. If the Redskins win.a
Super Bowl he has to be considered
the Barack. Obama of quarterbacks.
Assuming that'll happen, from now on
we have to begin calling him Jasrack
Campbama.

The entire Eagles roster is listed as
probable. I'm not kidding, they're all
hurt. The most glaring probable,
DeSean Jackson is probable to drop
the ball at the one yard line again.




TENNESSEE TITANS @
BALTIMORE RAVENS
e Sure it’s surprising the Titans are 4-
0. What may even be more surprising is
that they’re even better than you think.
They’ve won seven games in a row dat-
ing back to last season and have given
up just 11.5 points per game. It’s a lot
like Mad Men. It’s new, it’s fresh, it’s
outside the box...sure you’ve heard so
much about it, reviews have been great,
it’s won all these awards but you
assume it can’t be as good as people all
say. That’s until you watch it, and you
realize...Wow it really really is, why
haven’t I been watching this, this could
be the best thing on TV in a long time.
Remember this. There are several fac-
tors that place the Titans ahead of the
“it team” curve right now. They have a
niche they play with it they’re sticking
to that formula, they’ve rallied around
the adversity of a crazy teammate, and
they have a team dominated by B-list
stars boasting of an “Us against the












FLAUNT IT
« Rosetta St.

URBAN NATION
» Mall at Marathon







©
Wl

COCO-NUTS BAHAMA GRILL
“¢ West Bay Street

LEE

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world” attitude. Scary good.

INDIANAPOLIS COLTS
@ HOUSTON TEXANS |

° This is going to be a statement
game for the Colts. It’s like after you
lose a game of Madden to one of your
friends and you have a few days to lis-
ten to all the ridicule and yo remember
“Wait I’m better than him” and you
devote days to a new gameplan in |
preparation to slap him around next
time (This means you Bullard). Get
ready for the clap back. The offensive
line will be back to 100% for the first
time all season, giving Peyton some
time to actually get the all downfield.
Their defense still has major hurdles to
overcome, because Bob Sanders is
apparently made completely of paper
mache.

Here’s the problem with Matt
Schaub...he needs Michael Vick. With-
out Vick, Schuab has no one for people
to constantly compare him to. He
needs Vick so people can say "Hey
that kid Mat Schaub should play
more", "Matt Schuab should start,"
"Matt Schuab has never been apart of
a pitbull fighting ring." Well here you
go Matt, how’s it working out for you?
Their running game became more
solidified with Steve Slanton. He’s one
of those players I wished never came to
the NFL and stayed in college forever.
He joins Raghib Ishmail, Herschel
Walker, Kordell Stewart, Heath
Shuler, Lavar Arrington...(I hope Pat
White doesn’t join this list next year)

us
see

TAMPA BAY BUCCANEERS
@ DENVER BRONCOS

e Has anyone else noticed that Jay
Cutler has quietly turned into the
league's best quarterback this season?
If only there was someone with the
type of vision and foresight to see this ©
coming and think so highly of Jay Cut-
ler that he would take him in the first
round of his fantasy league draft
despite the ridicule of his closest friends
and family. Wait...that was me wasn't

SEE page 14

U nder the Stars
ae

WH

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Wid
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Vi. WhMéMé“Mhs

Kags

GP?
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\ X

In Honor of Pepper
Johnson and Pat Paul

Tickets are $50 general admission, $25 Students (with ID) and $100 V.1.P. which includes pre-event

reception at CoCo Nuts Grill, West Bay Street on Friday, October 3, 2008 and event after party.

Canala; lls. Auuablaria DeGreyary, Directar Retail Banking, FinstCarihhean luternational Bank
(Bahamas) Linnie; aul folr, lan Jennings, $r. Vice Presilenté CFO, Cammanvealth Bank Limited.

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a 2 at Ministy of Tourism
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For further information please contact 456-0283 or 456-8835 or email us at models242bahamas@yahoo.com.




TRIBUNE SPORTS

cycling doping sting

CYCLING
MADRID, Spain
Associated Press

OPERATION Puerto,
cycling? s biggest doping inves-
tigation, has been shut down
without a single conviction.

Spanish media reported that
a judge officially sealed Oper-
ation Puerto, a civil guard
probe that had implicated
more than 50 riders. Raids in
Madrid and Zaragoza in May
2006 turned up steroids, hor-
mones and the endurance-
boosting substance EPO, near-
ly 100 bags of frozen blood,
and equipment for treating
blood.

Repeated calls by The Asso-
ciated Press to the Madrid
court, Thursday went unan-
swered:

The reports said Judge
Antonio Serrano decided to
close the case after tested sam-
ples showed levels of EPO that
were too low to merit a health
risk — in line with Spanish
doping laws of the time.

“I am very disappointed but
not necessarily surprised that
Serrano has closed the case,”
International Cycling Union





Sime: 7:00 pan.





No convictions in

president Pat McQuaid told
the AP. “He never gave us the
impression that he really want-
ed to do much with it anyway.”

The UCI hasn’t given up on
the case, however, and is work-
ing with the legal departments
at the World Anti-Doping
Agency.and International
Olympic Committee to try to
see the evidence gathered in
the investigation.

“We are in touch with our
Spanish lawyers about where
we can go from here, and can
we get access to the material,”
McQuaid said.

Serrano had originally closed
the case last year because the
riders and doctors involved
could not be charged under
Spanish laws, which have since
been updated.

The Spanish Sports ministry
asked for the case to be
reopened in February to inves-
tigate whether doctors carry-
ing out blood doping may have
violated public health laws
governing the way blood and
blood, products were handled.

Nine riders were excluded
from the Tour de France fol-
lowing the raids, including
2006 Giro d’Italia champion
Ivan Basso and 1997 Tour de
France winner Jan Ullrich.
Alberto Contador, the 2007
Tour champion, has been
linked to the scandal and tes-
tified before a Madrid court.

Five people — cycling team
officials and doctors — were
arrested following the initial
raids but charges were never
brought.

INSIGHT

For the stories behind
the news, read Insight
on Mondays







Fhe Rotary Club. of West Nassau
Jn association with The Broadcasting Corporation of The Bahamas

and

Fhe £, Clement Bethel National Cuts Festival
is pleased to present the official Launching of its new singing contest
6 , ’
Bahamian Stars
under the patronage of The Governor General of The Bahamas and
She Minister of State for Culture

On Friday 3 October 2008 at the National Centre for the Fefouning
Cuts on Eaot Shirley Stueet, Nassau, Bahamas

Donation: $10.00

¢ <
Power to Surprise”

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PUBLIC NOTICE



_ MINISTRY OF PUBLIC WORKS AND TRANSPORT

NOTICE FOR ROAD CLOSURE
(EAST STREET FROM WULFF RO TO SHIRLEY §7).

The Ministry of Public Works and Transport wishes to advise members of the General

Public that East Street and a number of adjacent roads will be closed to vehicular traffic,

commencing Friday, 3° October, 2008 in order to facilitate the repaving of a section of |

East Street, between Wulff Road and ashley Street.
TIMES OF CLOSURE:

The road paving Contractors have programmed the work.on East Street during the “off-
peak” hours between 7 pm in the evenings and 5 am in the mornings in order to
minimize the disruption to traffic flow and business activities in the affected area

PROPOSED ON-SITE WORK SCHEDULES AND PHASING OF THE
WORKS

This work will be carried out in phase of approximately 1000 ft each. Therafae, the
road diversions during the execution of these warks are as fnilows:

1. Phase [: from Wulff Road going North up to junctions with

Lifebouy and Milton Streets

Diversion No 1. Wulff Road/East Street:
west to Market Street, north along Market Street to Mitton,
east on Milton Street and back to East Street

cS
wo 6
V . A Diversions No 2. East Street/Lifebuoy Street:
. Ne from East Street east on Lifebuoy Street to Fritz Lane then
=a - south to Plantol Street, to Collins Avenue, south on Collins

Avenue to Wulff Road and back to East Street

2. Phase Il: from Milton Street going north up to Fowar Stree

DiversionNo 1. — from East Street west on Milton Steret to Market. Street,
north on Market Street: up to Fowler Street, nant on
Fowler Street, back to East Street

Diversion No. 2. from East Street go east on Fritz Lane, dum right io Lifebuoy

Street and back to East Street
3, Phase Ill: from Fowler Street to Taylor Streat,
from East Street go west to Fowler Street, north on Market

Street and tum right to Taylor, continue east on Taylor and
back to East Street

Diversions No 1.

Diversion No. 2. fram East Street go east on Gibbs Comer to West Avenue;
turn right along West Avenue up to Seventh Terrace, west
on Seventh Terrace to Fritz Lane, tum right to Toote Shop
Comer and back to East Street

4, Phase IV: from Taylor Street to Lewis Street

Diversion No. 1: from East Street west on Taylor Street along Market Street,
continue up to West Hill Road, turn east along West Hill
Road and north to East Hill Street continue niche East Hill
Street back to East Street.

5. Phase V: from Lewis Street to Sands Road

Diversion No. 1: from East Street west on Taylor Street, along Market Street,
continue up to West Hill Road, tum east along West Hill
Road and north to East Hill Street continue along East Hil
Street back to East Street.

6. Phase VI: from Sands Road to Shirley Street

from East Street go along East Hill turn north to Parliament
Street and on to Shirley Street which is a One-Way Street
going west.

Diversion No, 1.

from East Street east to Sands Road north east to Elizabeth
Avenue and on to Shirley Street from Shirley Street turn left
and go south back to East Street.

WARNING AND CAUTIONERY SIGNS

Diversion No. 2.

The paving contractor will erect precautionary signs to enhance road safety to both
motorized and non-motorized traffic (pedestrians).

Members of the public and motorist in particular, are therefore urged to take note of the
warming, diversionary or prohibitory road signs along the construction route and
adjacent roads at all times. Further notifications of possible traffic flow disruptions will
be issued to the Public in a timely manner hereafter as they may be found necessary.

Signed: Anita Berard (Mrs.)
PERMANENT SECRETARY

GN757

N


PAGE 14, FRIDAY, OCTOBER 3, 2008

TRIBUNE SPORTS







WEDNESDAY’S.
EUROPEAN
CUP SCORES

CHAMPIONS LEAGUE :

» First Round

GROUP A
- Bordeaux (France) 1,
+ AS Roma (Italy) 3



- CFR Cluj (Romania) 0,
- Chelsea (England) 0

GROUP §

- Anorthosis Famagusta
(Cyprus) 3,

- Panathinaikos (Greece) 1

. Inter Milan (Italy) 1, ;
+ Werder Bremen (Germany) 1

GROUP ¢
+ Shakhtar Donetsk

(Ukraine) 1,

+ Barcelona (Spain) 2
§

= Sporting Lisbon (Portu-
gal) 2,
+ Basel (Switzerland) 0

3
§

GROUP D
+ Atletico Madrid (Spain) 2, ;
+ Olympique Marseille i
(France) 1

E

= Liverpool (England) 3,

+ PSV Eindhoven (Nether-
lands) 1 .

e
‘
5





| Last Name:
Company:
Telephone # Home:
Fax #:

Exact Street Address:

C Milan, Spurs into

EFA Cup group stage



RONALDINHO, left, from Milan fight for the ball with Florian Stahel, right from Zurich during the UEFA Cup
first round second leg match between Zurich and AC Milan in Zurich, Switzerland, Thursday, Oct. 2, 2008.

m@ SOCCER.
Associated Press

AC MILAN eased past FC
Zurich 1-0 into the UEFA
Cup group stage Thursday
along with two-time cham-
pion Tottenham Hotspur,
which edged Wisla Krakow.

In a good night for Ger-
man clubs, Stuttgart, Schalke

_ and Wolfsburg all drew but

advanced thanks to first-leg
victories.









'
»

Title:

Andriy Shevchenko scored
for seven-time European
Cup champion Milan, which
progressed 4-1 on total
goals. Milan, favored to win
UEFA Cup title in May, did-
n’t need to exert itself to
defend its 3-1 lead from the
first leg at the San Siro two
weeks ago.

Tottenham completed a 3-
1 total-goals win with a 1-1
draw at Wisla. Standard
Liege defeated Everton 2-1





First Name:

Work:
P.0.Box:

to take the two-leg series 4-3
and be one of 40 teams in
Tuesday’s draw.

Stuttgart drew 2-2 with
Cherno More Varna, but
progressed 4-3 past the Bul-
garian club. Schalke had a
comfortable 4-1 first-leg
advantage over Apoel
Nicosia and played out a 1-1
tie. Wolfsburg tied Rapid
Bucharest 1-1 to oust the
Romanians 2-1 on total
goals.



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Walter Bieri/AP Photos

Silvan Aegerter, left, of Zurich fights for the ball with Massimo



Ambrosini, right, of Milan during the UEFA Cup first round second leg
match between Zurich and AC Milan in Zurich, Switzerland, Thursday,

Oct. 2, 2008.

S SSI.





‘Titans ahead of the pack for Week 3

FROM page 12

it? His "I told you so" should
last for years. Mike Shannahan
has made one of the most seam-
less changes in philosophy since
Christopher Walken started
doing comedy. Remember
when the Broncos were all
about the running game and
they found expendable 1200
yard rushers from the Terrell
Davis to the Reuben Droughns
eras? Now Cutler just chucks it
up and down the field to his
group of reci-, uhh, to Brandon
Marshall with the running game
virtually not existent. Isn't that
alot like how Christopher
Walken was known for his grit-
ty roles in A View to Kill, King
of New York and Last Man
Standing but gained a newfound
cult following hosting SNL and
being funny? No one thought
twice about, we just wanted
more cowbell.



BUFFALO BILLS @

SSG

SNES

RAY KN

am in
SS NN

XN
8

AN NY

e There will be no stopping
the Bills until election season is
over. Not as long as Trent
Edwards is still the quarterback.
The Rams' only hope to win
this game is if Edwards decides
to suspend his season until the
$700 billion bailout plan reach-
es a resolution. Wait, that hap-
pened already? Not good for
the Cardinals. Marshawn Lynch
has absolutely the worst profile
picture in league and his quest is
obviously to run over as much
people as possible until the NFL
changes it.

Ky

oe
ZZ

Yn

VW SF



NEW ENGLAND PATRIOTS

¢ Great news for the Pats this
week. They won't have to face
the Wildcat formation or any-
thing else from the late 19th
century. Their defense usually
holds up pretty well against any-
thing from the 20th century.

Here's a thought, if Mike
Martz is such an offensive
genius and can get just about
any team to post en average of
24 points...they wwwhhhhyyyyy
wouldn't a team like the
Vikings, Bears, Bills, or Jaguars,
who have a great defense
already, just sign him and go on
and win the Superbowl? I






CINCINNATI BENGALS

Bengals. First of all they
released Rudi Johnson, the
most unheralded but arguably
the most important part of the
offense, then Chad Johnson’s



corpse started to line up at
receiver masquerading as Ocho
Cinco, then they lose Carson
Palmer and he’s replaced by
former TRL host Ryan Fitz-
patrick. And only one part of
that statement is untrue.
Dallas has all the tools, Tony
Romo is morphed into Brett
Farve circa 1996, only with the
powerful addition of an incred-
ibly hot celebrity girlfriend; they
have a loudmouthed brash wide
receiver, a better bailout plan
than Washington does in Jason
Witten, and most importantly,
they have a Catcher Freeman.



AKUANL

Will,




e The Steelers’ options for
running back are down to me,
Mwelde Moore, and a recently
signed Najeh Davenport. Last
week Big Ben became undone
under duress against the Eagles.
Hmmmm what'll happen
against league's top pass rush?
Ben is banged up, Willie Parker
is out so rookie Rashard
Mendenhall will get his first
start. The problem is Menden-
hall has hands made complete-
ly of butter, I predict at least
two fumbles, one will be caused
by Ray Lewis just staring him
down for about 10 seconds.

The panic in Jacksonville.was
quelled somewhat by a a pair
of must-wins against the Colts
and Texans. After the perfor-
mance Fred Taylor and MJD
put in week two against the
Colts, and the passing game
inching closer towards
respectability in week four, both
aspect of the offense will need
to be on point s given up over
30 points in both outings is
exactly what they need to get
to .500.

MINNESOTA VIKINGS @
e The Saints have two major
concerns they're going to be
forced to work through, being
able to keep possessions going
and finding a way for their 28th
ranked defense to slow down
Adrian Peterson. The first issue
is a little difficult because they'll
be without their two best pos-
session receivers and bailout
options, Marques Colston and
Jeremy Shockey. Now Brees is
flanked by a slew of extremely
fast but unproved deep threats
and Mr. Kardashian. The sec-
ond issue is even more difficult
because it remains to be seen if
Adrian Peterson is actually a
human being. NoW he has
Mount MckKinne returning from
his four game suspension to bol-
ster the best left side of any
offensive line in the NFL.

WOT W WRG
ING \















ANY \
at

AK
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City Markets
chief departs

Neal & Massy ‘crisis
team’ overhauling
embattled chain’s
operations

@ By NEIL HARTNELL

Tribune Business
Editor

BAHAMAS Supermarkets :
chief executive Stephen Boyle
has left the company after just ;
four months in the post, Tri- :

bune Business can reveal.

The move is likely to further ;
stun the 22 per cent minority ;
shareholders. in Bahamas ;
Supermarkets and its sub- }
sidiary, the 12-strong City Mar- }
kets grocery store chain, given :
his short tenure in the job and :
the need for stability at the }
company given that it has been }
forecast to incur a $10 million :

loss for its 2008 financial year.

When Tribune Business con- :
tacted Mr Boyle yesterday and }
asked him whether it was true }
that he had resigned from City ;

Markets, he replied: “Yes, it is.”

Speaking only briefly and

reluctantly to this newspaper,

Mr Boyle said: “I can’t say any- }
thing. The Board will make a :
statement on it, rather than any- :
thing from me. It’s a substantial :
change, and the Board has to :

go through a due process.
“In fairness to the Board,

they've treated me very well :
and it’s a professional and ami-. :
He declined to }
comment further, bit it is under- ;
stood his departure was }

cable split.”

finalised on Wednesday night,

and may have been in the :

works for a week or so.

Mr Boyle’s departure is like-

ly to take City Markets staff,

not to mention investors and }
analysts, by surprise given that :
he has only been with City Mar- :
kets for just over a year. He :
only took the chief executive’s :
post in May 2008, replacing the :
Ken ;

previous incumbent,
Burns.

The rapid management :
changes are likely to unsettle :
shareholders, but represent fur- :
ther evidence of the grip :
Trinidadian conglomerate Neal
& Massy, and its Barbadian :
subsidiary, Barbados Shipping :
& Trading, are taking on every :
aspect of City Markets’ busi- :

ness.

restore it to a stable footing.

A Neal & Massy executive is
likely to replace Mr Boyle as }

chief executive in the interim,
sources told Tribune Business,

with the company heading a so- :
called ‘crisis committee’ -a }
management oversight and }
action team - that Bahamas :
Supermarkets’ chairman, Basil :
Sands, previously told the com- }
pany’s annual general meeting :
(AGM) would “now cover all :
aspects of City Markets’ busi- :

Itess”’.

Sands said at the time.

“Further, we anticipate that }
the buying clout of our com- : .
bined businesses will help to }
reduce our product costs and }
provide greater value to our }

SEE page seven



“FRIDAY,

OCTOBER 3

2008

FAMILY, GUARDIAN

INSURANCE COMPANY LIMITED

Bidder: BTC’s value is

‘drastically diminished’

@ By NEIL HARTNELL
Tribune Business Editor’

THE LEADING bidder for the Bahamas
Telecommunications Company (BTC) will offer
a substantially lower sum for a stake in the state-
owned firm due to the Government's decision to
reduce the post-privatisation exclusivity periods
to the bare minimum, Tribune Business was told
yesterday.

Philip Davis, of Davis & Co, the attorney for
the Bluewater Communications Holdings con-
sortium, said Prime Minister Hubert Ingraham’s
announcement this week that BTC would only
maintain a “maximum” one-year cellular monop-
oly post-privatisation had dramatically “dimin-
ished” the company’s value and the price his

’ clients were likely to pay.

He added that if the Government had stuck to
the original terms and had been prepared to sell
a75 per cent stake in BTC, as it had indicated in
talks with Bluewater, the group would have been
prepared “to pay $400 million”.

“Our client is still willing and anxious to con-
summate the agreement that was arrived at, on
the same terms that have been on the table,” Mr
Davis told Tribune Business.

“With the new announcement that has been
made, this obviously diminishes the value of
BTC and we will have to assess the agreement
we have in the light of the stated intent of the
Government.

“That will definitely require a revision of the

‘Floating itseeaeM Abaco Markets sees 20%
call for petroleum
industry dealers

Dealer describes existing price
control system as ‘terrible model’
that forces dealers to make a loss
and subsidise consumers.

* Bluewater attorney says PM’s announcement will cause
‘revision of the numbers’ and lead it to offer lower price
* Group previously prepared to offer ‘up to $400m’ if
government put 75% stake on table, as it had indicated

numbers. It will affect the rate of return on
invested capital. It will further diminish the val-
ue drastically.”

BTC’s real value lies in its cellular monop-
oly, which generates almost two-thirds of its rev-
enue. The longer the cellular exclusivity period
post-privatisation, the more a buyer is likely to be
induced to pay, given that it will generate rev-
enues and profits to cover the purchase price
and obtain time to ready the state-owned incum-

. bent for competition.

BTC’s fixed-line revenues have been eroded
by IndiGo Networks, plus Voice over Internet
Protocol (VoIP) and callback services, while
Cable Bahamas has edged it out on the Internet
side. As a result, cellular is the only valuable
service left.

But the Prime Minister’s announcement on
Monday of a seismic shift in government policy
towards liberalisation/deregulation, as opposed
to preserving BTC’s value and maximising its
profits, while benefiting the likes of Cable
Bahamas and IndiGo is not in favour of BTC
and its potential privatisation partners.

Bluewater concluded an agreement in princi-

ple with the former Christie government short- .

ly before it left office that would have seen it pay

$260 million for a 49 per cent BTC stake over a’

six-year period.

Some $225 million was to be paid up front; a
further $30 million after the five-year cellular
exclusivity was ended, and $5 million after year
six.

Yet Mr, Davis said that if the Government
had been prepared to sell 75 per cent of BTC, as
it had indicated in talks with Bluewater, and
stuck to the original agreement, his clients would
have been “prepared to pay $400 million”.

Based on a $260 million price for a 49 per
cent stake, Tribune Business’s calculations show
that 75 per cent of BTC would have fetched
$398 million if the terms and conditions had
remained unaltered.

Bluewater has been locked in talks with the
Government over BTC’s privatisation for three
to four years, and is understood to have spent $6-
$7 million on the process to date.

SEE page eight

Back to School rise

* August profits up, as
retail group sees costs
and economic climate
depress margins and
cut half-year profits to
less than a third of
2007 comparatives

* 5% top-line sales
growth helps nullify



Neal & Massy executives :
have been in the Bahamas for : »
several weeks, Tribune Busi- :
ness understands, combing :
through every aspect of City :
Markets’ business and working
out what needs to be done to }
revive the ailing chain and

“This team is charged with }
ensuring the adoption of strong :
processes and management sys- :
tems that will assist in the re- }
engineering and retooling of }
City Markets’ operations,” Mr ;



@ By NEIL HARTNELL
Tribune Business Editor

A GAS station dealer yester-
day urged that he and other
petroleum retailers be given “a
floating margin” price control
structure, describing the existing
system as “a terrible model”
that was causing the entire
industry to operate at a loss.

Bruce Elliott, the dealer who
operates the Shell gas station
at the corner of Blue Hill Road
and Poinciana Drive, said that
given the petroleum sector’s
experience the liquefied
propane gas (LPG) industry
should not adopt the same price
control model, which relies on
fixed retail and wholesale mar-
gins based on the landed cost
of petroleum products.

Mr Elliott explained that
because their margins were
fixed, gas station retailers actu-
ally earned a decreasing per-
centage per gallon of gasoline
sold as the price rose.

And this problem had been
made especially acute with the
recent explosion in global oil

prices, which hit $145 per barrel -

this summer before sinking to
the level of around $100 per
barrel it is now hovering at.

Mr Elliott said that in 2002,
when Bahamian petroleum
retailers last experienced an
increase in their fixed margin
to $0.44 per gallon, that ensured
they earned 15.7 per cent out
of the $2.80 per gallon price that
gasoline was then sold at.

But following the oil price
explosion, per gallon prices
were now at $5.34, while the
retail margin had remained the
same. As a result, Bahamian gas
station retailers had seen the
per gallon percentage that made
up their earnings fall to 8.2 per
cent from that 15.7 per cent.

“Petroleum is a bad model,”
Mr Elliott told Tribune Busi-
ness. “What we need is a float-
ing margin. We’re losing money
every day. It’s a terrible model.
LPG is wrong and motor gas is
wrong.

“The $0.44 per gallon was
good in 2002, but in 2008 it’s no
good. We need this increase
because we’re losing money, but
I doubt we’ll get it. The margin
has to float so that we enjoy the
same percentage whichever way
the fuel price goes.”

Politicians have been reluc-
tant to increase the prices of
price-controlled staple com-

modities, such as petroleum
gasoline and LPG, for fear it
will lose votes among con-
sumers who have to live with
the increases.

Yet if an industry is forced to
effectively subsidise consumers
by selling its products at a loss,
or a price that does not cover its
overheads, then they have no

SEE page seven

for a better life

impact of 25% utility
bill growth.

@ By NEIL HARTNELL
Tribune Business Editor

ABACO MARKETS bucked
the declining Bahamian retail
trend by generating a 20 per
cent “across-the-board” sales
increase and a year-on-year
profits rise for the Back-to-

MORTGAGE





io 8 ownership =

ey

Gavin Watchom

School shopping season, as the
BISX-listed group unveiled first
half profits of $244,000 that
were less than one-third of pri-
or year comparatives.

Gavin Watchorn, Abaco
Markets president, told Tribune

SEE page six



[J rent forever

[J wait to inherit a home
C21 {ive with your in-laws ee
own your own home

Bank ‘concern’ on
non-performing
loans increase

Foreclosures up
‘significantly’

@ By NEIL HARTNELL
Tribune Business
Editor

AN INCREASE of almost
two percentage points in the
commercial banking sector’s

non-performing loans during -

the first eight months of 2008 is
“important”, the Clearing

‘Banks Association’s chairman

conceded last night, but while
the sector would remain. “vigi-
lant” the situation was nowhere
near a crisis point.

Luis Ochoa, who is also
Citibank (Bahamas) country
manager, acknowledged that
while the increase in non-per-
forming loans - those 90 days

_ past due and on which clients

have missed three payments or
more - from 9.2 per cent of
total loans as at December 31,
2007, to 10.7 per cent at end-
August 2008, was concerning,
the situation was still “man-
ageable”. -

This was because non-accru-
al loans were “at the same lev-
el as at the beginning of the
year”, even though there had
been a rise in loan delinquen-
cies during 2008 and “foreclo-
sures have seen a significant

’ increase”.

“We need to remain vigilant,
but the overall message is that
we remain positive, and this
bailout will bring positive sen-
timent and liquidity to the glob-
al markets,” Mr Ochoa said.

The Central Bank of the
Bahamas, in its report on
monthly economic develop-
ments for August, said that for
the first eight months non-per-
forming loans had increased by
32.4 per cent or $81.6 million to
$333 million.

Non-performing loans
accounted for more than 50 per
cent of total loan arrears
(meaning those bank loans 31
days or more overdue), which
had grown by $114.5-million or
21.6 per cent to $644 million.

Delinquent loans, those
between 31-90 days overdue,
grew by $33 million or 11.9 per
cent in the year'to August,
reaching $311 million.

“In terms of the main com-

SEE page eight

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INSURANCE COMPANY LIMITED

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__ ch
PAGE 2B, FRIDAY, OCTOBER 3, 2008

MUTA Ha el a

Entrepreneurs urged to
seek international funds

m@ By CARA
BRENNEN-BETHEL
Tribune Business Reporter

INCREASED funding must be
made available for viable busi-
ness plans if the Bahamas is to
truly grow its economy, the min-
ister of state for finance said yes-
terday, particularly via interna-
tional funding avenues and more
dynamic capital markets.

Zhivargo Laing, though, said
there can no longer be sympathy
for those persons who seek fund-
ing with business ideas that are
simply not viable.

Mr Laing told persons attend-
ing a globalisation conference
sponsored by the Chamber of

Commerce that while the
Bahamas had certainly benefited
from commercial bank financing,
supported by tourism and finan-
cial services, “this has limited the
depth and breadth of our eco-
nomic development, having not
promoted growth in the industri-
al/ technology areas of our econ-
omy”.

The minister said several things
needed to be done to change this,
including refining and expanding
existing public sector funding
facilities. He stressed that current
mechanisms in place have proven
extremely beneficial to many
Bahamians, even if changes need
to be made.

Mr Laing added, though, that
government initiatives were sim-
ply not enough to fuel the kind of
economic expansion that is pos-
sible.

He called for expanded financ-
ing of commercial enterprises by
traditional commercial bank,s and
for a huge increase in the avail-
ability of venture capital funding
in the Bahamas. He including in
that international venture financ-
ing sources, which would be aided
by the easing of capital exchange
controls.

Mr Laing said that in most cas-
es, Bahamians only seek out
domestic financing sources. He
added that he would like to see
the development of a mechanism
to bring Bahamian entrepreneurs
in contact with international fund-
ing sources.

Noting the current state of eco-



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Future: Glébalization,
Compétitiveness”

3
2nd"

PRESENTATION - Oct
gy and Private Sector Development
ASE aps a ‘

KEYNOTE PRESENTATION: Rt. Hon. Hubert
Ingraham, Prime Minister of the Comnionwealth
of the Bahamas

and Foreign A
Committee, BCOC Director, BCOC

“Realities. of Economic Globalization ane Small

Island Developing States: Trade Negotiation and

: the Caribbean Reality” x

Topic: Report Roadmap for Improv SME | \ \
Competitiveness” H.E. Henry

som Gadbbean.

, Director-General i
anal. Negotiating Machinery. (CRNM) wn

“Small States f
vulnerable...”

: Development Bank e by their nature weak and

SESSION Il

S
MODERATOR: I. Chester Coop
Bahamas Chamber of Commerce ©

Topic: “SME Challenge: Venture cates :

aon: Treasui

Edison Sumner, Bahamas Venture Capital Funi
Darron Cash, Bahamas Development Bank
Michael Anderson, Royal Fidelity

Frank Davis, Sahamas Cooperative Credit League

OFFICIAL OPENING CEREMONY - Oct. 3rd
MODERATOR: Philip Simon

; Executive Director, Bahamas Chamber of Commerce.

AP WELCOME REMARKS: Gershan Major
.». Chairperson, Globalization and Foreign Affairs
, Sommittes, BCOC :

REMARKS/ INTRODUCTION OF KEYNOTE
SPEAKER; Dionisio D’Aguilar, President, BCOC

§essiaha are Free

i.unehi $50.00 per Person

MODERATOR: Hank Ferguson, BCOC. Consultant/

Economist

Session A:
“A Panel. Discussion. fo}

de Agreements.And
Negotiations” : 4

‘John, Delanéy,

Commission ‘
A. Leonard Afther,,

‘to CARICOM

Dave Kowlessar, Trade PSR iy yon
Development Group

Brian Moree, Senior Partner, McKinney Bancroft
& Hughes

"Caribbean Economies in an Era of Free Trade”

; Vincent Vanderpool-Wallace, Minister of Tourism

Brass: Business Attire
Valet Service Available

* Minister suggests exchange control easing
to aid Bahamian access to global capital”
* Calls for more dynamic Bahamian capital

markets

nomic affairs in the US and its
impact locally, Mr Laing said:
“The present economic crisis
notwithstanding, the Government
firmly believes that the Bahamas’
best days are ahead of it.”

He said the Government
remained hopeful that US author-
ities could find ways to ease their
current economic woes, and said

this is why the issue of HANNE | Is

so important.

“Bahamian entrepreneurs have
not yet tapped into their creative
resources fully, and have the
capacity to contribute in a much

Ce er a

EE

greater way to further growth and
devclopment in the Bahamas,”
Mr Laing said.

He added that in any area,
there remains enormous capacity
for creativity, innovation and ser-
vice improvement right here in
the Bahamas.

“This would lead to the cre-
ation of thousands more jobs with
the ability to create full employ-
ment... and lead to new domestic

wealth and local wealthy, with the”

means to enhance the social and
cultural life of our nation,” Mr
Laing said, adding that this could

THE TRIBUNE

AERTS Laing

happen even without new foreign
direct investment.

To achieve this, Mr Laing said
sound business plans - at present
a major weakness - were essential.

Therefore, discussions were ongo- ©

ing with the Inter-American
Development Bank (IDB), Col-
lege of the Bahamas (COB) and
the Ministry of Finance to
improve expertise in this area,
which will make it possible for
Bahamian entrepreneurs to
develop business plans that
can meet the rigors of any local
or international financial
scrutiny.

All offices professionally fitted out to a extremely high
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THE TRIBUNE

FRIDAY, OCTOBER 3, 2008, PAGE 3B





Wor

kforce quality tops

concerns for small businesses

m By CARA
BRENNEN-BETHEL
Tribune Business
Reporter

SEVENTY-THREE per
cent of Bahamian small busi-
nesses cited the scarcity of a
properly-trained workforce as
a priority issue to address in
maintaining their competi-
tiveness. ,

Michael Schneuwly, a con-
sultant at the Inter-American

Development Bank (IDB), °

told persons attending the
‘Chamber of Commerce Glob-
alisation Conference that
based on a survey conducted

by the College of the Bahamas
last year, a trained workforce
(73 per cent) and the lack of
adequate professional train-
ing courses (44 per cent) were
the priority concerns.

Importance

The survey examined the
overall importance of access
to finance, business develop-
ment and workforce, public
administration and service,
rules and regulations and
courts and business opportu-
nity.

The most important concern

was the workforce, followed
by finance and rules, which
were of almost equal concern
followed by business oppor-

tunities and then public,

administration and service.
Based on the survey, Mr
Schneuwly said the survey
indicated that micro Bahami-
an businesses were most con-
cerned with their personal dai-
ly obstacles, and there was no
clear sectoral pattern to the
concerns. Crime and theft, the
cost and quality of the public
service and infrastructure, and
a.lack of transparency in the
public sector and public cor-
porations also scored very

Development

high priority marks.

To foster the development
of the workforce and small
business, Mr Schneuwly said
there needed to be develop-
ment of a permanent mecha-
nism to assess labour needs
by sector, and adjustments to
the educational system and
technical training supply in
order to assure required work-
force output on a medium and
long-term basis.

Further, there needed to be
a national entrepreneurship
programme and a focus on
redefining the role of govern-
ment as a facilitator for devel-
opment. There also needs to

be a functioning market for potential for creating back-
training and foreign direct’ ward and forward linkages
investments projects with high with domestic enterprise.

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.













PRICEWATERHOUSE(COPERS

Bank needs
total overhaul

@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

THE Bahamas Development Bank needs a
complete overhaul to ensure it can play a
more dynamic role in funding local projects,
with minister of state for finance Zhivargo
Laing saying it would that if one examined ten
BDB accounts, eight were likely to be non-
“performing.

Gershan Major, chairperson of the
Bahamas Chamber of Commerce’s Globali-
sation.and Foreign Affairs Committee
responded to Mr Laing’s comments at the
chamber’s globalisation conference held yes-
terday.

Mr Laing said that while there was the
belief that more funding should be given, the
. bank has done much to assist Bahamians and
suggested that if one looked at ten accounts,
he believes as many as eight would be non-
performing.

Mr Major told Tribune Business this indi-
cates that the BDB needs a total overhaul.

“When you talk about eight out of 10 loans
going non-accrual or going bad, there is a
systemic issue where those funds are not
going back into the system to fund new ideas
.” he said. “When you look at the Bahamas







beaches and in our oceans.



eC MerT Ceremia Cite

ey

ont

Plastic grocery bags ‘are everywhere
and their numbers are staggering. No
matter how careful we are they end
up as unsightly litter on our roadways, annually by plastic bags.

‘These littered plastic bags are an
eyesore and send a poor message to
visitors about The Bahamas, However,
these bags not only mar the beauty

act us at: 242-393-1 3t

Development Bank, as it has existed since
the 1970s and the laws it operates on, that
has to change and it has to change because if
we are going to fund the tourism projects,
and other ideas such as farming and mari-
culture and all of these other opportunities,
the BDB has to play a more dynamic role in
those initiatives.”

Projects

He noted the need for the projects to be
viable; and said that is the aim of the confer-
ence and other events the Chamber puts on.
. “This is one of the things in putting on a
conference like this,, When we bring expertise
in the field to talk about the need for putting
together proper business plans and how to
fund those business plans,” Mr Major said.

He said the other part of the equation was
to determine how to effectively manage those
funds once received.

“Moving forward, I am in agreement with
several points the minister made relative to
commercial banks needing to increase oppor-
tunities, to make available sound funding
platforms for business to expand, and for per-
sons getting into business,” Mr Major said.

Saving our Islands
One Bag at a Time!

Why should you begin using Green Bags?

of our surroundings but pose a real
threat to wildlife. One study estimated
that 100,000 marine animals are killed

YOU CAN MAKE A DIFFERENCE!
The. simple act of taking a reusable
green bag to the grocery store will
help keep The Bahamas clean and save
marine animals from a terrible death.





POSITIONS AVAILABLE FOR
AUDIT MANAGER

PricewaterhouseCoopers has vacancy in its Nassau and Freeport Offices for Audit
Managers whose qualifications make the individuals eligible for membership in
the Bahamas Institute of Chartered Accountants. Prospective candidates should be
employed in public accounting and have at least (1) year of experience at the As-
sistant Manager/Manager level in managing a portfolio of diverse client engage-
ments. Candidates are also required to have a high level of computer literacy.
The position offers challenging work in the financial services industry and other
areas of industry and commerce. The salary scale, which recognizes different lev-
els of experience and skill, is designed to reward high performance. In addition,
the Firm provides excellent medical insurance and provident fund benefits.

Please submit your application letter with your Curriculum Vitae to:

Human Resources Partner
“Audit Manager Position”
PricewaterhouseCoopers

P.O.Box N-3910

Nassau, Bahamass.2 3.

REWAR

A reward is being offered for information leading
to the recovery of and/or the arrest of the persons
responsible for the theft of a 2008 Toyota Yaris;
which occurred around August 13, 2008 in Redland
Acres, off Soldier Road



Colour: Olive Green

Serial #: JT DBW93320-1105523

License #: 201820 ‘
Identifying Markings “Apple”? on front wind-
shield, ‘“‘Appleseed’’ on rear windshield, a scratch
on left rear fender and dent on rear bumper.

Please call, CDU, Stolen Vehicles Unit 502-9938,
502-9942, 302-3900 or 357-7502.

Yd)

SueA BIOK0, BOOZ




GE 4B, FRIDAY, OCTOBER 3, 2008





ys RY mw NE
“t #08. A s



SOLAR PHOTOVOLTAICS
SOLAR WATER HEATERS
SOLAR WATER PUMPS

ENEGRY CONSERVATION




EVALUATIONS”

NOTICE TO
SHAREHOLDERS

S. Johnson & Company Limited hereby notifies all







)f its shareholders that based on unaudited results
for the quarter ended September 30, 2008, the
soard of. Directors has declared an _ interim
lividend of sixteen cents (16¢) per ordinary share
o be paid on October 15, 2008 to all shareholders

of record as of October 10, 2008.










THE TRIBUNE





Small hotels offered
group insurance plan

mM By CARA
BRENNEN-BETHEL
Tribune Business

Reporter

THE Florida-based Royal
Marine Insurance Group is
working with its Bahamian
counterparts to devise a group
insurance plan for this
nation’s small hotel owners,
which would provide them
with secondary insurance in
the event of natural disasters
and loss of business.

Upton Bright, an accounts
executive with the company,
told the 2008 Small Hotels
Forum that they are looking
to secure a minimum of 10
properties to be a part of the
group offering.

He could not say what the
premium rates would be
because that would have to
come from the underwriters,
but added that the claim pay-
offs would range from $1-$10
million.

Mr Bright said the storm
tracker insurance policy was
designed to be secondary
insurance, and would trigger
once a hurricane reaches a 50-
mile radius from the property.
The trigger would be deter-
mined by the National Hurri-
cane Centre.

He explained that in addi-
tion to actual property dam-
age, the proposed plan would
also cover loss of business due
to storm ramifications.

“For instance, let’s say that

oY

SEEKING Messenger

We € are seeking to employ a team player with a passion for success and a
oe
eG eM CO mee mnt TCHTOD



Skills and Requirements

Amiable and reliable;

Excellent oral and communication skills;
Ability to multitask;

Ability to work well under pressure;
Excellent driving record. -

VVNVWV WV

Minimum Requirements

>» Education to high school level;
> Minimum two years driving experience;
» Valid Driver's License.

APPLY VIA EMAIL TO:
messengeropportunity@gmail.com

Excellent navigation and geographic knowledge;
A keen sense of punctuality and time management;



aa ne ee ee

t

e

Join Citibank, N.A.
Nassau, Bahamas, a
branch of Citi, the
largest financial
institution in the
world.

‘managing

local/foreign

Treasury Head

ROLE RESPONSIBILITIES
Reporting to our Regional Treasury team,
responsible for developing and implementing strategies for
liability products.

currency



your hotel is not damaged but
the airport is and all flights
are cancelled, or the threat of
the storm results in cancella-
tions. Once you can prove you
lost business as a result,
you are covered,” Mr Bright
said.

_ The policy would also cover
beach erosion and damage to
outside areas such as golf

courses, landscaped areas,
docks and marines.

“Let’s say you have $10,000
worth of food in your freezer
for guests, and the electricty
remains off as a result of the
storm, or you have to relocate
your guests, even if it is only
across the street. Once you
can prove it, you are cov-
ered,” he explained.

Mr Bright said that given
the recent increase in hurri-
cane activity in the Caribbean,
insurance premiums for cata-
strophic coverage will only
increase in the future.

He said the company was
ironing out the final details of
the plan, which should be
completed within the next two
to three weeks.

Small hotels back project
as ‘best thing to happen’

m@ By CARA
BRENNEN-BETHEL
Tribune Business
Reporter

THE Sustainable Tourism
Entrepreneurial Management
and Marketing Project devised
by the Bahamas Hotel Asso-
ciation (BHA) and Inter-
American Development Bank
(IDB) have had a tremendous
impact on the development of
the small hotel sector, two
hoteliers said yesterday.

Speaking with the media
during the 2008 Small Hotels
Forum, Sammy Thurston, the
owner and manager of Sam-



my T’s on Cat island, said it
has been beneficial in helping
that island identify areas
where it needs improvement,
and to ensure that there was a
unified standard throughout
the entire island.

“The STEMM programme
is the best thing to ever hap-

pen to the Family Island hote- °

liers,” he said.

Mr Thurston said the island
has been challenged, like else-
where, by the economic chal-
lenges and had seen occupan-
cies levels drop down to 60
per cent.

To counter this, he said they
have conducted extra promo-



Real Estate

UES Te CS Ua Cs Rentals LL de,

Gs Wt i ha sk



the position is

Key

responsibilities include marketing and quoting rates for corporate
foreign exchange contracts, money market instruments and

We invite outstanding
individuals, wanting to build a
career in Corporate Banking, to
be part of aur dynamic global
team. You will interact with
colleagues from around the
Cariobean region and across the
organization globally, providing
treasury management to our
ocal team. In addition to a great
career, we offer a competitive
salary and benefits package.
candidates should
orward a copy of their resume
October 3, 2008 to: Human
P.O. Box N-1576,
i, Bahamas OR Fax:
) 302-8779 “OR Email:
ice. gibson@citi.com



wamigeets
FUL UI OS

required.





yourself to a career like no other

related financial,

marketing/sales, analytical,

KNOWLEDGE! SKILLS REQUIRED

Candidates must possess a Bachelor's degree in Economics,
Accounting or Finance, and, a minimum of 5 years Treasury
experience with a major commercial and/or investment bank; a
Chartered Accountant or CFA designation preferred. Excellent
communication, and interpersonal
skills, combined with a results orientation and an ability to build
relationships, will round out the ideal candidate. Some travel is

Challenge

derivative products and projecting liquidity and rate trends. The
role is also focused on risk management through monitoring
liquidity and foreign exposure, ensuring compliance with legal,
regulatory, and internal policy requirements, and, managing ratios
and reserves. Additional responsibilities include overseeing all
regulatory: and management performance
reporting, and,. supervising and training support staff.



t
aes a aS ceca ceaecaaa te



Nassau Airport

Development Company

Whi




Nassau Airport Development Company is pleased to announce the
following tender associated with the expansion of the Lynden Pindling
International Airport. The Security Fencing Package for Tender C-114
Supply and Installation of Security Fencing contract to include the

following components:





* Survey of security fence line location

* Tree and site clearing along fence line; including onsite
stock piling of cleared materials

* Supply and installation of complete security fencing
package including gates and signage as indicated.

Tender Packages can be picked up after 1:00 pm, on Thursday,

September 25th.

Tender closing is Wednesday, October 8th at 1:00pm.

There will be a Tender Briefing, Wednesday, October ist. Please
RSVP Traci Brisby by ipm Tuesday, September 30th, for briefing

location details.

Mobilization: Tuesday, October 44th
Completion: Friday, November 7th

Ph: (242) 702-1086 « Fax: (242)377.2117
P.O. Box AP 59229, Nassau, Bahamas

ESE IDER'

Contract & Procurement Manager

tions, and granted discounts.
Presently, occupancies have
reached up to 80 per cent.

Benjamin Pratt, who sits on
the Andros Promotion Board,
said the programme has
brought excellent value to the
island. aHe explained that
Family Island properties are
challenged because they do
not have large marketing
pockets.

“It has helped us deal and
focus with our areas of con-
cerns and helped turn them
around,” he said.

The STEMM poroject came
about as a result of a grant-
fund of $1.3 million from the
Inter-American Development
Bank, and the partnership of
the Ministry of Tourism,
Antiquities, Monuments &
Museums Corporation, and
the Caribbean Alliance for
Sustainable Tourism.

It officially began on April
1, 2006.

The target beneficiaries are
Small and Medium sized
Enterprises (SMEs) in seven
pilot island destinations that
to date have not fully bene-
fited from the mass-tourism
approach to marketing that
has concentrated on larger
properties.

The overall objective of the
initiative is to improve the
competitiveness of these des-
tinations in the Bahamas,
positioning the country as a
sustainable tourism destina-
tion.

The specific objective of the
project is to diversify the pre-
sent tourism product, organ-
ising and selling new integrat-
ed tourism packages focusing
on specific market segments,
such as heritage, culturé and
nature, and to identify, imple-
ment and market eco-friendly
activities in order to protect
the natural and cultural envi-
ronment of the Bahamas.


















\
\
N

z






LPIA Expansion Project

-email:trackbrisby@nasbs


Ime INwWuine

Z



Realtor closing
on multi-million

dollar ‘triple play’

A BAHAMIAN realtor is closing on a
‘triple play’ - three individual units sold to
a single buyer at the exclusive Reef Resort
at Atlantis.

Kyla Ralston, of ERA Dupuch ‘Real
Estate, closed on a two-bedroom unit, a
three-bedroom unit and a penthouse at
The Reef, the properties ranging in price
from $2 to $7 million.

Ms Ralston, whose professional experi-

ence in interior design put her in good

stead for a successful luxury realty career,
sees no sign of a downturn in the Bahami-
an real estate market.

“Unlike the US, the Bahamas doesn’t.

have a mortgage crisis, and the credit
crunch isn’t affecting us as much as our
neighbours across the water. The local
market is sure to stay strong. The only
downturn we're seeing is caused by people
hoping for a price drop, and I feel that
they’re going to be very sorry,” she said.

Ms Ralston’s broker, 20-year real estate
veteran and founder of the firm, Peter
Dupuch, agreed.

“The world is getting smaller and small-
er, and the Bahamas isn’t getting any larg-
er,” he says.

“Much of the available land in the west-
ern end of Nassau is being swiftly devel-
oped. I only see property prices continuing
to rise.”

The Bahamas recently hosted the annu-
al invitation-only ERA Beyond Excellence
Conference, which honours the most suc-
cessful sales associates at ERA franchises
across the world.

Five top-performing ERA Dupuch Real
Estate agents - Mr Dupuch, Ms Ralston,
Ken Chaplin, Dave McCorquodale and
Carla Sweeting - were invited to the con-
ference, which required agents to sell a
minimum of 50, units the previous year to
be eligible.

ERA Dupuch has also received another
accolade. Mr Dupuch, Ms Ralston and Mr





Kyla Ralston

Chaplin were named as the first realtors
outside the US to qualify for the highest

certification in the franchise’s luxury real -

estate division, the ERA International
Collection.
The ERA network consists. of 3,000

offices throughout the US and 49 addi-

tional countries. In 2006, ERA Real Estate
won the prestigious J.D. Power and Asso-
ciates Award for Highest Overall Satis-
faction for Repeat Home Sellers Among
National Full-Service Real Estate Firms.

“We feel very fortunate to be partnered
with such a prestigious and recognisable
global leader,” said Mr Dupuch.

ember 27th - October 13th, 2008

“Ip L

place setting ef China

169

place setting consists of: 1 dinner, 1 salad, 1 bread & nes
plate; 1 tea cup & saucer erates Peete) nt)

=U) a

Box Set of Stemware

mya -y AZ

| ‘Oy fi

2nd Box

ere edu ra)

Ty L

eee Ral uel

receive

place setting consists of: 1 goblet; 1 wine; 1 flute
(excludes Lismore and all toasting flutes & net items)

Lynn Chase China
& accessories

promotion applies to Bridal & China Dept only
* must be same or lesser value

Kelly's "es.

Mall at Marathon
Monday-Friday 9:00am-8:00pm
Tel: (242) 393-4002 Saturday Sea

Fax: re 393-4096



nda:
Wi PAN daeenehy com



PIA, VYoUbuUubL vy HUY, rie Ve













NN
NAD

Nassau Airport |
|
|
|

Development Company

Nassau Airport Development Company is pleased to announce the following tender

associated with the expansion of the Lynden Pindling International Airport. The General

Contractor Package for Tender C-116 Early Civil and Relocations lump sum contract
" includes the following components:

* Tree and site clearing, including removal; mulching and composting of
organic materials.

¢ — Security fencing supply and installation;

* Demolition and disposal of buildings, fences, miscellaneous structures,
debris and equipment;

¢ Removal and disposal of 2 underground and 1 above ground fuel storage
tanks;

¢ Removal and disposal of existing utilities & installation of new utility
corridor including sanitary and communication ductbank;

¢ — Removal of HMAC roadway by milling and construction of temporary
parking lot and contractor laydown area utilizing existing pavement and
asphalt millings;

* Relocation, supply and installation of temporary parking lot lighting; and

* Relocation of existing macerator, pump and trash compactor and removal
and disposal of existing lift station and macerator pit.

Tender Packages can be picked up after 1:00 pm, on Monday, October 6th.

Tender closing is Tuesday, October 28th at 1:00pm. .

There will be a Tender Briefing Wednesday, October 15th. Please RSVP Traci Brisby
by 1pm Tuesday, October 14th for briefing location details.

Prestigious Private Members Club is seeking a talented and dynamic

NETWORK ADMINISTRATOR

The successful candidate should possess the following skills and qualifications:

University degree and professional designation or certificates in the area
of Computer Information System, A+ Certification & Network Certification,
Microsoft Certified Professional, Microsoft Certified System Administrator
(MSCE is an advantage) Cisco Certified Associate,

Experience:

The ideal candidate must be proficient in SQL Database Management, Desktop
Security Management, Proven ability to handle diagnostics, troubleshooting and
repair of computer systems, knowledge of Symantec Products and a strong
understanding of network documentation. The candidate must possess good
judgment, discretion and teamwork.

Responsibilities:

The successful candidate will be responsible for Managing and supporting the PBX
System. Manage and support the Internet Security System, Design, implement
and Support WIFI networks, Managing the wireless network.

HELP DESK SUPPORT ADMINISTRATOR
The successful candidate shouid possess the following skills and qualifications:

A+ Certification & Network +Certification,
Basic knowledge of networking, proficiency in Windows operating systems
Proficient in Microsoft Office and general computer skills

Responsibilities:

The successful candidate will be responsible for providing help desk support for
Windows users. Troubleshooting both hardware and software applications.
Customer Service Support, Maintain System Backups and must have excellent
File management skills. Provide support for property management applications

Interested candidates are invited to submit a complete resume inclusive of a cover
Letter to:

The Director, Human Resources
Lyford Cay Club
Nassau, Bahamas
Fax: 362-6245
PAGE 6B, FRIDAY, OCTOBER 3, 2008

THE TRIBUNE



RT Len a
Abaco Markets

For Small & Medium size companies
Lender: Inter-American Investment Corporation

Sectors: Agriculture, Agribusiness, Trade, Services, Farming,
Agro-forestry, Manufacturing, Fishing, Telecommunications,
Commerce, Mailboats, Medical labs

Annual Sales; $500,000 - $600,000

Loan term: 3 - 5 years

Purpose: Investing in fixed assets and /or working capital

Amount of loan: $100,000 - $600,000

Financial statements: 3 years minimum

Preliminary Information: Executive summary

Kindly contact:
L.Syndey Saunders
Tel: 327-4950

Email: Issaundersandco@batelnet.bs

Robert lan Mitchell
Tel: 376-3118

Email: info@bahcorptrade.com

NOTICE

I am the Executrix of the Estate of
LEANNA VEOLA FERGUSON
and I have given NO instructions
for the sale of ANY property or
assets of the estate of the late
LEANNA VEOLA FERGUSON

Katherine Elizabeth Ferguson-Beneby

‘04 NISSAN MURANO
Fully Loaded
LOW MILEAGE, LEATHER, SUNROOF,
6 DISC CD, XM RADIO, SUN ROOF,

POWER EVERYTHING.

’



- Consolidated Water
CC (Bahamas) Ltd.

TENDER — WINDSOR PLANT BUILDING
PAINTING

Consolidated Water (Bahamas) Ltd. (CWBAH)
Is pleased to invite Tenders to provide the
Company with Painting Contractual Services for
its Windsor Reverse Osmosis Plant.

Interested companies may collect a Tender
Specification Document from the Secretary's
Desk located in the Administrative Office at the
Blue Hills Reverse Osmosis Plant on Soldier
Road West, between the hours of 8 a.m. and 5
p.m. Monday through Friday.

The deadline for submission of Tenders is 5
p.m. on 17th October 2008 Tenders should be
sealed and marked “TENDER FOR WINDSOR
PLANT BUILDING PAINTING” and should be
addressed as follows:

The General Manager
Consolidated Water (Bahamas) Ltd.
P O Box CR 54030
Nassau, Bahamas

FROM page one

Business yesterday that while
the company had enjoyed
impressive top-line sales growth
amid a tough economic climate,
margins and overall profitabili-
ty had been impacted by rising
operating costs and their impact
on consumer disposable
incomes and spending.

The company, which oper-
ates the Solomon’s Super-
Centre and Cost Right for-
mats, plus the Domino’s Pizza
franchise, saw sales for the
three months to July 31, 2008,
increase by 4 per cent year-
on-year to $22.7 million. For
the half year, the top-line per-
formance was even better,
growing 5.5 per cent against
2007 comparatives to $44.5
million.

Yet net profits for the 2008
second quarter were less than
one-third of the previous
year’s $510,000, falling to
$162,000. For the 2008 first
half, net profits from existing
operations fell by a similar
margin, dropping to $244,000
compared to $950,000 in 2007.

Total prior year profits had
also been boosted to $1.276
million thanks to a $350,000
contribution from discontin-
ued operations.

Adding to the resiliency
Abaco Markets’ core brands
have displayed, Mr Watchorn

told Tribune Business that the

Back-to-School shopping sea-
son in August - the group’s
second busiest period of the

year after Christmas - “went

very well”.

He added: “We saw sales
increases group-wide of about
20 per cent across-the-board.
Our August finances showed a

higher profit than last year.” ~

Those improvements should
come through in Abaco Mar-
kets’ third quarter numbers,
although Mr Watchorn tem-
pered this by saying there was
likely to be a minor impact
due to losses incurred at its
Cost-Right Abaco operation.

However, he was quick to
point out that the effects from
that would not be material as
far as Abaco Markets’ group-
wide financial performance
was concerned, adding: “In

sees 20% Back |

to School rise

the big scheme of things for
the company, it will not
impact on our profitability.”

Reflecting on the compa-
ny’s 2008 second quarter per-
formance, Mr Watchorn said:
“We're pleased we’ve contin-
ued our sales growth and that
our expenses are under con-
trol. We’ve done a good job
in that area.”

Even though utilities costs -
chiefly electricity - had
increased by around 25 per
cent year-over-year for the
second quarter, the sales
growth and control on all oth-
er expenses had helped to
reduce total expenses as a per-
centage of sales from 28 per
cent in the first quarter to 27.1
per cent in the second period.
The latter figure compared
reasonably well with the 26.9
per cent figure recorded for
the 2007 second quarter.

The Abaco Markets presi-
dent added, though, that the
company’s electricity bill was
“probably still on track” to
increase by $1 million year-
over-year during its current
financial year.

“We expect a little bit of
help on utilities costs in the
second half of the year, but
we expected the price of the
BEC fuel surcharge to drop
and it hasn’t,” Mr Watchorn
said. “I would have expected
the fuel surcharge to have
dropped by 20-30 per cent
now and it hasn’t.”

Mr Watchorn added:
“There’s a lot more competi-
tion about than there was 12
months ago. It’s not because
of extra companies, but the
average consumer - with
unemployment up and aver-
age household income down
- has less and less money to
spend.”

NOTICE

NOTICE is hereby given that ERLINE BECKFORD
CARTWRIGHT of #66 BETHEL AVE. STAPLEDON
GARDENS, P.O. BOX SP-63966, NASSAU, BAHAMAS
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen

of The Bahamas, and that any person who knows any
reason why registration/ naturalization should not be
granted, should send a written and signed statement
of the facts within twenty-eight days from the 26TH day
of SEPTEMBER 2008 to the Minister responsible for
Nationality and Citizenship, PO.Box N- 7147, Nassau,
Bahamas. ;



Legal Notice

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

KALONG LIMITED

In Voluntary liquidation

“Notice is hereby given that in accordance with Section 137
(4) of the International Business Companies Act (No. 45 of
2000), KALONG LIMITED is in Dissolution.”

The date of commencement of dissolution is the 15th day of
September, 2008.

Hamilton Management Services Limited
Fiman House, St. George’s Place
St Peter Port, Guernsey
GY1 2BH
Liquidator

Lender: Inter-American Investment Corporation

Sectors: Agriculture, Agribusiness, Trade, Services, Farming,
Agro-forestry, Manufacturing, Fishing, Telecommunications,
Commerce, Mailboats, Medical labs

Annual Sales: 2 million and 20 million

Purpose: fixed asset acquisition, working capital including
refinancing

Amount of loan: 1 million to 10 million USD per eligible
enterprise
Financial statements: 3 years minimum, executive summary

Kindly contact: ae
L.Syndey Saunders
Tel: 327-4950

Email: Ilssaundersandco@batelnet.bs

Robert lan Mitchell
Tel: 376-3118

Email: info@bahcorptrade,com

Inter-American Investment Corporation
a subsidiary of the
Inter-American Development Bank
Agent: ICWI GROUP

Net margins for the 2008
second quarter were down 2
per cent compared to the
same period in 2007, having
dropped from 30.3 per cent to
28.3 per cent. For the first
half, net margins were down
at 28.7 per cent compared to
29.9 per cent.

Mr Watchorn said net mar-
gins had been impacted by
wholesale market price

increases that it faced, and ;

increase in shrinkage and a
reduction in consumer pur-
chases of big-ticket, high mar-
gin items such as flat-screen
TVs as the economic climate
bites.

Staple commodities were
still selling well, the Abaco
Markets president said,
adding: “Shrinkage is a real
disappointment for us. We
have been working steadily on
and improving that, but for
the last two quarters it’s gone
into a negative trend.

“We've put things in place
to address that. It’s not where
we want it to be, but we’ve
largely contained that.”

Abaco Markets had dealt
with a shrinkage problem at
the perishables department of
its Solomon’s store in Nassau,
caused by over-ordering and
products not being stored cor-
rectly. The company as a
whole is focused on providing
value for consumers in their
grocery purchases.

Meanwhile, Mr Watchorn
said Abaco Markets had
reduced staff levels at its food
stores by around 6 per cent
from the start of the year by
not replacing workers when
they left.

“It’s not through lay-offs,”
he added, “it’s efficiencies
where two people are now
doing the work of three.

“We’ve no plans to drasti-
cally reduce our head count
numbers. If we need to, we'll
do it through non-replace-
ment. You need a minimum
number of staff to run the

store, and it’s probably close
to that number now.”

Mr Watchorn said the group
had created 12 new jobs at
each of its newly-opened
Domino’s Pizza stores on
Carmichael Road and the Sea-
grapes Shopping Centre, the
latter being its 10th outlet.

The company was receiving
“a lot of interest” in taking
Domino’s Pizza to the Family
Islands, especially areas such
as Abaco, but had no firm
plans to do so as it was not
convinced a sales base existed
in those islands yet.

“For now, we want to con-
centrate on what we have. In
the short-term, there are no
plans to open stores,” Mr
Watchorn confirmed.

He declined to comment,
though, on reports reaching
Tribune Business of renewed
interest from possible buyers
of the Abaco Cost Right store.
One group is: understood to
involve Super Value
head Rupert Roberts and
his business partner Chad
Sawyer.

Mr Watchorn said Abaco
Markets’ preference share
debt now stood at $5.7 mil-
lion, having paid a further
$275,000 in September on top
of the $420,000 paid out in the
second quarter. The last pay-
ment means the company has
paid out some $1.15 million
to the preference shareholders
this year. :

Abaco Markets is also
repaying $30,000 per month
to the Royal Bank of Canada
after taking out a $2 million
loan to acquire the Solomon’s
SuperCentre building in
Freeport.

The $2.4-$2.5 million deal
represented good value, Mr
Watchorn said, because it was
$600,000-$700,000 ‘below the
property’s actual value. The
price was fixed five years ago
when Abaco Markets took out
an option to buy it.

“There’s nothing in our
numbers that jumps out and.
is terribly surprising,” Mr
Watchorn said. “I’m not sure
we're seeing the impact of
what’s happening in the US.
We’re seeing the impact of
higher utility, higher gas
prices and the average wage
is not accommodating that
increase.

“We're pleased we’re in the
black, but not pleased at the
level.” As

NOTICE
NOTICE is hereby given that ROY A. JONES of BAYBERRY

LANE, FREEPORT, GRAND BAHAMA, BAHAMAS, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen
of The Bahamas, and that any person who knows any
reason why registration/ naturalization should not be
granted, should send a written and signed statement of
the facts within twenty-eight days from the 3RD day of
OCTOBER 2008 to the Minister responsible for Nationality
and Citizenship, PO.Box N- 7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JULDER JOSEPH of
MARSH HARBOUR, ABACO, BAHAMAS is applying to
the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 26TH day of SEPTEMBER
2008 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that PERKINS JOSEPH of
14 EGRET CIRCLE, ARDEN FOREST, FREEPORT,
GRAND BAHAMA, BAHAMAS is applying to the Minister
responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that
any person who knows any reason why registration/
naturalization should not be granted, should send a
written and signed statement of the facts within twenty-
eight days from the 23RD day of SEPTEMBER 2008 to
the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LELIO ALEXANDRE
JR. of #7 LEWIS STREET, NASSAU, BAHAMAS is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen
of The Bahamas, and that any person who knows any
reason why registration/ naturalization should not be
granted, should send a written and signed statement
of the facts within.twenty-eight days from the 26TH day
of SEPTEMBER 2008 to the Minister responsible for
Nationality and Citizenship, P.O.Box N- 7147, Nassau,
Bahamas.

NOTICE

NOTICE is hereby given that TERCILLION DELVA of
MARSH HARBOUR, ABACO, BAHAMAS is applying to
the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 26TH day of SEPTEMBER
2008: to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.


THE TRIBUNE

FRIDAY, OCTOBER 3, 2008, PAGE 7B



City Markets —
chief departs

FROM page one

customers.”

both the Bahamas Supermar-
kets Board and that of BSL
Holdings. i

Neal & Massy, through ::
BS&T, is the largest share-
holder in BSL Holdings, the
buyout group that is the largest
shareholder in Bahamas Super-
markets with a 78 per cent
stake. :
Mr Boyle is a former chief :
executive of Neal & Massy’s :
Hi-Lo Foods chain in Trinidad,
and several sources suggested
yesterday that his departure
may have resulted from the fact
that he did not see eye-to-eye
on strategy with a senior Neal ;
& Massy-executive, Joseph, ;
Teixeira, who has been brought
in to oversee City Markets’
restructuring.

‘Floating margin’ call for

FROM page one

incentive to maintain supply long-term
and will simply go out of business.

A number of gas station dealers have
done just that, judging from the number
of closed stations seen around Nassau.

Yet if floating margins were intro-
duced, with retailers earning a fixed
percentage of each gallon sold - rather
than a fixed amount - their earnings
would remain proportionately the
same, increasing and decreasing based
on global oil price movements.

“We will continually be subsidising
the consumer if we don’t have a float-
ing margin,” Mr Elliott said, adding
that gas station retailers also had to

cover the increased utilities costs and
other expenses like all other businesses.

“It’s very difficult,” Mr Elliott said of
the operating environment faced by gas
station retailers. “We’re selling at a
loss.

“We have to endure shrinkage from
the fuel evaporating if we don’t sell it
and turn it over quickly enough we suf-
fer some loss vecause it’s a perishable
commodity.

“We’re also subject to robberies and
these are things dealers are very con-
cerned about. We had one about a
month ago.”

Dionisio D’Aguilar, the Bahamas
Chamber of Commerce’s president,
said earlier this week that the price

control structure for liquefied propane
gas (LPG) should be switched from one
that is based on a maximum price to a
system linked to global market prices
and the landed cost, mirroring the
petroleum industry.

Mr D’ Aguilar recommended that if
the Government wanted to price con-
trol. LPG, it should switch from the
existing system that imposed a flat max-
imum price to one that was based on
LPG’s landed price, with a fixed mark-
up agreed to that retailers and whole-
salers would have a big enough mar-
gin to make profits.

This was the same model applied to
the Bahamian gasoline industry, which
allowed prices to account for global oil

=x-._ petroleum industry dealers

prices. The Government’s taxes were
based upon the landed cost of fuel,
upon which it imposed $1.16 per gallon
and a7 per cent Stamp Duty.

Retail and wholesale margins were
fixed at $0.44 and $0.33 per gallon
respectively.

Suggesting that this should be the
model employed for the LPG industry,
Mr D’ Aguilar explained: “There’s enor-
mous volatility in the market, and it’s
extremely unfair to expect propane
companies to accept a fixed maximum
price given that volatility. The Gov-
ernment should do exactly what they do
for gasoline. They should abolish that
system and go to the system on gaso-
line.”

ABACOMARKETS

Chairman’s Report — Q2, 2008

We are pleased to report positive trends and sales growth for the second quarter of 2008 as the
business environment continues to present significant challenges with rising costs and an increased
and more competitive market. However, the level of profitability has fallen short of expectations as
results have been impacted by the prevailing economic conditions and internal issues that we have
been addressing since the first quarter. .

As you will note in the accompanying financials, sales have increased and expenses continued to be
well managed and are now back in line with last year as a percentage of sales after an aggressive
effort to contain costs. While we are pleased with these trends, we have also recorded a decrease in
net margin of 2% over the prior year resulting from continued market price increases, reduced sales
of high ticket items and an increase in shrink. In response, our strategic profitability plan announced
to you earlier this year is focused on group sales, cost containment measures and a comprehensive
shrink programme. One area in particular recording a significant increase is shrink resulting from
internal and external theft. This theft, which is often of basic necessities, has increased significantly
over last year and is clearly indicative of the times. Unfortunately, while this is obviously a small
percentage of customers and employees, it is negatively impacting our business, our staff and our
customers and we are aggressively working to protect all of them with our comprehensive shrink
programme. This shrink programme includes enhanced security measures, the implementation of
new technology and programmes and specialized loss prevention training for our employees.

In addition to controlling costs and reducing shrink, we are also utilizing our strategic profitability
plan to build sales by delivering real value, quality products and good service to our customers. We
are achieving this by working with vendors on products and pricing to minimize the impact of
increased costs on our customers and by focusing on areas that will continue to improve service in
our stores. Our Domino’s Pizza franchise is also moving ahead to build sales and better serve our
customers in Eastern New Providence with the opening our 10" Domino's in Seagrapes this
quarter closely on the heels of opening our 9" Domino's on Carmichael Road in the first quarter.
Domino’s in Seagrapes, with the dine-in seating and WiFi wireless internet access, has received
positive feedback and is recording positive sales to date. We continue to reduce our preference
share debt by repaying an additional $420k this quarter for a total of $840k YTD.

While there has been good improvement and positive trends, we also recognize that we have to
continue to aggressively manage the factors we can control that are contributing to the decline in
profitability. To this end, we are focusing our resources on building sales, achieving important
efficiencies and savings to contain costs and addressing shrink using our people and technology for
improved profitability and continued sales growth ahead. While these economic conditions are
expected to persist for some time yet, we are building on the initiatives that have been delivering
positive results for our group.

We look forward to keeping you posted on our progress and thank you for your continued support.

R. Craig Symonette
September 24, 2008

ABACOMARKETS

Lerriveo

INTERIM UNAUDITED FINANCIAL STATEMENTS
FOR THE QUARTER ENDED JULY 31, 2008



CONSOLIDATED BALANCE SHEET

(Expressed in thousands of Bahamian dollars)

July 31, January 31,

2008 2008

Assets $ 29,674 26,197
Liabilities (19,116) (16,499)
Equity $ 10,558 9,698

CONSOLIDATED STATEMENT OF INCOME

(Expressed in thousands of Bahamian dollars)







Quarter Ended Quarter Ended

July 31, 2008 July 31, 2007

Sales $ 22,655 21,777
Cost of sales (16,239) (15,186)

Gross profit 6,416 6,591
Selling, general and administrative expenses (6,150) (5,849)

Other operating income 123 93

Net operating profit 389 835
Pre-opening costs . - (41)
Interest expense (65) (42)
Dividends on preference shares (162) (208)

Net profit on continuing operations 162 544
Net loss on discontinued operations - (34)

Net profit $ 162 510



Profit per share $0.010 $0.032

(Expressed in thousands of Bahamian dollars)





















\ 6 Months Ended 6 Months Ended

July 31, 2008 July 31, 2007

Sales $ 44,542 42,215
Cost of sales (31,753) (29,594)

Gross profit ‘ 12,789 12,621
Selling, general and administrative expenses (12,288) (11,393)

Other operating income 219 197

Net operating profit 720 1,425

Gain on disposal of investment - 150
Pre-opening costs (note 4) (24) (106)
Interest expense (108) (123)
Dividends on preference shares” - (344) (419)

Net profit on continuing operations . 244 927
Net loss on discontinued operations - (40)

Gain on disposal of subsidiary - 39

Restructuring reserve - 350

Net profit $ 244 1,276

Profit per share $0.015 $0.080

CONSOLIDATED STATEMENT OF CASH FLOWS
(Expressed in thousands of Bahamian dollars)

6 Months Ended 6 Months Ended

July 31, 2008 July 31, 2007

Net profit for period $ 244 1,276
Net cash provided by/(used in) operating activities 2,004 (500)

Net cash (used in)/provided by investing activities (3,533) 4,161
Net cash provided by/(used in) financing activities 818 (4,043)
Decrease in cash ‘ $ (711) (382)

ABACO MARKETS LIMITED
EXPLANATORY NOTES

TO INTERIM UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Quarter ended July 31, 2008

1. ACCOUNTING POLICIES

These financial statements have been prepared in accordance with International Financial
Reporting Standards using the same accounting policies and methods of computation as
the Consolidated Financial Statements included in the 2007 Annual Report.

The consolidated financial statements include the accounts of Abaco Markets Limited
(“the Company”) and its significant wholly owned subsidiaries: AML Foods (Nassau)
Limited, Solomon’s Club (Freeport) Limited, Thompson Wholesale Limited and
Caribbean Franchise Holdings Limited.

‘2. PREFERENCE SHARES

The Company made total redemptions of $540,000 on Class A preference shares and
$300,000 on Class B preference shares during six months ended July 31, 2008.

3. CAPITAL ASSETS

On July 3, 2008 the Company completed the purchase of the property on Queen’s
Highway in Freeport for $2.4m. The purchase was partly financed through a loan from
Royal Bank of Canada in amount of $2m bearing the interest of 7% and payable over five
years. Solomon’s Freeport has occupied this property since December 2004.

An appraisal of the property determined a value of $3m. The difference between
appraised value and purchase cost was recorded in the property revaluation surplus.
4. PRE-OPENING COSTS

Pre-opening costs represent costs incurred in the opening of Domino’s Pizza store at
Carmichael Road in Nassau, which were not capital in nature.

Copies of a full set of the unaudited financial statements can be obtained from
Ms. Brendalee Gibson, at Abaco Markets Corporate Offices at Town Centre Mall, Blue Hill
Road, Nassau, The Bahamas, tel. 1 242 325 21.
PAGE 8B, FRIDAY, OCTOBER 3, 2008

eee ee ee eee eee ne nee ee

‘ ; }

FROM page one

ponents, commercial mortgage
arrears rose by $52.8 million (56.2
per cent) over the review period,
amid sustained increases in both
the short and long-term cate-
gories,” the Central Bank said.
“Similarly, consumer loan
arrears grew by $32.8 million (19.1
per ce nt), with these loans contin-
uing to migrate steadily into the
non-accrual segment. Total mort-
gage arrears rose moderately dur-
ing August, resulting in overall

Bank ‘concert’

growth of $28.9. million (11 per
cent) for the eight-month period,
and with all of the gains being
recorded in the non-accrual com-
ponent.

“Tn line with the deterioration in
arrears, banks increased their loan
loss provisions by $27.6 million
(22.9 per cent), although the ratio
of provisions to arrears was rela-
tively stable throughout the period
at 23 per cent.”

Legal Notice

NOTICE

BORAXXAMME LTD.

Notice is hereby given that in accordance with Section
138(8) of the International Business Companies Act
2000, the dissolution of BORAXXAME LTD. has
been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck

off the Register. -

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

Notice

CARDIGAN NAVIGATION
COMPANY LIMITED
(In Voluntary Liquidation)

Creditors having debts or claims againts the above-named Com-

pany are required to send particulars thereof to the undersigned at

Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-
3247, Nassau, Bahamas as sole Liquidator on or before the 17th
day of October, 2008. In default thereof they will be excluded
from the benefit of any distribution made by the Liquidator.

Dated the 3rd day of October 2008.

LYNDEN MAYCOCK
LIQUIDATOR

Legal Notice
NOTICE

FU TAN ADVISERS LLC

NOTICE IS HEREBY GIVEN as follows:

(a) FU TAN ADVISERS LLC is in dissolution under the
provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced
on the 30th September 2008 when its Articles of
Dissolution were submitted to and registered by the

Registrar General.

(c) The Liquidator of the said Company is Lynden D.
Maycock of Ocean Centre, Montagu Foreshore,
East Bay Street, Nassau, Bahamas as sole Liquidator.

Dated the 3rd day of October, 2008.

_H& J Corporate Services Ltd.

Registered Agent
for the above-named Company

Paul McWeeney, Bank of the
Bahamas International’s manag-
ing director, told Tribune Busi-
ness: “Obviously, the banks are
very concerned about asset quali-
ty, because it’s our primary book
of business. If asset quality slips,
loan loss provisions increase and
margins decrease.”

Meanwhile, the Central Bank
warned that the economic down-
turn could impact the Govern-
ment’s finances and fiscal position
by reducing demand for imports
and import-related revenue.

It said: “The deepening of the

FROM page one

Mr Davis yesterday moved to
scotch concerns that Bluewater
would have difficulty in raising debt

- financing to acquire BTC, telling

Tribune Business: “Provision had
been made for a meeting of the
minds between my client and the
Government, and the funds were
properly secured and set aside for
the acquisition.

“Once the Government indicat-
ed its willingness to sell up to as
high as 75 per cent - the Govern-
ment said that to us - provision was
made to accommodate that as well.

“The debt crisis and financial
crunch will not impact their ability
to consummate this deal. The funds
are there and readily available to
acquire 49 per cent or as high as 75
per cent as the Government had
indicated.”

Once as yet unforeseen conse-
quence if the Government proceeds
with its latest plans, which involve
selling a 51 per cent stake and no
and one-year exclusivity periods for

global financial crisis, underscored
by the collapse of the subprime
lending market in the US has
increased the short and medium
term uncertainties facing the
Bahamian economy. In particu-
lar, as US confidence remains near
historic lows and households make
further spending adjustments in
response to the significant erosion
in financial wealth, demand for
tourism is expected to wane fur-
ther over the remainder of 2008
and the first half of 2009.
“However, continued weakness
in the US currency, partly in

Bidder

fixed-line and cellular telecoms, is
that any effort to keep BTC’s cur-
rent bloated staff levels in place
could be doomed to failure due to

the need to downsize and make the -

firm competitive.

Although Mr Davis declined to
comment, it is understood that talks
between the Government and
Bluewater are not going well, with
the latter questioning whether the
administration is negotiating in
good faith.

This is because as T. B. Donald-
son, the privatisation committee
chair has indicated, the Govern-
ment appears increasingly eager to
open up the bidding process and
conduct a ‘beauty contest’ auction
process to see whether there are
better offers than Bluewater’s out
there despite the latter protesting it
still has time to run on an exclusiv-
ity period.

Tribune Business also under-
stands that Bluewater and the Gov-

Legal Notice
NOTICE

CONFIDENCE NAVIGATION
COMPANY LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) CONFIDENCE NAVIGATION COMPANY
LIMITED is in dissolution under the provisions
of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced
on the 29th September 2008 when its Articles of
Dissolution were submitted to and registered by the

Registrar General.

(c) The Liquidator of the said Company is Lynden D.
Maycock of Ocean Centre, Montagu Foreshore,
East Bay Street, Nassau, Bahamas as sole Liquidator.

Dated the 3rd day of October, 2008.

H & J Corporate Services Ltd.

Registered Agent
for the above-named Company

Legal Notice

Notice

FU TAN ADVISERS LLC
(In Voluntary Liquidation)

Creditors having debts or claims againts the above-named Com-

pany are required to send particulars thereof to the undersigned at
Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-
3247, Nassau, Bahamas as sole Liquidator on or before the 17th
day of October, 2008. In default thereof they will be excluded
from the benefit of any distribution made by the Liquidator.

Dated the 3rd day of October 2008.

LYNDEN MAYCOCK
LIQUIDATOR

EG CAPITAL MARKETS

BROKERAGE & ADVISORY SEKVICES

response to the expansionary
effects of the proposed rescue
package, could offer some com-
petitive gains for the Bahamas,
relative to non-dollar priced tourist
destinations.

“Meanwhile, despite steadied
support to construction from
domestic financing, overall activi-
ty is expected to ease, as a result of
reduced stimulus from foreign
investments that are impacted by
the global contraction in the sup-
ply of credit and the diminished
ability of some investors to sus-
tain their equity support for these

ernment are disputing whether the
bidding group has an exclusivity
period and sales agreement in prin-
ciple in place, an issue that could - if
unresolved - send both parties into
arbitration and further delay a pri-
vatisation process that has dragged
on for 10 years and cost taxpayers
and bidding groups millions of dol-
lars.

Yet Zhivargo Laing, minister of
state for finance, previously told

THE TRIBUNE

projects. |

“In terms of inflation, veRDe a
tions are that the rate will stay ele
vated in the near term, as the wea
dollar reduces prospects for -
significant fall back in oil and com+
modity prices. |

“In this uncertain environment,
domestic demand should remain|
relatively subdued and support,
sustainable trends in external!
reserves and bank liquidity.
Nonetheless, fiscal operations!
could be adversely impacted by a,
likely slowdown in revenue col
lections.”

Tribune Business that an exclusivi-|
ty period did exist, although there;
were questions over how many days|
were left on it. {

And Prime Minister Ingraham,
in his immediate post-election vic-!
tory rally, told of a ‘secret agree-|
ment’ that had been made to sell!
BTC to Bluewater, indicating he
had seen some documents)
showing some agreement was in|
place.

Legal Notice

NOTICE
JINOTEGA INTEGRA CORP.

(In Voluntary Liquidation)

Notice is hereby given that the above named
Company is in dissolution, which commenced on
the 26th day of September 2008. The Liquidator
is Argosa Corp. Inc., P. O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE

WENDOVER WILLOW LIMITED

(In Voluntary Liquidation)

Notice is hereby given that the above named
Company is in dissolution, which commenced ‘on
the 29th day of September 2008. The Liquidator
is Argosa Corp. Inc., P. O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

laces eee ncn near cern OR A CL NC LI

_ NOTICE |
CONFIDENCE NAVIGATION

C

LI

NOTICE IS HEREBY GIVEN as follows:

(a) CONFIDENCE NAVIGATION COMPANY
LIMITED is in dissolution under the provisions
of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced
on the 29th September 2008 when its Articles of
Dissolution were submitted to and registered by the

Registrar General.

(c) The Liquidator of the said Company is Lynden D.
Maycock of Ocean Centre, Montagu Foreshore,

COOL ONIEAL East Bay Street, Nassau, Bahamas as sole Liquidator.

Dated the 3rd day of October, 2008.

H & J Corporate Services Ltd.

Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
Doctor's Hospital
Famguard
Finco
FirstCaribbean Bank
Focol (S)
Focol Class B Preference
Freeport Concrete
ICD Utilitles
J. S. Johnson

Estate

0.135
1.061
0.643
-0.877
0.152
0.055
1.224
0.118
0.449
0.122
0.256
0.535
0.665
0.682
0.385
0.000
0.035
0.407
1.023
oO. soe

Registered Agent
for the above-named Company

Legal Notice

NOTICE

CARDIGAN NAVIGATION
COMPANY LIMITED

Hae trade on a Pereantese: BGI basa)”
Last Sale
Fidelity Bank Note 17 (Series A) + x 7%
Fidelity Bank Note 22 (Serles B) + Prime + 1.75%
Fidelity Bank Note 13 (Series oe +
lity Bank Not t +

“Interest,

19 October 2017

19 October 2022
30 May 2013

1000.00
1000.00
1000.00
1000.00 _

NOTICE IS HEREBY GIVEN as follows:

(a) CARDIGAN NAVIGATION COMPANY LIMITED
is in dissolution under the provisions of the International
Business Companies Act 2000,

Last Price

14.60

6.00

0.35

BUNLEE: Same
43.00 00
15.60

ee Mutaal Rea” SOS
YTD% Last “42 Months. :

Weekly Vol.
Bahamas Supermarkets
Caribbean Crossings (Pref)
RND Holdings

ABDAB
Bahamas Supermarkets
RND Holdi

74) ‘00

0.45 The dissolution of the said Company commenced

on the 29th September 2008 when its Articles of
Dissolution were submitted to and registered by the
Registrar General.

Yield %
31-Jul-08
31-Aug-08
19-Sep-08
31-Aug-08
31-Aug-08
31-Dec-O7
30-Jun-08
31-Dec-0O7
31-Aug-08
29-Aug-08
29-Aug-08
29-Aug-08

Colina Bond Fund

Colina MSI Preferred Fund
Collna Money Market Fund
Fidelity Bahamas G & | Fund
Fidelity Prime Income Fund
CFAL Global Bond Fund

CFAL Global Equity Fund

CFAL High Grade Bond Fund
Fidelity International Investment Fund
FG Financial Preferred Income Fund
FG Financial Growth Fund

hss alls el 8 eked Di

The Liquidator of the said Company is Lynden D.
Maycock of Ocean Centre, Montagu Foreshore,
East Bay Street, Nassau, Bahamas as sole Liquidator.

Dated the 3rd day of October, 2008.

YIELD - last 12 month dividends dividec a by closing price

Bid & - Buying price of Colina and Fidelity

Ask $ - Selling price of Colina and fidelity

Last Price ~ Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

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

N/M - Not Meaningful

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

BISX ALL SHARE INDEX - 19 Dec 02 = 1 .000

52wk-Hi - Highest closing price In last 62 weeks

52wk-Low - Lowest closing price in last 52 weeks

Previous Close - Previous day's weighted price for dally volume
Today's Close - Current day's weighted price for dally volume
Change - Change in closing price from day to day

Dally Vol. - Number of total shares traded today

DIV & - Dividends per share paid in the last 12 months

H & J Corporate Services Ltd.

Registered Agent
for {he above-named Company

P/E - Closing price divided by the last 12 month earnings
(S) - 4-for-1 Stock Split - Effective Date 8/8/2007
('S1) - 3-for-1 Stock Split - Effec 1 7/11/2007


OCTOBER 3, 2008

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SCOUNDRELS - the ginfriend of a rising star. (1 'R’ (CC) Randal now flip burgers. O'R’ (CC)



let Charlie the
Bahamian Puppet and
his sidekick Derek jut aS

some smiles on your
kids’s faces.

Bring your children to the

McHappy Hour at McDonald's in

Malborough Street every Thursday

from 3:30pm to 4:30pm during the
month of October 2008.

Enjoy Great Food, Prizes and Lots of Fun.

{T)

i'm lovin’ it



PAGE 9B

-
PAGE 10B,FRIDAY, OCTOBER 03, 2008 THE TRIBUNE





CALVIN & HOBBES _

WHY Do YOU ) MAYBE. MARTIANS |] DON'T LIKE US 2” WHAT'S
DON'T LIKE NOT To LIKE 2? THERE'S

ERRTHLINGS NOTHING NRONG JZ

WITH HUMANS !
















Tribune Comics ' T HOD Yon
WELCOME IN
fh 00G THAT

WASNT HOUSE-

HEN, YOU MARTIAN! COME ON
OUT! WE'RE NOT BAD! WE
WUST CAME HERE BECAUSE
PEOPLE POLLUTED OUR ONN
PLANET SO MUCH THAT,..UH..
WHAT I MEAN, IS... UM...

te

SO WHAT ARE
YOU SAYING ?
THAT OUR
REPUTATION,
PRECEDED US?









JUDGE PARKER

SURE, DEWEY
KEPT A LIST OF

YES, 11'S IN
HIS COMPUTER..-
I'LL PRINT IT

THE GUNS FOR
OUT FOR YOU!

HIS INSURANCE!

IT WOULD BE
HELPFUL IF WE
KNEW WHAT GUN

Sudoku is a number-placing puzzle. based: on a 9x9 grid with
several given numbers. The object is to place the numbers 1 to
9 in the empty squares so the each row, each column and each
3x3 box contains the same number only once. The difficulty
level of the Conceptis Sudoku increases from Monday to
; Sunday
:| AND FOR YOUR

INFORMATION, OFFICER,



a









Xf WELL JUST AY
LERY 'M FAR TOO G
OFF AND THERE'S A COP AT, SEE ABOUT DIRECTOR I BE CALLED SHAAUAN
THE DOOR. yXpsay Z NEED 10 CO |! bammes ey oN
2 INSIDE. CS aN 8
5 S wey ‘
Sc i
;





OKTOBERFEST
IS TODAY'S

BRATWURST,
SAUERKRAUT, | ,
THE WORKS!| #

















©2008 Conceptis Puzzles, Dist. by King Features Syndicate, Inc,

‘TM NOT EXPECTIN’ ANY COOKIES, [N CASE
YOU WANT TO SURPRISE ME.”



Best described as a number crossword, the task in Kakuro is to
fill all of the empty squares, using numbers 1 to 9, so the sum of
- each horizontal block equals the number to its left, and the sum
of each vertical block equals the number on its top. No number
may be used in the same block more than once.: The difficulty
level of the Conceptis Kakuro increases from Monday to Sunday.



MARVIN

DON, MARVIN
ISN'T A DOG... HE'S
A BABY










WELL, HOW
CAN I BE
EXPECTED TO

KNOW THAT 2



Yesterday’s
Kakuro Answer _

.*. Yesterday’s
Sudoku Answer



(©2008 by North America Syndicate, Inc. World rights reserved.

www.kingleatures.com











©2008 Conceptis Puzzles, Dist. by King Features Syndicate, Inc. 7





set

Difficulty Level & *&



10/01

TIGER

THEN How
COME YOU
ALWAYS WATCH

Vasily Smysiov v Pal Benko, Monte
Catlo 1969, For 3 couple of dizzy
years, chess seemed to have reached
axtstocratk heights when three elite
Grandmaster tournaments were
staged in the rich peincipatity under
the patronage of Prince Rainier, Only
three? The series ended abruptly
when Bobby Fischer's uncouth
behaviour so antagonised the

prince that he withdrew backing.
There were some fine moments on
the board, though. Former world
champion Smysiow was a specialist in
creating checkmating pattems

from apparently simple endgames,
and here despite level material he
forced Benko's resignation with a
graceful three-move forced sequence.
Can you spot White's winning plan?

(©2008 by King Features Syndicate, Inc. World rights reserved.



Chess: 8686: 1 Kft! Rb22f4 (threat 3.Rf7
h3! (stops Kq4) and Black resigned. meee:



HAGAR THE HORRIBLE

SOMETHING NeW
Oe ACROSS



The
2 Target |

~ TOW many wards of four lelters ar
more can you make from the
letters shown bere? In making &
werd, each letter may be used ane

uses only, Each must contain the centre
letter and there must be at least
words in one nine-letter word. No plurals.

TODAY'S TARGET |
Good 15: vary good 23; excellent 29. |
» (or more), Solution tomorrew.

_ the main
hody of
Chambers
2ist



©2008 by King Features Syndicate, Inc. World rights reserved.



YESTERDAY'S SOLUTION

aport atop evaporite opera
operate OPERATIVE opiate pair |
pare part pate pater patio pave
















































13 Elegant, 14 United, 16 Stern, 18
Dense.

Counsel, 13 Literal, 14 Temper, 16
Raise, 18 Rated.

25

Too thin (6)

”

(5)



spade.

Declarer won with the .ace,
cashed the king, then played a club to
the ten. East took his ace, but had no
safe exit card. A trump return would

7 Century pear peat peatier peer pert |
CRYPTIC PUZZLE a peter pier pirate pivot poet pore |
Dictionary port prat prate private privet |
: tates re aah oe, |
Across Down (1999 repeat ripe rope tape taper tapir |
: . . a Pele Pd 4 _ tope topee toper topi trap tp |
1 A turbulent river 1 Confront with small edition), tripe trope viper
a8 ame hi i ft i a a —
4 Murder mother for the 2 Flier appears to steal in (5) ee a ds eee tes edt Contract Bridge
estate (6) 3 A burning issue may rise AAC \
9 He’s got a job at last (7) out of it (7) bal La fe || z= \ Steve. Becker
-10 She's a hole in her san- 5 Mr Welles gave no backing Reese rhe te Peace \ MOMMA AAAI \
dals, perhaps (5) to horse he withdrew (5) agge "
17
11 Anne’s brought back a 6 One who may take one to "| Ee || || al A Killing Defensive Maneuver
pa ee
12 Alice’s top drawer? (7) 7 Settle down to some South dealer. allow South to win in dummy and
fs i oh | i a || 4 | | fe | i Both sides vulnerable. trap East’s king via a finesse, while a
13 Dead tired? (3,2,6) earnest letter writing (6) NORTH spade or diamond return would allow
18 International insurance 8 Sticking out for the potato leeds | Puce oe eared . 5 declarer to ruff in dummy he are
; J1082 two trump finesses. So South made
oo ies EHREEESsESs&s |
@Q5 four hearts.
20 Artist when old retires 14 Not shrewd? That's QJ 1073 At the second table, the A-K of
Souler avenge (7) (ial ep eh teal WEST EAST diamonds were also cashed, but here
: . . : . QI 10983 @742 East found the way to stop the con-
22 Victor loses his head going 15 Given an income, but at ¥75 VK 63 tract. He was not concerned with
round the bull (5) the end was in debt (7) Lu Across Down A996 @K 108742.) whether West had a aoe aie)
, ‘ ; ; : &o4 RA because he saw an ironclad way 0
23 It’s often faced with resolu- 16 She can turn out to be an ll 1 Leave out (6) 1 Flag of nationality (6) SOUTH scoring the setting trick himself with
tion (3,4) upper class niece (6) N 4 Thinly scattered (6) 2 Throttle (5) @AK the king of hearts. ;
24 Rarely seen part of the 17 Assumes in pretence (6) am 9 Cause of affliction (7) 3 Betoken (7) ine 94 ee ce ede
; ; 1 cashed the ace of clubs. Then he lec
French president's resi- 19 Five Gaelic lines of poetry a 10: Assign (5) 5 Unembellished (5) &K9852 a spade. South was powerless against
dence (6) (5) > 11 Birds of duck family 6 Exclude as possibility The bidding: this thoughtful defense, which lett
Pere : 5 4,3 South West North East him with no means of getting to
25 ASpaniardis ahandsome | 21 Gather it could be an ” (5) ( a) 1’ ia +h 16 dtmmy te take the heat Anesses Be
< y
fellow (6) angel (5) Lu fe Depprsseved Sam FANG 8) 29 Pass 39% 34 knew that if he led a club toward
(7) 8 Noble nature (5,2,4) 4% dummy, it would be ruffed, so he
13 Providing barest 14 Lacking any purpose Opening, lead — ace of diamonds. played the ace of rae i oe eee
, : : , : of catching the singleton king. When
Yesterday’s Cryptic Solution Yesterday’s Easy Solution needs (4-2-5) (7) ‘This deal was played in a team- the monarch failed to fall, he had to
: ; s. : : -four matc ables : settle for down one.
Across: 1 Soprano, 5 Times, 8 Purple = Across: 1 Impeach, 5 Basic, 8 Pure 18 Delay between relat 15 Tapering stone pillar of-four match, At both tables the settle for « ee pane
: nee : ie : final contract was four hearts played East had appraised the situation
emper 2 pwald, 1 Alritt, a and simple, . Lupin, 10 Overlap, 11 ie eveIS vie! (7) by South, but at one table ihe con- accurately, He reasoned, from the
Radish, 12 Genius, 15 Liaison, 17 Create, 12 Flimsy, 15 Unnerve, 17 20 Come after (5) 16 Senseless (6) tract was made, while at the other it bidding and play, that declarer’s dis-
Eland, 19 Orchestration, 20 Talon, 21 Tenor, 19 Self-important, 20 Leave, 22 To offer in excuse (5) 17 Simply (6) was defeated. tribution was almost surely 2-4-2-5,
Detente. 21 Relayed. 23 °F . 19 At the first table, West led the ace in which case South could not pre-
Down: 1 Sepia, 2 Part and parcel, 3 Down: 1 Impel, 2 Paraphernalia, 3 ree time (7) Long-handled deep of diamonds and continued the suit, vent him trom scoring a trump trick
Alludes, 4 One day, 5 Toper, 6 Against, 4 Hudson, 5 Bribe, 6 24 Cause spoon (5) when East signaled with the eight. if he cashed the club ace betore exit
Mortification, 7 Sprites, 11 Rule out, Supplementary, 7 Cheaply, 11 to vanish (6) 21 Reject with contempt Fast took his king and shifted to a ing with a spade,

Defending in this manner could
not do his side any harm, but the fail-
ure to cash the ace of clubs. first
could, as it did at the first table, cost
the contract.

Tomorrow: The power of positive thinking
©2008 King Features Syndicate Inc,
THE TRIBUNE FRIDAY, OCTOBER 3, 2008, PAGE 11B



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‘ee Shere

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