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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fais f Nh 'The Trib une

Fm lovin’ it

CLOUDY, Hi | - USA TODAY

RESTOR BAHAMAS EDITION











FRIDAY, OCTOBER 24, 2008 es . _ PRICE —75¢

NENT Cni ae oe
UE) beet
ATTA fae TS ae

AND REAL ESTATE -3.—-
SS a3 . CLASSIFIEDS iy :

BUSINESS




OUTGOING, friendly and Cd per-
sonality. Those were the words used by for-
mer governor general Sir Orville Turnquest |
to describe his eldest grandchild, Lia Alana |
Lashley, who died suddenly in J amaica yes-
terday.

Tears could be heard flowing as an emo-
tional and broken voice came over the tele-
phone from her father, Charles Lashley, a
senior teacher at St-Augustine’s College, as-
he reminisced about his eldest child and
only daughter.

“She was outgoing, spiritual and vibrant
with a wide circle of friends. She chased
her dreams,” Mr Lashley said. , :

> Mr Lashley said his daughter was very supportive of her yomne
brothers, ages 22 and 18.
Sir Orville Turnquest, Lia’s grandfather, said he is still over-

SEE page 11
Tanya Cash ‘ready to go to
jail for the greater good’

JUSTICE cam-
paigner Tanya Cash
said yesterday that |
she is ready to go to.
jail “for the greater .
good” in her long
court battle with the
Baptist education
authorities.

The 41-year- -old
mother of five told
The Tribune: “1 will
stand for righteous-














ot man hie ‘
out atAlbany=~4
executives |



ribune staff








= By LLOYD L ALLEN
_ Tribune Staff Reporter —

SHORTLY after 2pm yes-
terday, at the entrance to the
Albany development site, a
local earth moving contractor
and dozens of his employees,

J used five eight wheelers to
block all MAjoL entrances to the
site.

Local earth moving contrac-,

tor Gus Outten told The Tri-
' bune yesterday that because
Albany executives had excluded
local contractors like himself |
from receiving tontracts forthe | THIS VEHICLE blocks an

development, he decided to entrance to:the Albany Thirteen-yeat-old

demand “justice.” development yesterday.

orate Oe urten, Ne According to witnesses, with- oir’ | missing since

refused to move any of the. :
Mack trucks when asked to do in 30 minutes of the blockade,

so by security. Mr Outten said 200ut a dozen police officers Wednesday

he told th arrived at the scene in anticipa-
i (old the guards that he 85. ‘tion of an incident. A 13-YEAR-OLD Nassau

until he was given an opportu- The disgruntled contractor gil Hea onine since
nity to. speak with a senior Le SEE page eight :
rsmnaweortiecompary. - SEE'Page eight = Wheniataea eo
dent was wearing a pair of
Capri pants, blue shoes, and

WHY ARE SO Tag i ‘an aqua, green and blue
COMPANIES ae TO "| _ striped blouse.

purged her contempt
by publishing an
| apology in a newspa-
per.

But Mrs Cash
asked yesterday:
_“How can I apologise
if I don’t know what I
am apologising for?”

She added: “I am
willing to go to jail

ness because I am in because I am fighting

God’s hands.” am not just for myself

Her comments and my family but for
_came after Court of Appeal _ this nation and the next genera-
- president Dame Joan Sawyer _ tion. If that is what is needed,
ordered her to purge her con- _ thenso be it. God is on my side.”
tempt during an appeal hearing. Mrs Cash and her husband

Dame Joan also demanded
that Mrs Cash return to court SEE page 11

Larter
$5 billion
shortfall

@ By CHESTER
ROBARDS
Tribune Staff Reporter







MP involved in police investigation
is expected to face additional
questions over GB subdivision

A LOCAL PLP MP who is currently being questioned by police
in connection with an alleged multi-million dollar construction
scam, is expected to field additional questions regarding a recent-
ly opened subdivision in Grand Bahama.

It is alleged that the MP awarded.three substantial contracts for
the repair of government buildings damaged by Hurricanes Frances
and Jeanne in 2004 to.a major party supporter in Grand Bahama.

. Itis claimed that the contracts did not go out to tender.

In addition to these government buildings, the contractor report-
edly received a significant number of homes to build under the pre-
vious PLP administration’s housing scheme.

This subdivision in Grand Bahama will be the second housing

SEE page 11



THE National Insurance
Board denied claims yester-
day that they are operating
with a $5 billion shortfall, but
‘did concede that contribu-
tions are outstanding.

An official NIB document
said that even if the institu-
tion had collected outstand-
ing contributions from 1974,
their fund would be nowhere
close to the $7 to $8 billion
mark an’NIB insider was
quoted as saying in a Tribune
article last Wednesday.

NIB also said in its state-

SEE page 11




The girl is described as slim
with a brown complexion and
"off-black" hair, Assistant
Supt Walter Evans said.

However, up to the time of
going to press the police did
not have.a photograph and

.declined to release her name.

"We are making checks to
the whereabouts of this girl.
We hope she will be found
soon, if not, we will step up
our appeal tomorrow."

If you know where the
missing girl is call 919, 911 or
the Central Detective Unit at
322-2561.

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PAGE 2, FRIDAY, OCTOBER 24, 2008




























































THE TRIBUNE



Disabled girl’s grandmother

criticises the government

@ By LLOYD ALLEN
Tribune Staff Reporter

ONE month has passed since a
struggling grandmother made a
public plea for help in transport-
ing her disabled grand-daughter to
and from school, and she says the
‘government has focused more on
“saving face” in parliament, than
on improving her family’s’ deteri-
orating situation.

For the past four years, 54~year-

old Denise Rolle, a single parent, —

says she has had to take on the role
of mother to her deceased daugh-
‘ters’ seven children. Added to this,
every day she has to take on the
arduous task of pushing her dis-
abled grand-daughter Rickia Rolle,

between their Kemp Road home

and R M Bailey High School. -

On Wednesday, St Thomas
More MP Frank Smith slammed
Social Services Minister Loretta
Butler-Turner in the House of
_Assembly for not providing trans-
port to the student through the goy-
ernment’s disability transport
scheme.

Mrs Butler-Turner responded,
stating that she had agreed to assist
the family, but that her ministry
was not prepared to accommodate
the grandmother’s request for a
7am pick-up, which is outside the
operating time of the disability
transport vehicle. .

According to Mrs Rolle, the
same day the original story ran in
The Tribune, which was Septem-
ber 24, She was approached by Mr
Smith, who is her constituency MP.

“He came to get my pay slip,

and he was suppose to be assisting
me with getting a vehicle for me
and my grandchildren,” she said.
Mrs Butler-Turner also raised this
point in the House.

However Mrs Rolle said, this
was the last time she spoke with
Mr Smith, though she made sev-
‘eral unsuccessful attempts to.con-

mC acodn aA

tact him. :

With regard to Social Services
Minister Loretta Butler-Turner,
Mrs Rolle said the first time she
gyer spoke with the minister was
minutes before Wednesdays’
House session.

“T was coming from an appoint-
ment with one of my grandchil-
dren, and she so happened to pull
up in front of me, and I stopped
her right there.” epee

Mrs Rolle said the minister once
again said that a pick-up was avail-
able for Rickia, but that it would
have to be made Jater than 8.30am.

. The grandmother says this is
unacceptable because it would
mean her grand-daughter would

"be late for school every day.

Mrs Rolle also told The Tribune
that as a single parent with seven
dependents, she is barley able to
pay her bills.

“Right now I in such a problem
with my bills, but it’s a good thing

that I’m living in a government |

apartment, because otherwise I
would have been evicted. I’m doing
the best I could in trying to keep
the light on, and keeping food in
the house.”

. However, Mrs Rolle said, she

Loretta Butler- Turner



has been denied food coupons..

She said that when she went to
the Social Services office, she was
told that because she is a govern-
ment employee, she is ineligible |
for assistance. al

As far as the educational and
recreational development of her
grandchildren is concerned, Mrs
Rolle says the absence of a family
vehicle, particularly to transport

'Rickia, has prevented the seven

children from taking part in any
extracurricular activities. 3
“My other grandchildren can’t
go on any after school programmes
because they have to come and

-help me with Rickia. They can’t go

to band practices, dance, nothing
after school, and that’s what is hurt-
ing me and hurting them.

“T think something should have
been done already, it’s now almost
a month or more since they’ve
know about our situation.”

In response to these concerns,
Mr Smith said that although he is
making every effort to assist Mrs
Rolle and her family, there are
numerous factors that require con-
sideration. 5

He noted that Mrs Rolle’s liv-
ing situation is a problem, as the
home appears to be devoid of stan-
dard appliances. *










Mr Smith said that due to the
severity of the situation, he is
unprepared to go into details but
that remains committed to even- |
tually providing some assistance to .
the family.



" Nassau -T: 242-502-7010










| F rt - T: 242-351-8928 © Jeane
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THE TRIBUNE

FRIDAY, OCTOBER 24, 2008, PAGE 3





In brief

Police investigate
death of baby my

POLICE on Grand Bahama
are investigating the death of
an 18-month-old baby boy,
whose body was discovered by
his mother Ms Theodora
Dawkins of Lawrence Close
Apartments, floating in the
canal east of Island Seas Resort
at Silver Point shortly after
9am yesterday.

Police went to a houseboat
where they found the occupant
administering CPR to the
child; who was said to have
been pulled from the water a
few minutes earlier.

Emergency personnel took
the baby to the. trauma section
at Rand Memorial Hospital,
where he was pronounced
dead on arrival.

An autopsy is expected to
be held to determine the cause
of death. :

3% — not 10% — duty
increase on books

BOOKS thought to have
had an import duty increase of
10 per cent have actually had
just a three per cent rise, Min-
ister of Fiance Zhivargo
Laing said yesterday. —

_ The 2008/09 budget merged
stamp tax and import duty, and
figures were rounded up to the
nearest five per cent to simpli-
fy the system, Mr Laing said.

Books, whether brought in
by a business or for personal
use, were previously subject to
a seven per cent stamp tax,
while the duty was free. ;

Now the stamp tax has been
scrapped by way of merging it
with duty, so importers pay
one fee. —

The seven per cent figure
was rounded up to 10 per cent
in the simplification process.

_ Mr Laing said: “The biggest
confusion is the error in think-
ing there was nothing put on
books in the first place.

“I think at the airport, in
many instances, there was no
stamp tax collected.

“Typically, that is what hap-
pened. The tax was down, but

~ it wasn’t collected.”

Mr Laing said there had
been no increase in duty,.on,
items in‘the last 15 years, which
is below.the rate of inflation

Merging stamp tax with duty

had given customs officers and * :

importers a simpler task, Mr
Laing said, as they now col-
lected one tax instead of two,
and it was less likely to go
unpaid. -

And the three per. cent tax
rise is a result of rounding up
the figures, as Mr Laing said:
“Certainly the five times table-
is easier to deal with!”

Man pleads not guilty
to multiple charges

APPEARING in the

Freeport Magistrate Court yes- ,

terday morning, 34-year-old
Antonio Hensley McNeish of
Bass Lane pleaded not guilty
to charges of possessing dan-

gerous drugs, using obscene }

language, behaving in a disor-
‘derly manner and resisting
arrest.

Magistrate Andrew Forbes
adjourned the case to the May
5, 2009. and granted McNeish
bail i in the amount of $2,500
with two sureties.

Sube i

Home Fabrics

Madeira St. [242] 325-8233 * Robinson Rd.[242] 322. a isc baeye

Global economy, fuel costs
‘could lead to rise in crime’

@ By CHESTER ROBARDS
Tribune Staff Reporter

BAHAMIANS could see a
rise in crime as global
economies continue to floun-
der and fuel costs rise and fall,
Acting Commissioner of
Police Reginald Ferguson said
yesterday in his address to the
Rotary Club of West Nassau.

Mr Ferguson also told
Rotary members, when he
was questioned about illegal
guns, that police are doing all
they can to reduce the number
of them on the island.

He said because the
Bahamas does not manufac-



has seen a marked decrease
in the level of crime in certain
areas.

Mr Ferguson pointed.out
that crime in the Grove,
Carmichael and some south-
eastern areas are some of the
areas that have seen crime levy-
els fall.

“We endeavour to put more
police on the street,” he said.

Some Rotary members took
Mr Ferguson to task on some
critical issues confronted by
police, including policing of
neighbourhoods.

members that the police are
ever vigilant within the com-

The commissioner assured ,

ture guns, the problem begins
with weapon smuggling
through the Bahamas’ open
borders and its proximity to
the US.

However, he noted, the

Royal Bahamas Police Force
has international entities who
assist them in fighting the
problem and they run “potent
intelligence operations.”

The Police force, he said, .

munities and that though the
Urban Renewal programme
had been disbanded, officers’
presence in neighbourhoods
never declined.

Mr Ferguson also spoke

ee surcharge on residential electricity bills
. until December 31.





ofr residential.consumers-using.800-kilo-

Electricity bills have

- now been reduced

@ By ALEX MISSICK

BAHAMIANS can now see a reduc-
tion in their electricity bills as the F
Bahamas Electricity Corporation has |' ‘
come through with the order by Prime
‘Minister Hubert Ingraham to limit the

Prime Minister Ingraham announced
in parliament last month that BEC had
been instructed to set the fuel surcharge
maximum at 15 cents per kilowatt hour

watts of-electricity or less. persmonth. He Sa the
this.

General manager of BEC Kevin Basden said
more than 50,000 residential customers will start

. to see the changes in their October bills.

Mr Basden said the fuel surcharge went from
24.7 cents in August, to 23.3 cents in September,
and 22.5 cents in October.

“The fuel surcharge was reduced somewhat for
the month of October but in addition to that
reduction, the relief was extended to those cus-
tomers who are using 800 kilowatt hours or less,”
Mr Basden said.

“There were some customers who expressed
their gratitude for the relief provided by the gov-
ernment. I think many customers are aware that
the-high cost of the fuel surcharge is directly relat-
ed to the high cost of fuel on the market,” he
said.

Mr Basden said Bahamians will also benefit
from the good news that the price of fuel on the
international market is beginning to drop.

- “Of course there is a delayed reaction in terms
of when we purchase the fuel than what is actually
used weeks later and is actually billed,” Mr Bas-

den pointed out.

@ RM BAILEY CLASS OF 1988 MEETING

THE graduating class of 1988 of R.M. Bailey will hold a banquet
on Saturday October 25 at the Crown Ball Room Atlantis, Paradise,
Island beginning at 7:00 P.M. Tickets are available for sale — call

302- 2783.

a rs

Big Dadtly, Vampires, Jester, Mad Doctor,
Pirates, Ohama, Caesar, Snow He
es

° ree Ei
pC

+ Snider Web
att

THETA AI

ME a







government would cover any’ surcharge ® ‘above®s

-$599

Nancy Clarke, a resident in North

delayed reaction as she is not feeling
relief.

“For me I may get:a true feeling of
relief for my November bill. I want a
monthly bill that I am used to. I was
billed for 19 days instead ‘of 30 days.
When I saw the time frame on my bill I
was not happy,” Ms Clarke said.

“I think they read my metre early. If
I had gotten a regular bill for the full
month of October, I would know if any
; »changes:were really made in my bill and

‘how much.I amipaying,” Ms Clarke explained.

~Cathetine Johnson, a New Providence resident,
"said she has seen a decrease-in her- electricity. bill
for this month.

“It was nice to see that BEC made good on
the prime minister’s promise because every little
bit helps,” she said.

Ms Johnson said even though BEC has decided

to subsidise the fuel surcharge, she does not see it -

as a reason for people. to take advantage of it
‘and not conserve energy.

“I find myself being a little more conscious by
going around and turning off the lights in my
home and I make sure there is only one light on in
the room that I am in. I’m just trying to conserve
and bring my bill down even more,” Ms John-
son said

Mr Basden said he would like persons to
emphasise conservation by using energy efficient
light bulbs:

“We recognise what customers are going
through as a result of this high cost of fuel and the
impact it has had on the customer’s bills and it has
had the same impact on the corporation. We are
doing all-we can to minimise the cost as best we
can and we want customers to do their part as
well," Mr Basden explained.

Bank
Financing
Available

on the

Spot

ayn

Andros, maybe experiencing this.

about the use of closed circuit
television (CCTV) as a deter-

srent to crime and said that the

police force in the new year
would look into expanding the
use of this kind of crime fight-
ing tool.

He said businesses that have
had CCTVs installed have
been important in helping to

j BHA,
yucuttihes PERS

‘

bring criminals to justice.

One of the biggest immedi-
ate problems for the force is
the its lack of patrolling offi-
cers. However, he said, the
Force is constantly working

to recruit new police officers,

“We do have a challenge in

-terms of manpower,” said Mr

Ferguson.

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PAGE 4, FRIDAY, OCTOBER 24, 2008 THE TRIBUNE

The Tribune Limited There are two.

ideal places for

Being Bound to Swear to The Dogmas of No Master
' LEON E. H. DUPUCH, Publisher/Editor 1903-1914

SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G.,
(Hon.) LL.D., D.Litt. |

Publisher/Editor 1919-1972

‘Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Rebranding the US with Obama

THE other day I had a conversation with a

Beijing friend and I mentioned that Barack -

Obama was leading in the presidential race:

She: Obama? But he’s the black man, isn’t
he?

. Me: Yes, exactly.

She: But surely a black man couldn’t
become president of the United States?

Me: It looks as if he’ll be elected.

She: But president? That’s such an impor-
tant job! In America, I thought blacks were
janitors and labourers.

Me: No, blacks have all kinds of jobs.

She: What do white people think about
that, about getting a black president? Are
they upset? Are they angry?

Me: No, of course not! If Obama is elected, ©

it’ll be because white people voted for him.

(Long pause).

She: Really? Unbelievable! What an amaz-
ing country!

We're beginning to get a sense of how
Barack Obama’s political success could
change global perceptions of the United
States, redefining the American “brand” to
be less about Guantanamo and more about
equality. This change in perceptions would

help rebuild American political capital in the °

way that the Marshall Plan did in the 1950s or
that John Kennedy’s presidency did in the
early 1960s, In his endorsement of Obama,
~ Colin Powell noted that “the new president is
going to have to fix the reputation that we’ve
~Jeft with the rest of the world.” That’s not
because we crave admiration, but because

cooperation is essential to address 21st-cen- :

tury challenges; you can’t fire cruise missiles
at the global financial crisis.

In his endorsement, Powell added that an
Obama election “will also not only electrify
our country, I think itll electrify the world.”

t

You can already see that. A 22-nation survey

by the BBC found that voters abroad pre-
ferred Obama to McCain in every single
country — by four to one overall. Nearly half

of those in the BBC poll said that the election

of Obama, an African-American, would “fun-

damentally change” their perceptions of the -

United States. |.

Europe is particularly intoxicated by the
possibility of restoring amity with America in
_an Obama presidency. As The Economist
put it: “Across the Continent, Bush hatred
has been replaced by Obama-mania.”

Steven Kull, director of the Programme
on International Policy Attitudes, which con-

. ducted the BBC poll, said that at a recent
international conference he attended in

Malaysia, many Muslims voiced astonish- -

ment at Obama’s rise because it was so much
at odds with their assumptions about the
United States. Remember that the one thing
countless millions of people around the world

“know” about the United States is that it is’

controlled by a cabal of white bankers and
Jews who use police with fire hoses to repress
blacks. To them, Obama’s rise triggers severe
cognitive dissonance.

“Tt’s an anomaly, so contrary to their expec-
tation that it makes them receptive to a new
paradigm for the U.S.,” Kull said.

‘Europeans like to mock the vapidity. of
American politics, but they also acknowl-

edge that it would be difficult to imagine a_

brown or black person leading France or

_ Germany.

As for Africa, Obama’s Kenyan father was
of the Luo tribe, a minority that has long suf-
fered brutal discrimination in both Kenya
and in Uganda (where it is known as the
Acholi). The bitter joke in East Africa is that
a Luo has more of a chance of becoming
president in the United States than in Kenya.

Yet before we get too far with the self-
congratulations, it’s worth remembering
something else.

In the Western industrialized world, full
of university graduates and marinated in prin-
ciples of egalitarianism, the idea of electing a
member of a racial minority to the highest

office seems an astonishing breakthrough.

But Jamaica’s 95 per cent black population
elected a white man as its prime minister in
1980, and kept him in office throughout that
decade: Likewise, the African nation of Mau-
ritius has elected a white prime minister of

‘French origin: And don’t forget that India is

overwhelmingly Hindu but now has a Sikh
prime minister and a white Christian as pres-
ident of its ruling party, and until last year it
had a Muslim in the largely ceremonial posi-

tion of president.

Look, Obama’s skin colour is a bad reason
to vote for him or against him. Substance
should always trump symbolism.

Yet if this election goes as the polls suggest,
we may find a path to restore America’s glob-
al influence — and thus to achieve some of
our international objectives — in part because
the world is concluding that Americans can,
after all, see beyond :a person’s epidermis.
My hunch is that that is right, and that we’re

every bit as open-minded about racial minori-

ties as Jamaicans already were a quarter-cen-
tury ago.

(This article was written by Nicholas D.
Kristof —

c.2008 New York Times News Service).



a Fast Ferry Port

EDITOR, The Tribune.

Several days ago I read an
article in The Tribune about the
stellar growth and need for
expansion of the Fast Ferry
operation. Its growth has been
phenomenal. And it deserves
to be held up as a role model
company.

I've been to Spanish Wells
and Harbour Island many times
on the Bo Hengy and the one

‘thing not Bahamian about it is

that it is always on time. If the

. schedule said it would leave at

eight o'clock, then at 7.58 its
engines were running and at
eight o'clock the lines were
loose and the Bo Hengy was on
its way. Professional. First class.

The first time I heard of an
operation like Fast Ferries was
from Sir Roland Symonette, the
father of both Brent and Craig
Symonette. A group of us were
sitting on the stern of Sir
Roland's boat during a bye-
election campaign in North
Andros. Brent and Craig were
still boys in short pants and not
yet on the rugged out island
election trail. He told us of his
vision for the Family Islands,
and that was to tie the country
together with fast moving boats
where produce and people
could move swiftly and reliably
from island to island. Little did
he know that years later his sons
would do it, starting with the
Bo Hengy.

The article spoke of the need
for expansion. And I could
attest to that. When the Bo
Hengy sails in the morning from
the Potter's Cay dock there is
no parking space, hardly room

to.move. If they are to expand .

aise and expand they must ......a
much larger area:is needed to

house the Fast Ferry operation.

Malcolm's Park was given as
an option for the new home of a
Fast Ferry facility. The person
who suggested this area obvi-
ously was not aware of the facts
and story behind it. During the
Parliament of 2002-2007, I
asked for a Committee to inves-
tigate the problems associated
with selling fish, etc. at the Mon-
tagu ramp and to make recom-
mendations to the Government
as. to what steps could be taken
to alleviate the problems of traf-
fic, health, congestion, etc,
which existed there. Brent
Symonette was the Member of
Parliament for Montagu and
was put on the Committee.

We had a difficult job ahead

' of us. Because it had become a

vibrant economic centre and
people and families relied on it
for their well-being, it could not
just be closed down. It had to be
relocated, and the new facility

’ would have to be such that

tourists and locals alike could






LETTERS

let



ters@tribunemedia. net

enjoy a part of "island living".

After countless hearings and
many hours of deliberation, the
committee finally came to a
decision; move it from Montagu
to the Malcolm Park area;
design the area in such a way
as to make it clean and attrac-
tive for both tourists and locals.
It was suggested that a Bahami-
an town be created with path-
ways of trees, native restaurants,
and interspersed with kiosks for
the sale of fish. In the areas
where fish were cleaned a vac-
uum system to dispose of the
fish entrails, etc. would be
installed.

In short, it would be-a
Bahamian town, only carrying
Bahamian products .... food,
fish, straw bags ... you name it.
At last it would let the Bahami-
an "little man" have an oppor-
tunity to be near the market
(namely tourists) which his tax
dollars had helped bring here.
Yes, the Bahamian "little man".

The entire Committee, with
the exception of Brent Symon-
ette, was ready to sign it. Final-
ly the day had arrived when I
was to have the opportunity to

present our findings and make.

recommendations to the Goy-
ernment. It seemed that finally

the "little man" would have’

something that they could be
proud of, something that would

bring him into the economic.

mainstream, and the stench,
unhealthy conditions, and the
traffic congestion would be

moved from the Montagu.

Ramp.

Brent refused to sign the
report. He found himself pre-
senting a "minority" report. Just
like the majority report, the
minority report is supposed to
be written so that it can be

EDITOR, The Tribune.

entered as a public, record.
Instead Brent decided to pre-
sent a verbal report that would
be recorded in the "Hansard"
which does not go to the gener-
al public.

And so Malcolm's Park,
owned by the Government,
should be completely out of the
question for any operation
which Brent Symonette is asso-
ciated with, unless he v ishes to
once again be caught in a "con-

. flict of interest" situation. I am

sure he would not want that.
But all is not lost for the Fast
Ferry Port. There are t'vo ideal
places on East Bay Street for
it. I had thought that Sir
Roland's home, which has been
turned into a commercial ven-
ture, could easily be the spot
for a Fast Ferry Terminal. The
house, which is now used as a
restaurant, could be converted
to be the "Sir Roland Symon-
ette Fast Ferry Terminal". The
restaurant, which is now down-
stairs, could be moved upstairs
and an elevator installed, leav-
ing the downstairs for the pas-
sengers going on the Bo Hengy.
The dock is already there .

. and little renovations would

have to be done. Ample parking
is there and the setting is beau-

' tiful. And it would be appropri- —

ate. After all, it was his idea;
what a fitting testimony to a
man who was the first Premier

‘of The Bahamas and who loved

the people. ;
. The second spot could be
Symonette's Shipyard. The
building is there; the land is
ample, and the name is there.
What better could you want?

But people never seem to
change or learn. The old Bay
Street Boys are still there. A
few names have been added,
and a few dropped, but the atti-
tude is still there. What a
shame.

PIERRE Vv. L. DUPUCH
- Nassau,
October 21. 2008

Gove raiment must start backing the police

Security screens, two dogs, an alarm system, mace, high fn secu-
rity lights, triple dead locks, a gate on the back patio door, locked gar-
den.gates, car alarm — But I am asked “Please be more vigilant.” :

I am doing my part to keep myself and (tongue in cheek) my laptop
safe in Cable Beach. When will the Government support both Police
and people by making the criminals responsible for their actions?

There is a lot of talk-and there has always been a lot of talk about
crime, but without the courts to prosecute and the‘means to punish the
criminals:is there any wonder the state we are in? People are respon-
sible for themselves, but Government is responsible for the adminis-
tration of the country, not me; and not “the church” or 2 vy other’
organisation. Please stop talking about crime as a theory, blaming
this and that, and simply ACT on this very real oe

‘S APPLETON
Nassau,
October, 2008.

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Skills: Hotel Chief Engineer
1) Excellent interpersonal skills
2) Excellent managerial skills
3) Strong computer skills
4) Strong analytical skills
5) Strong oral and written skills
- 6) Able to work in a very dynamic environment

Management Employment Opportunity

POSITION AVAILABLE
‘HOTEL CHIEF ENGINEER

A leading hotel invites qualified persons in the above mentioned field to
apply for the position of Engineer Manager.

Job responsibilities include the following:

The successful candidate must possess the following:

1) Supervising the complete accounting cycle for nine
companies

2) Preparing monthly financial statements for nine
companies

3) Human resources function including payroll for 250
plus employees

4) Co-ordinating all other areas of the business to ensure
optimal efficiency

5) Dealing with all government reporting requirements

6) Dealing with all shareholder inquiries

e A minimum of 5 years experience as a Supervisor in the Engineering
Department

e Must be proficient in Preventative Maintenance Programs

© Must possess a proven record of Team Leadership skills, and able to
work with little or no supervision

¢ Must possess strong interpersonal, communication, problem solving
and customer service skills

e Must possess knowledge of Electrical & Mechanical Systems i.e.
HVAC, Plumbing & Heating

¢ Must possess basic Administrative skills with some knowledge of
Microsoft Excel

e‘Must be able to work long and flexible hours

Interested persons should apply no later than November
3, 2008.

Applicants with supporting documents also including a clean Police
Certificate should be sent to the address below.

Apply to:

DA 68306R
c/o The Tribune
P.O. Box N-3207

Nassau, Bahamas

Competitive salary and benefits package are commensurate with experience.

Applicants for Hotel Chief Engineering,
DA#68557
c/o The Tribune
P.O. Box N-3207

ot A Gcaine Auto Sales (Freeport Ltd for simifer ‘deals, Queens Hwy, 352-6122
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ot Abaco Motor Mall, Don MacKay Blvd, 267-2916





- THE TRIBUNE

FRIDAY, OCTOBER 24, 2008, PAGE 5



Three expat workers are
diagnosed with tuberculosis

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

FREEPORT - Three expatriate
workers have been diagnosed with
tuberculosis as a result of screen-
ings conducted by health officials
at the Grand Bahama Shipyard,
Health Minister Dr Hubert Minnis
revealed yesterday.

Dr Minnis said these persons are
receiving treatment for the infec-
tious disease, which has not been }

' detected in any of the 270 Bahami-
ans employed at the shipyard.

During a press conference held around noon
at the Rand Memorial Hospital, the minister
said that tuberculosis screening of all persons at
the facility has been completed, and all results
have been.reviewed by an infectious disease

- consultant.

_ Dr Minnis - who visited the island along
with Chief Medical Officer Dr Merceline Dahl

Regis and other senior health officials — report-

ed that a total 1,084 persons have taken the

mantoux skin test and 349. have had chest x-

rays.

. that there are no cases of tuberculosis at the

Hubert Minnis



“The Ministry of Health wishes to advise

“Prophylactic treatment is rec-
ommended for individuals who

with a follow up at three and six
months,” said Dr Minnis.

Last Saturday, Dr Minnis told the
| media that only a single case of
tuberculosis was confirmed at the

workers are expatriates.

Union officials had expressed
concerns about possible exposure
of Bahamian workers to TB, and
| demanded that all workers be test-
ed for the disease.

At the time, there . was
speculation that some 14 workers had tested

- positive for the disease, however the

minister later reported that these were old
infections.

Dr Minnis said the Ministry of Health is now
reviewing the health requirements for persons
seeking employment in the Bahamas.

“All individuals who come (here to work)
must have a health'certificate, however, at pre-
sent protocols are being worked out with the
chief medical officer, and we had discussions
with shipyard personnel and we have been
assured that all individuals coming here will

have chest x-rays done so that we can our-—

have had exposure to tuberculosis '

shipyard, where a majority of the

shipyard in Grand Bahama.

selves review it,” he said.

Fred Mitchell hits out at
report in The Tribune

PLP MP for Fox Hill Fred
Mitchell attacked a Tribune
report which revealed that a PLP
MP who is engulfed in a con-
struction scandal held private
talks with the leader of the party,
Perry Christie, in the Opposition
Room at the House of Assembly.

Highlighting a segment of the
meeting, The Tribune revealed
how the MP explained to Mr
Christie that the police — who are
conducting the investigation —
were basing the entire matter
purely on “assumptions”.

“They think me and (name
omitted) in cahoots,” the MP
said.

When reportedly pressed fur-
ther to explain the situation, the
MP pledged that no money | had
changed hands.

In fact, he highlighted that he
had used his father’s collateral,
along with that of a developer, to

purchase property on which the |

pair have now constructed a
“upscale” subdivision.

“So we didn’t have to come up:

with a dollar. Only for legal fees,”
the MP said.

As the news of yesterday’ 's pub-
lication spread throughout Nas-
sau, commentators began asking

and speculating about the source »

of The Tribune’s information.
This was even the case on the par-
-ty’s official website: myplp.com.

In a posting entitled “Et Tu.

Brutus”, a writer asked how The
Tribune could have a. “blow by
blow” account of the private

meeting. The writer said this _

meant one of three things: “(a)
someone in that room (is) leaking
information to The Tribune, (b)
someone in that room is secretly

taping the conversation and pass-

ing the tapes on to The Tribune,
(c) the room has been bugged.”

“J think it is time that we slap .

some people up side their heads

and drop kick them. It is a dis- .

service to the party and to the
country when we fall prey to this
type of shenanigans, in fact, that is

an outright betrayal. If I were the

leader I would be very careful

to fi ing the

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what I say and who I say it

around from hereon iin,” the: coms
ment said. .
‘However; Mr Mitchell yester-

day never: denied that any such -

meeting took’ place, and took

-exception to the fact that the arti-
_ cle had “no by-line, no named

sources and nothing to substanti-

ate the facts alleged”.

“This is beneath the standards
of acceptable journalism. News-
papers of record cannot continue
to demean themselves and

defame their own reputations by ©

relying on half truths, innuendoes,
lies and in the absence of any-
thing at all putting two and two
together and making it five, to
suit their own purposes.

- “sa PLP member of parlia-
ment, I am deeply disturbed and
offended by this continued biased

and tendentious campaign. My —

views in opposition to this cam-
paign were never fully aired by

_ the perpetrators of the stories

appearing in the press. Someone
in officialdom is seeking to poison

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the well of public opinion, pre-
liminary to using the courts and
the police for some malicious,
political objective.

“The FNM and its government
must be careful in all of this lest
they be accused of using the
police as a political tool of
destruction against the PLP in an
attempt to keep their hold on
power in the country. Such acts, if
committed, are dangerous and
illegal and must be condemned
across the political spectrum by
all right thinking Bahamians,” he
said.

Mr Mitchell said that the PLP
and the Bahamian public are enti-
tled to know whether or not this
investigation is a “conspiracy”,
which is hatched as an “illegal
and’ partisan tactic” by the gov-
ernment or its FNM agents with:
in the police force.



Ph: 325-3336



~BIMINI BAY

RESORT AND MARINA

Only forty-eight nautical miles east of Miami, Florida, situated on the North end

of North Bimini, Bohamas -

Bimini Bay Resort & Marina complex rests on over

740 acres of pristine Bahamian beaches. Long known as o paradise for anglers
and divers alike, Bimini Bay Resort offers a plethora of options for the most
discriminating fraveller. Bimini Bay Management Lid.
owns and operates Bimini Bay Resort & Marina.

\

CAREER ee

B mini i Bay Resort & Marina seeks to hire a professional individual




for the following pasition:

~ DIRECTOR OF SECURITY
Resconcibic for the safeguarding of hotel property, assets,

guests, visitors, and employees. Develop and maintain a pro-
active loss prevention program designed to ensure a safe

and secure environment for. hotel guests and employees.

Responsible for
standards.

the preparation of schedules and work
Develops and presents training programmes.

Establishes and maintains proper effective communications
and loss prevention surveillance systems. Thorough knowledge

of fire safety & hurricane preparedness.

MANAGER OF HUMAN RESOURCES

at gbullard@biminibayresort.com

or fax to (242) 347.2312



PAGE 6, FRIDAY, OCTOBER 24, 2008

THE TRIBUNE



aN

JCREDIT SUISSE

Credit Suisse, Nassau Branch
: Private Banking
is presently considering applications for
Head of Treasury & Execution

The position is open to candidates with the following minimum requirements:

° University Degree

* Minimum of 10 years well rounded fankiig experience in treasury/
execution and related departments of an offshore bank ;

* Strong management and leadership skills

« Well versed in Swiss banking practices and standards

3 = Idepth knowledge of international Money Market/Forex Exchange

° PC Literacy (MS Word, Access, Excel)

* English is the required language; German and French would be an
asset

¢ Proven track record

Duties:

The candidate will be expected to:

* Develop, recommend and ensure the implementation of the bank’s
trading operation strategy
* Monitor/evaluate the bank’s position and oversee existing and
Hp rospective trading activities

rovide advice and guidance in relation to treasury activities .
. ’ Provide edles SUnROrE to festorsne managers

¢ Excellent organizational and Sgmimunieation skills

-A commitment.to service excellence PTE.
* Ability to. work under pressure and with minimum supervision

Pe Compelive salary and performance bonus

* Pension Plan.
- Health and Life Insurance

- Applications should be submitted to:
~ Human Resources Beeston.
P.O. Box N-4928 -

_ Nassau, Bahamas | ue

‘Via Facsimi le 356-81 48

DEADLINE FOR RECEIPT OF APPLICATIONS IS OCTOBER 29, 2008





_ BIMINI BAY |

RESORT AND MARINA

DIRECTOR general of the
Ministry of Tourism and Avia-
tion Vernice Walkine challenged
all Bahamians to live up to the
country’s most famous promo-
tional slogan: “It’s Better in the
Bahamas”.

on the programme, You and Your
Money, reminded the public that
the Ministry of Tourism and Avi-
ation suspended the use of the
catch phrase in order to focus on
improving the tourism product
and the delivery of service.

However, the slogan is about
to make a comeback. Ms Walkine
acknowledged that the visitors
themselves challenged the pro-
motion when it was in use. “We
walked away from ‘It’s Better in
the Bahamas’ because it wasn’t,”
she said. “The visitor was saying,
“You've got to be kidding.”

She said the Ministry of

A NEW regional cultural task
force has been charged with pro-
ducing “cutting edge ideas and
approaches” by CARICOM Sec-
retary General Edwin Carring-
ton.

Speaking at the launch and
inaugural meeting of the Region-
al Task Force on Cultural Indus-
tries, Mr Carrington said CARI-
COM needs to ensure that new
talent and new innovations are
constantly encouraged and devel-
oped.

“We need a co-ordinated
regional approach that will build
on and energise and promote the
development of the CARICOM
Single Market and Economy
(CSME)” he said. ~

“Ladies and Gentlemen, we
have sufficient evidence from the
many studies that have been done
over the years, and from the
many successful artists, writers,
performers and festivals that our
region’s cultural products are
competitive, important to the
regional economy and central to
our people’s identity and
advancement,” Mr Carrington
said.

“This task force has therefore
been set up not to rehash what
has been done before, but to
make recommendations for
actions on the part of our mem-

Only forty-eight nautical miles east tof Miorri, Florida, situated on the North end of North Bimini, Baharnas - Bimini Bay Resort & Marina complex
rests on over 740 acres of pristine Bahamian beaches. Long known.as a paradise for anglers and divers alike, Bimini Bay Resort offers a
_ plethora of options for the most discriminating traveler. Bimini Bay Management Lid. owns and operates Bimini Bay Resor! & Marina,



and long term planning and
ee

t INE Gaily OPEanon,
> technology and data that

ss Operations. Candidate must
ING ee Nortel Networks,

Ms Walkine, the special guest °



LOCAL NEWS

») Aviation is
/ resuming
the use of
| the popular
Jjslogan
“|because
5 F F Bahamians
WTC AUET ust deter.
mine to
make the slogan a reality.
“T think Bahamians totally

understand why it is important .

for that statement to be true,” she
said. “Now, what I want Bahami-
ans to do is to do their part to
make it true.” ‘
Great emphasis is now being
placed on the visitor experience in
the Bahamas, Ms Walkine said.
She pointed out that the visitor
experience is what causes cus-
tomers to be satisfied. If satisfied,
they will recommend the
Bahamas to friends and relatives.

ber states to provide cultural
entrepreneurs and artists in this
region. with the incentives, finan-
cial support, the policies and the
legislation necessary to enable the
sector to grow and thrive.”

Mr Carrington said the meet-
ing was important because it
responds to the persistent call by
artists and cultural entrepreneurs
in the region, for their govern-
ments to address the develop-
mental needs of this innovative
sector.

“This clarion call was most

audible during the recent CAR- .

IFESTA X,” he said.

The establishment of the
Regional Task Force on Cultural
Industries was mandated by both
the Council for Trade and Eco-
nomic Development (COTED)
and the Council for Human and
Social Development (COHSOD),

_and Mr Carrington said the

â„¢ Tourism and.



Walkine calls for
a better Bahamas

Ms Walkine said the visitor
experience begins even before the
customer arrives in the country,
From the moment’a decision is

. made to visit the Bahamas, that

customer must be satisfied that
he or she has made the right deci-
sion, she said.

Ms Walkine said the experi-
ence includes ensuring that cus-
tomers pay reasonable prices to
get to the Bahamas, that they
have a good experience while
arriving, and that public trans-

u

portation, hotels and activities are -

up to high standards.
“Notwithstanding the fact that

‘ we have been in this business.as

long as we have, we still haven’t
gotten it right,” she said. “We
have been lucky.” ©

Ms Walkine said the people of
the Bahamas must turn the visitor
experience around, producing ful-
ly satisfied customers.

‘Cutting edge ideas’ needed, says CARICOM’s Carrington

,this body will be discussed and

“acted upon by both ministerial

councils as well as the Council
Finance and Planning (COFAP)

_and the wider Caribbean Com-

munity.

He said: “I am especially —

pleased to see that this task force
has come to life at this time. And

- not a moment too soon. You are

no doubt aware of the enormity

of the challenges we currently ~

face in the global arena, which is
more than ever,. mired in eco-
nomic uncertainty bordering on
chaos. “More especially, for us in
CARIFORUM, (that is CARI-
COM and the Dominican Repub- |

lic) we have recently signed an ~

Economic Partnership Agree-
ment (EPA) with the European
Community, which was justified

_ toa great degree on the promise

it brings for co-operation in ser-
vices and particularly, in regard to

Teports and recommendations of




the cultural industries. ©

103 Mt, Royal Ave, & Talbot St,
P.O. Box N-1546
=e. Telephones 328-4900:
* Faxs 328-4903 » Cell: 456.9062
Robert D, Cox, Managing Director

Fanny Louise
Swann, 87

_formerly of Grand Turk will be held at

Church of God of Prophecy, Pinedale

«4 Grand: Bahama on Saturday, October 25th

4 2008 at liam, officiating will be Bishop

Cleophas Capron Jr. assisted by Associate

Pastor Stephen Cefort internment will be at
the Harbour West Cemetery .

_ She is survived by her children, Yvette Walkin, .Iris Hudson, Carol .
Musgrove, Margaret Bonaby, Eloise Weeks, Ivil Skippings, Mary Durham
and Godwin Adams (deceased); grandchildren, Barbara, Hugh, Nicola,
Qunicy, Derek, Christopher, Chad, Cashenda Adams and Chrystal Wilson,
Chevette, Anthony, Kevin (Leticia Ewing) Vesco and Recco Bonaby,

Valencia Major, Hatriera Cooper, Requel Weeks, Latasha Davis, Shakara
Gardiner, Nikelta Skippings, Tanya and Dominique Durham; 25 great
grandchildren, sons-in-law, Hugh Walkin, Rudley Hudson, Curlin Musgrove,
Wendal: Boniaby, Owen Weeks and James Dutham; daughters-in-law:
Lucille Adams and Christina Skippings; neices, Louise Propser, Annie. .
Swann, Gertrude Kelly, Beatrice Ferguson, Malvina Gardiner and Madge
Williams; nephews, Walter, Audley, Carl, William Dick and Andrew Swann;
other relatives and friends including, Bishop Elgarnet Rahming and family,
Bishop Joseph M: Swann and family, Pastor Galy Swann and family, George
Swann and family, Clauduis Sefort and family, Samuel Simmons and family,
Davis Hall and family, Majorie Robinson and family, {anthe Willams and
family, Robert Forbes and family, Pastor Leroy Lightbourne and family,
William Jones and family, Cecil Delancy and family, Vivienne Stubbs and
family, Rev. Lindy Russell and family, Pastor Roosevlet Rolle’ and family,
Pastor Dwight Jennings and family, Calvary Deliverance Church family,
Pastor CL Capron and family, Pastor Cleophas Capron and family, Minister
Willis Grant and family, Bro. Winston Capron and family, Bishop Rudolph
Arthur and family, Bishop Lionel Douglas, Church of God of Prophecy
family, Hon. D. Shane Gibson M.P. and family, Bishop Hoplin Parker and
family, Pastor Andrew Storr and family, The Hon. Michael Missick and
residents of the Turks and Cacios Islands Especially Grand Turk, Residents
of Freeport, Grand Bahama, friends of the Straw Market, Freeport; Dr.
Pandy, Dr. Gutan, Dr. Cash, Dr. Kavala and doctor and nurses at the Rand.
Memorial Hospital in Freeport, doctors and nurses at Myrtle Rigby Hospital
in Provodenciales, Dr. Michael Darville, Dr. Francis, Dr. Judson Eneas, Dr.
Conville Brown and nurses at Doctors Hospital.

9
wage and salary administration, benefits, training, employee/
labor relations, organizational development and payroll.
Work losely with General anager &. peo Director | in




Viewing will be held in the State Room of Jones Brothers Morticians from
2pm-6pm on Thursday and in Freeport at Restview Memorial Mortuary East
Coral Road from 1pm -6pm and again at the church on Saturday from 10am
to service time.










member of the hotel Executive Committee. Training
experience inclusive of customer service is a must.

DEATH NOTICE

Naomi Isadora Taylor age, 87 yrs

Her husband, Geroge Taylor; two daughters, Cynthia Taylor and Rebecca
Taylor; four sons, Chief Officier Peter Taylor, Paul, Anthony and Hasting °4
Taylor.

Funeral Arrangements will be announces at a later date.

ompetitive compensation. For full consideration,
a copy of ie resume fo the attention of







Construction
Students learn

about job safety

THE students of the
construction pro-
grammes at Bahamas
‘Technical and Voca-
tional Institute are well
on their way to becom-
ing “work safe stu-
dents”.

For the past few
weeks, the students
have been learning
about work force safety.
This programme, which
is part of BIVI curricu-
lum, aims to educate
students on the impor-
tance of workplace safe-
ty and health habits,
which will aid in pro-
tecting them and their
coworkers ‘at work.

On Tuesday, instruc-
tor Reuben Ogbogbo
and his students wel-
comed guest speaker
Ravi Bhaktha, project
manager at Cavalier
Construction who spoke
on the topic of job safe-
ty in workplace.

Asset

BTVI said hundreds
of students will enter
the construction field
this year and while
these students are an
excellent asset to the
industry, they are also
at risk of being injured
if proper safety training
isn’t provided. .

Mr Bhaktha said: “As
an employer, we want to
provide tools to keep
our employees safe anG
aware.” .

It is essential that:
businesses understand ©
the importance of safety
and that they recognise
that specific training
heeds to be geared
towards junior crafts-
men entering the work-
force, he said. ©

“BTVI wants to rein-.

-force to our students
that accidents canand |
do happen,” Mr Ogbog-
‘bo said. “We'also want
to provide more work’
shops for our students
so that they can see that
_ industry is taking the

right steps toward their
Safety.

“Workplace safety i is
our passion, and these
seminars empower our
students to know their
tights and make safe
decisions on the job,”
said Sean Adderley,
public relations officer
at BTVI.

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.



















ais
<3 pnt

Parents’

we, RESns Bee 3
qe fhe he See" Bharat

LOCAL NEWS







STUDENT AWARDEES (clockwise.
from top) Yhen Smith, Samuel.
Johnson and Shanygne Swann

pride at

super students

@ By ALEX MISSICK

PARENTS were bursting with
pride over the achievements of
their children at this week’s CV
Bethel recognition ceremony — but

-none so much as Raquel Smith,

whose child pulled through despite
a serious medical condition.
Raquel said she is very proud of
her daughter, Yhen Smith, who has
been diagnosed with type one dia-

._ betes, for achieving a B grade in

the religious studies BGCSE and

maintaining 2°2:90'GPA**
“T had to move her here from _

Eleuthera because of the expense
of going back and forth to the doc-
tor here in Nassau. I told her Iam
going to be happy for what. ever
she can do,” Ms Smith said.

_ Ms Smith said her daughter
missed 45 days of the school year
last year but was still able to com-
plete the required coursework
needed for the examination.

“] feel as a parent that she can go
far. It may be one subject, but there
are children who come to school
everyday without any problems.
My daughter has done well even
though she has a sickness,” Ms
Smith said.

Yehn said that every nigh when

- She came home, she would plunge
directly into her homework, pro-
jects, studying and coursework.

She said that only God brought
her through. “During the time I
was sick I had to carry my books in

- the hospital. Even though the doc-
tors did not approve, I still was
determined to do well,” Yhen said.

Yhen said she is going to try for
four more BGCSEs and aspires to

become a nurse after graduation.

from CV Bethel.

Ms Smith said she is hoping and
praying that everything goes well
this year so that her daughter can

achieve her dreams.

PRIME OFFICE
SPACE

Approximately 2,100 square feet of second
floor space will be available January, 2009 in
newly constructed building at the corner of

| Marlborough and Cumberland Streets. Two

(2) on-site car spaces included.

Ideal location for offshore bank, trust company,
law firm, or other professions _ ;

‘

Contact Owner at 362- 6006



\ British

WSIARLIGRED 197







“4American

[oN AORN

j



reast cancer. Early detection inorgh regular breast self-exams and a regular. program of mammogram
an physical exams are crucial steps that every woman should employ.

Jennifer Francis






s to eating this disease is to detect breast cancer in its
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ch twenty years of age. Self exams should be performed every,
ou; this is a reminder to help yourself and possibly save your owy

Breast Cancer Survivor for 7 years

[PURSES SAINT

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Thompson Blvd. Oakes Field
SANPIN MOTORS LIMITED © t 242, 326.6377 f, 242.326.6315

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SS
ee S

|. DOCTORS HOSPITAL
Heals Pox Life
WIN an

FREE MAMMOGRAMS

Enter to WIN Free Mammograms for Life, by completing
this entry form before November Ist 2008 and mail to
Doctors Hospital.Marketing Department

P:O.Box N301 8 Nassau, (Bahamas

Name:
Aare
P.O.Box:,
Age:
Tel.
“Mobile:
Email:



In observance of Breast Cancer Awareness Month
DOCTORS HOSPITAL is proud to offer

50% OFF * the cost of Mammograms!

*Women who have not had a Mammogram at Doctars Hospital
*Must present this coupon
“Valid through December Ist 2008

47

The Tribune observes Breast Cancer Awareness Nietrneeley, a



Drive It!, Drag It!,
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“END OF YEAR CLOSE-OUT SALE
ON NISSAN AND KIA VEHICLES”

END OF YEAR CLOSE-OUT

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PAGE 8, FRIDAY, OCTOBER 24, 2008



| FAMILY GUARDIAN

INSURANCE COMPANY LIMITED





Attend the Family Guardian Insurance

Sales Career Fair
November 1, 2008

I you are:
« Aged 21-50 years

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Wet SPRI8D-

Boonen:

FROM page one

said ever since the Albany
development project started
when an initial bidding process
took place, small businesses like
his were overlooked by the
development company.
According to Mr Outten, the
multi-million dollar contracts
were issued to major local and
international companies. Mr
Outten claims that these multi-
million dollar American com-

panies “are taking bread out of
the mouths of the Bahamian
people”

“Only one set of companies
are working out here: I want the
Bahamian people to know that
in these tough economic times,
everybody needs a dollar. All
I’m asking them to do is to share
this pie around, level the playing
field, and give everybody an

by Resloiaw Memorial Moluay
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For THE LATE
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BuLtarD, 66

or No, 6 Winters Drive, SEA
Breeze EStareS WILL BE HELD ON
Fripay. OctToBeR 24, 2008 ar 2:
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ASSISTED BY LEONARD JOHNSON AND
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HE Is SURVIVED BY HIS Wire: Myra BuLtard; 1 SISTER: CORA
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THE TRIBUNE

Contractor blocks development

opportunity to make a dollar.”

Mr Outten said after he saw.

the unfair conditions at the
development site, and had
failed several times to speak
with Albany executives, he
decided to write and hand deliv-
er a letter to the office of the
Prime Minister requesting some
reconsideration which would
force the company to open dis-
cussions for small or partial con-
tracts for local contractors.
Keith Hamilton, another

small contractor, said he too was _

prepared to have his company

vehicles brought to the. site if

that was what it would take to

get fair treatment from the com-
any.

* “T’m a Bahamian, the gov-

érnment says invest in the
Bahamas, and now that I’ve
invested over a million dollars in
brand new trucks for my com-
pany, here it is now that I can’t
even get a job in the Bahamas
where I live.”

He said that he was also
among local contractors who
took part in the pre-contractual

_ bidding, but was also over-

looked by the company.
' After hours of waiting, the
men were ultimately addressed

by John Davies, senior Vice e
’ President of construction.

According to Mr Davies
“there was a small misunder-
standing with a few local con-
tractors.” However, he said,
“we’re going to meet with them
and work things out.”

' Mr Davies said that after an
offer was made to arrange a
meeting between the men and
company executives, the con-
tractors finally decided to
remove their trucks. It had
delayed work on the site until

_ 6pm,.a period of four hours.

. Mr Davies said that although

he had guaranteed nothing, “I
told them that we would sit °
down and listen to them,

because we.do need to explain
to them how the process
works.” 8

“All the companies that we
have interviewed here, that we
have bid work have been

Bahamian companies,” he said.
. “We have a policy that unless a

contractor has a Bahamian busi-
ness licence, they cannot bid
work from us.’

The meeting, scheduled to. be

- held between the contractors
and Albany executives, will be * °°

held next Nee

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THE TRIBUNE

FRIDAY, OCTOBER 24, 2008, PAGE 9





Concern over the signing -
of the controvsial EPA

@ By IAN BETHELL
BENNETT

[xoxes abound on the
eve of signing the
incredibly controversial EPA.
The Bahamas has certainly
decided to liberalise trade in a
strange way, going from not
belonging to the WTO to
agreeing to the EPA which
imposes more onerous regu-
lations on us than even the
Doha Round of negotiations,
a part of WTO liberalisation,
have done; and these again
met with failure. on July 29,
2008 because Doha required
too much sacrifice of the
developing world and not

. enough of the developed

world.

Yet another irony has also
chosen to reveal itself. To the
discredit, but insistent disbelief
of neoliberals, the financial
crisis we are presently expe-
riencing shows: that the 'free'
market will not take care of.
itself. In reality the market is
not free. It is always bound to
something. By heading off
into the sunrise of a new real-
ity:under the EPA, the
Bahamas binds itself tighter
to every ill of someone else's
free market disaster.

Tronically, it seems that all
of us who have challenged the
way the EPA presently stands
have been made to seem like
unreasonable, un-nationalist
pessimists; perhaps we are
even seen as backward indi-
viduals. Too bad! What we
have tried to do is simply flag
a number of points of deep
concern to countries that have
done NOTHING to prepare

- for singing an agreement that
stipulates that once signed, |
changes are extremely: limit- 5»
ed and, if possible, costhysciia

As the new dawn neais and

YOUR SAY

new visa regulations arise for
entry into developed coun-
tries, we developing country
residents simply have to tight-
en our belts and hope for the
best. Free movement from our
islands to their world is a
myth.

But they can move from
their homes to ours with a lit-

tle piece of paper. Europe and

the other developed countries
have done all the work they
needed to do to be ready for
the EPA. All the certification
needed to allow free move-

_ ment, an ideal that is so alarm-

ing to Bahamians that we
chose to stay out of the

~CSME, has already been

developed. What has the
Bahamas done to prepare?

he impact of signing
; the EPA will proba-
bly not be felt for a while. For
some people the affects may
never be felt as they live in
splendid isolation from this
reality. Others will have quite
a time riding the wave of free
trade. But the decision has
been taken and the boat is in
the water without any tenders.
Let's hope it will float instead
of sinking to the bottom. If it

were to sink, how many of us ©

know how to swim?
If there is anything we can

‘gather from the global finan-

cial crisis of the last few weeks
it is that, because economies
have been so closely linked,
they are all crashing because
of the disaster in the USA;
connectivity means that we



are no longer isolated from
the disasters in another part
of the world. What does that
tell us about the idea of let-
ting trade do whatever it

- wants to do?

In 2000-2002, the Bahamas
tightened our banking regu-

lations while the USA further-

deregulated: their industry.
This resulted in the Bahamas
losing a lot of banking busi-

ness and ultimately the US's
financial crisis that now affects
all of us.

Bahamians dave suffered
twice.

The EPA eelebrates the
idea of a free market.

But no market is ever 'free';
it is always connected to or
depends on something. In the
past slavery either directly or
indirectly kept markets going.

Today, another form of
exploitation is bound to devel-
op.

At the end of. the day,
Bahamians will suffer more as
we are forced to enjoy the

pleasures of the resultant.

exploitation.

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Email; Geotifones@comcast net

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A well established Company seeks an Accounts Clerk

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Maintenance of Inventory Spreadsheets —

‘Prepare for and complete month end inventory

counts .
Preparation of bank and other Halaniee sheets

’ Reconciliations-and various general ledger

accounts to sub ledger
Prepare Schedules to assist in External Audits
Assist in other duties falling within the

Accounts cepamment where Hecessaty,

Candidates must possess the following skills:

Nesheiates Degree in Accounting
Experience in Reconciliations

Experience in Accounts Payables would be
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All Applications must be submused by October 31st

2008. .



eo to:

DA 68551 as ieee
c/o The Tribune i
P.O. Box N-3207
_Nassau, The Bahamas

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free gas

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rAUc IU, FAIVAT, VUILUBENM 24, CUUG





FRIDAY EVENING OCTOBER 24, 2008

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

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IA IHIBU,

Let Charlie the
Bahamian Puppet and
his sidekick Derek put

some smiles on your

kids’s faces.

d

Bring your children to the
MctHappy Hour at McDonald's in
. Malborough Street every Thursday
from 3:30pm to 4:30pm during the

3 month of October 2008.

Enjoy Great Food, Prizes and Lots of Fun.

ene
4

ie Gift Cert
Bimake great gifts!E





THE TRIBUNE

FRIDAY, OCTOBER 24, 2008, PAGE 11



Sir Orville
Turnquest's
eldest
grandchild
lies suddenly

FROM page one

whelmed by the news.
“She was developing
into a person who
expressed her opinion and
she was very much loved

by everyone who knew her .

because of her personali-
ty,” Sir Orville said.

A second year medical
student at the University
of the West Indies, the 24
year old had suffered from
Sickle-cell anemia most of
her life.

Sickle-cell anemia is a
blood disorder character-
ized by red’blood cells that
assume an abnormal, rigid,
sickle shape. Sickling
decreases the cells' flexi-
bility and. results in their
restricted movement
through blood vessels,
. depriving downstream tis-
sues of oxygen. The. dis-
ease is chronic and life-
long: individuals are most
often well, but their lives
are punctuated by periodic
painful attacks and a risk
of various other complica:
tions.

“She had an attack
about two to three days
ago and went into hospital
around 1lam yesterday.
First she had renal failure
and about an hour later

she had heart failure. After

that she passed away,” Sir
Orville said.

Lia’s mother, Carol
“Toni” Lashley, head of
the Dupuch and Turnquest

law firm, had made
arrangements to go and see
her daughter in hospital
immediately after she was
taken ill. Mrs Lashley got
the news of her daughter’s
~ death at the airport while
on.her way to.be at her
side. Lia’s father will fly to

Jamaica early today to be

with, his. family.

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Web: www.buildersmallbahamas.com Email: info@buildersmallbahamas.com

4 a.















MP involved in police
investigation is
expected to face
additional questions
over GB subdivision

FROM page one

development that the MP is
alleged to have been involved
with since leaving office in
2007.

On Wednesday, the MP
held a private meeting with
PLP leader Perry Christie in
the Opposition Room of the
House of Assembly. Here,
sources claim, Mr Christie was
updated on the active police
investigation regarding the
MP’s alleged involvement in
what is claimed to have been a
construction scam that dates
back to the MP’s tenure as
Minister under the previous
PLP administration.

During the course of the
meeting, the MP assured Mr
Christie of his innocence,

claiming that the investiga--

tions of the officers from the
police force’s Special Investi-
gating ae were based only

: FROM page one .

ment that itis disappointed that a person who
purports to be an employee of “this great institu-
tion” would suggest that it has a culture of slack-
_ ness, corruption and incompetence.

“We value the commitment our employees con-
tinue to make to our success and equally value the *
public trust that we have to ensure that benefits
continue for not only today’s Bahamian, but for
future-.generations,” NIB said in its release.

An anonymous insider told Tribune reporters,
that employers’ failure to make employee con-
tributions to NIB could lead to the nation’s pri-
mary pension supplier running out of money in 20

years.

“We acknowledge that there are contributions
outstanding, but to say, as the article said, that the
non-payment of contributions by employers and
self-employed persons is a great drain on the
Fund, is post that the informant is uninformed,”

_Said NIB.

on “assumptions.”

At one point in the conver-
sation, according to the source,
the MP is alleged to have told
the party leader that the basis
of the police’s investigation
stems from a recent housing
development in which he and
a local developer were
involved.

“They think me and (name
omitted) in cahoots,” the MP
said.

When reportedly pressed
further to explain his involve-
ment surrounding the housing
development, the MP pledged
that no money had crossed
hands.

In fact, he said, he had used
his father’s collateral, with the
developers to purchase the
property.

“So we didn’t have to come
up with a dollar. Only for legal
fees,” the MP said. :

Senior members within the

PLP have described this latest

fiasco as a major roadblock ~

that could affect their chances
in the 2012 election if the par-
ty is unable to distance itself
from it.

“We have to remind voters
that this is not acceptable and

it will not be tolerated in the

party,” said another source.
Mr Christie himself has
voiced his concern over the

matter during a recent cele-’

bratory breakfast held in hon-
our of stalwart councillors of
the party. :
“During my time as leader
of the Cabinet I dealt with
every issue of every minister
and all persons who served
with me. The record as to how
J dealt with it, whether to the
satisfaction or not of people
is clear. But at all times, ensur-

ing that I was seen to act in

pursuance of the best interest
of this party,” he said.

NIB denies $5

fund.”

billion shortfall

“Actuarial reports over the years have indicat-
ed that it would be prudent to make a number of
changes to the National Insurance programme...

“At current level, if we do nothing, we do see
challenges by 2029 forthe National Insurance

The statement said the institution has always
sought to remain a transparent company, so that
Bahamians.can keep track of its performance.

It insists that its focus will be on.improving col-

lection efficiency and seeing that employer and
self-employed persons do the right thing. _

“If we are able to collect all that is due, the
fund may be slightly larger, but we would have
paid out more in benefits and have additional _

future obligations, ” said NIB.

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FROM page one

Greg, who was not at Tuesday’s
hearing, have been fighting the

Baptists in the courts ever since °

he alleges that he was unfairly
dismissed from a school coach-
ing job in 2002.

They have filed several

actions against various parties

alleging, among other things,

defamation and abuse of

human rights.
Mrs Cash said: “I am willing
to go to jail if this is God’s will

WAGER




‘The rrr Centre - i 838 Wulff eel

Tanya Cash

as I can’t apologise if I don’t
know what I am apologising for.
I am just an ordinary woman
seeking justice in my own coun-
try.”

Mr and Mrs Cash are also
taking their case to the Privy
Council and have set up the

Vote for Justice website which

invites people to express their
concern about the Bahamas’
legal system.




















































©2008 Creative Edge





THE TRIBUNE

'

FRIDAY, OCTOBER 24, 2008, PAGE 12



| SRLS



_ Peter Dejong/AP Photo

AC MILAN’S Ronaldinho, center left, is fouled by Heerenveen’s Myka Vayrynen, right, during
their UEFA Cup group E soccer match at Abe Lensira stadium in Heerenveen, northern

Netherlands, Thursday, Oct. 23, 2008.





FROM page 14
ATLANTA FALCONS @

PHILADELPRIA EAGLES

e If an actual falcon and an eagle
got into a fight, who would win? Is
this not an important question to
address when considering this
game? In fact I think it’s the only
question we should ask. Eagles are .



much bigger and according to seal of
the President of the United States, it :

can hold a bunch arrows and ‘an.
olive branch. There’s no way a fal-
con can withstand a barrage of
leaves and arrows.



ARIZONA CARDINALS @

e This game should be dubbed the
2008 “Playing to the Trends” Bowl.
Both teams lead their divisions but
have gone about it in completely
different fashions. The Cardinals
have been anemic on the road this
season, despite boasting one of the
league’s most potent offences and
the Panthers have gone undefeated



- at home thus far. The Panthers also

face more pressure from the outside,
forced to keep pace with the Bucs in
a heated NFC South race.




ANTHERS -
cRNA A

AC MILAN’S Filippo Inzaghi, center, reacts after scoring their third goal, as
Heerenveen goalkeeper Brian Vandenbussche reacts, at right, during their
UEFA Cup group E soccer match at Abe Lensira stadium in Heerenveen, pout
ern Netherlands: es Oct. 23, 2008.





1 Nothing gluttonous
about Long’s diet

| FOOTBALL

DAVIE; Fla..°
Associated Press

JAKE LONG eats his vegetables. He
seldom snacks. One piece of cake is
sometimes sufficient dessert.

How did he become so enormous?

“I’m not like a huge pig,” Long says.
“But I can eat some food.”

Even in an NFL locker room, Long
looks large. The Miami Dolphins tackle
is 6-foot-7 and 315 pounds, and he stood
out in the draft last April, when he was
the No. 1 overall choice.

He has drawn praise for his play in
the first six games this season. And with
a five-year contract for $30 million guar-
anteed — that’s $95,238 per pound —
Long is expected to anchor the Dolphins’
offensive line well into the next decade.

Given such stakes, he must eat.a lot of
steaks to keep his strength up, right?
Maybe those 48-ounce porterhouses they
serve at Shula’s Steak House?

“No, I can’t do that,” Long says. “I
probably could, but I would probably
feel sick afterward.”

Long says he’s content with 24 ounces,
still a big slab of beef. But given the

‘Michigan native’s size, and the energy

he exerts blocking men who are small
only when compared with him, there’s
nothing gluttonous about his diet.

It doesn’t rival Michael Phelps’ 12,000
calories a day, which drew a lot of atten-
tion at the Olympics. ““That’s a lot,” Long
says, studying a list of what Phelps eats.

4

Long’s own list is much shorter.

“For breakfast I'll have cereal, a cou-
ple of scoops of scrambled eggs, some
bacon and a muffin. I’m not a big break-
fast guy. For lunch I usually make a
sandwich, some type of pasta, salad and
some fruit.”

Does he eat two or three sandwiches
at one meal?

“Oh yeah.”

Four or five sandwiches?

~“P’m sure I could. But I don’t do it
regularly.”

And for dinner?

“Pll eat whatever — steak, chicken,
fish — some type of pasta, salad, potato.
Sometimes I go all out, but usually it’s
just basic stuff.”

Dessert?

“Pll eat some chocolate cake or
cheesecake.”

One piece, or more?

“It depends on how full I am after
dinner.”

For a snack, he might have a granola
bar at bedtime.

Teammate Justin Smiley says Long’s
intake is surprisingly modest given his
size.

“Everybody is looking for him to say,
*T eat two full pizzas,’ and all kinds of
.crazy stuff, and he doesn’t,” Smiley says.
“He’s got the room for it, there’s no
doubt. But the thing is he’s a good-look-
ing 315. He’s got a flat stomach, and
he’s built the right way. He does a good
job.” —

Long doesn’t count calories, and he

AC MILAN’S Andriy Shevchenko, bottom, and Heerenveen’s .
Myka Vayrynen, top, vie for the ball during their UEFA Cup
group E soccer match at Abe Lensira stadium in Heereriveen, °
northern Netherlands, Thursday, Oct. 23, 2008. Milan won the
match with a 3-1 score.

EUROPEAN SOCCER



MILAN player Emerson, left, and Heerenveen player Mika Vayrynen, vie for
the ball during their UEFA Cup group E soccer match at Abe Lenstra Stadia
in Heerenveen, northern Netherlands, Thursday Oct. 23, 2008.



J. Pat Carter/AP Photo

.MIAMI DOLPHINS tackle Jake Long
(77) stretches during the second day

of football training camp Sunday,
July 27, 2008 in Davie, Fla.

has never sought advice from a dietitian.
He just eats when he’s hungry until he’s
full.

His longtime cook confirms the meal
routine is pretty routine.

“IT don’t think he really eats that
much,” says Long’s mother, Denise. “I
have three boys that eat like that. He
eats properly — lots of protein and veg-
etables and fruits and things like that.”

Genetics help explain Long’s size.,
Mrs. Long is 5-foot-8. Jake’s dad, John,
is almost 6-4 and weighs about 265.

. “As we get older, we’re shrinking,”
Mrs. Long says with a laugh.

Jake’s older brother, John, is 6-5 and
320. Kid brother Joe, a 19-year-old fresh-
man at Wayne State, is 6-6 and 295. Jake
was 6-6 and 305 before he left high
school.



‘Nalbandian
heats Viiegen
at Swiss
Indoors












SUES
Hy




@ TENNIS
BASEL, Switzerland
Associated Press

SECOND-SEEDED David
Nalbandian beat Kristof
Vliegen of Belgium 6-4, 5-7,

: 7-6 (4) Thursday to reach the
? quarterfinals of the Swiss.
i Indoors.

The 26-year-old Argentine

i? broke the 96th-ranked Vliegen
: to take the first set. Nalban-
: dian, the 2002 champion and
: twice runner-up since, lost his
: first match point at 6-5 in the
+ final set when Vliegen hit a
i running backhand winner
? from wide of the court. »

He clinched when Vliegen

: failed to control'a strong ser-
vice return. |

Juan Martin Del Potro, the

~: No. 3 seed, made just four -
? unforced errors as he cruised
: past Switzerland’s Stephane
: Bohli 6-3, 6-3.

The Argentina Davis Cup

: teammates are on course to
? meet in a semifinal Saturday.

Fourth-seeded James Blake

i of the United States had 18

: aces as he rallied from a set

-} down to beat 76th-ranked
? Oscar Hernandez of Spain 6-7
i (4), 6-2, 6-4. :

“T was serving well and that

Simone Bolelli of Ttaly beat

? Marcel Granollers of Spain 6-
: 4, 6-2. In the quarterfinals he,
: will face either top-seeded
: Roger Federer or Jarkko
? Nieminen of Finland, who
: play later Thursday.



Pumas tops Group B

with win over Bynamo
| M SOCCER

HOUSTON
Assocaited Press

: JUAN CARLOS CACHO—
i and Fernando Espinoza
? scored first-half goals and
: Marco Antonio Palacios
: added a second-half goal-and
i the UNAM Pumas dealt
? Houston Dynamo its first
? CONCACAF Champions
i League loss, 3-1 Wednesday
: night.

UNAM is 2-0-3 in the tour-

? nament and has nine points
; and is in first place in Group B
: two points in front of Luis
: Angel Firpo, which defeated
: San Francisco (Panama), 3-2
? Wednesday. UNAM plays San
? Francisco in its Group B finale
? next Wednesday.

Houston, which clinched the

i MLS Western Conference
i? regular-season title on Sun-
i day, is in third in Group B
? with a 1-1-2 record and five
: points. Houston has two .
? Group B matches left at Luis
: Angel Firpo (2-1-1, 7) Tues-
: day and at home against San
: Francisco (0-2-2, 2) on Noy.
i 26.

Cacho put Pumas on top in

: the 19th minute with a penal-
: ty kick, Cacho The penalty
: kick was awarded after Hous-
: ton defender Patrick Ianni
: pushed Cacho down from
: behind, but it appeared that
i the contact was outside of the
i? box. ‘

Espinoza made it 2-0 in the

: 30th minute. On a 3-on-2
: breakaway, Espinoza got a
: pass on the right box from
: Orlando Pineda and sent it
: just inside the post.

Houston cut the lead in the

: 39th minute on an own géal
: by Marco Antonio Palacios.
: Geoff Cameron sent a pass in
: from the right box in front of
: the goal. Nate Jaqua came
: charging in, but it went by him
: and goalkeeper Alejandro
: Palacios, who came off his
: line, and off Marco Antonio
: Palacios and into the net.

Pumas made it 3-1 with
Palacios’ goal in the 69th

: minute off a corner kick by
: Ismael Iniguez. From the left

corner, Iniguez sent the ball
into the left box where Pala-
cios did a jumping back kick

that went into the net.

_ The start of the game was

delayed 45 minutes as strong

storms moved through the
Houston area causing light-

; ning and some street flooding.

got me out of a lot of trou-
i ble,” Blake said.



PAGE 13, FRIDAY, OCTOBER 24, 2008

Murray beats
Gulbis in

straight sets

@ TENNIS
ST. PETERSBURG, Russia
Associated Press

DEFENDING champion
Andy Murray beat Ermests Gul-
bis 6-4, 6-2 Thursday to advance
to the quarterfinals of the St.
Petersburg Open, while eighth-
seeded Marat Safin was upset
in the second round.

Andrey Golubev of Kaza-
khstan.beat Safin 6-4, 6-2 to
advance to his first career quar-
terfinal.

Murr.y, fresh from winning
the Madrid Masters on Sunday
for his fourth title this season,
won his first three games at love
before saving a break point in
the next game that he served.
-- The fourth-ranked Briton
broke Gulbis in the eighth game
for a 5-3 lead, but the Latvian

broke back in the next game..

Murray immediately broke

_again to take the set, and won
four consecutive games in the
second set to close out the
match..

“He (Gulbis) is very unpre-
dictable in his game style,” Mur-
ray said. “He had a couple of
good shots to break me, but I
broke him in the next game, so
it wasn’t a problem.”

It was the ninth consecutive
win for the:U.S. Open finalist,
including two victories in
Britain’s Davis Cup World
Group playoffs against Austria
in September. Murray’s win-loss
record this season is 50-14, mak-



| BRITAIN'S Andy Murray celebrates after winning the final of -
the Madrid Masters against Gilles Simon from France in
Madrid, on Sunday, Oct. 19, 2008. Murray won 6-4, 7-6.



Ivanovic and Zvonareva’



Safin upset in
St. Petersburg

ing him the fifth player this year
to win 50 matches.

“I’m going to try my best to
win the tournament,” Murray
said. “When you keep winning,
it gives you a lot of confidence.”

Murray, who also won. titles

in Doha, Marseille and Cincin-
nati, plays his 10th quarterfinal
this season against Janko Tip-
sarevic.
- The Serb advanced to his
fourth quarterfinal this season,
beating Jeremy Chardy of
France 6-4, 7-6 (3).

Safin, the 31st-ranked Russ-
ian who has twice won the tour-
nament, had trouble on his
serve, winning only 15 of 51

~ returned points.

The 150th-ranked Golubev,
who reached the second round
of the U.S. Open in September,
broke Safin in the fifth game of
the first set but double-faulted
three times-in the next game to

drop serve and stay level at 3-3.

In the ninth game, Safin
saved three break points with
aces but was broken on the
third deuce, and Golubev
served for the set.

“The second break in the first

set was a decisive one,” Safin
said. “He became confident and
it was much more difficult to
play against him. In fact, I didn’t
have many: chances in the sec-
ond set.”

Victor R. Caivano/AP Photo

reach quarterfinals in Linz

BTENNIS”~ -
LINZ, Austria
Associated Press

TOP-SEEDED Ana Ivanovic and No.
2 Vera Zvonareva had comfortable victo-
ries Thursday to reach the quarterfinals of

the Generali Ladies.

~The fourth-ranked Ivanovic downed
‘Sybille Bammer of Austria 6-4, 6-2, while
Zvonareva routed Nuria Llagostera Vives

of Spain 6-2, 6-0. | /

_ Ivanovic dropped serve twice in the
opening set, but finally settled in after
breaking Bammer for a third time at 4-4.
“Tam happy with the way I played and
beating her in straight sets is a good result,”
said Ivanovic, who improved to 2-1 against
Bammer. “During the first set, I realized I

/

Ana lvanovic

had to take the ball earlier so I could put
- more pressure on her. That made things easier for me.”

Ivanovic will play seventh-seeded Flavia Pennetta of Italy, who
defeated Dominika Cibulkova of Slovakia 6-3, 6-1. Pennetta
reached the final of the Zurich Open last week.

Zvonareva dropped serve in the opening set against Llagostera
Vives and saved five more break points, but was in control after-

ward.

The Russian is next up against No. 8 Alize Cornet.
Fifth-seeded Nadia Petrova defeated Katarina Srebotnik of
Slovenia 6-4, 7-6 (7) to set up a quarterfinal match against No. 3

. Agnieszka Radwanska.

Petrova, who won the tournament in 2005, was broken twice
while serving for the match at 5-4 and at 6-5, and the Russian
missed four match points in the tiebreaker before finally convert-

ing her fifth chance.

_ Sixth-seeded Marion Bartoli of France also advanced after beat-
ing Petra Kyitoya of the Czech Republic 7-6 (4), 1-6, 6-3.

Bartoli’s next opponent will be either fourth-seeded Patty Schny-
der or Alona Bondarenko, who play later Thursday.





“relax
responsibsyâ„¢



‘OUR LADY’S Deangelo Mackey holds the ball as St. Bede’s

THE TRIBUNE



SPORTS









/Tribune staff

jor.







Felipé Ma



OUR LADY’S Charles Cooper dribbles as they avoided the
defense of St. Bede’s. St. Bede’s won the game 39-5. The
game was played at St. Bede’s yesterday.



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up.

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THE TRIBUNE

FRIDAY, OCTOBER 24, 2008, PAGE 14

secnerveannrectneneseereoecennteascorenreseerseteeeanconeetteeseccesseecenstnecdnnvectntieeecteresectn seeeasccenmsneunapescetentcoctrattet trennpeertrstreetenetemictben ceruasetcensteenticeuaccenerweenan gett sneinecttett





The Ramblings return from hiatus
this week and I’ve come to the reali-
sation that if I ever want the Dol-
phins to win, I have to pick them to
lose every week. I don’t make up the
rules, I just play along, and this is
how it is.



WEEK 1: 8-8
WEEK 2: 11-4
WEEK3: 7-9
WEEK 4: 9-4
WEEK 5: 7-7
WEEK 6: 8-6
WEEK 7: 10-4





aowsenoen

BUFFALO BILLS @ |
BLAM DOLPHINS

° For-the Dolphins to win, I must
pick them to lose. I felt I had to issue
that disclaimer first and foremost. It
seems like just yesterday Miami had
reeled of consecutive wins.against
last year’s AFC Championship game
participants, but consecutive losses
sent them plummeting back down to
earth. Now in a matchup of the divi-
sion’s bottom feeders against the
division leaders, the Fins need to
revert to the trick playbook for any
hopes of keeping pace in the division.

_ This game is vital to the division race

for both teams. The Bills will never
feel safe until they solidify a legiti-
mate lead over the Patriots who sit
just a game back, and the Dolphins
are still in the fight for respectability
looking to build upon a culture that
has returned to expecting wins...or at
least making every game competitive.
Even when the Dolphins were good,
beating the Bills has been a monu- °
mental task with the Bills winning
seven of the last eight games. On the
bright side, Joey Porter is having a
career season and is just two sacks of
his career high total of 10.5 set back
in 2005.



WASHINGTON REDSKINS
@ DETROIT LIONS

° The Redskins can ill afford
another let down this week. They’re
in dangerous territory of always play-
ing up or down to the level of compe-
tition. Those teams never win cham-,,



A defining week

for NFL teams

. secutive weeks, or the team that lost

to the Rams and beat the Browns by
three? Off topic...I think this week
the NFL should begin the sweep-
stakes to decide who rescues Calvin

Johnson and Roy Williams from

Detroit.



Ss

TAMPA BAY BUCCANEERS
@ DALLAS COWBOYS

e This game should be dubbed
“Depends Undergarments Bowl ’08”.
The quarterbacks in this game are so
old, their combined ages are just
barely more than John McCain. What.
started out as a potential dream sea-
son is quickly turning into a night-
mare for the Cowboys. There were
issues even with a healthy Tony
Romo in the lineup, and now with
Romo sidelined until mid-November,
their issues have manifested into a

. complete catastrophe. Nothing was

more reminiscent of the Cowboys

- woes than an absolute dismantling at

the hands of a paltry Rams team.
Romo never played defence and Dal-
las gave up three rushing touchdowns —
to Steven Jackson. The other old
man, Jeff Garcia, is in a much better
position. He recaptured his starting
job, and at 5-2, he leads a team that
has lost both games by a combined

- seven points. We may be looking at a

Jeff Garcia/Kerry Collins Super
Bowl.



ST. LOUIS RAMS @

NEW ENGLAND PATRIOTS

e This game should be dubbed the
2008 “There.is No Way Anyone Is
Going to Figure Out These Teams
Until Week 17” Bowl. Are the Rams
legit now that Jim Haslett is at the
helm? Is it safe to say the Pats can

pionships. Will you be able to count, ;; ,;;make:it without‘Tom Brady now?)
on the Redskins to be the team that _.\. .Hiow much:willthey miss Rodney':: »

beat Dallas and Philadelphia in con-



3 Featuring the National

_ NAWIRA (North —
- America & West
_ Indies) World ©
Cup Qualification
Sevens”

Teams of:

The Bahamas,
_ Barbados, Bermuda,

Canada, The Cayman
Islands, Guyana,
Jamaica, Mexico, St.
Vincent & The
' Grenadines, Trinidad

& Tobago, The United |
States of America

nh §
ys

IGS



BRISTOL



GROUP OF COMPANIES LIMITED





Harisson? Does Matt Cassell get it
now, does he realise the whole quar-
terbacking thing is much easier if you
just throw it to Randy Moss?



SAN DIEGO CHARGERS @
NEW ORLEANS SAINTS

e Drew Brees finally gets his shot.
A chance at redemption. An oppor-
tunity to exorcise the demons of
being cast aside by the franchise that
drafted him. This is the type of game
Disney movies are made of, the
“2008 Revenge Bowl!” This would
have all been great if the Saints
homefield advantage wasn’t taken
away by the game being played at
London’s Wembley Field. A rapid
Louisiana fanbase will be substituted
for people that will insist on calling
the field a pitch and spend most of

’ the game letting everyone within

shouting distance know that it’s not
really football. Additionally, the
Saints injury plagued offence will
struggle without Reggie Bush, the
loss of which eliminates the “Just
throw it to him and let him run about
until he scores” play from the New



SS

CINCINNATI BENGALS.
@ HOUSTON TEXANS

° The Texans have not been nearly
as good as most expected this season
but at least they have appeared to
have righted the ship and don’t start
Ryan Fitzpatrick at quarterback. |
Matt Schuab is playing like he’s still
searching for a contract behind
Michael Vick again, and the Texans
may have found the most legitimate
running threat since the franchise’s
inception in Steve Slaton. There’s
nothing good to say about the Ben-

«gals: (Although everytime I say
- thats:like clockwork...that team wins)

ASHI Ra¢

11 Men's Teams






(Prince Charles Drive East)



‘OAKLAND RAIDERS @

BALTUNORE RAVENS
e The 2008 “Overwhelming Theme |
for This Season” Bowl. Both teams
have quarterbacks that can only be
considered mediocre at best, while
relying on a strong running game,
ball control, and stingy defences. In
retrospect, this has pretty much been
the theme of the entire Ravens’ fran-
chise. The similarities will extend
even further on the defensive end
with a sibling rivalry between defen-
sive co-ordinators and twin brothers
Rex (Ravens) and Rob (Raiders)
Ryan. Rex gets the nod, because he is ,
the only defensive coach to,remain ~
from the Ravens 2000 Super Bowl
winning staff and because’ his
Wikipedia widget is much more
extensive than Rob’s.



CLEVELAND BROWNS @
JACKSONVILLE JAGUARS

e This game should be dubbed
“Disappointment Bowl ‘08.” ‘Two of
the most popular preseason picks to
make the playoffs, and in Jack-
sonville’s case, make the SuperBowl,
have been reduced to prime exam-
ples of mediocrity. On top of the on
the field trouble, the Browns havea -
brewing quarterback controversy and
an ensuing battle between their most

‘ potent offensive weapon (Kellen |

Winslow) and the front office. At 2-4
and 3-3 respectively, he loser of this -
game could in all likelihood end any
postseason hopes. As it stands now
the Jags have more potential for suc-
cess and if Troy Williamson can ever
live up to his top-20 pick status and
become a legitimate deep threat, the
offence will have balance and it gives:
their defence a fighting chance'of /8°'
winning afew games. 223 800 8 255



NEW YORK GIANTS @
PITTSBURGH STEELERS

° This game should be dubbed
“Overlooked Bowl ‘08.” It may be
near impossible to find another pair
of one-loss teams that most people
have trouble considering amongst the
upper echelon: I’m perfectly fine just
riding out the wave of the Giants
improbable Super Bowl win last year
as a fluke and it’s hard to actually
consider the fact that they are an
elite team. Maybe even better than
last year’s team. The Steelers are
somehow overcoming the loss of
Willie Parker and the running back
by committee approach has worked
out better than expected. Both teams
have very good run defences, they
get after the quarterback, and rely on
the run to set up the play action ass
for their big play capability. The
major difference between the two
teams, the Steelers can play the cov-
eted “Nobody outside this locker
believes in us” underdog role based
on the fact that the Giants are the
defending champions. (Twenty years
from now, saying that still won’t feel
right.) i eae!








INDIANAPOLIS COLTS
@ VENNESSEE TITANS

KANSAS CITY CHIEFS ©

@ NEW YORI JES.

e This game should be dubbed the
2008 “Thank God for the Schedule
Makers” Bowl. This is exactly what
the Jets needed to keep faint division
hopes alive. Nothing solves off the
field issues like winning, and a game
against the Chiefs will prove to be
exactly the key to fixing the Jets’ ail-
ments. This should be a good fantasy
day for the Jets, so if you have Thomas

Jones, or the Jets Defense on your ros-
' ter, you should play them. The Chiefs

are without their embattled leading
rusher (Larry Johnson) and have the
league’s worst run defence.





SEE page AD ces:

iy SUB ALESCEDS




7 Women’s Teams




October 25" & 26", starting at 10am

Admission: $10 adults/$3 students

The biggest event in Nassau this month
For VIP/Corporate information,
contact Ely Miles: 393-1932 or
432-5029 - elymiles@gmail.com





SG

Private Banking



|







sa erwrrnt



TRIBUNE

FRIDAY, OCTOBER 24,

= 3
ear?

“Naame yaroure® east

" Felipé Major/Tribune staff

PICTURED i is BOA pesieat Wellington Miller posing with his
Mario Vazquez Rana Sports Merit Medal. Miller was one of 15
eee presented with this award.

‘Miller receives sports merit
‘medal for achievement

lm By BRENT STUBBS .
- Senior Sports Reporter
bstubbs @tribunemedia.net

HE’S only been in office for
about two months as president
of the Bahamas Olympic Asso-

ciation, but Wellington Miller
said he’s getting to enjoy every-
thing that comes along with it.

Earlier this month, Miller and
one of his vice presidents David
‘Stretch’ Morley attended the
Pan American Sports Organi-
zation meeting in Acapulco,
Mexico.

During the meeting, Miller
‘was one of 15 presidents that
was presented with the Mario
Vazquez Rana Sports Merit
Medal for their achievement to

sports in their particular coun-

tries. .

elt happened on the very first
day of the meeting, so you did-
n’t have any hint that this was
going to happen,” Miller said.
“When they called my name,

David Morley touched me and.

999

told me ‘that’s you.

Although he was just elected

as the president of the BOA in
July, Miller said he’s spent the

past 30-plus years in sports and.
has served for a number of.

years as president of the Ama-
teur Boxing Association of the
Bahamas..

-Accomplished
“This is something that I

cherished. This is the highest
sporting award that any execu-

tive could receive in the.

NACAC,” said Miller, of Rana,

who has served as president for —

more than 30 years.

From the meeting, Miller
said he and Morley brought
back a lot of information that
they will be sharing with the
executive members when they
go into an all-day conclave on

Saturday, November 1 at the

Hilton Hotel.
_ All six vice presidents,
according to Miller, will be giy-
en a specific task to deal with.
_ Among the matters to be dis-
cussed is arts and graphics,
another dimension to the
Olympic movement that many
people are not aware exist.
Miller said they will also be
looking at the scholarships for
athletes and the courses for
coaches as they try to improve
on all levels of sports.
“We have to make sure that

the coaches in these federations .

are qualified,” Miller said. “The
courses are there, so we need
them to be prepared to get their
athletes motivated for an
event.”

On November 14, Miller will.
be leaving for Gambia where he
will be attending the Common-
wealth meeting to deal with the
plans for the next four years.

“Pm prepared for the chal-
lenge, I’m prepared for the

—_

travel and I’m prepared to lead
this organisation for the next

- four years so that we can be
Teady,” he said.

Next year, Miller said he will

“*be-attending a conference in.

Copenhagen where more infor-
mation will be passed on to del-
egates from each country.

By next month, Miller said

. they intend to have their office

opened on a daily basis, once

_they have identified the person

to handle the chores.

‘While they are interviewing
persons now, Miller said who-
ever is selected will have to be
prepared to travel to Lausanne,

Switzerland for six weeks to .

learn the Olympic movement.

“Tt’s a big organisation with a
lot of money,” Miiler said.
“They are willing to help. Once
you can produce programmes

to say, it’s no problem.”

SECTION A

l By BRENT STUBBS

2007

Senior Sports Reporter
bstubbs @tribunemedia.net

“IM extremely disappointed

: to say the least, but at the end of
: the day the membership have
: spoken surprisingly so,” said
: Mike Sands after he was ousted
: as president of the Bahamas
? Association of Athletic Associ-
? ations.

Although it was a year-long

? move to.terminate Sands’ tenure
: before elections are held next
: November, the end came on ©
i Thursday night at the Colony
? Club after a lengthy monthly
: meeting resulted in a 22-19 “no
i confidence” vete against Sands.

“T have to accept it for what

} it’s worth and ‘I wish them all
i the best,” said Sands, who will
i now be replaced by first vice
} president Curt Hollingsworth.

Sands, who had completed the

_ ? tenure of Desmond Bannister .
? in 2005 when he resigned to run
: for politics, tried to present rea-
-} son after reason in the closed:
? door meeting why he felt what
? he did was for the betterment
: of the association and the sport
? in general during his full three-
? year term that started in 2006.

But looking back to what

i. transpired prior to the meeting,
: Sands said there was a “block
i from Grand Bahama. They
? came with an agenda, they came
: with a preconceived motion and
: some other things that went
J along..with it that had an
: impact.”

_ This is the first time in the his-

: tory of the association that a
: president has been ousted from
'} office-and it came right on the
: eve of the BAAA’s hosting the
? North American and Central
? American and. Caribbean
? (NACAC) Congress this week-
? end.

“The secretary general (Fos-

: ter Dorsett) is still on the board,
? so I will pass on the relevant
: information to him and hope
i that they can arrange everything
: and continue the process,” Sands
: Said.

-As he left, he offered two

Gini

eM cay ile)



more words: “Good luck.”

In taking over as the new
boss, Hollingsworth also had
three words when asked how he:
felt: “It’s mixed emotions.”

But he put the move into per-
spective this way: “Anytime you
get into a situation like this,
there is a difference of opinion
and there’s a disconnect
between any number of persons

-and the leaders in the organisa-

tion, you end up with this sort of
situation.”

He said Sands must be com-.

mended for the outstanding role
he played in keeping the sport as
the most vibrant in the country.

‘However, he said there will |

be a lot of “healing that has to
take place” as there will be some
members who may not buy into
the new look executive board
right away.

“T just think that we need to
operate as a fully inclusion club
where we involve coaches,
where we involve members of
the organisation and just make
them feel like they are a part of
the organisation,” Hollingsworth
said.

Hollingsworth said he would
first meet with his executives to
chart the new way forward
before he make any official
statement.

Move i the first in
association’s history

As the interum president,



The meeting was jammed
pack with executives, council
members and members, includ-
ing a contingent from Grand
Bahama headed by businessman
Basil Neymour.

“I personally believe that all
of us have the responsibility to
tun this organisation and run it
right,” Neymour said. “The pres-
ident would not heed to. his
executives, nor members of the
council when it comes to doing
things. He became a one-man
band.

“Over the years, I pleaded
with them to get it right and

- straighten out this organisation. » -

But this is a long time coming.
Mike just. wouldn’t listen. All
they want to do is be a part of it.
This organisation was hurting
because of selfishness.” .

Neymour said Sands might be

gone, but it’s nothing new

because “presidents come and .

they go. He just has to move on
and let the association move
on. ”

Wellington Miller, who: con-
ducted the election, said it went
in an orderly fashion.

“I was happy and proud of
the way they displayed them-
selves,” he said. “The motion

was against Mike Sands and he - :
lost. It was democracy-at- work.” -

_NAWIRA (North America & The West: Indies) World Cup

Qualification Sevens
Featuring the National Teams of:

The Bahamas, Barbados, Bermuda, Canada, The Cayman Islands, Guyana, Jamaica,
“Mexico, St. Vincent & The Grenadines, Trinidad & Tebage, The United States of America

11 Men's Teams
7 Women’s. Teams

‘Winton Rugby Centre

(Prinee Charles Brive East)

‘October 25"" & 26", starting at 10am
Admission: $10 adults/$3 students

For ViP/Conporatte information, contact Bly Miles: 393-1932 om
432-5029 ~ elites equal comm

















r te came

with an agen-
da, they came
with a precon-
ceived motion
and some other
things that went
along with it
that had an

impact. 99



















e













"Distributed By:

Soi,

Aes ma ;
BRISTOL i!

cnt BOR COMPANTES LIMITED)

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SEAR Ry

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‘OPLE’S NEWSPAPER © THE PEOPLE’S NEWSPAPE







prHe TRIBUNE





SER ome - a eSNG eee mene
C.T:O-B.E:R.2'4',-2:0-0'8

FRIDAY Y,.-O



Government
roy Cemre ws eres ols
‘predatory
ances nae

Chester Cooper

@ By NEIL HARTNELL °
~~ Tribune Business Editor



A leading insurance executive
‘yesterday urged the Goyern-

ment to enact laws to safeguard

-Bahamians against “predatory

lending” by some pay-day.
lenders and “grey market”
finance houses, as increasingly

_ desperate consumers turn to

unorthodox methods to make
ends meet. -
Chester Cooper, British

_ American Financial’s president

and chief executive, said that
with the Bahamas and world

Albany to invest further
$150-$200m in Phase I

* Developer says 60
of 63 construction
firms hired to work
on billion dollar
development are
Bahamian —

* Some $150m
invested ‘to date’,
with 231 workers
employed on site

* Re-routed road

| complete, with

vertical construction
on hotel cottages
starting Q1 2009 —



Christopher ive

@ By NEIL HARTNELL
Tribune Business Editor
-The Albany resort developers

yesterday told Tribune Business

‘they had spent $150 million “to
date” on the project, with a fur-

ther $150-$200 million set t6 be

invested in a phase one con-
struction process that has,
engaged 60 Bahamian contrac-
tor firms. ‘
Christopher Anand, Albany’s
managing partner, speaking ta

\

this newspaper from Orlando
as several Bahamian contrac-
tors used heavy machinery to
block entrances to the Albany
development, in protest at what
they claimed was their inability
to win project contracts, said 60
out of the 63 construction firms
hired to date were Bahamian.
The foreign construction
companies hired by Albany, he

SEE page 3B |

yp

ou



* Exuma ‘anchor property's’ receiver
removes hotel from sale temporarily to.

- focus on Christmas season

* Festive season bookings ‘high’, with
resort ‘highly unlikely’ to close despite lat-
est bid fallingthroush =

@ By NEIL HARTNELL
Tribune Business Editor

The Four Seasons Emerald

Bay Resort’s receiver yesterday

told Tribune Business it was ©
“highly unlikely” the property |

would be closed after the latest
purchase attempt fell through,
although it would be effectively
taken off the market for three
months to focus on the busy
Christmas season. }
Confirming that the bid led by

Bahamas-resident commodities
dealer, Rami Weisfisch, had
failed, Russell Down, a UK-based
accountant with Pricewater-
houseCoopers (PwC), said:
“We’re obviously disappointed
that after considerable effort by
all stakeholders to find a new
owner to take the resort forward,
we’ve been unable to do that.
“We need time to take stock,
concentrate on the festive season,

_ SEE page 2B





economy “headed fullisteam for | a f = og.
one of the most challenging | Financial {
financial times we've seen in : a
perhaps most of our lifetimes”, _ ; cate







ector to | ‘Back to

\

drawing board’ on

the Government needed to
tighten consumer protection to
ensure Bahamians were not
exploited by a minority of
unscrupulous lenders. —
Addressing the Exuma Busi-
ness Outlook conference; Mr

Cooper said: “As bank crete

tightens, pay-day lending will
become more appealing to
Bahamians searching for fast
cash. ae :
“This cash will come with

exceptionally high rates and

fees. In some cases, I am told

that the fee is roughly $15 for

every $100 for a two-four week
period. This equates to'in excess
of 360 percent. al
“This is usury, and many of
these grey market houses pop-

ping up must be regulated for
‘fhe protection of the public.”

Mr Cooper also urged the

Government to cap the percent-

agé of a civil servant’s salary
that could be taken-out in
monthly salary deductions.
“When we see government
workers earning $3,000 per
month taking Home $34 a
month, it’s time for the Govern-
ment to step in and say enough
already,” he added.

Providing suggestions for how
the Government could stimulate
a faltering Bahamian economy
being buffeted by the global ~
economic downturn, Mr Cooper
urged it to amend the Hotels”
Encouragement Act and extend
the incentives granted Bay
Street retailers in the 2008-2009
Budget to other Bahamian town
centres, such as George Town.

Apart from stimulating busi-
hess activity, Mr Cooper said
such incentives would allow
Bahamians to use the ‘lull’ cre-
ated by the economic slowdown
to improve and revamp the
nation’s tourism product. This
would provide visitors with a .
refreshed industry, complete
with new attractions, when the
sector and world economy. ~
rebounded.

Apart from progressing with
the Bahamas Telecommunica-

SEE page 5B



face ‘more pressure’

_. By-NEH:- HARTNELL =
“Tribune Business Editor

_ Efforts by European states to.

revive the OECD’s ‘harmful tax
practices’ initiative are con-
tributing to “an uncomfortable
environment” facing the
Bahamian financial services
industry, with this nation set to
face “more pressure” as they
seek to push aside demands for
a ‘level playing field’. .
Michael Paton; a former
Bahamas Financial Services
Board (BFSB) chairman; said
the French and German-led
meeting held in Paris this week,
which sought to revive the
OECD initiative and EU Sav-
ings Tax Directive, coupled with
the Democtatic-controlled Con-

gress in the US, indicated that’

international financial centres
were likely to come under
renewed pressure. ie

These developments, Mr
Paton said, showed that the

Bahamian financial services

industry was facing “an uncom-

fortable environment and we

can only expect more pressure.

I’m concerned they’re trying to
' push the level playing field pre-
condition aside”.

The Bahamas and other
international financial centres
were able to stymie the OECD
‘harmful tax practices’ initiative
by insisting on a ‘level playing
field’, where all OECD mem-
ber states met the same stan-
dards for transparency and tax
information exchange. _

It quickly became apparent
that many OECD member
states were even less-compliant
with the standards it was
attempting to push than inter-
national financial centres, forc-
ing the OECD to establish its
Global Forum on Taxation in
a bid to get its way through per-
suasion, rather than coercion.

However, this week’s meet-
ing in Paris is attempting to
push aside the ‘level playing
field’. demand, and instead turn
the focus on to international
financial centre who have not
made good on their commit-
ments to transparency and tax
information exchange.

Eric Woerth, France’s minis-
ter for budget, public accounts
and the civil service, even sin-
gled the Bahamas out for spe-
-cial attention, naming it along-
side the Cayman Islands, St
’ Kitts and Nevis and Samoa as a
state that had not implement-
ed its so-called commitments
and “offers zones of opacity that
facilitate fraud”.

What is abundantly clear is
that EU states are attempting

SEE page 2B






















@ By NEIL HARTNELL
Tribune Business Editor

The Bahamas will have “to
go back to the drawing board”
and revise its international finan-
cial centrée’s business model to
one that is “non-tax-driven”, a
former finance minister said yes-
terday, with a recently-signed
trade deal likely to let European

“through the backdoor”.
James Smith, minister of state
for finance in the former
Christie administration, said the
Most Favoured Nation (MFN)
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for a better life

Jor enveneh in eer eeuninnproneinnve Urine pe inven oe wieree yer eesbr tne

nations obtain tax information







MORTGAGE

clause in the Economic Part-
nership Agreement (EPA) with
the European Union (EU),
which the Bahamas signed on
to last week, gave EU member
states a route to obtain. Tax
Information Exchange Agree-

ments (TIEAs) with this nation. -

The Bahamas already has a
TIEA in place with the US,
allowing Washington to request
information - in specific cases -
on US clients of Bahamas-based
institutions for civil and criminal

_ SEE page 2B

ie

\ AW a AY
AR NN
ee

WN wi

-

financial services model —
__ Ex-minister warns EPA deal will allow Europe to _
: demand TIEAs ‘through the backdoor’ via MEN clause

FAMILY GUARDIAN
INSURANCE COMPANY LIMITED

co venders eke mes bere eC nas Rac













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PAGE 2B, FRIDAY, OCTOBER 24, 2008

THE TRIBUNE



BUSINESS



‘Emerald Bay resort ‘taken off the market

FROM page 1B

and once through that, we will concen-
trate on how we go forward. We’re at a

time when it’s pretty difficult to make -

any plans going forward.

‘“The position we’ve got to is to focus
on making sure the hotel has got every-
thing it needs to give clients a great expe-
rience leading into the busy season.
Bookings are very high.” '

Sources close to the resort suggested
yesterday that the London office of the

Japanese insurer, Mitsui, which holds the ©

Four Seasons Emerald Bay resort’s debt
through insuring the initial construction
loan, might close or “mothball” the prop-
erty to save on costs. E
Mitsui was said to have walked away
after Mr Weisfisch, who owns a condo at
the Bayroc condominium complex at

Cable Beach, and his group did not deliv-.

er what was required to initiate a trans-
action.

~ Tribune Business had been told previ-
ously that Mr Weisfisch had effectively
taken over the Ambrose Holdings (UK)
bid to acquire Exuma’s ‘anchor property’
after its initial $125 million offer was
rejected by the Government, due to con-
cerns about whether it had the financial
wherewithal to not only complete the
purchase, but also complete the full build-

out of Emerald Bay and take the resort ©

property forward. _ :
Prime Minister Hubert Ingraham ear-
lier this year told Tribune Business that

‘Back to drawing board’ on financial services model

there were two potential buyers at the
table. Apart from Mr Weisfisch’s group,
Tribune Business can reveal that the oth-
er was the Miami-based resort developer,
Gencom, who the Prime Minister was
trying to interest in Emerald Bay.

However, Gencom has more than
enough problems of its own following
the collapse of Lehman Brothers, its main
debt financier and 20 per cent equity
partner in the Ritz-Carlton Rose Island
project. It is now engaged in a search for
a Lehman Brothers replacement, and an
Emerald Bay bid will be low on its pri-
ority list.

Mr Downs, though, said it was “highly
unlikely” that the Four Seasons Emerald
Bay resort would close. Hospitality indus-
try sources also added that closure was
unlikely with the peak winter season
approaching, as the property would suf-
fer immense costs and reputational dam-
age from having to compensate pre-
booked customers.

Occupancies at the Four Seasons
Emerald Bay Resort are “pretty low at
the moment and have been for a while,

but we’re pleased with what they are for ,

the festive season”, Mr Downs said,
adding that they compared well with pre-
vious years. i

Acknowledging that the global cred-
it/liquidity, crunch had narrowed the buy-
er field due to difficulties in accessing
debt financing, Mr Downs said the
receivers were still receiving purchaser
interest. . ‘

“We haven’t got our door open to let

people [buyers] sit down,” he explained.
Notwithstanding the world uncertainty,
people continue to express an interest
in the resort.

“Our position is that now is not the
time to be receiving that interest. We
need an interval of time to take stock of
where we are, an in the New Year we
will review that interest and decide how
to go forward.

“T’m sure a buyer for the hotel is out
there, and we have-to find them as quick-
ly as we possibly can. We need a win-
dow of time around the festive season
to do it justice.”

Mr Downs added: “We need to get
beyond the busy season and we’ve spent
a lot of time with Four Seasons recently
to make sure everyone understands the
receiver’s position, which is to ensure
the hotel will be open for business much
as it has been from day one of the
receivership.

“We’ve had a number of serious buy-
ers and reached the final stages with
them, but for one reason or another
we’ve not been able to get over the line.”

Mr Downs said most cost savings with-

‘in the Four Seasons Emerald Bay

Resort’s business structure had already
been found, although staff - like most
Bahamas properties - were on two and
three-day work weeks.

Chester Cooper, British American

_ Financial’s president and chief execu-

tive, yesterday urged the Government
to “do all in its power” to keep the Four
Seasons Emerald Bay resort open and

assist in finding a new buyer.

He added that its closure would “be a
major blow to the island, plummeting it
back to the 1980s” and undermining the
‘anchor property’ model, for which it was
the prototype.

The $320 million Emerald Bay resort
has acted as Exuma’s main economic

_ engine, attracting additional foreign

direct investment to the island. It employs
almost 500 staff, and features an 18-hole
Greg Norman Golf Course, two restau-
rants, three pools, spa, six meeting rooms
and 450-person capacity ballroom.
Other investment projects previously
attracted to the Emerald Bay vicinity
include the resort’s Pinnacle Entertain-
ment-managed $5 million casino, the

$110 million Grand Isle Villas develop-

ment, plus the 86/50 rractional owner-

ship component.

A shopping complex has also opened
at Emerald Bay, the anchor retailer being
the Emerald Isle supermarket. The com-
plex also includes businesses such as Sco-
tiabank and Mail Boxes Etc.

David Johnson, deputy director-gen-

eral in the Ministry of Tourism with

responsibility for planning, investment.

and business development, warned last
year that the Four Seasons needed to
become a sustainable, profitable resort,
and the Bahamas could not afford for it
to fail.

He said then that factors such as build-
ing costs being about 40 per cent higher
per square foot than they are in Nassau,
had retarded Emerald Bay’s growth and

kept it from reaching the development its
owners had previously predicted.

Mr Johnson said of Emerald Bay:
“The property was conceived to be a
mixed-use project, with 185 keys under
the Four Seasons brand. The vast major-

ity of the property was to be for mixed- _

use, condos and hundreds of lots sold for
significant family homes. —

“After four years of operation, they
have developed very little of the sold
inventory. There’s been a lot of trading of
the land by the owners, but the cost of
building is prohibitive.

“The buildings costs, the numbers sug-
gest, are in excess of 40 per cent highe
per square foot to build.”

Costs to construct such properties in
Nassau were $500 per square foot, while
in Exuma the price was $800 per square
foot. .

Mr Johnson also underlined the impact
thé relatively high building costs on Exu-
ma, compared to Nassau, were having
on Emerald Bay’s margins. He pointed
out that concrete there cost $200 per
yard, whereas in Nassau it cost $125 per
yard.

“The hotel, with a golf course and spa,
as a 185-room resort of Four Seasons’
calibre, can only be profitable ifithasa
much larger customer base outside those
rooms,” Mr Johnson. said. ,

He added that the resort needed to
build out to 700-800 units to get close to
profitability, whereas it was currently
closer to 300-400 units.

FROM page 1B.

tax matters law enforcement
authorities are investigating. To
date, the Bahamas has resisted
signing similar TIEAs with Euro-
pean nations.

Yet the Bahamas and CARI-

COM have no formalised bilat- ,

eral trade deals in place with the
US and, as a result, Mr Smith said
the EU could use its status as
their MEN trading partner to its
advantage. ei
The EU could demand that the
Bahamas bow to its tax informa-
tion exchange demands on the
_ grounds that it had given prefer-
ential treatment to.a third party,
namely the US, while ignoring its
MEN partner. &
“One of my concerns with the
EPA that was recently signed was
that it was going to be-the Euro-
peans’ way of getting into tax

information exchange agreements.

~ with the Bahamas through the

backdoor,” Mr Smith told T7i-
bune Business.

“T would like to see what will
happen when the Europeans look
at the TIEA between the
Bahamas and the US, and insist
on the MFN clause. :

They will say: “You ought not

‘to offer them anything you do not

offer to us’.

“We have an exchange agree- .

ment with the US for tax now,
and it will be difficult to counter
the same argument from the
Europeans. Europe will get what
the US gets because of the
MEN.” :
Mr Smith said it was “only a_
question of time” before the EU

. came knocking at the Bahamas’

door with a TIEA request. «
This, he added, was likely to
come when this,nation and

.CARICOM agreed an inevitable —

trade deal with the US, as the EU
would exploit its MFN clause to

-obtain the same preferences.

“The Europeans will say: ‘Now

you have an agreement with the
US, we want the same thing.’
“We let the cat out of the bag
with that one. :
“It’s just a question of when
CARIFORUM settles an agree-
ment with the US, because the
OECD will have the same thing,”
the former minister explained.
He disclosed that an EU dele-
gation came to see him while in
office and presented him with the
text of a TIEA agreement
between the Bahamas and the
EU.
* This, Mr Smith, said was a
fixed, ‘take-it-or-leave-it’ pro-
posal, as the EU delegation had

‘to mandate to negotiate terms.

It was quickly rejected.
However, he pointed out that
the benefits from a TIEA
between the Bahamas and EU
states were likely to be all one-
way in the latter’s favour. Unlike
the US, which was. able to offer
this nation the convention tax
deduction benefits to aid its



tourism industry, the EU could
offer no reciprocal terms.

Mr Smith, who is also a former
Ambassador for Trade, said most
nations chose not to include MFN

' clauses in trade agreements that

they signed because it acted as a
barrier to getting preferences and
concessions from similar future.

‘deals they may sign.

s

EPA advocates had previously
told Tribune Business that signing
the trade agreement with the EU

would have no negative conse- -

quences for this nation’s offshore
centre, as financial services was
not included in the deal or its text.

' They acknowledged that the
Europeans had attempted to
include financial services and the
issue of tax information exchange
in the EPA, but opposition from
CARIFORUM countries had

forced its removal at an early

stage. ;
However, Mr Smith said this
was not a correct assumption.

“We cannot say financial services |

is hot in the mix because it’s one
of the most open sectors we have,
and we have a number of Euro-

» pean banks here,” he’added.











If the Bahamas was forced via
its trade agreements to.enter into
TIEAs with EU states, it would
require this nation to provide
them with information, in specif-
ic cases, on EU clients of Bahami-

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Such a development could
cause a flight of business from
this nation to other jurisdictions,
such as Hong Kong and Singa-
pore, as happened in the after-
math of the 2000 blacklisting by

the Financial Action Task Force -

(FATF). -

As a result, Mr Smith said: “I
guess we’re going to have to go
back to the drawing board in
terms of how we structure the
economy going forward. ©

“The bulk of the business will
have to be non-tax driven, not
reliant on tax evasion and avoid-

~ ance.

“You're going to have to open
the model up and capitalise on
cost, efficiency and innovation.

“That may have a lot of impli-
cations for the Bahamas, because
we still have the reluctance to
allow foreign fund managers in
or specialist legal guys who can
create the complex structures.”

Mr Smith said the situation
would not impact all Bahamas-
based institutions equally, as it
would depend on how much of
their business was tax driven or
dependent on Europe. .

One way forward, he suggest-

ed, was to sign double-taxation

agreements with EU states and |

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to face ‘more
pressure’

FROM page 1B

to use the global financial crisis
as a peg/hook upon which to
renew their assault on interna-
tional financial centres, a com;
munique issued after the Paris
meeting claiming that “investors

Financial sector

located in jurisdictions that pro- —

vide an opaque environment”
had “added to the current cri-
sis”. - { :

The communique again
raised the spectre of. EU and
OECD states applying ‘defen-
sive measures’ against interna-
tional financial centres,’/and
demanded that they implement
their previous commitment. It
also foreshadowed the expan-_
sion Of the EU Savings Tax”
Directive.

Mr Paton, a partner in the
Lennox Paton law firm and
head of its financial services
practice, told Tribune Business
that any short-term impact on
the Bahamian financial services
industry could depend on the
type of ‘defensive measures’
applied.

However, he added that it ’
would be virtually impossible
to cut Bahamas-based institu-
tions off from the global finan-
cial system, although they could:
be subjected: to enhanced due
diligence requirements.

“It’s certainly not a good
place for us to be,” Mr Paton
said yesterday, adding that the
US was likely to take a much
tougher line on international
financial centres come January
if Barack Obama took office
and the Democrats remained in
control of Congress. — *

“I think we need to put our
position forth that we are not
harmful to the US tax system,”

. Mr Paton explained. “If any-

thing, we facilitate inward
investment in the US, and more
than anything now, the US
needs capital inflows.

“I'd argue that we provide a
benefit to the US, and that it
should welcome centres that
collect and flow capital into the
US. If anything, we facilitate
and support the financial sys-
tem of the US. |

“We've got to be willing to
stand up and not bow to the
pressure.

“We’ve got to be more
sophisticated in our lobbying.
One would hope our govern-
ment will recognise that and get
ready for it, because the envi-
ronment is getting more hos-
tile.”

As for the OECD and EU,
Mr Paton said the Bahamas
needed to make clear that it
would continue to co-operate
in dealing with requests for
assistance via the normal legal
channels in dealing’ with finan-
cial crime.

However, the Bahamas need-
ed “to use our position” on the
OECD Global Forum’s work-
ing group to defend itself
because “we cannot be put at a
competitive disadvantage” to
the likes of Hong Kong and Sin-
gapore.

Chester Cooper, British
American Financial’s president
and chief executive, also told
the Exuma Business Outlook
Conference that the Bahamian
financial services industry would
be “hardpressed to remain
viable” given its current model
and looming offensive from the
US and EU.



THE | RIBUNE

Tourism ar






EUS NTS

suffer major fall

m@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

Tourism arrivals declined by almost 10
per cent during the month of July.

Accordi~g to the Ministry of Tourism,
total arrivals for the month of July
dropped from the 377,860 recorded in

2007 to 341,471 this year.

The first seven months of 2008 had 3.2
per cent fewer visitors with 2,717,672 per-
sons Visiting the Bahamas for year-to-
date 2008, compared to the 2,807,178
tourists in the same period in 2007.

Nassau/New Providence saw a decrease
of 10.4 per cent for July, and a 6.5 over-
all visitor decline for the year-to-date.

Grand Bahama experienced a similar
decline for the month of July and its over-
all year-to-date numbers, seeing a 14 and
14.5 per cent decline respectively.

On the other side, the Family Islands
saw a 4.9 per cent decline, their. July fig-’
ures dropping from 93,342 to. 88,732.
Year-to-date, the numbers actually
increased by 9.7 per cent, with 839,003
visitors so.far in 2008 as compared to the
764,872 arriving in 2007.

Looking at sea arrivals, Nassau/Par-
adise Island saw a major decline of 30.5
per cent in July, and a 14.9 per cent drop
in the year-to-date numbers.

Grand Bahama’s sea arrivals decreased
by 10.5 per cent and 15.8 per cent respec-

ures.

tively, while the Family Islands, more
typically used as a first port of entry,
decreased by 3.9 per cent for July and 3.2
per cent year-to-date.

In New Providence air arrivals,
increased by 21.3 per cent in July and by
7.1 per cent year-to-date. In Grand
Bahama, the picture was reversed with
that island seeing the same percentage
decline in July and a 12 per cent decline
year-to-date.

The Family Islands saw a 7.8 per cent
decline in air arrivals for July and a 5.2
per cent decline in the year to date fig-

NYC mayor wins fight
to extend term limits

â„¢ By SARA KUGLER
NEW YORK |

Arguing that New York

needs his financial skill to guide .

it through the crisis on Wall
Street, Mayor. Michael
Bloomberg persuaded City
Council to amend the term-lim-
its law Thursday so that the bil-
lionaire independent can run
for re-election next year,
according to the Associated '
Press. \

By. a 29-22 vote, the council
agreed to allow officeholders
three consecutive four-year
terms. Existing law limits them
to two terms, and Bloomberg's
second is up at the end of 2009.

The vote dramatically alters
the city's political landscape. .
Many would-be mayoral candi-
dates are expected to drop-out
of the race rather than run.
against a popular incumbent
with unlimited cash to spend.
Bloomberg founded the finan-
cial news service that bears his
name and is worth an estimated
$20 billion. i

The former CEO was first
elected as a Republican in 2001,
while smoke was still rising from

the ruins of the World Trade |

Center; he later became an
independent. —
Bloomberg's announcement
three weeks ago that he would
try to rewrite the term-limits
law led to a bruising debate —

and a politically damaging one -
for the mayor, who had previ- .

ously backed the term limits law

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and even vetoed a 2002 bill to
amend-it, saying it was an
attempt by politicians to change
the rules for personal gain.

Scores of New Yorkers came
to testify during 20 hours of
council hearings, and a poll
found that registered voters
overwhelmingly disapproved of
the plan.

After the vote, Bloomberg
issued a statement praising the
council for acting to "give the
people of New York a fuller
choice" next year. He said the
city must turn its focus to soft-
ening the fallout from the finan-
cial downturn.

He was not present for Thurs-
day's vote, but as he left. City
Hall shortly afterward, a group
of protesters chased him to his
SUV, shouting that he was a

- "sellout:" °°
. "You're disgusting!" they
yelled. The mayor's face was

red as he silently got into his
car, surrounded by aides and
his security detail.

During the debate on Thurs-
day, Councilman Charles Bar-

ron, who voted against the bill,

urged his colleagues to say "no
to bullying, no to billions of dol-
lars and yes to the people." And
Councilman Tony Avella said:

"You should all be voted out:

of office for voting for this."
Opponents argued that the
mayor was going over the heads
of voters, who approved term
limits twice in the 1990s. Many

critics said they did not disagree:

with Bloomberg's goal of

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adding a third-term option but
faulted the way he went about
it.

"Everything has been wrong
with this process, and we should
not be party to it," said Coun-
cilman Bill de Blasio.

Council Speaker Christine ~

Quinn acknowledged the "dif-
ficult" decision each council
member had to make, but
agreed with Bloomberg that the
city needs continuity in govern-
ment to get through the finan-
cial turmoil. The crisis on Wall
Street has done severe damage
to the city's financial fortunes.

"Our city, already in reces-
sion, is headed for a long and
deep downturn," she said. "In
challenging times like these, the
voters should have the choice,
the choice to continue their cur-
rent leadership."

As the measure passed, a
shout came from the spectators’
section on the balcony: "Shame
on you, shame on all of you!"

Several council members who
opposed the Bloomberg plan

made a last-minute push for a
voter referendum on term lim-
its, but their measure was
defeated.
Bloomberg's success at pass-
ing the term-limit proposal
comes after several high-profile
failures for the 66-year-old may-

‘or. During his first term, he lost

a campaign to put a new foot-
ball stadium on Manhattan's
West Side. The stadium would
have been the centerpiece of,
the city's bid to host the 2012
Summer Olympics. |

Earlier this year, he failed to
get the state Legislature to
approve a.controversial plan to
toll cars entering the most
crowded parts of Manhattan,
with the goal of cutting traffic
and pollution.

Bloomberg's best-known leg-
islative successes came early in
his City Hall career: He per-
suaded the City Council to back
his campaign to outlaw smoking
in bars and restaurants. He also
took more direct contral of the
city's school system.



















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rmibAi, VELUDENM <4, cUU0, FAUL vv

Albany to invest further.
$150-$200m in Phase I

FROM page 1B

added, were engaged in joint ventures with Bahamian contrac-
tors. For example, Devcon was working with Bahamas Marine on
the marina development, while 15-17 Bahamian companies were
helping Classic Golf excavate the golf course.
“We are active with 60 Bahamian companies, and there’s only

- three scopes of work that non-Bahamians are doing, so that’s pret-

ty good,” Mr Anand told Tribune Business.

He said that there were 231 employees working on the devel-
opment, with 68 employed directly by Albany as its project devel-
opment team.

Of those 68, some 56 were Bahamians, which Mr Anand |
described as “a pretty strong ratio”. :

“The long lead-time items for us are the marina, golf course, the
road and the hotel-cottages. All of them are underway,” Mr Anand
said. ae

“The cottages have just started to go vertical. Once that starts to
happen, we will haye’a real increase in bodies employees, because
there will be an increase in workers working inside these properties.
The amenities will start before Christmas - the water park, spa and
restaurants. It’s all systems go.” .

- On the hotel cottages, Mr Anand said the first 14 had their pil-
ings and actual foundations already poured, and the site was being |
prepared for another 34.

“They'll start to receive. vertical components by the end of the
year,” he added. 3

“That’s started now. We’ll have 48 hotel cottages under con-, |
struction by the 2009 first quarter, and Cavalier Construction is ;
doing all that work. on

“That is the largest single contract we will-award in Albany |
phase one, and Cavalier got it.”

When asked: how much the Albany developers, who include
golfers Tiger Woods and Ernie Els, plus Lyford Cay billionaire Joe.
Lewis, had invested to date, Mr Anand said it was “in excess of $150
million”.

“That’s what we’ve spent to date, but we’ve got construction work
in excess of $100 million that’s just started. The roads and utilities
we’ve not done, that’s another $20 million. My guess is that there’s
another $150-$200 million to be invested.”

Mr Anand said that apart from Albany’s 90-strong Founders pro-
gramme, the project had closed “a few more” real estate sales for '
phase one of the development. ies
_ When it came to the marina apartments, which will be con-.
structed in phase two and are expected to be the most expensive

_ segment of the $1.3 billion project, Mr Anand said sales efforts had

not yet begun as the developers prepared all the necessary mate-_
rials. eee :
“The environment is a little harder than it was,” he said. t
“We're still hopeful we will achieve our pre-sales goals. If we can,
we will roll right into phase two as phase one is completed. ~
“The business environment is a little troubling, but we’re incred-
ibly conservatively capitalised. It’s a pretty tough environment for
people relying on large amounts of debt and pre-sales. It’s virtually
impossible, but we’re totally different ’m gladtosay.”. >
Meanwhile, Mr Anand said the four-mile stretch of road to re-
route the existing South-West Bay Street around:Albany had been
completed in a “first class” fashion and at ‘an “amazingly quick,
pace”. hee : :
All necessary documents had been submitted to the Government,
and its “sign-off” was now awaited. é
Grassing of the gold course was set to begin in February 2009,
with four to five holes now having a rough shape, and while the
marina channel had,“taken:a bit longer than hoped for”, the basin
had progressed well... ‘

BSLSLET A MINT IEE

LERCH SAN GE





‘CARIBBEAN CENTER FOR CHILD
DEVELOLPMENT

The Caribbean Center for Child Development would like to
invite applications from qualified and experienced candidates
for the following vacancy, with immediate effect. Candidates
should hold the following qualifications including an
education/teaching certificate . fee

Clon Pao

Eat

Pater

Teaching specialist in communication disorders: Position
duties include the selection of assessment tools and evaluate
children for speech/language delays and oral motor/feeding

difficulties. Design and implement a treatment plan according
to the needs of the children. Be’able to provide training to the
child’s family and school-based staff. ;

STARE Ba Y Riearp pee

Tees

Position Requirements: Masters degree or higher in speech- i
language pathology, teacher certified, board certified, five years
experience working with disabled children in the school
environment, training in working with children with an autism
spectrum disorder and children who are hearing impaired. ~
Fluency in sign language a plus! ‘

‘Teaching specialist in occupational therapy: Position duties

include providing therapy services to children from birth to 21 f°
years of age. This individual performs evaluations, planning, i
intervention to a variety of children with disabilities including » }},
developmental delay, sensory integration dysfunction, cerebral
palsy and children with autism spectrum disorders.

Position Requirements: Bachelors degree of higher in
occupational therapy/physical therapy, teacher certified, board
certified, five years experience working with disabled children
in the school environment. Specialized sensory integration
training a plus!

All interested candidates should apply as set out below by
letter, email or fax (864-5427) as soon as possible. Applications
} MUST include the following:

e letter of application

° apersonal statement i

e a full curriculum vitae, i

e either the names, addresses, telephone numbers, fax and ]
email numbers of three people who may be approached for
confidential professional references or the name and address
of the recruiting agency from which the candidate's i
confidential dossiers may be obtained.

| Information on the position being offered may be obtained from
the undersigned.

Michelle Major-Sanabria, Ph.D., NCSP
Clinical Director
Caribbean Center for Child Development

28 Harbour Bay Shopping Plaza

Harbour Bay Medical Center

Box SS-19407

Nassau, Bahamas

Email: mmajor@childproviderspecialist.org

Applications from unqualified candidates, applications arriving
without the full information requested, or applications received
after November 5th will not be considered.



PAGE 4B, FRIDAY, OCTOBER 24, 2008

THE TRIBUNE



Banks borrow record amount from Fed

m@ By JEANNINE AVERSA
WASHINGTON

Banks borrowed in record
amounts from the Federal
Reserve's emergency lending
facility over the past week,
while investment banks drew
loans at a slightly lower — but
still brisk — pace, a fresh sign
of thé credit stresses bedevil-.
ing the country, according to
the Associated Press.

The Fed's report, released
Thursday, showed commer-
cial banks averaged a record
$105.8 billion in daily borrow-
ing over the past week.

That surpassed the old
record — a daily average of
$99.7 billion — from the prior
week. On Wednesday alone,
$107.5 billion was drawn, an
all-time high.

Investment institutions draw loans at slightly lower pace

For the week ending
Wednesday, investment firms
drew $111.3 billion.

That was down from $131

- billion in the previous week.

This category was broadened
last week to include any loans
that were made to the U.S.
and London-based broker-

‘dealer subsidiaries of Gold-

man Sachs, Morgan Stanley
and Merrill Lynch.

The Fed report alsoishowed
that over the last week $114.2
billion worth of loans were
made to money market mutu-
al funds — via banks — to
help the funds, which have
been under pressure as skit-

’ tish investors demand with-

drawals. The Fed announced a
new effort earlier this week to
help shore up mutual funds.
Squeezed banks and invest-
ment firms are borrowing
from the Fed because they
can't get money elsewhere.
- Investors have cut them off,
moving their money into safer
Treasury securities.”
Financial institutions are
hoarding whatever cash they
have, rather than lend it to
each other or customers. The
lockup in lending has con-
tributed to a sharp slowing in
the overall economy.
The report also showed the
Fed has loaned $90.3 billion
to insurance giant American

CARIBBEAN REGIONAL TECHNICAL
ASSISTANCE CENTRE

(CARTAC)
&

CARIBBEAN FINANCIAL ACTION TASK FORCE

(CFATF)

CONFERENCE ON

“PREVENTION OF MONEY LAUNDERING &
TERRORIST FINANCING AT CASINOS &
REMOTE GAMBLING VENUES”

The conference will be officially opened by Hon. Zhivargo Laing, Minister
of State for Finance and will feature fourteen (14) public and private sector

| speakers from around the world exploring examination techniques,
investigative practices and legal & regulatory frameworks to prevent money
laundering at casinos and internet gambling venues.

Paw

The Financial ‘Action ‘Task Force (FATF) Working Group for the Prevention
of Money Laundering and..Terrorist Financing at land and internet-based
casinos will debut the Risk-based Approach Guidelines for the Casino
Sector adopted by'the FATF last week. .

Speakers include jopreseniaives from the Antigua & Barbuda Financial
Services Commission, AUSTRAC, the Bahamas Compliance Commission,
FinCen, Gaming Associates Group, IIGC Ltd., NFC Global, PartGaming
Ple, Spectrum Gaming Group, the U.K. Gaming Commission, the U.S.
Internal -Renevue PenVICe, William Hill Plc and World-Check.

The conference agenda can be founds at the CORT Ae website:

www. cartac. com.bb_

For further information, contact:

Therese Turner-Jones
tturnerjones@imf.org

Calvin Wilson

calvinwilson@cfatf.org

ye

Howard Edmonds.

hedmonds@imf.org

S52wk-Hi S2wk-Low

Abaco Markets

Securit

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 Utilities
J. S. Johnson

Fidelity Bank Note 17 (Series A) +
Fidelity Bank Note 22 (Series B) +
Fidelity Bank Note 13 (Series C) +
Fidelity Bank Note 15 (Series D) +

Bahamas Supermarkets
Caribbean Crossings (Pref)

Bahamas Supermarkets

1.2741
2.8869
1.3599
3.5388
11.8192
100.0000
96.7492 -
1.0000
9.1958
4.0000
1.0000



52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close
Today’s Close
Change ~ Change in closing price from day to day
Daily Vol, - Number of total shares traded today



: it - Effective Date 8/8/2007
3-for-1 Stock Split - Effective Date 7/11/2007





Colina Bond Fund

Colina MSI Preferred Fund
Colina Money Market Fund
Fidelity Bahamas G & 1 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

- Previous day's weighted price for daily volume
- Current day's weighted price for daily volume

per share paid in the last 12 months
» divided by the last 12 month earnings

“YIELD -
Bid $ -

Ask $ -
Last Price - Last traded over-the-counter price
Weekly Vol.



y ites

T%
Prime + 1.75%
T%
Prime + 1.75%

Last Price Weekly Vol.



3.49
0.81
3.45
-4.95
4.29
0.00
-3.25
0.00
-12.42
2.16

4.95
4.78
4.61
3.62
5.78
0.00
-3.25
0.00
-12.42
2.16
2.82 2.82
2.44

last 412 mot
Buying price of Colina and Fidelity
Selling price of Colina and fidelity



- Trading volume of the prior week



International Group. In mid-
September, the Fed said it
would provide the troubled
company a two-year, $85 bil-
lion loan. And, recently the
central bank said it would loan
the company an additional
$37.8 billion.

- Also in the weekly report,
the Fed said the portfolio of.
certain assets it took over
from Bear Stearns is now esti-
mated to be worth $26.80 bil-
lion as of Sept. 30, down from
$29.53 billion as of June 30.
Maiden Lane LLC holds the
portfolio of assets.

The report comes as Wash-
ington policymakers battle the
worst financial crisis since the

stock market crash of 1929.

So far this year, 15 banks
have failed, compared with
three last year.

Last week the Bush admin-
istration announced it would
inject up to $250 billion in
banks — in return for partial
ownership stakes.

The government hopes that
banks will use the capital infu-

sions to rebuild their reserves.

and. bolster lending to cus-
tomers.

Investment houses in March
were given similar, emer-
gency-loan privileges as com-
mercial banks after a run on
Bear Stearns pushed what was

the nation's fifth-largest

investment bank to the brink
of bankruptcy. The identities
of commercial banks and
investment houses that bor-
row are not released. Com-
mercial banks and investment
companies now pay 1.75 per-
cent in interest for the loans.
Since the Bear Stearns
debacle in March, the Fed has
taken a series of unprece-
dented steps to get lending —
the economy's oxygen —
flowing more freely again.
The central bank has
repeatedly tapped its Depres-

sion-era authority to be a -

lender of last resort not only
to financial institutions, but
also to other types of compa-
nies.

Critics worry the Fed's
actions could put billions of
taxpayers’ dollars at risk.

State economists: More

@ By BILL KACZOR
TALLAHASSEE, Florida

State economists added more
doom and gloom to their out-
look for Florida's economy with
an update Thursday that reflects
the global financial meltdown
and higher-than-previously-
expected. unemployment,
according to the Associated
Press.

In July, the economists pre-
dicted Florida's slump would
begin turning around by the
start of 2010. Now, they say it'll
be three months later.

"More important than that,
we've really slowed down the
kind of recovery we're going to
see," said Amy Baker, who
heads the Legislature's Office
of Economic and Demographic
Research.

"Originally we had looked at
having what we call a fast snap-
back, which means that we
would be back to normal pretty
quick," she said.

"Now we're saying it's going

“to take awhile."

The economists now say nor-
mal growth won't return until
the 2010-11 budget year, 12
months later than their previ-
ous estimate:

The biggest reason for that is
Florida's unemployment has
risen faster and higher than
forecast in July. The expecta-

tion then was that it would top .
out at 6.2 percent but not until

the last quarter of 2009.

It exceeded that level just a
month after that forecast, hit-
ting 6.6 percent in August. It
remained at 6.6 percent in Sep-
tember. That the highest it's
been in 14 years and half a‘per-
centage point higher than the
national rate.

The labor market takes
longer to right itself than other
economic indicators, Baker said.

‘Florida is experiencing heavy
job loss in construction, manu-
facturing, professional and busi-
ness services, financial services
and transportation.

Construction, auto and light
truck sales and tourism also are
down. Wild fluctuations on Wall
Street and in the credit market
are making it difficult to pre-

dict what's going to happenin:

the near- and far-term.

"Things are getting murkier.

each day," said Clyde Diao, an
economist in Gov. Charlie
Crist's office.

The new economic forecast
will be the basis of next month's

doom and gloom for Florida

estimate of the state's general
revenue for the rest of the cur-
rent budget year, which began

' July-1, and future years. —
The last revenue estimate in

August reduced the forecast by
$1.8 billion for the current $66

billion budget, resulting in a -

$1.47 million deficit.

Crist and a special legislative
committee plugged less than
half of that hole by tapping
reserves from the budget stabi-
lization fund. ~ [

That still left a $795 million
gap and it'll get bigger when the
November revenue estimate is
completed, Baker said.

The Florida Constitution pro-
hibits deficit spending, so that
leaves the governor and Legis-

« lature with a dilemma. :
Even before the budget went

into effect Crist ordered agen-
cies to hold spending by 4 per-
cent, so that'll help some. :

Officials, though, may need
to make additional cuts, take
more money out of reserves or

.,, borrow from a tobacco settle:
ment trust fund set aside to pay

for children's and health pro-
grams in the future.

The situation is expected to
get even worse in the next cou=
ple of budget yeas:

New York Times parent
sees 51.4% profits drop

_ By RICHARD PEREZ-.

PENA
NEW YORK

The New York Times Com-
pany reported a 51.4 per cent
decline in third-quarter profit
on Thursday and swung to.a
loss on continuing operations
as deeper-than-expected
expense cuts could not keep
pace with declining revenue,
according to the New York
times. News Service. The com-
pany said it would consider cut-
ting its dividend and plans to
write down the value of assets in
its New England Media Group,

EG CAPITAL

BROKERAGE & ADVISORY SERVICES

19 October 2017
19 October 2022
30 May 2013
29 May 2015

30-Sep-08

EPS $ - A company’s reported earnings per share for the last 12 mths

NAV -

Net Asset Value

N/M - Not Meaningful



UI TRADE CALLS COUMINK 243°562-7610 | FIDELITY 243-356-7764 7 EE CAPITA MARKETS 24358 4506"

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

DUO NIAW Sas SOS yEEE mim”



which includes The Boston
Globe, by as much as $150 mil-
lion.

“Our board of directors plans
to review our dividend policy
before the end of this year to
determine what is most prudent

_in light of the overall market
conditions,” the company’s

chief executive, Janet Robin-
son, said in a ‘statement. Print

newspaper advertising revenue

— the bulk of the company’s
revenue — fell 18.5 percent in
the quarter as the weak econo-
my and the long-term shift away
from print combine to create
the industry’s worst period since
the Depression.

Online revenue rose just 2.5
percent for the company’s
newspapers, which include The

New York Times, The Boston.

Globe, The International Her-
ald Tribune and 17 smaller
papers. But the company’s oth-
er online businesses, including
About.com, increased revenue
by 16.1 percent, despite the eco-
nomic downturn.

The loss on continuing oper-
ations was $2.1 million, or 1 cent
a share, compared with a profit
of $19 million, or 10 cents a
eee in the period a year ear-
ier.

Excluding after-tax severance °

costs, the Times Co. had earn-
ings of 6 cents per share last
quarter, slightly ahead of the

average of analysts’ projections’

on the same basis, at 4 cents.
An unusually large $12.8 mil-
lion tax bill, up from $9 million
in the year-earlier quarter, con-
tributed to the loss. Including



SEYMOUR.

PUBLIC NOTICE -

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |,
BRANDON FRANCIS of Nassau, Bahamas,
to change my name to SHAQUON BRANDON
If there are any objections to this
change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, P.O.Box N-
742, Nassau, Bahamas no later than thirty (80) days
after the date of publication of this notice.

one-time income from the sale
of discontinued operations, the
company posted net income of
$6.5 million, or 5. cents a share,
compared with $13.4 million, or
9 cents a share, in the ‘period a
year earlier.

The company reported oper-
ating profit of $10 million for
the quarter, down 64.5 percent
from $28.1 million in the quar-
ter a year earlier.

It cut operating costs 6. 8 per-
cent from the year-earlier quar+
ter, to $677 million. But overall

revenue fell faster, 8.9 percent,

to $687 million.
The company said its annual
expense reductions would be

significantly more than the $130. .

million this year and $230 mil-
lion for 2008 and 2009 that it
had predicted earlier, but it
declined to say by how much.
One indication of those cuts was
severance costs, earlier esti-
mated at $40 million to $50 mil-
lion for the full year, which
reached $57 million through
nine months.

In addition, the earlier sav-
ings estimates did not include
the company’s recent decision
to shut down its City & Subur-
ban unit, a major wholesale
deliverer of newspapers and
magazines in the New York
metropolitan area. The compa-
ny has declined to say how
much it will save from that clo-
sure, which is scheduled for
completion in January, or from
the consolidation of sections in
its flagship newspaper, which
occurred this month.





SHAQUON
intend







\



THE TRIBUNE

FROM page 1B

tions Company (BTC) privatisa-
tion, and capital projects such as
the Lynden Pindling Interna-
tional Airport (LPIA) and New
Providence Road Improvement
Project, Mr Cooper suggested
the Government also privatise
the Hotel Corporation and re-
name it as a Tourism Develop-
ment Corporation.

Arguing that the reduction in

foreign direct investment
inflows should be used as a
“breathing space” for a strategic
re-think, Mr Cooper said the
Tourism Development Corpo-
ration would be “the agency
that would seek out develop-
ment ideas”.

It would raise financing,
including from small Bahamian
shareholders, obtain Crown
Land, develop the resort prop-
erties and hire a management

Legal Notice

‘

Government told to
fight ‘predatory lending’

team to run the projects.
“This would diminish the

reliance on foreign direct invest-

ment and spread ownership of
the tourism industry around,”
Mr Cooper said. “While not
eliminating the need for foreign

direct investment, this entity
would promote local ownership,
greater pride in the industry and
improved service standards. The
key is minimal governmental
control in terms of hiring/con-
tracts etc.”

Legal Notice

FRIDAY, OCTOBER 24, 2008, 1998, PAGE 5B

re

The British American Finan-
cial chief reiterated the calls
made by other investment
advisers/managers for the Goy-
ernment to bring in legislation

mandating employer-sponsored —

pension programmes.

This would increase the
amount of long-term investment
assets within the Bahamian
economy, tackling a culture of
minimal or no savings. Most
adult Bahamians have on aver-

age $10,000 in outstanding con-
sumer loan debt, compared to
bank account balances of $1,000
or less. Mr Cooper also called —
on the Government to reform
its tax system, possibly reducing
import and Excise Tax duties,
and bringing in a nominal 5-10
per cent payroll tax. He added
that the incentives regime for
foreign investors also needed to’
be assessed to-ensure it was hav-
ing the right impact.

Legal Notice

NOTICE

NOTICE | NOTICE

HEWANORRA INC. SERENDIB ASSET HOLDINGS INC. MAPLE SPRINGS LIMITED

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of MAPLE SPRINGS LIMITED has been |
completed; a Certificate of Dissolution has been issued and
the Company has therefore been struck off the Register.

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of HEWANORRA INC. has been completed;
a Certificate of Dissolution has been issued and the Com-
pany has therefore been struck off the Register.

Notice is hereby’g given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of SERENDIB ASSETS HOLDINGS INC.
has been completed; a Certificate of Dissolution has been

, issued and the Company has therefore been struck off the
Register.

ARGOSA CORP. INC.

"ARGOSA-CORP. INC.
(Liquidator) ;

(Liquidator)

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

Legal Notice

NOTICE

- Legal Notice

NOTICE
INT’L BLUE STAR INC. ‘LUMIN GLOBAL ASSETS LTD.

HILLTOP BILLOWS INC.

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution-of HILLTOP BILLOWS INC. has been com-
pleted; a Certificate of Dissolution has been issued and the
Company has therefore been struck off the Register.

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of LUMIN GLOBAL ASSETS LTD. has been
completed; a Certificate of Dissolution has been issued and }
the Company has therefore been struck off the Register.

Notice is hereby given that in accordance with Section 138
(8) ofthe International Business Companies Act 2000, the

dissolution of INT’L BLUE STAR INC. has been com-
pleted; a Certificate of Dissolution has been issued and the
Company has therefore been struck off the Register.

_ ARGOSA CORP. INC.

~ARGOSA CORP. INC.
(Liquidator)

ARGOSA CORP. INC.
; (Liquidator) .

“igure

piss

SAVE THE DATE! SAVE THE DATE!

SATURDAY, OCTOBER 25TH, 2008
By Order of
' The Bahamas Development Bank

Cable Beach, Nassau, The Bahamas
Commonwealth of The Bahamas

I. G. STUBBS WILL SELL

Eleven (11) assorted used vssels as set out in the
schedule below:

‘ WHAT:

Featuring $61 fine
w i ) -s from Bristol .
Wines & Spirits ee

- Saturday, October 25

ae LOCATION
12pm to Gpm

MAKE/MODEL NAME
1990 - 34’ Offshore Vessel

1977 - 53’ Defender

Potters Cay
Potters Cay

Der Berry’s
Shabak

— ConchaYToro

The Retreat,

1992 - 45° Defender Vessel

_ Chateau Ste Michelle
Ferrari-Carario

Village Road

Parking at Queen’s College

1989 - 48’ North Carolina

1979 - 52’ Hatteras Fibre Glass Vessel

1980 - 47° Garcia

Liminos

M.V. Buddy
Miss Quality

Potters Cay
Coral Harbour:
Arawak Cay’
Potters Cay

Owner/Andros
Owner Possession

1981 - 51’ Defender Vessel

80’ Custom Steel Hull Vessel

94’ Steel Hull Gulf Coast Shrimp Trawler
1980 with two (2) Volvo Diesel Engine

Equality

: tags ae Lady Kristy

_ Fontana Candida
_ Robert Mondavi
Lindemans
Cloudy Bay
Moet & Chandon
...and over 30 talented
_ Bahamian Artists .

ADMISSION: |
BNT Members $15
General Public $20

Children U-12 free
Children over 12 $10

Sweet Charlotte Owner Possession,
Morgan Bluff
Andros

Bradford Marine

Freeport

122’ Single Screw Steel Hull (1960) M.V. Lisa III

Uy Sy LOCATION: Potters Cay Dock - Nassau, The Bahamas

Sys ,

BRISTOL

WINES & SPIRITS

Many of the wines featured will be on:
sale for a limited time at selected
Bristol Wine & Spirits stores.

SE = |

TIME: 11:00am - Saturday, October 25th; 2008 - Preview and Inspection from 9:00am Until Auction time at
the site.

TERMS: * ALL items to be Sold Where Is As Is for Cash, Cashier’ Check or current Bank Guarantee Letter.
Purchase will not be released until paid for in full not later than 4:00pm Tuesday, November 4th, 2008. Where
a deposit is required, the same is non refundable. If final payment is not made mae 4:00pm Tuesday, November
4, 2008 any and all deposits made will be forfeited.

Any and all Notices or amendments by Auctioneer on said Auction Day whether written or verbal shall supercede
this or any subsequent advertisement.

For further information contact I. G. Stubbs at 322-2028 or Fax: 328-8086 or Email: igstubbs@coralwave.com
. or
Bahamas Development Bank
At (242) 327-5780/ 702-5730/702-5724
Or Fax (242) 702-5730 email: BahamasDevelopmentBank.com
I.G. STUBBS

ALL PROCEEDS IN AID OF
THE BAHAMAS NATIONAL TRUST
Tel: 242 393 1317

SAVE_THE DATES

PUBLIC AUCTIONEER - LICENSE #0360



Va ae SAVE THE DATE! eee SAVE THE DATE!



PAGEMH®, FRIDAY, OCTOBER 24, 2008 | | : THE TRibv..



CALVIN & HOBBES

I GET To STAN HOME
FROM SCHOOL TODAN.



~ GET To LIE IN BED, T WISH T COULD
"TEA, AND READ Do THIS EVERY DAN.
Books ALL DAY. |





ine Comics










YOU KNOW
THERE'S NO

WAY WE CAN
TIE A GUN TO
THIS CRIME!





iN

ex Z "
5 pa 2
















HOLLOWPOINT. -- I THINK WE/RE
THERE'S DEALING WITH A
NOTHING LEFT! PROFESSIONAL!



HAVE BEEN
PULVERIZED!



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
APT 3-G S : 3x3 box contains the same number only once. The difficulty

4 ‘ a S\ level of the Conceptis Sudoku increases from Monday to

WE SHOULD KEEP MOVING, ) DO YOU YES, I'VE MADE THIS © BUT NEVER BEFORE Saas
LOD\. WE NEED TO MAKE KNOW THIS’ TREK MANY TIMES. WITH A CHOSEN
GOOD TIME. PASS WELL, F,

MWA ee Vac
: Ny) Vale








































Y HE THREATENED
TO SHUT DOWN
MY WHOLE
CAMPAIGN!




I RECOMMEND THAT YOU BOOST
YOUR RATING WITH "SWEEPING
C ay RAISES" ANO MASSIVE

DAGWOOD, WHAT

BOSS, ACCORDING TO My STATS,
HAPPENED?

‘YOUR POLL NUMBERS ARE TANKING
We
os 1 s INCOME EMPLOYEES!























©2008 Conceptis Puzzles, Dist. by King Features Syndicate, Inc.

“OIVE HER CREDIT... AT LEAST SHE STOPPED

FOR YOUR B/ /E LIGHT!” Difficulty Level * Ce eee



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.

©2008 by King Features Syndicate, inc. World Rights reserved



I'M A GENEROUS
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IS

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({ : {fOr ‘
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eS £ 5 ASLEEP ugar Gashimov v fterne Bauct, while White responded 24-5 to ‘ / ;
ES Fide Grand Prix, Bahu 2008. The are te on ee oe : al pa
ec new word Grand Prox, spread over ng, Can YOU SPOR @ as
a ayo years and six cities, is the fatest missed dhsing this 1_RO8 2 HS ;
attempt to being grandmasters arid sequence? 2
chess an a structured crcist to LEONARD BARDEN
sdnwulate top-class play. eee 2
wety first event 1we elite GMs front
Axerbaijsn and France unwittingly Chess: 8703: L_RDB? 2 Od 7*! vahen i wf
combined to cesta a cassic AHS. 2 Res th 2 ave pwn PLEA, 5
example of a doutte oversight, a attack) 3 NeSe Ko8 4 ‘Hach and the kright
easy Lxtical opportunity missed oth Black's roots,
by dath contestanes. The position 4
looks harmfess enough with fevel
materia, though Bacot has 3 3
‘queen's side initistine and Gashimoy
chasices lor king's side attack. So S
Their next two tusns foRowed thei
yespective strategies 25 Black {to f

move) went 1_RDE planning b¢-D3

HAGAR THE HORRIBLE

Y Wey 0 You NEXT FRIDAY 16
: MY ANNIVERSARY o»»
















The
LOW many words of four letters
Target or more can you mutke Trom (he
lelters Shown here? In making a
uses word, each letter may be used ~~

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words il centre letier and there must he at
least one nine-letter word. No

the main plurals.
hody of TODAY'S TARGET

Good 14; very good 21; excellent
Chambers | 27 (ormoze}. Solution tomorrow.

Zist SATURDAY’S SOLUTION
ache acme acne ahem amen

Century amine azine came cane chez

chime chine cae eo eee
i enema hame haze heme hence .
Dictionary * | maee machine maize mane maze
{1999 mean meanie MECHANIZE
menace mien mince mine name

e iti on) : nice niche niece

©2008 by King Features Syndicate, Inc. World rights reserved.

CRYPTIC PUZZLE



Across. - i Down “
1 Having favourites, 1 It’s a different thing after
relatively speaking (7) Paar (5)
4 \|t was abnormally restrict-
ed in Victorian times (5)
7 Continue being visibly a



2 Irritates but turns out to be
all right at heart (8)



















stupid person (4) 3 Gives encouragement to ,
8 Not rare words of drink? (6)
praise 4) ee Coiticlene-auke or The Percentage Factor
10 Does one have to fight to another (10)
get seats on it? (5,5) Rin i Waadreta South dealer. The trouble with both of them is
4a: Make a mivtakoand throw much revered figure (4) Neither side vulnerable. that if the finesse you attempt loses,
Gut the drink (6) i 6 The gardener likes to see NORTH the opponents: may be able to cash
i é it 7 @K42 _ enough heart tricks to defeat the'con-
13 They represent a man's it overgrown (7) ¥974 tract, leaving you with no opportu-
following (6) 9 Source of ghostly light? @AJ94- nity to try.the other finesse. cue
: ; RAIS big question is which finesse to take.
15. Still of t ters, ; 8q :
B EN To) one felis) WEST EAST The probability of the diamond
say? (10). 41 Popular pro (2,6) 593 4Q1076 - finesse working is 50-50; if West has
18 Sign to be careful with the Fe YU ctidd Kanes creas inclde wi} Across . Down ¥Q)852 ¥K 103 the king, you’re home, but if East has
new coat (3,5) y P any 1 Liberate (3,4) Saat 865 #K72 ~ it, you'll probably go down. Your
19 ike bedndite Secure the ship (7) N i uffler (5) &Q4. ‘3873 chance of success’ is about the same
: - ay INickod for.bel N / 4 Superior (5) 2 Prosperous (8) SOUTH in the club suit, where you have to
advance accommodation Bo Orpen = 7 Crooked (4) seria @A85° guess which opponent to finesse for
2) ‘ drunk? (6) O. 3 Evoke (6) sae the queen. Moreover, and this is a
f ; 8 Emergency medical Q 103 key consideration, if you success-
20 Way to tear or take off 16 One agreement about > secctiele 4 Solitary by nature #K 10962.) fully guess which finesse to take, you
clothes (5) ° another for couples (5) ~”Y reatment (5,3) £6 The bidding: : : have no intention of trying the other
21 Leaves a just reward (7) < 10 State of intense (10) South West North East one.
17 Wake up cooler (4) Lu tee entins 5 Scheme (4) L& Pass 14 Pass Bearing this in mind, there is a
excitement (5,5) INT | Pass = 3 NT line of play available that can elevate
Yesterday’s Cryptic Solution Yesterday’s Easy Solution 12 Humorous ridicule (6) 6 Fundamental (7) Opening lead — five of hearts. your chances to well above 50 per-
43 Small : ‘ cent. It stems from the fact that when
Across: 1 Fire-raising, 9 Theorem, 10 Across: 1 Minor planet, 9 Upstart, Netra 9 ‘Public brawl (4-3-3) Assume you’re declarer at three — missing the Q-x-x-X-x of a’suit, the
On tow, 11 Anil, 12 Buckshot; 14 “40 Erupt, 11 Need, 12 On the air, 14 sance force (6) 11. Crafty trick (8) notrump and West leads a heart. You queen will be singleton or doubleton
Atoned, 16 Howdah, 18 Achieves, 19 Septet, 16 Assert, 18 Doomsday, 19 45 Cogent (10) allow East’s king to win the trick, about once in every three deals.
Halo, 22 Cells, 23 Stalker, 24 Motley ——- Plod, 22 Union, 23 Coinage, 24 12 Shy (7) and take the ten-of-hearts return with - _ Since you are not planning to
crowd. : Good heavens. : 18 Abandoned (8) . the ace. How would you continue? finesse in both clubs and diamonds,
Down: 2 Iceni, 3 Earl, 4 Armour, 5 ' Down: 2 Issue, 3 Oval, 4 Patent, 5 48: Acting geritiy. (4) 14 Maintenance (6) You start with six certain winners it therefore makes sense to first cash
Stockpot, 6 Notched, 7 Steal.a march, Amethyst, 6 Emulate, 7 Sunny-side g gently 16 Pious (5) — two spades, a heart, a diamond — the A-K of clubs to see whether the
8 Switchboard, 13 Reversal, 15 up, 8 Star-studded, 13 Reasoned, 20 Permitted by law (5) and two ae Soyo ee veo as if 4 foes t, you still
Othello, 17 Measly, 20 Askew, 21 Fair. ‘ he. 20 L ; th diffi more tricks. There are two different ave the diamond finesse in reserve.
roo ; re a Sieh IE BeH eS ey Peer 21 Quick-tempered (7) ie satel IIE) finesses available, either of which The recommended approach will

would produce the three tricks you succeed approximately two-thirds of

need if it succeeded. One is in clubs, _ the time, whereas relying on just one

the other in diamonds. finesse wins only about half the time.
Tomorrow: Endplay Charlie.

©2008 King Features Syndicate Inc.



THE TRIBUNE

FRIDAY, OCTOBER 24, 2008, PAGE 7B



AP Photo/Mark tennihan

lm By MARY WILLIAMS ©
MVAESH

Hundeeds of traders. who
placed bets on Lehman Bros.’
creditworthiness before it went
bankrupt have settled their posi-
- tions “without incident,” accord-
ing to a company that tracks
derivatives contracts, according,
according to New York Times
News Service.

The company, Depository

Trust & Clearing Corporation,
processes large numbers of invest-
ment transactions. It said that
only $5.2 billion had to change
hands for all the traders to close
out their positions, a much small-
er amount than had been pre-
dicted a week ago:

‘The settlement process had
been seen as a major test of the
market for credit-default swaps,

and whether it could handle the

unprecedented stress of a big
Wall'Street firm going bankrupt.
The overall system appears to
have borrie the shock successful-
ly, although individual firms
might have taken painful losses
they have not yet disclosed.

At the same time, the contrast

between this week’s orderly set-
tlement process and last month’s
financial turmoil, which also
involved credit-default swaps,
raised anew policy questions over
the market for credit derivatives
and its failure to limit systemic

Tisk. Because the swaps are pri- |

vate contracts between two par-
ties, there is still almost no infor-
mation in the public domain over
who holds which positions, or

' who might be left teetering the-

next time there is a major default.
The lack of information is
thought to have fueled the gen-

Amazon bucks

profit trends
NByBRADSTONE _

The é-commerce giant. Ama-
zon.com posted strong earnings
in a tough climate, reporting

third-quarter profit on Wednes- »

day that was up 48 percent from
the same period last year, accord-
ing to the New York Times News
Service.

* But in a sign that the company
is not totally immune from the
slump plaguing the retail world,

Amazon reduced its estimate for ~

fourth-quarter sales. It said some-
what vaguely that it would earn
$6 billion to $7 billion during the
crucial holiday season, down from
the $7.2 billion it had projected
earlier for the quarter.

‘“We have limited visibility, as
all companies have.in this envi-
ronment,” said Thomas J. Szku-
tak, Amazon’s chief financial offi-
cer. The reduced forecast unset-
tled Amazon’s already spooked

investors, and its stock fell more ,

than 14 percent in after-hours
trading.

The stock has fallen by half. this
year as investors worry about
prospects amid a global econom-
ic downturn. —

“Amazon is just, uncertain
about what is going to happen in
the fourth quarter,” said Scott W.
Devitt, an analyst at Stifel Nico-
laus. “No one has any idea what
the world is going to look like.”

Nevertheless, sales remained

robust over the last three months
in several parts of Amazon’s miar-
ketplace.
’ For the quarter that ended
Sept. 30, Amazon earned $118
million, or 27 cents a share, up
from $80 million, or 19 cents, in
the same quarter last year.

The company’s revenue
climbed 31 percent, to $4.26 bil-
lion, which included a strong 29
percent lift in North American
sales.

That largely matched Wall
Street’s.expectations.

Analysts polled by Thomson
Reuters on average expected
$4.27 billion in revenue, or 25
cents a share.



THE HEADQUARTERS of the American International Group Inc. is
shown Thursday, March 1, 2007 in New York.

Traders settle Lehman
bets ‘without incident’

eral panic in mid- September,
when Lehman Bros. went bank-
rupt and the American Interna-
tional Group came to the brink of
collapse before being rescued by
the Federal Reserve.

_ As if to‘underscore the opacity
of the market, AIG said this week
that it had to pay only $6.2 million
to settle all of its credit-default
swaps on Lehman’s debt. The
amount was much smaller than
had been expected, given AIG’s
big presence in the market for
credit-default swaps, and given
that AIG required an emergency

. line of credit worth $85 billion

from the Fed.

A spokesman for AIG,
Nicholas J. Ashooh, said that the
company had needed the big loan
from the Fed because of its high
level of exposure in other areas,
but not on its derivatives trades
on Lehman’s debt. He said that
AIG had written many deriva-
tives contracts on Lehman’s debt,

but because they took opposing’

trading positions they almost
completely canceled each other
out during the settlement process.

“Lehman was not the source
of our problem,” Ashooh said.
“Our issue really preceded that.

‘We were already having prob-

lems when Lehman went under.”

He said most of AIG’s prob-
lems with the credit derivatives
involved swaps that covered the
financial strength of complex debt
securities linked to the housing

* market. Credit-default swaps are

similar to insurance, providing
coverage to investors who hold a
company’s bonds or other fixed-
income instruments. In the event

of a default, the one who sold the
protection has to pay the one who

bought it.

HONDA

The Power of Dreams

Honda Odyssey’



US pension insurer
suffers $2bn loss"

@ By MARY WILLIAMS WALSH

The federal agency that guarantees pen- -
sions has lost $244 billion on its investments
so far this year, foreshadowing expected
losses among corporate pension funds, state
retirement systems and others that provide
a financial backstop for an aging population,
according to the New York Times News Ser-
vice.

. The loss at the agency, the Pension Ben-
efit Guaranty Corp., was magnified by its
decision in February to invest more age
sively to narrow its deficit.

With unemployment rising and more
companies coming under financial pressure,
the agency will ‘undoubtedly face more

‘claims from companies that cannot make

good on their pension promises.

The stock portion of the agency’s rough-
ly $68 billion investment portfolio fell in
value by $2.2 billion through August. Small
gains in the fixed-income instruments offset
part of the loss. These results do not include
the devastating market swings of Septem-
ber. Rep. George Miller, D-Calif., who spot-
ted the decline, said it stood as a warning
about what could happen to any body of
government if officials decided to invest
the funds backing up a safety-net program
in volatile securities.

“There has only been one guarantee in

_ this financial crisis, and that is that Social

Security did not lose money in the mar-
ket,” said Miller, the chairman of the House
Committee on Education and Labor.

“The current market turmoil is proof that
we should not subject our basic retirement
security to a riverboat gamble.”

The information about the losses came to

‘light as the committee prepared for a hear-

Legal Notice

NOTICE

GOOD FORTUNE ASSETS LID.

—

Notice is hereby given that in‘accordance with Section 138
(8) of the International Business Companies Act 2000, the }
dissolution of GOOD FORTUNE. ASSETS LTD. ‘has
been completed; a Certificate of Dissolution has been is-
sued and. the Company has therefore been struck off the

Register.

‘ ARGOSA CORP. INC.

(Liquidator)

Honda CR-Â¥



“The current market
turmoil is proof that
we should not subject
our basic retirement -
security to a riverboat
gamble.”



George Miller

ing on Friday on jobs and the economy.
Miller said he had added to the list of those
who would appear the executive director of |
the agency, Charles E.F, Millard, so that
the committee could ask him about the
decision to put more money into equities.

. He recalled that Millard had previously

told Congress that switching to more stocks
would not add risk.

Millard said in an e-mail message that
the agency’s losses were “well below the
losses suffered by most other investors.”

“Our investment managers will contin-.
ue their careful approach as they diversify

* our portfolio and seek long-term market |

opportunities,” he added. A spokesman for
the pension guarantor, Jeffrey Speicher,
said that the losses should not alarm the

workers and retirees counting on the agency ~

for their pensions. “Participants. are no
worse off,” he said. “We still have plenty of
money to meet our commitments.”

The agency maintains its investment pool’
to pay the pensions of workers and retirees
whose companies have gone bankrupt.
Some of the monéy comes from insurance

Honda Aseard 5



Visit our Honda Showroom on Shirley Street

Fax: 323-7272

328-2280

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premiums paid by companies that sponsor
traditional pension plans; that portion of
the pool is invested in Treasury bonds.

The other assets are acquired when the
agency takes over pension funds. Tradi-
tionally, those have been invested heavily in
equities and remained in equities at the
agency. The agency itself has operated at a
deficit almost consistently from the time it
was created in 1974. Its finances took a par-
ticularly severe beating during the bear
market at the beginning of this decade,
when a:series of large steel companies and
airlines went bankrupt and sent their pen-
sion funds to it as they struggled to reorga-
nize.

By 2004, the agency decided it was a mis-
take to keep its portfolio so heavily in
stocks, because they tended to lose value
just when stock-laden corporate pension
funds were themselves likeliest to fail —
which was precisely when the insurer most
needed the money.

So the agency announced that it was scal-
ing back on stocks and bolstering its hold-
ings of fixed-income instruments.

Fixed-income securities, like bonds, can
also swing in value, but they can provide a.
predictable stream of income that matches
the agency’s own payout schedule.

But as memories of the bear market fad-
ed and the leadership of the agency
changed, the bond-based strategy lost favor.
Stocks are thought to yield more over the
long term, and Millard said he thought they .
would be a better tool for closing the agen-
cy’s deficit, which was $14 billion last year.

Despite ‘the investment loss this year,
Millard said, “we expect our 2008 deficit
will be about. $2 billion lowet than last
year’s.’ ve)

Legal Notice

NOTICE

BROWN SUGAR GROUP Li,

Notice is hereby given that in accotdance with Section 138
(8). of the International Business Companies Act 2000, the
" dissolution of BR@WN SUGAR GROUP LTD. has been’
completed; a Certificate of Dissolution has been issued and

- the Company has therefore been struck off the Re gister.



ARGOSA CORP. INC.

(Liquidator)



your dream can
come true with our
super special
MODEL YEAR
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NASSAU MOTOR CO LTD







PAGE 8B, FRIDAY, OCTOBER 24, 2008

Fed working to aid homeowners

@ By MARTIN CRUTSINGER
and MARCY GORDON
WASHINGTON

Federal regulators told Con-
gress yesterday they’re working
on a plan that could help many
distressed homeowners escape
foreclosure in a global financial
crisis that former Federal Reserve
Chairman Alan Greenspan
warned will get worse before it
gets better, according to the Asso-
ciated Press.

‘Greenspan called the banking
and housing chaos a “once-in-a-
century credit tsunami” that led
to a breakdown in how the free
market system functions.

Accused of contributing to the »
meltdown, but denying that it was
his fault, Greenspan told a House
panel the crisis left him — an
unabashed free-market advocate
— jin a “state of shocked disbe-
lief.” :

The longtime Fed chief
acknowledged under questioning
that he had\made a “mistake” in
believing that banks in operating
in their self-interest would be suf-
ficient to protect their sharehold-
ers and the equity in their insti-

- tutions. Greenspan called it “a
flaw in the model that I perceived
is the critical functioning struc-
ture that defines how the world
works.” ee) : ‘

His much-anticipated appear-
ance came as committees in both
the House and the Senate held.
competing hearings on the finan- _
cial crisis. At one such forum, a
senior Treasury official said the
Bush administration intends to
get a program to help struggling ©
homeowners revise mortgages up
andrunningsoon. AEN

‘Neel Kashkari, who is oversee-

ing the government’s $700 billion
financial rescue effort, told the .
Senate Banking Committee that
the new plan could include set-
ting standards for changing mort-
gages to make them more afford-
- able and giving loan guarantees to
banks that meet them. “We are
passionate about doing every-
thing we can to avoid preventable
foreclosures,” he said.

Sheila Bair, chairman of the
Federal Deposit Insurance Corp.,
told the same Senate panel that
the government needs to do more
to help tens of thousands of home



Last Name:__
Company: _

Telephone # Home:
Fox#t___
Exact Street Address:

‘House#
House Colour:

‘Requested Start Date:





“Loan
guarantees
could be used as
an incentive for
servicers to
modify loans.
By doing so,
unaffordable
loans could be
conferted into
loans that are
sustainable over
the long term.”



Sheila Bair

borrowers avert foreclosure,
including setting standards for
modifying mortgages into more

affordable loans and: providing

loan guarantees to banks and oth-
er mortgage services that meet
thems: aki

“Loan guarantees, could be
used as an incentive for servicers
to modify loans,” Bair said. “By
doing so, unaffordable loans
could be converted into loans that
are sustainable over the long
term.” RS a

The FDIC is working “closely

- and creatively” with the Treasury

Department on such a plan, she
said. He

Greenspan told the House.

Oversight Committee he was

wrong in believing that banks

would be more prudent in their
lending practices because of the
need to protect their stockhold-
ers.

Greenspan, who stepped down
in February 2006 after serving as
Fed chairman for 18 1/2 years,
was asked to explain his role in
the crisis. |

Some critics have blamed him
for contributing to the problem

‘by leaving interest rates too low:

for too.long and for failing to reg-
ky banking practices. ~
Committeé Chairman Henry

House Name:

Waxman, D-Calif., suggested that
Greenspan contributed to “irre-
sponsible lending practices” by
rejecting appeals that the Fed
intervene to regulate a surging

‘subprime mortgage industry.

“The list of regulatory mistakes

‘and misjudgments is long,” Wax-

man said of oversight by the Fed
and.other federal regulators.

“My question for you is sim-
ple,” Waxman told Greenspan.
“Were. you wrong?”

“Well, partially,” Greenspan
said. But he went on to assign the
blame on soaring mortgage fore-
closures on overeager investors
who did not properly take into
account the threats that would be
posed once home prices stopped

a ws

First Name: __
Title: |
Work: .
P.0.Box:

Type of Fence/Wall:

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let us be the first on your list.

ae

ata





FORMER FEDERAL RESERVE CHAIRMAN Alan Greenspan testifies on Ca
Oversight and Government Reform Committee hearing on the roll of the federal government in the financial markets.

surging upward. He’said what had
been “a critical pillar to market
competition and free markets did
break down. And I think that, as
I said, shocked me. T still do not
fully understand why it hap-
pened.” :

Committee members accused
present and past federal regula-
tors for not doing more to stop
abusive practices or to go after
wrongdoers. Christopher Cox,
chairman of the Securities and
Exchange Commission, acknowl-
edged to the House panel that

“somewhere in this terrible mess, _

laws were broken.”

He said the government was
doing the best:it could to identify
and pursue lawbreakers.

f

pitol Hill in Washington, Thursday, Oct. 23, 2008, before the House

THE TRIBUNE.

Evan Vucei/AP Photo



In the hearing before the Sen-
ate panel, Kashkari, the Treasury
official overseeing the govern-
ment’s $700 billion bailout pro-
gram, said the administration was
making “tremendous progress”
in carrying out the bailout pro-
gram enacted earlier this month.
As a result, there have been
“numerous signs of improvement

in our markets and in the confi-

dence in our financial institu-
tions,” he asserted. Still, Kashkari
cautioned that “while there have
been recent positive develop-

ments, the markets remain frag- .

ile?
The administration must move

said Banking Committee Chair-
man Sen. Christopher Dodd, D-
Conn. Otherwise, “volatility and
paralysis” will reign in the mar-
kets, he warned. So far, the gov-
ernment has dealt only with the

- symptoms of the debacle, Dod

argued. f
Sen. Charles Schumer, D-N.Y.,
said that by not setting conditions
on banks in return for the goy-
ernment injections of money,

“We're feeding them a little too”

much dessert and not making
them eat their vegetables.”
Schumer said he’s “still not

- convinced” that banks receiving

the government money should



- continue paying dividends to their
shareholders. © nS

to resolve the deepening finan-~
cial crisis. swiftly and aggressively,

Coca-Cola bottler:
eyes diversification

When Tony Baynes, director of public affairs for Coca-Cola Hel-
lenic, spoke this month at a United Nations economic summit in
Geneva, he acknowledged that global economic problems have caught
up with one of the most successful bottlers in the world, according to
Cox News Service. eget

In 2007, the Greece-based distributor sold more than 2 million cas-
es of drinks, reaping about $625 million in net profit. But the firm has
warned that operating profits and earnings in the current year will be
stagnant. — ;

That’s troubling news for Atlanta-based Coca-Cola Co. For the
past few years rising profits overseas, where the beverage powerhouse
generates about 70 percent of its sales, have helped offset a lackluster
performance in North America. The company can ill afford a slump by
its second-largest distributor, which holds the franchise to bottle Coca-
Cola products in most of Eastern Europe and parts of Western Europe.

Still, officials of Coca~Cola Hellenic insist that its rough patch is only
‘a temporary setback, and many analysts agree.

“The company has had double-digit growth in the last seven years,
so this year has hit us a bit hard,” Baynes said in a recent interview.
“When the world sorts out its credit crunch problem, we’re confident
we'll zoom back into business.” SSR

Baynes argued that the company will continue to drive sales by
introducing products that appeal to local palates.) ) 50 bin e"

For example, over the summer Coca-Cola Hellenic started produc-
ing a traditional Russian beverage called kvass for the Russian market
under the Krushka & Bochka (Mug and Barrel) label. Targeted at men
and women age 25 to 39, it marks the first time that Coca-Cola has used
a fermentation technique to produce a drink. ;

The product, which resembles a non-alcoholic beer, has garnered 2.7
percent of the Russian kvass market.

Also unveiled this year in Greece was a line of flavored waters that
contain mastic, a distinctly flavored resin long used in the Mediter-
ranean region to soothe the stomach.

“We have taken that good natural flavoring and put it into the
drink,” Baynes said. “It is served in little white bottles so that it looks
like medicine.”

Baynes also said that Coca-Cola Hellenic has been smart in that it
branched out early into flavored waters. Non-carbonated drinks,
including water, now account for 37 percent of Coca-Cola Hellenic’s
total sales volume. Bottled water continues to be big business in



_ Europe, with sales in Eastern Europe rising by 17 percent in 2007. Ana-

lysts predict growth to continue, since consumption remains well
below that in the more mature Western Europe market. —

Another bright spot is a joint venture signed earlier this year between
Coca-Cola Hellenic and Italian coffee maker illycaffe. The two paired
up in an effort to grab market share by introducing premium ready-to-
drink coffee beverages in 10 European countries this year.

Coca-Cola officials say the products have been “enthusiastically
received,” adding that they plan to expand into dozens of other mar-
kets, and possibly even into North America, by 2010.

' Experts in the beverage industry say the joint venture was perfect-
ly timed.

“T have for the past year been saying that ready-to-drink coffee is the
sector to watch in terms of product innovation,” said Bill Bruce, edi-
torial director for Zenith International Publishing in Bath, England,
which publishes trade journals with an emphasis on the beverage
industry. “It automatically commands a premium position, which is so
important in these ’credit crunch’ times,” he said. “The joint venture
with illycaffe was not only brilliantly timed, but unlocked some perfect
markets through Coca-Cola Hellenic’s distribution system.”

“If you then look at how successfully Coca-Cola Hellenic handled the
almost simultaneous rollout of Coca-Cola Zero in so many markets plus
the timely multi-country/launch of illycaffe coffee, you can see that the
Athens-based business has all the ingredients necessary to weather the
coming economic storm,” Bruce said. .

“Rather than being worried, I would think Atlanta would be delight-
ed with its Greek cousin,” he said. ; :

In addition to new product launches, Hope Lee, a non-alcoholic
drinks analyst with Euromonitor International in London, said Coca-
Cola Hellenic’s acquisition-led strategy will continue to drive sales
and profits.



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fais f Nh 'The Trib une

Fm lovin’ it

CLOUDY, Hi | - USA TODAY

RESTOR BAHAMAS EDITION











FRIDAY, OCTOBER 24, 2008 es . _ PRICE —75¢

NENT Cni ae oe
UE) beet
ATTA fae TS ae

AND REAL ESTATE -3.—-
SS a3 . CLASSIFIEDS iy :

BUSINESS




OUTGOING, friendly and Cd per-
sonality. Those were the words used by for-
mer governor general Sir Orville Turnquest |
to describe his eldest grandchild, Lia Alana |
Lashley, who died suddenly in J amaica yes-
terday.

Tears could be heard flowing as an emo-
tional and broken voice came over the tele-
phone from her father, Charles Lashley, a
senior teacher at St-Augustine’s College, as-
he reminisced about his eldest child and
only daughter.

“She was outgoing, spiritual and vibrant
with a wide circle of friends. She chased
her dreams,” Mr Lashley said. , :

> Mr Lashley said his daughter was very supportive of her yomne
brothers, ages 22 and 18.
Sir Orville Turnquest, Lia’s grandfather, said he is still over-

SEE page 11
Tanya Cash ‘ready to go to
jail for the greater good’

JUSTICE cam-
paigner Tanya Cash
said yesterday that |
she is ready to go to.
jail “for the greater .
good” in her long
court battle with the
Baptist education
authorities.

The 41-year- -old
mother of five told
The Tribune: “1 will
stand for righteous-














ot man hie ‘
out atAlbany=~4
executives |



ribune staff








= By LLOYD L ALLEN
_ Tribune Staff Reporter —

SHORTLY after 2pm yes-
terday, at the entrance to the
Albany development site, a
local earth moving contractor
and dozens of his employees,

J used five eight wheelers to
block all MAjoL entrances to the
site.

Local earth moving contrac-,

tor Gus Outten told The Tri-
' bune yesterday that because
Albany executives had excluded
local contractors like himself |
from receiving tontracts forthe | THIS VEHICLE blocks an

development, he decided to entrance to:the Albany Thirteen-yeat-old

demand “justice.” development yesterday.

orate Oe urten, Ne According to witnesses, with- oir’ | missing since

refused to move any of the. :
Mack trucks when asked to do in 30 minutes of the blockade,

so by security. Mr Outten said 200ut a dozen police officers Wednesday

he told th arrived at the scene in anticipa-
i (old the guards that he 85. ‘tion of an incident. A 13-YEAR-OLD Nassau

until he was given an opportu- The disgruntled contractor gil Hea onine since
nity to. speak with a senior Le SEE page eight :
rsmnaweortiecompary. - SEE'Page eight = Wheniataea eo
dent was wearing a pair of
Capri pants, blue shoes, and

WHY ARE SO Tag i ‘an aqua, green and blue
COMPANIES ae TO "| _ striped blouse.

purged her contempt
by publishing an
| apology in a newspa-
per.

But Mrs Cash
asked yesterday:
_“How can I apologise
if I don’t know what I
am apologising for?”

She added: “I am
willing to go to jail

ness because I am in because I am fighting

God’s hands.” am not just for myself

Her comments and my family but for
_came after Court of Appeal _ this nation and the next genera-
- president Dame Joan Sawyer _ tion. If that is what is needed,
ordered her to purge her con- _ thenso be it. God is on my side.”
tempt during an appeal hearing. Mrs Cash and her husband

Dame Joan also demanded
that Mrs Cash return to court SEE page 11

Larter
$5 billion
shortfall

@ By CHESTER
ROBARDS
Tribune Staff Reporter







MP involved in police investigation
is expected to face additional
questions over GB subdivision

A LOCAL PLP MP who is currently being questioned by police
in connection with an alleged multi-million dollar construction
scam, is expected to field additional questions regarding a recent-
ly opened subdivision in Grand Bahama.

It is alleged that the MP awarded.three substantial contracts for
the repair of government buildings damaged by Hurricanes Frances
and Jeanne in 2004 to.a major party supporter in Grand Bahama.

. Itis claimed that the contracts did not go out to tender.

In addition to these government buildings, the contractor report-
edly received a significant number of homes to build under the pre-
vious PLP administration’s housing scheme.

This subdivision in Grand Bahama will be the second housing

SEE page 11



THE National Insurance
Board denied claims yester-
day that they are operating
with a $5 billion shortfall, but
‘did concede that contribu-
tions are outstanding.

An official NIB document
said that even if the institu-
tion had collected outstand-
ing contributions from 1974,
their fund would be nowhere
close to the $7 to $8 billion
mark an’NIB insider was
quoted as saying in a Tribune
article last Wednesday.

NIB also said in its state-

SEE page 11




The girl is described as slim
with a brown complexion and
"off-black" hair, Assistant
Supt Walter Evans said.

However, up to the time of
going to press the police did
not have.a photograph and

.declined to release her name.

"We are making checks to
the whereabouts of this girl.
We hope she will be found
soon, if not, we will step up
our appeal tomorrow."

If you know where the
missing girl is call 919, 911 or
the Central Detective Unit at
322-2561.

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PAGE 2, FRIDAY, OCTOBER 24, 2008




























































THE TRIBUNE



Disabled girl’s grandmother

criticises the government

@ By LLOYD ALLEN
Tribune Staff Reporter

ONE month has passed since a
struggling grandmother made a
public plea for help in transport-
ing her disabled grand-daughter to
and from school, and she says the
‘government has focused more on
“saving face” in parliament, than
on improving her family’s’ deteri-
orating situation.

For the past four years, 54~year-

old Denise Rolle, a single parent, —

says she has had to take on the role
of mother to her deceased daugh-
‘ters’ seven children. Added to this,
every day she has to take on the
arduous task of pushing her dis-
abled grand-daughter Rickia Rolle,

between their Kemp Road home

and R M Bailey High School. -

On Wednesday, St Thomas
More MP Frank Smith slammed
Social Services Minister Loretta
Butler-Turner in the House of
_Assembly for not providing trans-
port to the student through the goy-
ernment’s disability transport
scheme.

Mrs Butler-Turner responded,
stating that she had agreed to assist
the family, but that her ministry
was not prepared to accommodate
the grandmother’s request for a
7am pick-up, which is outside the
operating time of the disability
transport vehicle. .

According to Mrs Rolle, the
same day the original story ran in
The Tribune, which was Septem-
ber 24, She was approached by Mr
Smith, who is her constituency MP.

“He came to get my pay slip,

and he was suppose to be assisting
me with getting a vehicle for me
and my grandchildren,” she said.
Mrs Butler-Turner also raised this
point in the House.

However Mrs Rolle said, this
was the last time she spoke with
Mr Smith, though she made sev-
‘eral unsuccessful attempts to.con-

mC acodn aA

tact him. :

With regard to Social Services
Minister Loretta Butler-Turner,
Mrs Rolle said the first time she
gyer spoke with the minister was
minutes before Wednesdays’
House session.

“T was coming from an appoint-
ment with one of my grandchil-
dren, and she so happened to pull
up in front of me, and I stopped
her right there.” epee

Mrs Rolle said the minister once
again said that a pick-up was avail-
able for Rickia, but that it would
have to be made Jater than 8.30am.

. The grandmother says this is
unacceptable because it would
mean her grand-daughter would

"be late for school every day.

Mrs Rolle also told The Tribune
that as a single parent with seven
dependents, she is barley able to
pay her bills.

“Right now I in such a problem
with my bills, but it’s a good thing

that I’m living in a government |

apartment, because otherwise I
would have been evicted. I’m doing
the best I could in trying to keep
the light on, and keeping food in
the house.”

. However, Mrs Rolle said, she

Loretta Butler- Turner



has been denied food coupons..

She said that when she went to
the Social Services office, she was
told that because she is a govern-
ment employee, she is ineligible |
for assistance. al

As far as the educational and
recreational development of her
grandchildren is concerned, Mrs
Rolle says the absence of a family
vehicle, particularly to transport

'Rickia, has prevented the seven

children from taking part in any
extracurricular activities. 3
“My other grandchildren can’t
go on any after school programmes
because they have to come and

-help me with Rickia. They can’t go

to band practices, dance, nothing
after school, and that’s what is hurt-
ing me and hurting them.

“T think something should have
been done already, it’s now almost
a month or more since they’ve
know about our situation.”

In response to these concerns,
Mr Smith said that although he is
making every effort to assist Mrs
Rolle and her family, there are
numerous factors that require con-
sideration. 5

He noted that Mrs Rolle’s liv-
ing situation is a problem, as the
home appears to be devoid of stan-
dard appliances. *










Mr Smith said that due to the
severity of the situation, he is
unprepared to go into details but
that remains committed to even- |
tually providing some assistance to .
the family.



" Nassau -T: 242-502-7010










| F rt - T: 242-351-8928 © Jeane
- Freeport-7:242-351-8928 AUS
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THE TRIBUNE

FRIDAY, OCTOBER 24, 2008, PAGE 3





In brief

Police investigate
death of baby my

POLICE on Grand Bahama
are investigating the death of
an 18-month-old baby boy,
whose body was discovered by
his mother Ms Theodora
Dawkins of Lawrence Close
Apartments, floating in the
canal east of Island Seas Resort
at Silver Point shortly after
9am yesterday.

Police went to a houseboat
where they found the occupant
administering CPR to the
child; who was said to have
been pulled from the water a
few minutes earlier.

Emergency personnel took
the baby to the. trauma section
at Rand Memorial Hospital,
where he was pronounced
dead on arrival.

An autopsy is expected to
be held to determine the cause
of death. :

3% — not 10% — duty
increase on books

BOOKS thought to have
had an import duty increase of
10 per cent have actually had
just a three per cent rise, Min-
ister of Fiance Zhivargo
Laing said yesterday. —

_ The 2008/09 budget merged
stamp tax and import duty, and
figures were rounded up to the
nearest five per cent to simpli-
fy the system, Mr Laing said.

Books, whether brought in
by a business or for personal
use, were previously subject to
a seven per cent stamp tax,
while the duty was free. ;

Now the stamp tax has been
scrapped by way of merging it
with duty, so importers pay
one fee. —

The seven per cent figure
was rounded up to 10 per cent
in the simplification process.

_ Mr Laing said: “The biggest
confusion is the error in think-
ing there was nothing put on
books in the first place.

“I think at the airport, in
many instances, there was no
stamp tax collected.

“Typically, that is what hap-
pened. The tax was down, but

~ it wasn’t collected.”

Mr Laing said there had
been no increase in duty,.on,
items in‘the last 15 years, which
is below.the rate of inflation

Merging stamp tax with duty

had given customs officers and * :

importers a simpler task, Mr
Laing said, as they now col-
lected one tax instead of two,
and it was less likely to go
unpaid. -

And the three per. cent tax
rise is a result of rounding up
the figures, as Mr Laing said:
“Certainly the five times table-
is easier to deal with!”

Man pleads not guilty
to multiple charges

APPEARING in the

Freeport Magistrate Court yes- ,

terday morning, 34-year-old
Antonio Hensley McNeish of
Bass Lane pleaded not guilty
to charges of possessing dan-

gerous drugs, using obscene }

language, behaving in a disor-
‘derly manner and resisting
arrest.

Magistrate Andrew Forbes
adjourned the case to the May
5, 2009. and granted McNeish
bail i in the amount of $2,500
with two sureties.

Sube i

Home Fabrics

Madeira St. [242] 325-8233 * Robinson Rd.[242] 322. a isc baeye

Global economy, fuel costs
‘could lead to rise in crime’

@ By CHESTER ROBARDS
Tribune Staff Reporter

BAHAMIANS could see a
rise in crime as global
economies continue to floun-
der and fuel costs rise and fall,
Acting Commissioner of
Police Reginald Ferguson said
yesterday in his address to the
Rotary Club of West Nassau.

Mr Ferguson also told
Rotary members, when he
was questioned about illegal
guns, that police are doing all
they can to reduce the number
of them on the island.

He said because the
Bahamas does not manufac-



has seen a marked decrease
in the level of crime in certain
areas.

Mr Ferguson pointed.out
that crime in the Grove,
Carmichael and some south-
eastern areas are some of the
areas that have seen crime levy-
els fall.

“We endeavour to put more
police on the street,” he said.

Some Rotary members took
Mr Ferguson to task on some
critical issues confronted by
police, including policing of
neighbourhoods.

members that the police are
ever vigilant within the com-

The commissioner assured ,

ture guns, the problem begins
with weapon smuggling
through the Bahamas’ open
borders and its proximity to
the US.

However, he noted, the

Royal Bahamas Police Force
has international entities who
assist them in fighting the
problem and they run “potent
intelligence operations.”

The Police force, he said, .

munities and that though the
Urban Renewal programme
had been disbanded, officers’
presence in neighbourhoods
never declined.

Mr Ferguson also spoke

ee surcharge on residential electricity bills
. until December 31.





ofr residential.consumers-using.800-kilo-

Electricity bills have

- now been reduced

@ By ALEX MISSICK

BAHAMIANS can now see a reduc-
tion in their electricity bills as the F
Bahamas Electricity Corporation has |' ‘
come through with the order by Prime
‘Minister Hubert Ingraham to limit the

Prime Minister Ingraham announced
in parliament last month that BEC had
been instructed to set the fuel surcharge
maximum at 15 cents per kilowatt hour

watts of-electricity or less. persmonth. He Sa the
this.

General manager of BEC Kevin Basden said
more than 50,000 residential customers will start

. to see the changes in their October bills.

Mr Basden said the fuel surcharge went from
24.7 cents in August, to 23.3 cents in September,
and 22.5 cents in October.

“The fuel surcharge was reduced somewhat for
the month of October but in addition to that
reduction, the relief was extended to those cus-
tomers who are using 800 kilowatt hours or less,”
Mr Basden said.

“There were some customers who expressed
their gratitude for the relief provided by the gov-
ernment. I think many customers are aware that
the-high cost of the fuel surcharge is directly relat-
ed to the high cost of fuel on the market,” he
said.

Mr Basden said Bahamians will also benefit
from the good news that the price of fuel on the
international market is beginning to drop.

- “Of course there is a delayed reaction in terms
of when we purchase the fuel than what is actually
used weeks later and is actually billed,” Mr Bas-

den pointed out.

@ RM BAILEY CLASS OF 1988 MEETING

THE graduating class of 1988 of R.M. Bailey will hold a banquet
on Saturday October 25 at the Crown Ball Room Atlantis, Paradise,
Island beginning at 7:00 P.M. Tickets are available for sale — call

302- 2783.

a rs

Big Dadtly, Vampires, Jester, Mad Doctor,
Pirates, Ohama, Caesar, Snow He
es

° ree Ei
pC

+ Snider Web
att

THETA AI

ME a







government would cover any’ surcharge ® ‘above®s

-$599

Nancy Clarke, a resident in North

delayed reaction as she is not feeling
relief.

“For me I may get:a true feeling of
relief for my November bill. I want a
monthly bill that I am used to. I was
billed for 19 days instead ‘of 30 days.
When I saw the time frame on my bill I
was not happy,” Ms Clarke said.

“I think they read my metre early. If
I had gotten a regular bill for the full
month of October, I would know if any
; »changes:were really made in my bill and

‘how much.I amipaying,” Ms Clarke explained.

~Cathetine Johnson, a New Providence resident,
"said she has seen a decrease-in her- electricity. bill
for this month.

“It was nice to see that BEC made good on
the prime minister’s promise because every little
bit helps,” she said.

Ms Johnson said even though BEC has decided

to subsidise the fuel surcharge, she does not see it -

as a reason for people. to take advantage of it
‘and not conserve energy.

“I find myself being a little more conscious by
going around and turning off the lights in my
home and I make sure there is only one light on in
the room that I am in. I’m just trying to conserve
and bring my bill down even more,” Ms John-
son said

Mr Basden said he would like persons to
emphasise conservation by using energy efficient
light bulbs:

“We recognise what customers are going
through as a result of this high cost of fuel and the
impact it has had on the customer’s bills and it has
had the same impact on the corporation. We are
doing all-we can to minimise the cost as best we
can and we want customers to do their part as
well," Mr Basden explained.

Bank
Financing
Available

on the

Spot

ayn

Andros, maybe experiencing this.

about the use of closed circuit
television (CCTV) as a deter-

srent to crime and said that the

police force in the new year
would look into expanding the
use of this kind of crime fight-
ing tool.

He said businesses that have
had CCTVs installed have
been important in helping to

j BHA,
yucuttihes PERS

‘

bring criminals to justice.

One of the biggest immedi-
ate problems for the force is
the its lack of patrolling offi-
cers. However, he said, the
Force is constantly working

to recruit new police officers,

“We do have a challenge in

-terms of manpower,” said Mr

Ferguson.

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PAGE 4, FRIDAY, OCTOBER 24, 2008 THE TRIBUNE

The Tribune Limited There are two.

ideal places for

Being Bound to Swear to The Dogmas of No Master
' LEON E. H. DUPUCH, Publisher/Editor 1903-1914

SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G.,
(Hon.) LL.D., D.Litt. |

Publisher/Editor 1919-1972

‘Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Rebranding the US with Obama

THE other day I had a conversation with a

Beijing friend and I mentioned that Barack -

Obama was leading in the presidential race:

She: Obama? But he’s the black man, isn’t
he?

. Me: Yes, exactly.

She: But surely a black man couldn’t
become president of the United States?

Me: It looks as if he’ll be elected.

She: But president? That’s such an impor-
tant job! In America, I thought blacks were
janitors and labourers.

Me: No, blacks have all kinds of jobs.

She: What do white people think about
that, about getting a black president? Are
they upset? Are they angry?

Me: No, of course not! If Obama is elected, ©

it’ll be because white people voted for him.

(Long pause).

She: Really? Unbelievable! What an amaz-
ing country!

We're beginning to get a sense of how
Barack Obama’s political success could
change global perceptions of the United
States, redefining the American “brand” to
be less about Guantanamo and more about
equality. This change in perceptions would

help rebuild American political capital in the °

way that the Marshall Plan did in the 1950s or
that John Kennedy’s presidency did in the
early 1960s, In his endorsement of Obama,
~ Colin Powell noted that “the new president is
going to have to fix the reputation that we’ve
~Jeft with the rest of the world.” That’s not
because we crave admiration, but because

cooperation is essential to address 21st-cen- :

tury challenges; you can’t fire cruise missiles
at the global financial crisis.

In his endorsement, Powell added that an
Obama election “will also not only electrify
our country, I think itll electrify the world.”

t

You can already see that. A 22-nation survey

by the BBC found that voters abroad pre-
ferred Obama to McCain in every single
country — by four to one overall. Nearly half

of those in the BBC poll said that the election

of Obama, an African-American, would “fun-

damentally change” their perceptions of the -

United States. |.

Europe is particularly intoxicated by the
possibility of restoring amity with America in
_an Obama presidency. As The Economist
put it: “Across the Continent, Bush hatred
has been replaced by Obama-mania.”

Steven Kull, director of the Programme
on International Policy Attitudes, which con-

. ducted the BBC poll, said that at a recent
international conference he attended in

Malaysia, many Muslims voiced astonish- -

ment at Obama’s rise because it was so much
at odds with their assumptions about the
United States. Remember that the one thing
countless millions of people around the world

“know” about the United States is that it is’

controlled by a cabal of white bankers and
Jews who use police with fire hoses to repress
blacks. To them, Obama’s rise triggers severe
cognitive dissonance.

“Tt’s an anomaly, so contrary to their expec-
tation that it makes them receptive to a new
paradigm for the U.S.,” Kull said.

‘Europeans like to mock the vapidity. of
American politics, but they also acknowl-

edge that it would be difficult to imagine a_

brown or black person leading France or

_ Germany.

As for Africa, Obama’s Kenyan father was
of the Luo tribe, a minority that has long suf-
fered brutal discrimination in both Kenya
and in Uganda (where it is known as the
Acholi). The bitter joke in East Africa is that
a Luo has more of a chance of becoming
president in the United States than in Kenya.

Yet before we get too far with the self-
congratulations, it’s worth remembering
something else.

In the Western industrialized world, full
of university graduates and marinated in prin-
ciples of egalitarianism, the idea of electing a
member of a racial minority to the highest

office seems an astonishing breakthrough.

But Jamaica’s 95 per cent black population
elected a white man as its prime minister in
1980, and kept him in office throughout that
decade: Likewise, the African nation of Mau-
ritius has elected a white prime minister of

‘French origin: And don’t forget that India is

overwhelmingly Hindu but now has a Sikh
prime minister and a white Christian as pres-
ident of its ruling party, and until last year it
had a Muslim in the largely ceremonial posi-

tion of president.

Look, Obama’s skin colour is a bad reason
to vote for him or against him. Substance
should always trump symbolism.

Yet if this election goes as the polls suggest,
we may find a path to restore America’s glob-
al influence — and thus to achieve some of
our international objectives — in part because
the world is concluding that Americans can,
after all, see beyond :a person’s epidermis.
My hunch is that that is right, and that we’re

every bit as open-minded about racial minori-

ties as Jamaicans already were a quarter-cen-
tury ago.

(This article was written by Nicholas D.
Kristof —

c.2008 New York Times News Service).



a Fast Ferry Port

EDITOR, The Tribune.

Several days ago I read an
article in The Tribune about the
stellar growth and need for
expansion of the Fast Ferry
operation. Its growth has been
phenomenal. And it deserves
to be held up as a role model
company.

I've been to Spanish Wells
and Harbour Island many times
on the Bo Hengy and the one

‘thing not Bahamian about it is

that it is always on time. If the

. schedule said it would leave at

eight o'clock, then at 7.58 its
engines were running and at
eight o'clock the lines were
loose and the Bo Hengy was on
its way. Professional. First class.

The first time I heard of an
operation like Fast Ferries was
from Sir Roland Symonette, the
father of both Brent and Craig
Symonette. A group of us were
sitting on the stern of Sir
Roland's boat during a bye-
election campaign in North
Andros. Brent and Craig were
still boys in short pants and not
yet on the rugged out island
election trail. He told us of his
vision for the Family Islands,
and that was to tie the country
together with fast moving boats
where produce and people
could move swiftly and reliably
from island to island. Little did
he know that years later his sons
would do it, starting with the
Bo Hengy.

The article spoke of the need
for expansion. And I could
attest to that. When the Bo
Hengy sails in the morning from
the Potter's Cay dock there is
no parking space, hardly room

to.move. If they are to expand .

aise and expand they must ......a
much larger area:is needed to

house the Fast Ferry operation.

Malcolm's Park was given as
an option for the new home of a
Fast Ferry facility. The person
who suggested this area obvi-
ously was not aware of the facts
and story behind it. During the
Parliament of 2002-2007, I
asked for a Committee to inves-
tigate the problems associated
with selling fish, etc. at the Mon-
tagu ramp and to make recom-
mendations to the Government
as. to what steps could be taken
to alleviate the problems of traf-
fic, health, congestion, etc,
which existed there. Brent
Symonette was the Member of
Parliament for Montagu and
was put on the Committee.

We had a difficult job ahead

' of us. Because it had become a

vibrant economic centre and
people and families relied on it
for their well-being, it could not
just be closed down. It had to be
relocated, and the new facility

’ would have to be such that

tourists and locals alike could






LETTERS

let



ters@tribunemedia. net

enjoy a part of "island living".

After countless hearings and
many hours of deliberation, the
committee finally came to a
decision; move it from Montagu
to the Malcolm Park area;
design the area in such a way
as to make it clean and attrac-
tive for both tourists and locals.
It was suggested that a Bahami-
an town be created with path-
ways of trees, native restaurants,
and interspersed with kiosks for
the sale of fish. In the areas
where fish were cleaned a vac-
uum system to dispose of the
fish entrails, etc. would be
installed.

In short, it would be-a
Bahamian town, only carrying
Bahamian products .... food,
fish, straw bags ... you name it.
At last it would let the Bahami-
an "little man" have an oppor-
tunity to be near the market
(namely tourists) which his tax
dollars had helped bring here.
Yes, the Bahamian "little man".

The entire Committee, with
the exception of Brent Symon-
ette, was ready to sign it. Final-
ly the day had arrived when I
was to have the opportunity to

present our findings and make.

recommendations to the Goy-
ernment. It seemed that finally

the "little man" would have’

something that they could be
proud of, something that would

bring him into the economic.

mainstream, and the stench,
unhealthy conditions, and the
traffic congestion would be

moved from the Montagu.

Ramp.

Brent refused to sign the
report. He found himself pre-
senting a "minority" report. Just
like the majority report, the
minority report is supposed to
be written so that it can be

EDITOR, The Tribune.

entered as a public, record.
Instead Brent decided to pre-
sent a verbal report that would
be recorded in the "Hansard"
which does not go to the gener-
al public.

And so Malcolm's Park,
owned by the Government,
should be completely out of the
question for any operation
which Brent Symonette is asso-
ciated with, unless he v ishes to
once again be caught in a "con-

. flict of interest" situation. I am

sure he would not want that.
But all is not lost for the Fast
Ferry Port. There are t'vo ideal
places on East Bay Street for
it. I had thought that Sir
Roland's home, which has been
turned into a commercial ven-
ture, could easily be the spot
for a Fast Ferry Terminal. The
house, which is now used as a
restaurant, could be converted
to be the "Sir Roland Symon-
ette Fast Ferry Terminal". The
restaurant, which is now down-
stairs, could be moved upstairs
and an elevator installed, leav-
ing the downstairs for the pas-
sengers going on the Bo Hengy.
The dock is already there .

. and little renovations would

have to be done. Ample parking
is there and the setting is beau-

' tiful. And it would be appropri- —

ate. After all, it was his idea;
what a fitting testimony to a
man who was the first Premier

‘of The Bahamas and who loved

the people. ;
. The second spot could be
Symonette's Shipyard. The
building is there; the land is
ample, and the name is there.
What better could you want?

But people never seem to
change or learn. The old Bay
Street Boys are still there. A
few names have been added,
and a few dropped, but the atti-
tude is still there. What a
shame.

PIERRE Vv. L. DUPUCH
- Nassau,
October 21. 2008

Gove raiment must start backing the police

Security screens, two dogs, an alarm system, mace, high fn secu-
rity lights, triple dead locks, a gate on the back patio door, locked gar-
den.gates, car alarm — But I am asked “Please be more vigilant.” :

I am doing my part to keep myself and (tongue in cheek) my laptop
safe in Cable Beach. When will the Government support both Police
and people by making the criminals responsible for their actions?

There is a lot of talk-and there has always been a lot of talk about
crime, but without the courts to prosecute and the‘means to punish the
criminals:is there any wonder the state we are in? People are respon-
sible for themselves, but Government is responsible for the adminis-
tration of the country, not me; and not “the church” or 2 vy other’
organisation. Please stop talking about crime as a theory, blaming
this and that, and simply ACT on this very real oe

‘S APPLETON
Nassau,
October, 2008.

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by the day, week, or month in

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financial controller in managerial capacity.
Skills: Hotel Chief Engineer
1) Excellent interpersonal skills
2) Excellent managerial skills
3) Strong computer skills
4) Strong analytical skills
5) Strong oral and written skills
- 6) Able to work in a very dynamic environment

Management Employment Opportunity

POSITION AVAILABLE
‘HOTEL CHIEF ENGINEER

A leading hotel invites qualified persons in the above mentioned field to
apply for the position of Engineer Manager.

Job responsibilities include the following:

The successful candidate must possess the following:

1) Supervising the complete accounting cycle for nine
companies

2) Preparing monthly financial statements for nine
companies

3) Human resources function including payroll for 250
plus employees

4) Co-ordinating all other areas of the business to ensure
optimal efficiency

5) Dealing with all government reporting requirements

6) Dealing with all shareholder inquiries

e A minimum of 5 years experience as a Supervisor in the Engineering
Department

e Must be proficient in Preventative Maintenance Programs

© Must possess a proven record of Team Leadership skills, and able to
work with little or no supervision

¢ Must possess strong interpersonal, communication, problem solving
and customer service skills

e Must possess knowledge of Electrical & Mechanical Systems i.e.
HVAC, Plumbing & Heating

¢ Must possess basic Administrative skills with some knowledge of
Microsoft Excel

e‘Must be able to work long and flexible hours

Interested persons should apply no later than November
3, 2008.

Applicants with supporting documents also including a clean Police
Certificate should be sent to the address below.

Apply to:

DA 68306R
c/o The Tribune
P.O. Box N-3207

Nassau, Bahamas

Competitive salary and benefits package are commensurate with experience.

Applicants for Hotel Chief Engineering,
DA#68557
c/o The Tribune
P.O. Box N-3207

ot A Gcaine Auto Sales (Freeport Ltd for simifer ‘deals, Queens Hwy, 352-6122
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ot Abaco Motor Mall, Don MacKay Blvd, 267-2916


- THE TRIBUNE

FRIDAY, OCTOBER 24, 2008, PAGE 5



Three expat workers are
diagnosed with tuberculosis

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

FREEPORT - Three expatriate
workers have been diagnosed with
tuberculosis as a result of screen-
ings conducted by health officials
at the Grand Bahama Shipyard,
Health Minister Dr Hubert Minnis
revealed yesterday.

Dr Minnis said these persons are
receiving treatment for the infec-
tious disease, which has not been }

' detected in any of the 270 Bahami-
ans employed at the shipyard.

During a press conference held around noon
at the Rand Memorial Hospital, the minister
said that tuberculosis screening of all persons at
the facility has been completed, and all results
have been.reviewed by an infectious disease

- consultant.

_ Dr Minnis - who visited the island along
with Chief Medical Officer Dr Merceline Dahl

Regis and other senior health officials — report-

ed that a total 1,084 persons have taken the

mantoux skin test and 349. have had chest x-

rays.

. that there are no cases of tuberculosis at the

Hubert Minnis



“The Ministry of Health wishes to advise

“Prophylactic treatment is rec-
ommended for individuals who

with a follow up at three and six
months,” said Dr Minnis.

Last Saturday, Dr Minnis told the
| media that only a single case of
tuberculosis was confirmed at the

workers are expatriates.

Union officials had expressed
concerns about possible exposure
of Bahamian workers to TB, and
| demanded that all workers be test-
ed for the disease.

At the time, there . was
speculation that some 14 workers had tested

- positive for the disease, however the

minister later reported that these were old
infections.

Dr Minnis said the Ministry of Health is now
reviewing the health requirements for persons
seeking employment in the Bahamas.

“All individuals who come (here to work)
must have a health'certificate, however, at pre-
sent protocols are being worked out with the
chief medical officer, and we had discussions
with shipyard personnel and we have been
assured that all individuals coming here will

have chest x-rays done so that we can our-—

have had exposure to tuberculosis '

shipyard, where a majority of the

shipyard in Grand Bahama.

selves review it,” he said.

Fred Mitchell hits out at
report in The Tribune

PLP MP for Fox Hill Fred
Mitchell attacked a Tribune
report which revealed that a PLP
MP who is engulfed in a con-
struction scandal held private
talks with the leader of the party,
Perry Christie, in the Opposition
Room at the House of Assembly.

Highlighting a segment of the
meeting, The Tribune revealed
how the MP explained to Mr
Christie that the police — who are
conducting the investigation —
were basing the entire matter
purely on “assumptions”.

“They think me and (name
omitted) in cahoots,” the MP
said.

When reportedly pressed fur-
ther to explain the situation, the
MP pledged that no money | had
changed hands.

In fact, he highlighted that he
had used his father’s collateral,
along with that of a developer, to

purchase property on which the |

pair have now constructed a
“upscale” subdivision.

“So we didn’t have to come up:

with a dollar. Only for legal fees,”
the MP said.

As the news of yesterday’ 's pub-
lication spread throughout Nas-
sau, commentators began asking

and speculating about the source »

of The Tribune’s information.
This was even the case on the par-
-ty’s official website: myplp.com.

In a posting entitled “Et Tu.

Brutus”, a writer asked how The
Tribune could have a. “blow by
blow” account of the private

meeting. The writer said this _

meant one of three things: “(a)
someone in that room (is) leaking
information to The Tribune, (b)
someone in that room is secretly

taping the conversation and pass-

ing the tapes on to The Tribune,
(c) the room has been bugged.”

“J think it is time that we slap .

some people up side their heads

and drop kick them. It is a dis- .

service to the party and to the
country when we fall prey to this
type of shenanigans, in fact, that is

an outright betrayal. If I were the

leader I would be very careful

to fi ing the

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what I say and who I say it

around from hereon iin,” the: coms
ment said. .
‘However; Mr Mitchell yester-

day never: denied that any such -

meeting took’ place, and took

-exception to the fact that the arti-
_ cle had “no by-line, no named

sources and nothing to substanti-

ate the facts alleged”.

“This is beneath the standards
of acceptable journalism. News-
papers of record cannot continue
to demean themselves and

defame their own reputations by ©

relying on half truths, innuendoes,
lies and in the absence of any-
thing at all putting two and two
together and making it five, to
suit their own purposes.

- “sa PLP member of parlia-
ment, I am deeply disturbed and
offended by this continued biased

and tendentious campaign. My —

views in opposition to this cam-
paign were never fully aired by

_ the perpetrators of the stories

appearing in the press. Someone
in officialdom is seeking to poison

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Cable Beach (oid city Market Building): 327-8862



the well of public opinion, pre-
liminary to using the courts and
the police for some malicious,
political objective.

“The FNM and its government
must be careful in all of this lest
they be accused of using the
police as a political tool of
destruction against the PLP in an
attempt to keep their hold on
power in the country. Such acts, if
committed, are dangerous and
illegal and must be condemned
across the political spectrum by
all right thinking Bahamians,” he
said.

Mr Mitchell said that the PLP
and the Bahamian public are enti-
tled to know whether or not this
investigation is a “conspiracy”,
which is hatched as an “illegal
and’ partisan tactic” by the gov-
ernment or its FNM agents with:
in the police force.



Ph: 325-3336



~BIMINI BAY

RESORT AND MARINA

Only forty-eight nautical miles east of Miami, Florida, situated on the North end

of North Bimini, Bohamas -

Bimini Bay Resort & Marina complex rests on over

740 acres of pristine Bahamian beaches. Long known as o paradise for anglers
and divers alike, Bimini Bay Resort offers a plethora of options for the most
discriminating fraveller. Bimini Bay Management Lid.
owns and operates Bimini Bay Resort & Marina.

\

CAREER ee

B mini i Bay Resort & Marina seeks to hire a professional individual




for the following pasition:

~ DIRECTOR OF SECURITY
Resconcibic for the safeguarding of hotel property, assets,

guests, visitors, and employees. Develop and maintain a pro-
active loss prevention program designed to ensure a safe

and secure environment for. hotel guests and employees.

Responsible for
standards.

the preparation of schedules and work
Develops and presents training programmes.

Establishes and maintains proper effective communications
and loss prevention surveillance systems. Thorough knowledge

of fire safety & hurricane preparedness.

MANAGER OF HUMAN RESOURCES

at gbullard@biminibayresort.com

or fax to (242) 347.2312
PAGE 6, FRIDAY, OCTOBER 24, 2008

THE TRIBUNE



aN

JCREDIT SUISSE

Credit Suisse, Nassau Branch
: Private Banking
is presently considering applications for
Head of Treasury & Execution

The position is open to candidates with the following minimum requirements:

° University Degree

* Minimum of 10 years well rounded fankiig experience in treasury/
execution and related departments of an offshore bank ;

* Strong management and leadership skills

« Well versed in Swiss banking practices and standards

3 = Idepth knowledge of international Money Market/Forex Exchange

° PC Literacy (MS Word, Access, Excel)

* English is the required language; German and French would be an
asset

¢ Proven track record

Duties:

The candidate will be expected to:

* Develop, recommend and ensure the implementation of the bank’s
trading operation strategy
* Monitor/evaluate the bank’s position and oversee existing and
Hp rospective trading activities

rovide advice and guidance in relation to treasury activities .
. ’ Provide edles SUnROrE to festorsne managers

¢ Excellent organizational and Sgmimunieation skills

-A commitment.to service excellence PTE.
* Ability to. work under pressure and with minimum supervision

Pe Compelive salary and performance bonus

* Pension Plan.
- Health and Life Insurance

- Applications should be submitted to:
~ Human Resources Beeston.
P.O. Box N-4928 -

_ Nassau, Bahamas | ue

‘Via Facsimi le 356-81 48

DEADLINE FOR RECEIPT OF APPLICATIONS IS OCTOBER 29, 2008





_ BIMINI BAY |

RESORT AND MARINA

DIRECTOR general of the
Ministry of Tourism and Avia-
tion Vernice Walkine challenged
all Bahamians to live up to the
country’s most famous promo-
tional slogan: “It’s Better in the
Bahamas”.

on the programme, You and Your
Money, reminded the public that
the Ministry of Tourism and Avi-
ation suspended the use of the
catch phrase in order to focus on
improving the tourism product
and the delivery of service.

However, the slogan is about
to make a comeback. Ms Walkine
acknowledged that the visitors
themselves challenged the pro-
motion when it was in use. “We
walked away from ‘It’s Better in
the Bahamas’ because it wasn’t,”
she said. “The visitor was saying,
“You've got to be kidding.”

She said the Ministry of

A NEW regional cultural task
force has been charged with pro-
ducing “cutting edge ideas and
approaches” by CARICOM Sec-
retary General Edwin Carring-
ton.

Speaking at the launch and
inaugural meeting of the Region-
al Task Force on Cultural Indus-
tries, Mr Carrington said CARI-
COM needs to ensure that new
talent and new innovations are
constantly encouraged and devel-
oped.

“We need a co-ordinated
regional approach that will build
on and energise and promote the
development of the CARICOM
Single Market and Economy
(CSME)” he said. ~

“Ladies and Gentlemen, we
have sufficient evidence from the
many studies that have been done
over the years, and from the
many successful artists, writers,
performers and festivals that our
region’s cultural products are
competitive, important to the
regional economy and central to
our people’s identity and
advancement,” Mr Carrington
said.

“This task force has therefore
been set up not to rehash what
has been done before, but to
make recommendations for
actions on the part of our mem-

Only forty-eight nautical miles east tof Miorri, Florida, situated on the North end of North Bimini, Baharnas - Bimini Bay Resort & Marina complex
rests on over 740 acres of pristine Bahamian beaches. Long known.as a paradise for anglers and divers alike, Bimini Bay Resort offers a
_ plethora of options for the most discriminating traveler. Bimini Bay Management Lid. owns and operates Bimini Bay Resor! & Marina,



and long term planning and
ee

t INE Gaily OPEanon,
> technology and data that

ss Operations. Candidate must
ING ee Nortel Networks,

Ms Walkine, the special guest °



LOCAL NEWS

») Aviation is
/ resuming
the use of
| the popular
Jjslogan
“|because
5 F F Bahamians
WTC AUET ust deter.
mine to
make the slogan a reality.
“T think Bahamians totally

understand why it is important .

for that statement to be true,” she
said. “Now, what I want Bahami-
ans to do is to do their part to
make it true.” ‘
Great emphasis is now being
placed on the visitor experience in
the Bahamas, Ms Walkine said.
She pointed out that the visitor
experience is what causes cus-
tomers to be satisfied. If satisfied,
they will recommend the
Bahamas to friends and relatives.

ber states to provide cultural
entrepreneurs and artists in this
region. with the incentives, finan-
cial support, the policies and the
legislation necessary to enable the
sector to grow and thrive.”

Mr Carrington said the meet-
ing was important because it
responds to the persistent call by
artists and cultural entrepreneurs
in the region, for their govern-
ments to address the develop-
mental needs of this innovative
sector.

“This clarion call was most

audible during the recent CAR- .

IFESTA X,” he said.

The establishment of the
Regional Task Force on Cultural
Industries was mandated by both
the Council for Trade and Eco-
nomic Development (COTED)
and the Council for Human and
Social Development (COHSOD),

_and Mr Carrington said the

â„¢ Tourism and.



Walkine calls for
a better Bahamas

Ms Walkine said the visitor
experience begins even before the
customer arrives in the country,
From the moment’a decision is

. made to visit the Bahamas, that

customer must be satisfied that
he or she has made the right deci-
sion, she said.

Ms Walkine said the experi-
ence includes ensuring that cus-
tomers pay reasonable prices to
get to the Bahamas, that they
have a good experience while
arriving, and that public trans-

u

portation, hotels and activities are -

up to high standards.
“Notwithstanding the fact that

‘ we have been in this business.as

long as we have, we still haven’t
gotten it right,” she said. “We
have been lucky.” ©

Ms Walkine said the people of
the Bahamas must turn the visitor
experience around, producing ful-
ly satisfied customers.

‘Cutting edge ideas’ needed, says CARICOM’s Carrington

,this body will be discussed and

“acted upon by both ministerial

councils as well as the Council
Finance and Planning (COFAP)

_and the wider Caribbean Com-

munity.

He said: “I am especially —

pleased to see that this task force
has come to life at this time. And

- not a moment too soon. You are

no doubt aware of the enormity

of the challenges we currently ~

face in the global arena, which is
more than ever,. mired in eco-
nomic uncertainty bordering on
chaos. “More especially, for us in
CARIFORUM, (that is CARI-
COM and the Dominican Repub- |

lic) we have recently signed an ~

Economic Partnership Agree-
ment (EPA) with the European
Community, which was justified

_ toa great degree on the promise

it brings for co-operation in ser-
vices and particularly, in regard to

Teports and recommendations of




the cultural industries. ©

103 Mt, Royal Ave, & Talbot St,
P.O. Box N-1546
=e. Telephones 328-4900:
* Faxs 328-4903 » Cell: 456.9062
Robert D, Cox, Managing Director

Fanny Louise
Swann, 87

_formerly of Grand Turk will be held at

Church of God of Prophecy, Pinedale

«4 Grand: Bahama on Saturday, October 25th

4 2008 at liam, officiating will be Bishop

Cleophas Capron Jr. assisted by Associate

Pastor Stephen Cefort internment will be at
the Harbour West Cemetery .

_ She is survived by her children, Yvette Walkin, .Iris Hudson, Carol .
Musgrove, Margaret Bonaby, Eloise Weeks, Ivil Skippings, Mary Durham
and Godwin Adams (deceased); grandchildren, Barbara, Hugh, Nicola,
Qunicy, Derek, Christopher, Chad, Cashenda Adams and Chrystal Wilson,
Chevette, Anthony, Kevin (Leticia Ewing) Vesco and Recco Bonaby,

Valencia Major, Hatriera Cooper, Requel Weeks, Latasha Davis, Shakara
Gardiner, Nikelta Skippings, Tanya and Dominique Durham; 25 great
grandchildren, sons-in-law, Hugh Walkin, Rudley Hudson, Curlin Musgrove,
Wendal: Boniaby, Owen Weeks and James Dutham; daughters-in-law:
Lucille Adams and Christina Skippings; neices, Louise Propser, Annie. .
Swann, Gertrude Kelly, Beatrice Ferguson, Malvina Gardiner and Madge
Williams; nephews, Walter, Audley, Carl, William Dick and Andrew Swann;
other relatives and friends including, Bishop Elgarnet Rahming and family,
Bishop Joseph M: Swann and family, Pastor Galy Swann and family, George
Swann and family, Clauduis Sefort and family, Samuel Simmons and family,
Davis Hall and family, Majorie Robinson and family, {anthe Willams and
family, Robert Forbes and family, Pastor Leroy Lightbourne and family,
William Jones and family, Cecil Delancy and family, Vivienne Stubbs and
family, Rev. Lindy Russell and family, Pastor Roosevlet Rolle’ and family,
Pastor Dwight Jennings and family, Calvary Deliverance Church family,
Pastor CL Capron and family, Pastor Cleophas Capron and family, Minister
Willis Grant and family, Bro. Winston Capron and family, Bishop Rudolph
Arthur and family, Bishop Lionel Douglas, Church of God of Prophecy
family, Hon. D. Shane Gibson M.P. and family, Bishop Hoplin Parker and
family, Pastor Andrew Storr and family, The Hon. Michael Missick and
residents of the Turks and Cacios Islands Especially Grand Turk, Residents
of Freeport, Grand Bahama, friends of the Straw Market, Freeport; Dr.
Pandy, Dr. Gutan, Dr. Cash, Dr. Kavala and doctor and nurses at the Rand.
Memorial Hospital in Freeport, doctors and nurses at Myrtle Rigby Hospital
in Provodenciales, Dr. Michael Darville, Dr. Francis, Dr. Judson Eneas, Dr.
Conville Brown and nurses at Doctors Hospital.

9
wage and salary administration, benefits, training, employee/
labor relations, organizational development and payroll.
Work losely with General anager &. peo Director | in




Viewing will be held in the State Room of Jones Brothers Morticians from
2pm-6pm on Thursday and in Freeport at Restview Memorial Mortuary East
Coral Road from 1pm -6pm and again at the church on Saturday from 10am
to service time.










member of the hotel Executive Committee. Training
experience inclusive of customer service is a must.

DEATH NOTICE

Naomi Isadora Taylor age, 87 yrs

Her husband, Geroge Taylor; two daughters, Cynthia Taylor and Rebecca
Taylor; four sons, Chief Officier Peter Taylor, Paul, Anthony and Hasting °4
Taylor.

Funeral Arrangements will be announces at a later date.

ompetitive compensation. For full consideration,
a copy of ie resume fo the attention of




Construction
Students learn

about job safety

THE students of the
construction pro-
grammes at Bahamas
‘Technical and Voca-
tional Institute are well
on their way to becom-
ing “work safe stu-
dents”.

For the past few
weeks, the students
have been learning
about work force safety.
This programme, which
is part of BIVI curricu-
lum, aims to educate
students on the impor-
tance of workplace safe-
ty and health habits,
which will aid in pro-
tecting them and their
coworkers ‘at work.

On Tuesday, instruc-
tor Reuben Ogbogbo
and his students wel-
comed guest speaker
Ravi Bhaktha, project
manager at Cavalier
Construction who spoke
on the topic of job safe-
ty in workplace.

Asset

BTVI said hundreds
of students will enter
the construction field
this year and while
these students are an
excellent asset to the
industry, they are also
at risk of being injured
if proper safety training
isn’t provided. .

Mr Bhaktha said: “As
an employer, we want to
provide tools to keep
our employees safe anG
aware.” .

It is essential that:
businesses understand ©
the importance of safety
and that they recognise
that specific training
heeds to be geared
towards junior crafts-
men entering the work-
force, he said. ©

“BTVI wants to rein-.

-force to our students
that accidents canand |
do happen,” Mr Ogbog-
‘bo said. “We'also want
to provide more work’
shops for our students
so that they can see that
_ industry is taking the

right steps toward their
Safety.

“Workplace safety i is
our passion, and these
seminars empower our
students to know their
tights and make safe
decisions on the job,”
said Sean Adderley,
public relations officer
at BTVI.

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.



















ais
<3 pnt

Parents’

we, RESns Bee 3
qe fhe he See" Bharat

LOCAL NEWS







STUDENT AWARDEES (clockwise.
from top) Yhen Smith, Samuel.
Johnson and Shanygne Swann

pride at

super students

@ By ALEX MISSICK

PARENTS were bursting with
pride over the achievements of
their children at this week’s CV
Bethel recognition ceremony — but

-none so much as Raquel Smith,

whose child pulled through despite
a serious medical condition.
Raquel said she is very proud of
her daughter, Yhen Smith, who has
been diagnosed with type one dia-

._ betes, for achieving a B grade in

the religious studies BGCSE and

maintaining 2°2:90'GPA**
“T had to move her here from _

Eleuthera because of the expense
of going back and forth to the doc-
tor here in Nassau. I told her Iam
going to be happy for what. ever
she can do,” Ms Smith said.

_ Ms Smith said her daughter
missed 45 days of the school year
last year but was still able to com-
plete the required coursework
needed for the examination.

“] feel as a parent that she can go
far. It may be one subject, but there
are children who come to school
everyday without any problems.
My daughter has done well even
though she has a sickness,” Ms
Smith said.

Yehn said that every nigh when

- She came home, she would plunge
directly into her homework, pro-
jects, studying and coursework.

She said that only God brought
her through. “During the time I
was sick I had to carry my books in

- the hospital. Even though the doc-
tors did not approve, I still was
determined to do well,” Yhen said.

Yhen said she is going to try for
four more BGCSEs and aspires to

become a nurse after graduation.

from CV Bethel.

Ms Smith said she is hoping and
praying that everything goes well
this year so that her daughter can

achieve her dreams.

PRIME OFFICE
SPACE

Approximately 2,100 square feet of second
floor space will be available January, 2009 in
newly constructed building at the corner of

| Marlborough and Cumberland Streets. Two

(2) on-site car spaces included.

Ideal location for offshore bank, trust company,
law firm, or other professions _ ;

‘

Contact Owner at 362- 6006



\ British

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j



reast cancer. Early detection inorgh regular breast self-exams and a regular. program of mammogram
an physical exams are crucial steps that every woman should employ.

Jennifer Francis






s to eating this disease is to detect breast cancer in its
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ch twenty years of age. Self exams should be performed every,
ou; this is a reminder to help yourself and possibly save your owy

Breast Cancer Survivor for 7 years

[PURSES SAINT

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Thompson Blvd. Oakes Field
SANPIN MOTORS LIMITED © t 242, 326.6377 f, 242.326.6315

aS ~@, Sanpin@coralwave.com™ >”

SS
ee S

|. DOCTORS HOSPITAL
Heals Pox Life
WIN an

FREE MAMMOGRAMS

Enter to WIN Free Mammograms for Life, by completing
this entry form before November Ist 2008 and mail to
Doctors Hospital.Marketing Department

P:O.Box N301 8 Nassau, (Bahamas

Name:
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P.O.Box:,
Age:
Tel.
“Mobile:
Email:



In observance of Breast Cancer Awareness Month
DOCTORS HOSPITAL is proud to offer

50% OFF * the cost of Mammograms!

*Women who have not had a Mammogram at Doctars Hospital
*Must present this coupon
“Valid through December Ist 2008

47

The Tribune observes Breast Cancer Awareness Nietrneeley, a



Drive It!, Drag It!,
Pull itl,



IT DOESN’T MOVE.
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“END OF YEAR CLOSE-OUT SALE
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END OF YEAR CLOSE-OUT

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PAGE 8, FRIDAY, OCTOBER 24, 2008



| FAMILY GUARDIAN

INSURANCE COMPANY LIMITED





Attend the Family Guardian Insurance

Sales Career Fair
November 1, 2008

I you are:
« Aged 21-50 years

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Wet SPRI8D-

Boonen:

FROM page one

said ever since the Albany
development project started
when an initial bidding process
took place, small businesses like
his were overlooked by the
development company.
According to Mr Outten, the
multi-million dollar contracts
were issued to major local and
international companies. Mr
Outten claims that these multi-
million dollar American com-

panies “are taking bread out of
the mouths of the Bahamian
people”

“Only one set of companies
are working out here: I want the
Bahamian people to know that
in these tough economic times,
everybody needs a dollar. All
I’m asking them to do is to share
this pie around, level the playing
field, and give everybody an

by Resloiaw Memorial Moluay
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For THE LATE
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or No, 6 Winters Drive, SEA
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THE TRIBUNE

Contractor blocks development

opportunity to make a dollar.”

Mr Outten said after he saw.

the unfair conditions at the
development site, and had
failed several times to speak
with Albany executives, he
decided to write and hand deliv-
er a letter to the office of the
Prime Minister requesting some
reconsideration which would
force the company to open dis-
cussions for small or partial con-
tracts for local contractors.
Keith Hamilton, another

small contractor, said he too was _

prepared to have his company

vehicles brought to the. site if

that was what it would take to

get fair treatment from the com-
any.

* “T’m a Bahamian, the gov-

érnment says invest in the
Bahamas, and now that I’ve
invested over a million dollars in
brand new trucks for my com-
pany, here it is now that I can’t
even get a job in the Bahamas
where I live.”

He said that he was also
among local contractors who
took part in the pre-contractual

_ bidding, but was also over-

looked by the company.
' After hours of waiting, the
men were ultimately addressed

by John Davies, senior Vice e
’ President of construction.

According to Mr Davies
“there was a small misunder-
standing with a few local con-
tractors.” However, he said,
“we’re going to meet with them
and work things out.”

' Mr Davies said that after an
offer was made to arrange a
meeting between the men and
company executives, the con-
tractors finally decided to
remove their trucks. It had
delayed work on the site until

_ 6pm,.a period of four hours.

. Mr Davies said that although

he had guaranteed nothing, “I
told them that we would sit °
down and listen to them,

because we.do need to explain
to them how the process
works.” 8

“All the companies that we
have interviewed here, that we
have bid work have been

Bahamian companies,” he said.
. “We have a policy that unless a

contractor has a Bahamian busi-
ness licence, they cannot bid
work from us.’

The meeting, scheduled to. be

- held between the contractors
and Albany executives, will be * °°

held next Nee

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THE TRIBUNE

FRIDAY, OCTOBER 24, 2008, PAGE 9





Concern over the signing -
of the controvsial EPA

@ By IAN BETHELL
BENNETT

[xoxes abound on the
eve of signing the
incredibly controversial EPA.
The Bahamas has certainly
decided to liberalise trade in a
strange way, going from not
belonging to the WTO to
agreeing to the EPA which
imposes more onerous regu-
lations on us than even the
Doha Round of negotiations,
a part of WTO liberalisation,
have done; and these again
met with failure. on July 29,
2008 because Doha required
too much sacrifice of the
developing world and not

. enough of the developed

world.

Yet another irony has also
chosen to reveal itself. To the
discredit, but insistent disbelief
of neoliberals, the financial
crisis we are presently expe-
riencing shows: that the 'free'
market will not take care of.
itself. In reality the market is
not free. It is always bound to
something. By heading off
into the sunrise of a new real-
ity:under the EPA, the
Bahamas binds itself tighter
to every ill of someone else's
free market disaster.

Tronically, it seems that all
of us who have challenged the
way the EPA presently stands
have been made to seem like
unreasonable, un-nationalist
pessimists; perhaps we are
even seen as backward indi-
viduals. Too bad! What we
have tried to do is simply flag
a number of points of deep
concern to countries that have
done NOTHING to prepare

- for singing an agreement that
stipulates that once signed, |
changes are extremely: limit- 5»
ed and, if possible, costhysciia

As the new dawn neais and

YOUR SAY

new visa regulations arise for
entry into developed coun-
tries, we developing country
residents simply have to tight-
en our belts and hope for the
best. Free movement from our
islands to their world is a
myth.

But they can move from
their homes to ours with a lit-

tle piece of paper. Europe and

the other developed countries
have done all the work they
needed to do to be ready for
the EPA. All the certification
needed to allow free move-

_ ment, an ideal that is so alarm-

ing to Bahamians that we
chose to stay out of the

~CSME, has already been

developed. What has the
Bahamas done to prepare?

he impact of signing
; the EPA will proba-
bly not be felt for a while. For
some people the affects may
never be felt as they live in
splendid isolation from this
reality. Others will have quite
a time riding the wave of free
trade. But the decision has
been taken and the boat is in
the water without any tenders.
Let's hope it will float instead
of sinking to the bottom. If it

were to sink, how many of us ©

know how to swim?
If there is anything we can

‘gather from the global finan-

cial crisis of the last few weeks
it is that, because economies
have been so closely linked,
they are all crashing because
of the disaster in the USA;
connectivity means that we



are no longer isolated from
the disasters in another part
of the world. What does that
tell us about the idea of let-
ting trade do whatever it

- wants to do?

In 2000-2002, the Bahamas
tightened our banking regu-

lations while the USA further-

deregulated: their industry.
This resulted in the Bahamas
losing a lot of banking busi-

ness and ultimately the US's
financial crisis that now affects
all of us.

Bahamians dave suffered
twice.

The EPA eelebrates the
idea of a free market.

But no market is ever 'free';
it is always connected to or
depends on something. In the
past slavery either directly or
indirectly kept markets going.

Today, another form of
exploitation is bound to devel-
op.

At the end of. the day,
Bahamians will suffer more as
we are forced to enjoy the

pleasures of the resultant.

exploitation.

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Sales & Full Service Department —
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~ 322-2188/9

Email; Geotifones@comcast net

You‘ll wonder how you ever, got along without it.



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A well established Company seeks an Accounts Clerk

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Maintenance of Inventory Spreadsheets —

‘Prepare for and complete month end inventory

counts .
Preparation of bank and other Halaniee sheets

’ Reconciliations-and various general ledger

accounts to sub ledger
Prepare Schedules to assist in External Audits
Assist in other duties falling within the

Accounts cepamment where Hecessaty,

Candidates must possess the following skills:

Nesheiates Degree in Accounting
Experience in Reconciliations

Experience in Accounts Payables would be
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particularly Excel. ; ae
Must be a team player and possess people skills

All Applications must be submused by October 31st

2008. .



eo to:

DA 68551 as ieee
c/o The Tribune i
P.O. Box N-3207
_Nassau, The Bahamas

‘Plus $1000 in
free gas

Hurry in! Right Now is the best ae to acy
your best deal on a new Ford vehicle,

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FRIDAY EVENING OCTOBER 24, 2008

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

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IA IHIBU,

Let Charlie the
Bahamian Puppet and
his sidekick Derek put

some smiles on your

kids’s faces.

d

Bring your children to the
MctHappy Hour at McDonald's in
. Malborough Street every Thursday
from 3:30pm to 4:30pm during the

3 month of October 2008.

Enjoy Great Food, Prizes and Lots of Fun.

ene
4

ie Gift Cert
Bimake great gifts!E


THE TRIBUNE

FRIDAY, OCTOBER 24, 2008, PAGE 11



Sir Orville
Turnquest's
eldest
grandchild
lies suddenly

FROM page one

whelmed by the news.
“She was developing
into a person who
expressed her opinion and
she was very much loved

by everyone who knew her .

because of her personali-
ty,” Sir Orville said.

A second year medical
student at the University
of the West Indies, the 24
year old had suffered from
Sickle-cell anemia most of
her life.

Sickle-cell anemia is a
blood disorder character-
ized by red’blood cells that
assume an abnormal, rigid,
sickle shape. Sickling
decreases the cells' flexi-
bility and. results in their
restricted movement
through blood vessels,
. depriving downstream tis-
sues of oxygen. The. dis-
ease is chronic and life-
long: individuals are most
often well, but their lives
are punctuated by periodic
painful attacks and a risk
of various other complica:
tions.

“She had an attack
about two to three days
ago and went into hospital
around 1lam yesterday.
First she had renal failure
and about an hour later

she had heart failure. After

that she passed away,” Sir
Orville said.

Lia’s mother, Carol
“Toni” Lashley, head of
the Dupuch and Turnquest

law firm, had made
arrangements to go and see
her daughter in hospital
immediately after she was
taken ill. Mrs Lashley got
the news of her daughter’s
~ death at the airport while
on.her way to.be at her
side. Lia’s father will fly to

Jamaica early today to be

with, his. family.

Open Mon-Fri 7:00am-4:00pm Saturday 7:00am-3:00pm

Tel: 323-3973 or 325-3976 Fax: 322-3937

Web: www.buildersmallbahamas.com Email: info@buildersmallbahamas.com

4 a.















MP involved in police
investigation is
expected to face
additional questions
over GB subdivision

FROM page one

development that the MP is
alleged to have been involved
with since leaving office in
2007.

On Wednesday, the MP
held a private meeting with
PLP leader Perry Christie in
the Opposition Room of the
House of Assembly. Here,
sources claim, Mr Christie was
updated on the active police
investigation regarding the
MP’s alleged involvement in
what is claimed to have been a
construction scam that dates
back to the MP’s tenure as
Minister under the previous
PLP administration.

During the course of the
meeting, the MP assured Mr
Christie of his innocence,

claiming that the investiga--

tions of the officers from the
police force’s Special Investi-
gating ae were based only

: FROM page one .

ment that itis disappointed that a person who
purports to be an employee of “this great institu-
tion” would suggest that it has a culture of slack-
_ ness, corruption and incompetence.

“We value the commitment our employees con-
tinue to make to our success and equally value the *
public trust that we have to ensure that benefits
continue for not only today’s Bahamian, but for
future-.generations,” NIB said in its release.

An anonymous insider told Tribune reporters,
that employers’ failure to make employee con-
tributions to NIB could lead to the nation’s pri-
mary pension supplier running out of money in 20

years.

“We acknowledge that there are contributions
outstanding, but to say, as the article said, that the
non-payment of contributions by employers and
self-employed persons is a great drain on the
Fund, is post that the informant is uninformed,”

_Said NIB.

on “assumptions.”

At one point in the conver-
sation, according to the source,
the MP is alleged to have told
the party leader that the basis
of the police’s investigation
stems from a recent housing
development in which he and
a local developer were
involved.

“They think me and (name
omitted) in cahoots,” the MP
said.

When reportedly pressed
further to explain his involve-
ment surrounding the housing
development, the MP pledged
that no money had crossed
hands.

In fact, he said, he had used
his father’s collateral, with the
developers to purchase the
property.

“So we didn’t have to come
up with a dollar. Only for legal
fees,” the MP said. :

Senior members within the

PLP have described this latest

fiasco as a major roadblock ~

that could affect their chances
in the 2012 election if the par-
ty is unable to distance itself
from it.

“We have to remind voters
that this is not acceptable and

it will not be tolerated in the

party,” said another source.
Mr Christie himself has
voiced his concern over the

matter during a recent cele-’

bratory breakfast held in hon-
our of stalwart councillors of
the party. :
“During my time as leader
of the Cabinet I dealt with
every issue of every minister
and all persons who served
with me. The record as to how
J dealt with it, whether to the
satisfaction or not of people
is clear. But at all times, ensur-

ing that I was seen to act in

pursuance of the best interest
of this party,” he said.

NIB denies $5

fund.”

billion shortfall

“Actuarial reports over the years have indicat-
ed that it would be prudent to make a number of
changes to the National Insurance programme...

“At current level, if we do nothing, we do see
challenges by 2029 forthe National Insurance

The statement said the institution has always
sought to remain a transparent company, so that
Bahamians.can keep track of its performance.

It insists that its focus will be on.improving col-

lection efficiency and seeing that employer and
self-employed persons do the right thing. _

“If we are able to collect all that is due, the
fund may be slightly larger, but we would have
paid out more in benefits and have additional _

future obligations, ” said NIB.

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FROM page one

Greg, who was not at Tuesday’s
hearing, have been fighting the

Baptists in the courts ever since °

he alleges that he was unfairly
dismissed from a school coach-
ing job in 2002.

They have filed several

actions against various parties

alleging, among other things,

defamation and abuse of

human rights.
Mrs Cash said: “I am willing
to go to jail if this is God’s will

WAGER




‘The rrr Centre - i 838 Wulff eel

Tanya Cash

as I can’t apologise if I don’t
know what I am apologising for.
I am just an ordinary woman
seeking justice in my own coun-
try.”

Mr and Mrs Cash are also
taking their case to the Privy
Council and have set up the

Vote for Justice website which

invites people to express their
concern about the Bahamas’
legal system.




















































©2008 Creative Edge


THE TRIBUNE

'

FRIDAY, OCTOBER 24, 2008, PAGE 12



| SRLS



_ Peter Dejong/AP Photo

AC MILAN’S Ronaldinho, center left, is fouled by Heerenveen’s Myka Vayrynen, right, during
their UEFA Cup group E soccer match at Abe Lensira stadium in Heerenveen, northern

Netherlands, Thursday, Oct. 23, 2008.





FROM page 14
ATLANTA FALCONS @

PHILADELPRIA EAGLES

e If an actual falcon and an eagle
got into a fight, who would win? Is
this not an important question to
address when considering this
game? In fact I think it’s the only
question we should ask. Eagles are .



much bigger and according to seal of
the President of the United States, it :

can hold a bunch arrows and ‘an.
olive branch. There’s no way a fal-
con can withstand a barrage of
leaves and arrows.



ARIZONA CARDINALS @

e This game should be dubbed the
2008 “Playing to the Trends” Bowl.
Both teams lead their divisions but
have gone about it in completely
different fashions. The Cardinals
have been anemic on the road this
season, despite boasting one of the
league’s most potent offences and
the Panthers have gone undefeated



- at home thus far. The Panthers also

face more pressure from the outside,
forced to keep pace with the Bucs in
a heated NFC South race.




ANTHERS -
cRNA A

AC MILAN’S Filippo Inzaghi, center, reacts after scoring their third goal, as
Heerenveen goalkeeper Brian Vandenbussche reacts, at right, during their
UEFA Cup group E soccer match at Abe Lensira stadium in Heerenveen, pout
ern Netherlands: es Oct. 23, 2008.





1 Nothing gluttonous
about Long’s diet

| FOOTBALL

DAVIE; Fla..°
Associated Press

JAKE LONG eats his vegetables. He
seldom snacks. One piece of cake is
sometimes sufficient dessert.

How did he become so enormous?

“I’m not like a huge pig,” Long says.
“But I can eat some food.”

Even in an NFL locker room, Long
looks large. The Miami Dolphins tackle
is 6-foot-7 and 315 pounds, and he stood
out in the draft last April, when he was
the No. 1 overall choice.

He has drawn praise for his play in
the first six games this season. And with
a five-year contract for $30 million guar-
anteed — that’s $95,238 per pound —
Long is expected to anchor the Dolphins’
offensive line well into the next decade.

Given such stakes, he must eat.a lot of
steaks to keep his strength up, right?
Maybe those 48-ounce porterhouses they
serve at Shula’s Steak House?

“No, I can’t do that,” Long says. “I
probably could, but I would probably
feel sick afterward.”

Long says he’s content with 24 ounces,
still a big slab of beef. But given the

‘Michigan native’s size, and the energy

he exerts blocking men who are small
only when compared with him, there’s
nothing gluttonous about his diet.

It doesn’t rival Michael Phelps’ 12,000
calories a day, which drew a lot of atten-
tion at the Olympics. ““That’s a lot,” Long
says, studying a list of what Phelps eats.

4

Long’s own list is much shorter.

“For breakfast I'll have cereal, a cou-
ple of scoops of scrambled eggs, some
bacon and a muffin. I’m not a big break-
fast guy. For lunch I usually make a
sandwich, some type of pasta, salad and
some fruit.”

Does he eat two or three sandwiches
at one meal?

“Oh yeah.”

Four or five sandwiches?

~“P’m sure I could. But I don’t do it
regularly.”

And for dinner?

“Pll eat whatever — steak, chicken,
fish — some type of pasta, salad, potato.
Sometimes I go all out, but usually it’s
just basic stuff.”

Dessert?

“Pll eat some chocolate cake or
cheesecake.”

One piece, or more?

“It depends on how full I am after
dinner.”

For a snack, he might have a granola
bar at bedtime.

Teammate Justin Smiley says Long’s
intake is surprisingly modest given his
size.

“Everybody is looking for him to say,
*T eat two full pizzas,’ and all kinds of
.crazy stuff, and he doesn’t,” Smiley says.
“He’s got the room for it, there’s no
doubt. But the thing is he’s a good-look-
ing 315. He’s got a flat stomach, and
he’s built the right way. He does a good
job.” —

Long doesn’t count calories, and he

AC MILAN’S Andriy Shevchenko, bottom, and Heerenveen’s .
Myka Vayrynen, top, vie for the ball during their UEFA Cup
group E soccer match at Abe Lensira stadium in Heereriveen, °
northern Netherlands, Thursday, Oct. 23, 2008. Milan won the
match with a 3-1 score.

EUROPEAN SOCCER



MILAN player Emerson, left, and Heerenveen player Mika Vayrynen, vie for
the ball during their UEFA Cup group E soccer match at Abe Lenstra Stadia
in Heerenveen, northern Netherlands, Thursday Oct. 23, 2008.



J. Pat Carter/AP Photo

.MIAMI DOLPHINS tackle Jake Long
(77) stretches during the second day

of football training camp Sunday,
July 27, 2008 in Davie, Fla.

has never sought advice from a dietitian.
He just eats when he’s hungry until he’s
full.

His longtime cook confirms the meal
routine is pretty routine.

“IT don’t think he really eats that
much,” says Long’s mother, Denise. “I
have three boys that eat like that. He
eats properly — lots of protein and veg-
etables and fruits and things like that.”

Genetics help explain Long’s size.,
Mrs. Long is 5-foot-8. Jake’s dad, John,
is almost 6-4 and weighs about 265.

. “As we get older, we’re shrinking,”
Mrs. Long says with a laugh.

Jake’s older brother, John, is 6-5 and
320. Kid brother Joe, a 19-year-old fresh-
man at Wayne State, is 6-6 and 295. Jake
was 6-6 and 305 before he left high
school.



‘Nalbandian
heats Viiegen
at Swiss
Indoors












SUES
Hy




@ TENNIS
BASEL, Switzerland
Associated Press

SECOND-SEEDED David
Nalbandian beat Kristof
Vliegen of Belgium 6-4, 5-7,

: 7-6 (4) Thursday to reach the
? quarterfinals of the Swiss.
i Indoors.

The 26-year-old Argentine

i? broke the 96th-ranked Vliegen
: to take the first set. Nalban-
: dian, the 2002 champion and
: twice runner-up since, lost his
: first match point at 6-5 in the
+ final set when Vliegen hit a
i running backhand winner
? from wide of the court. »

He clinched when Vliegen

: failed to control'a strong ser-
vice return. |

Juan Martin Del Potro, the

~: No. 3 seed, made just four -
? unforced errors as he cruised
: past Switzerland’s Stephane
: Bohli 6-3, 6-3.

The Argentina Davis Cup

: teammates are on course to
? meet in a semifinal Saturday.

Fourth-seeded James Blake

i of the United States had 18

: aces as he rallied from a set

-} down to beat 76th-ranked
? Oscar Hernandez of Spain 6-7
i (4), 6-2, 6-4. :

“T was serving well and that

Simone Bolelli of Ttaly beat

? Marcel Granollers of Spain 6-
: 4, 6-2. In the quarterfinals he,
: will face either top-seeded
: Roger Federer or Jarkko
? Nieminen of Finland, who
: play later Thursday.



Pumas tops Group B

with win over Bynamo
| M SOCCER

HOUSTON
Assocaited Press

: JUAN CARLOS CACHO—
i and Fernando Espinoza
? scored first-half goals and
: Marco Antonio Palacios
: added a second-half goal-and
i the UNAM Pumas dealt
? Houston Dynamo its first
? CONCACAF Champions
i League loss, 3-1 Wednesday
: night.

UNAM is 2-0-3 in the tour-

? nament and has nine points
; and is in first place in Group B
: two points in front of Luis
: Angel Firpo, which defeated
: San Francisco (Panama), 3-2
? Wednesday. UNAM plays San
? Francisco in its Group B finale
? next Wednesday.

Houston, which clinched the

i MLS Western Conference
i? regular-season title on Sun-
i day, is in third in Group B
? with a 1-1-2 record and five
: points. Houston has two .
? Group B matches left at Luis
: Angel Firpo (2-1-1, 7) Tues-
: day and at home against San
: Francisco (0-2-2, 2) on Noy.
i 26.

Cacho put Pumas on top in

: the 19th minute with a penal-
: ty kick, Cacho The penalty
: kick was awarded after Hous-
: ton defender Patrick Ianni
: pushed Cacho down from
: behind, but it appeared that
i the contact was outside of the
i? box. ‘

Espinoza made it 2-0 in the

: 30th minute. On a 3-on-2
: breakaway, Espinoza got a
: pass on the right box from
: Orlando Pineda and sent it
: just inside the post.

Houston cut the lead in the

: 39th minute on an own géal
: by Marco Antonio Palacios.
: Geoff Cameron sent a pass in
: from the right box in front of
: the goal. Nate Jaqua came
: charging in, but it went by him
: and goalkeeper Alejandro
: Palacios, who came off his
: line, and off Marco Antonio
: Palacios and into the net.

Pumas made it 3-1 with
Palacios’ goal in the 69th

: minute off a corner kick by
: Ismael Iniguez. From the left

corner, Iniguez sent the ball
into the left box where Pala-
cios did a jumping back kick

that went into the net.

_ The start of the game was

delayed 45 minutes as strong

storms moved through the
Houston area causing light-

; ning and some street flooding.

got me out of a lot of trou-
i ble,” Blake said.
PAGE 13, FRIDAY, OCTOBER 24, 2008

Murray beats
Gulbis in

straight sets

@ TENNIS
ST. PETERSBURG, Russia
Associated Press

DEFENDING champion
Andy Murray beat Ermests Gul-
bis 6-4, 6-2 Thursday to advance
to the quarterfinals of the St.
Petersburg Open, while eighth-
seeded Marat Safin was upset
in the second round.

Andrey Golubev of Kaza-
khstan.beat Safin 6-4, 6-2 to
advance to his first career quar-
terfinal.

Murr.y, fresh from winning
the Madrid Masters on Sunday
for his fourth title this season,
won his first three games at love
before saving a break point in
the next game that he served.
-- The fourth-ranked Briton
broke Gulbis in the eighth game
for a 5-3 lead, but the Latvian

broke back in the next game..

Murray immediately broke

_again to take the set, and won
four consecutive games in the
second set to close out the
match..

“He (Gulbis) is very unpre-
dictable in his game style,” Mur-
ray said. “He had a couple of
good shots to break me, but I
broke him in the next game, so
it wasn’t a problem.”

It was the ninth consecutive
win for the:U.S. Open finalist,
including two victories in
Britain’s Davis Cup World
Group playoffs against Austria
in September. Murray’s win-loss
record this season is 50-14, mak-



| BRITAIN'S Andy Murray celebrates after winning the final of -
the Madrid Masters against Gilles Simon from France in
Madrid, on Sunday, Oct. 19, 2008. Murray won 6-4, 7-6.



Ivanovic and Zvonareva’



Safin upset in
St. Petersburg

ing him the fifth player this year
to win 50 matches.

“I’m going to try my best to
win the tournament,” Murray
said. “When you keep winning,
it gives you a lot of confidence.”

Murray, who also won. titles

in Doha, Marseille and Cincin-
nati, plays his 10th quarterfinal
this season against Janko Tip-
sarevic.
- The Serb advanced to his
fourth quarterfinal this season,
beating Jeremy Chardy of
France 6-4, 7-6 (3).

Safin, the 31st-ranked Russ-
ian who has twice won the tour-
nament, had trouble on his
serve, winning only 15 of 51

~ returned points.

The 150th-ranked Golubev,
who reached the second round
of the U.S. Open in September,
broke Safin in the fifth game of
the first set but double-faulted
three times-in the next game to

drop serve and stay level at 3-3.

In the ninth game, Safin
saved three break points with
aces but was broken on the
third deuce, and Golubev
served for the set.

“The second break in the first

set was a decisive one,” Safin
said. “He became confident and
it was much more difficult to
play against him. In fact, I didn’t
have many: chances in the sec-
ond set.”

Victor R. Caivano/AP Photo

reach quarterfinals in Linz

BTENNIS”~ -
LINZ, Austria
Associated Press

TOP-SEEDED Ana Ivanovic and No.
2 Vera Zvonareva had comfortable victo-
ries Thursday to reach the quarterfinals of

the Generali Ladies.

~The fourth-ranked Ivanovic downed
‘Sybille Bammer of Austria 6-4, 6-2, while
Zvonareva routed Nuria Llagostera Vives

of Spain 6-2, 6-0. | /

_ Ivanovic dropped serve twice in the
opening set, but finally settled in after
breaking Bammer for a third time at 4-4.
“Tam happy with the way I played and
beating her in straight sets is a good result,”
said Ivanovic, who improved to 2-1 against
Bammer. “During the first set, I realized I

/

Ana lvanovic

had to take the ball earlier so I could put
- more pressure on her. That made things easier for me.”

Ivanovic will play seventh-seeded Flavia Pennetta of Italy, who
defeated Dominika Cibulkova of Slovakia 6-3, 6-1. Pennetta
reached the final of the Zurich Open last week.

Zvonareva dropped serve in the opening set against Llagostera
Vives and saved five more break points, but was in control after-

ward.

The Russian is next up against No. 8 Alize Cornet.
Fifth-seeded Nadia Petrova defeated Katarina Srebotnik of
Slovenia 6-4, 7-6 (7) to set up a quarterfinal match against No. 3

. Agnieszka Radwanska.

Petrova, who won the tournament in 2005, was broken twice
while serving for the match at 5-4 and at 6-5, and the Russian
missed four match points in the tiebreaker before finally convert-

ing her fifth chance.

_ Sixth-seeded Marion Bartoli of France also advanced after beat-
ing Petra Kyitoya of the Czech Republic 7-6 (4), 1-6, 6-3.

Bartoli’s next opponent will be either fourth-seeded Patty Schny-
der or Alona Bondarenko, who play later Thursday.





“relax
responsibsyâ„¢



‘OUR LADY’S Deangelo Mackey holds the ball as St. Bede’s

THE TRIBUNE



SPORTS









/Tribune staff

jor.







Felipé Ma



OUR LADY’S Charles Cooper dribbles as they avoided the
defense of St. Bede’s. St. Bede’s won the game 39-5. The
game was played at St. Bede’s yesterday.



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up.

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THE TRIBUNE

FRIDAY, OCTOBER 24, 2008, PAGE 14

secnerveannrectneneseereoecennteascorenreseerseteeeanconeetteeseccesseecenstnecdnnvectntieeecteresectn seeeasccenmsneunapescetentcoctrattet trennpeertrstreetenetemictben ceruasetcensteenticeuaccenerweenan gett sneinecttett





The Ramblings return from hiatus
this week and I’ve come to the reali-
sation that if I ever want the Dol-
phins to win, I have to pick them to
lose every week. I don’t make up the
rules, I just play along, and this is
how it is.



WEEK 1: 8-8
WEEK 2: 11-4
WEEK3: 7-9
WEEK 4: 9-4
WEEK 5: 7-7
WEEK 6: 8-6
WEEK 7: 10-4





aowsenoen

BUFFALO BILLS @ |
BLAM DOLPHINS

° For-the Dolphins to win, I must
pick them to lose. I felt I had to issue
that disclaimer first and foremost. It
seems like just yesterday Miami had
reeled of consecutive wins.against
last year’s AFC Championship game
participants, but consecutive losses
sent them plummeting back down to
earth. Now in a matchup of the divi-
sion’s bottom feeders against the
division leaders, the Fins need to
revert to the trick playbook for any
hopes of keeping pace in the division.

_ This game is vital to the division race

for both teams. The Bills will never
feel safe until they solidify a legiti-
mate lead over the Patriots who sit
just a game back, and the Dolphins
are still in the fight for respectability
looking to build upon a culture that
has returned to expecting wins...or at
least making every game competitive.
Even when the Dolphins were good,
beating the Bills has been a monu- °
mental task with the Bills winning
seven of the last eight games. On the
bright side, Joey Porter is having a
career season and is just two sacks of
his career high total of 10.5 set back
in 2005.



WASHINGTON REDSKINS
@ DETROIT LIONS

° The Redskins can ill afford
another let down this week. They’re
in dangerous territory of always play-
ing up or down to the level of compe-
tition. Those teams never win cham-,,



A defining week

for NFL teams

. secutive weeks, or the team that lost

to the Rams and beat the Browns by
three? Off topic...I think this week
the NFL should begin the sweep-
stakes to decide who rescues Calvin

Johnson and Roy Williams from

Detroit.



Ss

TAMPA BAY BUCCANEERS
@ DALLAS COWBOYS

e This game should be dubbed
“Depends Undergarments Bowl ’08”.
The quarterbacks in this game are so
old, their combined ages are just
barely more than John McCain. What.
started out as a potential dream sea-
son is quickly turning into a night-
mare for the Cowboys. There were
issues even with a healthy Tony
Romo in the lineup, and now with
Romo sidelined until mid-November,
their issues have manifested into a

. complete catastrophe. Nothing was

more reminiscent of the Cowboys

- woes than an absolute dismantling at

the hands of a paltry Rams team.
Romo never played defence and Dal-
las gave up three rushing touchdowns —
to Steven Jackson. The other old
man, Jeff Garcia, is in a much better
position. He recaptured his starting
job, and at 5-2, he leads a team that
has lost both games by a combined

- seven points. We may be looking at a

Jeff Garcia/Kerry Collins Super
Bowl.



ST. LOUIS RAMS @

NEW ENGLAND PATRIOTS

e This game should be dubbed the
2008 “There.is No Way Anyone Is
Going to Figure Out These Teams
Until Week 17” Bowl. Are the Rams
legit now that Jim Haslett is at the
helm? Is it safe to say the Pats can

pionships. Will you be able to count, ;; ,;;make:it without‘Tom Brady now?)
on the Redskins to be the team that _.\. .Hiow much:willthey miss Rodney':: »

beat Dallas and Philadelphia in con-



3 Featuring the National

_ NAWIRA (North —
- America & West
_ Indies) World ©
Cup Qualification
Sevens”

Teams of:

The Bahamas,
_ Barbados, Bermuda,

Canada, The Cayman
Islands, Guyana,
Jamaica, Mexico, St.
Vincent & The
' Grenadines, Trinidad

& Tobago, The United |
States of America

nh §
ys

IGS



BRISTOL



GROUP OF COMPANIES LIMITED





Harisson? Does Matt Cassell get it
now, does he realise the whole quar-
terbacking thing is much easier if you
just throw it to Randy Moss?



SAN DIEGO CHARGERS @
NEW ORLEANS SAINTS

e Drew Brees finally gets his shot.
A chance at redemption. An oppor-
tunity to exorcise the demons of
being cast aside by the franchise that
drafted him. This is the type of game
Disney movies are made of, the
“2008 Revenge Bowl!” This would
have all been great if the Saints
homefield advantage wasn’t taken
away by the game being played at
London’s Wembley Field. A rapid
Louisiana fanbase will be substituted
for people that will insist on calling
the field a pitch and spend most of

’ the game letting everyone within

shouting distance know that it’s not
really football. Additionally, the
Saints injury plagued offence will
struggle without Reggie Bush, the
loss of which eliminates the “Just
throw it to him and let him run about
until he scores” play from the New



SS

CINCINNATI BENGALS.
@ HOUSTON TEXANS

° The Texans have not been nearly
as good as most expected this season
but at least they have appeared to
have righted the ship and don’t start
Ryan Fitzpatrick at quarterback. |
Matt Schuab is playing like he’s still
searching for a contract behind
Michael Vick again, and the Texans
may have found the most legitimate
running threat since the franchise’s
inception in Steve Slaton. There’s
nothing good to say about the Ben-

«gals: (Although everytime I say
- thats:like clockwork...that team wins)

ASHI Ra¢

11 Men's Teams






(Prince Charles Drive East)



‘OAKLAND RAIDERS @

BALTUNORE RAVENS
e The 2008 “Overwhelming Theme |
for This Season” Bowl. Both teams
have quarterbacks that can only be
considered mediocre at best, while
relying on a strong running game,
ball control, and stingy defences. In
retrospect, this has pretty much been
the theme of the entire Ravens’ fran-
chise. The similarities will extend
even further on the defensive end
with a sibling rivalry between defen-
sive co-ordinators and twin brothers
Rex (Ravens) and Rob (Raiders)
Ryan. Rex gets the nod, because he is ,
the only defensive coach to,remain ~
from the Ravens 2000 Super Bowl
winning staff and because’ his
Wikipedia widget is much more
extensive than Rob’s.



CLEVELAND BROWNS @
JACKSONVILLE JAGUARS

e This game should be dubbed
“Disappointment Bowl ‘08.” ‘Two of
the most popular preseason picks to
make the playoffs, and in Jack-
sonville’s case, make the SuperBowl,
have been reduced to prime exam-
ples of mediocrity. On top of the on
the field trouble, the Browns havea -
brewing quarterback controversy and
an ensuing battle between their most

‘ potent offensive weapon (Kellen |

Winslow) and the front office. At 2-4
and 3-3 respectively, he loser of this -
game could in all likelihood end any
postseason hopes. As it stands now
the Jags have more potential for suc-
cess and if Troy Williamson can ever
live up to his top-20 pick status and
become a legitimate deep threat, the
offence will have balance and it gives:
their defence a fighting chance'of /8°'
winning afew games. 223 800 8 255



NEW YORK GIANTS @
PITTSBURGH STEELERS

° This game should be dubbed
“Overlooked Bowl ‘08.” It may be
near impossible to find another pair
of one-loss teams that most people
have trouble considering amongst the
upper echelon: I’m perfectly fine just
riding out the wave of the Giants
improbable Super Bowl win last year
as a fluke and it’s hard to actually
consider the fact that they are an
elite team. Maybe even better than
last year’s team. The Steelers are
somehow overcoming the loss of
Willie Parker and the running back
by committee approach has worked
out better than expected. Both teams
have very good run defences, they
get after the quarterback, and rely on
the run to set up the play action ass
for their big play capability. The
major difference between the two
teams, the Steelers can play the cov-
eted “Nobody outside this locker
believes in us” underdog role based
on the fact that the Giants are the
defending champions. (Twenty years
from now, saying that still won’t feel
right.) i eae!








INDIANAPOLIS COLTS
@ VENNESSEE TITANS

KANSAS CITY CHIEFS ©

@ NEW YORI JES.

e This game should be dubbed the
2008 “Thank God for the Schedule
Makers” Bowl. This is exactly what
the Jets needed to keep faint division
hopes alive. Nothing solves off the
field issues like winning, and a game
against the Chiefs will prove to be
exactly the key to fixing the Jets’ ail-
ments. This should be a good fantasy
day for the Jets, so if you have Thomas

Jones, or the Jets Defense on your ros-
' ter, you should play them. The Chiefs

are without their embattled leading
rusher (Larry Johnson) and have the
league’s worst run defence.





SEE page AD ces:

iy SUB ALESCEDS




7 Women’s Teams




October 25" & 26", starting at 10am

Admission: $10 adults/$3 students

The biggest event in Nassau this month
For VIP/Corporate information,
contact Ely Miles: 393-1932 or
432-5029 - elymiles@gmail.com





SG

Private Banking



|




sa erwrrnt



TRIBUNE

FRIDAY, OCTOBER 24,

= 3
ear?

“Naame yaroure® east

" Felipé Major/Tribune staff

PICTURED i is BOA pesieat Wellington Miller posing with his
Mario Vazquez Rana Sports Merit Medal. Miller was one of 15
eee presented with this award.

‘Miller receives sports merit
‘medal for achievement

lm By BRENT STUBBS .
- Senior Sports Reporter
bstubbs @tribunemedia.net

HE’S only been in office for
about two months as president
of the Bahamas Olympic Asso-

ciation, but Wellington Miller
said he’s getting to enjoy every-
thing that comes along with it.

Earlier this month, Miller and
one of his vice presidents David
‘Stretch’ Morley attended the
Pan American Sports Organi-
zation meeting in Acapulco,
Mexico.

During the meeting, Miller
‘was one of 15 presidents that
was presented with the Mario
Vazquez Rana Sports Merit
Medal for their achievement to

sports in their particular coun-

tries. .

elt happened on the very first
day of the meeting, so you did-
n’t have any hint that this was
going to happen,” Miller said.
“When they called my name,

David Morley touched me and.

999

told me ‘that’s you.

Although he was just elected

as the president of the BOA in
July, Miller said he’s spent the

past 30-plus years in sports and.
has served for a number of.

years as president of the Ama-
teur Boxing Association of the
Bahamas..

-Accomplished
“This is something that I

cherished. This is the highest
sporting award that any execu-

tive could receive in the.

NACAC,” said Miller, of Rana,

who has served as president for —

more than 30 years.

From the meeting, Miller
said he and Morley brought
back a lot of information that
they will be sharing with the
executive members when they
go into an all-day conclave on

Saturday, November 1 at the

Hilton Hotel.
_ All six vice presidents,
according to Miller, will be giy-
en a specific task to deal with.
_ Among the matters to be dis-
cussed is arts and graphics,
another dimension to the
Olympic movement that many
people are not aware exist.
Miller said they will also be
looking at the scholarships for
athletes and the courses for
coaches as they try to improve
on all levels of sports.
“We have to make sure that

the coaches in these federations .

are qualified,” Miller said. “The
courses are there, so we need
them to be prepared to get their
athletes motivated for an
event.”

On November 14, Miller will.
be leaving for Gambia where he
will be attending the Common-
wealth meeting to deal with the
plans for the next four years.

“Pm prepared for the chal-
lenge, I’m prepared for the

—_

travel and I’m prepared to lead
this organisation for the next

- four years so that we can be
Teady,” he said.

Next year, Miller said he will

“*be-attending a conference in.

Copenhagen where more infor-
mation will be passed on to del-
egates from each country.

By next month, Miller said

. they intend to have their office

opened on a daily basis, once

_they have identified the person

to handle the chores.

‘While they are interviewing
persons now, Miller said who-
ever is selected will have to be
prepared to travel to Lausanne,

Switzerland for six weeks to .

learn the Olympic movement.

“Tt’s a big organisation with a
lot of money,” Miiler said.
“They are willing to help. Once
you can produce programmes

to say, it’s no problem.”

SECTION A

l By BRENT STUBBS

2007

Senior Sports Reporter
bstubbs @tribunemedia.net

“IM extremely disappointed

: to say the least, but at the end of
: the day the membership have
: spoken surprisingly so,” said
: Mike Sands after he was ousted
: as president of the Bahamas
? Association of Athletic Associ-
? ations.

Although it was a year-long

? move to.terminate Sands’ tenure
: before elections are held next
: November, the end came on ©
i Thursday night at the Colony
? Club after a lengthy monthly
: meeting resulted in a 22-19 “no
i confidence” vete against Sands.

“T have to accept it for what

} it’s worth and ‘I wish them all
i the best,” said Sands, who will
i now be replaced by first vice
} president Curt Hollingsworth.

Sands, who had completed the

_ ? tenure of Desmond Bannister .
? in 2005 when he resigned to run
: for politics, tried to present rea-
-} son after reason in the closed:
? door meeting why he felt what
? he did was for the betterment
: of the association and the sport
? in general during his full three-
? year term that started in 2006.

But looking back to what

i. transpired prior to the meeting,
: Sands said there was a “block
i from Grand Bahama. They
? came with an agenda, they came
: with a preconceived motion and
: some other things that went
J along..with it that had an
: impact.”

_ This is the first time in the his-

: tory of the association that a
: president has been ousted from
'} office-and it came right on the
: eve of the BAAA’s hosting the
? North American and Central
? American and. Caribbean
? (NACAC) Congress this week-
? end.

“The secretary general (Fos-

: ter Dorsett) is still on the board,
? so I will pass on the relevant
: information to him and hope
i that they can arrange everything
: and continue the process,” Sands
: Said.

-As he left, he offered two

Gini

eM cay ile)



more words: “Good luck.”

In taking over as the new
boss, Hollingsworth also had
three words when asked how he:
felt: “It’s mixed emotions.”

But he put the move into per-
spective this way: “Anytime you
get into a situation like this,
there is a difference of opinion
and there’s a disconnect
between any number of persons

-and the leaders in the organisa-

tion, you end up with this sort of
situation.”

He said Sands must be com-.

mended for the outstanding role
he played in keeping the sport as
the most vibrant in the country.

‘However, he said there will |

be a lot of “healing that has to
take place” as there will be some
members who may not buy into
the new look executive board
right away.

“T just think that we need to
operate as a fully inclusion club
where we involve coaches,
where we involve members of
the organisation and just make
them feel like they are a part of
the organisation,” Hollingsworth
said.

Hollingsworth said he would
first meet with his executives to
chart the new way forward
before he make any official
statement.

Move i the first in
association’s history

As the interum president,



The meeting was jammed
pack with executives, council
members and members, includ-
ing a contingent from Grand
Bahama headed by businessman
Basil Neymour.

“I personally believe that all
of us have the responsibility to
tun this organisation and run it
right,” Neymour said. “The pres-
ident would not heed to. his
executives, nor members of the
council when it comes to doing
things. He became a one-man
band.

“Over the years, I pleaded
with them to get it right and

- straighten out this organisation. » -

But this is a long time coming.
Mike just. wouldn’t listen. All
they want to do is be a part of it.
This organisation was hurting
because of selfishness.” .

Neymour said Sands might be

gone, but it’s nothing new

because “presidents come and .

they go. He just has to move on
and let the association move
on. ”

Wellington Miller, who: con-
ducted the election, said it went
in an orderly fashion.

“I was happy and proud of
the way they displayed them-
selves,” he said. “The motion

was against Mike Sands and he - :
lost. It was democracy-at- work.” -

_NAWIRA (North America & The West: Indies) World Cup

Qualification Sevens
Featuring the National Teams of:

The Bahamas, Barbados, Bermuda, Canada, The Cayman Islands, Guyana, Jamaica,
“Mexico, St. Vincent & The Grenadines, Trinidad & Tebage, The United States of America

11 Men's Teams
7 Women’s. Teams

‘Winton Rugby Centre

(Prinee Charles Brive East)

‘October 25"" & 26", starting at 10am
Admission: $10 adults/$3 students

For ViP/Conporatte information, contact Bly Miles: 393-1932 om
432-5029 ~ elites equal comm

















r te came

with an agen-
da, they came
with a precon-
ceived motion
and some other
things that went
along with it
that had an

impact. 99



















e













"Distributed By:

Soi,

Aes ma ;
BRISTOL i!

cnt BOR COMPANTES LIMITED)

al
SEAR Ry

ey





‘OPLE’S NEWSPAPER © THE PEOPLE’S NEWSPAPE




prHe TRIBUNE





SER ome - a eSNG eee mene
C.T:O-B.E:R.2'4',-2:0-0'8

FRIDAY Y,.-O



Government
roy Cemre ws eres ols
‘predatory
ances nae

Chester Cooper

@ By NEIL HARTNELL °
~~ Tribune Business Editor



A leading insurance executive
‘yesterday urged the Goyern-

ment to enact laws to safeguard

-Bahamians against “predatory

lending” by some pay-day.
lenders and “grey market”
finance houses, as increasingly

_ desperate consumers turn to

unorthodox methods to make
ends meet. -
Chester Cooper, British

_ American Financial’s president

and chief executive, said that
with the Bahamas and world

Albany to invest further
$150-$200m in Phase I

* Developer says 60
of 63 construction
firms hired to work
on billion dollar
development are
Bahamian —

* Some $150m
invested ‘to date’,
with 231 workers
employed on site

* Re-routed road

| complete, with

vertical construction
on hotel cottages
starting Q1 2009 —



Christopher ive

@ By NEIL HARTNELL
Tribune Business Editor
-The Albany resort developers

yesterday told Tribune Business

‘they had spent $150 million “to
date” on the project, with a fur-

ther $150-$200 million set t6 be

invested in a phase one con-
struction process that has,
engaged 60 Bahamian contrac-
tor firms. ‘
Christopher Anand, Albany’s
managing partner, speaking ta

\

this newspaper from Orlando
as several Bahamian contrac-
tors used heavy machinery to
block entrances to the Albany
development, in protest at what
they claimed was their inability
to win project contracts, said 60
out of the 63 construction firms
hired to date were Bahamian.
The foreign construction
companies hired by Albany, he

SEE page 3B |

yp

ou



* Exuma ‘anchor property's’ receiver
removes hotel from sale temporarily to.

- focus on Christmas season

* Festive season bookings ‘high’, with
resort ‘highly unlikely’ to close despite lat-
est bid fallingthroush =

@ By NEIL HARTNELL
Tribune Business Editor

The Four Seasons Emerald

Bay Resort’s receiver yesterday

told Tribune Business it was ©
“highly unlikely” the property |

would be closed after the latest
purchase attempt fell through,
although it would be effectively
taken off the market for three
months to focus on the busy
Christmas season. }
Confirming that the bid led by

Bahamas-resident commodities
dealer, Rami Weisfisch, had
failed, Russell Down, a UK-based
accountant with Pricewater-
houseCoopers (PwC), said:
“We’re obviously disappointed
that after considerable effort by
all stakeholders to find a new
owner to take the resort forward,
we’ve been unable to do that.
“We need time to take stock,
concentrate on the festive season,

_ SEE page 2B





economy “headed fullisteam for | a f = og.
one of the most challenging | Financial {
financial times we've seen in : a
perhaps most of our lifetimes”, _ ; cate







ector to | ‘Back to

\

drawing board’ on

the Government needed to
tighten consumer protection to
ensure Bahamians were not
exploited by a minority of
unscrupulous lenders. —
Addressing the Exuma Busi-
ness Outlook conference; Mr

Cooper said: “As bank crete

tightens, pay-day lending will
become more appealing to
Bahamians searching for fast
cash. ae :
“This cash will come with

exceptionally high rates and

fees. In some cases, I am told

that the fee is roughly $15 for

every $100 for a two-four week
period. This equates to'in excess
of 360 percent. al
“This is usury, and many of
these grey market houses pop-

ping up must be regulated for
‘fhe protection of the public.”

Mr Cooper also urged the

Government to cap the percent-

agé of a civil servant’s salary
that could be taken-out in
monthly salary deductions.
“When we see government
workers earning $3,000 per
month taking Home $34 a
month, it’s time for the Govern-
ment to step in and say enough
already,” he added.

Providing suggestions for how
the Government could stimulate
a faltering Bahamian economy
being buffeted by the global ~
economic downturn, Mr Cooper
urged it to amend the Hotels”
Encouragement Act and extend
the incentives granted Bay
Street retailers in the 2008-2009
Budget to other Bahamian town
centres, such as George Town.

Apart from stimulating busi-
hess activity, Mr Cooper said
such incentives would allow
Bahamians to use the ‘lull’ cre-
ated by the economic slowdown
to improve and revamp the
nation’s tourism product. This
would provide visitors with a .
refreshed industry, complete
with new attractions, when the
sector and world economy. ~
rebounded.

Apart from progressing with
the Bahamas Telecommunica-

SEE page 5B



face ‘more pressure’

_. By-NEH:- HARTNELL =
“Tribune Business Editor

_ Efforts by European states to.

revive the OECD’s ‘harmful tax
practices’ initiative are con-
tributing to “an uncomfortable
environment” facing the
Bahamian financial services
industry, with this nation set to
face “more pressure” as they
seek to push aside demands for
a ‘level playing field’. .
Michael Paton; a former
Bahamas Financial Services
Board (BFSB) chairman; said
the French and German-led
meeting held in Paris this week,
which sought to revive the
OECD initiative and EU Sav-
ings Tax Directive, coupled with
the Democtatic-controlled Con-

gress in the US, indicated that’

international financial centres
were likely to come under
renewed pressure. ie

These developments, Mr
Paton said, showed that the

Bahamian financial services

industry was facing “an uncom-

fortable environment and we

can only expect more pressure.

I’m concerned they’re trying to
' push the level playing field pre-
condition aside”.

The Bahamas and other
international financial centres
were able to stymie the OECD
‘harmful tax practices’ initiative
by insisting on a ‘level playing
field’, where all OECD mem-
ber states met the same stan-
dards for transparency and tax
information exchange. _

It quickly became apparent
that many OECD member
states were even less-compliant
with the standards it was
attempting to push than inter-
national financial centres, forc-
ing the OECD to establish its
Global Forum on Taxation in
a bid to get its way through per-
suasion, rather than coercion.

However, this week’s meet-
ing in Paris is attempting to
push aside the ‘level playing
field’. demand, and instead turn
the focus on to international
financial centre who have not
made good on their commit-
ments to transparency and tax
information exchange.

Eric Woerth, France’s minis-
ter for budget, public accounts
and the civil service, even sin-
gled the Bahamas out for spe-
-cial attention, naming it along-
side the Cayman Islands, St
’ Kitts and Nevis and Samoa as a
state that had not implement-
ed its so-called commitments
and “offers zones of opacity that
facilitate fraud”.

What is abundantly clear is
that EU states are attempting

SEE page 2B






















@ By NEIL HARTNELL
Tribune Business Editor

The Bahamas will have “to
go back to the drawing board”
and revise its international finan-
cial centrée’s business model to
one that is “non-tax-driven”, a
former finance minister said yes-
terday, with a recently-signed
trade deal likely to let European

“through the backdoor”.
James Smith, minister of state
for finance in the former
Christie administration, said the
Most Favoured Nation (MFN)
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for a better life

Jor enveneh in eer eeuninnproneinnve Urine pe inven oe wieree yer eesbr tne

nations obtain tax information







MORTGAGE

clause in the Economic Part-
nership Agreement (EPA) with
the European Union (EU),
which the Bahamas signed on
to last week, gave EU member
states a route to obtain. Tax
Information Exchange Agree-

ments (TIEAs) with this nation. -

The Bahamas already has a
TIEA in place with the US,
allowing Washington to request
information - in specific cases -
on US clients of Bahamas-based
institutions for civil and criminal

_ SEE page 2B

ie

\ AW a AY
AR NN
ee

WN wi

-

financial services model —
__ Ex-minister warns EPA deal will allow Europe to _
: demand TIEAs ‘through the backdoor’ via MEN clause

FAMILY GUARDIAN
INSURANCE COMPANY LIMITED

co venders eke mes bere eC nas Rac













AETaatsesinalitl :
PAGE 2B, FRIDAY, OCTOBER 24, 2008

THE TRIBUNE



BUSINESS



‘Emerald Bay resort ‘taken off the market

FROM page 1B

and once through that, we will concen-
trate on how we go forward. We’re at a

time when it’s pretty difficult to make -

any plans going forward.

‘“The position we’ve got to is to focus
on making sure the hotel has got every-
thing it needs to give clients a great expe-
rience leading into the busy season.
Bookings are very high.” '

Sources close to the resort suggested
yesterday that the London office of the

Japanese insurer, Mitsui, which holds the ©

Four Seasons Emerald Bay resort’s debt
through insuring the initial construction
loan, might close or “mothball” the prop-
erty to save on costs. E
Mitsui was said to have walked away
after Mr Weisfisch, who owns a condo at
the Bayroc condominium complex at

Cable Beach, and his group did not deliv-.

er what was required to initiate a trans-
action.

~ Tribune Business had been told previ-
ously that Mr Weisfisch had effectively
taken over the Ambrose Holdings (UK)
bid to acquire Exuma’s ‘anchor property’
after its initial $125 million offer was
rejected by the Government, due to con-
cerns about whether it had the financial
wherewithal to not only complete the
purchase, but also complete the full build-

out of Emerald Bay and take the resort ©

property forward. _ :
Prime Minister Hubert Ingraham ear-
lier this year told Tribune Business that

‘Back to drawing board’ on financial services model

there were two potential buyers at the
table. Apart from Mr Weisfisch’s group,
Tribune Business can reveal that the oth-
er was the Miami-based resort developer,
Gencom, who the Prime Minister was
trying to interest in Emerald Bay.

However, Gencom has more than
enough problems of its own following
the collapse of Lehman Brothers, its main
debt financier and 20 per cent equity
partner in the Ritz-Carlton Rose Island
project. It is now engaged in a search for
a Lehman Brothers replacement, and an
Emerald Bay bid will be low on its pri-
ority list.

Mr Downs, though, said it was “highly
unlikely” that the Four Seasons Emerald
Bay resort would close. Hospitality indus-
try sources also added that closure was
unlikely with the peak winter season
approaching, as the property would suf-
fer immense costs and reputational dam-
age from having to compensate pre-
booked customers.

Occupancies at the Four Seasons
Emerald Bay Resort are “pretty low at
the moment and have been for a while,

but we’re pleased with what they are for ,

the festive season”, Mr Downs said,
adding that they compared well with pre-
vious years. i

Acknowledging that the global cred-
it/liquidity, crunch had narrowed the buy-
er field due to difficulties in accessing
debt financing, Mr Downs said the
receivers were still receiving purchaser
interest. . ‘

“We haven’t got our door open to let

people [buyers] sit down,” he explained.
Notwithstanding the world uncertainty,
people continue to express an interest
in the resort.

“Our position is that now is not the
time to be receiving that interest. We
need an interval of time to take stock of
where we are, an in the New Year we
will review that interest and decide how
to go forward.

“T’m sure a buyer for the hotel is out
there, and we have-to find them as quick-
ly as we possibly can. We need a win-
dow of time around the festive season
to do it justice.”

Mr Downs added: “We need to get
beyond the busy season and we’ve spent
a lot of time with Four Seasons recently
to make sure everyone understands the
receiver’s position, which is to ensure
the hotel will be open for business much
as it has been from day one of the
receivership.

“We’ve had a number of serious buy-
ers and reached the final stages with
them, but for one reason or another
we’ve not been able to get over the line.”

Mr Downs said most cost savings with-

‘in the Four Seasons Emerald Bay

Resort’s business structure had already
been found, although staff - like most
Bahamas properties - were on two and
three-day work weeks.

Chester Cooper, British American

_ Financial’s president and chief execu-

tive, yesterday urged the Government
to “do all in its power” to keep the Four
Seasons Emerald Bay resort open and

assist in finding a new buyer.

He added that its closure would “be a
major blow to the island, plummeting it
back to the 1980s” and undermining the
‘anchor property’ model, for which it was
the prototype.

The $320 million Emerald Bay resort
has acted as Exuma’s main economic

_ engine, attracting additional foreign

direct investment to the island. It employs
almost 500 staff, and features an 18-hole
Greg Norman Golf Course, two restau-
rants, three pools, spa, six meeting rooms
and 450-person capacity ballroom.
Other investment projects previously
attracted to the Emerald Bay vicinity
include the resort’s Pinnacle Entertain-
ment-managed $5 million casino, the

$110 million Grand Isle Villas develop-

ment, plus the 86/50 rractional owner-

ship component.

A shopping complex has also opened
at Emerald Bay, the anchor retailer being
the Emerald Isle supermarket. The com-
plex also includes businesses such as Sco-
tiabank and Mail Boxes Etc.

David Johnson, deputy director-gen-

eral in the Ministry of Tourism with

responsibility for planning, investment.

and business development, warned last
year that the Four Seasons needed to
become a sustainable, profitable resort,
and the Bahamas could not afford for it
to fail.

He said then that factors such as build-
ing costs being about 40 per cent higher
per square foot than they are in Nassau,
had retarded Emerald Bay’s growth and

kept it from reaching the development its
owners had previously predicted.

Mr Johnson said of Emerald Bay:
“The property was conceived to be a
mixed-use project, with 185 keys under
the Four Seasons brand. The vast major-

ity of the property was to be for mixed- _

use, condos and hundreds of lots sold for
significant family homes. —

“After four years of operation, they
have developed very little of the sold
inventory. There’s been a lot of trading of
the land by the owners, but the cost of
building is prohibitive.

“The buildings costs, the numbers sug-
gest, are in excess of 40 per cent highe
per square foot to build.”

Costs to construct such properties in
Nassau were $500 per square foot, while
in Exuma the price was $800 per square
foot. .

Mr Johnson also underlined the impact
thé relatively high building costs on Exu-
ma, compared to Nassau, were having
on Emerald Bay’s margins. He pointed
out that concrete there cost $200 per
yard, whereas in Nassau it cost $125 per
yard.

“The hotel, with a golf course and spa,
as a 185-room resort of Four Seasons’
calibre, can only be profitable ifithasa
much larger customer base outside those
rooms,” Mr Johnson. said. ,

He added that the resort needed to
build out to 700-800 units to get close to
profitability, whereas it was currently
closer to 300-400 units.

FROM page 1B.

tax matters law enforcement
authorities are investigating. To
date, the Bahamas has resisted
signing similar TIEAs with Euro-
pean nations.

Yet the Bahamas and CARI-

COM have no formalised bilat- ,

eral trade deals in place with the
US and, as a result, Mr Smith said
the EU could use its status as
their MEN trading partner to its
advantage. ei
The EU could demand that the
Bahamas bow to its tax informa-
tion exchange demands on the
_ grounds that it had given prefer-
ential treatment to.a third party,
namely the US, while ignoring its
MEN partner. &
“One of my concerns with the
EPA that was recently signed was
that it was going to be-the Euro-
peans’ way of getting into tax

information exchange agreements.

~ with the Bahamas through the

backdoor,” Mr Smith told T7i-
bune Business.

“T would like to see what will
happen when the Europeans look
at the TIEA between the
Bahamas and the US, and insist
on the MFN clause. :

They will say: “You ought not

‘to offer them anything you do not

offer to us’.

“We have an exchange agree- .

ment with the US for tax now,
and it will be difficult to counter
the same argument from the
Europeans. Europe will get what
the US gets because of the
MEN.” :
Mr Smith said it was “only a_
question of time” before the EU

. came knocking at the Bahamas’

door with a TIEA request. «
This, he added, was likely to
come when this,nation and

.CARICOM agreed an inevitable —

trade deal with the US, as the EU
would exploit its MFN clause to

-obtain the same preferences.

“The Europeans will say: ‘Now

you have an agreement with the
US, we want the same thing.’
“We let the cat out of the bag
with that one. :
“It’s just a question of when
CARIFORUM settles an agree-
ment with the US, because the
OECD will have the same thing,”
the former minister explained.
He disclosed that an EU dele-
gation came to see him while in
office and presented him with the
text of a TIEA agreement
between the Bahamas and the
EU.
* This, Mr Smith, said was a
fixed, ‘take-it-or-leave-it’ pro-
posal, as the EU delegation had

‘to mandate to negotiate terms.

It was quickly rejected.
However, he pointed out that
the benefits from a TIEA
between the Bahamas and EU
states were likely to be all one-
way in the latter’s favour. Unlike
the US, which was. able to offer
this nation the convention tax
deduction benefits to aid its



tourism industry, the EU could
offer no reciprocal terms.

Mr Smith, who is also a former
Ambassador for Trade, said most
nations chose not to include MFN

' clauses in trade agreements that

they signed because it acted as a
barrier to getting preferences and
concessions from similar future.

‘deals they may sign.

s

EPA advocates had previously
told Tribune Business that signing
the trade agreement with the EU

would have no negative conse- -

quences for this nation’s offshore
centre, as financial services was
not included in the deal or its text.

' They acknowledged that the
Europeans had attempted to
include financial services and the
issue of tax information exchange
in the EPA, but opposition from
CARIFORUM countries had

forced its removal at an early

stage. ;
However, Mr Smith said this
was not a correct assumption.

“We cannot say financial services |

is hot in the mix because it’s one
of the most open sectors we have,
and we have a number of Euro-

» pean banks here,” he’added.











If the Bahamas was forced via
its trade agreements to.enter into
TIEAs with EU states, it would
require this nation to provide
them with information, in specif-
ic cases, on EU clients of Bahami-

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Such a development could
cause a flight of business from
this nation to other jurisdictions,
such as Hong Kong and Singa-
pore, as happened in the after-
math of the 2000 blacklisting by

the Financial Action Task Force -

(FATF). -

As a result, Mr Smith said: “I
guess we’re going to have to go
back to the drawing board in
terms of how we structure the
economy going forward. ©

“The bulk of the business will
have to be non-tax driven, not
reliant on tax evasion and avoid-

~ ance.

“You're going to have to open
the model up and capitalise on
cost, efficiency and innovation.

“That may have a lot of impli-
cations for the Bahamas, because
we still have the reluctance to
allow foreign fund managers in
or specialist legal guys who can
create the complex structures.”

Mr Smith said the situation
would not impact all Bahamas-
based institutions equally, as it
would depend on how much of
their business was tax driven or
dependent on Europe. .

One way forward, he suggest-

ed, was to sign double-taxation

agreements with EU states and |

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to face ‘more
pressure’

FROM page 1B

to use the global financial crisis
as a peg/hook upon which to
renew their assault on interna-
tional financial centres, a com;
munique issued after the Paris
meeting claiming that “investors

Financial sector

located in jurisdictions that pro- —

vide an opaque environment”
had “added to the current cri-
sis”. - { :

The communique again
raised the spectre of. EU and
OECD states applying ‘defen-
sive measures’ against interna-
tional financial centres,’/and
demanded that they implement
their previous commitment. It
also foreshadowed the expan-_
sion Of the EU Savings Tax”
Directive.

Mr Paton, a partner in the
Lennox Paton law firm and
head of its financial services
practice, told Tribune Business
that any short-term impact on
the Bahamian financial services
industry could depend on the
type of ‘defensive measures’
applied.

However, he added that it ’
would be virtually impossible
to cut Bahamas-based institu-
tions off from the global finan-
cial system, although they could:
be subjected: to enhanced due
diligence requirements.

“It’s certainly not a good
place for us to be,” Mr Paton
said yesterday, adding that the
US was likely to take a much
tougher line on international
financial centres come January
if Barack Obama took office
and the Democrats remained in
control of Congress. — *

“I think we need to put our
position forth that we are not
harmful to the US tax system,”

. Mr Paton explained. “If any-

thing, we facilitate inward
investment in the US, and more
than anything now, the US
needs capital inflows.

“I'd argue that we provide a
benefit to the US, and that it
should welcome centres that
collect and flow capital into the
US. If anything, we facilitate
and support the financial sys-
tem of the US. |

“We've got to be willing to
stand up and not bow to the
pressure.

“We’ve got to be more
sophisticated in our lobbying.
One would hope our govern-
ment will recognise that and get
ready for it, because the envi-
ronment is getting more hos-
tile.”

As for the OECD and EU,
Mr Paton said the Bahamas
needed to make clear that it
would continue to co-operate
in dealing with requests for
assistance via the normal legal
channels in dealing’ with finan-
cial crime.

However, the Bahamas need-
ed “to use our position” on the
OECD Global Forum’s work-
ing group to defend itself
because “we cannot be put at a
competitive disadvantage” to
the likes of Hong Kong and Sin-
gapore.

Chester Cooper, British
American Financial’s president
and chief executive, also told
the Exuma Business Outlook
Conference that the Bahamian
financial services industry would
be “hardpressed to remain
viable” given its current model
and looming offensive from the
US and EU.
THE | RIBUNE

Tourism ar






EUS NTS

suffer major fall

m@ By CARA BRENNEN-BETHEL
Tribune Business Reporter

Tourism arrivals declined by almost 10
per cent during the month of July.

Accordi~g to the Ministry of Tourism,
total arrivals for the month of July
dropped from the 377,860 recorded in

2007 to 341,471 this year.

The first seven months of 2008 had 3.2
per cent fewer visitors with 2,717,672 per-
sons Visiting the Bahamas for year-to-
date 2008, compared to the 2,807,178
tourists in the same period in 2007.

Nassau/New Providence saw a decrease
of 10.4 per cent for July, and a 6.5 over-
all visitor decline for the year-to-date.

Grand Bahama experienced a similar
decline for the month of July and its over-
all year-to-date numbers, seeing a 14 and
14.5 per cent decline respectively.

On the other side, the Family Islands
saw a 4.9 per cent decline, their. July fig-’
ures dropping from 93,342 to. 88,732.
Year-to-date, the numbers actually
increased by 9.7 per cent, with 839,003
visitors so.far in 2008 as compared to the
764,872 arriving in 2007.

Looking at sea arrivals, Nassau/Par-
adise Island saw a major decline of 30.5
per cent in July, and a 14.9 per cent drop
in the year-to-date numbers.

Grand Bahama’s sea arrivals decreased
by 10.5 per cent and 15.8 per cent respec-

ures.

tively, while the Family Islands, more
typically used as a first port of entry,
decreased by 3.9 per cent for July and 3.2
per cent year-to-date.

In New Providence air arrivals,
increased by 21.3 per cent in July and by
7.1 per cent year-to-date. In Grand
Bahama, the picture was reversed with
that island seeing the same percentage
decline in July and a 12 per cent decline
year-to-date.

The Family Islands saw a 7.8 per cent
decline in air arrivals for July and a 5.2
per cent decline in the year to date fig-

NYC mayor wins fight
to extend term limits

â„¢ By SARA KUGLER
NEW YORK |

Arguing that New York

needs his financial skill to guide .

it through the crisis on Wall
Street, Mayor. Michael
Bloomberg persuaded City
Council to amend the term-lim-
its law Thursday so that the bil-
lionaire independent can run
for re-election next year,
according to the Associated '
Press. \

By. a 29-22 vote, the council
agreed to allow officeholders
three consecutive four-year
terms. Existing law limits them
to two terms, and Bloomberg's
second is up at the end of 2009.

The vote dramatically alters
the city's political landscape. .
Many would-be mayoral candi-
dates are expected to drop-out
of the race rather than run.
against a popular incumbent
with unlimited cash to spend.
Bloomberg founded the finan-
cial news service that bears his
name and is worth an estimated
$20 billion. i

The former CEO was first
elected as a Republican in 2001,
while smoke was still rising from

the ruins of the World Trade |

Center; he later became an
independent. —
Bloomberg's announcement
three weeks ago that he would
try to rewrite the term-limits
law led to a bruising debate —

and a politically damaging one -
for the mayor, who had previ- .

ously backed the term limits law

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and even vetoed a 2002 bill to
amend-it, saying it was an
attempt by politicians to change
the rules for personal gain.

Scores of New Yorkers came
to testify during 20 hours of
council hearings, and a poll
found that registered voters
overwhelmingly disapproved of
the plan.

After the vote, Bloomberg
issued a statement praising the
council for acting to "give the
people of New York a fuller
choice" next year. He said the
city must turn its focus to soft-
ening the fallout from the finan-
cial downturn.

He was not present for Thurs-
day's vote, but as he left. City
Hall shortly afterward, a group
of protesters chased him to his
SUV, shouting that he was a

- "sellout:" °°
. "You're disgusting!" they
yelled. The mayor's face was

red as he silently got into his
car, surrounded by aides and
his security detail.

During the debate on Thurs-
day, Councilman Charles Bar-

ron, who voted against the bill,

urged his colleagues to say "no
to bullying, no to billions of dol-
lars and yes to the people." And
Councilman Tony Avella said:

"You should all be voted out:

of office for voting for this."
Opponents argued that the
mayor was going over the heads
of voters, who approved term
limits twice in the 1990s. Many

critics said they did not disagree:

with Bloomberg's goal of

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adding a third-term option but
faulted the way he went about
it.

"Everything has been wrong
with this process, and we should
not be party to it," said Coun-
cilman Bill de Blasio.

Council Speaker Christine ~

Quinn acknowledged the "dif-
ficult" decision each council
member had to make, but
agreed with Bloomberg that the
city needs continuity in govern-
ment to get through the finan-
cial turmoil. The crisis on Wall
Street has done severe damage
to the city's financial fortunes.

"Our city, already in reces-
sion, is headed for a long and
deep downturn," she said. "In
challenging times like these, the
voters should have the choice,
the choice to continue their cur-
rent leadership."

As the measure passed, a
shout came from the spectators’
section on the balcony: "Shame
on you, shame on all of you!"

Several council members who
opposed the Bloomberg plan

made a last-minute push for a
voter referendum on term lim-
its, but their measure was
defeated.
Bloomberg's success at pass-
ing the term-limit proposal
comes after several high-profile
failures for the 66-year-old may-

‘or. During his first term, he lost

a campaign to put a new foot-
ball stadium on Manhattan's
West Side. The stadium would
have been the centerpiece of,
the city's bid to host the 2012
Summer Olympics. |

Earlier this year, he failed to
get the state Legislature to
approve a.controversial plan to
toll cars entering the most
crowded parts of Manhattan,
with the goal of cutting traffic
and pollution.

Bloomberg's best-known leg-
islative successes came early in
his City Hall career: He per-
suaded the City Council to back
his campaign to outlaw smoking
in bars and restaurants. He also
took more direct contral of the
city's school system.



















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rmibAi, VELUDENM <4, cUU0, FAUL vv

Albany to invest further.
$150-$200m in Phase I

FROM page 1B

added, were engaged in joint ventures with Bahamian contrac-
tors. For example, Devcon was working with Bahamas Marine on
the marina development, while 15-17 Bahamian companies were
helping Classic Golf excavate the golf course.
“We are active with 60 Bahamian companies, and there’s only

- three scopes of work that non-Bahamians are doing, so that’s pret-

ty good,” Mr Anand told Tribune Business.

He said that there were 231 employees working on the devel-
opment, with 68 employed directly by Albany as its project devel-
opment team.

Of those 68, some 56 were Bahamians, which Mr Anand |
described as “a pretty strong ratio”. :

“The long lead-time items for us are the marina, golf course, the
road and the hotel-cottages. All of them are underway,” Mr Anand
said. ae

“The cottages have just started to go vertical. Once that starts to
happen, we will haye’a real increase in bodies employees, because
there will be an increase in workers working inside these properties.
The amenities will start before Christmas - the water park, spa and
restaurants. It’s all systems go.” .

- On the hotel cottages, Mr Anand said the first 14 had their pil-
ings and actual foundations already poured, and the site was being |
prepared for another 34.

“They'll start to receive. vertical components by the end of the
year,” he added. 3

“That’s started now. We’ll have 48 hotel cottages under con-, |
struction by the 2009 first quarter, and Cavalier Construction is ;
doing all that work. on

“That is the largest single contract we will-award in Albany |
phase one, and Cavalier got it.”

When asked: how much the Albany developers, who include
golfers Tiger Woods and Ernie Els, plus Lyford Cay billionaire Joe.
Lewis, had invested to date, Mr Anand said it was “in excess of $150
million”.

“That’s what we’ve spent to date, but we’ve got construction work
in excess of $100 million that’s just started. The roads and utilities
we’ve not done, that’s another $20 million. My guess is that there’s
another $150-$200 million to be invested.”

Mr Anand said that apart from Albany’s 90-strong Founders pro-
gramme, the project had closed “a few more” real estate sales for '
phase one of the development. ies
_ When it came to the marina apartments, which will be con-.
structed in phase two and are expected to be the most expensive

_ segment of the $1.3 billion project, Mr Anand said sales efforts had

not yet begun as the developers prepared all the necessary mate-_
rials. eee :
“The environment is a little harder than it was,” he said. t
“We're still hopeful we will achieve our pre-sales goals. If we can,
we will roll right into phase two as phase one is completed. ~
“The business environment is a little troubling, but we’re incred-
ibly conservatively capitalised. It’s a pretty tough environment for
people relying on large amounts of debt and pre-sales. It’s virtually
impossible, but we’re totally different ’m gladtosay.”. >
Meanwhile, Mr Anand said the four-mile stretch of road to re-
route the existing South-West Bay Street around:Albany had been
completed in a “first class” fashion and at ‘an “amazingly quick,
pace”. hee : :
All necessary documents had been submitted to the Government,
and its “sign-off” was now awaited. é
Grassing of the gold course was set to begin in February 2009,
with four to five holes now having a rough shape, and while the
marina channel had,“taken:a bit longer than hoped for”, the basin
had progressed well... ‘

BSLSLET A MINT IEE

LERCH SAN GE





‘CARIBBEAN CENTER FOR CHILD
DEVELOLPMENT

The Caribbean Center for Child Development would like to
invite applications from qualified and experienced candidates
for the following vacancy, with immediate effect. Candidates
should hold the following qualifications including an
education/teaching certificate . fee

Clon Pao

Eat

Pater

Teaching specialist in communication disorders: Position
duties include the selection of assessment tools and evaluate
children for speech/language delays and oral motor/feeding

difficulties. Design and implement a treatment plan according
to the needs of the children. Be’able to provide training to the
child’s family and school-based staff. ;

STARE Ba Y Riearp pee

Tees

Position Requirements: Masters degree or higher in speech- i
language pathology, teacher certified, board certified, five years
experience working with disabled children in the school
environment, training in working with children with an autism
spectrum disorder and children who are hearing impaired. ~
Fluency in sign language a plus! ‘

‘Teaching specialist in occupational therapy: Position duties

include providing therapy services to children from birth to 21 f°
years of age. This individual performs evaluations, planning, i
intervention to a variety of children with disabilities including » }},
developmental delay, sensory integration dysfunction, cerebral
palsy and children with autism spectrum disorders.

Position Requirements: Bachelors degree of higher in
occupational therapy/physical therapy, teacher certified, board
certified, five years experience working with disabled children
in the school environment. Specialized sensory integration
training a plus!

All interested candidates should apply as set out below by
letter, email or fax (864-5427) as soon as possible. Applications
} MUST include the following:

e letter of application

° apersonal statement i

e a full curriculum vitae, i

e either the names, addresses, telephone numbers, fax and ]
email numbers of three people who may be approached for
confidential professional references or the name and address
of the recruiting agency from which the candidate's i
confidential dossiers may be obtained.

| Information on the position being offered may be obtained from
the undersigned.

Michelle Major-Sanabria, Ph.D., NCSP
Clinical Director
Caribbean Center for Child Development

28 Harbour Bay Shopping Plaza

Harbour Bay Medical Center

Box SS-19407

Nassau, Bahamas

Email: mmajor@childproviderspecialist.org

Applications from unqualified candidates, applications arriving
without the full information requested, or applications received
after November 5th will not be considered.
PAGE 4B, FRIDAY, OCTOBER 24, 2008

THE TRIBUNE



Banks borrow record amount from Fed

m@ By JEANNINE AVERSA
WASHINGTON

Banks borrowed in record
amounts from the Federal
Reserve's emergency lending
facility over the past week,
while investment banks drew
loans at a slightly lower — but
still brisk — pace, a fresh sign
of thé credit stresses bedevil-.
ing the country, according to
the Associated Press.

The Fed's report, released
Thursday, showed commer-
cial banks averaged a record
$105.8 billion in daily borrow-
ing over the past week.

That surpassed the old
record — a daily average of
$99.7 billion — from the prior
week. On Wednesday alone,
$107.5 billion was drawn, an
all-time high.

Investment institutions draw loans at slightly lower pace

For the week ending
Wednesday, investment firms
drew $111.3 billion.

That was down from $131

- billion in the previous week.

This category was broadened
last week to include any loans
that were made to the U.S.
and London-based broker-

‘dealer subsidiaries of Gold-

man Sachs, Morgan Stanley
and Merrill Lynch.

The Fed report alsoishowed
that over the last week $114.2
billion worth of loans were
made to money market mutu-
al funds — via banks — to
help the funds, which have
been under pressure as skit-

’ tish investors demand with-

drawals. The Fed announced a
new effort earlier this week to
help shore up mutual funds.
Squeezed banks and invest-
ment firms are borrowing
from the Fed because they
can't get money elsewhere.
- Investors have cut them off,
moving their money into safer
Treasury securities.”
Financial institutions are
hoarding whatever cash they
have, rather than lend it to
each other or customers. The
lockup in lending has con-
tributed to a sharp slowing in
the overall economy.
The report also showed the
Fed has loaned $90.3 billion
to insurance giant American

CARIBBEAN REGIONAL TECHNICAL
ASSISTANCE CENTRE

(CARTAC)
&

CARIBBEAN FINANCIAL ACTION TASK FORCE

(CFATF)

CONFERENCE ON

“PREVENTION OF MONEY LAUNDERING &
TERRORIST FINANCING AT CASINOS &
REMOTE GAMBLING VENUES”

The conference will be officially opened by Hon. Zhivargo Laing, Minister
of State for Finance and will feature fourteen (14) public and private sector

| speakers from around the world exploring examination techniques,
investigative practices and legal & regulatory frameworks to prevent money
laundering at casinos and internet gambling venues.

Paw

The Financial ‘Action ‘Task Force (FATF) Working Group for the Prevention
of Money Laundering and..Terrorist Financing at land and internet-based
casinos will debut the Risk-based Approach Guidelines for the Casino
Sector adopted by'the FATF last week. .

Speakers include jopreseniaives from the Antigua & Barbuda Financial
Services Commission, AUSTRAC, the Bahamas Compliance Commission,
FinCen, Gaming Associates Group, IIGC Ltd., NFC Global, PartGaming
Ple, Spectrum Gaming Group, the U.K. Gaming Commission, the U.S.
Internal -Renevue PenVICe, William Hill Plc and World-Check.

The conference agenda can be founds at the CORT Ae website:

www. cartac. com.bb_

For further information, contact:

Therese Turner-Jones
tturnerjones@imf.org

Calvin Wilson

calvinwilson@cfatf.org

ye

Howard Edmonds.

hedmonds@imf.org

S52wk-Hi S2wk-Low

Abaco Markets

Securit

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 Utilities
J. S. Johnson

Fidelity Bank Note 17 (Series A) +
Fidelity Bank Note 22 (Series B) +
Fidelity Bank Note 13 (Series C) +
Fidelity Bank Note 15 (Series D) +

Bahamas Supermarkets
Caribbean Crossings (Pref)

Bahamas Supermarkets

1.2741
2.8869
1.3599
3.5388
11.8192
100.0000
96.7492 -
1.0000
9.1958
4.0000
1.0000



52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close
Today’s Close
Change ~ Change in closing price from day to day
Daily Vol, - Number of total shares traded today



: it - Effective Date 8/8/2007
3-for-1 Stock Split - Effective Date 7/11/2007





Colina Bond Fund

Colina MSI Preferred Fund
Colina Money Market Fund
Fidelity Bahamas G & 1 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

- Previous day's weighted price for daily volume
- Current day's weighted price for daily volume

per share paid in the last 12 months
» divided by the last 12 month earnings

“YIELD -
Bid $ -

Ask $ -
Last Price - Last traded over-the-counter price
Weekly Vol.



y ites

T%
Prime + 1.75%
T%
Prime + 1.75%

Last Price Weekly Vol.



3.49
0.81
3.45
-4.95
4.29
0.00
-3.25
0.00
-12.42
2.16

4.95
4.78
4.61
3.62
5.78
0.00
-3.25
0.00
-12.42
2.16
2.82 2.82
2.44

last 412 mot
Buying price of Colina and Fidelity
Selling price of Colina and fidelity



- Trading volume of the prior week



International Group. In mid-
September, the Fed said it
would provide the troubled
company a two-year, $85 bil-
lion loan. And, recently the
central bank said it would loan
the company an additional
$37.8 billion.

- Also in the weekly report,
the Fed said the portfolio of.
certain assets it took over
from Bear Stearns is now esti-
mated to be worth $26.80 bil-
lion as of Sept. 30, down from
$29.53 billion as of June 30.
Maiden Lane LLC holds the
portfolio of assets.

The report comes as Wash-
ington policymakers battle the
worst financial crisis since the

stock market crash of 1929.

So far this year, 15 banks
have failed, compared with
three last year.

Last week the Bush admin-
istration announced it would
inject up to $250 billion in
banks — in return for partial
ownership stakes.

The government hopes that
banks will use the capital infu-

sions to rebuild their reserves.

and. bolster lending to cus-
tomers.

Investment houses in March
were given similar, emer-
gency-loan privileges as com-
mercial banks after a run on
Bear Stearns pushed what was

the nation's fifth-largest

investment bank to the brink
of bankruptcy. The identities
of commercial banks and
investment houses that bor-
row are not released. Com-
mercial banks and investment
companies now pay 1.75 per-
cent in interest for the loans.
Since the Bear Stearns
debacle in March, the Fed has
taken a series of unprece-
dented steps to get lending —
the economy's oxygen —
flowing more freely again.
The central bank has
repeatedly tapped its Depres-

sion-era authority to be a -

lender of last resort not only
to financial institutions, but
also to other types of compa-
nies.

Critics worry the Fed's
actions could put billions of
taxpayers’ dollars at risk.

State economists: More

@ By BILL KACZOR
TALLAHASSEE, Florida

State economists added more
doom and gloom to their out-
look for Florida's economy with
an update Thursday that reflects
the global financial meltdown
and higher-than-previously-
expected. unemployment,
according to the Associated
Press.

In July, the economists pre-
dicted Florida's slump would
begin turning around by the
start of 2010. Now, they say it'll
be three months later.

"More important than that,
we've really slowed down the
kind of recovery we're going to
see," said Amy Baker, who
heads the Legislature's Office
of Economic and Demographic
Research.

"Originally we had looked at
having what we call a fast snap-
back, which means that we
would be back to normal pretty
quick," she said.

"Now we're saying it's going

“to take awhile."

The economists now say nor-
mal growth won't return until
the 2010-11 budget year, 12
months later than their previ-
ous estimate:

The biggest reason for that is
Florida's unemployment has
risen faster and higher than
forecast in July. The expecta-

tion then was that it would top .
out at 6.2 percent but not until

the last quarter of 2009.

It exceeded that level just a
month after that forecast, hit-
ting 6.6 percent in August. It
remained at 6.6 percent in Sep-
tember. That the highest it's
been in 14 years and half a‘per-
centage point higher than the
national rate.

The labor market takes
longer to right itself than other
economic indicators, Baker said.

‘Florida is experiencing heavy
job loss in construction, manu-
facturing, professional and busi-
ness services, financial services
and transportation.

Construction, auto and light
truck sales and tourism also are
down. Wild fluctuations on Wall
Street and in the credit market
are making it difficult to pre-

dict what's going to happenin:

the near- and far-term.

"Things are getting murkier.

each day," said Clyde Diao, an
economist in Gov. Charlie
Crist's office.

The new economic forecast
will be the basis of next month's

doom and gloom for Florida

estimate of the state's general
revenue for the rest of the cur-
rent budget year, which began

' July-1, and future years. —
The last revenue estimate in

August reduced the forecast by
$1.8 billion for the current $66

billion budget, resulting in a -

$1.47 million deficit.

Crist and a special legislative
committee plugged less than
half of that hole by tapping
reserves from the budget stabi-
lization fund. ~ [

That still left a $795 million
gap and it'll get bigger when the
November revenue estimate is
completed, Baker said.

The Florida Constitution pro-
hibits deficit spending, so that
leaves the governor and Legis-

« lature with a dilemma. :
Even before the budget went

into effect Crist ordered agen-
cies to hold spending by 4 per-
cent, so that'll help some. :

Officials, though, may need
to make additional cuts, take
more money out of reserves or

.,, borrow from a tobacco settle:
ment trust fund set aside to pay

for children's and health pro-
grams in the future.

The situation is expected to
get even worse in the next cou=
ple of budget yeas:

New York Times parent
sees 51.4% profits drop

_ By RICHARD PEREZ-.

PENA
NEW YORK

The New York Times Com-
pany reported a 51.4 per cent
decline in third-quarter profit
on Thursday and swung to.a
loss on continuing operations
as deeper-than-expected
expense cuts could not keep
pace with declining revenue,
according to the New York
times. News Service. The com-
pany said it would consider cut-
ting its dividend and plans to
write down the value of assets in
its New England Media Group,

EG CAPITAL

BROKERAGE & ADVISORY SERVICES

19 October 2017
19 October 2022
30 May 2013
29 May 2015

30-Sep-08

EPS $ - A company’s reported earnings per share for the last 12 mths

NAV -

Net Asset Value

N/M - Not Meaningful



UI TRADE CALLS COUMINK 243°562-7610 | FIDELITY 243-356-7764 7 EE CAPITA MARKETS 24358 4506"

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

DUO NIAW Sas SOS yEEE mim”



which includes The Boston
Globe, by as much as $150 mil-
lion.

“Our board of directors plans
to review our dividend policy
before the end of this year to
determine what is most prudent

_in light of the overall market
conditions,” the company’s

chief executive, Janet Robin-
son, said in a ‘statement. Print

newspaper advertising revenue

— the bulk of the company’s
revenue — fell 18.5 percent in
the quarter as the weak econo-
my and the long-term shift away
from print combine to create
the industry’s worst period since
the Depression.

Online revenue rose just 2.5
percent for the company’s
newspapers, which include The

New York Times, The Boston.

Globe, The International Her-
ald Tribune and 17 smaller
papers. But the company’s oth-
er online businesses, including
About.com, increased revenue
by 16.1 percent, despite the eco-
nomic downturn.

The loss on continuing oper-
ations was $2.1 million, or 1 cent
a share, compared with a profit
of $19 million, or 10 cents a
eee in the period a year ear-
ier.

Excluding after-tax severance °

costs, the Times Co. had earn-
ings of 6 cents per share last
quarter, slightly ahead of the

average of analysts’ projections’

on the same basis, at 4 cents.
An unusually large $12.8 mil-
lion tax bill, up from $9 million
in the year-earlier quarter, con-
tributed to the loss. Including



SEYMOUR.

PUBLIC NOTICE -

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |,
BRANDON FRANCIS of Nassau, Bahamas,
to change my name to SHAQUON BRANDON
If there are any objections to this
change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, P.O.Box N-
742, Nassau, Bahamas no later than thirty (80) days
after the date of publication of this notice.

one-time income from the sale
of discontinued operations, the
company posted net income of
$6.5 million, or 5. cents a share,
compared with $13.4 million, or
9 cents a share, in the ‘period a
year earlier.

The company reported oper-
ating profit of $10 million for
the quarter, down 64.5 percent
from $28.1 million in the quar-
ter a year earlier.

It cut operating costs 6. 8 per-
cent from the year-earlier quar+
ter, to $677 million. But overall

revenue fell faster, 8.9 percent,

to $687 million.
The company said its annual
expense reductions would be

significantly more than the $130. .

million this year and $230 mil-
lion for 2008 and 2009 that it
had predicted earlier, but it
declined to say by how much.
One indication of those cuts was
severance costs, earlier esti-
mated at $40 million to $50 mil-
lion for the full year, which
reached $57 million through
nine months.

In addition, the earlier sav-
ings estimates did not include
the company’s recent decision
to shut down its City & Subur-
ban unit, a major wholesale
deliverer of newspapers and
magazines in the New York
metropolitan area. The compa-
ny has declined to say how
much it will save from that clo-
sure, which is scheduled for
completion in January, or from
the consolidation of sections in
its flagship newspaper, which
occurred this month.





SHAQUON
intend







\
THE TRIBUNE

FROM page 1B

tions Company (BTC) privatisa-
tion, and capital projects such as
the Lynden Pindling Interna-
tional Airport (LPIA) and New
Providence Road Improvement
Project, Mr Cooper suggested
the Government also privatise
the Hotel Corporation and re-
name it as a Tourism Develop-
ment Corporation.

Arguing that the reduction in

foreign direct investment
inflows should be used as a
“breathing space” for a strategic
re-think, Mr Cooper said the
Tourism Development Corpo-
ration would be “the agency
that would seek out develop-
ment ideas”.

It would raise financing,
including from small Bahamian
shareholders, obtain Crown
Land, develop the resort prop-
erties and hire a management

Legal Notice

‘

Government told to
fight ‘predatory lending’

team to run the projects.
“This would diminish the

reliance on foreign direct invest-

ment and spread ownership of
the tourism industry around,”
Mr Cooper said. “While not
eliminating the need for foreign

direct investment, this entity
would promote local ownership,
greater pride in the industry and
improved service standards. The
key is minimal governmental
control in terms of hiring/con-
tracts etc.”

Legal Notice

FRIDAY, OCTOBER 24, 2008, 1998, PAGE 5B

re

The British American Finan-
cial chief reiterated the calls
made by other investment
advisers/managers for the Goy-
ernment to bring in legislation

mandating employer-sponsored —

pension programmes.

This would increase the
amount of long-term investment
assets within the Bahamian
economy, tackling a culture of
minimal or no savings. Most
adult Bahamians have on aver-

age $10,000 in outstanding con-
sumer loan debt, compared to
bank account balances of $1,000
or less. Mr Cooper also called —
on the Government to reform
its tax system, possibly reducing
import and Excise Tax duties,
and bringing in a nominal 5-10
per cent payroll tax. He added
that the incentives regime for
foreign investors also needed to’
be assessed to-ensure it was hav-
ing the right impact.

Legal Notice

NOTICE

NOTICE | NOTICE

HEWANORRA INC. SERENDIB ASSET HOLDINGS INC. MAPLE SPRINGS LIMITED

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of MAPLE SPRINGS LIMITED has been |
completed; a Certificate of Dissolution has been issued and
the Company has therefore been struck off the Register.

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of HEWANORRA INC. has been completed;
a Certificate of Dissolution has been issued and the Com-
pany has therefore been struck off the Register.

Notice is hereby’g given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of SERENDIB ASSETS HOLDINGS INC.
has been completed; a Certificate of Dissolution has been

, issued and the Company has therefore been struck off the
Register.

ARGOSA CORP. INC.

"ARGOSA-CORP. INC.
(Liquidator) ;

(Liquidator)

ARGOSA CORP. INC.
(Liquidator)

Legal Notice

NOTICE

Legal Notice

NOTICE

- Legal Notice

NOTICE
INT’L BLUE STAR INC. ‘LUMIN GLOBAL ASSETS LTD.

HILLTOP BILLOWS INC.

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution-of HILLTOP BILLOWS INC. has been com-
pleted; a Certificate of Dissolution has been issued and the
Company has therefore been struck off the Register.

Notice is hereby given that in accordance with Section 138
(8) of the International Business Companies Act 2000, the
dissolution of LUMIN GLOBAL ASSETS LTD. has been
completed; a Certificate of Dissolution has been issued and }
the Company has therefore been struck off the Register.

Notice is hereby given that in accordance with Section 138
(8) ofthe International Business Companies Act 2000, the

dissolution of INT’L BLUE STAR INC. has been com-
pleted; a Certificate of Dissolution has been issued and the
Company has therefore been struck off the Register.

_ ARGOSA CORP. INC.

~ARGOSA CORP. INC.
(Liquidator)

ARGOSA CORP. INC.
; (Liquidator) .

“igure

piss

SAVE THE DATE! SAVE THE DATE!

SATURDAY, OCTOBER 25TH, 2008
By Order of
' The Bahamas Development Bank

Cable Beach, Nassau, The Bahamas
Commonwealth of The Bahamas

I. G. STUBBS WILL SELL

Eleven (11) assorted used vssels as set out in the
schedule below:

‘ WHAT:

Featuring $61 fine
w i ) -s from Bristol .
Wines & Spirits ee

- Saturday, October 25

ae LOCATION
12pm to Gpm

MAKE/MODEL NAME
1990 - 34’ Offshore Vessel

1977 - 53’ Defender

Potters Cay
Potters Cay

Der Berry’s
Shabak

— ConchaYToro

The Retreat,

1992 - 45° Defender Vessel

_ Chateau Ste Michelle
Ferrari-Carario

Village Road

Parking at Queen’s College

1989 - 48’ North Carolina

1979 - 52’ Hatteras Fibre Glass Vessel

1980 - 47° Garcia

Liminos

M.V. Buddy
Miss Quality

Potters Cay
Coral Harbour:
Arawak Cay’
Potters Cay

Owner/Andros
Owner Possession

1981 - 51’ Defender Vessel

80’ Custom Steel Hull Vessel

94’ Steel Hull Gulf Coast Shrimp Trawler
1980 with two (2) Volvo Diesel Engine

Equality

: tags ae Lady Kristy

_ Fontana Candida
_ Robert Mondavi
Lindemans
Cloudy Bay
Moet & Chandon
...and over 30 talented
_ Bahamian Artists .

ADMISSION: |
BNT Members $15
General Public $20

Children U-12 free
Children over 12 $10

Sweet Charlotte Owner Possession,
Morgan Bluff
Andros

Bradford Marine

Freeport

122’ Single Screw Steel Hull (1960) M.V. Lisa III

Uy Sy LOCATION: Potters Cay Dock - Nassau, The Bahamas

Sys ,

BRISTOL

WINES & SPIRITS

Many of the wines featured will be on:
sale for a limited time at selected
Bristol Wine & Spirits stores.

SE = |

TIME: 11:00am - Saturday, October 25th; 2008 - Preview and Inspection from 9:00am Until Auction time at
the site.

TERMS: * ALL items to be Sold Where Is As Is for Cash, Cashier’ Check or current Bank Guarantee Letter.
Purchase will not be released until paid for in full not later than 4:00pm Tuesday, November 4th, 2008. Where
a deposit is required, the same is non refundable. If final payment is not made mae 4:00pm Tuesday, November
4, 2008 any and all deposits made will be forfeited.

Any and all Notices or amendments by Auctioneer on said Auction Day whether written or verbal shall supercede
this or any subsequent advertisement.

For further information contact I. G. Stubbs at 322-2028 or Fax: 328-8086 or Email: igstubbs@coralwave.com
. or
Bahamas Development Bank
At (242) 327-5780/ 702-5730/702-5724
Or Fax (242) 702-5730 email: BahamasDevelopmentBank.com
I.G. STUBBS

ALL PROCEEDS IN AID OF
THE BAHAMAS NATIONAL TRUST
Tel: 242 393 1317

SAVE_THE DATES

PUBLIC AUCTIONEER - LICENSE #0360



Va ae SAVE THE DATE! eee SAVE THE DATE!
PAGEMH®, FRIDAY, OCTOBER 24, 2008 | | : THE TRibv..



CALVIN & HOBBES

I GET To STAN HOME
FROM SCHOOL TODAN.



~ GET To LIE IN BED, T WISH T COULD
"TEA, AND READ Do THIS EVERY DAN.
Books ALL DAY. |





ine Comics










YOU KNOW
THERE'S NO

WAY WE CAN
TIE A GUN TO
THIS CRIME!





iN

ex Z "
5 pa 2
















HOLLOWPOINT. -- I THINK WE/RE
THERE'S DEALING WITH A
NOTHING LEFT! PROFESSIONAL!



HAVE BEEN
PULVERIZED!



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
APT 3-G S : 3x3 box contains the same number only once. The difficulty

4 ‘ a S\ level of the Conceptis Sudoku increases from Monday to

WE SHOULD KEEP MOVING, ) DO YOU YES, I'VE MADE THIS © BUT NEVER BEFORE Saas
LOD\. WE NEED TO MAKE KNOW THIS’ TREK MANY TIMES. WITH A CHOSEN
GOOD TIME. PASS WELL, F,

MWA ee Vac
: Ny) Vale








































Y HE THREATENED
TO SHUT DOWN
MY WHOLE
CAMPAIGN!




I RECOMMEND THAT YOU BOOST
YOUR RATING WITH "SWEEPING
C ay RAISES" ANO MASSIVE

DAGWOOD, WHAT

BOSS, ACCORDING TO My STATS,
HAPPENED?

‘YOUR POLL NUMBERS ARE TANKING
We
os 1 s INCOME EMPLOYEES!























©2008 Conceptis Puzzles, Dist. by King Features Syndicate, Inc.

“OIVE HER CREDIT... AT LEAST SHE STOPPED

FOR YOUR B/ /E LIGHT!” Difficulty Level * Ce eee



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.

©2008 by King Features Syndicate, inc. World Rights reserved



I'M A GENEROUS
KIND OF GUY



WHAT'S
MINE
IS

www.kingfeatures.com

bab) i 17 \}16
B49 | mo 7 |

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©2008 by North America Syndicate, Inc. World rights reserved.















©2008 Conceptis Puzzles, Dist. by King Features Syndicate, Inc.













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OLP TO TAKE NAPS You 7 L FELL
({ : {fOr ‘
Gd ra fOL 4
eS £ 5 ASLEEP ugar Gashimov v fterne Bauct, while White responded 24-5 to ‘ / ;
ES Fide Grand Prix, Bahu 2008. The are te on ee oe : al pa
ec new word Grand Prox, spread over ng, Can YOU SPOR @ as
a ayo years and six cities, is the fatest missed dhsing this 1_RO8 2 HS ;
attempt to being grandmasters arid sequence? 2
chess an a structured crcist to LEONARD BARDEN
sdnwulate top-class play. eee 2
wety first event 1we elite GMs front
Axerbaijsn and France unwittingly Chess: 8703: L_RDB? 2 Od 7*! vahen i wf
combined to cesta a cassic AHS. 2 Res th 2 ave pwn PLEA, 5
example of a doutte oversight, a attack) 3 NeSe Ko8 4 ‘Hach and the kright
easy Lxtical opportunity missed oth Black's roots,
by dath contestanes. The position 4
looks harmfess enough with fevel
materia, though Bacot has 3 3
‘queen's side initistine and Gashimoy
chasices lor king's side attack. So S
Their next two tusns foRowed thei
yespective strategies 25 Black {to f

move) went 1_RDE planning b¢-D3

HAGAR THE HORRIBLE

Y Wey 0 You NEXT FRIDAY 16
: MY ANNIVERSARY o»»
















The
LOW many words of four letters
Target or more can you mutke Trom (he
lelters Shown here? In making a
uses word, each letter may be used ~~

. > | once only. Each must contain the
words il centre letier and there must he at
least one nine-letter word. No

the main plurals.
hody of TODAY'S TARGET

Good 14; very good 21; excellent
Chambers | 27 (ormoze}. Solution tomorrow.

Zist SATURDAY’S SOLUTION
ache acme acne ahem amen

Century amine azine came cane chez

chime chine cae eo eee
i enema hame haze heme hence .
Dictionary * | maee machine maize mane maze
{1999 mean meanie MECHANIZE
menace mien mince mine name

e iti on) : nice niche niece

©2008 by King Features Syndicate, Inc. World rights reserved.

CRYPTIC PUZZLE



Across. - i Down “
1 Having favourites, 1 It’s a different thing after
relatively speaking (7) Paar (5)
4 \|t was abnormally restrict-
ed in Victorian times (5)
7 Continue being visibly a



2 Irritates but turns out to be
all right at heart (8)



















stupid person (4) 3 Gives encouragement to ,
8 Not rare words of drink? (6)
praise 4) ee Coiticlene-auke or The Percentage Factor
10 Does one have to fight to another (10)
get seats on it? (5,5) Rin i Waadreta South dealer. The trouble with both of them is
4a: Make a mivtakoand throw much revered figure (4) Neither side vulnerable. that if the finesse you attempt loses,
Gut the drink (6) i 6 The gardener likes to see NORTH the opponents: may be able to cash
i é it 7 @K42 _ enough heart tricks to defeat the'con-
13 They represent a man's it overgrown (7) ¥974 tract, leaving you with no opportu-
following (6) 9 Source of ghostly light? @AJ94- nity to try.the other finesse. cue
: ; RAIS big question is which finesse to take.
15. Still of t ters, ; 8q :
B EN To) one felis) WEST EAST The probability of the diamond
say? (10). 41 Popular pro (2,6) 593 4Q1076 - finesse working is 50-50; if West has
18 Sign to be careful with the Fe YU ctidd Kanes creas inclde wi} Across . Down ¥Q)852 ¥K 103 the king, you’re home, but if East has
new coat (3,5) y P any 1 Liberate (3,4) Saat 865 #K72 ~ it, you'll probably go down. Your
19 ike bedndite Secure the ship (7) N i uffler (5) &Q4. ‘3873 chance of success’ is about the same
: - ay INickod for.bel N / 4 Superior (5) 2 Prosperous (8) SOUTH in the club suit, where you have to
advance accommodation Bo Orpen = 7 Crooked (4) seria @A85° guess which opponent to finesse for
2) ‘ drunk? (6) O. 3 Evoke (6) sae the queen. Moreover, and this is a
f ; 8 Emergency medical Q 103 key consideration, if you success-
20 Way to tear or take off 16 One agreement about > secctiele 4 Solitary by nature #K 10962.) fully guess which finesse to take, you
clothes (5) ° another for couples (5) ~”Y reatment (5,3) £6 The bidding: : : have no intention of trying the other
21 Leaves a just reward (7) < 10 State of intense (10) South West North East one.
17 Wake up cooler (4) Lu tee entins 5 Scheme (4) L& Pass 14 Pass Bearing this in mind, there is a
excitement (5,5) INT | Pass = 3 NT line of play available that can elevate
Yesterday’s Cryptic Solution Yesterday’s Easy Solution 12 Humorous ridicule (6) 6 Fundamental (7) Opening lead — five of hearts. your chances to well above 50 per-
43 Small : ‘ cent. It stems from the fact that when
Across: 1 Fire-raising, 9 Theorem, 10 Across: 1 Minor planet, 9 Upstart, Netra 9 ‘Public brawl (4-3-3) Assume you’re declarer at three — missing the Q-x-x-X-x of a’suit, the
On tow, 11 Anil, 12 Buckshot; 14 “40 Erupt, 11 Need, 12 On the air, 14 sance force (6) 11. Crafty trick (8) notrump and West leads a heart. You queen will be singleton or doubleton
Atoned, 16 Howdah, 18 Achieves, 19 Septet, 16 Assert, 18 Doomsday, 19 45 Cogent (10) allow East’s king to win the trick, about once in every three deals.
Halo, 22 Cells, 23 Stalker, 24 Motley ——- Plod, 22 Union, 23 Coinage, 24 12 Shy (7) and take the ten-of-hearts return with - _ Since you are not planning to
crowd. : Good heavens. : 18 Abandoned (8) . the ace. How would you continue? finesse in both clubs and diamonds,
Down: 2 Iceni, 3 Earl, 4 Armour, 5 ' Down: 2 Issue, 3 Oval, 4 Patent, 5 48: Acting geritiy. (4) 14 Maintenance (6) You start with six certain winners it therefore makes sense to first cash
Stockpot, 6 Notched, 7 Steal.a march, Amethyst, 6 Emulate, 7 Sunny-side g gently 16 Pious (5) — two spades, a heart, a diamond — the A-K of clubs to see whether the
8 Switchboard, 13 Reversal, 15 up, 8 Star-studded, 13 Reasoned, 20 Permitted by law (5) and two ae Soyo ee veo as if 4 foes t, you still
Othello, 17 Measly, 20 Askew, 21 Fair. ‘ he. 20 L ; th diffi more tricks. There are two different ave the diamond finesse in reserve.
roo ; re a Sieh IE BeH eS ey Peer 21 Quick-tempered (7) ie satel IIE) finesses available, either of which The recommended approach will

would produce the three tricks you succeed approximately two-thirds of

need if it succeeded. One is in clubs, _ the time, whereas relying on just one

the other in diamonds. finesse wins only about half the time.
Tomorrow: Endplay Charlie.

©2008 King Features Syndicate Inc.
THE TRIBUNE

FRIDAY, OCTOBER 24, 2008, PAGE 7B



AP Photo/Mark tennihan

lm By MARY WILLIAMS ©
MVAESH

Hundeeds of traders. who
placed bets on Lehman Bros.’
creditworthiness before it went
bankrupt have settled their posi-
- tions “without incident,” accord-
ing to a company that tracks
derivatives contracts, according,
according to New York Times
News Service.

The company, Depository

Trust & Clearing Corporation,
processes large numbers of invest-
ment transactions. It said that
only $5.2 billion had to change
hands for all the traders to close
out their positions, a much small-
er amount than had been pre-
dicted a week ago:

‘The settlement process had
been seen as a major test of the
market for credit-default swaps,

and whether it could handle the

unprecedented stress of a big
Wall'Street firm going bankrupt.
The overall system appears to
have borrie the shock successful-
ly, although individual firms
might have taken painful losses
they have not yet disclosed.

At the same time, the contrast

between this week’s orderly set-
tlement process and last month’s
financial turmoil, which also
involved credit-default swaps,
raised anew policy questions over
the market for credit derivatives
and its failure to limit systemic

Tisk. Because the swaps are pri- |

vate contracts between two par-
ties, there is still almost no infor-
mation in the public domain over
who holds which positions, or

' who might be left teetering the-

next time there is a major default.
The lack of information is
thought to have fueled the gen-

Amazon bucks

profit trends
NByBRADSTONE _

The é-commerce giant. Ama-
zon.com posted strong earnings
in a tough climate, reporting

third-quarter profit on Wednes- »

day that was up 48 percent from
the same period last year, accord-
ing to the New York Times News
Service.

* But in a sign that the company
is not totally immune from the
slump plaguing the retail world,

Amazon reduced its estimate for ~

fourth-quarter sales. It said some-
what vaguely that it would earn
$6 billion to $7 billion during the
crucial holiday season, down from
the $7.2 billion it had projected
earlier for the quarter.

‘“We have limited visibility, as
all companies have.in this envi-
ronment,” said Thomas J. Szku-
tak, Amazon’s chief financial offi-
cer. The reduced forecast unset-
tled Amazon’s already spooked

investors, and its stock fell more ,

than 14 percent in after-hours
trading.

The stock has fallen by half. this
year as investors worry about
prospects amid a global econom-
ic downturn. —

“Amazon is just, uncertain
about what is going to happen in
the fourth quarter,” said Scott W.
Devitt, an analyst at Stifel Nico-
laus. “No one has any idea what
the world is going to look like.”

Nevertheless, sales remained

robust over the last three months
in several parts of Amazon’s miar-
ketplace.
’ For the quarter that ended
Sept. 30, Amazon earned $118
million, or 27 cents a share, up
from $80 million, or 19 cents, in
the same quarter last year.

The company’s revenue
climbed 31 percent, to $4.26 bil-
lion, which included a strong 29
percent lift in North American
sales.

That largely matched Wall
Street’s.expectations.

Analysts polled by Thomson
Reuters on average expected
$4.27 billion in revenue, or 25
cents a share.



THE HEADQUARTERS of the American International Group Inc. is
shown Thursday, March 1, 2007 in New York.

Traders settle Lehman
bets ‘without incident’

eral panic in mid- September,
when Lehman Bros. went bank-
rupt and the American Interna-
tional Group came to the brink of
collapse before being rescued by
the Federal Reserve.

_ As if to‘underscore the opacity
of the market, AIG said this week
that it had to pay only $6.2 million
to settle all of its credit-default
swaps on Lehman’s debt. The
amount was much smaller than
had been expected, given AIG’s
big presence in the market for
credit-default swaps, and given
that AIG required an emergency

. line of credit worth $85 billion

from the Fed.

A spokesman for AIG,
Nicholas J. Ashooh, said that the
company had needed the big loan
from the Fed because of its high
level of exposure in other areas,
but not on its derivatives trades
on Lehman’s debt. He said that
AIG had written many deriva-
tives contracts on Lehman’s debt,

but because they took opposing’

trading positions they almost
completely canceled each other
out during the settlement process.

“Lehman was not the source
of our problem,” Ashooh said.
“Our issue really preceded that.

‘We were already having prob-

lems when Lehman went under.”

He said most of AIG’s prob-
lems with the credit derivatives
involved swaps that covered the
financial strength of complex debt
securities linked to the housing

* market. Credit-default swaps are

similar to insurance, providing
coverage to investors who hold a
company’s bonds or other fixed-
income instruments. In the event

of a default, the one who sold the
protection has to pay the one who

bought it.

HONDA

The Power of Dreams

Honda Odyssey’



US pension insurer
suffers $2bn loss"

@ By MARY WILLIAMS WALSH

The federal agency that guarantees pen- -
sions has lost $244 billion on its investments
so far this year, foreshadowing expected
losses among corporate pension funds, state
retirement systems and others that provide
a financial backstop for an aging population,
according to the New York Times News Ser-
vice.

. The loss at the agency, the Pension Ben-
efit Guaranty Corp., was magnified by its
decision in February to invest more age
sively to narrow its deficit.

With unemployment rising and more
companies coming under financial pressure,
the agency will ‘undoubtedly face more

‘claims from companies that cannot make

good on their pension promises.

The stock portion of the agency’s rough-
ly $68 billion investment portfolio fell in
value by $2.2 billion through August. Small
gains in the fixed-income instruments offset
part of the loss. These results do not include
the devastating market swings of Septem-
ber. Rep. George Miller, D-Calif., who spot-
ted the decline, said it stood as a warning
about what could happen to any body of
government if officials decided to invest
the funds backing up a safety-net program
in volatile securities.

“There has only been one guarantee in

_ this financial crisis, and that is that Social

Security did not lose money in the mar-
ket,” said Miller, the chairman of the House
Committee on Education and Labor.

“The current market turmoil is proof that
we should not subject our basic retirement
security to a riverboat gamble.”

The information about the losses came to

‘light as the committee prepared for a hear-

Legal Notice

NOTICE

GOOD FORTUNE ASSETS LID.

—

Notice is hereby given that in‘accordance with Section 138
(8) of the International Business Companies Act 2000, the }
dissolution of GOOD FORTUNE. ASSETS LTD. ‘has
been completed; a Certificate of Dissolution has been is-
sued and. the Company has therefore been struck off the

Register.

‘ ARGOSA CORP. INC.

(Liquidator)

Honda CR-Â¥



“The current market
turmoil is proof that
we should not subject
our basic retirement -
security to a riverboat
gamble.”



George Miller

ing on Friday on jobs and the economy.
Miller said he had added to the list of those
who would appear the executive director of |
the agency, Charles E.F, Millard, so that
the committee could ask him about the
decision to put more money into equities.

. He recalled that Millard had previously

told Congress that switching to more stocks
would not add risk.

Millard said in an e-mail message that
the agency’s losses were “well below the
losses suffered by most other investors.”

“Our investment managers will contin-.
ue their careful approach as they diversify

* our portfolio and seek long-term market |

opportunities,” he added. A spokesman for
the pension guarantor, Jeffrey Speicher,
said that the losses should not alarm the

workers and retirees counting on the agency ~

for their pensions. “Participants. are no
worse off,” he said. “We still have plenty of
money to meet our commitments.”

The agency maintains its investment pool’
to pay the pensions of workers and retirees
whose companies have gone bankrupt.
Some of the monéy comes from insurance

Honda Aseard 5



Visit our Honda Showroom on Shirley Street

Fax: 323-7272

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premiums paid by companies that sponsor
traditional pension plans; that portion of
the pool is invested in Treasury bonds.

The other assets are acquired when the
agency takes over pension funds. Tradi-
tionally, those have been invested heavily in
equities and remained in equities at the
agency. The agency itself has operated at a
deficit almost consistently from the time it
was created in 1974. Its finances took a par-
ticularly severe beating during the bear
market at the beginning of this decade,
when a:series of large steel companies and
airlines went bankrupt and sent their pen-
sion funds to it as they struggled to reorga-
nize.

By 2004, the agency decided it was a mis-
take to keep its portfolio so heavily in
stocks, because they tended to lose value
just when stock-laden corporate pension
funds were themselves likeliest to fail —
which was precisely when the insurer most
needed the money.

So the agency announced that it was scal-
ing back on stocks and bolstering its hold-
ings of fixed-income instruments.

Fixed-income securities, like bonds, can
also swing in value, but they can provide a.
predictable stream of income that matches
the agency’s own payout schedule.

But as memories of the bear market fad-
ed and the leadership of the agency
changed, the bond-based strategy lost favor.
Stocks are thought to yield more over the
long term, and Millard said he thought they .
would be a better tool for closing the agen-
cy’s deficit, which was $14 billion last year.

Despite ‘the investment loss this year,
Millard said, “we expect our 2008 deficit
will be about. $2 billion lowet than last
year’s.’ ve)

Legal Notice

NOTICE

BROWN SUGAR GROUP Li,

Notice is hereby given that in accotdance with Section 138
(8). of the International Business Companies Act 2000, the
" dissolution of BR@WN SUGAR GROUP LTD. has been’
completed; a Certificate of Dissolution has been issued and

- the Company has therefore been struck off the Re gister.



ARGOSA CORP. INC.

(Liquidator)



your dream can
come true with our
super special
MODEL YEAR
CLOSEOUT prices!..





NMC

NASSAU MOTOR CO LTD




PAGE 8B, FRIDAY, OCTOBER 24, 2008

Fed working to aid homeowners

@ By MARTIN CRUTSINGER
and MARCY GORDON
WASHINGTON

Federal regulators told Con-
gress yesterday they’re working
on a plan that could help many
distressed homeowners escape
foreclosure in a global financial
crisis that former Federal Reserve
Chairman Alan Greenspan
warned will get worse before it
gets better, according to the Asso-
ciated Press.

‘Greenspan called the banking
and housing chaos a “once-in-a-
century credit tsunami” that led
to a breakdown in how the free
market system functions.

Accused of contributing to the »
meltdown, but denying that it was
his fault, Greenspan told a House
panel the crisis left him — an
unabashed free-market advocate
— jin a “state of shocked disbe-
lief.” :

The longtime Fed chief
acknowledged under questioning
that he had\made a “mistake” in
believing that banks in operating
in their self-interest would be suf-
ficient to protect their sharehold-
ers and the equity in their insti-

- tutions. Greenspan called it “a
flaw in the model that I perceived
is the critical functioning struc-
ture that defines how the world
works.” ee) : ‘

His much-anticipated appear-
ance came as committees in both
the House and the Senate held.
competing hearings on the finan- _
cial crisis. At one such forum, a
senior Treasury official said the
Bush administration intends to
get a program to help struggling ©
homeowners revise mortgages up
andrunningsoon. AEN

‘Neel Kashkari, who is oversee-

ing the government’s $700 billion
financial rescue effort, told the .
Senate Banking Committee that
the new plan could include set-
ting standards for changing mort-
gages to make them more afford-
- able and giving loan guarantees to
banks that meet them. “We are
passionate about doing every-
thing we can to avoid preventable
foreclosures,” he said.

Sheila Bair, chairman of the
Federal Deposit Insurance Corp.,
told the same Senate panel that
the government needs to do more
to help tens of thousands of home



Last Name:__
Company: _

Telephone # Home:
Fox#t___
Exact Street Address:

‘House#
House Colour:

‘Requested Start Date:





“Loan
guarantees
could be used as
an incentive for
servicers to
modify loans.
By doing so,
unaffordable
loans could be
conferted into
loans that are
sustainable over
the long term.”



Sheila Bair

borrowers avert foreclosure,
including setting standards for
modifying mortgages into more

affordable loans and: providing

loan guarantees to banks and oth-
er mortgage services that meet
thems: aki

“Loan guarantees, could be
used as an incentive for servicers
to modify loans,” Bair said. “By
doing so, unaffordable loans
could be converted into loans that
are sustainable over the long
term.” RS a

The FDIC is working “closely

- and creatively” with the Treasury

Department on such a plan, she
said. He

Greenspan told the House.

Oversight Committee he was

wrong in believing that banks

would be more prudent in their
lending practices because of the
need to protect their stockhold-
ers.

Greenspan, who stepped down
in February 2006 after serving as
Fed chairman for 18 1/2 years,
was asked to explain his role in
the crisis. |

Some critics have blamed him
for contributing to the problem

‘by leaving interest rates too low:

for too.long and for failing to reg-
ky banking practices. ~
Committeé Chairman Henry

House Name:

Waxman, D-Calif., suggested that
Greenspan contributed to “irre-
sponsible lending practices” by
rejecting appeals that the Fed
intervene to regulate a surging

‘subprime mortgage industry.

“The list of regulatory mistakes

‘and misjudgments is long,” Wax-

man said of oversight by the Fed
and.other federal regulators.

“My question for you is sim-
ple,” Waxman told Greenspan.
“Were. you wrong?”

“Well, partially,” Greenspan
said. But he went on to assign the
blame on soaring mortgage fore-
closures on overeager investors
who did not properly take into
account the threats that would be
posed once home prices stopped

a ws

First Name: __
Title: |
Work: .
P.0.Box:

Type of Fence/Wall:

No matter what your schedule is
let us be the first on your list.

ae

ata





FORMER FEDERAL RESERVE CHAIRMAN Alan Greenspan testifies on Ca
Oversight and Government Reform Committee hearing on the roll of the federal government in the financial markets.

surging upward. He’said what had
been “a critical pillar to market
competition and free markets did
break down. And I think that, as
I said, shocked me. T still do not
fully understand why it hap-
pened.” :

Committee members accused
present and past federal regula-
tors for not doing more to stop
abusive practices or to go after
wrongdoers. Christopher Cox,
chairman of the Securities and
Exchange Commission, acknowl-
edged to the House panel that

“somewhere in this terrible mess, _

laws were broken.”

He said the government was
doing the best:it could to identify
and pursue lawbreakers.

f

pitol Hill in Washington, Thursday, Oct. 23, 2008, before the House

THE TRIBUNE.

Evan Vucei/AP Photo



In the hearing before the Sen-
ate panel, Kashkari, the Treasury
official overseeing the govern-
ment’s $700 billion bailout pro-
gram, said the administration was
making “tremendous progress”
in carrying out the bailout pro-
gram enacted earlier this month.
As a result, there have been
“numerous signs of improvement

in our markets and in the confi-

dence in our financial institu-
tions,” he asserted. Still, Kashkari
cautioned that “while there have
been recent positive develop-

ments, the markets remain frag- .

ile?
The administration must move

said Banking Committee Chair-
man Sen. Christopher Dodd, D-
Conn. Otherwise, “volatility and
paralysis” will reign in the mar-
kets, he warned. So far, the gov-
ernment has dealt only with the

- symptoms of the debacle, Dod

argued. f
Sen. Charles Schumer, D-N.Y.,
said that by not setting conditions
on banks in return for the goy-
ernment injections of money,

“We're feeding them a little too”

much dessert and not making
them eat their vegetables.”
Schumer said he’s “still not

- convinced” that banks receiving

the government money should



- continue paying dividends to their
shareholders. © nS

to resolve the deepening finan-~
cial crisis. swiftly and aggressively,

Coca-Cola bottler:
eyes diversification

When Tony Baynes, director of public affairs for Coca-Cola Hel-
lenic, spoke this month at a United Nations economic summit in
Geneva, he acknowledged that global economic problems have caught
up with one of the most successful bottlers in the world, according to
Cox News Service. eget

In 2007, the Greece-based distributor sold more than 2 million cas-
es of drinks, reaping about $625 million in net profit. But the firm has
warned that operating profits and earnings in the current year will be
stagnant. — ;

That’s troubling news for Atlanta-based Coca-Cola Co. For the
past few years rising profits overseas, where the beverage powerhouse
generates about 70 percent of its sales, have helped offset a lackluster
performance in North America. The company can ill afford a slump by
its second-largest distributor, which holds the franchise to bottle Coca-
Cola products in most of Eastern Europe and parts of Western Europe.

Still, officials of Coca~Cola Hellenic insist that its rough patch is only
‘a temporary setback, and many analysts agree.

“The company has had double-digit growth in the last seven years,
so this year has hit us a bit hard,” Baynes said in a recent interview.
“When the world sorts out its credit crunch problem, we’re confident
we'll zoom back into business.” SSR

Baynes argued that the company will continue to drive sales by
introducing products that appeal to local palates.) ) 50 bin e"

For example, over the summer Coca-Cola Hellenic started produc-
ing a traditional Russian beverage called kvass for the Russian market
under the Krushka & Bochka (Mug and Barrel) label. Targeted at men
and women age 25 to 39, it marks the first time that Coca-Cola has used
a fermentation technique to produce a drink. ;

The product, which resembles a non-alcoholic beer, has garnered 2.7
percent of the Russian kvass market.

Also unveiled this year in Greece was a line of flavored waters that
contain mastic, a distinctly flavored resin long used in the Mediter-
ranean region to soothe the stomach.

“We have taken that good natural flavoring and put it into the
drink,” Baynes said. “It is served in little white bottles so that it looks
like medicine.”

Baynes also said that Coca-Cola Hellenic has been smart in that it
branched out early into flavored waters. Non-carbonated drinks,
including water, now account for 37 percent of Coca-Cola Hellenic’s
total sales volume. Bottled water continues to be big business in



_ Europe, with sales in Eastern Europe rising by 17 percent in 2007. Ana-

lysts predict growth to continue, since consumption remains well
below that in the more mature Western Europe market. —

Another bright spot is a joint venture signed earlier this year between
Coca-Cola Hellenic and Italian coffee maker illycaffe. The two paired
up in an effort to grab market share by introducing premium ready-to-
drink coffee beverages in 10 European countries this year.

Coca-Cola officials say the products have been “enthusiastically
received,” adding that they plan to expand into dozens of other mar-
kets, and possibly even into North America, by 2010.

' Experts in the beverage industry say the joint venture was perfect-
ly timed.

“T have for the past year been saying that ready-to-drink coffee is the
sector to watch in terms of product innovation,” said Bill Bruce, edi-
torial director for Zenith International Publishing in Bath, England,
which publishes trade journals with an emphasis on the beverage
industry. “It automatically commands a premium position, which is so
important in these ’credit crunch’ times,” he said. “The joint venture
with illycaffe was not only brilliantly timed, but unlocked some perfect
markets through Coca-Cola Hellenic’s distribution system.”

“If you then look at how successfully Coca-Cola Hellenic handled the
almost simultaneous rollout of Coca-Cola Zero in so many markets plus
the timely multi-country/launch of illycaffe coffee, you can see that the
Athens-based business has all the ingredients necessary to weather the
coming economic storm,” Bruce said. .

“Rather than being worried, I would think Atlanta would be delight-
ed with its Greek cousin,” he said. ; :

In addition to new product launches, Hope Lee, a non-alcoholic
drinks analyst with Euromonitor International in London, said Coca-
Cola Hellenic’s acquisition-led strategy will continue to drive sales
and profits.